DAILY NEWS Feb 19, 2013 4:39 PM - 0 comments

GENIVAR responds to Charbonneau Inquiry allegations

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Responding to allegations made about several engineering companies at the Charbonneau Inquiry recently, GENIVAR has issued a statement acknowledging that they have uncovered some wrongdoing in the past by one of its officers. However, they say they are also implementing new procedures to ensure it doesn't happen today.

In a press release issued February 11, the company said that last year it had formed a special committee of its board of directors to review any allegations that might be made against the company in the inquiry.

The company says that recently it came into possession of information that confirms that one of the company's officers had participated "in improper conduct with respect to political contributions to a municipal political party and in the award of certain municipal contracts in the Montreal area." The actions in question took place between 2004 and 2009.

The individual is now on leave of absence and the review of the allegations is ongoing.

Christopher Cole, executive chairman of the company, said "GENIVAR does not tolerate any improper business practices and is committed to ethical business conduct in all that it does"

Pierre Shoiry, president and chief executive officer, said: "As previously stated, we are supportive of the work of the Commission and welcome any governmental initiative aimed at improving practices in the award of public contracts in Quebec, with the hope that this will, at some point in time, help restore the image of consulting engineers in Quebec."

The company's auditors have been informed and it has been confirmed that that the company does not need to adjust or restate any of its financial statements. As well, the company notes that only 1% of its revenues are from the Montreal region, and 8% are from the province of Quebec's public sector.

GENIVAR says it has improved and strengthened its processes since the time period of the alleged events. Furthermore, it says, "the Board has or is in the process of taking further steps recommended by the Special Committee to prevent similar conduct or violations to occur in the future."

The company is scheduled to release its 2012 fourth quarter results on March 13.

To see the press release, click here.

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