In a shocking turn of events, Malaysian entrepreneur Vivy Yusof and her husband, Fadzarudin Shah Anuar, have found themselves embroiled in legal troubles following the disappearance of RM8 million (approximately S$2.41 million) from investment funds belonging to Khazanah Nasional Berhad and Permodalan Nasional Berhad (PNB). The duo, renowned for co-founding the popular e-commerce platform FashionValet, appeared at the Sessions Court in Kuala Lumpur on December 5, where they pleaded not guilty to charges of criminal breach of trust.

According to reports, the incident traces back to August 21, 2018, when the couple allegedly transferred RM8 million from FashionValet's bank account to their holding company, 30 Maple Sdn Bhd, without obtaining the necessary approval from the company’s board of directors. This unauthorized transaction has raised serious concerns about financial governance within their businesses.

Khazanah and PNB had invested a staggering RM43.9 million (approximately S$13.25 million) in FashionValet, making this situation not just a personal crisis for Yusof and Anuar, but a significant issue involving substantial public investment. If convicted, the couple faces severe penalties, including potential imprisonment of two to twenty years, as well as financial fines and whipping.

In a poignant shift from her typically vibrant social media presence, Vivy has announced that she is entering a “private era.” Taking to Instagram on December 19, she revealed her decision to step back, stating, “This ‘influencer’ will be un-influencing. So it’s just gonna be you and me for a while…and 1.8 million others…but that’s it for now.” In a radical move, she has set her Instagram account to private, marking the end of nearly two decades of sharing her life and experiences with the public.

Vivy Yusof's journey has been one of remarkable highs and lows; from a university student to a celebrated influencer and entrepreneur, she has captured the hearts of many Malaysians. However, the recent charges have unleashed a wave of backlash against the couple, which has been amplified on platforms like TikTok. Finance vlogger Financial Faiz highlighted the stark disparity between the couple’s financial activities and those of the average Malaysian, who struggles to earn a decent living.

The couple launched FashionValet in 2010, followed by the establishment of their holding company, 30 Maple, in 2013. They later diversified their business ventures by creating Sitca Designs, which owns the Lilit clothing brand. However, the fortunes of their businesses have taken a drastic turn; last year, Khazanah and PNB sold their stakes in FashionValet at significant losses, prompting Prime Minister Anwar Ibrahim to demand a thorough internal audit of the fund's investments.

As the saga unfolds, many are left wondering how this legal battle will affect the Malaysian business landscape and the influencers who dominate it. Stay tuned for updates as this story develops!