Sydney Water Managing Director, Kevin Young, has released a statement outlining the settlement of court proceedings with Australian Water Holdings, Accounting Services (NSW) and accountant Mr Ian George. The decision is considered to be the most fiscally sensible course of action.

In June 2014, Sydney Water commenced proceedings in the Federal Court against Australian Water Holdings, Accounting Services (NSW) Pty Limited (formerly MBT Accounting) and Mr Ian George, to recover costs that Sydney Water believe were wrongfully obtained by AWH. Sydney Water has settled the proceedings on confidential terms.

Sydney Water’s customers can be assured that the decision to settle and not proceed with a potentially long, expensive and highly complex hearing, is a commercially sensible result. In making the decision not to proceed to hearing, Sydney Water and its Board carefully considered all of the available options.

“We were mindful of the evidence presented during the Operation Credo hearings at the ICAC in regards to amounts inappropriately invoiced to Sydney Water by AWH, and the community’s reaction to this evidence.

“The settlement reached has delivered a positive financial outcome for our customers.

“Sydney Water has been satisfied with the work undertaken by AWH since entering into a new contract in 2012. The contract is available on Sydney Water’s website.

“Under new ownership and management AWH is providing value for money in undertaking work at a market competitive rate, which in turn provides value for our customers.”

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