Two fund transfers totaling RM20,318,510 were made from Permodalan Nasional Berhad (PNB) to FashionValet Sdn Bhd in 2018, according to testimony given on July 24, 2026, in the Sessions Court in Malaysia [1, 2, 3].
The first transfer occurred on June 4, 2018, when RM11,953,509 was manually transferred from PNB’s Maybank account to FashionValet’s Public Bank account. This transaction required an authorized signatory, and there were 22 such signatories divided into three groups with set verification limits that year [1, 2, 3]. The second transfer was made online on December 20, 2018, totaling RM8,365,001, to the same FashionValet account [1, 2, 3].
Shamsiah Musa, a witness at the trial, confirmed reviewing all monthly account statements for 2018 and said, "I confirm that there were only two transfers from PNB's Malayan Banking Bhd account to Fashion Valet Sdn Bhd's Public Bank account." She also stated that all transactions relating to the PNB funds were "processed lawfully, transparently, and in compliance with banking standards and procedures" [2, 3]. According to the evidence, no freeze or restriction was imposed by PNB on these fund transfers [2, 3].
The trial involves FashionValet founders Datin Vivy Sofinas Yusof and Datuk Fadzarudin Shah Anuar, who face charges of criminal breach of trust concerning RM8 million allegedly originating from funds involving Khazanah Nasional and PNB [1, 2, 3]. The alleged RM8 million payment was made without board approval on August 21, 2018, from FashionValet’s account to a company called 30 Maple [2, 3].
The witness did not have knowledge of or access to the contractual terms between PNB and FashionValet [2, 3]. The manual and online transfers complied with internal controls and banking procedures in place at PNB at the time [1].
The case continues as further testimonies are heard, with the court proceedings ongoing following the witness testimony on July 24, 2026.
