SRT Marine cleared of corruption allegations by Philippine courts

(Sharecast News) - SRT Marine Systems said on Wednesday allegations of corruption and procurement irregularities linked to a fisheries monitoring project in the Philippines had been dismissed by the country's courts, clearing the company and its chief executive of wrongdoing. The AIM-traded maritime surveillance technology provider said Philippine courts had formally cleared and dismissed complaints filed with the Office of the Ombudsman alleging conspiracy, graft and bidding irregularities connected to the Bureau of Fisheries and Aquatic Resources' Integrated Marine Environment Monitoring System (IMEMS) project.

It said the allegations were made against SRT, chief executive Simon Tucker and other named individuals in relation to the BFAR fisheries monitoring programme in the Philippines.

SRT said the courts had determined the claims and associated media reports to be false and baseless, bringing the matter to a definitive close.

At 1326 GMT, shares in SRT Marine Systems were up 0.02% at 89.52p.

Reporting by Josh White for Sharecast.com.