Bursa fines 7 Zetrix AI directors RM150,000 each for announcement breach
PETALING JAYA : Bursa Malaysia Securities Bhd has fined seven directors of Zetrix AI Bhd – formerly known as MyEG Services Bhd – RM150,000 each for failing to ensure three company announcements in 2023 were factual and accurate.
Bursa said Zetrix AI and its directors had been publicly reprimanded for breach of the Main Market Listing Requirements.
It said Zetrix had on July 7, 2023 announced, among others, that a notification letter dated July 4, 2023 from the home ministry confirmed the finance ministry's approval of the company's appointment as the government revenue collection agent and extended its role as the provider of online services for the immigration department.
'However, the July 7 announcement was inaccurate, false and misleading as the contents of the July 4 letter were inconsistent with the company's representations in the July 7 announcement,' it said in a statement.
Bursa named the seven directors as Wong Thean Soon, Norraesah Mohamad, Jimmy Wong Abdullah, Wong Kok Chau, Mokhtar Shariff, Jeffrey Joakim and Mohaini Yusof.
It said Zetrix AI and the directors had also failed to make an immediate announcement to clarify the inconsistency, but maintained its misrepresentation of matters in the company's subsequent announcements on Sept 13 and Sept 14 that year.
'(This occurred despite) market concerns as reported by New Straits Times on Sept 12, 2023 in an article titled 'MyEG illegally renewing workers' permits', and by The Edge titled 'MyEG said to be charging fees for foreign worker permits despite contract suspension'.
'There were no reasonable justifications for the failure of the company and directors to ensure the announcements were factual and accurate, and comply with the directive.
'They had represented, among others, that the announcements were accurate and justified based on the past contract renewals and historical precedent in relation to the extension.
'In any event, it was evident that from May 23, 2023 to Jan 31, 2024, there was no evidence of any approval from the home or finance ministries for the company to be appointed as the collection agent for the government revenue and the extension,' it said.
On June 30, the concessionaire for the Malaysia electronic-government MSC flagship application announced its name change to Zetrix AI, also changing its stock short name from MYEG to Zetrix.
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