LONDON (Thomson Financial) – Royal Dutch Shell PLC said it has agreed to pay at least 353 mln usd to settle the claims lodged by European and other investors outside the US relating to the shock oil reserves downgrade in 2004.
The Anglo-Dutch oil group said it is entering into the agreement ‘without admitting any wrongdoing.’
It signed the arrangement with certain institutional investors led by Dutch pension funds ABP and PGGM, the Shell Reserves Compensation Foundation, and the Vereniging van Effectenbezitters (VEB), which represents individual Dutch investors.
As part of this settlement, Shell said it will ask the US Securities and Exchange Commission to distribute to shareholders the 120 mln usd it paid in 2004 to resolve the regulator’s investigation into its overstated reserves.
Shell will pay the claims once the Amsterdam Court of Appeals declares the settlement binding for all of the shareholders it covers.
‘Shell intends to offer the same proportional settlement to investors in the US, provided the US court overseeing the case approves,’ the company said.
Investors sued Shell after it admitted in 2004 that it inflated its oil and gas reserves by over a fifth.
The reserves crisis led to the departure of key executives led by chairman Philip Watts and the historic union of Shell Transport & Trading Co PLC and Royal Dutch Petroleum NV to create what is now known as Royal Dutch Shell PLC.
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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.
