FROM OUR AUGUST 2004 SHELL NEWS ARCHIVE
CNN: Shell settles fraud case for $150M
Oil company agrees to pay SEC for overstating reserves, also settles market abuse case in Britain.
August 24, 2004
NEW YORK (CNN/Money) – Royal Dutch/Shell has agreed to pay about $150 million to settle charges by U.S. and British regulators that it vastly overstated oil reserves.
Under the settlement, Shell has also agreed to commit another $5 million to establish an internal compliance program under the direction and oversight of the company’s legal director, the Securities and Exchange Commission said in a statement.
The company units cited by the SEC, Royal Dutch Petroleum and Shell Transport, neither admitted to or denied any wrongdoing, the commission said.
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