KUALA LUMPUR, Nov 2 — The Malaysian Anti-Corruption Commission (MACC) has reportedly launched an investigation into Khazanah Nasional Berhad and Permodalan Nasional Berhad’s (PNB) investment in e-commerce platform Fashion Valet Sdn Bhd.
Astro Awani quoted MACC Chief Commissioner Tan Sri Azam Baki saying that the investigation is crucial as it involves public funds and interests, after the reported RM43.9 million loss after their divestment.
“I have instructed my officers to begin the investigation as this matter involves public funds and interests.
“Therefore, the investigation is necessary to determine whether there are any criminal elements or other issues related to governance,” he was quoted saying.
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.
