The Wall Street Journal: Shell Transport To Resolve FSA And SEC Investigations
“Shell to cease and desist from future violations of, the antifraud, reporting, recordkeeping and internal control provisions of the U.S. Federal securities laws and related SEC rules.”
DOW JONES NEWSWIRES
July 29, 2004 3:12 a.m.
Edited Press Release
LONDON — The Royal Dutch/Shell Group of Companies said Thursday that it has reached agreements in principle with the United Kingdom’s Financial Services Authority and the staff of the United States Securities and Exchange Commission to resolve their pending inquiries related to Shell’s reserves recategorisation.
In connection with the agreement in principle with the FSA, Shell will agree, without admitting or denying the FSA’s findings or conclusions, to the entry of a Final Notice by the FSA finding that Shell breached market abuse provisions of the UK’s Financial Services and Markets Act 2000 and the Listing Rules made under it.
In connection with the proposed settlement, Shell will pay a penalty of GBP17 million, the company said.
In connection with the agreement in principle with the SEC staff, Shell will consent, without admitting or denying the SEC’s findings or conclusions, to an administrative order finding that Shell violated, and requiring Shell to cease and desist from future violations of, the antifraud, reporting, recordkeeping and internal control provisions of the U.S. Federal securities laws and related SEC rules.
In connection with the proposed settlement, Shell will pay a $120 million civil penalty and has undertaken to spend an additional $5 million developing a comprehensive internal compliance program. The agreement in principle with the SEC staff is subject to final approval by the SEC, Shell said.
No further details respecting the proposed settlements will be released at this time.
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