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Zetrix AI, Formerly MyEG, Reprimanded As Seven Directors Fined Over Misleading Announcements
14 Jul 2025, 07:49 pm Updated - 09:01 pm
KUALA LUMPUR (July 14): Bursa Malaysia Securities Bhd has publicly reprimanded Zetrix AI Bhd, formerly known as MyEG Services Bhd and fined seven of its directors RM150,000 each over misleading announcements and non-compliance with a regulatory directive.
The company was found to have violated Paragraphs 9.35A(1)(a) and (b) of the Main Market Listing Requirements (Main LR) for failing to ensure its announcements dated July 7, Sept 13, and Sept 14, 2023 were factual, accurate and not misleading. It also breached Paragraph 2.23(1) by failing to comply with Bursa Malaysia's directive to clarify its July 7 statement by the stipulated Aug 16 deadline.
The reprimanded directors — including group managing director Wong Thean Soon and executive chairman Datuk Dr Norraesah Mohamad — were penalised RM100,000 each for the announcement breach, and RM50,000 each for the directive breach.
Other directors that were fined include non-independent non-executive director Datuk Mohd Jimmy Wong Abdullah and independent non-executive directors Wong Kok Chau, Datuk Seri Mohd Mokhtar Mohd Shariff, Datuk Mohd Jeffrey Joakim and Mohaini Mohd Yusof.
“There were no reasonable justifications for the failure of the company and directors to ensure that the announcements were factual, accurate, not false and misleading and comply with the directive,” Bursa Malaysia said in a statement on Monday.
To recap, the July 7 announcement claimed that the Ministry of Finance had approved Zetrix AI’s appointment as a collection agent for government revenue and its continued role as an online service provider for the Immigration Department.
However, Bursa Malaysia said these claims were inconsistent with the actual content of a letter from the Ministry of Home Affairs dated July 4, 2023.
Despite media reports highlighting concerns that the company continued charging fees for foreign worker permit renewals after its official concession expired in May 2023, Zetrix AI did not issue a timely clarification. It instead maintained the inaccurate claims in subsequent announcements in September, according to the regulator.
Bursa Malaysia noted in its statement that on Sept 12, 2023, The Edge Malaysia ran a story headlined “MyEG said to be charging fees for foreign worker permits despite contract suspension”, while New Straits Times published an article titled “MYEG illegally renewing workers permits”.
While the previous concession for immigration-related services had expired in May 2023, it was only in October that the company secured a new tender for online foreign worker permit renewals effective February 2024.
Bursa Malaysia noted that from May 23, 2023, to Jan 31, 2024, there was no approval for the company to continue collecting government revenue.
The regulator said the directors had failed to discharge their duties responsibly, even though they were aware of the discrepancies and the regulatory directive. It stressed that accurate and timely disclosures are essential for market integrity and investor confidence.
(Source: https://theedgemalaysia.com/node/762569)
Court Allows Zetrix AI To Start Judicial Review Against Bursa's Public Reprimand
21 Aug 2025, 07:22 pm
KUALA LUMPUR (Aug 21): Zetrix AI Bhd (KL:ZETRIX) said on Thursday the High Court has allowed the company to proceed with the judicial review against a public reprimand by Bursa Malaysia Bhd (KL:BURSA).
The court has granted leave or permission to challenge last month’s decision by Bursa, which also acts as a regulator, to impose a sanction on the company and fine its seven directors, Zetrix said in an exchange filing.
“The company and the board also intend to file an application to stay the enforcement of the decision arising from the public reprimand pending the disposal of the judicial review,” Zetrix said.
In civil proceedings, judicial review requires permission from the court before they can proceed to a substantive hearing to ensure the applications are not frivolous.
Zetrix, formerly known as MyEG Services Bhd, announced in July 2023 that it had received a letter confirming approval from the Ministry of Finance to continue as the government's agent for collecting fees and providing online services for the Immigration Department.
However, Bursa said the announcement was false and misleading because the letter from the Ministry of Home Affairs did not support the claims.
Not only did MyEG not correct the alleged mistake, the company kept repeating the claims in announcements on Sept 13 and 14, Bursa noted, even as news reports raised concerns about the company illegally charging fees for worker permits despite its contract being suspended.
Bursa noted that there was no approval for MyEG to continue collecting government revenue from May 23, 2023 to Jan 31, 2024 and the company only secured a new tender for online foreign worker permit renewals effective February 2024.
(Source: https://theedgemalaysia.com/node/767583)
Sunway Construction Says MACC Confirms Probe Limited To Staff's Personal Conduct, No Corporate Liability
19 Aug 2025, 02:24 pm
KUALA LUMPUR (Aug 19): Sunway Construction Group Bhd (KL:SUNCON) said on Tuesday that the company and its subsidiaries have been spared from an ongoing anti-graft probe targeting one of its employees.
