$160M SNC kickbacks to Gadhafi son

Posted By: Canadian Press · 1/25/2013 6:10:00 PM

SNC-Lavalin says an unsealed affidavit used to obtain an RCMP search warrant of its headquarters last April contains new details about the company's alleged ties with Libya's Gadhafi family.

However, the embattled engineering giant says it cannot confirm the veracity of the new information and is reviewing the document to see what actions it may take. It has vowed to act swiftly if the allegations are proven.

In the sworn statement unsealed by a Quebec court Friday, former officials with the Montreal-based company are accused of paying the son of the dictator Moammar Gadhafi $160 million in kickbacks to obtain major contracts in Libya, some of which police say paid for luxury yachts.

The search warrant document says the bribes were paid to Saadi Gadhafi by former SNC vice-president Riadh Ben Aissa, who is now jailed in Switzerland.

Published reports say the RCMP document also implicated Ben Aissa and former SNC-Lavalin controller Stephane Roy in an alleged effort to smuggle Gadhafi's son and his family to Mexico as the regime was failing in 2011.

SNC-Lavalin (TSX:SNC) says the affidavit contains some unspecified information that it voluntarily provided to authorities in March.

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