Parti Bersama Malaysia (Bersama) leader Datuk Seri Rafizi Ramli has urged Prime Minister Datuk Seri Anwar Ibrahim to explain three key issues surrounding the financial crisis facing Zetrix AI Berhad, formerly known as MyEG Services Berhad.
Rafizi said the first issue concerns the shareholdings held by government-linked investment companies (GLICs), including the Employees Provident Fund (EPF), Retirement Fund Inc (KWAP) and Urusharta Jamaah Sdn Bhd (UJSB), as at April 1, 2026.
He said the government should also disclose the shareholdings held by government-linked companies (GLCs), including Maybank and CIMB, to establish the extent of public funds’ exposure to Zetrix’s financial difficulties.
The second issue is the latest shareholdings held by these funds as at October 20, along with the losses incurred following Zetrix’s share price collapse. Rafizi called for a breakdown of paper losses on shares still held and realised losses on shares sold between April 1 and October 20, 2026, compared with their original purchase prices.
The third issue concerns the technology provider for the National Integrated Immigration System (NIISe) following Zetrix’s disposal of its stake in HeiTech Padu Berhad. Rafizi questioned which company would now supply the technology and how the change would affect the implementation of the national-security-level project.
In a statement on Tuesday, Rafizi said the public expected Anwar, who has championed good governance, to address these questions openly.
He cited Zetrix’s financial reports, which showed that the company’s shares closed at 75.5 sen apiece on April 1, 2026, before falling to five sen on October 19 — a decline of 93.4% over six months.
Based on publicly available financial reports, Rafizi said the EPF held 67,674,000 Zetrix shares as at April 1, 2026, while KWAP held 390,090,000 shares as at October 2, 2025. UJSB held another 211,507,500 shares as at April 1, 2026.
However, the latest shareholdings of the three public funds remain unknown, as the information has yet to be reported pending the finalisation of Zetrix’s annual report for the 2026 financial year.
Rafizi said the recorded holdings in October 2025 and April 2026 indicated that the three funds had substantial investments in the company.
If the EPF, KWAP and UJSB continued to hold their Zetrix shares when the sharp decline began on August 28, they may have missed opportunities to limit their losses, he said.
Rafizi did not rule out potential losses of up to RM472 million for the public funds, based on a share price decline of 70.5 sen per share.
He added that the crisis extended beyond potential losses to public funds. Zetrix had also faced difficulties with its cash flow, alongside an alleged failure to remit RM314 million in government revenue collected on behalf of the Road Transport Department (JPJ).
The latest development involved a breach of the terms of a RM2 billion sukuk issued by Zetrix, which Rafizi said remained unresolved.
