By Michael Steen in Amsterdam
Published: May 30 2009 02:36 | Last updated: May 30 2009 02:36
An Amsterdam court on Friday paved the way for pay-outs to commence in a settlement of Royal Dutch Shells oil and gas reserves misreporting scandal.
The decision by the Court of Appeals in Amsterdam provides $352.6m in compensation for non-US shareholders who bought Shell stock outside the US between April 1999 and March 2004.
The Anglo-Dutch oil group shocked investors five years ago when it announced that it had overstated its proven oil and gas reserves. The revelation sent the companys share price lower and led to the departure of its three most senior executives.
Shell and 150 institutional investors represented by a foundation had asked the court to declare the agreement binding, the first time that a Dutch court has done so for such a large international settlement.
It follows a similar deal with US shareholders announced in March last year worth $89.5m. Shell took provisions of $500m to cover both cases in 2006.
EDITORS CHOICE
In depth: Oil – Mar-27
Shell shake-up to cut costs – May-27
Shell clears way for senior shake-up – May-26
Copyright The Financial Times Limited 2009
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.
