The developer of the £1.5bn Battersea Power Station is lurching towards a battle following the departure of two of its most senior executives.
Parkview International, the Hong Kong group behind the scheme, confirmed on Monday that it had parted company with chief executive Michael Roberts and chief financial officer Michael Russell, after previously claiming Roberts was on holiday.
The departures came two months after development and leasing director Michael Swinney exited and six weeks after EG revealed that Parkview’s bankers Royal Bank of Scotland and Barclays wanted to see more progress in finding a funding partner or securing prelets.
This week Swinney said he had not been given any reason for his contract being terminated, adding: “I can’t comment about my departure because of likely litigation.”
A source close to Parkview owner Victor Hwang alleged that the trio left after Hwang learned that Russell and Swinney had approached potential investors about financing a buyout.
Hwang has been trying to find a funding partner most recently holding talks with syndicate aAIM but wants to retain overall control.
But a source close to the departed team said: “How do you do a management buyout when 100% of the business is owned by one family?”
Hwang has appointed his son Leo vice-president and his daughter Vicky director of leasing. John Anderson, who has previously worked at Chelsfield, has been hired as development director.
Parkview said this week it was taking greater control of the next “transition” and denied any problems with RBS and Barclays.
Wandsworth council leader Ed Lister said he remained behind the project: “We are doing all we can to help Parkview get on site, but until it sorts out the finances there is little more we can do.
“We are monitoring the situation but the clock is ticking on the planning permission.”
Parkview is considering replacing its retail and leisure consultants, which are, respectively, Davis Coffer Lyons and Donaldsons.
References: EGi News 04/08/06
