Khazanah transferred RM19.59 million to FashionValet in 2018

During a court trial in Kuala Lumpur, it was revealed that Khazanah Nasional Berhad transferred a total of RM19.59 million to the e-commerce platform FashionValet Sdn. Bhd. in March 2018. The transfers occurred in two tranches: RM7.848 million on March 23 and RM11.742 million on March 26.

CIMB Bank Berhad branch manager Lee Hui Nee testified that these were interbank transfers from Khazanah’s CIMB account to FashionValet’s Public Bank account. The testimony is part of a criminal breach of trust trial involving FashionValet founders Vivy Yusof and Fadzarudin Shah Anuar. The couple faces charges related to the alleged unauthorized transfer of RM8 million from Khazanah and Permodalan Nasional Berhad (PNB) investment funds to a company owned by the couple, 30 Maple Sdn. Bhd.

During cross-examination, the witness noted that CIMB had not received any directives from authorities to freeze the funds following the transactions and stated she had no knowledge of the specific terms of the agreement between Khazanah and FashionValet.