KUALA LUMPUR (Oct 16): The Sessions Court here was told on Friday that local fashion company FashionValet Sdn Bhd received investment funds totalling nearly RM40 million from Khazanah Nasional Bhd and Permodalan Nasional Bhd (PNB) eight years ago.
Tay Lay Hong, 54, a banking services manager at the Bukit Damansara branch of Public Bank, said the funds were deposited into a Public Bank account belonging to FashionValet through four separate transactions between March and December 2018.
"A review of FashionValet’s bank account statements revealed that Khazanah transferred RM7,848,000 on March 23, 2018, and RM11,742,000 on March 26, 2018, while PNB recorded transfers of RM11,953,500 on June 4, 2018, and RM8,364,996 on Dec 20, 2018," she said.
The fifth prosecution witness said this in her witness testimony during the trial of FashionValet founders Datin Vivy Sofinas Yusof and her husband, Datuk Fadzarudin Shah Anuar, who are facing charges of criminal breach of trust involving RM8 million in investment funds from Khazanah and PNB.
Tay also confirmed that a sum of RM11 million was withdrawn from FashionValet’s bank account on Aug 21, 2018, via an online 'bulk payment' transaction.
"This money transfer transaction, amounting to RM11 million, falls under a category of payments requiring verification specifically, approval from an 'authorised person' for the Public Bank account held in the name of FashionValet Sdn Bhd. However, I am not certain who the authorised person for online banking was.
"To my knowledge, the appointment of an authorised person is based on a directors' resolution; typically, the authorised signatory is the same individual as the authorised person for online banking," said Tay.
Furthermore, Tay, who began her tenure with Public Bank in 1993, said a review of Fadzarudin’s bank statements revealed an incoming transaction of RM5 million on Sept 4, 2018, from the company 30 Maple Sdn Bhd, with the reference "interim dividend".
"I also reviewed the bank statements for the account held in the name of Vivy Sofinas Yusof, which showed an incoming transaction of RM5 million from 30 Maple Sdn Bhd on Sept 3, 2018, with the reference 'CIMB Rentas'," the witness testified.
According to Tay, a sum of RM5.5 million was withdrawn from each of the couple's personal accounts at a Public Bank counter on Sept 5, 2018.
During cross-examination by lawyer Datuk M Athimulan, the witness confirmed that all information contained in her witness statement was based on documentation, including bank statements.
Additionally, Tay agreed that the RM11 million withdrawn from the FashionValet bank account did not necessarily mean the funds were transferred into a single personal account; rather, it involved a 'bulk' [transaction]...the 'payment' was for items such as staff salaries, shop rental, and so forth.
Vivy, 38, and Fadzarudin, 37, are charged acting with common intention in their capacity as directors of FashionValet with criminal breach of trust involving investment funds from Khazanah and PNB. They allegedly authorised payments totalling RM8 million from a FashionValet corporate bank account to a company called 30 Maple, without the approval of the FashionValet board of directors.
The offence was allegedly committed at the Public Bank branch in Bukit Damansara (located at 36-40 Medan Setia 2, Plaza Damansara, Bukit Damansara) on Aug 21, 2018 under Section 409 of the Penal Code, read in conjunction with Section 34 of the same Code. If convicted, this carries a penalty of imprisonment for a term of not less than two years and up to 20 years, along with whipping and a potential fine.
They also pleaded not guilty to an alternative charge: acting with common intention to dishonestly misappropriate property belonging to FashionValet specifically, the RM8 million in investment funds from Khazanah and PNB at the same location and on the same date.
The couple is charged under Section 403 of the Penal Code, which carries a penalty of imprisonment for a term of not less than six months and up to five years, along with whipping and a mandatory fine, upon conviction.
The trial, presided over by judge Rosli Ahmad, will resume on Nov 3.
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