MACC confirms freezing accounts of firm behind headscarf brand Duck
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PETALING JAYA: The Malaysian Anti-Corruption Commission (MACC) has frozen the accounts of 30 Maple Sdn Bhd, the firm that operates the luxury headscarf brand Duck, along with those of Fashion Valet Sdn Bhd.
This was confirmed by MACC chief commissioner Azam Baki at a press conference today, Berita Harian reported.
30 Maple was founded by Vivy Yusof and Fadzaruddin Shah Anuar, the couple who also co-founded Fashion Valet.
“MACC has frozen several company accounts (associated with Fashion Valet), including the accounts of 30 Maple,” Azam was quoted as saying.
Both Vivy and Fadzaruddin are being investigated by the MACC over the RM43.9 million loss incurred by sovereign wealth fund Khazanah Nasional Bhd and asset manager Permodalan Nasional Bhd (PNB) from their investment in Fashion Valet.
Khazanah invested RM27 million while PNB invested RM20 million for minority stakes in e-commerce platform Fashion Valet in 2018, the same year that Fashion Valet purchased 30 Maple for RM95 million.
Azam previously said that the anti-graft agency was looking into how Fashion Valet spent investment funds from Khazanah and PNB.
MACC is identifying assets, their ownership, and the sources of finance obtained by Fashion Valet’s founders.
He said MACC would also investigate whether the investors’ funds were spent properly and in accordance with the agreement with Khazanah and PNB.
He said about 60 boxes of financial documents seized from Fashion Valet, Khazanah and PNB had to be studied in detail, especially those related to agreements between the three parties.
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