Corruption Allegations at Most Senior Levels of SNC-Lavalin
On the heels of the latest arrests and charges against former SNC-Lavalin executives, financial analysts are wondering just how prevalent fraud, bribery and money laundering might be at this Quebec-based construction giant that has contracts across Canada and in more than 100 other countries.
Maclean’s latest issue lists a few of the well-known SNC Board members – Gwyn Morgan (founding CEO of EnCana Corp.), Lorna Marsden (former York University President), Claude Mongeau (current CEO of CN Railway) and Hugh Segal (Conservative Senator). Maclean’s writes, “Yet despite the board’s impeccable credentials, on its watch, senior executives at the firm are now alleged to have misappropriated millions to influence the awarding of big contracts both at home and abroad, and then covered their tracks by earmarking the payments for unrelated projects…It all points to a troubling truth about the anemic state of corporate governance in Canada. ‘You can have great written procedures,’ says (Anthony) Scilipoti. ‘But if they’re not respected or enforced, then they’re not worth the paper they’re printed on’.”
We encourage you to read the entire Maclean’s article. SNC-Lavalin is building the controversial Heartland Transmission Project (together with AltaLink and EPCOR) and Western Alberta Transmission Line (together with AltaLink), as well as many other infrastructure projects, in Alberta.