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Tens of thousands of parent companies control millions of subsidiariesthrough long chains of intermediary entities in global corporate networks.Conversely, tens of millions of entities are directly held by sole owners. Wepropose an algorithm for identification of ultimate controlling entities insuch networks that unifies direct and indirect control and allows forcontinuous interpolation between the two concepts via a factor damping longpaths. By exploiting onion-like properties of ownership networks the algorithmscales linearly with the network size and handles circular ownership by design.We apply it to the universe of 4.2 mln UK companies and 4 mln of their holdersto understand the distribution of control in the country. Furthermore, weprovide the first independent evaluation of the control identification results.We reveal that the proposed $\alpha$-ICON algorithm identifies more than 96% ofbeneficiary entities from the evaluation set and supersedes the existingapproaches reported in the literature. We refer the superiority of$\alpha$-ICON algorithm to its ability to correctly identify the parents longaway from their subsidiaries in the network.

{\alpha}-Indirect Control in Onion-like Networks