KUALA LUMPUR, Aug. 20 -- The Public Accounts Committee (PAC) has listed Khazanah Nasional Bhd's high-risk strategy, the Covid-19 pandemic, and shifting consumer habits behind the RM43.9m investment losses from fashion brand FashionValet Sdn Bhd.

The Parliamentary committee chairman Datuk Mas Ermieyati Samsudin said Khazanah also lacked a standard operating procedure (SOP) for reviewing losses from divested investments that exceeded thresholds.

"A misalignment was noted between Khazanah's mandate to generate commercial returns, which may require greater global market exposure, and its role as a national development instrument subject to government-driven priorities," New Straits Times quoted her telling a press conference.

It then recom...