SNC Pleads Guilty to One Criminal Charge of Fraud
SNC Lavalin has admitted guilt in the corruption case that turned into controversy when Canadian Prime Minister Justin Trudeau attempted to seek a DPA for the company so they would not face criminal charges. SNC admitted that corruption netted the company $2 billion in revenue over a decade and made the company more than $127 million in net profits.
The company stated that bribes were paid to the son of Muammar Gaddafi for lavish parties, as well as a condo in Toronto which was gifted to the former dictators’ son.
Defence lawyer François Fontaine confirmed that SNC paid Saadi Ghadafi nearly $50 million in bribes. SNC agreed to pay a $280-million fine over a five-year period and asked the judge to consider that pleading guilty will save the courts from seeking a lengthy and costly trial. The settlement comes after months of negotiations.