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PAC mulls calling FashionValet founders, Khazanah, PNB over RM47 mil investment  | Scoop
The PAC may call co-founders Datin Vivy Yusof and her husband Datuk Fadzarudin Shah Anuar, as well as representatives from Khazanah and PNB to explain the RM47 million investment into FashionValet. – FashionValet pic, November 6, 2024
News

PAC mulls calling FashionValet founders, Khazanah, PNB over RM47 mil investment 

Datuk Mas Ermieyati Samsudin says she will provide more information on the matter during a press conference at Parliament tomorrow

Main Author Image
Irwan Shafrizan Ismail
Updated
4:59 PM MYT

 

KUALA LUMPUR – The Public Accounts Committee (PAC) is considering calling the co-founders of e-commerce platform FashionValet Datin Vivy Yusof and her husband Datuk Fadzarudin Shah Anuar to explain the RM47 million investment in the platform. 

Speaking to Scoop, PAC chairperson Datuk Mas Ermieyati Samsudin said there is also a need to call representatives from Khazanah Nasional Bhd (Khazanah) and Permodalan Nasional Bhd (PNB) to clarify the same matter. 

She said the issue would be brought up at the upcoming PAC committee meeting for further discussion. 

The Masjid Tanah MP added that she would provide additional clarification on the matter in a press conference at Parliament tomorrow. 

“There have been suggestions from various parties, including MPs, civil servants, entrepreneurs, and others, for the PAC to summon FashionValet, Khazanah, and PNB. 

“I need to bring this matter to the PAC committee for discussion soon, after which we will decide on the necessity to call the involved parties,” she said today. 

Earlier, Vivy and Fadzarudin resumed the process of giving statements at the Malaysian Anti-Corruption Commission (MACC) headquarters in Putrajaya. 

A source previously informed Scoop that the MACC would continue with questions regarding documents seized from FashionValet’s office earlier. 

The company was reported to have incurred losses for five consecutive years before receiving the RM47 million investment from Khazanah and PNB. 

On Monday, MACC collected several documents related to the investment in FashionValet from various locations. 

It is understood that the operation took place simultaneously at the Finance Ministry, Khazanah, PNB, and FashionValet’s headquarters in Bangsar. 

Confirming the matter, MACC Chief Commissioner Tan Sri Azam Baki said his team seized several financial documents following raids at four premises. 

In a written reply in Parliament, the Finance Ministry recently revealed that Khazanah and PNB sold their RM47 million stake for only RM3.1 million, sparking public outrage as it involved public funds. 

According to the Finance Ministry, this sale was a responsible exit move by Khazanah and PNB from FashionValet to a strategic investor. 

“The loss from the sale of FashionValet shares is very minor compared to the overall revenue generated by Khazanah and PNB in the relevant year,” the ministry stated. – November 6, 2024 

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