Thames agrees Chilean pay-off
- From: Vol 6, Issue 7 (July 2005)
- Category: General
- Region: Americas
- Country:
- Related Companies: Acciona, Aguas Nuevo Sur Maule, Canal de Isabel II, Essbio, Hidrosan, RWE/Thames (Water), Solari Group and Southern Cross
The European water company was expected to close the sale of its Chilean interests this month. Instead it has found itself negotiating to settle claims of corruption against one of its managers.
RWE Thames Water has agreed to pay Chile’s state-run Corporación de Fomento (Corfo), its partner in local water company Essbio, $10.2 million in damages following a corruption scandal that cost Essbio huge losses in its share price.
The settlement allows Thames, the world’s fourth largest water company, to sell its 51% stake in Essbio, Chile’s second ...
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