7KH -\RWLUPDK DNDUFU\D /LQHDJH LQ WKH WK &HQWXU\

9LG\DVDQNDU 6XQGDUHVDQ

DNDUD DQG KLV GLVFLSOHV

$ SRSXODU SULQW

$ PHHWLQJ RI WKH DNDUFU\DV LQ 

)URP / WR 5 6YP 6YDUSQDQGD 6DUDVYDW -\RWLUPDK
6YP $EKLQDYD 9LG\WUWKD JHUL 6YP 1LUDMDQDGHYD
7UWKD 3XU 6YP $EKLQDYD 6DFFLGQDQGD 7UWKD 'YUDN

6XPPDU\
7KHUH LV FXUUHQWO\ D VXFFHVVLRQ GLVSXWH DW WKH -\RWLUPDK DNDUFU\D VHDW WKH RULJLQV RI
ZKLFK GDWH EDFN WR WKH \HDU  7KH PDMRU FRQWHQGHUV IRU WKH WLWOH DUH 6YPV 6YDUSQDQGD
6DUDVYDW DOVR WKH DNDUFU\D RI 'YUDN 9VXGHYQDQGD 6DUDVYDW DQG 0GKDYD UDPD
$ERXW WKH DXWKRU 
'U 9LG\DVDQNDU 6XQGDUHVDQ %7HFK ,,70XPEDL 3K' &DOWHFK LV DQ LQGHSHQGHQW VFKRODU RI ,QGLDQ SKLORVRSK\
DQG KLVWRU\ ZLWK SULPDU\ LQWHUHVW LQ $GYDLWD DQG <RJD +H LV WKH DXWKRU RI D %ULWDQQLFD ,QWHUQHW *XLGH $ZDUG
ZLQQLQJ ZHEVLWH RQ $GYDLWD 9HGQWD KWWSZZZDGYDLWDYHGDQWDRUJDYKS +LV RWKHU SXEOLFDWLRQV LQFOXGH
L D GLVFXVVLRQ RI SDULVDNKZQD LQ WKH 8SDGHDVKDVU 7KH $G\DU /LEUDU\ %XOOHWLQ Y  
LL D FULWLFDO UHYLHZ RI WKH DXWKRUVKLS RI 3DFNDUDD 3KLORVRSK\ (DVW DQG :HVW Y  QR   DQG
LLL D FULWLFDO GLVFXVVLRQ RI WKH DNDUDYLMD\D WH[WV ,QWHUQDWLRQDO -RXUQDO RI +LQGX 6WXGLHV Y  

RRR
$ERXW WKLV GRFXPHQW 
&RS\ULJKWV UHVHUYHG 7KH ILUVW RQOLQH DYDWUD RI WKLV GRFXPHQW ZDV ERUQ LQ UHVSRQVH WR DQ ,1'2/2*< OLVWVHUY
KWWSZZZLQGRORJ\FRXN GLVFXVVLRQ WKDW EHJDQ RQ -DQXDU\   DERXW WKH DNDUFU\D RI WKH 1RUWK
KWWSOLVWVHUYOLYDFXNFJLVKO:$(;("$ LQG / LQGRORJ\ '  ) 6 3  +70/ YHUVLRQV RI
DQG
DW
WKLV
GRFXPHQW
DUH
DYDLODEOH
DW
KWWSZZZXFODFXN~XFJDGNZSRVLWLRQVKDQNM\RWKWPO
KWWSZZZXFODFXN~XFJDGNZSRVLWLRQVKDQNM\RWDVFLLKWPO 7KLV LV DQ XSGDWHG 3') YHUVLRQ $XJXVW  7KH
DXWKRU PD\ EH FRQWDFWHG YLD HPDLO YVXQGDUHVDQ#KRWPDLOFRP RU VYLG\DVDQNDU#KRWPDLOFRP
7KH 85/ IRU WKLV GRFXPHQW LV KWWSZZZDGYDLWDYHGDQWDRUJDYKSM\RWLUPDWKSGI .
R

RR

-\RWLUPDK DNDUFU\DV

9LG\DVDQNDU 6XQGDUHVDQ

%DFNJURXQG
GL DNDUFU\D WK FHQW LV WUDGLWLRQDOO\ VDLG WR KDYH HVWDEOLVKHG IRXU PQ\D PDKDV
PRQDVWHULHV LQ ,QGLD DQG WR KDYH SODFHG WKHP XQGHU WKH OHDGHUVKLS RI KLV IRXU FKLHI GLVFLSOHV
7KH KHDGV RI WKHVH IRXU DQG RWKHU PRQDVWHULHV RI WKH 'DDQP RUGHUV KDYH FRPH WR EH NQRZQ DV
DNDUFU\DV WKHPVHOYHV LQ KRQRU RI WKH IRXQGHU 7KH\ DUH WKH SULQFLSDO OHDGHUV RI WKH WHQ
RUGHUV RI WKH 'DDQP 6DQ\VLQV DVVRFLDWHG ZLWK $GYDLWD 9HGQWD 7KH SULQFLSDO HDVWHUQ
3UYPQ\D VRXWKHUQ 'DNLPQ\D DQG ZHVWHUQ 3DFLPPQ\D LQVWLWXWLRQV DUH EDVHG DW
3XU 2ULVVD JHUL .DUQDWDND DQG 'YUDN *XMDUDW UHVSHFWLYHO\

7KH QRUWKHUQ

8WWDUPQ\D DNDUFU\D VHDW LV DW -\RWLUPDK DOVR NQRZQ DV -RPDK QHDU %DGULQWK ,Q

DGGLWLRQ WR WKHVH IRXU WKHUH DUH QXPHURXV RWKHU PDKDV WKURXJKRXW ,QGLD DV DOVR WKH VHYHQ
'DDQP NKUV -Q 1LUDMDQ 0DKQLUY QDQGD $DO YKDQ $JQL  WKH ODVW LV D
%UDKPDFULQ NKU QRW D 6DQ\VLQ RQH ZKLFK KDYH WKHLU RZQ DGPLQLVWUDWLRQV DQG OHDGHUV
7KH KLVWRU\ RI -\RWLUPDK LV H[WUHPHO\ FRPSOLFDWHG $FFRUGLQJ WR RIILFLDO DFFRXQWV DIWHU
WKH SHULRG RI RQH 6YP 5PDND 7UWKD LQ WKH WK FHQWXU\ WKH PDKD ZDV H[WLQFW IRU DERXW
 \HDUV EHIRUH LW ZDV UHYLYHG LQ  XQGHU 6YP %UDKPQDQGD 6DUDVYDW +RZHYHU LQ WKH
PHDQWLPH YDULRXV 6DQ\VLQV KDG FODLPHG WR EH WKH DNDUFU\D RI -\RWLUPDK DQG IRU VRPH
WLPH PDQ\ SHRSOH WKRXJKW WKDW WKH 5YDO FKLHI SULHVW RI WKH %DGULQWK WHPSOH ZDV DOVR WKH
DNDUFU\D RI -\RWLUPDK 7KHUH DUH UHFRUGV RI ODZVXLWV IURP WKH HDUO\ V ZKLFK VKRZ D
QXPEHU RI QDPHV HDFK OD\LQJ FODLP WR WKH -\RWLUPDK DNDUFU\D WLWOH %HIRUH GLVFXVVLQJ WKH
UHFHQW KLVWRU\ RI WKLV LQVWLWXWLRQ RQH LVVXH PXVW EH SURSHUO\ XQGHUVWRRG :KDW GRHV LW PHDQ IRU D
PDKD WR KDYH EHFRPH H[WLQFW" ,Q WKH WUDGLWLRQDO XQGHUVWDQGLQJ WKH DQVZHU LV LQWLPDWHO\ WLHG
ZLWK WKH SHUVRQ RI WKH 0DKGKLSDWL LH WKH KHDG RI WKH PDKD 7R VD\ WKDW D PDKD KDV EHFRPH
H[WLQFW LV WR VD\ WKDW WKH OLQHDJH RI VXFFHVVRUV KDV SHWHUHG RXW HLWKHU EHFDXVH RI FRQIXVLRQV LQ WKH
OLQH RI VXFFHVVLRQ RU EHFDXVH RI WKH ODFN RI TXDOLILHG SHRSOH WR OHDG WKH PDKD
7KH DSSRLQWPHQW RI 6YP %UDKPQDQGD 6DUDVYDW LQ  ZDV PDGH E\ UHOLJLRXV JURXSV
EDVHG LQ 9UDVL WKH %KUDWD 'KDUPD 0DKPDDOD . 9LGYDW 3DULDG DQG WKH $NKLOD
%KUDW\D 'KDUPDVDJKD ZLWK WKH EOHVVLQJV RI 6YP %KUDW .D 7UWKD WKH WKHQ
DNDUFU\D RI 3XU 6YP &DQGUDHNKDUD %KUDW RI JHUL DOVR HQGRUVHG %UDKPQDQGDV
DSSRLQWPHQW 7KXV ULJKW IURP WKH EHJLQQLQJ RI -\RWLUPDKV UHYLYDO LQ  WKH RSLQLRQV RI WKH

-\RWLUPDK DNDUFU\DV

9LG\DVDQNDU 6XQGDUHVDQ

KHDGV RI RWKHU PQ\D PDKDV ZHUH WDNHQ VHULRXVO\ LQWR FRQVLGHUDWLRQ

$QRWKHU LPSRUWDQW

IDFWRU WKDW OHJLWLPDWHG WKH -\RWLUPDK UHYLYDO VKRXOG QRW EH RYHUORRNHG 7KLV LV WKH LQYROYHPHQW
RI WKH +LQGX NLQJV LQ QRUWK ,QGLD LQ WKH SURFHVV DQG WKHLU DFFHSWDQFH RI %UDKPQDQGD 6DUDVYDW
7KH UXOHU RI *DUKZDO ZDV LPSRUWDQW EHFDXVH %DGULQWK ZDV LQ KLV SURYLQFH ZKLOH WKH UXOHUV RI
9UDVL DQG 'UEKDJD ZHUH ZHOO NQRZQ DQG UHVSHFWHG DV SDWURQV RI VHYHUDO UHOLJLRXV
LQVWLWXWLRQV

,QGLD ZDV QRW \HW LQGHSHQGHQW LQ  DQG WKLV UR\DO UHFRJQLWLRQ KHOSHG LQ

RYHUFRPLQJ SRWHQWLDO RSSRVLWLRQ IURP SUHYLRXV FODLPDQWV WR WKH -\RWLUPDK WLWOH DQG WKHLU
IROORZHUV

%UDKPQDQGD ZDV VHOHFWHG DV KH ZDV ZLGHO\ UHJDUGHG DV WKH HSLWRPH RI WKH

TXDOLILFDWLRQV PHQWLRQHG LQ WH[WV OLNH 0DKQXVDQD DQG 0DKPQ\D ZKLFK DUH DWWULEXWHG WR
GL DNDUFU\D )RU WKH SXUSRVHV RI WKLV GLVFXVVLRQ LW LV LPPDWHULDO WR LQYHVWLJDWH ZKR ZURWH
WKHVH WH[WV RU WR TXHVWLRQ ZKHWKHU GL DNDUFU\D HVWDEOLVKHG DQ\ PDKDV DW DOO

,W LV

VXIILFLHQW WR QRWH WKDW WKH OLYLQJ WUDGLWLRQ RI $GYDLWD PRQDVWLFLVP PRUH RU OHVV XQDQLPRXVO\
DFFHSWV WKHVH WH[WV DQG WKH IRXU PQ\D PDKDV DV RULJLQDWLQJ IURP GL DNDUFU\D KLPVHOI
%HJLQQLQJV RI &RQIOLFW
6YP %UDKPQDQGD 6DUDVYDW SDVVHG DZD\ LQ  EXW KH KDG QRW FOHDUO\ LQGLFDWHG KLV
VXFFHVVRU 7KLV LPPHGLDWHO\ FDXVHG D SUREOHP DV KH KDG LQLWLDWHG D QXPEHU RI GLVFLSOHV LQWR
6DQ\VD $ IHZ ZHHNV DIWHU KH SDVVHG DZD\ D ZLOO ZDV IRXQG DFFRUGLQJ WR WKH WHUPV RI
ZKLFK D GLVFLSOH FDOOHG 6YP QWQDQGD 6DUDVYDW ZDV QDPHG DV WKH ILUVW FKRLFH IRU
VXFFHHGLQJ WR WKH -\RWLUPDK WLWOH +RZHYHU PDQ\ IROORZHUV RI %UDKPQDQGD 6DUDVYDW ZHUH
VDWLVILHG QHLWKHU ZLWK WKH FUHGHQWLDOV RI QWQDQGD QRU ZLWK WKH YDOLGLW\DXWKHQWLFLW\ RI WKH ZLOO
3HUKDSV WKH GRXEWV DERXW WKH ZLOO ZHUH WKHPVHOYHV EDVHG SDUWO\ XSRQ WKH SHUFHSWLRQ WKDW
QWQDQGD ZDV QRW D JRRG FKRLFH IRU VXFFHVVRU +LV TXLFNQHVV WR WDNH FKDUJH RI WKH PDKD
DGPLQLVWUDWLRQ RQ WKH EDVLV RI WKLV ZLOO DOVR SUREDEO\ UDLVHG PDQ\ H\HEURZV 0HDQZKLOH WKHUH


7KLV UHIOHFWV WKH VSLULW RI WKH WLPHV ,Q SUDFWLFH WKH ZLGHVSUHDG WUDGLWLRQ RI DIILOLDWLQJ DOO WKH 'DDQP RUGHUV
ZLWK WKH IRXU PQ\D PDKDV LV TXLWH QRPLQDO LQ QDWXUH ,Q WKH WK FHQWXU\ WKH UHODWLRQV DPRQJ WKHVH IRXU
PDKDV KDYH EHHQ PXFK VWUHQJWKHQHG DQG SODFHG RQ D PRUH IRUPDO IRRWLQJ )RU H[DPSOH 6YP %KUDW .D
7UWKD KDG EHJXQ DV D VWXGHQW RI 9HGQWD DW JHUL EXW KH ZDV LQLWLDWHG LQWR 6DQ\VD DW 'YUDN %KUDW
.D 7UWKD ZDV DW 'YUDN IURP  WR  DIWHU ZKLFK KH ZDV DSSRLQWHG WR WKH 3XU WLWOH $QG DIWHU PRUH
WKDQ D FHQWXU\ RI QHJOHFW D FRQFHUWHG HIIRUW ZDV PDGH WR UHYLYH WKH -\RWLUPDK VHDW ,W LV VDLG WKDW
%UDKPQDQGDV JXUX .QDQGD 6DUDVYDW ZDV DVVRFLDWHG ZLWK WKH JHUL PDKD EXW WKLV PD\ EH GXH WR
QRWKLQJ PRUH WKDQ WKH WUDGLWLRQDO DIILOLDWLRQ RI WKH 6DUDVYDW RUGHUV ZLWK JHUL 1RWH WKDW WKH ODVW NQRZQ
-\RWLUPDK DNDUFU\D LQ WKH WK FHQWXU\ LV QDPHG DV 5PDND 7UWKD LQ VRPH VRXUFHV DQG DV 5PDND
UDPD LQ RWKHUV

