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Virgin to use shell company loophole to sidestep foreign ownership cap We’re sorry, this service is currently unavailable. Please try again later. Dismiss Normal text size Advertisement Virgin Australia s new American private equity owners will use a shell company loophole to evade foreign ownership laws in the aviation sector, in a move tipped to spark objections from bitter airline rival Qantas. The Age and The Sydney Morning Herald have confirmed that Virgin s new owner Bain Capital has revived a shell company, Virgin Australia International Holdings (VAIH), to sidestep federal laws preventing foreign investors from owning more than 49 per cent of a local carrier operating international flights. ....