KUALA LUMPUR: The issues surrounding Zetrix AI Bhd concern corporate governance rather than misappropriation, says Datuk Seri R. Ramanan, accusing Datuk Seri Rafizi Ramli of sensationalising the matter.
“Zetrix is a double-A company,” the PKR vice-president told reporters after a ministry event here on Thursday (Oct 22), likening it to companies such as MMC and UMW.
“So when there is an issue like this, it is not misappropriation. It is a corporate issue, corporate governance. But he wants to sensationalise it,” he said.
“I am an engineer, he is an engineer too, but let me teach him a little about Zetrix,” he added.
MARC Ratings downgraded Zetrix AI’s RM2bil Islamic medium-term notes programme to BB+IS from AA-IS on Oct 16, citing pressure on the group’s finances and governance uncertainties.
The rating remains on MARCWatch Negative.
Zetrix AI, formerly known as My E.G. Services Bhd, has also withdrawn its interim dividend to preserve working capital.
Rafizi, a Bersama leader, has called on Prime Minister Datuk Seri Anwar Ibrahim to disclose the number of Zetrix AI shares held by the Employees Provident Fund, Retirement Fund (Incorporated) and Urusharta Jamaah Sdn Bhd.
He claimed the three funds could face potential losses of up to RM472mil if they were still holding the shares when a sell-off began on Aug 28.
Rafizi has said he will continue pursuing the matter until satisfactory answers are given and those involved are investigated, citing his previous scrutiny of issues involving 1MDB, Tabung Haji, Felda, Mara and the National Feedlot Corporation.
