Bombardier could face investment ban by Norway’s sovereign wealth fund

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Bombardier will be put under observation for two years because of an ‘unacceptable risk that the company contributes to, or is responsible for, gross corruption,’ said Norges Bank

on a watch list as it weighs whether to pull its investment in the Canadian multinational over ethical concerns.

“The council’s investigations have revealed that Bombardier or its subsidiaries can be linked to allegations or suspicions of corruption in six countries over a period spanning more than 10 years,” it said in documentation provided by Norges Bank.

The development is new flashpoint for Bombardier chief executive officer Éric Martel, who is trying to steer the industrial company back toward profitability after years of crisis. Bombardier has been dogged for years by claims it was involved in corruption, but this is believed to be the first time an institutional investor has publicly called out its internal culture and suggested it might not have rigorous enough ethics and compliance systems in place.

In another case, Britain’s Serious Fraud Office opened an investigation in 2020 into Bombardier over suspected bribery and corruption related to contracts and orders from Garuda Indonesia, the flag airline of the Southeast Asian country. The U.S. Department of Justice and the Royal Canadian Mounted Police have also launched probes in the same matter and requested documents from Bombardier.

 

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Even the fund acknowledges that the bad behavior was by the Transportation division that was sold off in 2021.

While they are at it get them to look at SNC-Lavalin.

Bombardier has proven to be a greasy company so it makes sense to keep a close eye on them

Bad behaviour should be penalised

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