KUALA LUMPUR, Nov 2 — The Malaysian Anti-Corruption Commission (MACC) officially said today it has opened an investigation into the investment losses by Khazanah Nasional Berhad and Permodalan Nasional Berhad (PNB) in e-commerce platform Fashion Valet Sdn Bhd.

In a brief statement, MACC Chief Commissioner Tan Sri Azam Baki said the investigation is crucial as it involves the use of public funds and is a matter of public interest.

"The MACC assures the public that a thorough investigation will be conducted fairly and professionally,” the statement said here.

"The public is urged to allow space for the investigation to proceed and to avoid speculation and ‘trial by public opinion’ against the parties involved.”

The statement did not specifically mention Fashion Valet, but Azam was quoted by Astro Awani yesterday confirming an investigation into the platform.

Earlier today, Prime Minister Datuk Seri Anwar Ibrahim said he will not intervene in any investigations into Khazanah Nasional Berhad and PNB.

He said even though he is the chairman of Khazanah, he will not stop the MACC from investigating the government’s sovereign wealth fund.

In 2018, Khazanah and PNB invested a combined RM47 million in FashionValet, with Khazanah contributing RM27 million and PNB RM20 million, to acquire minority stakes.

The two government-linked investment companies then divested their stake for mere RM3.1 million.

Khazanah said yesterday its divestment from FashionValet represented a responsible exit to transfer ownership to a party that could help guide the latter to a new growth trajectory.

Meanwhile, PNB said its loss of RM18.7 million after sale proceeds should be viewed relative to RM337 billion in investment assets managed by PNB and the RM16.4 billion in investment income generated after accounting for this loss in the financial year 2023.