The Malaysian Anti-Corruption Commission (MACC) is widening its probe into FashionValet (FV) to assess potential fraud, examining whether Khazanah Nasional Bhd and Permodalan Nasional Bhd (PNB) were misled in their investments. Chief Commissioner Tan Sri Azam Baki recently disclosed that the ongoing investigation has uncovered several transactions from 2018 to 2023 that require further scrutiny.
Investigators are not only focused on possible breaches in corporate governance but also on whether FV’s founders, Datin Vivy Yusof and Datuk Fadzaruddin Shah Anuar, complied with legal and corporate standards in managing investments. One focal point of the probe is FashionValet’s acquisition of 30 Maple Sdn Bhd in the same year Khazanah and PNB collectively invested RM47 million in FV. Scoop, a news portal, reported that FV had paid RM95 million for 30 Maple, a company that operates the hijab brand dUCK, also founded by Vivy. Azam explained that investigators are evaluating whether Khazanah and PNB were appropriately informed about this acquisition, raising concerns about the transparency and legality of the transaction.
The MACC has also been examining claims that Khazanah and PNB faced substantial financial losses after investing in FV. Reports suggest that the two government-linked investment companies collectively suffered a loss of RM43.9 million, drawing public attention to the potential misuse of public funds. To facilitate the investigation, the MACC has seized around 60 boxes of documents from FashionValet, Khazanah, and PNB to conduct a detailed analysis, which is being handled by the agency’s forensic accounting division.
Additionally, in a recent search, MACC officers confiscated 11 luxury handbags and a luxury watch, collectively valued at approximately RM200,000, from the home of Vivy and Fadzaruddin. Several personal and company bank accounts associated with the FV founders, containing about RM1.1 million, have also been frozen as part of this probe. Azam has stated that the complexity of these financial transactions and corporate decisions may prolong the investigation, stressing that the MACC intends to carry out the process meticulously to ensure fairness.
He also assured that public pressure will not hasten the investigation, as the agency is bound by established procedures and laws, not public opinion. "While we understand the public’s concerns, our priority remains a fair and professional investigation. We must let the legal process guide us," he emphasized. The MACC’s focus is on unraveling any irregularities or lapses that may have contributed to the financial losses incurred by Khazanah and PNB.
Azam noted that the investigation team might summon Vivy and her husband for another round of questioning, as more documents and records are analyzed. This case has involved numerous sessions already, including the review of financial records, investments, and assets associated with FashionValet.
The potential involvement of such high-profile individuals and the impact of the investments on public funds have placed significant pressure on the MACC to ensure transparency in their findings. Azam has also indicated that any decision regarding potential arrests of those involved will rely on the outcomes and insights gathered by the investigators handling the case. With new information emerging, the case is likely to continue evolving as the MACC strives to get to the bottom of the financial dealings surrounding FashionValet and its investors.
Information Source: NST
Kamran is a content creator under the Newswav Creator programme, where you get to express yourself, be a citizen journalist, and at the same time monetize your content & reach millions of users on Newswav. Log in to creator.newswav.com and become a Newswav Creator now!
The User Content (as defined on Newswav Terms of Use) above including the views expressed and media (pictures, videos, citations etc) were submitted & posted by the author. Newswav is solely an aggregation platform that hosts the User Content. If you have any questions about the content, copyright or other issues of the work, please contact Newswav.
