Shell has to pay 83 million pounds in fines to stop two inquiries into the scandal of proved oil reserves
International oil and gas giant Shell has to pay 83 million pounds in fines to stop two transatlantic regulatory inquiries into the scandal of proved oil reserves, that has tormented the company this year.
The announcement of the deals with the Financial Services Authority and America?s Securities and Exchanges Commission came as Shell also unveiled a 16 per cent rise in underlying second quarter profits powered by the highest oil prices in 20 years.
The group has agreed to pay $120 million to the SEC for breaking "anti-fraud, reporting and record-keeping" rules.
It is to pay 17 million pounds to the FSA for breaching market abuse provisions and the listing rules for British publicly-quoted companies.
Shell still faces an ongoing investigation by the US department of justice, and by the Dutch financial regulator and the Euronext stock exchange covering Amsterdam, Brussels and Paris, as well as a series of class action lawsuits in America.