-\RWLUPDK DNDUFU\DV

9LG\DVDQNDU 6XQGDUHVDQ

ZDV D ZLGHVSUHDG UXPRU WKDW %UDKPQDQGD 6DUDVYDW KDG EHHQ SRLVRQHG 7KLV VHW D QXPEHU RI
FLYLO ODZVXLWV LQWR PRWLRQ 7R WKH EHVW RI P\ NQRZOHGJH QR FULPLQDO ODZVXLWV ZHUH ILOHG DJDLQVW
DQ\RQH RQ WKH EDVLV RI WKH SRLVRQLQJ WKHRU\ QWQDQGDV UHSXWDWLRQ GHILQLWHO\ WRRN D EORZ LQ
WKH SURFHVV DQG WKH PDMRU FRPSODLQW DJDLQVW KLP UHPDLQHG WKDW KH ZDV XQILW IRU WKH SRVW RI
DNDUFU\D EHFDXVH KH GLG QRW PHDVXUH XS WR WKH TXDOLILFDWLRQV GHVFULEHG LQ WKH
0DKQXVDQD WH[WV

$OVR LQ  6YP +DULKDUQDQGD 6DUDVYDW SRSXODUO\ NQRZQ DV .DUDSWU 6YP

DQRWKHU GLVFLSOH RI %UDKPQDQGD 6DUDVYDW ZDV VHHQ DV WKH PRUH GHVHUYLQJ FDQGLGDWH WR EHFRPH
WKH DNDUFU\D EXW KH GLGQW ZDQW WKH WLWOH ,Q IDFW DV WKH KHDG RI WKH $NKLOD %KUDW\D
'KDUPDVDJKD LW LV VDLG WKDW +DULKDUQDQGD KDG EHHQ WKH ILUVW FKRLFH IRU WKH DNDUFU\D SRVW
LQ  EXW KH KDG GHFOLQHG DQG SURSRVHG KLV JXUXV QDPH %UDKPQDQGD LQVWHDG ,W LV DOVR
VDLG WKDW LW ZDV +DULKDUQDQGD ZKR FRQYLQFHG KLV JXUX WR DFFHSW WKH SRVLWLRQ +DULKDUQDQGD
6DUDVYDW SDVVHG DZD\ UHFHQWO\ DQG DYRLGHG WKH DNDUFU\D WLWOH IRU KLPVHOI EXW WKH RSLQLRQ RI
KLV IROORZHUV LV UHIOHFWHG LQ WKH WLWOH WKH\ KDYH JLYHQ KLP  $EKLQDYD DNDUD

"

'LYLGHG /LQHDJH
%HFDXVH RI WKH FRQWURYHUV\ RYHU %UDKPQDQGDV ZLOO DQG QWQDQGDV VXFFHVVLRQ WKH
RUJDQL]DWLRQV LQYROYHG LQ UHYLYLQJ -\RWLUPDK LQ  FRQVLGHUHG RWKHU QRPLQDWLRQV IRU WKH
DNDUFU\D SRVW 6YP $EKLQDYD 6DFFLGQDQGD 7UWKD WKH WKHQ DNDUFU\D RI 'YUDN
EOHVVHG WKHVH HIIRUWV ,Q  LWVHOI RQH 6YP .DERGKD UDPD ZDV DSSRLQWHG DV WKH QHZ
-\RWLUPDK DNDUFU\D FRQWHVWLQJ QWQDQGDV FODLP
.DERGKD UDPD ZDV QRW D GLUHFW GLVFLSOH RI %UDKPQDQGD 6DUDVYDW EXW JLYHQ WKH
QDWXUH RI -\RWLUPDKV UHYLYDO LQ  WKLV ZDV QRW QHFHVVDULO\ D GLVTXDOLILFDWLRQ 7KH QHZ
DSSRLQWPHQW DOVR KDG WKH VXSSRUW RI WKH 3XU PDKD EXW LW PXVW EH QRWHG WKDW WKLV PDKD ZDV WR

$QRWKHU FRPSOLFDWLQJ IDFWRU ZDV QWQDQGDV IULHQGVKLS ZLWK 0DKHVK <RJL VHH EHORZ )RU 6YP
QWQDQGDV VLGH RI WKH VWRU\ VHH 5DPHVZDU 7LZDUL 7KH ZKROH WKLQJ WKH UHDO WKLQJ EULHI ELRJUDSK\ RI 6KUL
*XUXGHYD 6KUL -\RWLVKSHHWKRGGKDUDN %UDKPOHHQ -DJDGJXUX %KDJZDQ 6KDQNDUDFKDU\D 6KULPDG 6ZDPL
%UDKPDQDQG 6DUDVZDWLML 0DKDUDM RI -\RWLUPDWK %DGULNDVKUDP 'HOKL 3KRWR &R 1HZ 'HOKL  /& &DOO
1R %/%7 2Q D FDXWLRQDU\ QRWH SXEOLFDWLRQV IURP HLWKHU VLGH RI WKLV GLVSXWH DUH OLNHO\ WR PDNH
XQVXEVWDQWLDWHG FODLPV DQG VKRXOG EH VXEMHFWHG WR LQGHSHQGHQW YHULILFDWLRQ

)RU GHWDLOV VHH .ULVKQD 3UDVDG 6KDUPD $EKLQDYD DNDUD 6YP .DUDSWUM 6PWL *UDQWKD $NKLOD %KDUDWL\D
'KDUPDVDQJKD 3UDNDVKDQ 0HHUXW  /& &DOO 1R %/+ $ 

-\RWLUPDK DNDUFU\DV

9LG\DVDQNDU 6XQGDUHVDQ

KDYH D IHZ VXFFHVVLRQ SUREOHPV RI LWV RZQ ZLWKLQ D GHFDGH :KHQ .DERGKD UDPD SDVVHG
#

DZD\ LQ  KH QRPLQDWHG 6YP 6YDUSQDQGD 6DUDVYDW WR WKH WLWOH 6YDUSQDQGD LV D GLUHFW
GLVFLSOH RI %UDKPQDQGD 6DUDVYDW EXW KH KDV DOVR VWXGLHG XQGHU ERWK .DERGKD
UDPD DQG $EKLQDYD 6DFFLGQDQGD 7UWKD RI 'YUDN

0HDQZKLOH QWQDQGD KDG QRW

UHOLQTXLVKHG WKH DNDUFU\D VHDW VR WKDW E\ WKLV WLPH WKH WZR PDMRU FODLPDQWV RI WKH WLWOH ZHUH
6YDUSQDQGD DQG QWQDQGD
,Q WKH \HDU  QWQDQGD VWHSSHG GRZQ IURP WKH WLWOH LQ IDYRU RI 6YP
9LXGHYQDQGD 6DUDVYDW DQRWKHU GLVFLSOH RI %UDKPQDQGD

+RZHYHU 9LXGHYQDQGD

6DUDVYDW SDVVHG DZD\ LQ  ZKLOH QWQDQGD 6DUDVYDW ZDV VWLOO DOLYH )ROORZLQJ WKLV
RQH 6YP 9VXGHYQDQGD 6DUDVYDW ZDV QDPHG DV WKH VXFFHVVRU QWQDQGD SDVVHG DZD\ LQ
ODWH  DQG 9VXGHYQDQGD 6DUDVYDW LV FXUUHQWO\ WKH VROH UHSUHVHQWDWLYH RI WKLV OLQHDJH
9VXGHYQDQGD ZDV SUHVHQW DW WKH DSSRLQWPHQW RI D 0DKPDDOHYDUD RI WKH 0DKQLUY
NKU LQ  DFFRUGLQJ WR +LQGXLVP 7RGD\ $XJXVW  $GGLQJ WR WKH FRPSOH[LW\ RI WKLV
GLVSXWH LV WKH IDFW WKDW DFFRUGLQJ WR WKH WHUPV RI %UDKPQDQGDV FRQWHVWHG ZLOO RQH 6YP
'YUDNHQDQGD 6DUDVYDW ZDV VXSSRVHG WR KDYH EHHQ WKH VHFRQG FKRLFH DIWHU QWQDQGD 7KHUH
LV QR LQGLFDWLRQ WKDW 'YUDNHQDQGD HYHU FODLPHG WKH DNDUFU\D WLWOH RU WKDW LW ZDV HYHU
IRUPDOO\ RIIHUHG WR KLP $ VLPLODU VLWXDWLRQ REWDLQV ZLWK 6YP 3DUDPWPQDQGD 6DUDVYDW ZKR
ZDV DOVR QDPHG LQ WKH ZLOO EXW DV WKH QH[W FKRLFH DIWHU 9LXGHYQDQGD

6YP %KUDW .D 7UWKD RI 3XU ZDV DZD\ WRXULQJ WKH 86$ DQG 8. LQ WKH ODWH V 'XULQJ WKLV DEVHQFH
6YP DNDUD 3XUXRWWDPD 7UWKD ZDV SODFHG LQ FKDUJH RI WKH PDKD %KUDW .D 7UWKD SDVVHG DZD\ VRRQ
DIWHU UHWXUQLQJ WR ,QGLD DQG ZDV VXFFHHGHG E\ DQRWKHU GLVFLSOH QDPHG <RJHYDUQDQGD 7UWKD LQ WKH \HDU 
+H SDVVHG DZD\ MXVW D IHZ PRQWKV DIWHU WDNLQJ FKDUJH LQ WKH \HDU  7KLV UHVXOWHG LQ VRPH XQFHUWDLQW\ LQ
WKH 3XU VXFFHVVLRQ DOVR IROORZHG E\ WKH LQHYLWDEOH OLWLJDWLRQ ,Q  &DQGUDHNKDUD VWU RI -DLSXU RQH RI
WKH QRPLQHHV LQ %KUDW .D 7UWKDV ZLOO ZDV LQLWLDWHG E\ $EKLQDYD 6DFFLGQDQGD 7UWKD RI 'YUDN XQGHU
WKH QDPH 1LUDMDQDGHYD 7UWKD DQG FRURQDWHG DV WKH DNDUFU\D RI 3XU 6HH 0QRQWD -DJDGJXUX
DNDUFU\D U &DQGUDHNKDUD VWU $EKLQDQGDQD *UDQWKD $EKLQDQGDQD 6DPURKD 6DPLWL -DLSXU 
/& &DOO 1R %/0

'HWDLOV DERXW +DULKDUQDQGD 6DUDVYDW .DERGKD UDPD DQG 6YDUSQDQGD 6DUDVYDW DUH DYDLODEOH IURP D
FRPPHPRUDWLYH SXEOLFDWLRQ WLWOHG -DJDGJXUX *DXUDY XQGDWHG SUREDEO\  SXEOLVKHG E\ WKH $NKLOD
%KDUDWL\D 'KDUPDVDQJKD 3UDNDVKDQ 0HHUXW 7KLV FDUULHV PHVVDJHV IURP WKH KHDGV RI D QXPEHU RI RWKHU
PDKDV LQFOXGLQJ WKH RWKHU WKUHH PQ\D PDKDV DQG WKH 0DKPDDOHYDUDV RI YDULRXV 'DDQP NKUV

,W VKRXOG DOVR EH UHPHPEHUHG WKDW 'YUDNHQDQGD ZDV RQH RI WKRVH VNHSWLFDO DERXW WKH DXWKHQWLFLW\ RI WKH ZLOO
DQG KH SUREDEO\ KDGQW FKDQJHG KLV PLQG DERXW LW +H SDVVHG DZD\ EHIRUH WKH PDMRU ODZVXLWV LQYROYHG LQ WKLV
GLVSXWH ZHUH UHVROYHG , DP XQDZDUH LI KH KDV SHUVRQDOO\ LQLWLDWHG DQ\ GLVFLSOHV LQWR 6DQ\VD $V IRU
3DUDPWPQDQGD WKH JHQHUDO SHUFHSWLRQ ZDV WKDW KH VKRXOG KDYH EHHQ QDPHG EHIRUH 9LXGHYQDQGD 7KDW KH
ZDV OLVWHG DIWHU WKH ODWWHU ZDV DQRWKHU UHDVRQ RIIHUHG WR GRXEW WKH DXWKHQWLFLW\ RI %UDKPQDQGDV ZLOO
5

