PUTRAJAYA: FashionValet founders Datin Vivy Yusof and Fadzaruddin Shah Anuar are being questioned for the second day regarding RM43.9mil in investment losses linked to Khazanah Nasional Bhd and Permodalan Nasional Bhd. The couple arrived at the Malaysian Anti-Corruption Commission (MACC) headquarters at 12.
55pm on Wednesday (Nov 6). Vivy and Fadzaruddin were first summoned for their statements on Tuesday (Nov 5) afternoon. It is learnt that the couple left the MACC headquarters late at night and were instructed to return on Wednesday.
The MACC has initiated an investigation into losses incurred by Khazanah and PNB from their investment in FashionValet, a local online fashion business. The agency has so far questioned four witnesses from PNB, Khazanah, and the Finance Ministry to record their statements. On Monday, investigators raided several premises, including the FashionValet office, and seized documents as part of the investigation.
In a written Parliamentary reply last week, the Finance Ministry stated that Khazanah and PNB sold their shares in the e-commerce platform for RM3.1mil to NXBT Partners in 2023. This contrasts with the RM47mil investment made by Khazanah and PNB in 2018, comprising RM27mil and RM20mil respectively for minority stakes in FashionValet.
Vivy and Fadzaruddin have apologised for the losses and announced they would step down from their positions at FashionValet. Vivy was the chief executive officer, while Fadzaruddin served as the executive director.
