News >  Notice on Strengthening Corporate Compliance Management

Notice on Strengthening Corporate Compliance Management

2019/6/26 13:22:40

Jiangsu Zhongtian Technology Co., Ltd. (hereinafter referred as the “Company”), as a Chinese national high-tech enterprise and a world leading manufacturer of telecommunication, power and new energy products, has always been working to improve the quality of its product and service, attaches great importance to integrity operation and has a good reputation in both domestic and overseas markets.

Recently the Company and the World Bank Group (“WBG”) had entered into and signed the Settlement Agreement which came into effect on May 21, 2019, due to a misconduct of certain employees of the Company in the Lusaka Project in Zambia (“Project”) sponsored by WBG.  According to the Settlement Agreement, the Company and its affiliates directly or indirectly controlled by the Company will not be able to participate the multinational development bank (MDB)-financed projects for a period of 20 months (“Sanction Period”), and shall establish and implement an Integrity Compliance Program in accordance with the WBG’s standards and cooperate with the WBG to the satisfactory of the WBG so as to be released from the Sanction at the end of the Sanction Period.

This incident on the one hand indicates that the Company still has to improve its compliance management, and on the other hand provides an opportunity for the Company to enhance its compliance management work. The senior management and compliance team of the Company are making efforts to establish the compliance management system covering the Company’s entire business in accordance with the WBG’s international advanced compliance standards. The compliance system is to be published to all the employees recently and is to be implemented within the whole Company, so as to integrate the international first-class compliance concept and compliance management into the entire scope of the Company’s business activities. The Company believes that by constantly improving the Company’s compliance management, implementing the compliance concept and promoting the compliance culture, it is beneficial for the Company to improve its image of integrity and compliance in both domestic and overseas markets and to bring its domestic and overseas business to a higher level.

The Company’s senior management hereby reminds all employees of the Company and its affiliated units that: lessons must be learnt from this incident and the Company’s compliance system has to be strictly complied with during daily business operation. It is strictly forbidden to damage the good image of the Company which has been developed for a long-term due to some short-term interests in certain projects. It is expected that every employee shall abide by the professional ethics and integrity standards while acting on behalf of the Company in order to ensure Company’s steady and rapid growth in legal compliance and sustainable development.

As per the requirement of the WBG, if any employee of the Company is aware of any misconduct or potential misconduct which might result in MDBs sanctions, such employee is obliged to make a real-name or anonymous complaint or report to the Company's Compliance Department or directly to the WBG’s INT. The Company’s Compliance Department will ensure the confidentiality and security of the employee's personal identity and the report. The detailed reporting channels are as follows:

The report hotline of the Company’s Compliance Department: Tel:13773643437 ; .

The report website of WBG’s INT:

ZTT Group

ZTT Group, a global and leading manufacturer is active in the research development, design, production, supply, and installation complete with a wide product range for telecom, power, renewable energy and in the oil & gas industries. 

ZTT was listed on the Shanghai Stock Exchange (Stock Code 600522.SH) on Oct 24, 2002. ZTT has broken through the US$7.84 billion marks in revenue in 2018. A truly global company whose products are shipped to 147 countries. ZTT stronghold comprises 58 overseas branch offices, 6 registered subsidiaries, over 60 plants (inclusive of 6 overseas plants), 7 research & development centers and over 15,000 employees.