ELECTRICITY

Morality play by embattled Enron chief

Chairman and CEO of embattled US energy group Enron, Mr Kenneth Lay, will not accept severance pay of more than $US60 million after the takeover by Dynegy Inc.

Mr Lay was entitled to receive a lump-sum payment equal to $US20.2 million, multiplied by the number of full calender years remaining on his contract, if he terminates his contract under certain circumstances such as the acquisition by Dynegy.

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