What were the procedures followed for the Khazanah to Fashion Valet transfers?

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Procedures for Khazanah to Fashion Valet Transfers

Khazanah Nasional Berhad (Khazanah) followed specific banking procedures for the transfers made to Fashion Valet Sdn Bhd. These procedures were confirmed to be in line with the bank's standard operating protocols.
Letter of Instruction and Authorised Signatories

The transfers were initiated upon receipt of a formal letter of instruction. This instruction document had to be signed by Khazanah's authorised signatories, indicating official approval for the transaction.
Verification via Phone Call

In addition to the signed letter of instruction, the bank also conducted a verification process via a phone call. This call was made to a Khazanah authorised officer to further confirm the legitimacy and approval of the transfer.
Adherence to Standard Operating Procedures

These combined steps, the signed letter of instruction and the phone call confirmation, constituted the bank's standard operating procedures for executing such interbank transfers. The two transfers totalling RM19.5 million made in March 2018, one for RM7,848,000 on March 23 and another for RM11,742,000 on March 26, were processed following these established protocols.

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What were the procedures followed for the Khazanah to Fashion Valet transfers?

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