Malaysian Anti-Corruption Commission Completes Investigation on FashionValet Investments
Investigation Paper Handed Over to Legal and Prosecution Division
The Malaysian Anti-Corruption Commission (MACC) has completed its investigation paper on the investments made by several government entities in the e-commerce platform FashionValet Sdn Bhd (FashionValet), according to its Chief Commissioner, Tan Sri Azam Baki. The investigation paper has been handed over to the commission’s Legal and Prosecution Division director for review and consideration.
Outcome of Investigation to be Obtained Soon
Azam Baki stated that the outcome of the investigation will be obtained soon, indicating that the commission is nearing the end of its investigation. This development comes after the MACC had opened an investigation paper on the investment loss in FashionValet, which was previously announced in a statement.
Background of the Investigation
The investigation was launched following a directive from Prime Minister Datuk Seri Anwar Ibrahim, who is also the chairman of Khazanah Nasional Bhd (Khazanah). Anwar instructed Khazanah to conduct an internal audit following the RM43.9 million investment loss in FashionValet. This directive was in line with his earlier mandate for the National Audit Department to assess over 2,000 government-linked companies.
Investments in FashionValet
In 2018, Khazanah and Permodalan Nasional Berhad (PNB) invested RM27 million and RM20 million, respectively, each taking minority stakes in FashionValet. The investment was aimed at providing financial support to the e-commerce platform, which was launched in 2013.
MACC’s Investigation
When announcing the investigation, Azam Baki vowed that the commission would conduct a fair and professional investigation. He emphasized the importance of transparency and accountability in the investigation, stating that the commission would leave no stone unturned in its pursuit of the truth.
Conclusion
The Malaysian Anti-Corruption Commission’s investigation on the investments made by several government entities in FashionValet is a significant development in the country’s efforts to promote transparency and accountability. The outcome of the investigation will be closely watched by the public, and it is hoped that the commission will provide a thorough and transparent report on its findings.
Frequently Asked Questions
Q: What is the outcome of the MACC’s investigation on the FashionValet investments?
A: The outcome of the investigation is yet to be obtained, but it is expected to be released soon.
Q: What is the reason for the MACC’s investigation?
A: The MACC launched an investigation following a directive from Prime Minister Datuk Seri Anwar Ibrahim to conduct an internal audit of Khazanah’s investment in FashionValet.
Q: How much did Khazanah and PNB invest in FashionValet?
A: Khazanah and PNB invested RM27 million and RM20 million, respectively, each taking minority stakes in FashionValet.