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Former Shell chief challenges regulator’s censure

Financial Times: Former Shell chief challenges regulator’s censure

“The FSA violated my statutory rights to review and rebut the allegations contained in their recently published Final Notice against Shell, because I was both identified and prejudiced by the publication,” Watts said in a statement.”

Reuters 16 Sept 15.29

Former Royal Dutch/Shell chief Philip Watts said on Thursday he had appealed against the UK financial regulator’s censure of the oil giant over its oil reserves scandal, which he said violated his rights.

Shell shocked investors in January by slashing its proven oil and gas reserves by 20 percent. The debacle led the company to oust its top management, including Watts, and brought a 17 million pound ($30.38 million) fine from the Financial Services Authority (FSA).

Watts said he had filed an application with the Financial Services and Markets Tribunal regarding the FSA’s August ruling. This said Shell had engaged in “unprecedented misconduct” which resulted in market abuse and the breaching of listing rules.

“The FSA violated my statutory rights to review and rebut the allegations contained in their recently published Final Notice against Shell, because I was both identified and prejudiced by the publication,” Watts said in a statement.

The FSA declined to comment on the matter. The Financial Services and Markets Tribunal is an independent judicial body to which individuals or companies can appeal FSA rulings.

U.S. regulator the Securities and Exchange Commission also fined Shell for overstating its reserves.

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