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Shell Pension Fund

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.

Shell’s 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 Madoff’s activities. read more

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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.

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

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).

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

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.

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Dutch Shell Pension Fund asset value slumps from $27.13 bn to $11.6 bn in just 11 months

Other companies to have been hit include oil major Royal Dutch Shell PLC, which said last week that its Dutch pension fund had slumped from a 180% funding position to just 85% in the past eleven months. The Dutch fund had assets of €19.2 billion ($27.13 billion) at the end of December last year, but said in a statement on Friday that this figure has tumbled 40% since then to about €11.6 billion.

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Madoff fraud victims include Royal Dutch Shell, the energy group

FT: Royal Dutch Shell, the energy group, revealed that its pension fund was exposed to Mr Madoff.

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Madoff house arrest ordered as European banks and Royal Dutch Shell reel

In Europe, the Dutch pension fund of Royal Dutch Shell said it had a $45 million exposure.

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

UK investor confidence hit by fraud allegations: Royal Dutch Shell admits $45 million exposure

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.

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Global economic gloom outweighs OPEC and Fed cuts

Adding to the sense of financial mayhem was more fallout from the alleged $50 billion (32 billion pounds) fraud by U.S. financier Bernard Madoff. As he was put under house arrest, another European bank, BNP Paribas, posted losses connected to the scandal, sending European stocks lower. The Dutch pension fund of Royal Dutch Shell Plc said it had $45 million exposure...

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Madoff ‘fraud’ reaches Shell pension fund

Shell, the Dutch oil giant, has emerged as the latest victim of the $50 billion (£32.23 million) fraud allegedly perpetrated by Wall Street trader Bernard Madoff, who is set to appear in court later today to meet the conditions of his bail.

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Shell pension fund may lose €45m via Madoff

Shell pension fund may lose €45m via Madoff

Wednesday 17 December 2008

Royal Dutch Shell announced on Wednesday afternoon that its pension fund may have lost $45m from its indirect involvement in the massive securities fraud allegedly perpetrated by American trader Bernard Madoff.

‘The investment will do no material damage to the financial position, even if the whole amount has to be written off,’ the company said in its statement.

© DutchNews.nl

ARTICLE

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Dutch Shell pension fund has $45 mln exposure to Madoff

AMSTERDAM, Dec 17 (Reuters) - The Dutch pension fund of Anglo-Dutch oil giant Royal Dutch Shell said on Wednesday it has a $45 million exposure to the alleged $50 billion fraud by prominent Wall Street trader Bernard Madoff.

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Shell Pension Fund in Deficit an Investor in Madoff $50 billion fraud Fund?

I just saw on Dutch TV that a financial advisor claimed he KNEW that the Shell pension fund had invested in this Madoff fund in the recent past. He did not know whether they still are invested in this fund and phoned them. They would not say. Apparently they have borrowed 500 mln Euro at 4% with Fortis and bought into the Madoff fund which ‘guaranteed’ 7%. They also invested 500 mln Euro of ‘their own’ money. Since the Pension Fund had no comments, it presumably is true.

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Shell’s pension underfunded as contributions rise: Tue Dec 16, 2008 10:20am GMT

Shell's pension fund has commissioned a report to establish if its long-term strategy needs changing and will submit a recovery plan to the Dutch Central Bank, which is also the country's pension regulator, next year.

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Shell Dutch pension fund has fallen into deficit

Times Online

The Times read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Royal Dutch Shell A fell 49p to £17.50 after reports its Dutch pension fund has fallen into deficit

Royal Dutch Shell A fell 49p to £17.50 after reports that its Dutch pension fund has fallen into deficit, with stock market turmoil knocking 40 per cent off its value.

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.
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