Reuters: Regulatory News: UPDATE 1-SNC-Lavalin unit barred from World Bank project bids

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UPDATE 1-SNC-Lavalin unit barred from World Bank project bids Apr 2nd 2012, 20:10 Mon Apr 2, 2012 4:10pm EDT * Investigation centers on Bangladesh bridge project * SNC says business as usual at all other units, projects * SNC says will respond to World Bank allegations * Statement comes one week after SNC CEO resigns, police investigate April 2 (Reuters) - Canadian engineering giant SNC-Lavalin said on Monday that one of its subsidiaries has been notified by the World Bank that it has been barred temporarily from bidding on new bank projects following an investigation into a Bangladesh bridge project launched last September. The statement comes a week after SNC's chief executive quit and the Montreal-based company handed over documents to Canadian police after an internal investigation into mysterious payments made for projects that did not exist. SNC, which is one of the world's biggest engineering companies, said it intends to provide a "comprehensive response" to the allegations contained in a confidential World Bank report. It did not name the unit affected by the World Bank suspension. The company said that "all ongoing projects and new bids by other subsidiaries and divisions will continue as usual". "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," newly appointed interim CEO Ian Bourne said in the statement. The allegations relate to the US$1.2 billion Padma Bridge project in Bangladesh, for which the SNC unit had bid. The winning bidder was to act as engineer for the Bangladesh government, supervising the contractor responsible for the bridge's construction. Link this Share this Digg this Email Reprints

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