Daily Telegraph (UK): Former Shell chairman to challenge FSA findings
“Sir Philip’s law firm Herbert Smith has claimed the FSA published its findings in undue haste. The FSA fined Shell £17m for market abuse and breaching the listing rules.”: “Shell yesterday sought to distance itself from comments made by its interim chairman Aad Jacobs to the Financial Times.”
By Caroline Muspratt (Filed: Saturday 23/07/2005)
Sir Philip Watts, former chairman of oil giant Shell, will argue on Monday that he should have been given the right to respond to the City regulator over its findings into Shell’s overstatement of its reserves.
The dispute between Sir Philip, who was ousted following the scandal last year, and the Financial Services Authority has been brewing since September.
Sir Philip has accused the FSA of “violating” his rights and running a “fundamentally flawed” investigation into Shell’s oil and gas reserves debacle. He has claimed that though the FSA report did not refer to him by name, he was effectively identified and prejudiced.