A number of factors allow saiko to continue, and complex foreign beneficial ownership structures have been highlighted as key. According to the FAO legal definition, beneficial ownership is an opaque system using local shell companies that provide cover for vessel owners, allowing them to escape punishment or financial penalties for illegal fishing. Ghanaian law bans foreign interests from the industrial fishing sector, so companies use a variety of mechanisms to conceal the true beneficial owner of the vessel, says Trent. This includes setting up hire-purchase agreements with Ghanaian [front] companies, or using other corporate arrangements, such as special purpose vehicles for their operations, adds Trent. The latter is a subsidiary of a company that is protected from the parent company’s financial risk…