BERSAMA co-leader Datuk Seri Rafizi Ramli is seemingly using the financial crisis engulfing Zetrix AI Bhd (formerly My E.G. Services Bhd) Zetrix AI Bhd as a convenient tool to undermine the Madani government.
Aside from stock punters who had their fingers severely burnt dabbling in Zetrix AI stock which in recent times has plunged 93.8% to a historic low of 5 sen, the former economy minister has made the e-government service provider-turned-Layer 1 blockchain outfit a punching bag by virtue of three key public funds’ involvement.
Based on publicly accessible financial reports, the former Pandan MP estimated that the Employees Provident Fund (EPF), Retirement Fund Inc (KWAP) and Urusharta Jamaah Sdn Bhd (UJSB) “face potential losses of RM472 mil based on a decline of 70.5 sen/share”.
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Below are publicly accessible financial reports of shares held by the three government-linked investment funds as shared by Rafizi:
- EPF
Number of Zetrix shares: 67,674,000 (information as of April 1, 2026)
- KWAP
Number of Zetrix shares: 390,090,000 (information as of Oct 2, 2025)
- UJSB
Number of Zetrix shares: 211,507,500 (information as of April 1, 2026)
‘Crony capitalism continues to thrive’
“No MP or political party has yet focused on the implications of Zetrix’s share price collapse for the public interest,” highlighted Rafizi who was formerly the PKR deputy president.
The latest holdings of these public funds in Zetrix are unknown as they’ll not be reported until Zetrix’s annual report for the 2026 financial year is finalised.
Nevertheless, the holdings disclosed as at October 2025 and April 2026 show that these three public funds held a substantial number of shares.
If these three public funds were still holding Zetrix shares when the sharp sell-off began on Aug 28, they may well have missed the opportunity to limit their losses and been left holding the shares until today.
According to Zetrix’s own financial reporting, its closing share price on April 1 was 75.5 sen. By Oct 19, its share price had fallen to 5 sen – a dramatic decline of 93.4% over six months with the sharp sell-off beginning on 28 August 2026.
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On this note, Rafizi took Prime Minister Datuk Seri Anwar Ibrahim who doubles up as Finance Minister to task.
In his contention, PMX “as a champion of good governance (CG)” should reveal how many Zetrix shares were held by government-linked investment companies (GLICs), including EPF, KWAP and UJSB as well as government-linked companies (GLCs) in the likes of Maybank and CIMB on April 1 this year.
“This disclosure is necessary to establish the extent of public fund exposure to Zetrix’s financial crisis,” justified Rafizi.
Additionally, PMX should also disclose how many shares remained held on Oct 20, 2026 and the extent of losses incurred by public funds through these GLICs and GLCs as a result of the Zetrix share price slump.
“How much consists of paper losses on shares still held and how much consists of realised losses on shares sold between April 1 and Oct 20, 2026 measured against their original purchase costs?” the former PKR deputy president further queried.
Zetrix’s collapse lays bare the crony capitalism that continues to thrive under Dato’ Seri Anwar Ibrahim’s administration.
I’ll continue to pursue this matter until the public receives satisfactory answers and those involved are investigated, just as I pursued previous financial scandals involving public funds under the UMNO administration: 1MDB, Tabung Haji, FELDA, MARA and NFC (National Feedlot Corp). – Oct 22, 2026
