AmanahRaya Investment Management’s exposure to sukuk issued by Zetrix is estimated at between RM500 million and RM600 million. (File pic)PETALING JAYA: AmanahRaya Investment Management Sdn Bhd (Arim) has informed investors it is writing off the entire value of sukuk issued by Zetrix Al Bhd held by its funds, according to a report.
In a memo to investors, Arim said the fair value of the Zetrix sukuk is determined to be nil because it was unable to establish a reasonable basis for recognising any recoverable amount from the sukuk (Islamic bond).
The company also noted that Zetrix has no external auditor to confirm its financial position.
“We know this is difficult news,” Arim said in the memo that was sighted by The Edge.
