Former Enron chief Lay will refuse to testify

Former Enron chairman and chief executive Mr Kenneth Lay will refuse to testify when he appears under subpoena before a US congressional…

Former Enron chairman and chief executive Mr Kenneth Lay will refuse to testify when he appears under subpoena before a US congressional committee, his spokeswoman has said.

"Under the instruction of counsel, Mr Lay will exercise his Fifth Amendment right at the Tuesday hearing," Ms Kelly Kimberly said, declining further comment. The amendment extends constitutional protection against self-incrimination.

Mr Lay was subpoenaed to appear before a US Senate committee after he backed out of a voluntary appearance last Monday. Mr Lay declined to testify after his lawyer complained about "prosecutorial" comments by lawmakers on television talk shows a day earlier.

On December 2nd, Enron filed for bankruptcy, wiping out thousands of jobs and billions of dollars in equity held by employees and other investors.

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The collapse of the Houston-based company that was once the seventh-largest in America is being investigated by the Justice Department, the Securities and Exchange Commission and nine congressional panels.

Four other top Enron executives have refused to testify before lawmakers, citing their constitutional protection against self-incrimination.

Mr Lay resigned as chairman and chief executive of Enron on January 23rd. He stepped down from the board last week.