BUSINESS

SNC-Lavalin Chairman Ian Bourne Steps Down In Wake Of RCMP Charges

03/16/2015 10:14 EDT | Updated 05/16/2015 05:59 EDT
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MONTREAL - SNC-Lavalin (TSX:SNC) says Ian Bourne, who has helped lead the company through a period of reform following a recent bribery scandal, has stepped down as chairman and a member of the board of directors.

The company did not provide a reason for his departure

SNC said the board appointed Lawrence Stevenson, a board member since 1999, as chairman.

Bourne joined SNC as a director in 2009 and had served as chairman since May 2013. He also served as interim chief executive from March 2012 to October 2012, replacing the CEO who was in place during the alleged incidents.

Last month, the RCMP alleged that between 2001 and 2011 SNC-Lavalin paid nearly $47.7 million to public officials in Libya to influence government decisions.

It also charged the company, its construction division and its SNC-Lavalin International subsidiary, of defrauding various Libyan organizations of about $129.8 million.

SNC has said it will plead not guilty to the charges.

Three individuals — two former SNC executives and one of their lawyers — were previously charged by the RCMP as part of the investigation that began in 2011.

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