KAJANG – The Malaysian Anti-Corruption Commission (MACC) has frozen the accounts of 30 Maple Sdn Bhd (30 Maple) as part of its investigation into the e-commerce platform FashionValet.
MACC Chief Commissioner Tan Sri Azam Baki stated that the commission is continuing its investigation into investment losses amounting to RM43.9 million involving Khazanah Nasional Bhd (Khazanah) and Permodalan Nasional Bhd (PNB).
Besides seizing FashionValet’s accounts, Azam said the MACC has also frozen 30 Maple’s accounts.
“I am not very aware of the latest developments regarding 30 Maple, but the MACC has frozen the company’s account.
“As I mentioned earlier, the investigation is still ongoing and is expected to be completed within two weeks,” he said during a press conference on Saturday.
Azam was speaking at the MACC’s shooting event with the media in 2024, held at the Malaysian Prison College shooting range, in conjunction with the commission’s 57th anniversary celebrations.
Providing further details, Azam said that instructions have been given to investigators to expedite the probe into FashionValet.
“So far, 14 witnesses have been called for statements,” he added.
“Once everything is expected to be completed in two weeks, we will present it to the Deputy Public Prosecutor (DPP) for a decision,” he noted.
When questioned on whether there had been any misappropriation in the FashionValet case, Azam said this could not yet be disclosed to the public. He emphasised that the MACC would leave the matter to the DPP for a final decision.
Meanwhile, addressing questions regarding the ongoing investigation into a cartel allegedly controlling contracts for paddy fertiliser distribution and supply involving an organisation, Azam said that probe is in its final stages.
He mentioned that the investigation is expected to conclude within a few weeks.
On November 5, Scoop reported that despite Khazanah and PNB justifying their investments in FashionValet Sdn Bhd as support for local start-ups, company documents indicated otherwise.
In December 2018, FashionValet acquired 30 Maple Sdn Bhd – wholly owned by social media personality Datin Vivy Yusof and her husband, Datuk Fadzarudin Shah Anuar – for RM95 million. This occurred the same year Khazanah and PNB invested RM47 million in FashionValet.
FashionValet’s 2018 annual report valued 30 Maple’s brand at RM68.8 million, with goodwill at RM21 million. 30 Maple managed Vivy’s popular Duck brand and was profitable in 2017 and 2018, with net profits of RM8.5 million and RM7.745 million, respectively, paying out dividends of RM4.2 million in 2017 and RM10 million in 2018.
Documents reviewed by Scoop did not mention any Covid-19 impact on cash flow during FashionValet’s expansion but did highlight rising operational costs for Duck due to the pandemic. Khazanah and PNB later divested their stakes in FashionValet for RM3.1 million, a sharp drop from the original RM47 million investment.
This prompted public backlash and an apology from Vivy and Fadzarudin, who accepted responsibility. Khazanah explained that the pandemic had shifted FashionValet’s focus from e-commerce to its in-house brands, Duck and Lilit. The MACC has since initiated an investigation, citing the use of public funds as a key concern. – November 16, 2024