PNB deposited RM20.3mil to FashionValet, court told
A bank official testified in court regarding two large fund transfers totaling RM20.3 million from PNB to FashionValet in 2018. The testimony is part of a criminal breach of trust trial involving FashionValet's co-founders, Vivy Yusof and Fadzarudin Shah Anuar.
Why it matters
The case highlights high-profile corporate governance and accountability issues regarding state-linked investment funds in Malaysia.
KUALA LUMPUR: Permodalan Nasional Bhd (PNB) deposited RM20.3mil in two tranches to fashion e-commerce platform company FashionValet Sdn Bhd in 2018, the Sessions Court heard.
Shamsiah Musa, 55, who is an assistant bank manager of Maybank Jalan Tun Razak branch, testified that based on PNB's Maybank account statement, there were two transactions amounting to RM20,318,510 from PNB to FashionValet in that year on June 4 and Dec 20.
"I confirm that on June 4, 2018, there was one transaction of RM11,953,509 with the description "MISC NON CASH DEBIT N1/FASHION VALET SD* 1493155T000002 FUND TRF TO PUBLIC B".
"The transfer was through a bank form filled by PNB and later managed by the bank over-the-counter. For this transfer, it would require the permission from an authorised signatory," the witness said.
There were 22 signatories for PNB's bank account, she added.
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