MACC chief commissioner Azam Baki said MACC’s forensic accounting division is currently reviewing around 50 to 60 boxes of documents related to Fashion Valet Sdn Bhd and 30 Maple Sdn Bhd.
PETALING JAYA: The Malaysian Anti-Corruption Commission (MACC) has detected several suspicious transactions while reviewing documents obtained during its investigation into Fashion Valet Sdn Bhd and 30 Maple Sdn Bhd.
MACC chief commissioner Azam Baki said MACC’s forensic accounting division is currently reviewing around 50 to 60 boxes of documents related to the companies and a report will be submitted to the investigation division soon, Astro Awani reported.
Sovereign wealth fund Khazanah Nasional Bhd invested RM27 million while asset manager Permodalan Nasional Bhd (PNB) invested RM20 million for minority stakes in e-commerce platform Fashion Valet in 2018, the same year that Fashion Valet purchased 30 Maple for RM95 million.
Fashion Valet co-founders Vivy Yusof and Fadzaruddin Shah Anuar are being probed by the MACC over the RM43.9 million loss incurred by Khazanah and PNB due to its investment in Fashion Valet.
It is understood that 30 Maple, which operates Vivy’s headscarf brand Duck, is owned by Vivy and Fadzaruddin.
“We are examining the flow of funds and where the money was spent to determine if there are elements of corruption or other criminal offences, such as fraud,” Azam said, adding that the investigation covers the period 2018-2023.
Azam said Vivy and Fadzaruddin will also need to provide more details about the luxury items showcased on their social media platforms as the MACC is investigating whether these items are linked to the funds invested by Khazanah and PNB into Fashion Valet.
Today marked the third day that the couple has been questioned by the MACC in connection with its probe under Section 18 of the MACC Act 2009, which pertains to the submission of false claims.
Yesterday, the anti-graft agency froze several of Vivy and Fadzaruddin’s personal and company bank accounts valued at around RM1.1 million, with several luxury handbags and a watch valued at around RM200,000 also seized from the couple’s home and business premises.
On Monday, MACC visited Fashion Valet’s office, the finance ministry, Khazanah and PNB, to obtain financial documents to aid in its probe.
The Public Accounts Committee has said it will summon Khazanah and PNB over the RM43.9 million loss from their investment in Fashion Valet.
Vivy and Fadzaruddin have said they will be stepping down from their management posts in Fashion Valet to take full responsibility for the losses incurred by Khazanah and PNB.
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