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The Washington Times: Shell agrees on penalty to settle charges

The Washington Times: Shell agrees on penalty to settle charges

“While trying to put the scandal behind it, Shell reported a 16 percent increase in underlying second-quarter profits thanks to higher oil prices.”

Posted 30 July 04

New York, NY, Jul. 29 (UPI) — Royal Dutch/Shell has agreed to pay $150 million to settle alleged market abuse and reporting fraud in the United States and Britain.

Shell said Thursday it would pay a penalty of $120 million to the U.S. Securities and Exchange Commission and 17 million pounds ($30 million) to the British Financial Services Authority.

Shell said it would make no admissions or denials against the finding by the SEC that the company violated the anti-fraud, reporting, record-keeping and internal control provisions of the U.S. securities law.

The company further said it would not challenge or accept the FSA finding that it breached market abuse provisions in Britain, the Financial Times said.

While trying to put the scandal behind it, Shell reported a 16 percent increase in underlying second-quarter profits thanks to higher oil prices.

Net income was $4 billion, up 54 percent on the previous year.

http://washingtontimes.com/upi-breaking/20040729-112705-3341r.htm

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