Tesco overstatement debacle reminiscent of Royal Dutch Shell reserves scandal
By John DonovanTesco admits a £250m mistake in half-year profit calculations
Tesco share value has plummeted after the supermarket giant announced this morning that it had overstated its half-year profit guidance by £250m.
Four senior Tesco executives, including a managing director, have been suspended.
In view of what happened to Shell when it overstated its hydrocarbon reserves, can we expect law suits, investigations, fines, credit rating downgrades and resignations?
Royal Dutch Shell Group Chairman, Sir Philip Watts (right), was forced to resign and turned to religion. He is now a priest.
Daily Telegraph: Shell drops ‘bombshell’ on reserves: 9 January 2004
The Times: How Shell blew a hole in a 100-year reputation: 10 January 2004
The West Australian: Investors howl for Shell’s blood: 12 January 2004
London Evening Standard: Shell bosses lied to the City: 19 April 2004
Houston Chronicle:‘Sick and tired about lying’ at Shell: 19 April 2004
Bloomberg: Shell Loses AAA Credit Rating: 19 April 2004
BBC News: Shell bosses ‘fooled the market’: 19 April 2004
Daily Telegraph: Shell suffers second cut to credit rating: 21 April 2004
Daily Telegraph: Sacked Shell boss ‘escorted from HQ’: 22 April 2004
The Times:A very British kind of scandal: why Shell is no Enron:23 April 2004
Daily Telegraph: Shell’s lies over reserves spark FSA investigation: 24 April 2004
The Mail On Sunday: Shell’s top bosses named in £8 billion lawsuit after being spared the sack: 25 April 2004
Daily Mail: Shell attacked from all sides: 26 April 2004
Daily Telegraph: Shell gives Watts a £1m golden farewell 23 May 2004
The TRUTH will set you FREE.
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