“…the true borrowers’ list used Microsoft Excel. Q gave me a copy of the true borrowers’ list. It is the basis for most of the figures in this paper.”
…Johnson advised Sherkhan to split the large loans into smaller ones and to create shell companies –referred to as “fictitious” companies in the media- that would receive the loans. Shell companies are legal entities, since they exist on paper, but have no actual business operations, except perhaps to serve as a conduit for money transfers. The shell companies hid the borrower’s true identity.