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  "documentTitle": "CPI Property Group (CPIPGR)",
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  "authorName": "Muddy Waters Research",
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  "presentationDate": "2024-01-22 00:00:00",
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  "notes": "The slide uses a narrative structure to expose a potential related-party transaction and conflict of interest.",
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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": "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. The consideration was €14.2 million.",
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      "text": "The proxy entity was established and directed by Martin Nemecek, then the CEO of CPI PG. In CPI PG's response to our criticism of these transactions, it argued that the entity was owned by J&T Finance Group. As far as we're concerned, the point stands and the entity was obviously a proxy for Vitek.",
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      "text": "In 2017, Vitek completed 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": "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. 2 CPI PG December 8, 2023, response, pg. 11, 13. The parent company of Nas Prvy Realtny is Poštova banka (now 365 Bank), which is ultimately controlled by the J&T Finance Group SE, a.s. This also makes J&T Banka, a.s. a sister company of Poštova banka and Nas Prvy Realtny.",
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      "text": "Polygon BC and MQM Czech Part 1 Review (a Dubious Roundtrip)",
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