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Shell pays $90m to settle class action

Jul 13th, 2005
by John Donovan.
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Times Online: Shell pays $90m to settle class action

“Shell still faces two other class action claims. One is a shareholder class action that has been consolidated in a New Jersey court. It is believed this claim asserts that share-based savings schemes suffered losses of more than £1 billion. Shell declined to comment on this case this morning. The other action is a derivative claim. Shell said that it was in settlement discussion over this claim but that it would be premature to comment any further.”

Wednesday July 13, 2005

By Miles Costello

Royal Dutch Shell, the oil giant, has agreed to pay more than $90 million to settle one of three class action legal cases levelled against it following its shock overstatement of the level of its proven oil and gas reserves last year.

The proposed settlement – which still has to be ratified by the American courts – comes after Shell found out earlier this month that it would not face criminal charges in connection with the overstatement scandal.

Shell’s revelation last January that it had been exaggerating the level of its oil reserves for years sent its stock tumbling and cost the jobs of several of its senior executives, including the chairman, Philip Watts. read more

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The Guardian (UK): US drops Shell criminal action

Jul 1st, 2005
by John Donovan.
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The Guardian (UK): US drops Shell criminal action

Mark Milner and David Teather in New York

Friday July 1, 2005

Shell will not face criminal prosecution by federal authorities in the United States for overstating its oil and gas reserves, the company said yesterday.

It said the US department of justice had concluded its investigation and David Kelley, the attorney for the Southern District of New York, had announced that no further action would be taken.

Jeroen van der Veer, Shell’s chief executive, said the company appreciated Mr Kelley’s decision. “The conclusion of this investigation is a most important step towards putting the matter of reserves recategorisations behind us.” read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

US prosecutors help Shell close chapter on reserves scandal

Jul 1st, 2005
by John Donovan.
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Daily Telegraph: US prosecutors help Shell close chapter on reserves scandal

Friday 1 July 2005

By Christopher Hope, Business Correspondent (Filed: 01/07/2005)

Shell will not face charges from United States prosecutors after the oil and gas giant admitted last year that it had over-exaggerated its proven reserves by a quarter.

However the US Department of Justice said it was “still evaluating” the case against individual directors involved.

The scandal resulted in the resignations of Sir Phil Watts, chairman and Walter van der Vijver, head of exploration and production. read more

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Shell looks to put scandal behind it with settlements

Jul 1st, 2005
by John Donovan.
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THE TIMES: Shell looks to put scandal behind it with settlements

Friday July 01, 2005

By Carl Mortished

SHELL is seeking to settle class action lawsuits brought against the company and its former directors after last year’s revelation that the company had overstated its proven oil and gas reserves.

Shell received a boost yesterday when the US Department of Justice said that it would not prosecute the company. “Criminal prosecution of Shell would not serve the public interest,” said David Kelley, US attorney for the southern district of New York.

Mr Kelley cited Shell’s cooperation with the inquiry, its remedial efforts and the payment of a $120 million (£67 million) fine to the US Securities and Exchange Commission. “The public interest has been sufficiently vindicated,” he said. read more

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The Guardian: Shell escapes charges over reserves reporting

Jun 30th, 2005
by John Donovan.
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The Guardian (UK): Shell escapes charges over reserves reporting

Mark Tran

Thursday June 30, 2005

Shell escaped criminal charges in the US today after a federal prosecutor decided that bringing the Anglo-Dutch oil giant to court over last year’s reserves scandal would not be in the public interest.

US lawyer David Kelley said yesterday that the world’s third-largest publicly traded oil company had cooperated with an investigation after admitting to an overstatement of its proven oil and natural gas reserves by 4.47bn barrels, or about 23%, from 1997 to 2002. read more

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The Guardian: Shell fined £84m over reserves scandal

Jul 31st, 2004
by John Donovan.
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The Guardian: Shell fined £84m over reserves scandal

“Shell is facing a criminal investigation by the US department of justice, ongoing inquiries by the Dutch financial market regulator and the Euronext stock exchange as well as litigation in the US”

Mark Milner

Friday July 30, 2004

Posted 31 July 2004

Royal Dutch/Shell said yesterday it had agreed in principle to pay £83.6m in fines to regulators in Britain and the US to settle investigations into the oil reserves scandal that broke this year.

News of the fines came alongside results from Shell which showed higher oil prices helped the group to earn net income of $4bn (£2.2bn) in the second quarter.

