Zetrix owes JPJ RM314m from May to September this year; firm stopped RM231m cheque meant to settle arrears

Tuesday 06 Oct 2026

Make The Edge Malaysia your preferred source on Google

PUTRAJAYA (Oct 5): Zetrix AI Bhd (KL:ZETRIX) owes the Road Transport Department some RM314 million as it failed to remit collections from May to September this year.

The outstanding amount is the reason behind the ministry’s decision to suspend Zetrix and its subsidiary MyEG under their three-year contract, which took effect on Monday, according to Transport Minister Anthony Loke Siew Fook.

Ministry of Transport and the department, better known by its Malay acronym JPJ, had held four engagement sessions with all stakeholders and issued 35 reminder notices with deadlines set for settling the arrears, Loke told a press conference.

WATCH: MoT explains why Zetrix AI, MyEG services were suspended

Despite the efforts, Zetrix did not pay up, he said.

Zetrix, previously known as MyEG Services Bhd, has been collecting money for JPJ services such as renewal of vehicle road tax, driving licences and traffic summonses since 2000. The company is supposed to transfer the collection within one working day of each transaction. Its latest three-year contract began in May 2023.

JPJ still has other collection agents, including Pos Malaysia Bhd (KL:POS) that also caters to rural areas.

“Other agents have no issues,” Loke said. “I have made the latest checks, and there are no arrears from any other agent.”

In September, Zetrix had given the government a cheque of RM231 million to settle the arrears at the time. However, the bank did not process the cheque under instructions from the company when the cheque was credited on Sept 30.

The ministry and JPJ were forced to “take drastic steps to suspend payment services using MyEG and Zetrix AI channels effective today,” Loke said.

The government will continue to pursue the arrears and The Ministry of Transport will refer to the Ministry of Finance as well as other agencies on the next course, including possible civil action.

Resumption of Zetrix' services will not be considered until the arrears are settled and “even if they settle all outstanding, additional conditions will be imposed, such as payments having to be directly credited into the government account,” he said.

There is also no compensation clause if the government decides to terminate the contract, Loke added.

The company has already been under intense scrutiny before the payment issue erupted. Since August, its share price has plunged by as much as 90% in just over a month, wiping out nearly RM4.7 billion in market capitalisation.

The sell-off was driven by reports of forced selling involving its largest and now sole substantial shareholder, Wong Thean Soon, which slashed his stake from over 29% to 10.08%.

The rout turned the spotlight onto Zetrix's balance sheet, notably the RM3.73 billion in development costs spent on its blockchain platform, which makes up over 80% of the group’s fixed assets.

As of end-June, the company held RM541.6 million in cash and RM532.9 million in digital assets (cryptocurrencies), against RM2.19 billion in borrowings and RM90 million in trade payables, other payables, and accruals.

Amid the turmoil, Wong also attempted to block Zetrix from distributing a final dividend of 2.89 sen per share on Sept 18, alleging that nominees failed to follow instructions to opt into the company’s dividend reinvestment plan (DRP) instead of receiving cash.

Zetrix eventually disbursed the delayed cash dividend 10 days later on Sept 28 — the same day the company accepted the resignation of its external auditor, Messrs TGS TW PLT, following the latter's decision to step down due to portfolio rationalisation and resource management.

The total quantum paid is not publicly known due to the DRP option, and dividend payouts linked to accounts contested by Wong remain on hold.

Edited ByJason Ng

Text Size