Dr. Kelvin Yii Lee Wuen, born on August 31, 1986, in Kuching, Sarawak, is a Malaysian politician and medical doctor serving as the Member of Parliament (MP) for Bandar Kuching since May 2018. A member of the Democratic Action Party (DAP), part of the Pakatan Harapan (PH) coalition, he has held significant roles, including Chair of the Health, Science, and Innovation Select Committee since January 2021 and Youth Chief of DAP Socialist Youth (DAPSY) since March 2022.
Dr. Yii's academic journey began at Volgograd State Medical University in Russia, where he earned his Doctor of Medicine (MD) degree. He furthered his education with a Bachelor of Laws (LL.B.) from the University of London and a Master of Laws (LL.M.) in medical law from Northumbria University. In September 2020, he completed a certification course in Business, International Relations, and the Political Economy from the London School of Economics and Political Science.
In his political career, Dr. Yii has been instrumental in health policy and youth leadership. As Chair of the Health, Science, and Innovation Select Committee, he has overseen critical health initiatives, including scrutinizing the National Covid-19 Vaccination Strategy.
Wikipedia His election as DAPSY Chief underscores his commitment to youth engagement and leadership development within the party.
Dr. Kelvin Yii's blend of medical expertise and legal knowledge positions him uniquely to address complex health and policy issues, reflecting his dedication to public service and the well-being of his constituents.
Dr. Yii’s comments follow a defense of the investment by former Damansara MP Tony Pua, who argued that losses are an inherent part of venture capital. While acknowledging Pua’s points, Yii stressed that the Fashion Valet investment showed red flags from the beginning, particularly the absence of Khazanah or PNB representatives on the company’s board.
Governance and Oversight Concerns
“Investing large sums without proper oversight, even under the guise of 'high-risk venture capital,' cannot be justified,” Yii posted on X (formerly Twitter). He emphasized that governance and accountability are crucial to ensure value addition and effective risk management in such investments.
This lack of oversight, according to Yii, highlights broader issues in the management and decision-making processes of government-linked investment companies (GLCs), especially when public funds are involved.
Questions About Valuation and Losses
Dr. Yii also questioned the initial valuation of Fashion Valet, reportedly pegged at RM300 million by Khazanah in 2018. He called for greater transparency and accountability to explain how such valuations are determined, particularly when public funds are at risk.
Recent reports revealed that Khazanah invested RM27 million and PNB RM20 million, collectively taking minority stakes in Fashion Valet. However, the funds lost RM43.9 million, selling their shares last year for just RM3.1 million to NXBT Partners, an investment holding company led by TIME dotCom CEO Afzal Abdul Rahim.
Balancing Accountability with Industry Impact
While Dr. Yii urged an investigation into the governance and accountability of the investment, he cautioned against turning the issue into an emotional “witch hunt,” which could harm Malaysia’s venture capital landscape.
Tony Pua, in a Facebook post, defended the losses, explaining that failures are common in venture capital, where a few successful investments typically offset losses. “Out of ten investments, three or four may fail, but one or two can yield exceptional returns,” Pua said.
MACC Investigation Underway
The Malaysian Anti-Corruption Commission (MACC) has launched an investigation, questioning witnesses from Khazanah, PNB, and the Finance Ministry. The founders of Fashion Valet, Vivy Yusof and Fadzarudin Anuar, have also been summoned.
In response to the losses, Vivy and Fadzarudin announced their decision to step down from their management roles, taking responsibility for the company’s financial setbacks.
The Bigger Picture
Dr. Yii’s call for stricter governance and oversight reflects a growing demand for transparency and accountability in GLC investments, especially when public funds are involved. As the MACC investigation unfolds, it remains to be seen how these findings will shape future practices in Malaysia’s venture capital and investment landscape.