Latest news with #SNCLavalin
Globe and Mail
3 days ago
- Business
- Globe and Mail
Quebec engineering body finds former SNC-Lavalin CEO guilty on multiple counts of misconduct
Former SNC-Lavalin Group chief executive Jacques Lamarre has been found guilty of seven of 14 allegations of misconduct made against him by Quebec's professional order for engineers. Last fall, the disciplinary council of L'Ordre des ingénieurs du Québec began several days of hearings to decide whether Mr. Lamarre infringed the organization's code of ethics and professional duties in the early 2000s when he was CEO of SNC-Lavalin, now known as AtkinsRéalis Group Inc. ATRL-T These hearings followed an investigation by the Ordre's Office of the Syndic, which then launched a formal complaint against the former engineering executive. AtkinsRéalis eyeing U.S. market for nuclear technology push The Syndic made 14 separate allegations against Mr. Lamarre as part of its disciplinary complaint, which are related to previous legal cases involving the company. The allegations link broadly to SNC-Lavalin's past business conduct as it sought contracts in Libya, as well as past political financing activities in Montreal. Among the findings of guilt, L'Ordre concluded that SNC-Lavalin under Mr. Lamarre's leadership directly or indirectly made payments amounting to about $2-million to the family of former Libyan leader Moammar Gadhafi, notably for expenses incurred by his son Saadi while he stayed in Canada. Mr. Lamarre was found not guilty on allegations that he sanctioned the purchase of a luxury yacht for Saadi. The former CEO last year denied the Syndic's allegations. Reached late Tuesday, he declined to comment on the final rulings. In early 2012, Swiss and Canadian police discovered questionable payments from SNC-Lavalin that ran through bank accounts in Switzerland and other countries. These payments were later found to be bribes to procure contracts for projects in Libya during Moammar Gadhafi's rule, as SNC-Lavalin sought a share of contracts offered by his government. In 2015, SNC-Lavalin and two affiliates were charged with fraud and violating Canada's Corruption of Foreign Public Officials Act tied to its dealings in Libya. The company requested a settlement to the case, commonly known as a deferred prosecution agreement, but was denied. SNC-Lavalin solidified an agreement with prosecutors in 2019 for the company's construction division to plead guilty to a single charge of fraud while the corruption charge was dropped. The company agreed to pay a $280-million fine and received a three-year probation order. In 2016, the company acknowledged that it engaged in a scheme that involved SNC-Lavalin employees being encouraged to donate to federal political parties and then be reimbursed through fake personal-expense claims, bonuses or benefits. Canadian law states that businesses cannot make financial contributions to political parties irrespective of candidates. The company later entered into a compliance agreement with the Commissioner of Canada Elections. SNC-Lavalin also admitted that it used a similar strategy for donations to Quebec political parties. No penalties for Mr. Lamarre were announced by L'Ordre, though it said it will set a date for sanctions. He could be revoked of his status as a professional engineer, or face fines.
CTV News
08-08-2025
- Business
- CTV News
AtkinsRéalis at the forefront of global nuclear power ‘renaissance,' CEO says
Sorry, we're having trouble with this video. Please try again later. [5006/404] The head of AtkinsRéalis says the Canadian engineering giant is taking advantage of a global shift towards nuclear power, which he believes is key to fulfilling the growing energy needs of artificial intelligence (AI) infrastructure. 'The nuclear power sector is going through a significant renaissance, with countries making announcements one after the other to triple their current nuclear power or enter the nuclear power industry' Ian Edwards, the firm's CEO, told BNN Bloomberg in an interview Friday morning. 'Clearly our business in nuclear is doing well on the back of that. We've increased our backlog in our nuclear business by 230 per cent from what it was a year ago, so (there are) a pleasing set of market conditions at the moment.' Edwards' comments came a day after the Montreal-based company, formerly known as SNC-Lavalin, released second quarter results that showed a 15 per cent year-over-year revenue increase and a record high total company backlog of more than $20 billion. AtkinsRéalis' management has made a concerted effort to simplify its business in recent years, Edwards said, while remaining a major player in the global infrastructure sector; another industry experiencing tailwinds at the moment. 'We're a global engineering company in infrastructure… around the world our markets are pretty strong. Aging infrastructure in the developed world is fuelling our business and the need for new infrastructure, particularly in the developing world, fuels our business,' he said. Amid the ongoing rebalancing of global trade triggered by U.S. President Donald Trump's tariff policies, there is also renewed interest in strategic infrastructure and nation building projects. 