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  "documentTitle": "CPI Property Group (CPIPGR)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Muddy Waters Research",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-06-03 00:00:00",
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  "pageNumber": 17,
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  "notes": "The slide uses a screenshot of a Russian-language marketing website as evidence of the target demographic.",
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      "kind": "callout",
      "text": "Again, we are left to wonder whether Vitek’s investment objectives in Dubai did not involve the servicing of very special customers including those with hot flows of questionable money.",
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      "kind": "image",
      "text": "Casa Canal Russian Language Marketing Site",
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      "kind": "paragraph",
      "text": "As with Vitek’s purchase of the French villa, Les Mas du Figuier, the properties are extremely luxurious. The developers marketing these properties are targeting a certain type of ultra-wealthy clientele, including Russians and elite from other former Soviet states. This is evident from the decision to make their developments’ webpages available in Russian. The developments at Aire Dubai, Bulgari Lighthouse, One Canal, and Casa Canal all have Russian language versions of their sales and marketing pages. Again, we are left to wonder whether Vitek’s investment objectives in Dubai did not involve the servicing of very special customers including those with hot flows of questionable money.",
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      "text": "https://airedubai.com/#/РЕЗИДЕНЦИИ, https://www.bulgarilighthouse.com/ru/home, https://one-canal.ae/ru, https://casa-canal.ae/ru",
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      "kind": "source-note",
      "text": "Below: Casa Canal's Russian Language Marketing Site - 4 units in this development (Contracted sale purchase price: estimated ~€62.0 million)",
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      "kind": "title",
      "text": "The Rising Falcon Portfolio – Ultra-luxury Targeting Russian Money?",
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      "evidence": "The document presents various pieces of evidence to support its claims",
      "position": 1,
      "objective": "To expose the underlying issues with CPI PG's acquisition",
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