Investigation on behalf of current long term investors in Royal Dutch Shell plc (ADR) (NYSE:RDS.A) over possible foreign bribery RDS.A stockholders should contact the Shareholders Foundation at [email protected]
Nov 22, 2010 After Royal Dutch Shell plc agreed to pay more than $48 in relation to Foreign Bribery allegations an investigation on behalf of current long term investors in Royal Dutch Shell plc (ADR) (NYSE:RDS.A) concerning whether certain officer and directors can be held liable was announced.
If you are a current long term investor in Royal Dutch Shell plc (ADR) (NYSE:RDS.A), and/or have any information relating the investigation, you have certain options and you should contact the Shareholders Foundation, Inc by email [email protected] or call +1(858) 779 1554.
n July 2007, Shells US subsidiary, Shell Oil, was contacted by the US Department of Justice regarding Shells use of the freight forwarding firm Panalpina, Inc and potential violations of the US Foreign Corrupt Practices Act (FCPA) as a result of such use. Shell has an ongoing internal investigation and is co-operating with the US Department of Justice and the US Securities and Exchange Commission investigations.
In October 2010 the Wall Street Journal reported also that Royal Dutch Shell plc (ADR) as a customer of Panalpina Group is also among the companies investigated by the U.S. Justice Department and the Securities and Exchange Commission in connection with potential foreign bribery and violations of the U.S. Foreign Corrupt Practices Act by Panalpina Group. According to the Justice Department the Foreign Corrupt Practices Act was enacted for the purpose of making it unlawful for certain classes of persons and entities to make payments to foreign government officials to assist in obtaining or retaining business. Specifically, the anti-bribery provisions of the FCPA prohibit the willful use of the mails or any means of instrumentality of interstate commerce corruptly in furtherance of any offer, payment, promise to pay to a foreign official to influence the foreign official in his or her official capacity to secure any improper advantage in order to assist in obtaining or retaining business for or with, or directing business to, any person.
Panalpina Group, which has 14,000 employees and branches in more than 80 countries, is a supplier of forwarding and logistics services, specializing in end-to-end supply chain management solutions and intercontinental air freight and ocean freight shipments. According to the Wall Street Journal the Panalpina Group is at the center of a sprawling probe into whether it paid officials in places including Nigeria, Saudi Arabia, Algeria and Kazakhstan to expedite services, such as clearing drilling rigs and other equipment through customs.
On November 4, 2010, the Wall Street Journal reported the logistics company admitted paying $27 million in bribes to foreign officials in several countries to expedite services for a raft of companies, including Pride International Inc., Royal Dutch Shell PLC, Tidewater Inc., Transocean Inc., GlobalSantaFe Corp. and Noble Corp. The Panalpina investigation came to light in 2007, after subsidiaries of Vetco International Ltd. pleaded guilty to paying $2.1 million in bribes to Nigerian customs officials through the Swiss logistics company. Vetco agreed to pay $26 million in criminal fines, the largest-ever FCPA penalty at the time.
Panalpina World Transport Holding Ltd., Royal Dutch Shell Plc, Transocean Ltd., Tidewater Marine International Inc. awholly owned subsidiary of Tidewater Inc, Pride International Inc., GlobalSantaFe Corp., which merged with Transocean in 2007, and Noble Corp will pay $236.5 million to resolve a U.S. probe of overseas bribery. The U.S. will collect $156.5 million in criminal penalties and $80 million in civil sanctions for violations of the Foreign Corrupt Practices Act.
Panalpina World Transport Holding Ltd agreed to pay a total of $81.9 million; Pride Intl.will pay $56.1 million; Royal Dutch Shell Plc will pay $48.1 million; Transocean/ GlobalSantaFe Corp will pay $20.6 million; Tidewater Marine International Inc will pay $15.7 million, and Noble Corp will pay $8.1 million; and GlobalSantaFe will pay $5.9 million, according to the Justice Department. The Panalpina investigation came to light in 2007, after subsidiaries of Vetco International Ltd. pleaded guilty to paying $2.1 million in bribes to Nigerian customs officials through the Swiss logistics company. Vetco agreed to pay $26 million in criminal fines, the largest-ever FCPA penalty at the time. Soon other companies began examining their relationship with Panalpina, as the SEC and DOJ expanded their investigation.
Royal Dutch Shell PLC agreed to pay $14,153,536 in disgorgement and $3,995,923 in prejudgment interest and a $30 million criminal fine or a grand total of $48,149,459 in criminal and civil sanctions after being charged with conspiring to violate the anti-bribery and books provisions of the FCPA for using a customs broker to pay officials to get preferential treatment related to a project in Nigeria.
The investigation by a law firm on behalf of current long term investors in Royal Dutch Shell plc (ADR) (NYSE:RDS.A) concerns whether certain officer and directors at Royal Dutch Shell plc can be held liable in connection with the recent agreement to settle charges of possible violations of the U.S. Foreign Corrupt Practices Act (FCPA), which prohibits companies from making improper payments to foreign officials for the purpose of obtaining or keeping business.
Those who are current long term investors in Royal Dutch Shell plc (ADR) (Public, NYSE:RDS.A), and/or have any information relating the investigation, have certain options and should contact the Shareholders Foundation, Inc by email [email protected] or call +1(858) 779 1554.
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The Shareholders Foundation, Inc. is an investor advocacy group. We do research related to shareholder issues and inform investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. At Shareholders Foundation, Inc. we are in contact with a large number of shareholders. We believe that together we can combine the interests of many investors, and use the size of our interest as leverage against the giant corporations. We offer help, support, and assistance for every shareholder. We help investors find answers to their questions and equitable solutions to their problems. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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