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  "documentTitle": "CPI Property Group (CPIPGR)",
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  "authorName": "Muddy Waters Research",
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  "notes": "This is an introductory slide for 'Part III' of a research report.",
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      "text": "In this Part III, we're showing a series of transactions involving an Italian landbank, called Collina Muratella, that seemingly resulted in an almost €100 million hole from an announced €35 million transaction.",
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      "text": "We also cover a series of transactions previously disclosed as \"Pietroni\" in which we suspect bondholder money was used to facilitate money laundering through a villa in St. Tropez that CPI PG owns after purchasing it from Vitek. The Pietroni transaction was disclosed as costing CPI PG only €1; but, it saddled CPI PG with over €45 million in debt – including €10.1 million owed (and paid) to Vitek. The Pietroni assets were so obviously overvalued that they were impaired the year after CPI PG purchased them from Vitek.",
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      "text": "In this Part III, we're showing a series of transactions involving an Italian landbank, called Collina Muratella, that seemingly resulted in an almost €100 million hole from an announced €35 million transaction.",
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      "text": "Muddy Waters is short the credit of CPI Property Group (\"CPI PG\"). To date, we've shown how CPI PG's controlling shareholder, Radovan Vitek, has stripped the company of assets and how CPI PG has significantly inflated the values of its investment properties.",
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      "text": "4 CPI PG H1 2023 Management Report, Pg. 16.",
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