Sunday, November 26, 2017

Site C company tied to South Korea coruption

The Times Colonist is reporting that "In November 2015, B.C. Hydro announced that its preferred proponent for the Site C main civil-works contract was Peace River Hydro Partners, which includes Acciona Infrastructure, Petrowest Corp. and Samsung C&T.

As was first raised in this space more than a year ago, all three were facing problems at the time. Samsung Group was under investigation for bid-rigging and corruption in South Korea, Acciona was under investigation for corruption in Spain — two executives were arrested by Spanish authorities less than a month after the Site C deal was signed — and Petrowest was “living on borrowed time” from its lenders. There have been a few developments since. In August, the head of Samsung, Jay Y. Lee, was sentenced to five years in prison for bribery, after being found guilty of “offering bribes to the country’s former president and other crimes.” Petrowest finally succumbed to borrowed time and went into receivership in August. As for “on time and on budget,” Site C is neither and likely never was, despite B.C. Hydro claiming otherwise."

Samsung Group was tied to bid-rigging and corruption in South Korea which triggered massive protests causing the president to resign. Meanwhile back on the ranch, massive project overruns on the Site C dam and nobody cares. Evidently they only convict corruption in South Korea.

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