Altalink $16B AB Power line 'profit' now sent to SNC-Lavalin

[TOM4CWB]

SNC-LAVALIN CLOSES TRANSACTION FOR FULL OWNERSHIP OF ALTALINK

Montreal | September 20, 2011

SNC-Lavalin announced today that it has closed the previously announced acquisition of Macquarie Essential Assets Partnership’s (MEAP) 23.08% ownership interest in Calgary-based AltaLink L.P. As a result of the transaction, SNC-Lavalin now has full ownership of AltaLink.

“We’re very happy the regulatory approvals have been received and the transaction has closed,” said Gilles Laramée, Executive Vice-President and Chief Financial Officer, SNC-Lavalin Group Inc. “With its technical expertise and extensive experience throughout the province, AltaLink will continue to supply safe, reliable and efficient electricity to Albertans.”

AltaLink is Canada’s only fully independent transmission company, and is responsible for the maintenance and operation of approximately 12,000 kilometres of transmission lines and 270 substations in Alberta. It owns more than half of Alberta’s transmission grid and serves 85 per cent of its population.

SNC-Lavalin is one of the leading engineering and construction groups in the world and a major player in the ownership of infrastructure, and in the provision of operations and maintenance services. SNC-Lavalin has offices across Canada and in over 35 other countries around the world, and is currently working in some 100 countries. In business since 1911, the Company celebrates its 100th anniversary in 2011.

[TOM4CWB]

"RCMP Raids SNC-Lavalin’s Montreal Headquarters

As part of executing a search warrant, RCMP swarmed the Montreal headquarters of SNC-Lavalin today (Ottawa Citizen and 570 News). Neither the RCMP nor SNC-Lavalin provided any details of the search.

The Ottawa Citizen reported, “SNC has been beset by a financial scandal relating to its contracts in Libya under the regime of the late leader Moammar Gadhafi. Concerns about more than $50 million in missing funds led to the departure of two senior SNC executives in recent months, executive vice-president Riadh Ben Aissa and vice-president of finance Stephane Roy. At the time, the company announced it would conduct an internal investigation. Weeks later, CEO Pierre Duhaime resigned after it was revealed he had signed off on questionable payments. Duhaime received a $4.9 million severance package.”

This is not the first time that SNC’s offices have been raided by the RCMP. 570 News reported, “The World Bank has temporarily suspended its (SNC’s) Bangladesh subsidiary from bidding on new projects while it completes an investigation that prompted RCMP raids of Toronto-area offices last year.”

Thestar.com reported, “It appears SNC is trying to sweep under the rug one of the most significant apparent breaches in recent memory of the high standards of ethical conduct in which SNC has long claimed to be an avatar…SNC chairman Gwyn Morgan has been a noisy scold of purported low moral conduct in the public sector. Of alleged misconduct at private-sector SNC, he is silent.”

Many in the upper echelons of the corporate world may simply think that SNC-Lavalin has been unlucky and that they broke the 11th Commandment – “Don’t get caught”; however, one has to wonder how much more negative news this company can endure.

SNC shares fell 6.56% on the Toronto Stock Exchange, losing $2.63 at $37.44 this afternoon.

SNC-Lavalin, which owns 100% of AltaLink, is playing a major role in building the controversial Heartland power line together with AltaLink and EPCOR; and will also be playing a major role in building the Western Alberta Transmission Line together with AltaLink. SNC-Lavalin has many other projects in Alberta. For more information on SNC and AltaLink see http://retasite.wordpress.com/category/snc-lavalin/, and for information on the connection between SNC-Lavalin/AltaLink and the Alberta PC Party, see Making Money by Making Friends."

http://retasite.wordpress.com/2012/04/13/rcmp-raids-snc-lavalins-montreal-headquarters/

We are known by the friends we keep...

[TOM4CWB]

Today’s front-page story in the Edmonton Journal indicates AltaLink donated $14,999.50 to the Alberta PC Party in 2011, ATCO donated $12,950, and SNC-Lavalin (which owns 100% of AltaLink) donated another $2,500.

Is it possible that large donations like these to the Alberta PC Party help ensure that massive overhead 500kV lines keep getting built even though they aren’t needed? The Heartland line is being built by AltaLink, SNC-Lavalin and EPCOR; the Western Alberta Transmission Line will be built by AltaLink and SNC-Lavalin; and the Eastern Alberta Transmission Line will be built by ATCO.

No wonder the Alberta government has streamlined the high voltage power line approval process and passed legislation that takes away the public’s right to review the need for these lines and gives Cabinet the authority to establish a power line corridor on private land without the landowners’ agreement.

For more information on the connections between SNC-Lavalin/AltaLink and the Alberta PC Party, see Making Money by Making Friends.

