{ "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": 23, "pageCount": 51, "prevPage": 22, "nextPage": 24, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "dense", "nDataPoints": 4, "notes": "The slide uses footnotes to provide specific citations for the financial claims made in the body text.", "elementsJson": [ "headline_text", "paragraph", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b97-7713cb2db73c/23", "deckHref": "/decks/019dd923-622c-750b-8b97-7713cb2db73c", "deckJsonHref": "/decks/019dd923-622c-750b-8b97-7713cb2db73c.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-7713cb2db73c#slide-23", "components": [ { "bbox": null, "kind": "callout", "text": "CPI Hotels, following its transfer to CPI PG, assigned its receivable from MGI of €16.1 million to Vitek, seemingly extinguishing it. However, as discussed infra, Vitek appears to have then sold this receivable for money back to CPI PG!", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-3f41-721f-9e55-069faa38193c", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.3 }, "kind": "paragraph", "text": "At the start of 2016, CPI Hotels transferred €18.5 million (CZK 501 million) in loan receivables to its parent, MGI.2 The €18.5 million receivable transfer seemingly was enabled by CPI PG’s own €14.9m loan to CPI Hotels.3", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "40b71952-1316-4228-b45e-371b479ccac4", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.15 }, "kind": "paragraph", "text": "In 2015, CPI PG loaned CPI Hotels €14.9 million (~CZK 361 million).1 As shown infra, this amount was not included in the forgiven €44.9 million.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "87ecc445-98da-4b79-a4b7-3db53cfb87e0", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.5 }, "kind": "paragraph", "text": "CPI Hotels, following its transfer to CPI PG, assigned its receivable from MGI of €16.1 million to Vitek, seemingly extinguishing it.4 However, as discussed infra, Vitek appears to have then sold this receivable for money back to CPI PG!", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "9b9d2a77-edd1-4a0c-8a7b-b1c34a37f107", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "As at 31 December 2015, the Company reported loans provided to third parties in the total amount of CZK 800,632 thousand. These loans bore interest at rates ranging from 6% to 10% p.a. In 2016, the Company under an agreement with MARC GILBERT INTERNATIONAL LTD. assigned this company a loan provided to a third party and unpaid interest reported in the line Other short-term receivables in the total amount of 501,095 thousand. Kc. The assignment of the loan is reported in the line Other operating income and expenses. This receivable was subsequently partially offset by the liability for the reduction of the company's share capital, which is described in section 4.9. As at 31 December 2016, the loan amounted to 404,405 thousand CZK, which is due in 2017, is reported in the line Other short-term receivables. This loan is determined at a rate of 9% p.a. — CPI Hotels a.s., 2016 Financial Statements Pg. 12", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-3f41-721f-9e55-08b803d28f83", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.2, "w": 0.9, "x": 0.05, "y": 0.7 }, "kind": "source-note", "text": "1 CPI Hotels a.s., 2016 Financial Statements Pg. 15. 2 CPI Hotels a.s., 2016 Financial Statements Pg. 12... 3 CPI PG Consolidated Financials 2016, Pg. 40. 4 CPI PG Annual Management Report 2016, Pg. 89, Note 6.6...", "attrs": { "numbered": true }, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "b6b0b65b-f90f-4dcb-a4de-0e8839273564", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "CPI Hotels Borrows Money from CPI PG, Then Transfers Receivables to MGI", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "82a51071-cf3e-4a54-9b33-c2e24fb559fc", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "fraud-exposure", "slug": null, "matchId": "f7c4195f-f061-4890-874e-407fb1e1d1cd", "evidence": "The slide explicitly outlines a sequence of transactions intended to expose questionable financial behavior.", "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 }