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Wong Thean Soon (aka TS Wong) is having the worst weeks of his corporate life.
And it all began with a rumour: that the company he controls, Zetrix AI, was somehow tied to the graft case of former human resources minister M. Saravanan.
Saravanan was charged late last month with allegedly taking RM1.097 million in bribes over foreign-worker quotas. He has claimed trial.
Zetrix denied any ties with the minister.
The firm told Bursa it was “not implicated in, nor associated in any way whatsoever” with the former minister or his charges.
Wong steadied nerves by telling analysts and investors on a call that he needed time to work through the forced sale.
But the stock market didn’t buy Zetrix’s explanation.
Its share price plunged, and a domino effect ran through the other companies Wong holds substantial stakes in.
Some of those companies quickly saw new, unidentified shareholders take up substantial blocks, alongside boardroom reshuffles.
This was especially clear with HeiTech Padu, the contractor building the national immigration system.
Wong’s own paper fortune shrank, too.
Aggressive corporate manoeuvres have always been a common sight on Bursa Malaysia.
So I reached out to Wong and asked him three things.