LafargeHolcim admits to financing armed groups in Syria

Cement corporation LafargeHolcim has confirmed that its staff supplied armed groups in Syria with funding in order to ensure operations at its plant in the north of the country would continue to function.

The Franco-Swiss company conducted an internal investigation into a barrage of allegations made by various sources that it had been financing the campaigns of such groups in Syria.

The investigation revealed that employees of Lafarge, before it completed its merger with Holcim, had conducted deals with third parties which led to the channelling of funds to violent groups.

Syria has been engaged in a bloody civil war since 2011, with 250,000 estimated to have lost their lives and millions more being displaced.

"It appears from the investigation that the local company provided funds to third parties to work out arrangements with a number of these armed groups, including sanctioned parties, in order to maintain operations and ensure safe passage of employees and supplies to and from the plant," LafargeHolcim said in a statement.

The merger between Lafarge and Holcim created the world's largest cement maker in 2015 after a merger between the two firms

LafargeHolcim initially rejected the accusations that it had collaborated with any armed Syrian factions during the conflict.

The Paris-listed shares of the company were trading 2.82% higher on Thursday as of 11:57 GMT, while its Swiss-listed shares were 3.62% higher as of 11:59 GMT.