PM Anwar directs Khazanah to audit RM43.9m FashionValet investment loss

KUALA LUMPUR: Prime Minister Datuk Seri Anwar Ibrahim has instructed Khazanah Nasional Berhad (Khazanah) to conduct an internal audit following the RM43.9 million investment loss in FashionValet Sdn Bhd (FashionValet).

Anwar, who is also Khazanah chairman, said this directive is in line with his earlier mandate for the National Audit Department to assess over 2,000 government-linked companies (GLCs).

“This move aims to enhance governance systems and ensure that these companies fully meet their responsibilities and functions,” he said in a post on X today.

Earlier, during the launch of the 2024 Hawkers and Petty Traders Day (HPPK) carnival in Penang, the prime minister said there is a need for a fair investigation and stressed that it should proceed without regard for rank, position or whether the company is government-linked or private.

In a written response to Parliament on Monday, the Finance Ministry said Khazanah and Permodalan Nasional Bhd (PNB) had recovered RM3.1 million through the sale of shares in FashionValet.

In 2018, Khazanah and PNB invested RM27 million and RM20 million, respectively, each taking minority stakes in FashionValet.

Malaysian Anti-Corruption Commission (MACC) Chief Commissioner Tan Sri Azam Baki has also confirmed that the MACC has launched an investigation into the investment loss, while assuring the public that the inquiry will be conducted impartially and professionally.