A CTV News story reports that SNC-Lavalin has been barred from bidding on World Bank projects for ten years in the wake of an ongoing bribery scandal:
The World Bank initially suspended SNC-Lavalin (TSX:SNC) from bidding on projects it finances over allegations of bribery involving a bridge contract in Bangladesh.
The agency said it learned of misconduct in Cambodia during its investigation.
The World Bank said SNC-Lavalin’s misconduct were related to a conspiracy involving bribes and misrepresentations when bidding on bank-financed contracts.
As part of a deal involving the two countries, subsidiary SNC-Lavalin Inc. and more than 100 affiliates are barred from bidding on World Bank Group-financed projects for 10 years.
However, the suspension could be lifted after eight years if the terms and conditions of the settlement agreement are complied with fully.
“This represents the longest debarment period that has ever been agreed to in a World Bank settlement,” the bank said in a statement Wednesday.
The story reports that SNC may face additional bans from other agencies and governments.
