{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622c-750b-8b96-a068dbd6ba32", "slug": "7b9732353f21", "title": "OSI Systems, Inc. (OSIS)", "subtitle": "Carson C. Block · 2018-01", "author": "Carson C. Block", "date": "2018-01-31 00:00:00", "pageCount": 5, "kind": "research-note", "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "OSI Systems, Inc.", "targetTicker": "OSIS", "document": { "id": "019dd923-622c-750b-8b96-a068dbd6ba32", "slug": "7b9732353f21", "title": "OSI Systems, Inc. (OSIS)", "rawTitle": "MWR OSIS 20180131", "authorId": "51_Muddy_Waters", "authorName": "Carson C. Block", "authorDisplay": "Carson C. 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Classified research_note rather than short_deck because it's a narrative memo, not slide-formatted.", "kpisCited": [ { "detail": "US$10.8m, of which US$9.6m was PP&E (98.5% machines, likely OSIS equipment)", "metric": "S2 Albania total assets (Dec 31, 2015)" }, { "detail": "US$11.7m, against negative shareholders' equity of US$-1.1m", "metric": "S2 Albania payables to OSIS" }, { "detail": "US$3.06m, of which US$1.8m (59.6%) was prepaid expenses; no S2 Albania investment line", "metric": "ICMS total assets (Dec 31, 2016)" }, { "detail": "US$704,000, of which US$647,000 was receivables; no meaningful PP&E", "metric": "ICMS Construction total assets (Dec 31, 2016)" }, { "detail": "~US$850 in January 2013, sold to ICMS for ~US$850 two months before the concession award", "metric": "ICMS Construction capitalization at formation" }, { "detail": "US$514 — plus only US$1,300 cash and zero inventory", "metric": "ICMS Construction office equipment (at cost, YE2016)" }, { "detail": "at least 46.3% on ~US$1.55m of revenue", "metric": "ICMS 2016 operating margin on concession revenue" }, { "detail": "US$150m–US$250m potential", "metric": "Albania concession value as disclosed by OSIS" } ], "closingAsk": "OSIS should immediately file S2 Albania's overdue 2016 financials and cease misleading investors about the ICMS partnership.", "extraction": { "at": "2026-04-22 19:29:54+00", "model": "unknown-legacy", "runId": null, "seconds": 70.59784, "promptVersion": null }, "scqaReward": "MW reiterates its short thesis: continued exposure of the Albanian arrangement as a corruption conduit undermines OSIS management credibility and the turnkey model, supporting further downside in OSIS shares.", "thesisTypes": [ "fraud_exposure" ], "top3Reasons": [ "S2 Albania's balance sheet shows OSIS funded virtually all capital — ICMS contributed nothing", "ICMS Construction was a $850 shell formed 8 months before OSIS won the concession", "OSIS hid the ICMS partnership from investors, suggesting the JV is a conduit for corruption" ], "scqaSituation": "OSI Systems' Rapiscan subsidiary won a multi-year turnkey X-ray screening concession in Albania via joint venture S2 Albania, with local partner ICMS holding 49% and OSIS publicly touting the deal as worth $150–$250 million.", "thesisSummary": "Muddy Waters rebuts OSI Systems' response to its December 6, 2017 report, focusing on the Albanian turnkey X-ray screening concession. Pulling S2 Albania's filed financials from the Albanian company registry, MW shows OSIS funded virtually all of S2 Albania's $10.8m asset base — 98.5% of PP&E is machines (likely OSIS equipment) and $11.7m sits in payables to OSIS, while shareholders' equity is negative. Purported JV partner ICMS and its affiliate ICMS Construction show no meaningful investment in S2 Albania; ICMS Construction was formed as Bledi Construction in January 2013 with $850 of capital, sold to ICMS for $850 two months before the concession award, and held just $1,300 cash and $514 of office equipment at cost by end-2016. MW concludes ICMS's 49% stake is unjustified, the partnership was deliberately concealed from investors, and OSIS remains \"rotten to the core.\"", "primaryDemands": [ "File S2 Albania's overdue CY2016 financials immediately", "Disclose the full nature of the ICMS joint venture to investors", "Acknowledge that ICMS's 49% stake is unjustified by any capital contribution" ], "scqaResolution": "OSIS must file S2 Albania's overdue CY2016 statements, disclose the true economics of the ICMS partnership, and acknowledge that ICMS's 49% stake lacks any legitimate capital-contribution basis.", "thesisOneLiner": "OSIS's rebuttal fails: S2 Albania's financials prove ICMS contributed no capital, making its 49% concession stake an unjustified conduit for corruption and confirming management's lost credibility.", "precedentsCited": [], "scqaComplication": "Albanian registry filings show OSIS funded virtually all of S2 Albania's assets while ICMS contributed nothing meaningful; ICMS Construction is an $850 shell formed two months before the award, and OSIS hid the JV from investors.", "narrativeInterest": 4, "notableSlidePages": [ 2, 3, 5 ], "peerCompaniesCited": [], "valuationFrameworks": [ "not_shown" ], "visualCraftInterest": 1 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "setup", "title": "This is a standard legal disclaimer page for an investment research firm.", "function": "other", "imagePath": "https://imgproxy.kitesheet.com/kp-q445taLbE5PAQzV6uagRMPa5quG9pu3kIDuYtajY/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy83Yjk3MzIzNTNmMjEvcDAwMS5qcGc", "rawType": "disclaimer", "block": null, "metadata": { "slideType": "disclaimer", "slideTypeCanon": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "019de52d-0801-727b-b98a-5ed095aeee78", "version": 