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Why MACC Has Not Detained FashionValet Founders Despite Finding Financial Irregularities

The graft busters discovered dubious financial flows and irregularities at FashionValet since 2018, the same year Khazanah and PNB first invested in the e-commerce platform.

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The Malaysian Anti-Corruption Commission (MACC) has uncovered several suspicious financial transactions at the troubled FashionValet

The discovery comes amid MACC's ongoing investigation into the substantial losses — totalling RM43.9 million — incurred by Khazanah Nasional Berhad and Permodalan Nasional Berhad (PNB) following their investments in the e-commerce platform owned by Datin Vivy Yusof and Datuk Fadzarudin Shah Anuar.

According to MACC chief commissioner Tan Sri Azam Baki, the alleged financial irregularities linked to FashionValet and its founders were identified over a period spanning from 2018 to 2023.

"The investigation team has, so far, concluded that there are suspicious account transactions from a company linked to the founders of FashionValet and several other parties under investigation," Azam said.

The graft busters found that the dubious financial flows and irregularities have taken place at FashionValet since 2018, the same year Khazanah and PNB first invested in the e-commerce platform.

Vivy Yusof leaving the MACC headquarters yesterday, 7 November.

Image via Mohd Fadli Hamzah/New Straits Times

Despite these findings, Azam stated that MACC has no current plans to detain the founders, Vivy and her husband, Fadzaruddin

He was asked if the couple would be detained.

The founders have reportedly been fully cooperative, having already appeared at the MACC headquarters to provide their statements multiple times over the course of past few days.

To assist in the investigation, MACC has seized approximately 60 boxes containing various documents from FashionValet, Khazanah, and PNB, according to the New Straits Times.

"Our forensic accounting division is currently reviewing all the documents obtained.

"We are examining the flow of funds, the sources, and where the money was spent to determine if there are elements of corruption or other offences involving fraud," Azam stated.

Azam further noted that while the investigation is ongoing, some of the investments received may have been misused, and the MACC is in the process of identifying these instances.

MACC is also tracking items belonging to Vivy and her husband.

"They need to cooperate to help identify the items previously displayed on social media," he said.

Image via Sccop

Earlier, MACC conducted a raid at the couple's residence and seized 11 luxury handbags and a luxury watch, valued at around RM200,000:

Meanwhile, in 2018, FashionValet bought 30 Maple — a company fully owned by Vivy Yusof and Fadzaruddin — valued at RM95 million:

Read more about the FashionValet saga here:

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