-\RWLUPDK DNDUFU\DV

9LG\DVDQNDU 6XQGDUHVDQ

,W LV GLIILFXOW WR DVFHUWDLQ WKH RSLQLRQV RI WKH KHDGV RI RWKHU LQVWLWXWLRQV DERXW WKLV FRXUVH
RI HYHQWV $IWHU WKH QRPLQDWLRQ RI .DERGKD UDPD WKH 3XU DQG 'YUDN PDKDV GR QRW
VHHP WR KDYH EHHQ LQYROYHG LQ -\RWLUPDK DIIDLUV WR DQ\ VLJQLILFDQW H[WHQW ,Q WKH VRXWK 6YP
&DQGUDHNKDUD %KUDW RI JHUL KDG EHHQ VXFFHHGHG E\ KLV GLVFLSOH 6YP $EKLQDYD
9LG\WUWKD LQ ODWH  2IILFLDO JHUL DFFRXQWV PHQWLRQ WKDW WKH QHZ 6YP GLG PHHW
QWQDQGD 6DUDVYDW GXULQJ KLV ILUVW QRUWKHUQ WRXU LQ  ,W UHPDLQV XQNQRZQ ZKHWKHU WKH
JHUL DNDUFU\DV WULHG WR PHGLDWH RU ZKHWKHU WKH\ WRRN VLGHV LQ WKH -\RWLUPDK GLVSXWH LQ
WKLV SHULRG +RZHYHU WKLV PD\ QRW LQGLFDWH WKDW WKH JHUL DXWKRULWLHV GLIIHUHG IURP WKH 3XU
DQG 'YUDN DXWKRULWLHV DW D ODWHU WLPH ZLWK UHVSHFW WR HQGRUVLQJ QWQDQGD ,Q  ZKHQ WKH
ILUVW FRQIHUHQFH RI WKH IRXU DNDUFU\DV ZDV KHOG DW JHUL QWQDQGD DQG 9LXGHYQDQGD
ZHUH QRW LQYLWHG DQG LW ZDV 6YDUSQDQGD 6DUDVYDW ZKR UHSUHVHQWHG -\RWLUPDK 7KHUH LV QR
LQGLFDWLRQ WKDW WKH ULYDO OLQHDJH RI QWQDQGD DQG KLV GLVFLSOHV ZDV HQGRUVHG DW WKLV WLPH E\ DQ\
RI WKH RWKHU DNDUFU\DV
6YDUSQDQGD EHLQJ D GLUHFW GLVFLSOH RI %UDKPQDQGD WUDFHV KLV OLQHDJH GLUHFWO\ WR WKH
DVFHWLF ZKR ZDV WKH ILUVW DNDUFU\D RI WKH UHYLYHG -\RWLUPDK +LV SUHGHFHVVRU .DERGKD
UDPD ZDV QRW D GLUHFW GLVFLSOH RI %UDKPQDQGD 6DUDVYDW DQG DFFRXQWV ZULWWHQ E\
6YDUSQDQGDV IROORZHUV GR QRW PHQWLRQ KLP YHU\ SURPLQHQWO\

&

1HHGOHVV WR VD\ WKH OLVW RI

DNDUFU\DV RI D PDKD PXVW EH GLVWLQJXLVKHG IURP WKH *XUXL\D OLQHDJHV RI WKH 6DQ\VLQV
ZKR EHFRPH DNDUFU\DV ,Q DQ LGHDO VLWXDWLRQ WKH OLQHDJHV DUH LGHQWLFDO EXW FLUFXPVWDQFHV
RIWHQ GLFWDWH RWKHUZLVH
2WKHU PDMRU IDFWRUV WKDW DIIHFW WKLV VXFFHVVLRQ GLVSXWH DUH WKH UHODWLRQVKLSV RI WKH
SULQFLSDOV ZLWK ,QGLDQ SROLWLFDO SDUWLHV DQG ZLWK LQWHUQDWLRQDOO\ SRSXODU JXUXV 6YDUSQDQGD
6DUDVYDWV LQYROYHPHQW ZLWK WKH ,QGLDQ &RQJUHVV SDUW\ GDWHV EDFN WR WKH SHULRG RI WKH
,QGHSHQGHQFH VWUXJJOH EHIRUH KH EHFDPH D 6DQ\VLQ +H UHPDLQV FORVH WR QXPHURXV &RQJUHVV
SROLWLFLDQV HJ 'LJYLMD\ 6LQJK RI 0DGK\D 3UDGHVK DQG 3 9 1DUDVLPKD 5DR WKH IRUPHU 3ULPH
0LQLVWHU RI ,QGLD DQG KDV EHHQ TXLWH YRFDOO\ DQWL9+3 DQG DQWL566 ,Q FRQWUDVW RU SHUKDSV
'

)RU RWKHU UHDVRQV RIILFLDO 3XU DFFRXQWV GR QRW PHQWLRQ DNDUD 3XUXRWWDPD 7UWKD ZKR GHSXWL]HG IRU %KUDW
.D 7UWKD LQ WKH V RU <RJHYDUQDQGD 7UWKD ZKR VXFFHHGHG %KUDW .D 7UWKD LQ ODWH  6HH
QRWH  DERYH 1LUDMDQDGHYD 7UWKD ZKR EHFDPH WKH DNDUFU\D RI 3XU LQ WKH \HDU  LV OLVWHG
LPPHGLDWHO\ DIWHU %KUDW .D 7UWKD

,Q  6YDUSQDQGD ILHUFHO\ RSSRVHG WKH 9+3V LOQ\VD FHUHPRQLHV IRU D 5DPD WHPSOH DW WKH GLVSXWHG VLWH
LQ $\RGK\D +H SURSRVHG WR FRQGXFW D FHUHPRQ\ RI KLV RZQ DW D GLIIHUHQW VLWH EXW ZDV SODFHG XQGHU
6

-\RWLUPDK DNDUFU\DV

9LG\DVDQNDU 6XQGDUHVDQ

EHFDXVH RI WKLV QWQDQGD 9LXGHYQDQGD DQG 9VXGHYQDQGD KDYH DOO KDG WKH VXSSRUW RI WKH
+LQGXWYD RUJDQL]DWLRQV 9VXGHYQDQGD LV XVXDOO\ SUHVHQW DW PDMRU 9+3 DQG 566 HYHQWV ZKHUH
KH LV LQWURGXFHG DV WKH -\RWLUPDK DNDUFU\D QWQDQGD DQG 9LXGHYQDQGD KDYH DOVR KDG
FORVH FRQQHFWLRQV ZLWK 0DKHVK <RJL ZKR XVHG WR EH %UDKPQDQGD 6DUDVYDWV VHFUHWDU\ ,Q
IDFW WKH HDUOLHVW GRXEWV DERXW WKH ZLOO OHIW E\ %UDKPQDQGD 6DUDVYDW ZHUH OLQNHG WR VXVSLFLRQ RI
WKH PRWLYHV DQG DFWLRQV RI 0DKHVK <RJL WKHQ FDOOHG 0DKHVK %UDKPDFU WKH IRXQGHU RI WKH
LQWHUQDWLRQDO 7UDQVFHQGHQWDO 0HGLWDWLRQ JURXS 7KHVH FRQQHFWLRQV SUREDEO\ GLG QRW HQGHDU
QWQDQGD DQG 9LXGHYQDQGD WR WKH SUHGRPLQDQWO\ %UKPDD IROORZLQJ RI WKH YDULRXV
PDKDV

, KDYH DOVR KHDUG UXPRUV WKDW ZKHQ QWQDQGD VWHSSHG GRZQ LQ IDYRU RI

9LXGHYQDQGD WKHUH ZDV WKH KDQG RI 0DKHVK <RJL EHKLQG LW $V ZLWK VR PDQ\ DVSHFWV RI WKLV
GLVSXWH , GRQW NQRZ LI WKLV LV MXVW UXPRU RU LI WKHUH LV VRPHWKLQJ PRUH WR LW ,W LV ZHOO NQRZQ
WKDW 6YDUSQDQGD DQG 0DKHVK <RJL GRQW VHH H\H WR H\H RQ DQ\ LVVXH DQG WKH H[70 OLWHUDWXUH
KDV PXFK LQIRUPDWLRQ DERXW WKHLU GLVSXWHV

+RZHYHU WKH FRQQHFWLRQ RI 0DKHVK <RJL WR

QWQDQGD DQG KLV OLQHDO VXFFHVVRUV LV QRW ZLWKRXW LWV RZQ FRPSOLFDWLRQV )RU H[DPSOH 'HHSDN
&KRSUD WKH SRSXODU 1HZ $JH DXWKRU ZKR XVHG WR KDYH LQWLPDWH WLHV WR 0DKHVK <RJL DQG KLV
RUJDQL]DWLRQ KDV QRZ EURNHQ KLV FRQQHFWLRQV WR KLP DQG FODLPV DFNQRZOHGJHPHQW GLUHFWO\ IURP
9VXGHYQDQGD 6DUDVYDW LQVWHDG KWWSZZZFKRSUDFRPVKDQNDUDFKDU\DKWP
2WKHU &DQGLGDWHV
$QRWKHU 6YP KDV FODLPHG WKDW KH ZDV RQFH RIIHUHG WKH -\RWLUPDK DNDUFU\D WLWOH
ZKLFK KH UHVSHFWIXOO\ GHFOLQHG 7KLV LV 3UDNQDQGD 6DUDVYDW ZKR KDV VHW XS DQ ,QWHUQDWLRQDO
6RFLHW\ RI 'LYLQH /RYH DQG D 5DVHYDU 5GKU WHPSOH NQRZQ DV %DUVDQD 'KDP LQ 7H[DV

SUHHPSWLYH DUUHVW EHIRUH KH UHDFKHG $\RGK\D +H XVHG WR EH FKDUDFWHUL]HG E\ WKH 9+3 DV D VDUNUVGKX DW D
WLPH ZKHQ VDUNU ZDV V\QRQ\PRXV ZLWK WKH &RQJUHVV SDUW\ $IWHU  KRZHYHU KH KDV LQVLVWHG WKDW D WHPSOH
PXVW EH EXLOW DW WKH FRQWURYHUVLDO VLWH DOWKRXJK QRW XQGHU WKH 9+3V OHDGHUVKLS 7R WKDW HQG KH KDV VHW XS DQ
LQGHSHQGHQW WUXVW ZKRVH PHPEHUV DUH WKH RWKHU DNDUFU\DV DQG UHSUHVHQWDWLYHV RI WKH 0GKYD 5PQXM
DQG 5PQDQG WUDGLWLRQV


$PSOH PDWHULDO IURP WKH H[70 OLWHUDWXUH LV DYDLODEOH RQOLQH DW KWWSZZZPLQHWRUJ 6HH ILOHV WLWOHG $ 9LVLW
WR WKH 6KDQNDUDFKDU\D DW KWWSZZZPLQHWRUJ'RFXPHQWVLQGH[KWPO ZKLFK UHSRUW DQ LQWHUYLHZ RI
6YDUSQDQGD E\ 5REHUW .URSLQVNL D IRUPHU 70 IROORZHU 7KH VHTXHQFH RI HYHQWV LV VRPHZKDW FRQIXVHG LQ
WKHVH GRFXPHQWV SUREDEO\ EHFDXVH RI .URSLQVNLV SRRU FRPPDQG RI WKH +LQGL ODQJXDJH )RU H[DPSOH KH
UHSRUWV WKDW 6YDUSQDQGD ZDV DOUHDG\ WKH DNDUFU\D RI 'YUDN EHIRUH WDNLQJ XS WKH -\RWLUPDK WLWOH
+RZHYHU 6YDUSQDQGD VXFFHHGHG WR WKH 'YUDN WLWOH RQO\ LQ  ZKHQ KH KDG DOUHDG\ EHHQ DW -\RWLUPDK
IRU FORVH WR D GHFDGH

-\RWLUPDK DNDUFU\DV

86$

9LG\DVDQNDU 6XQGDUHVDQ

$OWKRXJK KH ZDV LQLWLDWHG LQWR 6DQ\VD E\ %UDKPQDQGD 6DUDVYDW KLV SHUVRQDO

UHOLJLRXV SKLORVRSK\ LV $FLQW\D %KHGEKHGD DVVRFLDWHG ZLWK &DLWDQ\D 0DKSUDEKX DQG *DX\D
9DLDYDV

7KLV OHDGV PH WR VHULRXVO\ VXVSHFW KLV FODLP RI KDYLQJ EHHQ RIIHUHG WKH

DNDUFU\D SRVW 6WLOO IRU WKH UHFRUG LI KLV FODLP LV YDOLG WKHQ ZH KDYH WZR 6YPV ZKR KDYH
UHMHFWHG RIIHUV WR EHFRPH WKH DNDUFU\D RI -\RWLUPDK QDPHO\ +DULKDUQDQGD 6DUDVYDW DQG
3UDNQDQGD 6DUDVYDW

:H VKRXOG DOVR QRW IRUJHW 'YUDNHQDQGD 6DUDVYDW DQG

3DUDPWPQDQGD 6DUDVYDW ZKR ZHUH QDPHG LQ D FRQWHVWHG ZLOO EXW GLG QRW SUHVV WKHLU FODLPV
$QG LI ZH GLJ GHHS HQRXJK ZH ZLOO SUREDEO\ XQHDUWK PRUH GLVFLSOHV RI %UDKPQDQGD 6DUDVYDW
ZKR ZHUH DOO SRWHQWLDO FDQGLGDWHV IRU WKH DNDUFU\D SRVLWLRQ DW RQH WLPH RU WKH RWKHU ZKLFK
WKH\ DOO UHMHFWHG $V DQ DVLGH D IHZ UHODWLYHO\ XQNQRZQ HDUO\ ,QGLDQ SXEOLFDWLRQV RI WKH
7UDQVFHQGHQWDO 0HGLWDWLRQ PRYHPHQW FODLP WKH DNDUFU\D WLWOH IRU 0DKHVK <RJL KLPVHOI EXW
WKLV LV QRW WR EH WDNHQ VHULRXVO\ :KLOH 0DKHVK <RJL ZDV LQGHHG RQH RI WKH IROORZHUV RI
%UDKPQDQGD 6DUDVYDW KH KDV QHYHU IRUPDOO\ EHFRPH D 6DQ\VLQ

0RUHRYHU KLV

LQWHUQDWLRQDO IROORZLQJ SUREDEO\ REYLDWHV DQ\ QHHG IRU KLP WR FODLP WKH DNDUFU\D WLWOH IRU
KLPVHOI QRZ
6YDUSQDQGD DW 'YUDN
$ IXUWKHU FRPSOLFDWLRQ ZDV LQWURGXFHG LQ  ZKHQ $EKLQDYD 6DFFLGQDQGD 7UWKD WKH
DNDUFU\D RI 'YUDN SDVVHG DZD\ OHDYLQJ D ZLOO ZLWK D IHZ QDPHV DV SRVVLEOH FKRLFHV IRU
KLV VXFFHVVRU /LVWHG DPRQJ WKHVH ZDV 6YDUSQDQGD 6DUDVYDW RI -\RWLUPDK 7KH RWKHUV HLWKHU
GHFOLQHG RU ZHUH HOLPLQDWHG IURP FRQVLGHUDWLRQ IRU RQH UHDVRQ RU WKH RWKHU 6YDUSQDQGD ZDV
WKHQ FRURQDWHG DW 'YUDN LQ D FHUHPRQ\ SUHVLGHG RYHU E\ 6YP $EKLQDYD 9LG\WUWKD RI
JHUL 6YDUSQDQGD 6DUDVYDWV 'YUDN WLWOH LV XQGLVSXWHG DQG KH LV URXWLQHO\ GHVFULEHG LQ
SUHVV UHSRUWV DV WKH DNDUFU\D RI 'YUDN +RZHYHU LW VKRXOG EH QRWHG WKDW ZKLOH KLV VWDWXV
DV WKH KHDG RI WZR SULQFLSDO PDKDV LV VRPHZKDW XQXVXDO DQG DOVR FRQIXVLQJ IRU WKH OD\ SXEOLF LW
KDG QRW EHHQ LQVLVWHG WKDW KH UHOLQTXLVK KLV SRVLWLRQ DW -\RWLUPDK EHIRUH WDNLQJ FKDUJH DW
'YUDN 6YDUSQDQGD KDG DWWHQGHG WKH  PHHWLQJ RI WKH DNDUFU\DV DW JHUL LQ KLV


