Money: WSP ordered to pay $4 million bid-rigging fine - PressFrom - Canada

MoneyWSP ordered to pay $4 million bid-rigging fine

09:40  14 march  2019
09:40  14 march  2019 Source:

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Bid rigging is a fraudulent scheme in procurement auctions resulting in non-competitive bids and can be performed by corrupt officials, by firms in an orchestrated act of collusion, or between officials and firms. This form of collusion is illegal in most countries.

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WSP ordered to pay $4 million bid-rigging fine© Provided by The offices of Genivar Inc., are seen Tuesday, November 6, 2012 in Laval. THE CANADIAN PRESS/Ryan Remiorz

OTTAWA - The Competition Bureau says engineering firm WSP Global Inc. has been ordered to pay $4 million for bid-rigging on municipal infrastructure contracts in Quebec.

It says the payment is part of a settlement filed with the Superior Court of Quebec for the company's role in a bid-rigging scheme between 2002 and 2011, when the firm was known as Genivar Inc.

The bureau says the scheme targeted public infrastructure contracts in the cities of Quebec, Laval and Gatineau, as well as certain municipalities in the Montreal region.

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Bid rigging is an illegal practice in which competing parties collude to choose the winner of a bidding process while others submit uncompetitive bids. Bid rigging is a felony in the U.S. punishable by fines , imprisonment, or both. It is also illegal in a majority of countries as a form of market manipulation.

U.S. and British authorities on Wednesday fined ICAP, the world's biggest interdealer broker, million and criminally charged three former employees for their role in the Libor benchmark rate rigging scandal.

Engineering firm Dessau, which is no longer in operation, was ordered in February to pay $1.9 million for its role in the bid-rigging scheme between 2003 and 2011.

The Competition Bureau says WSP's settlement took into account that the company participated in a voluntary reimbursement program and has also implemented a corporate compliance program.

The settlement comes as engineering firm SNC-Lavalin Group Inc. continues to be in the spotlight for fraud and corruption charges.

Money's fine but a 12-year Trout deal seems odd.
A day of little things that should be bigger things but which aren’t. - Far be it from me to ever begrudge an athlete for getting paid – I always want them to max out earnings because careers are often too short and can end in the blink of an eye. So good on Mike Trout for hitting the number yesterday with the $432-million contract he’ll get from the California Angels of Anaheim or Los Angeles Angels of California or Charlie’s Angel of Someplace Warm or whatever they’re called these days.

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This is interesting!