This article first appeared in The Edge Malaysia Weekly on November 2, 2026 - November 8, 2026

ON March 26, 2018, money-lending outfit MY EG Finance Technologies Sdn Bhd (MyEG Tech), a wholly-owned unit of Zetrix AI Bhd (KL:ZETRIX), extended a RM100 million loan to three companies and several individuals.

Documents on the Companies Commission of Malaysia (SSM) website sighted by The Edge indicate that the loan was given by MyEG Tech, “together with interest thereon, commission and all other monies due and payable to the chargee [MyEG Tech]”.

The borrowers were three private companies — Ultimate Quality Success Sdn Bhd, Rosetta Partners Sdn Bhd and Rose Vision Sdn Bhd — and individuals Chow Hoong Tat, Loh Chan Foong, Ng Wee Yaw, Hon Kok Seng, Wong Wei Chun and Ng Wee Kiat.

SSM filings indicate that both Rosetta Partners and Ultimate Quality still have the RM100 million charge registered in favour of MyEG Tech.

The collateral pledged for the RM100 million loan was 12 million Cuscapi Bhd (KL:CUSCAPI) shares, as shown in the filing with SSM. Cuscapi’s share price has mostly trended lower since May 2018, with two short-lived rebounds along the way (see chart).  

On March 26, 2018, Cuscapi’s stock closed at 41.5 sen. Based on the closing price of 41.5 sen, the block of 12 million shares was valued at RM4.98 million, meaning that the collateral for the loan was only 5% of the value of the loan. In other words, the borrowers managed to get 20 times the value of their collateral. Cuscapi’s stock averaged 32.6 sen in 2018.

The borrowers have links to Zetrix AI and its managing director Wong Thean Soon, better known as T S Wong. Two months ago, he was the company’s single-largest shareholder, with a 29.9% stake, but his shareholding has since fallen to just 1.84%.

The RM100 million loan was taken two months before the general election in May 2018, which saw the change in government from Barisan Nasional to Pakatan Harapan.

Zetrix AI non-executive chairman Datuk Norraesah Mohamad is said to have links to former prime minister the late Tun Abdullah Ahmad Badawi. She served as a senator from 2005 to 2008 and was an Umno supreme council member from 2000 to 2013.

Norraesah had served as Zetrix AI’s executive chairman for 20 years, from August 2006 until last month, when she was redesignated as non-executive chairman. Her presence is one reason Zetrix AI has been perceived as a company with links to Umno.

Rosetta Partners is wholly owned by Mfivesouthsea Sdn Bhd, the vehicle of the Sultan of Kelantan Tengku Muhammad Faris Petra Tengku Ismail Petra. Until a few years ago, Mfivesouthsea was equally owned by Tengku Muhammad Faris and Datuk Farhash Wafa Salvador, who is chairman of three companies — Excel Force MSC Bhd (KL:EFORCE), Key Alliance Group Bhd (KL:KGROUP) and Apex Equity Holdings Bhd (KL:APEX).

In 2018, all three privately held companies — Ultimate Quality Success, Rose Vision and Rosetta Partners — were controlled by Datuk Jayakumar Panneer Selvam, an alternate director to Datuk Mohd Jimmy Wong Abdullah, who was appointed Cuscapi chairman on March 28, 2018.

Jayakumar was appointed alternate director of Cuscapi on April 4, 2018. He surfaced as a substantial shareholder of Cuscapi via his vehicles Ultimate Quality and Rose Vision on March 23, 2018, holding 200 million shares, or 26.09% equity interest. According to SSM, Jayakumar still wholly owns Ultimate Quality, but Rose Vision is now wholly owned by businessman Ng Hong Sing.

Jayakumar ceased to be a substantial shareholder in Cuscapi in mid-January 2024.       

Jimmy, according to his profile in Cuscapi’s 2017 annual report, began his career with the Royal Malaysian Police after completing his secondary education in 1981. In 1994, he was stationed on a two-year diplomatic mission in Guangzhou, China. He was promoted several times and rose through the ranks before retiring from the force in 2002. He was appointed to the board of Zetrix AI in 2006 before its initial public offering in January 2007.

Meanwhile, in 2009, Jayakumar was appointed managing director of MY EG Integrated Networks Sdn Bhd, a 40%-owned unit of Zetrix AI. The other shareholders of MY EG Integrated Networks are Orca Capital Sdn Bhd, which is wholly owned by Jayakumar and holds a 40% stake; and Simple Solutions Technologies Sdn Bhd, which owns the remaining 20% and serves as the investment vehicle of Lee Soon Keong.

