In a statement released last week, the UK's Financial Services Authority announced that it "has been pursuing enquiries into the roles of certain individuals in the mis-statement of Shell's hydrocarbon reserves," and stated that: "Those enquiries have reached a conclusion and the FSA will be taking no further action."
Last summer, the international oil firm reached settlement agreements with financial regulators on both sides of the Atlantic over "unprecedented misconduct" related to its overstatement of proven oil reserves.
At an analyst briefing in January 2004, Shell announced that it had conducted an extensive review of its world-wide reserve base, as a result of which it would be cutting its estimate by 3.9 billion barrels, or 20%.
Given the size of the cuts announced at that time, analysts suggested that the overstatement was unlikely to have been accidental.
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment