KUALA LUMPUR: The parties involved in the sale of stakes in Fashion Valet Sdn Bhd should address public concerns promptly because it involves public money, says Fahmi Fadzil.

Stressing on the importance of transparency, the Communications Minister highlighted the growing discussions on social media regarding the sale, particularly given the public interest surrounding the use of public funds.

“I think we need to give the respective parties a little time to come up with a formal response.

“I hope very soon. In the interest of the public, I believe they should release a statement soon,” Fahmi told reporters at the Madani Deepavali Open House 2024 here yesterday.

“Although I have yet to receive a full report on the specifics, there are many questions circulating, and people are seeking clarity.

“This involves public money, and now we’re seeing a lot of content being shared on social media.”

On Tuesday, the Finance Ministry reported that Khazanah Nasional Bhd and Permodalan Nasional Bhd (PNB) had sold their collective stakes in Malaysia’s first fashion e-commerce platform, FashionValet, for RM3.1mil.

This marks a significant loss compared to their initial RM47mil investment.

According to the Finance Ministry, Khazanah invested RM27mil while PNB contributed RM20mil in 2018 to acquire minority stakes in Fashion Valet, which were later sold to NXBT Partners in 2023.

Despite the RM3.1mil sale, the Finance Ministry described the losses as minor in comparison to the overall earnings of Khazanah and PNB for the year.

Fashion Valet has faced financial struggles, recording a RM34.51mil loss after tax in 2022, more than triple the RM9.63mil loss in 2021, as revenue slipped to RM112.82mil.

In 2020, the company also reported a RM12.37mil loss after tax on RM84.5mil in revenue.

On social media, Datin Vivy Yusof recently indicated that she would provide a response about the sale soon, reminding people to be mindful about “spreading slander”.

“There’s much I’ll share soon, God willing.

“For now, I’ll let people say what they will. But be mindful of any slander you spread about others,” she wrote, sharing that she is currently hospitalised and receiving treatment.

In recent days, netizens have continued to target Vivy following reports of the sale, demanding explanations over the loss of public funds.

https://www.thestar.com.my/news/nation/2024/11/01/give-khazanah-pnb-time