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Rise and Fall of Enron, a presentation by Sujeewa Mudalige, Partner, PricewaterhouseCoopers, Colombo will be held on March 18 at 4.30 pm at the Ceylon Chamber of Commerce.

Enron, which ranked seventh on the Fortune 500 list and had a stock market capitalisation in excess of $80 billion in early 2001, is the largest business failure in US history. It was credited with creating market trading in energy, allowing energy to be traded in the same way as other commodities such as oil. In just 15 years, it turned itself from a regulated natural gas company into one of the largest energy traders.

The multi layered system of checks and balances that is supposed to keep a company from running amok completely broke down in the case of Enron. It was a massive failure in the governance system. Now, eleven Congressional committees, the Securities and Exchange Commission (SEC), the Department of Justice and several state boards of accountancy have launched investigations.

Mr. Mudalige's presentation will focus on how one of America's most admired companies evaporated virtually overnight. The presentation will site specific issues and lessons for Sri Lanka. This opportunity is invaluable as it has profound implications to the business community, regulators and to the entire accounting profession.

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