KUALA LUMPUR – The Malaysian Anti-Corruption Commission (MACC) today raided Fashion Valet Sdn Bhd’s (FashionValet) head office in Bangsar, as well as three other locations.
MACC revealed this in a TikTok video which showed its investigators searching offices as part of its probe into the company which caused RM43.9 million losses to investors Khazanah Nasional Bhd and Permodalan Nasional Bhd (PNB).
The other three locations, although not named in the TikTok video, were reported by media to be the offices of Khazanah, PNB and the Finance Ministry.
MACC chief commissioner Tan Sri Azam Baki confirmed the raids later, adding that several documents were taken from all four premises and will be studied.
“The investigation has just started. I announced the probe last Saturday but we only carried out the raids today when the offices opened,” Azam said.
The probe is over losses made by Khazanah and PNB which had invested RM47 million in FashionValet in 2018 with the goal of helping the e-commerce platform for Bumiputera entrepreneurs.
However, both government-linked investment companies (GLICs) sold their stakes for just RM3.1 million at the end of last year to NXBT Partners.
MACC’s TikTok clip showed an officer saying the investigation was being conducted under Section 18 of the MACC Act 2009.
The section pertains to the offence of providing false documents such as receipts and invoices for the purpose of deception.
The penalty is maximum imprisonment of 20 years, and a fine or RM10,000 or five times the value of the false claims, whichever is higher.
“The investigation is important because it involves funds for public interests,” MACC’s officer says in the video.
FashionValet is owned by local fashion icon Datin Vivy Sofinas Yusof and her husband Datuk Fadzaruddin Shah Anuar.
The company had been making losses even after Khazanah’s and PNB’s investments.
Vivy and Fadzarudin announced last week their resignation from management posts in FashionValet, while apologising for the controversy caused to Khazanah and PNB.
The GLICs, meanwhile, are under scrutiny, including from MPs debating in Parliament, over their investment criteria and apparent lack of safeguards. – November 4, 2024