Vinci Shares Fall as Subsidiary Called to French Court Over Working Conditions at Qatar Sites -- Update

By Pierre Bertrand

Shares of Vinci SA fell Monday after the company said that its construction subsidiary has been summoned to a French court over charges relating to a historic complaint about working conditions at its sites in Qatar.

At 0906 GMT shares were 2.4% lower to EUR93.66.

The French infrastructure company said its Construction Grands Projets subsidiary, which first received a complaint in 2015 that was dismissed in 2018, has been summoned by an investigating judge to appear in court on Wednesday and answer charges.

Vinci said the projects awarded to QDVC, in which Construction Grands Projets holds a 49% stake, aren't part of the FIFA World Cup taking place later this month in Qatar. The country has faced media scrutiny about working conditions and practices in the construction of stadiums and infrastructure in preparation for the soccer tournament.

"These projects were entrusted to QDVC before the competition was awarded to Qatar and mainly relate to transport infrastructures," Vinci said in a statement.

"Vinci did not sign any contract with the Supreme Committee for delivery and legacy, and has not built any stadium or hotel in Qatar," it added.

Qatar's Investment Authority controls a 51% stake in QDVC and Qatari Holding owns 3.8% of Vinci.

The company said it has and will continue to cooperate with authorities and provide information on its activities in Qatar, and that it will aim to show that the allegations are unfair.

Write to Pierre Bertrand at [e-mail]

(END) Dow Jones Newswires

November 07, 2022 04:43 ET (09:43 GMT)

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