KUALA LUMPUR – The issue of losses incurred by Khazanah Nasional Bhd (Khazanah) and Permodalan Nasional Bhd (PNB) amounting to RM43.9 million following the sale of shares in Fashion Valet Sdn Bhd (FashionValet) has been a hot topic, particularly on social media.
Many are calling for FashionValet co-owner and fashion influencer, Datin Vivy Yusof, to explain as public funds were involved, urging her to clarify how the RM47 million investment by Khazanah and PNB in 2018 was used in the business.
The matter has been widely discussed on social media, with netizens demanding that Khazanah and PNB themselves provide an explanation.
“There should be a public hearing like in the Oppenheimer film,” said one netizen, Syed Asharul Asriq.
Others have expressed hope that Vivy will use a podcast to explain how FashionValet utilised the investment.
“Hopefully, Shuib can invite Vivy on his podcast. He can ask her how FV used the investment from Khazanah and PNB. It would be beneficial for many,” said Radar Saham on X.
According to a written reply in Parliament, Khazanah and PNB received RM3.1 million from the sale of shares in FashionValet.
The Finance Ministry stated that the sale was a responsible exit strategy by Khazanah and PNB from FashionValet to a strategic investor.
In 2018, Khazanah and PNB invested a total of RM47 million (Khazanah: RM27 million, PNB: RM20 million) for a minority stake in FashionValet, the ministry added.
“The amount of loss from the sale of FashionValet shares is insignificant compared to the overall income generated by Khazanah and PNB in the relevant year,” MOF said.
NXBT currently holds a 51.25% stake in FashionValet, according to data from the Companies Commission of Malaysia (SSM), reported The Edge.
The second-largest shareholder is Vivy’s husband, Datuk Fadzarudin Shah Anuar, who holds 17.65%, followed by MyEG Capital Sdn Bhd – a subsidiary of MyEG Services Bhd (KL:MYEG) – with a 5.78% interest.
Founded by Vivy and Fadzarudin, FashionValet initially focused on third-party fashion goods before launching its own clothing brands, Duck and Lilit.
Meanwhile, Vivy took to her Instagram stories this morning, urging people to be cautious of slander.
“For now, I’ll let people say what they want. Be careful of the slander you spread about others,” she said, also uploading a picture of herself receiving treatment at a hospital. – October 30, 2024