Zetrix AI Berhad has denied any involvement or association with former Human Resources Minister Datuk Seri M. Saravanan in relation to three graft charges brought against him, after Bursa Malaysia Securities queried the company over a sharp fall in its share price and high trading volume.
In a Bursa Malaysia filing on Friday (Aug 28), Zetrix AI said it understood that “unfounded rumours or speculation” linking the company to Saravanan may have contributed to the unusual trading activity in its shares.
The clarification came after Bursa Securities issued an unusual market activity (UMA) query to Zetrix AI following a sharp decline in its share price accompanied by high trading volume.
Responding to the regulator, Zetrix AI said it had conducted due enquiries with its directors and major shareholders, as well as reasonable enquiries with other relevant parties.
The company said there were no previously undisclosed corporate developments involving the group, including matters under negotiation or discussion, that could account for the trading activity.
Zetrix AI also addressed speculation surrounding Saravanan, who, according to the company’s announcement, was charged at the Sessions Court on Aug 28 with three counts of graft concerning the approval of foreign worker quotas.
“The Company wishes to clarify that it is not implicated in, nor associated in any way whatsoever with, the former Human Resources Minister, Datuk Seri M. Saravanan, in relation to the three charges of graft brought against him,” Zetrix AI said.
The company stressed that there was no basis for the rumours or speculation and that it was unaware of any connection between the charges and the business and affairs of the Zetrix AI group.
Apart from the speculation surrounding the former minister’s charges, Zetrix AI said it was unaware of any other possible explanation for the unusual trading activity.
The share price plunged 50% to close at 0.30.
