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Fines so far have totalled £22.6m – the second highest amount yet. It would be a record were it not for the distorting effect on the 2004 £24.8m record of the £17m fine against Shell.
Click to continue reading “FSA fines hit record with more to come”
The biggest fine ever imposed by the Financial Services Authority was £17 million. On Shell, sitting on $270 billion-worth (£146.8 billion) of oil, according to the last accounts.
A £4m fine would be the fourth largest ever levied by the watchdog. The record was £17m against Shell for mis-stating its oil reserves.
Click to continue reading “Winterflood challenges FSA over market abuse fine”
In August 2004, the authority fined Royal Dutch Shell, the Anglo-Dutch oil giant, a total of £17 million for market abuse and breaching listing rules after the oil group overstated the level of its oil reserves.
Click to continue reading “FSA fines Winterflood £4m over market abuse”
American regulators are heading for a direct confrontation with the Financial Services Authority (FSA) after trying to slap new trading restrictions on the London oil market without the approval of the British watchdog.
Click to continue reading “US watchdog wants London to tighten oil market rules”
Christopher Cox, the Chairman of the SEC is on record as describing the scandal as a “fraud” when he listed European frauds.
Click to continue reading “Is it right or fair the describe the Shell reserves scandal as a “Fraud””
Oil prices ended a volatile week almost $10 below their record $135 levels as the Financial Services Authority joined a worldwide investigation into the price manipulation of crude.
Click to continue reading “FSA joins western watchdogs in search for oil price rigging”
It is dwarfed by the £17m fine against Royal Dutch Shell in 2004, the watchdog’s largest to date, for market abuse.
: Your somewhat illogical thinking would make me think you would like to see Shell withdraw from all operations where there is a corrupt government in force. This would also include the likes of the UK, USA, Nigeria etc. etc. Not an option unless of course you want to shut down Shell completely then what would you do with you time? Sorry Mr. D. I cannot agree with your logic on this, albeit that some governments should be shut down (e.g. Nigeria and the Labour party in the UK).
: I agree with Mussaint, we have seen the Nazi party story and the far fetched link between Shell and roadside bombs undermines the credibility of the site.
: The continuing use of the Nazi story at the top of the page and now the tabloid add-on about "hinting" Shell is involved with Taliban and road side bombs is a story too far Mr.D. Way over the top and downgrades this website very badly indeed. Yes it's your website but trying to taint Shell for all the worlds problems by linking them to governments they operate in is ridiculous.
: Dear IMBer, or IBMer, or whatever - if you can explain to me the difference between the two quoted press release examples of geophysical applications in reasoned scientific terms, I shall be more than happy to admit to being a amateur geophysicist (not geologist). Perhaps it is you who is confused. Geophysics and Geology are not the same - close bed fellows, yes - but not the same. If so, then it is you who should get out your needles, wool and get on with "one plain, two purl" rather than embarking on such a commentary.
: Shellwaarbenjijnu has no clue what he/she is talking about. Probably some amateur geologist who wants to be important on the blog. Try to stick to your knitting!
: Paying over 7 mln $ to get rid of this monster of a woman shows how deeply Shell has sunk. She was a stealer of ideas. She was the ultimate token woman, a disgrace to her gender and it has put off many high quality women to pursue a career in Shell. Her disgusting behaviour of being the slave of Watts was evident to all. This latest scandal makes it clear she should never have been promoted to were she ended up. Another costly mistake of Shell. And the top echelon? They know no shame anymore and carry on with more spin stories as usual.
: Perhaps Voser will pull the same trick on Brinded as Watts did on v.d.Vijver. Watts announced that reserves would grow by 5% and that Walter would explain how.... The rest is history. I can only hope that history will repeat itself and Brinded finally gets fired for his gross underperformance and sustained bullshit. Perhaps I have said so before: never trust a man with facial hair.... I shall be watching the announcements how they will increase production with great interest.
: THE ARTICLE "Donovan email to Gavin White, Shell International Limited: 10 March 2010" has been updated with a self-explanatory email reply received on 11 March from Richard Wiseman, Chief Ethics & Compliance Officer, Royal Dutch Shell Plc.
: The Forbes article implies that by stopping sales of gasoline to Iran, Shell is complying with US sanctions. Shell's investments in the upstream sector in Iran are not mentioned, even though these are of far greater significance for both Shell and the Iranians.
: Amnesty International has been an informed and courageous critic of Human Rights abuses around the world for many decades and they are certainly not adverse to criticising governments in Nigeria, Burma, Zimbabwe and all around the world. The point about international companies like Shell is that they have a choice. They are not obliged to operate anywhere if they find that the local conditions are in conflict with their principles. Amnesty’s recent criticisms of Shell have certainly been strong and I am aware that in Shell there is a feeling that they have been unfair and to some extent uninformed. So a dialogue between Amnesty and Shell is very much to be welcomed. Amnesty is a highly respected organisation – indeed a former top executive of Shell, Sir Geoffrey Chandler, was a senior officer of Amnesty in his post Shell years.
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