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A ´óÏó´«Ã½ Panorama investigation says Severn Trent Water's balance sheet is 'artificially inflated', with an investment in its accounts listed as worth £1.68bn having no value to the overall business.

The made-up money makes the company appear more financially robust and helps to support its bumper payouts to shareholders.

Severn Trent denies the accounts are misleading and says Panorama's allegations are "completely inaccurate".

Joe Crowley and Jonathan Coffey report, with a full investigation available to watch on ´óÏó´«Ã½ iPlayer.