More Problems for Clark ? SNC Lavalin becomes target of class action lawsuit with allegations of misleading investors and unlawful activity.

This just in from the Montreal Gazette, I have an alert set up for SNC Lavalin: http://blogs.montrealgazette.com/2012/03/02/250-million-class-action-suit-launched-against-snc-lavalin/

Law firm Siskinds, Desmeules said today it has filed a proposed $250-million class action on behalf of investors against SNC-Lavalin Group Inc. and some of its current and former officers and directors for allegedly misleading investors and engaging in what it calls “unlawful activities” in Libya.

The request for class action certification, filed in Quebec Superior Court, “alleges, among other things, that the defendants made statements that were materially false and misleading in regard to SNC-Lavalin’s code of conduct, legal compliance, and internal controls,” said Siskinds, an Ontario law firm with an affiliate office in Quebec City.

“It is further alleged that SNC and certain members of its senior management team were engaged in unlawful activities in Libya during the Class Period (March 13, 2009 to Feb. 28, 2012), contrary to the defendants’ Class Period statements,” Siskinds said.

The filing aims to represent all those who acquired SNC securities from March 13, 2009 to Feb. 28, 2012.

The court action follows an announcement by SNC earlier this week (Feb. 28) that its board of directors has initiated an independent investigation, led by its audit committee, into the facts and circumstances surrounding $35 million of expenses “relating to certain payments made in the fourth quarter of 2011 that were documented to construction projects to which they did not relate” and “certain other contracts.”

The company added that “the investigation’s current findings support the company’s accounting treatment of these payments,” and said, without any elaboration, that its “board of directors is taking steps to implement changes and further appropriate actions arising from the investigation.”

SNC also said in the statement that it has retained independent legal counsel for the investigation but will not confirm which law firm or lawyers are working on the mandate.

Of course, we all know Christy’s top advisors since before she became premier, is Gwyn Morgan- a director at SNC Lavelin.

The allegations are very serious and come on the tail of ongoing investigations world wide into SNC activities.

Can’t be a very good day for Christy today. I hear AGT has some documentation up now as well…

***update, please head over to this followup post for a provocative look at allegations and scandals that have followed SNC around the world… and allegations of conflict of interest in the working relationship of Gwyn Morgan acting as Christy Clarks strategic advisor… while SNC is raking in the cash from BC contracts. http://lailayuile.com/2012/03/04/moral-hazard-is-when-they-take-your-money-and-then-are-not-responsible-for-what-they-do-with-it-gordon-gekko/

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38 Responses to More Problems for Clark ? SNC Lavalin becomes target of class action lawsuit with allegations of misleading investors and unlawful activity.

  1. johns aghast says:

    Hey Laila, I don’t know how worried you are, but I think Tsakumis’s website disappeared at precisely 4:05 pm.
    Keep your guard please!

  2. NEB says:

    Tried to read more on Alexs’ site….it’s down, the only thing that shows up is WORD PRESS etc.

  3. slyolfart says:

    site did not come up for AGT, just tried it?????

  4. johns aghast says:

    I get: ” Error 404. Oops, looks like the webpage you’re looking for was moved or never existed.”

  5. cherylb says:

    Gee – Fridays don’t appear to be very good days for the Lieberals, do they?

  6. Ingrid Voigt says:

    as usual, an excellent piece of reporting Laila

  7. cherylb says:

    AGT is still down. Did he crash from the traffic, I wonder….

  8. johns aghast says:

    No, I’m betting that Christy and the mob got him. Not a very wise move as he’ll be somewhat upset! And I think/hope he has his back covered.

  9. JPF says:

    Just got this from Alex…

    48,000 people across Canada trying to get on at once. So it crashed. Up shortly. Sorry for any inconvenience.

  10. gb in victoria says:

    johns aghast, that was my first instinct when I could not open the site—it was a very sinking feeling.

    • Laila says:

      I posted this under the other comment thread and will post here as well, to save you the trip.

      I just heard from Alex- I asked him if it was too many visitors at once or something else, here is his reply:

      ” Sure, bloody hell, that’s exactly what happened.

      48,000 people across Canada trying to get on at once. So it crashed. Up shortly. Sorry for any inconvenience.

      Thanks Laila! “

      Although it would have been more fun to think of it being hacked, the truth is more benign! Although I am guessing that Clark and crew wished it was gone forever..lol.

