FashionValet founders charged with CBT for embezzling RM8m

FashionValet co-founders Vivy Yusof and her husband Fadzaruddin Shah Anuar have been charged with criminal breach of trust at the Kuala Lumpur Sessions Court today.

The couple was accused of embezzling RM8 million in investment funds from Khazanah Nasional and Permodalan Nasional Berhad (PNB) by transferring the money to 30 Maple Sdn Bhd’s account without the approval of FashionValet's board of directors.

They pleaded not guilty to the charge under Section 409 of the Penal Code, which is punishable with a jail term of between two and 20 years, caning, and a fine.

Vivy and Fadzaruddin were owners of 30 Maple at the time the transaction allegedly took place on Aug 21, 2018.

It was reported that FashionValet later bought 30 Maple from the couple in December 2018 for RM95 million.

RM100k bail

Sessions Court judge Rosli Ahmad set bail at RM100,000 each. The duo also had to surrender their passports and are required to do monthly check-ins with the MACC.

Khazanah and PNB jointly invested RM47 million in FashionValet in March 2018.

However, it was revealed in a written parliamentary reply in October that when the two firms exited the clothing company in 2023, the value of their shares had dwindled to RM3.1 million.

Subsequently, the MACC launched a probe into the issue and froze personal and company accounts linked to Vivy and Fadzaruddin including 30 Maple's.

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COMMENT | Company directors should be held responsible