The money was allegedly used by SNC to secure infrastructure contracts in Libya.
Various Canadian media organizations reported Friday they received an RCMP search warrant affidavit, which was used by police in April to raid the Montreal headquarters of the engineering firm.
The sworn RCMP affidavit reportedly claims that the $160 million was paid by former SNC vice-president Riadh Ben Aissa to Saadi Gadhafi, son of murdered Libyan dictator, Moamma Gadhafi.
Ben Aissa is currently detained in Switzerland.
The affidavit noted Saadi used some of the cash to pay for a yacht and other luxuries, including costs for a condo in Toronto.
SNC said in a news release on Friday that it cannot "determine the veracity of certain allegations in the affidavit."
"Should the allegations relating to any of the individuals in the affidavit be proven, we plan to act swiftly and resolutely to address any damages that may have been caused to the Company and its interests," the company said.
SNC's former president, Pierre Duhaime, was arrested in November and charged with fraud, conspiracy and producing false documents.
SNC investors filed a $1.5-billion class action suit against the firm in May, alleging Duhaime authorized "$56 million of improper payments to foreign agents."
A second class action for $250 million alleges "unlawful" SNC activities in Libya.
None of the allegations have been proven in court.