Sunday , August 7 2022

Canada SNC-Lavilin said it had been "stunned" and to be "surprised" after a game by Codelco



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The engineering company, which is currently the focus of the biggest political crisis in Canada over the years, was identified by Chile's condition as “serious and repeatedly breaching the obligations imposed by the contract”. turn. ”

The SNC-Lavalin Group Inc. Canada, yesterday, registered a new chapter to the turbulent final months after Codelco terminated the contract for the construction of acid plants for Chuquicamata smelter, accusing him of cutting & # 39 the contract.

The engineering company, which is currently the focus of the biggest political crisis in Canada over the years, was identified by Chile's condition as “serious and repeatedly breaching the obligations imposed by the contract”. turn. ”

Through a statement, SNC-Lavalin said it was "disappointed" and "surprised" by the decision give a completion date and start the project even more at risk.

According to the information provided by Bloomberg, the company analyzes the legal and financial impact of the copper company 's measurement, as well as preparing dispute resolution measures to recover as much of the previously announced losses as. possible.

According to the announcement, the Canadian company warned of difficulties in achieving the contract in January, when it revealed problems in one of its mining investments, so it had to record depreciation in its energy unit. . A fortnight later the company said it had not been able to reach an agreement so that the dispute would be resolved in a fast-track arbitration process. With this, SNC reduced its earnings forecasts for the second time and said that The conflict would contribute to a negative drag of US $ 260 million in the profits of the mining and metallurgy unit before interest and taxes.

The company, which now has problems in Chile, has been at the heart of an argument that has affected Canada's Prime Minister, Justin Trudeau, after his former attorney general said the president and part of for a government to put pressure on it will help prevent the company going to trial.

SNC has been charged with paying bribes associated with jobs in Libya more than ten years ago. Trudeau said it supported the delayed processing agreement for SNC as it's called as the company employs 9,000 people in Canada. Since then, the company stated that it had abstained resolve fraud and corruption payments and focused on preparing for the trial.

SNC shares have fallen by 29% since January 25, the last trading day before the company revealed a "serious problem" with a mining contract.

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