"Instead of reprimanding ZTE staff and senior management, ZTE rewarded them".
US manufacturers have also been barred from selling components to the firm as part of a seven-year ban imposed by the US Department of Commerce. As part of the initial agreement, ZTE was allowed to continue to work with USA companies, assuming it adhered to the rules laid out in the agreement.
As part of the agreement, ZTE pledged to fire four senior executives and apply sanctions to another 35 employees for participating in these "illegal" actions.
ZTE has suspended trading in Hong Kong and Shenzhen as a result of the bans imposed by the U.S. and the UK.
The FT's report notes that Levy's letter also cites a recent settlement between ZTE and USA officials, in which the Chinese firm agreed to pay a $1.2bn fines for violating USA sanctions on North Korea and Iran.
As U.S. concerns about safeguarding its chip technology and cutting its trade deficit grow, the tech sector has become a flashpoint in the broader battle about trade and economic policy, with U.S. President Donald Trump accusing Chinese firms of intellectual property theft for years.
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China's Ministry of Commerce (MOC) said in a statement released on its official website that ZTE has conducted investment and trade cooperation with hundreds of enterprises in the U.S. and created thousands of jobs in the country. In addition to these monetary penalties, ZTE also agreed a seven-year suspended denial of export privileges, which could be activated if any aspect of the agreement was not met and/or if the company committed additional violations of the Export Administration Regulations (EAR).
"ZTE acknowledges the mistakes it made, takes responsibility for them, and remains committed to positive change in the company", ZTE's Chairman and Chief Executive Officer Zhao Xianming said at the time.
On the same day, ZTE also received a blow from the United Kingdom government, which warned telecom companies against using the Chinese firm's equipment and services.
US firms are also likely to get caught in the crossfire, with the fallout set to hit Qualcomm Inc, which provides the lion's share of chips inside ZTE smartphones.
Shares in optical networking equipment maker Acacia Communications Inc, which gained just under a third of its total 2017 revenue from ZTE, tumbled 35 percent.
Other optical component companies also slid, with Lumentum Holdings Inc falling 8.9 percent and Finisar Corp dropping 4 percent. ZTE already sells both its branded and white-label smartphones via mobile carriers AT&T and Verizon in the US. ZTE may have to either buy from a competitor or get chips from a Taiwanese company whose products generally lag those of its US rival's in performance.