MACC Freezes Bank Accounts of Fashion Valet Founders, Conducts Search at Residence
Investigation into RM43.9 Million Investment Losses
The Malaysian Anti-Corruption Commission (MACC) has frozen several personal and company bank accounts, valued at around RM1.1 million, belonging to Fashion Valet Sdn Bhd founders Vivy Yusof and Fadzarudin Anuar. This move is part of the ongoing investigation into the couple over the RM43.9 million in investment losses incurred by Khazanah Nasional Bhd and Permodalan Nasional Bhd.
Frozen Accounts and Search
MACC has frozen approximately 11 personal accounts and six company accounts under the couple’s management, amounting to around RM1.1 million, to assist in the investigation. The commission also searched the couple’s residence in Mont Kiara, Kuala Lumpur, and seized items, including 11 handbags and a luxury watch, worth an estimated total of RM200,000.
Investigation Process
On Monday, MACC visited Fashion Valet’s office, the finance ministry, Khazanah, and PNB, to obtain financial documents to aid in its probe. The commission has also recorded statements from several key individuals, including senior officials from Khazanah, PNB, Fashion Valet, accountants, and company valuers.
Cases and Next Steps
The case is being investigated under Section 18 of the MACC Act 2009 for making false claims. The couple has been told to report to the MACC office at 10am tomorrow to continue providing their statements. MACC chief commissioner Azam Baki has confirmed the freezing of the accounts and search, and the ongoing investigation.
FAQs
* What is the reason for the freezing of the bank accounts?
The bank accounts were frozen as part of the ongoing investigation into the RM43.9 million investment losses incurred by Khazanah Nasional Bhd and Permodalan Nasional Bhd.
* What is the estimated value of the seized items?
The seized items are worth an estimated total of RM200,000, including 11 handbags and a luxury watch.
* What is the next step for the couple?
The couple has been told to report to the MACC office at 10am tomorrow to continue providing their statements.