Financial services firm Zetrix AI, formerly known as MyEG Services Bhd, reportedly owes the Road Transport Department (JPJ) more than RM200 million in funds collected from customers.
The Transport Ministry has confirmed the outstanding amount, according to The Edge, following a report by Singapore’s Straits Times that Zetrix had allegedly failed to remit funds collected for vehicle road tax, driving licence renewals and traffic summonses.
The Straits Times quoted a government official as saying the amount owed was “well over RM200 million” as of the end of September.
The report said the outstanding funds had accumulated since Zetrix’s three-year contract with JPJ began in May 2023, with the Transport Ministry reportedly considering its next course of action.
MyEG was established in 2000 and was appointed to provide online government services, including vehicle road tax and insurance renewals through its link-up with JPJ.
The company was rebranded as Zetrix in July 2025 as it shifted its focus from e-government services towards becoming a global technology infrastructure group.
Zetrix’s latest annual report showed other payables of RM95.5 million, covering trade payables, deposits received and accruals.
The company reported current liabilities of RM577.4 million and non-current liabilities of RM1.25 billion, with loans and borrowings accounting for most of its liabilities.
In February, the International Finance Corporation (IFC), the private sector arm of the World Bank Group, took a RM156 million stake in Zetrix to support the development of its technology.
However, external auditors have raised concerns over the company’s increasing development costs, which had exceeded RM3.7 billion, compared with less than RM200 million in 2020, according to the Straits Times report.
