China telecom big eyes deal on US ban

China’s ZTE is seeking a resolution to a US ban on selling it parts and software that it has said threatens its survival.

ZTE “has learnt from its past experiences on export control compliance and attaches significant importance to the work on export control compliance,” the telecom giant said in a statement to the Hong Kong stock exchange.

ZTE “is making active communications with relevant parties and seeking a solution to the US export denial order,” it added in the statement.

Washington last week banned US companies from sales to ZTE for seven years, saying the Chinese company had broken a settlement agreement with repeated false statements, a move that threatens to cut off ZTE’s supply chain.

The action was sparked by ZTE’s viola- tion of a pact reached after it was caught illegally shipping US goods to Iran.

ZTE said on Sunday it had set up a compliance management committee led by its chief executive.

It also said it had invested in export control compliance, provided compliance training to staff and cooperated with the work of independent compliance monitors.