The Wall Street Journal: Shell Says SEC Questioned 30 In Reserves Probe
Investigators from the SEC and the Justice Department have teamed up in the probe”
By ALMAR LATOUR, MARK LONG and CHIP CUMMINS
Staff Reporters of THE WALL STREET JOURNAL
June 29, 2004; Page A2
Posted 30 June 04
Royal Dutch/Shell Group said 30 employees have been questioned by the Securities and Exchange Commission regarding the oil company’s massive overstatement of energy reserves this year.
Investigators from the SEC and the Justice Department have teamed up in the probe and are expected to request interviews with dozens of additional current and former Shell executives.
In a contrite appearance before angry shareholders yesterday at the annual meeting of Shell’s Dutch parent company, Jeroen van der Veer, Shell’s chairman, said he was surprised to learn that the number of executives interviewed in the probe was as high as it was. He said he wasn’t aware of the status of the SEC and the Justice Department investigations and said he hadn’t received an invitation to be interviewed by either agency. He declined to comment on whether he expected to be asked to appear. read more
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