close

SNC-Lavalin to pay $280 million fine, plead guilty to corruption charge

Controversial engineering firm SNC-Lavalin will plead guilty to a corruption charge, say federal prosecutors in a Montreal court on Wednesday.
Roberto Wakerell-Cruz Montreal, QC

Controversial engineering firm SNC-Lavalin will plead guilty to a corruption charge, say federal prosecutors in a Montreal court on Wednesday.

The Montreal-based engineering giant, who has been no stranger to public controversy in the past year, was facing charges on criminal trial in relation to shady business dealings with Libya.

The company will now be ordered to pay a hefty $280-million fine, which the company will have five years to pay off.

Lawyers for SNC-Lavalin are penned to present their sentencing arguments to the Quebec Superior Court later Wednesday, CTV reports.

This comes only hours after the company’s stock, TSX, was halted for trade.

The halt was announced at 8:16 am by the Investment Industry Regulatory Organization of Canada, though no further details were given surrounding the halt at that time.

The charges also come only days after a former SNC-Lavalin executive was found guilty of charges including fraud, laundering proceeds of crime, and corruption of foreign officials.

Join us!

We’re independent and can’t be cancelled. The establishment media is increasingly dedicated to divisive cancel culture, corporate wokeism, and political correctness, all while covering up corruption from the corridors of power. The need for fact-based journalism and thoughtful analysis has never been greater. When you support The Post Millennial, you support freedom of the press at a time when it's under direct attack. Join the ranks of independent, free thinkers by supporting us today for as little as $1.

Thank You!

Support The Post Millennial
Accepted payment methods: Visa, Mastercard, American Express  and Paypal
Roberto Wakerell-Cruz
0
Join The Discussion