KUALA LUMPUR: The Malaysian Anti-Corruption Commission (MACC) has concluded its investigation into FashionValet, said its Chief Commissioner Tan Sri Azam Baki.
He said the investigation papers have been forwarded to its Legal and Prosecution Division for review and further action.
"The decision regarding this investigation will be finalised soon," he said in a statement today.
It was reported on Nov 16 that the MACC had frozen the accounts of 30 Maple Sdn Bhd as part of its investigation into entrepreneurs Datuk Fadzaruddin Shah Anuar and Datin Vivy Yusof and their online fashion retailer, FashionValet.
Azam was reported as saying the MACC had frozen accounts belonging to FashionValet, and 30 Maple as part of the investigation.
The probe stems from the financial losses sustained by government-linked companies Khazanah Nasional Bhd and Permodalan Nasional Bhd (PNB), which collectively lost RM43.9 million on their investment in FashionValet.
In 2018, Khazanah and PNB invested a total of RM47 million into the company, only to divest their stake for just RM3.1 million the following year.
In December 2018, FashionValet acquired 30 Maple for RM95 million.
The graft busters probing the FashionValet issue were also reported to be investigating the possibility that Khazanah Nasional Bhd and Permodalan Nasional Bhd were misled about their investments.
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 also involved corporate governance issues involving FashionValet.