That cable is a control cable that runs from the meter in the box, to a set of CT's in the Panel on the other side of the wall.
I really can't explain how all that length on that cable got pulled out of the wall or even why it was there in the first place.
But, I went back to the PoCo yard and had a quiet word with one of our Inspectors, who said he would go and have a look at it the next day.
I receieved a phone call the next day, from the said Inspector, to get around there and pull the Primary fuses on the Transformer for him ASAP, not only because he didn't like the look of the box and control cable, but because the guy who owned the factory, locked the door on him and refused to let him in, to check the panel.
I removed the fuses and we heard lots of naughty words coming from inside!.
We waited, a couple of minutes later the guy opened the door.
Nothing wrong inside, but the CT wires were so tight you could have played a tune on them.
So we removed the old box, put a new (Weather-proof) one up, above where the conduit exits the wall (and away from the downpipe) and ran new conduit through the wall.
Odd thing about this job, it seems to me that the original person that done this meter box, actually removed
the downpipe to put the meter box there, because the downpipe was lying down adjacent to the meter box, in one long length and you could see the old fixing marks where the saddles went.
Anyhow, that's all over now, but what a performance.