French and Belgian authorities have raided cement-making company LafargeHolcim and its shareholder GBL as part of an investigation into payments allegedly made to terrorist groups in Syria (including sanctioned entities). Click here for a press release issued by GBL.
The French Public Prosecutor’s Office began investigating the allegations in June 2016. In March 2017, an internal investigation at LafargeHolcim revealed evidence that its employees had paid third parties to arrange security with armed groups, including sanctioned parties, in order to protect the company’s plant in Northern Syria. In June 2017, France launched a judicial inquiry into LafargeHolcim’s activities in Syria (see previous blog here).