The revelation by the Transport Minister that Zetrix AI Bhd failed to remit RM314 million in collections to JPJ despite receiving 35 reminder notices and four engagement sessions presents a severe governance crisis
As revealed by the Transport Minister, Zetrix AI Bhd ignored 35 reminder notices and 4 engagement sessions.
It appears that there is a clear gap between the corporate governance standards that Bursa Malaysia and the Securities Commission (SC) advocate for and how things are playing out in reality.
This situation feels like a mockery of corporate governance codes.
Bursa Malaysia and the Securities Commission (SC) frequently emphasize transparency, minority shareholder protection, and fiduciary duty, so it can be incredibly disheartening when a market event seems to contradict those exact principles.
When a Main Market listed entity acts with what looks like total disregard for statutory bodies and good corporate governance practices preached by the market regulators, it stains the entire market's reputation.
Minority shareholders are left holding the bag as the stock faces trading suspensions and immense downward pressure.
The case with Zetrix AI Bhd clearly showed a stark gap between preached corporate governance and real-world compliance.
As a government collection agent, funds collected for road tax and driving license renewals are not corporate revenue—they belong to the state.
Ignoring 35 statutory reminders while the debt mounted raises massive red flags regarding accountability and financial management.
Prior to this issue, a highly unusual event in September 2026 where Zetrix abruptly halted a scheduled 2.89 sen cash dividend because a single, unnamed substantial shareholder got a court injunction due to a private dispute over a nominee account.
Why a single shareholder's private row was allowed to block payouts to all public shareholders?
In July 2025, Bursa Malaysia publicly reprimanded and fined seven Zetrix directors RM150,000 each (totaling RM1.05 million) for making false, misleading, and inaccurate announcements
If the Securities Commission and Bursa Malaysia want capital market participants to believe in their corporate governance framework, a public reprimand or a standard financial penalty on Zetrix AI Bhd may no longer suffice.
The investing public are watching to see if regulators will pursue severe enforcement actions including criminal actions against the board of directors for breach of fiduciary duties and failure to maintain proper internal control frameworks and possible misuse of public funds.
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