- 'EPF, KWAP and UJSB face potential losses
- of RM472 million - Rafizi Ramli'
- RM2 billion sukuk issuance, which remains
- unresolved
๐ ๐๐๐๐ ๐ฅ๐๐๐๐๐ฆ๐
20 October 2026
๐ฃ๐จ๐๐๐๐ ๐๐จ๐ก๐ ๐๐ซ๐ฃ๐ข๐ฆ๐จ๐ฅ๐ ๐๐ก๐ ๐ง๐๐ ๐๐ ๐ฃ๐๐๐๐๐ง๐๐ข๐ก๐ฆ ๐ข๐ ๐ญ----๐ซ’๐ฆ ๐ฆ๐๐๐ฅ๐ ๐ฃ๐ฅ๐๐๐ ๐๐ข๐๐๐๐ฃ๐ฆ๐
BERSAMA wishes to draw public attention to the financial crisis engulfing Z----x (formerly MyEG),
a company of significant public interest whose activities have major implications for national
security.
So far, discussion of Z----x has largely been confined to investors on Bursa Malaysia following
the sharp collapse in its share price.
No Member of Parliament or political party has yet focused on the implications of Z----x’s share
price collapse for the public interest.
According to Z----x’s own financial reporting, its closing share price on 1 April 2026 was 75.5 sen.
By 19 October 2026, 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.
Based on publicly accessible financial reports, the following public funds held shares in Z----x:
๐๐ช๐ฆ๐ฃ
Number of Z----x shares: 67,674,000
Information as at: 1 April 2026
๐๐ช๐๐ฃ
Number of Z----x shares: 390,090,000
Information as at: 2 October 2025
๐จ๐ฟ๐๐๐ต๐ฎ๐ฟ๐๐ฎ ๐๐ฎ๐บ๐ฎ๐ฎ๐ต (๐จ๐๐ฆ๐)
Number of Z----x shares: 211,507,500
Information as at: 1 April 2026
The latest holdings of these public funds in Z----x are unknown, as they will not be reported
until Z----x’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 Z----x shares when the sharp sell-off began on
28 August 2026, they may well have missed the opportunity to limit their losses and been
left holding the shares until today.
If that is the case, EPF, KWAP and UJSB face potential losses of RM472 million,
based on a decline of 70.5 sen per share.
The financial crisis involving Z----x extends beyond losses to public funds alone.
Over the past month, besides failing to remit RM314 million in government revenue collected
on behalf of the Road Transport Department (JPJ), Z----x has continued to face cash flow
difficulties. The latest development is a breach of the terms of its RM2 billion
sukuk issuance, which remains unresolved.
It is publicly known that H--T--h P--u was awarded a contract worth RM1.05 billion to develop
the National Integrated Immigration System (NIISe).
When H--T--h P--u won this contract in 2024, its two largest shareholders were xxx jointly
controlled by His Royal Highness yyy and zzz and Z----x, previously known as MyEG.
H--T--h P--u also announced that Z----x was its technology partner and would jointly develop
the technology used in NIISe.
However, following the financial crisis engulfing Z----x, the company sold its entire
16.9% stake in H--T--h P--u on 2 September 2026, raising questions about its role
as a technology provider for the NIISe project.
In light of these developments, I believe the gomen must stop remaining silent and
hoping that this issue escapes public attention.
As a champion of good governance, the gomen carries the public’s high expectations
that it/they will explain the following:
1. How many Z----x shares were held by GLICs including EPF, KWAP and UJSB, and GLCs
including M--bank, C--B and others, on 1 April 2026? This disclosure is necessary to
establish the extent of public fund exposure to Z----x’s financial crisis.
2. How many shares remained held on 20 October 2026, and what losses have public funds
incurred through these GLICs and GLCs as a result of the Z----x crisis? How much consists of
paper losses on shares still held, and how much consists of realised losses on shares sold
between 1 April 2026 and 20 October 2026, measured against their original purchase costs?
3. Which company is providing the technology for NIISe following Z----x’s disposal of its
stake in H--T--h P--u, and what are the implications for the implementation of this
national security project?
Z----x’s collapse lays bare the crony capitalism that continues to thrive under the gomen
administration.
I will 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.
For BERSAMA
๐ฅ๐๐๐๐ญ๐ ๐ฅ๐๐ ๐๐
The full media statement is available on the BERSAMA website:
https://bersama.org/ms/kenyataan-media/01a1572b-9fc4-7377-ba66-9fa9c643f743
