Fashion Valet trial: Investment funds cannot be used to pay dividends, court told

Corporate lawyer Anne Wong Wai Yee testified that investment funds could not be used to pay dividends or any other purpose beyond the agreed-upon uses, which included technology development, store and warehouse expansion, and product and brand acquisition. The court heard that Fashion Valet was required to submit quarterly and annual summaries of investment fund utilization to the board of directors.

Wong confirmed that she had no involvement in the distribution of dividends or the transfer of investment funds, as her role was limited to drafting and coordinating contractual agreements. The founders, Datin Vivy Sofinas Yusof and Datuk Fadzarudin Shah Anuar, are accused of criminal breach of trust involving RM8 million in investment funds from Khazanah Nasional Berhad and Permodalan Nasional Berhad.

They are alleged to have approved payments to a company called 30 Maple without obtaining board approval. The trial continues on November 20.