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FashionValet investigation paper completed: MACC | Scoop
MACC Chief Commissioner Tan Sri Azam Baki stated that the decision on the investigation into the RM43.9 million investment losses by Khazanah Nasional Bhd and Permodalan Nasional Bhd in FashionValet will be announced soon. - Bernama file pic, November 28, 2024
News

FashionValet investigation paper completed: MACC

Chief commissioner says the decision on this probe will be known soon

Scoop Reporters
Updated
6:30 PM MYT

 

KUALA LUMPUR – The Malaysian Anti-Corruption Commission (MACC) has completed its investigation paper on investments by several government-linked entities in the e-commerce platform FashionValet.

MACC Chief Commissioner Tan Sri Azam Baki said the investigation paper has been submitted to the commission’s Legal and Prosecution Division director for review and consideration.

“The decision on this investigation will be known soon,” he said in a statement today.

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 social media influencer Datin Vivy Yusof and her husband Datuk Fadzarudin Shah Anuar, 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. – November 28, 2024

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