Lay, 62, due to appear before a Houston Court today, says he has done nothing wrong, and has labeled the indictment as ‘not justified’.
He has laid the blame for the spectacular collapse of Enron in 2001, which brought down the company’s auditors and former Big Five firm Andersen in its wake, at the feet of Andrew Fastow, the former chief financial officer, who has already been jailed.
According the BBC, the sealed indictments and will be disclosed later today and are expected to contain criminal charges relating to the fraud at Enron, and there may also be additional civil charges over Lay’s share dealings.
The case could have political ramifications as Lay is a close friend of president George W. Bush, who he affectionately refers to as ‘Kenny Boy’.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements