The Canadian Press
MONTREAL - SNC-Lavalin says Ottawa's decision to ban it from bidding on Canadian International Development Agency contracts will have little financial impact on the global engineering company.
The Montreal-based firm says it only has a couple of small contracts with the aid agency and hasn't bid on new ones for awhile since its services don't correspond with CIDA's changed priorities.
SNC-Lavalin (TSX:SNC) last week agreed to a 10-year ban on World Bank contracts for some of its subsidiaries over bribery allegations in Bangladesh and Cambodia.
CIDA says firms that have been sanctioned by a development organization for engaging in corrupt or fraudulent practices "will be ineligible" to bid on projects it funds.
Julian Fantino, the minister responsible for the aid agency, says he's also instructed CIDA staff to review SNC-Lavalin's existing contracts to ensure they continue to comply with government ethics standards.
SNC-Lavalin says it hasn't been contacted by the aid agency, which is a requirement before existing projects are affected. The company says it is willing to provide any information to help CIDA make a decision, given "all the measures we have in place and our significant progress in this regard."