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"U.S. Sanctions On Fossil Group Have Impacted Some Processes Within Lafarge Cement Zimbabwe"

Zimbabwe’s second-biggest cement maker, Lafarge on Thursday said sanctions imposed by the United States of America on Fossil Group early this month have impacted some of its processes.

The US sanctions came only weeks after Fossil Mining concluded its US$29.7 million takeover of Lafarge, giving it 76.45% shareholding, according to NewsDay.

Lafarge said it was exploring “various courses of action” to defend its interests after multiple sanctions were imposed on firms linked to Fossil Group, the empire that controls its major shareholder, Fossil Mines.

Lafarge has since halted trading on the Zimbabwe Stock Exchange (ZSE), as its board evaluated how the US embargo would impact the firm.

The company has been a part of Zimbabwe’s construction environment for almost seven decades after being established in 1954 and listed on the ZSE in 1983.

In a statement released on Thursday, acting company secretary Arnold Chikazhe hinted that the US government’s action was already being felt at the operation. Chikazhe said:

Certain persons and companies linked to the majority shareholder Fossil Mines were placed under targeted economic sanctions by the United States of America’s Office of Foreign Assets Control.

These have impacted some processes within Lafarge Cement Zimbabwe. The company is considering various courses of action with the view to protecting the business and the interests of all stakeholders. The company does not anticipate any disruptions in the supply of its much-needed products to the construction and infrastructure sectors of Zimbabwe’s economy.

Early this month, the US Department of the Treasury’s Office of Foreign Assets Control said the government of Zimbabwe awarded Fossil Contracting nearly US$40 million in contracts in 2021.

It also said Fossil Agro and Fossil Contracting were sanctioned pursuant to EO 13469 for providing material, logistical, or technical support to the government of Zimbabwe.

Fossil Agro and Fossil Contracting, part of the Fossil Group, were added to a list of firms and individuals that have been sanctioned at various stages in the past two decades.

Major shareholder, Obey Chimuka was also placed on the sanctions list.

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9 Comments

Ali Tinasheba albamohamed 1 month ago

Pindula
Nhau dzenyu dzava Shoma
Pazororo tinoda nhau dzemuwandoo
Tivaraigwe


Kule 1 month ago

Huya ndikutaurire ngano, dzinotanga nekuti "Payivapo....

Taurai Chokwadi 1 month ago

Certain persons and companies linked to the majority shareholder Fossil Mines were placed under targeted economic sanctions. 𝗻𝗱𝗶𝘃𝗮𝗻𝗮𝗻𝗶 𝘃𝗮𝗻𝗵𝘂 𝘃𝗮𝗰𝗵𝗼 𝗺𝗮𝘇𝗶𝘁𝗮 𝗮𝘃𝗼 𝗺𝗯𝗮𝘃𝗵𝗮 𝗱𝘇𝗲𝘃𝗮𝗻𝗵𝘂


Doug 1 month ago

Is Lafarge a local company? Is it maintaining its name after being taken over by a local company? Does the reporter expect it to still no on the Zimbabwe Stock Exchange after being taken over? When facts seem twisted, even the simplest of news consumers start wondering if there is something that has been done to or for the reporter to report in a certain way.


Tateguru 1 month ago

The company has been a part of Zimbabwe’s construction environment for almost seven decades after being established in 1954 and listed on the ZSE in 1983.

The 1954 thing is a lie. In 1980 we knew only Portland /Circle Cement zveLargaee ndezva zuro izvi


Vesto 1 month ago

@Tateguru, Circle Cement changed name to LaFarge. Otherwise it is still the same company. It became La Farge after the French company if the same name acquired controlling shareholding in Circle Cement.

Black Jack 1 month ago

Thats a blue lie At independence there was no Larfarge its a recent company


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Joker🃏 1 month ago

Ko ngaibve yatongoiswe pamasanctions ipapo pacho zvinganetse


1 month ago

Ngaivharwe atiidi iyoo ndeyembanje.unozonzi augonhi kuvaka



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