MISC to cooperate with MACC on corruption probe


MISC Bhd says it is cooperating with the Malaysian Anti-Corruption Commission (MACC) on reports of power abuse and corruption in the company involving some RM109 million in false payments.

“MISC wishes to confirm that the company has been giving its fullest support and cooperation to MACC,” the energy-related maritime service provider said in a statement to Bursa Malaysia today.

“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 said in the same statement.

“The company adheres to the MISC Group Code of Conduct and Business Ethics as well as its Anti-Bribery and Corruption Policy & Guidelines.”

It added that it will continue to extend its full support and cooperation to MACC wherever necessary.

Yesterday MACC deputy chief commissioner for operations Datuk Seri Azam Baki reportedly confirmed that investigations into the bribery allegations are ongoing, involving alleged false payment claims made by MISC between 2010 and 2013.

It allegedly include repair works for a tanker vessel at a RM61.6 million cost in 2012, despite earlier findings indicating that the actual cost of repairs were at RM31 million, and a loss of approximately RM47 million due to the failure to observe company procedures in appointing a contractor.