“FashionValet Founders Plead Not Guilty to RM8 Million CBT Charges – What Really Happened?”
Source: The Rakyat Post
The founders of FashionValet, Datin Vivy Yusof and Datuk Fadzaruddin Shah Anuar, are now at the center of a high-profile legal case. Both appeared at the Kuala Lumpur Sessions Court earlier today to face charges of criminal breach of trust (CBT) involving RM8 million.
It is alleged that the couple made an unauthorized transfer of RM8 million from FashionValet’s account to 30 Maple Sdn Bhd, a company linked to their luxury headscarf brand, dUCK. This transfer was reportedly made without the approval of FashionValet’s board of directors.
The alleged incident occurred on 21 August 2018 at Public Bank Berhad’s Bukit Damansara branch. Both Vivy and her husband pleaded not guilty to the charges when presented before Judge Rosli Ahmad.
Losses That Triggered Questions
The charges are tied to investment losses suffered by Khazanah Nasional Berhad (Khazanah) and Permodalan Nasional Berhad (PNB), two major institutional investors that poured approximately RM43.9 million into FashionValet.
Prosecutor Datuk Wan Shaharuddin Wan Ladin led the case for the government, while the couple’s defense was handled by lawyer Ashok Athimulan.
A Brand Under Scrutiny
The controversy doesn’t just affect the couple’s reputation but also casts a shadow over their companies. 30 Maple Sdn Bhd, the recipient of the RM8 million, operates the luxury dUCK brand, which has been a flagship name under their entrepreneurial ventures.
As the legal process unfolds, questions continue to arise about corporate governance and the responsibilities of founders when handling large-scale investments.
The court proceedings have already ignited significant public interest, with many eagerly awaiting further developments in the case.
