Академический Документы
Профессиональный Документы
Культура Документы
7R E 3$*$1'$9,'E E
6(/)-())5(<E
E *,''(16*5(*25 $+(51-$<621 )/2660$1/25(1 )E
6XEMHFW 5((QYLURQPHQWDOLVWVFDOORQ+LGDOJR&RXQW\OHDGHUVWRVFUDSOHYHHZDOOFRPERSODQ
'DWH 7XHVGD\0DUFK$0
$VNLQJE WRDGGUHVV
E
'LUHFWRU
0HGLD5HODWLRQV'LYLVLRQ
2IILFHRI3XEOLF$IIDLUV
86&XVWRPVDQG%RUGHU3URWHFWLRQ
E
)URPE
6HQW7XHVGD\0DUFK$0
7R3$*$1'$9,'* E
6(/)-())5(<'$'$0652:'<'*,''(16*5(*25<$+(51-$<6213)/2660$1/25(1:
E
6XEMHFW5((QYLURQPHQWDOLVWVFDOORQ+LGDOJR&RXQW\OHDGHUVWRVFUDSOHYHHZDOOFRPERSODQ
*RRGPRUQLQJE
+DYHZHUHDFKHGRXW WRWKH ILOPPDNHU:D\QH(ZLQJ"
,IQRWGR\RXWKLQNLWZRXOGEHDJRRGLGHDWRWU\DQGSURYLGHRXUSHUVSHFWLYHE\DUUDQJLQJLQWHUYLHZV
IRUKLPZLWK&%3UHSUHVHQWDWLYHVVXFKDV&KLHI9LWLHOOR"
E
6HFXUH%RUGHU ,QLWLDWLYH
86&XVWRPVDQG%RUGHU 3URWHFWLRQ
E
)RUPRUHLQIRUPDWLRQDERXW WKH6HFXUH%RUGHU ,QLWLDWLYHYLVLWE FRQWDFWXVDWE
)URP3$*$1'$9,'*E
6HQW0RQGD\0DUFK30
7RE
$'$0652:'<'*,''(16*5(*25<$+(51-$<6213)/2660$1/25(1:)5,(/E
6XEMHFW(QYLURQPHQWDOLVWVFDOORQ+LGDOJR&RXQW\OHDGHUVWRVFUDSOHYHHZDOOFRPERSODQ
(QYLURQPHQWDOLVWVFDOORQ+LGDOJR&RXQW\OHDGHUVWRVFUDSOHYHHZDOOFRPERSODQ
0DUFK
6WHYH7D\ORU
(',1%85*0DUFK(QYLURQPHQWDOLVWVKDYHFDOOHGRQ
+LGDOJR&RXQW\FRPPLVVLRQHUVWRVFUDSWKHLUDJUHHPHQWZLWK
WKH'HSDUWPHQWRI+RPHODQG6HFXULW\WREXLOGDQIRRWKLJK
FRQFUHWHZDOODORQJPLOHVRIWKHFRXQW\¶VOHYHHV
³,WKLQNZHQHHGWRQRWVXSSRUWWKHZDOOLQDQ\IDVKLRQ
ZKHWKHULW¶VDIHQFHRUZKHWKHULW¶VDFRQFUHWHZDOO´VDLG$QQ
&DVVDPHPEHURIWKH1R%RUGHU:DOO&RDOLWLRQDQG
H[HFXWLYHGLUHFWRURI3UR\HFWR$]WHFD
&DVVZDVRQHRIDQXPEHURIHQYLURQPHQWDOLVWVWRPHHWZLWK
+LGDOJR&RXQW\-XGJH-'6DOLQDVDQG+LGDOJR&RXQW\
'UDLQDJH'LUHFWRU*RGIUH\*DU]DDERXWWKHOHYHHZDOOSODQLQ
DFRQIHUHQFHURRPDWWKHFRXQW\FRXUWKRXVHRQ)ULGD\
7KHPHHWLQJZDVWDSHGE\DZDUGZLQQLQJILOPPDNHU:D\QH 0DUWLQ+DJQHH[HFXWLYH
(ZLQJIRUDRQHKRXUGRFXPHQWDU\DERXWWKHERUGHUZDOOWR GLUHFWRURIWKH9DOOH\
EHDLUHGRQ3%6¶V%LOO0R\HUV-RXUQDOLQ2FWREHU 1DWXUH&HQWHUDQG:D\QH
