On Wednesday, a CBC report from an SNC-Lavalin employee who requested anonymity alleged that portions of loans the engineering giant obtained from EDC were intended to pay bribes
Justin Tang/The Globe and Mail
“Our review is primarily focused on the steps EDC took during the transaction screening process for the Angola transaction to ensure that we did not do what the CBC’s unnamed source has alleged,” EDC spokeswoman Jessica Draker wrote in a response to questions.It’s the latest twist in a commercial relationship stretching back decades. Between 2001 and the end of last year, SNC-Lavalin benefited from 18 EDC financings worth a combined value of between $2-billion and $4.3-billion.
The Matala Dam was one of several large hydroelectric dams damaged during Angola’s decades-long civil war. SNC-Lavalin won the contract to repair the dam and a bridge in 2010. The following year, EDC underwrote a political-risk insurance policy for Société Générale Canada worth an undisclosed value between $250-million and $500-million to support SNC-Lavalin’s “sale of engineering and procurement services” in connection with the dam’s rehabilitation.
EDC said it would not knowingly participate in a transaction involving bribery. “We have a rigorous transaction screening/due diligence process” that meets or exceeds practices recommended by the Organization for Economic Co-operation and Development , the federal agency said, “but there are limits as to what it can reasonably detect.” EDC did not provide further details about the due diligence it had conducted on the transaction.
In response to questions from The Globe, Ms. Draker confirmed that SNC-Lavalin had not notified EDC of any improper payments in connection with the Matala insurance policy or any other EDC-financed projects.
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