FashionValet founders to be charged on Thursday - MACC

FashionValet Sdn Bhd founders Vivy Yusof and Fadzaruddin Shah Anuar will be charged at the Special Corruption Court in Kuala Lumpur on Thursday (Dec 5), MACC chief commissioner Azam Baki said today.

"I can confirm that the couple will face charges at the Special Corruption Court in Kuala Lumpur on Thursday," he told the New Straits Times.

On Nov 2, Azam confirmed that the MACC launched an investigation into the fashion e-commerce platform.

This is due to losses of RM43.9 million sustained by Khazanah Nasional Berhad and Permodalan Nasional Berhad (PNB) after investing in the company.

The investigation was conducted under Section 18 of the MACC Act 2009, which governs the offence of providing false claims.

Azam reportedly said he ordered anti-graft investigators to probe the matter, which he regarded as concerning as it involves the people’s money.

At the same time, Prime Minister Anwar Ibrahim, who is also Khazanah’s chairperson, ordered the company to conduct an internal audit in line with his previous instruction for the National Audit Department to audit over 2,000 GLCs in the country.

On Nov 4, the MACC raided FashionValet's office in Kuala Lumpur as part of investigations into the local fashion brand.

Since then, Vivy and Fadzaruddin have stepped down from their positions, made a public apology, and were questioned by the MACC.

According to news reports, FashionValet’s financial filings showed the company experienced five years of significant losses before Khazanah and PNB’s investment in 2018.

During that year, FashionValet recorded a net loss of RM20.19 million.

It was also revealed that when both government-linked companies exited the company in 2023, its share value dropped by almost RM44 million.

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