By Khairie Hisyam
Liew Kee Sin
The shareholders of the Battersea Power Station redevelopment project have not decided on chairman Liew Kee Sin’s resignation notice, although the matter will be discussed soon.
In an emailed response to KiniBiz, Employees Provident Fund (EPF), a 20% shareholder of the Battersea Power Station redevelopment project in London, said it is premature to comment on the matter before that.
“At this point, it would be premature for us to comment,” said EPF chief executive Shahril Ridza Ridzuan to KiniBiz. The shareholders of Battersea will be convening to discuss the matter soon and the company will make an announcement at the appropriate time.”
To recap a local newspaper reported that Liew tendered his resignation notice to Battersea’s shareholders earlier this week, quoting Liew as saying that he is now waiting for a response.
However Liew did not respond to KiniBiz queries sent via text on the matter.
The resignation followed reports that Liew’s private investment vehicle, Eco World Investment Co Ltd, had inked a joint venture deal worth 2.2 billion pounds (RM11.8 billion) in gross development value (GDV) with Irish developer Ballymore Group to develop three residential property projects in London.
Both partners will form a joint venture company, Eco World Ballymore Holding Co Ltd, which will acquire three sites from Ballymore at a price of 428.7 million pounds for the projects.
The joint venture company would be 75% controlled by Eco World Investment with the remaining equity held by Ballymore.
News of the deal had raised concern among Battersea project shareholders, sources told KiniBiz, adding that the shareholders intend to look into his role at Battersea given the apparent conflict of interest.
The redevelopment project is a 40:40:20 joint venture between property developer SP Setia, conglomerate Sime Darby and pension fund Employees Provident Fund (EPF).
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