The Dutch pension fund of Royal Dutch Shell said it has a $45m exposure to the alleged $50bn fraud by prominent Wall Street trader Bernard Madoff.
Madoff Fraud
Bernard Madoff ‘fraud’: The list of the casualties including Shell
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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.
Shells 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 Madoffs activities.
Royal Dutch Shell victim of Madoff Ponzi fraud
Fresh details of the human cost of the apparent Ponzi scheme, in which capital from new investors was used to pay interest to existing investors, also began to emerge yesterday. The pension fund operated by the Netherlands branch of Royal Dutch Shell said that it had a $45 million exposure to the alleged fraud. The fund, which manages the retirement savings of thousands of Shell workers, is in deficit.
Madoff: The Pain Runs Deep
There are plenty of corporate victims in the alleged fraud, including HSBC Holdings (HBC), Banco Santander (STD), BNP Paribas (BNPP.PA), Royal Bank of Scotland Group (RBS), and the Dutch pension fund of Royal Dutch Shell (RDSA).
Shell OAPs are latest victims of disgraced billionaire Madoff
Pensioners from oil giant Shell have emerged as the latest victims of disgraced financier Bernard Madoff.
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