Вы находитесь на странице: 1из 8

36<3,21((5

$Q(OHFWURQLF1HZVOHWWHUIURP/RQGRQ

9ROXPH1R-XQH

+LJKOLJKWVRIWKLVLVVXH
-XVWLFHIRUWKH)R[6LVWHUV
7KH 3ULPH0LQLVWHUZDVD/\FHXPLVW
)XQHUDORI6WDLQWRQ0RVHV
0DGDPH%ODYDWVN\D6SLULWXDOLVWXSWRDSRLQW
7KH (GG\VDQGWKH+ROPHVHV
$-'DYLVLQ*HUPDQ\

-867,&()257+()2;6,67(56

$IWHU\HDUVDQHZELRJUDSK\DWWHPSWVWRSXWDEDODQFHGFDVH

3DXO*DXQWUHSRUWV

7KHUHDUHWRGD\DYDULHW\RIERRNVDQGDUWLFOHVRQWKHULVHRI0RGHUQ6SLULWXDOLVP
HVSHFLDOO\WKHHYHQWVRI0DUFKVW7KLVVWRU\KDVRYHUWKH\HDUVKRZHYHU
EHFRPHGLVWRUWHGIURPWKHNQRZQIDFWVDVUHFRUGHGE\WKHHDUO\KLVWRULDQVRIWKH
0RYHPHQW7KHVWRU\RILWVEHJLQQLQJVDQGWKHLQYROYHPHQWRIWKH)R[IDPLO\DUHRI
FRXUVHRSHQWRLQGLYLGXDOLQWHUSUHWDWLRQLQFOXGLQJWKHUHFRUGVRI
RQWKHVSRW

KLVWRULDQV

2QHRIWKHPDQ\FRQIXVLQJLVVXHVLVLQFRQVLVWHQF\RQWKHDJHVRIWKHNH\FKDUDFWHUV
.DWHDQG0DJJLH)R[7KHVHYDU\IURPUHFRUGWRUHFRUGEHWZHHQDQGIRU.DWH
DQGDQGIRU0DJJLH

7KLVQHZDFFRXQWE\%DUEDUD:HLVEHUJ
7$/.,1*727+('($'.DWHDQG
0DJJLH)R[DQGWKH5LVHRI6SLULWXDOLVP
 +DUSHU6DQ)UDQFLVFR DGGUHVVHV
VXFKFRQIXVLRQVDQGEULQJVWKHPLQWRVRPHSHUVSHFWLYHDVZHOODVJLYLQJDGHWDLOHG
RYHUYLHZRIWKH)R[IDPLO\LQJHQHUDO7KHDXWKRUUHWUDFHVWKHIDPLO\
VEDFNJURXQG
LQFOXGLQJWKHPHGLXPVKLSRIWKHHOGHVWVLVWHU$QQH/HDK7KHVWRU\RIWKHRIWHQWUDJLF
GHQRXHPHQWLVWROGLQUHODWLRQVKLSWRWKHSROLWLFDOVLWXDWLRQRIWKH$PHULFDQ&LYLO:DU
OLQNLQJWKHVRFLDOUHOLJLRXVDQGHFRQRPLFFOLPDWHWRWKHJURZWKRI6SLULWXDOLVP

,QKHUERRN%DUEDUDWUDFHVWKHULVHRI6SLULWXDOLVPDQGWKHLPSRUWDQWSDUWSOD\HGE\
/HDK.DWHDQG0DJJLHIURPRULJLQDOPDWHULDOV6KHJLYHVWKHUHDGHUQXPHURXVVRXUFH
UHIHUHQFHVDVVKHXQFRYHUVWKHGHHSHQLQJSOLJKWRIWKHVHUHPDUNDEOHPHGLXPV7KH
DXWKRUSUHVHQWHGWKHSDVVLYHPHGLXPVKLSWKDWLVGLVSOD\HGE\HDFKRIWKHVLVWHUV
WKURXJKRXWWKHERRNLQDQRQELDVHGZD\ODUJHO\UHO\LQJXSRQUHVHDUFKHGPDWHULDO
DQGGRFXPHQWHGLQIRUPDWLRQIURPWKRVHSUHVHQWDWWKHWLPH

7KH ERRNLVDJRRGVXPPDU\RIWKH)R[VWRU\SXWWLQJWKHHYHQWVLQWRSHUVSHFWLYHDQG
JLYLQJDFOHDUHULQVLJKWLQWRWKH\RXQJJLUOVZKREURXJKWDERXW0RGHUQ6SLULWXDOLVP
DQGKRZ0DJJLH)R[HYHQWXDOO\WULHGWRGHVWUR\LW


7KHERRNLVYHU\ZHOOEDODQFHGZLWKPDQ\WKRXJKWSURYRNLQJSRLQWVIRUH[DPSOH
%DUEDUDWUDFHV0DJJLH
VWUDJLFDGXOWOLIHIURPZKHQVKHPHHWVH[SORUHU(OLVKD.HQW
.DQHKLVJUHDWGLVDSSURYDORIKHUZRUNDVDPHGLXPDQGZKDWLWVWDQGVIRUWKHLU
PDUULDJHKLVGHDWKKHUDOFRKROLVPDQGFRQYHUVLRQWR&DWKROLFLVP+HUJURZLQJ
GLVDSSURYDORI6SLULWXDOLVPUHVXOWHGLQKHUH[SRVXUHRIWHQUHIHUUHGWRDVWKH

