Struggling construction and engineering firm SNC-Lavalin Group Inc on Monday withdrew its forecast for 2019, citing significantly lower results as it considers options for its resources unit and exits fixed-price contracts.
SNC’s shares, which have fallen more than 44 per cent in 2019, fell nearly 8 per cent in morning trade.
Montreal-based SNC has been facing a trial in Canada over fraud and corruption charges related to allegations that former executives paid bribes to win contracts in Libya under Muammar Gaddafi’s regime, which fell in 2011. The company’s unsuccessful attempts to reach a settlement led to a political scandal engulfing Prime Minister Justin Trudeau.
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