MPW Case Study – Steward International Pt. 2

Author: Viceroy Research Published on: February 13, 2023 Published in: Medical Properties Trust NASDAQ:MPW

On February 11, 2023, Steward International doubled down, and stated to MaltaToday journalists that “MPW does not in any way own or control Steward Health Care International”. It has also previously categorically denied any commercial relationship with MPW, and any legal relationship with Steward Health Care Systems (US).

Viceroy investigations will today show that:

Steward International subsidiary by-laws filed in Colombia, where Steward International operate, explicitly state MPW is a shareholder of the Manolete Health companies, who directly own Steward Health Care International SL (Spain), vis a vis Steward Malta and Colombia.
Steward International’s Colombia venture is equally convoluted, opaque, and dishonest. MPW have misrepresented the structure of this venture without corrections, leaving analysts in the dark.
MPW have vastly overpaid for Steward International real assets and operational businesses through uncommercial transactions with Manolete / the Ralph De La Torre JV

This report will dive into ground-level details of MPW’s Colombia exposure where MPW appears to have entered into financial commitments to invest in Colombian hospitals without any discernible due diligence, and without any transparent or consistent disclosures to stakeholders.

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