KUALA LUMPUR: The Public Accounts Committee (PAC) will commence proceedings next month regarding the investment losses suffered by Khazanah Nasional Bhd (Khazanah) and Permodalan Nasional Bhd (PNB) in FashionValet Sdn Bhd.

Its chairman, Datuk Mas Ermieyati Samsudin, said the proceedings are scheduled for the second week of December, prompted by a RM43.9 million loss in public funds.

"PAC will call upon Khazanah and PNB to discuss the losses incurred," she said in Parliament today.

FashionValet, in the limelight due to investment losses incurred by Khazanah and PNB, saw five consecutive years of losses prior to their investment.

A check of financial account filings of the company between 2012 and 2017 showed that its losses widened to RM10.7 million in 2017 from RM166,793 in 2012, prior to Khazanah and PNB's investment in the company in 2018.

The financial information was obtained from filings with the Companies Commission of Malaysia (SSM).

In the year in which Khazanah and PNB invested in the company, it recorded a net loss of RM20.19 million.

Various parties have called for action, including the suggestion to establish a Royal Commission of Inquiry to investigate allegations of mismanagement that have beset FashionValet.

Yesterday, Mas Ermieyati said she had received calls from groups urging her to summon those involved in the investment losses suffered by Khazanah and PNB.

These calls have come from members of parliament, civil servants, entrepreneurs and the public, including comments made on social media.

https://www.nst.com.my/news/crime-courts/2024/11/1131070/pac-chairman-fashionvalet-proceedings-start-next-month