Fashion Valet deal had displayed red flags from the start, Yii tells Pua

Free Malaysia Today

Bandar Kuching MP Dr Kelvin Yii disagrees that the loss incurred by Khazanah Nasional and Permodalan Nasional Berhad was expected as it was a ‘high-risk venture capital investment’.  Read More:  https://www.freemalaysiatoday.com/category/nation/2024/11/05/fashion-valet-deal-had-displayed-red-flags-from-the-beginning-yii-tells-pua/  Free Malaysia Today is an independent, bi-lingual news portal with a focus on Malaysian current affairs.    Subscribe to our channel - http://bit.ly/2Qo08ry   ------------------------------------------------------------------------------------------------------------------------------------------------------ Check us out at https://www.freemalaysiatoday.com Follow FMT on Facebook: https://bit.ly/49JJoo5 Follow FMT on Dailymotion: https://bit.ly/2WGITHM Follow FMT on X: https://bit.ly/48zARSW  Follow FMT on Instagram: https://bit.ly/48Cq76h Follow FMT on TikTok : https://bit.ly/3uKuQFp Follow FMT Berita on TikTok: https://bit.ly/48vpnQG  Follow FMT Telegram - https://bit.ly/42VyzMX Follow FMT LinkedIn - https://bit.ly/42YytEb Follow FMT Lifestyle on Instagram: https://bit.ly/42WrsUj Follow FMT on WhatsApp: https://bit.ly/49GMbxW  ------------------------------------------------------------------------------------------------------------------------------------------------------ Download FMT News App: Google Play – http://bit.ly/2YSuV46 App Store – https://apple.co/2HNH7gZ Huawei AppGallery - https://bit.ly/2D2OpNP  #FMTNews #FashionValet #DrKelvinYii #Khazanah #PNB

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00:00There were red flags in Kazana National Berhad and Pemodalan National Berhad's investment

00:07in Fashion Valley's Sindram Berhad from the outset.

00:10This is what Bandar Kuching MP Dr Kelvin Yee said in a post on Xtoday, adding that there

00:15was a lack of accountability and monitoring despite years of losses.

00:20He also pointed out that no Kazana or PNB personnel was ever appointed to Fashion Valley's

00:26board.

00:28Yee also said there must be an investigation that is focused on governance and accountability

00:33instead of an emotional witch hunt.

00:36Yesterday, former Damansara MP Tony Pua said criticism against Fashion Valley has been

00:41misguided and unfair, considering the venture capital landscape is inherently risky.

00:48The Malaysian Anti-Corruption Commission confirmed that Fashion Valley founders Vivi Yusuf and

00:52Fazaruddin Anwar will be summoned for questioning today.

00:56Last week, it was reported that Kazana and PNB lost RM43.9 million after selling their

01:02stake in Fashion Valley for RM3.1 million to NXBT partners.

01:08Natasha Biest, FMT News.

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