Zetrix AI’s MyEG unit hit with RM353.13 mil tax bill, govt files suit

Friday 30 Oct 2026

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KUALA LUMPUR (Oct 29): Zetrix AI Bhd's (KL:ZETRIX) wholly owned unit MyEG Sdn Bhd has received a RM353.13 million tax bill from the Inland Revenue Board (IRB) over transfer pricing matters for the years of assessment 2021 to 2023.

In a filing with Bursa Malaysia on Thursday, the company said the assessment, received on Wednesday comprises RM333.11 million in additional income tax relating to transfer pricing and RM20.02 million in deemed interest, including penalties.

The filing also stated that the government had filed a civil suit against MyEG over the matter.

Zetrix AI said MyEG is confident in the merits of its position and will defend itself.

“Concurrently, MyEG has also filed an appeal to challenge the aforesaid additional income tax assessments before the Special Commissioners of Income Tax while seeking to resolve the matter amicably with the IRB,” it said.

The civil suit follows the government’s plan to pursue legal action over Zetrix AI’s failure to remit RM314 million in revenue collected on behalf of the Road Transport Department (JPJ).

Transport Minister Anthony Loke Siew Fook said during the winding-up of the Budget 2027 debate in Parliament that the government considered any delay in remitting the money a serious breach of contract, stressing that revenue collected on its behalf must not be used as part of a company’s operating funds.

In response to a query from Bursa Malaysia on the JPJ matter, Zetrix AI said it had yet to receive any official letter from the government.

Zetrix AI is facing several setbacks, including a reported Securities Commission visit to its Petaling Jaya headquarters as part of an investigation earlier this week, a sharp share price decline and the suspension of its role as a Road Transport Department collection agent over RM314 million in unremitted revenue.

The group also breached a RM2 billion sukuk covenant after managing director Wong Thean Soon’s stake fell from 29.25% to about 1.84%, making Socso its largest shareholder. While talks with sukukholders have yet to resolve the breach, Zetrix said on Thursday that the resulting dissolution event does not require it to immediately repay the outstanding RM2.16 billion.

Shares of Zetrix AI closed down half a sen or 5.88% at eight sen on Thursday, giving the group a market capitalisation of RM610.39 million. The counter has fallen over 90% since the start of this year.

Edited ByPresenna Nambiar & Syed Azahedi

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