It's all about the money

On Tuesday 17th December WASP will deliver a hard copy of a letter to the High Court that we sent by email last Thursday 12 December. We will be accompanied by our MP Charlie Maynard of the Witney Constituency - scene of many a Thames Water pollution event.

There will also be a protest outside, led by fellow campaigners, the excellent, We Own It - so feel free to come and join us all.

The letter is probably self-explanatory...

As we watch Thames Water descend into financial shambles becoming a feeding ground for vulture funds working out clever ways to exploit the captive billpayers, hapless regulators and a spectator government, we wonder who is representing the public.

The answer appears to be no-one, so WASP has been looking at the procedure surrounding the horrendous 9.75% interest plus 'fees' loan of £3billion to add to its already colossal £19Bn debt - all paid for by customers by the way.

This will be in addition to the dividends - like the approx £!95 million paid this year and the bizarre bonuses still being paid way above the numbers justified for a monopoly business failure like Thames Water.

We looked at the loan procedure and with some expert advice and some very helpful articles in the Financial Times have established that this is a very closed affair.

The loan authorisation will be conducted at the High Court and will only consider the interests of the creditors and company, not the customers aka victims of what is emerging as more of a cash extraction exercise than a business providing water and sewerage. The % of the annual Thames Water bill paid on servicing loans that were never needed is already at 33% and rising.

We say that billpayers and taxpayers are the creditors of last resort when this scheme finally collapses so we want to head it off before that percentage gets to 40, 50 or even 60p in the pound.

It's time for the government to stop this scam, not become part of it.