The Thames Heist: how MacBank robbed the Poms

by | Sep 6, 2017 | Business, Finance

The UK’s biggest water utility was privatised and sold to Macquarie Group 11 years ago. It is now dawning on the Brits just what a horrible deal they did.

This is the story of how Macquarie used Thames Water’s own money to acquire Thames Water, stuffed it full of debt, dodged billions in tax via the Cayman Islands and polluted the Thames River.

michaelwest.com.au helped the BBC by providing a the British broadcaster with a spot of “Macquarie Perspective”. You can listen to the podcast here.

The bank was hit with a record £20 million fine in March this year after a UK judge found its Thames Water was responsible for repeated raw sewerage leaks into the Thames River which poisoned fish and brought health problems for residents living near the river.

The judge was scathing: “inadequate investment, diabolical maintenance and poor management”. You can read the BBC article here:

Amid high controversy, the Aussie financial engineers have since completed the acquisition of the UK Green Investment Bank.

ABOUT THE AUTHOR

Michael West

Michael West

Michael West established michaelwest.com.au to focus on journalism of high public interest, particularly the rising power of corporations over democracy. Formerly a journalist and editor at Fairfax newspapers and a columnist at News Corp, West was appointed Adjunct Associate Professor at the University of Sydney’s School of Social and Political Sciences. You can follow Michael on Twitter @MichaelWestBiz.

4 Comments

  1. Avatar

    This is appalling and shocking, but not at all surprising. As long as the foxes are allowed to run the poultry farm things of this sort will continue to be done. Keep up the good work, Michael.

  2. Avatar

    Seems they get around this mob!
    Indiana Toll Road: Privatisation’s Highway to Hell owned by Australian fund manager IFM Investors. Guess who was a major player in the original boondoggle(s)? Macquarie Bank!
    Another private public infrastructure disaster!

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