6HH WKH 6HSWHPEHU  LVVXH RI +LQGXLVP 7RGD\ 7KHUH LV DOVR D ZHEVLWH RI 3UDNQDQGD 6DUDVYDWV
RUJDQL]DWLRQ DW KWWSZZZLVGORUJKWPOVZDPLMLKWPO &ORVH ZDWFKHUV FODLP WKDW PHPEHUVKLS RI ,6'/ LV PDGH
XS PRVWO\ RI IRUPHU 70 IROORZHUV EXW 3UDNQDQGDV DIILOLDWLRQ ZLWK $FLQW\D %KHGEKHGD DQG &DLWDQ\D
0DKSUDEKX DOVR SUREDEO\ DWWUDFWV H[,6.&21 PHPEHUV 3UDNQDQGD 6DUDVYDW UHSUHVHQWV DQ LQWHUHVWLQJ
FRQWHPSRUDU\ H[DPSOH RI KRZ D SHUVRQ FDQ EH D 'DDQP 6DQ\VLQ DQG VWLOO QRW EH DQ $GYDLWD 9HGQWLQ
8

-\RWLUPDK DNDUFU\DV

9LG\DVDQNDU 6XQGDUHVDQ

FDSDFLW\ DV WKH DNDUFU\D RI -\RWLUPDK +H DOVR DWWHQGHG WKH IXQHUDO FHUHPRQLHV RI 6YP
$EKLQDYD 9LG\WUWKD DW JHUL LQ  ,Q -XQH  D MRLQW VWDWHPHQW ZDV LVVXHG E\ WKH
DNDUFU\DV LQ FRQQHFWLRQ ZLWK WKH $\RGK\D GLVSXWH ZKLFK 6YDUSQDQGD 6DUDVYDW VLJQHG
WZLFH LQ KLV GXDO FDSDFLW\ DV WKH KHDG RI ERWK 'YUDN DQG -\RWLUPDK $QG DV -D\HQGUD
6DUDVYDW RI WKH .F PDKD KDV DOVR VLJQHG WKH  VWDWHPHQW , DVVXPH WKDW KH WRR DFFHSWV
6YDUSQDQGD DW ERWK 'YUDN DQG -\RWLUPDK ,W PXVW EH QRWHG WKDW DOWKRXJK WKH .F PDKD LV
QRW RQH RI WKH IRXU RULJLQDO LQVWLWXWLRQV LWV FRQWHPSRUDU\ LQIOXHQFH PHDQV WKDW WKH RSLQLRQ RI LWV
KHDG FRXQWV IRU VRPHWKLQJ LQ WKHVH FRQWURYHUVLHV

6YDUSQDQGD KDV SXEOLFO\ VWDWHG WKDW WKH

.F PDKD LV RQO\ D EUDQFK RI WKH JHUL PDKD

EXW KH GLG DWWHQG WKH ELUWK FHQWHQDU\

FHOHEUDWLRQV RI &DQGUDHNKDUHQGUD 6DUDVYDW RI .FSXUDP LQ  ,QGHHG WKH YHU\ SUHVHQFH

RI -D\HQGUD 6DUDVYDW DORQJ ZLWK WKH KHDGV RI WKH IRXU PQ\D PDKDV LV D PDUNHG FKDQJH IURP
WKH DEVHQFH RI WKH .F PDKD LQ WKH  PHHWLQJ RI WKH DNDUFU\DV DQG LV DQ
DFNQRZOHGJHPHQW RI WKH FXUUHQW SROLWLFDO LPSRUWDQFH RI WKLV LQVWLWXWLRQ &OHDUO\ DW OHDVW LQ WKH
H\HV RI WKHVH RWKHUV 6YDUSQDQGD LV WKH DNDUFU\D RI -\RWLUPDK DQG DOVR RI 'YUDN
+RZHYHU 9VXGHYQDQGDV FRQQHFWLRQV ZLWK WKH NKU 3DULDG D FRRUGLQDWLRQ ERG\ WKDW GHDOV
ZLWK VXFK PDWWHUV DV RUGHU RI SURFHVVLRQ RI WKH NKUV GXULQJ WKH .XPEKD 0HO HWF LQGLFDWH
WKDW WKH 'DDQP NKU VWUXFWXUH PD\ QRW EH XQDQLPRXVO\ VXSSRUWLYH RI 6YDUSQDQGD

"



,W LV ZHOO NQRZQ WKDW EHWZHHQ WKH \HDUV  DQG  WKH KHDGV RI D PDKD LQ .XPEKDNRDP DFTXLUHG FRQWURO
RI WKH .PN WHPSOH LQ .FSXUDP DQG PRYHG WKHLU HVWDEOLVKPHQW WR WKDW FLW\ 7KLV PDUNV WKH RULJLQ RI WKH
.F PDKD 6HH 0DWWLVRQ 0LQHV DQG 9LMD\DODNVKPL *RXULVKDQNDU /HDGHUVKLS DQG ,QGLYLGXDOLW\ LQ 6RXWK
$VLD 7KH &DVH RI WKH 6RXWK ,QGLDQ %LJ0DQ -RXUQDO RI $VLDQ 6WXGLHV     7KH IDPH RI WKH
.F PDKD KDV JURZQ LQ WKLV FHQWXU\ XQGHU WKH OHDGHUVKLS RI LWV ODWH FHQWHQDULDQ KHDG &DQGUDHNKDUHQGUD
6DUDVYDW ZKRVH SRZHUIXO DQG LQIOXHQWLDO GLVFLSOHV LQFOXGH 5 9HQNDWDUDPDQ WKH IRUPHU 3UHVLGHQW RI ,QGLD DQG
7 1 6HVKDQ WKH IRUPHU HOHFWLRQ FRPPLVVLRQHU 7KH .F PDKD VRPHWLPHV FODLPV WKH 'DNLPQ\D VWDWXV
IRU LWVHOI GHQ\LQJ JHULV WUDGLWLRQDO VWDWXV 6HH WKH SUHIDFH LQ 7 0 3 0DKDGHYDQ 7KH 6DJH RI .DQFKL
.DQFKL 0DKDVZDPL 1LQHWLHWK %LUWKGD\ &HOHEUDWLRQ &RPPLWWHH 6HFXQGHUDEDG  SS LLLL +RZHYHU
6XDP DQ LPSRUWDQW OLQHDJH WH[W RI WKH .F PDKD FODLPV D 0OPQ\D VWDWXV IRU .F ZLWK MXULVGLFWLRQ
HYHQ RYHU WKH IRXU PQ\D PDKDV 7KH  MRLQW VWDWHPHQW FDUULHV -D\HQGUD 6DUDVYDWV VLJQDWXUH EXW
LQWHUHVWLQJO\ HQRXJK QR PQ\D GHVLJQDWLRQ LV JLYHQ WR WKH .F PDKD 7KLV PDKDV RULJLQV DQG KLVWRU\ DUH
KLJKO\ FRQWURYHUVLDO EHLQJ FRQWHVWHG PRVW YLJRURXVO\ E\ JHUL PDKD IROORZHUV 6HH 5 .ULVKQDVZDP\ $L\DU
. 5 9HQNDWDUDPDQ 7KH 7UXWK $ERXW WKH .XPEKDNRQDP 0XWW 6UL 5DPDNULVKQD 3UHVV 0DGXUDL  DQG
5DM *RSDO 6KDUPD .DQFKL .DPDNRWL 0DWK  $ 0\WK *DQJD7XQJD 3UDNDVKDQ 9DUDQDVL 



6HH 6YDUSQDQGDV SUHVV VWDWHPHQWV UHSRUWHG LQ 7KH &XULRXV &DVH RI WKH 0LVVLQJ 0RQN FRYHU VWRU\ LQ 7KH
,OOXVWUDWHG :HHNO\ RI ,QGLD LVVXH GDWHG 6HSWHPEHU   DQG LQ RWKHU ,QGLDQ QHZVSDSHUV DQG PDJD]LQHV
IURP DURXQG WKH VDPH WLPH



+LQGXLVP 7RGD\ $XJXVW  UHSRUWHG WKDW 6YP 1LW\QDQGD D GLVFLSOH RI 6YP 0XNWQDQGD RI WKH 6LGGKD
<RJD PRYHPHQW ZDV DSSRLQWHG DV D 0DKPDDOHYDUD RI WKH 0DKQLUY NKU LQ WKH SUHVHQFH RI
9VXGHYQDQGD 6DUDVYDW RI -\RWLUPDK 1LW\QDQGD ZDV WKURZQ RXW RI WKH RIILFLDO RUJDQL]DWLRQ RI WKH 6LGGKD
9

-\RWLUPDK DNDUFU\DV

9LG\DVDQNDU 6XQGDUHVDQ

0GKDYD UDPDV FODLP WR WKH WLWOH

7KHUH LV D WKLUG FODLPDQW WR DFFRXQW IRU QDPHG 6YP 0GKDYD UDPD ZKR LV D
GLVFLSOH RI .DERGKD UDPD DQG DOVR D OHDGLQJ OLJKW RI WKH $NKLOD %KUDW\D 'KDUPDVDJKD
+H FDPH LQWR SURPLQHQFH DIWHU KH YLVLWHG 1HSDO LQ  IRU WKH WK DQQLYHUVDU\ FHOHEUDWLRQV RI
.LQJ %LUHQGUDV DFFHVVLRQ WR WKH WKURQH +H DOVR DWWHQGHG WKH .XPEKD 0HO LQ  ZKHUH KH
ZDV LQMXUHG LQ D ULRW

0GKDYD UDPDV FODLP WR WKH -\RWLUPDK DNDUFU\D WLWOH LV EDVHG RQ WKH VWDQFH WKDW
DIWHU 6YDUSQDQGD 6DUDVYDW WRRN XS WKH 'YUDN DNDUFU\D WLWOH LQ  KLV WLWOH DW
-\RWLUPDK KDV EHHQ QXOOLILHG E\ WKH SDVVDJH RI WLPH $FFRUGLQJ WR KLV IROORZHUV LQ  LWVHOI
1LUDMDQDGHYD 7UWKD RI 3XU KDG UHTXHVWHG 6YDUSQDQGD WR JLYH XS KLV -\RWLUPDK WLWOH LQ IDYRU
RI DQRWKHU 6DQ\VLQ EHIRUH WDNLQJ XS WKH 'YUDN DNDUFU\D SRVW +RZHYHU IRU PRUH WKDQ
D GHFDGH DIWHU DVVXPLQJ FKDUJH DW 'YUDN 6YDUSQDQGD 6DUDVYDW KDG FRQWLQXHG WR UHWDLQ KLV
-\RWLUPDK WLWOH ,W LV VDLG WKDW LQ  WKH . 9LGYDW 3DULDG DQG WKH $NKLOD %KUDW\D
'KDUPDVDJKD GHFLGHG WKDW WKLV ZDV FUHDWLQJ PXFK SXEOLF FRQIXVLRQ DQG GHFLGHG WR FRURQDWH
0GKDYD UDPD DV WKH DNDUFU\D RI -\RWLUPDK DW 9UDVL LWVHOI 0GKDYD UDPD GRHV
$

QRW UHFRJQL]H WKH FODLP RI 9VXGHYQDQGD 6DUDVYDW WR WKH -\RWLUPDK WLWOH DV KH WUDFHV KLV RZQ
FODLP WR WKH WLWOH WKURXJK KLV JXUX .DERGKD UDPD DQG WR WKH GHFLVLRQ RI WKH . 9LGYDW
3DULDG DQG WKH $NKLOD %KUDW\D 'KDUPDVDJKD ,W VKRXOG EH QRWHG WKDW DV 6YDUSQDQGDV
<RJD JURXS E\ KLV VLVWHU DQG FRGLVFLSOH &LGYLOVQDQGD *XUXP\ 1LW\QDQGD FRQWLQXHV WR KDYH VRPH
6LGGKD <RJD IROORZHUV RI KLV RZQ ZKR GR QRW UHFRJQL]H &LGYLOVQDQGD ,QWHUQDWLRQDO FRQQHFWLRQV EHWZHHQ
0DKHVK <RJLV 70 IROORZHUV DQG 1LW\QDQGDV IDFWLRQ RI 6LGGKD <RJD IROORZHUV VKRXOG QRW DOVR EH UXOHG RXW
+RZHYHU WKH 'DDQP NKUV FRQVWLWXWH D GLYHUVH VHW RI LQVWLWXWLRQV DQG WKHUH FRXOG EH PDQ\ GLIIHUHQW NLQGV
RI LQWHUQDO DOOLDQFHV DQG GLVDJUHHPHQWV 8QOLNH WKH DNDUFU\DV WKH 0DKPDDOHYDUDV RI WKH 'DDQP
NKUV DUH DSSRLQWHGHOHFWHG RQ D PRUH GHPRFUDWLF EDVLV DORQJ WKH OLQHV RI WKH ROG YLOODJH 3DF\DW V\VWHP


0GKDYD UDPDV  YLVLW WR 1HSDO LV UHSRUWHG LQ WKH RQOLQH LVVXHV RI 7KH 5LVLQJ 1HSDO
KWWSZZZQHSDOQHZVFRPWUQKWP GDWHG $SULO   DQG   -D\HQGUD 6DUDVYDW RI WKH .F PDKD
DOVR YLVLWHG 1HSDO DW WKH VDPH WLPH DQG LV VDLG WR KDYH PHW ZLWK 0GKDYD UDPD 7KH ULRW GXULQJ WKH 
.XPEKD 0HO EHJDQ DV D FRQIOLFW DPRQJ 1JD PRQNV EHORQJLQJ WR WKH -Q DQG 1LUDMDQ NKUV DQG FDXVHG
D VSOLW ZLWKLQ WKH NKU 3DULDG +RZHYHU WKHUH ZHUH DOVR DOOHJDWLRQV WKDW KRROLJDQV KLUHG E\ HLWKHU
6YDUSQDQGD RU 9VXGHYQDQGD RU ERWK ZHUH UHVSRQVLEOH IRU EUHDNLQJ LQWR 0GKDYD UDPDV URRPV DQG
EHDWLQJ
KLP
XS
$OVR
VHH
-
(
/OHZHOO\QV
.XPEKD
0HO
VLWH
KWWSZZZVPVXHGX5HO6WIDFXOW\/OHZHOO\QPDGKZDVKUDPKWPO



