CEO Morning Brief

FashionValet Founders Quizzed Over RM43.9m Investment Loss

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Publish date: Wed, 06 Nov 2024, 09:25 AM
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TheEdge CEO Morning Brief

PUTRAJAYA (Nov 5): The founding couple of an online fashion business on Tuesday provided their statements to the Malaysian Anti-Corruption Commission (MACC).

This was after the graft busters initiated a probe into Khazanah Nasional Bhd (Khazanah) and Permodalan Nasional Bhd's (PNB) investment in the fashion business, which resulted in RM43.9 million losses.

The couple, who have been present at the MACC Headquarters since 2.30pm, have not yet left the graft buster's premises as of 8pm.

Sources confirmed that the couple were still being questioned and the process is expected to be completed by 10pm and expected to continue on Wednesday.

Earlier, when contacted by Bernama, MACC chief commissioner Tan Sri Azam Baki confirmed that the couple had been summoned to assist investigations related to the case.

As of Monday, he said four witnesses from PNB, Khazanah and the Ministry of Finance had been called to provide statements to assist investigations.

On Monday, the MACC announced, through a post on its official TikTok page, that the commission had raided the office of a local online fashion business and three other premises and seized various documents for investigation.

The investigation is conducted under Section 18 of the MACC Act.

Earlier, Azam said that the investigations into the loss incurred by the fashion business would be conducted fairly and professionally, further emphasising that the investigation was essential as it involved public funds and was of public interest.

Azam also urged the public to provide space for the investigation to be carried out and avoid speculation and a 'public trial' against the parties involved.

Uploaded by Magessan Varatharaja

Source: TheEdge - 6 Nov 2024

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