Fashion Valet trial: Investment funds cannot be used to pay dividends, court told
KUALA LUMPUR, Nov 3 — The Sessions Court hearing the case involving Fashion Valet Sdn Bhd (Fashion Valet) fo...
Fashion Valet founders Datin Vivy Sofinas Yusof and Datuk Fadzarudin Shah Anuar face charges of criminal breach of trust for allegedly misusing RM8 million in investment funds from Khazanah Nasional Berhad and Permodalan Nasional Berhad. Corporate lawyer Anne Wong Wai Yee testified that the shareholders' agreement did not allow the use of investment funds for dividend payments.
The agreement specified that the funds should be used for technology development, store expansion, and product acquisition. Wong added that Fashion Valet was prohibited from extending loans or credit to directors, shareholders, or related companies without board approval, and that any agreements with such parties requiring annual payments of RM50,000 or more also needed board approval.
Written by urgent.news from Malay Mail's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
