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Shell shares hit by news of US inquiry

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Shares in Royal Dutch Shell are under pressure after it said it was being investigated by US authorities for possible breaches of bribery rules.

Coinciding with a strategy update, the company’s annual report reveals on page 16 that “Shell is currently under investigation by the US Securities and Exchange Commission and the US Department of Justice for violations of the US Foreign Corrupt Practices Act.

“Shell has an ongoing internal investigation and is co-operating with the US DoJ and the SEC investigations. While these US investigations are ongoing, Shell may face fines and additional costs.”

This seems to be a development from a year ago, when the company said a US subsidiary had been contacted by the DoJ about possible violations of the Act. Shell’s A shares are currently down 37p at £16.03.

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