A capital gain

Ever wonder what the initials CGP, the Hutchison-owned Cayman Island entity that sold its majority share in Hutchison Essar to Vodafone, stood for? Vodafone has insisted that the Cayman tax haven route was adopted at Hutch’s insistence and tax avoidance was never an objective. Perhaps, but its negotiators must have been aware of the full form of the entity with which they were transacting: it stood for Capital Gains Protected.