KUALA LUMPUR: After a month-long investigation, FashionValet founders Datin Vivy Yusof and her husband, Datuk Fadzaruddin Shah Anuar, are set to face criminal breach of trust (CBT) charges.
Malaysian Anti-Corruption Commission (MACC) chief commissioner Tan Sri Azam Baki confirmed to the New Straits Times that the couple would be charged tomorrow under Section 409 of the Penal Code.
"Yes, we have received instructions to charge the e-commerce platform founders for criminal breach of trust at the Special Corruption Court in Kuala Lumpur tomorrow," he said.
In 2018, Khazanah invested RM27 million, and PNB RM20 million for minority stakes in FashionValet. However, these stakes were later sold for just RM3.1 million.
On Nov 1, Vivy and her husband announced they would relinquish their positions at FashionValet Sdn Bhd, citing recent issues surrounding the sale of PNB and Khazanah's stakes.
They expressed regret over the failure of the investment and took full responsibility for the situation.
A day earlier, Communications Minister Fahmi Fadzil urged PNB and Khazanah to explain their RM43.9 million losses from the sale.
Shortly after the couple's apology, the MACC launched a probe into the RM43.9 million investment loss, noting that the funds involved were public funds.
The couple was subjected to an extended statement recording process, lasting nearly a week, and several documents were seized during investigations at the Finance Ministry, Khazanah, PNB, and FashionValet's headquarters.
The investigation also focused on potential fraud, with investigators examining suspicious transactions from 2018 to 2023, as well as corporate governance issues.