The Times: Banker departs as Deutsche is fined £6m over Scania
By Tom Bawden |
DAVID MASLEN, the banker at the centre of a controversial share sale that landed Deutsche Bank with the City watchdog’s third-largest ever fine, left the bank abruptly only days before the fine was made public yesterday.
Mr Maslen was Deutsche Bank’s head of European cash trading when, in March 2004, Volvo hired the bank to sell £1.1 billion of shares that it owned in Scania, the Swedish lorry maker.
The Financial Services Authority (FSA) fined the bank £6.3 million for “failing to observe proper standards of market conduct”. Mr Maslen was fined £350,000 for “being knowingly concerned in the failure to observe proper standards of market conduct”.
Deutsche Bank confirmed that Mr Maslen had left the company, but declined to say whether he had been dismissed. A spokesman for Mr Maslen denied suggestions that he had been sacked and said that his contract was “terminated by mutual agreement”.
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Deutsche fined £6.3m for market misconduct
By Robert Miller (Filed: 12/04/2006)
The London arm of Deutsche Bank has been fined £6.3m for market misconduct by the Financial Services Authority (FSA) the third-largest penalty ever levied by the City watchdog.
David Maslen, former head of European Cash Trading at Germany's biggest bank, was personally fined £350,000, the highest FSA penalty to be levied on an individual.
The watchdog's disciplinary action relates to two separate deals in March 2004. In the first Deutsche, which employs 6,626 staff in London, agreed to buy nearly 64m shares in Sweden's Scania for £1.1bn from Volvo and sell them on through an accelerated book-building exercise. read more and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and
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Deutsche Bank fined for market misconduct
· Regulator imposes its third-largest penalty
· Trading in Scania shares was not transparent
Mark Milner
Wednesday April 12, 2006
The Guardian
The Financial Services Authority has slapped a £6.4m fine on Deutsche Bank, the third largest imposed by the financial markets' watchdog.
The bulk of the fine, some £5.9m, was imposed for market misconduct and a further £500,000 for failing to conduct business with “due care, diligence and skill”.
The FSA also fined David Maslen, the former head of cash trading at Deutsche Bank, £350,000. It said the size of the fine imposed on Mr Maslen, who has left the bank, took account of the disciplinary action taken against him by Deutsche Bank including cutting his 2004 bonus by €1.83m (£1.27m).
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Shell ordered to stop flaring off excess gas
Terry Macalister
Wednesday April 12, 2006
The Guardian
Shell was ordered yesterday by a court in Lagos to end its practice of “flaring” off excess natural gas at oil fields in Nigeria within 12 months.
The company has been given six weeks to come up with a detailed plan for the Iwherekan region to halt flaring, considered one of the worst causes of global warming.
The ruling follows an earlier judgment in favour of local resident Jonah Gbemre and the Iwherekan community. Nigeria is the world's biggest gas flarer and the practice is said to provide more greenhouse gas emissions than all other combined sources in sub-Saharan Africa.
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Shell holding Iraq oil metering talks
By Thomas Catan
Published: April 12 2006 03:00 | Last updated: April 12 2006 03:00
Royal Dutch Shell, the Anglo-Dutch energy group, is holding “preliminary discussions” with the Iraqi government to overhaul its oil metering system, blamed for allowing billions of dollars in revenues to be siphoned-off.
BP, the UK-based energy company, was also reported to be talking to the Iraqi oil ministry about participating in the work. However, the company said it had “not signed anything” relating to the metering contract with the Iraqi government.
Shell and BP are already conducting separate technical work for the Iraqi oil ministry, studying the Kirkuk and Rumeila oilfields respectively. A contract to fix the metering system would help the companies increase their foothold in the country, which has the second-largest oil reserves after Saudi Arabia.
Shell is also conducting technical studies on the Maysan oilfield in the south of Iraq and helping the country draw up a gas “masterplan”, the company said. Like other companies, it is doing most of its work from neighbouring countries because of security concerns.
A watchdog led by the UN has, for two years, been calling for the installation of proper metering equipment to halt oil smuggling.
The International Advisory and Monitoring Board criticised the US administrator of Iraq in mid-2004 for delays in installing metering equipment to measure how much oil was being pumped.
However, Iraqi government officials have said the project could take another two years to complete.
Both Shell and BP have signed memorandums of understanding with Iraq's oil ministry to provide technical assistance to Iraq's oil ministry.
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A head-cut image of Alfred Donovan (now deceased) appears courtesy of The Wall Street Journal.
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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