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.