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UK tribunal rejects complaint from ex-Shell chief Watts

AFX News Limited: UK tribunal rejects complaint from ex-Shell chief Watts

Tuesday 13 Sept 2005

LONDON (AFX) – A UK tribunal has thrown out a complaint made by ex-Royal Dutch Shell chairman Philip Watts over how the Financial Services Authority managed its probe into the energy giant’s reserves crisis.

The Financial Services and Markets Tribunal this morning ruled that Watts had not been ‘identified and prejudiced’ by the FSA when it described Shell’s numerous mis-statements of its reserves as ‘unprecedented misconduct’.

The investigation also led to a 17 mln stg fine for the oil giant.

Watts, chairman at the time of last year’s crisis, had argued that his personal reputation had been damaged by the FSA’s censure.

The FSA’s findings had been ‘flawed’ as the regulators ‘unfairly denied’ him his right to make representations and review the evidence before they were made public, he said at the time.

A spokesman for Shell declined to comment on this morning’s ruling as Watts was no longer an employee of the firm.

sd/slm/

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