The head office of SNC Lavalin are seen Thursday, February 19, 2015 in Montreal. (File photo by THE CANADIAN PRESS)

The head office of SNC Lavalin are seen Thursday, February 19, 2015 in Montreal. (File photo by THE CANADIAN PRESS)

Trudeau election win boosts SNC-Lavalin shares amid hopes around criminal case

Liberal win left open the possibility of a plea deal on fraud and corruption charges

SNC-Lavalin Group Inc. shares shot up Tuesday after the Liberal election win left open the possibility of a plea deal on fraud and corruption charges facing the engineering firm.

The beleaguered company saw shares climb 13 per cent or $2.24 to $19.92 in early-afternoon trading, buoyed by investor hopes that the Liberal refusal to close the door on a deferred prosecution agreement will play out to SNC’s advantage ahead of a criminal trial.

Prof. Karl Moore of McGill University’s Desautels Faculty of Management says the return of a Liberal government to Ottawa, albeit a minority, is “good” for SNC-Lavalin.

Analyst Chris Murray of Altacorp Capital says a resurgent Bloc Quebecois, which more than tripled its seat count to 32, could fan hopes the new Parliament might work to help the Montreal-based multinational.

Attorney General David Lametti has refused to shut down the possibility of a remediation agreement with SNC. The company has seen its market value fall by roughly 60 per cent since January amid a political scandal in Ottawa, and faces an upcoming trial on charges of fraud under the Criminal Code and bribery under anti-corruption legislation.

SNC-Lavalin declined to discuss the government’s intentions or comment on the ongoing court case.

The Canadian Press

READ MORE: SNC-Lavalin slashes profit forecast amid shift away from oil and construction

Like us on Facebook and follow us on Twitter

Just Posted

Staff from the Marine Mammal Rescue Centre, passersby, RCMP and Nanaimo Fire Rescue carried a sick 300-kilogram steller sea lion up the steep bluff at Invermere Beach in north Nanaimo in an attempt to save the animal’s life Thursday. (Photo courtesy Marine Mammal Rescue Centre)
300-kilogram sea lion muscled up from the beach in rescue attempt in Nanaimo

Animal dies in spite of efforts of marine mammal rescue team, emergency personnel and bystanders

Gina Adams as she works on her latest piece titled ‘Undying Love’. (Submitted photo)
‘Toothless’ the kitty inspires Vancouver Island wood carver to break out the chainsaw

Inspired by plight of a toothless cat, Gina Adams offers proceeds from her artwork to help animals

RCMP say a woman turned herself in to police after hitting a pedestrian and fleeing the scene of the accident in downtown Nanaimo on Friday morning. (File photo)
Driver flees, then turns herself in after hitting pedestrian in downtown Nanaimo

Nanaimo RCMP say woman was struck in marked crosswalk after driver ran red light

Wayne Allen's graduation photo from Chemainus Secondary School. (Photo submitted)
Brother charged with murder in Chemainus teenager’s Ontario death

Jesse James Allen stands accused in the death of Wayne Allen, a 2020 Chemainus Secondary grad

Kim McGregor died in the Feb. 14 hit-and-run accident in Chemainus. (Photo submitted)
Victim identified in Valentine’s Day Chemainus hit-and-run

Kim McGregor grew up in Chemainus and had recently returned to be close to his parents

Dr. Bonnie Henry leaves the podium after talking about the next steps in B.C.’s COVID-19 Immunization Plan during a press conference at Legislature in Victoria, B.C., on Friday, January 22, 2021. THE CANADIAN PRESS/Chad Hipolito
COVID: 589 new cases in B.C., and 7 new deaths

No new outbreaks being reported Feb. 26

A crossover utility vehicle smashed through the front of a business on Bowen Road on Friday evening. (Chris Bush/News Bulletin)
Vehicle smashes all the way inside business in Nanaimo

No serious injuries reported after incident at Venue Financial Centres on Friday

Amy Morrison was surprised to find a note on her windshield for parking on a public street with no restrictions in south Oak Bay where she works. (Amy Morrison Photo)
Note left for Oak Bay resident ignites debate about on-street parking

‘You must have noticed, we park in front of OUR HOUSE,’ note writer says

B.C. Finance Minister Selina Robinson presents bill to delay B.C.’s budget as late as April 30, and allow further spending before that, B.C. legislature, Dec. 8, 2020. (Hansard TV)
How big is B.C.’s COVID-19 deficit? We’ll find out April 20

More borrowing expected as pandemic enters second year

Cowichan Tribes open up vaccinations for members who are 40 and older. (File photo)
Cowichan Tribes opens up vaccinations for members 18 and older

Vaccination sessions to be held over weekend

Police in Nanaimo found multiple graffiti tags they allege were made by three men arrested for mischief in Maffeo Sutton Park on Feb. 15. (Photo submitted)
Graffiti taggers caught in Nanaimo with paint on their hands

Three suspects arrested at Maffeo Sutton Park last week

The first of 11 Dash 8 Q400 aircraft's have arrived in Abbotsford. Conair Group Inc. will soon transform them into firefighting airtankers. (Submitted)
Abbotsford’s Conair begins airtanker transformation

Aerial firefighting company creating Q400AT airtanker in advance of local forest fire season

The Canada Revenue Agency says there were 32 tax fraud convictions across the country between April 2019 and March 2020. (Pixabay)
Vancouver man sentenced to 29 months, fined $645K for tax evasion, forgery

Michael Sholz reportedly forged documents to support ineligible tax credits linked to homeownership

Then-Liberal leader Andrew Wilkinson looks on as MLA Shirley Bond answers questions during a press conference at Legislature in Victoria. (Chad Hipolito / THE CANADIAN PRESS)
B.C. Liberal party to choose next leader in February 2022

Candidates have until Nov. 30 to declare whether they are running

Most Read