Enron CEO vanishes
Kenneth Lay, former chief executive of collapsed energy giant Enron, has disappeared just as US officials were about to serve a writ forcing him to submit to questioning.
Lay’s lawyer refused on Monday to accept a subpoena to appear before two investigating committees that are attempting to piece together the jigsaw that led to the collapse of the US’s seventh largest public company. His lawyer said he had no idea where Lay was.
Andersen chief executive Joseph Berardino is due to testify before a congressional hearing at 3pm GMT this afternoon.
Enron management are being investigated for allegations of inflating Enron’s share price by covering up massive losses in the company.
Lay has refused to appear voluntarily before Congress saying that he would not get a fair hearing.
Lay owns over a dozen homes in the US, including four worth more than $6m (£4m) each in the exclusive ski resort of Aspen, as well as around nine properties in Houston where Enron is based.