Malaysia’s FashionValet faces corruption probe after US$10 million loss of public funds | News

Two Malaysian investment firms, Khazanah Nasional Berhad and Permodalan Nasional Berhad, are under scrutiny for investing RM43.9 million in FashionValet, resulting in a loss of RM40.8 million. The collapse of FashionValet has sparked public outrage, leading to an audit of the sovereign wealth fund and an investigation by the Malaysian Anti-Corruption Commission. Prime Minister Anwar Ibrahim has ordered a probe into the investment losses, with critics questioning the company’s management and transparency practices.

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