SNC-Lavalin delivers update on Bangladesh investigation
April 02 2012 - 2:30PM
PR Newswire (Canada)
MONTREAL, April 2, 2012 /CNW Telbec/ - SNC-Lavalin announces that,
following an investigation launched last September, one of its
subsidiaries received formal notice from the World Bank that the
rights of that subsidiary to bid on new World Bank projects have
been temporarily suspended. The subsidiary named has the right,
according to World Bank regulations, to respond to the allegations
outlined in the World Bank's report, which is confidential, before
a final decision is taken. SNC-Lavalin intends to provide a
comprehensive response to the allegations. "We respect the World
Bank's decision to declare a temporary suspension on the subsidiary
affected until this matter is concluded. We should be clear,
however, that all ongoing projects and new bids by other
subsidiaries and divisions will continue as usual," said the
company's interim CEO, Ian Bourne. "We launched our own internal
investigation when this matter was first brought to our attention
and we will continue to cooperate fully with the World Bank on this
matter." The allegations in the confidential report relate to the
Padma Bridge project in Bangladesh, for which the Company's
subsidiary had bid. The scope of the project, which was not
awarded, was to act as the Owner's Engineer for the Bangladesh
government in supervising the Contractor responsible for the
overall bridge construction project. The temporary suspension,
which is effective immediately, is not a final decision but is an
action taken by the World Bank to control interactions with the
subsidiary concerned while the World Bank concludes its
investigation and renders a final decision. SNC-Lavalin remains
committed to maintaining ethical standards of business conduct.
SNC-Lavalin is one of the leading engineering and construction
groups in the world and a major player in the ownership of
infrastructure, and in the provision of operations and maintenance
services. SNC-Lavalin has offices across Canada and in over 40
other countries around the world, and is currently working in some
100 countries. www.snclavalin.com. SNC-LAVALIN CONTACT:
Media:Leslie QuintonVice-President, Global Corporate
CommunicationsSNC-Lavalin Group Inc.514-390-8000, ext.
7354leslie.quinton@snclavalin.comInvestors:Denis
JasminVice-President, Investor RelationsSNC-Lavalin Group
Inc.514-390-8000, ext. 7553denis.jasmin@snclavalin.com
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