singapore hotel: Posts from "January, 2014"

Shell’s reputation was destroyed in 2004 after FIVE consecutive cuts to its hydrocarbon reserves covering 55% of its total reserves. US and UK financial regulators imposed $150 million in fines on Shell for securities fraud. Shell was also rocked by class action lawsuits.
Sir Philip Watts

and Walter van de Vijver (whose headcut images appear courtesy of The Wall Street Journal) were among the Shell executives forced to resign. More details at the foot of this column.

MORE DETAILS:
The Shell reserves scandal brought about
the end of the Royal Dutch Shell Group in its original form as an Anglo-Dutch partnership.

Shell Transport Trading Co and Royal Dutch Petroleum were unified into a single Dutch owned company – Royal Dutch Shell Plc.

Sir Philip turned to religion and is now a very wealthy priest after receiving a payoff/pension package from Shell reportedly worth $18.5 million. Walter van de Vijver in contrast was the victim of a sadistic sacking by his Shell senior management backstabbing colleagues.

SHELL RESERVES SECURITIES FRAUD UNFOLDS IN NEWS HEADLINES

Daily Telegraph: Shell drops ‘bombshell’ on reserves: 9 January 2004

The Times: How Shell blew a hole in a 100-year reputation: 10 January 2004

The West Australian: Investors howl for Shell’s blood: 12 January 2004

London Evening Standard: Shell bosses lied to the City: 19 April 2004

Houston Chronicle:‘Sick and tired about lying’ at Shell: 19 April 2004

Bloomberg: Shell Loses AAA Credit Rating: 19 April 2004

BBC News: Shell bosses ‘fooled the market’: 19 April 2004

The Guardian: Trail of emails reveals depths of deceit at the heart of Shell: 20 April 2004

The Guardian: Shell admits it misled investors: 20 April 2004

The Independent: Lies, cover-ups, fat cats and an oil giant in crisis: 20 April 2004

The Scotsman: How Shell blew a hole in a 100-year reputation: 20 April 2004