Joe Chidley: If and when the dust clears in the political storm surrounding SNC Lavalin, the company will still face a lot of challenges
In every crisis, there is opportunity. Or at least that’s what everyone from presidents like JFK to fictional villains like Littlefinger in Game of Thrones would have us all believe.
But it’s fair to say the scandal in Ottawa isn’t helping the stock price any, and that’s not likely to change anytime soon. Appearing before the House of Commons justice committee on Wednesday, Wilson-Raybould said that as justice minister and attorney general she faced “consistent and sustained” pressure from the Prime Minister’s Office to stop the criminal prosecution of SNC-Lavalin and instead negotiate a remediation agreement, which would have resulted in some fines.
How that case will turn out — and how long it will take to resolve — is now a matter for the courts. Should the company be convicted, it stands to be barred from Canadian government work, and thousands of jobs, especially in politically important Quebec, could be on the line. The impact on earnings would be less clear. On the upside, Canadian operations are a small part of SNC-Lavalin’s overall revenue — it operates in more than 50 countries — and it could probably make do without them.
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