KUALA LUMPUR: Local fashion company FashionValet Sdn Bhd received investment funds totalling nearly RM40mil from Khazanah Nasional Berhad and Permodalan Nasional Berhad (PNB) eight years ago, the Sessions Court here heard.
Tay Lay Hong, 54, a banking services manager at the Bukit Damansara branch of Public Bank, said on Friday (Oct 16) that the funds were deposited into an account belonging to FashionValet in 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.
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The fifth prosecution witness was testifying in 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 (CBT) involving RM8mil in investment funds from Khazanah and PNB.
Tay also confirmed that RM11mil was withdrawn from FashionValet’s bank account on Aug 21, 2018, via an online bulk payment transaction.
"This transaction ... falls under a category of payments requiring verification ... approval from an authorised person for the 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," Tay added.
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Tay, who began working with Public Bank in 1993, said a review of Fadzarudin Shah’s bank statements revealed an incoming transaction of RM5mil on Sept4, 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 RM5mil from 30 Maple Sdn Bhd on Sept 3, 2018, with the reference 'CIMB Rentas'," she said.
According to Tay, a sum of RM5.5mil was withdrawn from each of the couple's personal accounts at a Public Bank counter on Sept 5, 2018.Fashion
During cross-examination by Datuk M. Athimulan, the witness confirmed that all information contained in her statement was based on documentation, including bank statements.
Additionally, Tay agreed that the RM11mil 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" and was for items such as staff salaries and shop rental.
Vivy, 38, and Fadzarudin Shah, 37, are charged with acting with common intention in their capacity as directors of FashionValet in CBT involving investment funds from Khazanah and PNB.
ALSO READ: Court told RM8mil was transferred from FashionValet to 30 Maple
They allegedly authorised payments totaling RM8mil 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 Berhad branch in Bukit Damansara on Aug 21, 2018 under Section 409 of the Penal Code, read together with Section 34.
Those convicted face imprisonment of between two and 20 years, as well as caning and a possible fine.
The couple also pleaded not guilty to an alternative charge of acting with common intention to dishonestly misappropriate property belonging to FashionValet, specifically the RM8mil in investment funds from Khazanah and PNB, at the same location and on the same date.
The charge under Section 403 of the Penal Code carries a penalty of six months' to five years' jail with caning and a mandatory fine upon conviction.
The trial, presided over by judge Rosli Ahmad, will resume on Nov 3. – Bernama
