Forensic reports conclude claims of Battersea's overvaluation unfounded, says MOF

KUALA LUMPUR (June 25): An independent auditor had submitted two forensic reports regarding allegations about the Battersea Power Station project’s overvaluation of investment assets, concluding that the claims raised are unfounded, and therefore, there is no need for further investigation into Battersea Project Holding Company, the Ministry of Finance (MOF) said.

The ministry said Battersea Project Holding Company had appointed independent forensic auditor Evelyn Partners to review the allegations concerning the project’s financial statements.

“The review also found that the company’s accounting practices were in accordance with international accounting standards,” the MOF said in a written reply to the Dewan Rakyat on Wednesday.

The MOF was responding to 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 statements following allegations by former chief executive Donagh O’Sullivan about overvaluation of the investment assets.

The MOF added that the Battersea Project Holding Company’s accounts were also audited and certified by PwC, one of the Big Four accounting firms.

“In line with the findings of the forensic auditor and the work by PwC as the company’s auditor, there are adjustments to the investment valuation following the allegations raised for 2025.

“The performance and valuation of the investment continue to be monitored regularly in accordance with governance practices and financial reporting standards,” the ministry said.

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