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Shell Pension Fund in Deficit an Investor in Madoff $50 billion fraud Fund?

By John Donovan

Printed below is a self-explanatory email sent to Richard Wiseman, Chief Ethics & Compliance Officer, Royal Dutch Shell Plc.

Date: Tue, 16 Dec 2008 23:23:07 +0000
To: “Wiseman, Richard RM SI-LSUK” <[email protected]>, “[email protected]” <[email protected]>

Subject: Shell Pension Fund in Deficit an Investor in Madoff $50 billion fraud Fund?

Dear Mr Wiseman
I note that you have ignored my email of 12 December about the deficit in the Dutch Shell Pension Fund and important issues raised by Paddy Briggs concerning the plight of Shell UK pensioners. This is in contrast with you choosing to reply when you wished to defend comments I made about you personally.

The fate of Shell pensioners is self-evidently of considerably less interest.

Reuters and the FT both kindly acknowledged our role in breaking the Shell Pension deficit story.

I have printed below a self-explanatory email received less than an hour ago from a reliable source. I received information on the day the story broke that there was panic at Shell about this matter. Perhaps we now know why?

Dear Mr. Donovan
I just saw  on Dutch TV that a financial advisor claimed he KNEW that the Shell pension fund had invested in this Madoff fund in the recent past. He did not know whether they still are invested in this fund and phoned them. They would not say. Apparently they have borrowed 500 mln Euro at 4% with Fortis and bought into the Madoff fund which ‘guaranteed’ 7%. They also invested 500 mln Euro of ‘their own’ money.

Since the Pension Fund had no comments, it presumably is true. That would mean that on top of the 2 billion shortage they will have to find another 1 billion Euro to top up the fund.

As mere mortals we have no chance of finding out from Shell. But perhaps you can approach them via your site?
It once more confirms that not only the bankers are evil people but so is the modern management of Shell. The disease of putting ever higher paid people in senior positions under the claim that top dollar needs to be paid to get top talent, only has led to people in these positions that are hungry for personal profit. Not necessarily the best people like we used to have in the days of Wagner and van Wachem.
A concerned pensioner.

Bearing in mind that Shell management ethics are involved, it will not reflect well on you or Shell if you continue to ignore these matters of legitimate concern to Shell pensioners. Any response will be published unedited.

John Donovan
Shell Shareholder

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