Wednesday, 30th August 2006 13:08
LONDON (AFX) – The US Securities and Exchange Commission has concluded its investigation on Philip Watts, former chairman of the Royal Dutch/Shell Group, regarding his role on the Anglo-Dutch oil major’s oil reserves crisis in 2004, according to Watt’s lawyers.
The SEC, which conducted a two-year joint investigation with the UK’s Financial Services Authority, has concluded that ‘no action should be taken’ against Watts, they said.
In reaction, Watts said: ‘I am extremely pleased that the US authorities have closed the investigation.’
‘As I have stated from the beginning, I have acted in good faith throughout and I had every reason to believe that all at Shell acted properly and in good faith when disclosing proved reserves,’ he added.
Watts, along with Walter van de Vijver, who was in charge of Shell’s key exploration and production business, were ousted by the board two years ago after the group shocked investors with an admission that it overbooked oil and gas reserves by over a fifth.
The crisis forced the union of the UK’s Shell Transport & Trading PLC and Netherland’s Royal Dutch Petroleum NV, creating what is now known as Royal Dutch Shell PLC.
The FSA fined Shell a record 17 mln stg but took no action on Watts and other former executives.
‘I said from the beginning that I acted in good faith throughout and am delighted with the decisions of both the FSA and SEC,’ said Watts.
‘As I have always said, Shell’s proved reserves accounting process involved professionals and experts in many countries who, acting in good faith, exercised their independent judgment in estimating and booking the reserves,’ he said.
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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.