  11. johns aghast says:

    Thanks Laila – you’re a good sport. Betcha Christy wishes SHE had 48,000 supporters so she could crash it again.

  12. Gary says:

    Still out at 8:58. A little worriesome. Thanks for the great articles Laila.

  13. Laila says:

    It’s all good Gary, it takes time and remember he has a family and wife and commitments..lol.. Never underestimate how this messes with your system. See my comment under the previous post.

    John, no worries. Christy doesnt have 48 supporters anymore, let alone 48,000. I usually have a couple thousand a day if I am blogging regularly, and more than enough government Ip’s visiting… sorry for taking taxpayers dollars up on that….but today the ones who watch Alex seem to be parked here for some reason!!

  14. J says:

    Hi Laila,

    AGT’s site now says forbidden, etc. as does your link in your last post ‘than the incredibily troubling news of the premiers affiliation with Jaspal Atwal’.

    J

    • Laila says:

      Thats fairly normal in this mode of getting the site back up Jean, dont worry! And even if some other trouble surfaced, there remain backups of all content,just like I havem off the premises. Oh Jean,that is still, so sad.

  15. J says:

    Better than having your house burned down and your cats murdered…

    J

  16. J says:

    What about your link that also says forbidden?

    I haven’t said thanks for a while, for all you do.

    THANKS!
    xoxo

    • Laila says:

      Sweetie, thank you J,but we should all thank you for what you do behind the scenes! It’s all good, don’t worry! Anything going to the site will get that message until it is ready to go online. Trust me on this. Alex knows how to cover his arse like I do! And we both have people who assist in covering them for us!

  17. Zweisystem says:

    It seems the SNC Lavalin connection to the BC Government has now involving costly over-engineering of transportation projects, to ensure large profits for the engineering firm. The most recent being the proposed $62 million/km LRT for Victoria, despite the fact that TramTrain costing $6 mil/km to $10 mil/km was ignored and that LRT can be built as cheaply as $22.4 mil/km in Besançon, France.

    Where SNC Lavalin goes, unhealthy, yet lucrative relationships happen.

    The Rail for the Valley folks are investigating and will have a post up soon on the matter.

    • Laila says:

      I would love it if you would send me that link when it is ready- I am working on a post about SNC right now. This is not just an SNC thing,several large companies have ensured massive profits for themselves on BC projects in a similar manner.

  18. Julie says:

    I’m sure I read some time back, SNC Lavalin had one of their bridges collapse in India.

    It will be interesting to hear…..Just who in BC handed the contracts out to SNC.

  19. Phil Quan says:

    Agt site was down due to many people trying to login but site is back up as of now.

  20. Maggie:
    AGT should be trashing CC, she is a disgrace to not only herself but to the people of BC. She has lied herself into this corner and one lie produces another lie and on and on. But if she finds out you are a friend you should get a good job with her like Pamela and many others did. Pamela still does not know what her job is. LOL. My God how can anyone defend these people?

  21. gini says:

    Wayne:
    I agree with Maggie, and although I don’t know her personally, I think I can safely say that she is no friend of CC.

    Trashing CC is fine and dandy with me, but to use this trashing for political gain is shameful. I don’t know how anyone can defend this person, especially after he also trashes Laila when she questions some of DW’s decisions.

  22. plg says:

    SNC Lavalin, I believe, due to an agreement with the Province of BC back in the 90’s, were guaranteed 25% of all engineering contracts related to provincial projects in lieu of setting up shop here in BC.

    These type of deals are not unusual. In the recent flap over BHP Billiton, an Australian company, proposed takeover of Potash Corp in Saskatchewan, the feds and the Saskatchewan government went ballistic in stopping the foreign takeover of this giant Sask corporation. No in the press however noted that Cargill, a giant US industrial food conglomerate, took over the other large potash corporation in Saskatchewan through its subsidiary Mosaic. Mosaic promised and delivered on building its HQ in Regina. BHP recently closed its office in Vancouver and moved it to Saskatoon probably in the hopes of one day getting its hands on Potash Corp. BHP is currently constructing the Jansen potash mine at a total cost of $2 billion despite the attempts to keep it out of the Saskatchewan potash game. Just open up an office in Saskatchewan and the minerals are yours.

