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  "documentTitle": "dLocal (DLO)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson Block",
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  "presentationDate": "2022-11-16 00:00:00",
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  "notes": "This slide functions as a forensic research note detailing related-party transactions and ownership overlaps.",
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      "text": "Such evident overlap increases our concerns about the integrity of DLO’s financials",
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      "text": "Both Dlocal and AstroPay utilize unnecessarily complex structures that seem designed to create complexity and opacity and circumvent oversight by registering one stand-alone company, operating the others as indirect associates, and utilizing webs of related party collection agents.",
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      "text": "DLO discloses a formal separation agreement between it and AstroPay and Directa24. Despite being supposedly separate, Directa24 looks like it’s DLO’s shadow. Using the Wayback Machine, we also observe that Directa24’s global coverage map in mid-2020 and late 2021 closely mirrors DLO’s operational regions and global expansion. Such evident overlap increases our concerns about the integrity of DLO’s financials",
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      "text": "In the case of AstroPay, Lastral Limited (UK) is registered with the FCA but is moving payments via external collection agents under common control. AstroPay’s two key companies are AP Global Corp (formerly known as AstroPay) which is B2C running prepaid cards and vouchers, and Directa24, another spin off of AstroPay, which is B2B for high-risk merchants. Neither the audit scopes for the FCA registered stand-alone company Lastral Limited, AP Global Corp, AP Global LL, nor Directa24 LLP mention FCA regulations and do not report segregated merchant client funds. Both AstroPay and Directa24 report no employees in their UK financials, likely arguing that they have no operations in the UK. In recent years, all share the same UK auditor as Dlocal, MHA MacIntyre.",
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      "kind": "source-note",
      "text": "103 Larstal Limited (UK) is registered with the FCA... 104 On Nov 30, 2021, Slean Investment Inc... 105 For AstroPay the only employees reported are also members who appear to reside abroad.",
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      "text": "Directa24: DLO’s Shadow?",
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