Tesco overstated half-year profit guidance by £250m.

Tesco overstatement debacle reminiscent of Royal Dutch Shell reserves scandal

Sep 22nd, 2014 

by John Donovan. 

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By John Donovan

Tesco 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

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Posted in: GoogleNews, John Donovan, Litigation, Oil, Royal Dutch Shell Plc, Shell,Shell Oil Reserves Scandal, Sir Philip Watts.
Tagged: John Donovan · Litigation · Royal Dutch Shell Plc · Tesco · Tesco Supermarkets

The TRUTH will set you FREE.

PURISIMA 'Rest house' linked to PNP chief found

'Rest house' linked to PNP chief found

ABS-CBNnews.com

Posted at 09/20/2014 12:40 AM | Updated as of 09/20/2014 12:40 AM

MANILA -- A consumer rights groups has urged Philippine National Police (PNP) chief Alan Purisima to make his Statement Of Assets, Liabilities And Net Worth (SALN) public, amid the lifestyle check to be implemented within the organization.
The Coalition of Filipino Consumers revealed that Purisima have several properties, including a rest house in San Leonardo, Nueva Ecija.
The staff of "Failon Ngayon" went to the Civil Service Commission (CSC) to get a copy of Purisima's SALN, but they were told that they should go to the Office of the President (OP) to get a copy.
However, the Office of the President (OP) also did not have a copy of the Purisima's SALN.
Upon visiting Nueva Ecija, the group were told by residents of San Leonardo that a rest house in the area is allegedly owned by Purisima.
When the group went to the Office of the Municipal Assessor of San Leonardo to ask about the controversial property, they were given a certificate saying that Purisima does not own any real property in town.
After a few weeks, "Failon Ngayon" received a message from CSC Chairman Francis Duque saying they now have a copy of Purisima's SALN.
He said it was included in the bulk of SALNs submitted by the PNP Human Resources Office.

The TRUTH will set you FREE.