Tag Archive | "SNC Lavalin"

Libya’s Top 5 Corruption Scandals

Libya’s Top 5 Corruption Scandals

From Transparency International. Renewed factional fighting in Libya has claimed more than 150 lives in the past two weeks. The oil rich country is on the verge of becoming a failed state with a powerless central government. This is the haunting legacy of Muammar Gaddafi’s corrupt regime that has left the country in a state […]

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Posted in Banking & Finance, Industry & Trade, Investment, SecurityComments (0)

Former SNC-Lavalin Execs Face Charges

Former SNC-Lavalin Execs Face Charges

The Royal Canadian Mounted Police has filed criminal charges against two former senior executives of the Canadian engineering company SNC-Lavalin. According to press reports, former executive vice-president Sami Abdallah Bebawi has been charged with fraud over $5,000, two counts of laundering proceeds of crime, four counts of possession of property obtained by crime and with […]

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Posted in Construction & Engineering, SecurityComments (0)

SNC-Lavalin “seeking to Restart Work in Libya”

SNC-Lavalin “seeking to Restart Work in Libya”

The Montréal-based company SNC-Lavalin Group, the largest engineering and construction company in Canada, is reported to be trying to pick up work again in Libya, signalling it is ready to move on from corruption allegations that tie the firm to the country’s former dictatorship. Citing an email from a company spokesperson, the Financial Post says […]

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Posted in Construction & EngineeringComments (0)

SNC-Lavalin Makes Risk Provision on Libyan Project

SNC-Lavalin Makes Risk Provision on Libyan Project

SNC-Lavalin, the Canada-based engineering and construction group, has recorded a risk provision of $47.0 million following a recent unexpected attempt to draw this amount under letters of credit, covering advance payment and performance, previously issued in favour of a client on a Libyan project. The Company says it is not currently aware of any claim […]

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Swiss Probe $139m SNC-Lavalin Laundering Case

Swiss Probe $139m SNC-Lavalin Laundering Case

According to Swiss public broadcaster RTS, prosecutors in Switzerland have formally indicted former SNC-Lavalin executive Riadh Ben Aissa on allegations he laundered vast sums of money tied to at least $139 million in mysterious payments by the company. Swiss investigators are said to be interested in a network of companies and accounts, and transfers that […]

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Posted in Banking & Finance, SecurityComments (0)

$1.5 billion class action suit launched against SNC-Lavalin

$1.5 billion class action suit launched against SNC-Lavalin

Embattled engineering giant SNC-Lavalin is facing its second-class action lawsuit in months with a Toronto firm seeking $1.5 billion on behalf of investors outside of Quebec. Rochon Genova LLP announced the lawsuit Wednesday, alleging the Montreal-based company violated securities law by misrepresenting that it had adequate controls and procedures to ensure accurate disclosure and financial […]

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The Eighth Wonder of the World

The Eighth Wonder of the World

Libya is a desert country, and finding fresh water has always been a problem. Few may know that Libya sits over the Nubian Sandstone Aquifer, a freshwater deep underground in the desert. The amount of water is estimated by scientists to be the equivalent to 200 years of water flowing down the Nile. Most of this water […]

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Posted in Construction & Engineering, Investment, Public WorksComments (0)

SNC-Lavalin shareholders expected to grill execs about Libya connection at AGM

SNC-Lavalin shareholders expected to grill execs about Libya connection at AGM

Shareholders of SNC-Lavalin Group Inc., Canada’s biggest engineering firm, are expected to use Thursday’s annual meeting in Toronto to grill executives about the Libyan corruption scandals that have knocked 28 per cent off the company’s market valuation this year. The scandals are centred on alleged secret funnelling of millions of dollars to the family of […]

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Posted in Construction & Engineering, Oil & GasComments (0)

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