Southern Water faces £20.3m fine from Ofwat
Ofwat plans to fine the water company for “deliberately misreporting information” about its performance, due to this they were able to raise its prices by more than it should have. The fine is also for poor process and systems meaning that its customers received a poor service. Southern’s chief Les Dawson accepts the fine, Southern had taken prompt action once the misreporting had been discovered, and returning money owed to customers who paid higher bills. Ofwat stated that it is Southern’s shareholders that would bear the entire cost of the fine and it will not be passed on to customers.
Source : BBC News – http://news.bbc.co.uk/1/hi/business/7093924.stm
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