Business Services Industry
European Traders Take Bonuses in Wake of Enron's Collapse.
Knight Ridder/Tribune Business News, February, 2002
Daily Mail, London Knight Ridder/Tribune Business News
Feb. 18--A hundred traders shared bonus bonanzas of UKpound 24 million to help close the books at the European operations of US energy giant Enron, which collapsed under debts of UKpound 20 billion.
Administrators PricewaterhouseCoopers made the payments to "incentivise" key staff. They recovered UKpound 100 million from trading contracts, with another UKpound 25 million still to come.
Neville Kahn, one of the administrators, says: "When we first went in there was rather a lot of inactivity by some of the traders. Once those incentive payments were in place, those traders were able to help us and make substantial realisations."
PwC made 1,250 other staff redundant.
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