Shell said it would pay $120m to the securities and exchange commission for breaches of SEC rules and US laws, and £17m to the Financial Services Authority under UK market abuse provisions. The British fine is the largest imposed by the FSA and more than four times the previous record. Shell promised the SEC it would spend another $5m on bolstering internal compliance procedures. read more

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New York Times: Shell to Pay $150 Million in Settlement on Reserves

Jul 30th, 2004
by John Donovan.
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New York Times: Shell to Pay $150 Million in Settlement on Reserves

“Separately, the Commodity Futures Trading Commission said… Shell’s energy trading unit, Coral Energy Resources, had agreed to pay $30 million to settle accusations that it submitted false price data to publishers”

By HEATHER TIMMONS

Published: July 30, 2004

LONDON, July 29 – The Royal Dutch/Shell Group said on Thursday that it had agreed to pay a total of $150 million in fines to settle investigations by American and British securities regulators into its reporting of crude oil and natural gas reserves. The company said in January that it had substantially overstated those reserves.

The agreement eases some of the pressure on Shell, the world’s third-largest publicly held oil company. But Shell still faces a separate criminal investigation into the matter by the United States Justice Department, a continuing regulatory investigation in the Netherlands and several shareholder lawsuits. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Daily Telegraph: Shell to pay watchdogs £80m for oil reserves row

Jul 30th, 2004
by John Donovan.
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Daily Telegraph: Shell to pay watchdogs £80m for oil reserves row

“but warned it could not put a figure on the cost of investor lawsuits.”

By Caroline Muspratt (Filed: 30/07/2004)

Royal Dutch/Shell has agreed to pay more than £80m to regulators to settle investigations into the oil giant’s overstatement of reserves, but warned it could not put a figure on the cost of investor lawsuits.

The company will pay £17m to the Financial Services Authority, the largest settlement ever paid to the UK watchdog. It will also pay $120m (£66m) to the US Securities and Exchange Commission and will spend a further $5m to develop an internal compliance programme. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

London Evening Standard: Shell pays over reserves scandal

Jul 29th, 2004
by John Donovan.
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London Evening Standard: Shell pays over reserves scandal

“It still faces a host of multi-billion dollar class-action lawsuits and a US Department of Justice probe.”:

Steve Hawkes, Evening Standard

29 July 2004

TROUBLED oil giant Shell has agreed to fork out £83m in penalties to UK and US stock market regulators to settle the reserves crisis that cast a huge shadow over half-year results unveiled today.

Shell plans to pay £17m to the Financial Services Authority* and $120m (£66m) to the US Securities and Exchange Commission to ‘resolve’ investigations into whether it broke disclosure rules.

It still faces a host of multi-billion dollar class-action lawsuits and a US Department of Justice probe. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

BBC NEWS: Shell fined over reserves scandal

Jul 29th, 2004
by John Donovan.
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BBC NEWS: Shell fined over reserves scandal

“will pay a penalty of £17m to the FSA – the biggest fine ever imposed by the regulator – and a $120m (£65.7m) civil penalty in the US.

The scandal rocked investor confidence

29 July 04

Oil giant Shell has agreed to pay more than £80m in penalties to settle inquiries by US and UK regulators into the firm’s restatement of reserves. The firm slashed its reserves estimates by 20% in January, a move which cost three top executives their jobs.

News of the settlement came as the company unveiled second-quarter net income of $4bn (£2.2bn) boosted by high oil prices from last year’s $2.6bn.

Shell added the review of its corporate structure was moving at a “good pace”. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Reuters: Shell pays fines for reserves woes

Jul 29th, 2004
by John Donovan.
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Reuters: Shell pays fines for reserves woes

“Royal Dutch/Shell will pay about $150 million (82 million pounds) in fines for an oil reserves scandal that tarnished its reputation”

“Shell’s profits looked reasonable, but concerns remain over future production.” Oriel Securities analyst Richard Rose

By Sudip Kar-Gupta

Thu 29 July, 2004 09:12

LONDON/AMSTERDAM (Reuters) – Royal Dutch/Shell will pay about $150 million (82 million pounds) in fines for an oil reserves scandal that tarnished its reputation, the group says after reporting higher second-quarter profits.

