Anwar: Audit reports cleared Battersea Station regeneration project from overvaluation claims

KUALA LUMPUR, June 25 — Two forensic audits have concluded that allegations of overvaluation involving the Battersea Power Station project were unfounded, Prime Minister Datuk Seri Anwar Ibrahim said in a written parliamentary reply published today.

Anwar said the findings should put an end to the controversy as the investigation had been concluded.

He said Battersea Project Holding Company had appointed independent forensic auditor Evelyn Partners to review the allegations surrounding the project’s financial reports.

Anwar was responding to Puchong MP Yeo Bee Yin, who had asked whether an independent forensic audit had been conducted to investigate allegations made by the company’s former CEO Donagh O’Sullivan.

“Battersea Project Holding Company had appointed an independent forensic auditor, Evelyn Partners, to conduct a review of the matters raised regarding the financial reports of the Battersea Power Station project,” the reply read.

“The two forensic reports submitted concluded that the allegations raised were baseless, and therefore, there is no need for further investigation. The review also found that the accounting practices implemented by the company are in line with international accounting standards.”

O’Sullivan had claimed in an employment tribunal that the asset valuation of the multi-billion-pound London real estate investment was being overvalued or misrepresented.

The Battersea Power Station is a 42-acre regeneration project in London, with its primary owners comprising major Malaysian government-linked investment funds, including the Employees Provident Fund (EPF).

Permodalan Nasional Berhad (PNB) also owns major commercial stakes in the iconic building.

The total development cost of the multi-phase project is estimated at around £9 billion (RM50 billion).