Anglian Water has petitioned the Cayman Islands High Court for permission to proceed with the removal of its Cayman Islands subsidiary.
The move was one of a package of actions on finance, transparency and demonstrating public interest that the company announced in March, in response to criticism from the secretary of state and Ofwat.
The Cayman subsidiary was set up as part of the company’s securitisation in 2002. Anglian pointed out it has always been registered in the UK for tax purposes and has never been used to raise debt finance. It said the subsidiary is effectively dormant and will be permanently removed from the group structure.
Anglian added that it has already made significant progress in improving the clarity of its financial structures, with the repayment of an intercompany loan in March. The changes, once complete, will simplify the presentation of Anglian Water’s accounts and improve the transparency of its financial structure.