SNC suspends payments to retired CEO Pierre Duhaime; starts hunt for new CFO

MONTREAL – SNC-Lavalin (TSX:SNC) is suspending payments to its retired former president and CEO Pierre Duhaime, who faces criminal charges arising from a bribery investigation.

The Quebec engineering giant says that while the allegations have not been proven in court, it is taking the action because the charges suggest there may be additional facts regarding Duhaime of which it was not aware at the time of his departure.

In a statement issued by SNC board chairman Gwyn Morgan, the company says it has and will continue to co-operate fully with ongoing investigations.

It also says that SNC-Lavalin is “unequivocal” that no unethical behaviour or illegal acts be tolerated and that anyone found to have committed any wrongdoing should be brought to justice and held accountable for their actions.

Meanwhile, the company says it has also begun a search for a new chief financial officer to replace Gilles Laramee, who is taking on responsibility for a new business unit as executive vice-president, infrastructure.

It says Laramee will continue as CFO until his replacement is in place.