Anger and intrigue are mounting across Malaysian social media over the loss of US$10 million in state funding for Fashion Valet, with users turning to AI to investigate the spending habits of the influencer founders behind the failed e-commerce firm.
With more than 1.8 million followers on Instagram, Fashion Valet co-founder Vivy Yusof, 37, – renowned for her fondness for social media “humblebragging” and luxury brands – is now in the spotlight as the collapse of her business venture billows out into a national scandal.
Vivy and her husband and co-founder, Fadzarudin Shah Anuar, 36, were called in for questioning on Tuesday by the Malaysian Anti-Corruption Commission (MACC) over the failed venture, as public interest surged in the loss of millions of dollars of taxpayers’ money.
The revelation last week that Malaysian sovereign wealth fund Khazanah Nasional Berhad and investment firm PNB Anger dumped their stakes at a loss of 47 million ringgit (US$10.7 million) in 2022 has seen anger spill out online.
Malaysians on X have scrutinised Vivy’s collection of luxury handbags and shoes, posted under hashtags such as “crazy bag lady” and “each of them has a story”.
Estimated by some to be worth over 1.5 million ringgit, Vivy’s display of wealth has struck a nerve in Malaysia, where the median household income is just 6,338 ringgit.
She previously explained over Instagram that the bags “defined” her and were acquired over two decades using her “hard-earned money”.
Aside from eagle-eyed fashion aficionados, others have employed AI for analytical insights, with OpenAI’s ChatGPT inferring that the collection likely belongs to someone “within the ultra-high-net-worth category”.
Some also used the platform to illustrate what else could be spent using the same amount to fund Fashion Valet, which returned with more than 400 low-cost housing and 4,000 hospital beds.
In light of the scrutiny, one X user quipped that if they ever get this rich, “I hope I become the quiet type”.
Vivy’s star power and image of success led to her own reality TV show, “Love, Vivy”. She has received accolades, including a place on Forbes’ 30 Under 30 Asia list and Young Entrepreneur of the Year at the Asean@50 Achievement Awards in 2017.
Despite her success, she stirred controversy with her 2019 appointment to the board of Universiti Teknologi Mara (UiTM) at 30. The public questioned her qualifications for the role, leading to a petition and her eventual removal a year later.
Adding to the public’s fascination, a 2021 research paper by linguistics lecturers at the International Islamic University of Malaysia analysed Vivy’s use of “humblebragging language” on social media.
The usually secretive and opaque MACC has also stepped into the fray, releasing an in-house news video on TikTok documenting raids on four of Fashion Valet’s offices, complete with dramatic music and pixelated employee faces.
On Sunday, the founders apologised in an Instagram post, saying they were to blame and had expanded “too aggressively”.
Yet their defence has come from unexpected quarters.
Former MP Tony Pua, known for his role in exposing the 1MDB scandal, has criticised the intense scrutiny on Fashion Valet, calling it “misguided and unfair”.
This includes calls from Umno Youth Chief Muhamad Akmal Salleh – whom Pua called a “joker” – for a Royal Commission of Inquiry into the matter.
“The excessive shaming will only foster a culture where no decision-maker will take risks,” Pua said on Facebook.
Khazanah has faced criticism before for passing on opportunities like Malaysia’s ride-sharing giant Grab, which then received funding from Singapore’s Temasek Holdings and moved its headquarters from Kuala Lumpur to Singapore.
“We can’t have it both ways,” Pua added. “You can’t be angry when we didn’t invest, and also when we did.”
Kuching lawmaker Kelvin Yii echoed Pua’s concerns about excessive scrutiny stifling venture capital but noted red flags in Fashion Valet’s funding from the start.
“[We] can’t just hand out huge sums of money and allow unaccountable spending under the guise of high-risk investment,” he said on X.
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{URL}https://www.scmp.com/week-asia/people/article/3285422/anger-intrigue-malaysians-turn-ai-scrutinise-fashion-valet-losses{/URL}
{Author}Hadi Azmi{/Author}
{Image}https://cdn.i-scmp.com/sites/default/files/styles/1280×720/public/d8/images/canvas/2024/11/06/34b99f47-a15f-4f35-af31-c53f739a4ad3_e0b1a971.jpg{/Image}
{Keywords}Lifestyle,Artificial Intelligence,Computer Science,Business,Generative AI{/Keywords}
{Source}Applications{/Source}
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