KUALA LUMPUR – Local fashion brand Fashion Valet Sdn Bhd received nearly RM40 million in investment capital from state funds Khazanah Nasional Berhad and Permodalan Nasional Berhad (PNB) eight years ago, the Sessions Court was told today.
Public Bank Bukit Damansara branch banking services manager Tay Lay Hong, 54, testified that the funds were funneled into Fashion Valet’s Public Bank account across four separate transactions between March and December 2018.
“A review of Fashion Valet’s bank account statements revealed that Khazanah transferred RM7,848,000 on March 23, 2018, and RM11,742,000 on March 26, 2018, while PNB recorded transfers of RM11,953,500 on June 4, 2018, and RM8,364,996 on Dec 20, 2018,” she said.
Tay, the fifth prosecution witness, was taking the stand in the criminal breach of trust (CBT) trial of Fashion Valet founders Datin Vivy Sofinas Yusof, 38, and her husband, Datuk Fadzarudin Shah Anuar, 37. The couple stands accused of CBT involving RM8 million in investment funds from both Khazanah and PNB.
During her testimony, Tay confirmed that an RM11 million online ‘bulk payment’ transaction was executed from Fashion Valet’s corporate account on August 21, 2018.
“This money transfer transaction, amounting to RM11 million, falls under a category of payments requiring verification specifically, approval from an ‘authorised person’ for the Public Bank account held in the name of Fashion Valet Sdn Bhd. However, I am not certain who the authorised person for online banking was.
“To my knowledge, the appointment of an authorised person is based on a Directors’ Resolution; typically, the authorised signatory is the same individual as the authorised person for online banking,” Tay testified.
Tay, who joined Public Bank in 1993, also revealed details surrounding the couple’s personal bank accounts. She stated that Fadzarudin Shah’s bank statements reflected an incoming transfer of RM5 million on September 4, 2018, from 30 Maple Sdn Bhd, carrying the reference “Interim Dividend.”
“I also reviewed the bank statements for the account held in the name of Vivy Sofinas Yusof, which showed an incoming transaction of RM5 million from 30 Maple Sdn Bhd on September 3, 2018, with the reference ‘CIMB Rentas’,” she told the court.
She added that on September 5, 2018, an RM5.5 million counter withdrawal was made from each of the couple’s respective personal accounts at Public Bank.
Under cross-examination by defense counsel Datuk M. Athimulan, Tay confirmed that her entire witness statement was based on bank documentation, including account statements. She also agreed that the RM11 million ‘bulk’ payment withdrawn from Fashion Valet’s account was not transferred into a single personal account, but was instead utilized for corporate liabilities, including staff salaries and shop rentals.
Vivy and Fadzarudin face main charges under Section 409 of the Penal Code, read together with Section 34, for allegedly acting with common intention as directors to transfer RM8 million from Fashion Valet’s corporate bank account to 30 Maple Sdn Bhd without the Board of Directors’ approval.
The alleged offense took place at the Public Bank Berhad branch in Bukit Damansara on August 21, 2018. If convicted, they face imprisonment between two and 20 years, whipping, and a possible fine.
The couple also pleaded not guilty to an alternative charge under Section 403 of the Penal Code for dishonestly misappropriating the RM8 million investment funds at the same place and date. Conviction under Section 403 carries a jail term of six months to five years, whipping, and a mandatory fine.
The trial, presided over by Judge Rosli Ahmad, is set to resume on November 3. – October 16, 2026