IO540, another thing to ponder might be whether a machine operating on a flag of convenience, far from the reach of the regulatory authority which ensures its airworthiness, ensures the standards kept by its maintainers to keep it airborne, ensures its pilot is proficient, etc, confers any benefits in terms of safety, over a machine honestly operated in its state of registery.
This is not a comment on the accident reported above, just a remark for IO540 to think about...