BusinessCompany NewsEx-Enron subidiary chief arrested

Ex-Enron subidiary chief arrested

The chief executive of a former Enron subsidiary has been arrested on suspicion of taking a £1m bribe when the company was sold on.

Link: Andersen resigns Wessex Water audit

A spokesman for Wessex Water, which provides sewerage services and drinking water to south-west London, confirmed that chief executive and chairman Colin Skellett had been arrested by police, but would not comment further, while it awaited an announcement from the board.

He was arrested yesterday morning by members of the City of London Police Fraud Squad on suspicion of receiving a corrupt payment of nearly £1m allegedly obtained following the recent take-over of Wessex Water Ltd by Malaysian company, YTL Power.

YTL Power bought Wessex Water from Enron for £1.2bn in May this year.

Detective Superintendent Ken Farrow, head of Fraud Squad, City of London Police, said, ‘We would like to emphasise that at this stage our enquiry centres on the actions of one particular individual at Wessex Water Ltd and this person’s relationship with the Malaysian company that acquired control of Wessex Water Ltd in May this year. There is no suggestion of any wider mismanagement of the Wessex Water Ltd.’

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