October 10, 2018 / 3:49 PM / in a month

Canada refuses remediation on SNC-Lavalin bribery charges, shares sink

Oct 10 (Reuters) - Canada’s SNC-Lavalin Group Inc said on Wednesday the federal government will not invite the construction firm to negotiate a remediation deal related to bribery and corruption charges against the company in 2015.

The company’s shares slumped about 14 percent to C$44.76 on the Toronto Stock Exchange.

The Canadian police laid corruption charges against SNC three years ago on allegation of bribery at the company’s Libyan operations. A deal with the government could have helped SNC defer prosecution in exchange for fines and cooperation. The scandals first emerged in 2012 and led to the ouster of SNC’s former chief executive, Pierre Duhaime, after the discovery of millions in missing funds.

“The company will continue to operate as it has since the charges were laid in 2015... all the while vigorously defending itself against the charges,” the company said in a statement. (Reporting by John Benny in Bengaluru; Editing by Arun Koyyur)

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