KUALA LUMPUR: FashionValet Sdn Bhd is no stranger to many Malaysians, especially given the celebrity-like status of its founder, Datin Vivy Yusof, who enjoys a large social media following.
Founded in 2010 by Datin Vivy Yusof and her husband, Datuk Fadzarudin Shah Anuar, FashionValet started as one of Malaysia's first e-commerce platforms focusing on modest fashion and local designers.
Last month, Khazanah Nasional Bhd (Khazanah) and Permodalan Nasional Bhd (PNB) sold their stakes in Fashion Valet Sdn Bhd (FashionValet) for RM3.1 million, following a combined investment of RM47 million made in 2018.
The Finance Ministry confirmed the sale in a written reply to Parliament on Oct 29, in response to a question from Yeo Bee Yin (PH-Puchong) regarding Khazanah and PNB's total investment in FashionValet, including losses due to devaluation and share disposal.
The following is a chronology of the issue to date:
- Oct 29: In a written response in the Dewan Rakyat, the Finance Ministry (MoF) said that Khazanah and PNB received RM3.1 million from the sale of shares in the fashion e-commerce platform FashionValet to a Bumiputera-owned company, NXBT Partners, in 2023, in contrast to the RM47 million investment made by Khazanah and PNB in 2018 (RM27 million and RM20 million, respectively, for minority stakes in FashionValet).
- Oct 31: Government spokesperson Fahmi Fadzil issued a statement requesting that Khazanah, PNB, and FashionValet explain the RM43.9 million investment loss suffered by these two government-linked investment companies (GLICs) in FashionValet.
- Nov 1: Khazanah and PNB issued separate statements clarifying their investment in FashionValet.
- Nov 1: Vivy and Fadzarudin apologised following the controversy, which impacted PNB and Khazanah, and announced their intention to step down.
- Nov 2: MACC chief commissioner Tan Sri Azam Baki confirmed that the RM43.9 million investment loss by PNB and Khazanah in FashionValet was under their investigative radar.
- Nov 2: Datuk Seri Anwar Ibrahim ordered Khazanah to conduct an internal audit to investigate the issue related to the RM43.9 million investment loss in FashionValet.
- Nov 3: A member of the FashionValet board of directors denied allegations concerning the case, which is currently under MACC investigation.
- Nov 4: MACC raided the FashionValet headquarters and three other locations including the Finance Ministry, Khazanah, and PNB, to aid in the probe into the RM43.9 million investment loss.
- Nov 5: Vivy Yusof and her husband gave their statements at the MACC office.
- Nov 6: On the second day, MACC continued to record the statements of the e-commerce platform's founders, Vivy and her husband, at its office.
- Nov 6: The Public Accounts Committee (PAC) announced it would hold a meeting to decide if representatives from FashionValet, PNB, and Khazanah should be summoned in light of the investment losses incurred by Khazanah and PNB.
- Nov 6: MACC searched the home of the FashionValet founding couple in Mont Kiara, Kuala Lumpur, and seized various items, including 11 handbags and a luxury watch, with an estimated total value of approximately RM200,000. The loss of over RM43 million sparked public criticism and calls for a more thorough investigation, with Prime Minister Datuk Seri Anwar Ibrahim directing Khazanah to undertake an internal audit.
- Nov 7: Vivy and Fadzarudin returned to the MACC headquarters for a third time to provide their statements.
- Nov 7: MACC freeze 11 personal bank accounts and six company accounts belonging to Vivy and Fadzarudin, amounting to around RM1.1 million to assist in the investigation.
- Nov 7: MACC reported recording statements from several key individuals, including senior officers from Khazanah, PNB, FashionValet, accountants, company evaluators, and influencers.
- Nov 8: Azam said the decision to detain Vivy Yusof and her husband will be determined by the investigators managing the case, adding that any action would follow the investigation's findings on the multi-million ringgit investment in FashionValet. However, he noted the investigation could be prolonged due to factors complicating the process.
- Nov 9: Graftbusters probing the FashionValet (FV) issue are looking into the possibility of Khazanah Nasional Bhd and Permodalan Nasional Bhd being misled about their investment. Azam said that investigators had cast a wide net in the probe and were also looking at elements of fraud following the discovery of several suspicious transactions between 2018 and 2023.
Azam, however, said that the probe, which also involved corporate governance issues, was still ongoing and that MACC still needed to verify some information.