According to a report by Harian Metro, the charges against them relate to the RM43.9 million in investment funds lost by sovereign wealth fund Khazanah Nasional Bhd and asset manager Permodalan Nasional Bhd (PNB) in the company.
Malaysian Anti-Corruption Commission (MACC) chief Azam Baki confirmed this today, saying the anti-graft agency arrested the pair this afternoon.
They have been granted bail to attend the proceedings this Thursday.
Last Thursday, Azam said MACC had completed its probe into the investments in Fashion Valet, and that the investigation paper had been submitted to its legal and prosecution division director for review.
He said the investigation specifically looked into how Fashion Valet spent the investment funds from Khazanah and PNB.
Khazanah had invested RM27 million and PNB another RM20 million for a minority stake in the local fashion retailer in 2018.
However, they sold their stake for RM3.1 million at the end of last year to NXBT Partners, an investment holding company controlled by TIME dotCom Bhd CEO Afzal Abdul Rahim.
Fashion Valet’s bank accounts, including those of 30 Maple Sdn Bhd, a company which it acquired, were frozen by MACC as part of the investigation. - FMT
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