1. Because the devils is in the details. You look at the unit economics among other things. You also look at how big is the market and if they can scale to capture it. Also startup sells the vision of the future not the now. Thats why investor invest based on the valuation of the company which is a prediction for 5, 10 years. A lot of company do not make profit in the early days. That is normal. It is not a redflag. You just need to look at why.

2. Penyelewengan by who? At the surface level it looks like a bust investment by Khazanah and a startup that didn't make it (for many reason). 99% startup and investment into startup fail. Again no redflag there. Can Khazanah invest better? Can FV be managed better? Sure. In hindsight a lot can be said. But that is part of the game. Temasek loss USD260m in 2023 from Crypto investment. Khanazah probably has bigger loss elsewhere if you look. They manage it by having a balance investment portfolio