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Posts under ‘Walter van de Vijver’

Little known key role of Michiel Brandjes in Shell reserves scandal

However, unbeknown to Van de Vijver, Michiel Brandjes (right), who was alarmed by the findings of the report, sent a copy to a New York law firm Cravath, Swaine & Moore. This meant that events were no longer in the control of Shell. Instead, Shell’s most sensitive issue since its close association with Adolf Hitler […]

10th ANNIVERSARY OF ROYAL DUTCH SHELL RESERVES SCANDAL

Since Royal Dutch Shell has apparently forgotten to mark the tenth anniversary of news breaking on 10 January 2004, that Shell had cooked its books by wildly inflating its claimed oil and gas reserves, it seems appropriate for me to do so on Shell’s behalf. The then Shell Group chairman, Sir Philip Watts was forced […]

Workers Evacuated Following Blowout on Rig

by  Karen Boman: July 23, 2013 Forty-seven workers were evacuated from the jackup Hercules 265 (250’ MC) offshore Grand Isle, Louisiana following a blowout Tuesday, according to media reports. Efforts to regain control of the A-3 natural gas well at South Timbalier Block 220 that experienced a blowout are underway, rig owner Hercules Offshore said […]

In the new Shell to lie is acceptable unless your found out

The crisis in my book, and we are far from the endpoint in this, is that RDS officials lied in that the decision to move Kulluk was not related to tax avoidance when it was.  Perhaps that is why the RDS CEO has taken a closer interest in his family and the sustainability of his […]

Ahead of Trial, Talk of a BP Settlement in 2010 Oil Spill

A BP cleanup crew removing oil from a beach in May 2010 in Port Fourchon, La., after the Deepwater Horizon disaster. Photo Credit: John Moore/Getty Images By BARRY MEIER and CLIFFORD KRAUSS: A version of this article appeared in print on February 24, 2013, on page A17 of the New York edition With a major […]

Starring Role of Shell CFO Simon Henry in Reserves Scandal

By John Donovan On 13 March 2009, the FT published an article about Simon Henry, who was about to become Chief Financial Officer of Royal Dutch Shell Plc. It said that he had survived the Shell reserves misreporting scandal with his reputation intact. On the basis of irrefutable Shell internal evidence, we take issue with that […]

Verdict on Royal Dutch Shell CFO Simon Henry

Shell internal email correspondence irrefutably proves that Simon Henry was aware in March 2002 that “reserves bookings were made that should not have been made”. Walter van de Vijver, the “sick and tired” Chief Executive of Shell EP, gave the information directly to him. As can be seen in the email, Walter van de Vijver aggressively […]

Desperation led to Shell’s plotting to exploit 9/11 attacks

BUILD UP TO SHELL RESERVES SCANDAL: Comments by leading Shell execs: “…the market will want to know whose head is going to roll for what they will see as blatant deception.”; “this is potential dynamite for management credibility and the share price”; “…how you have to break the detail of this news in September, assuming […]

9/11 Terror Attack and the Shell Reserves Scandal

By John Donovan On Friday we published an article revealing Shell internal email correspondence, which provided proof that three weeks after the 9/11 terrorist attack on the USA, Shell executives were considering how Shell could exploit the horrific event for commercial reasons. As can be seen from the correspondence, the objective was to “buy us […]

Simon Henry and the reserves time bomb

Were they aware that Simon Henry was a key player, as Head of Global Investor Relations, in dealing with the reserves data and actually had responsibility to ensure the quality/accuracy of the data before it was disclosed to analysts and investors? As we all know, it turned out that some of the data was not […]

Candid testimony of Simon Henry about disgraced Shell EP Boss Walter van de Vijver

As can be seen in his testimony, Simon Henry deliberately limited the amount of time that Walter van de Vijver spent with UK and US investors, almost as if there was something to hide? Wonder what current Shell investors will make of that revelation? An insight into how Mr Henry thinks shareholders can be manipulated […]

Candid testimony of Shell’s Simon Henry about Sir Philip Watts

Q: Do you like Mr. Watts personally? A: It was difficult to like Phil.  He was not a guy you go for a beer with. …he was still running with that chip on his shoulder… He was a guy from the wrong side of the tracks. Candid (some might say indiscreet) testimony of Simon Henry […]

How Shell’s Move To Revamp Culture Ended in Scandal

FROM OUR NOVEMBER 2004 SHELL NEWS ARCHIVE How Shell’s Move To Revamp Culture Ended in Scandal: “The root of the problem, however, goes significantly further back than Sir Philip’s reign, which began in 2001”: “These deeper roots are significant because the company has yet to make a full break with its past. Mr. van der […]

Watchdog’s bark far worse than its bite

From our November 2005 Shell News Archive The Times: Watchdog’s bark far worse than its bite “In the Shell case, the FSA had plenty of evidence of a conspiracy at the highest level against the interests of shareholders. The company’s own investigation unearthed compelling e-mail evidence, not least former exploration director Walter van de Vijver’s […]

