THE European operations of Enron, the energy company that collapsed in 2001, have been wound up after the completion of a 14-year administration overseen by PwC, reports City AM.
Administrators from PwC were appointed to oversee the winding up of Enron’s assets in Europe after the US company’s spectacular implosion, costing 21,000 jobs.
Enron became synonymous with corporate fraud and malpractice when it filed for Chapter 11 bankruptcy in the US following revelations of fraud and money laundering.
Enron former chief executive Jeff Skilling is serving a 14-year prison sentence after being convicted of fraud in 2006. Chairman Kenneth Lay was found guilty on fraud charges in 2006, but died that year.
The scandal contributed to the collapse of Andersen, accountants to Enron at the time. Administration of Enron’s US operations is ongoing.
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