HOUSTON, United States: Former Enron CEO Jeffrey Skilling was ordered to serve 24 years and four months in prison, the harshest punishment by far in Enron's scandalous collapse and one that capped a string of tough sentences for top executives in corruption cases.

US District Judge Sim Lake on Monday denied Skilling's request for bond and ordered him to home confinement, wearing an ankle monitor. Lake, who told the US Bureau of Prisons to recommend when Skilling should report to prison, suggested the 52-year-old be sent to the federal facility in Butner, North Carolina, for his role in a case that came to symbolize corporate fraud in America.

"His crimes have imposed on hundreds if not thousands a life sentence of poverty," Lake said.

The former chief executive officer will be eligible to shave up to 54 days a year off his sentence for good behaviour in prison. Lake also ordered Skilling to undergo alcohol and mental-health counselling. A successful completion of that treatment would take a year off his sentence.

Skilling, insisting he was innocent yet remorseful in a 2-hour hearing, was the last top former official to be punished for the accounting tricks and shady business deals that led to the loss of thousands of jobs, more than US$60 billion in Enron stock and more than US$2 billion in employee pension plans after the company imploded in 2001.

His remaining assets, about US$60 million, will be liquidated, according to an agreement among lawyers for Enron employees, the company's savings and stock ownership plans, prosecutors and Skilling's legal team.

About US$45 million will be put in a restitution fund for victims. The remaining US$15 million will go to Skilling's legal fees, said Lynn Sark, attorney for the Enron Corp Savings Plan and Stock Ownership Plan. The Justice Department allowed Skilling to set aside US$23 million for his defense when he was indicted; he still owed his lawyers US$30 million as of Monday.

Outside the courthouse, Skilling vowed to appeal his sentence and also asked that his restitution money go straight to victims, instead of being seized first by the federal government. His attorney, Daniel Petrocelli, said the restitution will be held until all of Skilling's appeals are exhausted.

Skilling had stood with his hands clasped below his waist, with Petrocelli at his side while being sentenced. He gave no visible reaction. After court adjourned, Skilling hugged Petrocelli.

Skilling's term is the longest received by any Enron defendant; former Chief Financial Officer Andrew Fastow was given a six-year term after co-operating with prosecutors and helping them secure Skilling's conviction.

It falls just shy of the sentence imposed on WorldCom CEO Bernard Ebbers, who received 25 years for his role in the US$11 billion accounting fraud that toppled the company he built from a tiny telecommunications firm to an industry giant.

Skilling's co-defendant, Enron founder Kenneth Lay, died from heart disease on July 5. Lay's convictions on 10 counts of fraud, conspiracy and lying to banks in two separate cases were wiped out with his death.

Skilling's arrogance, belligerence and lack of contriteness under questioning made him a lightning rod for the rage generated after Enron sought bankruptcy protection in 2001. Lay was once a leading city father whose charitable good works and affable nature endeared him locally. Skilling was little known outside Enron until his anger at being caught brought his personality into public focus.

"Your honour, I am innocent of these charges," Skilling told Lake Monday. "I'm innocent of every one of these charges.

"We will continue to pursue my constitutional rights and it's no dishonour to this court and anyone else in this court. But I feel very strongly about this, and I want my friends, my family to know that."

Skilling also disputed reports that he had no remorse for his role in the fraud that drove the company to seek bankruptcy protection.

"I can tell you that's just the furthest thing from the truth," he said. "It's been very hard on me, but probably, more important, incredibly hard on my family, incredibly hard on employees of Enron Corp, incredibly hard on my friends and incredibly hard on the community."

Source: China Daily