04:08:58 EDT Tue 19 Oct 2021
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SNC-Lavalin Group Inc
Symbol SNC
Shares Issued 175,554,252
Close 2021-04-20 C$ 27.30
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Globe says SNC puts World Bank ban in rear-view mirror

2021-04-21 06:59 ET - In the News

The Globe and Mail reports in its Wednesday edition that the World Bank has given SNC-Lavalin an early reprieve on a decade-long ban for corruption tied to contracts in Bangladesh and Cambodia, a potential boost for the Canadian engineering giant as it tries to rebuild its business after years of crisis. The Globe's Nicolas Van Praet writes that the global lender ended its sanction on SNC-Lavalin and about 100 affiliates after the company served eight years of a 10-year ban imposed in April, 2013. At the time, the bank said it was the longest ban that has ever been agreed to in its settlements. The discharge means SNC is now free to bid on projects funded by the international development co-operative, which expects to deploy up to $160-billion (U.S.) through the end of June, 2021, to help countries deal with the blow from COVID-19 and stoke their long-term growth. But the bigger impact could be to SNC's reputation and credibility on ethics and compliance matters as it claws its way back from global ostracism. "My feeling is that in the eyes of the public, they're not fully rehabilitated yet," said Louis Hebert at Montreal's HEC business school. SNC's misconduct involved bribes and misrepresentations.

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