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"matchId": "110f71f2-84c1-4df8-9dbf-82b147414664", "evidence": "Based on the original £16.375 million transfer price, we estimate Pisach would have paid stamp tax of ~£2.372m.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.6, "extraction": { "at": "2026-07-16 22:59:14.29296+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 8, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Analytical method", "slug": "analytical-method", "status": "active", "bestFor": null, "canonId": "b42c4911-7946-49b5-951c-5f3d23f4e2bd", "version": 1, "bodyDocId": null, "description": "Diagnostic / structuring methods (5-whys, fishbone, issue tree, hypothesis-driven).", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "1b26938d-1bfe-47bb-afbe-b9fac9c8dda3", "evidence": "Net of stamp 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"activistThesis": { "tone": "adversarial", "notes": "Part IV of a multi-part Muddy Waters series on CPI Property Group, focused on money-laundering concerns via luxury UK residential transactions (Metrogate House same-day flip and Buxmead apartments). No stake/price target disclosed — report argues qualitative fraud/AML risk rather than a quantitative short thesis. Named villain is founder Radovan Vitek. CEO-quote contradiction hinges on Vitek's 2023 Management Report claim of valuing 'transparency, openness and solid business logic.' Visual style is institutional-analytical: text-heavy slides with embedded Land Registry and Companies House screenshots; one good process diagram (money-laundering cycle, p.5) and one flow chart of the Pisach flip (p.10). Closing slide (p.23) is abrupt — no explicit closing ask or price target, only an editorial wrap on the UK 2017 crime bill context.", "kpisCited": [ { "detail": "Pisach bought for £16.375m, sold to CPI PG (1BAL) for £19.5m same day — ~£753k net profit after stamp duty", "metric": "Metrogate same-day flip spread" }, { "detail": "Sold for £17.9m in Feb 2024 — 9.2% below 2020 purchase and 14.8% below 2023 carrying value", "metric": "Metrogate disposal loss" }, { "detail": "CPI PG paid ~£500-£1,800/sf in 2018 vs. £1,650-£2,600/sf paid by other buyers in 2016-17 — ~46% discount to prior comps", "metric": "Buxmead purchase discount" }, { "detail": "£60.1m for 11 luxury apartments at 67 The Bishops Avenue", "metric": "Buxmead total purchase price" }, { "detail": "~£38.6m of Aliya Nazarbayeva's personal money invested via 2010 $27.3m loan and 2011 £21.3m bond", "metric": "Nazarbayeva capital into Buxmead" }, { "detail": "€66.2m of loans from CPI PG group financed 1BAL's UK acquisitions, later refinanced via EMTN bond programme", "metric": "1BAL intragroup funding" } ], "closingAsk": "CPI PG management should answer why it keeps transacting with shady proxies and at uneconomic terms, and why these deals contradict the CEO's stated values of transparency and sound business logic.", "extraction": { "at": "2026-04-22 20:05:44+00", "model": "unknown-legacy", "runId": null, "seconds": 102.65853, "promptVersion": null }, "scqaReward": null, "thesisTypes": [ "fraud_exposure" ], "top3Reasons": [ "Metrogate House bought via same-day £3.1m flip through Pisach — classic laundering layering", "Buxmead apartments bought at ~46% discount from Harrison Varma, funded by Nazarbayev family money", "2024 Metrogate sale at a loss to Qatari Al-Attiya family despite CPI PG calling buyer a 'local investor'" ], "scqaSituation": "CPI Property Group is a Luxembourg-listed European real estate company, controlled by billionaire Radovan Vitek and financed largely through international bond issuance, with a portfolio that includes discretionary luxury UK residential acquisitions.", "thesisSummary": "In Part IV of its CPI Property Group series, Muddy Waters argues that a pattern of 2018-2024 luxury residential transactions — structured through proxies, BVI entities, and same-day flips — indicates CPI PG is the terminal integration stage of money laundering cycles, cashing out launderers with clean bondholder funds. Two anchor cases: the December 2020 Metrogate House deal, where flipper Pisach Residential bought from BVI-based Laroche for £16.375m and resold to CPI PG's subsidiary 1BAL the same day for £19.5m (and was later sold at a £1.6m loss to the Qatari Al-Attiya family, mislabeled by CPI PG as a 'local investor'); and the Buxmead apartments, acquired by CPI PG at a ~46% discount from Harrison Varma, a developer whose project was financed with ~£38.6m of Aliya Nazarbayeva's personal wealth channeled through Oracle Capital. Muddy Waters concludes the transactions look designed to hide beneficial owners and launder capital through CPI PG's balance sheet.", "primaryDemands": [ "CPI PG management to explain why it repeatedly transacts with proxies and offshore entities tied to politically exposed persons", "Explain why transactions appear uneconomic (same-day flips, losses to Qatari elite buyer, discounts from Nazarbayev-linked developer)", "Reconcile CEO's stated values of 'transparency, openness and solid business