Rexit shares slide 4% as major shareholders jailed for data crime conspiracy

KUALA LUMPUR: Shares in Rexit Bhd dropped 4% in early Friday trade after news broke that two major shareholders were sentenced to jail by a Singaporean court for conspiring with an alleged Chinese cybercriminal to obtain the personal data of over 9,300 individuals illegally. The software as a service (SaaS) provider fell 4%, or three sen to 72 sen with 1.1 million shares traded.

The counter has fallen over 16% so far this year. According to local news reports in Singapore, Datuk Seow Gim Shen, 42, and Kong Chien Hoi, 39, pleaded guilty to one charge each of conspiring with Chinese national Sun Jiao to obtain the personal information of 9,369 individuals. On Oct 24, Kong and Seow were each sentenced to 14 weeks’ jail.



Seow holds a 23.33% stake in Rexit, while Kong owns 18% through his investment company, Metaco Asset Holdings Sdn Bhd..