Khazanah pindah RM19.5 juta ke Fashion Valet pada 2018, mahkamah diberitahu

On December 2024, Fashion Valet Sdn Bhd founders Vivy Yusof and her husband Fadzarudin Shah Anuar are facing charges of criminal breach of trust involving RM8 million in investment funds from Khazanah Nasional Bhd and PNB, according to a report. In 2018, the national fund transferred RM19.59 million to Fashion Valet as part of the investment in the local fashion company.

Lee Hui Nee, 58, a CIMB KL Sentral branch manager, testified that the transactions occurred in two stages on March 23 and 26, 2018, with RM7.848 million and RM11.742 million, respectively. Lee stated that both transactions were recorded through bank transfers processed entirely by the bank. When questioned about the counsel's efforts to restrain the funds after the two transactions, Lee confirmed that CIMB did not receive any orders from authorities for that purpose.

He also admitted that he was unaware of how Fashion Valet utilized the funds and was unaware of the terms of the Khazanah and Fashion Valet agreement. Shaarvin Raaj Selva Kumar, the lead counsel, also referenced other transactions involving Vivy and Fadzarudin as directors of the company on March 23, 2018, based on Khazanah's bank statements.

Shaarvin: On March 23, 2018, before transferring funds to Fashion Valet, there was a transaction to Vivy Yusof's director of Fashion Valet, correct? Lee: Agreed. Shaarvin: After the same transaction to Fashion Valet on the same date, there was another transfer to Vivy Yusof's director of Fashion Valet, correct? Lee: Agreed. When asked by Assistant Crown Prosecutor Haresh Prakash Somiah about the purpose of transferring funds to the two directors, Lee replied, "I don't know."

When counsel for the accused referred to the bank statement, Lee stated that he did not know that the names were those of the directors of Fashion Valet. Therefore, his answer is based on the bank statement before him, he said. Vivy and Fadzarudin, both 38 years old, are charged with criminal breach of trust involving RM8 million in investment funds from Khazanah Nasional Bhd and PNB in their capacity as directors of Fashion Valet Sdn Bhd.

They are accused of committing the offense by authorizing a payment of RM8 million from Fashion Valet's corporate bank account to 30 Maple Sdn Bhd without the approval of the company's board members. The offense was committed at Public Bank's branch in Bukit Damansara on August 21, 2018. The charge under Section 409 of the Penal Code carries a maximum penalty of 20 years' imprisonment, fine, or both.

The accused pleaded not guilty to the charge of misconduct, which carries a maximum penalty of up to six years' imprisonment, fine, or both. The trial before Judge Rosli Ahmad continues on October 16.