Larry Goodman group uses obscure Dutch company to cut tax bill

Trojaan then made use of Dutch “tax adjustments”, as company accounts described them, to pay tax at much lower rates than would have applied elsewhere. Trojaan paid dividends totalling €113.68 million between 2013 and 2017 to a Luxembourg company, Kilbroney Investments, part of the Goodman group with a €792 million balance sheet in 2020.

In separate 2012 transactions, Trojaan lent €566 million to other ABP companies, €400 million interest-bearing and the rest interest-free. Borrowers included the Irish entity ABP Foods, which received €134 million at the Euribor benchmark interest rate plus 4 percentage points.Such loans are profitable for Trojaan because it can borrow for free from other ABP companies.

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