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Holcim supports resolution with U.S. regarding legacy operations in Syria
Global Banking & Finance Review®
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ZURICH (Reuters) – Holcim said it supported the agreement made by Lafarge SA with the United States Department of Justice on Tuesday regarding the company’s funding of Islamic State to allow it to keep a cement plant running in Syria.
ZURICH (Reuters) – Holcim said it supported the agreement made by Lafarge SA with the United States Department of Justice on Tuesday regarding the company’s funding of Islamic State to allow it to keep a cement plant running in Syria.
A financial penalty of $778 million and a plea agreement has been arranged to resolve the DoJ inquiry into Lafarge, which is now part of Holcim following the companies’ 2015 merger.
“None of the conduct involved Holcim, which has never operated in Syria, or any Lafarge operations or employees in the United States, and it is in stark contrast with everything that Holcim stands for,” Holcim said in a statement.
(Reporting by John Revill, editing by Kirsti Knolle)
A financial penalty is a monetary charge imposed on an individual or organization for violating laws or regulations. It is often used as a deterrent against illegal or unethical behavior.
Corporate governance refers to the systems and processes that direct and control a company. It encompasses the relationships among stakeholders and the goals for which the corporation is governed.
A merger is a business transaction where two companies combine to form a single entity, often to enhance competitiveness, efficiency, or market reach.
Islamic finance refers to financial activities that comply with Islamic law (Sharia). It prohibits interest (riba) and promotes risk-sharing, ethical investments, and social justice.
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