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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 read more

Matthias Bichsel and the Shell reserves fraud

Screen Shot 2013-02-21 at 11.44.36By John Donovan

Within the next few days we will publish authentic Shell internal confidential emails and documents that provide irrefutable proof that like his fellow Royal Dutch Shell Plc executive director, Simon Henry, Matthias Bichsel (right) was aware years before the Shell reserves fraud became public knowledge, that Shell was cooking the books. Many Shell executives, including Matthias Bichsel, knew group guidelines for booking proven reserves were no longer in accordance with the requirements of the U.S. Securities and Exchange Commission, but withheld that vital information from investors. In other words, participated in the long-running cover-up, which after a hundred years of trading, destroyed the Royal Dutch Shell Group in its original Anglo-Dutch partnership form. It is breath-taking arrogance on the part of Shell senior management that Shell did not rid itself in 2004 of all executives tainted by the scandal. The smell lingers on and damages the reputation of the current executive committee, which has to put up with our articles on the subject because what we say is true and they know we have the evidence to prove it in court.
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Shell reserves fraudster Rev Sir Philip Watts

Screen Shot 2013-02-08 at 22.07.58By John Donovan

An article published today by the Maidenhead Advertiser says the Rev Sir Philip Watts is taking up a new position as Priest in Charge of the Benefice of Waltham St Lawrence. He is still protesting his innocence in relation to the Shell reserves fraud and cover-up that resulted in him being forced to resign as Group Chairman of the Royal Dutch Shell Group. Sir Phil forgets to mention the $150 million worth of fines imposed on Shell by the US and UK financial regulators, the class action lawsuits that were settled and the overwhelming incriminating evidence against him, including internal emails.  When will he being suing for defamation all of the newspapers that have published articles correctly accusing him of cheating Shell shareholders? He was a fraudster then and remains a fraudster now, this time deceiving his flock, not investors. read more

THE ROYAL DUTCH SHELL RESERVES FRAUD UNFOLDS IN NEWS HEADLINES

Screen Shot 2014-02-10 at 16.29.29THE ROYAL DUTCH SHELL RESERVES FRAUD UNFOLDS IN 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

(Former executives, led by ex-chairman Sir Philip Watts, admitted they had repeatedly lied to investors about the true level of Shell’s oil and gas reserves.)

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

Amsterdam court to rule if Shell reserves fraud $353 million settlement is binding

Bloomberg.com

By Nadja Brandt

Royal Dutch Shell Plc (RDSA NA): An Amsterdam court is scheduled to rule whether a $353 million settlement with shareholders outside the U.S. following a restatement of proven oil and gas reserve estimates in January 2004 is binding. Shell was unchanged at 18.76 euros in Amsterdam.

SOURCE

NEWS HEADLINES FILE FOR ROYAL DUTCH SHELL RESERVES FRAUD

THE ROYAL DUTCH SHELL RESERVES FRAUD UNFOLDS: SEE OUR SELECTION OF LINKS TO NEWS ARTICLES WITH HEADLINES SUCH AS "INVESTORS HOWL FOR SHELL"S BLOOD", "SHELL'S REPUTATION LEFT IN TATTERS" & "MEMOS EXPOSE SHELL'S YEARS OF LYING"

How Simon Henry got it wrong on the repercussions of Royal Dutch Shell reserves fraud

Simon Henry, Shell's head of investor relations, said that, nothwithstanding the huge extent to which proven reserves had been over-booked, none of the executives involved would be disciplined

Jeroen van der Veer and the Shell reserves fraud

There was speculation in the news media about the involvement of Jeroen van der Veer, a Group Managing Director. Recently published court documents relating to the remaining litigation arising from the scandal throws more light on his involvement

Shell reserves fraud will likely cost shareholders over $900 MILLION USD

By John Donovan

According to our calculations the Shell reserves fraud will probably cost Shell over $900 million USD approx.