%DUWKRORPHZH[HFXWLYH
7KHRWKHUHQYLURQPHQWDOLVWVDQGFRPPXQLW\OHDGHUVSUHVHQW GLUHFWRURI)URQWHUD
ZHUH0DUWLQ+DJQHH[HFXWLYHGLUHFWRURIWKH9DOOH\1DWXUH $XGXERQOLVWHQWR
&HQWHU:D\QH%DUWKRORPHZH[HFXWLYHGLUHFWRURI)URQWHUD GLVFXVVLRQVRQWKHOHYHH
$XGXERQ-XDQLWD9DOGH]&R[GLUHFWRURI/D8QLyQGHO ZDOOSURMHFW3KRWR
3XHEOR(QWHUR)HUQDQGR)ORUHVD/RV&DPLQRVGHO5LRERDUG 5**6WHYH7D\ORU
PHPEHUDQG5H\$Q]DOGXDD*UDQMHQRODQGRZQHU
7KHWZRKRXUGLVFXVVLRQZDVGHWDLOHGDQGDEVRUELQJZLWK6DOLQDVDQG*DU]DH[SODLQLQJZK\
WKHFRXQW\ZDVSXUVXLQJWKHOHYHHIHQFHSODQZLWK'+6DQGWKHHQYLURQPHQWDOLVWVDUJXLQJ
WKDWWKHSURSRVDOZDVQREHWWHUIRUZLOGOLIHWKDQ'+6¶VRULJLQDOERUGHUIHQFHSODQ)RXU
%RUGHU3DWURODJHQWVZHUHSUHVHQWDVREVHUYHUVEXWGLGQRWVD\PXFK
³:KDW,DPKHDULQJLVWKDWVRPHWLPHVDIHQFHLVEHWWHUIRUDQLPDOVWKDQWKLVOHYHHZDOO
VWUXFWXUHLVWKDWZKDW,DPKHDULQJ"´6DOLQDVDVNHGDWRQHSRLQW
³$EVROXWHO\´WKHHQYLURQPHQWDOLVWVDQVZHUHGLQXQLVRQ
%DUWKRORPHZODWHUWROGWKH*XDUGLDQZK\WKHOHYHHZDOOSODQZDVQREHWWHUWKDQWKHRULJLQDO
ERUGHUIHQFHSODQ
³,QP\RSLQLRQWKHOHYHHZDOOSODQLVDZRUVHDOWHUQDWLYHDVIDUDVHQYLURQPHQWDOLPSDFWV
JR´%DUWKRORPHZVDLG³7KHUHLVIDUPRUHKDELWDWRQWKHULYHUVLGHRIWKHOHYHHV<RXSXWD
ZDOOLQULJKWXSDJDLQVWUHODWLYHO\SULVWLQHKDELWDWWKHRQO\KDELWDWZHKDYHOHIWLQWKH9DOOH\
DQGLWVLPSDFWLVJRLQJWRH[WHQGEH\RQGWKHIRRWSULQWRIWKHZDOO´
'XULQJWKHPHHWLQJ6DOLQDVDUJXHGWKDWWKH³RQHJRRGWKLQJ´DERXWFRPELQLQJWKHERUGHU
ZDOOSODQZLWKUHSDLURIWKHOHYHHVZDVWKDWPLOOLRQDPLOHZRXOGEHVKDYHGRIIWKHFRVW
RIFRQVWUXFWLRQ³%\SXWWLQJERWKSRWVRIPRQH\WRJHWKHUZHFDQGRPRUHPLOHV´KHVDLG
6DOLQDVVDLGWKHUHZDVDOVRDQXUJHQWQHHGWRPRYHIRUZDUGZLWKWKHOHYHHZDOOSODQEHFDXVH
RIWKHSUHVVXUH)(0$ZDVH[HUWLQJ
³,MXVWKRSHHYHU\ERG\XQGHUVWDQGVWKDW)(0$LVSXVKLQJXVXQGHUWKHJXQWRPDNHVXUHZH
GRVRPHWKLQJWRFHUWLI\WKHVHOHYHHVVRRXUORFDOWD[SD\HUVZRQ¶WEHEXUGHQHGZLWK
SXUFKDVLQJIORRGLQVXUDQFH´6DOLQDVVDLG
)(0$SODQVWRLVVXHQHZIORRG]RQHPDSVLQ³:HFDQ¶WZDLWXQWLOWKHQWRVWDUW
ZRUNLQJ´6DOLQDVVDLG
