Shell reaches agreements to resolve FSA, SEC inquiries

Royal Dutch/Shell Group July 29 said it has reached agreements in principle (AIP) with the UK's Financial Services Authority and US Securities and Exchange Commission staff to resolve their pending inquiries related to the company's oil and gas reserves revisions (see Watching Government, p. 28).The company will pay a total of $151 million in government fines—$120 million to the SEC and the equivalent of about $31 million to UK regulators. SEC officials refused comment on the Shell announcement. In connection with the AIP with FSA, Shell said that it "will agree, without admitting or denying the FSA's findings or conclusions, to the entry of a Final Notice by the FSA fin...

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