NAB ENRON (MELBOURNE)
National Australia Bank has strongly rejected media reports that it assisted collapsed United States energy trader Enron to manipulate its financial statements.
The Fairfax press today says that according to legal evidence in the US, Australia's largest bank was involved in a controversial $A734 million deal with Enron.
The reports say the NAB deal -- given the name Firefly -- was described in one of the legal claims as a scheme to move hundreds of millions of dollars in borrowings off Enron's books in 1998 and 1999.
But NAB says the syndicated loan Firefly wasn't a NAB deal, and the bank provided just four per cent of the total finance.
NAB says the funding was provided on an interim basis to Enron and facilitated its purchase of Elektro -- Brazil's sixth largest power distributor.
Last November NAB said its exposure to Enron totalled $200 million.
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NAB ENRON (MELBOURNE)National Australia Bank has strongly...
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