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FSA fines Shell £17m for market abuse and breaching of rules

The FSA has fined Anglo-Dutch oil giant Shell £17m for market abuses and breaching the listing rules when misstating its reserves. The FSA says the penalty would have been significantly higher were it not for Shell&#39s cooperation with the investigation.

When Shell first announced it had misstated its reserves its share price fell by £2.9bn, approximately 7.5 per cent of its market capitalisation on that day.

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