FashionValet: MACC freezes founders' company, private bank accounts

The MACC has frozen several private and company bank accounts belonging to the founders of FashionValet Sdn Bhd worth RM1.1 million under Op Favish.

These involve 11 private accounts and six company accounts.

According to a source, the anti-graft agency raided the couple’s - Vivy Yusof and Fadzaruddin Shah Anuar - home in Mont Kiara, Kuala Lumpur earlier today.

This came about after the duo arrived at the MACC headquarters at 1pm to continue giving statements, before being taken to their home at 5.30pm for the raid.

“Twelve MACC officers were involved in the raid and the couple’s lawyer was present.

“Our search concluded around 8pm and among the items seized were 11 handbags and a luxury wristwatch, all worth about RM200,000,” the source stated.

It added that the MACC had also recorded statements from several individuals - including senior staffers from Khazanah, PNB, FashionValet, accountants, a company appraiser and an introducer earlier.

MACC chief commissioner Azam Baki confirmed the latest action, adding that the case is being investigated under Section 18 of the MACC Act 2009.

On Nov 2, the Finance Ministry, in a written parliamentary reply on Oct 28, stated that Khazanah and PNB’s share value in FashionValet had dropped by almost RM44 million when the business was sold in 2023 compared to the amount they spent in 2018.

It was also stated that Khazanah pumped in RM27 million and PNB RM20 million to acquire a minority stake in the fashion brand - in a plan to boost bumiputera businesses in the e-commerce sector.

Vivy and Fadzaruddin have since taken full responsibility for the losses suffered and stepped down from the company.

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