Former LafargeHolcim Ltd. Chief Executive Officer Eric Olsen was placed under formal investigation and charged with funding terrorist groups as part of a French probe into the cement maker’s operations in war-torn Syria.
The French criminal inquiry focuses on the manufacturer’s now-shuttered operations in Syria, where Lafarge SA of France operated a cement factory before a merger with Swiss rival Holcim Ltd. The investigation has been unfolding for months, triggering a management shuffle and an overhaul by new CEO Jan Jenisch of LafargeHolcim’s financial targets for 2017 and 2018 as well as the appointment of a new finance chief.
Bruno Lafont, the former CEO of Lafarge and co-chairman of the combined company, along with another executive, Christian Herrault, also faced interrogation by French authorities this week, Agence France-Presse reported.
At the time of Olsen’s resignation, the cement maker said that while it didn’t hold him responsible, his role and possible implication “has been a point of attention.” Olsen said his departure was an effort to appease “strong tensions” arising from the Syria case and that he was not involved or aware of any wrongdoing.