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Table 5 Direct shareholders and subsidiaries of the “conduit” companies

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

the Netherlands Hong Kong the United Kingdom
Subsidiary Shareholder Subsidiary Shareholder Subsidiary Shareholder
DE 13% ES 14% CN 60% KY 24% ES 28% NL 12%
GB 10% GB 14% VG 11% BM 13% IE 10% DE 10%
PL 7% US 13% TW 6% VG 11% ID 8% IE 9%
BE 7% DE 11% NL 4% FR 6% DE 7% US 7%
ES 7% CH 8% BM 2% CN 5% NL 6% AU 7%
  1. DE is Germany; GB is the UK; PL is Poland; BE is Belgium; ES is Spain; CH is Switzerland; CN is mainland China; VG is the British Virgin Islands; TW is Taiwan; NL is the Netherlands; BM is the Bermuda Islands; FR is France; IE is Ireland; ID is Indonesia; and AU is Austria