The Malaysian Anti-Corruption Commission (MACC) has recently frozen multiple personal and corporate bank accounts tied to the founders of the e-commerce platform, FashionValet. These accounts, owned by the husband-and-wife team who founded the company, are collectively valued at approximately RM1.1 million. This move is part of a larger probe into the financial dealings of the couple, centered on reported investment losses of RM43.9 million by two major Malaysian government-linked investment companies: Khazanah Nasional Bhd (Khazanah) and Permodalan Nasional Bhd (PNB).
According to sources familiar with the case, the MACC initiated these actions as part of an operation known as “Op Favish.” Last Monday, simultaneous raids were conducted by the MACC on FashionValet’s headquarters, as well as the Ministry of Finance (MOF), Khazanah, and PNB. During these raids, investigators collected financial records from the targeted locations to aid in understanding the flow and management of funds.
In a detailed breakdown provided by a source, the MACC has frozen a total of 11 personal bank accounts and six corporate accounts connected to the couple. These freezes amount to roughly RM1.1 million, and they are intended to secure assets while the investigation progresses. In addition, the MACC has already gathered statements from a range of critical individuals, including senior representatives from Khazanah, PNB, FashionValet, and other relevant stakeholders such as accountants, company appraisers, and introducers.
Furthermore, the investigation extended to the founders' private residence in Mont Kiara, Kuala Lumpur. Sources indicate that both founders arrived at the MACC office at approximately 1 p.m. for questioning, after which they were escorted to their home around 5:30 p.m. where the MACC conducted a search. This home inspection involved a team of 12 MACC officers and was conducted in the presence of the couple’s legal representative.
The search concluded at approximately 8 p.m., with officers seizing several luxury items from the premises. Among the confiscated goods were 11 designer handbags and a high-end wristwatch, all estimated to have a collective value of around RM200,000. This seizure is part of a strategy to secure potentially relevant assets and information as the probe deepens.
When approached for a statement, MACC Chief Commissioner Tan Sri Azam Baki confirmed both the account freeze and the search of the couple’s residence. He noted that the case is being pursued under Section 18 of the MACC Act 2009, which deals with the submission of false claims, among other corrupt practices. Azam also confirmed that the couple is expected to return to the MACC office at 10 a.m. the following day to continue providing information for the investigation.
The MACC’s actions underscore its dedication to investigating corruption and misuse of government-linked investment funds. As investigations continue, there is a strong public interest in uncovering the details of these financial transactions and in holding accountable any parties involved in potential financial misconduct. The case could have significant implications for corporate governance and the safeguarding of public funds in Malaysia, particularly within government-linked investment entities.
Source: Malay Mail
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