Latest news with #MainMarketListingRequirements
The Star
13 hours ago
- Business
- The Star
NationGate clarifies MACC probe limited to non-major subsidiary
KUALA LUMPUR: Nationgate Holdings Bhd clarified that the investigation by the Malaysian Anti-Corruption Commission (MACC) is limited to its subsidiary NationGate Solution (M) Sdn Bhd. In a Bursa Malaysia filing today, the electronics manufacturing services company said that an order to inspect, search and seize under Section 31(1) of the Malaysian Anti-Corruption Commission Act 2009 from MACC was issued to NationGate Solution. "To our best knowledge, the raid does not involve any specific board members or senior management. "NationGate Solution is not a major subsidiary pursuant to the definition given in the Main Market Listing Requirements of Bursa Securities,' it said. It added that for the time being, the MACC raid is not expected to have significant financial and operational impact on the group. Previously, it is reported that MACC has raided the premises of NationGate Holdings' wholly owned subsidiary NationGate Solution as part of an ongoing investigation into allegations of scrap metal smuggling. - Bernama
New Straits Times
13 hours ago
- Business
- New Straits Times
NationGate saya MACC probe limited to non-major subsidiary
KUALA LUMPUR: NationGate Holdings Bhd clarified that the investigation by the Malaysian Anti-Corruption Commission (MACC) is limited to its subsidiary NationGate Solution (M) Sdn Bhd. In a Bursa Malaysia filing today, the electronics manufacturing services company said that an order to inspect, search and seize under Section 31(1) of the Malaysian Anti-Corruption Commission Act 2009 from MACC was issued to NationGate Solution. "To our best knowledge, the raid does not involve any specific board members or senior management. "NationGate Solution is not a major subsidiary pursuant to the definition given in the Main Market Listing Requirements of Bursa Securities," it said. It added that for the time being, the MACC raid is not expected to have significant financial and operational impact on the group. Previously, it is reported that MACC has raided the premises of NationGate Holdings' wholly owned subsidiary NationGate Solution as part of an ongoing investigation into allegations of scrap metal smuggling. MACC had launched a major crackdown on scrap metal smuggling syndicates across five states, targeting groups suspected of bribing enforcement officers and causing over RM950 million in tax losses.
Malaysian Reserve
14 hours ago
- Business
- Malaysian Reserve
NationGate says MACC raid not expected to impact financials or operations
NationGate Holdings Bhd said the recent raid by the Malaysian Anti-Corruption Commission (MACC) on its wholly owned subsidiary is not expected to significantly affect its financial or operational performance. 'For the time being, the MACC raid is not expected to have significant impact on the financial and operational of the group,' NationGate said in a filing with Bursa Malaysia today, in response to a query from the regulator. The electronics manufacturing services provider clarified that the MACC's search and seizure was confined to NationGate Solution (M) Sdn Bhd, which is not a major subsidiary under Bursa's Main Market Listing Requirements. The investigation is not believed to extend to other entities within the group. On July 15 MACC had raided the premises of NationGate Solution in connection with an ongoing investigation into alleged scrap metal smuggling. The market reacted swiftly to the news. NationGate's shares plunged as much as 16% or 26 sen shortly after trading resumed from the midday break. The stock closed the day down 7.5% at RM1.49, marking its lowest finish since June 23. The raid is believed to be part of a broader nationwide operation known as 'Op Metal,' which targets scrap metal smuggling syndicates operating across five states. Bernama reported that the syndicates are suspected of bribing enforcement officers and may have caused the government tax losses exceeding RM950 million. — TMR
New Straits Times
3 days ago
- Business
- New Straits Times
Zetrix AI to challenge Bursa reprimand over 'misleading' disclosures