'HDWK
%ORZWR6SLULWXDOLVP

LQIROORZHGE\KHUUHFDQWDWLRQLQ6LPLODUO\.DWHV
VWRU\OLQHLVDJDLQPXFKPRUHGHWDLOHGWKDQRWKHUDFFRXQWVRIKHUOLIH

, ILQGLWLQWHUHVWLQJWRQRWHWKDW%DUEDUDSRLQWVWR(OLDE:&DSURQDQG+HQU\'
%DUURQDVEHLQJPDMRUFRQWULEXWRUVWRWKHHDUO\ULVHRI0RGHUQ6SLULWXDOLVP,Q
6LQJXODU5HYHODWLRQV([SODQDWLRQDQG+LVWRU\RIWKH0\VWHULRXV&RPPXQLRQZLWK
6SLULWVWKH\GUHZSULPDULO\XSRQWKHZRUNVRI$QGUHZ-DFNVRQ'DYLV S WR
H[SODLQVSLULWFRPPXQLFDWLRQDQGWKHVSLULWZRUOG$QRWKHULPSRUWDQWFROOHFWLRQRI
PDWHULDOZDV'HOORQ0DUFXV'HZH\+LVWRU\RIWKH6WUDQJH6RXQGV  %XWLW
ZDV+RUDFH*UHHOH\ZKRILUVWHPSOR\HGWKHWHUP0RGHUQ6SLULWXDOLVPDQGFDOOHG
LWVIROORZHUV6SLULWXDOLVWVLQ

'DYLVKDGZULWWHQRIWKHUHFHQWO\GHFHDVHGRIWHQIDLOLQJWRUHFRJQLVHWKHLURZQGHDWK
$VWKHVHHDUO\KLVWRULDQVUHFRUGHGWKHSKHQRPHQDRIWKH)R[VLVWHUVWKHSKLORVRSK\RI
'DYLVZDVEHLQJPDGHIDPLOLDUIRUH[DPSOH+HDYHQDQG+HOOZHUHUHSODFHGE\
+LJKHUDQG/RZHU6SKHUHV

,QP\RSLQLRQ%DUEDUDKDVGRQHDQH[FHOOHQWMRELQSLHFLQJWRJHWKHUWKHUHOHYDQW
LQIRUPDWLRQ6KHNHHSVFORVHO\WRWKHHDUO\KLVWRULDQVZKRUHFRUGHGWKHVHHYHQWV$V
HDUO\DVWKHUHZHUHFRQIOLFWLQJYHUVLRQVGLVWRUWLQJWKHEDVLFVWRU\RIWKH)R[
VLVWHUV6KHLVUHIUHVKLQJO\LPSDUWLDOEXWLQWKH
$IWHUZRUG
VHFWLRQRIWKHERRNVKH
GRHVH[SUHVVKHUVHOILQSDUW

, ZRXOGIXOO\UHFRPPHQGWKLVERRNDVDZHOOUHVHDUFKHGDQGLQIRUPDWLYHJXLGHWRWKH
EHJLQQLQJVRIHDUO\0RGHUQ6SLULWXDOLVP

25'(5'(7$,/6

7KH ERRNLVDYDLODEOHGLUHFWIURPWKHSXEOLVKHUV RUGHU#KDUSHUFROOLQVFRP SULFHGDW
IRUDFORWKKDUGEDFNHGFRS\$OVRDYDLODEOHIURPZZZDPD]RQFRP

,6%1

3DXO-*DXQW%DUQVWDSOH8.

&DPEULGJH6FKRODUV1HZV

:HUHSRUWHGLQ33SDJHRQFRQIOLFWLQJFODLPVDERXWWKHRULJLQVRIWKH635,QKHUQHZERRN
%DUEDUD:HLVEHUJVD\VRQSWKH6RFLHW\IRU3V\FKLFDO5HVHDUFKNQRZQDVWKH635ZDVVWDUWHG
LQ&DPEULGJH8QLYHUVLW\LQ(QJODQG6KHLQFOXGHVDPRQJWKHIRXQGHUVWKH6LGJZLFNV$UWKXU
%DOIRXUDQG:LOOLDP%DUUHWWEXWQRW'DZVRQ5RJHUV



7+(35,0(0,1,67(5:$6$/<&(80,67


$OWKRXJKVRPHGLVWLQJXLVKHGSHRSOHKDYHEHHQDVVRFLDWHGZLWK/\FHXPVIHZULYDO
$OIUHG'HDNLQ  RI0HOERXUQH$XVWUDOLD+HZDV3ULPH0LQLVWHURIKLV
FRXQWU\WKUHHWLPHVEHWZHHQDQGSOD\HGDQLPSRUWDQWSDUWLQWKHFUHDWLRQ
RIWKH&RPPRQZHDOWKRI$XVWUDOLDLQZKLFKEURXJKWWRJHWKHUWKH$XVWUDOLDQ
VWDWHV

'HDNLQZKRVHSDUHQWVKDGFRPHIURP(QJODQGPRYHGIURP$QJOLFDQLVPWR
LQYHVWLJDWLRQRI6SLULWXDOLVPDERXWDQGLQIRUPHGDFLUFOHDWKLVKRPH+H
ZDVVRRQLQYLWHGWRWKHPRUHVXFFHVVIXOFLUFOHRI'U0RWKHUZHOOZKHUHDJHGRQO\
KHZDVWKHPHGLXPIRUWUDQFHFRPPXQLFDWLRQVHVSHFLDOO\$1HZ3LOJULP
V
3URJUHVVSXUSRUWLQJWREHJLYHQE\-RKQ%XQ\DQWKURXJKDQLPSUHVVLRQDOZULWLQJ
PHGLXPZKLFKZDVSXEOLVKHGLQ0HOERXUQHLQWZRFRSLHVDUHLQ&36/RQGRQ