This is made up of: –

$79.9 to U.S. shareholders
$2.95 million to U.S. shareholders
$35 million to be divided between U.S. and European settlement claimants
$352.6 million solely to European shareholders
$90 million paid as a settlement in 2005 of a U.S. class action brought by Shell U.S. employees
$47 million legal costs for European claims
$27 million legal costs for U.S. claims
$100 million – our rough estimate of Shell’s own legal costs covering both companies and all defendant employees
$150 million – fines imposed on Shell by the SEC and the FSA
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More machinations in the Shell reserves fraud U.S. class action?: Updated

By John Donovan

On Saturday 26 February we published an article authored by me entitled…

Machinations in New Jersey Court linking Royal Dutch Shell with ambulance chaser lawyers

It announced the surprising news that an Order which allowed Shell to proceed with a Non-U.S. settlement costing Shell shareholders over $400 million in respect of the 2004 reserves fraud had been sought and obtained by Liaison Counsel Keefe Bartels – New Jersey based “Personal Injury Lawyers”. We pointed out that they are “a type of law firm known as “ambulance chasers”; “a derogatory phrase sometimes used to describe a trial lawyer who specializes in representing accident victims” (definition borrowed from Wikipedia).  I made the comment: “Perhaps it was useful to have such a law firm carrying out the liaison function”. read more

Jeroen van der Veer and the Shell reserves fraud

This is an updated version of an article first published on 5 November 2007 under the headline "Court document revelations damage Shell CEO, Jeroen van der Veer."

Link for webpage containing Shell reserves fraud documents

Shell reserves fraud trial: Transcript of Videotaped Deposition of GORDON PARRY, former Shell executive

Shell confidential reserves fraud documents published 17 December 2007

Transcript of Videotaped Deposition of GORDON PARRY, Regional Business Advisor South Asia for Shell Exploration and Production and General Manager of Shell Pakistan (Mr Parry is now retired); taken Washington D.C. on September 12, 2006.

Gordon Parry Deposition plus confidential Shell internal email (175 pages)

http://www.shellnews.net/classactiondocs/359.pdf

Exhibit 229: more confidential Shell internal email correspondence relating to Gordon Parry Deposition: involving Philip Watts, Ian Hines, Richard Sears, Chandler Wilhelm, Barry Knight, Derek Newberry, Robert Inglis, Grigmore Simon, Remco Aalbers, Peter Osborne, Maarten Wink, Heinz Rothermund, Susan Lovelock, Martijn Minderhoud, Anton Barendregt, Bea Jespers, Hans van Nues, Keith Lewis, Tim Warren and Matthias Bichsel. (27 pages) read more

Shell reserves fraud: Videotaped Deposition of Simon Henry, Executive Vice President Finance, Shell Exploration and Production

Transcript of Videotaped Deposition of Simon Henry, Executive Vice President Finance Shell Exploration and Production: taken Monday October 16, 2006 in Washington D.C.

Exhibit 290 Pages 1 to 56 Simon Henry Deposition

http://www.shellnews.net/classactiondocs/ex290_436_8.pdf

Page 57 onwards of Simon Henry Deposition

http://www.shellnews.net/classactiondocs/437.pdf

Exhibit 292 Page 115 onwards of Simon Henry Deposition

http://www.shellnews.net/classactiondocs/ex292_437_2.pdf

Exhibit 293 Page 171 onwards of Simon Henry Deposition read more

Shell reserves fraud: Expert Opinion of Professor Gregg A. Jarrell, expert on artificial inflation of Equity Securities caused by misstatement…

Shell confidential reserves fraud documents published on 12 December 2007

Expert Opinion of Professor Gregg A. Jarrell, expert on artificial inflation of Equity Securities caused by misstatement and omissions: Signed on November 3, 2006

Exhibit 385: Part One of Jarrell Report for Plaintiffs

http://www.shellnews.net/classactiondocs/ex385_448_5.pdf

Exhibit 386: Part 2 of Jarrell Report for Plaintiffs

http://www.shellnews.net/classactiondocs/ex386_448_6.pdf

Exhibit 387: Jarrell Rebuttal of expert opinions of Daniel R. Fischel and Dr Hans-Jurgen Peterson read more

Expanded Deposition of Rodney Sidle of Shell International EP in relation to Shell reserves fraud

Videotaped Deposition of RODNEY SIDLE, held at the offices of LeBoeuf Lamb Greene & MacRae LLP, 125 West 55th Street, New York, New York. October 30 & 31, 2006:Rodney Sidle, Senior Reserves Consultant for Shell International Exploration & Production Inc. Includes confidential Shell internal correspondence and documents

Exhibit 284 (295 pages)

http://www.shellnews.net/classactiondocs/ex284_364_9.pdf

Exhibit 285 (35 pages)

http://www.shellnews.net/classactiondocs/ex285_364_10.pdf

Exhibit 286 (44 pages) read more

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