By Khairie Hisyam
Liew Kee Sin
Battersea Power Plant redevelopment project chief Liew Kee Sin has tendered his resignation following a personal property joint venture in London, reported New Straits Times today.
According to the report, Liew has tendered his resignation and is now waiting for a response. At publishing time Liew had not responded to KiniBiz queries sent via text message.
Last Monday Reuters and major local newspapers reported that Liew’s private investment vehicle, Eco World Investment Co Ltd, had inked a joint venture deal worth GBP2.2 billion (RM11.8 billion) in gross development value (GDV) with Irish developer Ballymore Group to develop three residential property projects in London.
Both partners will form a joint venture company, Eco World Ballymore Holding Co Ltd, which will acquire three sites from Ballymore at a price of GBP428.7 million for the projects. The joint venture company would be 75% controlled by Eco World Investment with the remaining equity held by Ballymore.
News of the deal had raised concern among Battersea project shareholders, sources told KiniBiz last Tuesday, who intend to look into his role at Battersea given the apparent conflict of interest.
The redevelopment project is a 40:40:20 joint venture between property developer SP Setia, conglomerate Sime Darby and pension fund Employees Provident Fund (EPF).
Liew had been chairman of the Battersea project since his time as president and chief executive officer at SP Setia, a position he left on April 30 last year after nearly two decades. Following his departure, SP Setia announced that he will remain at Battersea for continuity purposes despite Liew emerging in another Bursa Malaysia-listed property development company, Eco World Development Group Berhad, less than a week after his exit as a non-executive board member.
Eco World Development, in which Liew’s son has a 35% equity as the single largest shareholder at the moment, emerged following a reverse takeover deal worth RM230.7 million in September 2013 by a group of former SP Setia senior staff as well as Liew’s son, whose part in the exercise was financed by Liew and wife, according to a Bursa Malaysia filing.
However Eco World Development is separate from Eco World Investment, in which Liew is partnering his long-time right hand man at SP Setia Voon Tin Yow, according to Reuters. Voon had earlier left SP Setia after Dec 31, vacating the acting president and CEO role he had been holding since Liew’s departure.
Voon Tin Yow
Notably in September last year Liew said in a radio interview that Voon had not confided personal plans to him after the SP Setia exit in December, though adding that a man of Voon’s track record would be a “wanted man” by other developers.
In October last year, Liew announced a proposed special purpose acquisition company (Spac) listing to focus on international property markets, called Eco World International. Eco World Development had announced to Bursa Malaysia its intention to subscribe to 30% of the Spac, which intends to raise nearly RM1.9 billion should the proposed listing happens.
However Eco World International is apparently separate from Eco World Investment as news reports last week reported Liew as saying the Spac would be offered the first right of refusal to acquire Eco World Investment’s 75% stake in the Ballymore joint venture.
KiniBiz had previously examined the proposed Spac in a three-part issue series here.
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