FASHION Valet Sdn Bhd received nearly RM40 million in investment funds from Khazanah Nasional Bhd and Permodalan Nasional Bhd (PNB) in 2018, the Sessions Court in Kuala Lumpur heard today.
Public Bank Bukit Damansara branch banking services manager Tay Lay Hong, 54, testified that four deposits were recorded between March and December that year.
He said Khazanah transferred RM7.84 million on March 23, 2018, and RM11.74 million on March 26, 2018.
PNB subsequently transferred RM11.95 million on June 4 and RM8.36 million on Dec 20, bringing the total to RM39.89 million.
Tay, the prosecution’s fifth witness, was testifying in the trial of Fashion Valet founders Vivy Sofinas Yusof and her husband, Fadzarudin Shah Anuar, who are charged with criminal breach of trust involving RM8 million in investment funds from Khazanah and PNB.
The court also heard that RM11 million was withdrawn from Fashion Valet’s bank account on Aug 21, 2018, under the transaction description “PAYNET DIRECT DEBIT”.
Tay confirmed that the transaction was a bulk online payment requiring approval from an authorised person for the company’s Public Bank account.
However, he said he could not identify the individual authorised to approve online banking transactions, adding that such appointments were generally made through a directors’ resolution.
During his testimony, Tay also confirmed that RM5 million was transferred from 30 Maple Sdn Bhd to Fadzarudin’s personal account on Sept 4, 2018, with the reference “Interim Dividend”.
Another RM5 million was transferred from 30 Maple to Vivy’s personal account on Sept 3, 2018, under the reference “CIMB Rentas”.
The two transactions brought the total transferred to the couple’s personal accounts to RM10 million.
Bank statements also recorded cash withdrawals totalling RM5.5 million from the couple’s personal accounts at a Public Bank counter on Sept 5, 2018. Tay clarified that the withdrawals were made at branch 269, not the Bukit Damansara branch, which carries branch code 066.
Under cross-examination by defence counsel Datuk M Athimulan, Tay agreed that the information in his witness statement was based on bank statements.
He also agreed that the RM11 million withdrawal from Fashion Valet’s account did not necessarily mean the money had been transferred into a single personal account. Bulk payments could cover expenses such as salaries and shop rentals.
Vivy, 38, and Fadzarudin, 37, are jointly charged, as directors of Fashion Valet, with criminal breach of trust for allegedly making an RM8 million payment from the company’s bank account to 30 Maple without approval from Fashion Valet’s board of directors.
The alleged offence took place at Public Bank’s Bukit Damansara branch on Aug 21, 2018. They are charged under Section 409 of the Penal Code, read together with Section 34, which provides for imprisonment of between two and 20 years, whipping and a possible fine upon conviction. - October 16, 2026