{
  "docId": "019dd923-622c-750b-8b97-8e3ed46efcfc",
  "docSlug": "936b96fe5f4c",
  "documentTitle": "CPI Property Group (CPIPGR)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Muddy Waters Research",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-05-29 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.7777778,
  "pageNumber": 7,
  "pageCount": 23,
  "prevPage": 6,
  "nextPage": 8,
  "slideType": "villain_critique",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 4,
  "notes": "The slide uses a narrative structure to expose potential financial misconduct.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "bullet_list",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b97-8e3ed46efcfc/7",
  "deckHref": "/decks/019dd923-622c-750b-8b97-8e3ed46efcfc",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b97-8e3ed46efcfc.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-8e3ed46efcfc#slide-7",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "On December 11, 2020, CPI PG bought the Metrogate House in a same-day property flip that appears to have been a \"layering\" and \"integration\" transaction typical of money laundering.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-1ac4-74a6-be32-d9c59cc27188",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.9,
        "x": 0.02,
        "y": 0.3
      },
      "kind": "list",
      "text": "The property - Metrogate House consists of three interconnected buildings located at 3, 5, and 7 Queens Gate Terrace in the South Kensington neighborhood of London, a property used for overseas student housing.\nThe ultimate buyer - CPI PG via its subsidiary 1 Bishops Avenue Ltd (1BAL),\nThe flipper - Pisach Residential Limited (Pisach)\nThe ultimate seller - Laroche Investments, a BVI company",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "14161137-3954-4cc6-a322-e3ac63a08195",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "transaction price: £19.5 million",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-1ac4-74a6-be32-dd7ba0d8e0c5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.96,
        "x": 0.02,
        "y": 0.12
      },
      "kind": "paragraph",
      "text": "On December 11, 2020, CPI PG bought the Metrogate House in a same-day property flip that appears to have been a \"layering\" and \"integration\" transaction typical of money laundering. We doubt that this was a bona fide purchase by CPI PG due to the additional money it paid to the flipper.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "62d9fd7e-9797-406c-9b65-6729025178b8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.96,
        "x": 0.02,
        "y": 0.68
      },
      "kind": "paragraph",
      "text": "In February 2024, CPI PG took a loss on disposing this property when it sold it to an entity owned by a Qatar investor, likely a member of the of the Al-Attiya family, one of the leading families of Qatar. CPI PG lost 9.2% versus its 2020 purchase price and 14.8% versus its 2023 carrying value. This second leg raises concerns about whether a member of the Qatari elite received a sweetheart deal.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d0cf1aea-f357-4670-9f7f-7511dcf97dec",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.02,
        "y": 0.55
      },
      "kind": "paragraph",
      "text": "On December 11, 2020, Pisach Residential Limited purchased the properties known as the Metrogate House from Laroche Investment Ltd (Laroche) for £16.375 million. The same day, CPI PG (via 1BAL) bought Metrogate House from Pisach for £19.5 million.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ef115059-a73b-45a8-bb87-12e09d2b528d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.5,
        "x": 0.02,
        "y": 0.85
      },
      "kind": "source-note",
      "text": "1 Historic transaction information on https://landregistry.data.gov.uk/app/ppd/search, postal code SW7 5PE.\n2 Historical Copy of Register Title LN77817, UK Land Title Register (images on following slides)",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ec7352f7-0940-4360-af5f-2c0f83858250",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.6,
        "x": 0.02,
        "y": 0.04
      },
      "kind": "title",
      "text": "Summary of the Metrogate House Same Day Flip",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ecd0fd96-3dd0-4504-9f46-6b8281ed1f69",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 12,
      "from": 4,
      "beatId": "9afbf4be-5618-4f58-9fc4-f21cd201fc0e",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Monster",
      "beatSlug": "overcoming-monster-the-monster",
      "evidence": "The document presents several suspicious transactions, including the Pisach Flip and other same-day property flips.",
      "position": 1,
      "confidence": 0.7,
      "parentBeatName": "Hook",
      "parentBeatSlug": "hook"
    }
  ],
  "loops": [
    {
      "to": 10,
      "from": 6,
      "name": "Iceberg",
      "slug": "10-iceberg",
      "bestFor": "Consulting, complex problem solving, organizational change",
      "matchId": "5117def0-40f3-4a0c-8002-f4d3b74d584b",
      "evidence": "The document presents details about the Pisach Flip, including the same-day sale and purchase of properties.",
      "position": 0,
      "objective": "What are the characteristics of the Pisach Flip?",
      "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause",
      "confidence": 0.6,
      "description": "Reveal that the visible problem is merely a symptom of a deeper root cause"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}