PNB transfers RM20.3m to FashionValet in fraud trial

In a Malaysian court case, two 2018 transactions totalling roughly RM20.3 million were transferred from Permodalan Nasional Berhad (PNB) to the e‑commerce platform FashionValet. Witness Shamsiah Musa, a Maybank assistant manager, confirmed the transfers of RM11,953,509 on 4 June and RM8,365,001 on 20 December, stating that the funds were moved “secara sah, telus dan mematuhi piawaian serta perbankan”.

Founders Datuk Fadzarudin Shah Anuar and Datin Vivy Yusof are charged with breaching trust of Khazanah Nasional and PNB investment funds, facing up to 20 years imprisonment under Section 409 of the Penal Code, with additional charges of misuse of company property under Section 403. The trial continues in Kuala Lumpur.