The Times Water is freezing “keeping paid payments” after the government’s violent reaction

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The Times Water agreed to stop the payments of the CEO, which was agreed upon as part of the emergency loan of 3 billion pounds, after a. An angry violent reaction From the work government.

“All parties realize that payments are distraction from the main issues raised,” said a person close to the Times water.

Steve Reed, Minister of Environment, welcomed Times waterA decision to withdraw controversial payments, saying that delivery of money will be “the wrong thing to do.”

The decision of the largest water company in the United Kingdom comes just days after the war of words between the Ministry of Environment, Food and Rural Affairs and the Times Water Management on whether the tool will be able to move forward with it. Batches.

The company, which serves about a quarter of the country’s population, is fighting at the weight of its debt at 20 billion pounds, and it is in exclusive discussions with the KKR private stock company to take over the business because it tries to avoid temporary promotion. The utility came Dangerously close to money running out Before you agree on a loan of 3 billion pounds this year with senior creditors, including the American hedge funds Elliott Management and Silver Point.

Details of the company’s retaining payments appeared last week when the Times water chief told Sir Adrian Montage Parliamentarians that payments could include up to half of the annual salary of some of the senior executives in the utility.

The company initially insisted that it will be able to avoid ministers’ attempts to stop generous payments. “They will not stand idly by if the Times heads tried to loot the company to make personal gains,” said Defra officials on Friday.

Reed assured the Environmental Selection Committee session on Tuesday that the plans were canceled.

He said: “During the past few days, we have seen a very unfortunate position as the Times water seemed to try to circumvent this ban, and described their rewards with something different so that they could continue to push it.” “I am really very happy that the Times has now dropped these proposals.”

In the case, whether the government had the powers to prevent payments, which will be paid for A loan of 3 billion pounds sterlingWhich comes with a 9.75 percent interest rate, in addition to fees.

DEFRA acknowledged a water law that would give Offat greater capabilities to restore rewards in certain circumstances, for example as the company has failed in its financial or environmental performance.

However, the Times River argued last week that the anticipated rewards were not included under the new government legislation because it is not related to performance.

The company has already admitted that it will achieve this Raise wage packages To compensate for bonus restrictions.

Feargal Sharkey, the stars who turned into the stars, accused the “Pantomime Politics” government of focusing on the reward issue. “It is the type of policy that will address the main headlines, but it achieves something and progresses less,” he said.

Paying bonuses has become a hindered rod for general anger against water companies including the Times, which raised the bills by at least a third of this year.

“It was not the intention of the Times Water Council to be at odds with the government’s ambition to reform the water industry,” the company said in a statement. After recent discussions, the Board of Directors decided to stop the anticipation plan and wait for the directive coming from the organizer (.