Zetrix denies rumours of link to Saravanan case

Zetrix AI Group, formerly known as MyEG, denied any connection to former human resources minister Saravanan's bribery case following a more than 50% drop in its share price at the opening bell. In a statement to Bursa Malaysia, Zetrix AI acknowledged that the rumors or unfounded speculation linking it to Saravanan might have contributed to the unusual movement in its stock price.

The company's shares closed at 59.5 sen today, having traded 1.05 billion shares, down 30 sen or 50.4% to 29.5 sen, resulting in nearly RM2.4 billion wiped off its market capitalization. The sudden downturn also prompted Bursa Malaysia to halt Zetrix AI's short-selling activity until the end of trading today. In a statement later today, Zetrix AI, which previously operated as MyEG, clarified that the company had no connection or involvement with Saravanan in three charges of bribery being brought against him at the Magistrate's Court related to the issuance of work permit quotas.

The group stated there was no basis for the rumor or speculation and that it was unaware of any connection between Saravanan's legal troubles and the company's business or affairs. Apart from the speculation, Zetrix AI said it was unaware of any other factors that might explain the unusual movement in its stock price.