French authorities have decided to put Lafarge‚ a cement manufacturer on trial for supposed terrorism financing and breaking European sanctions in Syria The company‚ now part of Swiss-listed Holcim is accused of these actions to keep its plant running during the Syrian conflict
The investigation‚ which started roughly 8 years ago is one of the most wide-ranging corporate criminal cases in recent French legal history Yesterday investigating judges in Paris ordered Lafarge to face trial Today‚ Lafarge acknowledged this decision
Holcimʼs shares dropped by almost 2% in late trading yesterday before recovering slightly to close 07% lower
Probes continue into claims that Lafarge was involved in crimes against humanity‚ part of a broader investigation into how the group kept its factory operational in Syria after war broke out about 13 years ago The anti-corruption group Sherpa‚ which brought the criminal complaint against Lafarge‚ stated this
About 9 months ago‚ Frances highest court didnt agree to Lafarges request to remove charges of being involved in crimes against humanity from the investigation The sanctions breach charges are related to a European ban on financial or commercial links to Islamist militant groups Islamic State and Al-Nusra
In a different U.S investigation‚ Lafarge admitted roughly 2 years ago that its Syrian subsidiary paid groups Washington calls terrorists‚ including Islamic State This was done to help protect staff at the plant in a country shaken by years of civil war