Anglo-Dutch oil giant Shell reaches settlement with SEC

5th November 2010, Comments 0 comments


Shell reaches settlement with SEC in bribery case

The Anglo-Dutch energy giant Shell has reached a 33.9-million-euro settlement with the SEC, the US stock exchange watchdog. The settlement means Shell will not be indicted on charges of paying bribes in Nigeria.

The SEC says Shell bribed Nigerian customs officials to a total amount of 2.4 million euros between 2002 and 2005. The bribes, which were paid in connection with the Bonga project, resulted in a 9.8-million-euro profit for Shell. This amount, plus interest and a 21 million euro fine, is now to be paid back.

In addition to Shell, six other oil companies have reached settlements with the SEC totalling 167 million euros.  


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