Zetrix denies rumours of link to Saravanan case

Zetrix AI Group, formerly known as MyEG, denied any connection to the case involving former manpower minister M Saravanan, following a more than 50% drop in its stock price at the early morning trading on Tuesday. In a statement to Bursa Malaysia, the company said it understood the rumors or baseless speculation linking it to Saravanan might have contributed to the unusual stock movement, according to Bernama.

Zetrix AI's shares closed at 59.5 sen today, with 1.05 billion shares traded, down 30 sen or 50.4% from its opening price of 29.5 sen, wiping nearly RM2.4 billion from its market capitalization. The sharp decline also prompted Bursa Malaysia to halt Zetrix AI's short selling activity until the end of trading today. In a statement earlier today, Zetrix AI, formerly known as MyEG, clarified that the company was not implicated or had any connection to Saravanan in relation to three charges of fraud he faced in the Magistrates' Court concerning the issuance of work permit quotas.

The group said there was no basis to the rumor or speculation and it is unaware of any connection between the charges against Saravanan and its business or affairs. Apart from the speculation, Zetrix AI said it is unaware of any other factors that might explain the unusual stock movement.