0GKDYD UDPDV FODLPV FDQ EH IRXQG LQ D ERRNOHW WLWOHG -\RWLSKD N FU\D 3DUDPSDU DXUD DNDUFU\D
U 6YP 0GKDYUDPD M 0DKUMD XQGDWHG SUREDEO\  SXEOLVKHG E\ 6DQDWDQ 'KDUPVDQJK 'HOKL
3DJH  RI WKLV ERRNOHW JLYHV KLV LQVWDOODWLRQ GDWH DV  1RYHPEHU  ZKLOH SDJH  JLYHV WKH GDWH DV 
1RYHPEHU  7KDQNV WR - ( /OHZHOO\Q RI 6RXWKZHVW 0LVVRXUL 6WDWH 8QLYHUVLW\ IRU VKDULQJ ZLWK PH D FRS\
RI WKLV SXEOLFDWLRQ
10

-\RWLUPDK DNDUFU\DV

9LG\DVDQNDU 6XQGDUHVDQ

SRVLWLRQ DOVR KDV WR EH WUDFHG WR .DERGKD UDPD WKH . 9LGYDW 3DULDG DQG WKH $NKLOD
%KUDW\D 'KDUPDVDJKD WKH DVFHQGDQFH RI 0GKDYD UDPD UHSUHVHQWV D VFKLVP ZLWKLQ WKH
UDQNV RI WKH WUDGLWLRQDO VXSSRUWHUV RI 6YDUSQDQGD
7R VXPPDUL]H DIWHU %UDKPQDQGD 6DUDVYDW  WKH FRPSHWLQJ OLQHDJHV DUH
 QWQDQGD 6DUDVYDW
 G 

 .DERGKD UDPD  QRW D GLUHFW GLVFLSOH

 6YDUSQDQGD 6DUDVYDW
 [ "]

 9LXGHYQDQGD
6DUDVYDW 
GLVFLSOH RI %UDKPQDQGD
SUHGHFHDVHG QWQDQGD

 6YDUSQDQGD 6DUDVYDW
VLQFH  GLVFLSOH RI
%UDKPQDQGD

 9VXGHYQDQGD 6DUDVYDW
VLQFH  [ "]
GLVFLSOH RI QWQDQGD

1RW LQFOXGLQJ  +DULKDUQDQGD .DUDSWU

'YUDNHQDQGD 3DUDPWPQDQGD DQG 3UDNQDQGD "

 0GKDYD UDPD
VLQFH  GLVFLSOH
RI .DERGKD UDPD

7KH 5ROH RI 2WKHU 7UDGLWLRQDO DQG 0RGHUQ ,QVWLWXWLRQV

7KH DERYH GLVFXVVLRQ KDV GHDOW RQO\ ZLWK WKH FXOWXUDO DQG UHOLJLRXV DVSHFWV RI WKH
-\RWLUPDK GLVSXWH $ IHZ FHQWXULHV DJR VXFK SUREOHPV ZRXOG KDYH EHHQ UHIHUUHG WR WKH ORFDO
NLQJ DQG SHUKDSV VROYHG TXLFNO\ ,Q LQGHSHQGHQW ,QGLD WKH GLVSXWH KDV EHHQ WDNHQ WR WKH VHFXODU
FRXUWV EXW WKHVH DUH TXLWH GLIIHUHQW IURP WKH ROG SULQFHO\ GDUEUV LQ WKHLU SURFHGXUHV DQG UXOHV
7KH MXGJHV DOVR ODFN OHJLVODWLYH DQG H[HFXWLYH DXWKRULW\ RYHU UHOLJLRXV LQVWLWXWLRQV XQOLNH WKH
+LQGX NLQJ RI ROG GD\V ,W VHHPV WR PH WKDW WKRVH ZKR GLG QRW ZLVK WR DFNQRZOHGJH QWQDQGD
DV WKH DNDUFU\D RI -\RWLUPDK GLG QRW VXIILFLHQWO\ DSSUHFLDWH WKHVH FKDQJHV LQ PRGHUQ WLPHV
DQG H[SHFWHG WKH FRXUWV WR DFFHSW WKHLU FXOWXUDO PRUDO DQG UHOLJLRXV DUJXPHQWV DV OHJDOO\ YDOLG
7KXV QRQH RI WKH FLYLO VXLWV LQ WKLV GLVSXWH VHHPV WR KDYH EHHQ IUDPHG LQ WHUPV RI FRQWHVWLQJ WKH
OHJDO ERQD ILGHV RI %UDKPQDQGDV ZLOO &RQVHTXHQWO\ D MXGJH UXOHG WKDW HYHQ LI QWQDQGD
ZDV QRW SURSHUO\ TXDOLILHG DFFRUGLQJ WR WUDGLWLRQDO VWDQGDUGV WKHUH ZDV QR OHJDOO\ YDOLG UHDVRQ WR
VHW DVLGH KLV FODLP WR WKH VXFFHVVLRQ



0\ WKDQNV JR WR 'DQD 6DZ\HU RI WKH 0DLQH &ROOHJH RI $UW ZKR NLQGO\ VKDUHG ZLWK PH WKH UHVXOWV RI KLV ILHOG
VWXGLHV DQG LQWHUYLHZV 6HH DOVR KLV DUWLFOH 0RQDVWLF 6WUXFWXUH RI %DQDUVL 'DQGL 6DGKXV LQ /LYLQJ %DQDUDV
+LQGX 5HOLJLRQ LQ &XOWXUDO &RQWH[W HG +HUWHO %UDGOH\ 5 DQG &\QWKLD +XPHV $OEDQ\ 6WDWH 8QLYHUVLW\ RI
1HZ <RUN 3UHVV 
11

-\RWLUPDK DNDUFU\DV

9LG\DVDQNDU 6XQGDUHVDQ

,Q  DIWHU QWQDQGD DEGLFDWHG LQ IDYRU RI 9LXGHYQDQGD D QHZ ODZVXLW ZDV ILOHG
RQ WKH JURXQGV WKDW DFFRUGLQJ WR %UDKPQDQGDV ZLOO 'YUDNHQDQGD 6DUDVYDW VKRXOG KDYH
EHHQ DSSRLQWHG LQ FDVH QWQDQGD VWHSSHG GRZQ 7KXV QRWZLWKVWDQGLQJ ZKDW ZDV SULYDWHO\
WKRXJKW DERXW WKH ZLOO DQG LWV OHJLWLPDF\ LWV WHUPV ZHUH FRRSWHG DV D VWUDWHJ\ WR GLVSODFH
9LXGHYQDQGD +RZHYHU WKH SURYHUELDO MXGLFLDO GHOD\V LQ ,QGLD SOD\HG WKHLU UROH DQG EHIRUH
WKLV FDVH ZDV HYHQ KHDUG 'YUDNHQDQGD SDVVHG DZD\ $IWHU 9LXGHYQDQGD SDVVHG DZD\
WKHUH VHHPV WR KDYH EHHQ D OXOO LQ WKH GLVSXWH $IWHU QWQDQGD DOVR SDVVHG DZD\ LQ  DQG
9VXGHYQDQGD IRUPDOO\ WRRN FKDUJH D IUHVK URXQG RI OLWLJDWLRQ KDV EHJXQ

7KH ODWHVW

GHYHORSPHQW IURP WKLV DQJOH LV WKDW DV RI  D FRXUW DW $OODKDEDG 8WWDU 3UDGHVK KDV
SURKLELWHG 9VXGHYQDQGD IURP XVLQJ WKH WLWOH RI DNDUFU\D 7KH UHDVRQV FLWHG IRU WKLV DUH
WKDW KLV LQVWDOODWLRQ LV VXVSHFW DQG WKDW 6YDUSQDQGD KDV WKH EHWWHU FODLP WR WKH -\RWLUPDK WLWOH
ERWK IRU KLVWRULFDO UHDVRQV DQG E\ YLUWXH RI EHLQJ DFNQRZOHGJHG E\ WKH RWKHU DNDUFU\DV
7KLV UXOLQJ PRUH RU OHVV FRLQFLGHG ZLWK WKH  .XPEKD 0HO DQG WKH ,QGLDQ PHGLD KDV HYHQ
EHJXQ GHVFULELQJ 9VXGHYQDQGD DV WKH IRUPHU DNDUFU\D RI -\RWLUPDK

7KXV

QRWZLWKVWDQGLQJ WKH SUHYLRXV OHJDO VWDQGLQJ RI QWQDQGD KLV GLVFLSOH DQG VXFFHVVRU VHHPV WR
KDYH VXIIHUHG D OHJDO VHWEDFN QRZ
$FFRUGLQJ WR FXUUHQWO\ DSSOLFDEOH ,QGLDQ ODZ ZKLFK LV LWVHOI EDVHG RQ SDQ,QGLDQ
WUDGLWLRQ D 0DKGKLSDWL KDV WKH ULJKW WR FKRRVH KLV VXFFHVVRU IURP DPRQJ KLV GLVFLSOHV ,Q DQ
LGHDO FDVH WKLV ULJKW LV YHVWHG VROHO\ LQ DQG H[HUFLVHG VROHO\ E\ WKH 0DKGKLSDWL LQ DFFRUGDQFH
ZLWK WKH QRUPV VSHFLILHG LQ WH[WV OLNH WKH 0DKQXVDQD +RZHYHU JLYHQ WKH KLVWRU\ RI WKLV
SDUWLFXODU FDVH WKH LQYROYHPHQW RI WZR ERGLHV H[WHUQDO WR -\RWLUPDK SURSHU KDV WR EH GXO\ QRWHG
7KHVH DUH WKH . 9LGYDW 3DULDG DQG WKH $NKLOD %KUDW\D 'KDUPDVDJKD ,W LV DJUHHG RQ DOO
KDQGV WKDW WKH UROH SOD\HG E\ PHPEHUV RI WKHVH WZR RUJDQL]DWLRQV ZDV D NH\ IDFWRU LQ UHYLYLQJ
WKH -\RWLUPDK LQ WKH \HDU  +RZHYHU RQFH 6YP %UDKPQDQGD 6DUDVYDW ZDV DFFHSWHG DV
WKH -\RWLUPDK DNDUFU\D DQG WKHUH ZHUH QR VHULRXV GLVSXWHV DERXW LW DW WKH WLPH IXUWKHU
DFWLYLWLHV RI WKHVH RWKHU LQVWLWXWLRQV ZLWK UHVSHFW WR VXFFHVVLRQ LVVXHV FRXOG EH FRQVWUXHG DV
XQQHFHVVDU\ LQWHUIHUHQFH

QWQDQGD DQG KLV VXFFHVVRUV WUDFH WKHLU FODLP WR D ZLOO RI

%UDKPQDQGD EXW WKH . 9LGYDW 3DULDG DQG WKH $NKLOD %KUDW\D 'KDUPDVDJKD KDYH QRW
DFFHSWHG WKLV ,QWHUHVWLQJO\ LI WKH RSLQLRQV RI WKHVH ERGLHV DUH WR EH VHW DVLGH DW DQ\ WLPH DIWHU
 RQO\ WKH OLQHDJH RI 9VXGHYQDQGD WKURXJK QWQDQGD FDQ EH WUDFHG GLUHFWO\ WR

12

-\RWLUPDK DNDUFU\DV

9LG\DVDQNDU 6XQGDUHVDQ

%UDKPQDQGD ZLWKRXW DQ\ LQWHUUXSWLRQV +RZHYHU LW LV SUHFLVHO\ WKLV OLQHDJH WKDW VHHPV WR ODFN
WKH QHFHVVDU\ WUDGLWLRQDO VXSSRUW DQG WKDW DOVR VHHPV WR KDYH QRZ ORVW LWV SUHYLRXV OHJDO VWDQGLQJ
&OHDUO\ WKH ORFXV VWDQGL RI . 9LGYDW 3DULDG DQG $NKLOD %KUDW\D 'KDUPDVDJKD
ZDV QRW TXHVWLRQHG ZKHQ .DERGKD UDPD ZDV DSSRLQWHG WR WKH -\RWLUPDK WLWOH H[FHSW
SHUKDSV E\ QWQDQGD DQG KLV IROORZHUV $V IRU WKH RWKHU PDKDV DQG WKHLU KHDGV ZKDWHYHU
WKHLU UHVHUYDWLRQV PD\ KDYH EHHQ DERXW QWQDQGDV TXDOLILFDWLRQV IRU WKH DNDUFU\D WLWOH
WKHLU HQGRUVHPHQW RI .DERGKD UDPDV DSSRLQWPHQW DQGRU KLV VXEVHTXHQW DSSRLQWPHQW RI
6YDUSQDQGD PHDQW WKDW WKH\ WDFLWO\ DSSURYHG RI DQG DFFHSWHG WKH DFWLRQV RI WKHVH WZR
RUJDQL]DWLRQV 7KXV ERWK ERGLHV JRW PRUH ILUPO\ HQWUHQFKHG LQ PDWWHUV UHODWLQJ WR VXFFHVVLRQ DW
-\RWLUPDK

%RWK 6YDUSQDQGD 6DUDVYDW DQG 0GKDYD UDPD WUDFH WKHLU FODLP WR WKH

-\RWLUPDK WLWOH WKURXJK .DERGKD UDPD DQG YLD DQ DFNQRZOHGJHPHQW RI WKH ULJKW RI WKH
. 9LGYDW 3DULDG DQG WKH $NKLOD %KUDW\D 'KDUPDVDJKD WR GHFLGH WKH TXHVWLRQ RI ZKR
ZRXOG EH WKH DNDUFU\D RI -\RWLUPDK

