KUALA LUMPUR, Nov. 5 -- Former Damansara MP Tony Pua has defended Khazanah Nasional Bhd over losses incurred from investing in Fashion Valet Sdn Bhd, saying failure were more likely than success in the venture capital arena.

Pua said the disproportionate criticism would only foster an aversion towards taking business risks, and cause the country to lose out on future investment "unicorns" such as Grab Holdings.

Pointing out that Grab started locally but relocated to Singapore after Khazanah chose not to invest, Pua said must be prepared for losses such as FashionValet's if the country intends to be home to other investment stars.

"Does mean that there's no wrongdoing or mismanagement in Fashion Valet? We don't know, perhaps there may b...