In a serious turn of events, Zetrix AI Berhad (previously known as My E.G. Services Berhad) and seven of its directors 😬 have been publicly reprimanded and fined by Bursa Malaysia Securities for breaching Main Market Listing Requirements (Main LR).
This announcement, released on 14 July 2025, sheds light on the importance of timely and accurate disclosures by listed companies — and the consequences when those expectations are not met.
What Happened? 👀
Bursa Malaysia Securities found that Zetrix AI and its directors:
- Published misleading announcements on 7 July, 13 September, and 14 September 2023
- Failed to comply with a directive to issue clarification by 16 August 2023
The misleading statement involved a claim that the company had received government approval from the Ministry of Finance (MOF) and Ministry of Home Affairs (MOHA) to act as a collection agent for government revenue and to continue its services for the Immigration Department of Malaysia.
🚫 In reality, this approval was not in place at that time.
Despite a clear directive from Bursa and media reports questioning the announcement, the company continued to publish misleading statements in subsequent communications.
The Penalties: Who Was Punished?
Seven directors were found responsible and received the following penalties:
All seven received public reprimands and fines for:
- Allowing false/misleading announcements
- Failing to comply with Bursa’s directive
Total penalties imposed: RM1.05 million 💢💣
Bursa emphasized that:
- Transparency and timely disclosure are non-negotiable for listed companies
- Directors must uphold market confidence and accountability
- Failing to clarify misleading announcements damages public trust and market integrity
💢💢💢💢💢💢💢💢💢💢💢💢💢💢💢💢💢💢💢💢💢💢💢💢💢
Follow our active FB page via
Follow our Crowdfunding FB page via
Follow our ESG & Sustainability FB page via
No comments:
Post a Comment
Finance Malaysia Blog appreciates your comment. Cheers!