Why did MACC raid a fashion business over Khazanah and PNB losses?

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MACC Raids Fashion Business as Part of Probe into RM43.9 Million Public Fund Losses

The Malaysian Anti-Corruption Commission (MACC) conducted raids on a local fashion business and three other commercial premises as part of an ongoing investigation into significant investment losses amounting to RM43.9 million, which affected Khazanah Nasional Bhd and Permodalan Nasional Bhd. These actions are specifically linked to the alleged loss of public funds.
Investigation into Public Fund Losses

The MACC's operation targeted a local fashion business and three additional commercial locations. This move stems from an inquiry into substantial investment losses experienced by Khazanah and PNB. The investigation is focused on the disappearance of public funds, with the total sum of losses identified at RM43.9 million.
Legal Framework for the Operation

The raids were executed under Section 18 of the MACC Act. While the TikTok post by the agency detailed the operation at the online fashion business, including inspections and interviews, specific information regarding the other premises raided concurrently was not provided. Bernama is seeking further details on these locations.
Assurance of Impartial Inquiry

Tan Sri Azam Baki, the MACC chief commissioner, has publicly stated that the investigation concerning the investment losses of Khazanah and PNB will be conducted with impartiality and professionalism. This assurance was given in the context of the probe that led to the raids, including the involvement of the online fashion business.

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Why did MACC raid a fashion business over Khazanah and PNB losses?

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