FashionValet showed potential at the time, says Amir Hamzah

The Star

Finance Minister II Datuk Seri Amir Hamzah Azizan told the Dewan Rakyat on Tuesday (Nov 12) that FashionValet Sdn Bhd was seen as a company with potential in the e-commerce space when Khazanah Nasional Bhd made its investment.  Read more at https://shorturl.at/KszML  WATCH MORE: https://thestartv.com/c/news SUBSCRIBE: https://cutt.ly/TheStar LIKE: https://fb.com/TheStarOnline

Transcript

00:00But one promise that I made to the speaker that day was that I would also cover the issue of the Fashion Valley,

00:08because he was asked outside today's session.

00:14So for the Fashion Valley, two respected experts,

00:19namely Bandar Kucing and Masjid Tanah, have raised the issue of the Fashion Valley

00:23because of the company's ability to get investment from the JLC

00:29and the election process involved.

00:33In fact, the digital economy has long been an important pillar for Malaysian development

00:38since the days of the multimedia Raya Corridor,

00:41with the e-commerce sub-sector, digital wallets, platforms, and many more.

00:46In line with the government's commitment in the technology sector,

00:50Kazanah has invested in the Fashion Valley,

00:53which at that time was a potential e-commerce platform.

00:58Both companies, namely Kazanah and P&B, understand that a beginner investor

01:04has a higher risk than a regular investor,

01:09but it is in line with their mandate to support strategic investment.

01:14Regardless of the field, the government is careful in using public funds

01:18and will continue to pay close attention and strengthen the management and control of the business.

01:25Since the SPRM is still investigating this case,

01:30and the internal audit is still underway,

01:33Kazanah needs to be given space for the investigation process to be completed.

01:38All proceeds will be used to improve Kazanah's business.

01:45It is also important that we look at the return of this investment

01:49from a more comprehensive perspective.

01:52Kazanah has made other investments, including early-stage investments

01:57that have given a positive return.

02:00One of them is Kazanah's investment in the local farm fresh business,

02:06which is part of the VC capital investment in the agricultural sector.

02:13In the farm fresh investment, Kazanah received a return of more than 13 times,

02:18which is more than RM800 million.

02:21It is important that Kazanah continues to support the local farm ecosystem

02:26and agricultural capital investment in line with the economy framework.

02:31So, as I said earlier,

02:36there are a few questions that I may not be able to cover today.

02:41I will give the floor to the Minister.

02:44Yes, Minister.

02:46For information, thank you Minister.

02:50I would like to know, as a member of the PAC,

02:53we will be calling for Kazanah's case and PNB's case starting in early December.

03:00My question is for the Minister,

03:05is there a representative of Kazanah and PNB in the Fashion Valley Board?

03:11I was also asked about the representative of Kazanah in the Fashion Valley.

03:16There is a representative of Kazanah in the Fashion Valley Board.

03:25PNB does not have a representative.

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