The Scotsman: Shell Fined £65M after Reserves Crisis
“inquiry which found that Shell violated reporting, record-keeping and anti-trust rules.”
By David Winning, City Staff, PA News
Thu 29 Jul 2004 8:07am (UK)
Oil giant Shell said today it had been hit with a 120 million US dollar (£65.7 million) fine following its reserves crisis earlier this year.
The penalty was imposed by the Securities and Exchange Commission (SEC) in the US after an inquiry which found that Shell violated reporting, record-keeping and anti-trust rules.
The Anglo-Dutch group rocked the market in January by announcing that its oil and gas stocks were 20% lower than previously thought. It subsequently downgraded its reserves a further three times.
Details emerged as Shell reported a second-quarter profit of 4 billion US dollars (£2.19 billion) on the back of the highest oil prices for 20 years.
The reserves crisis claimed the scalps of three senior executives, including chairman Sir Philip Watts and the head of exploration and production Walter van de Vijver.
Both men were criticised in an internal report that revealed they had known since 2001 that reserves had been overbooked.
Shell said today that agreeing to pay the multi-million dollar fine did not mean it admitted the SEC findings or that it was free of blame.
In a further move to draw a line under the crisis, Shell has agreed to pay a penalty of £17 million imposed by the Financial Services Authority in the UK.
This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.
Royal Dutch Shell conspired directly with Hitler, financed the Nazi Party, was anti-Semitic and sold out its own Dutch Jewish employees to the Nazis. Shell had a close relationship with the Nazis during and after the reign of Sir Henri Deterding, an ardent Nazi, and the founder and decades long leader of the Royal Dutch Shell Group. His burial ceremony, which had all the trappings of a state funeral, was held at his private estate in Mecklenburg, Germany. The spectacle (photographs below) included a funeral procession led by a horse drawn funeral hearse with senior Nazis officials and senior Royal Dutch Shell directors in attendance, Nazi salutes at the graveside, swastika banners on display and wreaths and personal tributes from Adolf Hitler and Reichsmarschall, Hermann Goring. Deterding was an honored associate and supporter of Hitler and a personal friend of Goring.
Deterding was the guest of Hitler during a four day summit meeting at Berchtesgaden. Sir Henri and Hitler both had ambitions on Russian oil fields. Only an honored personal guest would be rewarded with a private four day meeting at Hitler’s mountain top retreat.
IN JULY 2007, MR BILL CAMPBELL (ABOVE, A RETIRED GROUP AUDITOR OF SHELL INTERNATIONAL SENT AN EMAIL TO EVERY UK MP AND MEMBER OF THE HOUSE OF LORDS: 
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A head-cut image of Alfred Donovan (now deceased) appears courtesy of The Wall Street Journal.
