MACC investigating Khazanah, PNB’s unsuccessful investment

KUALA LUMPUR: The Malaysian Anti-Corruption Commission (MACC) has initiated an investigation into losses incurred by Khazanah Nasional Berhad and Permodalan Nasional Berhad (PNB) from their investment in a local online fashion business, says Tan Sri Azam Baki (pic).

The MACC Chief Commissioner said that the investigation was needed as it involves the use of public funds and was a matter of public interest.

“The MACC assures that a comprehensive investigation will be conducted fairly and professionally.

“The public is urged to allow space for the investigation to proceed and to avoid speculation or engage in ‘public trials’ against the parties involved,” he said in a statement on Saturday (Nov 2).

In a written Parliamentary response last week, the Finance Ministry said that Khazanah and PNB sold its shares in fashion e-commerce platform FashionValet for RM3.1mil, to NXBT Partners in 2023.

This contrasted with the RM47mil investment made by Khazanah and PNB in 2018, consisting of RM27mil and RM20mil respectively for minority stakes in FashionValet.

On Thursday, the Communications Minister Fahmi Fadzil instructed the two government-linked investment companies and FashionValet to explain the RM43.9mil loss incurred.

All three parties have since released statements.

Khazanah said the sale of its stake in FashionValet was to transfer ownership to new parties capable of steering the company towards growth.

Meanwhile, PNB said the came from its proprietary funds and not the trust funds under Amanah Saham Nasional Berhad (ASNB) subscribed to by the public.

Additionally, fashion entrepreneurs Datin Vivy Yusof and her husband Datuk Fadzaruddin Shah Anuar apologised over the losses and said they would step down from their positions in FashionValet.

They said this was taken to prevent further controversy from affecting the company, which is currently in the recovery process.