justin urquhart stewart is following a story for us.on, whether it was the right thing for a water company. a wonderfully good turn to the shareholders, nine shareholders, and some of the biggest shareholders of foreign shareholders. has that played into the problems we are seeing now? ~ ., , into the problems we are seeing now? . . , . into the problems we are seeing now? ~ . , ., ., , now? well, it has had a very big impact — now? well, it has had a very big impact indeed. - now? well, it has had a very big impact indeed. it - now? well, it has had a very big impact indeed. it is - now? well, it has had a very big impact indeed. it is not i now? well, it has had a very. big impact indeed. it is not so much the privatisation, what you actually had the way it was being regulated and controlled, what you had 20 years ago, when the privatisation took place, with big posters all over the place saying (indistinct) with plastic pipes. the last year they were doing the same thing again. what happened to the money? the answer was they borrowed