The Malaysian Anti-Corruption Commission (MACC) has launched an investigation into Khazanah Nasional Berhad and Permodalan Nasional Berhad’s (PNB) RM43.9 million investment losses in FashionValet. MACC Chief Commissioner Tan Sri Azam Baki emphasized the importance of the probe due to public interest and potential issues involving public funds. According to a written statement in Parliament, the Finance Ministry reported Khazanah and PNB sold their FashionValet shares to NXBT Partners in 2023, yielding RM3.1 million from an initial RM47 million investment in 2018. Communications Minister Fahmi Fadzil recently requested explanations from all involved parties regarding the losses.
MACC investigating
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