Investigation into Loss of RM43.9 Million in FashionValet Underway
The Malaysian Anti-Corruption Commission (MACC) has initiated an investigation into the RM43.9 million loss suffered by Khazanah Nasional Berhad and Permodalan Nasional Berhad (PNB) from their investments in FashionValet.
MACC Chief Commissioner’s Statement
MACC Chief Commissioner Tan Sri Azam Baki has emphasized the importance of the investigation, citing the involvement of public funds. "An investigation is necessary to determine if there are any criminal elements involved or other issues related to governance," he was quoted as saying in a statement.
Background of the Case
The loss was revealed in the Dewan Rakyat on October 29, when the Finance Ministry disclosed that Khazanah and PNB had suffered a loss of RM43.9 million from selling their minority stakes in FashionValet. The stakes, which were acquired for RM47 million in 2018, were later sold for RM3.1 million, with Khazanah and PNB investing RM27 million and RM20 million, respectively.
Recent Developments
In a surprising turn of events, FashionValet co-founders Datin Vivy Yusof and her husband Datuk Fadzaruddin Shah Anuar announced their resignation from their positions in the company yesterday, citing recent issues.
What’s Next?
The MACC investigation is expected to shed light on the circumstances surrounding the significant loss in FashionValet. The investigation will aim to determine whether any criminal elements were involved or if there were issues related to governance.
Frequently Asked Questions
- What is the amount of the loss suffered by Khazanah and PNB?
The loss is RM43.9 million. - What is the background of the loss?
The loss was revealed in the Dewan Rakyat on October 29, when the Finance Ministry disclosed that Khazanah and PNB had suffered a loss from selling their minority stakes in FashionValet. - Who are the co-founders of FashionValet?
Datin Vivy Yusof and her husband Datuk Fadzaruddin Shah Anuar. - What is the current status of the MACC investigation?
The investigation is ongoing, with the aim of determining if there are any criminal elements involved or other issues related to governance.