SNC-Lavalin CEO Resigns Amid Allegations
RETA has been following activities of AltaLink’s parent company, Montreal-based SNC-Lavalin, in relation to its questionable dealings with a number of governments around the world, including the Libyan Moammar Gadhafi family.
Today’s Globe and Mail reports, “SNC-Lavalin Group Inc. has announced the departure of chief executive officer Pierre Duhaime amid allegations he allowed a series of unauthorized payments totalling $56 million (U.S.) to be made by a former vice president. SNC chairman Gwyn Morgan also said during a call with analysts that the company is turning over information to the RCMP related to the payments and the company’s work in Libya.”
According to the Globe and Mail, “The company also reported that its profit in the fourth quarter (2011) fell to $76 million (Canadian) from $158.7 million in the same quarter a year earlier.” This is a 52% decline in Q4 profit.
Read this Globe and Mail article for more details. See this link and this paper released by RETA last week for information on the ties between SNC-Lavalin, AltaLink, the Alberta PC Party, and the Alberta Government.
SNC-Lavalin, AltaLink and EPCOR will be building the Heartland Transmission Line, and SNC-Lavalin and AltaLink will be building the Western Alberta Transmission Line. Both 500kV lines are controversial and are being opposed by many homeowners, landowners, power consumers and municipal governments in Alberta.