 6SLULW7HDFKLQJV QRWWREHFRQIXVHGZLWKWKHIDPRXVERRNE\6WDLQWRQ0RVHV 
DQGVXEWLWOHG2UDO,PSUHVVLRQDODQG$XWRPDWLFHGLWHGE\:+7HUU\DOVR
LQFOXGHGVHYHUDODGGUHVVHVWKURXJK'HDNLQ%\WKHWLPHLWZDVSXEOLVKHGLQ
0HOERXUQHLQ'HDNLQZDV3ULPH0LQLVWHUDQGKHZDVQRWQDPHGLQWKHERRN

$ 3URJUHVVLYH/\FHXPZDVIRXQGHGLQ0HOERXUQHLQDQG'HDNLQZDVFRQGXFWRU
DIWHU7HUU\DQGFRHGLWRURIWKH/\FHXP/HDGHUZKLOHWUDLQLQJDVDEDUULVWHU$VKLV
SROLWLFDOFDUHHUGHYHORSHG KHZDVHOHFWHGWRWKHVWDWHSDUOLDPHQWLQ9LFWRULDLQ 
'HDNLQJDYHXSKLVDFWLYH6SLULWXDOLVWUROHEXWKLVV\PSDWK\DOZD\VUHPDLQHG

'U $O*DED\
VERRN7KH0\VWLF/LIHRI$OIUHG'HDNLQ &DPEULGJH8QLYHUVLW\
3UHVV WHOOVKLVVWRU\XVLQJPDQ\SULYDWHPDQXVFULSWV,WLVVWLOOLQSULQWDWDERXW
 YHU\H[SHQVLYH EXWORFDOOLEUDULHVFDQJHWLWIURPWKH%ULWLVK/LEUDU\IRU8.
UHDGHUV


7KH3V\FKLF3LRQHHU3URMHFW6WLUV

2Q0D\WKHILUVWFRSLHVRI33ZHUHHPDLOHGWRVWDNHKROGHUV PDLQO\SHUVRQV
DQGLQVWLWXWLRQVZKRKDGSUHYLRXVO\VXSSRUWHGWKHSURMHFW 7KHILUVWLQGLYLGXDO
VXEVFULEHUVFDPHIURPDQDQQRXQFHPHQWRQWKHZHEVLWHRIWKH,QWHUQDWLRQDO
6XUYLYDOLVW6RFLHW\RQ$SULO$VUHDGHUVKLSUHDFKHGGRXEOHILJXUHVZHEHFDPHWKH
6SLULWXDOLVWQHZVSDSHUZLWKWKHZRUOGVVPDOOHVWFLUFXODWLRQ8QWLOZHKDYHDPXFK
EHWWHUSURGXFWZHH[SHFWWRUHPDLQWKDWZD\ZLWKYHU\OLPLWHGSURPRWLRQ:HDUH
JUDWHIXOWR$QGUHDV6RPPHU *HUPDQ\ ZKRYROXQWHHUHGWR3')WKHQHZVOHWWHUDQG
WR:RRGODQG:D\6DQFWXDU\LQ$XVWUDOLDZKRKDYHJLYHQXVDWHPSRUDU\KRPHRQ
WKHLUZHEVLWHZZZZRRGODQGZD\RUJ

7KHQHZVOHWWHUVKRXOGDSSHDUDWOHDVWPRQWKO\,I\RXZDQWWREHRQWKHPDLOLQJOLVW
MXVWVHQGDPHVVDJHKHDGHG6XEVFULEHWROHVOLHSULFH#EOXH\RQGHUFRXN


67$,1721026(6)81(5$/

6WDLQWRQ0RVHV  

7KH IROORZLQJVOLJKWO\PRGLILHGLVIURPWKH%HGIRUGVKLUH,QGHSHQGHQWRI
6HSWHPEHUWK

7KH UHPDLQVRIWKHODWH0U:LOOLDP6WDLQWRQ0RVHVZKRGLHGRQWKHWKLQVWDWWKH
UHVLGHQFHRIKLVPRWKHULQ6W3HWHUV%HGIRUGZHUHLQWHUUHGDWWKH%HGIRUGFHPHWHU\
RQ )ULGD\WKHWKLQVW7KH5HY:+DUW6PLWKUHFWRURI6W3HWHUVFRQGXFWHGWKH
IXQHUDOVHUYLFHDQGWKHUHZDVDODUJHDWWHQGDQFHRIV\PSDWKLVLQJIULHQGVDPRQJ
ZKRPZHUH&RORQHO&UDJJ0U)3HUFLYDO0U$$:DWWV0UV6WUHHW0UV0DVRQ
0U,UHODQG0U:*-RKQVRQ0U&(&DVVDO0U+:LWKDOOWKH5HY-+(GZDUGV
0UV(GZDUGV0U%RXOWEHH0U%'*RGIUH\DQG0U6RXWK
7KHXQGHUWDNLQJDUUDQJHPHQWVZHUHPRVWVDWLVIDFWRULO\FDUULHGRXWE\0U'HODILHOG
DQGKLVVRQRI+DUSXUVWUHHW%HDXWLIXOIORUDOWULEXWHVWRWKHPHPRU\RIWKH
GHFHDVHGZHUHUHFHLYHGIURP0U&KDUOWRQ76SHHU0UV&76SHHU0LVV6SHHU0UV
6WDQKRSH6SHHU0LVV(YHV0U)(YHUDUG&ROW0UV6WUHHW):DQG66/HYDQGHU
WKH &DPSEHOO/RGJHRI)UHHPDVRQVWKH/RQGRQ6SLULWXDOLVW$OOLDQFH,Q
DIIHFWLRQDWHUHPHPEUDQFHIURPKLVPRWKHUDQGRQH7RWKHPHPRU\RIDQREOH
VRXODSXUHOLIHDORIW\SXUSRVHDVHOIVDFULILFLQJXQWLULQJGHYRWLRQWRDJUHDWZRUN
IURP KLVDWWDFKHGIULHQGV&KDUOHVDQG&HFLOLD0DFUDH

