ABSTRACT
VPDOO DOEHLWYRFDOPLQRULW\ DOWKRXJKLQ.DVKPLU IRULQVWDQFH WKH\PLJKWZHOO EH VDLG WR UHSUHVHQW D PDMRU VHFWLRQ RI SRSXODU RSLQLRQ $OWKRXJK PDQ\ ,QGLDQ0XVOLPVPLJKWVKDUHWKHXQGHUVWDQGLQJWKDWWKHLUIDLWKDQGWKHLULGHQ WLW\DUHWRGD\XQGHUJUDYHWKUHDW WKH\GRQRWQHFHVVDULO\DJUHHZLWKWKHYLHZ WKDW WKH DQVZHU WR WKHLU XQHQYLDEOH SUHGLFDPHQW OLHV LQ MLKDG XQGHUVWRRG DV SK\VLFDOYLROHQFH ZKHWKHUGLUHFWHGDW WKH,QGLDQVWDWHRUDW WKH+LQGXVDVD FRPPXQLW\ 5DWKHU WKH JHQHUDO WUHQG VHHPV WR EH LQ WKH RWKHU GLUHFWLRQ ² VWUHVVLQJWKHQHHGIRU0XVOLPVWREXLOGEULGJHVRIXQGHUVWDQGLQJZLWKRWKHU
FRPPXQLWLHV DQG WRZRUN WRJHWKHUZLWK WKHP IRU DPRUH MXVW DQG SHDFHIXO VRFLHW\ %HWKDWDVLWPD\ WKHYRLFHVWKDWDUHWRGD\FDOOLQJIRUMLKDG DUHQRWLQ WKHPVHOYHVXQLPSRUWDQW 7KH\UHIOHFWWKHFRQFHUQVRIDVPDOO\HW LQLVRODWHG SRFNHWV LQIOXHQWLDOVHFWLRQRI0XVOLPRSLQLRQ 0RUHVLJQLILFDQWO\ WKHLUVWDWH PHQWVDQGWKHLUDFWLYLWLHVKDYHKDGDFUXFLDOLPSDFWRQWKHPDQQHULQZKLFK ,VODP DQG WKH0XVOLP FRPPXQLW\ LQ JHQHUDO DUH UHSUHVHQWHG LQ WKH¶PDLQ VWUHDP· PHGLD DQG WKXVRQWKHZD\V LQZKLFKSHRSOHRIRWKHUFRPPXQLWLHV FRPHWRSHUFHLYHWKHP 7KLV FKDSWHU H[DPLQHV WKH RULJLQV DQG GHYHORSPHQW RI WKH 6WXGHQWV·
,VODPLF0RYHPHQWRI,QGLD6,0, RQHRIWKHIHZ,QGLDQ0XVOLPJURXSVWKDW DUHWRGD\YRLFLQJWKHQHHGIRU,QGLDQ0XVOLPVWRUHVSRQGWRWKHWKUHDWVWKDW WKH\ DUH IDFHGZLWK E\ UHVRUWLQJ WR DUPHG MLKDG ,W H[SORUHV WKH SURFHVV E\ ZKLFKZKDWVWDUWHGRIIDVDVWXGHQWV· RUJDQL]DWLRQZLWKOLPLWHGJRDOVJUDGXDOO\ WUDQVIRUPHGLWVHOILQWRDUDGLFDODQGPLOLWDQWPRYHPHQWFDOOLQJRQ0XVOLPVWR HQJDJHLQYLROHQWFRQIOLFWLQVHOIGHIHQFH LIQHHGEH DQGWRZRUNWRHVWDEOLVK DQ,VODPLFSROLW\ LQ WKHFRXQWU\ ,W VHHNV WRVKRZWKHUROHRIDQ LGHRORJL]HG XQGHUVWDQGLQJRI,VODP DVZHOODV WKH LPSDFWRIH[WHUQDOHYHQWVDQGSHUFHS WLRQVRI WKUHDW WR ,VODPDQG WKH0XVOLPFRPPXQLW\ LQSURPRWLQJ DFHUWDLQ NLQGRI,VODPLFUDGLFDOLVP
