AltaLink President and CEO Goes to Scandal-Plagued SNC-Lavalin

As part of shaking up SNC-Lavalin’s executive, CEO Robert Card has appointed Scott Thon – current President and CEO of AltaLink – as interim head of SNC’s Global Power unit, replacing Patrick LaMarre (Globe and Mail). AltaLink is a wholly-owned subsidiary of Quebec-based SNC-Lavalin, the company currently building the controversial Heartland Transmission Project in Edmonton, Strathcona County and Sturgeon County.

The shake up at the senior levels of SNC-Lavalin is seen as part of Card’s attempts to help investors regain confidence in the scandal-plagued company. SNC is in the midst of Canadian and international corruption investigations that involve the RCMP, Quebec anti-corruption squad, World Bank, Swiss government, Bangladesh Anti-Corruption Commission and Indian government, among others. Allegations of bribery, conspiracy to commit fraud, fraud, money laundering, falsifying documents and other unethical behaviour are being investigated. Former SNC executive members, including the former CEO, have been arrested and charged. The construction giant is also being sued by several investor groups on allegations of misrepresenting the financial status of the company.

For details on SNC-Lavalin’s troubles see this link and Making Money by Making Friends.

~ by RETA on January 18, 2013.