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SNC Lavalin linked to corruption probe into Bangladesh bridge project

By The Canadian Press  | September 02, 2011
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TORONTO - There is a report that the RCMP raided the offices of engineering giant SNC-Lavalin (TSX:SNC) near Toronto this week in connection with a corruption probe into a project in Bangladesh.

The Wall Street Journal reported on its website that the project involved a World Bank-funded bridge in the south Asian country.

The financial newspaper says the RCMP confirmed the raid took place Thursday and was only told it's part of an ongoing investigation, but no charges have been laid .

The Wall Street Journal quoted a company official as saying it was assisting police with an investigation, but would not comment further.

Neither the RCMP or the company were immediately available for comment.

The World Bank is investigating allegations of corruption in the bidding processes for the Padma Bridge Project in Bangladesh.

The agency signed a deal in April to lend $1.2 billion to Bangladesh to build the bridge over the river Padma, but it says the money has not been doled out.

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