Reuters: FSA drops reserves probe into ex-Shell chairman: “Shell shocked investors in 2004 by admitting it had overstated its reserves by around a third. The scandal cost Watts and other senior Shell managers their jobs.”: Wed Nov 9, 2005

LONDON, Nov 9 (Reuters) - UK financial regulator, the Financial Services Authority, has ended its investigation into former Royal Dutch/Shell group (RDSa.L: Quote, Profile, Research) chairman Phil Watts and other unnamed individuals, a spokesman said on Wednesday.

"The Financial Services Authority (FSA) has been pursuing enquiries into the roles of certain individuals in the mis-statement of Shell's hydrocarbon reserves. Those enquiries have reached a conclusion and the FSA will be taking no further action," the FSA said in a statement.

Shell shocked investors in 2004 by admitting it had overstated its reserves by around a third. The scandal cost Watts and other senior Shell managers their jobs.

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