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Scandals II - USA - New SEC Chairman, Christopher Cox, brands Royal Dutch Shell reserves debacle a European "fraud"
Another one .... On a par with the Enron and WorldCom ... and sum...
USA -mondaq(subscription)/ShellNews.net/by Alfred Donovan -11 Oct 2005: --- Burson-Marsteller wins Royal Dutch Shell Plc global PR account: triumph or poisoned chalice?... In view of recent reports about its new client, Burson-Marsteller may be wondering if it has been handed a poisoned chalice... 11 out of a 15 member Board of Directors of the new unified company Royal Dutch Shell Plc are tainted by what the incoming Chairman of the US Securities & Exchange Commission, Christopher Cox, has branded as a fraud (the Shell reserves debacle)... He has described the fraud as being on a par with the Enron, WorldCom, Global Crossing, Tyco, Vivendi and Parmalat scandals... Aad Jabobs, (non-executive Chairman of the Board of Directors, his deputy Lord Kerr (the senior independent Director), Jeroen van der Veer (CEO), Malcolm Brinded (Executive Director for Exploration and Production), Rob Routs (Executive Director, Oil Products and Chemicals), plus non-executive directors, Maarten van den Bergh, Sir Peter Burt, Sir Peter Job, Wim Kok, Jonkheer Aarnout Loudon and Lawrence Ricciardi, are ALL tainted by the reserves fraud... All are named Defendants in a US Class Action lawsuit brought by the UNITE National Retirement Fund and the Plumbers and Pipefitters National Pension Fund... The suit accuses Shell executives of breach of duties to shareholders, abuse of control, mismanagement, fraud and unjust enrichment...
posted by Unknown @ 3:05 PM
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