KUALA LUMPUR, Nov 7 — The Public Accounts Committee (PAC) will launch an investigation into a RM43.9 million loss incurred from investments by Khazanah Nasional Bhd (Khazanah) and Permodalan Nasional Bhd (PNB) in FashionValet, its chairman Datuk Mas Ermieyati Samsudin said today.

In a statement, Mas Ermieyati confirmed that both government-linked companies will be called for questioning.

"The PAC will begin proceedings concerning the investment losses by Khazanah and PNB in a local online fashion business, FashionValet, which involved the loss of public funds amounting to RM43.9 million,” she said, adding that the proceedings are expected to held in the second week of December.

The Malaysian Anti-Corruption Commission (MACC) is conducting its own investigations and have called up FashionValet founders Vivy Yusof and her husband, Datuk Fadzarudin Shah Anuar for questioning.

The couple first had their statements recorded last Tuesday, spending nearly eight hours with the MACC, and have been called back for questioning today.

Anti-graft officials searched their house yesterday and confiscated several items, including 11 handbags and one luxury watch.

The couple’s personal and company bank accounts said to be worth RM1.1 million, have been frozen pending investigation.

MACC chief Tan Sri Azam Baki told Bernama the commission has also interviewed four officials from PNB, Khazanah, and the Ministry of Finance on Tuesday.

FashionValet’s financial losses came under scrutiny last month when Khazanah and PNB announced their sale of the e-commerce business for RM3.1 million, following a combined investment of RM47 million made in 2018.

The Finance Ministry confirmed the sale in a written parliamentary reply on October 29 to Puchong MP Yeo Bee Yin who asked about the total investments, losses and share divestment by Khazanah and PNB in FashionValet.

The resulting loss of over RM43 million has since sparked public criticism and prompted calls for a deeper investigation, with Prime Minister Datuk Seri Anwar Ibrahim directing Khazanah to conduct an internal audit.