KUALA LUMPUR – The founders of the e-commerce platform FashionValet, Datin Vivy Yusof and her husband, Datuk Fadzaruddin Shah Anuar, are set to face charges at the Kuala Lumpur Sessions Court this Thursday.
The charges are related to an investment loss amounting to RM43.9 million involving Khazanah Nasional Berhad (Khazanah) and Permodalan Nasional Berhad (PNB) in FashionValet.
The matter was confirmed by Malaysian Anti-Corruption Commission (MACC) Chief Commissioner Tan Sri Azam Baki in an interview with Buletin TV3 earlier today.
“MACC has today carried out the arrest of the couple, and they have been granted bail to attend court on Thursday,” Azam said.
“Earlier today, around midday, they were at the MACC office and were released on MACC bail.”
On November 28, Azam said the MACC has completed its investigation paper on investments by several government-linked entities in FashionValet.
He said the investigation paper has been submitted to the commission’s Legal and Prosecution Division director for review and consideration.
Previously, the MACC investigated investment losses amounting to RM43.9 million involving Khazanah Nasional Bhd (Khazanah) and Permodalan Nasional Bhd (PNB) in FashionValet.
On November 5, Scoop reported, citing documents from the Companies Commission of Malaysia (SSM), that in December 2018, FashionValet acquired 30 Maple Sdn Bhd, a company reportedly wholly owned by Vivy and her husband, for RM95 million.
The acquisition occurred in the same year Khazanah and PNB invested RM47 million in FashionValet, a company co-founded by Vivy and Fadzarudin.
FashionValet’s 2018 annual report valued the 30 Maple brand at RM68.8 million, with an additional goodwill valuation of RM21 million.
It is understood that 30 Maple markets products under the Duck brand.
In a written parliamentary reply, the Finance Ministry recently revealed that Khazanah and PNB sold their RM47 million stake in FashionValet for just RM3.1 million. The revelation has sparked public outrage as it involved public funds.
According to the Finance Ministry, the sale represented a responsible exit strategy by Khazanah and PNB to a strategic investor.
“The losses from the sale of FashionValet shares were minimal compared to the total revenue generated by Khazanah and PNB during the respective year,” the ministry stated.
Following this, the Public Accounts Committee (PAC) is set to initiate proceedings in December to investigate the RM43.9 million public fund investment losses in FashionValet.
PAC chairperson Datuk Mas Ermieyati Samsudin said the proceedings, expected to begin in the second week of December, will summon representatives from Khazanah and PNB to explain the investment. – December 3, 2024