MACC chief commissioner Azam Baki said the anti-graft agency will be reviewing the documents as part of its investigation into the RM43.9 million loss in Khazanah and PNB’s investment in Fashion Valet, reported Astro Awani.
“On Saturday, I announced that we have opened an investigation. Since their offices were closed over the weekend, we are starting today,” he said.
In a video on TikTok, MACC confirmed that its investigators searched four locations associated with e-commerce platform Fashion Valet in the capital today.
It was reported that one of the locations raided was Fashion Valet’s headquarters in Bangsar.
MACC said it is probing the case under Section 18 of the MACC Act 2009.
The section, which relates to the submission of false claims, carries a maximum prison sentence of 20 years and a fine of RM10,000, or five times the value of the false claims, whichever is higher, upon conviction.
In a written parliamentary reply last week, the finance ministry said sovereign wealth fund Khazanah invested RM27 million and asset manager PNB another RM20 million for minority stakes in Fashion Valet in 2018.
However, they lost RM43.9 million after selling their stake for RM3.1 million at the end of last year to NXBT Partners, an investment holding company controlled by Afzal Abdul Rahim, the CEO of TIME dotCom Bhd.
The ministry said the Covid-19 pandemic and challenging fundraising market conditions had severely impacted Fashion Valet’s business, which required significant new capital to continue operations.
It said NXBT Partners offered to take over Khazanah and PNB’s existing stake in Fashion Valet and inject the necessary capital into the company.
“The losses incurred from the sale of Fashion Valet shares were minimal compared to Khazanah and PNB’s overall earnings for the year,” said the ministry.
Last Friday, Fashion Valet’s founders, local fashion icon Vivy Yusof and her husband, Fadzarudin Anuar, said they would be stepping down from their management posts in the company to take full responsibility for the losses incurred by Khazanah and PNB.