[CLSTR]
< Back to situations

Monitor this situation.

[SITUATION] · [QUIET] · [CRIME]

3 clusters · 3 sources · 30 days · First seen · Last updated

Fashion Valet fund misuse trial

Overview

In July 2026, a Kuala Lumpur court heard testimony regarding the alleged misuse of investment funds by Fashion Valet founders, Datin Vivy Yusof and Datuk Fadzarudin Shah Anuar. The prosecution alleges that RM8 million was transferred from Fashion Valet Sdn. Bhd. to 30 Maple Sdn. Bhd.—a company owned by the couple—via two online banking transactions on 21 August 2018. Bank records show a subsequent withdrawal of over RM10.2 million from 30 Maple in early September 2018. A CIMB Bank witness confirmed the founders were authorized signatories for 30 Maple.

The trial has also examined the movement of funds from major investors. A Maybank assistant manager testified that two 2018 transactions from Permodalan Nasional Berhad (PNB) totaling approximately RM20.3 million were moved “secara sah, telus dan mematuhi piawaian serta perbankan” (legally, transparently, and in compliance with banking standards).

Further testimony revealed that Khazanah Nasional Berhad transferred RM19.59 million to Fashion Valet in March 2018 through two tranches. A CIMB Bank branch manager testified that these were interbank transfers from Khazanah to Fashion Valet’s Public Bank account, noting that the bank had received no directives to freeze the funds. The founders face charges of criminal breach of trust and misappropriation of property, carrying potential sentences of up to 20 years imprisonment. The trial continues.

Entities

Vivy Yusof · Khazanah Nasional Berhad · FashionValet Sdn. Bhd. · Fadzarudin Shah Anuar · CIMB Bank Berhad

Timeline

  1. 9 days ago

    [CRIME] 2 sources
    Khazanah transferred RM19.59 million to FashionValet in 2018

    A Kuala Lumpur court heard that Khazanah Nasional transferred RM19.59 million to FashionValet in 2018 during a criminal breach of trust trial involving the company's founders.

  2. about 1 month ago

    [CRIME] 2 sources
    PNB transfers RM20.3m to FashionValet in fraud trial

    Two 2018 PNB transfers totalling RM20.3 million to FashionValet are central to a fraud trial of its founders, who face up to 20 years in prison.

  3. about 1 month ago

    [CRIME] 2 sources
    Fashion Valet founders face court over alleged RM8 million fund misuse

    Kuala Lumpur court has charged Fashion Valet founders Vivy Yusof and Fadzarudin Shah Anuar with misusing RM8 million transferred to 30 Maple, alleging breach of trust of Khazanah and PNB funds.

Sources

freemalaysiatoday.com · kosmo.com.my · utusan.com.my