Sales of photo albums and t-shirts, advertisement revenue, and millions in personnel expenditures. It sounds like a regular company, right? Well, it is indeed a business, but it is disguised as an NGO. This is the kind of data you can find in the financial statements of the French organisation Reporters Without Borders (RSF), which claims to be a champion of freedom of speech. The documents show that the RSF, whose World Press Freedom Index is exploited by the shadowy circles in Bulgaria and the media outlets of indicted oligarchs as an instrument to exert pressure on the state, has become a hybrid between a corporation and an NGO. Behind the guise of protecting free speech and at-risk journalists, it actually accumulates money through grants and subsidies.