An investigation by BBC Panorama reveals that Severn Trent Water has inflated its balance sheet by over £1 billion through questionable accounting practices. The company claimed a shell company investment was worth £1.68bn, despite it having no real value. Critics highlight that misleading financial statements support excessive shareholder dividends, drawing ire from customers advocating for better investment in pollution control. Retired auditor Stanley Root critiques the setup as ‘unreal’ and suggestive of misleading financial health.