BusinessCompany NewsFSA confirms Shell probe

FSA confirms Shell probe

Shell, the embattled oil giant, has been under investigation by the Financial Services Authority for 'some weeks now' the City watchdog has confirmed.

Link: Regulator to grill Shell auditors

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.

Related Articles

BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

3m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

7m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

7m Alia Shoaib, Reporter
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

10m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

10m Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

10m Emma Smith, Managing Editor
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

10m Emma Smith, Managing Editor
Mazars strengthens audit team with partner appointment

Accounting Firms Mazars strengthens audit team with partner appointment

10m Emma Smith, Managing Editor