FashionValet Under Corruption Investigation

The Malaysian Anti-Corruption Commission(MACC) is investigating FashionValet’s RM43.9 million losses. Khazanah Nasional and PNB invested in the company but sold their shares last year for only RM3.1 million.

Prime Minister Anwar Ibrahim has ordered an internal audit, emphasizing accountability and better governance for government-linked firms.

MACC promised a thorough investigation, urging the public to avoid speculation.

FashionValet founders Vivy Yusof and Fadzaruddin Shah Anuar have apologized and resigned, taking responsibility for the losses.

Khazanah and PNB called the sale a responsible exit, with PNB clarifying that proprietary, not public, funds were used.