25 June 2012. Mohammed Ismail, 48, of Mississauga and Ramesh Shah, 61, of Oakville, were arrested on Feb. 20 and charged under the Corruption of Foreign Public Officials Act. The duo is accused of trying to influence officials who were planning to build a new bridge in Bangladesh which was never done. They were charged in a Toronto court.
Last September, the Royal Canadian Mounted Police (RCMP) raided an SNC-Lavalin office in Oakville acting on a request from the World Bank.
Police have provided very few details of the allegations against the former SNC executives, who are jointly charged. Ismail was director of international projects for the company while Shah was a vice-president.
The accusations of bribery prompted the World Bank to suspend a $1.2-billion US loan and temporarily barred the SNC-Lavalin subsidiary from bidding on other contracts in the country.
Trading at $38.56 on Friday, SNC has a market cap of $5.8 billion, based on 151 million shares outstanding. The 52-week range is $59.97 and $34.92.