KUALA LUMPUR (March 6): MISC Bhd confirmed today the shipping company has been giving its fullest support and cooperation to the Malaysian Anti-Corruption Commission (MACC) in an alleged bribery investigation.

In a media release today, MISC said it will continue to extend its full support and cooperation to the MACC, wherever necessary.

"MISC refers to the recent reports regarding the investigation by the MACC on the company related to alleged bribery. MISC wishes to confirm that the company has been giving its fullest support and cooperation to MACC. The group has a zero tolerance policy against any form of bribery or corruption by our employees, subsidiaries or any persons or companies acting for MISC or on its behalf. 

"MISC is fully committed to the highest standards of integrity and accountability throughout our businesses and operations. The company adheres to the MISC group code of conduct and business ethics, as well as its anti-bribery and corruption policy & guidelines," MISC said.

News reports, quoting sources, indicated the MACC is investigating allegations of power abuse and corruption in MISC involving some RM109 million. It was reported that the allegations indicated MISC officers and third-party contractors were involved in false payment claims at jacked up fees and non-existent work contracts involving the maintenance of ships owned by MISC.

It was reported that the false payment claims were made between 2010 and 2013. Today, it was reported that MACC deputy chief commissioner (operations) Datuk Seri Azam Baki confirmed the investigations on MISC are ongoing. It was reported that the MACC had raided MISC and the companies involved here (Kuala Lumpur) and in Johor last Wednesday (Feb 28), following a tip-off.

At Bursa Malaysia today, MISC shares were traded at RM6.80 at 11:11am, for a market value of RM30.67 billion. The stock saw 48,700 shares transacted.