Vitek's gonna Vitek. In the closing minutes of 2023, CPI PG announced a new acquisition from Radovan Vitek. CPI PG exchanged €273 million of Vitek’s personal debt for a portfolio of 20 luxury properties in Dubai held in his newly formed company, Rising Falcon Holdings. CPI PG reported that the port… more
Our third report on CPI PG covered CPI PG’s 2019 acquisition of Vitek’s luxury vacation villa in St. Tropez, known as Villa Mas du Figuier. Vitek's original purchase and subsequent sale to CPI PG give rise to concerns about potential money laundering. In this Part IV, we examine other luxury reside… more
In an open letter to Mr. David Greenbaum, Muddy Waters submits the following questions with regards to CPIPG’s 2023 annual results.… more
Muddy Waters is short the credit of CPI Property Group ("CPI PG"). To date, we've shown how CPI PG's controlling shareholder, Radovan Vitek, has stripped the company of assets and how CPI PG has significantly inflated the values of its investment properties. In this Part III, we're showing a seri… more
Muddy Waters is short the credit of CPI Property Group ("CPI PG"). CPI PG's Berlin office portfolio appears significantly overvalued based on the divergence in its valuation from overall German market trends. This Part 2 addresses CPI PG's valuations of its purported €19.2 billion investment propert… more
On November 21st, we began the process of publishing our findings on the myriad issues inherent in CPI Property Group that should call into question how a company operating in this manner could maintain an investment grade rating. CPI PG has thus far failed to provide alternative explanations for th… more
Muddy Waters is short the credit of CPI Property Group ("CPI PG"). We conclude that CPI PG's controlling shareholder Radovan Vitek ("Vitek") has been brazenly looting the company while significantly overstating the value of its assets. CPI PG's corporate governance is farcical. We are also concerned… more