Lloyds List: Shell settles with regulators to end reserves scandal
“findings and conclusions in the FSA’s ‘final notice’ and the SEC’s ‘cease and desist order’.”
Tony Gray
Aug 25, 2004
SHELL has moved closer to consigning one of the oil giant’s darkest chapters to history when it reached final settlements with the US and UK authorities over its mis-statement of proven oil reserves.
The world’s third-largest oil group is paying $120m to the US Securities and Exchange Commission and a record GBP17m ($30.4m) to the UK Financial Services Authority.
These fines come seven months after Shell shocked investors by slashing its proven oil and gas reserves by a fifth, or 4.47bn barrels.
When the scandal was first revealed in January, it cut the group’s market capitalisation by almost GBP3bn.
The oil major has also agreed to commit an additional $5m to develop and implement a ‘comprehensive internal compliance program’ under the direction and oversight of the group’s legal director.
Shell settled without admitting or denying the findings and conclusions in the FSA’s ‘final notice’ and the SEC’s ‘cease and desist order’.
Jeroen van der Veer, chairman of Shell’s committee of managing directors, said the conclusion of the FSA’s and SEC’s investigations into Shell represented ‘another significant step….in putting the reserves issues behind us and continuing our efforts to regain and maintain the confidence and trust of our investors, partners, customers and employees’.
The scandal has resulted in three high-profile departures from Shell former chairman Sir Philip Watts, exploration director Walter van de Vijver, and chief financial officer Judy Boynton.
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: 
MORE DETAILS:
A head-cut image of Alfred Donovan (now deceased) appears courtesy of The Wall Street Journal.
