Virgin.net: Shell's ex-chairman escapes censure: “Former Shell chairman Sir Philip Watts has escaped censure from the City watchdog over his role in the oil giant's reserves crisis.”: Wednesday 9 November 2005

Former Shell chairman Sir Philip Watts has escaped censure from the City watchdog over his role in the oil giant's reserves crisis.

The Financial Services Authority (FSA) said it would be taking "no further action" against Sir Philip and other individuals at Shell over the reserves debacle, closing an investigation that has lasted 18 months.

Issuing a statement on behalf of Sir Philip, London-based legal firm Herbert Smith said: "This vindicates the position Sir Philip has maintained throughout - that he acted properly and in good faith at all times."

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