DSV plans to shut down tax shelter companies

DSV has subsidiaries in various locations including the British Virgin Islands. These companies were obtained through acquisitions and must be shut down as soon as possible, says CFO Jens Lund. UTi in particular was powered by tax avoidance, argues the CFO.
BY JESPER HØBERG, FINANS

When publicly listed transport group DSV finalized the acquisition of US competitor UTi in January, CFO Jens Lund got a little more than he bargained for, namely several companies in the British Virgin Islands, Guernsey, and the Netherlands Antilles.

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