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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 uses forensic accounting analysis to flag potential irregularities in financial reporting.",
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      "kind": "callout",
      "text": "More concerning though, Matanya’s cash flow statement, which shows all movements from its inception on December 17, 2017 through December 31, 2018, shows zero lending or borrowing activity.",
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      "kind": "paragraph",
      "text": "More concerningly though, Matanya’s cash flow statement... shows zero lending or borrowing activity. In other words, the borrowings that were supposedly channeled through Matanya as a conduit do not exist on the cash flow statement.",
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      "text": "Note 15 of Matanya’s financial statements show that this entire amount was borrowed from related parties (which Note 18 describes as “Companies under common control”):",
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      "kind": "paragraph",
      "text": "Note one oddity above - almost all of the borrowings are denominated in Euro... This alone raises a flag about the genuineness of the GBP loan to Vivion.",
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      "kind": "quote",
      "text": "Note 18 describes as “Companies under common control”",
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      "text": "Note 1 also states that Matanya was controlled by Turanco Investment Ltd. (Cyprus).",
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      "text": "Loans from related parties (Note 18 (vi)) 492.874.435",
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      "kind": "table",
      "text": "Lender | Functional Currency | Facility | Rate | Maturity",
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      "text": "Cash flows from investing activities... Cash flows from financing activities... Proceeds from issue of share capital 43.000",
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