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Hunterbrook Media @truth.bsky.social · 08/07/2026

This article is not investment advice or a recommendation to buy, sell, or hold any security. See full disclosures on our website.

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Hunterbrook Media @truth.bsky.social · 08/07/2026

Based on Hunterbrook Media’s reporting, at the time of publication Hunterbrook Capital is short $BE including derivatives and long a basket of comparable securities, as well as long $NB including derivatives and short a basket of comparable securities. Positions will change.

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Hunterbrook Media @truth.bsky.social · 08/07/2026

Does China hold an off switch on America’s AI data center buildout? This CEO swore his $70B company doesn't rely on China. His own suppliers told us otherwise. Then it got weirder — we followed the money behind the AI boom's hottest power stock.

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Hunterbrook Media @truth.bsky.social · 08/06/2026

Ensign didn't respond to multiple detailed requests for comment. Full investigation: hntrbrk.com/ensign

hntrbrk.com

Ensign: The Nursing Home Empire Built on Fatal Neglect

Patients are dying.

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Hunterbrook Media @truth.bsky.social · 08/06/2026

The rule was later rescinded… months after Ensign donated $750,000 to a Trump-affiliated PAC.

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Hunterbrook Media @truth.bsky.social · 08/06/2026

The industry lobbying group AHCA (Ensign’s CEO sits on the board) sued the federal government to block mandatory minimum staffing for nursing homes. A UPenn study estimated the policy would save 13,000 lives a year.

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Hunterbrook Media @truth.bsky.social · 08/06/2026

These related-party transactions are called “tunneling,” and a congressional oversight letter named it a "deceptive tactic" used to hide profit.

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Hunterbrook Media @truth.bsky.social · 08/06/2026

Where does the money go? In part: Out of the buildings. In 2024, Ensign facilities paid $339M+ to landlords, insurers and "home office" firms Ensign itself owns — making some facilities look too broke to staff properly, while cash flows up to the parent.

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Hunterbrook Media @truth.bsky.social · 08/06/2026

The one thing that goes up after Ensign takes over? The overall star rating — driven largely by the self-reported metrics the company controls. Care goes down. The score goes up.

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Hunterbrook Media @truth.bsky.social · 08/06/2026

"The Ensign Effect." We tracked 161 facilities before and after Ensign bought them. After takeover, residents stay just as sick — but get fewer nursing hours, and the cuts hit RNs, the most skilled nurses, hardest.

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Hunterbrook Media @truth.bsky.social · 08/06/2026

So how is Ensign rated so highly? It grades itself. We sorted government metrics by whether they are independently verified. Ensign beats the average on the numbers it self-reports with no documentation procedures imposed by CMS — and falls below it on many of the numbers the government verifies.

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Hunterbrook Media @truth.bsky.social · 08/06/2026

Not staffing sufficiently saved Ensign about $386M (annualized) in 2024 — more than its entire reported net income that year of $298M.

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Hunterbrook Media @truth.bsky.social · 08/06/2026

Experts say Ensign’s conduct is illegal. Federal law requires "sufficient" staffing. Four states set hard minimums. Ensign fell below those floors on 18,000+ days from 2020–2025.

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Hunterbrook Media @truth.bsky.social · 08/06/2026

What we found: In just 5 months where data was available, Ensign shorted residents 5M+ hours of nursing care. It seeks out the sickest patients for higher reimbursement from the government, then staffs below what that payment is calibrated to support.

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Hunterbrook Media @truth.bsky.social · 08/06/2026

Hunterbrook Media is collaborating with organizations like law firms including Hunterbrook Law to pursue accountability based on this reporting. See full disclosures on our website.

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Hunterbrook Media @truth.bsky.social · 08/06/2026

Based on Hunterbrook Media’s reporting, Hunterbrook Capital is short $ENSG and long a basket of comparable securities at the time of publication. Positions may change at any time. This article is not investment advice or a recommendation to buy, sell, or hold any security.

