Enron Company was formed in 1985.[1] It was reputed to be one of the world’s leading electricity, natural gas, communications, and pulp and paper companies. Its annual revenue in 1995 was reported to be about $9 billion and this rose to over $100 billion in 2000. All this turned out to be hot air. The company became bankrupted in late 2001. Among the causes identified for the collapse of Enron included lack of truthfulness of management, conflict of interest, accounting fraud amongst others. Top managers hatched schemes to report inflated profits and created SPE to hide losses. These managers individually got several millions of dollars from such schemes. Interesting is that many employees were involved. Some of the recommendations that ensued from this scandal include the need for a visible code of conduct, determination to refuse to tolerate misconduct from the top to bottom, and support for a clear flow of company work. We think such recommendations would work if supported by a robust whistle blowing system.
[1] Y Li ‘The Case Analysis of the Scandal of Enron’ 5 Int J Bus Management 10(2010) at www.ccsenet.org/ijbm 37-41 accessed 3 May 2019
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