MACC investigating Khazanah, PNB's RM43.9mil FashionValet loss

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MACC investigating Khazanah, PNB's RM43.9mil FashionValet loss
PNBFashionvaletDivestment
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KUALA LUMPUR: The Malaysian Anti-Corruption Commission has initiated an investigation into the RM43.9mil loss incurred by Khazanah Nasional Berhad and Permodalan Nasional Berhad from their investment in FashionVale, says Tan Sri Azam BakiThe MACC Chief Commissioner said that the investigation was needed as it involves issues of funds and was a matter of public interest.

In a written Parliamentary response last week, the Finance Ministry said that Khazanah and PNB sold its shares in fashion e-commerce platform FashionValet for RM3.1mil, to NXBT Partners in 2023. On Thursday, the Communications Minister Fahmi Fadzil instructed the two government-linked investment companies and FashionValet to explain the RM43.9mil loss incurred.Khazanah said the sale of its stake in FashionValet was to transfer ownership to new parties capable of steering the company towards growth.

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