7KHLGHRORJ\RIWKH6,0, (VWDEOLVKHGLQ WKH6,0,ZDVRQHRIWKHIHZYRFDO,VODPLVWJURXSVDFWLYH LQ,QGLDXQWLOLWZDVEDQQHGE\WKH*RYHUQPHQWRI,QGLDLQ 7KH6,0,·V YLVLRQ RI ,VODP GHULYHV IURP WKH YROXPLQRXVZULWLQJV RI WKH MRXUQDOLVW DQG ,VODPLVW LGHRORJXH 6D\\HG $EXO ¶$OD 0DXGXGL WKH IRXQGHU RI WKH OHDGLQJ 6RXWK$VLDQ ,VODPLVWPRYHPHQW WKH -DPD¶DWL ,VODPL ,W LV0DXGXGL·VXQGHU VWDQGLQJ RI ,VODP DQG ,VODPLF UHYROXWLRQ WKDW SURYLGHV IRU WKH 6,0, WKH QRUPDWLYH XQGHUVWDQGLQJ RI WKH IDLWK )RU 0DXGXGL DV IRU WKH 6,0, WKH PLVVLRQ RI WKH 3URSKHW0XKDPPDG LV VHHQ SULQFLSDOO\ DV KDYLQJ EHHQ WKH VWUXJJOH WR HVWDEOLVK WUXHPRQRWKHLVP RU WDXKLG 7KLV LV WDNHQ WRPHDQ QRW MXVWWKHZRUVKLSRIWKHRQH*RGEXWDOVR DQGHTXDOO\LPSRUWDQWO\ WKHUXOHRI WKHRQH*RG 3ROLWLFDOSRZHU LQRWKHUZRUGV LVVHHQDVFHQWUDOWRWKH,VODPLF PLVVLRQ $OOPDQPDGHV\VWHPVRI ODZDUHFRQGHPQHGDV¶IDOVH· HYHQ6DWDQLF DQG0XVOLPV DUH UHPLQGHG WKDW XQOHVV WKH\ DFWLYHO\ VWUXJJOH WR EH UXOHG LQ DFFRUGDQFHZLWKWKH VKDUL¶DK WKHLUFRPPLWPHQWWRDQGIDLWKLQ,VODPDUHQRW FRPSOHWH DQG UHPDLQ VXVSHFW 6WUXJJOLQJ WR HVWDEOLVK WKH ,VODPLF VWDWH WKH NKLODIDK LVVHHQDVDGXW\ELQGLQJRQDOO0XVOLPV DQGRQHWKDWWKH0XVOLPVRI ,QGLD GHVSLWHEHLQJLQDPLQRULW\ PXVWDELGHE\ 0XVOLPVZKRDUH¶FRPIRUW DEOHOLYLQJXQGHUDQXQ,VODPLFRUGHU· DUHZDUQHGWKDWWKH\VKDOOEHFRQVLJQHG WR+HOO +HQFH WKHSULQFLSDOWDVNIDFLQJ,QGLDQ0XVOLPVLVVHHQDVZRUNLQJ IRUWKHHVWDEOLVKPHQWRIDQ,VODPLFSROLW\LQWKHFRXQWU\ ,QWKHDEVHQFHRIWKHNKLODIDK WKH6,0,EHOLHYHVWKDW0XVOLPVFDQQRWOHDG
WKHLU OLYHV IXOO\ LQDFFRUGDQFHZLWK ,VODP 7KHNKLODIDK LV VHHQDVDGLYLQHO\
