MACC chief commissioner Azam Baki confirmed this in an Utusan Malaysia report.

“As of yesterday, four witnesses from Khazanah, PNB and the finance ministry have been called for questioning,” he was quoted as saying.

Yesterday, it was reported that MACC raided Fashion Valet’s office in Kuala Lumpur as part of its investigation into Khazanah and PNB’s losses after investing public funds amounting to RM43.9 million into the brand.

In a video on TikTok, MACC confirmed that its investigators searched four locations associated with the 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 investigating 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.

Last Friday, Vivy and Fadzarudin 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.