PUTRAJAYA, November 8 — The Malaysian Anti-Corruption Commission (MACC) has frozen personal and company bank accounts worth approximately RM1.1 million belonging to Vivy Yusof and Fadzarudin Shah, founders of the FashionValet e-commerce platform, as part of an ongoing investigation. This action follows significant financial losses amounting to RM43.9 million reported by Khazanah Nasional Bhd (Khazanah) and Permodalan Nasional Bhd (PNB) in their investments with the company.
As part of “Op Favish,” MACC recently conducted simultaneous raids on FashionValet Sdn Bhd, the Ministry of Finance, Khazanah, and PNB to obtain financial documents linked to the case. Sources indicate that a search at the couple’s Mont Kiara residence today resulted in the seizure of 11 handbags and a luxury watch, collectively valued at around RM200,000. MACC has also recorded statements from key individuals across various entities involved, including Khazanah, PNB, and FashionValet.
MACC chief commissioner Tan Sri Azam Baki confirmed the freeze on the accounts and ongoing investigation, which is being pursued under Section 18 of the MACC Act 2009. The couple is expected to return to the MACC office tomorrow to continue assisting with the investigation.
