“Corporate governance in CPI PG is a farce.” US short-seller takes aim at billionaire Vitek and accuses him of accounting fraud
Muddy Waters is a reputable firm whose analysts seek out companies that lie about their performance. The firm then makes a profit on the collapse of the troubled company’s stock or bonds. Muddy Waters was founded by one of the most famous short-sellers, Carson Block. “We have concluded that CPI PG’s controlling shareholder Radovan Vitek is brazenly looting the company while significantly overvaluing its assets. Corporate governance at CPI PG is a farce. We also have concerns about the integrity of CPI PG’s accounting, as it appears to be haphazard at best throughout the group and suggests that the group’s cash and properties may be misstated,” Muddy Waters writes in his 50-page analysis.
Source https://byznys.hn.cz/firemni-rizeni-v-cpi-pg-je-fraska-americky-short-seller-si-bere-na-musku-miliardare-vitka-a-vini-ho-z-podvodu-v-ucetnictvi