THE Employees Provident Fund (EPF) and SP Setia Bhd have denied allegations made by the former chief executive officer of London’s Battersea Power Station, describing the claims as unfounded and firmly contested.
In separate statements, both parties clarified that Don O’Sullivan has not brought any claims relating to the accounts of Battersea Power Station Development Company (BPSDC).
The EPF stated that it is not a party to the ongoing Employment Tribunal proceedings and reiterated its commitment to compliance with applicable laws, governance standards and fiduciary responsibilities across its investment portfolio.
SP Setia similarly said it has consistently adhered to regulatory requirements and established governance principles in relation to its involvement in the project.
“The Financial Times article referred to an ongoing legal claim, and we are mindful of the confidential nature of Employment Tribunal procedures in England and Wales.
“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 company said.
Battersea Power Station Development Ltd (BPSDC) operates as a wholly owned subsidiary of BPS Holdings, a Jersey-registered entity jointly owned 40 per cent each by Sime Darby Property Bhd and SP Setia Bhd, with the remaining 20 per cent held by the EPF.
BPSDC is responsible for managing the Battersea Power Station estate on behalf of Battersea Project Holding Company, which serves as the holding entity for the broader 42-acre regeneration scheme.
O’Sullivan, who joined BPSDC in June 2024, alleges he was dismissed in May 2025 after raising internal concerns about company matters.
In a statement issued on his behalf, he contends that his dismissal followed accusations of gross misconduct, which he disputes, and that the issues he raised included alleged financial misreporting.
“O'Sullivan's case contends that the effect of the financial misreporting has been to grossly (and falsely) flatter the balance sheet of BPS Holdings. His concerns have been verified by an external forensic accounting report prepared by Moore Kingston Smith,” the statement said.
The statement added that O’Sullivan, a veteran property developer and former chief executive of Galliard Homes, raised his concerns in November 2024, which were subsequently discussed at a board meeting in London on December 16, 2024.
He further claims he was excluded from company activities the following day and later suspended within the same month.
The matter is currently before the London South Employment Tribunal and remains ongoing, with a final hearing scheduled for 2029 amid wider delays in the tribunal system.
No findings have been made at this stage, and all allegations remain unproven pending the outcome of the proceedings. O’Sullivan is represented by Constantine Law and Nine Chambers, while BPSDC is represented by Brown Rudnick and counsel from 11 KBW. - March 24, 2026
.jpeg)