+RZHYHU LW FRXOG DOVR EH DUJXHG WKDW WKHVH

RUJDQL]DWLRQV KDYH QR ULJKW WR XQVHDW D DNDUFU\D ZKR LV JHQHUDOO\ VHHQ WR EH TXDOLILHG IRU WKH
SRVW 6YDUSQDQGD ZDV QRPLQDWHG E\ .DERGKD UDPD EXW WKHVH WZR RUJDQL]DWLRQV VHHP WR
KDYH KDG QR REMHFWLRQV DJDLQVW KLP DW OHDVW WLOO  ZKHQ KH WRRN FKDUJH RI 'YUDN DOVR 7KH
GHFDGHORQJ JDS EHWZHHQ 6YDUSQDQGDV DFFHVVLRQ WR WKH 'YUDN WLWOH DQG 0GKDYD UDPDV
DSSRLQWPHQW LQ  DOVR VHHPV VLJQLILFDQW ,I 0GKDYD UDPDV FODLP RI KDYLQJ EHHQ
DSSRLQWHG E\ WKHVH WZR ERGLHV LV FRUUHFW WKLV RQO\ PHDQV WKDW WKH . 9LGYDW 3DULDG DQG WKH
$NKLOD %KUDW\D 'KDUPDVDJKD KDYH WULHG WR H[HUFLVH D ULJKW RYHU -\RWLUPDK IRU WKH WKLUG WLPH
,Q  WKH UDWLRQDOH ZDV WKH UHYLYDO RI DQ H[WLQFW LQVWLWXWLRQ ,Q WKH V WKH UDWLRQDOH ZDV
WKH FRQWURYHUV\ RYHU D ZLOO

,Q WKH V LW KDV EHHQ WKH FRQIXVLRQ DULVLQJ GXH WR

6YDUSQDQGDV DNDUFU\D WLWOH DW WKH 'YUDN VHDW

$V 0GKDYD UDPDV -\RWLUPDK

DNDUFU\D WLWOH LV YHU\ PXFK GHSHQGHQW XSRQ WKH ODWHVW LQWHUYHQWLRQ E\ WKHVH WZR ERGLHV LW LV
QRW WRR IDU RII WKH PDUN WR VD\ WKDW KLV FODLP WR WKH WLWOH KROGV RQO\ VR ORQJ DV KH HQMR\V WKHLU
FRQILGHQFH ,W LV QRW DW DOO LQFRQFHLYDEOH WKDW D IRXUWK FRPSHWLQJ OLQHDJH ZLOO EH SXW IRUWK LQ WKH
IXWXUH LI HLWKHU 0GKDYD UDPD RU KLV VXFFHVVRU GHYHORSV GLIIHUHQFHV RI RSLQLRQ ZLWK WKH
OHDGHUV RI RQH RI WKHVH RUJDQL]DWLRQV $QRWKHU SRVVLEOH VFHQDULR LV WKDW 0GKDYD UDPD FRXOG
VWDQG WR ORVH LI HLWKHU 6YDUSQDQGD RU 9VXGHYQDQGD PDQDJHV WR ZLQ WKHLU VXSSRUW
$ QXPEHU RI WKH ODZVXLWV LQYROYHG LQ WKH -\RWLUPDK VXFFHVVLRQ DUH VWLOO SHQGLQJ HLWKHU
XQUHVROYHG LQ WKH ORZHU FRXUWV RU XQGHU DSSHDO LQ WKH $OODKDEDG +LJK &RXUW 7KH -\RWLUPDK
13

-\RWLUPDK DNDUFU\DV

9LG\DVDQNDU 6XQGDUHVDQ

SURSHUW\ UHPDLQV GLYLGHG EHWZHHQ WKH FDPSV RI QWQDQGD QRZ 9VXGHYQDQGD DQG
6YDUSQDQGD 7KXV HQ URXWH WR %DGULQWK LQ WKH YLOODJH RI -RPDK WKHUH DUH WZR VHSDUDWH
HVWDEOLVKPHQWV ORFDWHG TXLWH QHDU HDFK RWKHU HDFK FDOOLQJ LWVHOI WKH RIILFLDO -\RWLUPDK , DP
XQDZDUH LI 0GKDYD UDPD DQG KLV VXSSRUWHUV KDYH ILOHG DQ\ ODZVXLWV DJDLQVW 6YDUSQDQGD
DQGRU 9VXGHYQDQGD RU ZKHWKHU WKH\ KDYH EHHQ DEOH WR JHW HVWDEOLVKHG LQ WKH ROG PDKD
SURSHUW\ +RZHYHU LQ WKLV GLVSXWH SRVVHVVLRQ RI RU MXULVGLFWLRQ RYHU WKH PDKDV SURSHUW\ LV QRW
WKH FULWHULRQ WKDW GHFLGHV WKH LGHQWLW\ RI WKH OHJLWLPDWH DNDUFU\D 7KH SULPDU\ LVVXH LV RQH RI
DXWKHQWLFLW\ DQGRU DXWKRULW\ RI WKH GLVFLSOH OLQHDJH 0\ SHUVRQDO RSLQLRQ LV WKDW LW ZRXOG EH
H[WUHPHO\ GLIILFXOW WR OHJDOO\ XSKROG D FODLP WKDW RQH PDQ FDQQRW EH WKH KHDG RI WZR GLIIHUHQW
PDKDV 7KHUHIRUH XQOHVV WKH SHUPDQHQW OHJDO VWDQGLQJ RI WKH . 9LGYDW 3DULDG DQG WKH
$NKLOD %KUDW\D 'KDUPDVDJKD LQ PDWWHUV RI VXFFHVVLRQ DW -\RWLUPDK FDQ EH SURYHG 0GKDYD
UDPDV FODLP VHHPV WR EH WKH ZHDNHVW IURP DOO SRVVLEOH SHUVSHFWLYHV $V PD\ EH H[SHFWHG QR
VLGH LV ZLOOLQJ WR FRQFHGH WKH DNDUFU\D WLWOH WR RQH RI WKH RWKHU WZR %RWK 6YDUSQDQGD
6DUDVYDW DQG 0GKDYD UDPD VHULRXVO\ GHQ\ WKH DXWKRULW\ RI WKH HQWLUH OLQHDJH EHJLQQLQJ ZLWK
QWQDQGD 6DUDVYDW +RZHYHU 0GKDYD UDPD DQG 6YDUSQDQGD 6DUDVYDW DOVR PXWXDOO\
TXHVWLRQ HDFK RWKHU DQG 9VXGHYQDQGD 6DUDVYDW GHQLHV WKH ULJKWV RI ERWK 1R TXLFN UHVROXWLRQ
RI WKH GLVSXWH VHHPV SRVVLEOH EXW QRQH RI WKHVH WKUHH DUH YHU\ \RXQJ LQ DJH 8QOHVV WKHUH LV D
FRQVHQVXV FDQGLGDWH DFFHSWDEOH WR DOO SDUWLHV LQ WKLV GLVSXWH UHFRQFLOLDWLRQ VHHPV LPSRVVLEOH
:KHQ DQ\ RQH RI WKHP SDVVHV DZD\ RU QRPLQDWHV DQRWKHU SHUVRQ WR KLV RZQ FODLP ZKLOH DOLYH
KH ZLOO VLPSO\ WUDQVIHU WR WKH SHUVRQ RI KLV VXFFHVVRU DOO WKH DVVRFLDWHG GLVSXWHV DJDLQVW WKH RWKHU
WZR DQG WKHLU UHVSHFWLYH VXFFHVVRUV
,Q WKLV FHQWXU\ WKHUH KDYH EHHQ VLPLODU GLVSXWHV DQG ODZVXLWV LQ FRQQHFWLRQ ZLWK WKH
VXFFHVVLRQ DW 3XU DQG 'YUDN DOVR ,Q FRQWUDVW VRXWK ,QGLDQ PDKDV LQ WKH $GYDLWD 9HGQWD
WUDGLWLRQ DUH UHODWLYHO\ QRQFRQWURYHUVLDO LQ WKLV UHJDUG DV WKH VRXWKHUQ DNDUFU\DV DUH YHU\
VHOHFWLYH DERXW ZKRP WKH\ SHUVRQDOO\ LQLWLDWH DV PRQNV 7UDGLWLRQDOO\ DW JHUL WKH FXUUHQW
DNDUFU\D FDUHIXOO\ FKRRVHV DQG WUDLQV KLV VXFFHVVRU ZKR WKHUHIRUH LV LQ WKH SXEOLF H\H IRU DW
OHDVW D IHZ \HDUV EHIRUH DVVXPLQJ FKDUJH 7KH VHQLRU FU\D DOVR W\SLFDOO\ ZLWKGUDZV IURP
SXEOLF OLIH DQG OHWV WKH FKRVHQ VXFFHVVRU KDQGOH DGPLQLVWUDWLYH LVVXHV 2U HOVH MXVW EHIRUH
SDVVLQJ DZD\ WKH DNDUFU\D FOHDUO\ QDPHV KLV XQLTXH FKRLFH RI VXFFHVVRU IURP DPRQJ KLV
RZQ GLVFLSOHV .F DQG RWKHU VRXWKHUQ PDKDV DOVR XVXDOO\ WDNH VLPLODU FDXWLRQ DERXW WKHLU
VXFFHVVLRQ 7KH VRXWKHUQ DNDUFU\DV WHQG WR GLVFRXUDJH WKH IRUPDWLRQ RI D ODUJH UHWLQXH RI
14

-\RWLUPDK DNDUFU\DV

9LG\DVDQNDU 6XQGDUHVDQ

6DQ\VLQ GLVFLSOHV ,Q FDVHV RI VRXWKHUQ PDKDV WKDW DUH FORVHO\ DVVRFLDWHG ZLWK SDUWLFXODU
FRPPXQLWLHV EXW ZKHUH WKH OLQHDJH KDV VXGGHQO\ EHFRPH H[WLQFW HJ WKH 6KLUDOL &KLWUDSXU
PDKD RI &KLWUDSXU 6UDVYDWD %UKPDDV LQ VRXWKHUQ .DUQDWDND KWWSZZZFKLWUDSXUPDWKRUJ
WKH VXFFHVVLRQ LV UHYLYHG WKURXJK D FRPPXQLW\ HIIRUW RIWHQ ZLWK WKH KHOS DQG VXSSRUW RI RWKHU
ZHOO UHVSHFWHG PDKDV

3XU 'YUDN DQG -\RWLUPDK VHHP WR RSHUDWH E\ YHU\ GLIIHUHQW

SURFHGXUHV 0DWWHUV RI VXFFHVVLRQ DUH OHIW UDWKHU QHEXORXV RU VWDWHG LQ D ZLOO ZLWK D FKRLFH RI
FDQGLGDWHV IRU WKH VXFFHVVRU 0RUH RIWHQ WKDQ QRW WKH ZLOO LV FRQWHVWHG VR WKDW WKH VXFFHVVLRQ
VRRQ EHFRPHV D KLJKO\ FKDUJHG SROLWLFDO LVVXH DQG WKH OLQHDJHV EHFRPH PRUH FRPSOLFDWHG WKDQ
LQ WKH :DUV RI WKH 5RVHV
7KH 5ROH RI 5R\DOW\
7KH UHODWLRQVKLSV RI DOO WKHVH LQVWLWXWLRQV ZLWK PHPEHUV RI FXUUHQW DQG HUVWZKLOH UR\DO
KRXVHV FRQWLQXH WR UHPDLQ LPSRUWDQW 0GKDYD UDPDV YLVLWV WR 1HSDO DUH XVXDOO\ KLJKOLJKWHG
WR EXWWUHVV KLV FODLP 5HDGLQJ WKH SXEOLFDWLRQV RI KLV IROORZHUV RQH JHWV WKH GLVWLQFW LPSUHVVLRQ
WKDW WKH VXSSRUW RI WKH .LQJ RI 1HSDO LV VHHQ DV D YHU\ LPSRUWDQW IDFWRU LQ OHJLWLPDWLQJ 0GKDYD
UDPDV FODLP WR WKH -\RWLUPDK DNDUFU\D WLWOH

5HFLSURFDOO\ WKH .LQJ RI 1HSDO LV

GHVFULEHG DV WKH .LQJ RI DOO +LQGXV LQ WKH ZRUOG SUHVXPDEO\ EHFDXVH KH LV WKH RQO\ OHJLWLPDWH
+LQGX PRQDUFK OHIW WRGD\ HYHQ LI KLV UROH ZLWKLQ 1HSDO KDV EHHQ PXFK UHGXFHG LQ UHFHQW WLPHV
7KH . 9LGYDW 3DULDG HQMR\V WKH SDWURQDJH RI WKH FXUUHQW NLQJ RI 9UDVL ZKR LV ,
DVVXPH DOVR D OHDGLQJ OLJKW RI WKH $NKLOD %KUDW\D 'KDUPDVDJKD 7KH UHYLYDO RI -\RWLUPDK
LQ  ZDV IDFLOLWDWHG E\ WKH UROH SOD\HG E\ WKH WKHQ VLJQLILFDQW +LQGX SULQFHV LQ QRUWK ,QGLD
0HPEHUV RI ,QGLDV HUVWZKLOH UR\DOW\ FRQWLQXH WR EH LPSRUWDQW LQ +LQGX UHOLJLRXV LQVWLWXWLRQV
HYHQ LI WKHLU UROHV KDYH EHFRPH ODUJHO\ FHUHPRQLDO HJ WKH *DMDSDWL UR\DO IDPLO\ LQ WKH
-DJDQQWKD WHPSOH IHVWLYDOV LQ 3XU WKH 0\VRUH UR\DO IDPLO\ GXULQJ WKH 1DYDUWU IHVWLYDO DQG
WKH 7UDYDQFRUH UR\DO IDPLO\ LQ WKH 3DGPDQEKDVYP WHPSOH IHVWLYDOV LQ 7LUXYDQDQWDSXUDP $V
IRU WKH RWKHU PDKDV LQ WKH SUH HUD DGPLQLVWUDWLYH LVVXHV ZHUH URXWLQHO\ UHIHUUHG WR WKH
ORFDO UXOHUV )RU H[DPSOH WKHUH DUH ZHOOGRFXPHQWHG UHFRUGV RI WKH LQWHUDFWLRQV RI WKH JHUL
DGPLQLVWUDWLRQ ZLWK YDULRXV UXOLQJ KRXVHV IURP WKH 9LMD\DQDJDUD HPSHURUV LQ WKH WK FHQWXU\
WR WKH NLQJV RI 0\VRUH DQG +\GHUDEDG LQ WKH HDUO\ WK FHQWXU\ $ ODUJH SDUW RI WKH UHFHQW
JURZWK RI WKH .F PDKD WR DQ LPSRUWDQW VWDWXV FDQ EH WUDFHG WR WKH UHODWLRQVKLS WKDW VXFFHVVLYH

