The
World Bank is fingering Bombardier for bribery to win a $339 (US) railway contract with Azerbaijan. The project was 85 per cent financed by the World Bank and it seems the bank is now hopping mad - again
Bombardier Inc. allegedly used corruption and collusion to win a contract in Azerbaijan – then obstructed an investigation of the deal – according to a World Bank audit that could lead to the Montreal-based transportation giant being blacklisted from projects funded by the international financial institution.
The findings of the audit, which were obtained by The Globe and Mail, accuse the company of colluding with senior officials at Azerbaijan Railways to win a 2013 contract worth US$339-million to install rail-signalling equipment in the country, which is located between Russia and Iran. The deal was 85-per-cent financed by the World Bank.
The audit, conducted by the bank’s Integrity Vice Presidency, also found that Bombardier used an intermediary firm to “funnel bribes” worth millions of dollars to Azerbaijani officials and routed tens of millions more through a network of Russian-controlled shell companies.
Anyone see a pattern emerging here? Is it time for a Deferred Prosecution Agreement?
7 comments:
Now this is funny. Today on a right wing nut job site, praise for Bombardier as a most sustainable company . https://www.investmentwatchblog.com/environmentmapped-the-countries-with-the-most-sustainable-corporate-giants/
All that hit me between the eyes was that another Quebec-based firm shows deep signs of fudging morality and ethics. What is about that place? Maybe, just maybe that's the way Quebec runs, mafia construction company ways. I can tell a story about a Montreal company forced to shut down. They decamped to Toronto with their stock in the nick of time. It was like a nightmare out of a fantasy book what happened to them - they renamed themselves as Liberty xxxxx once there. And no, they weren't pursued by police out of province - which tells you how shady the pressure was - nobody wanted to get known for that so the dark side dropped the matter. Just their new building in Montreal was my acquaintance's loss. Effectively extorted. Only in Canada, you say?
Bombardier is trying to flog off their huge ex-Short Bros Belfast Northern Ireland airplane wing and module factory at the present time. 4,000 jobs I believe that could have been in Canada. Bombardier only assembles aircraft there in Montreal and design HQ is there too, it doesn't manufacture from scratch. Suppliers, including subsidiaries from all over the place send them big bits to bolt together. And we gave 'em free money. Jesus.
BM
Bombardier is trying to flog off their huge ex-Short Bros Belfast Northern Ireland airplane wing.......
All aircraft companies diversify their production.
Short Brothers have been around for many years and ,did, produce some innovative aircraft.
Complaining about corruption in big business seems to me as self defeating.
All big business hand out 'incentives' bonuses, and simple cash under the table to acquire business.
Do a deal with British Aerospace and you can bet your boots that they will fly you in a new Rolls Royce; Boeing will likely do Cadillac.
Taking down 'our own' or moral grounds will not provide jobs to Canadians .
Taking down our own whilst the rest of the world corrupts is silly in the least.
However should the argument be stop corruption , then we have something to discuss.
Hats off here to the BC Government that has undertaken a huge challenge to money laundering .
Money laundering is corruption in your face.
TB
Bombardier Inc. is a multinational aerospace and transportation company based in Montreal, Quebec, Canada. Bombardier started as a maker of snowmobiles, and is now a large manufacturer of regional airliners, income tax calculator, business jets, and mass transportation equipment, as well as a provider of financial services.
You could be right on the “taking down our own” factor, TB.
What you said reminded me of something. This guy may agree with you:
“This country is absolutely crazy. They prosecute people for going over to China and Mexico and other countries and getting business and creating jobs in this country because we do make some product that goes out. I see them prosecuting all the time. … What are we prosecuting people to keep China honest? Now every other country goes into these places and they do what they have to do. It’s a horrible law and it should be changed. We’re like the policeman for the world. It’s ridiculous. It puts us at a huge disadvantage, and let them clean up their own act. We shouldn’t be cleaning up the act for them. … We’re not leading the world anymore. It’s things like this that cause us not to be able to lead the world. The world is laughing at us. … Well, there is one answer: go to your room; close the door; go to sleep; and don’t do any deals. Because the only way you’re going to do it is the other way.”
- Trump on the US FCPA (15 May 2012)
I've taught college level business. I was always tempted to skip the "business ethics" chapter as "fictional".
As to the recent and very selective list of Canadian firms getting "caught" while performing the SOP of capitalism. .
Cui bono?
There was a time when these stories might leave me a bit indignant. Now all I get is a sinking feeling.
Post a Comment