Letter to council questions amount of debt owed by London Hydro
CTV
An unsuccessful candidate for London’s hydro board warns city council that the public utility under-reported the size of its debt by more than $30 million. But it’s an accusation the CEO of London Hydro flatly rejects.
An unsuccessful candidate for London’s hydro board warns city council that the public utility under-reported the size of its debt by more than $30 million.
But it’s an accusation the CEO of London Hydro flatly rejects.
Chartered professional accountant (CPA) and businessperson Cedric Gomes sent a letter to city council on May 23 expressing concern about the debt declared in the annual financial statement of London Hydro.
“In the 2022 financials, the company [London Hydro] disclosed a [debt] of $168 million. That same debt, at the same point in time, is now valued at approximately $200 million — indicating the company’s debt was previously undervalued by $32 million.”
“To put $30 million in context, London Hydro’s entire profit for last year was about a fifth of this amount,” Gomes told CTV News London.
“There’s no change in the [debt] number…no change,” said London Hydro CEO Vinay Sharma, who added the 2022 and 2023 financial statements are consistent in their debt reporting.
Sharma said that a debt swap agreement with a bank ensures a fixed amount (principle plus 2.15 per cent interest) will be repaid by the end of the agreement’s term, whereas the annual financial reports show how changing interest rates impact the values at a single point in time.
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