Vivy Yusof, Fadzaruddin Shah back at MACC headquarters for Day Three of questioning over FashionValet
FashionValet founders Datin Vivy Yusof and her husband Datuk Fadzaruddin Shah Annuar have been summoned back to the MACC headquarters in Putrajaya for the third day in a row on November 7, 2024. — File picture by Hari Anggara
Thursday, 07 Nov 2024 4:18 PM MYT
PUTRAJAYA, Nov 7 — The statement-recording process for the founding couple of an online fashion business, FashionValet Sdn Bhd, regarding investment losses sustained by Khazanah Nasional Bhd (Khazanah) and Permodalan Nasional Bhd (PNB), entered its third day today.
The car carrying the couple arrived at the Malaysian Anti-Corruption Commission (MACC) headquarters here at 2.34 pm.
Prior to this, MACC chief commissioner Tan Sri Azam Baki confirmed that the couple were summoned to give their statements to facilitate the investigation into the case, which involves investment losses amounting to RM43.9 million.
MACC was also reported to have frozen several personal and company bank accounts, valued at around RM1.1 million, belonging to the couple, through ‘Op Favish’.
The case is being investigated under Section 18 of the MACC Act 2009. — Bernama
From my reading of the background, this was a Khazanah business investment that went bad, not a criminal fraud or corruption.
ReplyDeleteKhazanah should review its investment due diligence and approvals, but its not a criminal case. Anyway let MACC investigate.
The facts of life are that some investments succeed, if you are lucky they succeed greatly, but some investments fail.
You make sure you have a sound decision making process, examine where you go wrong, and learn from mistakes.
If people get into criminal trouble every time an investment decision goes South, you end up with overly cautious, dysfunctional processes.
Even highly respected sovereign investment funds like Norway's Sovereign fund and Singapore's Temasek have their loss-making investment cases.