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The AGC would first need to gather comprehensive evidence. This involves working with investigative bodies like the Malaysian Anti-Corruption Commission (MACC) and the Royal Malaysia Police (PDRM) to trace any misuse of funds or assets. Forensic accountants could track transactions, looking for signs of money laundering, misappropriation, or fraud.

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Depending on the findings, the AGC could pursue both criminal and civil cases. Criminal proceedings might involve charges such as breach of trust, fraud, or money laundering under Malaysian law. Civil lawsuits, on the other hand, could be filed to directly seek asset recovery or damages from individuals or entities involved.

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Asset Freezing Orders: If there’s a high risk of assets being moved or hidden, the AGC can apply for a court order to freeze assets. This would prevent any further dissipation of funds or assets by those suspected in the case.

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If assets are found internationally, the AGC can collaborate with foreign authorities under international treaties and agreements like the United Nations Convention against Corruption (UNCAC) to recover and repatriate assets. This could involve extradition requests if individuals fled Malaysia.

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The AGC might also involve other government and financial institutions to tighten corporate governance practices within these entities. This helps ensure that similar vulnerabilities do not occur in future investments by Khazanah, PNB, or other national funds.

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Audits and Forensic Accounting: Comprehensive audits can be requested to trace funds. If FashionValet was involved, detailed forensic accounting would be necessary to establish any suspicious transactions or misuses of Khazanah or PNB funds.

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NXBT Partners acquired a majority stake of 51.25% in FashionValet at a significantly reduced valuation. This purchase, totaling around 1.1 million dollar......

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https://theedgemalaysia.com/node/732477

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Resignation timing = poor timed, Too late or too fast? Not right.....

1. Economic Downturn or Market Instability: If the company or the broader retail sector is facing an economic downturn or market challenges, a CEO’s resignation could be seen as abandoning ship at a crucial moment. The retail fashion industry, especially in the wake of a fluctuating post-pandemic economy, requires steady leadership to navigate supply chain disruptions, shifts in consumer demand, and inflationary pressures.

2. High-Profile Competitions or Partnerships: If Fashion Valet has entered into any new high-profile collaborations or is dealing with a surge in competitors, a CEO’s resignation could signal a lack of confidence or commitment. For instance, Malaysia’s fashion industry is competitive, and local brands like Fashion Valet rely on loyalty and local support, so a sudden departure during a critical growth phase could affect the brand's momentum.

3. Ongoing Brand Rebranding or Expansion: If the company is in the midst of rebranding or an expansion phase, especially to reach new international markets or establish a stronger online presence, the CEO’s guidance and vision are crucial. A CEO leaving at this stage could interrupt the process, delay projects, or send a mixed message to investors and customers alike.

4. Negative Public Relations or Legal Issues: Resignation during a PR crisis or legal disputes could appear as if the CEO is stepping down to evade accountability. This might involve addressing criticisms around transparency, environmental impact, or treatment of employees within the fashion industry. A leader’s exit could undermine public trust, and without a clear reason, it could invite speculation that adds fuel to any existing issues.

5. Heightened Pressure for Inclusivity and Social Responsibility: The Malaysian fashion industry, like many others, is under pressure to be more inclusive, ethical, and socially responsible. If the CEO were seen as an advocate for these values, their departure could set back progress on initiatives designed to respond to societal concerns. Resigning at this point could be perceived as abandoning the mission for short-term gains or a lack of resilience.

6. Employee Morale and Retention: Leadership changes can have a direct impact on employee morale and retention, especially during times when talent retention is a challenge across industries. A CEO leaving abruptly could create uncertainty among employees, especially those invested in the brand's mission, and lead to increased turnover rates. This could be especially detrimental in industries reliant on creative and consistent team effort, as is often the case in fashion.

7. Investor Confidence and Financial Instability: Investors typically prefer stability and a steady, forward-moving trajectory. If a CEO exits without a well-communicated succession plan or fails to address future goals, this could create doubt about the brand’s resilience and market direction. Investors may interpret a sudden resignation as a lack of confidence in the company’s future, leading to a drop in stock value or funding.