KUALA LUMPUR, Nov 8 — The Malaysian Anti-Corruption Commission (MACC) is looking into whether Khazanah Nasional Bhd (Khazanah) and Permodalan Nasional Bhd (PNB) may have been misled about their investments with online retailer FashionValet. Chief Commissioner Tan Sri Azam Baki told New Straits Times that the investigation is now examining potential elements of fraud, after finding suspicious transactions from 2018 to 2023. Azam added that the probe, which also considers corporate governance matters, is ongoing as the MACC verifies key details, including whether FashionValet founders Datin Vivy Yusof and her husband, Datuk Fadzaruddin Shah Anuar, operated within legal boundaries.
One point under review, he said, is FashionValet’s RM95 million acquisition of 30 Maple Sdn Bhd in the same year that Khazanah and PNB invested RM47 million in FashionValet. It is understood that 30 Maple manages the hijab brand dUCK, founded by Vivy. “We’re also checking if Khazanah and PNB were adequately informed about the purchase,” Azam was quoted as saying.
“Our investigation must be fair and professional. While we’re aware of public sentiment, we strictly follow our legal framework and procedures.” The MACC is reportedly investigating RM43.
9 million in losses tied to Khazanah and PNB’s FashionValet investment. As part of the inquiry, it seized 60 boxes of documents from FashionValet, Khazanah, and PNB. Last week, MACC officers raided the couple’s residence, seizing 11 luxury.