Zetrix AI Bhd has confirmed that its Road Transport Department (JPJ) services are temporarily suspended from Monday, as scrutiny intensifies over reports that more than RM200 million in collections made on behalf of the department remain unremitted.
The company referred to an Oct 2 news report and a notice issued by JPJ on the same date, confirming that the department’s services through the company would be temporarily suspended effective Oct 5.
“The company is currently in discussion to resolve the issues and will make further announcements on any material development as and when it is appropriate and/or necessary,” Zetrix AI said.
Trading in Zetrix AI shares is also being suspended on Monday morning ahead of a scheduled press conference by Transport Minister Anthony Loke Siew Fook, who is expected to address the suspension of My E.G. Sdn Bhd and Zetrix AI as JPJ collection agents.
Loke’s press conference is scheduled for 11am at the Transport Ministry in Putrajaya. It remains to be seen whether he will directly address reports concerning the more than RM200 million allegedly outstanding to JPJ.
JPJ announced last Friday that My E.G. and Zetrix AI, both under the MYEG Group, would be suspended as collection agents from 12.01am on Oct 5 after considering their compliance with contractual terms and conditions as well as obligations that remained unfulfilled or unresolved.
The controversy centres on reports that Zetrix AI, formerly known as MyEG Services Bhd, had yet to remit more than RM200 million collected from customers for transactions including road tax and driving licence renewals and traffic summons payments. Reports said the amounts had accumulated under a three-year JPJ contract that began in May 2023.
The counter last traded at 11.5 sen on Friday, after falling 30.3% during the session, as investors reacted to the developments surrounding the group.
Separately, MARC Ratings on Sunday revised Zetrix AI’s MARCWatch status to Negative from Developing, citing heightened concerns over transparency and governance as well as the continued absence of information it said was needed to assess the company’s credit profile.
