Stoneworth Investments, a company controlled by Tony O'Reilly, his brother-in-law, Peter Goudandris, and associates, has ended up as the registered holder of 119.6 million Waterford Wedgwood shares, following the takeover of Fitzwilton. That represents 16.4 per cent of Waterford Wedgwood.

Nothing unusual about that. But the notification to the Irish Stock Exchange contains a list of many companies with holdings in Waterford Wedgwood. These are associated with Tony O'Reilly, his family interests and/or associates. Most of them have one thing in common; they are registered in locations which have favourable tax regimes. Stoneworth, for example, has an address in Nassau, Bahamas. Albany Hill, and most of the other companies, have a similar address. Mystic Investment, a Tony O'Reilly company, has a registered address in the Cayman Islands.

Plenty of fees for the accountants and lawyers with such an array of companies.