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  "documentTitle": "Vivion Investments S.à.r.l.",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson Block",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-12-14 00:00:00",
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  "notes": "The slide highlights a potential circular loan structure or misrepresentation by comparing Vivion's shareholder loan disclosures with Holdings' creditor disclosures and Matanya's balance sheet.",
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      "kind": "callout",
      "text": "Matanya’s financials, however, imply that the Euro-denominated loan, totaling €304.1 million on Vivion’s books as of FY 2018, was never made.",
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      "text": "related party loans: €712.7 million",
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      "text": "Matanya’s financials, however, imply that the Euro-denominated loan, totaling €304.1 million on Vivion’s books as of FY 2018, was never made. Matanya’s balance sheet shows total Loan Receivables of only €420.8 million, which €291.9 million less than Holdings claims to have in",
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      "text": "Holdings shows a €712.7 million receivable from Vivion, which matches Vivion’s disclosure. Holdings also shows a €712.7 million payable to an entity beneficially upstream of Holdings outside of the Vivion structure, Matanya Holdings Ltd. (Cyprus) – we term this entity “Matanya”. This matching payable indicates that Holdings borrowed the purported loan proceeds from Matanya. (For those who wish to search the Cyprus corporate register, Matanya changed its name to Dorata Ltd. in 2021.)",
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      "kind": "paragraph",
      "text": "Below is a disclosure from Vivion’s financials showing the lender identity and carrying values of the Shareholder Loans:",
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      "text": "8. Creditors table",
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      "text": "Note 11 - Loans with Related Parties and Non-Controlling Interests table",
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