Financial Times: Lament of the Shell shareholder The penalty is the equivalent to the imposition of a fine on a victim of a robbery rather than on the perpetrator! (ShellNewsnet)

By B. M Nonhebel

Published: August 3 2004 04:00 | Last updated: August 3 2004 04:00

From B. M. Nonhebel.

Sir, As one who bought Shell shares earlier this year I am dismayed by the decisions of the financial regulators in both the UK and the US to impose a hefty fine on the company for its overstatement of reserves. I am one of those hurt in that the price at which I bought my shares was clearly too high because proven oil reserves were lower than I and the market thought at the time.

The penalty is the equivalent to the imposition of a fine on a victim of a robbery rather than on the perpetrator! I would be interested to learn about how the authorities reasoned in so convoluted a manner.

B. M. Nonhebel, Alton, Hants GU34 4EB