7KHODWH0U0RVHVZDVZHOONQRZQLQWKHOLWHUDU\ZRUOGRI/RQGRQDQGPRYHGLQD
FLUFOH RIPHQHPLQHQWIRUWKHLUJHQLXVDWWDLQPHQWVDQGDXWKRUVKLS3HUVRQDOO\KHKDG
FKDUPLQJSUHVHQFHDQGH[FHOOHGLQWKHFRQYHUVDWLRQDODUW%\WKHVHJLIWVDQGKLV
XQYDU\LQJJHQLDOLW\KHPDGHPDQ\ODVWLQJIULHQGVKLSVDQGKLVGHDWKKDVFUHDWHGD
GHHSVHQVHRIORVVDPRQJKLVDFTXDLQWDQFHV,QOLWHUDWXUHKHZDVNQRZQDV
0$ 2[RQ DQGKHEHJDQFRQWULEXWLQJWR6SLULWXDOLVWSHULRGLFDOVDVIDUEDFNDV
EXWWRRNRYHUWKHHQWLUH(GLWRUVKLSRI/,*+7LQ

+LV EHVWNQRZQZRUNZDV6SLULW7HDFKLQJVEXWKHDOVRJDYHWRWKHZRUOG7KH
+LJKHU $VSHFWVRI6SLULWXDOLVP6SLULW,GHQWLW\3V\FKRJUDSK\RU'LUHFW6SLULW
:ULWLQJDOORIZKLFKZLWKWKHH[FHSWLRQRIWKHODVWDUHSUDFWLFDOO\RXWRISULQWDQG
VHYHUDOSDPSKOHWVRQNLQGUHGVXEMHFWVKDYHDOVRSURFHHGHGIURPKLVSHQ

:HFRS\WKLVUHSRUWIURP/LJKWRI2FWREHUWKRXJKE\WKHNLQGQHVVRI'U
0&ROHPDQRI%HGIRUGZHKDYHDOVRVHHQWKHRULJLQDORELWXDU\ZKLFKJRHVRQWR
TXRWHIURP/LJKW,QWKHPRQWKVDKHDGZHKRSHWRPDNHDYDLODEOHPDQ\LWHPVRI
LQIRUPDWLRQDERXW60RVHV

,WZLOOEHQRWLFHGWKDWKHKDGDFRQYHQWLRQDO&KXUFKRI(QJODQGIXQHUDOLQWKHSDULVK
ZKHUHKHGLHGDVZDV DQGVWLOOLV WKHOHJDOULJKWRIDQ\SHUVRQLQ(QJODQG


%LRJUDSKLFDOQXPEHULQJ,QWKLVDQGODWHULVVXHVRIWKHQHZVOHWWHUUHDGHUVPD\VHH
LWHPVSUHIL[HG HJ6WDLQWRQ0RVHV   7KLVLVWRPDNHHDV\UHIHUHQFHRYHUPDQ\
PRQWKVWRLWHPVDERXWPDMRUSLRQHHUV



%/$9$76.<$63,5,78$/,678372$32,17
0DGDPH%ODYDWVN\FRIRXQGHURIWKH7KHRVRSKLFDO6RFLHW\LQ1HZ<RUNLQ
LGHQWLILHGKHUVHOIZLWKWKH6SLULWXDOLVW0RYHPHQWEXWKDGSULYDWHUHVHUYDWLRQV$QHZ
FROOHFWLRQRIKHUFRUUHVSRQGHQFHVKRZVVLJQLILFDQWGLIIHUHQFHVLQKHUVWDWHPHQWVWR
YDULRXVUHFLSLHQWV

7KH 7KHRVRSKLFDO3XEOLVKLQJ+RXVHDW:KHDWRQ,OOLQRLVKDVLVVXHGWKHILUVWYROXPH
RI7KH/HWWHUVRI+3%ODYDWVN\ ,6%1 ZKLFKFRYHUVWKH\HDUV
 6KHFDPHWR$PHULFDLQDQGPHW+HQU\2OFRWWDQH[SHULHQFHG
6SLULWXDOLVWDW&KLWWHQGHQ 9HUPRQW 2OFRWWZDVLQYHVWLJDWLQJWKH(GG\EURWKHUV
SK\VLFDOPHGLXPV VHHDOVRODWHULQWKLVLVVXH %ODYDWVN\VRRQSXEOLVKHGDUWLFOHV
DERXWKHUH[SHULHQFHVZLWKWKHPDQGRWKHUPHGLXPV

,WDSSHDUVWKDWVKHFODLPHGWREHDQHQWKXVLDVWLF6SLULWXDOLVWLQOHWWHUVWR2OFRWWDQGWR
$OH[DQGHU$NVDNRII WKRXJKWKHODWWHURULJLQDOVKDYHQRWEHHQVHHQDQGWKH\PD\
KDYH EHHQFKDQJHGE\DKRVWLOH5XVVLDQHGLWRU6RORY\RY %XWLQZULWLQJWRKHUIDPLO\
VKHH[SUHVVHGDODUPDERXWWKHGDQJHUVRI6SLULWXDOLVP,QKHUDQDO\VLVRIWKH(GG\
PDWHULDOLVDWLRQVIRUH[DPSOH S VKHUHFDOOHG,WZDVKRUULGJKDVWO\WRZDWFKWKH
SURFHVV,WPDGHPHRIWHQVLFNDQGJLGG\EXW,KDGWRORRNDWLWDQGWKHPRVW,FRXOG
GRZDVWRKROGWKHGLVJXVWLQJFUHDWXUHVDWDUPVOHQJWK7KHHQWLWLHVVKHDVVHUWHG
ZHUHQRWWKHUHDOORYHGRQHV

