Shell agrees $150 million fine over reserves scandal, releases interim results
Royal Dutch/Shell Group looks set to pay $150 million in civil penalties and spend $5 million on developing an internal compliance programme, following its recent overstatement of reserves. The energy giant has agreed in principle with the UK Financial Services Authority (FSA) and the US Securities and Exchange Commission (SEC) to resolve their pending inquiries into its reserves recategorisation.
The company will also consent to an SEC administrative order finding that it violated the anti-fraud, reporting, record-keeping and internal control provisions of the US federal securities laws and related SEC rules. In connection
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