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Hunterbrook Media @truth.bsky.social · 08/06/2026

NEW: Ensign ($ENSG) is a $10 billion skilled nursing facility roll-up that markets 5-star ratings and "industry-leading" outcomes. The numbers are a mirage. Behind them is understaffing, which experts told Hunterbrook may be illegal under both federal and state law.

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Hunterbrook Media @truth.bsky.social · 18/05/2026

Did Bin Omar actually receive the 18 million euros? We don’t know! CSG hasn’t said. And CSG, Republikorp, Joesoef, and Bin Omar did not respond to repeated requests for comment. Why wouldn’t they tell us?

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Hunterbrook Media @truth.bsky.social · 18/05/2026

On Republikorp's archived website, Bin Omar describes his role as helping European companies with "solutions to the administration processes" in Indonesia.

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Hunterbrook Media @truth.bsky.social · 18/05/2026

Another Bin Omar company in the Singapore registry: "CSG (Asia) Pte. Ltd.," since struck off.

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Hunterbrook Media @truth.bsky.social · 18/05/2026

Its sole owner is a man named Irwan Bin Omar, who also ran an entity called "Republikorp Project Management Services" — the same name as the Indonesian arms dealer apparently channeling CSG's billions in business.

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Hunterbrook Media @truth.bsky.social · 18/05/2026

RDBSG has no website and an address that matches a Singapore coworking space.

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Hunterbrook Media @truth.bsky.social · 18/05/2026

Three years later, CSG bought those same shares back — for an apparent 18 million euros in cash. If this money went to RDBSG, it would be a 4,000%+ return for a counterparty that only paid 410,000 euros up front.

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Hunterbrook Media @truth.bsky.social · 18/05/2026

In 2021, CSG sold a 24% stake in a Slovak subsidiary called Vývoj Martin to a Singapore "HR consultancy" called RDBSG for 5.85 million euros. RDBSG paid 410,000 euros up front. It never paid the rest.

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Hunterbrook Media @truth.bsky.social · 18/05/2026

Buried in CSG's 728-page IPO prospectus is a stranger transaction — one that may help connect the dots.

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Hunterbrook Media @truth.bsky.social · 18/05/2026

An Indonesian outlet alleged the deal included a $55 million kickback to then-defense minister, now-president, Prabowo Subianto. His campaign denied it. Indonesia eventually scrapped the deal, citing "budget limitations."

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Hunterbrook Media @truth.bsky.social · 18/05/2026

CSG's history in Indonesia is marred by allegations of scandal. In 2023, a CSG subsidiary brokered a $792 million deal to sell 12 used Qatari fighter jets to Indonesia — $66 million per jet for planes Qatar had once offered Indonesia for free.

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Hunterbrook Media @truth.bsky.social · 18/05/2026

In 2018, Strnad named Joesoef CEO of "Czechoslovak Group Indonesia." That entity has since vanished from public materials. Republikorp took its place.

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Hunterbrook Media @truth.bsky.social · 18/05/2026

Republikorp's chairman, Norman Joesoef, is the son of Indonesia's former ambassador to Slovakia. He went to college in Prague — the same years CSG's CEO Michal Strnad was building his career at the family business.

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Hunterbrook Media @truth.bsky.social · 18/05/2026

Virtually all of CSG's business in Indonesia appears to run through a single intermediary — a private arms dealer called Republikorp. CSG has no manufacturing, no offices, and no disclosed employees in the country.

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Hunterbrook Media @truth.bsky.social · 18/05/2026

CSG won't say who the customer is. But local reporting, social media chatter, and CSG's own prior disclosures point to one main buyer: Indonesia.

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Hunterbrook Media @truth.bsky.social · 18/05/2026

Since the IPO in January, CSG has announced two huge new contracts with unnamed "Southeast Asian" customers: a $300 million armored vehicle deal and a $2.5 billion air defense package. Together they're worth about a fifth of CSG's reported backlog.

