“With regards to the reserves fraud, Mr Finlayson was either part of the cover-up, or negligent in his fiduciary duties as a senior Shell executive, supposedly protecting the interests of investors”; “That should be of great concern to investors in BG Group. Surely the company could have found a new CEO untainted by scandal?”
John Donovan
In January 2004 news broke about the Shell reserves fraud. These examples from hundreds of news reports speak for themselves:
Daily Telegraph: Shell drops bombshell on reserves: 9 Jan 2004
The Times: How Shell blew a hole in a 100-year reputation: 10 Jan 2004
The West Australian: Investors howl for Shells blood: 12 Jan 2004
Shell executives, led by then chairman Sir Philip Watts, who has recently repented by becoming the Rev. Sir Philip Watts, admitted they had repeatedly lied to investors about the true level of Shells oil and gas reserves. Shell senior management had engaged in a massive cover-up to fool the market i.e. deceive its own shareholders. Shell admitted that it had misled investors.