*DU]DVDLGUHSDLURIWKHFRXQW\¶VOHYHHVKDGWREHWRSHUFHQWFRPSOHWHGE\WKHHQGRI
RWKHUZLVH)(0$ZRXOGLVVXHLWVIORRGPDSVZLWKODUJHVZDWKHVRI+LGDOJR&RXQW\
LQFOXGHG
&DVVVDLGLWGHILHGEHOLHIWKDW)(0$ZRXOGWHOOWKHFRXQW\WRJHWLWVOHYHHVIL[HGZKHQWKH
UHVSRQVLELOLW\OLHVZLWKWKHIHGHUDOJRYHUQPHQW6KHVDLG+LGDOJR&RXQW\OHDGHUVVKRXOGQRW
KDYHWRWKLQNWKH\PXVWFXWDGHDOZLWK'+6MXVWEHFDXVH)(0$ZDQWHGWRSXWRXWQHZ
IORRG]RQHPDSV
³)RUJHWDERXWWKH)(0$GHDGOLQH$VDFRPPXQLW\ZHQHHGWRWHOO-XGJH6DOLQDVWREDFN
DZD\IURPWKHDJUHHPHQWZLWK'+6DQGVD\ZHZLOOVXSSRUW\RXDVDFRPPXQLW\LQJHWWLQJ
&RQJUHVVWRSD\IRUWKHUHSDLURIWKHOHYHHVDQGZHQHHGWRDFWQRZ´&DVVWROGWKH*XDUGLDQ
ODWHU
&DVVMRLQHG+DJQHDQG%DUWKRORPHZLQVD\LQJFRPPXQLW\ZRXOGJHWEHKLQG6DOLQDVLIKH
ZHQWWR&RQJUHVVDQGGHPDQGHGWKDWWKHIHGHUDOJRYHUQPHQWIL[WKHOHYHHV
³:HQHHGWRUHDOO\SUHVV&RQJUHVV+RZFDQ)(0$JLYHRXUFRXQW\MXGJHDGHDGOLQHWRIL[
WKHOHYHHVZKHQ&RQJUHVVLVQRWJRLQJWRSD\IRULWDQGLWLVWKHLUUHVSRQVLELOLW\"´&DVVDVNHG
³,VD\IRUJHWWKH)(0$GHDGOLQHJRWR&RQJUHVVDQGVD\ZHKDYHDQRWKHUSRWHQWLDO.DWULQD
KHUHLQWKH5LR*UDQGH9DOOH\)RUJHWDERXWWKHZDOOSXWWKHPRQH\LQWRIL[LQJRXUOHYHHV
7KDW¶VWKHVWDQFHZHQHHGWRWDNH´
+DJQHSRLQWHGRXWWKDW866HQ.D\%DLOH\+XWFKLVRQ57H[DVKDGDGGHGODQJXDJHWRD
PDMRUDSSURSULDWLRQVELOOLQ'HFHPEHUWKDWJLYHV+RPHODQG6HFXULW\6HFUHWDU\0LFKDHO
&KHUWRIIPRUHIOH[LELOLW\LQKRZKHDSSURDFKHVERUGHUVHFXULW\
³2XUFRXQW\MXGJH0U6DOLQDVFDQUHDOO\EDFNRIIIURPWKLVVXEMHFW+HLVQRWERXQGE\RU
KHOGKRVWDJHE\'+6DQGLWVSODQV´+DJQHWROGWKH*XDUGLDQODWHU
³7KURXJKWKH+XWFKLVRQDPHQGPHQWWKH\DUHQRWERXQGE\ODZWREXLOGDVROLGVWUXFWXUH
DQ\PRUH,WFDQEHYLUWXDOLWFDQEHPRUHSHRSOHRQWKHJURXQG7KHORJLFWKDWZHKDYHWR
EXLOGVRPHWKLQJEHFDXVHVRPHERG\LVJRLQJWRLVIDOVH´
$VNHGLIDERUGHUIHQFHZDVEHWWHUIRUZLOGOLIHWKDQDOHYHHZDOO+DJQHVDLG³7KDWLVNLQGRI
DVWLFN\VXEMHFW,ZRXOGUDWKHUVHHQRZDOORUDQ\VWUXFWXUHEHFDXVHRIZLOGOLIHLVVXHV%XW,
WKLQNSUREDEO\LQFHUWDLQLQVWDQFHVWKHRULJLQDOIHQFHSODQPLJKWEHEHWWHUWKDQWKHFRQFUHWH
