KUALA LUMPUR: Zetrix AI Bhd has denied any link to graft charges involving a former human resources minister.

In response to an unusual market activity (UMA) query from Bursa Malaysia Securities Bhd, Zetrix AI said it was not implicated in or associated with former human resources minister Datuk Seri M. Saravanan in relation to three graft charges brought against him at the Sessions Court on Aug 28 concerning the approval of foreign worker quotas.

“The company understands that these unfounded rumours or speculation linking the said charges to the company may have contributed to the trading activity,” it said in an exchange filing.

Zetrix AI said there was no basis for the speculation and it was not aware of any connection between the charges and the business and affairs of the group.

Following enquiries with its directors, major shareholders and other relevant parties, the company also confirmed there were no undisclosed corporate developments, including any at the negotiation or discussion stage, that could account for the trading activity.

Apart from the speculation surrounding the charges, Zetrix AI said it was not aware of any other possible explanation for the unusual trading activity.

Zetrix AI hit limit down on Friday, plunging 30 sen, or 50.4%, to 29.5 sen, with about 1.05 billion shares traded.