KUALA LUMPUR (Nov 28): The Malaysian Anti-Corruption Commission (MACC) has completed its investigation into the investments made by several government entities in the e-commerce platform FashionValet.

"The investigation papers have been submitted to the director of MACC's legal and prosecution division for further review and consideration.

"A decision regarding this investigation is expected in the near future," said MACC chief commissioner Tan Sri Azam Baki in a statement on Thursday.

The anti-graft agency has been investigating the losses that Khazanah Nasional Bhd and Permodalan Nasional Bhd (PNB) incurred after investing into FashionValet.

Khazanah invested RM27 million in FashionValet in 2018 while PNB put in RM20 million, both for minority stakes in the platform. They sold their stakes in 2023 for just RM3.1 million — losing RM43.9 million of the money they put in.

The stakes were sold to NXBT Partners Sdn Bhd, an investment holding company controlled by Afzal Abdul Rahim, chief executive officer of TIME dotCom Bhd (KL:TIMECOM). Khazanah also holds a 32.34% stake in TIME dotcom as of July 22.

It was previously reported that the MACC had frozen FashionValet's bank accounts, together with the personal accounts of its husband and wife founders, Vivy Yusof and Fadzarudin Anuar, to facilitate its investigations.