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UK: OFT may launch criminal investigation into oil as EU review continues

By  |  July 15, 2013

As the European Commission continues its civil probe into the oil sector following allegations of price manipulation, UK regulators are reportedly considering a criminal probe into the gas market. In a statement Monday the Office of Fair Trading announced it was collaborating with various other UK regulators, including the Serious Fraud Office and Financial Conduct Authority, to establish whether there is sufficient evidence to launch a criminal investigation. The SFO further said it is “urgently reviewing” whether a criminal investigation would be appropriate. The OFT has received intensifying pressure to launch a formal probe. The Commission raided office of Royal Dutch Shell, BP, Statoil and price publisher Platts last May as part of Europe’s probe.

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