The Malaysian Anti-Corruption Commission (MACC) is investigating shipowner MISC over a series of transactions with contractors which appear to be for work not carried out or at increased fees.
The Sun Daily reports that several deals from 2010 to 2013 between the company and contractors in collusion with MISC officials are under investigation, with around MYR109m ($28m) alleged to be involved in the fraud.
MACC raided the offices of MISC last week in addition to the offices of the other companies involved, which includes a ship repairer.
Among the cases under investigation are ship repair contracts where MISC ending up paying twice what the company was originally quoted for routine work.
MISC, a subsidiary of energy giant Petronas, said in a statement it has been giving its fullest support and cooperation to MACC, and has a zero tolerance policy against any form of bribery or corruption by employees. Further details of the investigation are expected in the coming weeks.