Ann: Appendix 4D - Half Year Report - 6 months to 31 December 201, page-8

Fact is, transfer pricing is practised in every corner of the corporate world to transfer profits to low or nil taxing jurisdictions. The Chinese tend to use the British Virgin Isles or even Macau as tax havens to shift profits into. It's not just the Chinese though, Australian entrepreneurs dealing with Asian manufacturers are leaving some of their profits in Singapore or Hong Kong and joining their money on regular family holidays. It's the way of the world.