KUALA LUMPUR (ANN/THESTAR) – The Public Accounts Committee (PAC) is set to initiate proceedings on the FashionValet investment controversy in the second week of December.
PAC Chairman Datuk Mas Ermieyati Samsudin (pic left) announced that officials from Khazanah Nasional Bhd and Permodalan Nasional Bhd (PNB) would be summoned for the hearings.
“PAC will begin proceedings regarding the investment losses by Khazanah and PNB towards FashionValet, which involved public fund losses amounting to MYR43.9 million, by summoning Khazanah and PNB,” she stated at a press conference at the Parliament building on Thursday (November 7).
In a parliamentary written reply last week, the Finance Ministry disclosed that Khazanah and PNB sold their shares in the e-commerce platform for MYR3.1 million to NXBT Partners last year. The original investment, made in 2018, amounted to MYR47 million, with Khazanah investing MYR27 million and PNB contributing MYR20 million for minority stakes.
FashionValet’s founders, Datin Vivy Yusof and Fadzaruddin Shah Anuar, have expressed regret over the losses and announced their resignations as CEO and executive director, respectively.
The Malaysian Anti-Corruption Commission (MACC) is currently investigating the couple over the investment losses. On November 6, MACC officials conducted a search of their home and froze accounts containing MYR1.1 million in funds. The search, which concluded at 8pm, led to the seizure of 11 handbags and a luxury watch valued at approximately MYR200,000.