7R +3&RUVRQVKHZURWH S ,DPKHUHLQWKLVFRXQWU\VHQWE\P\/RGJHRQ
EHKDOIRI7UXWKLQPRGHUQ6SLULWXDOLVPDQGLWLVP\PRVWVDFUHGGXW\WRXQYHLOZKDW
LVDQGH[SRVHZKDWLVQRW,QWKHVDPHOHWWHURI)HEUXDU\VKHDWWULEXWHGKHU
EHOLHIV XVLQJIRUWKHILUVWWLPHWKHZRUGWKHRVRSK\ WRZHVWHUQRFFXOWLVP,QP\
H\HV$OODQ.DUGHFDQG)ODPPDULRQ$QG-DFN'DYLVDQG-XGJH(GPRQGVDUHEXW
VFKRROER\VMXVWWU\LQJWRVSHOOWKHLU$%&DQGVRUHO\EOXQGHULQJVRPHWLPHV

$ IHZZHHNVODWHUVKHVWLOOZULWHVWKRXJKFULWLFDOO\RI:H6SLULWXDOLVWV SDQG
DJDLQS DQG$WOHDVW,DPD6SLULWXDOLVW S LQ-DQXDU\%XWZLWKWKH
ULVHRIWKH76DQGKHUZRUNRQ,VLV8QYHLOHGVXFKODQJXDJHGLVDSSHDUHG
6SLULWXDOLVWVUHFRJQLVHGKHUDVDQHQHP\WKRXJKVKHUHPDLQHGRQIULHQGO\WHUPVZLWK
6WDLQWRQ0RVHVDQGRWKHULQGLYLGXDO6SLULWXDOLVWV/3

$-'DYLV  

'DYLVDQG7KH2WKHU6LGHRI6DOYDWLRQ

)RUVHULRXVVWXGHQWVRI6SLULWXDOLVWKLVWRU\-RKQ%%XHVFKHUV7KH2WKHU6LGHRI6DOYDWLRQ
6SLULWXDOLVPDQGWKH1LQHWHHQWK&HQWXU\5HOLJLRXV([SHULHQFH %RVWRQ6NLQQHU+RXVH%RRNV 
LVDJROGPLQHRIPDWHULDO'HVSLWHWKHSXEOLVKHUVVXEWLWOHLWLVSULPDULO\DVWXG\RI8QLYHUVDOLVWDQG
8QLWDULDQFRQQHFWLRQVZLWKWKH0RYHPHQW6LQFH'DYLVZDVLQYROYHGZLWKDQXPEHURI88SHUVRQV
%XHVFKHULQHIIHFWRIIHUVWKHPRVWVLJQLILFDQWUHFHQWDFFRXQWRI'DYLV%XHVFKHULVWKHILUVWKLVWRULDQWR
TXRWHIURPWKH'DYLVSDSHUVQRZKHOGE\WKH(GJDU&D\FH)RXQGDWLRQDW9LUJLQLD%HDFK


7RWDNHEXWRQHSHUVRQ*LEVRQ6PLWKSXEOLVKHGWKHILUVWFROOHFWLRQRI'DYLVOHFWXUHVZKLFKZHUHVWLOO
VRPHZKDW&KULVWLDQLQWRQHXQGHUWKHWLWOH/HFWXUHVRQ&ODLUPDWLYHQHVVLQ1HZ<RUN
%XHVFKHUJLYHVDELRJUDSKLFDODFFRXQWRI6PLWKDWWKDWWLPHD8QLYHUVDOLVWPLQLVWHUDQGQRWHVWKDW
6PLWK OLNH'DYLV ODWHUEHFDPHDFODLUYR\DQWPHGLFDOGLDJQRVHUZKRWUDYHOOHGDVWUDOO\WRRWKHU
SODQHWV/3


7+((''<6$1'7+(+2/0(6(6

2QH RIWKHPRVWVHULRXVREVWDFOHVLPSHGLQJWKHDGYDQFHRIJHQXLQHVFLHQWLILF
6SLULWXDOLVPKDVEHHQWKHSHUVLVWHQWYLQGLFDWLRQRIIUDXGXOHQWPHGLXPV " E\ZHOO
PHDQLQJEXWXQFULWLFDO6SLULWXDOLVWV

1R PDWWHUKRZSDWHQWDQGJODULQJWKHWULFNHU\RUKRZWKRURXJKDQGFRPSOHWHWKH
H[SRVXUHRIWKHSUHWHQGHGPHGLXPVWKHUHKDYHEHHQDOZD\VSOHQW\RIKRQHVWZRUWK\
SHRSOHFUHGXORXVGHYRLGRIWKHIDFXOW\RIUDWLRQDOGLVFULPLQDWLRQZKRUXVKWRWKH
GHIHQFHRIWKHH[SRVHGFKHDWVDQGVROHPQO\DYHUWKDWWKH\DUHWUXHPHGLXPVVDGO\
DEXVHGE\WKHXQJRGO\H[SRVHUV

