FashionValet founders charged with committing CBT involving RM8 million

Share to help stimulate good governance, ensure future of people & M’sia

No News Is Bad News

Husband and wife had no problem posting a total RM200,000 court bail.

FashionValet founders charged with committing CBT involving RM8 million

KUALA LUMPUR, Dec 5, 2024: FashionValet founders Vivy Yusof and Fadzarudin Shah Anuar were this morning jointly charged in a Sessions Court with committing criminal breach of trust (CBT) involving RM8 million.

The couple pleaded not guilty to the charge, posted bail of RM100,000 each in one surety and left the court complex at 2.48pm.

Malaysia’s Sovereign Wealth Fund (SWF), Khazanah Nasional Berhad, and Permodalan Nasional Berhad (PNB), were reported to have lost RM43.9 million after selling their stake in FashionValet.

No News Is Bad News reproduces below a news report on the court proceedings:

FashionValet case: Vivy and Fadzarudin leave court complex after posting bail

By TEH ATHIRA YUSOF and NURBAITI HAMDAN

Nation

Thursday, 05 Dec 2024

3:56 PM MYT 

KUALA LUMPUR: FashionValet founders Datin Vivy Yusof and Datuk Fadzarudin Shah Anuar left the court complex at 2.48pm after posting bail.

The husband and wife were accompanied by friends and two lawyers as they walked hand in hand to a black MPV.

The couple remained silent when approached by the media for comments.

Vivy, whose full name is Vivy Sofinas Yusof, only nodded and smiled at the reporters.

Earlier, Vivy, 37, and her husband Fadzarudin, 36, pleaded not guilty after the charge was read to them before Judge Rosli Ahmad on Thursday (Dec 5).

The couple have claimed trial at the Sessions Court here to a charge of criminal breach of trust (CBT) involving RM8mil.

They are accused, in their capacity as company directors, of dishonestly making a payment of RM8mil from FashionValet Sdn Bhd to 30 Maple Sdn Bhd without the approval of FashionValet's board of directors.

According to the charge sheet, Vivy and Fadzarudin were entrusted with the monies, which were investment funds from Khazanah Nasional Bhd and Permodalan Nasional Bhd.

The offence was allegedly committed at a Public Bank branch in Bukit Damansara on Aug 21, 2018.

They were jointly charged under Section 409 of the Penal Code, read together with Section 34 of the same Code.

If convicted, Vivy and Fadzarudin face imprisonment of between two and 20 years, whipping, and a fine.

Deputy Public Prosecutor Datuk Wan Shaharuddin Wan Ladin offered bail between RM100,000 and RM200,000 each, stating that the amount was reasonable due to the severity of the offence.

Lawyer Ashok Athimulan, representing the couple, mentioned that Vivy and Fadzarudin were facing financial hardship and had to depend on their friends and family financially.

Judge Rosli fixed bail at RM100,000 in one surety for each of the accused.

He allowed the additional conditions requested by the prosecution and ordered the accused not to disturb or influence the witnesses.

The case is set for mention on Jan 22 next year.