Did the forensic report validate claims of Battersea asset overvaluation?

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Forensic Audit Finds No Basis for Battersea Project Asset Overvaluation Claims

An independent forensic audit has concluded that allegations of overvaluation of investment assets concerning the Battersea Power Station project are unfounded. Consequently, the Ministry of Finance (MOF) has determined that no further investigation into Battersea Project Holding Company is necessary. The review also confirmed that the company's accounting practices adhere to international standards.
Independent Auditor Appointed to Review Allegations

Battersea Project Holding Company engaged Evelyn Partners, an independent forensic auditor, to scrutinise claims regarding the financial statements of the Battersea Power Station project. This appointment followed specific allegations, including those made by former chief executive Donagh O’Sullivan, which suggested an overvaluation of investment assets. The MOF confirmed this process in a written response to the Dewan Rakyat.
Forensic Reports Conclude Claims Are Unfounded

The independent forensic auditor submitted two separate reports that directly addressed the allegations of asset overvaluation. Both reports reached the same conclusion: the claims made were not supported by evidence. Based on these findings, the Ministry of Finance stated that there is no justification for initiating further investigations into Battersea Project Holding Company.
Accounting Practices Comply with International Standards

Beyond assessing the specific allegations, the review conducted by Evelyn Partners also examined the broader accounting practices employed by Battersea Project Holding Company. The findings indicated that these practices are consistent with established international accounting standards. This confirmation adds to the assurance that the company's financial reporting is conducted appropriately.
PwC Also Audited and Certified Company Accounts

Further reinforcing the integrity of the company's financial reporting, the accounts of Battersea Project Holding Company were also subjected to audit and certification by PwC, one of the prominent Big Four accounting firms. In conjunction with the forensic auditor's conclusions, PwC's audit supports the MOF's position that the company's financial statements are robust and comply with relevant standards. Adjustments to investment valuation have been made for 2025 following the allegations, and the performance and valuation continue to be monitored.

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Did the forensic report validate claims of Battersea asset overvaluation?

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