French court orders trial for Lafarge over Syria plant operations
Cement maker Lafarge faces trial in France for alleged terrorism financing and sanctions breaches in Syria Charges stem from efforts to keep plant running during conflict Holcim‚ Lafarges parent company‚ sees share price impact
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
