In an internal email dated 9 November 2003, former explorations director Walter van de Vijver told former chairman Sir Philip Watts that he was becoming ‘sick and tired about lying about the extent of our reserves issues’.
Another note dated 11 February 2002 revealed that senior executives at Shell knew of overstatement of oil reserves by as much as 2.3 billion barrels.
Initially it was thought reserves had been overstated by 20%, but now this is believed to be closer to 25%.
Yesterday, the company’s audit committee released proposed remedial actions.
As a result of this and other reviews, a total of 4.35 billion barrels of oil equivalent will be recategorised as at end 2002. Additionally, 2003 reserves will fall by 0.5 billion barrels.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements