TRENTON, Canada

Canadian giant engineering company SNC-Lavalin was fined CAN$280 million Wednesday stemming from bribes made to Muammar Gaddafi’s Libyan regime from 2001 to 2011.

The construction arm of the firm is allowed to pay the fine over a five-year period and will be monitored for any further misdeeds for three years.

The SNC-Lavalin board of directors chairman said the court penalty is justifiable.

“We feel this settlement is fair and we deeply regret this past behavior, which was contrary to our values and ethical standards,” Kevin G. Lynch said Wednesday.

Government prosecutors accepted a guilty plea on one charge

Read more: Canadian firm fined for bribes to Libyan officials