KUALA LUMPUR, Nov 8 — The Malaysian Anti-Corruption Commission (MACC) is currently looking into identifying assets, ownership and financial sources obtained by the founders of e-commerce platform FashionValet Sdn Bhd (FashionValet).
Its chief commissioner, Tan Sri Azam Baki said the commission’s investigation will also focus on the way investment funds received from Khazanah Nasional Bhd (Khazanah) and Permodalan Nasional Bhd (PNB) were spent by the company.
“…to look at how the money was spent, was the expenditure proper or not, did it violate the law. So the identified assets we mentioned yesterday, they (the founders) need to provide an explanation how they procured it and how (it was spent),” he said when contacted here today.
Azam said the commission would also look at whether the investment funds received by FashionValet were spent properly and in accordance to the agreement or otherwise, adding that about 60 boxes of financial documents seized yesterday from FashionValet, Khazanah and PNB needed to be studied in detail, especially those related to agreements between PNB, Khazanah and FashionValet.
He added that the investigating officer questioned the couple about matters that arose after documents, accounts and investments into FashionValet were checked, such as issues involving property and assets.
“I expect the investigating officer to call them back to the (MACC) office to assist with investigations,” he said, adding that raids would be conducted if there was a need and that the investigation would take time due to several factors that were creating complications.
“The investigation will take some time as it involves accounting issues, corporate decisions and this all takes a bit of time. I think it won’t be completed soon,” he said.
On whether the couple would be arrested, Azam said the decision would depend on the investigating officer, who is responsible for any suitable action based on the probe.
He shared that the probe was conducted on FashionValet’s performance and profit from 2018 to 2023, including questions of whether the company sustained losses or not, and would also look at Khazanah and PNB’s actions on whether they knew of the losses involving the company.
Prime Minister Datuk Seri Anwar Ibrahim had instructed Khazanah on Nov 2 to undertake an internal audit to look into the investment loss of RM43.9 million involving FashionValet, and the MACC had opened an investigation paper over the matter subsequently. — Bernama