logic' with deflection on these transactions" ], "scqaResolution": "Muddy Waters demands CPI PG management publicly explain why it repeatedly transacts with shady counterparties, why the deals are uneconomic, and why the CEO has deflected direct questions about these transactions.", "thesisOneLiner": "CPI Property Group's luxury London transactions — same-day flips, offshore proxies, and uneconomic sales to PEPs — bear hallmarks of money laundering integration using bondholder funds.", "precedentsCited": [ "Panama Papers / Mossack Fonseca", "Zamira Hajiyeva Unexplained Wealth Order (2018 NCA case)", "Nazarbayev family UK UWO investigations (2020)" ], "scqaComplication": "A pattern of CPI PG transactions between 2018 and 2024 — same-day flips, offshore proxy sellers, uneconomic discounts from oligarch-linked developers, and losses to politically exposed buyers — displays textbook hallmarks of money laundering layering and integration.", "narrativeInterest": 4, "notableSlidePages": [ 1, 5, 10, 18, 20 ], "peerCompaniesCited": [], "valuationFrameworks": [ "not_shown" ], "visualCraftInterest": 3 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "setup", "function": "front_matter", "imagePath": "https://imgproxy.kitesheet.com/Rad9wndtNEyidfjoJMiWjMM1wq5FX9cI0URRxA_HICc/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy85MzZiOTZmZTVmNGMvcDAwMS5wbmc", "rawType": "cover", "block": null, "metadata": { "slideType": "cover", "slideTypeCanon": { "name": "Cover", "slug": "cover", "status": "active", "canonId": "019de52d-05f2-729d-9f93-e0504f0a2410", "version": 1, "description": null }, "function": "front_matter", "functionCanon": { "name": "Front matter", "slug": "front_matter", "status": "active", "canonId": "019de52d-133d-73f0-9e26-201eda96b098", "version": 1, "description": null }, "density": "sparse", "densityScore": 6, "componentCount": 3, "textChars": 120, "nDataPoints": 0, "notes": null, "elementsJson": [ "headline_text", "subtitle_text", "logo_grid" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:46:48.224+00", "seconds": 1.501, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b97-8e3ed46efcfc/1", "deck": "/decks/019dd923-622c-750b-8b97-8e3ed46efcfc", "deckAnchor": "/decks/019dd923-622c-750b-8b97-8e3ed46efcfc#slide-1", "deckJson": "/decks/019dd923-622c-750b-8b97-8e3ed46efcfc.json" }, "components": [ { "bbox": { "h": 0.2, "w": 0.15, "x": 0.04, "y": 0.55 }, "kind": "image", "text": "Muddy Waters Research logo", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:46:48.224+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9b7f983c-3f24-4d90-b8bb-6e4d971c32f7", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.2, "x": 0.04, "y": 0.45 }, "kind": "paragraph", "text": "May 29, 2024", "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 20:46:48.224+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ebe310a7-61a6-450b-97ac-d62eddb65049", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.8, "x": 0.04, "y": 0.12 }, "kind": "title", "text": "CPI Property Group S.A. 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Vitek's original purchase and subsequent sale to CPI PG give rise to concerns about potential money laundering. 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We doubt that this was a bona fide purchase by CPI PG due to the additional money it paid to the flipper.", "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 20:46:51.128+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "62d9fd7e-9797-406c-9b65-6729025178b8", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.96, "x": 0.02, "y": 0.68 }, "kind": "paragraph", "text": "In February 2024, CPI PG took a loss on disposing this property when it sold it to an entity owned by a Qatar investor, likely a member of the of the Al-Attiya family, one of the leading families of Qatar. CPI PG lost 9.2% versus its 2020 purchase price and 14.8% versus its 2023 carrying value. This second leg raises concerns about whether a member of the Qatari elite received a sweetheart deal.", "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 20:46:51.128+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d0cf1aea-f357-4670-9f7f-7511dcf97dec", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.02, "y": 0.55 }, "kind": "paragraph", "text": "On December 11, 2020, Pisach Residential Limited purchased the properties known as the Metrogate House from Laroche Investment Ltd (Laroche) for £16.375 million. The same day, CPI PG (via 1BAL) bought Metrogate House from Pisach for £19.5 million.", "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 20:46:51.128+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ef115059-a73b-45a8-bb87-12e09d2b528d", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.5, "x": 0.02, "y": 0.85 }, "kind": "source-note", "text": "1 Historic transaction information on https://landregistry.data.gov.uk/app/ppd/search, postal code SW7 5PE.