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  "docSlug": "631c22c05486",
  "documentTitle": "CPI Property Group (CPIPGR)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Muddy Waters Research",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-01-25 00:00:00",
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  "notes": "The slide uses a narrative approach to link a specific asset transaction to broader governance and financial integrity concerns.",
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      "kind": "callout",
      "text": "Vitek's transactions involving Villa Mas du Figuier give rise to concerns about potential money laundering facilitated by CPI PG bondholder money.",
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      "text": "The seller was a corporate entity that was managed by proxies. One of the two proxy individuals initially associated with the entity is an attorney who has the misfortune of being linked to multiple high profile money laundering investigations. The other is an attorney who used to work for the other proxy, and who subsequently represented Panama Papers law firm Mossack Fonseca.",
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      "kind": "paragraph",
      "text": "In 2019, CPI PG bought a luxury vacation villa in St. Tropez from Vitek as part of the Pietroni transaction. The villa is called Villa Mas du Figuier.",
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      "text": "Vitek's transactions involving Villa Mas du Figuier give rise to concerns about potential money laundering facilitated by CPI PG bondholder money. Corporate filings show that when Vitek purchased the house, the seller financed €4.0 million of the purchase, which strikes us as odd for a property of this type. Even stranger, the seller's loan seemingly allowed Vitek to accrue interest.",
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      "text": "Les Mas du Figuier SAS (France) auditor's report on the annual accounts, Dec 31, 2013: The auditor's report explains that the 2013 transaction was financed by means of two bank loans and seller financing of €4.0 million \"with interest of 3.39% per year payable quarterly in arrears. The latter will be reimbursable no later than July 8, 2018 in one installment.\" The line item in the Les Mas financials from the years 2013-2016 show the €4.0m seller loan principle unchanged and additional amounts payable accruing. As at Dec 31, 2016, the total value of accounts payable line was €4.8m, a balance that implies accrued interest. See also infra for an excerpt from the financials referencing accrued interest on the seller financing.",
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      "kind": "title",
      "text": "Villa Mas du Figuier",
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      "evidence": "The presentation of evidence supporting the concerns about CPI Property Group S.A.'s financial transactions and governance.",
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