Chile's securities regulator (SVS) has slapped Eduardo Verdugo, the former president of Thames Water Chile and water utility Essbio, with a US$ 162,000 (EUR 130,000) fine for alleged payment and contract irregularities, local press reported. The alleged irregularities between the UK group and Chilean engineering consultancy firm Hidrosan involve a CLP 2.1 billion (EUR 3.1 million) payment from Hidrosan to Thames Water. "It has not been possible to establish during the administrative process, the exact reason behind the payment," SVS said in its ruling. When Thames Water acquired control of Essbio in 2000, it hired Hidrosan to carry out a series of waterworks in Region VIII. Thames Water controls 51 per cent of Essbio.

Source: BNamericas.com (subscription site), 23 Aug 2005