Overview

PUTRAJAYA, Nov 12 — A major investigation is underway as the Malaysian Anti-Corruption Commission (MACC) dives deep into the financial transactions linked to the founders of the popular e-commerce platform, FashionValet Sdn Bhd. MACC chief commissioner, Tan Sri Azam Baki, confirmed the agency is scrutinizing the cash flow received by the entrepreneurial couple amidst growing suspicions.

Founders’ Statements

During their recent appearance at MACC headquarters, the founders provided statements concerning their financial dealings, particularly how they acquired and utilized funds from Malaysia's sovereign wealth fund, Khazanah Nasional Bhd, and investment management company, Permodalan Nasional Bhd (PNB). Azam stated, “We are currently in the process of understanding the full scope of the investments received and how these funds were spent.

Investigation Progress

As the investigation progresses, Azam disclosed that nine witnesses have already been interviewed, including the couple. The MACC has kept its options open, hinting that the founders might need to return for further questioning. "It is likely they will be called back soon as we continue to piece together the details of the case," he affirmed.

Witness Cooperation

No arrests have been made thus far, and all witnesses are said to be cooperating with the MACC. Interestingly, the couple was seen arriving at the MACC headquarters late in the afternoon and remained there until nightfall — a clear indication of the urgency and seriousness of the inquiry.

Financial Losses

The investigation has heightened in intensity over the past week as MACC uncovered a series of alarming transactions, leading to an estimated RM43.9 million investment loss linked to Khazanah and PNB. The pressure is mounting as the agency works to trace the assets and ownership tied to the FashionValet founders.

Seized Documents

In a dramatic turn of events, approximately 60 boxes filled with financial documents were seized from FashionValet, Khazanah, and PNB. Investigators are meticulously analyzing these documents, focusing on understanding the agreements made between these entities.

Public Interest

With heightened public interest in this case, could this investigation expose larger issues of corruption within Malaysia’s business landscape? Stay tuned as we await more developments in this unfolding story that has already rocked the e-commerce sector in Malaysia!