MACC and Police Probe MyEG and Zetrix AI Over RM314 Million Unremitted Revenue
The Malaysian Anti-Corruption Commission has stepped into an active police investigation regarding RM314 million in unremitted government revenue involving MyEG Sdn Bhd and its parent company Zetrix AI Berhad, following a formal complaint lodged on Oct 7. According to a statement issued by the anti-graft agency, the Royal Malaysia Police are already examining the matter under penal laws, and the commission will coordinate closely with police to share information on offenses within police jurisdiction.
MACC Monitors Police Inquiries for Bribery Indicators
The anti-corruption agency stated that if indicators of bribery, corruption, or abuse of power emerge during ongoing police inquiries, the relevant files will be transferred to the commission for immediate enforcement action. The commission did not disclose the specific identity of the complainant or the detailed charges outlined in the document, but urged anyone with credible information on the transactions to come forward.
The Malaysian Anti-Corruption Commission confirmed receipt of the official complaint last Wednesday concerning the arrears owed by MyEG and Zetrix. The commission reiterated that any evidence of corruption uncovered by police will be referred directly to the commission for further action.
Suspension of Collection Services and Unremitted Arrears
Transport Minister Anthony Loke disclosed on Oct 5 that the two concessionaires owe the federal government RM314 million in uncollected public funds gathered from motorists since May, which initiated this regulatory crackdown.
Loke refuted earlier assertions that the debt spanned three years, explaining instead that these monies—gathered from traffic summonses, driving licences, and vehicle road tax—never reached the primary account of the Transport Ministry. Zetrix AI was formerly known as My E.G. Services Berhad.
Since May, the ministry and the Road Transport Department have issued 35 formal demand notices and convened four consultative meetings with key stakeholders, including the Ministry of Finance, according to Loke.
Although the firms provided a post-dated cheque for RM231 million on Aug 21 to be cleared by Sept 30, the transaction was subsequently halted upon presentation following directives from the companies.
Because of this default, the Road Transport Department and the Transport Ministry halted all payment gateway operations via Zetrix AI and MyEG until the entire RM314 million balance is fully retrieved.
Emphasizing that the funds belong strictly to the Malaysian public and that the enterprises acted solely as collection agents, Loke announced that authorities are currently preparing civil litigation to recover the outstanding balance.
Public transactions have since transitioned to direct government platforms, including the MyJPJ mobile app, the official portal, physical service counters, and digital kiosks.
Zetrix Shares Fall Amid High Borrowings
Zetrix, formerly known as MyEG Services Bhd, has provided online processing of Road Transport Department services such as road tax and driving licence renewals since 2000, with its latest three-year contract beginning in May 2023, according to The Edge Malaysia.
The firm maintained RM541.6 million in cash alongside RM532.9 million in digital assets at the close of June, contrasted against borrowings totaling RM2.19 billion and trade payables, accruals, and other payables exceeding RM90 million.
During Tuesday’s noon market break, the valuation of the group settled at RM552.8 million as Zetrix shares dropped by half a sen, or 6.67%, to reach seven sen.
Following a late-August sell-off driven by reports that major shareholder Wong Thean Soon faced forced liquidation—which slashed his shareholding from 29.955% down to 6.438%—the stock suffered a drop exceeding 90% over a span of slightly more than a month, ultimately hitting a 13-year low of 6.5 sen on Oct 5.
