BusinessCompany NewsScottish Water accused over £300m accounts blunder

Scottish Water accused over £300m accounts blunder

Scots have allegedly been the victims of a £300m accounting blunder at Scottish Water, according to three prominent MSPs.

Link: Scottish business agency faces audit probe

Nationalist MSPs Jim Mather, Fergus Ewing and John Swinburne of the Senior Citizens Unity Party dissented from a Holyrood finance committee report on Scotland’s water industry.

The three politicians refused to accept parts of the report and said that overcharging had ’caused financial hardship’ and ‘damaged the industry’s competitiveness’. They added that ‘serious mistakes’ in the financial management of the industry had been made and said that charges had been set ‘too high’, perhaps by even as much as £300m between 2002 and 2006.

A Scottish Water spokesman called the regulators’ report ‘misleading’ and said that the bigger picture should be looked at before making judgements.

‘Our investment programme needs to be judged over the four-year duration of the programme. The objective is to begin rebuilding the water infrastructure of Scotland in a way that saves the Scottish public £500m. It’s not about spending quickly, it’s about investing wisely to ensure value for money.’

Related Articles

BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

3m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

7m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

7m Alia Shoaib, Reporter
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

10m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

10m Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

10m Emma Smith, Managing Editor
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

10m Emma Smith, Managing Editor
Mazars strengthens audit team with partner appointment

Accounting Firms Mazars strengthens audit team with partner appointment

10m Emma Smith, Managing Editor