'HVSLWH PDQ\H[SRVXUHVRIWKHZKROHVDOHWULFNHU\RIWKH(GG\VDQGWKH+ROPHVHV
SXEOLVKHGLQ\HDUVDJRQHLQWKHYDULRXV6SLULWXDOLVWLFMRXUQDOVLQ$PHULFDRXUJRRG
EURWKHU5REHUW&RRSHU /,*+72FWREHUWK LVPRYHGWRGHQ\WKHWUXWKRIWKH
IDFWVUHFHQWO\SXEOLVKHGE\PHDQHQWWKHVHDOOHJHGPHGLXPVDQGWKRURXJKO\H[SRVHG
WULFNVWHUV

$V VWDWHGLQ/,*+7,KDYHIXOOSURRIRIHYHU\VWDWHPHQWPDGHLQP\SDSHUDWWKH
3V\FKLF6FLHQFH&RQJUHVVDQGWKHVHHYLGHQFHVZLOOEHHPERGLHGLQP\IRUWKFRPLQJ
ZRUN RQ7KHRVRSK\,QWKDWZRUNZLOOEHJLYHQWKHRYHUZKHOPLQJHYLGHQFHRIIUDXGE\
WKHVH PHGLXPV

,Q WKHFDVHRIWKH(GG\VDPRQJWKRVHWHVWLI\LQJZKRP,VKDOOTXRWHDUHWKHVH

$OJHUQRQ-R\VHFUHWDU\%ULWLVK1DWLRQDO$VVRFLDWLRQRI6SLULWXDOLVWV
WKH HGLWRURIWKH%DQQHURI/LJKW
WKH HGLWRURI7KH2OLYH%UDQFKD6SLULWXDOMRXUQDO
1HZPDQ :HHNV3UHVLGHQW9HUPRQW6WDWH$VVRFLDWLRQRI6SLULWXDOLVWVDQHLJKERXURI
WKH (GG\VIRU\HDUV
+RUDWLR(GG\RQHRIWKHWZRPHGLXPVZKRGHFODUHGUHSHDWHGO\WKDWDOOWKH
PDQLIHVWDWLRQVRIKLVEURWKHU:LOOLDP(GG\ZHUHIUDXGXOHQW
:HEVWHU(GG\ZKRDOVRDFNQRZOHGJHGWKDWWKHPDWHULDOLVDWLRQVRI:LOOLDPZHUH
IUDXGXOHQW
0UV$GD6(GG\ZLIHRI:LOOLDP(GG\ZKRGLVFRYHUHGWKHIUDXGVRIKHUKXVEDQG
DQG JDYHPHIXOOGHWDLOVRIWKHZKROHPDWWHU
0UV(YD(GG\ZLIHRI:HEVWHU(GG\ZKRGLVFRYHUHGWKHHQWLUHIUDXGZKLOHOLYLQJIRU
PRQWKVLQWKHKRXVHLQZKLFKWKHPDQLIHVWDWLRQVUHSRUWHGE\&RORQHO2OFRWWWRRN
SODFHDQGZKRZDVWKHUHGXULQJ2OFRWWVVWD\
'U*HR0%HDUGDWUDLQHGVFLHQWLILFH[SHUWZKRSODLQO\VDZ+RUDWLRSURGXFLQJWKH
SKHQRPHQD KLPVHOIDQGSXEOLVKHGDWKRURXJKH[SRVHRIWKHVKDOORZWULFNHU\RIERWK
WKH (GG\V
0UV6RSKLD&KDVHVLVWHURIWKH(GG\VDQGRWKHUV

0LVOHG E\2OFRWWVDQG%ODYDWVN\VVHQVDWLRQDO\DUQVDERXWWKH(GG\V,DQGP\
ZLIHVWURQJO\EHOLHYHGLQWKHJHQXLQHQHVVRIWKHSKHQRPHQDWKH\SUHVHQWHG0\ZLIH
VKRUWO\DIWHU2OFRWWVYLVLWVSHQWDZHHNDWWKH(GG\VKRPHVWHDGLQYHVWLJDWLQJWKH
SKHQRPHQD 6KHZHQWWKHUHZLWKRXWDGRXEWRIWKHLUJHQXLQHQHVVEXWVKHGLVFRYHUHG
WKDW WKHZKROHRIWKHSHUIRUPDQFHZDVVSXULRXV'HWDLOVRIKHUSURRIVRIWKLVZHUH


SXEOLVKHGE\PHPDQ\\HDUVDJRLQYDULRXV$PHULFDQSDSHUVDQGZLOOEHHPERGLHGLQ
P\ ERRN
,Q WKHFDVHRIWKH+ROPHV,JLYHWKHHYLGHQFHRI5REHUW'DOH2ZHQ'U+7&KLOG
WKH PDQDJHURIWKH+ROPHVVVpDQFHVWKHFRQIHGHUDWHZKRSHUVRQDWHG.DWLH.LQJ
DQGRWKHUV
,Q DGGLWLRQ,NQRZIURPSHUVRQDOH[SHULHQFHWKDWWKHLUPDQLIHVWDWLRQVZHUHSHUVRQDO
WULFNHU\,DWWHQGHGWKHLUVpDQFHVLQ3KLODGHOSKLDDQGVDZWKHVSLULWV  RI-RKQ$QG
.DWLH.LQJ*HRUJH:DVKLQJWRQ%LVKRS3RONDQGRWKHUV7KHZKROHSHUIRUPDQFHV
ZDV DYHU\ZHDNWUDQVSDUHQWIUDXGIURPILUVWWRODVWDQGWKDWVXFKPDQLIHVWWULFNHU\
VKRXOG EHDFFHSWHGDVWKHZRUNRIVSLULWVLVDVDGFRPPHQWDU\XSRQWKHZHDNQHVVDQG
SLWLDEOHFUHGXOLW\RIKXPDQQDWXUH
7KXV WKURXJKP\RZQH[SHULHQFHZLWKWKH+ROPHVHVDQGP\ZLIHVZLWKWKH(GG\V,
DPHQDEOHGWRJLYHSRVLWLYHSHUVRQDOHYLGHQFHRIWKHWUXHQDWXUHRIWKHDOOHJHG
PHGLXPVKLSRIWKHVHSDUWLHV*UDQWLQJWKDWWKHUHZDVDPRGLFXPRIJHQXLQH
SKHQRPHQDDWWHQGLQJWKHPZKLFK,GRQRWEHOLHYHWKLVZRXOGQRWDIIHFWWKH
FRQFOXVLRQVEDVHGXSRQWKHJHQHUDOIUDXGXOHQWFKDUDFWHURIWKHLUSHUIRUPDQFHV
$IXUWKHUVHFWLRQRIWKLVOHWWHUQRWUHSURGXFHGLQ33GHDOVZLWK0DGDPH%ODYDWVN\ 