15

-\RWLUPDK DNDUFU\DV

9LG\DVDQNDU 6XQGDUHVDQ

0DKGKLSDWLV KDYH PDLQWDLQHG ZLWK WKH 0DUK UXOHUV RI 7DMYU DQG WKH %ULWLVK
DGPLQLVWUDWRUV RI 0DGUDV 3UHVLGHQF\ DV DOVR SROLWLFLDQV DQG EXUHDXFUDWV RI LQGHSHQGHQW ,QGLD
3HUKDSV DOO WKLV LV LQ NHHSLQJ ZLWK WKH QDWXUH RI JHQHULF +LQGX UHOLJLRQ DV PRQNV DUH
VXSSRVHG WR EH VXSSRUWHG E\ WKH KRXVHKROGHUV ZKLOH WKH NLQJV DUH H[SHFWHG WR XSKROG GKDUPD
+RZHYHU DOWKRXJK DNDUD GHVFULEHV WKH PRQN DV DQ DW\UDPLQ RQH ZKR LV EH\RQG DOO
UDPDV DQG DVNV UKHWRULFDOO\ NDWKD YDUUDP EKDYHW" WKH VLWXDWLRQ RI WKH FRQWHPSRUDU\
DNDUFU\DV LV FRQVLGHUDEO\ PRUH FRPSOLFDWHG

,GHDOO\ D 0DKGKLSDWL SXUVXHV RQO\

RWKHUZRUOGO\ FRQFHUQV DV KH LV ILUVW DQG IRUHPRVW D PRQN ,Q WKH $GYDLWD WUDGLWLRQ KH LV DOVR
HYHQWXDOO\ H[SHFWHG WR WUDQVFHQG DOO FRQFHUQV RI ERWK WKLV ZRUOG DQG WKH QH[W +RZHYHU D PDKD
LV D VRFLDO LQVWLWXWLRQ DQG KDV RQH IRRW ILUPO\ SODQWHG LQ WKLV ZRUOG 7KH FRURQDWLRQ RI D
DNDUFU\D DV WKH KHDG RI D PDKD LV FDOOHG D SDEKLHND DQG FORVHO\ UHVHPEOHV WKDW RI D
FODVVLFDO +LQGX NLQJ 7KHUHIRUH ZKHQ WKH YHU\ LVVXH RI ZKR LV WKH OHJLWLPDWH 0D KGKLSDWL LV
FRQIXVHG RU FRQWURYHUVLDO WKH UHDOLWLHV RI WKLV ZRUOG WDNH FHQWHUVWDJH &HUWDLQO\ WKHUH LV D
VXEVWDQWLDO DPRXQW RI GRFXPHQWHG HYLGHQFH WR VKRZ WKDW IRU PDQ\ FHQWXULHV QRZ WKH
DNDUFU\DV DQG WKHLU PDKDV KDYH QRW EHHQ VWUDQJHUV WR WKH UXOHUV RI ,QGLD DQG WKHLU SROLWLFV
,W FRXOG EH DUJXHG WKDW HYHQ WKRXJK FRQWHPSRUDU\ 'DDQP 6DQ\VLQV PDNH XVH RI FRXUWV DQG
OHJDO GRFXPHQWV OLNH ZLOOV WKH\ KDYH QRW IXOO\ ZRNHQ XS WR WKH FRQVWLWXWLRQDO UHDOLW\ RI
GHPRFUDWLF ,QGLD 7KXV WKH\ DUH RIWHQ VHHQ DV H[SHFWLQJ RXWPRGHG SDWWHUQV RI VRFLDO EHKDYLRU
DQG DV JLYLQJ XQGXH LPSRUWDQFH WR ROG UR\DO G\QDVWLHV 2Q WKH RWKHU KDQG LW FRXOG DOVR EH
DUJXHG WKDW WKLV LV VLPSO\ RQH PDQLIHVWDWLRQ RI D ODUJHU UHDOLW\ LQ ,QGLD ZKRVH QHZ UXOHUV KDYH
VXFFHHGHG RQO\ LQ HVWDEOLVKLQJ PRGHUQ SHUVRQDOLW\ FXOWV DQG SROLWLFDO G\QDVWLHV LQ SODFH RI WKH ROG
UR\DO KRXVHV 7KH LQWHUDFWLRQV RI 6DQ\VLQV ZLWK SROLWLFLDQV DQG HUVWZKLOH UR\DOW\ DQG WKH
GLVSXWHV RYHU ZKR LV D OHJLWLPDWH DNDUFU\D DUH DOO SDUW RI D ODUJHU FODVK EHWZHHQ WKH ROG DQG
WKH QHZ LQ ZKLFK WKH ROG ZLWK DOO LWV LQHUWLD LV DW D JUHDW GLVDGYDQWDJH
,W UHPDLQV WR EH VHHQ KRZ WKH DNDUFU\D LQVWLWXWLRQV LQ JHQHUDO DQG WKH -\RWLUPDK LQ
SDUWLFXODU VHFXUH WKHLU FRQWLQXHG H[LVWHQFH LQ IXWXUH E\ UHVROYLQJ WKHLU LQWHUQDO GLVSXWHV LQ WKH
FRQWH[W RI WKH H[WHUQDO SROLWLFDO DQG VRFLDO FRQVWUDLQWV WKH\ IDFH LQ VW FHQWXU\ ,QGLD
$ 5HYLHZ RI :LOOLDP &HQNQHUV :RUN RQ WKH DNDUFU\DV
:LOOLDP

&HQNQHUV

ERRN

7UDGLWLRQ

RI

7HDFKHUV

KDV

EHHQ

PHQWLRQHG

KWWSOLVWVHUYOLYDFXNFJLVKO:$(;("$ LQG / LQGRORJ\ 2 7 3 

16

LQ

WKH

-\RWLUPDK DNDUFU\DV

9LG\DVDQNDU 6XQGDUHVDQ

,1'2/2*< GLVFXVVLRQ :KLOH &HQNQHU PDNHV VRPH YDOLG REVHUYDWLRQV DERXW WKH LQKHUHQW
VWUHQJWKV DQG ZHDNQHVVHV RI WKH DNDUFU\D WUDGLWLRQ KH LV RIWHQ XQUHOLDEOH ZKHQ LW FRPHV WR
IDFWXDO GHWDLOV :KDW KLV LQWURGXFWLRQ FDOOV WKH LQFOXVLYH WUDGLWLRQ RI WKH .F PDKD LV LQ IDFW
D KLJKO\ FRQWHVWHG FODLP ZLWKLQ WKH 'DDQP WUDGLWLRQ ZLWK WKH SRWHQWLDO WR FDXVH D GHHS
VFKLVP $V IRU WKH -\RWLUPDK VXFFHVVLRQ FRQWURYHUV\ LW KDV DOZD\V EHHQ D PDWWHU RI SXEOLF
NQRZOHGJH ERWK EHFDXVH RI WKH FORVH SK\VLFDO SUR[LPLW\ RI WKH WZR VHSDUDWH HVWDEOLVKPHQWV DW
-RPDK DQG WKH IDFW WKDW DOO WKH SHRSOH LQYROYHG DUH SXEOLF ILJXUHV &HQNQHU LV DVWRXQGLQJO\
VLOHQW DERXW DOO WKLV ,I KH ZHUH WR EH EHOLHYHG WKHUH LV MXVW QR VXFFHVVLRQ GLVSXWH DW DOO DQG
QWQDQGDV SRVLWLRQ DW -\RWLUPDK LV XQTXHVWLRQHG

+H DOVR VSHFLILFDOO\ PHQWLRQV WKH

VXFFHVVLRQ GLVSXWHV DW 'YUDN DQG 3XU LQ WKLV FHQWXU\ EXW VWUDQJHO\ HQRXJK KH PHQWLRQV D
FRQWURYHUV\ ZKHUH QRQH H[LVWHG QDPHO\ DW JHUL

&

&HQNQHU WHOOV XV WKDW 1LUDMDQDGHYD

7UWKDV FRURQDWLRQ DV WKH DNDUFU\D RI 3XU LQ  ZDV FRQGXFWHG LQ WKH SUHVHQFH RI WKH
DNDUFU\D RI -\RWLUPDK EXW QHJOHFWV WR LQIRUP XV WKDW WKLV ZDV .DERGKD UDPD QRW
QWQDQGD &HQNQHU LV DOVR DZDUH RI WKH  FRQIHUHQFH RI WKH IRXU DNDUFU\DV EXW
QHJOHFWV WR LQIRUP XV WKDW LW ZDV 6YDUSQDQGD QRW QWQDQGD RU 9LXGHYQDQGD ZKR ZDV
DFNQRZOHGJHG DV WKH DNDUFU\D RI -\RWLUPDK WKHQ &HQNQHUV  HGLWLRQ VHHPV WR EH D
UHSULQW RI WKH  HGLWLRQ DQG DOWKRXJK KH KDV SURYLGHG D IUHVK SUHIDFH ZKLFK PHQWLRQV
6YDUSQDQGD 6DUDVYDWV QDPH KH VWLOO GRHV QRW PHQWLRQ WKH -\RWLUPDK VXFFHVVLRQ GLVSXWH
2QH LV OHIW ZLWK WKH LPSUHVVLRQ WKDW HYHQ DV ODWH DV  WKHUH ZDV QR GLVSXWH ZKDWVRHYHU DERXW


:LOOLDP &HQNQHU $ 7UDGLWLRQ RI 7HDFKHUV  6DQNDUD DQG 7KH -DJDGJXUXV 7RGD\ 0RWLODO %DQDUVLGDVV 'HOKL
 SS  PHQWLRQV DQ HDUO\ WKFHQWXU\ FKDOOHQJH WR WKH JHUL DNDUFU\D 7KLV VWDWHPHQW FDQ
EH WUDFHG WR &HQNQHUV UDWKHU EOLQG UHOLDQFH RQ D .F PDKD SXEOLFDWLRQ $ 1DWDUDMD $L\HU DQG 6
/DNVKPLQDUDVLPKD 6DVWUL 7KH 7UDGLWLRQDO $JH RI 6UL 6DQNDUDFKDU\D DQG 7KH 0DWKV 0LQHUYD 3UHVV 0DGUDV
 +RZHYHU WKLV ERRN RQO\ GHVFULEHV D VXFFHVVLRQ FRQWURYHUV\ LQ WKH .DO PDKD GDWLQJ EDFN WR 
&( 7KH .DO PDKD ZKLFK LV VDLG WR KDYH RULJLQDWHG DV D EUDQFK RI WKH JHUL PDKD LV VLWXDWHG QHDU WKH
FRQIOXHQFH RI WKH ULYHUV 7XJ DQG %KDGU .DO DQG RWKHU ROG EUDQFKHV RI JHUL KDYH WKHLU RZQ
LQGHSHQGHQW OLQHDJHV ZKLFK KDYH EUDQFKHG RII IURP WKH JHUL OLVW DW VRPH SRLQW LQ WKH SDVW 7KH VXFFHVVLRQ
GLVSXWH DW WKH .DO PDKD KDV VWLOO QRW EHHQ UHVROYHG DQG WKHUH FRQWLQXH WR EH WZR FRPSHWLQJ OLQHDJHV WKHUH
WRGD\ 2EYLRXVO\ WKH FRQWURYHUV\ LQ WKH VXFFHVVLRQ RI .DO PDKD GRHV QRW DGYHUVHO\ DIIHFW WKH PDLQ JHUL
OLQHDJH DQG LW LV YHU\ VXUSULVLQJ WKDW &HQNQHU VHHPV QRW WR UHDOL]H WKLV ,W PXVW DOVR EH PHQWLRQHG WKDW $L\HU
DQG 6DVWUL DUH RQO\ LQWHUHVWHG LQ SURFODLPLQJ WKH .F PDKDV VXSUHPDF\ RYHU DOO RWKHU PDKDV $PRQJ RWKHU
FXULRXVO\ SDUWLVDQ VWDWHPHQWV WKH\ DWWHPSW WR SURYH WKDW .DO LV WKH RULJLQDO JHUL PDKD DQG WKDW WKH
JHUL PDKD LWVHOI LV D QHRJHUL PDKD $L\HU DQG 6DVWUL DUH DOVR TXRWHG LQ 9ROXPH ,,, RI 7KH
(QF\FORSHGLD RI ,QGLDQ 3KLORVRSKLHV  $GYDLWD 9HGDQWD XS WR 6DQNDUD DQG +LV 3XSLOV HGLWHG E\ .DUO 3RWWHU
ZKHUH DNDUDV GLVFLSOH 6XUHYDUD LV VDLG WR KDYH EHHQ HVSHFLDOO\ DVVRFLDWHG ZLWK WKH .F PDKD ,W VKRXOG
EH REYLRXV WKDW WKH SROLWLFDO UHODWLRQVKLSV DPRQJ WKH YDULRXV PDKDV VXFFHVVLRQ GLVSXWHV ZLWKLQ D PDKD DQG
WKH FRQVHTXHQW SURSDJDQGD OLWHUDWXUH KDYH VWDUWHG WR DGYHUVHO\ DIIHFW DFDGHPLF GLVFXVVLRQV RI $GYDLWD DQG
$GYDLWLQV 7KLV SUREOHP KDV SDUWLFXODUO\ DIIHFWHG PDQ\ SXEOLFDWLRQV IURP WKH 'HSDUWPHQW RI 3KLORVRSK\ RI WKH
8QLY RI 0DGUDV
17

