Zetrix AI Berhad (formerly MY E.G. Services), a Malaysian company, is grappling with serious corporate governance issues, as four out of its seven directors stepped down during October 2026.
The Zetrix AI Resignations have left the tech firm with no functioning audit committee and three directors, raising questions about the company’s regulatory compliance and oversight.
The resignations come at a time when financial strains are being felt in the company’s RM2 billion sukuk programme, highlighting the need for governance to improve.
Zetrix AI Resignations: October 2026 Timeline
Dato’ Sri Mohd Mokhtar Mohd Shariff, who is an independent director, left on October 12. Wong Kok Chau tendered his resignation on October 26, and Datuk Othman Semail and Mohaini Mohd Yusof followed suit on October 29. The resignations left the board with only three members.
Audit Committee Vacancies Raise Governance Concerns
When Wong resigned, his replacement took the place of the audit committee chairman. Othman and Mohaini’s subsequent resignations meant there were no other members of the audit committee left. Immediate concerns arise with respect to financial reporting supervision and independent oversight and internal controls are not addressed at the board level by an audit committee.
Bursa Malaysia Listing Requirements and Compliance Deadline
Companies are required to have the right mix of board independence and audit committee members under Bursa Malaysia’s Main Market Listing Requirements. Zetrix AI announced that they will fill the director positions within three months, based on Paragraph 15.02, and the requirements in the audit committee must receive attention as well.
Sukuk Covenant Breach Adds Financial Pressure
The leadership changes come as part of a covenant violation for Zetrix AI’s RM2 billion sukuk programme. The company reported that a “dissolution event” had happened, but insisted it did not need to be repaid immediately and that there was no “default on payment.
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