Overview

Rebecca P. Mark-Jusbasche was CEO of Enron International and Enron Development Corporation, where she led Enron aggressive overseas expansion strategy centered on building massive physical assets in developing countries. Her signature project was the $2.9 billion Dabhol Power Plant in Maharashtra, India, the largest foreign direct investment in Indian history at the time. The project became one of the greatest international infrastructure disasters of the 1990s: it was plagued by corruption allegations (Human Rights Watch documented use of police violence against local protesters), cost overruns, and a power purchase agreement that required India to buy electricity at rates far above market price. The Maharashtra state government attempted to cancel the contract, leading to years of litigation. Mark represented the opposite of Jeffrey Skilling "asset-light" trading model; the two were bitter internal rivals. Skilling faction eventually won out, and Mark was sidelined to lead Azurix, Enron water utility venture, which IPO launched in June 1999 but quickly lost half its value. Mark resigned from Enron in August 2000, selling approximately $82.5 million in Enron stock before the collapse. She was named in SEC civil actions and shareholder lawsuits but was never criminally charged. The Dabhol plant sat idle for years after Enron bankruptcy before being sold to Ratnagiri Gas and Power Pvt Ltd.

Key Affiliations

Controversies & Concerns

Related Investigations (1)

Known Associates & Connections

Sources & Documentation

2 documented sources from official records, investigations, and reports