More Troubles for AltaLink’s Parent Company

Just when you think things can’t get worse for AltaLink’s parent company, SNC-Lavalin, they do.

Following SNC-Lavalin CEO Pierre Duhaime’s sudden resignation last week as part of the company’s recent payments scandal, Mr. Duhaime is reported (Edmonton Journal) to be receiving close to $5 million in various departure payments.

On the heels of the company’s growing problems, the World Bank has just blacklisted SNC-Lavalin’s Bangladesh subsidiary from bidding on World Bank projects. This is reported to be following an investigation into the controversial Padma Bridge project for which an international consortium led by the World Bank agreed to lend up to $2.9 billion. The Daily Star reports, “Following allegations of irregularities, the World Bank suspended its $1.2 billion fund for the Padma Bridge and launched an investigation of the bidding process in September 2011.”

 The Star reports, “A request from the World Bank had led the RCMP to search the company’s Ontario offices last fall, while SNC says it has conducted an internal investigation into allegations of corruption around the project.”

The Star goes on to report, “The company also said it is business as usual for other projects (including numerous overhead high voltage power lines in Alberta) and new bids by other subsidiaries will continue in normal course.” The Financial Post also has a story on this matter. For additional information on AltaLink’s parent company see this link.

~ by RETA on April 4, 2012.

 
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