Corruption, 'Deep Politics', etc.
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Well-known member
One to make your blood boil,
The complex accounting trick started in March 2017 when a shell company, with no money or assets, called Severn Trent Trimpley was set up as part of the group. Another Severn Trent company called Severn Trent Draycote - which owns the water company - agreed to buy Trimpley for £2.Trimpley then issued additional shares and Draycote bought them for a staggering £3bn.No money actually changed hands, however, as Draycote paid Trimpley with a £3bn loan note - effectively an IOU. But, on paper, Trimpley immediately appeared to be worth £3bn because it had the IOU.Severn Trent Water then acquired 49% of Trimpley - and that investment was valued in the water company's accounts at £1.47bn. A hugely valuable asset appears to have been created for Severn Trent Water out of thin air.
Major water company uses accounting trick to inflate balance sheet by £1.68bn
A substantial Severn Trent Water investment is based on IOU notes - BBC Panorama finds.www.bbc.co.uk
The fucking water companies again...
The water firm Anglian Water passed thousands of pollution tests at its sewage plants that were never carried out.
Operational data reveals how more than 6,000 pollution tests from 2015 to 2024 could not be carried out under a controversial self-monitoring regime because it was reported there was no outflow of treated sewage from the plants.
In some cases the flows from the sewage plants stopped for just an hour or two, meaning samples could not be taken. But despite no test being carried out, the sewage plants could be reported under the guidelines as complying with environmental permits.