‘We failed our investors’: FashionValet founders Fadza and Vivy step down, take responsibility over Khazanah and PNB’s RM47m loss
Which state is the most expensive for feeding a family ‘decently’? Surprise, it’s not KL, says Putrajaya’s new living cost indicatorFashionValet used to be a promising homegrown e-commerce fashion platform with more than 400 brands and 15,000 products on its platform. — Picture from Facebook/FashionValetKUALA LUMPUR, Nov 2 — Khazanah Nasional Bhd and Permodalan Nasional Bhd have issued separate statements on their RM43.
“Over the years, the company faced challenges, most of which were exacerbated by COVID-19, including in expanding its platform. “In view of the company’s urgent need for funds to continue operations and the fact that the investment had reached the end of its targeted holding period, Khazanah considered and accepted the offer,” it added.
“We regret the loss incurred which amounted to RM18.7 million after sale proceeds received of RM1.3 million, but they should be viewed relative to RM337 billion in investment assets managed by PNB and the RM16.4 billion in investment income generated after accounting for this loss in the financial year 2023,” it added.
“PNB recognises the risks and rewards in investing in venture capital and private equity, and as such, these investments are managed as a portfolio, with performance assessed on the overall portfolio rather than specific investments.
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