The Royal Dutch Shell group has reduced its reserves by around 25% this year in a series of downgrades that angered investor groups worldwide and cost two top Shell executives their jobs.
FSA has asked shareholder groups for records of any meetings they have had with three of Shell’s most senior executives in the two years preceding the shock admission.
The letter is the first indication it is targeting individual executives for their roles in the scandal, which stripped £3 billion in market capitalisation from the firm when the first downgrade was announced.
Shell has already paid £17 million in fines but the FSA has left open the possibility of further charges. It said it was continuing its investigation into other aspects of the matter, sparking speculation it was targeting individual executives and their actions leading up to the downgrade.
The US Securities and Exchange Commission has also fined Shell US$120 million for the same breaches and is on record as saying it was investigating the actions of key Shell personnel.
