The Scotsman: Fresh probe into Shell oil reserves scandal
Watchdogs to target ‘those responsible’
JIM STANTON, DEPUTY BUSINESS EDITOR
25 August 04
REGULATORS on both sides of the Atlantic are set to pursue a number of as-yet unnamed individuals that they believe are responsible for the reserves scandal at oil giant Shell.
News of separate investigation came as the embattled company settled fines with British and United States watchdogs over the debacle totalling £84 million.
Wrapping up an initial investigation, British regulator the Financial Services Authority said the Anglo-Dutch group was responsible for “unprecedented misconduct” and was putting out false figures for its proven oil reserves as far back as 1998.