PUTRAJAYA (ANN/THE STAR) – FashionValet founders Datin Vivy Yusof and Datuk Fadzaruddin Shah Anuar arrived at the Malaysian Anti-Corruption Commission (MACC) headquarters on Tuesday to have their statements recorded regarding MYR43.9 million in investment losses involving Khazanah Nasional Bhd and Permodalan Nasional Bhd (PNB).
Sources indicate that the couple arrived around 2 pm accompanied by their legal counsel. The MACC initiated an investigation into the significant losses suffered by Khazanah and PNB following their investment in FashionValet, a local online fashion retailer.
MACC Chief Commissioner Tan Sri Azam Baki previously confirmed that the FashionValet founders would be questioned as part of the probe. To date, four witnesses from PNB, Khazanah, and the Finance Ministry have also provided statements, and several documents have been seized in connection with the MYR43.9 million losses.
The Finance Ministry disclosed in a recent parliamentary session that Khazanah and PNB sold their shares in FashionValet to NXBT Partners in 2023 for MYR3.1 million. This sale came in stark contrast to the original RM47 million invested in 2018 – with Khazanah contributing MYR27 million and PNB MYR20 million for minority stakes in the platform.
In response to the fallout, Vivy and Fadzaruddin issued a public apology and announced they would step down from their roles at FashionValet, aiming to minimise further controversy as the company undergoes recovery efforts. In a joint statement, they expressed full responsibility for the investment’s outcome, with Vivy having served as CEO and Fadzaruddin as executive director.
The investigation gained momentum following a raid on FashionValet’s office and three other premises on Monday. The MACC had also publicised these actions on their official TikTok account, underscoring public interest in the outcome of this high-profile probe.
