Anwar urges tighter scrutiny of overseas investments after Battersea losses
The prime minister said the government had prioritised domestic investments over the past three years, with an initial minimum allocation of 20 per cent.
Prime Minister Datuk Seri Anwar Ibrahim called for closer examination of overseas investments to avoid further losses, pointing to the Battersea Power Station redevelopment in the United Kingdom. He said the project's initial investment had been too high and that efforts were underway to reduce the losses.
Speaking in the Dewan Rakyat during Prime Minister’s Question Time on Oct 27, Anwar, who is also Finance Minister, was answering Hassan Karim (PKR-Pasir Gudang). Hassan had asked about the total amount invested in the London project by government-linked companies (GLCs) and government-linked investment companies (GLICs), and the benefits for Malaysia's economy.
Anwar said the government had given domestic investments priority over the past three years. A minimum allocation of 20 per cent was set initially, then raised according to each institution's readiness and capacity.
He said the Retirement Fund (Incorporated), Khazanah Nasional Bhd and Permodalan Nasional Bhd (PNB) were still seeking investment opportunities in Malaysia and abroad. Most overseas investments had delivered strong profits, he added.
The Malaysian consortium holding the wider Battersea development comprises Sime Darby Property and SP Setia, with 40 per cent each, and the Employees Provident Fund (EPF), with 20 per cent. PNB and EPF separately own the commercial properties inside the former power station, which has been converted into a shopping mall.
