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In the clearest sign yet that SNC-Lavalin Group Inc. is turning its fortunes around after a tumultuous year, the Montreal-based engineering and construction firm announced its construction division would plead guilty to fraud in a complete settlement of criminal charges that had placed a cloud over the company.

The news came after SNC-Lavalin’s shares were halted on Wednesday morning before the company was expected to appear in court on criminal charges that its executives paid $48 million in bribes to Libyan officials between 2001 and 2011 in exchange for lucrative contracts.

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By midday, trading had resumed and SNC shares jumped 20 per cent to $29.01.

The company said a Court of Quebec accepted its guilty plea to fraud and that all charges have been withdrawn. The settlement with prosecutors, which reportedly took months of negotiations, requires the company to pay a $280 million fine over five years, to face three years probation, and to hire an independent monitor to review its ethics and compliance program.