:,//,$0(00(77(&2/(0$1

7KH DERYHOHWWHUZDVSXEOLVKHGLQ/LJKW'HFHPEHUDQGLVSULPDULO\SDUWRID
FRQWLQXLQJDUJXPHQWDERXW7KHRVRSK\,ILWFRXOGEHVKRZQWKDW%ODYDWVN\KDG
HQGRUVHGIDNHPHGLXPVWKDWZRXOGKHOSGLVFUHGLWKHU,WVKRXOGQRWEHDVVXPHGRI
FRXUVHWKDWWKHZLWQHVVHVFLWHGE\&ROHPDQZRXOGEHFRQWHQWWREHTXRWHGLQWKH
WHUPVKHVXJJHVWVDQGKLVERRNQHYHUDSSHDUHG%XW,ZRXOGGUDZDWWHQWLRQWR
ZKDW(PPD+DUGLQJH%ULWWHQVD\VDERXWWKH(GG\VLQ1LQHWHHQWK&HQWXU\
0LUDFOHV1RUPDOO\HIIXVLYHLQKHUSUDLVHVKHVD\VQRWKLQJ7KRXJKZHOODFTXDLQWHG
ZLWK&RO2OFRWWZKRPVKHFLWHVLQRWKHUFRQWH[WVVKHLJQRUHVKLVVRSKLVWLFDWHGWHVWV
RIWKH(GG\VUHSRUWHGLQKLVERRN3HRSOHIURPWKH2WKHU:RUOG'RHVVKH
GRWKLVEHFDXVHE\WKHWLPHRIZULWLQJ1&0VKHNQRZVPRUHQRWOHDVWWKHZD\(GG\
IDPLO\PHPEHUVKDGODWHULQFULPLQDWHGHDFKRWKHU",QFRQWUDVWVKHGRHVKDYHD
IODWWHULQJSRUWUDLWRI&ROHPDQ

)HZ7KHRVRSKLVWVJLYHPXFKWKRXJKWWRWKH(GG\V7KH\DUHMXVWSDUWRIWKH
SUHKLVWRU\RI7KHRVRSK\DVXEFKDSWHUOHDGLQJWRWKHIRXQGLQJRIWKH76$QGD
JRRGSDUWRIWKH6SLULWXDOLVWHVWDEOLVKPHQWLQFOXGLQJWKH5HOLJLR3KLORVRSKLFDO
-RXUQDORI&KLFDJRKDGZULWWHQWKH(GG\IDPLO\RII15LOH\+HDJHUW\UHFHQWO\
SUHVHQWHGDGHWDLOHGFDVHIRUWKHLUJHQXLQHQHVVLQ1RDKV$UN-RXUQDO ZKLFKFDQEH
IRXQGRQOLQH %XWWKHFDVHDJDLQVWZDVQRWSUHVHQWHG/3


7KHZRPDQRI(QGRUWRKDYHKRPHSDJH"

$IWHU " \HDUVWKHPHGLXPFRQVXOWHGE\WKHILUVW,VUDHOLWH.LQJ6DXO
VWLOOVWLUVDUJXPHQW/HVOLH3ULFHKDVUHH[DPLQHGWKHFDVHLQDQDUWLFOHIRUWKHZHE
VLWHRIWKH,QWHUQDWLRQDO6XUYLYDOLVW6RFLHW\ZKLFKSXEOLVKHVHYLGHQFHIRUDQGDJDLQVW
VXUYLYDOZZZVXUYLYDODIWHUGHDWKRUJDUWLFOHVOHVOLHSULFHVDXOKWP  )XWXUHLVVXHVRI
WKLVQHZVOHWWHUZLOOFDUU\UHJXODUXSGDWHVRQWKHFRQWLQXLQJGHEDWHDERXWWKHFDVH