The world’s third-biggest oil group said on Thursday net profit adjusted for the current cost of supply was $3.768 billion in the quarter, up 16 percent from a year earlier, but below forecasts. The company said production was lower and would fall further. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Financial Times: Mudlark: It’s a Shell of a tale

Jul 15th, 2004
by John Donovan.
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Financial Times: Mudlark: It’s a Shell of a tale

“some shareholders have asked what Moody-Stuart, who remains a non-executive director at Shell, was doing while the reserves debacle was unfolding.”

By Clay Harris

15 July 2004

Just when you thought no more surprises could emerge from Royal Dutch/Shell, there comes a curious tale.

According to whispers that have emerged in recent days, Walter van de Vijver, deposed head of exploration and production, was mulling the possibility of a move to Shell’s global rival, BP.

An incriminating message, it is said, was found in his Shell e-mail account after he was sacked in March. Could he even have had ambitions to succeed Lord Browne?

That would be rather odd. Before his downfall, van de Vijver was seen at Shell as having farther to rise; he was a frontrunner eventually to succeed Sir Philip Watts, who also lost his job in March. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

The Times: SHELL SHOCK: BBC Two, 9.50pm 15 July 2004

Jul 15th, 2004
by John Donovan.
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The Times: SHELL SHOCK: BBC Two, 9.50pm 15 July 2004

“I am becoming sick and tired,” he wrote, “of lying about the extent of our reserves.”

15 July 2004

A clear and merciless indictment of Shell, a company that prided itself on being a safe investment for widows and orphans.

In the late 1990s, BP and Exxon expanded through acquisition, leaving Shell lagging behind. Sir Philip Watts, head of exploration and production at the time, was determined to restore the company’s pre-eminence. Its proven reserves were exaggerated by 4.5 billion barrels.

When Sir Philip became chairman, his successor, Walter van de Vijver, was appalled and fired off numerous warnings. “I am becoming sick and tired,” he wrote, “of lying about the extent of our reserves.” read more

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BBC TV: Oil giant Shell’s investors shocked

Jul 15th, 2004
by John Donovan.
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BBC TV: Oil giant Shell’s investors shocked

“that’s fraud in the United States and the Justice Department will have a basis for criminally prosecuting the executives”

By Terry Messenger

BBC Money Programme

15 July 2004

Investors found they could not trust in Shell after all.

Peter Montagnon, head of investment affairs at the Association of British Insurers (ABI), is an unflappable man. But on 9 January this year, he was shocked. In his world, the unthinkable had happened.

In the City of London, Royal Dutch/Shell was seen as the safest of havens for money invested by insurance companies and pension funds – which typically belong to the ABI.

They invest money belonging to millions of ordinary people with small savings, pension plans and insurance policies. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

SHELL SHOCK: The Money Programme provides a clear and merciless indictment of Shell

Jul 10th, 2004
by John Donovan.
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The Times: SHELL SHOCK: The Money Programme provides a clear and merciless indictment of Shell, a company that prided itself on being a safe investment for widows and orphans

Television: Thursday, July 15 2004

BBC Two, 9.50pm on July 10, 2004

The Money Programme provides a clear and merciless indictment of Shell, a company that prided itself on being a safe investment for widows and orphans.

In the late 1990s, BP and Exxon expanded through acquisition, leaving Shell lagging behind. The then head of exploration and production, Sir Philip Watts, was determined to restore the company’s pre-eminence. Its proven reserves were exaggerated by 4.5 billion barrels. When Sir Philip became chairman, his successor, Walter van de Vijver, was appalled and fired off numerous warnings. “I am becoming sick and tired,” he wrote, “of lying about the extent of our reserves.” read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Shell director was told of reserve woes: ‘a Shakespearian drama’

Jul 6th, 2004
by John Donovan.
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Financial Times: Shell director was told of reserve woes: ‘a Shakespearian drama’

By Ian Bickerton in Amsterdam

Published: July 5 2004 17:59 | Last Updated: July 5 2004 17:59

Posted 6 July 04

The controversy over internal communications at Royal Dutch/Shell intensified after its most senior non-executive admitted it was “not easy” to corroborate information he received from the group’s directors.

The frank admission by Aad Jacobs fuels speculation about the prior knowledge of directors and officers before a crisis erupted about the state of the Anglo-Dutch company’s oil reserves. Mr Jacobs, chairman of the supervisory board of the group’s dominant Dutch arm last week told shareholders that Walter van der Vijver, then head of the exploration and production division, had mentioned “a problem with reserves” at a lunch last November. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.
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