Hedge fund VGI Partners has publicly accused the $3 billion travel specialist Corporate Travel Management of aggressive accounting, poor disclosure and running “phantom” offices in Europe and America.

VGI Partners, which has a solid reputation for picking market winners and losers including Slater & Gordon in 2015, has taken a short position over the travel provider after it identified 20 “red flags” in a scathing 176 page presentation distributed to its clients.

Corporate Travel Management boss Jamie Pherous. Credit:Glenn Hunt

They include declining cash flows at odds with claims of strong organic growth, overstating its global office footprint, management share sales and poor disclosure of the impact of revised revenue figures.

The Brisbane based travel agency has expanded internationally since going public and provides travel advice, booking, ticketing, recommendations and travel data management to businesses and government clients.