KUALA LUMPUR: Graftbusters probing the FashionValet (FV) issue are looking into the possibility of Khazanah Nasional Bhd and Permodalan Nasional Bhd being misled about their investment.
Malaysian Anti-Corruption Commission (MACC) Chief Commissioner Tan Sri Azam Baki told the New Straits Times that investigators had cast a wide net in the probe and were also looking at elements of fraud.
He said this was in relation to 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.
He said this included determining whether FashionValet founders — Datin Vivy Yusof and her husband Datuk Fadzaruddin Shah Anuar — acted in accordance with the law.
On FV's purchase of 30 Maple Sdn Bhd the same year Khazanah and PNB invested in the company, Azam said investigators were looking into the details.
News portal Scoop previously reported that FV purchased 30 Maple for RM95 million in the same year Khazanah and PNB invested RM47 million in the company.
The report also said that 30 Maple operated dUCK, the hijab brand founded by Vivy.
"We are also looking at whether Khazanah and PNB should have been informed (about the purchase).
"We have to carry out our investigation fairly and professionally.
"Public outcry is one thing, and while we do take that into consideration, we are guided by the law and our procedures," Azam said.
It was reported that MACC was probing the RM43.9 million loss suffered by Khazanah and PNB as a result of their investments in FashionValet.
MACC seized 60 boxes containing documents from FashionValet, Khazanah and PNB to assist in the investigation.
Azam also said that the MACC's forensic accounting division was reviewing all the documents seized.
On Wednesday, MACC searched the couple's residence and seized 11 luxury handbags and a luxury watch, collectively valued at around RM200,000.
MACC also froze several personal and company bank accounts belonging to the founders, totalling around RM1.1 million.
Azam said that the investigation might not be concluded quickly, as it involved multiple corporate decisions.
He also said that the decision to arrest the couple would depend on the investigating officers handling the case.
"I fully leave the matter to the investigators, who will decide on any action based on the findings.
"At this stage, MACC officers are doing their best to resolve the case, but I expect it won't be completed quickly due to the involvement of corporate decisions. So, it will take a little more time," he added.
Azam also did not rule out the possibility that Vivy and her husband might be called in for a fifth session by the investigating officers today.
"In previous sessions, we obtained information through documents, accounts, investments made into FashionValet, as well as assets owned.
"Therefore, I do not see this being resolved today, and I expect the investigators will call them back to assist in the investigation."