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02/04/2003 02:34 PM ID: 28272 Permalink   

Ken Lay Sued For Fraud By Enron Creditors

 

Ex-Enron chief, Ken Lay and wife Linda are being sued by creditors of the disgraced firm for fraud. The creditors are seeking more than US$70 million. Enron filed for bankruptcy in December 2001, amid several accounting scandals.

The court papers show that loans were repaid with stock within the 12 months leading up to Enrons downfall. The creditors say that "Despite his knowledge of Enron's deteriorating financial condition, Lay continued to use the revolving loan facility."

The filed suit accuses Lay of continuing to do this right up to a week before Enron filed for bankruptcy. "Each of these purported 'repayments' by Lay in Enron stock was a fraudulent transfer."

 
  Source: finance.news.com.au  
    WebReporter: Katieay Show Calling Card      
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