MACC launches investigation into Khazanah and PNB investment in online fashion business

KUALA LUMPUR – The Malaysian Anti-Corruption Commission (MACC) has opened an investigation paper on the issue of investment losses by Khazanah Nasional Berhad (Khazanah) and Permodalan Nasional Berhad (PNB) in a local online fashion business.

In his statement today, MACC Chief Commissioner Tan Sri Azam Baki said this investigation is important as it involves the use of public funds and is a matter of public interest.

“The MACC assures that a comprehensive investigation will be conducted fairly and professionally.

“The public is urged to allow space for the investigation to proceed and to avoid speculation or engage in ‘public trials’ against the parties involved,”.

On Oct 29, the Finance Ministry revealed in the Dewan Rakyat, that PNB and Khazanah lost RM43.9 million from the sale of their minority stakes in FV.

In 2018, Khazanah invested RM27 million and PNB RM20 million for minority stakes in FV. These stakes were sold for just RM3.1 million.

Yesterday, Fashion Valet co-founders Datin Vivy Yusof and her husband Datuk Fadzaruddin Shah Anuar announced they would relinquish their positions in FV.

They said the decision was made in light of recent issues surrounding the sale of PNB and Khazanah’s stake in the company

Earlier today, Prime Minister Datuk Seri Anwar Ibrahim said he will not prevent any investigation involving Khazanah.

Anwar, who is also Khazanah chairman however did not specify any case.