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Finance Minister II defends Khazanah, calls for balanced view amid FashionValet losses | Scoop
Finance Minister II Datuk Seri Amir Hamzah Azizan addresses the Dewan Rakyat, emphasising Khazanah’s investment successes amidst concerns over FashionValet. - Bernama pic, November 12, 2024
News

Finance Minister II defends Khazanah, calls for balanced view amid FashionValet losses

Datuk Seri Amir Hamzah Azizan points to the sovereign wealth fund’s successful investments, including significant returns from Farm Fresh Bhd

Main Author Image
Arjun Mohanakrishnan
Updated
9:11 PM MYT

 

KUALA LUMPUR – Finance Minister II Datuk Seri Amir Hamzah Azizan has responded to concerns over losses incurred by FashionValet, urging that Khazanah Nasional Berhad’s successful investments also be acknowledged.

During his Supply Bill 2025 winding-up speech in the Dewan Rakyat, Amir highlighted Khazanah’s profitable ventures, particularly in the agricultural sector with the likes of Farm Fresh Bhd.

“Through Farm Fresh, we got 13 times the return and made more than RM18 million,” Amir said in the Dewan Rakyat today.

Addressing the controversy surrounding FashionValet, Amir noted the government’s longstanding emphasis on the digital economy, adding that Khazanah had identified potential in the fashion e-commerce platform.

The senator explained that Khazanah was aware from the outset that investing in start-ups carried inherent risks but emphasised that funding FashionValet aligned with its mandate at the time.

“Nevertheless the government continues to be careful with public funds and will continue to exercise good governance.

“Given that the Malaysian Anti-Corruption Commission (MACC) is investigating the matter and there’s an internal audit, Khazanah should be given the space to allow the probe to continue smoothly.

“Any findings will be used for improvement,” Amir added.

There has been public outrage after the Finance Ministry, in a written parliamentary reply recently, revealed that Khazanah and PNB had sold their RM47 million stake in FashionValet for only RM3.1 million.

On November 2, Datuk Seri Anwar Ibrahim instructed Khazanah to conduct an internal audit to investigate the issue of the RM43.9 million investment loss in FashionValet.

Meanwhile, yesterday, MACC chief commissioner Tan Sri Azam Baki said authorities are reviewing and investigating the cash flow received by FashionValet’s founders Datin Vivy Yusof and her husband Datuk Fadzarudin Shah Anuar. – November 12, 2024

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