00:00The founders of e-commerce platform Fashion Valet will be charged at the Kuala Lumpur
00:06Sessions Court this Thursday over investment losses totaling 43.9 million ringgit by two
00:12government-linked investment companies.
00:15This was confirmed by MACC chief Tan Sri Azam Bakhi to Bulletin TV 3 on Tuesday evening.
00:24He told the news portal that the anti-graft agency arrested Datin Vivi Yusof and her husband
00:29Datuk Fadzaruddin Shah Anuar around noon and they were later released on MACC bail.
00:36On October 29, the Finance Ministry said that Khazana National Berhad and PNB sold their
00:42shares in Fashion Valet for 3.1 million ringgit to NXBT partners last year.
00:49This contrasts with the investment made by the two GLICs in 2018 comprising 27 million
00:56ringgit and 20 million ringgit respectively for minority stakes in the company.
01:01The Fashion Valet founders then apologised for the losses and announced they would step
01:06down from their positions as Chief Executive Officer and Executive Director respectively.
01:12The couple were subsequently questioned by the MACC which completed its investigation
01:17on November 28.
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