Dr. Jim Stewart:

That is correct but even if you take a firm that is not set up as an orphan trust, the beneficial owner might be based in Bermuda or wherever. The beneficial owner could be a holding company that is just at 12%. There are a number of these holding companies that have far less than 25% shareholding. Together they control the company but you would have to go through registries in many different jurisdictions, including tax havens, to find out who is the actual owner of the firm. It can be very difficult and complicated.