SNC-Lavalin must have some news coming out today. The stock has halted trading on the TSX.
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SNC-Lavalin must have some news coming out today. The stock has halted trading on the TSX.
They're pleading guilty. That's what I heard.
Super weird that there's no news. Somebody knows something, expect bombshell is coming out in court today?
As in they just turn over and die? Well it's not that green line is going anywhere anyway, looks like my friend is going back on EI then.
So I was reading about SNC Lavalin a few days ago and this kinda shocked me. (2013 article)
https://business.financialpost.com/e...to-snc-lavalin
Apparently almost half of all companies blacklisted from the World Banks bidding are all tied to SNC-Lavalin or some type of affiliate.Quote:
Canada now dominates World Bank corruption list, thanks to SNC-Lavalin
Out of the more than 250 companies year to date on the World Bank's running list of firms blacklisted from bidding on its global projects under its fraud and corruption policy, 117 are from Canada — with SNC-Lavalin and its affiliates representing 115 of those entries
the corruption list is kind of funny. It's not that half the corruption in the world is from SNC lavalin, it's just that they got caught because they are in such a non-corrupt country.
Also, Rage2 comes through again, nice work.
So SNC up 20% in trading so far today. I didn't see the market reacting this way, was it priced in a potential loss in court and this is seen as a positive. I saw them going south of $20 and then being a takeover target in the new year.
Thats just standard operating procedures in OG. They must have forgotten to pay someone off or done something super stupid, even for them.
Yeah, now that they have a # for the fine to pay lots of people probably view the company as back to business. 240 mill fine isn't really much considering it was a 500 million contract to build a airport. Sure they take a loss on that project but its not like that amount is going to tank a company that had 10 billion in revenue last year.
Although I'm still confused if pleading guilty to fraud changes if they can bid on government projects or not.
That's likely the trick. They may have a commitment from the government that they may exempt them because they pled guilty to the charges and they can continue to bid on contracts. Or that they may just not be contractually the prime consultant in contracts, who knows, but there is likely some sort of "fix" planned.
Or, quite possibly investors don't see the lack of Canadian contracts as a risk to the company.
Trudeau will just change the rules so they can keep giving contracts to SNC.
Nothing to see here.
The Federal gov't will pay that fine for them one way or another.