The SEC probe is reportedly examining transactions between Enron Corp. and partnerships headed up by Enron’s former chief financial officer Andrew S. Fastow. The partnerships may have helped Enron hide financial losses from stockholders and other investors.
Enron Corp., which has its roots in the energy and commodities markets, has entered both the paper and metals industries in the past two years. The company owns paper mills in North America that consume scrap paper, and scrap metal operations in Germany. Additionally, the company offers trading and hedging services to scrap paper processors, brokers and consuming mills.
The SEC probe began as an inquiry in October but became a formal investigation on November 1. Enron Corp.’s board of directors announced that it has appointed a special committee to conduct an in-house investigation of the transactions in question. That committee has hired a former SEC insider as its legal counsel.Get curated news on YOUR industry.
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