Issue Date: July 9, 2007
Rhodia Is Fined By Stock Regulators
French securities regulators imposed a $1 million fine on Rhodia for violating financial disclosure rules between 2001 and 2003. They also imposed a $670,000 fine against former Rhodia CEO Jean-Pierre Tirouflet. However, regulators at the Autorité des Marchés Financiers rejected charges against the company of improprieties in the valuation of ChiRex, the custom chemicals maker Rhodia bought for $545 million in 2000. The agency undertook the investigation following investor complaints. The investigation also cleared Yves-René Nano, now chairman of Rhodia's board and chairman of Rhodia's audit committee during some of the investigation period.
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