How were Khazanah and PNB funds spent by FashionValet?

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MACC Investigating FashionValet's Use of Khazanah and PNB Investment Funds

The Malaysian Anti-Corruption Commission (MACC) is examining how investment funds provided by Khazanah Nasional Bhd and Permodalan Nasional Bhd were utilised by FashionValet Sdn Bhd. The investigation aims to determine if the expenditure was appropriate and complied with legal requirements.
Scrutiny of Fund Utilisation

The MACC's investigation is specifically focused on the expenditure of funds received by FashionValet from Khazanah and PNB. Officials are assessing whether the money was spent in a proper manner and if any laws were contravened during the process. This forms a central part of the commission's inquiry into the company's financial dealings.
Examination of Financial Documents

A significant aspect of the ongoing probe involves the review of approximately 60 boxes of financial documents. These documents are crucial for understanding the agreements between PNB, Khazanah, and FashionValet, providing detailed insights into the financial transactions. The meticulous study of these records is expected to shed light on the flow and application of the invested funds.
Performance and Profitability Analysis

The MACC's investigation also encompasses FashionValet's performance and profitability across a period from 2018 to 2023. This includes scrutinising whether the company incurred losses during these years. Understanding the company's financial health is critical to assessing the appropriateness of the investment fund's deployment.
Prime Minister's Directive for Internal Audit

Following the identification of an investment loss of RM43.9 million involving FashionValet, Prime Minister Datuk Seri Anwar Ibrahim issued a directive on November 2. He instructed Khazanah to conduct an internal audit to investigate this loss, which subsequently prompted the MACC to open its own investigation paper into the matter.

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How were Khazanah and PNB funds spent by FashionValet?

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