KUALA LUMPUR: Four more witnesses will be called in connection with investigations into the flow of cash received by the FashionValet founders.
Malaysian Anti-Corruption Commission (MACC) chief commissioner Tan Sri Azam Baki said they expect to conclude their investigations into this case within two weeks.
"I have been briefed by my investigators that four other witnesses have been identified to assist with further investigations.
"This is to facilitate inquiries into the flow of cash received by the founders of FashionValet," he told the New Straits Times.
He added that to date, they have taken statements from 14 individuals in connection with their probe into the company.
Azam said they would hand over the investigation paper (IP) to the deputy public prosecutor for further instruction within two weeks.
"Our findings and suggestions will be attached in the IP, including our findings on corporate governance issues pertaining to the case," he 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.
The Finance Ministry outlined three key unforeseen challenges faced by Fashion Valet Sdn Bhd, which led to a loss of over RM47 million in investments from Khazanah Nasional Berhad and Permodalan Nasional Berhad (PNB).
Finance Minister II Datuk Seri Amir Hamzah Azizan said the company's struggles were primarily due to the impact of the Covid-19 pandemic, shifts in e-commerce fashion trends, and difficulties in raising funds.
"FashionValet aimed to become an omnichannel shopping platform, which led to the rapid expansion of its physical stores. However, the Movement Control Order (MCO) during the Covid-19 pandemic severely restricted its physical operations and caused a significant downturn in the market for premium apparel, including scarves. As a result, several underperforming stores had to be closed," he told the Dewan Rakyat today.
Amir Hamzah also pointed to the rise of local fashion brands, particularly those specialising in modest fashion, which increasingly relied on their own e-commerce platforms and easily accessible alternative channels like Facebook.
The graftbusters probing the FashionValet issue were also reported to be looking into the possibility of Khazanah Nasional Bhd and Permodalan Nasional Bhd being misled about their investment.
Investigators had cast a wide net in the probe and were also looking at elements of fraud.
This was in relation to the discovery of several suspicious transactions between 2018 and 2023.
The probe, which also involved corporate governance issues, was still ongoing and that MACC still needed to verify some information.
This included determining whether FashionValet founders - Datin Vivy Yusof and her husband Datuk Fadzaruddin Shah Anuar - acted in accordance with the law.