KUALA LUMPUR (Oct 8): Zetrix AI Bhd (KL:ZETRIX) has confirmed that it owes the Road Transport Department (JPJ) RM314 million in unremitted collections between May and September 2026, and said the liability has been recognised as a payable on its balance sheet.

The admission came in a Bursa Malaysia filing on Wednesday after the stock exchange regulator demanded a direct answer from the company over the exact arrears involved.

Just a day earlier, Zetrix confirmed news reports by The Edge about the issue but said it was "still in the process of finalising the outstanding amount", while reiterating it had proposed a solution framework to relevant authorities to resolve the matter.

Subsequently, the regulator pressed Zetrix to either confirm the figure cited by Transport Minister Anthony Loke or declare the actual amount claimed.

It also asked the company to clarify if the amount had been recognised in its financial statements.

"The amount has been recognised as a payable in the balance sheet for the second quarter of the financial year ending Dec 31, 2026, and subsequently in the upcoming third quarter results for the financial year ending Dec 31, 2026," Zetrix replied.

Zetrix's unaudited financial statements for the second quarter ended June 30, 2026 (2QFY2026) showed the company had RM91.1 million in trade payables, other payables and accruals.

It also held RM541.6 million in cash and RM532.9 million in digital assets (cryptocurrencies), against RM2.19 billion in borrowings.

In the latest filing, Bursa also asked Zetrix to elaborate on its Tuesday response to a question about the suspension's earnings impact, where the company had said it would result in the "temporary cessation" of RTD contributions to its revenue and profit in the fourth quarter ending Dec 31, 2026. 

But Zetrix merely replied that "revenue derived from these services has ceased from Oct 5, 2026 until further notice".

Zetrix also repeated that it is unable to determine the expected time frame that the issue will be resolved, as it is still discussing the matter with JPJ.

JPJ announced the suspension of Zetrix and its subsidiary MyEG Sdn Bhd as collection agents last Friday, citing contract violations and outstanding obligations.

On Monday, Loke revealed the sum owed and said Zetrix should have remitted collections daily, as it was required to do so within one working day of each transaction.

The government had issued repeated reminders and held several engagement sessions with Zetrix to recover the sum, but to no avail. Zetrix issued a cheque to the government for RM231 million dated Sept 30 to settle the arrears then, but the cheque could not be cleared after Zetrix issued a stop-payment order to the bank, according to Loke.

Zetrix, formerly known as MyEG Services Bhd, has been providing online processing of JPJ services such as road tax and driving licence renewals since 2000, and its latest three-year contract began in May 2023.

Zetrix shares dipped one sen to close at eight sen on Wednesday, for a market capitalisation of about RM645 million.

The company has lost roughly 90% of its value since a sell-off of its shares began at the end of August that has wiped out nearly RM5 billion in its market value, amid reports that its largest shareholder Wong Thean Soon — also known as TS Wong — was facing forced selling.