🧔♂️ A friendly human may check it before it goes live. More news here
FashionValet founders plead not guilty
The founders of Malaysian online fashion retailer FashionValet have been charged with criminal breach of trust.
Vivy Yusof and Fadzarudin Shah Anuar faced charges on Thursday in Kuala Lumpur Sessions Court, where they pleaded not guilty. Bail was set at 100,000 ringgit (US$22,566) each.
If convicted, they could face two to twenty years imprisonment, whipping, and a fine.
The charges involve an alleged unauthorized payment of 8 million ringgit (US$1.69 million) from FashionValet’s account to 30 Maple Sdn in 2018.
These funds were reportedly invested by Khazanah Nasional Berhad and Permodalan Nasional Berhad (PNB), who had invested 47 million ringgit (US$9,93 million) in the business. They reportedly lost 43.9 million ringgit (US$9.28 million).
Recent FashionValet developments
| Timeline |
|---|
15-Nov-2024 🛍️ Breaking down an unfashionable story
|
05-Nov-2024 📉 FashionValet scrutinized as Khazanah, PNB exit amid losses
|
05-Nov-2024 💼 FashionValet denies financial mismanagement allegations
|
30-Mar-2016 👗 FashionValet scores multi-million dollar series B from Japan’s leading fashion portal
|
| 03-Mar-2015 👗 2 years after pitching on reality TV show, this Malaysian ecommerce startup pockets series A funding |
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.