PAC to summon Khazanah, PNB over RM43.9mil loss in Fashion Valet investment

Free Malaysia Today

This follows the freezing of personal and company bank accounts, totalling about RM1.1 million, belonging to the retailer’s founders by MACC.  Read More:  https://www.freemalaysiatoday.com/category/nation/2024/11/07/pac-to-summon-khazanah-pnb-over-rm43-9mil-loss-in-fashion-valet-investment/  Free Malaysia Today is an independent, bi-lingual news portal with a focus on Malaysian current affairs.    Subscribe to our channel - http://bit.ly/2Qo08ry   ------------------------------------------------------------------------------------------------------------------------------------------------------ Check us out at https://www.freemalaysiatoday.com Follow FMT on Facebook: https://bit.ly/49JJoo5 Follow FMT on Dailymotion: https://bit.ly/2WGITHM Follow FMT on X: https://bit.ly/48zARSW  Follow FMT on Instagram: https://bit.ly/48Cq76h Follow FMT on TikTok : https://bit.ly/3uKuQFp Follow FMT Berita on TikTok: https://bit.ly/48vpnQG  Follow FMT Telegram - https://bit.ly/42VyzMX Follow FMT LinkedIn - https://bit.ly/42YytEb Follow FMT Lifestyle on Instagram: https://bit.ly/42WrsUj Follow FMT on WhatsApp: https://bit.ly/49GMbxW  ------------------------------------------------------------------------------------------------------------------------------------------------------ Download FMT News App: Google Play – http://bit.ly/2YSuV46 App Store – https://apple.co/2HNH7gZ Huawei AppGallery - https://bit.ly/2D2OpNP  #FMTNews #PAC #FashionValet #Khazanah #PNB

Transcript

00:00The Public Accounts Committee will summon Kazana Nasional Berhad and Pramodala Nasional Berhad

00:06over the 43.9 million ringgit loss in their investment in fashion valet Sindiran Berhad.

00:12Sovereign Wealth Fund Kazana had invested 27 million ringgit and asset manager PNB another

00:1720 million ringgit for a minority stake in the local fashion retailer in 2018.

00:23However, they sold their stake for 3.1 million ringgit at the end of last year to NXBT Partners,

00:28an investment-holding company controlled by Afzal Abdul Rahim, the CEO of Time.com Berhad.

00:34PAC Chief Mas Ermiyadi Samsuddin said representatives from the two companies

00:38will be called in the second week of December. The committee's decision follows the freezing

00:43of several personal and company bank accounts totaling about 1.1 million ringgit belonging

00:48to fashion valet founders Vivi Yusuf and Fazaruddin Anwar by the Malaysian Anti-Corruption Commission.

00:54Last Friday, Vivi and Fazaruddin said they would be stepping down from their management

00:58posts in fashion valet to take full responsibility for the losses incurred by Kazana and PNB.

01:04Dhanushar Jareza, FMT News.

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