I have lost track over how many times I had the same tech tycoon’s name as the headline in a matter of weeks.
But “editorial wisdom” necessitates that a “celebrity” should be played up for maximum effect.
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There are truly no breaks for Wong Thean Soon (TS Wong) and Zetrix AI Bhd.
On Friday, the firm’s share price closed at 12 sen, marking a historic sell-off.
This was due to the Road Transport Department (JPJ) announcing the suspension of all services through parent Zetrix and its subsidiary MyEG Sdn Bhd as collection agents, effective Monday.
That brings to a halt road tax renewals, driving licence renewals and traffic summons processing handled through their platforms.
The suspension follows news by The Straits Times that Zetrix failed to remit more than RM200 million in public collections it had gathered on behalf of JPJ.
The Transport Ministry confirmed the arrears to another publication, The Edge, claiming they date back to the start of the company’s three-year contract in May 2023.
But the terse announcement failed to mention when the arrears were due.
Still, that was enough to kick off panic selling.
That day, Zetrix became the most actively traded stock on Bursa Malaysia, with more than 1 billion shares changing hands, sinking to an intraday low of 10 sen before closing at 12 sen, its weakest since June 2013.
The stock is now down about 85% over six months, valuing Zetrix at RM900 million.