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Hunterbrook Media @truth.bsky.social · 18/05/2026

See our website for full disclosures. (2/2)

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Hunterbrook Media @truth.bsky.social · 18/05/2026

Based on Hunterbrook Media’s reporting, Hunterbrook Capital is short $CSG.AS and long a basket of comparable securities at the time of publication. Positions may change at any time. This article is not investment advice or a recommendation to buy, sell, or hold any security. (1/2)

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Hunterbrook Media @truth.bsky.social · 18/05/2026

UPDATE: CSG has reported $2.8 billion in contracts with unnamed “Southeast Asian” customers. Reporting indicates most of this business is with a single counterparty in Indonesia. We also found a mystery payment… which may help explain how CSG landed some of this business.

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Hunterbrook Media @truth.bsky.social · 04/05/2026

We're still reporting. If you know more about $CSG, please reach out: ideas@hntrbrk.com

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Hunterbrook Media @truth.bsky.social · 04/05/2026

Read the full investigation — including $CSG's responses, subsidiary filings, and the Rheinmetall comparison: hntrbrk.com/csg

hntrbrk.com

CSG: Why the Largest Military IPO in European History Is Combusting

Hunterbrook on CSG

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Hunterbrook Media @truth.bsky.social · 04/05/2026

CSG says those relationships ended years ago.

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Hunterbrook Media @truth.bsky.social · 04/05/2026

Then, there are the Russia ties, despite CSG’s biggest customer being Ukraine. In 2024, then-senator JD Vance wrote to the Treasury Department urging it to block $CSG's acquisition of Vista Outdoor's ammunition business. Vance called $CSG "Kremlin-linked" and cited ties to Putin's inner circle.

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Hunterbrook Media @truth.bsky.social · 04/05/2026

Germany, the Netherlands, and Denmark are also pulling back support. The initiative has raised just €1.4B of its €5B target for 2026 — a 72% shortfall.

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Hunterbrook Media @truth.bsky.social · 04/05/2026

The political winds in Prague have also shifted. New, pro-Russian Czech PM Babiš has used the uncertainty to argue for halting state funding for the Czech ammunition initiative. His claim was that he was uncomfortable with individuals profiting excessively from the war.

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Hunterbrook Media @truth.bsky.social · 04/05/2026

The CEO acknowledged half the components from third-party suppliers in Africa and Asia weren't good enough to ship to Ukraine. "Every week the price is going up and there are big issues with the components," he told the FT.

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Hunterbrook Media @truth.bsky.social · 04/05/2026

The re-selling model CSG seems to rely on has an expiration date. $CSG admits "limited visibility" on remaining global supply. A 2024 Reuters investigation put the available stock at ~2 million rounds — a number Ukraine could burn through imminently.

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Hunterbrook Media @truth.bsky.social · 04/05/2026

But across the three different ways we tried to estimate CSG’s production, none of the numbers added up to anything remotely close to CSG’s claims about its in-house capacity.

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Hunterbrook Media @truth.bsky.social · 04/05/2026

$CSG makes this hard to figure out. The company’s disclosures are inconsistent. And their emails to Hunterbrook last week complicated the analysis further. So our numbers are estimates.

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Hunterbrook Media @truth.bsky.social · 04/05/2026

Hunterbrook built on these bold investigations to also reveal that $CSG may not be making as much ammunition in-house as investors assume. The TLDR: Most $CSG.AS ammo revenue seems to come from re-selling, rather than in-house production.

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Hunterbrook Media @truth.bsky.social · 04/05/2026

European nonprofit investigative journalism outlets recently began exposing $CSG: corruption, suspicious insider transactions, the NATO suspension of its critical propellant subsidiary, a shareholder with “extraordinary rights” demanding 1.4 billion euros.

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Hunterbrook Media @truth.bsky.social · 04/05/2026

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