Zetrix AI denies rumours linking company to ex
Zetrix AI Bhd has denied rumors linking the company to a corruption case involving former human resources minister Datuk Seri M Saravanan. The company's share price experienced a sharp decline following the speculation, prompting a query from Bursa Malaysia.
Why it matters
This highlights the impact of political scandal rumors on market stability and investor confidence in public companies.
BURSA SGX Home Tech Make The Edge Malaysia your preferred source on Google KUALA LUMPUR (Aug 28): Zetrix AI Bhd (KL: ZETRIX ) has clarified that it has no links with former human resources minister Datuk Seri M Saravanan who has been charged with corruption in relation to the approval of foreign worker quotas for a local company in 2022.
The company, which saw a massive 50% plunge in its share price in heavy trade on Friday, said it understood that unfounded rumours or speculation linking it to the three graft charges brought against Saravanan may have contributed to the trading activity.
"The company wishes to emphasise that there is no basis for such rumours or speculation, and the company is not aware of any connection between the said charges and the business and affairs of the Zetrix AI Group," the electronic government services provider said in a bourse filing.
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