Recently, the issue of Khazanah Nasional Berhad (a sovereign wealth fund of the Malaysian government) selling their stake in the e-commerce platform FashionValet for RM3.1 million had gone viral. This is due to the fact that they, as well as Permodalan Nasional Bhd (PNB), had suffered a total loss of RM43.9 million.
This later led to FashionValet founders, husband and wife duo, Datin Vivy Yusof and Datuk Fadzaruddin Shah Anuar resigning from their positions. The Malaysian Anti-Corruption Commission (MACC) has since stepped in to launch investigations into FashionValet, Khazanah, PNB and the Ministry of Finance (MOF).
Apparently, there may allegedly be a bigger fish to fry than FashionValet?
X page, FreeMalaysian, recently shared a shocking accusation against Khazanah and another company, Xeraya Capital, which are both allegedly run by a sibling duo.
They wrote, “(The) next big scam or even the biggest scam in Khazanah is in Xeraya Capital. They have invested in too many Mat Salleh con job companies.”
“Khazanah is headed by a younger brother, Amirul Feisal Wan Zahir. Its subsidiary, Xeraya Capital, which has invested in too many con job companies, is headed by his elder brother, Fares Wan Zahir. Nepotism at (its) best!”
FreeMalaysian claimed that the ‘Wan’ from Fares’ name was removed to blur the close family relationship between the two brothers.
“But the full name can be easily obtained if you Google it. Cronyism and nepotism run deep in Khazanah and its linked companies.”
FreeMalaysian went on to share further purported details they found, in regards to alleged mismanagement in Khazanah and Xeraya Capital.
“Who is Xeraya Capital? By their own admission, they were the brainchild of Khazanah Nasional Bhd providing ‘capital support via venture capital’ and ‘private equity’ to catalyse life sciences… lots of con words. They have a website but very little information on their financial achievements to date,”
“For a public-owned company, managing funds in hundreds of millions, if not billions, that is no transparency at all,” they asserted.
FreeMalaysian explained that Xeraya Capital invested in several companies under ‘Medical Technology’, though some of these companies apparently do not have websites while others, Xeraya Capital divested in and the company is no longer listed.
“Not sure the exact loss they suffered in that investment. I can bet Xeraya Capital would not have made money in ConforMIS as, at the time of their investment in 2015, the stock price the promoters IPOed was $14 to $16 but when they delisted the shares in 2023, the stock price dropped to $2.2600. That’s an 83% drop in stock price,”
“The name itself sounded like ‘ConfirmMiss’ and only the idiots in Khazanah could invest there.”
Another company under Xeraya Capital’s portfolio, as pointed out by FreeMalaysian, is allegedly failing miserably.
“The UK Company CONGENICA LTD is bleeding like hell and its entire capital is wiped out by the accumulated losses they have made to date. Since UK Company House is making the financial statements available FOC (free-of-charge), we can see that here,”
“You can take your time to analyse the rest of their investments but almost all (are) bleeding massively and the losses could dwindle (the) losses from Vivy Yusof’s FashionValet many times over. Now, Khazanah is awaiting the right time to kitchen sink the massive losses,” they said.
FreeMalaysian then took the time to invite others to look into Xeraya Capital and what they believe is the company’s mounting losses.
What do you think about this? Do feel free to share your thoughts in the comment section.
Also read: M’sian NGO Bashes Bank for Alleged Firing of Staff Who was Reportedly Sexually Harassed by Superior
This post first appeared on WORLD OF BUZZ.
