a day ago
Bursa Reprimands MYEG Now Zetrix, And Fines 7 Directors RM150,000 Each
Bursa Malaysia Securities Berhad has publicly reprimanded Zetrix AI Berhad (formerly known as MY E.G. Services Berhad) and imposed fines of RM150,000 each on seven of its directors for breaching the Main Market Listing Requirements.
The regulatory action was taken due to the company's failure to ensure that its announcements were factual and accurate, and for failing to comply with a directive from Bursa Malaysia.
Zetrix AI Berhad was found to have breached paragraphs 9.35A(1)(a) and (b) of the MAIN LR for issuing announcements on July 7, 2023, September 13, 2023, and September 14, 2023, that were deemed false and misleading. The company also breached paragraph 2.23(1) for failing to comply with a Bursa Malaysia directive dated August 15, 2023, which required an immediate clarification of the July 7 announcement.
The seven directors were penalised for permitting the company to commit these breaches.
The breaches relate specifically to the company's July 7, 2023 announcement, which claimed that the Ministry of Finance (MOF) had approved the company's appointment as a collection agent and extended its role as an online service provider for the Immigration Department of Malaysia.
The Exchange's investigation found this representation to be inaccurate and misleading, as the contents of the official notification letter were inconsistent with the company's claims. Furthermore, the company's concession for Immigration-related services had expired on May 22, 2023, and there was no evidence of approval for the period between May 23, 2023, and January 31, 2024.
Despite being aware of the inconsistencies and receiving a directive from Bursa Malaysia to clarify the matter, the company and its directors failed to do so and continued the misrepresentation in subsequent announcements.
Bursa Malaysia emphasised that there was a 'serious dereliction of duties' by the directors, highlighting the importance of timely and accurate disclosure for maintaining market integrity and investor confidence.
The penalised directors include Group Managing Director Wong Thean Soon, Executive Chairman Dato' Dr. Norraesah binti Haji Mohamad, Wong Kok Chau (Audit Committee Chairman), and Audit Committee members Datuk Mohd Jimmy Wong bin Abdullah and Mohaini binti Mohd Yusof. Independent Non-Executive Directors Dato' Sri Mohd Mokhtar bin Mohd Shariff and Dato' Mohd Jeffrey bin Joakim (who resigned on April 22, 2025) were also fined. Related
