Enron ramifications

Citigroup, expecting to post record net income for 2002, higher than the US$14.6bn of 2001, is to take a US$1.3bn charge towards further litigation costs associated with Enron including expected investor suits. Citigroup also face, allegations of helping Enron to hide the true state of its finances and is named in a number of suits seeking restitution following Enron’s bankruptcy.