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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": "Includes a screenshot of the original French auditor's report alongside an English translation.",
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      "kind": "callout",
      "text": "It strikes us as odd that on a St. Tropez property with a total purchase price of €12.5 million in 2013, the seller would provide financing.",
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      "text": "Les Mas de Figuier's 2013 financials state that the seller of the property financed Vitek's purchase with a five-year vendor loan for €4.0 million at an interest rate of 3.39%, payable quarterly in arrears. It strikes us as odd that on a St. Tropez property with a total purchase price of €12.5 million in 2013, the seller would provide financing.",
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      "kind": "paragraph",
      "text": "The company was created on June 11, 2013... The company benefits from a seller's loan on the acquisition of building I in the amount of €4 million with interest of 3.39% per year payable quarterly in arrears.",
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      "kind": "quote",
      "text": "The company benefits from a seller's loan on the acquisition of building I in the amount of €4 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 vendor credit has been left in the supplier account and the interest not yet paid has been recorded in the “supplier, accrued interest” account.” — Les Mas du Figuier SAS (France) auditor's report on the annual accounts, Dec 31, 2013",
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      "text": "Les Mas du Figuier SAS (France) auditor's report on the annual accounts, Dec 31, 2013",
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      "kind": "title",
      "text": "Villa Mas du Figuier – Odd Transaction Structure",
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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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      "objective": "What happened to the other ~€20 Million?",
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