Shell in US bribery probe

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    Shell has admitted in a public report that it is under investigation for bribery and corruption in the United States.

    In its 2008 annual review and summary financial statement, Shell admitted it is facing an investigation. In the report, the company states: “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.”

    No further details are given in the report about when or how the inquiry started, but Reuters pointed out that Shell reported it had been “contacted” by US Department of Justice officials in 2008 regarding potential violations of the Foreign Corrupt Practices Act.

    Today Shell issued a new strategy update which talks about “Building new heartlands,” and “..managing recession challenges.”

    Shell’s chief executive Jeroen van der Veer stated: “These are testing times in the oil and gas industry. Whilst short-term measures are important, we keep our long-term perspective, and continue to believe that energy needs over the long term provide a positive context for Shell’s investment programmes today.” 

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