A federal jury today began deliberating the fate of former Enron chiefs Kenneth Lay and Jeffrey Skilling, accused of fraud and conspiracy that preceded the collapse of the Houston-based energy giant in one of the biggest corporate scandals ever.

ENRON was a "ticking time bomb" in its final months as top executives lied to the public about the billions of dollars in losses it faced, prosecutors said yesterday at the start of the trial of former chief executives Ken Lay and Jeffrey Skilling.

JEFFREY SKILLING, the former Enron chief executive who resigned months before the US energy giant collapsed, surrendered yesterday and was charged with offences that could land him in prison for 325 years.