'Across the world, it's an interesting time for infrastructure. If you look at the U.K. and Canada now with Bill C-5, they're looking at developing a strategic infrastructure pipeline of projects,' he said. 'This is a real positive because we can see what the future looks like. We can make sure we have the capacity in human resources to do that, and it enables us to plan, so those things are really good and I'm looking forward to seeing the details, particularly of Bill C-5.' Bill C-5, the Building Canada Act, is Prime Minister Mark Carney's first piece of signature legislation. It enables Carney and his cabinet to fast-track major projects deemed to be in the national interest. The bill, which was passed into law before Parliament's summer break, has received pushback from critics including Indigenous groups who say it weakens environmental protections and sidesteps their constitutional rights. Nuclear is the AI 'solution' With expertise in infrastructure and nuclear power, AtkinsRéalis is uniquely positioned to benefit from the growing buildout of AI technology, Edwards said. 'As we know, the hyperscalers are building data centres now that could take up to a gigawatt of electricity, which has put an incredible strain on the electricity grid,' he said. 'Nuclear, we believe, is the solution to that. We're in several discussions with hyperscaler companies to see if we can sole source our nuclear technology… so that's a positive.' Shares in AtkinsRéalis were changing hands at just over $97 apiece in afternoon trading in Toronto on Friday.
CTV News
07-08-2025
- Business
- CTV News
AtkinsRéalis says the slowdown in the United States is temporary
The AtkinsRéalis headquarters is seen in this photo in Montreal on Friday, Nov. 10, 2023. THE CANADIAN PRESS /Christinne Muschi MONTREAL — Montreal-based engineering firm AtkinsRéalis revised down its forecasts for the engineering sector slightly due to a decline in activity in the United States. New orders in the United States and Latin America accounted for only 59 per cent of revenue in the second quarter, according to second-quarter results released Thursday. The Montreal-based company's president and CEO, Ian Edwards, acknowledged that business was slow south of the border. 'We've seen some delays in infrastructure project win converting to revenue,' he said during a conference call with analysts. Projects have been delayed in various U.S. states as public officials waited to gauge the impact of the change in administration at the White House. Edwards believes the outlook remains good in the U.S. He also noted that the results were being compared to a strong period for the U.S. mining sector. Analyst Ian Gillies of Stifel shared this optimism. 'We would be buyers on weakness as we believe the structural spending tailwinds remain in place and the balance sheet is well positioned for self-funded mergers and accquistions,' Gillies said. The company formerly known as SNC-Lavalin has slightly lowered its revenue growth forecast for the engineering services segment due to weaker international demand. However, it has slightly improved its forecast for nuclear energy. AtkinsRéalis' order book is performing better for the company as a whole. The company reported an order backlog of $20.9 billion, compared to $15.9 billion in the same period last year. Edwards also reiterated that the company is taking steps in the United States to enter the nuclear market. 'We are looking at what it would take to get it through the licensing process, which we don't think is too difficult because they think about things very similar to Canada.' The executive said the end of the decade is when the company expects to obtain the necessary permits. The context is favourable for the industry south of the border, with the Trump administration setting a goal of quadrupling nuclear power production in the United States by 2050. The government wants to begin construction of 10 large reactors by 2030 and speed up the approval process. The US industry is concentrated, with Westinghouse being the only US company capable of building large reactors in the United States. AtkinsRéalis reported net income attributable to shareholders of $2.3 billion in the second quarter, compared to $82.2 million in the same period last year. The significant difference is attributable to a $2.2 billion gain from the sale of its interest in Highway 407 in the Greater Toronto Area. Total revenues were up 15 per cent to $2.7 billion. Adjusted earnings per share were $0.78. Before the results were released, analysts had expected revenues of $2.6 billion and earnings per share of $0.68, according to financial data firm Refinitiv. AtkinsRéalis shares ended the day up 62 cents at $96.94 on the Toronto Stock Exchange. --- Stéphane Rolland, The Canadian Press This report by The Canadian Press was first published Aug. 7, 2025.
