MACC chief commissioner Azam Baki said the investigation paper has been submitted to the director of the anti-graft agency’s legal and prosecution division for review.

“A decision regarding this investigation is expected to be reached soon,” he said in a statement today.

Azam previously said MACC was looking into how Fashion Valet spent investment funds from Khazanah Nasional Bhd and Permodalan Nasional Bhd, which lost RM43.9 million after investing in the platform.

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.

It was previously reported that Fashion Valet co-founders Vivy Yusof and Fadzarudin Shah Anuar were being investigated in connection with the case.

Fashion Valet’s bank accounts, including those of 30 Maple Sdn Bhd, a company which it acquired, were frozen by MACC as part of the investigation.