Umno Youth calls for RCI into Nafas, FashionValet

Umno Youth has called for a royal commission of inquiry (RCI) to look into the National Farmers’ Organisation (Nafas) for alleged cartel involvement and Khazanah Nasional Berhad’s losses in relation to FashionValet.

The wing’s chief Dr Muhamad Akmal Saleh thanked Prime Minister Anwar Ibrahim for his stern stand on these issues, where he vowed not to interfere or hinder investigations in his capacity as chairperson of Khazanah.

“Profit and loss are commonplace but when the funds come from public coffers, there must be a transparent investigation and the findings revealed to the public so that it can serve as a lesson for the future.

“Therefore, we are suggesting that an RCI is formed to look into both these cases.

“Whether it is FashionValet or Nafas, if there are wrongdoings, nobody from these cartels that swindle public funds should be spared,” Akmal (above) said on Facebook this morning.

Yesterday, MACC chief commissioner Azam Baki said it is investigating the FashionValet investment after it was reported that Khazanah and Permodalan Nasional Berhad’s (PNB) shares dropped by almost RM44 million when the business was sold in 2023 compared to the amount they spent in 2018.

Khazanah had pumped in RM27 million and PNB RM20 million to acquire a minority stake in the local fashion brand - in a plan to boost bumiputera businesses in the e-commerce sector.

Since the issue came into the spotlight, FashionValet and the two state-owned investment companies have been heavily criticised by the public.

FashionValet’s founders Vivy Yusof and her husband Fadzaruddin Shah Anuar have since stepped down.

MACC is also probing Nafas, which is under the Agriculture and Food Security Ministry, over alleged cartel involvement in the distribution and supply of paddy fertiliser contracts.

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