Court Told PNB Transferred RM20.3m to FashionValet

KUALA LUMPUR — Permodalan Nasional Bhd (PNB) transferred a total of RM20.3 million to Fashion Valet Sdn Bhd in 2018, the Sessions Court was informed today during the ongoing trial of the online fashion retailer’s founders.

Testifying as the second prosecution witness, Maybank Jalan Tun Razak branch assistant manager Shamsiah Musa, 55, confirmed that bank records showed PNB transferred RM20,318,510 in two separate tranches to FashionValet’s Public Bank account that year.

Shamsiah testified that PNB executed an initial over-the-counter transfer of RM11,953,509 on June 4, 2018, requiring authorization from designated signatories, followed by an online banking transfer of RM8,365,001 on December 20.

Identifying 22 individuals listed as PNB’s authorized signatories at the time, divided into three distinct authorization groups, Shamsiah noted she could not specify which group authorized the respective transfers.

Under cross-examination by defense counsel M Athimulan, the bank officer agreed that once the funds were credited into FashionValet’s account, they formed part of the company’s general cash balance and operational capital.

Athimulan: “When the PNB funds were credited to Fashion Valet, they became part of the company’s cash balance and working capital. Do you agree?”

Shamsiah: “I agree.”

Athimulan: “Maybank never received any notice preventing Fashion Valet from transferring or using the funds for business operations, payments to suppliers or corporate advances?”

Shamsiah: “I agree.”

Athimulan: “From Maybank’s perspective, Fashion Valet had full access to the account through its authorised signatories?”

Shamsiah: “That is right.”

Shamsiah further confirmed that PNB issued no instructions to freeze the account or restrict FashionValet’s access to the funds, adding she was unacquainted with the specific investment terms governing PNB and FashionValet.

During re-examination by Deputy Public Prosecutor Noor Syazwani Sobry, Shamsiah clarified that her confirmation regarding FashionValet’s full access applied strictly to account operational mechanics, as no third-party freeze orders were served on Maybank.

The court previously heard that FashionValet transferred RM8 million to 30 Maple Sdn Bhd on August 21, 2018, with founders Datin Vivy Yusof and her husband Datuk Fadzarudin Shah Anuar serving as authorized signatories for both entities.

Vivy and Fadzarudin, both 38, were jointly charged on December 5, 2024, with committing criminal breach of trust (CBT) involving investment funds from Khazanah Nasional Bhd and PNB in their capacity as FashionValet directors. They are accused of authorising an RM8 million payment to 30 Maple Sdn Bhd without obtaining prior approval from FashionValet’s board of directors.

Framed under Section 409 of the Penal Code, the CBT charge carries a maximum penalty of 20 years’ imprisonment, whipping, and a fine upon conviction. The couple also faces an alternative charge under Section 403 of the Penal Code for dishonest misappropriation of property, which carries a prison term of between six months and five years, whipping, and a fine.

The trial before Judge Rosli Ahmad resumes on August 17.

-NMT