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Shell accused of price fixing cartel, again

Hearing on Shell plea set Jan. 17

Philippine Daily Inquirer: Monday, January 9th, 2012

The Court of Appeals has calendared for hearing a pending petition of Pilipinas Shell Petroleum Corp. questioning a Manila regional trial court’s resolution that ordered the Big Three oil companies to open their books of account to government audit amid allegations of price fixing.

In setting the hearing for Jan. 17, the appellate court cited the “far-reaching effects to the public” of Shell’s petition that seeks to void the April 27, 2009, order of Manila RTC Branch 26 Judge Silvino Pampilo.

“Considering the importance of the issues involved, its far-reaching effects on the public…this court deems it necessary to set the case hearing,” read a two-page resolution penned by Presiding Justice Andres Reyes.

The Court of Appeals said that conducting a formal inquiry on the matter would allow it to “make a more judicious evaluation of the pending incidents in the present action.”

In his order, Pampilo had granted a petition by the Social Justice Society (SJS) and directed Pilipinas Shell, Petron Corp. and Chevron Philippines Inc. to allow the government to scrutinize their books of account.

SJS and various sectors had accused the three major oil firms of forming a cartel and manipulating the prices of oil products which had skyrocketed. Marlon Ramos

SOURCE ARTICLE

RELATED

Shell Price Fixing

Sir Henri Deterding, the Dutch oil baron, built the Royal Dutch Shell group on oil price fixing and cartel activity. The Glyn Roberts biography of Sir Henri contains several references to what is described as Sir Henri’s “moralizing references to honest trading” and to “sound business principles”. Deterding was in fact a hypocrite who, as the dictatorial leader of Shell, became an important financial supporter of Hitler and Nazi Germany, partly in a quest to build a cartel position in synthetic gasoline with Shell’s notorious cartel partner, I.G. Farben. Sir Henri was also intent on securing during his face-to-face discussions with Hitler, a monopoly for Royal Dutch and Shell Companies in respect of petrol distribution in Germany.

Shell price fixing and market manipulation activity has continued through the decades.

New York Times: “Shell to Pay $180 Million” (Price fixing case): 3 Jan 1987

New York Times: “California Oil Price-Fixing Case Settled”: 17 August 1991

New York Times: Settlement for Coral Power: 15 November 2003

Bloomberg: Shell, Unipetrol, Bayer Are Sued Over Rubber Cartel (Update2): 20 May 2008

May 20 (Bloomberg) — Cooper Tire & Rubber Co., the second- largest U.S. tiremaker, and 25 other companies sued Unipetrol AS, units of Royal Dutch Shell Plc, Bayer AG, and as many as 20 others over an alleged rubber cartel in Europe.

Unipetrol and units of Shell, Dow Chemical Co., Eni SpA and Trade-Stomil Sp were fined a total of 519 million euros ($813 million) in a 2006 European Union antitrust case over material used to make tires and shoes. The companies are appealing.

Reuters: EU fines “paraffin mafia” wax makers’ cartel: 1 October 2008

The Times: ‘Paraffin mafia’ comes unstuck after €676m fines: 2 October 2008

Guardian: ‘Paraffin mafia’ firms given £500m fines for price-fixing: 2 October 2008

Financial Times: Brussels fines paraffin wax cartel: 2 October 2008

The Wall Street Journal: Wax Price-Fixing Is Alleged: 2 October 2008

Financial Post (Canada): GREECE FINES BP, SHELL $80M FOR PRICE-FIXING: 26 November 2008

ChannelNewsAsia: Greece fines BP, Shell for price-fixing: 26 November 2008

International Herald Tribune: Greece: BP, Shell fined for competition breaches: 25 November 2008

Bloomberg: Chevron, Total, Exxon, Shell Fined on Air France Fuel: price fixing cartel: 4 Dec 2008 (Exxon Mobil Corp., Royal Dutch Shell PLC, Chevron fined 41.1 million euros ($52 million) by the French antitrust authority for fixing the price of fuel for certain Air France-KLM Group flights.)

Shell, Dow lose court challenge to EU antitrust fine: 13 July 2011: Reuters

Extracts

(Reuters) – Royal Dutch Shell (RDSa.L) and Dow Chemical (DOW.N) lost a court appeal on Wednesday against a fine levied by EU regulators five years ago for taking part in a cartel

…the Court upheld the 160.88 million euro fine on the Royal Dutch Shell group.

Shell involvement in uranium price fixing cartel

NEWS HEADLINES FILE FOR ROYAL DUTCH SHELL RESERVES FRAUD (MARKET ABUSE)

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