Canadian investing veteran says SNC should keep 407 because he doubts engineering business can be rebuilt
Stephen Jarislowsky, a Canadian investing icon and billionaire, and former director for SNC-Lavalin, is calling on the engineering firm at the centre of a scandal in Ottawa to allow shareholders to vote on the sale of a lucrative stake in the 407 toll road.
“The board of SNC-Lavalin is seemingly content to deny shareholders the chance to retain a top-quality investment,” wrote Jarislowsky, who was a director of SNC and its predecessor companies from 1975 until 1996. In the letter, he said the toll road’s income-generating capacity and growth potential stands in contrast to SNC’s engineering business, which is dealing with challenges beyond the corruption charges the firm is facing.
Jarislowsky Fraser was among SNC’s largest shareholders and most vocal critics in 2012 and 2013 when the bribery allegations shook the company. The RCMP charged SNC with corruption and fraud in 2015, charges the company continues to fight. Jarislowsky touched on the criminal prosecution in his letter, suggesting that a deferred prosecution would have been appropriate.
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