SEC Drops Probe Of Former Shell Boss

Law360, New York (August 30, 2006, 12:00 AM EDT) -- After “rigorous and thorough investigations” into the overstatement of oil reserves at Shell, the U.S. Securities and Exchange announced Tuesday that it would not take action against Royal Dutch Shell Plc.’s former boss Sir Phillip Watts.

The SEC conducted a two-year joint investigation with the United Kingdom’s Financial Services Authority, concluding that Watts was not responsible for the overstatement of oil reserves, despite being at the helm of Shell during the time of the scandal.

“I said from the beginning that I acted in good faith...
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