German firm avoided Enron

Chris Burford cburford at gn.apc.org
Sun Jan 27 23:08:01 PST 2002


Pricewaterhouse consultants apparently (report leaked from their sources?) helped a German firm steer clear of Enron in 1999:


>But VEBA also became concerned about the level of Enron's debt burden and
>with what a senior executive said were Enron's "aggressive accounting
>practices." Consultants from PricewaterhouseCoopers LLP told VEBA that
>Enron, through complex accounting and deal-making, had swept tens of
>millions of dollars in debt off its books, making its balance sheet look
>stronger than it really was, according to people involved in analyzing the
>failed deal.
>
>The consultants drew on public sources like trade publications and
>securities filings, these people said. It could not be determined whether
>the talks reached the stage at which the companies exchanged confidential
>financial information.

http://www.iht.com/articles/46124.htm

Chris Burford

London



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