{ "docId": "019dd923-622c-750b-8b99-7df068ad1ae5", "docSlug": "55f4c152cfe0", "documentTitle": "WSP Global Inc. (WSP)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-04-03 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 47, "pageCount": 68, "prevPage": 46, "nextPage": 48, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "overcrowded", "nDataPoints": 1, "notes": "Uses a screenshot of a corporate filing to prove the existence of a hidden subsidiary.", "elementsJson": [ "headline_text", "callout_box", "data_table", "screenshot", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b99-7df068ad1ae5/47", "deckHref": "/decks/019dd923-622c-750b-8b99-7df068ad1ae5", "deckJsonHref": "/decks/019dd923-622c-750b-8b99-7df068ad1ae5.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-7df068ad1ae5#slide-47", "components": [ { "bbox": { "h": 0.12, "w": 0.72, "x": 0.26, "y": 0.8 }, "kind": "callout", "text": "WSP's Canadian SEDAR regulatory filings make no mention of Cyprus and notice carefully the spelling of the entity “WSPGRP” in contrast to other WSP entity names in the organization charts, may make it more difficult to search for and identify.", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "9cea6673-cbb4-4561-8b13-8180fb76dee5", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "callout", "text": "WSP’s Canadian SEDAR regulatory filings make no mention of Cyprus and notice carefully the spelling of the entity “WSPGRP” in contrast to other WSP entity names in the organization charts, may make it more difficult to search for and identify.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-0398-7399-b332-cdca1d94e7c2", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.98, "x": 0.01, "y": 0.94 }, "kind": "disclaimer", "text": "1) “Cyprus Confidential: Shining a light on tax evasion,” The Indian Express, November 20, 2023\n2) A search of OpenCorporates.com indicates that the Cyprus entity is unique and the only WSP entity coded as “WSPGRP”", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "254ff70d-5cf9-4959-a284-3553742d64dd", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.21, "w": 0.96, "x": 0.02, "y": 0.17 }, "kind": "paragraph", "text": "WSP's organization chart for Mideast, India and Africa does not show any Indian entities, notably WSP Consultants India Private Ltd which was the entity referenced by the whistleblower. Spruce Point obtained the Indian entity filings and observes that it holds shares in WSPGRP Cyprus Holdings Ltd. WSP's organizational charts also obscure any connection to Cyprus. Cyprus has been frequently investigated by international journalists as a haven for tax evasion. Notably, an investigation by The Indian Express, in collaboration with the International Consortium of Investigative Journalists (ICIJ) called “Cyprus Confidential” focused on how Cyprus has become a preferred port of call for the global rich in their quest for a shadowy financial hub to wash dirty money.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "cd2d2af9-63d3-41ec-8467-3e200f73a979", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "Cyprus Confidential: Shining a light on tax evasion — The Indian Express, November 20, 2023", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-0398-7399-b332-d25ac539273d", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.15, "x": 0.04, "y": 0.82 }, "kind": "source-note", "text": "Source: India Corporate Registry", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "8019f5fc-9961-40b8-b2e7-6b2455004e1f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.35, "w": 0.92, "x": 0.04, "y": 0.4 }, "kind": "table", "text": "WSP Consultants India Private Ltd. III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES (INCLUDING JOINT VENTURES) *No. of Companies for which information is to be given 1 Pre-fill All S.No Name of the company CIN / FCRN Holding/ Subsidiary/Associate/ Joint Venture % of shares held 1 WSPGRP Cyprus Holdings Limi Holding 100", "attrs": null, "subkind": "data", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "5569ae0d-77e9-490c-b3bd-05102707ebe9", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "WSP India's Connection To Cyprus, A Haven Blasted For Tax Evasion", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "0b37ab76-6ba0-4f80-8a99-c7bcb569ea79", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "fraud-exposure", "slug": null, "matchId": "c9015f97-7f34-4a71-b0c5-33f814449c42", "evidence": "Exposing hidden corporate structures and potential tax evasion", "confidence": 0.9 } ], "arcBeats": [ { "to": 68, "from": 9, "beatId": "f8978e98-df21-43e6-a756-a65765818a20", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Expose Contradiction", "beatSlug": null, "evidence": "The document repeatedly exposes contradictions in WSP's reporting and operations", "position": 2, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }