Jersey

"But no control without loopholes. The Central Bank did indeed not scrutinize the daughter-daughter companies in Liberia. And then they were back to square one. The simplest way to bypass Norwegian tax rules was to make deals abroad, and then "skim" off a few million kroner to a bank account, for example on Jersey, owned by a company from Liberia, for example."

"The Norwegian Northern Shipping AS never showed large profits. The company covered its costs, but not much more. The income was brokerage fees, primarily from John Fredriksen and his young, talented British broker Simon Day, but also from co-owner Peter Siemer. No one has ever become really rich from that. It would indeed have helped if the brokerage fees had gone entirely to Northern Shipping on Karl Johans street. However, along the way from their main customer Fahdi Shipping in Athens, a significant portion of the revenues disappeared. Instead, they went to an account in Jersey, which is not troubled by any noteworthy taxation."