The Securities Exchange Commission is forcing Medical Properties Trust to disclose further financial details on Setward Health Care in the US due to unexplained loans by Medical Properties Trust to Steward from 2020 to 2023 amounting to up to $550 million. Medical Properties Trust has failed to disclose the details of these loans and the SEC published this correspondence as a result with the aim of taking further measures in the future. Steward is a private company so its filings are not public, but Medical Properties Trust is.
Steward Health Care is currently in the middle of a controversy in the US as it concluded a deal to sell its doctors’ network to Optum, another health services company, on the back of other reports that Steward is preparing to file for bankruptcy in the US. Short-sellers Viceroy Research have produced research showing that Medical Properties Trust and Steward Health Care are run and owned by the same people who are involved in a real-estate ponzi scheme by diverting shareholder capital of Medical Properties Trust to Steward Health Care. In turn, capital invested in Steward Health Care was used to enrich the company’s owners, while its foreign affiliates and subsidiaries were involved in corruption and bribery, as in Malta’s case with Steward’s payments to Joseph Muscat. Steward’s CEO Ralph de Torre is also being accused of extensive fraud and corruption.
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