World · Malaysia Bureau
Khazanah transferred RM19.5 million to Fashion Valet in 2018
A CIMB bank manager testified in court that the transfer was executed in two separate transactions in March 2018. The disclosure sheds light on financial dealings between the state investment fund and the online fashion retailer.
LSN Malaysia ·
Lee Hui Nee, manager of CIMB's Kuala Lumpur Sentral branch, told the court that Khazanah Nasional Berhad transferred RM19.5 million to Fashion Valet through two separate transactions on March 23 and March 26, 2018. The testimony provides a detailed account of the fund movement between the state-owned investment company and the e-commerce platform. The two-stage transfer appears to have been conducted within a three-day window, with the branch manager confirming the dates and amounts involved in the transactions. Fashion Valet has been a subject of scrutiny regarding its financial arrangements and corporate governance. The court proceedings suggest ongoing investigations or legal matters related to the fund transfer and its purpose.