June 28, 2018 / 12:34 PM / 8 months ago

LafargeHolcim says French arm under formal investigation for Syrian payments

FILE PHOTO: The logo of LafargeHolcim, the world's largest cement maker, is seen at its headquarters in Zurich, Switzerland March 2, 2017. REUTERS/Arnd Wiegmann

ZURICH (Reuters) - LafargeHolcim (LHN.S) on Thursday said its French subsidiary Lafarge SA has been placed under investigation by French authorities looking into allegations it funded terrorist groups in Syria.

The placement of Lafarge SA under judicial investigation was expected given that several of its former managers have previously been placed under investigation, the cement company said in a statement.

“We truly regret what has happened in the Syria subsidiary and after learning about it took immediate and firm actions,” said LafargeHolcim chairman Beat Hess in a statement. “None of the individuals put under investigation is today with the company.”

Reporting by John Revill; editing by Brenna Hughes Neghaiwi

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