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MPW Case Study – Steward International

Author: Published on: Published in: Medical Properties Trust NASDAQ:MPW

February 8, 2023 – MPW’s joint venture with Steward CEO, Ralph De La Torre, has been the subject of intense curiosity by MPW bulls and bears alike. Today, Viceroy Research will detail the JV’s structure, the ownership of Steward Malta, and egregious, and likely criminal, payments made between MPW, Steward Systems, the JV, and various international entities.

  • Assets purchased by the JV were never transferred to the JV. There appears to have been no AML or KYC
  • The assets that the JV purportedly bought from Steward for $200m were valued at $27m.
  • MPW & Steward uniformly deny they are related to “independent” Steward International and Steward Malta. Viceroy’s investigation shows that Steward Malta’s UBO is based in Steward’s HQ, and that MPW appear to own 49% of Steward Malta. MPW actively lies to investors.
  • Steward Malta, its staff, and its concession are the subject of broad international criminal inquiries.
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