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Shell says Watts pay-off does not rule out legal action

Reuters.com: Shell says Watts pay-off does not rule out legal action

Fri 25 June, 2004

LONDON (Reuters) – Royal Dutch/Shell’s pay-off agreement for sacked former chairman Phil Watts does not indicate that it has ruled out legal action against him, a spokesman says.

Asked if the announcement earlier in the day of a one million pound settlement meant the company SHELL had decided not to sue its disgraced boss, a spokesman said on Friday, “We cannot speculate on the outcome and implications of external investigations.”

He was referring to investigations that are under way by a number of national regulators, including the U.S. Securities and Exchange Commission and Department of Justice. They are probing the company’s overoptimistic reserves bookings which came to light this year. Watts’ was fired in March for his part in the affair.

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