PNB transferred RM20.3 million to FashionValet in 2018

The Kuala Lumpur Sessions Court heard that Permodalan Nasional Berhad (PNB) transferred RM20.3 million to FashionValet Sdn. Bhd. in 2018 via two transactions. Shamsiah Musa, an assistant manager at Maybank, testified that the first transfer of RM11,953,509 occurred on June 4, 2018, followed by RM8,365,001 on December 20 of the same year. These funds moved from PNB's Malayan Banking Berhad account to FashionValet's Public Bank account. Shamsiah confirmed these were the only two transfers from PNB to FashionValet in 2018, totaling approximately RM20,318,510. The testimony came during the trial of FashionValet co-founders Datuk Fadzarudin Shah Anuar and Datin Vivy Sofinas Yusof. They face charges of misappropriating RM8 million in investment funds from Khazanah and PNB, transferring them from FashionValet's bank account to a company called 30 Maple without board approval. The charges fall under Section 409 of the Penal Code for criminal breach of trust by a public servant or agent, punishable by two to 20 years imprisonment, whipping, and a fine. They also face alternative charges under Section 403 for dishonest misappropriation of property. Shamsiah stated the first transaction involved a PNB-submitted form processed at the bank counter, requiring authorization from a designated PNB account holder. The second transfer was conducted online by an authorized account holder. Under cross-examination by defense counsel Datuk M. Athimulan, Shamsiah confirmed PNB issued no instructions to freeze or restrict the use of the transferred funds. She also agreed that bank records showed the PNB fund transactions were processed legally, transparently, and in compliance with banking standards and procedures.

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For your information, I have checked all account statements for each month for 2018 and I confirm there were only two transactions transferring money from the Malayan Banking Berhad account belonging to PNB to the Public Bank account belonging to FashionValet.