The Daily Telegraph: Investigators from SEC target Shell
By Christopher Hope, Business Correspondent
(Filed: 20/02/2004)
Shell, the embattled oil major, has admitted it is under formal investigation by stock-market authorities in the US. The investigation relates to the company's shock announcement last month that it had overstated its proven reserves by 20pc or 3.9billion barrels.
Previously, Shell said it was the subject of an "informal inquiry" by the US Securities and Exchanges Commission (SEC). It said in a statement yesterday: "The SEC has now advised Shell's legal representatives that its inquiry would proceed as a formal non-public investigation."
The SEC declined to comment. Shell shares rose 2 to 352.5p.