ZDOORQWKHOHYHH,ZRXOGUDWKHUVHHQHLWKHUEHFDXVHERWKZLOOKDYHDVWURQJLPSDFWRQ
ZLOGOLIH´
6XSSRUWLQJWKHOHYHHZDOOSODQ*DU]DLQWURGXFHGDQHZDUJXPHQWLQWRWKHHTXDWLRQ+HVDLG
WKDWHQJLQHHULQJZLVHDFRQFUHWHUHWDLQLQJZDOOZDVEHWWHUWKDQDQHDUWKHQEDQN+HDOVR
VDLGDYHUWLFDOFRQFUHWHZDOOZRXOGUHTXLUHOHVVHDVHPHQWVSDFH
³6RPHRIWKHVHJPHQWVRIOHYHHVDUHVRGHWHULRUDWHGWKHPDWHULDOVVREDGVRPHRIWKHOHYHHV
ZLOOKDYHWREHWRUQRXW,W¶VJRWWRJRGRZQWRQDWXUDOJURXQGDQGEHUHFRQVWUXFWHGXS3XW
ZDOOLQIURQWRILWDQG\RXGRQRWKDYHWRGRWKDW´*DU]DVDLG³%\SXWWLQJWKHFRQFUHWHZDOO
ZHKDYHDVWURQJHUEHWWHUOHYHH´
/RXLV-RQHVDQHQJLQHHUZLWK'DQQHQEDXP(QJLQHHULQJDJUHHG'DQQHQEDXPLVZRUNLQJ
ZLWKWKHFRXQW\RQWKHOHYHHZDOOSODQ
&DVVUHVSRQGHG³&DQLWQRWEHVWURQJHUZLWKRXWLWORRNLQJOLNHZHDUHLQDPLOLWDUL]HG]RQH"´
+DJQHVDLGWKHSUREOHPZLWKDQIRRWKLJKFRQFUHWHZDOOLVDQLPDOVVXFKDVWKHEREFDW
MDJXDUXQGLDQGRFHORWZRXOGKDYHWRWUDYHODURXQGLW³+DYLQJDQIRRWVKHHUFRQFUHWH
ZDOOLVJRLQJWRWRWDOO\GRDZD\ZLWKWKHZLOGOLIHFRUULGRU¶VSXUSRVH,IDQDQLPDOFDQQRW
FURVVWKDWZK\KDYHWKHFRUULGRU"´+DJQHVDLG
-RQHVUHVSRQGHGWKDWKHKDGRQFHZRUNHGRQDQHQJLQHHULQJSURMHFW%URZQVYLOOHZKHUHDQ
HOHFWURQLFFKLSKDGEHHQSODFHGRQDQRFHORW7KHRFHORWZDVWUDFNHGVZLPPLQJWKH5LR
*UDQGHFURVVLQJRYHUKLJKZD\VDQGHYHQPDNLQJLWWR6RXWK3DGUH,VODQG³7RVD\WKH\
FDQQRWPRYHRQHPLOHGRZQWKHURDGWRFURVVDOHYHHLVLQP\H[SHULHQFH«WKH\GRGRWKDW´
-RQHVVDLG
7KHUHSUHVHQWDWLYHVIURPWKHQRQSURILWJURXSVDOVRWROG6DOLQDVWKH\ZHUHDOVRFRQFHUQHG
WKDWWKH1DWLRQDO(QYLURQPHQWDO3ROLF\$FW1(3$ZDVQRWEHLQJIROORZHG8QGHU1(3$
VWDNHKROGHUVDUHJLYHQDSXEOLFFRPPHQWSHULRGRQFHDGUDIW(QYLURQPHQWDO,PSDFW6WDWHPHQW
(,6KDVEHHQLVVXHG+RZHYHUQRGUDIW(,6LVSODQQHGIRUWKHOHYHHZDOOSURMHFW
³(YHU\FLWL]HQZKROLYHVLQWKLV9DOOH\LVDVWDNHKROGHUDQGULJKWQRZWKH\KDYHDOOEHHQ
H[FOXGHGIURPPDNLQJPHDQLQJIXOFRPPHQWXQGHUWKH1(3$JXLGHOLQHV7KHSURFHVVLV
VXSSRVHGWREHLQFOXVLYH´%DUWKRORPHZVDLG
7KHHQYLURQPHQWDOLVWVWKDQNHG6DOLQDVIRUDJUHHLQJWRPHHWWKHP7KH\VDLGWKH\OHDUQHGD
ORWPRUHIURPKLPWKDQWKH\KDYH'+6