Hybrid Business Forms and the Regulation of Illicit Transactions
This chapter examines the significance of diverse patterns of ownership and control for regulating conflicts between majority and minority shareholders. It explores arguments for and against the regulation of related party transactions. It examines the Parmalat scandal and the mechanisms employed by the family-controlling shareholders to extract private benefits of control at the expense of minority shareholders and creditors. The legal rules and institutions designed to regulate related party transactions are analysed and discussed. The chapter looks at the legal mechanisms used to hide identity of the beneficial owner and critically assess the efforts of international bodies to pierce through the corporate veil. It concludes by assessing the important insights explored here and discussing the various reforms that policy-makers may wish to consider when approaching the regulation of related party transactions and beneficial ownership.
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