The director said one increasing problem in 2011 was in the misuse of variable hour contracts, which are sometimes called zero hour contracts.

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They were issued by Manulife (subsequently taken over by John Hancock) and were called Flexible Purchase Payment Deferred Combination Fixed and Variable Annuity Contracts Non- Participating.

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Transactions executed through variable prepaid forward contracts and share-lending agreements are intended to raise money but defer taxes.

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