FTX, Enron, Theranos: How proper corporate governance could avert such business failures

(From left) Former FTX CEO Sam Bankman-Fried, former Enron CEO Jeff Skilling and Theranos founder Elizabeth Holmes. PHOTOS: EPA-EFE, BLOOMBERG, REUTERS
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SINGAPORE - When crypto exchange FTX filed for bankruptcy in November, its new chief executive John Ray III said he had never seen “such a complete failure of corporate controls and such a complete absence of trustworthy financial information” in his career.

Mr Ray also oversaw the bankruptcy of the US energy and commodities giant Enron in 2001. Enron was embroiled in a massive accounting scandal and still he thinks FTX is a bigger mess than Enron – an indication of the extent of the corporate mess at FTX.

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