Shell will pay the FSA a £17m penalty, while the SEC will receive a $120m (£66m) civil penalty plus an additional $5m will be spent by the company to develop a ‘comprehensive internal compliance program’.
Shell also confirmed that it breached market abuse provisions of the FSA’s Financial Services and Markets Act 2000 and the listing rules made under it. However it is not ‘admitting or denying’ the pending findings or conclusions of either the FSA or the SEC.
Shell’s share price has climbed to 401p, from 390p this morning.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements