"The era of banking secrecy is over" - Gordon

[ThomasSoerensen]

It was big problem actually - when Govt took over and actually read contracts it turned out NR was contractually obliged to do a lot of business with Granite or else big sanctions - so much for due diligence

NR was publicly traded company - the market in my view should have known about such odd arrangement and potential risks it may contain.

You can say it was not Granite that killed NR, but the unnatural structure of business designed to get profits from manipulation of money flows rather than having proper customers is that made their business fundamentally flowed - essentially ability of big companies to save on tax creates false impression on where their profits come from.

...

[AtW]

...

When a company derives a lot of profits from unpublished tax avoidance this results in misrepresentation of profitable base, essentially investors are mislead as to what makes money and all their predictions are based on flawed assumptions about cash flows.

[ThomasSoerensen]

When a company derives a lot of profits from unpublished tax avoidance this results in misrepresentation of profitable base, essentially investors are mislead as to what makes money and all their predictions are based on flawed assumptions about cash flows.

So we agree that you were wrong in using "flowed" in the above post. Great.
Have a nice weekend.

[AtW]

So we agree that you were wrong in using "flowed" in the above post. Great.
Have a nice weekend.

Indeed I spelled that word wrongly.