AMSTERDAM, Dec 17 (Reuters) – The Dutch pension fund of Anglo-Dutch oil giant Royal Dutch Shell (RDSa.L: Quote, Profile, Research, Stock Buzz)(RDSb.L: Quote, Profile, Research, Stock Buzz) said on Wednesday it has a $45 million exposure to the alleged $50 billion fraud by prominent Wall Street trader Bernard Madoff.
“Even when these investments would have to be written off in their entirety, the impact on the financial position and the funding status of the Pension Fund would not be material,” the fund said in a statement on its Web site.
All pension schemes in Europe are investigating potential losses from Madoff’s asset management firm via fund of funds structures. Possible losses by fund managers and banks range from a few million dollars to the $3 billion potentially faced by Santander (SAN.MC: Quote, Profile,Research, Stock Buzz), Spain’s largest bank.
The Dutch Shell pension fund last week said it had fallen into deficit as share market turmoil knocked 40 percent off the fund’s value, forcing the oil major and employees to increase contributions.
(Reporting by Harro ten Wolde; Editing by Rupert Winchester)
© Thomson Reuters 2008 All rights reserved
RELATED BLOG POSTS
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: 
MORE DETAILS:
A head-cut image of Alfred Donovan (now deceased) appears courtesy of The Wall Street Journal.
