AccountancyAge.com: Shell pays huge penalties to regulators: “Shell also confirmed that it breached market abuse provisions of the FSA's Financial Services and Markets Act 2000” (ShellNews.net)

By Kevin Reed

Posted 30 July 04

The Royal Dutch/Shell Group has agreed massive payouts to both the Financial Services Authority and the US Securities and Exchange Commission as investigations continue into the oil giant's overstatement of oil reserves.

Shell will pay the FSA a £17m penalty, while the SEC will receive a $120m (£66m) civil penalty plus an additional $5m will be spent by the company to develop a 'comprehensive internal compliance program'.

Shell also confirmed that it breached market abuse provisions of the FSA's Financial Services and Markets Act 2000 and the listing rules made under it. However it is not 'admitting or denying' the pending findings or conclusions of either the FSA or the SEC.

Shell's share price has climbed to 401p, from 390p this morning.

http://www.accountancyage.com/News/1137808