Tag Archives | SNC Lavalin

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 […]

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 […]

$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 […]

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 […]

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 […]

SNC-Lavalin’s stock drops after RCMP raid

As a dozen RCMP officers raided SNC-Lavalin headquarters in Montreal Friday morning, it became clear that the investigation into the Quebec engineering giant was international in scope – and distancing itself from a few rogue executives wasn’t going to solve all the company’s problems. Within 45 minutes of the news hitting Twitter, the already battered […]

Canada's Libya Ambassador Leaves Post, Awaits Reassignment

Canada's ambassador to Libya, whose spouse had ties to a joint venture linked with the Gadhafi family and SNC-Lavalin Group Inc. (SNC.T), has left her post and is awaiting reassignment in Ottawa, a spokesman for the country's foreign minister said Wednesday. Chris Day, spokesman for Foreign Minister John Baird, said Canada's charge d'affaires in Tripoli […]