MALAYSIA: Malaysian state funds are now USD10 million poorer thanks to an investment in a failed online fashion retailer.
The investment by sovereign fund Khazanah Nasional has resulted in public outcry, resulting in Prime Minister Anwar Ibrahim calling for an audit.
This directive reinforces my earlier announcement directing the National Audit Department to audit 2,000 government-linked companies to establish a better governance system, as well as to ensure that all these companies fulfil their respective responsibilities and functions.” Malaysia has long been in hot soup over its fund mismanagement following the 1MDB corruption debacle. This latest investment is once again raising eyebrows.According to a South China Morning Post report, the failed online retail brand, Fashion Valet, is the brainchild of influencer couple Vivy Yusof and Fadzarudin Shah Anuar.They did not succeed, as the Covid-19 pandemic led to the company crashing in 2022.
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