Fashion Valet founders to be charged in KL Sessions Court in connection with Khazanah and PNB’s RM43.9m loss

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MACC chief Azam Baki said the anti-graft agency arrested Vivy Yusof and her husband Fadzaruddin Shah Anuar this afternoon. (Instagram pic)

Fashion Valet founders to be charged in KL Sessions Court in connection with Khazanah and PNB’s RM43.9m loss

KUALA LUMPUR, Dec 4, 2024: The Malaysian Anti-Corruption Commission (MACC) is set to charge Fashion Valet founders in a Sessions Court here tomorrow (Dec 5).

Vivy Yusof and her husband Fadzaruddin Shah Anuar are to be charged with the RM43.9 million lost by Khazanah Nasional Bhd and Permodalan Nasional Bhd (PNB) in the company.

No News Is Bad News reproduces a news report on the case:

Fashion Valet founders Vivy, Fadzaruddin to be charged in court

FMT Reporters

-03 Dec 2024, 09:29 PM

The charges against them relate to the RM43.9mil lost by Khazanah Nasional Bhd and Permodalan Nasional Bhd in the company.

MACC chief Azam Baki said the anti-graft agency arrested Vivy Yusof and her husband Fadzaruddin Shah Anuar this afternoon. (Instagram pic)

PETALING JAYA: Fashion Valet Sdn Bhd founders Vivy Yusof and her husband Fadzaruddin Shah Anuar will be charged in the Kuala Lumpur sessions court this Thursday.

According to a report by Harian Metro, the charges against them relate to the RM43.9 million in investment funds lost by sovereign wealth fund Khazanah Nasional Bhd and asset manager Permodalan Nasional Bhd (PNB) in the company.

Malaysian Anti-Corruption Commission (MACC) chief Azam Baki confirmed this today, saying the anti-graft agency arrested the pair this afternoon.

They have been granted bail to attend the proceedings this Thursday.

Last Thursday, Azam said MACC had completed its probe into the investments in Fashion Valet, and that the investigation paper had been submitted to its legal and prosecution division director for review.

He said the investigation specifically looked into how Fashion Valet spent the investment funds from Khazanah and PNB.

Khazanah had invested RM27 million and PNB another RM20 million for a minority stake in the local fashion retailer in 2018.

However, they sold their stake for RM3.1 million at the end of last year to NXBT Partners, an investment holding company controlled by TIME dotCom Bhd CEO Afzal Abdul Rahim.

Fashion Valet’s bank accounts, including those of 30 Maple Sdn Bhd, a company which it acquired, were frozen by MACC as part of the investigation.