Crux of the Matter

Enron was once the world’s largest energy trader, a titan ofthe age which wielded untold corporate and political power. But in the early 2000s it all came crashing down. Over a few dramatic weeks in 2001, it was revealed that the company – America’s seventh biggest corporation – had concealed huge amounts of debt by transferring them to shady partnerships. By November Enron was in bankruptcy – and the spotlight turned to its auditors, Arthur Andersen. In this podcast, Astraea’s Nina Stewart and Tanya Costello look back at the dramatic collapse of Enron with Philip Feibusch, who – as an equity partner at Arthur Andersen at the time – found himself at the centre of the storm, at risk of losing everything he had worked for. Philip gives the inside track on professional life at Andersen in the lead up to the crisis as well as the steps he took and decisions he made during the intense period when it became apparent that Andersen would bear much of the blame for Enron’s collapse.With the benefit of hindsight, the podcast discusses the potential for corporate reputational damage – whatever the underlying grounds – to unravel an established, trusted business and the lessons learned for crisis decision making and preparedness. 

A pioneer in brain science and neurotechnology, Dr Jamil El-Imad has decades of broad experience in the field of technology, spanning both academia and the private sector. He currently serves as an Honorary Senior Research Fellow at Imperial College London and acts as an advisor to UHNW clients and prominent Family Offices across the Middle East and globally. Jamil is a member of Astraea's Special Situations Advisory Panel.This podcast offers a rare opportunity to hear from someone with the experience and perspective to understand the 'big picture' and cut through the noise and hype around technological development. In conversation with Astraea's Tanya Costello, Jamil discusses the rapid development and adoption of generative AI, how it might and should be used by the private sector (and professional services, in particular) and whether machines will ever be able to 'think' like human beings. Sensitive to the downside of rapid technological advancement and the effects on mental health and wellbeing, Jamil also discusses the potential for the same technology to provide therapeutic support.

Simon Lewis has a long and storied career in public relations, with contemporaries regarding him as one of the country’s top PR men.  His career has spanned both the private andpublic sectors.  After a career in the city working as Director of Corporate Affairs at Vodafone, Centrica and NatWest,he moved to Number 10 as Director of Communications under Gordon Brown. In 1998, he was appointed as the first Communications Secretary to the late Queen.This is a chance to hear Simon's advice for today's business leaders on how to deal with crisis and difficult decisions, in an increasingly noisy and uncertain world. While there are no fixed rules, there are basic principles around preparation, approach and getting the right people 'in the room'.

Astraea's Nina Stewart and Tanya Costello are joined by Kathryn Ludlow, a senior lawyer and member of Astraea’s Special Situations Advisory Panel. Kathryn spent over 30 years as a partner at the international law firm Linklaters where she worked on a range of high level investigations and dispute resolutions for big four accountancy firms, banks and corporates. In recent years Kathryn established her own firm – Kathryn Ludlow & Associates – that offers high level independent investigation services to a range of different clients. Kathryn's interview offers a rare insider's view of the various stages and challenges of a corporate investigation. Kathryn talks about how she has navigated high-profile and highly sensitive international investigations, how she has dealt with internal politics, conflicting stakeholder agendas, and media interference. She makes a case for diversity and inclusion initiatives being good for business and explains why kindness is one of her core professional values.

As a story, and a scandal, the looting of Malaysia’s sovereign wealth fund had it all. A prime minister on the take, a jet-setting playboy, Hollywood deals, wheelbarrows of cash on Thai beaches – and billions that disappeared, some never to be returned. The Malaysia Development Berhad fund – 1MDB for short – was set up in 2009 by the country’s prime minister Najib Razak to pursue investment and development projects for the benefit of Malaysia and its people. With the help of top banks -including Goldman Sachs - the fund raised billions. But just six years later it emerged that Prime Minister Najib had transferred 681 million dollars into his own bank account. What followed was a massive global hunt for 1MDB’s missing billions, with authorities from Singapore to Switzerland to the US discovering that bankers, politicians, public officials and fraudsters had conspired to launder the funds through a complex web of transactions. The money was then used to buy among other things a mega yacht, priceless works of art, and a vast jewellery collection featuring 14 tiaras. And in a bizarre twist the stolen cash also funded a Hollywood blockbuster: The Wolf of Wall Street.Hear from leading commercial silk and cross-border fraud specialist James Ramsden KC on his central role chasing down the missing billions, how the international financial community missed brazen theft on such a scale, whether the necessary cultural change has occurred to prevent a repeat scenario, and what he learned about the role of the lawyer in special situations.

There aren’t many people in the business world with the breadth and depth of experience of Sir Mike Rake. One of Britain’s most highly regarded “boardroom grandees”, with a reputation as a corporate troubleshooter, Sir Mike has chaired the boards of KPMG International, British Telecom, EasyJet and WorldPay and held senior roles at Barclays and McGraw Hill. He has also advised prime ministers, been President of the CBI, and chaired the board of Great Ormond Street Children’s hospital. Throughout his career Sir Mike has also been a keen advocate for social justice, calling on the establishment - in politics, business and the media – to address the needs of people who have been left behind in the UK.Today his strategic counsel and expertise are highly sought after. Here at Astraea he helps clients navigate high stakes special situations, and we’re delighted he could join us to share insights into some of the major crises he himself has faced as a business leader.