News Seagate Hit with $300 Million Fine for Shipping 7.4 Million HDDs to Huawei

[Admin]

Seagate to pay record fine for shipping 7.4 million hard drives to Huawei from 2020 to 2021.

Seagate Hit with $300 Million Fine for Shipping 7.4 Million HDDs to Huawei : Read more

 

[RichardtST]

Our government actually imposing a large fine on a large corporation is actually quite astounding! That almost never happens. Ever. Considering though that they're Seagate drives and probably half of them will be dead in less than a year anyway....

 

[gg83]

Haha. Just as hdd sales plummet again. I wonder if Seagate sold the drives at high prices.

 

[Co BIY]

I would have thought WD and Toshiba could have gotten the attention of the asleep at the switch regulators somewhere prior to $1 billion dollars in sales over multiple years.

Was this variant "legal opinion" listed as a legal risk in Seagate's Public Financial Dislosures ? If not I expect shareholder lawsuits will follow.

 

[BFG-9000]

Huh, just over $40 tax per drive, to undo $20 expected profit per drive, the Chinese might be willing to pay that until they get their own drive manufacturing up and running. Fine equivalent to less than 3% of company revenue, that'll show them.

 

[LolaGT]

That is a rap on the knuckles.

They will happily pay a 1 dollar fine to make 20, all day long.

 

[Leptir]

Our government actually imposing a large fine on a large corporation is actually quite astounding! That almost never happens.

No, it never happens when a company screws consumers, at best they get a fine that amounts to a slap on the wrist. But in this case, Seagate interfered with the government's plan to engineer a needless confrontation with China... and that's a cardinal sin.

 

[PBme]

And all the sales folks and management that made huge paychecks off those sales have to give back all that money and are fired! Oh, wait.. They're not? They have no impact at all? I'm sure they will change behavior..

 

[sabicao]

"record fine on Seagate for violating sanctions against Seagate" - you might want to double check the title...

 

[closs.sebastien]

yes, interesting subtitle "U.S. government imposes record fine on Seagate for violating sanctions against Seagate."