KUALA LUMPUR, December 6 – FashionValet Sdn Bhd founders Datin Vivy Yusof and Datuk Fadzarudin Shah Anuar were charged today in the Sessions Court for criminal breach of trust (CBT) involving RM8 million in investment funds from Khazanah Nasional Berhad (Khazanah) and Permodalan Nasional Berhad (PNB). The charges relate to an alleged payment made from FashionValet’s bank account to 30 Maple Sdn Bhd without board approval on August 21, 2018. Both Vivy and Fadzarudin pleaded not guilty before Judge Rosli Ahmad.
The couple faces charges under Section 409 of the Penal Code, which, upon conviction, carries a penalty of two to 20 years imprisonment, whipping, and a fine. The case follows the completion of investigations by the Malaysian Anti-Corruption Commission (MACC) into the loss of RM43.9 million from investments made by Khazanah and PNB in FashionValet. Prime Minister Datuk Seri Anwar Ibrahim previously ordered an internal audit of Khazanah’s investments, emphasizing transparency in government-linked company operations.
In 2018, Khazanah and PNB invested RM27 million and RM20 million, respectively, in FashionValet, acquiring minority stakes in the e-commerce company. The high-profile case has drawn significant public and media attention, with reporters gathering outside the court early this morning to cover the proceedings.
