Lloyds List: Shell settles with regulators to end reserves scandal
“findings and conclusions in the FSA’s ‘final notice’ and the SEC’s ‘cease and desist order’.”
Tony Gray
Aug 25, 2004
SHELL has moved closer to consigning one of the oil giant’s darkest chapters to history when it reached final settlements with the US and UK authorities over its mis-statement of proven oil reserves.
The world’s third-largest oil group is paying $120m to the US Securities and Exchange Commission and a record GBP17m ($30.4m) to the UK Financial Services Authority.
These fines come seven months after Shell shocked investors by slashing its proven oil and gas reserves by a fifth, or 4.47bn barrels.