International oil firm, Royal Dutch/Shell Group has 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 of this year, 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.
According to reports, the oil firm on Tuesday agreed to pay £17 million ($31 million) to the UK's Financial Services Authority, and $120 million to the US Securities and Exchange Commission, in addition to spending $5 million on the development and implementation of a "comprehensive internal compliance program".
However, it appears that Shell is not off the hook just yet, as both financial regulators are continuing investigations into the mis-statement of the company's oil reserves.
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