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Posts on ‘November 5th, 2010’

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 [...]

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 [...]

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 [...]

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 [...]

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 [...]