KUALA LUMPUR: The Malaysian Anti-Corruption Commission (MACC) has frozen the accounts of 30 Maple Sdn Bhd as part of its investigation into entrepreneurs Datuk Fadzaruddin Shah Anuar and Datin Vivy Yusof, along with their online fashion retailer, FashionValet.
MACC Chief Commissioner Tan Sri Azam Baki confirmed the seizure, saying, "The MACC has frozen accounts belonging to FashionValet, and as for 30 Maple… if I'm not mistaken, those have also been frozen as part of the investigation."
Azam's comments followed the MACC's announcement on Nov 7 that it had frozen several bank accounts linked to the couple and their business ventures after detecting suspicious transactions.
The investigation focuses on the couple's role in FashionValet, an online retailer of fashion goods, and 30 Maple, the owner of the dUCK brand of scarves.
The probe stems from the financial losses sustained by government-linked companies Khazanah Nasional Bhd and Permodalan Nasional Bhd (PNB), which collectively lost RM43.9 million on their investment in FashionValet.
In 2018, Khazanah and PNB invested a total of RM47 million into the company, only to divest their stake for just RM3.1 million the following year. In December 2018, FashionValet acquired 30 Maple for RM95 million.
Azam said that the MACC would be calling two to three additional witnesses to help clarify the flow of funds received by the founders.
"We've already taken statements from 14 individuals related to this case, and we expect to call another four witnesses. There is also a possibility of two to three more witnesses," he said, adding that the investigation papers would be submitted to the Deputy Public Prosecutor within two weeks for further instructions.
Asked whether any elements of corruption or misconduct had been uncovered, Azam declined to make a statement, saying, "I don't want to announce that yet. We will submit our findings to the Deputy Public Prosecutor for review."
The MACC is also investigating whether Khazanah and PNB were misled about the true value of their investment in FashionValet.
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