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Tesco overstatement debacle reminiscent of Royal Dutch Shell reserves scandal

Screen Shot 2014-07-04 at 14.03.36By John Donovan

Tesco admits a £250m mistake in half-year profit calculations

Tesco share value has plummeted after the supermarket giant announced this morning that it had overstated its half-year profit guidance by £250m.

Four senior Tesco executives, including a managing director, have been suspended.

In view of what happened to Shell when it overstated its hydrocarbon reserves, can we expect law suits, investigations, fines, credit rating downgrades and resignations?

Royal Dutch Shell Group Chairman, Sir Philip Watts (right), was forced to resign and turned to religion. He is now a priest. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Shell CEO Peter Voser should resign over Arctic debacle

Instead of an apology, humility, transparency, and resignations, Shell CEO Peter Voser serves up the usual diet of pr horse shit fed to the public and Shell stakeholders. Horse meat is at least digestible.

By John Donovan

Screen Shot 2013-03-03 at 10.51.42Tesco is to be congratulated for treating its customers like adults over the horse meat scandal. The supermarket chain immediately apologised and took action to restore trust in the company by its customers and investors. No spin. Just the plain truth. Embarrassing, but honest and reassuring. 

Shell has taken exactly the opposite approach over the meltdown of its Arctic foray. I refer to the groundings, fire, explosion and related safety and environmental violations that befell and eventually torpedoed its Arctic fleet of refurbished rust-buckets. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.
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