18 December 2019 - 21:57Montreal — SNC-Lavalin jumped the most in 11 years on Wednesday after settling a fraud charge related to bribes it paid in Libya a decade ago, lifting a legal cloud that had engulfed Canada’s largest engineering and construction company.
The legal troubles added to three profit warnings, a writedown on its Middle East energy business and the loss of a contract in Chile, pushing the stock down by almost half in 2019 before the surge on Wednesday. The company said it does not expect the guilty plea by its construction subsidiary will affect the eligibility of SNC-Lavalin to bid on future projects, given its reduced focus on that sector. SNC has not bid on a construction contract since it was first charged in 2015, it said.
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