Yahoo
07-08-2025
- Business
- Yahoo
AtkinsRéalis says the slowdown in the United States is temporary
MONTREAL — Montreal-based engineering firm AtkinsRéalis revised down its forecasts for the engineering sector slightly due to a decline in activity in the United States. New orders in the United States and Latin America accounted for only 59 per cent of revenue in the second quarter, according to second-quarter results released Thursday. The Montreal-based company's president and CEO, Ian Edwards, acknowledged that business was slow south of the border. "We've seen some delays in infrastructure project win converting to revenue," he said during a conference call with analysts. Projects have been delayed in various U.S. states as public officials waited to gauge the impact of the change in administration at the White House. Edwards believes the outlook remains good in the U.S. He also noted that the results were being compared to a strong period for the U.S. mining sector. Analyst Ian Gillies of Stifel shared this optimism. "We would be buyers on weakness as we believe the structural spending tailwinds remain in place and the balance sheet is well positioned for self-funded mergers and accquistions," Gillies said. The company formerly known as SNC-Lavalin has slightly lowered its revenue growth forecast for the engineering services segment due to weaker international demand. However, it has slightly improved its forecast for nuclear energy. AtkinsRéalis' order book is performing better for the company as a whole. The company reported an order backlog of $20.9 billion, compared to $15.9 billion in the same period last year. Edwards also reiterated that the company is taking steps in the United States to enter the nuclear market. "We are looking at what it would take to get it through the licensing process, which we don't think is too difficult because they think about things very similar to Canada." The executive said the end of the decade is when the company expects to obtain the necessary permits. The context is favourable for the industry south of the border, with the Trump administration setting a goal of quadrupling nuclear power production in the United States by 2050. The government wants to begin construction of 10 large reactors by 2030 and speed up the approval process. The US industry is concentrated, with Westinghouse being the only US company capable of building large reactors in the United States. AtkinsRéalis reported net income attributable to shareholders of $2.3 billion in the second quarter, compared to $82.2 million in the same period last year. The significant difference is attributable to a $2.2 billion gain from the sale of its interest in Highway 407 in the Greater Toronto Area. Total revenues were up 15 per cent to $2.7 billion. Adjusted earnings per share were $0.78. Before the results were released, analysts had expected revenues of $2.6 billion and earnings per share of $0.68, according to financial data firm Refinitiv. AtkinsRéalis shares ended the day up 62 cents at $96.94 on the Toronto Stock Exchange. This report by The Canadian Press was first published Aug. 7, 2025. Company in this release: (TSX: ATRL) Stéphane Rolland, The Canadian Press
Yahoo
27-04-2025
- Politics
- Yahoo
EDITORIAL: A serious case of national amnesia
The remarkable resurgence of the moribund Liberal party over the course of the federal election leaves observers wondering if voters in this country are suffering from national amnesia. Have we collectively forgotten the endless stream of scandals, boondoggles and incompetent decisions the government of Justin Trudeau inflicted on us over nine years? Yes, Trudeau's gone. New Liberal Leader Mark Carney is being hailed as a miracle worker who will single-handedly sweep aside all the problems this country is facing. He isn't — and he won't. Carney's cabinet is populated with the same people who brought us bad government. Setting aside the ethics breaches by Trudeau — the trip to the Aga Khan's private Caribbean island, the WE charity fiasco and the SNC Lavalin mess — there are other examples of bad government. There was the ArriveCAN scandal, which in 2020 saw almost $60 million spent on a sole-sourced contract for an app that's now not used and which a private developer said could have been developed over a weekend for a fraction of the price. This is the same government that massively increased immigration while failing to build housing. In 2023, it allowed almost half a million immigrants to arrive in this country with no plan to house them. Then it expressed surprise when newcomers were forced to sleep on the streets or in church basements. This is the government where out-of-control spending has massively increased the size and cost of the federal bureaucracy. The size of the public service has ballooned by 42% since Trudeau's 2015 election. A report by Parliamentary Budget Officer Yves Giroux pointed out that personnel spending within the federal government reached a record high of $67.4 billion in 2022-23. Meanwhile, government spending on outside consultants skyrocketed to more than $15 billion in the 2022-23 fiscal year. And let's not forget the jolly green slush fund. Sustainable Development Technology Canada violated its conflict of interest policies 90 times, according to Auditor General Karen Hogan, and awarded $59 million to 10 projects that were not eligible and frequently overstated the environmental benefits of its projects. Meanwhile, we shamefully nickel-and-dimed our armed forces and our defence spending is an international embarrassment. The leader may be different. His cabinet isn't. Let's not rinse and repeat.