In September 2014, T S Wong entered into a settlement with the Securities Commission Malaysia (SC) for the sum of RM7 million when he agreed, without admission or denial of liability, to settle a claim that the regulator was proposing to institute against him and 13 others for the manipulation of Zetrix AI shares between Jan 16 and April 24, 2007.

Jayakumar, Wee Yaw, Hon and Hong Sing, who took over Rose Vision from Jayakumar, are also named in SC’s statement involving the RM7 million settlement by T S Wong.

Jayakumar’s ties with T S Wong involve more than Zetrix.

Over at Excel Force MSC — a fintech company serving the financial services industry in securities trading solutions — Jayakumar surfaced as a substantial shareholder in February 2016 with a 5.04% stake, about two months before Asia Internet Holdings Sdn Bhd, T S Wong’s vehicle, acquired an 18.67% stake.

On Oct 7 this year, Wong and Asia Internet ceased to be a substantial shareholder in Excel Force. 

Last Thursday (Oct 29), Jayakumaar stepped down as non-independent non-executive director of Cuscapi, a company in which T S Wong was a substantial shareholder until Sept 11.

The sharp decline in Zetrix AI’s share price began in late August, following the corruption charges against former human resources minister Datuk Seri M Saravanan over the approval of foreign worker quotas.

Although Zetrix AI said it had no connection to Saravanan, its share price continued to tank, resulting in T S Wong’s shares being force-sold.

There appears to be no respite from the bad news surrounding Zetrix AI. Last Thursday, its wholly-owned unit MyEG Sdn Bhd was given a RM353.13 million tax bill from the Inland Revenue Board over transfer pricing matters for the years of assessment 2021 to 2023.

The previous day, according to sources, SC visited Zetrix AI headquarters in Petaling Jaya. Selangor, as part of an investigation.

And a day before that, at the winding up of the Budget 2027 debate in the Dewan Rakyat, Transport Minister Anthony Loke Siew Fook said the government is pursuing legal action against Zetrix AI over its failure to remit RM314 million in revenue collected on behalf of the Road Transport Department (JPJ) from May to September this year.

In response to Loke’s statement and a query by Bursa Malaysia, Zetrix AI said: “As at the date of this announcement, the company has yet to receive any official letter from the government.”

For context, JPJ had issued a letter on Oct 2 terminating the appointment of Zetrix AI as its revenue collection agents, effective from Oct 5, and lodged a police report on Oct 7. As a result, the company’s role as a collection agent for road tax and driving licence renewals as well as traffic summonses has been suspended, adversely affecting its earnings.

For the first six months ended June 30, Zetrix AI chalked up a net profit of RM540.58 million on revenue of RM813.01 million. For the corresponding period a year ago, it posted a net profit of RM380.79 million, on RM607.88 million in revenue.

Adding to the mounting problems at the company, a 2.89 sen dividend, amounting to a total payout of RM229.5 million and originally scheduled for Sept 18, was postponed twice. Subsequently, a first interim dividend of 0.25 sen, declared two months ago and scheduled for payment on Nov 20, was scrapped as the company sought to conserve cash.

As at end-June, Zetrix AI had cash and cash equivalents of RM541.6 million, against long-term borrowings of RM1.34 billion and short-term debt of RM853.06 million.

Zetrix AI’s development costs have surged to RM3.73 billion, from RM599.13 million in 2022, according to its accounts. The increase has been particularly steep this year, with roughly RM900 million added in the first six months alone.

The company also owned digital assets of RM532.88 million as at June 30, compared with barely RM38,000 at end-2022.

Another pressing issue at Zetrix AI has been a breach of a major covenant for its RM2 billion Sukuk Wakalah Programme, which requires T S Wong to remain the single-largest shareholder of the company. After forced sales of his shares as a result of margin calls, however, his stake has shrunk to 1.84%, from about 29.9% in late July.

The Social Security Organisation (Perkeso) is now the largest shareholder in Zetrix AI, with a stake of barely 2.72%, or 216 million shares.

In a surprising move, Zetrix AI has offered nearly 789 million share options at 5.4 sen apiece to its directors and employees under its employee share option scheme. The exercise may allow T S Wong to rebuild part of his reduced shareholding in the company.

Several members of the company’s board have resigned, citing personal commitments. As at last Friday, only three directors remained — T S Wong, Jimmy and Norraesah — leaving the company without an audit committee.

Zetrix AI’s shares closed at 6.5 sen last Friday, giving the company a market capitalisation of RM513.4 million. The stock has shed more than 91% of its value since end-July. 

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