Cement maker Holcim ( OTCPK:HCMLF ) ( OTCPK:HCMLY ) said Tuesday its French subsidiary Lafarge agreed to pay $778M in fines and forfeitures and plead guilty to providing material support to Islamic State by keeping a cement factory operating in Syria after conflict broke out in 2011.
Prosecutors said the case marked the first time a corporation has ever pleaded guilty in a U.S. courtroom to aiding terrorists.
Lafarge has been under investigation for several years related to accusations it aided Islamic State and other terrorist groups by funneling money to them to keep its Syria plant running; the company also faces criminal charges in France.
Holcim ( OTCPK:HCMLF ) ( OTCPK:HCMLY ) said it was not involved in the conduct and that former Lafarge executives concealed the activity before and after it bought its French rival in 2015 .
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Holcim unit to pay $778M, plead guilty over payments to Islamic State