{
  "id": 17943263,
  "title": "Fashion Valet perlu dapat kelulusan lembaga pengarah sebelum isytihar dividen",
  "url": "https://urgent.news/2026/11/03/fashion-valet-perlu-dapat-kelulusan-lembaga-pengarah-sebelum-isytihar",
  "topic": "culture",
  "section": "Culture",
  "published": "2026-11-03T09:47:27.000Z",
  "source": {
    "name": "Free Malaysia Today",
    "slug": "free-malaysia-today",
    "url": "https://www.freemalaysiatoday.com/category/bahasa/tempatan/2026/11/03/fashion-valet-perlu-dapat-kelulusan-lembaga-pengarah-sebelum-isytihar-dividen"
  },
  "original_language": "en",
  "account": "Fashion Valet Sdn Bhd shareholders Vivy Yusof and Fadzarudin Shah Anuar appeared in court on January 5, 2024, charged with corporate criminal conspiracy involving Khazanah Nasional Bhd and PNB investments. The company's shareholders' agreement stipulates that board approval is required before the firm can declare dividends, according to a corporate law expert at the session court. Attorney Anne Wong, who drafted the shareholders' agreement in May 2018, said the approval must be granted by a majority of directors, including those appointed by Start Today Co Ltd and Pulau Tiga Ventures, Khazanah's wholly-owned subsidiary. Wong told the court that any dividend declaration requires majority board approval, including directors appointed by Start Today and Pulau Tiga. Under the Companies Act 2016, a company cannot declare dividends if it lacks profits. Wong also noted that Fashion Valet is prohibited from granting loans or credit facilities to directors, shareholders, related companies, or others without majority board approval. Under Clause 7.5.1(ii)(d), the approval must include directors appointed by Start Today and Pulau Tiga. \"Consequently, any advance payment to any party must first obtain board approval,\" she said. Fashion Valet is also required to present an investment fund usage summary to the board every three months and annually until the fund is fully utilized, Wong said. The company is not obligated to disclose all operational expenses. Vivy and Fadzarudin, both 38 years old, were charged on January 5, 2024, for corporate criminal conspiracy involving Khazanah Nasional Bhd and PNB investments. They are accused of authorizing a RM8 million payment from Fashion Valet's corporate bank account to 30 Maple Sdn Bhd without board approval on August 21, 2018, at the Public Bank Bukit Damansara branch. The charges under Section 409 of the Penal Code carry a maximum sentence of 20 years' imprisonment, fine, and contempt if found guilty. Vivy and Fadzarudin also pleaded not guilty to the alternative charge of fraudulently misusing Khazanah Nasional Bhd and PNB investments worth RM8 million, which carries a sentence of between six months and five years' imprisonment, fine, and contempt if found guilty. Defense attorney Shaarvin Raaj represented the pair, while Deputy Prosecutor Nidzuwan Abd Latip appeared for the prosecution. The trial before Judge Rosli Ahmad continued on November 20.",
  "summary": "Perjanjian pemegang saham turut larang pinjaman dan kemudahan kredit kepada pengarah, pemegang saham, syarikat berkaita tanpa kelulusan lembaga pengarah.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "Malay Mail",
        "title": "Fashion Valet trial: Investment funds cannot be used to pay dividends, court told",
        "url": "https://urgent.news/2026/11/03/fashion-valet-trial-investment-funds-cannot-be-used-to-pay-dividends",
        "published": "2026-11-03T10:37:27.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}