Business Report: Shell gets hefty fine for reserves fiasco
“The SEC found the Anglo-Dutch group had violated reporting, record-keeping and anti-trust rules”
Posted 30 July 2004
London – Energy multinational Shell said Thursday it had been fined $120 million (R753.6 million) by the Securities and Exchange Commission in the United States following the fiasco regarding the repeated downgrading of its proven reserves earlier this year.
The SEC found the Anglo-Dutch group had violated reporting, record-keeping and anti-trust rules.
An announcement by Shell in January that its oil and gas stocks were 20 percent lower than previously stated led to a spike in the oil price and a decline in its shares.
Shell subsequently announced a further three downgrades, although these were more limited in scope.
Three senior executives were forced out after internal correspondence revealed they had known for some time that the group’s reserves were overstated.
Shell has agreed to pay a penalty of £17 million (R193.8 million) imposed by Britain’s Financial Services Authority.
The group reported Thursday its second-quarter profit stood at 4 billion dollars, attributing this to the highest oil prices for 20
years. – Sapa-dpa
http://www.busrep.co.za/index.php?fSectionId=&fArticleId=2168276
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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.
