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FSA’s report accuses Shell of market abuse

The Times: That was the week: “FSA’s report accuses Shell of market abuse by announcing false oil reserves between 1998 and 2003, implicating several major executives in the scandal, including Sir Mark Moody-Stuart”

August 28, 2004

The Financial Services Authority says that the misreporting of a quarter of Shell’s oil and gas reserves was part of an attempt over several years to boost its poor exploration performance.

The FSA’s report accuses Shell of market abuse by announcing false oil reserves between 1998 and 2003, implicating several major executives in the scandal, including Sir Mark Moody-Stuart, former chairman of Shell’s committee of managing directors.

The FSA imposes a £17 million fine, the largest in its history, for misconduct amounting to market abuse.

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