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Posts on ‘November 5th, 2010’

THE ROYAL DUTCH SHELL RESERVES FRAUD UNFOLDS IN NEWS HEADLINES

Screen Shot 2014-02-10 at 16.29.29THE ROYAL DUTCH SHELL RESERVES FRAUD UNFOLDS IN NEWS HEADLINES

Daily Telegraph: Shell drops ‘bombshell’ on reserves: 9 January 2004

The Times: How Shell blew a hole in a 100-year reputation: 10 January 2004

The West Australian: Investors howl for Shell’s blood: 12 January 2004

London Evening Standard: Shell bosses lied to the City: 19 April 2004

(Former executives, led by ex-chairman Sir Philip Watts, admitted they had repeatedly lied to investors about the true level of Shell’s oil and gas reserves.)

Houston Chronicle: ‘Sick and tired about lying’ at Shell: 19 April 2004 read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

Shell Closes Book on 2004 Reserves Scandal as Claims Deadline Passes

By Fred Pals – Nov 5, 2010 8:06 AM GMT+0000

Royal Dutch Shell Plc, Europe’s largest oil company, will finally be able to turn the page of its reserves scandal when a deadline for investors to make claims passes today.

Non-U.S. investors have until today to be part of the $352.6 million settlement, made after the company restated reserves in 2004. Shell, whose shares are trading near a two- year high, slashed its proven oil and gas reserve estimates in January 2004, leading to fines, investor lawsuits and the departure of the company’s top three executives. The Anglo-Dutch joint venture Royal Dutch/Shell Group was unified in 2005 as a single Hague-based company, Royal Dutch Shell Plc. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

Royal Dutch Shell Reserves Scandal Unfolds in News Headlines

Daily Telegraph: Shell drops ‘bombshell’ on reserves: 9 January 2004

The Times: How Shell blew a hole in a 100-year reputation: 10 January 2004

The West Australian: Investors howl for Shell’s blood: 12 January 2004

London Evening Standard: Shell bosses lied to the City: 19 April 2004

Houston Chronicle:‘Sick and tired about lying’ at Shell: 19 April 2004

Bloomberg: Shell Loses AAA Credit Rating: 19 April 2004

BBC News: Shell bosses ‘fooled the market’: 19 April 2004

The Guardian: Trail of emails reveals depths of deceit at the heart of Shell: 20 April 2004 read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

Town’s fuming forces Dutch gov’t to halt Shell’s CO2 storage project

Agence France-Presse November 5, 2010

The Dutch government said Thursday it will not allow oil giant Shell to store millions of tonnes of carbon dioxide in a depleted gas reservoir under a small town, upholding the fears of townspeople.

“The CO2 storage project in (the western town of) Barendrecht is not going ahead,” the ministry of economy, agriculture, and environment said in a statement. A “total lack of local support” was one of the main reasons for the decision, it quoted minister Maxime Verhagen as saying in a letter to parliament. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

U.S. SECURITIES AND EXCHANGE COMMISSION CEASE AND DESIST ORDER: ROYAL DUTCH SHELL BRIBERY AND CORRUPTION

UNITED STATES OF AMERICA Before the SECURITIES AND EXCHANGE COMMISSION

SECURITIES EXCHANGE ACT OF 1934 Release No. 63243 / November 4, 2010

ACCOUNTING AND AUDITING ENFORCEMENT Release No. 3204 / November 4, 2010

ADMINISTRATIVE PROCEEDING File No. 3-14107

In the Matter of ROYAL DUTCH SHELL plc,
and
SHELL INTERNATIONAL EXPLORATION AND PRODUCTION INC.,
Respondents.

ORDER INSTITUTING CEASE- AND-DESIST PROCEEDINGS PURSUANT TO SECTION 21C OF THE SECURITIES EXCHANGE ACT OF 1934, MAKING FINDINGS, AND IMPOSING SANCTIONS AND A CEASE-AND- DESIST ORDER read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

Shell Bribes Among ‘Culture of Corruption’

The company said Shell’s Nigerian employees “specifically requested Panalpina Nigeria to provide false invoices with line items to mask the nature of the bribes.” Shell wanted to “hide the nature of the payments to avoid suspicion if anyone audited the invoices,” Panalpina said.

Shell separately admitted paying $2 million to Nigerian subcontractors on its deepwater Bonga Project. Shell knew some money would go as bribes to Nigerian officials to circumvent the customs process and give the company “an improper advantage,” according to its admission in federal court in Houston.

Shell Bribes Among ‘Culture of Corruption,’ Panalpina Admits

November 05, 2010, 12:03 AM EDT

By David Voreacos and Laurel Brubaker Calkins

Nov. 5 (Bloomberg) — Bribes paid on behalf of Royal Dutch Shell Plc’s Nigerian unit came from “a culture of corruption” that Panalpina World Transport Holding Ltd., a Swiss freight forwarder, admitted in a U.S. court yesterday.

Panalpina, Shell and five oil services companies agreed to pay $236.5 million to settle probes by the U.S. Justice Department and Securities and Exchange Commission. Panalpina, which admitted to bribing government officials in seven nations, will pay $81.5 million, and Shell will pay $48.1 million. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

Royal Dutch Shell hypocrisy on bribery

EXTRACT FROM ROYAL DUTCH SHELL BUSINESS PRINCIPLES

Principle 3 Business Integrity
Shell companies insist on honesty, integrity and fairness in all aspects of our business and expect the same in our relationships with all those with whom we do business. The direct or indirect offer, payment, soliciting or acceptance of bribes in any form is unacceptable. Facilitation payments are also bribes and should not be made.

Shell Ethical Code

EXTRACT FROM DAILY TELEGRAPH ARTICLE “SHELL TO PAY $48m NIGERIAN BRIBE FINE” read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com