Shell Oil Co "lied to City"

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By Jonathan Prynn, Evening Standard Consumer Affairs Editor
19 April 2004
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Former executives, led by ex-chairman Sir Philip Watts, admitted they had repeatedly lied to investors about the true level of Shell's oil and gas reserves.

The scandal is certain to lead to a wave of legal cases from furious investors who believe they have lost billions as a result of a fall in Shell's share price since the overstatement of reserves first came to light in January.

There is also a possibility of criminal charges being brought against executives by American financial authorities.

The unfolding debacle also claimed a third senior scalp today. The Anglo-Dutch multi-national said chief financial officer Judith Boynton, one of Britain's most senior female industrialists, had "stepped aside".

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More:http://www.thisislondon.co.uk/news/articles/10309979?source=Evening%20Standard

Another career op for the indomitable Eliot Spitzer?? Go get 'em boy..

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