Zetrix AI loses entire audit committee after two more directors resign

KUALA LUMPUR, Oct 30 — Zetrix AI Bhd has been left with just three directors and no members on its audit committee after four of its seven board members resigned this month, as the technology company grapples with a breach of its sukuk covenant.

The Edge reported today that independent directors Datuk Othman Semail and Mohaini Mohd Yusof resigned yesterday over personal commitments and also stepped down from the audit committee.

Their departures came three days after Wong Kok Chau resigned as an independent director and audit committee chairman, while another independent director had left earlier in the month.

Filings with Bursa Malaysia said Othman and Mohaini had no disagreement with the board and that there were no matters requiring shareholders’ attention.

The remaining directors are non-independent non-executive chairman Datuk Dr Norraesah Mohamad, group managing director Wong Thean Soon and non-independent non-executive director Datuk Mohd Jimmy Wong Abdullah.

Zetrix AI said it would take the necessary steps to comply with Bursa Malaysia’s board composition requirements and fill the vacancies within three months.

The board changes come as the company works to resolve a breach of a covenant under its RM2 billion sukuk programme requiring Wong to remain its largest shareholder.

Zetrix AI told Bursa yesterday that the breach had triggered a dissolution event, but said it was not required to immediately repay the outstanding sukuk and that no payment default had occurred.

The company said it would continue engaging with the sukuk trustee and sukukholders to resolve the outstanding matters.