Politics · Malaysia Bureau
Khazanah transferred RM19.5 million to Fashion Valet in 2018
A CIMB bank manager testified in court that Malaysia's sovereign wealth fund made two separate transfers totalling RM19.5 million to the e-commerce platform in March 2018. The disclosure emerged during legal proceedings examining the fund's investment activities.
LSN Malaysia ·
Lee Hui Nee, a branch manager at CIMB, told the court that Khazanah Nasional Berhad made the transfers to Fashion Valet over a two-week period in March 2018. The first transfer amounted to RM7.8 million, followed by a second payment of RM11.74 million, bringing the total to RM19.5 million.
The testimony provides documentary evidence of Khazanah's financial commitment to the online fashion retailer during a period when the platform was expanding its operations. Fashion Valet had positioned itself as a digital marketplace for Southeast Asian fashion brands seeking to reach international markets.
The court proceedings have focused on examining the nature and terms of Khazanah's investments in various ventures. The sovereign wealth fund, established to manage Malaysia's long-term financial assets, has made numerous strategic investments across different sectors over the years.
The case continues to examine the broader investment decisions made by Khazanah during the 2018 period, with testimony from financial institutions providing a detailed trail of fund movements and transaction records.