Battersea investment too high, losses incurred but recovery under way — Anwar

KUALA LUMPUR: The initial investment in London's Battersea Power Station redevelopment was too high and resulted in losses, said Prime Minister Datuk Seri Anwar Ibrahim.

Anwar told the Dewan Rakyat that efforts were under way to recover the investment.

"Although it is now being recovered, the original investment was too high and suffered losses," he said during the Prime Minister's Question Time.

Anwar was responding to Hassan Abdul Karim (PH-Pasir Gudang), who asked how much government-linked companies (GLCs) and government-linked investment companies (GLICs) had invested in the project, which took 15 years, and its economic benefits.

The 42-acre Battersea Power Station redevelopment is a major mixed-use regeneration project led by a Malaysian consortium comprising S P Setia Bhd, Sime Darby Property Bhd, the Employees Provident Fund (EPF) and Permodalan Nasional Bhd (PNB).

More than 5 billion euros has been invested in the development by its Malaysian shareholders to date.