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Amsterdam court sets $352.6m Shell pay-outs

Financial Times

By Michael Steen in Amsterdam

Published: May 30 2009 02:36 | Last updated: May 30 2009 02:36

An Amsterdam court on Friday paved the way for pay-outs to commence in a settlement of Royal Dutch Shell’s oil and gas reserves misreporting scandal.

The decision by the Court of Appeals in Amsterdam provides $352.6m in compensation for non-US shareholders who bought Shell stock outside the US between April 1999 and March 2004.

The Anglo-Dutch oil group shocked investors five years ago when it announced that it had overstated its proven oil and gas reserves. The revelation sent the company’s share price lower and led to the departure of its three most senior executives.

Shell and 150 institutional investors represented by a foundation had asked the court to declare the agreement binding, the first time that a Dutch court has done so for such a large international settlement.

It follows a similar deal with US shareholders announced in March last year worth $89.5m. Shell took provisions of $500m to cover both cases in 2006.


In depth: Oil – Mar-27

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