KUALA LUMPUR (Oct 13): The Malaysian Anti-Corruption Commission (MACC), which received a complaint on MyEG Sdn Bhd and its parent company Zetrix AI Bhd (KL:ZETRIX) last week, said investigations into the two companies are currently being handled by the police.
In a statement on Tuesday (Oct 13), the MACC said the complaint was received on Oct 7, but it did not disclose details of the complaint or the party who filed it.
The MACC said the case involves offences under the police’s jurisdiction and that it would work with the police to review and share information. The police will refer any evidence of corruption to the MACC for further action.
The commission also urged the public not to speculate about the investigation or spread unverified information that could jeopardise the investigative process.
It said it would conduct any investigation independently, fairly and in accordance with the law.
The action against MyEG and Zetrix follows the Transport Ministry’s suspension of both companies as collection agents for the Road Transport Department (JPJ). The suspension came after they failed to remit RM314 million collected on JPJ’s behalf between May and September, despite repeated reminders to settle the outstanding payments.
Transport Minister Anthony Loke Siew Fook has said that the government will continue pursuing the arrears and could consider civil action.
Zetrix, formerly known as MyEG Services Bhd, has provided online processing of JPJ services such as road tax and driving licence renewals since 2000, while its latest three-year contract began in May 2023.
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 over RM90 million in trade payables, other payables and accruals.
At Tuesday’s noon market break, Zetrix shares fell half a sen or 6.67% to seven sen, valuing the group at RM552.8 million.
The counter skidded to a 13-year low of 6.5 sen on Oct 5 after its share price plunged over 90% in just over a month following a sell-off at the counter that began at the end of August. The rout came amid reports that its largest shareholder Wong Thean Soon — better known as TS Wong — was facing forced selling.
TS Wong's stake has since shrunk from 29.955% to 6.438%.
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