1, "description": null }, "function": "other", "functionCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-15e1-75bc-99dc-07732380e2ce", "version": 1, "description": null }, "density": "sparse", "densityScore": 7, "componentCount": 3, "textChars": 180, "nDataPoints": 0, "notes": "This is a standard legal disclaimer page for an investment research firm.", "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:57.721+00", "seconds": 2.091, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-a068dbd6ba32/1", "deck": "/decks/019dd923-622c-750b-8b96-a068dbd6ba32", "deckAnchor": "/decks/019dd923-622c-750b-8b96-a068dbd6ba32#slide-1", "deckJson": "/decks/019dd923-622c-750b-8b96-a068dbd6ba32.json" }, "components": [ { "bbox": { "h": 0.75, "w": 0.9, "x": 0.05, "y": 0.17 }, "kind": "disclaimer", "text": "The reports on this website have been prepared by Muddy Waters, LLC... 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We have posted them here.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:59.368+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1bf76bb4-67ed-4ed6-b1b5-f7e009a45932", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.76, "x": 0.12, "y": 0.22 }, "kind": "paragraph", "text": "In this update, we address OSIS's response to Albania. OSIS's \"partnership\" with ICMS, a company purportedly \"with civil works construction capabilities in Albania\", appears to us a conduit for corruption for five additional reasons.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:59.368+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4dc9552f-2787-4d37-ad49-e3d2fa527769", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.76, "x": 0.12, "y": 0.13 }, "kind": "paragraph", "text": "OSIS's response to our December 6, 2017 report in no way changes our opinion that OSIS is rotten to the core. We see the Albania issue as important for three reasons...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:59.368+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "76a66da9-6438-430a-8450-1d2beffe712f", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "…ICMS made significant capital investments toward the implementation of the program in a value well beyond the par value of shares — OSI Systems (as quoted by Muddy Waters).", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:16:02+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0f20-71ed-bddd-87ebea95f2d0", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.5, "x": 0.12, "y": 0.89 }, "kind": "source-note", "text": "http://investors.osi-systems.com/releasedetail.cfm?ReleaseID=1050967", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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We see this as affirmation that the relationship is a conduit for corruption.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:16:02+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0f20-71ed-bddd-be404b1c8ff5", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.29 }, "kind": "list", "text": "We see no financial contribution from ICMS to S2 Albania. S2 Albania’s December 31, 2015 liabilities confirm that substantially all of S2 Albania’s capitalization came from OSIS. The financials show US$11.7 million in payables to OSIS. 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We see nothing on ICMS’s CY2016 balance sheet that could resemble a meaningful investment in S2 Albania. Of its US$3.06 million in assets as of December 31, 2016, US$2.97 million are current assets. (US$1.8 million – 59.6% – is prepaid expenses; the balance is substantially all cash and receivables.) 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Virtually all of the assets – US$9.6 million – were PP&E. According to the footnotes, 98.5% of PP&E (US$9.6 million) were machines (i.e., likely equipment from OSIS) – with no construction or buildings disclosed at all.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:01.027+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d82c630c-58aa-42fc-a80e-78cbbe19b7cb", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.78, "x": 0.11, "y": 0.09 }, "kind": "paragraph", "text": "That said, we can assume that based on OSIS's January 27, 2016 statement OSIS expected “Albania to be fully operational within [that] quarter”, substantially all of the assets S2 Albania needed were on the balance sheet as of the end of CY2015.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:01.027+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0835d9f1-8f87-4726-b6b3-5c028346ffe9", "parentComponentId": null }, { "bbox": { "h": 0.09, "w": 0.78, "x": 0.11, "y": 0.52 }, "kind": "paragraph", "text": "We also see nothing on the CY2016 balance sheet of ICMS Construction, which is an affiliate of ICMS, that evidences investment in S2 Albania. (Note that ICMS Construction does not own the equity in S2 Albania.) ICMS Construction has a total of US$704,000 of assets, of which US$647,000 are receivables. There is no meaningful PP&E or investments. ICMS Construction had $627 million of revenue in 2015, which means it undertook no significant construction prior to 2016.