01:02:13 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Enbridge Inc
Symbol ENB
Shares Issued 2,022,213,981
Close 2019-02-14 C$ 47.35
Market Cap C$ 95,751,832,000
Recent Sedar Documents

Globe says feds handed billions to SNC despite charges

2019-02-15 07:47 ET - In the News

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

The Globe and Mail reports in its Friday edition that SNC-Lavalin has been one of the leading recipients of support from the federal export agency, obtaining at least $2-billion in loans over the past two decades, and possibly billions more. A triple-bylined item led by Geoffrey York says that much of the support -- at least $800-million in loans and as much as $1.7-billion -- was provided to SNC after news broke of an RCMP investigation into alleged corruption at the company in 2011. Since then, the engineering company has faced corruption allegations in Canada, two Asian countries and three African countries. Federal prosecutors charged SNC in 2015 with bribery and corruption in connection with its dealings in Libya. A Globe analysis shows that SNC has received billions of dollars in federal support in 19 separate loans from Export Development Canada. SNC joins companies such as Enbridge and Brookfield as the top recipients of financial aid from the federal export agency over the past 18 years. Citing "commercial confidentiality," EDC refuses to disclose the exact amount of each of its transactions. The EDC has provided $2-billion to $4.3-billion in loans to SNC-Lavalin or its customers since 2002.

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