the four seasons group has a complicated structure. in 2019, it was made up of more than 160 companies. including two at the top of the structure based in offshore tax havens in the cayman islands and guernsey. once it goes offshore to one of these jurisdictions, it provides almost a kind of protective cloak for them. it gives them some sort of anonymity, which means that it's harder to follow where the money is going through their accounts. in the 17 years sincejon moulton�*s firm owned the group, it's been bought and sold three times to different private equity companies. and the structure's become more complex. i can barely follow it. it's had so many transactions, bits put into it, bits split out of it. i really don't even pretend to understand all that's happened. that's quite something to say. you're an expert in this.