Zetrix AI to challenge Bursa reprimand over 'misleading' disclosures
In a filing with Bursa Malaysia, the company said it intends to seek a judicial review of the exchange's decision after consulting its legal advisers.
"The company and its board of directors, after consultation with the company's lawyers, will be seeking a judicial review on the public reprimand," it said, adding that further updates would be provided as necessary.
The reprimand, issued yesterday, centres on announcements made by Zetrix AI in July and September 2023, which Bursa said were neither factual nor accurate, in breach of Paragraphs 9.35A(1)(a) and (b) of the Main Market Listing Requirements.
Zetrix AI also allegedly failed to comply with a regulatory instruction under Paragraph 2.23(1) to clarify an earlier statement by Aug 16, 2023, despite a formal directive issued on Aug 15.
The announcement in question stated that the Finance Ministry had approved the company's appointment as a government revenue collection agent and online service provider.
However, Bursa found that the statement, issued on July 7, was inconsistent with a letter from the Home Affairs Ministry dated July 4.
The regulator said that instead of issuing a correction, the company continued to maintain the same claims in follow-up announcements on Sept 13 and 14, even after questions were raised about its ongoing role in processing foreign worker permit renewals beyond the expiry of its concession in May 2023.
In connection with the findings, Bursa imposed a RM150,000 fine on each of the seven directors involved, comprising RM100,000 for the inaccurate disclosures and RM50,000 for failing to comply with the clarification directive.
Those penalised include group managing director Wong Thean Soon, executive chairman Datuk Norraesah Mohamad, as well as Datuk Mohd Jimmy Wong Abdullah, Wong Kok Chau, Datuk Seri Mohd Mokhtar Mohd Shariff, Datuk Mohd Jeffrey Joakim and Mohaini Mohd Yusof.
Bursa said the directors had failed in their fiduciary duties despite being aware of the inconsistencies, stressing that timely and truthful disclosure is fundamental to preserving market integrity and investor trust.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
2 hours ago
- The Star
Citaglobal acquires 12.8% stake in Mutiara Perlis
PETALING JAYA: Citaglobal Bhd has proposed to acquire a 12.8% indirect stake in Mutiara Perlis Sdn Bhd, the master developer of the Perlis Maritime Corridor (PMC), a US$6.5bil (RM27.8bil) logistics infrastructure project. The acquisition involves purchasing a 20% stake in Manjaran Sdn Bhd for RM40mil from Dedap Rimbun Sdn Bhd, satisfied through issuing 42.11 million new Citaglobal shares at 95 sen each. Dedap Rimbun will continue to hold 80% of Manjaran post-completion of the acquisition by Citaglobal. The PMC includes the Perlis Inland Port (PIP), Perlis Sanglang Port and Perlis Power Hub. The PIP, located 4.7km from the Malaysia-Thailand border in Padang Besar, is set to replace the overloaded Padang Besar Container Terminal. It will start operations in September 2025, offering increased container capacity and services such as warehousing for the halal, automotive and rubber industries. The Perlis Power Hub, meanwhile, will supply up to 5GW of electricity to Northern Malaysia and Southern Thailand, while the Sanglang Port will feature a bulk cargo terminal and a supply base for vessels and oil and gas operations. Citaglobal's involvement in the PMC began in August 2022, when its subsidiary, Citaglobal Land Sdn Bhd, was appointed as the engineering, procurement and construction contractor for PIP's Phase 1, valued at RM573.5mil. The federal government, through the Northern Corridor Implementation Authority, has invested nearly RM400mil in external infrastructure for the PIP, which aligns with the 12th Malaysia Plan and Northern Corridor Economic Region development plans. Tan Sri Mohamad Norza Zakaria, executive chairman and president of Citaglobal, said: 'Our involvement and investment in the PMC aligns with our broader vision to emerge as one of Malaysia's leading players in infrastructure development and energy transition.' He noted that the completed Phase 1 of PIP and its upcoming operations could contribute to Citaglobal's revenue, with potential for future valuation gains as PMC assets mature. Datuk Shabaruddin Ibrahim, group executive chairman of Mutiara Perlis, said: 'We welcome Citaglobal into the Perlis Maritime Corridor family, and are excited to work together. 'We have a shared vision of developing the local economy of Perlis, improving social wellbeing while also strengthening Malaysia's regional logistical reach in Asia.' Mutiara Perlis is a joint venture, with Mutiara Infra holding an 80% stake and the Perlis State Government, via Menteri Besar Incorporated, holding 20%. Citaglobal, a public-listed company, operates in clean energy, civil engineering, telecommunications and manufacturing, with additional ventures in waste-to-energy and clean energy collaborations globally.