Shell Seeks to Export U.S. Oil

October 12, 2012 By BEN LEFEBVRE HOUSTON—Royal Dutch Shell RDSA +0.28% PLC said late Thursday it has applied for a permit from the U.S. Department of Commerce to export crude oil in a sign of how a boom in U.S. oil production from shale rock is reshaping the country’s role in the global energy marketplace. The […]

Shell supertanker steers into deeper waters

FROM OUR SHELL NEWS ARCHIVE SEPT 2004 The Independent: Michael Harrison’s Outlook: Shell supertanker steers into deeper waters “brotherly love has been notable for its complete absence inside the South Bank politburo, where the motto has been stab someone in the back before you are made to walk the plank yourself.”: Judging by the reaction […]

Retired Shell engineer played central role in reserves scandal

FROM OUR AUGUST 2004 SHELL NEWS ARCHIVE Financial Times: Retired Shell engineer played central role “the company had been engaged in accounting manoeuvres since 1997-98, including a flawed internal audit function”; “Shell had engaged as [group reserves auditor] a retired Shell petroleum engineer – who worked only part time and was provided with limited resources […]

The Shell Show, a tragicomedy in an unlimited number of parts

FROM OUR AUGUST 2004 SHELL NEWS ARCHIVE The Daily Telegraph: The landslide bringing down Shell grandees The SEC and FSA reports, however, go back to the previous regime, when Sir Mark Moody-Stuart was chairman.”: Even Shell fell for the “group bonding” mumbo-jumbo, and he was videoed stumbling blindfold around head office during one such session, […]

Shell settles fraud case for $150M

FROM OUR AUGUST 2004 SHELL NEWS ARCHIVE CNN: Shell settles fraud case for $150M Oil company agrees to pay SEC for overstating reserves, also settles market abuse case in Britain. August 24, 2004 NEW YORK (CNN/Money) – Royal Dutch/Shell has agreed to pay about $150 million to settle charges by U.S. and British regulators that […]

An oil giant’s road from Rajasthan to ruin

 FROM OUR AUGUST 2004 SHELL NEWS ARCHIVE… Michael Harrison’s Outlook: An oil giant’s road from Rajasthan to ruin “Shell, by contrast, has endured the most humiliating, torrid and damaging period in its 100-year history. It is hard to think of a more spectacular fall from grace or a more abject example of management failure.”: “The […]

Money talks for Shell’s singing director

FROM OUR AUGUST 2004 SHELL NEWS ARCHIVE… The Independent: Michael Harrison’s Outlook: Money talks for Shell’s singing director “Shell is hardly a byword for good corporate governance, and yesterday it lived up to its reputation by producing another stonker…”: “As usual, Shell is unable to cast any light in the darkness as to why the […]

Selfishness won’t pay off, says Shell

Daily Mail: Selfishness won’t pay off, says Shell “Shell refused to comment on whether it is reviewing the role of its auditors, KPMG and PricewaterhouseCoopers. The accountants may be targeted by the US law firm leading the class action suits against the embattled oil major.” By Ruth Sunderland 30 August 04 EMBATTLED oil giant Shell […]

Power struggle that cut an oil giant down to size

The Sunday Times: Power struggle that cut an oil giant down to size ‘A revealing new book lifts the lid on the boardroom manoeuvring that finally brought change to Royal Dutch/Shell: WALTER VAN DE VIJVER was worried, and was about to express his fears in an e-mail to his boss. “I am becoming sick and […]

SHELL: Two radical steps could further distance Royal Dutch Shell from the reserves scandal

SHELL: Two radical steps could further distance Royal Dutch Shell from the reserves scandal Monday 8 August 2005 By John Donovan Although the media has welcomed the appointment of Jorma Ollila as the new Shell Chairman from June 2006, many of the news reports about his recruitment also include references to the Shell reserves debacle. […]

Shell News Archive Saturday, 8 January 2005

Shell News Archive Saturday, 8 January 2005 THE NEW YORK TIMES: Oil Holds Strong as OPEC Promises Defense: “Royal Dutch Shell, meanwhile, has restored 42,000 bpd of oil production after ending a community dispute in the troubled Niger Delta that had shut in 100,000 bpd for a month.” (ShellNews.net) Posted 8 Jan 05 DAILY TELEGRAPH […]

Shell News Archive Friday, 31 December 2004

Shell News Archive Friday, 31 December 2004 The Guardian (UK): Shell hits self-destruct button: “Shell will start the new year with a mountain to climb to re-establish its reputation after the most traumatic period in its 100-year history, with its chairman and two directors axed, legal action against it and condemnation by regulators.”: “An internal […]

Shell agrees to cull surplus non-execs

Sunday Telegraph: Shell agrees to cull surplus non-execs “Executives of Royal Dutch/Shell, the Anglo-Dutch oil giant, have agreed to make a huge cull of its non-executive directors…”: “Meanwhile Judy Boynton, the discredited former finance director, is understood to be likely to agree her severance package in the next two weeks.”: “Her position was seen as […]

