Former SNC-Lavalin exec charged in Switzerland-report

Sun Nov 25, 2012 2:56pm EST
 
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* Canadian police working with Swiss authorities

* Company tells CBC it will not comment on investigation

TORONTO Nov 25 (Reuters) - A former executive of SNC-Lavalin has been indicted in Switzerland on allegations he laundered money in connection with $139 million in payments by the company, according to CBC News and RTS, the Swiss public broadcaster.

Riadh Ben Aissa, a former vice president, has been charged with fraud, corruption and money laundering involving transactions executed in North Africa, according to the report.

The Royal Canadian Mounted Police are working with Swiss police on the investigation, according to the CBC, citing unidentified police sources.

Swiss authorities have tracked funds that flowed from SNC-Lavalin, Canada's largest engineering company, to Swiss bank accounts. The accounts were registered to companies in the British Virgin Islands, according to the report.

Ben Aissa was arrested in Switzerland last year on suspicion of money laundering and corruption of public officials but had not yet been formally charged.

SNC-Lavalin could not be immediately reached for a reaction to the report.

The company, however, told the CBC it was not commenting.   Continued...