What charges do FashionValet founders face today?

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FashionValet Founders to Face Charges in Sessions Court

FashionValet founders Datin Vivy Yusof and Datuk Fadzarudin Shah Anuar are scheduled to be charged at the Sessions Court today in relation to investment losses incurred by Khazanah Nasional Bhd and Permodalan Nasional Bhd. The specific charges against them are expected to be revealed during the court proceedings. The Malaysian Anti-Corruption Commission (MACC) had previously completed its investigation into investments made by government entities into the e-commerce platform.
Scheduled Court Appearance

Vivy Sofinas Yusof and her husband, Datuk Fadzarudin Shah Anuar, are listed to appear before Judge Rosli Ahmad at the Sessions Court. Media representatives were observed gathering outside the court premises in the morning in anticipation of the proceedings. This appearance follows the conclusion of the MACC's investigation into the company.
Background of Investment Losses

The charges stem from investments made by government-linked entities, specifically Khazanah and Permodalan Nasional Bhd (PNB). In 2018, Khazanah invested RM27 million and PNB invested RM20 million in FashionValet, acquiring minority stakes in the company. These investments collectively represent a significant financial outlay by the government-linked funds.
Prime Minister's Directive for Audit

Prime Minister Datuk Seri Anwar Ibrahim, who also chairs Khazanah, had previously directed Khazanah to conduct an internal audit concerning the RM43.9 million investment loss in FashionValet. This directive was part of a broader initiative to audit over 2,000 government-linked companies, underscoring a focus on financial oversight and accountability within these entities.

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What charges do FashionValet founders face today?

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