The U.S. has struck a deal with Chinese telecom giant ZTE to end crippling American sanctions. The deal includes a $1 billion penalty against ZTE and a U.S.-chosen compliance team.
"We are literally embedding a compliance department of our choosing into the company to monitor it going forward. They will pay for those people, but the people will report to the new chairman," Ross said in a "Squawk Box" interview. "This should serve as a very good deterrent for them and for other potential bad actors," he added.
ZTE's latest brush with U.S. regulators came after the company's business dealings with Iran and North Korea violated U.S. trade agreements. ZTE paid $1.19 billion in fines for those violations, but the dispute didn't end there. The Commerce Department then alleged that ZTE misled regulators and failed to discipline the employees responsible for the sanction breach.
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