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<a href="https://enron.com/pages/newsroom" target="_blank" rel="noreferrer noopener">Enron Corporation</a>, a former American energy, commodities, and services company, has announced its comeback into the global space. The company, famous for its December 2001 bankruptcy, plans to expand into crypto and blockchain technology upon its revival.&nbsp; 
The company, widely referred to as the largest corporate fraud in history, unveiled a new vision for its future. Enron has made an appearance on X (formerly Twitter) with the <a target="_blank" href="https://x.com/Enron/status/1863583974657863989" rel="noreferrer noopener">video post</a> “We’re back. Can we talk?”&nbsp; 
Enron said its new vision is built on five key foundations which include adaptability, ethical leadership, forgiveness, scalable renewable energy solutions, and a forward-looking emphasis on decentralized technology. 
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 Enron’s X announcement of its relaunch
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Its fifth foundation of “Decentralized technology” which the company tagged as “permissionless innovation” has raised eyebrows and points at Enron’s interest in crypto assets. “Decentralized technology is advancing, and we will of course have a role to play in its future,” the company stated in a press release, indicating possible plans for token launches or blockchain partnerships,” the company said in a statement. 
The announcement of a return is set to mark a dramatic shift for a company synonymous with corporate illegal acts. Its collapse two decades ago revealed fraudulent accounting practices that destroyed billions in shareholder value and reshaped regulatory frameworks in the early 2000s. 
Meanwhile, further study of its <a target="_blank" href="https://enron.com/pages/terms-of-use" rel="noreferrer noopener">terms and conditions</a> on the company’s website shows that the new project seems like a parody and performance art. “The information on the website is First Amendment protected parody, represents performance art and is for entertainment purposes only,” the website states. 
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Some analysts have speculated that Donald Trump’s victory might have been a major player in Enron’s decision to relaunch. It was claimed that the company felt Trump’s administration would create a more favourable environment for risk-taking. 
Fingers are crossed on Enron’s implementation and revival process.&nbsp; 
<h4 id="enrons-scandal-a-tale-of-corporate-fraud-and-corruption" class="wp-block-heading">Enron’s scandal – a tale of corporate fraud and corruption</h4> 
Enron Corporation was an American energy, commodities, and services company based in Houston, Texas. Established by Kenneth Lay in 1985, it was a product of a merger between Lay’s Houston Natural Gas and InterNorth, both relatively small regional companies.&nbsp; 
Before its bankruptcy on December 2, 2001, the company employed about 20,600 staff. It was a major electricity, natural gas, communications, and pulp and paper company, with claimed revenues of nearly $101 billion in 2000. <a href="https://fortune.com/magazine/" target="_blank" rel="noreferrer noopener">Fortune Magazine</a> named Enron “America’s Most Innovative Company” for six consecutive years. 
At the end of 2001, it was revealed that Enron’s financial condition was sustained by an institutionalized, systematic, and creatively planned accounting fraud. It has since been known as the “Enron scandal”. The company has then become synonymous with voluntary corporate fraud and corruption.&nbsp; 
The scandal also brought into question the accounting practices and activities of many corporations in the United States and was a factor in the enactment of the <a target="_blank" href="https://www.investopedia.com/terms/s/sarbanesoxleyact.asp" rel="noreferrer noopener">Sarbanes–Oxley Act of 2002</a>. Likewise, the fraud affected the greater business world by causing the dissolution of the Arthur Andersen accounting firm, which had been Enron and WorldCom’s main auditor for years. It was also later revealed that WorldCom had suffered a greater fraudulent bankruptcy. 
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 <img loading="lazy" decoding="async" width="602" height="388" src="https://technext24.com/wp-content/uploads/2024/12/Screenshot_2-12-2024_185816_www.investopedia.com_.jpeg" alt="Enron's shared price" class="wp-image-240944" style="width: 100%;height:auto">
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 Enron’s shared price trend between Jan 2000 to Dec 2002
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In addition, the scandal resulted in other new compliance measures. The Financial Accounting Standards Board (FASB) substantially raised its levels of ethical conduct. Companies’ boards of directors in the United States became more independent, monitoring the audit companies and quickly replacing poor managers.&nbsp; 
The company filed for bankruptcy in the Southern District of New York in late 2001 and selected Weil, Gotshal &amp; Manges as its bankruptcy counsel. It emerged from bankruptcy in November 2004, under a court-approved plan of reorganization. A new board of directors changed its name to Enron Creditors Recovery Corp. and emphasized reorganizing and liquidating certain operations and assets of the pre-bankruptcy Enron.&nbsp; 
Meanwhile, the company sold its last remaining subsidiary, Prisma Energy International, to Ashmore Energy International Ltd. (now AEI) on September 7, 2006.&nbsp; 
The Enron scandal has remained the largest bankruptcy due specifically to fraud in United States history. 
Also Read: <a target="_blank" href="https://technext24.com/2024/12/02/gtbank-mtn-fccpc-poor-service-delivery/" rel="noreferrer noopener">FCCPC to investigate GTBank, MTN over widespread complaint of poor service delivery.</a>

Enron, US largest bankruptcy returns after 23 years, set to hit on crypto

Technext.ng

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