Why did the MOF deem further investigation into Battersea unnecessary?

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The MOF said no further investigation was needed because the forensic review found the overvaluation claims were unfounded and the company’s accounts had already been audited by PwC.

The Ministry of Finance said Battersea Project Holding Company had appointed Evelyn Partners to examine the allegations about the Battersea Power Station project’s investment asset valuation. That forensic review concluded the claims were unfounded, and the company’s accounting practices were found to be in line with international accounting standards.
Evelyn Partners found no basis for the overvaluation allegations

The independent forensic auditor submitted two reports on the allegations tied to the project’s financial statements. Those reports concluded that the claims raised were unfounded.

The MOF said this finding removed the need for further investigation into Battersea Project Holding Company.
The company’s accounts were also audited by PwC

The ministry said Battersea Project Holding Company’s accounts had been audited and certified by PwC, one of the Big Four accounting firms. That audit was cited alongside the forensic review in the ministry’s reply in the Dewan Rakyat.

The MOF relied on both the forensic findings and PwC’s audit work when stating that no further probe was necessary.
The review also found compliance with accounting standards

Evelyn Partners also found that the company’s accounting practices were in accordance with international accounting standards. That gave the ministry another basis for treating the matter as resolved at that stage.

The MOF said there were adjustments to the investment valuation following the allegations raised for 2025, and that the performance and valuation of the investment would continue to be monitored regularly under governance practices and financial reporting standards.

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Why did the MOF deem further investigation into Battersea unnecessary?

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