Those terms were issued following a dispute over the funding of works and and an April 27th direction by Bolt on the issue.
Bolt’s decision to suspend work on the review follows news that London Underground is to buy out Tube Lines’ shareholders.
A statement issued by the Arbiter’s office says: “If the proposed sale of Tube Lines to Transport for London is completed by 30 June, the Arbiter is not anticipating issuing any further draft or final directions in connection with the Periodic Review. If the sale is not completed by the planned date, the Arbiter is ready to respond to any reference for an interim adjustment of charges payable by London Underground. However, the Parties may agree these between themselves in the event that completion is delayed, making such a reference unnecessary.
The Arbiter’s powers depend on references being made to him, or being in prospect. If no further references are made, his current role would effectively disappear. However, he is continuing his ongoing work on benchmarking the performance of the London Underground infracos and will want to ensure that this work is continued in the longer term, to help ensure the delivery of best practice and value for money.”
