June 28, 2018 / 12:34 PM / 3 months ago

LafargeHolcim says French arm under formal investigation for Syrian payments

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.

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

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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