14:19:09 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Brookfield Asset Management Inc
Symbol BAM
Shares Issued 980,618,656
Close 2015-07-08 C$ 44.52
Market Cap C$ 43,657,142,565
Recent Sedar Documents

Globe says punishment still too severe for SNC, others

2015-07-09 07:34 ET - In the News

See In the News (C-SNC) SNC-Lavalin Group Inc

The Globe and Mail reports in its Thursday edition Minister of Public Works Diane Finley has halved the 10-year "debarment" for companies found guilty of corruption anywhere in the world. A Globe editorial says five years is still an exceptionally long time to be banned from doing business with the federal government. The policy remains rigid and without discretion. The Globe prefers a system where companies simply show they have reformed their ways. Take the case of Brookfield Asset. Two years ago, a Brazilian prosecutor charged Brookfield's Brazilian subsidiary with paying bribes for building permits. A senior executive was dismissed; the case is still proceeding in Brazil's courts. Any conviction of a foreign subsidiary threatens its Canadian parent with automatic exclusion from doing business with the government of Canada. Then there is SNC-Lavalin Group. Some company executives did engage in bribery, at least in Libya. Yet, under its current chief executive officer, Robert Card, SNC is trying to rehabilitate itself. It claims, credibly, that it is uncovering past wrongdoing and putting in place policies to prevent a repeat. The feds' integrity framework should leave much more room for discretion.

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