
THE Employees Provident Fund (EPF) and SP Setia Bhd have denied allegations linked to the Battersea Power Station development in London, following claims reported by the Financial Times involving a former chief executive.
In separate media statements issued today, both parties stressed that they are not involved in the ongoing legal proceedings and underscored their adherence to governance and fiduciary standards.
EPF said the Financial Times article dated March 19 referred to an ongoing legal claim, noting the confidential nature of Employment Tribunal procedures in England and Wales.
“The EPF is not a party to any proceedings and we believe the legal process must take its course,” it said.
The pension fund added that it “has at all times acted in accordance with applicable laws, governance standards and its fiduciary obligations across all its investments.”
Similarly, S P Setia said it is not a party to any proceedings and declined to comment further due to the confidentiality of the legal process.
“We cannot go into further details not least, because S P Setia Bhd is not a party to any proceedings. We believe the legal process must take its course,” the property developer said.
S P Setia also noted that it has “at all times acted in accordance with applicable laws, governance standards and its fiduciary obligations across all its investments.”
Both statements pointed to a broader context provided by Battersea-related entities, including Battersea Power Station Development Company (BPSDC) and Battersea Project Holding Company Ltd, which have strongly denied the allegations.
“We strongly deny and are robustly defending the unfounded allegations made by Mr O’Sullivan in the Employment Tribunal,” a BPSDC spokesperson said.
The spokesperson added that there are no claims relating to BPSDC’s accounts and that independent forensic investigations into historic claims found that concerns raised were not substantiated.
“Whilst the two forensic accountants’ reports deal with confidential matters, the conclusion reached was that Mr O’Sullivan’s concerns were not borne out, no further investigation was warranted and the accounting practices employed by Battersea Project Holding Company Limited adhere to international accounting standards,” the spokesperson said.
Separately, Battersea Project Holding Company Ltd said the allegations are being “robustly defended and strongly denied”, but clarified that it is not a party to the claims made in the Employment Tribunal.
The holding company added that independent forensic accountants had reviewed historic claims and concluded that the concerns raised were not substantiated and did not warrant further investigation, with accounts consistently audited and signed off by PwC.
The dispute stems from claims brought by a former Battersea Power Station executive, as reported by the Financial Times, though details remain limited due to the confidential nature of the tribunal process.
Despite the dispute, BPSDC said the Battersea Power Station development is progressing into its next phase, including plans for the remaining land within the 42-acre regeneration project and the commencement of new buildings in the coming months. — TMR
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