RUGDLQHGRUGHUDQGDOVRDVWKHRQO\VROXWLRQWRWKHPDQ\SUREOHPVRIQRWMXVW WKH0XVOLPVEXWDOOKXPDQNLQG ,WLVHQYLVDJHGDVDSDQ,VODPLFSROLW\ IRUDOO 0XVOLPVDUHVDLGWREHORQJWRWKHVDPHQDWLRQTDXP PLOODW ,VODPLVVDLGQRW WR UHFRJQL]H DQ\ QDWLRQDO GLIIHUHQFHV DQG DOO0XVOLPV DUH EURWKHUV WR HDFK RWKHU +HQFH WKH\PXVWEHUXOHGE\DVLQJOHNKDOLID 1DWLRQDOLVPLVVHHQDVD IDOVH¶LGRO· DQGRQHGHYLVHGE\QRQ0XVOLP¶HQHPLHVRI WKH IDLWK· WRGLYLGH 0XVOLPV DQG WKHUHE\ ZHDNHQ WKHP 1DWLRQDO DV ZHOO DV UDFLDO UHJLRQDO OLQJXLVWLF DQG VHFWDULDQ LGHQWLWLHV DUH VHHQ DV D VLJQ RI¶LJQRUDQFH· MDKLOL\D ZKLFK LV YHKHPHQWO\ RSSRVHG WR ,VODP DQG UHSUHVHQWPDMRU KXUGOHV LQ WKH SDWKRIHVWDEOLVKLQJWKHUXOHRIDVLQJOHNKDOLID RYHUDOO0XVOLPV 7KHUROHRI WKHNKDOLID LVVLPSO\WR¶LPSOHPHQW· ,VODP ,Q OLQHZLWK WKH JHQHUDO ,VODPLVW XQGHUVWDQGLQJ WKH 6,0, VHHV ,VODP DV D
¶FRPSOHWHSURJUDPPH· SURYLGLQJGHWDLOHGLQVWUXFWLRQVRQDOOPDWWHUVIURPWKH PRVW LQWLPDWHO\ SHUVRQDO WR FROOHFWLYH DIIDLUV VXFK DV WKH VWDWH DQG LQWHUQD WLRQDOUHODWLRQV 7KXV VHFXODULVP HYHQLQWKHIRUPRIVWDWHQHXWUDOLW\YLVjYLV UHOLJLRQ RU WKH VHSDUDWLRQ RI UHOLJLRQ DQG VWDWH LV VHHQ DV LQKHUHQWO\ DQWL ,VODPLF IRUWRFKRRVHQRWWREHUXOHGE\*RG·VODZVLVDVLJQRIUHEHOOLRXVQHVV DJDLQVW +LP /LNHZLVH GHPRFUDF\ LV DOVR FRQGHPQHG IRU WR EH UXOHG E\ PDQPDGHODZVLQVWHDGRIWKHVKDUL¶DK LVWDQWDPRXQWWRWKHXQIRUJLYDEOHVLQRI VKLUN RUDVVRFLDWLQJSDUWQHUVZLWK*RG $OOLGHRORJLHVDQGUHOLJLRQVRWKHUWKDQ ,VODPDUHFRQGHPQHGDVIDOVHDQGVLQIXOWDJKXWLDQGWKHLUDGKHUHQWVDV¶UHEHOV DJDLQVW*RG· $OOQRQ0XVOLPVDUHEUDQGHGWRJHWKHUDVNDILUV DQGQRGLVWLQF WLRQLVPDGHDPRQJWKHP 0XVOLPVDUHH[KRUWHGWRJLYHXSWKHZD\VRIWKH ¶XQEHOLHYHUV· DQG WR LQFXOFDWH DQXQUHOHQWLQJKRVWLOLW\ WR¶XQ,VODPLF· FXOWXUH DQGWRIXOO\DELGHE\WKHSDWKRIWKH3URSKHW %HFDXVHWKH¶HQHPLHVRI*RG· DUHH[SHFWHGWRVKRZVWLIIUHVLVWDQFHWR,VODP YLROHQW MLKDG LV WREHZDJHG LI QHHGEH DJDLQVWWKRVHZKRSXWKXUGOHVLQWKHSDWKRIWKHVWUXJJOHWRHVWDEOLVK WKHNKLODIDK ,VODPWKXVFRPHVWREHVHHQDVDPLOLWDULVWLFSROLWLFDOSURJUDPPH $VD6,0,VORJDQSXWVLW
