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  "documentTitle": "CPI Property Group (CPIPGR)",
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  "presentationDate": "2023-11-21 00:00:00",
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  "notes": "The slide highlights a potential related-party transaction and profit extraction scheme.",
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      "text": "Vitek's profit on the roundtrip was €30.9 million, even though neither parcel of land had undergone any development.",
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      "text": "The proxy was established and directed by Martin Nemecek, then the CEO of CPI PG. (Mr. Nemecek's resignation from this position was just announced on November 20, 2023.)",
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      "text": "In 2017, Vitek completed the return leg of the roundtrip, selling the holdcos back to CPI PG for €50.9 million. Vitek's profit on the roundtrip was €30.9 million, even though neither parcel of land had undergone any development.",
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      "text": "In 2014, in an undisclosed related party transaction, a proxy entity for Vitek acquired two holdcos from CPI PG. Each of the two holdcos—Polygon BC and MQM Czech—held undeveloped landbanks in the Prague area.1 The consideration was €14.2 million.",
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      "text": "1 Polygon BC's landbank is located in Prague 9. MQM Czech's is located in Ritka, a small town about 16km southeast of Prague.",
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