The US Justice Department finally brought obstruction of justice charges against Arthur Andersen on Thursday for it's role in the Enron affair. The firm have admitted to the shredding of documents that related to their audut of Enron.
A spokesman for Andersen said that the indictment amounted to a corporate 'death penalty' and that there was 'no basis' for the charges.
Andersen officials are incensed about the move as they claim that they informed the Justice Department and the SEC of the shredding at their Houston offices and that they have fully cooperated with all federal investigations and inquiries.
To date, no charges have been brought against specific Andersen employees.
In a related story, the firm has now been suspended from doing business with the US government following the indictment.
Andersen is believed to have 16 contracts worth $11.4m with the Department of Defense alone and undertook other work at the Office of Management and Budget.