Bloomberg.com: U.K. Regulator Probes Shell on Oil, Gas Reserves, Observer Says
March 14 (Bloomberg) -- The British financial regulator is investigating whether Royal Dutch/Shell Group breached stock market rules by not giving investors sufficient notice of the revision of its oil and gas reserves, the Observer reported, without saying where it obtained the information.
U.K. stock market rules oblige companies to warn shareholders in good time about developments that could have significant impact on the share price, the paper said.
The Financial Services Authority refused to comment, the paper said.
Shell on Jan. 9 said it had overstated proven oil and gas reserves for at least five years. The company's audit committee and the U.S. Securities and Exchange Commission are investigating Shell's announcement of the cut in reserves.
The New York Times reported on March 9 that executives including Chairman Jeroen van der Veer were informed about a shortfall in reserves in February 2002.
(Observer 3-14 Business 1)
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