MALAYSIA: Vivy Yusof and her husband Fadzarudin Shah Anuar, who founded the popular e-commerce platform FashionValet, made the news earlier this month after they were charged with criminal breach of trust involving RM8 million (S$2.41million) in investment funds belonging to Khazanah Nasional Berhad (Khazanah) and Permodalan Nasional Berhad (PNB).
The couple showed up at the Sessions Court in Kuala Lumpur on Dec 5 and pleaded not guilty. Ms Vivy, 37, and Mr Fadzarudin, 36, reportedly paid RM8 million from FashionValet bank account to 30 Maple Sdn Bhd without approval from the company’s board of directors on Aug 21, 2018.
Khazanah and PNB had invested approximately RM43.9 million (S$13.25 million) in FashionValet, MSN reported.
The once high-flying social media influencers could be sentenced to jail terms between two and 20 years, a whipping, and be slapped with a fine if found guilty.
In the wake of the charges, Ms Vivy announced on Instagram on Dec 19 that she is “embracing her private era” for now.
In a significant change from being in the public eye for years, she wrote, “This ‘influencer’ will be un-influencing. So it’s just gonna be you and me for a while. And 1.8 million others… But that’s it for now.”
Her IG account has been set to private. This means an end to nearly 20 years of sharing—at times even over-sharing—her life on her blog, Proudduck, the venue that led to collaborations with different brands.
The Malaysian public witnessed Ms Vivy transition from a university student to a wife and mother to an entrepreneur, a journey she characterised as being “full of ups and downs.”
The influencer’s decision to keep a lower profile may stem from the swift and severe public backlash they received after the charges were reported.
The couple’s fall from grace was the subject of a TikTok video from a personal finance vlogger that went viral.
Financial Faiz pointed out that for regular Malaysians, earning RM10,000 (S$3,019) a month or RM100,000 (S$30,193) a year would be difficult, but Ms Vivy and Mr Fadzarudin were able to easily get millions for FashionValet.
@financialfaiz RM47 Juta duit rakyat Malaysia lesap? Jom dengar I explain apa langkah seterusnya yang akan dikenakan kepada mereka. financialfaiz isusemasa khazanah PNB corporate
The couple founded FashionValet in 2010, followed by a holding company called 30 Maple in 2013.
Two years later, they incorporated Sitca Designs, owner of the Lilit clothing brand. Last year, Khazanah and PNB sold their shares in FashionValet, incurring heavy losses in the sale. This led Prime Minister Anwar Ibrahim to order an internal audit of the fund’s investments.
/TISG
Featured photo from YouTube
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