Zetrix AI Bhd is facing a leadership crisis after four of seven board members, and all three of its audit committee members, quit in recent weeks. (File pic)PETALING JAYA: Zetrix AI Bhd can heave a sigh of relief as its bond holders are not demanding immediate repayment of the outstanding amount under its RM2 billion sukuk programme following a covenant breach.

However, the embattled digital services company confirmed a "dissolution event" was triggered following its breach of the covenant requiring its founder and managing director Wong Thean Soon to remain its largest shareholder.

Forced share sales triggered by margin calls on Wong’s share-backed financing facilities has slashed his stake to about 1.84% from nearly 30% prior to the sell-off which started end-August.