The Malaysian Anti-Corruption Commission (MACC) has initiated an investigation into the RM43.9mil loss incurred by Khazanah Nasional Berhad and Permodalan Nasional Berhad (PNB) from their investment in FashionValet.
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NewsTranscript
00:00Malaysian Anti-Corruption Commission Chief Commissioner Tan Sri Azambaki said he has
00:05directed the MACC to initiate an investigation into the 43.9 million ringgit loss incurred
00:12by Kazana National and Permodalan National Berhad from their investment in Fashion Valley.
00:18Astro Awani reported Azam as saying that the investigation is necessary as it involves
00:24issues of funds and is a matter of public interest.
00:28He said the MACC will see if there is any criminal element in the sale of shares by
00:34the two government-linked companies in the e-commerce platform for 3.1 million ringgit.
00:40And this was 43.9 million ringgit short compared to their initial investment of 47 million
00:47ringgit in 2018.
00:50On Friday, Kazana said the sale of its stake in Fashion Valley was to transfer ownership
00:55to new parties capable of steering growth for the company.
00:59PNB said the investment was made using its proprietary funds and not the unit trust funds
01:06under Amanah Saham, National Berhad subscribed by the public.
01:11Fashion Valley co-founder Datin Vivi Yusuf and her husband Datuk Fadzaruddin Shah Anuar
01:17apologised over the losses, saying that they will step down from their positions in the
01:21company.
01:23They said they had failed their investors and will take full responsibility for the
01:27failure.
01:28They said they attempted to expand their business aggressively but did not plan sufficiently
01:34for the rainy days.
01:36They said it is time for them to relinquish their positions to prevent further controversy
01:41from affecting the company, which they said is in the turnaround stage.
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