Daily Mail: Shell is beached in the past
“there are deep-seated problems at Shell that go far beyond fiddling the numbers to make the reserves look better than they were.”: “exploration and production look dire” (ShellNews.net)
Alex Brummer, Daily Mail
30 July 2004
N THE context of Shell’s enormous profits of £4.7bn over the first six months, the penalties of £83m imposed on the company by regulators over the oil reserves scandal is petty cash.
Indeed, the £17m fine by the City regulator may be the biggest ever exacted by the Financial Services Authority*, but it is unlikely to discourage other big firms from lying about their accounts if they find themselves in a temporary hole.
Shell would like us to think that this is the end of the reserves affair so that it can return to its old smug self.