CPI Property Group S.A.

Muddy Waters is short CPI PG's credit: controlling shareholder Radovan Vitek is brazenly looting the company via undisclosed related-party deals — ~50% of €1.2bn examined transactions appear suspect.

Muddy Waters is short CPI Property Group's credit: its €19.2B portfolio appears inflated via implausible Berlin gains, cherry-picked Bubny landbank comps, and occupancy rates realtor listings show are overstated by ~2x.

CPI PG's Italian landbank and St. Tropez villa deals show ~€100M in unexplained cash and receivables gaps, suggesting controlling shareholder Vitek is using bondholder money to strip assets and launder cash.

CPI Property Group's luxury London transactions — same-day flips, offshore proxies, and uneconomic sales to PEPs — bear hallmarks of money laundering integration using bondholder funds.

CPI PG's controlling shareholder Vitek swapped €273m of personal debt for Dubai properties still under construction, sticking CPI PG with ~€220m of hidden progress payments while pocketing ~€118m.