Holcim to Pay Nearly $800 Million After DOJ Inquiry into Lafarge's Syria Activities
By Ed Frankl
Holcim Ltd. said Tuesday that it has agreed to pay a penalty of nearly $800 million and plead guilty to giving material support to Islamic State after a Justice Department inquiry into its former subsidiary Lafarge SA's activities in Syria.
The Swiss cement company will pay a penalty of $777.8 million and plead guilty to one count of conspiring to provide material support to designated foreign terrorist organizations in Syria, it said in statement.
The period under the plea agreement covers between August 2013 and October 2014, by which time Lafarge's defunct subsidiary Lafarge Cement Syria had ceased operations in the country.
The investigation was related to the conduct of certain former executives during the Syrian civil war, before Holcim acquired Lafarge, the Zug-based company said.
None of the conduct involved Holcim, which has never operated in Syria, or any Lafarge operations or employees in the U.S., the company added.
Shares in Zurich were halted at 1438 GMT.
Write to Ed Frankl at edward.frankl@dowjones.com
(END) Dow Jones Newswires
October 18, 2022 10:55 ET (14:55 GMT)
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