Immediately after the announcement of the collapse of FashionValet, which recorded a loss of RM43.9 million due to a failed investment, this issue continued to receive widespread attention from the people with various reactions, both positive and negative.
Responsible Action of Founders
In the face of pressure from netizens to provide an explanation about the incident, husband and wife, Vivy Yusof and Fadzarudin Anuar, who are the founders of the company, announced their resignation through a statement on the Instagram platform.
This step is taken as a form of responsibility towards investors and to avoid a worse situation for the company that is in the process of recovery.
They admit that an overly aggressive expansion strategy prior to the COVID-19 pandemic has contributed to this problem.
MACC Enters Arena
News of this loss caught the attention of the Malaysian Anti-Corruption Commission (MACC), which is now stepping in to monitor the situation.
Last Saturday, MACC issued a statement to initiate an investigation into Khazanah and PNB's investment management to ensure there is no element of mismanagement or malpractice.
MACC Chief Commissioner, Tan Sri Azam Baki, emphasized the importance of this investigation, considering that it involves significant public funds for the benefit of the community.
He urged the public not to get involved in speculation that could damage the reputation of the parties involved.
Prime Minister's instructions
Responding to this situation, Prime Minister Datuk Seri Anwar Ibrahim has ordered Khazanah Nasional Bhd to conduct an internal audit of their loss-making investment in FashionValet.
This strict directive shows the government's seriousness in improving the governance system, which also includes instructions for the National Audit Department to audit 2,000 government-related companies.
Anwar as chairman of Khazanah, stated that this step is important to ensure the integrity and effectiveness of public fund management.
So far, netizens are still unable to guess the end of this case.
Will it end up being a real failure in the business world, or could there be a bigger 'tea' behind this issue waiting to be revealed?
