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Suspicious transactions detected in Fashion Valet probe, says Azam
-08 Nov 2024, 12:06 AM
MACC wants Fashion Valet co-founders Vivy Yusof and Fadzaruddin Shah Anuar to provide more details about the luxury items showcased on their social media platforms.
MACC chief commissioner Azam Baki said MACC’s forensic accounting division is currently reviewing around 50 to 60 boxes of documents related to Fashion Valet Sdn Bhd and 30 Maple Sdn Bhd.
PETALING JAYA: The Malaysian Anti-Corruption Commission (MACC) has detected several suspicious transactions while reviewing documents obtained during its investigation into Fashion Valet Sdn Bhd and 30 Maple Sdn Bhd.
MACC chief commissioner Azam Baki said MACC’s forensic accounting division is currently reviewing around 50 to 60 boxes of documents related to the companies and a report will be submitted to the investigation division soon, Astro Awani reported.
Sovereign wealth fund Khazanah Nasional Bhd invested RM27 million while asset manager Permodalan Nasional Bhd (PNB) invested RM20 million for minority stakes in e-commerce platform Fashion Valet in 2018, the same year that Fashion Valet purchased 30 Maple for RM95 million.
Fashion Valet co-founders Vivy Yusof and Fadzaruddin Shah Anuar are being probed by the MACC over the RM43.9 million loss incurred by Khazanah and PNB due to its investment in Fashion Valet.
It is understood that 30 Maple, which operates Vivy’s headscarf brand Duck, is owned by Vivy and Fadzaruddin.
“We are examining the flow of funds and where the money was spent to determine if there are elements of corruption or other criminal offences, such as fraud,” Azam said, adding that the investigation covers the period 2018-2023.
Azam said Vivy and Fadzaruddin will also need to provide more details about the luxury items showcased on their social media platforms as the MACC is investigating whether these items are linked to the funds invested by Khazanah and PNB into Fashion Valet.
Today marked the third day that the couple has been questioned by the MACC in connection with its probe under Section 18 of the MACC Act 2009, which pertains to the submission of false claims.
Yesterday, the anti-graft agency froze several of Vivy and Fadzaruddin’s personal and company bank accounts valued at around RM1.1 million, with several luxury handbags and a watch valued at around RM200,000 also seized from the couple’s home and business premises.
On Monday, MACC visited Fashion Valet’s office, the finance ministry, Khazanah and PNB, to obtain financial documents to aid in its probe.
The Public Accounts Committee has said it will summon Khazanah and PNB over the RM43.9 million loss from their investment in Fashion Valet.
Vivy and Fadzaruddin have said they will be stepping down from their management posts in Fashion Valet to take full responsibility for the losses incurred by Khazanah and PNB.
KUALA LUMPUR, Nov 7, 2024: The Coverage has posted a report that the Malaysian Anti-Corruption (MACC) has frozen the bank accounts of Fashion Valet Sdn Bhd founders, Vivy Yusof and Fadzarudin Anuar.
The move to freeze the millions of Ringgit in the accounts is in like with the MACC’s probe into the RM43.9 million in investment losses incurred by Khazanah Nasional Bhd (Malaysia’s Sovereign Wealth Fund, like 1Malaysia Development Bhd is) and Permodalan Nasional Bhd (PNB).
The losses incurred after Khazanah and PNB sold their stakes in Fashion Valet.
No News Is Bad News reproduces below The Coverage’s news posting:
MACC Freezes Bank Accounts Of Fashion Valet Founders Worth Millions – Vivy Yusof And Fadzarudin Anuar
7 November, 2024
The Malaysian Anti-Corruption Commission (MACC) has frozen several personal and company bank accounts, valued at around RM1.1 million, belonging to Fashion Valet Sdn Bhd founders Vivy Yusof and Fadzarudin Anuar.
Sources said the move to freeze the accounts is just part of the process in MACC’s investigation into the couple over the RM43.9 million in investment losses incurred by Khazanah Nasional Bhd and Permodalan Nasional Bhd, Bernama reported.
On Monday, MACC visited Fashion Valet’s office, the finance ministry, Khazanah and PNB, to obtain financial documents to aid in its probe.
“Since the investigation began, MACC has frozen approximately 11 personal accounts and six company accounts under the couple’s management, amounting to around RM1.1 million, to assist in the investigation.
“Additionally, MACC has recorded statements from several key individuals, including senior officials from Khazanah, PNB, Fashion Valet, accountants and company valuers,” a source said.
The commission also searched the couple’s residence in Mont Kiara, Kuala Lumpur today.
The couple was said to have arrived at the MACC office at around 1pm to continue giving their statements before being taken to their residence at 5.30pm for the search.
The sources said the search was conducted by 12 MACC officers, in the presence of the couple’s lawyer.
“The search concluded around 8pm, with the seizure of items, including 11 handbags and a luxury watch, worth an estimated total of RM200,000,” the source said.
MACC chief commissioner Azam Baki confirmed the freezing of the accounts and search, and said the case is being investigated under Section 18 of the MACC Act 2009 for making false claims.
He said the couple will return to the MACC office at 10am tomorrow to continue providing their statements.
MACC Raided FashionValet Offices, Vivy Yusof & Husband Called To Give Statement
A week after news broke about Khazanah Nasional and Permodalan Nasional Bhd (PNB) selling off their minor stakes in FashionValet for RM3.1 million, the Malaysian Anti-Corruption Commission (MACC) raided four FashionValet premises on Monday (4 November).
MACC announced the raid on its official TikTok account. The agency raided FashionValet’s headquarters in Kuala Lumpur and three other branches, including the offices of the Finance Ministry, Khazanah, and PNB on the same day.
New Straits Times reported that MACC seized several documents as part of its investigation. MACC Chief Commissioner Tan Sri Azam Baki said it was not a raid but simply seeking cooperation from relevant parties to help with investigations.
Today (5 November), FashionValet founders Datin Vivy Yusof and her husband, Datuk Fadzaruddin Shah Anuar, arrived at the anti-graft agency to have their statements taken.
Sources said the couple arrived around 2pm with their lawyer.
So far, MACC has called in four witnesses from PNB, Khazanah, and the Finance Minister to have their statements recorded.
Need a recap of what caused this?
Khazanah and PNB invested a combined RM47 million in FashionValet in March 2018. By then, some have alleged that FashionValet was already making losses (but that is fairly normal because there are good days and bad days in business).
After selling their minority stakes to NXBT Partners Sdn Bhd, both companies defended their investment decision, saying it was in line with the then government’s call for government-linked investment companies (GLICs) to support the growth of “high potential Bumiputera companies” operating in the new economy. Side note: Grab didn’t get the funding and moved to Singapore.
However, those who did some digging found that the picture was painted differently. According to Companies Commission (SSM) filings, FashionValet purchased 30 Maple Sdn Bhd for RM95 million in December 2018, within the same year of getting a large investment from Khazanah and PNB.
Here’s why it’s interesting to note: 30 Maple is also owned wholly by Vivy and her husband. Additionally, 30 Maple operates Vivy’s popular headscarf brand Duck. In hindsight, it wasn’t exactly helping another local business grow.
However, Scoop reported that 30 Maple did appear to be a profitable company in 2017 and 2018 with profits of RM8.5 million and RM7.745 million respectively.
30 Maple also paid an RM4.2 million dividend in 2017 and RM10 million in 2018.
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