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  "documentTitle": "CPI Property Group (CPIPGR)",
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  "authorName": "Muddy Waters Research",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2023-11-21 00:00:00",
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  "notes": "The slide uses a narrative structure to expose potential financial impropriety.",
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      "kind": "callout",
      "text": "Vitek extinguished debts in the tens of millions of euro his proxy-owed entity owed to CPI PG. He then possibly extracted even more cash by selling a receivable back to CPI!",
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      "text": "In 2015, prior to CPI taking ownership of CPI Hotels, CPI PG loaned CPI Hotels €14.9 million, from which CPI Hotels made a 2016 loan to its parent, MGI, of €18.5 million. In 2017, after CPI PG took ownership of CPI Hotels, CPI PG assigned a €16.3 million loan receivable on CPI Hotels' books to Vitek. This assignment seemingly extinguished any money MGI (Vitek) owed to CPI PG. This brought the total liabilities to CPI PG connected to MGI / CPI Hotels to €61.2 million.",
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      "text": "CPI Hotels, a.s. managed the hotels owned by CPI PG. Officially, it was an arms-length company until CPI PG acquired it in 2016. However, it appears to have secretly been owned by Vitek through a proxy prior to the sale – i.e., it was an undisclosed related party.",
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      "text": "CPI PG \"purchased\" CPI Hotels by forgiving €44.9 million of receivables due, presumably, from CPI Hotels' parent, Marc Gilbert International (\"MGI\") or CPI Hotels itself.",
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      "text": "However, Vitek seems to have then sold for remuneration the same receivable (€14.9 million plus interest) back to CPI Group!",
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      "text": "At the time CPI PG took ownership of CPI Hotels, CPI Hotels and its parent owed CPI PG €61.2 million. These debts were either forgiven or the receivables were assigned to Vitek.",
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      "text": "CPI Hotels Overview",
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