A little of that FCPA action we've been talking about. The U.S. government's investigation goes (involving both the SEC and DOJ) back to 2007 and concerns allegations that reps of Royal Dutch Shell paid bribes to Nigerian customs agents, possibly through Swiss freight forwarding firm Panalpina. The SEC is investigating ten other firms that used Panalpina on suspicion of similar illegal payments. Shell has been running its own internal investigation alongside the U.S. Government probe.

-- MDT

Labels: bribery, FCPA, Royal Dutch Shell

Royal Dutch Shell will make a massive, multi-million dollar settlement payment to over 50 European institutions in relation to Shell's downgrading of their oil reserves in 2004. According to the terms of the settlement Shell has already faced more millions in fines relating to their mis-reporting and several execs, including former company chairman Sir Philip Watts, lost their jobs over the fiasco.

The Shell settlement represents the largest class action settlement in Europe's history. It has been reported that Shell plans to offer a similar settlement to affected investors in the United States, but that may refer to the distribution of the millions in fines the company has already paid to the SEC on the reserves restatement matter.


-- MDT

Labels: accounting fraud, class action, Royal Dutch Shell, settlement