The Sessions Court here is scheduled to hear charges against Datin Vivy Yusof and her husband, Datuk Fadzaruddin Shah Anuar, the founder duo of the e-commerce platform FashionValet, tomorrow.
The allegations are thought to be connected to the RM43.9 million in investment losses of Permodalan Nasional Berhad (PNB) and Khazanah Nasional Berhad (Khazanah), two government-affiliated investment entities in FashionValet.
After the couple was arrested at lunchtime yesterday but freed on bail, numerous local news agencies, including Berita Harian and Harian Metro, claimed last night that Tan Sri Azam Baki, the head of the Malaysian Anti-Corruption Commission (MACC), confirmed the court action against the pair.
On November 28, the MACC declared that it had finished its inquiry into the investment loss after sending it to government attorneys for evaluation.
The MACC earlier stated that during the examination into the investment losses in the e-commerce company, it found a number of questionable activities.
From 2018 till last year, these questionable transactions were tracked down.
Previously, Vivy declared that she and her husband, Fadzarudin Shah Anuar, had both resigned and given up their roles inside the company.
Vivy stated that she accepts responsibility for the company’s collapse and expresses regret for the controversies surrounding their brand and investors, especially Khazanah Nasional Berhad and Permodalan Nasional Berhad (PNB), who previously contributed RM47 million to FashionValet.
According to company documents, FashionValet Sdn Bhd (FV), which was besieged, had lost money for five years in a row before Khazanah Nasional Bhd and Permodalan Nasional Bhd (PNB) invested in it.
Before Khazanah and PNB invested in 2018, FV’s losses climbed from RM166,793 in 2012 to RM10.7 million in 2017, according to financial data from the Companies Commission of Malaysia (SSM), according to Business Times.
