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New Straits Times
a day 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.
Free Malaysia Today
a day ago
- Business
- Free Malaysia Today
Zetrix AI to file judicial review against Bursa over announcement breach penalty
Bursa Malaysia Securities Bhd fined Zetrix AI Bhd's seven directors RM150,000 each for failing to ensure that three company announcements in 2023 were factual and accurate. PETALING JAYA : Zetrix AI Bhd, formerly known as MyEG Services Bhd, will seek a judicial review against Bursa Malaysia Securities Bhd over a penalty imposed on its seven directors in relation to three company announcements made two years ago. In a bourse filing today, Zetrix AI said its board of directors consulted the firm's lawyers and decided to apply for a judicial review. 'Further announcements on any material developments will be made as and when it is appropriate and/or necessary,' the firm said. Yesterday, Bursa fined Zetrix AI's seven directors RM150,000 each for failing to ensure that three company announcements in 2023 were factual and accurate, breaching the main market listing requirements. The seven are Wong Thean Soon, Norraesah Mohamad, Jimmy Wong Abdullah, Wong Kok Chau, Mokhtar Shariff, Jeffrey Joakim, and Mohaini Yusof. Bursa said Zetrix AI announced on July 7, 2023, 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. Bursa however said that the July 7 announcement was inaccurate, false and misleading as it was inconsistent with the contents of the July 4 letter. It said Zetrix AI and the directors 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'.' Bursa said there was no reasonable justification for the failure of the company and directors to ensure that the announcements were factual and accurate, and comply with the directive. It also said that the firm 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. 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.
New Straits Times
a day ago
- Business
- New Straits Times
Zetrix AI to seek judicial review of Bursa reprimand
KUALA LUMPUR: Zetrix AI Bhd, formerly known as MYEG Services Bhd, said it will seek a judicial review of the public reprimand issued by Bursa Malaysia Securities Bhd after consulting with its lawyers. Zetrix AI said this in a filing with Bursa Malaysia today. Yesterday, Bursa Malaysia Securities publicly reprimanded Zetrix AI and imposed a fine of RM150,000 on each of its seven directors over misleading announcements and non-compliance with a regulatory directive. The reprimanded directors include the company's group managing director, Wong Thean Soon, executive chairman Datuk Dr Norraesah Mohamad and non-independent non-executive director Datuk Mohd Jimmy Wong Abdullah. Also reprimanded and fined were independent non-executive directors Wong Kok Chau, Datuk Seri Mohd Mokhtar Mohd Shariff, Datuk Mohd Jeffrey Joakim and Mohaini Mohd Yusof. In a separate filing today, Zetrix AI said the trading of its securities was halted from 9am to 10am. Its share price closed at 98.5 sen yesterday. –BERNAMA
The Star
a day ago
- Business
- The Star
Zetrix AI, directors seek judicial review of Bursa reprimand
KUALA LUMPUR: Zetrix AI Bhd, formerly known as MyEG Services Bhd , and its board of directors will be seeking a judicial review of the stock exchange's public reprimand for breaches to the company's listing requirements, it said in a stock exchange filing today. The Main Market-listed company and seven of its directors were yesterday publicly reprimanded by Bursa Malaysia for its failure to ensure several of its announcements were factual, accurate, and not false or misleading. The company was also found to have breached a directive by failing to comply with Bursa Malaysia Securities' instruction dated Aug 15, 2023, to issue an immediate clarification on an earlier announcement made on July 7, 2023. The clarification was due by Aug 16, 2023. Seven directors – managing director Wong Thean Soon, executive chairman Datuk Norraesah Mohamad, and directors Datuk Mohd Jimmy Wong Abdullah, Wong Kok Chau, Datuk Seri Mohd Mokhtar Mohd Shariff, Datuk Mohd Jeffrey Joakim and Mohaini Mohd Yusof – were each fined RM150,000. "Further announcements on any material development will be made as and when it is appropriate and/or necessary," said the company in its filing. Trading in the securities of Zetrix AI has been halted from 9am to 10am today in light of the announcement. The stock was last traded at 98.5 sen a share yesterday.
Free Malaysia Today
2 days ago
- Business
- Free Malaysia Today
Bursa fines 7 Zetrix AI directors RM150,000 each for announcement breach
MyEG Services Bhd announced its name change to Zetrix AI Bhd, also changing its stock short name from MYEG to Zetrix, on June 30. (MyEG pic) 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.
