Liberia

"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."

"With Northern Shipping, the first building blocks were put in place in an international shipping empire. Liberia was the cornerstone. The West African country rightly bore its name. In terms of shipping, it was clearly about freedom. There was no Brønnøysund Register where one had to submit accounts, and no owners were mentioned in the papers of Liberia’s trade register. But Liberia is not a banana republic in all areas. The USA's most skilled lawyers have designed the country’s maritime laws, which are almost identical to the American ones. Shipowners risked no legal surprises by sailing under the Liberian flag."

"Combined with the shipping contracts with the shipowners, Fredriksen often managed to get the right (option) to purchase some of the ships at a fixed agreed price. When freight revenues increased dramatically, the values of the ships also increased far above the option price. Fredriksen exercised his right to purchase and immediately resold the ships at a large profit. The right to purchase, and thus the profit, belonged to companies outside England, most often with the address 80, Broad Street, Monrovia, Liberia."