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Table 4 Direct shareholders and subsidiaries of the “holding and conduit” companies

From: Identification of key companies for international profit shifting in the Global Ownership Network

the United States

the United Kingdom

the Netherlands

Subsidiary

Shareholder

Subsidiary

Shareholder

Subsidiary

Shareholder

CA

20%

GB

15%

ZA

31%

US

29%

UA

17%

US

19%

CN

13%

FR

15%

AU

9%

n.a.

27%

BE

9%

GB

14%

LU

9%

CH

11%

LU

7%

ZA

12%

GB

6%

PL

8%

GB

9%

DE

11%

BR

5%

FR

5%

NG

5%

FR

7%

HK

5%

CA

7%

VG

5%

BM

4%

n.a.

4%

DE

7%

  1. CA is Canada; CN is mainland China; LU is Luxembourg; GB is the UK; HK is Hong Kong; FR is France; CH is Switzerland; DE is Germany; ZA is South Africa; AU is Austria; BR is Brazil; VG is the British Virgin Islands; BM is the Bermuda Islands; UA is the United Arab Emirates; BE is Belgium; NG is Nigeria; PL is Poland; and n.a. is no information