01/30/2015 07:02 EST | Updated 04/01/2015 05:59 EDT

MagIndustries looks into corruption of foreign officials allegations

TORONTO - MagIndustries Corp. (TSX:MAA) says its board has formed a special committee to review of allegations of a breach of the Corruption of Foreign Public Officials Act by officers and employees of the company.

Toronto-based MagIndustries said in the brief statement Friday that the committee was formed as the result of a visit to the company's head office Jan. 22 by RCMP officers armed with a search warrant.

"No charges have been laid in connection with this investigation and MagIndustries has no knowledge of any such breach and will be co-operating fully with the authorities in connection with their investigation," the company said.

The officers and employees concerned were not identified.

MagIndustries, whose controlling shareholder is Evergreen Resources Holdings Ltd. based in the British Virgin Islands, is focused on the development of potash assets in the Republic of Congo.