{
  "docId": "019dd923-622c-750b-8b97-7713cb2db73c",
  "docSlug": "db6aaeefee70",
  "documentTitle": "CPI Property Group (CPIPGR)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Muddy Waters Research",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2023-11-21 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.7777778,
  "pageNumber": 10,
  "pageCount": 51,
  "prevPage": 9,
  "nextPage": 11,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 15,
  "notes": "The slide highlights a 154.5% gain over 3 years on undeveloped land, implying potential artificial inflation of asset values.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "data_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b97-7713cb2db73c/10",
  "deckHref": "/decks/019dd923-622c-750b-8b97-7713cb2db73c",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b97-7713cb2db73c.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-7713cb2db73c#slide-10",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "In 2017, CPI PG bought back the two landbank assets for €50.9 million, a profit to Vitek of €30.9 million. No construction had begun, and no significant improvements had been made to either site.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-3f41-721f-9e52-40a9e96b871e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Gain / Profit: €30.9 million",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-3f41-721f-9e52-45610dea5163",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.9,
        "x": 0.05,
        "y": 0.2
      },
      "kind": "paragraph",
      "text": "In 2017, CPI PG bought back the two landbank assets for €50.9 million, a profit to Vitek of €30.9 million.1 No construction had begun, and no significant improvements had been made to either site.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9db24ac5-e176-404f-bd6e-ce47af91f7e5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.3,
        "x": 0.05,
        "y": 0.9
      },
      "kind": "source-note",
      "text": "1 CPI PG Management Report 2017, Pg. 48.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c6050e69-2738-423b-b68a-a9ea221230c8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.4,
        "w": 0.6,
        "x": 0.2,
        "y": 0.35
      },
      "kind": "table",
      "text": "MQM & Polygon Transaction - Vitek's Profits and the Properties' Valuation Gains",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "61d32de5-3d35-4fbc-86d5-87326a43e6a6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.9,
        "x": 0.05,
        "y": 0.05
      },
      "kind": "title",
      "text": "Polygon BC and MQM Czech Roundtrip — Leg 2",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b8425604-c12e-4d94-9dd4-92993632ce19",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "cec6980c-9d5e-4d4b-8dc9-b6ace36767b5",
      "evidence": "The slide highlights a suspicious roundtrip transaction with no value-add, typical of asset inflation schemes.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 51,
      "from": 7,
      "beatId": "710bc55b-2a40-47b4-94c4-ec2b7d194a9a",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Expose Contradiction",
      "beatSlug": null,
      "evidence": "The majority of the document's slides are labeled as expose_contradiction, indicating a focus on revealing inconsistencies and questionable actions.",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}