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| SNC-Lavalin arrives at settlement agreement with AfDB SNC-Lavalin (TSX: SNC) has reached a settlement with the African Development Bank Group (AfDB) regarding allegations of sanctionable practices by SNC-Lavalin International Inc., a subsidiary of the company, in connection with certain AfDB-financed contracts in Mozambique and Uganda. This settlement follows an approach by the Integrity and Anti-Corruption Department ("IACD") of the AfDB and cooperation by SNC-Lavalin with IACD. Under the agreement, SNC-Lavalin International Inc. will not be debarred, provided SNC-Lavalin meets certain conditions for a period of two years and 10 months. The agreement, which relates to alleged actions of former employees in connection with contracts awarded in 2008 and 2010, includes a settlement payment of $1.5M in support of anti-corruption initiatives in Africa. No other subsidiary of SNC-Lavalin will be sanctioned pursuant to the agreement. write your comments about the article :: © 2015 Construction News :: home page |