KUALA LUMPUR (Nov 7): The Public Accounts Committee (PAC) will launch an investigation into the combined RM43.9 million investment loss incurred by Khazanah Nasional Bhd and Permodalan Nasional Bhd (PNB) from their venture in FashionValet, an e-commerce platform.
Representatives of both government-linked investment companies (GLICs) will be summoned to the proceedings, which are expected to take place in the second week of December, said PAC chairperson Datuk Mas Ermieyati Samsudin at a news conference on Thursday.
Khazanah and PNB have come under fire after it was revealed that the two GLICs invested in the loss-making FashionValet in 2018 and suffered significant losses when they exited the platform in 2023.
In a written parliamentary reply published on Oct 29, the Ministry of Finance said that Khazanah invested RM27 million in FashionValet in 2018, while PNB invested RM20 million. Both companies exited by selling their combined stakes for just RM3.1 million in 2023 to NXBT Partners Sdn Bhd.
The two GLICs later defended their investments in FashionValet, stating that it was in line with the government's call at the time for GLICs to support high-potential Bumiputera companies in the new economy.
In a separate matter, Mas Ermieyati said that the PAC will call the Ministry of Works on Nov 19 to complete proceedings regarding the RM3.5 billion multi-lane free flow (MLFF) project.
The MLFF is a barrier-free system designed to replace the existing booth-based toll collection system with an overhead structure called a gantry. This gantry would collect tolls using radio-frequency identification devices (RFID) in conjunction with an automated number plate recognition system.
Earlier in January, PAC members unanimously agreed to initiate proceedings on the management of the MLFF project, and summon highway operators to provide insights into its implementation.