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Shell News Archive Thursday 10 November 2005

From our Shell News Archive Thursday 10 November 2005

The Guardian (UK) Ousted Shell boss cleared over reserves scandal: “Sir Philip is still facing investigation by the securities and exchange commission, the US financial regulator, into his personal actions in relation to the downgrades, while one major class-action lawsuit against Shell is under way in America.”: Thursday 10 November 2005: READ

Financial Times: FSA decides not to pursue individuals: “Item two: in July last year it fined Royal Dutch/Shell £17m for mis-stating its oil reserves. Item three: after an inquiry that lasted well over a year into the role of “certain individuals”, it announced yesterday that it would not be taking any further action.”: “Perhaps it was some mischievous computers that took it into their hard drives to concoct all those inflated numbers.”: Thursday 10 November 2005: READ

Financial Times: Executives escape City watchdog’s bite: “The FSA said yesterday it stood by the fine it imposed on Shell for overstating its oil and gas reserves between 1998 and 2003.”: Thursday 10 November 2005: READ

CORPORATE CRIME REPORTER: Shell, Hilfiger Non-Prosecution Agreements Under Wraps: “When a corporation enters into a non-prosecution agreement with the federal government, the non-prosecution agreement is made public. Until now.”: “In June 2005, the U.S. Attorney in Manhattan entered into a non-prosecution agreement with Shell Oil. The U.S. Attorney said at the time that he decided not to criminally prosecute Shell for reporting inflated oil reserves to the Securities and Exchange Commission.”: Posted Thursday 10 November 2005: READ

The New York Times: Nigeria Marks 10 Years Since Worker Deaths: ” Ten years later, the dictator who ordered the hanging of Ken Saro-Wiwa and eight fellow campaigners against the oil multinationals in Nigeria is dead. Nigeria has a democratically elected government and Saro-Wiwa, now entombed with honor in his hometown, is a global icon.“: “A study by experts commissioned by Shell in 2003 partly blamed the company for some of the communal violence afflicting the region and claiming more than 1,000 lives a year. It warned that if nothing changed, Shell might be forced to halt all onshore oil production by 2008.”:Posted Thursday 10 November 2005: READ

The New York Times: Oil Company Execs Defend Profits to Senate: “Shell earned $9 billion in the third quarter, said John Hofmeister, president of Shell Oil Co., but he said the company’s investment in U.S. operations over the last five years was equal to its income from U.S. sales.”: Thursday 10 November 2005: READ

The New York Times: Some Quotes From Senate Oil Hearing: “”We respectfully request that Congress do no harm by distorting markets or seeking punitive taxes on an industry working hard to respond to high prices and supply shortfalls” — John Hofmeister, president Shell Oil Company.”: Posted Thursday 10 November 2005: READ

The Independent: Jeremy Warner’s Outlook: Who would have thought it? Sir Phil Watts escapes scot-free from Shell reserves fiasco: “Never mind that Sir Phil’s own head of exploration and production said in a memo to Sir Phil shortly before the scandal exploded on an unsuspecting world that he was sick and tired about lying to the markets over the state of group reserves. Never mind too the damning findings of a Shell-commissioned investigation of the mischief. These are just minor nuisances which the FSA has, to everyone’s relief, seen fit wholly to ignore.”: “The truth of the matter is that the FSA has made itself a laughing stock…”: Thursday 10 November 2005: READ

THE WALL STREET JOURNAL: Britain Drops Probe Of Shell Ex-Officials On Overstatements: “In August 2004, the FSA fined Shell £17 million ($30 million), citing market abuse stemming from the overstatements. The SEC settled a fraud investigation with the company after Shell agreed to pay $120 million in penalties. Shell didn’t admit or deny wrongdoing. The FSA’s Regulatory Decisions Committee, a body that approves regulatory action by the agency, rejected a recommendation from the FSA enforcement staff seeking a £1.25 million fine against Sir Philip and a £750,000 fine against Mr. van de Vijver, according to an internal letter from the RDC.”: Thursday 10 November 2005: READ

The Independent: City watchdog drops action against ex-Shell chairman Watts: “The main City watchdog, the Financial Services Authority, ignored the advice of its own specialist enforcement staff yesterday by announcing that no further action would be taken against Sir Philip Watts, the disgraced ex-chairman of Shell, over the oil giant’s reserves reporting scandal.”: Thursday 10 November 2005: READ

Daily Telegraph: Watchdog clears Watts over Shell reserves error: Thursday 10 November 2005: READ

THE WALL STREET JOURNAL: Top Oil Executives Defend Gas Prices Amid Scrutiny: Thursday 10 November 2005: READ

The Independent: US oil chiefs reject claims they are ‘ripping off’ customers: “A growing number of politicians believe a windfall tax should be levied to create a fund to help consumers pay for heating bills and also to be invested in developing green energy.”: Thursday 10 November 2005: READ

Reuters: FTC subpoenas Big Oil firms in U.S. gasoline probe: “The agency sent out “dozens of subpoenas” to companies, including oil giants… Royal Dutch Shell Plc“: “If there is anticompetitive behavior going on between and among these gasoline companies, we’ll find that and we will prosecute,”: Thursday 10 November 2005: READ

THE WALL STREET JOURNAL: Eni reports 48% rise in third-quarter profit: Eni is the lead operator of the mammoth Kashagan oil field in the northern Caspian Sea, the largest new oil discovery in the industry over the past 30 years. Other members of the consortium include Exxon Mobil Corp., Royal Dutch Shell PLC…”: Thursday 10 November 2005: READ

Daily Telegraph: Lloyd’s leads rush for Chinese billions: “Jeroen van der Veer, Shell’s chief executive, added that Shell was keen to grow its business in China.”: Thursday 10 November 2005: READ

The Times: FSA abandons case against ex-Shell chairman: “Sir Philip remains under investigation by the US Securities & Exchange Commission over his role in the scandal and faces a class action lawsuit by shareholders.”: Thursday 10 November 2005 : READ

Financial Times: FSA drops case over Shell reserves scandal: “The Financial Services Authority is to take no action against Sir Philip Watts, former chairman of Royal Dutch/Shell, over the oil company’s reserves scandal.”: “Euronext Amsterdam and the California Department of Corporations still have cases outstanding against Shell because of the reserves misstatement. There was also a securities class action suit in the US, the company said.”: Thursday 10 November 2005: READ

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