US class action lawyer Michael Hausfeld was quoted at the weekend as stating: “Deutsche Telekom, Parmalat, Royal Dutch Shell, they have shown that corporate fraud is not only endemic in the US…”
He was able to freely make this statement without fear of a libel action from Shell because Shell management did indeed engage in an outright fraud in respect of the reserves scandal.
It is therefore incredible that Jeroen van der Veer, who signed a Form 20F return filed with the US Securities and Exchange Commission (which contained fraudulent information), still remains at the helm of Shell.
What a sad state of affairs for a company once renowned for its good reputation, when we could all be sure of Shell.
This article was edited on 17 March 2007 in the light of information revealed in Shell’s 2006 Annual Report.