So we are expected to believe!

All day long friends and the curious have been messaging me with regards to the Battersea Power Redevelopment Project, that the EPF and PNB are buying into the next phase, or so we are expected to believe!

My response to all was the same,

1. Is not PNB the major shareholder of Sime Darby and SP Setia, hence are they not buying what they already own save for the minority.

2. Is the EPF not an original consortium partner?

3. If 1 and 2 are correct than would there not be questions asked with regards to the ethical and moral persuasions to this deal. Have directors of companies not been charged for criminal breach of trust for these types of deals.

4. Now one of the issues that was mentioned for cost escalation were the fact that the four chimmenys need rebuilding and the asbestos issue. For such an old property and taking into consideration that the power station had to be maintained and its age, was not a technical due diligence underaken? What happened to the smart people in Sime and SP Setia, did they not know what they were buying?

5. Who are the lead managers and have they been updating the board?

6. If 5 above is a yes was this information disclosed when Sime was being restructed, if not would not the parties to the restructing have committed an offence under the CMSA?

I can understand that PNB has alot of face saving to do and therefore had to sell what effectively is a bale out disguised as a purchase, but what is the EPF doing, bailing out itself? 

To me its yet again nothing more than another example of incompetency. Maybe we have a long way to go to being a developed nation!