DAILY EXPRESS Thursday December 18,2008 OIL giant Royal Dutch Shell has emerged as one of the latest victims of the $50?billion (£33?billion) fraud by Wall Street trader Bernard Madoff. The company said its Dutch pension fund had a $45?million exposure to the fraud but that the impact would not be material even if it had [...]
Posts Tagged ‘Shell Pension Fund’
Royal Dutch Shell victim of Madoff Ponzi fraud
Fresh details of the human cost of the apparent Ponzi scheme, in which capital from new investors was used to pay interest to existing investors, also began to emerge yesterday. The pension fund operated by the Netherlands branch of Royal Dutch Shell said that it had a $45 million exposure to the alleged fraud. The fund, which manages the retirement savings of thousands of Shell workers, is in deficit.
Madoff: The Pain Runs Deep
There are plenty of corporate victims in the alleged fraud, including HSBC Holdings (HBC), Banco Santander (STD), BNP Paribas (BNPP.PA), Royal Bank of Scotland Group (RBS), and the Dutch pension fund of Royal Dutch Shell (RDSA).
Shell OAPs are latest victims of disgraced billionaire Madoff
Pensioners from oil giant Shell have emerged as the latest victims of disgraced financier Bernard Madoff.
Dutch Shell Pension Fund asset value slumps from $27.13 bn to $11.6 bn in just 11 months
Other companies to have been hit include oil major Royal Dutch Shell PLC, which said last week that its Dutch pension fund had slumped from a 180% funding position to just 85% in the past eleven months. The Dutch fund had assets of 19.2 billion ($27.13 billion) at the end of December last year, but said in a statement on Friday that this figure has tumbled 40% since then to about 11.6 billion.
Madoff fraud victims include Royal Dutch Shell, the energy group
FT: Royal Dutch Shell, the energy group, revealed that its pension fund was exposed to Mr Madoff.
Madoff house arrest ordered as European banks and Royal Dutch Shell reel
In Europe, the Dutch pension fund of Royal Dutch Shell said it had a $45 million exposure.
UK investor confidence hit by fraud allegations: Royal Dutch Shell admits $45 million exposure
The pension fund operated by the Netherlands branch of Royal Dutch Shell said that it had a $45 million exposure to the alleged fraud. The fund, which manages the retirement savings of thousands of Shell workers, is in deficit.
Global economic gloom outweighs OPEC and Fed cuts
Adding to the sense of financial mayhem was more fallout from the alleged $50 billion (32 billion pounds) fraud by U.S. financier Bernard Madoff. As he was put under house arrest, another European bank, BNP Paribas, posted losses connected to the scandal, sending European stocks lower. The Dutch pension fund of Royal Dutch Shell Plc said it had $45 million exposure…
Madoff ‘fraud’ reaches Shell pension fund
Shell, the Dutch oil giant, has emerged as the latest victim of the $50 billion (£32.23 million) fraud allegedly perpetrated by Wall Street trader Bernard Madoff, who is set to appear in court later today to meet the conditions of his bail.
Shell pension fund may lose 45m via Madoff
Shell pension fund may lose 45m via Madoff Wednesday 17 December 2008 Royal Dutch Shell announced on Wednesday afternoon that its pension fund may have lost $45m from its indirect involvement in the massive securities fraud allegedly perpetrated by American trader Bernard Madoff. ‘The investment will do no material damage to the financial position, even [...]
Dutch Shell pension fund has $45 mln exposure to Madoff
AMSTERDAM, Dec 17 (Reuters) – The Dutch pension fund of Anglo-Dutch oil giant Royal Dutch Shell said on Wednesday it has a $45 million exposure to the alleged $50 billion fraud by prominent Wall Street trader Bernard Madoff.
Shell Pension Fund in Deficit an Investor in Madoff $50 billion fraud Fund?
I just saw on Dutch TV that a financial advisor claimed he KNEW that the Shell pension fund had invested in this Madoff fund in the recent past. He did not know whether they still are invested in this fund and phoned them. They would not say. Apparently they have borrowed 500 mln Euro at 4% with Fortis and bought into the Madoff fund which guaranteed 7%. They also invested 500 mln Euro of their own money. Since the Pension Fund had no comments, it presumably is true.
Shell’s pension underfunded as contributions rise: Tue Dec 16, 2008 10:20am GMT
Shell’s pension fund has commissioned a report to establish if its long-term strategy needs changing and will submit a recovery plan to the Dutch Central Bank, which is also the country’s pension regulator, next year.
Shell Dutch pension fund has fallen into deficit
The Times December 13, 2008 Royal Dutch Shell: The oil companys Dutch pension fund has fallen into deficit as share market turmoil knocked 40 per cent off the funds value, forcing the oil major and employees to increase contributions. The fund said that its funding ratio was 85 per cent at the end of November, [...]


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