Finance Minister II Datuk Seri Amir Hamzah Azizan told the Dewan Rakyat on Tuesday (Nov 12) that FashionValet Sdn Bhd was seen as a company with potential in the e-commerce space when Khazanah Nasional Bhd made its investment.
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NewsTranscript
00:00But one promise that I made to the speaker that day was that I would also cover the issue of the Fashion Valley,
00:08because he was asked outside today's session.
00:14So for the Fashion Valley, two respected experts,
00:19namely Bandar Kucing and Masjid Tanah, have raised the issue of the Fashion Valley
00:23because of the company's ability to get investment from the JLC
00:29and the election process involved.
00:33In fact, the digital economy has long been an important pillar for Malaysian development
00:38since the days of the multimedia Raya Corridor,
00:41with the e-commerce sub-sector, digital wallets, platforms, and many more.
00:46In line with the government's commitment in the technology sector,
00:50Kazanah has invested in the Fashion Valley,
00:53which at that time was a potential e-commerce platform.
00:58Both companies, namely Kazanah and P&B, understand that a beginner investor
01:04has a higher risk than a regular investor,
01:09but it is in line with their mandate to support strategic investment.
01:14Regardless of the field, the government is careful in using public funds
01:18and will continue to pay close attention and strengthen the management and control of the business.
01:25Since the SPRM is still investigating this case,
01:30and the internal audit is still underway,
01:33Kazanah needs to be given space for the investigation process to be completed.
01:38All proceeds will be used to improve Kazanah's business.
01:45It is also important that we look at the return of this investment
01:49from a more comprehensive perspective.
01:52Kazanah has made other investments, including early-stage investments
01:57that have given a positive return.
02:00One of them is Kazanah's investment in the local farm fresh business,
02:06which is part of the VC capital investment in the agricultural sector.
02:13In the farm fresh investment, Kazanah received a return of more than 13 times,
02:18which is more than RM800 million.
02:21It is important that Kazanah continues to support the local farm ecosystem
02:26and agricultural capital investment in line with the economy framework.
02:31So, as I said earlier,
02:36there are a few questions that I may not be able to cover today.
02:41I will give the floor to the Minister.
02:44Yes, Minister.
02:46For information, thank you Minister.
02:50I would like to know, as a member of the PAC,
02:53we will be calling for Kazanah's case and PNB's case starting in early December.
03:00My question is for the Minister,
03:05is there a representative of Kazanah and PNB in the Fashion Valley Board?
03:11I was also asked about the representative of Kazanah in the Fashion Valley.
03:16There is a representative of Kazanah in the Fashion Valley Board.
03:25PNB does not have a representative.