Seagate Fined $300 Million for Selling Hard Drives to China
According to reports, Seagate Technology Holdings PLC is paying a $300 million fine to the US Department of Commerce's Bureau of Industry and Security (BIS) for selling hard disk drives to Huawei, the Chinese tech company noted for Android cell phones and its ties to the Chinese government. According to a press release from the DOC, this fine is the largest "standalone administrative penalty" in the bureau's history.
This fine and associated penalties, including audits and "a suspended order denying its export privileges" according to Reuters, is the result of negotiations lasting eight months. Now, Seagate has agreed to pay its fine in $15 million installments over the next five years.
Seagate CEO Dave Mosley noted that while they believed Seagate's activities were in compliance with regulations, reaching a quick settlement was the best choice for the business.
Founded in 1979, Seagate is the world's largest supplier of hard disk drives. This fine managed to more than wipe out their net income from the first quarter of 2023.
Seagate is one of the biggest names in hard drives. Read our general review of Seagate drives.
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