KUALA LUMPUR: Independent forensic reviews into the Battersea Power Station project in London found that allegations of overvaluation were unfounded, says Prime Minister Datuk Seri Anwar Ibrahim (pic).
The findings relate to the Battersea Power Station redevelopment in London, following concerns raised by former chief executive Donagh O’Sullivan over the project’s financial reporting and the potential impact on the fair value of investments held by the Employees Provident Fund (EPF) and Permodalan Nasional Berhad (PNB).
Anwar, who is also Finance Minister, said Battersea Project Holding Company had appointed independent forensic auditor Evelyn Partners to review the issues raised over the project’s financial statements.
“Two forensic reports concluded that the allegations were unfounded, and therefore there is no need for any further investigation,” he said in a written parliamentary reply on Wednesday (June 24).
He added that the review also found the company’s accounting practices complied with international accounting standards.
Anwar said the company’s accounts had also been audited and certified by PwC, one of the world’s Big Four accounting firms.
“In line with the findings of the forensic auditor and the work carried out by PwC as the company’s auditor, no adjustment was made to the investment valuation arising from the allegations for the 2025 financial year,” he said.
He added that the performance and valuation of the investment would continue to be monitored regularly in accordance with governance practices and financial reporting standards.
Anwar was responding to a question from Yeo Bee Yin (PH-Puchong), who asked whether an independent forensic auditor had been appointed to investigate the authenticity of the Battersea Power Station project’s financial reports following the allegations, and whether the issue had affected the fair value of EPF’s and PNB’s investments.
