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MACC aims to complete FashionValet probe in two weeks: Azam | Scoop
Malaysian Anti-Corruption Commission (MACC) Chief Commissioner Tan Sri Azam Baki says the investigation into the FashionValet case is expected to be completed within two weeks. - Bernama file pic, November 14, 2024
News

MACC aims to complete FashionValet probe in two weeks: Azam

The top graft buster said no arrests made so far, and all parties have fully cooperated

Main Author Image
Irwan Shafrizan Ismail
Updated
6:40 PM MYT

 

KUALA LUMPUR – The Malaysian Anti-Corruption Commission (MACC) aims to complete its investigation into the investment losses involving the e-commerce platform FashionValet Sdn Bhd within two weeks.

Its Chief Commissioner, Tan Sri Azam Baki, said that to date, MACC has recorded the statements of 14 individuals, with four more expected to be called for questioning.

“The investigation is ongoing, and so far, 14 individuals have been interviewed. We expect to call four more,” he said briefly to Scoop today.

MACC also confirmed that no arrests have been made, and all parties have been fully cooperative.

Earlier, MACC announced it was reviewing and investigating the cash flow received by the founders of FashionValet, Datin Vivy Yusof and her husband, Datuk Fadzaruddin Shah Anuar.

The commission has identified several suspicious financial transactions dating back to 2018, including in the investigation into investment losses by Khazanah Nasional Berhad (Khazanah) and Permodalan Nasional Berhad (PNB) in the FashionValet platform.

Vivy Yusof and Fadzaruddin are under investigation in relation to the reported losses of RM43.9 million in investments from Khazanah and PNB in FashionValet.

MACC has also seized 60 boxes containing various documents from FashionValet, Khazanah, and PNB to assist in the investigation, with MACC’s accounting forensic unit currently reviewing all the seized documents.

Previously, MACC raided the couple’s residence and confiscated 11 luxury handbags and a luxury watch worth approximately RM200,000.

Additionally, MACC has frozen several personal and company bank accounts owned by the founders, with a total amount of around RM1.1 million.

In the wake of this, the Public Accounts Committee (PAC) will begin proceedings regarding the RM43.9 million loss in public fund investments in FashionValet this December.

PAC Chairman, Datuk Mas Ermieyati Samsudin, said the proceedings, expected to begin in the second week of December, will summon Khazanah and PNB to provide clarification on the investment.

The loss has sparked public outrage following a recent written response in Parliament by the Ministry of Finance, revealing that Khazanah and PNB sold their RM47 million stake in FashionValet for just RM3.1 million.

The Ministry of Finance stated that the sale was a responsible exit for both Khazanah and PNB, involving a transfer of shares to a strategic investor. – November 14, 2024

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