KUALA LUMPUR: Zetrix AI Bhd, formerly MyEG Services Bhd, is taking legal action to challenge Bursa Malaysia Securities Bhd's public reprimand over alleged misleading statements and failure to comply with a regulatory directive. In a filing with Bursa Malaysia, the company said it intends to seek a judicial review of the exchange's decision after consulting its legal advisers. "The company and its board of directors, after consultation with the company's lawyers, will be seeking a judicial review on the public reprimand," it said, adding that further updates would be provided as necessary. The reprimand, issued yesterday, centres on announcements made by Zetrix AI in July and September 2023, which Bursa said were neither factual nor accurate, in breach of Paragraphs 9.35A(1)(a) and (b) of the Main Market Listing Requirements. Zetrix AI also allegedly failed to comply with a regulatory instruction under Paragraph 2.23(1) to clarify an earlier statement by Aug 16, 2023, despite a formal directive issued on Aug 15. The announcement in question stated that the Finance Ministry had approved the company's appointment as a government revenue collection agent and online service provider. However, Bursa found that the statement, issued on July 7, was inconsistent with a letter from the Home Affairs Ministry dated July 4. The regulator said that instead of issuing a correction, the company continued to maintain the same claims in follow-up announcements on Sept 13 and 14, even after questions were raised about its ongoing role in processing foreign worker permit renewals beyond the expiry of its concession in May 2023. In connection with the findings, Bursa imposed a RM150,000 fine on each of the seven directors involved, comprising RM100,000 for the inaccurate disclosures and RM50,000 for failing to comply with the clarification directive. Those penalised include group managing director Wong Thean Soon, executive chairman Datuk Norraesah Mohamad, as well as Datuk Mohd Jimmy Wong Abdullah, Wong Kok Chau, Datuk Seri Mohd Mokhtar Mohd Shariff, Datuk Mohd Jeffrey Joakim and Mohaini Mohd Yusof. Bursa said the directors had failed in their fiduciary duties despite being aware of the inconsistencies, stressing that timely and truthful disclosure is fundamental to preserving market integrity and investor trust.
BusinessToday
3 days ago
- Business
- BusinessToday
Bursa Reprimands MYEG Now Zetrix, And Fines 7 Directors RM150,000 Each
Bursa Malaysia Securities Berhad has publicly reprimanded Zetrix AI Berhad (formerly known as MY E.G. Services Berhad) and imposed fines of RM150,000 each on seven of its directors for breaching the Main Market Listing Requirements. The regulatory action was taken due to the company's failure to ensure that its announcements were factual and accurate, and for failing to comply with a directive from Bursa Malaysia. Zetrix AI Berhad was found to have breached paragraphs 9.35A(1)(a) and (b) of the MAIN LR for issuing announcements on July 7, 2023, September 13, 2023, and September 14, 2023, that were deemed false and misleading. The company also breached paragraph 2.23(1) for failing to comply with a Bursa Malaysia directive dated August 15, 2023, which required an immediate clarification of the July 7 announcement. The seven directors were penalised for permitting the company to commit these breaches. The breaches relate specifically to the company's July 7, 2023 announcement, which claimed that the Ministry of Finance (MOF) had approved the company's appointment as a collection agent and extended its role as an online service provider for the Immigration Department of Malaysia. The Exchange's investigation found this representation to be inaccurate and misleading, as the contents of the official notification letter were inconsistent with the company's claims. Furthermore, the company's concession for Immigration-related services had expired on May 22, 2023, and there was no evidence of approval for the period between May 23, 2023, and January 31, 2024. Despite being aware of the inconsistencies and receiving a directive from Bursa Malaysia to clarify the matter, the company and its directors failed to do so and continued the misrepresentation in subsequent announcements. Bursa Malaysia emphasised that there was a 'serious dereliction of duties' by the directors, highlighting the importance of timely and accurate disclosure for maintaining market integrity and investor confidence. The penalised directors include Group Managing Director Wong Thean Soon, Executive Chairman Dato' Dr. Norraesah binti Haji Mohamad, Wong Kok Chau (Audit Committee Chairman), and Audit Committee members Datuk Mohd Jimmy Wong bin Abdullah and Mohaini binti Mohd Yusof. Independent Non-Executive Directors Dato' Sri Mohd Mokhtar bin Mohd Shariff and Dato' Mohd Jeffrey bin Joakim (who resigned on April 22, 2025) were also fined. Related
