Sovereign wealth fund Khazanah had invested RM27 million, and asset manager PNB another RM20 million, for a minority stake in the local fashion retailer in 2018.

However, they sold 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.

PAC chief Mas Ermieyati Samsudin said representatives from the two companies will be called in the second week of December.

The committee’s decision follows the freezing of several personal and company bank accounts, totalling about RM1.1 million, belonging to Fashion Valet founders Vivy Yusof and Fadzarudin Anuar by the Malaysian Anti-Corruption Commission.

Last Friday, Vivy and Fadzarudin said they would be stepping down from their management posts in Fashion Valet to take full responsibility for the losses incurred by Khazanah and PNB.

Mas Ermieyati said the PAC will also reopen its inquiry into the National Farmers’ Organisation (Nafas), which represents more than 930,000 farmers nationwide, following internal conflicts within the group.

She said the PAC had previously questioned Nafas’s CEO in March and visited its fertiliser plant in Gurun, Kedah, in April.

“Given the current turmoil within Nafas, the PAC has decided to call them again to address ongoing challenges,” she said, adding that issues plaguing the organisation could disrupt fertiliser supplies for farmers and potentially jeopardise rice production.

She said the hearings are also scheduled for mid-December.