The company received an official written confirmation on Aug 18 from the Malaysian Anti-Corruption Commission (MACC) that its investigations focus solely on the personal conduct of the individual concerned and it remains an isolated case, Sunway Construction said in an exchange filing.
The agency also confirmed that Sunway Construction and its subsidiaries avoided Section 17A of the MACC Act 2009 that spells out corporate liability if an employee commits bribery on behalf of the organisation.
Sunway Construction said separately that the employee in question has been terminated while awaiting investigation by authorities.
Further, the company said it has initiated a comprehensive audit and review of its tendering procedures to identify and address any procedural gaps across its operations to strengthen internal controls and safeguard against misconduct involving employees or subcontractors.
"We want to assure stakeholders that the integrity of SunCon’s operations remains intact and uncompromised," said Sunway Construction managing director Liew Kok Wing.
Liew also said the company has further enhanced its internal controls following MACC’s review to ensure project delivery is not affected.
The announcements followed Sunway Construction’s disclosure on July 21 that the MACC had initiated an inquiry against the employee in relation to engagements with unnamed subcontractors.
The MACC arrested a manager of an unidentified construction company, his wife, and two other men in the Klang Valley in an operation dubbed Op Ways launched in July to look into alleged corruption involving a data centre construction project tender in Johor worth about RM180 million.
Two companies were suspected of securing data centre projects by bribing the contract manager, according to state news agency Bernama.
A raid at the manager’s Petaling Jaya residence uncovered about RM7.5 million in cash, luxury watches, jewellery and gold coins. The suspect was in the process of burning nearly RM1 million in cash when the raid occurred, Bernama reported.
(Source: https://theedgemalaysia.com/node/767126)
Data Centre Tender Graft: Suspect Burned Nearly RM1m In Panic During MACC Raid
19 Jul 2025, 09:57 am
KUALA LUMPUR (July 19): A project manager of a leading construction company, who was arrested by the Malaysian Anti-Corruption Commission (MACC) over alleged corruption involving a data centre construction project tender, was reportedly willing to burn nearly RM1 million in cash to destroy evidence.
According to sources, the suspect attempted to destroy the cash out of panic and shock following a raid conducted by the MACC.
Sources said that during a raid at the suspect’s residence in Petaling Jaya on Thursday, a team of MACC officers discovered bundles of RM100 banknotes, amounting to nearly RM1 million, in the process of being burned.
“The suspect is believed to have acted in desperation by grabbing several bundles of cash and attempting to destroy them by fire upon seeing the arrival of the MACC team.
“After the house door was successfully opened, the MACC team conducting the raid found the interior filled with thick smoke emanating from the bathroom. Upon inspection, the team discovered burned RM100 banknotes amounting to nearly RM1 million in the bathroom,” the sources said.
A thorough inspection of the residence also led to the discovery of approximately RM7.5 million in cash, stored in several pillow boxes, along with three luxury watches — a Rolex, an Omega, and a Cartier — as well as various pieces of jewellery, including rings and gold coins.
All the items were seized by the MACC for further investigation.
Meanwhile, MACC deputy chief commissioner (operations) Datuk Seri Ahmad Khusairi Yahaya, when contacted, confirmed the incident.
He stressed that the suspect’s attempt to dispose of evidence constituted a serious offence, which could be prosecuted under Section 201 of the Penal Code, carrying a maximum sentence of seven years’ imprisonment and a fine, upon conviction.
However, Ahmad Khusairi added that the main focus of the investigation remains under Section 16 and Section 17A of the MACC Act 2009, which deal with bribery and corporate liability for corruption.
(Souce: https://theedgemalaysia.com/node/763274)
The Majority Of SMEs Don’t Know About SJPP - Don’t Miss This Financing Opportunity!
18 Aug 2025, 07:00 am
What Exactly Is SJPP?
Established in 2009, SJPP is a company wholly owned by Minister of Finance Incorporated to help SMEs gain access to financing.
Not a lender. SJPP does not provide financing; instead, it provides government guarantees of up to 80% of your business loan so financial institutions feel safe saying “yes”.
Minister of Finance Incorporated company. This makes it a trusted national policy tool, not a private finance company.
Mission: To assist businesses that fall outside traditional lending criteria — such as those with insufficient or no collateral, a limited track record, or those venturing into new industries or sectors — to secure loans from financial institutions.
Think of SJPP as a reliable guarantee provider endorsed by the Ministry of Finance. By taking on most of the credit risk, the government gives additional comfort for financial institutions to offer financing to SMEs.
How the Guarantee Works?
1.You may apply for a business loan at any participating Financial Institution (FIs).
2.The FIs evaluate your application to see if you meet their requirements and if it aligns with the SJPP scheme’s criteria and eligibility.
