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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  Snc-Lavalin Group Inc    SNC   CA78460T1057

SNC-LAVALIN GROUP INC

(SNC)
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Snc Lavalin : Ethics board rules Trudeau exerted improper influence in SNC-Lavalin scandal

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08/14/2019 | 08:32pm EDT

Canadian Prime Minister Justin Trudeau exerted improper political influence by pressuring a former justice minister to drop an investigation into contractor SNC-Lavalin, an ethics board ruled Wednesday.

Ethics Commissioner Mario Dion found that Trudeau violated Section 9 of the Conflict of Interest Act, which prohibits any high-ranking government official from seeking to influence another person's decision to further private interests, when he attempted to influence then-justice minister Jody Wilson Raybould to overrule a decision not to grant SNC-Lavalin a deferred prosecution agreement.

"The prime minister, directly and through his senior officials used various means to exert influence over Ms. Wilson-Raybould," Dion wrote. "The authority of the prime minister and his office was used to circumvent, undermine and ultimately attempt to discredit the decision of the director of public prosecutions as well as the authority of Ms. Wilson-Raybould as the Crown's chief law officer."

Trudeau said Wednesday that he takes responsibility for the "mistakes" he made but disagreed that any contact with the attorney general about the issue was improper.

The prime minister added that he took the actions in order to defend Canadian jobs, stating criminal prosecution against SNC-Lavalin would result in consequences for employees, shareholders customers and suppliers, in addition to jeopardizing infrastructure projects.

"My job as prime minister is to stand up for Canadians and defend their interests," Trudeau said. "Yes, it is essential that we do that in a way that defends our institutions and upholds prosecutorial independence, but we need to talk about the impacts on Canadians right across the country of decisions being made. I can't apologize for standing up for Canadian jobs."

Wilson-Raybould issued a statement saying the report "confirms critical facts, consistent with what I shared with Canadians and affirms the position I have taken from the outset," that Trudeau made multiple attempts to improperly influence her decision.

In February, Wilson-Raybould testified that Trudeau and his senior staff engaged in a relentless campaign including veiled threats in order to pressure her to drop the investigation.

SNC-Lavalin faces bribery and fraud charges for allegedly paying nearly $50 million to public officials in Libya between 2001 and 2011 to secure government contracts.

Copyright 2019 United Press International, Inc. (UPI). Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent., source International Top News

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Financials (CAD)
Sales 2019 9 182 M
EBIT 2019 269 M
Net income 2019 -1 932 M
Debt 2019 1 757 M
Yield 2019 1,30%
P/E ratio 2019 -1,50x
P/E ratio 2020 10,2x
EV / Sales2019 0,51x
EV / Sales2020 0,44x
Capitalization 2 891 M
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Number of Analysts 14
Average target price 32,21  CAD
Last Close Price 16,47  CAD
Spread / Highest target 198%
Spread / Average Target 95,6%
Spread / Lowest Target 33,6%
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Managers
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Neil Alexander Bruce President, Chief Executive Officer & Director
Kevin G. Lynch Chairman
Ian Edwards Chief Operating Officer
Sylvain Girard Chief Financial Officer & Executive Vice President
Eric D. Siegel Independent Director
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