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Impasse Over Corruption Charges Costs SNC $3.7 Billion, CEO Says

  • Clients shunning Quebec engineering group as case drags on
  • Company’s heft makes it unlikely takeover target, Bruce says
SNC Sinks as Canada Rules Out Negotiations on Graft Charges
Photographer: Brent Lewin/Bloomberg

Canada’s failure to reach a negotiated settlement with SNC-Lavalin Group Inc. over past corruption charges has probably cost the company more than C$5 billion ($3.7 billion) in lost revenue and continues to damage its reputation internationally, Chief Executive Officer Neil Bruce said.

“It weakens our position as a business because our competition basically use this mercilessly against us, and have been doing so for the past six years,’’ Bruce said Monday from Montreal in an interview with BNN Bloomberg TV. “We know that we’ve lost out on a number of contracts, probably in excess of C$5 billion, because clients in the end will not take the chance on picking SNC-Lavalin.’’