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.
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