    Part of the problem here is when senior provincial bureaucrats, in a revolving door process, leave government and are awarded senior positions or become senior partners with the private corporations they were directly dealing with.

  23. Cheryl Morris says:

    DW more corrupt than CC?!!? Seriously?

  24. Maggie Bernet says:

    @ Wayne, I don’t like CC, never did, I have no problem being on her case, but what AGT does is verbal abuse, he has done it to me personally
    CC is screwing things up left and right, not surprised… and no, she needs to get packing..
    read some of Laila’s old post’s from last year before the election..
    and you are right Pamela still has no clue what her job is, but hey we are paying for it.
    why does no MEDIA want to touch and talk about the “real” DW? Dear Gini, you are absolutely right, thank you.
    I believe in Democracy and Humanity and I have not seen either of these qualities in our Mayor or the Council, the opposite, it is all about themselves, self serving bunch of Bullies.

  25. Henri says:

    I would say that Maggie Bernet is having a bad hair day from the sounds of her comment….

    • Laila says:

      Hi all, been a long long day and will be back to reply later after the children are in bed, but please- keep it civil and on topic. I love reading all your comments and observations, however this post is about Clark and SNC lavalin, not Dianne Watts. I am working on two new posts, one on SNC amd one featuring a chart that really shows a picture is worth a thousand words. See you all later!!

  26. Maggie Bernet says:

    oh Henry oh Henry, dear Henry :)
    no, I don’t have a bad hair day, my hair is just fine so far, but the rest of my body isn’t,
    the Diesel fumes have made my/our lives a living hell, would you like to live in our nightmare?
    I/we trade you :)

    http://www.thepacificinstitute.ca/

  27. Henri says:

    “Diesel fumes have made my/our lives a living hell”. Maggie , isn’t this why we pay a carbon tax along with a enviro levy for so as we can enjoy the sweet smelling wafting aroma of Diesel fumes , as for living in a nightmare, this whole focking province is a living nightmare with the present assholes that we overpay to run it, thanks to them we have in most parts of BC a severe shortage of or no doctors , underpaid paramedics ,not enough (ticked) tradespeople, Filthy hospitals , poor to dangerous winter highway maintenance, Teachers that are being jerked around by Crusty, kids allowed to be killed by their crazy parents, hydro rates being raised for no good reason , Jesus some one please tell, what is left that is good about our once proud beautiful Province. Thanks Maggie now im having a bad hair day also.

  28. Ben says:

    Maggie, wake up – Gini is very disingenuous. She salivates over AT’s blog, then disses him on other blogs. She has done this time and time again. Pay attention. DW has no interest right now in leading the provincial Liberal party, so your theory is bunk. I don’t care who you support, but don’t jump around blogs trying to favour yourself with the host – it’s embarrassing and degrading.

  29. gini says:

    Ben:
    I haven’t even read AGT’s blog in months, as you must know if you are a fan of the man. I don’t have time for pompous Conservative bloggers in my life.

    Sorry, Laila, but one must defend oneself when necessary. I did as you suggested and read Rafe’s blog. You’re right…….we sure could use a guy like Rafe on the airwaves again.

    I hope we can all band together to stop the Enbridge pipeline/tanker project from destroying our beautiful province. By the way things sound now, our PM and his thugs might be history shortly anyway, and chunky Christy and her merry band of criminals won’t be far behind.

  30. Pingback: Bring Back Our Trams – A New Website for Victoria Light Rail – A question About SNC : Rail for the Valley

  31. The hits on my site have been going crazy as well. My article on Christy Clark – The truth shall set you free have been over 10,000 original IP addresses from BC just in the past weeks – months. In the last year since I have published – likely upwards of 25-30 K for that one article – BC alone that’s lots.

    The mainstream press will begin to pander for Clark until the by-election. As a counter weight to this it is imperative some of the leaders of the social media including Lailla’s excellent work (and AGT as well) along with many others keep up the pressure to ensure that the propaganda of the msm does not proliferate unchecked.

  32. Thanks to people like Lailla, for telling us the truth. We will fight tooth and nail to preserve the freedom of the internet, and the peoples who tell us what is! No more smoke and mirrors by the so called higher archy political cats. Its people like Lailla, that do us the honour of informing us what is really going on. So grateful.

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