KUALA LUMPUR, November 3 — The Malaysian Anti-Corruption Commission (MACC) has confirmed it has begun an investigation into the RM43.9 million loss faced by Khazanah Nasional Berhad and Permodalan Nasional Berhad (PNB) from their investment in FashionValet Sdn Bhd. MACC Chief Commissioner Tan Sri Azam Baki emphasized that this probe is essential as it involves public funds, urging the public to avoid speculation and refrain from “trial by public opinion” as the investigation proceeds.
The investment, made in 2018, saw Khazanah and PNB contribute a combined RM47 million for minority stakes in the e-commerce platform. However, both entities later sold their stakes for just RM3.1 million, sparking public concern over the financial loss. Khazanah and PNB have since stated that the divestment was a strategic decision and that the loss is relatively minor compared to their broader portfolios.
Prime Minister Datuk Seri Anwar Ibrahim, who also chairs Khazanah, has pledged not to interfere with the investigation, affirming that MACC’s inquiry would proceed independently and professionally to uphold transparency and public accountability.
