Khazanah Nasional Berhad transferred a total of RM19,590,000 to FashionValet’s Public Bank account in two separate transactions in March 2018 [1, 2, 3]. The first transfer of RM7,848,000 took place on March 23, followed by a second transfer of RM11,742,000 on March 26 [1, 2, 3].
Both transfers were made via interbank fund transfers from Khazanah’s CIMB account to FashionValet’s Public Bank account. The transfers followed written instructions signed by Khazanah’s authorized signatories and phone verification procedures [1, 2, 3]. No other transfers from Khazanah’s CIMB account to FashionValet were recorded between January 2017 and December 2019 aside from these March 2018 transactions [1, 2, 3].
Khazanah’s CIMB account is not a trust or escrow account [1]. Meanwhile, FashionValet co-founders Datin Vivy Sofinas Yusof and Datuk Fadzarudin Shah Anuar are currently facing criminal breach of trust charges related to RM8 million transferred from FashionValet’s account to 30 Maple Sdn Bhd without board approval [1, 2, 3]. Vivy and Fadzarudin have held directorships in FashionValet continuously from 2010 and 2012 respectively until 2024, according to Companies Commission of Malaysia (SSM) records [2, 3]. They were also directors of 30 Maple Sdn Bhd from December 2013 until 2024 [2, 3]. Other directors of FashionValet, such as Datin Aishah Mohd Jelani and Wong Thean Soon, resigned at different times between 2010 and 2019 [2, 3].
Khazanah’s transfers to FashionValet in March 2018 remain the only transactions from its CIMB account to the company over a three-year span [1, 2, 3]. The criminal breach of trust charges centered on RM8 million diverted without approval illustrate ongoing legal proceedings involving FashionValet’s management [1, 2, 3].
