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Posts Tagged ‘Shell Pension Fund’

Dutch pensions to get more time on solvency-report

Royal Dutch Shell’s (RDSa.L) pension fund also slipped into deficit after its value fell 40 percent, pushing its solvency ratio to 85 percent.

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Dutch Shell Pension Fund Scandal: Negligent Administration?

The shock waves have however been such that Clive Mather, Chairman of the trustees of the Shell Contributory Pension Fund, has felt it necessary to send a message of reassurance to Shell UK pensioners. Dutch Shell pensioners will no doubt find it informative to contrast their uncertain situation with that of their UK counterparts.

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Madoff fraud costs pension funds €44m so far

Samco, the asset management company of the Shell pension funds, said last week it had a total of $45m (€32.2m) through indirect investments on behalf of the Dutch Shell Pension Fund…

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Royal Dutch Shell Pension Fund Machinations

On 12 December news surfaced that the Dutch pension fund of Royal Dutch Shell is heavily in deficit, with a 40% plunge in value as a result of share market turmoil. A $45 million exposure to the “Madoff” fraud was revealed a few days later following speculation surrounding the stability of the fund.

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Bernard Madoff ‘fraud’: The list of the casualties including Shell

The Dutch pension fund of Royal Dutch Shell said it has a $45m exposure to the alleged $50bn fraud by prominent Wall Street trader Bernard Madoff.

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SHELL FACING A $45M EXPOSURE TO MADOFF FRAUD

DAILY EXPRESS

Thursday December 18,2008

OIL giant Royal Dutch Shell has emerged as one of the latest victims of the $50 billion (£33 billion) fraud by Wall Street trader Bernard Madoff.

The company said its Dutch pension fund had a $45 million exposure to the fraud but that the impact would “not be material” even if it had to write off the full amount.

It joins a growing list of organisations globally that will lose money as a result of the fraud, with the total figure now above $24 billion.

Shell’s announcement came after the chairman of the U.S. watchdog, the Securities & Exchange Commission, admitted it had not followed up a string of tip-offs about Madoff’s activities.

Christopher Cox has launched an investigation into the agency’s “multiple failures” going back to at least 1999.

DAILY EXPRESS ARTICLE

Royal Dutch Shell victim of Madoff Ponzi fraud

Fresh details of the human cost of the apparent Ponzi scheme, in which capital from new investors was used to pay interest to existing investors, also began to emerge yesterday. The pension fund operated by the Netherlands branch of Royal Dutch Shell said that it had a $45 million exposure to the alleged fraud. The fund, which manages the retirement savings of thousands of Shell workers, is in deficit.

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Madoff: The Pain Runs Deep

There are plenty of corporate victims in the alleged fraud, including HSBC Holdings (HBC), Banco Santander (STD), BNP Paribas (BNPP.PA), Royal Bank of Scotland Group (RBS), and the Dutch pension fund of Royal Dutch Shell (RDSA).

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Shell OAPs are latest victims of disgraced billionaire Madoff

Pensioners from oil giant Shell have emerged as the latest victims of disgraced financier Bernard Madoff.

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Dutch Shell Pension Fund asset value slumps from $27.13 bn to $11.6 bn in just 11 months

Other companies to have been hit include oil major Royal Dutch Shell PLC, which said last week that its Dutch pension fund had slumped from a 180% funding position to just 85% in the past eleven months. The Dutch fund had assets of €19.2 billion ($27.13 billion) at the end of December last year, but said in a statement on Friday that this figure has tumbled 40% since then to about €11.6 billion.

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