Former cement boss fined over insider dealing

swissinfo February 6, 2003 4:21 PM




Thomas Schmidheiny paid a hefty fine for insider dealing.
The Swiss industrialist, Thomas Schmidheiny, has been fined SFr2.2 million (�1.5 million) by a Spanish court for insider dealing.

The former chairman of the Swiss cement company, Holcim, paid the fine on Thursday.


Cement boss steps down over insider dealing claims




Hours after settling the fine, Schmidheiny announced that he would not be returning as board chairman.

Schmidheiny stepped down as chairman of Holcim � the world�s second largest cement group - last June, for the duration of the legal proceedings.

The Spanish court had investigated his purchase of 350,000 shares in the Spanish firm, Asturiana de Zinc SA, prior to a takeover bid by Swiss company Xstrata, where Schmidheiny was a board member.


http://www.swissinfo.org/sen/Swissinfo.html?siteSect=105&sid=1614811

See Gary Stoller's USA Today article:

http://www.usatoday.com/money/biztravel/2003-02-16-swissair-investigation_x.htm