Dutch
pension funds file claim against Shell in US
AFP
THE HAGUE
Petroleumworld.com 01 10 06
A group of 26 Dutch pension funds has filed a claim against Anglo-Dutch
oil company Royal Dutch Shell stemming from the miscalculation
of reserves at the energy giant, lawyers for the funds said on
Monday.
The group is claiming hundreds of millions of dollars (euros)
in damages before a New Jersey court, a lawyer for US firm Grant
and Eisenhofer told the Dutch ANP news agency.
The overstatement of the group's oil and gas reserves sparked
an internal crisis at Shell when it was revealed in January 2004.
The problems led to the removal of three of the main directors
of the company, including former chairman Philip Watts.
In a statement issued later on Monday, Shell said it contested
the claim and would "vigorously defend itself against the
action".
The statement added: "A lot of actions and investigations
regards to our proven oil and gas reserves prior to 2004 have
now been settled, including with the US SEC (Securities and Exchange
Commission) and the UK FSA (Financial Services Authority)."
Shell has already been ordered to pay some 150 million dollars
(124 million euros) in fines by the US and British financial watchdogs.
AFP
01/09/06
Copyright
© 2006 AFP. All rights reserved
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