$OODKLVRXU/RUG 0XKDPPDGSHDFHEHXSRQKLPLVRXU&RPPDQGHU 7KH4XU¶DQLVRXU&RQVWLWXWLRQ 6KDKDGDW >PDUW\UGRP@LVRXU'HVLUH
7KLVXQGHUVWDQGLQJRI,VODPDQGWKH6,0,·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
ZHOFRPHGDVDWUXHWHVWRIWKHLUIDLWKDQGFRPPLWPHQWDQGKDYHDOZD\VEHHQ WKHORWRIWKHWUXHEHOLHYHUV IURPWKH3URSKHW·VWLPHRQZDUGV $V6KDKLG%DGU )DODKL SUHVLGHQWRIWKH6,0, SXWLW
7KH 4XU¶DQ LWVHOI VD\V WKDW WKH NDILUV ZLOO QDWXUDOO\ RSSRVH WKH 0XVOLPV ,IWKURXJKDQ\RIRXUDFWLRQVWKHNDILUVDUHDJLWDWHGWKLVLWVHOI LV D SURRI WKDWZKDWZH DUH GRLQJ LV ULJKW« :H KDYH GHOLEHUDWHO\ DGRSWHG WKH SROLF\ RI WKH 3URSKHW LQ WKLV UHJDUG ,I WKLV GULYHV WKH HQHPLHVRI,VODPWRDQJHUZHFDQQRWKHOSLW
$QXQIODJJLQJFRPPLWPHQWWRDFRPEDWLYHDQGH[WUHPHXQGHUVWDQGLQJRIWKH IDLWKLVWKXVVHHQDVDVLJQRIIDLWKIXOQHVVWRWKH3URSKHW DQGIRUDFWLYLVWVRIWKH 6,0,WKLVLVLQGHHGDPDMRUVRXUFHRIWKHPRYHPHQW·VDSSHDO IDFHGDVWKH\DUH ZLWKDVHQVHRIEHLQJFRPSOHWHO\EHVLHJHG 7KH PDQQHU LQ ZKLFK WKH 6,0, IUDPHV LWV XQGHUVWDQGLQJ RI ,VODP DQG
IROORZLQJIURPLW WKHWDVNVWKDWLWVHWVIRULWVHOIVHHPDGLUHFWERUURZLQJIURP WKH GLVFRXUVH RI UDGLFDO ,VODPLVW JURXSV LQ VRPH$UDE FRXQWULHV <HW DV9DOL 1DVU SHUFHSWLEO\ QRWHV ¶FRQVWUXFWLQJ DQ LPDJH RI ,VODPLVW IRUFHV EDVHG RQ D IDFHYDOXHUHDGLQJRI WKHLUUKHWRULF«WHQGV WRREIXVFDWHPRUHWKDQ LW UHYHDOV DERXWWKHQDWXUHRIWKHLUSROLWLFV· +HFDXWLRQVDJDLQVWPDNLQJLGHRORJ\¶WKH GRPLQDQWFULWHULRQ· LQ¶GLVFHUQLQJDWWLWXGHV· RI,VODPLFPRYHPHQWVRQLVVXHVRI SUDFWLFDOSROLWLFV :KHQDSSOLHG WR WKHFDVHRI WKH6,0, LWZRXOG VHHPWKDW UDGLFDO LGHRORJ\VHUYHVPRUHDVDUKHWRULFDOPRELOL]DWLRQDOGHYLFH DVD VHWRI SRZHUIXODQGHYRFDWLYHV\PEROV UDWKHUWKDQDVDEOXHSULQWIRUDFWLRQ ,QRWKHU ZRUGV RQHFRXOG DUJXH WKDW IRU WKH6,0,¶,VODPLF UHYROXWLRQ· IXQFWLRQV DV D VORJDQ WRPRELOL]H VXSSRUW UDWKHU WKDQ DV D SUDFWLFDO SURJUDPPH IRU DFWXDO SROLWLFV ,GHRORJ\UHGXFHGWRDVORJDQSURYLGHV LWV VXSSRUWHUVZLWKDVHQVHRI SRZHUDQGDJHQF\ZKLFKWKH\DUHGHQLHGLQWKHLUDFWXDOOLYHV ,WDOVRUHSUHVHQWV DJHQHUDWLRQDOFKDOOHQJHWRWKHDXWKRULW\RIWKHHVWDEOLVKHG0XVOLPOHDGHUVKLS LQFOXGLQJ WKH WUDGLWLRQDO¶XODPD ZKRDUH VHHQDVEHLQJ WRRPRGHUDWH DQGDV KDYLQJVROGRXWWKHLQWHUHVWVRIWKHFRPPXQLW\WRWKH+LQGXVRUWKH,QGLDQ VWDWH
7KHRULJLQVDQGGHYHORSPHQWRIWKH6,0, 7KH6,0,KDVLWVURRWV LQWHUPVRIERWKLGHRORJ\DQGRUJDQL]DWLRQDOGHYHORS PHQW LQWKH-DPD¶DWL,VODPL WKHSULQFLSDO,VODPLVWPRYHPHQWLQ6RXWK$VLD (VWDEOLVKHGLQE\6D\\HG$EXO¶$OD0DXGXGL WKH-DPD¶DWVSOLWLQWRWZR ZLQJVLQWKHZDNHRIWKH3DUWLWLRQRI,QGLDLQ 7KH3DNLVWDQL-DPD¶DW OHG E\0DXGXGLKLPVHOI LPPHUVHGLWVHOILQ3DNLVWDQLSROLWLFVDVDUHJLVWHUHGSROLW LFDOSDUW\ ZRUNLQJ WRHVWDEOLVKZKDW LWFRQVLGHUHGD WUXH,VODPLF VWDWH LQ WKH FRXQWU\ 7KH,QGLDQ-DPD¶DW RQWKHRWKHUKDQG DEVWDLQHGIURPDFWLYHSROLWLFDO LQYROYHPHQW VHHLQJGHPRFUDF\DQG WKH VHFXODU VWDWH DVYHKHPHQWO\RSSRVHG WR,VODP ,WVDZLWVHOIDVZRUNLQJWRSURWHFW0XVOLPLGHQWLW\DQGSURSDJDWLQJ
¶WUXH· ,VODP DPRQJ ERWK0XVOLPV DQG RWKHUV LQ WKH KRSH WKDW WKURXJK LWV PLVVLRQDU\ HQGHDYRXUV WKHPDMRULW\ RI ,QGLDQVZRXOG RQH GD\ DFFHSW ,VODP DQGWKXVFKRRVHWROLYHXQGHUDQ,VODPLFVWDWH %\WKHPLGV KRZHYHU WKH ,QGLDQ-DPD¶DWZDVIRUFHGWRZDWHUGRZQLWVKDUGOLQHSRVLWLRQ IDFHGZLWKWKH SUDFWLFDOH[LJHQFLHVRIOLYLQJLQDSOXUDOVRFLHW\ ,WQRZHPHUJHGDVDIRUFHIXO FKDPSLRQRIWKHVHFXODUVWDWH DUJXLQJWKDWWKHRQO\SRVVLEOHDOWHUQDWLYHLQWKH JLYHQ FRQGLWLRQV ZRXOG EH D+LQGX VWDWH ZKLFKZRXOG VKDUSO\ FXUWDLO WKH ULJKWV RI WKH PLQRULWLHV ,W DOVR VRXJKW WR HVWDEOLVK OLQNV ZLWK