Anglian Water petitions court to shut its Cayman Islands subsidiary
PUBLISHED: 14:36 30 April 2018 | UPDATED: 15:05 30 April 2018
Anglian Water has petitioned the Cayman Islands High Court for permission to remove its Cayman Islands subsidiary after winning the backing of its lenders.
The subsidiary has always been registered in the UK for tax purposes, and Anglian Water says it has never received a tax advantage from it.
It announced the closure of the Caribbean subsidiary in March as part of a raft of financial and corporate measures intended to improve transparency, trust and customer confidence.
The company has already simplified its financial structures by repaying an intercompany loan. Anglian Water said the completed changes would make the presentation of its accounts clearer and improve the transparency of its financial structure.
Anglian Water chief executive Peter Simpson said: “As a responsible business, I’m delighted with the speed at which we have been able to start to implement the initiatives we announced in March, and I’m grateful to our shareholders for their support in making these changes.”