Vivy Yusof, husband face CBT trial as court hears RM19.5m Khazanah transfers, director records

FashionValet founder Vivy Yusof and husband Fadzarudin face CBT charges over RM8m Khazanah, PNB funds. — Bernama pic

First Published: Tuesday, 18 Aug 2026 4:30 PM MYT

KUALA LUMPUR, Aug 18 — The Sessions Court today was told that Khazanah Nasional Berhad (Khazanah) made two transfers totalling approximately RM19.5 million into an account belonging to local fashion company Fashion Valet Sdn Bhd in March 2018.

CIMB Bank Berhad, Menara KL Sentral branch manager Lee Hui Nee, 58, said a review of Khazanah’s CIMB account statements revealed that the first transfer of RM7,848,000 was recorded on March 23, 2018, while the second transfer for RM11,742,000 was made on March 26, 2018.

“The total amount transferred was RM19,590,000. Both payments were made via interbank transfers from Khazanah’s CIMB account to Fashion Valet Sdn Bhd’s Public Bank account,” she said.

The fourth prosecution witness said this when reading her witness statement on the fourth day of the trial involving Fashion Valet founder Datin Vivy Sofinas Yusof and her husband Datuk Fadzarudin Shah Anuar.

The couple is facing criminal breach of trust charges involving RM8 million in investment funds from Khazanah and Permodalan Nasional Berhad (PNB).

Lee explained that the transfers were made in accordance with the bank’s standard operating procedures after receiving a letter of instruction signed by Khazanah’s authorised signatories, as well as confirmation via a phone call with a Khazanah authorised officer.

She confirmed that a further review of Khazanah’s account statements from Jan 31, 2017 to Dec 31, 2019 showed no other transfers to Fashion Valet’s account besides the two transactions in March 2018.

Earlier, Companies Commission of Malaysia (SSM) assistant registrar R. Harshini, 36, confirmed that there were no records of any change in status or resignation by Vivy Sofinas and Fadzaruddin as company directors in the corporate registration system from 2012 to 2024.

Harshini said her check revealed that Vivy Sofinas was appointed as a director of Fashion Valet on Sept 29, 2010, while Fadzarudin Shah was appointed on Dec 13, 2012. Both were simultaneously appointed as directors of 30 Maple Sdn Bhd on Dec 9, 2013 and remained so until 2024.

However, the witness confirmed that a series of resignations and director changes at Fashion Valet were recorded in the SSM system during the period, including Datin Aishah Mohd Jelani, the earliest director, who resigned on Sept 29, 2010, followed by Wong Thean Soon on April 12, 2018.

Harshini said other resignations were Chong Yit Phin and Intan Safina Yusof, who resigned on March 15 and 27, 2019, respectively, followed by Arshad A Ahmed on July 27, 2023. The most recent resignations were Benjamin Low Ewe Ee and Nurul Iman Mohd Zaman on Jan 9, 2024.

Vivy, 38, and Fadzarudin, 37, are jointly charged as directors of Fashion Valet with criminal breach of trust over Khazanah and PNB investment funds, for making a payment of RM8 million from Fashion Valet’s company bank account to 30 Maple without a board of directors’ approval.

The offence was allegedly committed at Public Bank Berhad, Bukit Damansara branch, 36-40 Medan Setia 2, Plaza Damansara, Bukit Damansara here, on Aug 21, 2018. They face charges under Section 409 of the Penal Code, which provides for imprisonment of between two and 20 years, as well as caning and a possible fine, upon conviction.

They also pleaded not guilty to an alternative charge of jointly and dishonestly misappropriating RM8 million of Fashion Valet’s assets, namely the Khazanah and PNB investment funds, at the same location and date.

This charge falls under Section 403 of the Penal Code, which carries imprisonment of between six months and five years, with caning and a fine, upon conviction.

The trial before Judge Rosli Ahmad will resume on Oct 16. — Bernama