Not long ago, a multinational enterprise with headquarters in Boston needed two cargo vessels to transport ore from its South American mines to its North American production facilities. A shipyard in a developing country with good harbors and cheap labor seemed the right place to build the vessels. Extended negotiations led to a contract between the shipyard and the multinational’s Liberian shipping subsidiary, which was established to purchase and operate the vessels in a tax-efficient manner. The multinational itself guaranteed its subsidiary’s obligations....
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