Engineering and construction firm SNC-Lavalin Group Inc. (SNC.TO) said Wednesday that it has reached a settlement with the World Bank Group in connection with the previously announced investigations.
While the specific terms of the settlement are confidential, the company said it includes the suspension of the right to bid on and to be awarded World Bank Group-financed projects by SNC-Lavalin Inc., a subsidiary of the company, and its controlled affiliates for a period of 10 years.
The suspension could be lifted after eight years, if the terms and conditions of the settlement agreement are complied with fully.
The settlement also requires that the company cooperate with the World Bank on various compliance matters in the future. The settlement does not include a financial penalty.
The company launched an internal investigation when the matter was first brought to its attention and has worked closely with the World Bank throughout the settlement process.
Historically, revenues generated from projects in the affected subsidiaries that are financed by the World Bank represent about one percent of the company's annual revenues.
According to the terms of settlement, certain of the company's other affiliates continue to be eligible to bid on and be awarded World Bank Group-financed projects as long as they comply with all of the terms and conditions imposed upon them under the terms of the agreement, including an obligation not to evade the sanction imposed.
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