It's nothing new to the bomber or business in general , theives are there waiting to pounce ...And frankly not surprised because the train division was so out of control , unhappy clients and unattainable contracts that were signed just to keep everyone working and the cash coming in to fund the Cseries problem ... sometimes things pass ans sometimes you have to give in to move on ... I'm sure the bomber will come out in the positive with Alstom , after all it's buyer beware and the buyer had the time in the world to look over the contracts and the business ... GLTA
quote=BBDB859]Just goes to you how many thieves are out there, trying to steal from Bombardier. The African mess is understandable. Remember that these African countries make a living of Pirating ships from the West. So no surprise there, that they want get what money they can. They'll sue for any crumbs.
As for the Sweeds. They're at a dead end there. They can't charge anyone, so that will finish.
As for Alstom. I've made my point there a few times. Alstom is just throwing Shite against the wall to make the Bomber look like they were misrepresenting Alstom about BT. I've seen this a 1,000 times. Where one party sues the other for Misrepresentation of a Real Estate transaction. 99% of the time, these cases end in "Buyer Beware". Another words, the courts say to the Buyer, "do your DD properly" and in this case, Alstom has legs to stand on. They are trying to get the Bomber to discount the deal from $400M that's it. This of course is just IMHO.
clubhouse19 wrote: are involved in after the deal with Alstom was finalized
What liabilities is Alstom trying to conjure up or what part of any of these is part of the 400 million held back.
I don't see any mention of arbitration here !!
"Legal proceedings In the normal course of operations, the Corporation is a defendant in certain legal proceedings before various courts or other tribunals including in relation to product liability and contractual disputes with customers and other third parties. The Corporation’s approach is to vigorously defend its position in these matters. While the Corporation cannot predict the final outcome of all legal proceedings pending as at March 31, 2021, based on information currently available, management believes that the resolution of these legal proceedings will not have a material adverse effect on its financial position. Sweden Since the fourth quarter of 2016, the Swedish police authorities have been conducting an investigation in relation to allegations concerning a 2013 contract for the supply of signalling equipment and services to Azerbaijan Railways ADY (the “ADY Contract”). In October 2016, the Corporation launched an internal review into the allegations which is conducted by external forensic advisors, under the supervision of the General Counsel and external counsel. Both the investigation and the internal review are on-going. On August 18, 2017, charges were laid against a then employee of the Swedish subsidiary of the Corporation for aggravated bribery and, alternatively, influence trafficking. The trial on these charges took place from August 29 to September 20, 2017. No charges were laid against the subsidiary of the Corporation. In a decision rendered on October 11, 2017, the then employee was acquitted of all charges. The decision was appealed regarding all charges on October 25, 2017 by the Prosecution Authority. On June 19, 2019, the Prosecution Authority confirmed that the acquittal on charge of influence trafficking is no longer being appealed; accordingly, this acquittal on this charge stands as a final judgment. The case is still pending with the Swedish Court of Appeal with a likely scenario that the Swedish Court of Appeal will set a date for the appeal trial. The ADY Contract is being audited by the World Bank Group pursuant to its contractual audit rights. The audit is on-going. The Corporation’s policy is to comply with all applicable laws and it is cooperating to the extent possible with the investigation and the audit. As reported publicly in the media, on November 15, 2018, the World Bank Integrity Vice Presidency (“INT”) issued a ‘show cause’ letter to Bombardier, outlining INT’s position regarding alleged collusion, corruption, fraud and obstruction in the ADY Contract. The Corporation was invited to respond to these preliminary findings and has done so. As the World Bank’s audit process is governed by strict confidentiality requirements, the Corporation can only reiterate that it strongly disagrees with the allegations and preliminary conclusions contained in the letter. On February 10, 2020, counsel assisting Bombardier with the World Bank Group audit received a letter from the U.S. Department of Justice (the “DOJ”) requesting the communication of documents and information regarding the ADY Contract. Bombardier is cooperating with the DOJ’s ongoing requests and is currently providing documents and information in response to same. The Corporation’s internal review about the reported allegations is on-going but based on information known to the Corporation at this time, there is no evidence that suggests a corrupt payment was made or offered to a public official or that any other criminal activity involving Bombardier took place. 53 While this matter relates to the Transportation business, which has been divested as part of the sale to Alstom on January 29, 2021, the Corporation remains involved in this legal proceeding and remains liable to Alstom, as acquirer of Transportation, in the event of any damage suffered in connection thereof. Transnet While this matter relates to the Transportation business, which has been divested as part of the sale to Alstom on January 29, 2021, the Corporation remains involved in this matter and remains liable to Alstom, as acquirer of Transportation, under certain circumstances. The Corporation learned through various media reports of the appointment of a Judicial Commission of Inquiry into Allegations of State Capture, Corruption and Fraud in the Public Sector, including organs of state (the “Zondo Commission”) for which the terms of reference were published by presidential proclamation on January 25, 2018. Before and after the creation of the Zondo Commission, the media reported allegations of irregularities with respect to multiple procurements regarding the supply of 1,064 locomotives by South African train operator Transnet Freight Rail. On September 7, 2018, Bombardier Transportation South Africa (Pty.) Ltd. (“BTSA”) was informed that the Special Investigation Unit (“SIU”), a forensic investigation agency under the Department of Justice in South Africa, had opened an investigation with respect to the acquisition of the 1064 locomotives by Transnet, in 2014. On February 4, 2019, BTSA submitted a confidential written statement with supporting documents that sets out its position on public allegations. In December 2019, BTSA has made a further submission including affidavits. In June 2019, BTSA was requested by SIU to provide information and explanation about the costs of the relocation to Durban. Although the written statement previously communicated to the Zondo Commission could not be shared with SIU, BTSA did provide SIU with the information in its possession regarding the price evolution during tender phase, the relocation as well as explanation about the costs for same. The Corporation conducted an internal review into the allegations by external advisors under the supervision of counsel. Based on information known to the Corporation at this time, there is no reason to believe that the Corporation has been involved in any wrongdoing with respect to the procurement by Transnet of 240 TRAXX locomotives from Bombardier Transportation. On January 11, 2021, counsel for Bombardier received an additional request from the DOJ for the communication of documents and information regarding contracts with Transnet and the Passenger Rail Agency of South Africa, and also about an alleged related sale of a Global 6000. Bombardier is cooperating with the DOJ’s ongoing requests. Indonesia In May 2020, the Indonesian Corruption Court convicted the former CEO of Garuda Indonesia (Persero) TBK and his associate of corruption and money laundering in connection with five procurement processes involving different manufacturers, including the 2011-2012 acquisition and lease of Bombardier CRJ1000 aircraft by Garuda Indonesia (Persero) TBK (the “Garuda Transactions”). No charges were laid against the Corporation or any of its directors, officers or employees. Shortly thereafter, the Corporation launched an internal review into the Garuda Transactions, which is being conducted by external counsel. The Corporation understands that the U.K. Serious Fraud Office (“SFO”) has commenced a formal investigation into the same transactions. The Corporation has met with the SFO to discuss the status of the Corporation’s internal review and its potential assistance with the SFO investigation on a voluntary basis. Both the SFO investigation and the internal review are on-going. In addition, on February 26, 2021, counsel for Bombardier received a request from the DOJ for the communication of documents and information regarding the Garuda Transactions.