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  "documentTitle": "Vivion Investments S.à.r.l.",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson Block",
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  "presentationDate": "2022-12-14 00:00:00",
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  "notes": "The slide uses financial disclosure data to argue that loans were never actually made, highlighting a discrepancy between Vivion's claims and Matanya's capitalization.",
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      "kind": "callout",
      "text": "Therefore, it appears that the €304.1 million Euro-denominated loan Vivion claims to have received was never actually made.",
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      "text": "The exposure of the Company to credit risk is reported in note 19 to the financial statements. The fair values of non-current receivables approximate to their carrying amounts as presented above.",
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      "text": "Matanya’s financials also lead us to question whether the GBP-denominated loan was actually made. By FY 2018, Matanya had only been capitalized with forty-three thousand dollars of equity – per its balance sheet, substantially all of the remainder of its €497.9 million capitalization came from €492.9 million in Loans and Borrowings.",
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      "text": "Note 12 of Matanya’s financials shows that the €420.8 million includes a GBP-denominated loan to Related Parties of £408,586,034, which almost exactly matches the FY 2018 GBP borrowing disclosed by Vivion above:",
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      "kind": "paragraph",
      "text": "Therefore, it appears that the €304.1 million Euro-denominated loan Vivion claims to have received was never actually made.",
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      "kind": "paragraph",
      "text": "outstanding borrowings from Matanya as of the same date. Moreover, Matanya’s entire capitalization is only €497.9 million as of FY 2018, affirming that there is significant deficit in loan funding.",
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      "text": "Borrower, Functional Currency, Facility, Weighted average interest rate, Maturity. Related parties, GBP, 408.586.034, 5.5, 2028. Related parties, EUR, 6.027.220, 5, 2025-2026. Third party, EUR, 4.460.550, 5.20, 2023",
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      "kind": "title",
      "text": "12. Loans receivable (continued)",
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