KUALA LUMPUR: FashionValet founders Datuk Fadzaruddin Shah Anuar and Datin Vivy Yusof will be questioned by the Malaysian Anti-Corruption Commission (MACC) today.
Its chief commissioner Tan Sri Azam Baki said they will be recording statements from both individuals to facilitate further investigations.
"As of yesterday, we have also called four witnesses from PNB, Khazanah, and the Finance Ministry to record their statements.
It was reported that the MACC seized several documents as part of its investigation into RM43.9 million in investment losses linked to Khazanah Nasional Bhd (Khazanah) and Permodalan Nasional Bhd (PNB).
These documents were collected during visits to the Finance Ministry, Khazanah, PNB, and the headquarters of FashionValet Sdn Bhd.
On Nov 1, FashionValet co-founders Datin Vivy Yusof and her husband, Datuk Fadzaruddin Shah Anuar, announced they would step down from their positions in the company.
In a joint statement shared on Instagram, Vivy and her husband Fadzaruddin, said they decided to do so in light of recent issues surrounding the sale of Permodalan Nasional Bhd (PNB) and Khazanah Nasional Bhd's stake in the company.
They said this was also done to prevent the ongoing issues from further affecting the company, which is currently in the process of a turnaround.
The co-founders also admitted to not having a sufficient plan for FashionValet to face potential challenges as they attempted to expand the business aggressively.
They also said they made the mistake of scaling the business in anticipation of continued growth but were left exposed during the Covid-19 pandemic.
In 2018, Khazanah invested RM27 million and PNB RM20 million for minority stakes in FashionValet, which were sold for just RM3.1 million.
On Oct 29, the Finance Ministry in a parliamentary written reply revealed that PNB and Khazanah lost RM43.9 million from the sale of their minority investments in FashionValet.
The ministry said the Covid-19 pandemic severely impacted FashionValet's business, leading to a significant need for new capital to continue operations.
It added that the sale represented a responsible exit for Khazanah and PNB from FashionValet to a strategic investor who could continue to assist FashionValet in addressing its financing needs holistically and reviving its business in a challenging industry environment.