[TOM4CWB]

SNC-Lavalin’s CEO Resignation a Mystery

On the issue of SNC-Lavalin’s CEO suddenly resigning earlier this week amid allegations of breaching the company’s code of ethics, the San Francisco Chronicle says, “you have to burrow through tons of legalese to get an idea of what the problem was……..(Pierre) Duhaime’s guilt or lack thereof notwithstanding, no one disputes that he was in charge when $56 million officially went missing.”

Meanwhile, AltaLink, which is owned by SNC-Lavalin, tried to distance itself from its parent company by suggesting that the controversy over SNC-Lavalin’s financial problems in Libya and the related CEO’s resignation will not affect AltaLink’s operations and leadership (Calgary Herald). This is hard to believe considering that 100% of AltaLink is owned by SNC-Lavalin, and three of AltaLink’s nine Board of Director members are SNC-Lavalin vice presidents (Gilles Laramee and Jim Burke are Executive VPs, and Don Chynoweth is a Senior VP). Patricia Nelson, past Alberta PC Minister of Energy and Minister of Finance, also sits on the AltaLink Board. March 22, 2012

[TOM4CWB]

Alberta Energy Minister Ted Morton suggests ATCO Electric’s Eastern Alberta Transmission Line (EATL) may be built before AltaLink’s Western Alberta Transmission Line (WATL) because there are fewer protests over routing of the former (see this article). More specifically, Morton says, “Even though the western line is the shorter line, it’s very possible the eastern line will be completed before that because there is much less landowner concern.”

The AUC hearing for the WATL is scheduled to start June 11 in Red Deer, and the hearing for the EATL is scheduled to start July 23 in Brooks. Both lines are controversial, and have received significant opposition from landowners and power consumers. The need for the lines cannot be questioned at the hearings because the Alberta Government has taken away this opportunity by legislating the building of both lines (Bill 50).

March 10, 2012

The Choteau Acantha reports that Montana Alberta Tie Ltd. (MATL) is asking the courts to grant it easements on the private properties of 46 landowners (79 parcels) who refuse to permit the 214-mile-long merchant high voltage line from Lethbridge to Great Falls to be built on their land.

The MATL transmission line has seen its fair share of controversy: landowners refusing easements on their properties; original MATL owner running out of money and buy-out by Enbridge; significant construction cost overruns; delays over work quality, safety and contract interpretation issues; and not meeting with some landowners.

March 17, 2012

[ColevilleH2S]

Someone should have told SNC Lavalin there's a storm brewing on the horizon, and it's forecast to hit April 23rd.

[sumdumguy]

These guys wouldn't happen to be from
Montreal?

[sumdumguy]

How can $56 million go missing? It came out of
the bank account somehow. Any body can follow
every cent except some of these crooked
accounting firms. Throw them all in the clink!

[sumdumguy]

How can $56 million go missing? It came out of
the bank account somehow. Any body can follow
every cent except some of these crooked
accounting firms. Throw them all in the clink!

[ASRG]

SNC Lavelin has a pretty poor reputation wherever they go. They have a long history of "buying governments". They would be poster boys for "Crony Capitalism".
On April 23rd, Alberta is set to elect a new Wildrose government. It is expected there will be a real investigation into the power line scandals, and just who sold us out! I know for a fact Wildrose candidate Joe Anglin will be pushing for one!
In addition there should be an investigation into the Northwest Upgrader and the Enhance Energy C02 pipeline. This is another very shadowy deal that needs to be investigated.

[Burbert]

Sounds like the PERFECT company fer
Albertie, crooks, crooks, and more crooks,
suckin up to the gobermont. After all
Albertie is known by its favorite slogan,
sh-t, shovel, and sudup! Ain't it?

[Burbert]

Duhhhhhh, wes should vote fer the
wiltedrose party, they'll stop this sh_t,
er not, won't they?

[wilagro]

I have a nephew who works for a company wholly owned by SNC Lavelin. They are very secretive and don't talk much about their activities. Many contracts with AB government departments but confidential shit so we as Helbertans never get to know about them or if they are good deals or not.

They do make money though and lots of it.

[Burbert]

41 years of conservative skeletons in a
closet, ta be investigated by a
gobermont ***** even more conservative
than progressive. Bet the investigation
is pretty shallow, and won't disturb
many of the skeletons restin in peace!
Butt it will indicate the direction of
cash flow ta the wilted rosies, fer
future reference. Score card will
ultimately still read, people of
Albertie 0, gobermont of Albertie
jillions and jillions of oily, gassy,
lectrical bucks fat ass politico sals
and pensions abound, cousin ya gots ta
pay the best ta get the best in
gobermont, these daze........

[ASRG]

Obviously you don't know Joe Anglin?