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Posts Tagged ‘U.S. Securities and Exchange Commission’

Manipulations by Shell and Exxon?

Screen Shot 2014-03-10 at 23.56.16By John Donovan

Shell and Standard Oil have been engaged in manipulating governments for over a hundred years.

The joint self-explanatory letter Shell and Exxon sent to the US Securities & Exchange Commission on 1 May seems to have good intentions –  concerning the timetable for implementation of transparency legislation – but the past track record of both oil giants brings to my mind, for more than one reason, the phrase “beware of Greeks bearing gifts.”

Suspicion as to their real motive is heightened by the following extract from a related Reuters article published today. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

Taylor: Will SEC give oil companies the green light on secrecy?

In the event that Shell and Eni’s handling of the deal is found to be in breach of U.S. anti-bribery laws, investors, who were not given the opportunity to assess these payments, could also be on the hook for penalties that could be in the hundreds of millions of dollars.

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By Simon Taylor | December 7, 2013

Lack of new disclosure rules for foreign government access puts investors at risk

Conspicuously missing from the Securities and Exchange Commission’s annual update on regulatory activity released last week is a rule requiring companies to disclose what they pay foreign governments for access to natural resources. The agency needs to put an immediate end to these secret payments if it is to do its job of protecting investors.

When the SEC proposed disclosure rules in August 2012 as part of the 2010 Dodd-Frank financial law, the American Petroleum Institute (which represents companies such as Shell, ExxonMobil and Chevron) sued the SEC to keep their deals – and the public – in the dark. In July, a federal court supported the institute’s case and ordered the SEC to revise its original payment disclosure rule. The SEC needs to make the rewrite a top priority so that a new version of the rules is released in early 2014. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

Shell Lent Former Directors $12M For Reserves Fraud Legal Costs In 2004

By John Donovan: As can be verified from page 81 of the Shell Form 20F 2004 filing with the US Securities & Exchange Commission and a related Wall Street Journal article, Shell lent the fraudsters responsible for the reserves scandal $12 million to cover litigation costs. Almost a decade later, I have not seen any evidence that any of the money was ever repaid? Perhaps the Rev. Sir Philip Watts, or Simon Henry, the current Royal Dutch Shell CFO, who played a starring role in the scandal, can enlighten us?

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Extract from Page 81

Over the year 2004, the Group advanced a total of $12,048,441 (certain amounts have been converted at the average £/$ exchange rate for 2004) for litigation costs for former Board members under these provisions.

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Shell Lent Former Directors $12M For Legal Costs In 04

DOW JONES NEWSWIRES March 31, 2005

LONDON — Royal Dutch/Shell (RD,SC) said in a filing released Thursday it was in settlement talks on some of the class action litigation unleashed after it was forced to reclassify its oil reserves.

In a 20-F filing with the Securities and Exchange Commission, the oil giant said it was in talks with holders of various Shell Oil Company pension plans which had been launched in the U.S. under the Employee Retirement Income Security Act of 1974. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

Royal Dutch Shell Bribery and Corruption in Nigeria

UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION

SECURITIES EXCHANGE ACT OF 1934 Release No. 63243 / November 4, 2010

ACCOUNTING AND AUDITING ENFORCEMENT Release No. 3204 / November 4, 2010

ADMINISTRATIVE PROCEEDING File No. 3-14107

In the Matter of
ROYAL DUTCH SHELL plc,

and

SHELL INTERNATIONAL EXPLORATION AND PRODUCTION INC.,

Respondents.

ORDER INSTITUTING CEASE- AND-DESIST PROCEEDINGS PURSUANT TO SECTION 21C OF THE SECURITIES EXCHANGE ACT OF 1934, MAKING FINDINGS, AND IMPOSING SANCTIONS AND A CEASE-AND- DESIST ORDER

A. SUMMARY

This matter concerns violations of the anti-bribery provisions of the Foreign Corrupt Practices Act (“FCPA”) by Respondent SIEP and the record keeping and internal controls provisions of the FCPA by Respondent Shell. From September 2002 through November 2005, SIEP, on behalf of Shell, authorized the reimbursement or continued use of services provided by a company acting as a customs broker that involved suspicious payments of approximately $3.5 million to officials of the Nigerian Customs Service in order to obtain preferential treatment during the customs process for the purpose of assisting Shell in obtaining or retaining business in Nigeria on Shell’s Bonga Project. As a result of these payments, Shell profited in the amount of approximately $14 million. None of the improper payments was accurately reflected in Shell’s books and records, nor was Shell’s system of internal accounting controls adequate at the time to detect and prevent these suspicious payments. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

Oil Industry Lobby Groups Sue US SEC to Keep Payments Secret

“We are greatly disappointed that the oil industry is trying to use the courts to bully the SEC and push for secrecy in their payments to governments.” said Gary. “We call on companies, such as BP, Exxon, Chevron and Shell, who are hiding behind industry associations to do their dirty work while espousing transparency rhetoric, to disassociate themselves from the lawsuit.”