$-'DYLV 

$-'DYLVDQG*HUPDQ\

$WWKHHQGRI$-'DYLVV(YHQWLQWKH/LIHRID6HHUFLWHGLQRXUILUVWLVVXHWKHUH
LVDQDSSHQGL[FRPSLOHGE\0DU\'DYLVVHFRQGZLIHRIWKHVHHU(QWLWOHG+LVWRU\RI
WKH,QWURGXFWLRQRI7KH+DUPRQLDO3KLORVRSK\LQWR*HUPDQ\LWLVEDVLFDOO\DVHULHV
RIOHWWHUVE\*UHJRU&RQVWDQWLQ:LWWLJ D%UHVODXDGPLUHURI'DYLV +HLQULFK
6FKODUEDXPD*HUPDQUHVLGHQWLQ1HZ<RUNDOVRDQDGPLUHU'U3KLOLS6FKXOKRID
VHFRQG1<DGPLUHU+XGVRQ7XWWOHDVXSSRUWHURIWKH(XURSHDQ3XEOLVKLQJ)XQGDQG 
PRVWLQWHUHVWLQJSHUKDSV WKUHHOHWWHUVIURP$OH[DQGHU$NVDNRIWKH5XVVLDQZKR
HYHQWXDOO\ILQDQFHGSXEOLFDWLRQVLQ*HUPDQE\'DYLVDQGRWKHUVVXFKDV7KH
5HIRUPHU7KH0DJLF6WDIIDQG1DWXUHV'LYLQH5HYHODWLRQV:KDWZDVWKH
ORQJWHUPIUXLW"&RULQQD7UHLWHOZULWHVLQDQHZERRN$6FLHQFHIRUWKH6RXO
2FFXOWLVPDQGWKH*HQHVLVRIWKH*HUPDQ0RGHUQ -RKQ+RSNLQV3UHVV,6%1
 

$V VSLULWXDOLVPVSUHDGDFURVV/HLS]LJWZRIDFWLRQVZLWKWZRGLIIHUHQWLQWHUSUHWDWLRQV
RIWKHSKHQRPHQDXQGHULQYHVWLJDWLRQHPHUJHG(QWKXVLDVWVRI'DYLVLQWKHVDQG
V:LWWLJDQGKLVFLUFOHEHJDQWRHPEUDFHDQRYHOLQWHUSUHWDWLRQRIWKH
SKHQRPHQDLQWKHHDUO\V:KHUHDV'DYLVDGKHUHGWRWKHVRFDOOHGVSLULWXDOLVW
LQWHUSUHWDWLRQZKLFKKHOGWKDWVSLULWVFDXVHGRFFXOWSKHQRPHQD:LWWLJDQGKLVFLUFOH
QRZEHJDQWRLQYHVWLJDWHZKDWWKH\FDOOHGWKHDQLPLVWYLHZZKLFKSRVWXODWHGDQDV
\HWXQGHWHFWHGSV\FKRORJLFDOIRUFHDVWKHFDXVDODJHQW

7KLVLQWHUSUHWLYHGLIIHUHQFHEHFDPHWKHEDVLVRIDQLGHRORJLFDODQGLQVWLWXWLRQDOULIW
E\WKHPLGV:LWWLJDQGKLVFROOHDJXHVDW3V\FKLVFKH6WXGLHQEHFDPHWKH
SURSRQHQWVRIZKDWQRZEHFDPHNQRZQDVSV\FKLFDOUHVHDUFKZKLFKVRXJKWD
SV\FKRORJLFDOH[SODQDWLRQIRUVpDQFHSKHQRPHQD S 

5HJDUGOHVVRIZKHWKHUZHDFFHSWSUHFLVHO\WKHVHVWDWHPHQWV 'DYLVE\QRPHDQV
DWWULEXWHGDOOSKHQRPHQDWRVSLULWVQRUGLGSV\FKLFDOUHVHDUFKHUVDOZD\VGHQ\WKHP 
WKLVGRHVDWOHDVWVXJJHVWWKDWSV\FKLFDOUHVHDUFKHPHUJHGIURPDQRFFXOWRUHYHQD
6SLULWXDOLVWHQYLURQPHQW/3

0,66&25'(/,$*5<//6SDVVHGWRWKHKLJKHUOLIHRQ:HGQHVGD\1RYHPEHU
WKDW1HZWRQ$EERWDIWHUDORQJDQGWU\LQJLOOQHVV0LVV*U\OOVZDVSHUKDSVWKH
VWDXQFKHVWRIDOOWKHPDQ\DGPLUHUVRI6WDLQWRQ0RVHVDQGZLOOEHUH
PHPEHUHGIRUPDQ\DFWVRIJHQHURVLW\FRPPLWWHGLQKLVPHPRU\WRWKH6SLULWXDOLVW
0RYHPHQWLQJHQHUDODQGWRWKH/RQGRQ6SLULWXDOLVW$OOLDQFHLQSDUWLFXODU6KHZDV
WKHFRPSLOHUDQGVSRQVRUHGWKHSXEOLFDWLRQRI0RUH6SLULW7HDFKLQJVWKDWDGPLUDEOH
VXSSOHPHQWWR6WDLQWRQ0RVHVPDMRUZRUN6SLULW7HDFKLQJV0LVV*U\OOV
DOVRSXEOLVKHG3HDUOVRI*UHDW3ULFHDKDQG\OLWWOHERRNOHWRIVHOHFWHGSDVVDJHVIURP
6SLULW7HDFKLQJV,WZDVDJUHDWJULHIWRKHUZKHQWKHH[LVWLQJVWRFNVRI
WKHVHSXEOLFDWLRQVZHUHGHVWUR\HGDWWKHSULQWHUVE\HQHP\DFWLRQ)RUWXQDWHO\DV
UHJDUGV0RUH6SLULW7HDFKLQJVDWDQ\UDWH0U(UQHVW2DWHQFDPHWRWKH
UHVFXHDQGDQHZHGLWLRQZDVLVVXHGXQGHUWKHLPSULQW7KH7ZR:RUOGV3XEOLVKLQJ
&R/WG0LVV*U\OOVZLOOWKHUHIRUHKDYHDVORQJDVWKLVERRNLVH[WDQWWKH
PHPRULDOVKHZRXOGPRVWKDYHGHVLUHG /LJKW1RYHPEHU



Вам также может понравиться