Zetrix proposes settlement of government dues after JPJ suspension
Transport Minister Anthony Loke Siew Fook said RM314 million in collections had not been remitted, while Zetrix did not disclose the amount in its statement.
Zetrix AI Bhd said on Oct 5 that it had put forward a proposal to address unpaid government remittances following the suspension of its Road Transport Department (JPJ) collection services. The company said it was prioritising its obligations and seeking approval to resume the affected services.
Transport Minister Anthony Loke Siew Fook said Zetrix had failed to remit RM314 million collected for JPJ between May and September. Zetrix did not specify its outstanding dues, but said all transactions made before the suspension had been completed.
JPJ cited breaches of contract and unfulfilled obligations when announcing that Zetrix and subsidiary MyEG Sdn Bhd would be suspended as collection agents. The suspension took effect on Oct 5.
According to Loke, payment remained outstanding despite four sessions involving stakeholders held by his ministry and JPJ, along with 35 reminders. He said Zetrix issued a RM231 million cheque in September but directed its bank to halt payment when the cheque was credited on Sept 30.
Loke said the government would seek recovery of the arrears and discuss further action with the Finance Ministry and other agencies, with civil proceedings among the options. Resumption of Zetrix's services would require settlement of the arrears, and further conditions would apply even after full payment, he said.
Zetrix shares ended trading on Oct 5 at 6.5 sen, down five sen or more than 40%, marking a 13-year low. Trading volume exceeded one billion shares.
Since selling began at the end of August, the stock has shed about 90% of its value. Nearly RM5 billion in market value has been erased, with the company's market capitalisation standing at RM513 million.