QRQ0XVOLP JURXSV ZRUNLQJ IRU WKH SURPRWLRQ RI VHFXODULVP DQG GHPRFUDF\ LQ WKH FRXQWU\ 7KLVJUDGXDOLQWHJUDWLRQLQWRWKH,QGLDQFRQWH[WRIWKH-DPD¶DWDVD FXOWXUDO RUJDQL]DWLRQ ZDV QRW YLHZHG ZLWK DSSURYDO E\ DOO LWV PHPEHUV KRZHYHU 6RPH VDZ LW DV D VLJQ WKDW WKH -DPD¶DW KDG JLYHQ XS 0DXGXGL·V DJHQGDRIWKH¶LPSOHPHQWDWLRQRIWKHIDLWK· LTDPDWLGLQDQGWKH¶UXOHRI*RG· KXNXPDWLLODKL\D 7KLVFRQIOLFWEHWZHHQZKDWFRXOGEHFDOOHGWKH¶PRGHUDWHV· DQGWKH¶H[WUHPLVWV· ZLWKLQWKH,QGLDQ-DPD¶DWZDVRQHRIWKHSULQFLSDOUHDVRQV IRUWKHHYHQWXDOVHSDUDWLRQRIWKH6,0,IURPWKH-DPD¶DW 3ULRUWRWKHIRUPDWLRQRIWKH6,0,WKH-DPD¶DWKDGEHHQLQYROYHGDPRQJ
0XVOLP\RXWK VWXG\LQJDWFROOHJHVDQGXQLYHUVLWLHVDVZHOODV LQPDGUDVDV $V HDUO\DV ZKHQWKHILUVWPHHWLQJRIWKH-DPD¶DWZDVKHOGDW3DWKDQNRW LW GHFLGHGWRVHWXSDVHSDUDWHGHSDUWPHQWRIHGXFDWLRQDQGDV\VWHPRIVFKRROV ZKLFK LWZDVH[SHFWHG ZRXOG¶KHOSSUHSDUHWKHJURXQGIRUWKH,VODPLFUHYR OXWLRQ· 2YHUWLPHWKH-DPD¶DWPDQDJHGWRVHWXSDQXPEHURIVFKRROVRILWV RZQ LQZKLFKPRGHUQ GLVFLSOLQHVZHUH WDXJKW DORQJZLWK WKH4XU¶DQ DQG RWKHU,VODPLFVXEMHFWV ,WZDVKRSHGWKDWWKHJUDGXDWHVRIWKHVHVFKRROVZRXOG JRRQWREHFRPHDFWLYHZRUNHUV LQWKH,VODPLVWPRYHPHQW 7KH-DPD¶DWVDZ LWVZRUNDPRQJVWXGHQWVDVSDUWLFXODUO\FUXFLDO IRULWUHFRJQL]HGWKHLUUROHDV SRWHQWLDOFRPPXQLW\OHDGHUVLQWKHIXWXUH ,WZDVSDUWLFXODUO\FRQFHUQHGZLWK ZKDWLWVDZDVWKHJURZLQJPDWHULDOLVPDQGDWKHLVPDPRQJVWXGHQWVDQGWKHLU VWUD\LQJDZD\ IURPUHOLJLRQ DQGHVSHFLDOO\ WKH LQFUHDVLQJDSSHDORIFRPPX QLVP $FFRUGLQJO\ LW RSHQHG VWXG\ FLUFOHV KDOTDV LQ VHYHUDO XQLYHUVLWLHV DQG FROOHJHVZKHUHWKH4XU¶DQZDVWDXJKWDQGWKHQHHGIRUWKHVWXGHQWVWRDELGH E\ ,VODPLF WHDFKLQJV ZDV VWUHVVHG ,Q WKH HDUO\ V WKH -DPD¶DW VHW XS D VFKRRODW5DPSXU LQSUHVHQWGD\8WWDU3UDGHVK ZKHUHLWWKHQKDGLWVKHDG TXDUWHUV