The Hindu : Enron directors received $ 50 m. bonus for Dabhol

Online edition of India's National Newspaper
Thursday, May 09, 2002

International

International

Enron directors received $ 50 m. bonus for Dabhol

Washington May 8. Directors of Enron received $ 50 million for approving the Dabhol power project in Maharashtra, the Chairman of the U.S. Senate Governmental Affairs Committee said.

A bonus of $ 50 million was given to the fallen energy major's directors for the approval of the power project, Senator Carl Levin said, citing documents on the role of the Board of Directors in Enron's collapse.

Coming down heavily on the board, U.S. lawmakers said they shared the responsibility for Enron's collapse by failing to provide independent supervision of the company.

``Many of the directors had conflicts of interest,'' said the committee member, Senator Joseph Lieberman, citing the consulting contracts worth millions that some of them had with the company and their ties with charities that received large donations from Enron.

Accusing the board of failing to protect the interests of the shareholders, the senators said the directors and company executives made millions of dollars from selling their company stock before the value of the shares went down, while ordinary employees lost nearly all their retirement savings. — PTI

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