Shell pumps in £25bn to restore reputation

Daily Express: Shell pumps in £25bn to restore reputation By Andrew Johnson Posted 24 Sept 04 OIL GIANT Shell is to step up investment by 20 per cent to $45billion (£25billion) for the next three years in a major shake-up designed to restore the group’s battered reputation. More than $34billion has been earmarked for the […]

Shell unveils $15bn recovery plan

The Guardian: Shell unveils $15bn recovery plan “The reserves scandal forced Shell’s chairman, Philip Watts, to resign, along with Walter van de Vijver, its oil and gas chief and its chief financial officer, Judy Boynton. The company was fined by the financial services authority in the UK and the securities and exchange commission (SEC) in […]

Hand-outs to Sir Philip Watts and Walter van de Vijver a disgrace

The Scotsman: Comment: “Walter van de Vijver, head of exploration at Shell, got £2.5m and his boss Sir Philip Watts £1.1m. These hand-outs are a disgrace. They undermine popular capitalism. They throw goodwill down the drain.”: “Little wonder small investors are turning away in droves from the stock market.” Posted 20 Sept 04 JUST when […]

Daily Mail: Shell launches charm offensive

Daily Mail: Shell launches charm offensive “Shell shares at 417 1/2p have recouped their losses on the reserve shock. That should help in fighting US legal claims, but it is largely due to the soaring price of crude.” 20 September 2004, SHELL will this week beat the drum about slimming down its sprawling global empire. […]

Ex-Shell Chairman Challenges Watchdog over Oil Reserves Scandal

The Scotsman: Ex-Shell Chairman Challenges Watchdog over Oil Reserves Scandal “The FSA found Shell guilty of market abuse and the Anglo-Dutch company last month agreed to pay £17 million to the FSA. (ShellNews.net) By Phil Waller, City Staff, PA News Posted 17 Sept 04 The former chairman of oil group Royal Dutch/Shell today challenged the […]

Shell’s Ousted Ex-Boss Breaks Cover, Slams FSA

THE WALL STREET JOURNAL: Shell’s Ousted Ex-Boss Breaks Cover, Slams FSA “Both of Shell ‘s parent companies – Royal Dutch Petroleum Co., of The Hague, and London-based Shell Transport & Trading Co. – as well as Watts, Van de Vijver and other individuals face purported class action law suits in the U.S. from aggrieved shareholders. […]

Vision needed to revitalise Shell

London Evening Standard: Vision needed to revitalise Shell “It is just six months since possibly the biggest post-Enron scandal erupted at Shell with the stunning admission that a group regarded as one of the most reliable in the world had lied about the health of its business.” Steve Hawkes, 17 September 2004 SHELL chairman Jeroen […]

Former Shell Chairman Appeals Censure

Forbes.com: Former Shell Chairman Appeals Censure “The Financial Services Authority’s final notice, issued on Aug. 24, said Shell had made false or misleading announcements in relation to its hydrocarbon reserves and reserves replacement ratios between 1998 and 2003, and had made those announcements despite indications and warnings that they were false.” Associated Press 09.16.2004 The […]

The Guardian: Shell’s pounds 17m will be used to reduce fees levied by regulator

The Guardian: Shell’s pounds 17m will be used to reduce fees levied by regulator “The reduction is almost entirely due to the penalty paid by Shell for “unprecedented misconduct” in misleading the markets over the reporting of its oil and gas reserves.” JILL TREANOR Sep 14, 2004 All companies regulated by the Financial Services Authority […]

FSA chief hits right note on investor responsibility

The Scotsman: FSA chief hits right note on investor responsibility “In the wake of a splurge of recent fines, particularly the record £17 million penalty on Shell for the oil giant’s reserves shortfall and cover-up, there have been those who have argued that it is the culpable directors who should bear the penalty, not the […]

Shell Reserves Scandal: Retired Shell engineer played central role

FROM OUR AUGUST 2004 SHELL NEWS ARCHIVE Financial Times: Retired Shell engineer played central role “the company had been engaged in accounting manoeuvres since 1997-98, including a flawed internal audit function”;  “Shell had engaged as [group reserves auditor] a retired Shell petroleum engineer – who worked only part time and was provided with limited resources […]

Shell boss pours oil on troubled water

The Times: Shell boss pours oil on troubled water “the scathing reports, in which the FSA accused Shell of announcing false oil-reserve figures since as far back as 1998 again drove investors to rage that not enough was being done to restore credibility.” August 29, 2004 Posted 30 August 04 In an exclusive interview, Jeroen […]

The Scotsman: Concerns over potential £3m windfall

The Scotsman: Concerns over potential £3m windfall “Ensuing investigations by the US Securities and Exchanges Commission and the UK Financial Services Authority revealed that the oil major had been over-inflating its reserves since 1998, implicating the company’s top management in the scandal.” CATRINA STEWART Posted 29 August 2004 A CORPORATE governance watchdog has flagged concerns […]