BusinessCompany NewsFormer Enron CEO faces Senate grilling

Former Enron CEO faces Senate grilling

Former Enron chief executive Jeffrey Skilling is in for a rough ride when he appears before a Senate Commerce Committee hearing today, after claiming he left the company in a healthy state when he resigned last year.

Earlier this month, Skilling told Congress: ‘On the day I left, I absolutely and unequivocally thought the company was in good shape.’

Already his testimony has been described as ‘not credible’ by one senior government official – James Greenwood, chairman of a energy and commerce’s subcommittee on oversight – to the BBC World Service.

A week after Skilling proclaimed his innocence, former Enron vice president Watkins accused Skilling, along with CFO Andrew Fastow, law firm Vinson & Elkins, and Andersen of ‘duping’ Ken Lay and the Enron Board.

To date, efforts to get statements out of former senior management at Enron have proved elusive, with both ex-CEO Kenneth Lay and sacked audit partner David Duncan invoking their Fifth Amendments rights.

Skilling will appear alongside his chief accusers: current Enron president Jeffrey McMahon and his deputy Watkins.

Before his sudden resignation in August last year, Skillings’ six months in charge had seen the company’s share price skyrocket from $42 to $82.

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