บท 334: Chapter 334: Tax Haven
Each participant in the meeting had a list of companies to evaluate. Hardy began by pointing to the first name on the list and said, "Yokosuka Naval Shipyard, located near Tokyo Bay, is one of Japan's four largest shipyards. What do you think it's worth?"
The representative from the Mellon Consortium spoke up. "When Japan built the Yokosuka Shipyard, it used equipment from our shipbuilding equipment company and was guided by us. If I recall correctly, the total investment back then was around $45 million."
"As for the current value, even considering potential damage, I'd estimate it at $8 million," the Mellon representative proposed.
The others nodded in agreement; it was a low estimate.
Hardy pondered for a moment and suggested, "How about we value it at $3.85 million?"
The room went silent, then everyone's eyes widened. The proposed price was significantly lower than expected.
The capitalists present were intrigued. The idea of drastically reducing the price was thrilling to them. The lower the price, the less they would pay and the more they would profit.
The discussion continued with Hardy naming the next company on the list.
"The Yokohama Mitsubishi Shipyard, located in Yokohama, has a strong record of producing aircraft carriers and battleships. It's comparable to Yokosuka Shipyard. What should we offer?"
"$4.5 million?" the Morgan Stanley vice president suggested tentatively.
"That's a bit high. How about $3.68 million?" Hardy countered.
"Agreed!"
"The price is acceptable."
"Noted."
The process continued with further evaluations:
- **Kawasaki Shipyard**: $3.55 million.
- **Wugang Naval Shipyard**: Due to its proximity to Hiroshima, which was bombed, it was in ruins. A price of $1 million was considered high.
- **Mitsubishi Nagasaki Shipyard**: Also suffered from nuclear bombing and was not highly sought after.
- **Asano Shipyard**
- **Sasebo Naval Shipyard**
When it came to aircraft manufacturers, American military interests were not strong, as Japanese aircraft had been heavily defeated in combat. Consequently, these were priced even lower.
The focus then shifted to military automotive companies and steel producers.
By evening, Hardy called for dinner, and after the meal, discussions on pricing resumed, extending into the night. The finalized list of prices for the seized military assets came to $570 million.
Despite their efforts to drive prices down, the total was substantial given the number of companies involved.
"Everyone, it's very late. Let's rest and continue our discussions tomorrow," Hardy suggested.
The group agreed and left in good spirits.
The next morning, everyone returned promptly. Hardy addressed them, "We all know that the actual value of these companies is much higher than our pricing. Now we face two main issues. First, we need to push Congress to approve these prices. The seven of us must act collectively on this."
Everyone agreed. The major consortia, including Rockefeller and Morgan, had significant influence in Congress, and with their combined efforts, passing the prices would be straightforward.
"Secondly, we need to decide how to distribute the profits. My proposal is for us to hold equity together, forming a unified entity. This way, we can deepen our cooperation and streamline the management of these companies," Hardy continued.
He explained that if everyone bought separately, it could lead to fragmented interests and competition.
The vice president of Morgan Stanley raised a concern. "Mr. Hardy, while I agree that joint investment and cross-shareholding are beneficial, holding over 300 companies might attract scrutiny from both the U.S. and Japanese governments. Monopolistic practices are closely monitored."
Hardy was prepared for this. He had planned for this cross-shareholding structure to serve as a basis for establishing offshore companies.
"Do you all know that I've become a Baron of the Cayman Islands?" Hardy asked.
Someone smiled. "Yes, we've heard about your connection with Princess Margaret. We were curious but respectful enough not to ask directly. Would you care to elaborate?"
Hardy quickly waved off the suggestion. "It's just a rumor. What I want to convey is that, as the Governor of the Cayman Islands, I have the authority to establish autonomous regulations, including administrative, legislative, taxation, and diplomatic rights."
"I plan to make the Cayman Islands a tax haven with no personal income tax, corporate income tax, capital gains tax, or real property tax."
The financial experts present were immediately interested. "If we set up companies in the Cayman Islands for import and export trade, we can save significantly on taxes," one remarked.
High taxes can often take up to 35% of profits, especially in large transactions. Reducing this could mean substantial savings.
"I'll provide more details about the Cayman Islands later. When we return to invest in Japan, we can register hundreds of companies in the Cayman Islands and use them to acquire control of Japanese companies," Hardy proposed.
"The Cayman Islands operate under strict confidentiality, with no disclosure of shareholder information to any government, including the U.S. and UK. Additionally, there are no foreign exchange controls."
He added, "With cross-shareholding, managing these companies will be straightforward for any bank or financial institution."
The group finally understood Hardy's strategy. The prospect of tax-free investments and confidential operations made the Cayman Islands appear as a highly attractive investment haven.
The proposal was not only advantageous for the Japanese investments but could also be applied to other international ventures by the consortia, maximizing profits while minimizing tax liabilities.
The vice president of Morgan Stanley asked eagerly, "Mr. Hardy, I agree with your cross-shareholding proposal. I'd like to hear all the regulations on Cayman financial management in detail."
Others nodded in agreement. Their interest in the Cayman Islands had now surpassed their interest in Japanese investments.
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