Isn’t this called fraud?
Yep.
At the very least, it should make shareholders not trust the numbers. But according to another post, it is not uncommon.
But it’s hardly surprising we see crap like the Tory politicians over the last few parliaments. When the corps, they rely on for funding, see this as normal.
If they’re paying bonuses based on the valuation that they effectively made up, surely that’s defrauding the system and their customers? Especially at a time when all these water companies are claiming abject poverty?
I understand that the UK is a safe haven for money laundering, but aren’t we supposed to at least pretend?
PS, money laundering doesn’t describe this. That requires a money source that must be hidden. (IE, to clean it)
This is simple fraud, as the money never existed. It just allows them to convince shareholders they have assets worth investing in. Instead of cleaning dirty money. They are stealing clean money by lying to investors. Then crapping in the pool.
They have the perfect CV for this.
defrauding the system and their customers?
Yes to 1. 2 is the same thing.
Customers have choices. The current water system only gives those choices to the government. We are water company serfs paying taxes to the gov equivalent of lords.
They are allocated land and rights to charge for exclusive distribute on that land. In exchange for service to the rulers.
Yeah, we ain’t the customers the system is. We just pay taxes to the local lords.
