BusinessCompany NewsGovernment rests case against Lay and Skilling

Government rests case against Lay and Skilling

Defence team to begin making case on Monday

Following a string of high-profile witnesses, nearly all of whom were former
senior executives at Enron, government prosecutors have rested their cases
against former CEO’s Ken Lay and Jeff Skilling.

They also dropped a number of charges against Lay and Skilling with the
former now facing six counts of conspiracy and fraud, and the latter, 28 cases
of fraud, conspiracy and insider trading.

In a final assault against the two former chiefs, prosecutors revealed that
the two defendants were paid a combined salary of nearly $375m (£210m) between
1999 and 2001.

The defence begins making its case – that Lay and Skilling had no part in the
financial scandal that led to demise of the energy giant – on Monday.

Enron collapsed in December 2001 after disclosures that it falsified accounts
to hide debt and inflate profits.

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