Monday, October 26, 2020

Former SNC-Lavalin executive convicted for fraud forfeits $4 million assets

-

A former SNC-Lavalin executive who was convicted on corruption and fraud charges last year has had over $4 million in assets seized by a Quebec Superior Court judge, including a million-dollar property in Florida.

Sami Bebawi, who was sentenced in January to eight years and six months in prison for his crimes, has also been fined $24.6 million in lieu of additional crime proceeds, according to a RCMP release.

Bebawi faces an additional 10-year prison sentence if he fails to pay the fine within the next six months.

Other assets seized include three other real estate properties worth over $540,000 combined, along with roughly $670,000 in Canadian bank accounts. A nearly $300,000 additional real estate investment was also forfeited, along with $970,000 in lieu of the seizure of an additional property.

- Advertisement -

Bebawi was found guilty in December of fraud, corruption of foreign officials and laundering proceeds of crimes. The case focused on several major infrastructure projects and dealings with Saadi Gadhafi, a son of the late Libyan dictator Moammar Gadhafi.

Bebawi is appealing his conviction. His lawyers argued during his trial last year that the millions of dollars he received as a result of those dealings were compensation for completing complicated contracts, authorized by the former president of the company, Jacques Lamarre.

Prosecutors presented evidence that SNC-Lavalin transferred about $113 million to shell companies used to pay off people, including Saadi Gadhafi, who helped the company secure deals in Libya.

What remained in the accounts of those firms after the kickbacks were paid was then split between Bebawi and Riadh Ben Aissa, a former colleague, with Bebawi allegedly receiving about $26 million.

- Advertisement -

Bebawi was the last former SNC-Lavalin employee charged in the aftermath of an RCMP investigation into the company’s dealings in Libya to have his case resolved.

Just three days after Bebawi’s conviction, the Montreal company pleaded guilty to fraud in a settlement with the Canadian government, agreeing to a $280-million fine and a three-year probation from bidding on projects.

The Libya case ended up ensnaring the Liberal government in scandal last year over allegations that Prime Minister Justin Trudeau’s inner circle had pressured then-attorney general Jody Wilson-Raybould to reach a settlement with the company.

Trudeau was later found to have violated conflict of ethics rules by intervening in the case, while Wilson-Raybould and Jane Philpott were ejected from the Liberal caucus over the allegations. Wilson-Raybould now sits as an independent MP.

Original article on globalnews.ca

MUST READ

Julius Baer to deny two former CEOs their bonuses over money laundering scandal

Julius Baer will withhold millions of francs in bonuses from its former chief executives Boris Collardi and Bernhard Hodler, as a result of a...

Goldman Sachs executives to cover part payments of $3 billion fines in 1MDB scandal

Nine current or former Goldman Sachs executives, including CEO David Solomon, will have to pay back hundreds of millions of dollars in compensation over...

Goldman Sachs agrees $3 billion settlement with US DoJ over 1MDB corruption scandal

Goldman Sachs has agreed to pay nearly $3bn (£2.3bn) in the US to end a probe of its role in Malaysia's 1MDB corruption scandal. The...

Hong Kong fines Goldman Sachs $350 million over 1MDB scandal

Goldman Sachs ignored multiple red flags over the multibillion-dollar fundraisings it arranged for state fund 1Malaysia Development Berhad, Hong Kong’s financial regulator said on...

Texas attorney general Ken Paxton fires top aide who accused him of bribery

Lacey Mase, one of the top aides who accused Texas Attorney General Ken Paxton of crimes including bribery and abuse of office, has been fired, she told The...

Subscribe For More

Get our daily notification on the latest financial crimes news around the World

Advertisement
Advertisement

Latest News

This Week

Former Malawi minister sentenced to six years in prison over passport corruption scandal

A court in Malawi’s capital Lilongwe on Thursday sentenced a former home minister to six years in prison after he was found guilty in...

Goldman to pay over $2 billion in DOJ’s 1MDB Probe

Goldman Sachs Group Inc. has reached a long-awaited pact with the U.S. Department of Justice to pay more than $2 billion for the bank’s...

Brother of ex-Pakistan PM Nawaz Sharif jailed for money laundering

Pakistan Muslim League-Nawaz (PML-N) chief and Opposition Leader in the National Assembly Shehbaz Sharif was sent to jail on Tuesday in a money laundering...

Former Harris County deputy constable pleads guilty to transporting drug money and heroin

A former Harris County deputy constable and her husband pleaded guilty Wednesday to charges of conspiracy to possess with intent to distribute heroin, according...
Advertisement

Adblock Detected!

Our website is made possible by displaying online advertisements to our visitors. Please consider supporting us by whitelisting our website.

Enable Notifications    Ok No thanks