As it battles federal criminal charges in Canada, Montreal-based SNC-Lavalin Group Inc. has found itself in a dispute with yet another government entity — the Chilean state-owned copper miner Codelco.
“Having a contract terminated by the world’s largest copper miner is a clearly a hit to SNC’s reputation within the mining industry,” Yuri Lynk, an analyst with Cannacord Genuity Corp. wrote on Tuesday. “It is extremely rare for a project sponsor to cancel a contract … especially so close to completion.”
Now, as SNC looks to shift more into decommissioning nuclear sites in the U.S. and Canada and clean energy projects, it is increasingly threatened by a potential criminal conviction in Canada on charges it paid millions of dollars in bribes to Libyan government officials in exchange for lucrative contracts there.
“There will be a wide range of approaches that different governments take, but there will undoubtedly be some governments for which a conviction or perhaps even a deferred prosecution agreement could disqualify a company,” she said. Mora Johnson SNC chief executive Neil Bruce has said a conviction would likely bar his company from bidding on federal contracts in Canada, which would limit its ability to work here.
Not enough brIbe money offered and paid. Come on, SNC-L get with the program and don't be so 'cheap'.
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