Nation

MACC probing Khazanah, PNB's FashionValet investment [NSTTV]

KUALA LUMPUR: The Malaysian Anti-Corruption Commission has launched a probe into the RM43.9 million investment loss incurred by Khazanah Nasional Berhad and Permodalan Nasional Berhad in FashionValet (FV).

MACC Chief Commissioner Tan Sri Azam Baki said the investments involved public funds and was a matter of public interest.

"An investigation is necessary to determine if there are any criminal elements involved or other issues related to governance," he said according to Astro Awani last night.

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.

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.

Most Popular
Related Article
Says Stories