A Chinese telecommunication firm has agreed to pay a combined civil settlement of 1.19 billion USD to multiple U.S. government agencies for its participation in the trade of controlled goods with Iran and North Korea, the U.S. government announced on Tuesday.

The firm, Zhongxing Telecommunications Equipment Corporation (ZTE), reached the record settlement with the Department of Commerce’s Bureau of Industry Security (BIS), the Department of Treasury’s Office of Foreign Assets Control (OFAC) and the Department of Justice (DOJ).

ZTE “has agreed to a record-high combined civil and criminal penalty of $1.19 billion, pending approval from the courts, after illegally shipping telecommunications