\n2 Historical Copy of Register Title LN77817, UK Land Title Register (images on following slides)", "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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"extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:46:59.796+00", "seconds": 12.158, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b97-8e3ed46efcfc/8", "deck": "/decks/019dd923-622c-750b-8b97-8e3ed46efcfc", "deckAnchor": "/decks/019dd923-622c-750b-8b97-8e3ed46efcfc#slide-8", "deckJson": "/decks/019dd923-622c-750b-8b97-8e3ed46efcfc.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Therefore, the gross price paid by Pisach was likely ~£18.747m.", "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 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"source-note", "text": "1 UK Land Title Register history, Title numbers LN77817, LN130306, and LN145965. 2 https://www.gov.uk/government/publications/rates-and-allowances-stamp-duty-land-tax/stamp-duty-land-tax-rates-8-july-2020-to-30-june-2021", "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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Net of stamp duties, we estimate the flip generated Pisach ~£753,000 in profits on the near-instantaneous transaction.", "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 20:46:50.892+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7aa84277-b0a9-4d48-b89b-2b4f8350eed5", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.03, "y": 0.92 }, "kind": "source-note", "text": "Historic transaction information on https://landregistry.data.gov.uk/app/ppd/search, postal code SW7 5PE.", "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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The identity of the buyer and seller should have been established early as the contracts were drawn up. CPI PG's due diligence seemingly would have identified the property owner as Laroche Investment Ltd (BVI). However, its purchase contract would have been with the flipper, Pisach, not the property owner. 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This further indicates that CPI PG’s deal with Pisach was highly problematic.", "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 23:23:41+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-1ac4-74a6-be33-0f338e275e92", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.15 }, "kind": "paragraph", "text": "In 2021, Pisach executed a second same-day flip (that did not involve CPI PG). This further indicates that CPI PG’s deal with Pisach was highly problematic.", "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 20:46:52.014+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1248a805-9b8c-4926-b212-814c57ffd088", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.9, "x": 0.05, "y": 0.45 }, "kind": "paragraph", "text": "When the deal went through in July 2021, the purchasing entity, Hume Real Estate (UK ) Ltd was owned by an Irish national, Patrick McKillen.1 Hume has since been renamed Constellation (Sussex) Ltd.2 Patrick McKillen then sold Constellation to a Luxembourg company called Selene S.a.r.l. in April 2022.3 Constellation and Selene are ultimately owned by His Excellency Sheikh Hamad Bin Jassim Bin Jaber Al-Thani, aka “HBJ”, the former Prime Minister of Qatar.4", "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 20:46:52.014+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2ee5a3ea-26f0-437f-bc1c-607c93cc69cf", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.28 }, "kind": "paragraph", "text": "In this transaction, Pisach Residential bought and sold the Ventures Hotel in back-to-back transactions. We estimate that Pisach would have paid just under £18 million for the properties, including stamp duty. In a possible coincidence, the buyer appears to have been the former Prime Minister of Qatar.", "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 20:46:52.014+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c6724fb5-dc3d-4635-9411-cea5ec818966", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.8 }, "kind": "source-note", "text": "1 UK property title records, 12-20 Sussex Gardens, W2 1PN\n2 https://find-and-update.company-information.service.gov.uk/company/13399326, Hume/Constellation was incorporated in May 2021; just three months before the flip apparently for this acquisition.\n3 UK Companies House recorders for Hume Real Estate (UK) Ltd., confirmation statement dated May 27, 2022.\n4 https://find-and-update.company-information.service.gov.uk/company/13399326/persons-with-significant-control", "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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"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 23:23:44+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-1ac4-74a6-be34-1eaa1c7ba64a", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.45, "x": 0.05, "y": 0.15 }, "kind": "paragraph", "text": "On Feb 28, 2024, CPI PG announced that the Metrogate House had been disposed of to “a local investor.” CPI PG provided the information as part of a group announcement covering three separate and distinct disposals.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single 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