Ex-Shell boss appeals regulator's censure

Former Royal Dutch/Shell chief Mr Phil Watts has appealed the UK financial regulator's censure of the oil giant over its oil …

Former Royal Dutch/Shell chief Mr Phil Watts has appealed the UK financial regulator's censure of the oil giant over its oil reserves scandal.

Shell shocked investors in January by slashing its proven oil and gas reserves by 20 per cent. The debacle led the company to oust its top management, including Mr Watts, and brought a £17 million sterling fine from the Financial Services Authority (FSA).

Mr Watts said he had filed an application with the Financial Services and Markets Tribunal regarding the FSA's August ruling.

The ruling said Shell had engaged in "unprecedented misconduct" which resulted in market abuse and the breaching of listing rules.

READ MORE

"The FSA violated my statutory rights to review and rebut the allegations contained in their recently published Final Notice against Shell, because I was both identified and prejudiced by the publication," Mr Watts said in a statement.

The FSA declined to comment on the matter.

The Financial Services and Markets Tribunal is an independent judicial body to which individuals or companies can appeal FSA rulings.

US regulator the Securities and Exchange Commission also fined Shell for overstating its reserves.