Anwar Ibrahim addresses losses in Battersea Power Station investment

Prime Minister Datuk Seri Anwar Ibrahim has acknowledged that the initial investment in the Battersea Power Station redevelopment project in London, United Kingdom, was too high, resulting in losses. While efforts are currently underway to recover the investment, the high entry cost remains a significant factor in the deficit.

The large-scale mixed-use development, spanning 16.9 hectares, is led by a Malaysian consortium including S P Setia Bhd, Sime Darby Property Bhd, Kumpulan Wang Simpanan Pekerja (KWSP), and Permodalan Nasional Bhd (PNB). To date, Malaysian shareholders have invested more than £5 billion in the project.

In response to parliamentary inquiries, Anwar emphasized the need for more rigorous scrutiny of overseas investments to prevent similar occurrences. He noted that for the past three years, the government has mandated that government-linked investment companies (GLICs) and government-linked companies (GLCs) allocate at least 20 percent of their investments domestically, a figure intended to increase gradually based on corporate capacity.