Fashion Valet founders face court over alleged RM8 million fund misuse

A Kuala Lumpur court heard that RM8 million was transferred from Fashion Valet Sdn. Bhd. to 30 Maple Sdn. Bhd. in two online banking transactions on 21 August 2018—RM5 million and RM3 million. Subsequent bank statements show a withdrawal of RM10,213,537.28 from 30 Maple on 3 September 2018, with a matching RM5 million inflow the same day and an outflow the next day.

The transfers are alleged to involve investment funds originally entrusted by Khazanah Nasional Berhad and Permodalan Nasional Berhad. Fashion Valet’s founders, Datin Vivy Sofinas Yusof and Datuk Fadzarudin Shah Anuar, have been charged with breach of trust under Sections 409 and 34 of the Penal Code, and with misappropriation of property under Section 403. A CIMB Bank witness confirmed the transaction details and the signatures of the founders as authorized signatories for 30 Maple.

The case is being heard by Judge Rosli Ahmad, with prosecution led by Deputy DPP Noor Syazwani Mohamad Sobry and Haresh Prakash Somiah, and defence represented by lawyer Datuk M. Athimulan. The trial is ongoing.