By Upstream staff
The US Securities & Exchange Commission has decided to take no action against former Shell boss Phil Watts over a reserves overbooking scandal, Watts’ lawyers said today.
Watts and other senior managers were ousted after Shell admitted in early 2004 that it had overstated the size of its oil and gas reserves for years.
The revelation hit the company’s shares hard and led to a loss of investor confidence.
However, Watts defended his record as head of the world’s third-largest fully publicly traded oil and gas company by market capitalisation.
“I am extremely pleased that the US authorities have closed the investigation … I had every reason to believe that all at Shell acted properly and in good faith when disclosing proved reserves,” he said in a statement released this morning.
Shell has already paid out tens of millions of dollars to settle lawsuits related to the scandal.
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: 
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A head-cut image of Alfred Donovan (now deceased) appears courtesy of The Wall Street Journal.
