(October 28, 2002) "There is a total absence of remorse. All that Acres appears to regret was that it was caught," said Judge Mahapela Lehohla.
Canadian multinational fined US$2.25 million for bribing African official
(October 28, 2002) Lesotho High Court has fined Acres International US$2.25 million (22,580,091 maloti) for bribing the former head of a multibillion-dollar dam project to secure contracts.
Canadian firm fined R22m in Lesotho
(October 28, 2002) Acres International, was fined R22.5-million in the Lesotho High Court today for bribery linked to the Lesotho Highlands Water Project that supplies water to South Africa.
Acres International to appeal Lesotho court sentence
(October 28, 2002) Acres International said that it was disturbed and dismayed by the Lesotho trial judge’s sentence as it was by his earlier unjustified decision. Acres said it would continue its preparation to appeal the decision and the sentence.
Acres fined US$2.25M in water bribery case
(October 28, 2002) The court wants to send a clear message that companies wanting contracts should not even think of taking a risk in trying to bribe officials, said Judge Mahapela Lehohla before imposing the fine. Engineering firm will appeal verdict, sentencing.
Acres faces fine for bribe to CEO
(October 28, 2002) Engineering company maintains innocence, plans to appeal Lesotho verdict.
Acres vows appeal
(October 28, 2002) Acres International Ltd. said Monday it was "disturbed and dismayed" by a $2.2-million (U.S.) fine levelled by a Lesotho trial judge following a bribery conviction in a major African water project and vowed to appeal both the court’s verdict and sentence.
Financial sinkhole
(October 25, 2002) The National Post writes: Export Development Canada has hung like an albatross around the neck of the Canadian taxpayer for far too long. It must stop making new loans, wind down its operations and then shutter itself for good.
Dams threaten Cambodia’s ‘floods of fortune’
(October 22, 2002) Experts are worried the ever-growing number of dams on the Mekong’s upper reaches are decreasing the water flow and cutting off access for fish larvae to their spawning areas. The river level has dropped some 12 percent since the 1960s.
Letter to the Editor
(October 21, 2002) Recent articles ignore EDC’s financial performance, ability to manage risks, fact that EDC is fully accountable to Parliament, EDC’s track record of consistent profitability, and contribution to Canada’s economy, writes EDC CEO Ian Gillespie.
EDC says it can cover its loan risks
(October 19, 2002) EDC has recently faced criticism that the Crown corporation may have too many eggs in too few baskets by weighting its lending so heavily in tech and aerospace.
EDC exposure to Nortel, Bombardier draws fire
(October 19, 2002) No private-sector financial institution would be allowed to carry the exposure to a limited number of industry sectors that Export Development Canada does, financial analysts said yesterday.
EDC lends billions to clients of two firms
(October 18, 2002) Former leader’s warning: Bombardier, Nortel customers dominate.
EDC helps make Bombardier fly
(October 18, 2002) Loans to aircraft maker, Nortel distort their sectors.
EDC doles out cash as corporate backstop
(October 18, 2002) Money-making body.
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