Indirect control of an investment means control in fact, determined after an examination of the actual circumstances in each situation. In any such examination, all relevant factors should be considered, including the national's.
- a)financial interest, including equity interest, in the investment;
- b)ability to exercise substantial influence over the management and operation of the investment; and
- c)ability to exercise substantial influence over the selection of members of the board of directors or any other managing body.
Where there is doubt as to whether a national controls, directly or indirectly, an investment, a national claiming such control has the burden of proof that such control exists.