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Posts on ‘August 26th, 2004’

Royal Dutch/Shell told to pay compensation

Financial Times: R Dutch/Shell told to pay compensation

“Nigeria accounts for about 10 per cent of Shell’s production but the company’s position is seen as increasingly precarious”

By Michael Peel, FT.com, Aug 26 2004 11:40

Nigeria’s Senate has ordered Royal Dutch/Shell, the oil company, to pay $1.5bn compensation for environmental damage allegedly caused by exploration and production in the violent and polluted Niger Delta region.

The call, which comes after a similar but still unenforced recommendation by a judicial panel set up by the parliament’s lower house last year, demands a $1bn payment by Shell “forthwith” for problems including “severe health hazards”, “economic hardship” and “avoidable deaths”. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Irish Independent: Good addresses, interesting gamble

Irish Independent: Good addresses, interesting gamble

“When the oil price goes up the value of their reserves goes up, the share price goes up… and vice versa. However, Shell’s recent performance – where its reserves had to be written down and the oil giant was fined – turned that market truism on its head.”

Aug 26, 2004

THERE’S just no satisfying some investors/speculators. Undeterred by the collapse of the dotcom bubble, some risk-aware investors have been rediscovering oil companies in general and the exploration and production sector of the oil industry in particular.

Traditionally, the oil majors have been a pretty safe bet. When the oil price goes up the value of their reserves goes up, the share price goes up . . . and vice versa. However, Shell’s recent performance – where its reserves had to be written down and the oil giant was fined – turned that market truism on its head. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

The Guardian: Shell hit by $1.5bn Nigeria spill claim

The Guardian: Shell hit by $1.5bn Nigeria spill claim

Senate action on pollution adds to damage from reserves scandal

Terry Macalister

Thursday August 26, 2004

Shell has been hit by a $1.5bn (£840m) pollution claim from the Nigerian parliament 24 hours after being fined in Britain and the United States by financial regulators for “unprecedented misconduct”.

The latest bombshell was delivered by the Nigerian senate after it reviewed a compensation demand from the Ijaw tribe in the oil-rich Niger Delta.

Shell has been under fire in Nigeria for many years over its environmental record, which has been made worse by sabotage in the politically turbulent south of the country. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Shareholders could be damaged beyond repair

The Times: Shareholders could be damaged beyond repair

“Several lawyers specialising in class actions on behalf of aggrieved investors are circling the Anglo-Dutch group, which is well within the orbit of American law.”

By Graham Searjeant

August 26, 2004

AMERICA’S Securities and Exchange Commission promises to deliver even more embarrassment to the corporate heart of Royal Dutch/Shell than to its London equivalent.

For shareholders, however, the agreement of fines and the switch in emphasis to errant individuals should be an enormous relief.

Other regulators can have their say, but the main damage is clear, quantifiable, done and over with.

Except that it isn’t. The unquantifiable peril for shareholders, the one that could wreck their investment, comes from themselves. Several lawyers specialising in class actions on behalf of aggrieved investors are circling the Anglo-Dutch group, which is well within the orbit of American law. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Regulators dig deeper into Royal Dutch/Shell’s problems

Financial Times: Regulators dig deeper into Royal Dutch/Shell’s problems

“The SEC is scathing about Shell’s advice to investors that it had changed its mathematics, saying in its 1998 annual report only that estimation methods “have been refined”.

By Carola Hoyos, Adrian Michaels and Andrew Parker

Published: August 25 2004 03:00

Posted 26 August 04

US and UK regulators yesterday went several steps further than Royal Dutch/ Shell in their dissection of what went wrong at the oil group.

The Anglo-Dutch group had already presented in April the main findings of an internal investigation into its reserves debacle.

That report had been heavy on its criticism of dismissed senior executives – Walter van de Vijver, the former head of exploration, and Sir Philip Watts, former chairman. But it had been less fulsome on the detail of how the company had been engaged in accounting manoeuvres since 1997-98, including the administering of an internal audit function that was riddled with flaws. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

The misreporting scandal: Shell penalties ‘bolster’ “BILLION-DOLLAR” class action lawsuits

The Times: The misreporting scandal

Shell penalties ‘bolster’ “BILLION-DOLLAR” class action lawsuits

“A source close to the SEC told The Times last night that a list of questions had been sent to all Shell executives involved in the inquiry. It is understood that those questions have been passed to, among others, Sir Mark Moody-Stuart”

From James Doran, Wall Street Correspondent

August 26, 2004

BILLION-DOLLAR class action lawsuits against Shell will be bolstered by the company’s settlement with UK and US regulators over its oil reserves misreporting scandal, Wall Street lawyers said last night.

Melvyn Weiss, the senior partner of Milberg Weiss, said that the $150 million (£84 million) in fines imposed on Shell by the Securities and Exchange Commission (SEC) and the Financial Services Authority (FSA) on Tuesday “demonstrate that our allegations are well founded”. The New York law firm is claiming damages from Shell on behalf of the company’s employee pension fund. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Shell hit by $1.5bn oil pollution claim from Nigerian Senate

The Independent: Shell hit by $1.5bn oil pollution claim from Nigerian Senate

“Shell was linked by international campaigners to the military government of Sani Abacha, which executed a delta activist, Ken Saro-Wiwa.”

Saeed Shah

United Kingdom; Aug 26, 2004

SHELL, THE beleaguered oil giant, has been asked to pay $1.5bn (pounds 830m) compensation by Nigeria’s Senate to communities affected by oil pollution in the country.

The resolution passed by the Senate, against the company’s Nigerian joint venture, Shell Petroleum Development Corp, was to compensate the Ijaw tribe in the southern Bayelsa state. SPDC has long been accused by activists of not cleaning up oil spillages and complicity in human rights abuses. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.
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