Grilling continues for founders

PUTRAJAYA: Despite having spent four days with graft investigators, FashionValet founders still have more explaining to do with regard to investment losses incurred by Khazanah Nasional Berhad and Permodalan Nasional Bhd (PNB) from their investment in the company, says Tan Sri Azam Baki.

The Malaysian Anti-Corruption Commission chief commissioner said his officers “are not done” recording statements from the founders, Datin Vivy Yusof and Datuk Fadzarudin Shah Anuar.

Azam said his officers were also looking into identifying assets, ownership and financial sources obtained by the founders, with the investigation focusing on how funds received were spent.

“We want to determine if there was any violation of the law. Our officers will see if expenditures were proper and in accordance with the agreement. I believe my officers still have more questions for them,” he said.

It is learnt that investigators are pouring over some 60 boxes of financial documents seized from FashionValet, Khazanah and PNB.

On Thursday, Azam was reported to have said that MACC had uncovered several suspicious transactions while scrutinising documents related to the investigation.

He said these transactions span from 2018 to 2023, Astro Awani quoted him as saying.

The MACC had also searched Vivy and Fadzarudin’s Mont Kiara residence and froze several of their accounts with RM1.1mil.

The team seized 11 handbags and a luxury watch with an estimated value of RM200,000.

The investigation into the case, dubbed “Ops Favish”, also saw 11 personal accounts and six company accounts under the supervision of the couple frozen.

The Finance Ministry said Khazanah and PNB sold their shares in the e-commerce platform for RM3.1mil to NXBT Partners in 2023.This contrasted with the RM47mil investment made by Khazanah and PNB in 2018, consisting of RM27mil and RM20mil respectively for minority shares stake in FashionValet.

Vivy and Fadzarudin apologised over the losses and said they would step down from their positions at FashionValet.

Vivy was its chief executive officer and Fadzarudin acted as its executive director.