Alberta, Canada’s Justice Department said Wednesday that it has been cooperating with a Royal Canadian Mounted Police investigation into allegations that an ex-trader with Merrill Lynch & Co.’s energy trading arm laundered $42 million of funds stolen from the investment firm through a Canadian offshore banking company.
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Aquila Dismisses Allegations of Accounting Improprieties But Launches Internal Probe
Aquila officials have dismissed allegations in an anonymous letter from a group of the company’s own employees that charges that company executives falsified earnings and manipulated corporate accounting in an effort to boost executive compensation. The letter has been forwarded to a special audit committee for an investigation, and the audit committee has notified the Securities and Exchange Commission of the matter.
Aquila Launches Internal Probe, Dismisses Allegations of Accounting Improprieties
Aquila officials have dismissed allegations in an anonymous letter from a group of the company’s own employees that charges that company executives falsified earnings and manipulated corporate accounting in an effort to boost executive compensation. The letter has been forwarded to a special audit committee for an investigation, and the audit committee has notified the Securities and Exchange Commission of the matter.
AGA Urges FERC to Exclude LDCs from Broad Affiliate Rule
While there have been a “dismaying number of reports of improprieties at energy companies” over the past months, natural gas local distribution companies (LDCs) have been “neither the focus nor the cause of [the] attention-grabbing headlines,” the American Gas Association (AGA) told FERC last Wednesday.
Vinson & Elkins Attorneys Defend Enron Investigation
The Vinson & Elkins investigation of Enron employee Sherron Watkins’ allegations of accounting improprieties was conducted by two of the law firm’s partners who had minimal accounting background and no help from associates or consulting accountants, testimony revealed last Thursday at a House Energy and Commerce subcommittee hearing.
Vinson & Elkins Attorneys Defend Enron Investigation
The Vinson & Elkins investigation of Enron employee Sharon Watkins’ allegations of accounting improprieties was conducted by two of the law firm’s partners who had minimal accounting background and no help from associates or consulting accountants, testimony revealed Thursday at a House Energy and Commerce subcommittee hearing.
ALJ Clears Transwestern of Market Power Charges
A FERC administrative law judge has found no improprieties, nor evidence of the exercise of market power in negotiated rate contracts between Transwestern Pipeline and two shippers on its system, which resulted in the shippers being charged as much as $27/MMBtu last February, far in excess of the pipeline’s allowed transportation rate of 38 cents/MMBtu (RP97-288-009).
ALJ Clears Transwestern of Market Power Charges
A FERC administrative law judge has found no improprieties, nor evidence of the exercise of market power in negotiated rate contracts between Transwestern Pipeline and two shippers on its system, which resulted in the shippers being charged as much as $27/MMBtu last February, far in excess of the pipeline’s allowed transportation rate of 38 cents/MMBtu (RP97-288-009).