This article first appeared in The Edge Malaysia Weekly on October 5, 2026 - October 11, 2026

IN September 2022, CGS International Securities Sdn Bhd (then CGS CIMB) granted a RM60 million margin trading account facility to Wong Thean Soon, co-founder and largest shareholder of MyEG Services Bhd, now known as Zetrix AI Bhd (KL:ZETRIX).

The facility came with a price cap on Zetrix AI’s shares of “80% of the preceding day’s closing price or ceiling price of 80 sen, whichever is lower”.

Similarly, his private vehicle Asia Internet Holdings Sdn Bhd had a price cap of 60% of Zetrix AI’s preceding day’s closing price or ceiling price of 70 sen, whichever was lower, for a RM30 million margin financing facility signed in August 2019.

These details were disclosed in court documents as Wong and Asia Internet Holdings initiated legal proceedings against corporate advisory services provider Gap Advisory Sdn Bhd, and sought an injunction following a botched dividend payment where it is claimed that instructions from Wong were for a dividend reinvestment plan (DRP) against a cash payment of 2.89 sen.

CGS International’s units — CGS International Securities Malaysia Sdn Bhd (CGS MY) and CGS International Futures Malaysia Sdn Bhd (CGS MYF) — two of the brokers which Wong had pledged Zetrix’s shares with, intervened to contest the injunction, as it affected the stockbroker which sought the cash payment over the DRP, resulting in CGS International and companies within its group getting involved as parties to the proceedings, and subsequently named as a defendants.  

According to court documents, on June 16 this year, CGS International wrote to Wong regarding his and his vehicle Asia Internet Holdings’ margin call, requesting him to top up his account or risk force-selling.

Wong wrote back to CGS International’s credit management department asking for his position to not be liquidated and sought time until July 31 to top up his and Asia Internet Holdings’ accounts. CGS International relented.

On July 30, Wong wrote again, seeking an extension until Aug 14, making it the second extension for the two accounts. Then on Aug 17, he wrote to CGS International again, seeking an extension until Aug 28, to which CGS International agreed. On Sept 1, Wong wrote again, looking for yet another extension until Sept 11 to meet the required security value.

However, on Aug 26, Zetrix AI’s share price began to tank, falling from 66 sen apiece to 29.5 sen on Aug 28, and dipping further to 22 sen on Sept 2, with large volumes being traded.

In early August, Zetrix AI had announced a planned final dividend payment of 2.89 sen for FY2025 on Sept 18, along with the option to be paid in shares under a DRP at an issue price of 67 sen per share. 

But on Sept 18, the payment day for Zetrix AI’s 2.89 sen dividend, the company announced that it was postponing the cash dividend payout following a court order secured by Wong, the company’s only substantial shareholder, preventing the payment of the cash portion of the dividend as nominees had failed to execute instructions to receive shares under the company’s DRP in lieu of cash.

The payment of the 2.89 sen was pushed to Sept 23, delayed further to Sept 28, and paid early last week.

However, with Zetrix AI’s share price falling to the 20-sen level, the stockbroking houses that Wong had pledged his shares to got jittery and opted for cash instead of the DRP.

It is understood that Zetrix AI was facing cash constraints in paying the dividend, which was budgeted for in early August, but projections went bust due to the massive fall in its share price, which prompted more shareholders to opt for cash instead of the DRP.

Nevertheless, it is worth noting that prior to a company paying out a dividend, its board has to deem it able to do so, meaning a company can only distribute dividends out of its available profits if it is solvent.

In its filing with Bursa Malaysia seeking to delay the dividend payment, Zetrix AI says: “CGS MY and CGS MYF, being the nominee for two CDS accounts, was allowed to intervene in the ad interim injunction proceedings filed by the substantial shareholder against the company’s share registrar during the court hearing.”

Court documents sighted by The Edge indicate that CGS had opposed this, saying “There is currently an over-loss position in the client’s share margin account. In view of the outstanding indebtedness, our office has exercised CGS MY’s rights as mortgagee under the Share Margin Financing Mortgage for the dividend entitlement to be paid in cash and applied towards reducing the over-loss in the account.”

Wong’s facility limit was increased to RM90 million from RM60 million in Sept 2022, while that of Asia Internet Holdings was maintained at RM30 million.

On Sept 18, legal firm Tommy Thomas Advocates and Solicitors acting for CGS International in a Letter of Demand to Wong says that the amount owed, including interest, was RM50.9 million, while that owed by Asia Internet Holdings was RM22.83 million.

It is worth noting that apart from CGS International, Wong and Asia Internet Holdings had accounts with at least 12 other brokerage houses.

It is also interesting that CGS International, as stated in court documents, claims to have prepaid the 2.89 sen dividend a day before the ex-date on Aug 18. 

In the court documents, CGS International says, “The injunction obtained by Wong and Asia Internet prevented CGS MY from receiving the cash dividends that CGS MYF had paid to Wong and Asia Internet Holdings.”

While Zetrix AI’s revenue from its e-government services looks to be in jeopardy, questions are being asked about its personal AI business, which is capital-intensive, with changes and upgrades taking place as regularly as every six months.

On its books as at June 30, 2026, Zetrix AI had a development cost of RM3.73 billion, which has come under scrutiny. As at end of last year, the figure was RM2.85 billion, meaning the cost had grown 30.88% over the last six months. As at end-2024, Zetrix AI’s development cost was RM1.85 billion; RM1.21 billion as at end 2023; and RM599.13 million as at end-2022.

Zetrix AI’s balance sheet has also attracted interest due to its digital assets, which as at end June 2026, had a value of RM532.88 million, up from RM376.61 million as at end-2025; RM256.73 million as at end-2024; and RM301.76 million as at end-FY2023. In 2022, it was a mere RM38,000.

While Wong — a couple of weeks ago — brushed aside suggestions that the company’s accounts were questionable and that its development cost was not real as “ludicrous”, the fact remains that many questions are being asked about Zetrix AI and no answers are available.

Confirmation of Zetrix AI’s non-payment of more than RM200 million to the government and the subsequent suspension of its task as a collection agent for the government will ultimately shine the spotlight on its RM3.73 billion development cost and RM532.88 million worth of digital assets.

This article has been amended for accuracy purposes.

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