This follows the freezing of personal and company bank accounts, totalling about RM1.1 million, belonging to the retailer’s founders by MACC.
Read More:
https://www.freemalaysiatoday.com/category/nation/2024/11/07/pac-to-summon-khazanah-pnb-over-rm43-9mil-loss-in-fashion-valet-investment/
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Read More:
https://www.freemalaysiatoday.com/category/nation/2024/11/07/pac-to-summon-khazanah-pnb-over-rm43-9mil-loss-in-fashion-valet-investment/
Free Malaysia Today is an independent, bi-lingual news portal with a focus on Malaysian current affairs.
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NewsTranscript
00:00The Public Accounts Committee will summon Kazana Nasional Berhad and Pramodala Nasional Berhad
00:06over the 43.9 million ringgit loss in their investment in fashion valet Sindiran Berhad.
00:12Sovereign Wealth Fund Kazana had invested 27 million ringgit and asset manager PNB another
00:1720 million ringgit for a minority stake in the local fashion retailer in 2018.
00:23However, they sold their stake for 3.1 million ringgit at the end of last year to NXBT Partners,
00:28an investment-holding company controlled by Afzal Abdul Rahim, the CEO of Time.com Berhad.
00:34PAC Chief Mas Ermiyadi Samsuddin said representatives from the two companies
00:38will be called in the second week of December. The committee's decision follows the freezing
00:43of several personal and company bank accounts totaling about 1.1 million ringgit belonging
00:48to fashion valet founders Vivi Yusuf and Fazaruddin Anwar by the Malaysian Anti-Corruption Commission.
00:54Last Friday, Vivi and Fazaruddin said they would be stepping down from their management
00:58posts in fashion valet to take full responsibility for the losses incurred by Kazana and PNB.
01:04Dhanushar Jareza, FMT News.