2001 Enron Declares Bankruptcy |
Enron file for Chapter 11 bankruptcy protection, 5 days after Dynegy cancel $8.4 billion buyout bid.
Enron’s reputation was gradually being undermined by a series of accusations levelled at the company, which claimed that the company used bribery and exerted political pressure to gain lucrative contracts in Central America, South America, Africa and the Philippines. A series of scandals involving irregular accounting procedures also rocked the company, causing their share prices to fall from $90.00 to $0.03. In January 2002, the United States Department of Justice announced that it would pursue a criminal investigation of Enron, which led to a series of arrests of Enron employees by the FBI. In total, sixteen people pleaded guilty at the trial for crimes committed whilst working at the company. For info from the BBC on this click here |
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