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The Times: nobody is to blame for Shell’s overstatement of its oil reserves…

Need to Know:

Financial regulators have concluded that nobody is to blame for Shell’s overstatement of its oil reserves after the US Securities and Exchange Commission dropped its investigation of Sir Philip Watts, Shell’s former chairman.

The UK’s Financial Services Authority reached the same conclusion last November.

The Dutch authorities also decided to take no action despite Shell restating its oil reserves five times since 2004. 

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