Larfarge says they're on top of the situation desp...

Larfarge says they're on top of the situation despite imposed OFAC sanctions

Holcim selling Lafarge Zimbabwe including global asset sell-off, China's Huaxin a ready buyer – The Zimbabwe Mail

Zim Now Writer

Lafarge Cement Zimbabwe has reassured all its stakeholders of continuous smooth flowing of business despite sanctions imposed on the major stakeholder, Fossil Mines (Pvt)LTD.

Fossil Mines was placed under economic sanctions by the United States of America Office of Foreign Assets Control. Lafarge said there will not be any disturbances in the supply of products.

“These sanctions have impacted some processes within LCZ. Consequently, the company is considering various courses and action with a view to protecting the business and interests of all stakeholders.

“The board and management would like to reassure all stakeholders that measures are being taken to ensure that business operations continue to run smoothly. The company does not anticipate any disruption in the supply of its much-needed products to the construction and infrastructure sector of Zimbabwe’s economy,” the Acting Company Secretary of LCZ, Arnold Chikazhe said.

The US government-imposed sanctions on Fossil Agro and Fossil Contracting, part of the Fossil Group, and also sanctioned Obey Chimuka, the company’s owner and the imposition came just weeks after Fossil Mining, a part of Fossil Group, had bought Lafarge for US$29.7 million.