Ex-Enron financial officer refuses to testify

Enron’s former chief financial officer Mr Andrew Fastow refused to testify before the US Congress today about his role in the…

Enron’s former chief financial officer Mr Andrew Fastow refused to testify before the US Congress today about his role in the collapse of the company that was once the seventh largest on the Fortune 500.

Quote
Reluctant witnesses will not keep us from getting at the truth
Unquote
Mr James Greenwood, chairman, US House
Energy and Commerce subcommittee

"I would like to answer the committee's questions, but on the advice of my counsel, I respectfully decline to answer the questions based on the protection afforded me under the Constitution of the United States," Mr Fastow said at a hearing of the US House Energy and Commerce subcommittee on oversight and investigations.

Mr Fastow is considered a key figure in the bankruptcy of the energy trading giant, with an internal review showing he ran numerous partnerships that kept debt off Enron's books as well as making at least $30 million while running the entities.

"Reluctant witnesses will not keep us from getting at the truth," said Mr James Greenwood, chairman of the US House Energy and Commerce subcommittee on oversight and investigations.

READ MORE

Also invoking their Fifth Amendment right - which offers individuals protection against self-incrimination - were former Enron global finance chief Mr Michael Kopper, Enron's chief accounting officer Mr Richard Causey and the firm's chief risk officer Mr Richard Buy.

"Even without the testimony of Fastow, Kopper, Causey and Buy, we will still be able to get some important answers today," Mr Greenwood said.

The US Justice Department is conducting a criminal investigation into the collapse of Enron, and the Securities and Exchange Commission is looking at possible violations of securities laws by the company and executives.