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:01.027+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2d4c8a57-1ff9-4d27-b085-4b322e625927", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.78, "x": 0.11, "y": 0.62 }, "kind": "paragraph", "text": "OSIS appears to have taken pains to keep its “partnership” hidden from investors. We see this as affirmation that the relationship is a conduit for corruption. When OSIS trumpeted the award of the Albania concession as potentially worth $150 million to $250 million, it would have been an opportune time to mention that it would only be entitled to half of the profits. When Ajay Mehra patted OSIS management on the back by saying the deal “reinforces the attractiveness and compelling value of our turnkey service model”, the lack of any mention of the supposedly critical role their construction company was playing would seem a material omission. When the new government sought to renegotiate the concession agreement against a backdrop of news stories calling the concession award and the transfer of S2 Albania shares corrupt, OSIS chose not to publicly discuss this controversy or its partner.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:01.027+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3f310f00-3f8c-445c-9ec8-b38a8253c4e8", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“reinforces the attractiveness and compelling value of our turnkey service model” — Ajay Mehra", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:16:02+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0f20-71ed-bddd-c0324fb84209", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.82 }, "kind": "source-note", "text": "Source: Bloomberg Q2 FY16 earnings call transcript. All December 31, 2015 conversions use USD/ALL: 126.1. There were ~US$1.2 million in cash and receivables. Including OSIS's UK Rapiscan subsidiary. All December 31, 2016 conversions use USD/ALL: 128.27.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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It uses investigative narrative to expose potential malfeasance.", "elementsJson": [ "paragraph", "quote_block", "footnote" ], "confidence": 0.9, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:50:01.092+00", "seconds": 4.998, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-a068dbd6ba32/4", "deck": "/decks/019dd923-622c-750b-8b96-a068dbd6ba32", "deckAnchor": "/decks/019dd923-622c-750b-8b96-a068dbd6ba32#slide-4", "deckJson": "/decks/019dd923-622c-750b-8b96-a068dbd6ba32.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We therefore conclude that ICMS's 49% share of S2 Albania was entirely unjustified, and is a conduit for corruption.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:16:01+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0f20-71ed-bddd-2e80cc94ac80", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "operating margin: 46.3%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:16:01+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0f20-71ed-bddd-3794478fcf3f", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.78, "x": 0.11, "y": 0.54 }, "kind": "paragraph", "text": "ICMS was not an established construction company in Albania, and its construction affiliate, ICMS Construction (100% owned by the doctor who owns ICMS) was formed by a single shareholder on January 29, 2013, only eight months before the award of the concession. When formed, it was called Bledi Construction and had capital of $850. Approximately one and one-half months after formation (March 11, 2013), it changed its registration status from \"active\" to \"suspended\", during which time it would not have been permitted to conduct business. On June 21, 2013, Bledi changed its status back to \"active\". The next day – only two months before the award of the concession – it was sold to ICMS...for $850. A few days after that, the name was changed to ICMS Construction. (In 2016, the shares were transferred from ICMS to Dr. Olti Peçini again for $850.)", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:01.092+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1f08ec46-7b71-4c35-b344-78ae18309965", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.78, "x": 0.11, "y": 0.46 }, "kind": "paragraph", "text": "OSIS seems to state this is because construction is commoditized and is not nearly as important as the scanners and services. Given our above analysis on S2 Albania's assets and capitalization, we strongly agree with this proposition. We therefore conclude that ICMS's 49% share of S2 Albania was entirely unjustified, and is a conduit for corruption.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:01.092+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "76e0734b-2e25-4f4a-9f9b-ad6514f275e7", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.78, "x": 0.11, "y": 0.22 }, "kind": "paragraph", "text": "We struggle to understand how OSIS can justify a construction contractor having half of the concession economics. Note that the approximately $1.55 million in revenue at an at least 46.3% operating margin ICMS recorded in 2016 could mean that ICMS's economics even exceed half the concession value.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:01.092+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8fba6b78-6ad0-49bc-bb4d-87ff2e1a861f", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.78, "x": 0.11, "y": 0.09 }, "kind": "paragraph", "text": "before the publication of our initial report to provide details on turnkey contract partnerships in Puerto Rico and Albania, OSIS refused to provide any information. A former key executive of OSIS told our investigators he was unaware that OSIS had sold half of S2 Albania for $4.50. Regardless of whether he was telling the truth, his professed lack of awareness is telling. 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