MACC investigates RM43.9 million loss in FashionValet investment by Khazanah, PNB

KUALA LUMPUR: The Malaysian Anti-Corruption Commission (MACC) has begun investigating into the RM43.9 million loss from investments made by Khazanah Nasional Berhad and Permodalan Nasional Berhad (PNB) in FashionValet.

MACC Chief Commissioner Tan Sri Azam Baki said the case warranted scrutiny as it involved public funds, New Straits Times reported.

“An investigation is necessary to determine if there are any criminal elements involved or other issues related to governance,“ he was quoted as saying.

The probe follows the Finance Ministry’s disclosure in the Dewan Rakyat on October 29 that Khazanah and PNB lost RM43.9 million from selling their minority stakes in FashionValet.

The stakes, acquired for RM47 million in 2018, were later sold for RM3.1 million when Khazanah, PNB had invested RM27 million and RM20 million, respectively.

Yesterday, FashionValet co-founders Datin Vivy Yusof and her husband Datuk Fadzaruddin Shah Anuar announced their resignation from their positions in the company due to recent issues.