New Straits Times
6 hours ago
- New Straits Times
Foreigner arrested for sexually harassing teenage girl
KUALA LUMPUR: A foreigner has been remanded for three days over the alleged sexual harassment of a teenage girl in Bukit Sentosa, Hulu Selangor. Hulu Selangor police chief Superintendent Ibrahim Husin said the suspect was arrested on Sunday following a police report lodged by the victim about 3pm. "Based on public information, the district police headquarters Criminal Investigation Department managed to apprehend the 21-year-old suspect in Bukit Sentosa. "Checks showed that the suspect had no prior criminal record, and his urine test returned negative for drug use," he said in a statement. Ibrahim said the remand, until Thursday, is to facilitate investigations under Section 15(a)(1) of the Sexual Offences Against Children Act 2017 for non-physical sexual assault on a child. The foreigner is liable to a maximum prison sentence of 10 years, a fine of up to RM20,000, or both, if found guilty.
New Straits Times
7 hours ago
- New Straits Times
Malaysia to roll out regulatory reforms, other measures following US tariff deal
KUALA LUMPUR: Malaysia will roll out three key follow-up actions — an exporter outreach programme, regulatory reform and a nationwide supply chain mapping initiative — following the recent tariff renegotiation agreement with the United States which reduced tariffs on Malaysian goods from 25 per cent to 19 per cent. Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz said the agreement, effective Aug 1, was achieved after "months of intense but thorough as well as methodical negotiations". "Most importantly, we achieved this without conceding on our red lines in key areas," he said in his keynote address at The Edge Malaysia Centurion Club Awards 2025 here today. Tengku Zafrul said those red lines included foreign equity limits in strategic sectors, legal safeguards in digital companies, halal standards and many other areas. But the key point, he added, is that the negotiation package was a all-of-nation offer, not just the government, but all (Malaysians and Malaysian companies). With the tariff deal in effect, Tengku Zafrul said the government is focusing on three key areas, starting with an outreach programme to support industry players and exporters. "Some of you in this room may be impacted, but again we will engage the whole exporters' ecosystem — not just the multinationals, but all the small and medium enterprises that are supporting the major exporters," he said. Secondly, he said the government aims to accelerate industrial reforms by cutting bureaucracy and reviewing regulations to eliminate overlaps, outdated provisions and irrelevant processes. "Thirdly, we need to strengthen the resilience of our supply chain by fortifying specific industries' role in the global supply chain," he said. Tengku Zafrul said Malaysia is making good progress on a supply chain mapping project, which aims to identify every player involved in the economic activities of key industrial sectors. Meanwhile, he said Malaysia's mid-cap companies — defined as listed companies with a market capitalisation of between RM100 million and RM1 billion — remain critical to the country's growth ambition under the New Industrial Master Plan (NIMP) 2030. "For me and for our ministry, we view this award such as Centurion as one of the private sector's contributions to Malaysia's journey towards becoming a high-income, sustainable and globally competitive nation. "As of March 31, there are 519 such Centurions. And this speaks volumes about the vibrancy of Malaysia's mid-cap sector — a sector that is equally critical to our national economic aspirations," he said.
