The Public Accounts Committee (PAC) will begin proceedings concerning investment losses that Khazanah Nasional Berhad and Permodalan Nasional Berhad (PNB) incurred.

Its chairperson Mas Ermieyati Samsudin announced that the proceedings relate to investments made in the fashion business FashionValet.

“These investments involved public fund losses totalling RM43.9 million. The PAC will summon both Khazanah and PNB, with the proceedings expected to take place in the second week of December,” she said in a press conference today.

Khazanah and PNB had invested RM27 million and RM20 million respectively into FashionValet in 2018.

However, it was revealed last week that when the two government-linked companies (GLCs) exited FashionValet in 2023, their combined share value dropped to RM3.1 million.

Following these revelations, MACC launched an investigation on Nov 2, taking statements from FashionValet founders Vivy Yusof and her husband Fadzaruddin Shah Anuar.

The couple's home in Mont Kiara, Kuala Lumpur, was reportedly raided yesterday.

During the raid, MACC seized 11 handbags and a luxury wristwatch valued at approximately RM200,000. The case is being investigated under Section 18 of the MACC Act 2009.

PAC to call Nafas CEO again

PAC will also conduct proceedings related to the National Farmers’ Organisation (Nafas) following recent controversy over alleged cartel activities.

“We will hear testimony and explanations from 14 witnesses, including paddy farmers, certified seed producers, rice manufacturers, and academics,” Mas said.

While the committee had previously summoned Nafas's CEO on March 26 and visited its factory in Kedah on April 22, it would summon him again because the issue had become a heated topic over the past week, she added.

“The organisation has 930,000 farmer members nationwide.

“We are concerned that the problems and crisis plaguing Nafas could lead to a larger issue, namely a shortage of fertiliser for farmers,” she said, adding that the proceedings will be scheduled for the second week of December as well.

On Nov 1, Farmers’ Organisation Authority director-general Amir Matamin announced that the Nafas constitution had been suspended, citing internal conflicts and discord, which have impacted Nafas’ operations and effectiveness.

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COMMENT | Company directors should be held responsible

COMMENT | Company directors should be held responsible