00:00There were red flags in Kazana National Berhad and Pemodalan National Berhad's investment
00:07in Fashion Valley's Sindram Berhad from the outset.
00:10This is what Bandar Kuching MP Dr Kelvin Yee said in a post on Xtoday, adding that there
00:15was a lack of accountability and monitoring despite years of losses.
00:20He also pointed out that no Kazana or PNB personnel was ever appointed to Fashion Valley's
00:26board.
00:28Yee also said there must be an investigation that is focused on governance and accountability
00:33instead of an emotional witch hunt.
00:36Yesterday, former Damansara MP Tony Pua said criticism against Fashion Valley has been
00:41misguided and unfair, considering the venture capital landscape is inherently risky.
00:48The Malaysian Anti-Corruption Commission confirmed that Fashion Valley founders Vivi Yusuf and
00:52Fazaruddin Anwar will be summoned for questioning today.
00:56Last week, it was reported that Kazana and PNB lost RM43.9 million after selling their
01:02stake in Fashion Valley for RM3.1 million to NXBT partners.
01:08Natasha Biest, FMT News.
