The Malaysian Anti-Corruption Commission (MACC) has frozen several personal and company bank accounts, valued at around RM1.1 million, belonging to Fashion Valet Sdn Bhd founders Vivy Yusof and Fadzarudin Anuar.
Sources said the move to freeze the accounts is just part of the process in MACC’s investigation into the couple over the RM43.9 million in investment losses incurred by Khazanah Nasional Bhd and Permodalan Nasional Bhd, Bernama reported.
On Monday, MACC visited Fashion Valet’s office, the finance ministry, Khazanah and PNB, to obtain financial documents to aid in its probe.
“Since the investigation began, MACC has frozen approximately 11 personal accounts and six company accounts under the couple’s management, amounting to around RM1.1 million, to assist in the investigation.
“Additionally, MACC has recorded statements from several key individuals, including senior officials from Khazanah, PNB, Fashion Valet, accountants and company valuers,” a source said.
The commission also searched the couple’s residence in Mont Kiara, Kuala Lumpur today.
The couple was said to have arrived at the MACC office at around 1pm to continue giving their statements before being taken to their residence at 5.30pm for the search.
The sources said the search was conducted by 12 MACC officers, in the presence of the couple’s lawyer.
“The search concluded around 8pm, with the seizure of items, including 11 handbags and a luxury watch, worth an estimated total of RM200,000,” the source said.
MACC chief commissioner Azam Baki confirmed the freezing of the accounts and search, and said the case is being investigated under Section 18 of the MACC Act 2009 for making false claims.
He said the couple will return to the MACC office at 10am tomorrow to continue providing their statements.
MACC Raided FashionValet Offices, Vivy Yusof & Husband Called To Give Statement
A week after news broke about Khazanah Nasional and Permodalan Nasional Bhd (PNB) selling off their minor stakes in FashionValet for RM3.1 million, the Malaysian Anti-Corruption Commission (MACC) raided four FashionValet premises on Monday (4 November).
MACC announced the raid on its official TikTok account. The agency raided FashionValet’s headquarters in Kuala Lumpur and three other branches, including the offices of the Finance Ministry, Khazanah, and PNB on the same day.
New Straits Times reported that MACC seized several documents as part of its investigation. MACC Chief Commissioner Tan Sri Azam Baki said it was not a raid but simply seeking cooperation from relevant parties to help with investigations.
Today (5 November), FashionValet founders Datin Vivy Yusof and her husband, Datuk Fadzaruddin Shah Anuar, arrived at the anti-graft agency to have their statements taken.
Sources said the couple arrived around 2pm with their lawyer.
So far, MACC has called in four witnesses from PNB, Khazanah, and the Finance Minister to have their statements recorded.
Need a recap of what caused this?
Khazanah and PNB invested a combined RM47 million in FashionValet in March 2018. By then, some have alleged that FashionValet was already making losses (but that is fairly normal because there are good days and bad days in business).
After selling their minority stakes to NXBT Partners Sdn Bhd, both companies defended their investment decision, saying it was in line with the then government’s call for government-linked investment companies (GLICs) to support the growth of “high potential Bumiputera companies” operating in the new economy. Side note: Grab didn’t get the funding and moved to Singapore.
However, those who did some digging found that the picture was painted differently. According to Companies Commission (SSM) filings, FashionValet purchased 30 Maple Sdn Bhd for RM95 million in December 2018, within the same year of getting a large investment from Khazanah and PNB.
Here’s why it’s interesting to note: 30 Maple is also owned wholly by Vivy and her husband. Additionally, 30 Maple operates Vivy’s popular headscarf brand Duck. In hindsight, it wasn’t exactly helping another local business grow.
However, Scoop reported that 30 Maple did appear to be a profitable company in 2017 and 2018 with profits of RM8.5 million and RM7.745 million respectively.
30 Maple also paid an RM4.2 million dividend in 2017 and RM10 million in 2018.
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