The once publicly owned largest water supplier in England is facing bankruptcy. Thames Water, the largest water supplier in England, is on the verge of bankruptcy. And all because the management of a private company spent money only on paying dividends to shareholders and paying off the subsequently accumulated debts, the total amount of which now totals £ 14 billion. The chairman of the board of the company has already quit (with a golden handshake), and clients and ordinary taxpayers will have to pay for her ‘mistakes’, says German TV channel Das Erste.
The British company Thames Water provides water to 15 million people in London and other regions in the southeast of England. It was privatized back in 1989, but at that time there were no debts for it. Since then, the company has accumulated a huge amount of debt.
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