The Securities Commission Malaysia (SC) has visited Zetrix AI’s headquarters in Petaling Jaya in connection with an investigation involving the company.

The Edge Malaysia reported the visit on 28 October, citing sources familiar with the matter.

Zetrix AI, formerly known as MyEG Services Bhd, collects payments for Malaysian government agencies and operates the Zetrix blockchain platform.

In February, the company secured US$40 million from the International Finance Corporation to expand its digital identity and blockchain infrastructure.

Zetrix AI has faced several setbacks since late August. In early October, the government suspended the company’s status as a collection agent for the Road Transport Department (JPJ) over RM314 million in unremitted revenue owed to the department.

Transport Minister Anthony Loke Siew Fook told Parliament that the government was in the process of taking legal action, including a civil suit, after the company failed to settle the outstanding collections and penalties within the stipulated period.

He said companies could not use government collections to fund their operating expenses.

The Royal Malaysia Police (PDRM) and the Malaysian Anti-Corruption Commission (MACC) are reportedly sharing intelligence in connection with a police investigation into the JPJ arrears.

Zetrix AI said it was cooperating fully with the authorities and that its day-to-day operations remained unaffected.

About two weeks after the JPJ suspension, Zetrix AI disclosed that it had breached a covenant under its RM2 billion sukuk programme. The covenant requires managing director Wong Thean Soon to remain the company’s largest shareholder.

84%.

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