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Posts Tagged ‘Nigeria’

Simon Henry sells another £1m worth of Shell shares

The fact that Simon Henry the departing Chief Financial Officer of Royal Dutch Shell Plc has flogged another £1m plus worth of Shell shares has not gone unnoticed in the financial media.

The above Daily Mail article based on information I supplied, was published several weeks ago after Henry sold £1m worth of his Shell shares days before his unexpected resignation.

Now the latest instalment in his Shell share selling spree has been taken up by Interactive Investor, asking whether director dealing activity can be a warning sign. 

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Trials and Tribulations of Royal Dutch Shell Plc

Links below to a selection of current news stories posted on
our sister website royaldutchshellgroup.com. They include, among other developments, news that Shell has lost another court case, this time at a cost of $254m.

There is also coverage of further litigation relating to Shell’s nefarious activities in Nigeria, with the latest events in the OPL 245 saga. 

And The Motley Fool poses a very important question: Can BP and Shell survive the coming oil price crash? 

Shell loses $254m court case: EnergyVoice.com 16 Feb 2017

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US Legal Battle over 100,000 Shell Internal Docs

There is a major legal battle in progress in the US courts relating to over 100,000 Shell internal documents and witness depositions arising from the famed Kiobel vs Royal Dutch Petroleum Co case.

Shell lawyers Cravath, Swaine & Moore LLP has just obtained a stay of a Court Order which had required the discovery materials to be made available to Esther Kiobel by 27 February 2017. The details and the associated court imposed deadlines flowing from the stay are indicated in the above COURT ORDER dated 14 February 2017. 

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US appeal against order to hand over Shell docs for Dutch case

 The most audacious argument being made by Cravath against the Court Order is that since Esther Kiobel has already waited more than twenty years in pursuing Shell, what’s the problem in her waiting even longer!

By John Donovan

Yesterday, despite the fact that the petition case resulting in the recent Court Order had been officially closed, Cravath filed an appeal against handing over the Shell discovery documents for use in the Dutch courts. This is for an imminent human rights action being brought by Esther Kiobel against Shell in its home country.

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Shell Charged With Corruption In OPL 245 Nigerian Oil Deal

Italian prosecutors have reportedly charged oil giants Shell and Eni with international corruption offences, as the companies struggle with the fallout from their controversial 2011 purchase of an oil licence in Nigeria.

Several senior executives from the two companies – including Eni’s current CEO Claudio Descalzi – have also been asked to stand trial individually over the $1.3billion deal, along with former Nigerian oil minister Dan Etete.

Shell declined to comment when approached by Energydesk. Individuals briefed on the matter said the company had not yet received notice from the Italian prosecutors.

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Which Members of the Royal Dutch Shell Executive Committee Approved the OPL 245 Scam?

In March last year, a regular contributor to this website using the alias “Outsider” (in fact a well-connected insider) posted the following comment and question on our Shell Blog.

Contrary to what today’s newspaper reports might suggest, Shell wasn’t “dragged” into the long-running OPL 245 scandal – Shell was involved in orchestrating it from the very start.

Since expenditure at this level must have required the approval of the EC it will be interesting to see whether Shell will let us know which members of the EC were responsible for approving the scam.

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Italian prosecutors seek trial of Shell Foundation Chairman Malcolm Brinded on OPL 245 Corruption Charges

ITALIAN PROSECUTORS SHOW ALL EQUAL BEFORE THE LAW AS THEY REQUEST TRIAL OF SHELL, ENI, SENIOR EXECUTIVES AND FORMER NIGERIAN OFFICIAL FOR CORRUPTION OFFENCES OVER OPL 245 DEAL

9th February 2017 – Sources close to Italian law enforcement today confirmed that they have requested that Shell, Eni and several Eni senior executives including the current CEO Claudio Descalzi, be sent to trial for alleged international corruption offences over the 2011 purchase of the massive Nigerian OPL 245 oil block. Italian prosecutors also requested that former Nigerian Oil Minister Dan Etete and several other individuals be sent to trial, and are seeking separate charges against four senior Shell executives including the current Shell Foundation Chairman Malcolm Brinded, who at the time of deal was head of Global Exploration and Production.

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€8.5 million Shell slush fund mishandled in Ireland

By John Donovan

The Irish edition of The Sunday Times has published an article reporting that an official audit by a local government auditor has criticised the basis on which a €8.5 million fund, provided by the benevolent energy giant Shell, was handled by Mayo County Council.

What is the appropriate description for such a huge sum lavished on a relatively tiny community in County Mayo? A bribe? A spectacularly generous gift? Hush money? Or compensation for being diddled out of their birthright?

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Reflecting on the anti-Leigh Day verdict in Shell Nigerian oil spill case

By John Donovan

I have read the judgement published online and many of the related news stories concerning the oil spill litigation brought by the law firm Leigh Day against Shell on behalf of Nigerian clients.

No one could fairly accuse the Judge Mr Justice Fraser of being biased in favour of Leigh Day. Instead, he seems to have gone out of his way to criticise them on a variety of grounds. He even complained about the volume of evidence supplied by Leigh Day.

One criticism after another, constantly coming down on the side of Shell.

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Royal Dutch Shell Breaking News 31 Jan 2017

Links below are to some of the current news stories posted on our sister website royaldutchshellgroup.com covering, among other developments, an article published today by The Wall Street Journal under the headline: Corruption Currents: Nigeria to Charge Shell, Eni in Oil-Graft Scandal.

There is also news that Shell has sold a stake in a Thailand gas field and is selling more North Sea assets, all part of the fire sale necessary for funding the takeover of the BG Group. Also, some previews of Shell’s imminent fourth quarter results.

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NIGERIAN AUTHORITIES SEIZE BILLION DOLLAR OIL BLOCK FROM SHELL AND ENI


STATEMENT BY GLOBAL WITNESS

Nigeria’s anti-corruption law enforcement agency, the Economic Financial Crimes Commission (EFCC) has secured a court order in the Federal High Court of Abuja mandating the return of oil block OPL 245 to the Government, following an investigation into corruption allegations over how the deal was done. The historic news shows exactly why a landmark transparency rule now under threat from Republican lawmakers in the US is so important.

In 2011, Shell and Eni paid $1.1 billion to Malabu Oil and Gas, a front company secretly owned by a former Nigerian oil minister  This crooked deal deprived Nigeria’s people of a sum worth 80% of its 2015 healthcare budget. Shell and Eni have always denied that they knew the money would go to Malabu, but documents seen by Global Witness show that the companies constructed the deal knowing that the money would flow ultimately to Etete’s company. The block in has been estimated to hold as much as 9.23 billion barrels in probable reserves, investors face substantial losses from a backroom deal they knew nothing about.

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Shell Nigerian Litigation: Win in UK. Loss in USA

As has been widely reported, Shell has managed to block the litigation brought in the London High Court by Nigerian litigants claiming for severe environmental damage caused by Shell in Nigeria. An appeal against the decision is likely. I have evidence that may assist.

Two days earlier, on 24 January, Shell lawyers lost a related case in America. A US Federal Judge Alvin K. Hellerstein ordered Shell law firm Cravath, Swaine & Moore LLP, to make available to the Nigerian litigant Ether Kiobel by 27 February, for use in the Dutch courts in a human rights action, more than 100,000 Shell discovery documents stored in the USA. I am involved in that case.

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