MACC Raided FashionValet Offices, Vivy Yusof & Husband Called To Give Statement

After conducting a raid yesterday, MACC has called up the FashionValet founders to record their statement today.

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A week after news broke about Khazanah Nasional and Permodalan Nasional Bhd (PNB) selling off their minor stakes in FashionValet for RM3.1 million, the Malaysian Anti-Corruption Commission (MACC) raided four FashionValet premises on Monday (4 November).

MACC announced the raid on its official TikTok account. The agency raided FashionValet’s headquarters in Kuala Lumpur and three other branches, including the offices of the Finance Ministry, Khazanah, and PNB on the same day.

@sprm.malaysia 4 November 2024 – SPRM bongkar kes di pejabat Fashionvalet berhubung pelaburan Khazanah dan PNB, hari ini #SPRMMalaysia #RasuahDihinaMaruahDibina #taatsetia ♬ original sound – SPRM Malaysia

New Straits Times reported that MACC seized several documents as part of its investigation. MACC Chief Commissioner Tan Sri Azam Baki said it was not a raid but simply seeking cooperation from relevant parties to help with investigations.

Today (5 November), FashionValet founders Datin Vivy Yusof and her husband, Datuk Fadzaruddin Shah Anuar, arrived at the anti-graft agency to have their statements taken.

Sources said the couple arrived around 2pm with their lawyer.

So far, MACC has called in four witnesses from PNB, Khazanah, and the Finance Minister to have their statements recorded.

Need a recap of what caused this?

Khazanah and PNB invested a combined RM47 million in FashionValet in March 2018. By then, some have alleged that FashionValet was already making losses (but that is fairly normal because there are good days and bad days in business).

After selling their minority stakes to NXBT Partners Sdn Bhd, both companies defended their investment decision, saying it was in line with the then government’s call for government-linked investment companies (GLICs) to support the growth of “high potential Bumiputera companies” operating in the new economy. Side note: Grab didn’t get the funding and moved to Singapore.

However, those who did some digging found that the picture was painted differently. According to Companies Commission (SSM) filings, FashionValet purchased 30 Maple Sdn Bhd for RM95 million in December 2018, within the same year of getting a large investment from Khazanah and PNB.

Here’s why it’s interesting to note: 30 Maple is also owned wholly by Vivy and her husband. Additionally, 30 Maple operates Vivy’s popular headscarf brand Duck. In hindsight, it wasn’t exactly helping another local business grow.

However, Scoop reported that 30 Maple did appear to be a profitable company in 2017 and 2018 with profits of RM8.5 million and RM7.745 million respectively.

30 Maple also paid an RM4.2 million dividend in 2017 and RM10 million in 2018.

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