TNT may have changed its name, but it continues to be haunted by its past. The Dutch postman's ongoing tax saga has just taken another gloomy turn, knocking €500m off the group's market capitalisation. Its last annual report already hinted at further liabilities anywhere between zero and €400m, linked to past tax filings of several subsidiaries.

Now, the mail and logistics group's inquiries have revealed the likelihood of illegal acts. More worryingly, attention has shifted to several non-UK subsidiaries, which remain unidentified.