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ZTE shares hover at over three-year low after FBI probe report
July 13, 2012 / 1:56 AM / 5 years ago

ZTE shares hover at over three-year low after FBI probe report

Passersby walk along a footbridge in front of the ZTE building in Nanshan Hi-Tech Industrial Estate, in the southern Chinese city of Shenzhen, in this June 9, 2011 file photo. The FBI has opened a criminal investigation into ZTE Corp over the Chinese company’s sale of banned U.S. computer equipment to Iran and its alleged subsequent attempts to cover it up and obstruct a Department of Commerce probe, the Smoking Gun website reported. The federal investigations stem from a Reuters report in March that Shenzhen, China-based ZTE, a telecommunications equipment maker, had sold Iran's largest telecom firm a powerful surveillance system capable of monitoring landline, mobile and Internet communications, according to interviews and contract documents. REUTERS/Bobby Yip/Files

HONG KONG (Reuters) - Shares of ZTE Corp (000063.SZ)(0763.HK), the world’s No.5 telecommunications equipment maker, hovered at lowest in more than three years on Friday after a report said the U.S. Federal Investigation Bureau was investigating its sale of banned U.S. computer equipment to Iran.

ZTE’s Hong Kong-listed shares traded roughly flat at the open. Its shares have been trading at lows not seen since about March 2009.

The FBI has opened a criminal investigation into ZTE Corp over the Chinese company’s sale of banned U.S. computer equipment to Iran and its alleged subsequent attempts to cover it up and obstruct a Department of Commerce probe, the Smoking Gun website said in a report seen by Reuters on Thursday.

The federal investigation stems from a Reuters report in March that Shenzhen, China-based ZTE, a telecommunications equipment maker, had sold Iran’s largest telecoms company a powerful surveillance system capable of monitoring landline, mobile and Internet communications, according to interviews and contract documents.

Reporting by Lee Chyen Yee; Editing by Chris Lewis

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