Protection One sale wins KCC approval

Kansas utility regulators on Friday approved Westar Energy Inc.’s plan to sell its majority interest in the Protection One security alarm firm.

However, the Kansas Corporation Commission placed a major condition on the sale, one that could require Westar to issue new stock to raise additional cash.

The sale is a key part of Westar’s ongoing efforts to improve its finances and reduce its debt, which once ballooned to $3.6 billion but has dropped to $2.7 billion during the past year.

Westar has estimated that the sale would decrease its debt by an additional $500 million, to $2.2 billion, because Protection One debt would be removed from Westar’s books.

Investigation

Former Enron executive facing federal charges

Federal prosecutors are drawing up criminal charges against former Enron Corp. chief executive officer Jeffrey Skilling for an indictment that could come as early as next week, sources close to the case said Friday.

Two sources, who spoke on condition of anonymity, confirmed the pending charges but said the process was delicate and public revelation of the case could be delayed. It was not clear what specific charges Skilling may face.

The potential charges come on the heels of last month’s guilty plea to two counts of conspiracy by former Enron finance chief Andrew Fastow, who is accused of masterminding the off-the-books deals that brought down Enron. He agreed to plead guilty to two counts of conspiracy and serve 10 years in prison.

Congress

Halliburton accused of taxpayer fraud

Frustrated that they couldn’t convince Republicans to conduct hearings on Vice President Dick Cheney’s former company, Democrats convened a panel of their own Friday to hear a former Halliburton employee testify that the company wastes taxpayers’ money.

Halliburton, which supplies military support services in Iraq and elsewhere, routinely purchased items at higher prices from preferred suppliers, said Henry Bunting, who worked for the company last year in Kuwait.

“There were frequent instructions by procurement supervisors and management to keep … requisitions under the $2,500 threshold to avoid competitive bidding,” Bunting, of Houston, told the Senate Democratic Policy Committee.