|
|
26 Apr 2004
In a statement, the FSA said it was 'formally investigating various issues surrounding recent announcements' made Shell.
The FSA said it had been gathering and analysing documentary evidence, and has been in close contact with the relevant overseas regulators throughout. The Securities & Exchange Commission is believed to be investigating how oil companies account for their reserves in the wake of the Shell crisis.
Under its enhanced powers, the FSA has the power to prosecute companies that release misleading statements and practices.
Since the crisis hit Shell earlier this year, it has been revealed that senior officials admitted to misleading investors about the level of oil reserves as far back as two years ago.
Shell has been notified of the investigation an the FSA says it will not comment further until this work reaches a conclusion.
You may also like
Search thousands of financial jobs:
Search thousands of financial jobs:
Careers
Search for jobs
Click to search our database of all the latest accountancy roles
Create a profile
Click to set up your profile and let the best recruiters find you
Jobs by email
Sign up to receive regular updates with the latest roles suitable for you
Briefings
By looking at the reasons supplier statements became unfashionable, and the reasons why it is different today, this paper delves into the many benefits that can be obtained by automating the process.
Having a real and true view of your organisation’s current financial position, and having the right systems and processes in place, will ensure that you can make strong choices and are ready to capitalise on opportunities
AccountancyAgeInsight is a frequently updated resource centre for finance professionals, offering a free and easy-to-use digital library of briefings, white papers and other information resources. 
Visitor comments Add your comment