The Malaysian Anti-Corruption Commission (MACC) is investigating the founders of e-commerce platform FashionValet Sdn Bhd (FashionValet) over their assets, ownership, and the financial sources behind their wealth. Tan Sri Azam Baki, MACC’s chief commissioner confirmed that the investigation will also examine how investment funds received from Khazanah Nasional Bhd (Khazanah) and Permodalan Nasional Bhd (PNB) were utilized by the company.
Azam stated that the MACC would scrutinize whether the expenditure of these funds was lawful and in accordance with agreements, adding that the founders must explain how they acquired their identified assets. The investigation will focus on the financial documents seized from FashionValet, Khazanah and PNB which include about 60 boxes of documents that need thorough analysis. These documents pertain to agreements between the three entities and may provide insight into any potential misuse of funds.
The MACC’s investigation also delves into property and asset-related issues and the couple behind FashionValet has been questioned regarding discrepancies found in the company’s accounts, documents and investments. Although no arrests have been made yet, Azam suggested that further action including possible raids, could be taken if necessary. The investigation is expected to take time due to the complexity of the accounting and corporate matters involved.
The probe will focus on FashionValet’s financial performance from 2018 to 2023, questioning whether the company sustained losses and if Khazanah and PNB were aware of these issues. The investigation follows a directive from Prime Minister Datuk Seri Anwar Ibrahim on November 2, instructing Khazanah to conduct an internal audit of a reported RM43.9 million investment loss linked to FashionValet. Subsequently, the MACC opened an investigation into the matter.
