BusinessCompany News‘Enron dodged accounting rules’

‘Enron dodged accounting rules’

More damning testimony at Enron trial

Enron tried to dodge accounting rules at a subsidiary company, an accountant
from the company’s former auditor Arthur Andersen has testified.

Taking the stand at the trial of former Enron CEOs Ken Lay and Jeff Skilling,
John Sult, who oversaw the books on Enron’s Azurix water business, said the
energy company avoided a writedown of hundreds of millions of dollars by instead
promoting, a $1bn growth strategy for the unit.

‘By merely standing up and making the assertion that the strategy exists
somehow makes the problem go away,’ he testified in Houston, Associated Press
reported.

Both Lay and Skilling deny any wrongdoing in the collapse of Enron.

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