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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: energyplay who wrote (36510)	7/3/2008 3:50:15 PM
From: elmatador	Respond to of 218106

Shell fined £65.7 million over oil reserves scandal The Anglo-Dutch group rocked the market in January by announcing that its oil and gas stocks were 20 per cent lower than previously thought. It subsequently downgraded its reserves a further three times and the scandal led to the departure of three top directors, including chairman Sir Philip Watts and the head of exploration and production Walter van de Vijver, after heavy criticism of their role in the overbooking. Shell fined £65.7 million over oil reserves scandal edinburghnews.scotsman.com SHELL, the global oil giant, was today hit with a fine of £65.7 million by regulators in the United States over the series of readjustments to its proven oil reserves earlier this year. In a further move to draw a line under the crisis, Shell has also agreed to pay a penalty of £17m imposed by the Financial Services Authority in the UK. News of the fine - the biggest ever imposed by the regulator - came as the group posted a second-quarter profit of £2.19 billion - equivalent to £206 per minute - on the back of the highest oil prices for 20 years. The Securities and Exchange Commission (SEC) levied the fine after completing an inquiry which found that Shell violated reporting, record-keeping and anti-trust rules. The Anglo-Dutch group rocked the market in January by announcing that its oil and gas stocks were 20 per cent lower than previously thought. It subsequently downgraded its reserves a further three times and the scandal led to the departure of three top directors, including chairman Sir Philip Watts and the head of exploration and production Walter van de Vijver, after heavy criticism of their role in the overbooking. Shell said that agreeing to pay the multi-million pound fine did not mean it admitted the SEC findings.