The Commerce Department official, who declined to be identified, stressed that the development of the trust agreement was part of a “normal process.” III. The volume of services provided by ICBC escrow includes: i. Account opening: Open a separate ESCROW account. ii. Asset retention: provision of asset retention services to funds, securities and deeds to ensure the security and independence of the client`s assets and effectively prevent the risk of asset misappropriation. iii. Receiving and payment or payment in kind: transfer of funds to the account designated by the customer or payment in kind to the part designed by the customer in accordance with the deposit contract and transfer instructions provided by receiving and payment customers. iv. Currency conversion: settlement of currency settlement and sale transactions, in accordance with foreign exchange control rules applicable in Switzerland and abroad, to help clients successfully conclude transactions. v. Cash management: provision of cash management services, including fixed-rate investments and interbank investment (at customer demand).
vi. Deposit reports: regular filing reports are available to clients on different assets (at the request of customers). The trust account must allow the United States to obtain the money if ZTE violates the transaction. A trust agreement would determine the conditions under which the company deposits the money and the conditions under which it could be released. (Reuters) – ZTE Corp and the U.S. government are still working on a trust agreement that must be concluded and financed at $400 million before a ban can be lifted for the Chinese company, a U.S. official told Reuters on Tuesday. ZTE agreed to pay a US$1 billion fine and deposit the $400 million into a trust account with a U.S. bank as part of a settlement agreement reached on June 7 to allow it to resume business with U.S. suppliers. ZTE paid a $1 billion civil fine last week, according to people familiar with the case. ZTE, China`s second-largest telecommunications equipment manufacturer, said last month that it had stopped operating on a large scale after the Commerce Department passed a U.S.