3.SJPP provides guarantee coverage of up to 80% of the financing amount approved by the financial institutions.
In short: Just ask your bank whether your application can be processed under the “SJPP guarantee”.
Who Can Benefit?
Contrary to popular belief, “Only big players qualify” is a myth. SJPP was created for SMEs that struggle with traditional requirements, including:
Business owners with limited assets to pledge as collateral
Fast-growing startups needing working capital
Green economy-industry firms scaling new technology
Export-focused SMEs
SMEs in the healthcare industry
Women-led enterprises aiming to expand
Tourism-related businesses licensed or registered with MOTAC
SMEs across the services sector such as retail, food and beverage, technology, contractors, logistics, education, and even home-based ventures
Here’s an example: Azira runs a small frozen-food factory in Kelantan. The bank was impressed with her sales but concerned about the lack of property collateral. With an SJPP government guarantee, the bank offers her a RM500,000 term-loan credit facility, enabling her to add a new production line and hire additional staff.
ask your banker one simple question: “Can my loan be guaranteed by SJPP?”
For scheme details and success stories, visit the official website: https://www.sjpp.com.my
(Source: https://theedgemalaysia.com/content/advertise/the-majority-of-smes-dont-know-about-sjpp--dont-miss-this-financing-opportunity)
Yong Tai Buys Sabah Property Developer For RM15m
26 Jun 2025, 07:08 pm
KUALA LUMPUR (June 26): Yong Tai Bhd (KL:YONGTAI) is acquiring Sabah-based property developer Sumberjaya Builders Sdn Bhd for RM15 million, as it aims to tap into development opportunities in Lahad Datu and Tawau.
According to its bourse filing, Sumberjaya has entered into two separate joint development agreements with landowners for 11.97 acres in Lahad Datu and 15.25 acres in Tawau. Under the agreements, the landowners will receive their entitlement in the form of property units upon project completion.
Both land parcels are strategically located within mixed-use developments comprising residential and commercial properties, with existing infrastructure, road access and public amenities. Given the short development cycle of three to five years, Yong Tai said the additional revenue from these projects is expected to enhance its profitability and improve shareholder returns.
Yong Tai also stated that the preliminary feasibility study estimates that the Lahad Datu project and Tawau project will generate development profits of about RM10.80 million and RM29.78 million, respectively.
The shareholders of Sumberjaya are Datuk Tan Kah Choun, Tan Siew Fong, Tan Cher Min, Hong Choe Hoar and Sa Fung Ching @ Sa Nyuk Lan.
The company has two wholly-owned subsidiaries, namely Sumberjaya Assets and Properties Sdn Bhd and Sumberjaya Hartanah Sdn Bhd.
As of March 31, Yong Tai has total cash of RM5.61 million against total borrowings of RM198.05 million.
At Thursday’s close, Yong Tai’s shares were down half sen or 2.9% at 16.5 sen, valuing the group at RM70.75 million. Year to date, the stock has fallen by 10.8%.
(Source: https://theedgemalaysia.com/node/760576)
NCT Alliance Buys 51% Stake In Sabah Property Developer For RM22m In Cash, Land Swap Deal
19 Mar 2025, 07:14 pm
KUALA LUMPUR (March 19): NCT Alliance Bhd has entered into a conditional sale of shares agreement (SSA) to acquire a 51% equity stake in Sabah-based property developer Setara Juara Sdn Bhd for RM22 million.
In a filing with Bursa Malaysia on Wednesday, the construction and property development group said its wholly-owned subsidiary, NCT Panorama, has signed the SSA with Setara Juara’s existing shareholders, Herman Lee Show Kien and Melvin Lee Ying, for the acquisition.
Back in September, both NCT Alliance and Setara Juara signed a memorandum of understanding for the deal.
Setara Juara owns the development rights for three plots of land measuring about 249.67 acres in Putatan, Sabah.
Dubbed Ion Marina Bay, the land has been earmarked for a property development project with an estimated gross development value of RM3.4 billion, according to NCT Alliance in a statement.
The project is expected to be developed over nine years from 2025 to 2033.
Ion Marina Bay is a mixed development project located two kilometres from the Putatan Town Centre and five kilometres from the Kota Kinabalu International Airport, which will feature residential, commercial and lifestyle components.
The proposed acquisition marks NCT Alliance’s second property development project in Sabah.
"This agreement marks another key milestone in NCT’s expansion into Sabah, reinforcing our vision of building sustainable communities in high-growth regions," said NCT Alliance executive chairman and group managing director Datuk Seri Yap Ngan Choy.
NCT Alliance added that Setara Juara’s Show Kien and Lee Ying are expected to continue playing key roles in the project’s development.
