KUALA LUMPUR: FashionValet Sdn Bhd founders Datin Vivy Yusof and Datuk Fadzarudin Shah Anuar have pleaded not guilty in the Sessions Court to charges of criminal breach of trust (CBT) involving RM8 million in investment funds from Khazanah Nasional Berhad (Khazanah) and Permodalan Nasional Berhad (PNB) that were allegedly misappropriated six years ago.
Vivy Yusof, 37, and Fadzarudin, 36, both directors of FashionValet Sdn Bhd, faced charges before Judge Rosli Ahmad. The couple is accused of conspiring to misuse funds entrusted to them, transferring RM8 million from FashionValet’s bank account to 30 Maple Sdn Bhd without the approval of the company’s board of directors. The alleged offence took place on August 21, 2018, at Public Bank Berhad, Bukit Damansara Branch, located at Plaza Damansara, Kuala Lumpur.
The charge, framed under Section 409 of the Penal Code in conjunction with Section 34, carries a penalty of a minimum of two years and a maximum of 20 years in prison, along with whipping and a fine, upon conviction.
Judge Rosli granted bail of RM100,000 with one surety for each of the accused, while also requiring them to report to the Malaysian Anti-Corruption Commission (MACC) office monthly. Both individuals were ordered to surrender their passports and are prohibited from contacting or influencing any witnesses involved in the case. A follow-up hearing has been scheduled for January 22, 2025.
Deputy Public Prosecutor Datuk Wan Shaharuddin Wan Ladin clarified that while the offence is non-bailable, both accused had cooperated with the MACC, warranting a bail amount of RM100,000 to RM200,000 with one surety each. Additional conditions included the surrender of their passports and monthly reporting to MACC in Putrajaya. Given the serious nature of the charges, the prosecution also sought to prevent the accused from interfering with witnesses, most of whom are connected to FashionValet.
Vivy and Fadzarudin’s lawyer, A. Ashok, appealed for a more reasonable bail amount, emphasizing their cooperation with the MACC and their commitment to attending court proceedings. He pointed out that the couple, who have four children and ongoing business interests in Kuala Lumpur, are not flight risks. Ashok also noted the couple’s financial difficulties due to the freezing of their assets, stressing that a high bail would unduly punish them before trial.
Wan Shaharuddin reaffirmed that the proposed bail amount was reasonable and not overly burdensome, in line with the gravity of the case. The court proceedings continue as both accused maintain their innocence.
