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  "documentTitle": "CPI Property Group (CPIPGR)",
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  "authorName": "Muddy Waters Research",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-05-29 00:00:00",
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  "notes": "The slide uses investigative research to link a property transaction to a high-profile political figure (former PM of Qatar).",
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      "kind": "callout",
      "text": "In 2021, Pisach executed a second same-day flip (that did not involve CPI PG). This further indicates that CPI PG’s deal with Pisach was highly problematic.",
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      "text": "In 2021, Pisach executed a second same-day flip (that did not involve CPI PG). This further indicates that CPI PG’s deal with Pisach was highly problematic.",
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      "text": "When the deal went through in July 2021, the purchasing entity, Hume Real Estate (UK ) Ltd was owned by an Irish national, Patrick McKillen.1 Hume has since been renamed Constellation (Sussex) Ltd.2 Patrick McKillen then sold Constellation to a Luxembourg company called Selene S.a.r.l. in April 2022.3 Constellation and Selene are ultimately owned by His Excellency Sheikh Hamad Bin Jassim Bin Jaber Al-Thani, aka “HBJ”, the former Prime Minister of Qatar.4",
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      "text": "In this transaction, Pisach Residential bought and sold the Ventures Hotel in back-to-back transactions. We estimate that Pisach would have paid just under £18 million for the properties, including stamp duty. In a possible coincidence, the buyer appears to have been the former Prime Minister of Qatar.",
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      "kind": "source-note",
      "text": "1 UK property title records, 12-20 Sussex Gardens, W2 1PN\n2 https://find-and-update.company-information.service.gov.uk/company/13399326, Hume/Constellation was incorporated in May 2021; just three months before the flip apparently for this acquisition.\n3 UK Companies House recorders for Hume Real Estate (UK) Ltd., confirmation statement dated May 27, 2022.\n4 https://find-and-update.company-information.service.gov.uk/company/13399326/persons-with-significant-control",
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      "kind": "title",
      "text": "Metrogate Wasn’t Pisach’s Only Same Day Flip",
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