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  "documentTitle": "Mettler-Toledo International, Inc. (MTD)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-07-24 00:00:00",
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  "notes": "The slide uses a comparison table to demonstrate that the sum of assets from local tax filings is significantly lower than the consolidated figures reported in SEC filings.",
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      "text": "A hallmark of inflated profits is inflated assets. Through a Chinese attorney our investigators obtained the recent tax fillings for Mettler's 10 China subsidiaries. We find Mettler's assets in China as depicted from tax filings are materially lower than assets depicted at the consolidated level in Mettler's SEC reporting. We also could not account for some of its cash.",
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      "text": "Total Assets: 24%",
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      "text": "A hallmark of inflated profits is inflated assets. Through a Chinese attorney our investigators obtained the recent tax filings for Mettler's 10 China subsidiaries. We find Mettler's assets in China as depicted from tax filings are materially lower than assets depicted at the consolidated level in Mettler's SEC reporting. We also could not account for some of its cash.",
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      "text": "Note: Converted at 6.8 $/RMB. All are official tax filings except for Mettler-Toledo (Chengdu) Scale & System Ltd. which is SAIC. Total assets are small and does not appear a significant entity. China Mettler-Toledo (Changzhou) Scale & System Ltd. 2018 results estimated based on 2017 results",
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      "text": "Key China Asset Balances",
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      "text": "China As Depicted In Tax Filings: A Vastly Different Story....",
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