Tag Archives | SNC Lavalin

SNC-Lavalin settles Class Actions over Libya Bribery

Canada’s SNC-Lavalin has announced that it has, subject to required court approvals, reached a settlement agreement in relation to class actions in Quebec and Ontario filed in 2012 on behalf of security holders. The Actions were brought pursuant to the secondary market civil liability provisions in various Canadian securities statutes. The Company has contributed $88M […]

SNC-Lavalin Corruption Trial Postponed

The criminal case in Canada against SNC-Lavalin for alleged corrupt activities in Libya, which had been due to resume last week, has been postponed until February 2016. The company has been charged with paying bribes totalling US$ 37 million to government officials in Libya between 2001 and 2011.  It is also charged with defrauding construction […]

More Allegations against SNC-Lavalin

Canadian-based engineering firm SNC-Lavalin has announced that it has replaced president and CEO Bob Card with Neil Bruce, but claims the move is “completely unrelated” to new allegations about its business in Libya. The company faced new allegations on Monday from Riadh Ben Aïssa, SNC’s former executive vice-president, who claims the company has made him […]

Fmr SNC-Lavalin VP Jailed for Libya Bribes

A former vice-president of the Canadian company SNC-Lavalin has reportedly been sentenced in Switzerland to three years in prison, including an 18-month suspended sentence. Riadh Ben Aissa, a Tunisian-born Canadian, pleaded guilty to charges of corruption and money laundering, relating the payment of several million dollars to Saadi Gadhafi, son of former Libyan dictator Moammar Gadhafi. […]

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 […]

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 […]

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 […]