What was the original investment amount in FashionValet by Khazanah and PNB?

Question

Accepted Answer

The original combined investment by Khazanah and PNB in FashionValet was RM47 million.

Khazanah Nasional Berhad and Permodalan Nasional Berhad (PNB) initially invested a total of RM47 million in FashionValet Sdn Bhd in 2018. This investment was made for minority stakes in the company. The stakes were later divested, resulting in a significant loss.
Investment Details and Subsequent Sale

The combined RM47 million investment by Khazanah and PNB in 2018 was specifically for acquiring minority stakes in FashionValet. These stakes were subsequently sold for RM3.1 million. This divestment led to a reported loss of RM43.9 million.
MACC Investigation into the Investment

The Malaysian Anti-Corruption Commission (MACC) confirmed that it has initiated an investigation into this FashionValet investment. MACC Chief Commissioner Tan Sri Azam Baki stated that the investigation is a matter of public interest due to the involvement of public funds. The Finance Ministry previously disclosed the details of the investment and its subsequent sale in response to a query in the Dewan Rakyat.
Founders' Resignation Amidst Controversy

In the wake of the controversies surrounding the Khazanah and PNB investment and the sale of stakes in FashionValet, the company's co-founders, Datin Vivy Yusof and Datuk Fadzaruddin Shah Anuar, announced their decision to step down from their positions. This development occurred shortly after the MACC confirmed its investigation. Prime Minister Datuk Seri Anwar Ibrahim, who also chairs Khazanah, has affirmed that he will not interfere with any MACC investigation concerning Khazanah's dealings.

Reading history

Hide →

This history is cleared when the page is closed.

What was the original investment amount in FashionValet by Khazanah and PNB?

Loading

Was this article helpful?

Helpful

Not helpful

Report an issue

1

0

0

Share with friends