MyEG Services Bhd had denied allegations of illegally collecting fees for foreign worker permit renewal services despite the expiry of its contract.
In a note yesterday, the investment bank maintained its “buy” call on MyEG at 80 sen with an unchanged target price of RM1.16. The group also reconfirmed that all its services are consistently provided in accordance with the terms and regulations stipulated by the government.In its note, Maybank IB opined that MyEG had adhered to all government-mandated SOPs despite continuing to collect the permit renewal fees after its contract had expired on May 22.
MyEG’s management also revealed that the total quantum of refunds processed has been negligible to-date, said Maybank IB. This was primarily due to the low number of formal refund requests received thus far.