The Guardian (UK): Ex-Shell chief seeks to clear his name: “…his legal team argue that the Financial Services Authority had damaged his reputation when it fined Shell a record £17m a year ago for "unprecedented misconduct". The fine followed the admission by the Anglo-Dutch group that it had over reported its reserves by almost a quarter.”: “For the FSA, Lord Grabiner said that Sir Philip was using the tribunal to "take on the media" which used the Shell fine to identify him.”: Tuesday July 26, 2005
Jill Treanor
Sir Philip Watts yesterday began the process of trying to "clear his name" almost 18 months after resigning as chairman of oil group Shell.
In his first major public outing since his departure in March 2004, Sir Philip attended a City tribunal to hear his legal team argue that the Financial Services Authority had damaged his reputation when it fined Shell a record £17m a year ago for "unprecedented misconduct".
The fine followed the admission by the Anglo-Dutch group that it had over reported its reserves by almost a quarter. Sir Philip is arguing that the FSA identified him - and prejudiced him - when fining Shell, even though he was not named personally when the so-called final notice against Shell was issued.
His counsel, David Pannick QC, told the Financial Services and Markets Tribunal that Sir Philip should have been given access to the information received by Shell - known as a warning notice and decision notice - before the action against the group was announced.
Mr Pannick asked the tribunal to rule that the FSA should remove the information about the Shell fine from its website and make a public statement that it is doing so.
The FSA strongly disputed that it identified Sir Philip, and Lord Grabiner QC, acting for the FSA, dismissed a number of the arguments put forward as "nonsense".
The decision by the tribunal could have wider ramifications beyond this case. If it rules Sir Philip's views should have been considered, it might require the regulator to consult more widely on its investigations and issue more information to those potentially implicated along the way.
Sir Philip, who refused to talk to the Guardian but looked tanned and appeared to be in good humour, is still being investigated by the FSA.
In documents put before the tribunal, Mr Pannick said: "The applicant has never had a hearing and has never been presented with any charges. It is also the case that the FSA has not yet completed its investigations into the applicant's conduct".
Even so, he argued, the FSA had done a deal with Shell and issued a public notice about the matter which "he cannot challenge but which prejudices him in relation to key allegations of fact that remain the subject of investigation by the FSA".
The documents go on: "It is the applicant's principal concern that he is provided with an opportunity to clear his name. Ideally this would be in the course of personal proceedings against him, if the FSA concludes that such proceedings are justified on conclusion of its investigation".
For the FSA, Lord Grabiner said that Sir Philip was using the tribunal to "take on the media" which used the Shell fine to identify him.
The tribunal gave no indication of when it might rule on the case.
http://www.guardian.co.uk/business/story/0,3604,1536091,00.html
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