Politics · Malaysia Bureau
Fashion Valet received nearly RM40 million from state funds, court hears
A banking official has testified that the fashion e-commerce platform received substantial funding from Khazanah Nasional and Permodalan Nasional Bhd. Court documents also reveal individual payments to the company's founders.
LSN Malaysia ·
A bank officer has told the court that Fashion Valet received close to RM40 million in funds from Khazanah Nasional and Permodalan Nasional Bhd (PNB), according to testimony in ongoing legal proceedings. The official further stated that RM5 million was separately credited to the personal bank accounts of the company's co-founders, Vivy Yusof and her husband, Fadzarudin Shah Anuar. Fashion Valet, which operates as an online fashion retail platform, has been a notable player in Malaysia's e-commerce sector. The testimony provides insights into the funding structure and financial arrangements involving the company and the two sovereign wealth vehicles. The court proceedings continue to examine the financial dealings and transactions related to the fashion platform.