FashionValet founders’ investigation to continue as MACC probes investment losses


PETALING JAYA: The investigation into the founders of the e-commerce platform FashionValet, Datin Vivy Yusof and her husband, Datuk Fadzaruddin Shah Anuar, is expected to take some time, says the Malaysian Anti-Corruption Commission (MACC) commissioner, Tan Sri Azam Baki.

Azam said that the commission is still in the process of gathering statements from several witnesses, including the couple.

“We anticipate that the overall investigation will take time and will not be completed in the near future.

“The couple will return to have their statements recorded tomorrow (Saturday, Nov 9) at the MACC headquarters, and I expect it will continue for several more days,” he said when contacted by Astro Awani on Friday (Nov 8).

Friday marks the fourth day the couple has been present at the MACC headquarters to assist with investigations into reports of investment losses amounting to RM43.9mil involving Khazanah and PNB’s investments in FashionValet.

Azam mentioned that in addition to searches conducted at the couple's premises, the MACC will summon witnesses from Khazanah Nasional Berhad (Khazanah) and Permodalan Nasional Bhd (PNB) to have their statements recorded.

“The company secretary and several other parties, including officials from the Finance Ministry, will also be called, as there are many matters to resolve. However, for now, we will focus on the couple,” he added.

At the same time, he said that the MACC also requires forensic accounting assistance to obtain documents such as those from the Companies Commission of Malaysia.

Additionally, Azam clarified that the investigation would also involve 30 Maple Sdn Bhd, which is said to be owned by the couple.

“This raises questions about how the company was acquired and who gave approval, whether there was a resolution or not—that is the first issue.

“The second issue concerns how the funds from that acquisition were spent and where the money went after being paid to 30 Maple,” he explained further.

The investigation into the couple follows the Finance Ministry’s disclosure that Khazanah Nasional Berhad (Khazanah) and Permodalan Nasional Bhd (PNB) only recovered RM3.1mil from the sale of shares in FashionValet in 2023.

This amount was received compared to the RM47mil investment made by Khazanah and PNB in 2018, consisting of RM27mil from Khazanah and RM20mil from PNB.

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