"Setara Juara has been deeply involved in shaping this development, and with NCT’s expertise and resources, we are confident this project will create a thriving, well-planned community that enhances Kota Kinabalu’s property landscape and brings lasting value to the state," Show Kien said.
The purchase will be funded through a combination of RM8.8 million in cash from internally generated funds or bank borrowings, while the remaining RM13.2 million will be through a “land contra”, NCT Alliance said.
The group did not state which land it is swapping for the deal.
Upon completion, Setara Juara will become a 51%-owned subsidiary of NCT Panorama and, in turn, an indirect subsidiary of NCT Alliance. Meanwhile, Show Kien and Lee Ying will each retain a 24.5% stake in the company.
As part of the acquisition, NCT Panorama, Show Kien and Lee Ying have also signed a shareholders’ agreement to govern their relationship in Setara Juara.
NCT Alliance expects the acquisition to be completed by the third quarter of 2025.
Shares in NCT Alliance rose three sen or 6.35% to close at 51 sen on Wednesday, giving the company a market capitalisation of RM960.59 million.
(Source: https://theedgemalaysia.com/node/748500)
Pristine Offshore, Chew Ben Ben Fail To Transfer Malaysia's First Corporate Liability Case To High Court
17 Jul 2023, 05:55 pm
SHAH ALAM (July 17): Malaysia's first corporate liability graft case, which involves offshore vessel support company Pristine Offshore Sdn Bhd, will continue to be heard in the Sessions Court here, following the High Court's dismissal on June 23 of the application filed by the company and its former director Chew Ben Ben to transfer the case to the High Court.
The case deals with the charge Pristine Offshore is facing under the new Section 17A of the Malaysian Anti-Corruption Commission (MACC) Act 2019 — which stated that a commercial organisation can be considered guilty if any of its employees and/or associates commit corruption for the benefit of the organisation. Chew has been charged with bribery under Section 16(b)(A) of the same Act for allegedly giving a bribe of RM321,350 to ensure that Pristine Offshore was awarded a subcontract from Petronas Carigali Sdn Bhd.
Chew is also formerly Datasonic Group Bhd's deputy managing director and largest shareholder with a 49% stake. He has been paring down his stake in the information and communications technology solutions group since he was charged in 2021, and earlier this month, he ceased to be a substantial shareholder of Datasonic by transferring his remaining shares to family members.
In dismissing their application, High Court judge Norsharidah Awang said Pristine Offshore and Chew had failed to show that the Session's Court judge Rozilah Salleh lack the competency or is incompatible to hear the matter, despite Pristine Offshore being the first in the country to be charged with corporate liability under the new section of the MACC Act 2019, saying Rozilah Salleh has been presiding graft cases since 2011.
“The learned Sessions judge has been in service for more than 30 years and should have experience in dealing with difficult cases due to competency for the adjudication on corruption matters. It was never mentioned in any of the affidavits in the motion to show the learned Sessions judge lack of such competency.
“There are no averments by both the applicants (Pristine Offshore and Chew) that the Sessions judge who would be trying this case was in any manner lacking in any of the judicial qualities. There is no question about the incompetence or incapability of the Sessions judge to deal with such issues should the matter arise,” Norsharidah said in her 18-page written judgement sighted by The Edge.
For these reasons, the High Court judge found that the application made to transfer the case under Section 417(b) of the Criminal Procedure Code to the High Court cannot be sustained and hence dismissed.
Pristine Offshore and Chew wanted the case to be heard at the High Court as they claimed that some question of law is likely to arise from the term “adequate procedures” contained in the new Section 17A of the MACC Act 2009 — which stated that a commercial organisation can be considered guilty if any of its employees and/or associates commit corruption for the benefit of the organisation — and that there is no precedent by any court in the country for the specified offence.
“The capability of Pristine Offshore under Section 17A of the Act is ambiguous if Chew is found guilty under a distinct and separate offence under Section 16(b)(B) of the same Act,” their application stated.
Pristine Offshore was charged on March 18, 2021, under Section 17A of the MACC Act 2009, which came into effect on June 1, 2020. The introduction of Section 17A enables the MACC to impose corporate liability on commercial organisations, including public and private limited companies, whose employees or associated persons are involved in corrupt practices or dishonest commercial misconduct. Pristine Offshore, through its director Datuk Abdul Kamal Mohd Mydeen, had claimed trial to the charge.
Both Pristine Offshore and Chew were represented by Bernard Francis, while deputy public prosecutors Low Chin Hew and Zander Lim Wai Keong appeared for the prosecution.
The Sessions Court has fixed Sept 19 for case management of the matter. It is understood, however, that Pristine Offshore and Chew have filed a notice of appeal over Norsharidah’s decision to the Court of Appeal.
(Source: https://theedgemalaysia.com/node/675103)
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