Zetrix AI loses entire audit committee after two more directors resign
Zetrix AI Bhd is facing a corporate governance crisis after four of its seven board members resigned, leaving the company without an audit committee. The resignations coincide with the company's efforts to resolve a breach of a covenant related to its RM2 billion sukuk programme.
Why it matters
The loss of key board members and audit oversight raises significant concerns regarding corporate transparency and financial stability for investors.
KUALA LUMPUR, Oct 30 — Zetrix AI Bhd has been left with just three directors and no members on its audit committee after four of its seven board members resigned this month, as the technology company grapples with a breach of its sukuk covenant.
The Edge reported today that independent directors Datuk Othman Semail and Mohaini Mohd Yusof resigned yesterday over personal commitments and also stepped down from the audit committee.
Their departures came three days after Wong Kok Chau resigned as an independent director and audit committee chairman, while another independent director had left earlier in the month.
Filings with Bursa Malaysia said Othman and Mohaini had no disagreement with the board and that there were no matters requiring shareholders’ attention.
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