Fashion Valet received nearly RM40m from Khazanah, PNB in 2018, court told

The Kuala Lumpur Sessions Court was told today that Fashion Valet Sdn Bhd received nearly RM40 million in investment funds from Khazanah Nasional Berhad and Permodalan Nasional Berhad (PNB) in 2018.

Tay Lay Hong, 54, a banking services manager at Public Bank’s Bukit Damansara branch, said the funds were deposited into Fashion Valet’s Public Bank account in four transactions between March and December that year.

“A review of Fashion Valet’s bank account statements revealed...

The Kuala Lumpur Sessions Court was told today that Fashion Valet Sdn Bhd received RM39,908,496 in investment funds from Khazanah Nasional Berhad and Permodalan Nasional Berhad (PNB) in 2018.

Tay Lay Hong, 54, a banking services manager at Public Bank’s Bukit Damansara branch, said the funds were deposited into the online fashion retailer’s Public Bank account in four transactions between March and December that year.

“A review of Fashion Valet’s bank account statements revealed that Khazanah transferred RM7,848,000 on March 23, 2018, and RM11,742,000 on March 26, 2018, while PNB recorded transfers of RM11,953,500 on June 4, 2018, and RM8,364,996 on Dec 20, 2018,” she said.

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 face criminal breach of trust charges involving RM8 million in investment funds from Khazanah and PNB.

Tay also confirmed that RM11 million was withdrawn from Fashion Valet’s account on Aug 21, 2018, through an online “bulk payment” transaction.

She said the transaction required verification and approval by an “authorised person” for the company’s Public Bank account, but she could not confirm who held that role.

“To my knowledge, the appointment of an authorised person is based on a Directors’ Resolution. Typically, the authorised signatory is the same individual as the authorised person for online banking,” she said.

Tay, who joined Public Bank in 1993, said a review of Fadzarudin’s bank statements showed an incoming RM5 million transfer from 30 Maple Sdn Bhd on Sept 4, 2018, with the reference “Interim Dividend”.

Vivy’s account also received RM5 million from 30 Maple on Sept 3, 2018, with the reference “CIMB Rentas”, she said.

According to Tay, RM5.5 million was withdrawn in cash from each of the couple’s personal Public Bank accounts on Sept 5, 2018, amounting to RM11 million in total.

Under cross-examination by lawyer M Athimulan, Tay confirmed that the information in her witness statement was based on documents, including bank statements.

She also agreed that the RM11 million bulk payment did not necessarily mean the entire sum went into one personal account, saying it could have covered expenses such as staff salaries and shop rentals.

Couple face RM8m CBT charges

Vivy, 38, and Fadzarudin, 37, are jointly charged with criminal breach of trust involving RM8 million in Khazanah and PNB investment funds. The charge alleges that they acted with common intention in their capacity as Fashion Valet directors.

They allegedly authorised payments totalling RM8 million from Fashion Valet’s corporate bank account to 30 Maple without the approval of the company’s board of directors.

The alleged offence occurred at Public Bank’s Bukit Damansara branch at 36-40 Medan Setia 2, Plaza Damansara, on Aug 21, 2018, under Section 409 of the Penal Code, read together with Section 34.

They face between two and 20 years’ imprisonment, whipping, and a possible fine.

They also pleaded not guilty to an alternative charge of dishonestly misappropriating RM8 million belonging to Fashion Valet at the same place and date, under Section 403 of the Penal Code.

That offence carries between six months and five years’ imprisonment, whipping, and a mandatory fine.

The trial before judge Rosli Ahmad will resume on Nov 3.

- Bernama