Malaysia to investigate US$2.1bn Battersea Power Station property deal, home to Apple’s new UK headquarters
The site is in the process of being acquired by Malaysian state entities
The purchase of Battersea Power Station, the biggest property deal in the UK, is under threat after the leader of Malaysia’s governing coalition said it would be investigated as part of “dubious” investments made by the previous administration.
On a visit to London to meet British ministers, Anwar Ibrahim, who leads the recently elected Pakatan Harapan, said a series of deals paid for by Malaysian sovereign funds and pension funds had to be looked at again and renegotiated if there were any wrongdoing.
In January, Permodalan Nasional Berhad, a state fund, agreed to buy a direct stake from other Malaysian shareholders in the power station next to the Thames, valuing the building at £1.6 billion (US$2.1 billion). The site, which will be home to Apple’s new UK headquarters, is in the process of being acquired by Malaysian state entities.
In an interview with The Guardian, Anwar, who was released from prison after the opposition won power for the first time in Malaysia, said the previous government had used the savings of ordinary people to cover up the multibillion-dollar embezzlement scandal at 1MDB, a state investment fund.
“All these deals which are considered dubious, including investments in housing in London, will have to be investigated.
“Yes, that includes Battersea. Because they were made using state funds. We have to be convinced that this was the right investment decision and that there was no political influence or direction [within Malaysia],” he said.