Targeted News Service

WASHINGTON, Oct. 11 — Oxfam America issued the following news release:

International development and relief organization Oxfam America expressed extreme disappointment that the oil industry has decided to try to use the courts to keep investors and the public in the dark regarding payments to resource-rich countries. The American Petroleum Institute, a lobby group representing companies such as BP, Exxon, Chevron and Shell, filed a lawsuit against the US Securities and Exchange Commission (SEC) yesterday to overturn a US law that will provide valuable information to investors and help prevent corrupt government officials from squandering oil and mineral wealth in resource-rich countries. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

Globalization of class action lawsuits

From the outset of the litigation, Lead Counsel used our website royaldutchshellplc.com to generate witnesses and evidence, including important information from Dr John Huong, the Shell production geologist who blew the whistle on the reserves fraud.

By John Donovan

In January 2006, a U.S. Federal Judge set a deadline of 1st March 2006, to find a Royal Dutch Shell shareholder qualified to act as a representative of all non-US Shell shareholders in a global expansion of the U.S. class action litigation already underway in respect of the oil reserves scandal.

Shell had, for a number of years, deliberately filed Form 20F returns with the U.S. Securities & Exchange Commission containing false information about its claimed proven hydrocarbon reserves. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

Tainted ‘symbiotic partnership’ between Brunei regime and Shell

His Majesty the Sultan of Brunei meeting Malcolm (TFA) Brinded, Shell’s Executive Director, Upstream International.

By John Donovan

On Sunday 1 January, the Borneo Bulletin published a gushing article under the headline “Oil & Gas continues to shower Brunei with benefits, opportunities“.

It described a claimed lovefest relationship between Royal Dutch Shell and the Brunei Royal family, which the Sultan of Brunei has summed up as: “the extraordinary symbiotic partnership between the Sultanate and the global oil giant… Royal Dutch Shell… read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

U.S. SECURITIES AND EXCHANGE COMMISSION CEASE AND DESIST ORDER: ROYAL DUTCH SHELL BRIBERY AND CORRUPTION

UNITED STATES OF AMERICA Before the SECURITIES AND EXCHANGE COMMISSION

SECURITIES EXCHANGE ACT OF 1934 Release No. 63243 / November 4, 2010

ACCOUNTING AND AUDITING ENFORCEMENT Release No. 3204 / November 4, 2010

ADMINISTRATIVE PROCEEDING File No. 3-14107

In the Matter of ROYAL DUTCH SHELL plc,
and
SHELL INTERNATIONAL EXPLORATION AND PRODUCTION INC.,
Respondents.

ORDER INSTITUTING CEASE- AND-DESIST PROCEEDINGS PURSUANT TO SECTION 21C OF THE SECURITIES EXCHANGE ACT OF 1934, MAKING FINDINGS, AND IMPOSING SANCTIONS AND A CEASE-AND- DESIST ORDER read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

Royal Dutch Shell European Fraud

Financial Times: It is vital that we all work together, says SEC

“…Cox… became chairman of the Securities and Exchange Commission in August…”: “He highlighted US “scandals” at Enron, WorldCom, HealthSouth, Global Crossing, Qwest and Tyco. But he said they were not unique to the US, and noted “European frauds” at Vivendi, Royal Dutch Shell and Parmalat. “Cross-border collaboration in international enforcement is growing in importance because massive financial frauds by major market participants have rocked the global financial world,” he said.”

Friday 7 October 2005

By Andrew Parker in New York

Published: October 7 2005

The new head of the chief US financial watchdog yesterday pledged co-operation with overseas securities regulators to nurture investor confidence.

Christopher Cox, who became chairman of the Securities and Exchange Commission in August, said cross-border collaboration was perhaps most important in dealing with wrongdoing by companies and individuals.

His speech, to a conference of lawyers, was the first time Mr Cox had publicly addressed the international dimension of his work. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

U.K. FSA Asks for Ruling on Ex-Shell Boss’s Challenge

BLOOMBERG: U.K. FSA Asks for Ruling on Ex-Shell Boss’s Challenge

“Class-Action Ammunition: While Watts wasn’t identified by name in the FSA’s notice, it may provide ammunition in the class-action suits filed against him.”: “Watts, 59, asked for the tribunal to challenge the notice the FSA published when Shell agreed to pay fines of $150 million in Britain and the U.S.

Oct. 18 (Bloomberg) — The U.K.’s financial regulator will ask a tribunal to decide whether former Royal Dutch/Shell Group chairman Philip Watts was “identified and prejudiced” by the regulator’s penalty against Shell for overstating oil reserves.

“We are confident that he was not and that the tribunal will agree with us,” the Financial Services Authority said in an e- mailed statement. “This would mean that the tribunal will have no jurisdiction to consider the other matters which Sir Philip has referred to the tribunal.” read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com
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