Concord Ventures Ltd (CVL) is a dynamic player in the technology sector. CVL has recently made a strategic investment by acquiring 35% of the voting interest in Dynamic Innovations Inc. (DII), a company specialising in artificial intelligence solutions. CVL has frequent business dealings with Empower Tech Solutions Inc. (ETSI), an investment company. ETSI owns 25% of the voting interest in DII. The rest of the voting rights are owned by four other companies who hold 10% each. Given CVL's expertise in the area, they have been given four out of six seats on DII's board of directors. ETSI has never attend the annual general meetings of DII in the past years, and only one other shareholder attends the meetings regularly. The other three shareholders rarely attend the meetings.

Issues:

The main issue here is to determine if a parent-subsidiary relationship exists in the above scenario and which entity, if any, is the parent. Describe the issue and how it relates to AASB3 Business Combinations and AASB10 Consolidated Financial Statements.