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“We will look at how the money was spent, was the expenditure proper or not, did it violate the law,” MACC chief commissioner Azam Baki said today. He said the company’s founders must explain how they procured the assets and how the funds were spent.
Azam said MACC would also investigate whether the investors’ funds were spent properly and in accordance with the agreement. He said about 60 boxes of financial documents seized yesterday from Fashion Valet, Khazanah and PNB had to be studied in detail, especially those related to agreements between the three parties.
Khazanah and PNB suffered a loss of RM43.9 million on their investment in Fashion Valet, after selling their shares in the e-commerce platform last year to investment holding company NXBT Partners.
Azam said the investigating officer had questioned Fashion Valet’s founders, married couple Vivy Yusof and Fadzarudin Anuar, about matters that arose after documents and accounts were checked, such as issues involving property and assets.
“I expect the investigating officer to call them back to the office to assist with investigations,” he said, adding that raids would be conducted if there was a need.
Azam said the investigation would take time. “It involves accounting issues, corporate decisions and all this takes a bit of time. I think it won’t be completed soon,” he said.
On whether the couple would be arrested, Azam said the decision would depend on the investigating officer.
Azam said the investigation looked into Fashion Valet’s performance and accounts from 2018 to 2023, including questions of whether the company sustained losses or not, and would also look into the actions of Khazanah and PNB and whether they knew of the losses involving the company.
On Nov 2, Prime Minister Anwar Ibrahim instructed Khazanah to undertake an internal audit to look into the investment loss of RM43.9 million involving Fashion Valet.
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