THE EUROPEAN Commission’s probe into allegations of oil price fixing could take years, according to Shell: The lawyer warned that the EC is issuing increasingly heavy penalties. For cartel cases, the limit for a fine is 10 per cent of the group’s turnover.
by Suzie Neuwirth: June 7, 2013, 4:21am
THE EUROPEAN Commission’s probe into allegations of oil price fixing could take years, according to Shell, one of the companies under review.
“It is important to bear in mind that this is an ongoing investigation into the facts and potential evidence, and it could be a number of years before it concludes,†a Shell spokesperson told City A.M. via email.
Oil giant Shell, along with BP, Statoil, ENI and price reporting agency Platts, all confirmed last month that they are under investigation by the EC.
Since then, commodities trading houses including Glencore, Gunvor, Vitor and Mercuria have been asked to submit information, although they are not under review.
An antitrust lawyer who chose to remain anonymous due to their relationship with one of the companies under review told City A.M. that the EC investigation would most likely take years to complete, particularly due to the number of companies involved in the case. However, the lawyer added that criticism of the regulator for taking too long in the past could lead the EC to speed up proceedings.
The lawyer warned that the EC is issuing increasingly heavy penalties. “For cartel cases, the limit for a fine is 10 per cent of the group’s turnover. This has not happened yet but penalties are getting bigger and bigger.â€
The EC announced last month that it had carried out unannounced raids on the premises of several companies on the suspicion that they were manipulating oil prices.
The investigation has already drawn comparisons with the Libor scandal, which has seen several banks receive fines for manipulating interbank lending rates.
The European Commission, BP and Platts declined to comment.
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.
