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China Daily | Updated: 2008-12-16 08:14

Rhodia appeals ruling

Rhodia SA's Chairman Yves-Rene Nanot and Chief Executive Officer Jean-Pierre Clamadieu are appealing a ruling forcing them to reimburse 2.1 million euros in severance pay to former CEO Jean-Pierre Tirouflet.

"The ruling states that no fault has been committed when granting the severance paycheck to Mr Tirouflet when he left the company in 2003," Rhodia said yesterday. A Rhodia shareholder brought the action. Tirouflet was forced to step down in October 2003 after accumulating debt and failing to stem losses related to costly acquisitions.

IN BRIEF (Page 17)

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