-\RWLUPDK DNDUFU\DV

9LG\DVDQNDU 6XQGDUHVDQ

WKH DNDUFU\D WLWOH DW -\RWLUPDK &HQNQHUV VLOHQFH DERXW WKLV GLVSXWH LV KLJKO\ VXUSULVLQJ
DQG HLWKHU KH LV H[FHHGLQJO\ QDYH RU RQH KDV WR VXVSHFW DQ XQEHFRPLQJ ELDV RQ KLV SDUW
&HQNQHUV GHVFULSWLRQ RI QWQDQGD 6DUDVYDW DV WKH KHDG RI DOO 'D 6DQ\VLQV LV
DOVR H[WUHPHO\ PLVOHDGLQJ WR VD\ WKH OHDVW 7KHUH LV QR RQH KHDG RI DOO WKHVH 6DQ\VLQV 7KH
KHDGV RI WKH 3XU PDKD KDYH WUDGLWLRQDOO\ EHHQ 'D 6DQ\VLQV VR WKDW WKH 3XU DNDUFU\D
PLJKW DOVR EH GHVFULEHG DV WKHLU KHDG 7KH 'YUDN DQG JHUL DNDUFU\DV DUH 3DUDPDKDPVD
6DQ\VLQV WKH KLJKHVW UDQN DPRQJ WKH PRQNV DQG ZRXOG HDFK KDYH D EHWWHU FODLP WR EHLQJ WKH
RYHUDOO KHDG RI WKH 'DDQPV 2Q WKH RWKHU KDQG LQ VSLWH RI WKH DIILOLDWLRQ RI DOO 'DDQP
6DQ\VLQV ZLWK WKH PDKDV DW JHUL 3XU 'YUDN DQG -\RWLUPDK WKH 'DDQP NKUV DUH
PRUH LPSRUWDQW WKURXJKRXW QRUWK ,QGLD ZLWK QXPHURXV OHDGHUV HDFK ZLWK KLV RZQ IROORZLQJ
(YHQ LI WKHUH ZHUH QR GLVSXWH DERXW VXFFHVVLRQ GHVFULELQJ WKH DNDUFU\D RI -\RWLUPDK DV WKH
KHDG RI DOO 'D 6DQ\VLQV ZRXOG EH UDWKHU LQDFFXUDWH

$QG WKH HQGRUVHPHQW RI

6YDUSQDQGD E\ WKH 3XU DQG JHUL PDKDV ZRXOG PDNH QWQDQGDV FODLP DQG QRZ
9VXGHYQDQGDV FODLP HYHQ PRUH WHQXRXV ,W PD\ EH DGGHG WKDW DFULPRQLRXV GLVSXWHV DERXW
VXFFHVVLRQ ZLWKLQ RQH PDKD DQG DERXW WKH UHODWLYH LPSRUWDQFH RI WKH YDULRXV PDKDV DUH QRW
OLPLWHG WR UHFHQW KLVWRU\ 7KHUH DUH UHFRUGV RI VXFK GLVSXWHV GDWLQJ EDFN WR WKH WK FHQWXU\ DQG
HDUOLHU 2IWHQ VXFK GLVSXWHV DUH DOVR DFFRPSDQLHG E\ SKLORVRSKLFDO DQG GRFWULQDO GLIIHUHQFHV VR
WKDW D VWXG\ RI WKHVH ZRXOG RIIHU VLJQLILFDQW FOXHV WR WKH GHYHORSPHQW RI WKH SRVW DNDUDQ
WUDGLWLRQV RI 'DDQP 6DQ\VLQV DQG $GYDLWD 9HGQWD &HQNQHU VHHPV WR EH FRPSOHWHO\ EOLQG
WR VXFK FUXFLDO IHDWXUHV RI WKH DNDUFU\D WUDGLWLRQ DQG WKLV LV EHFDXVH KLV KLVWRULFDO UHVHDUFK
OHDYHV PXFK WR EH GHVLUHG

18

-\RWLUPDK DNDUFU\DV

9LG\DVDQNDU 6XQGDUHVDQ

$SSHQGL[ 7KH /LQHDJHV RI 2WKHU ,QVWLWXWLRQV

$V WKH DERYH GLVFXVVLRQ KDV IUHTXHQWO\ PHQWLRQHG WKH RWKHU $GYDLWD PDKDV LQ ,QGLD DQG
WKHLU DNDUFU\DV KHUH LV VRPH LQIRUPDWLRQ DERXW WKH OLQHDJHV RI WKH PDMRU LQVWLWXWLRQV

'

2QO\ WKH WK FHQWXU\ LV FRYHUHG 7KH GDWHV JLYHQ DUH \HDUV RI DFFHVVLRQ WR WKH WLWOH DQG
UHVLJQDWLRQ RU SDVVLQJ DZD\
3XU 3UYPQ\D
w

DNDUD 0DGKXVGDQD 7UWKD XS WR 

%KUDW .D 7UWKD 

<RJHYDUQDQGD 7UWKD 

1LUDMDQDGHYD 7UWKD  VWHSSHG GRZQ LQ 

1LFDOQDQGD 6DUDVYDW VLQFH 

!



7KH .F PDKD KWWSZZZNDPDNRWLRUJ ZKLFK KDV DOVR EHHQ PHQWLRQHG LQ WKLV GLVFXVVLRQ KDV EHHQ KHDGHG
E\ &DQGUDHNKDUHQGUD 6DUDVYDW  DQG -D\HQGUD 6DUDVYDW TJODF 
 7KH FKRVHQ VXFFHVVRU WR
-D\HQGUD LV 9LMD\HQGUD 6DUDVYDW



$W 'YUDN WLOO  EXW QRWH WKDW WKLV WLWOH ZDV XQGHU GLVSXWH DW WKH WLPH 3URVHFXWHG E\ WKH %ULWLVK ,QGLDQ
*RYHUQPHQW LQ  IRU KLV LQYROYHPHQW LQ WKH IUHHGRP VWUXJJOH DQG KLV VXSSRUW RI WKH .KLODIDW PRYHPHQW
6HH 0DXODQD 0RKDPPHG $OL 7KH KLVWRULF WULDO RI $OL EURWKHUV 'U .LWFKOHZ 6KUL 6KDQNDUDFKDU\D 0DXODQD
+XVVDLQ $KPHG 3LU *KXODP 0XMDGGLG DQG 0DXODQD 1LVDU $KPHG 1HZ 7LPHV 2IILFH .DUDFKL  ZLWK D
IRUHZRUG E\ 0DKDWPD *DQGKL 7KH 6KUL 6KDQNDUDFKDU\D LQ WKH WLWOH LV D UHIHUHQFH WR %KUDW .D 7UWKD
$XWKRU RI D PLOGO\ FRQWURYHUVLDO ERRN FDOOHG 9HGLF 0DWKHPDWLFV /& &DOO 1R 4$, % +H LV WKH RQO\
PDMRU DNDUFU\D WR KDYH WUDYHOHG RXWVLGH WKH VXEFRQWLQHQW



6HH DOVR WKH 'YUDN OLVWLQJ +H SDVVHG DZD\ VKRUWO\ DIWHU DVVXPLQJ FKDUJH DQG ZLWKRXW QRPLQDWLQJ D
VXFFHVVRU 7KLV UHVXOWHG LQ D SHULRG RI OLWLJDWLRQ  +LV QDPH LV QRW LQFOXGHG LQ WKH RIILFLDO 3XU OLVW



7KH  .XPEKD 0HO ZDV WKH RFFDVLRQ IRU D VPDOO GLVSXWH DERXW 1LFDOQDQGDV WLWOH DV WKH 3XU
DNDUFU\D 2QH $GKRNDMQDQGD 7UWKD ZKR FDOOHG KLPVHOI WKH DNDUFU\D RI 3XU JDYH SUHVV LQWHUYLHZV
FDOOLQJ RQ 6YDUSQDQGD 9VXGHYQDQGD DQG 0GKDYD UDPD WR UHVROYH WKHLU PXWXDO FRQWURYHUV\ GXULQJ WKH
.XPEKD 0HO LWVHOI +H VXJJHVWHG WKDW LI WKH\ FRXOG QRW UHVROYH WKHLU GLVSXWH LQ D WLPHO\ IDVKLRQ DOO WKUHH
VKRXOG EH UHPRYHG IURP WKH VHDW DQG 1LFDOQDQGD VKRXOG EH PDGH WKH DNDUFU\D RI -\RWLUPDK LQVWHDG
1RWKLQJ FDPH RXW RI WKLV DV LW VHHPV WR KDYH EHHQ TXLFNO\ UHDOL]HG WKDW $GKRNDMQDQGD KLPVHOI KDG QR YDOLG
FODLP WR WKH 3XU WLWOH +LV DWWHPSW WR UHVROYH WKH -\RWLUPDK GLVSXWH VHHPV WR KDYH KDG QR RWKHU SXUSRVH WKDQ WR
FUHDWH GRXEW UHJDUGLQJ 1LFDOQDQGDV SRVLWLRQ DW 3XU WKHUHE\ VWUHQJWKHQLQJ KLV RZQ FODLP WR WKH 3XU
DNDUFU\D WLWOH SULYDWH FRPPXQLFDWLRQ IURP - ( /OHZHOO\Q
7KURXJKRXW  DQG  $GKRNDMQDQGD ZDV EXV\ JLYLQJ SUHVV LQWHUYLHZV WR SURMHFW KLPVHOI LQ WKH
,QGLDQ PHGLD DV WKH ULJKWIXO KHDG RI 3XU PDKD 1LFDOQDQGD VHHPV TXLWH FORVH WR PDQ\ 9+3 OHDGHUV ZKLOH
$GKRNDMQDQGD VHHPV FORVH WR &RQJUHVV SDUW\ SROLWLFLDQV $GKRNDMQDQGD KDV WULHG WR XVH WR KLV DGYDQWDJH
WKH IDFW WKDW IRU GLIIHUHQW UHDVRQV ERWK WKH FXUUHQW DNDUFU\DV RI JHUL DQG 'YUDN NHHS DZD\ IURP WKH
OHDGHUV RI WKH 9+3 )RU H[DPSOH VHH KWWSZZZUHGLIIFRPQHZVDXJVKDQKWP $GKRNDMQDQGD DOVR
WULHG WR PHGLDWH EHWZHHQ WKH ,QGLDQ JRYHUQPHQW DQG WKH +XUUL\DW OHDGHUV LQ .DVKPLU +RZHYHU PRUH UHFHQWO\
WKH ,QGLDQ PHGLD KDV EHJXQ WR VHULRXVO\ TXHVWLRQ KLV VWDQGLQJ SHUKDSV EHFDXVH WKH 2ULVVD VWDWH FRXUWV DQG
DGPLQLVWUDWLRQ GR QRW UHFRJQL]H KLV FODLPV 6HH KWWSZZZLQGLDWRGD\FRPLWRGD\UHOLJLRQKWPO
KWWSZZZUHGLIIFRPQHZVMXQSXULKWP DQG KWWSZZZUHGLIIFRPQHZVMXONKDQKWP
19

-\RWLUPDK DNDUFU\DV

9LG\DVDQNDU 6XQGDUHVDQ

JHUL 'DNLPQ\D KWWSZZZMDJDGJXUXVRUJ

w

6DFFLGQDQGD LYEKLQDYD 1DUDVLPKD %KUDW XS WR 

&DQGUDHNKDUD %KUDW 

$EKLQDYD 9LG\WUWKD 

%KUDW 7UWKD VLQFH 

!!

!"

'YUDN 3DFLPPQ\D KWWSZZZVKDUGDSHHWKRUJ

w

2IILFLDOO\ UHSRUWHG OLQHDJH 5MDUMHYDUD DNDUD UDPD XS WR   0GKDYD 7UWKD

  QW\QDQGD 6DUDVYDW   &DQGUDHNKDUD UDPD 

'LVSXWHG OLQHDJH 7ULYLNUDPD 7UWKD XS WR   %KUDW .D 7UWKD 

6YDUSQDQGD 7UWKD DQG <RJHYDUQDQGD 7UWKD 

$EKLQDYD 6DFFLGQDQGD 7UWKD 

6YDUSQDQGD 6DUDVYDW VLQFH 

!#



+H LV FUHGLWHG ZLWK KDYLQJ LQVSLUHG WKH UHGLVFRYHU\ RI WKH YLOODJH RI .ODL LQ .HUDOD WKH ELUWKSODFH RI DNDUD
ZKHUH KH UHQRYDWHG ROG WHPSOHV DQG HVWDEOLVKHG D WUDGLWLRQDO VFKRRO IRU VWXG\LQJ WKH 9HGDV DQG $GYDLWD WH[WV
+H DOVR LQVWLWXWHG WKH FXUUHQW SUDFWLFH RI FHOHEUDWLQJ DNDUD -D\DQWL DQQXDOO\ DQG DUUDQJHG IRU WKH SXEOLFDWLRQ
RI D FRPSOHWH VHW RI WKH WH[WV WUDGLWLRQDOO\ DWWULEXWHG WR DNDUD



+H LV WKH DXWKRU RI D 6DQVNULW FRPPHQWDU\ RQ DNDUDV 9LYHNDFPDL ZKLFK KDV EHHQ WUDQVODWHG LQWR
(QJOLVK DQG SXEOLVKHG IURP %KDUDWL\D 9LG\D %KDYDQ /& &DOO 1R %6 9 



7KH DSSRLQWPHQW RI $EKLQDYD 6DFFLGQDQGD 7UWKD WR WKH 'YUDN WLWOH LQ  ILQDOO\ VHWWOHG DQ ROG VXFFHVVLRQ
GLVSXWH DW WKLV PDKD %HIRUH WDNLQJ RYHU DW 'YUDN KH ZDV WKH KHDG RI D PDKD DW 0ODYJLO LQ .DUQDWDND DQ
DSSUR[LPDWHO\  \HDU ROG EUDQFK RI WKH 'YUDN PDKD ,Q WKH ODWH WK FHQWXU\ WKH WKHQ 'YUDN VXFFHVVLRQ
ZDV LQWHUQDOO\ GLYLGHG PXFK OLNH WKH FXUUHQW VLWXDWLRQ DW -\RWLUPDK DQG WKH KHDGV RI WKH 0ODYJLO PDKD KDG
DOVR VWDNHG D FODLP WR WKH 'YUDN WLWOH ,Q WKH \HDU  %KUDW .D 7UWKD PRYHG WR 3XU WKHUHE\
UHPRYLQJ KLPVHOI IURP WKLV GLVSXWH ,Q  <RJHYDUQDQGD 7UWKD LV VDLG WR KDYH JLYHQ XS KLV FODLP WR WKH
'YUDN VHDW LQ RUGHU WR MRLQ KLV JXUX %KUDW .D 7UWKD DW 3XU $EKLQDYD 6DFFLGQDQGD 7UWKD WKHQ WRRN
RYHU FKDUJH DW 'YUDN ZLWK %KUDW .D 7UWKDV DSSURYDO WKHUHE\ PHUJLQJ WKH FROODWHUDO OLQHDJH RI WKH
0ODYJLO PDKD ZLWK WKDW RI 'YUDN $EKLQDYD 6DFFLGQDQGD 7UWKD SOD\HG D PDMRU UROH LQ VXFFHVVLRQ LVVXHV
DW 3XU DQG -\RWLUPDK +H DOVR HVWDEOLVKHG WKH GL DNDUD .DLYDO\D 'KPD QHDU .HGUQWK
20