Any one thinking about Greek stocks? Aren't/weren't they shipping experts? - Wall Street Examiner Forums and Bears Chat

qqqbear, on 10 February 2012 - 12:21 PM, said:

I took a shot at unraveling that a few years ago. The rich Greek families in shipping have a slew of companies owning companies that is appropriately a Gordian Knot. Cayman Island-like constructs. I doubt a "play" exists.
However since that time, Panama and the Marshall Islands(!?) have chipped into Liberia's once upon a time dominance

http://en.wikipedia...._of_convenience

---------

Forgot to append-

"Concealed ownership

Shipowners often establish shell corporations to be the legal owners of their ships.[33] To distinguish between the actual shipowner and the shell corporations, the terms beneficial owner or ultimate owner are often used. Webster's defines a beneficial owner as "one who enjoys the benefit of a property of which another is the legal owner."[34] A ship's beneficial owner is legally and financially responsible for the ship and its activities.[35]

The 2004 Report of the UN Secretary General’s Consultative Group on Flag State Implementation reported that "It is very easy, and comparatively inexpensive, to establish a complex web of corporate entities to provide very effective cover to the identities of beneficial owners who do not want to be known."[36] According to a 2003 report by the Organisation for Economic Co-operation and Development report entitled "Ownership and Control of Ships", these corporate structures are often multi-layered, spread across numerous jurisdictions, and make the beneficial owner "almost impenetrable" to law enforcement officials and taxation.[33] The report concludes that "regardless of the reasons why the cloak of anonymity is made available, if it is provided it will also assist those who may wish to remain hidden because they engage in illegal or criminal activities, including terrorists."[33]"

Wall Street Examiner Forums and Bears Chat: Any one thinking about Greek stocks? Aren't/weren't they shipping experts? - Wall Street Examiner Forums and Bears Chat

Any one thinking about Greek stocks? Aren't/weren't they shipping experts? Have to be pretty well beaten-down Rate Topic:

#1 Pulp_Cutter

#2 qqqbear

#3 qqqbear

#4 Case of Bear

#5 qqqbear

Share this topic:

1 User(s) are reading this topic
0 members, 1 guests, 0 anonymous users

Delete Post

Skin and Language

Execution Stats