11 Handbags & Luxury Watch Worth RM200,000 Seized In Raid At FashionValet Founders' Home
The raid, led by a team of 12 MACC officers, reportedly lasted for over two hours.
By Sadho Ram — 07 Nov 2024, 10:42 AM
The Malaysian Anti-Corruption Commission (MACC) has seized 11 designer handbags and a luxury wristwatch worth RM200,000 during a raid at the FashionValet founders' residence in Mont Kiara
The raid at the home of Datin Vivy Yusof and Datuk Fadzaruddin Shah Anuar is part of an ongoing investigation into alleged financial mismanagement involving the couple behind the retail platform.
On the day the raid took place, Vivy and Fadzaruddin arrived at the MACC headquarters at 1pm to provide their statements. MACC officers later escorted them to their residence at around 5.30pm.
The raid, led by a team of 12 MACC officers and accompanied by the couple's legal counsel, reportedly lasted for over two hours, concluding at approximately 8pm last night, 6 November.
The seized items are believed to be linked to MACC's investigation into unexplained wealth and assets acquired through allegedly dubious financial transactions.
MACC Chief Commissioner Tan Sri Azam Baki confirmed the raid, revealing that the case is being investigated under Section 18 of the MACC Act 2009, which pertains to offences involving false claims or misleading information related to financial matters, according to Harian Metro.
The investigation focuses on reported losses of RM43.9 million in investments made by sovereign wealth funds Khazanah Nasional Berhad and Permodalan Nasional Berhad (PNB) in FashionValet
The investigation, which has drawn considerable public attention, centres on substantial losses tied to Khazanah and PNB, two of Malaysia's largest government-linked investment entities.
The seized items represent a small fraction of assets tied to the financial mismanagement under investigation by MACC involving two of Malaysia's most prominent entrepreneurs.
Both Vivy and Fadzaruddin are expected to return to the MACC headquarters today at 10am for further questioning.
