Members of Enron Corp.’s board of directors were briefed as far back as four years ago about the nature and structure of the controversial off-balance-sheet partnerships whose losses led to the downfall and bankruptcy of the once-powerful energy trader, according to a report in The Washington Post last Thursday.

Minutes of board meetings, which the Post said it obtained from a source critical of the board, revealed that board members knew of and approved the partnership transactions, including moving debt off the company books, the story said. The minutes covered four board meetings in 1997 and 1999 and three meetings of the board’s finance committee in 2000.

Individual Enron directors, who also are the targets of lawsuits and investigations, have refused to comment publicly about their role in the partnerships that crippled the company.

The minutes further reveal that members of the special committee, which former Enron Chairman Kenneth Lay supposedly set up to investigate the partnerships, had attended board meetings in which the intricate details of entities were described by former Enron CFO Andrew Fastow, the Post report said. Fastow reportedly made $30 million by running partnerships that bore the names of LJM, Raptor and JEDI.

A report by the special committee, which could be released soon, is expected to say that while the Enron board approved the questionable partnerships, Enron management and auditors withheld vital information from them, the Post story said. This also is expected to be the defense that will be offered by Lay and board member, William C. Powers Jr., when they testify before Congress on Monday, it noted.

Robert Bennett, a Washington attorney representing Enron, indicated as much, the Post said. “While the board of directors, including Mr. Lay, were aware that these special partnership entities were being set up, which were being run by Mr. Fastow, there is a great deal of information regarding their operation and execution that was unknown to the board of directors,” Bennett is quoted as saying.

At least 12 congressional committees, as well as the Department of Justice and Securities and Exchange Commission, are investigating the demise of Enron, which ultimately drained investors and employees of billions of dollars. The controversial partnerships are at the center of the inquiries, specifically the roles of directors, management and auditors in either setting them up or approving them.

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