Shell admits it misled investors

[radfringe]

Shell admits it misled investors
http://www.guardian.co.uk/oil/story/0,11319,1195725,00.html
'I am becoming sick and tired of lying...'
The internal email that lifted the lid on one of Britain's biggest companies
Terry Macalister -- Tuesday April 20, 2004 -- The Guardian

Shell deliberately misled investors about the financial health of the world's third largest oil company, an internal inquiry revealed yesterday.
The Anglo-Dutch oil company sacked its chairman Sir Philip Watts and his exploration director Walter van de Vijver earlier this year after admitting it had overstated the amount of oil and gas reserves it had in the ground by more than 20%.

Yesterday it said the figure was nearer 25% and admitted Sir Philip and Mr Van de Vijver had known about the problems for at least two years and possibly for as long as seven.

Extraordinary messages between senior directors, revealed yesterday, must increase the likelihood of them facing criminal charges from the US justice department which is investigating events.

The most damning statement comes in an email from Mr Van de Vijver to Sir Philip dated November 9 2003, which says: "I am becoming sick and tired about lying about the extent of our reserves issues and the downward revisions that need to be done because of far too aggressive/optimistic bookings."
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Trail of emails reveals depths of deceit at the heart of Shell
http://www.guardian.co.uk/oil/story/0,11319,1195765,00.html

--snip--

Extracts from the emails

'Recently the SEC issued clarifications which make it apparent that the group guidelines are no longer fully aligned with SEC rules'
Van de Vijver to Shell committee of managing directors, February 11, 2002

'Given the external visibility of our issues (lean organic development portfolio, RRR low, F&D unit costs rising), the market can only be "fooled" if 1, credibility of the company is high; 2, medium and long-term portfolio is real and/or 3, positive trends can be shown on key indicators'
Van de Vijver to managing directors committee with copy to Ms Boynton, September 2, 2002

'I become sick and tired of arguing about hard facts given where we are today. If I was interpreting the disclosure requirements literally (Sorbanes Oxley act, etc) we would have a real problem'
Van de Vijver to Sir Philip, October 22, 2002

'We finalised our plan submission and could easily leave the impression that everything is fine. The reality is however we would not have submitted this plan if we 1, were not protecting the group reputation externally ... 2, could have been honest about past failures < ... reserves manipulation>'
Van de Vijver to staff members, November 2002