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The Latest Breaking News from Thames

Thames Water fined record £123m over sewage breaches and dividend payments

Regulator Ofwat said Thames had ‘let down its customers and failed to protect the environment’ as it issued the water industry’s biggest ever fine.

The Independent UK

Thames Water hit with £123m of fines over sewage and dividend breaches

As Ofwat imposes record fine for environmental failing, minister says ‘era of profiting from failure is over’

The Guardian - UK

Thames Water boss ordered to tell MPs if executives received bonus payments

Chris Weston, boss of Britain’s biggest water company, faces questions over ‘paused’ executive bonus scheme

The Guardian - UK

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Thames Water and Anglian Water face 53 criminal investigations over sewage

Firms among England and Wales suppliers facing record 81 investigations as sources say ‘polluter will pay’ for their cost

The Guardian - UK

Thames Water’s arrogance over retention bonuses is breathtaking

Government and Ofwat unlikely to revive scheme handing out ‘very substantial’ payments for remaining on payroll

The Guardian - UK

Thames Water drops bonuses due for bosses after Government criticism

Environment Secretary Steve Reed confirmed the proposals had been dropped during an Environment, Food and Rural Affairs Committee session with MPs.

Evening Standard

Thames Water: big bonuses due from emergency £3bn loan ‘withdrawn’

Environment secretary makes announcement after company’s chair said he ‘may have misspoken’ to MPs

The Guardian - UK

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Thames Water chair could face questions after comments to MPs on bonuses

Exclusive: Sir Adrian Montague told select committee paying bonuses out of emergency £3bn loan was insisted upon by creditors

The Guardian - UK

Ministers to block Thames Water paying bosses bonuses out of emergency loan

Exclusive: Firm close to insolvency says using £3bn loan to pay ‘substantial’ bonuses is vital to retain senior managers

The Guardian - UK

A torrent of special pleas from Thames Water

Company hopes to win big compromises from regulators to get its financial restructuring over the line

The Guardian - UK

Thames Water finances were ‘hair raising’, chair tells MPs

Adrian Montague also said some bosses in line for payouts of ‘50% of salary, very substantial bonuses’

The Guardian - UK

Thames Water chairman apologises to customers but defends bonuses for bosses

Sir Adrian Montague revealed to MPs how close the company had come to running out of money in the last year, calling the situation ‘hair-raising’.

Evening Standard

MPs should not accept any murky answers from Thames Water chair on potential sale

Sir Adrian Montague’s appearance on Tuesday offers perhaps the last chance to scrutinise utility’s dealings

The Guardian - UK

Treasury threatens Defra with £4bn bill if Thames Water nationalised

Exclusive: Treasury threat an example of ‘scare tactics’ to help force through private sector deal, sources suggest

The Guardian - UK

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The Guardian - UK

Macquarie ‘very proud’ of Thames Water ownership despite loading it with debt

Some analysts claim investment bank set supplier on course for collapse before selling it in 2017

Evening Standard

Thames Water preferred buyer ‘would multiply problems’, Lords told

The company is hoping to finalise terms of a possible deal.

The Guardian - UK

UK spending watchdog censures water firms and regulators over sewage failings

NAO finds regulatory gaps have enabled overspending on infrastructure building while not improving sewage works

The Independent UK

Thames Water appoints new finance boss

Former Pennon CFO Steve Buck will join Thames Water next week at a ‘pivotal’ moment for the heavily indebted utility.

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The Guardian - UK

The barbarians are at the gates of the sewage works

Choosing KKR as the preferred bidder for the UK’s biggest water company may not fill Thames Water’s workers with joy

The Guardian - UK

Thames Water names US private equity group KKR as preferred bidder

KKR expected to acquire stake worth £4bn as UK’s biggest water supplier tries to stave off nationalisation

The Guardian - UK

Chief finance officer of under-fire Thames Water quits £1.3m-a-year role

Alastair Cochran’s successor to be appointed ‘in due course’ at critical time for cash-strapped company

Evening Standard

Thames Water’s finance chief quits as firm continues trying to find a buyer

Alastair Cochran, Thames Water’s chief financial officer, told the firm that he is stepping down on Friday morning, PA news agency understands.

Evening Standard

Thames Water's finance chief departs at crucial stage of survival battle

Alastair Cochran steps down next week after more than three years with the utility

The Guardian - UK

Regulators must not go soft on Thames Water now

With six bids on the table, the company’s reference to ‘support and accommodations’ sounds like a plea for special treatment

The Guardian - UK

Thames Water hopes to agree deal with one of six bidders by end of June

Debt-laden company agrees with Ofwat that review of bill rises can be delayed as it seeks buyer

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