Royal Dutch Shell Group .com Another Bad News Day For Shell: Thursday 11 August 2005: 13.35pm


First came the news from the USA that Royal Dutch Shell is in the highly embarrassing position of having a Chief Executive Officer, Jeroen van der Veer, who has allegedly engaged in a securities fraud in relation to the reserves scandal.

District Chief Judge John Bissell has given consent for a major class action lawsuit against Shell, its auditors and named current and former directors to proceed. A link to the relevant report, which includes the 152 page Court Order issued by the Judge is accessible below.

In the UK, The Times and The Daily Telegraph report that some Shell shareholders are furious about the tax implications arising from the unification of Shell Transport and Royal Dutch Shell and are threatening legal action. This thorny problem also arises from the reserves scandal.

All three articles can be accessed below. US Class Action Suit Against Shell CEO Jeroen van der Veer Alleging Securities Fraud Given Consent to Proceed: 08.00am Thursday 11 August 2005: Read the article

Daily Telegraph: Shell rebel investors dig their heels in: “David Windsor-Clive, 44, another dissident shareholder and former banker who is facing a £600,000 tax bill on a £2m family holding in Royal Dutch, said he was considering suing Shell if it failed to ease the tax hit.”: Thursday 11 August 2005: Read the article

THE TIMES (UK): Angry shareholders tell Shell to halt $5bn buyback plan: “FURIOUS shareholders urged Royal Dutch Shell to suspend a large share buyback programme last night amid concerns that it might cost the group up to €220 million (£151 million).”: Thursday 11 August 2005: Read the article

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