SC visits Zetrix AI headquarters amid probe, sources say

Wednesday 28 Oct 2026

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KUALA LUMPUR (Oct 28): The Securities Commission Malaysia (SC) has paid a visit to Zetrix AI Bhd’s (KL:ZETRIX) headquarters in Petaling Jaya as part of an investigation involving the company, according to sources familiar with the matter.

The capital market regulator declined to comment when contacted by The Edge.

The nature and scope of the investigation, including the purpose of the visit, remains unclear.

Zetrix AI, formerly MyEG Services Bhd, has faced a string of setbacks since late August, including a sharp share price decline following the forced sale of shares pledged by its managing director, Wong Thean Soon.

In early October, the government announced that the group’s collection agent status for the Road Transport Department (JPJ) was suspended over RM314 million in unremitted revenue owed to the department. Almost two weeks later, it disclosed a breach of a RM2 billion sukuk covenant requiring Wong to remain its largest shareholder.

By then, Wong’s stake, which was at 29.25% on April 1, fell to about 1.84% with continued forced selling. The Social Security Organisation (Socso), with 216 million shares or a 2.72% stake, is currently the company’s largest shareholder.

Zetrix AI is set to meet its sukukholders again after failing to reach a remedy for the covenant breach by Oct 22. A meeting the day after the deadline did not bear fruit with the company planning for another meeting. Its sukuk obligations in the event of a payment default is RM2 billion in principal and RM164.5 million in future coupon payments.

The Edge Malaysia in its latest issue reported, citing sources familiar with the discussions, that Wong is seeking six months to restore compliance with the shareholder covenant.

Amid its woes, Zetrix AI last week offered 788.83 million employee share options at 5.4 sen each, a 28% discount to its closing share price of 7.5 sen last Friday. The options can be exercised immediately and were offered to eligible directors and employees as the group faces cash flow pressures and a sukuk covenant breach. Wong received 27.5 million options. If fully exercised, the options would raise about RM42.6 million through the issuance of new shares.

Possible government suit adds pressure

Adding to that pressure, Transport Minister Anthony Loke Siew Fook recently told Parliament that the government was in the process of taking legal action, including a civil suit, over Zetrix AI’s failure to settle the outstanding collections and penalties within the stipulated period. He said government collections could not be used as company operating funds.

The Royal Malaysian Police (PDRM) and the Malaysian Anti-Corruption Commission (MACC) are reportedly joining forces to share intelligence on a police probe into the JPJ arrears. In response, Zetrix AI stated it is cooperating fully with authorities and emphasised that its day-to-day operations remain completely unaffected.

Just on Monday, its independent non-executive director Wong Kok Chau resigned, citing personal commitments, and ceased to chair its audit committee. His departure left the audit committee with two members, Mohaini Mohd Yusof and Datuk Othman Semail. The resignation filing stated that he had no disagreement with the board and that there were no matters requiring shareholders’ attention.

The departure also followed Datuk Norraesah Mohamad’s redesignation from executive chairman to non-independent non-executive chairman on Oct 23. She remains on the board. Norraesah was senator from 2005 to 2008 and a supreme council member of the ruling Umno between 2000 and 2013.

Zetrix AI shares closed at 8.5 sen on Wednesday, valuing the group at RM643.77 million.

Edited ByPresenna Nambiar

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