Foreign investment firms, private equity, pension funds and businesses lodged in tax havens own more than 70% of the water industry in England, according to research by the Guardian. The complex web of ownership is revealed as the public and some politicians increasingly call for the industry to be held to account for sewage dumping, leaks and water shortages. Six water companies are under investigation for potentially illegal activities as pressure grows on the industry to put more money into replacing and restoring crumbling infrastructure to protect both the environment and public health. More than three decades after the sector was sold off with a promise to the public they would become individual small shareholders or "H2Owners", control of the water industry has become dominated by overseas investment vehicles, the super-rich, companies in tax havens and pension fund investors. The ownership structure is such that transparency and accountability are limited, according to Dr Kate Bayliss ... at Soas University of London. The Qatar Investment Authority is the third largest shareholder in Severn Trent, with a 4.6% holding, while almost 10% is held by the US investment company BlackRock and its subsidiaries. A subsidiary of the Abu Dhabi Investment Authority has a 9.9% stake in Thames Water, while 8.7% is owned by China, the analysis shows. At least 72% of the industry is controlled by firms in 17 countries, while UK firms own 10%. Ownership of 82% of the water industry was traced overall.