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.
Michael West established Michael West Media in 2016 to focus on journalism of high public interest, particularly the rising power of corporations over democracy. West was formerly a journalist and editor with Fairfax newspapers, a columnist for News Corp and even, once, a stockbroker.