Malaysia’s FashionValet founders claim trial to breach of trust over US$1.8 million in state-linked funds
According to The New Straits Times, the alleged crime took place at a regional banks,  , Public Bank Berhad, at its Bukit Damansara Branch in Kuala Lumpur on Aug 21, 2018.  ,
After the Ministry of Finance confirmed in a political comment on October 28 that both Khazanah and PNB had sold their minority stakes in FashionValet at the end of last year for RM3.1 million, FashionValet eventually came under fire.
Due to the fact that it involved public money, it marked a considerable decline from the original RM47 million worth of investments in 2018. This sparked outrage and calls for studies.  ,
Following the public outcry over the expenditure damage, Fadzarudin and Vivy, who are also fashion influencers with over 1.8 million followers, announced their resignations on November 1st.  ,
We are deeply sorry for the controversy this has caused Khazanah and PNB, read the statement that was posted on Instagram.” We take full responsibility for the loss of the investment.  ,
On Nov 2, Prime Minister Anwar Ibrahim, who is also the Finance Minister, ordered Khazanah to do an inspection following the loss.  ,
Mr Anwar, who is also the president of Khazanah, said the order is in line with his earlier authority for the National Audit Department to evaluate over 2, 000 government-linked businesses.
Before posting a picture of its soldiers raiding FashionValet’s business, MACC confirmed on the same day through a press statement that investigations were continued.  ,
On Nov 6, local media reported that MACC had seized 11 bags and a luxury watch for around RM200, 000 during a attack at the child’s house in Mont Kiara, Kuala Lumpur.  ,  ,
According to the Malay Mail, many personal and business bank accounts belonging to the husband and wife had been frozen, totaling RM1.1 million.
A dominant figure in Malaysia’s fashion and business sector, Vivy has been awarded honors, including a spot on Forbes ‘ 30 under 30 India record and Young Entrepreneur of the Year at the Asean@50 Achievement Awards in 2017.  ,
She and her husband had been subject to serious investigation as a result of allegations of bank mismanagement, but her and her husband had been accused of portraying a lavish life on social media despite her employer’s performance not to be well-known. Since then, her Instagram account has been made secret.  ,
Established in 2010 by Vivy and her father, FashionValet has become one of Malaysia’s leading e-commerce systems and a key person in the government’s style and financial market, offering over 400 companies and 15, 000 products, according to local media.
