Chinese multinational plays hard-ball over catastrophic water contract in Paredes

20 years after Paredes municipality signed a concession with Chinese multinational Beijing Enterprizes Water Group (Be Water) there are still parishes in the borough that have no mains drainage. The lack of investments promised, and 45% hike in tariffs since 2008 has seen the council try and get out of the contract. Say reports, estimating it will need to pay Be Water €22.5 million for the privilege the council has already elicited two loans for the purpose. Be Water however has challenged the council’s decision and is suing for compensation of … €133 million.