Email story to a friend Email story to a friendPrintable version Printable version

Netherlands: Shell will compensate shareholders for reserves scandal

Date: 1 Jun 2009

Shell garage

The Amsterdam court of appeal has resolved that compensation should be paid out by Royal Dutch Shell to non-US shareholders for the scandal five years ago when the company overstated its oil reserves. The affair saw the removal of Shell's chairman at the time Phil Watts - who was also a leading light with the World Business Council for Sustainable Development.

The settlement marked the conclusion of a long process of negotiation, which Shell had foreshadowed with its statement two years ago that it would offer compensation whilst not admitting to wrongdoing. The company had set aside 250m UK pounds for investors claiming compensation.

Shell's original admission that reserves had been overstated saw the company fined for market abuse and breaches of the listings rules. The company's reputation has arguably never fully recovered the episode.

Bookmark with:

Post this story to Del.icio.us  Del.icio.us | Post this story to Digg  Digg | Post this story to reddit  reddit | Post this story to Facebook  Facebook | Post this story to StumbleUpon  StumbleUpon

Comments


You must be logged in to add comments

No comments added - be the first!


Special Feature

photo of cash

Social responsibility and finance - on the precipice

In a recent article, the BBC's economics editor Robert Peston highlighted the fact that in 2012 the chances are that the economy - punch drunk as it is from the various flavours of debt crisis it has been pummelled with over the course of the year - will be hit by the collapse of a major bank and / or government.

Similar news stories

From the same country

Other stories about this company

Currently most popular stories