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SHELL RESERVES FRAUD

Shell’s reputation was destroyed in 2004 after FIVE consecutive cuts to its hydrocarbon reserves covering 55% of its total reserves.

US and UK financial regulators imposed $150 million in fines on Shell for securities fraud. Shell was also rocked by class action lawsuits.

Sir Philip Watts and Walter van de Vijver (whose headcut images appear courtesy of The Wall Street Journal), were among the Shell executives forced to resign.

MONTAGE OF MEDIA COVERAGE (CLICK LINK TO VIEW LARGE IMAGES OF NEWSPAPER ARTICLES)

SHELL RESERVES SECURITIES FRAUD UNFOLDS IN SIZZLING NEWS HEADLINES

Daily Telegraph: Shell drops ‘bombshell’ on reserves: 9 January 2004

The Times: How Shell blew a hole in a 100-year reputation: 10 January 2004

The West Australian: Investors howl for Shell’s blood: 12 January 2004

London Evening Standard: Shell bosses lied to the City: 19 April 2004

Houston Chronicle:‘Sick and tired about lying’ at Shell: 19 April 2004

Bloomberg: Shell Loses AAA Credit Rating: 19 April 2004

BBC News: Shell bosses ‘fooled the market’: 19 April 2004

The Guardian: Trail of emails reveals depths of deceit at the heart of Shell: 20 April 2004

The Guardian: Shell admits it misled investors: 20 April 2004

The Independent: Lies, cover-ups, fat cats and an oil giant in crisis:20 April 2004

The Scotsman: Shell implodes as emails provide damning evidence:20 April 2004

The Times: Deceitful Shell ‘needs ten years’ to rebuild exploration business: 20 April 2004

Financial Times: Observer Column: Shell-shocked: Corporate slogans consigned to the dustbin of history no. 94: “You can be sure of Shell.”: 20 April 2004

Minneapolis Star Tribune: Dutch/Shell Group exec was ‘sick and tired’ of lying: 20 April 2004

Daily Telegraph: Memos expose Shell’s years of lying: 20 April 2004

The Scotsman: Shell’s reputation left in tatters: 21 April 2004

TheStarOnline: Shell report exposes lies, CFO sacked: 21 April 2004

Daily Telegraph: Shell suffers second cut to credit rating: 21 April 2004

Daily Telegraph: Sacked Shell boss ‘escorted from HQ’: 22 April 2004

The Times:A very British kind of scandal: why Shell is no Enron: 23 April 2004

Daily Telegraph: Shell’s lies over reserves spark FSA investigation:24 April 2004

The Mail On Sunday: Shell’s top bosses named in £8 billion lawsuit after being spared the sack: 25 April 2004

Daily Mail: Shell attacked from all sides: 26 April 2004

Daily Telegraph: Shell gives Watts a £1m golden farewell 23 May 2004

Daily Telegraph: Shell slices still more off proven reserves: 25 May 2004

Daily Telegraph: Watts’ pension pot tops £10m: 28 May 2004

London Evening Standard: Shell ‘has lied for 10 years’: 26 June 2004

Shell Closes Book on 2004 Reserves Scandal as Claims Deadline Passes: 5 November 2010

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