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Posts on ‘October 10th, 2011’

Shell Pension Fund Joins Appeal of ‘Feeder Fund’ Ruling by Madoff Judge

By Linda Sandler – Oct 10, 2011 8:30 PM GMT+0100

Shell Pension Fund, which runs pension plans for Royal Dutch Shell Plc (RDSA) companies, joined an appeal of a court ruling in the Bernard Madoff case that denied customer status to so-called feeder fund investors.

U.S. Bankruptcy Judge Burton Lifland backed the liquidator of the con man’s firm in June, saying investors in feeders can’t file claims for payment with the estate because they didn’t have accounts with the Madoff firm in their own names. More than 50 companies, pension funds and individuals — from National Bank of Kuwait (NBK) SAK and Aozora Bank Ltd. (8304) to Upstate New York Bakery Drivers & Industry Pension Fund — appealed the ruling, asking a district judge to decide whether Lifland erred in defining what a customer was. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Shell issues Forcados production warning in Nigeria due to sabotage

Shell issues Forcados production warning in Nigeria due to sabotage, lifts Bonny Light warning

By Associated Press, Updated: Monday, October 10, 6:30 PM

LAGOS, Nigeria — Royal Dutch Shell PLC is warning it can’t meet Forcados crude production goals in Nigeria, after shutting down production on one of its pipelines in the oil-rich southern delta.

A Shell spokesman said in a statement Monday that its Nigerian subsidiary has declared “force majeure” on its Forcados crude shipment from October until December. The term is used when it is impossible for an oil company to cover the promised supply from the field.

Tony Okonedo says the Trans Forcados pipeline recorded a leak Thursday which had been caused by explosives. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Grieve must not terminate UK-Saudi bribery investigation

Transparency International

10 October 2011

In the wake of serious bribery allegations involving GPT, the UK subsidiary of European defence company EADS, and the Saudi Royal family, Transparency International UK is calling on the Government to support a full investigation by the Serious Fraud Office (SFO).

The Attorney General is reportedly deliberating over whether the SFO should continue to investigate allegations that GPT made illicit payments to the Saudi Royal family in order to secure a contract worth £2 billion.

The Attorney General’s decision will face a high level of international scrutiny because the UK’s anti-corruption record is currently under review by the United Nations, the Council of Europe and the OECD. Under Article 5 of the OECD Anti-Bribery Convention, to which the UK is a party, a state cannot allow political, economic or diplomatic considerations to interfere with the investigation and prosecution of foreign bribery cases. This echoes the BAE Systems case in 2006, when the Blair government caused an international outcry by forcing the SFO to drop an investigation into allegations of bribery in the Al Yamamah UK-Saudi defence contract. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.
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