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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

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