Royal Dutch Shell has announced it is under investigation by the Securities and Exchange Commission for possible violations of bribery rules governing overseas territories.
In the company’s 2008 annual report, it stated, “Shell is currently under investigation by the United States Securities and Exchange Commission and the United States Department of Justice for violations of the US Foreign Corrupt Practices Act.”
Just last year, Shell announced that one of its U.S. subsidiaries had been contacted by the Department of Justice regarding possible violations of the Foreign Corrupt Practices Act.
Also in Shell’s 2008 annual report, Chief Executive Jeroen van der Veer stated plans to step down in mid-2009, handing over his title to Peter Voser, current Chief Financial Officer of Shell. It was not clear exactly when van der Veer plans to step down.
Shell could not immediately be reached for comment.
A copy of the report is available on the company's Web site.
Madoff victims worry plea could deny justice
Ruth Madoff’s Funds Subject to Recovery for Victims
