PAC to probe RM43.9m Khazanah, PNB losses in FashionValet investments

KUALA LUMPUR, Nov 7 — The Public Accounts Committee (PAC) will launch an investigation into a RM43.9 million loss incurred from investments by Khazanah Nasional Bhd (Khazanah) and Permodalan Nasional Bhd (PNB) in FashionValet, PAC chairman Datuk Mas Ermieyati Samsudin said today. In a statement, Mas Ermieyati confirmed that both agencies would be called for questioning.

“The PAC will begin proceedings concerning the investment losses by Khazanah and PNB in a local online fashion business, FashionValet, which involved the loss of public funds amounting to RM43.9 million,” she said, adding that the proceedings are expected to commence in the second week of December 2024. More to come.