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

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.