indirect. Figure I.1 shows an example of indirect control:
Figure I.1 Example of indirect control
X
80%
60%
20%
40%
A Y
B
A … directly controls B, but as A is controlled by X, B is controlled indirectly by X through its affi liate A. This case is an … minority control
F
X
49%
10% 10%
10%
10%
11%
C
E D
AB
Only shareholdings of 10 % and more should be considered. Recording …