PUTRAJAYA: The Malaysian Anti-Corruption Commission (MACC) has found several suspicious transactions in an investigation into investment losses of RM43.9 million in FashionValet Sdn Bhd (FashionValet). MACC chief commissioner Tan Sri Azam Baki stated that these transactions involved a company linked to the founding partner of FashionValet, spanning from 2018 until the previous year.
According to BERNAMA News Agency, the suspicious transactions were discovered after the MACC confiscated approximately 60 boxes of financial documents from FashionValet, Khazanah Nasional Bhd, and Permodalan Nasional Bhd. Azam elaborated that the investigation focused on tracing financial flows to identify any elements of corruption or fraudulent activities. He noted that there were indications of misused investments, which are currently being identified by the commission.
Azam further explained that the founders of FashionValet were not detained and have been fully cooperating with the MACC. Their statements have been recorded
as part of the ongoing investigation, which has reached its third day. Additionally, the MACC is scrutinizing the ownership of luxury items displayed by the couple on social media platforms.
A special report will be prepared by the Forensic Accounting Division for the Investigation Division, as part of the verification process concerning the ownership of the luxury items. The MACC has frozen several bank accounts belonging to the couple and their company, amounting to approximately RM1.1 million, under the operation known as Op Favish. Searches conducted at the couple’s residence resulted in the seizure of 11 handbags and a luxury watch, with a combined estimated value of RM200,000.
The investigation is being conducted under Section 18 of the Malaysian Anti-Corruption Commission Act 2009.