WRSURYLGH,VODPLFHGXFDWLRQWRJUDGXDWHVRIXQLYHUVLWLHVLQRUGHUWR WUDLQ WKHP DVZRUNHUV LQ WKH ,VODPLVWPRYHPHQW ,QRUGHU WR FRQVROLGDWH LWV ZRUN DPRQJ VWXGHQWV LQ WKH -DPD¶DW VHW XS LWV VWXGHQWV· ZLQJ WKH 6WXGHQWV· ,VODPLF2UJDQL]DWLRQ6,2 ZLWK LWVKHDGTXDUWHUVDW$OLJDUK PDQ\ RI WKH OHDGLQJ PHPEHUV EHLQJ VWXGHQWV DW WKH $OLJDUK 0XVOLP 8QLYHUVLW\ 0XVOLP VWXGHQW DVVRFLDWLRQV DIILOLDWHG WR WKH -DPD¶DWZHUH DOVR HVWDEOLVKHG LQ .DQSXUDQG/XFNQRZ WZRFLWLHVWKDWKDGDODUJH0XVOLPSRSXODWLRQ
7KHODWHVZLWQHVVHGDQRXWEUHDNRIVHULRXVLQWHUFRPPXQDOYLROHQFH LQ ODUJHSDUWVRIQRUWKHUQ ,QGLD LQZKLFK VFRUHVRI0XVOLPV ORVW WKHLU OLYHV 7KLV VHHPV WR KDYH JRDGHG WKH -DPD¶DW LQWR VWUHQJWKHQLQJ LWV ZRUN DPRQJ VWXGHQWV WRFRQVROLGDWHWKHFRPPXQLW\WRZRUNIRU LWVRZQGHIHQFH RQWKH
RQHKDQG DQG WR DWWHPSW WR EXLOG EULGJHVZLWKRWKHU FRPPXQLWLHV RQ WKH RWKHU ,Q RUGHU WR FKDON RXW D FRPPRQ SURJUDPPH IRU ZRUNLQJ DPRQJ VWXGHQWV D ODUJH PHHWLQJ RI 0XVOLP VWXGHQW DFWLYLVWV IURP YDULRXV SDUWV RI 8WWDU 3UDGHVK ZDV KHOG DW WKH WRZQ RI %DUHLOO\ LQ LQ ZKLFK -DPD¶DW OHDGHUV DOVR SDUWLFLSDWHG 7KHPHHWLQJ GHFLGHG WRZRUN WR SURPRWH¶,VODPLF FRQVFLRXVQHVV· DPRQJ0XVOLPVWXGHQWVDQGWRPRWLYDWHWKHPWRZRUNDPRQJ WKHLUQRQ0XVOLPIHOORZVWXGHQWVLQRUGHUWRVSUHDGWKHIDLWK 7KHODWWHUWDVN ZDV VHHQ DV¶IXOILOOLQJ WKH ULJKWV WKDW WKHLU QHLJKERXUV KDYH XSRQ WKHP· E\ UHPRYLQJWKH¶PLVXQGHUVWDQGLQJV· WKDWQRQ0XVOLPVKDGDERXW,VODP %\ WKH6,2KDGVHWXSEUDQFKHVDW VRPH IRUW\ WRZQV LQ8WWDU3UDGHVKDQGKDG HVWDEOLVKHGFRQWDFWZLWK0XVOLPVWXGHQWJURXSVLQ%HQJDO %LKDU .HUDODDQG $QGKUD 3UDGHVK ZKRVH DFWLYLWLHV ZHUH FRQGXFWHG XQGHU WKH VXSHUYLVLRQ RI ORFDO-DPD¶DWDFWLYLVWV ,QDPHHWLQJRIYDULRXV,VODPLVWVWXGHQWJURXSV DOORIZKRPVKDUHGDFRPPRQYLVLRQURRWHGLQ0DXGXGL·VZULWLQJV ZDVKHOG DW$OLJDUKDQGDQ$OO,QGLDFRPPLWWHHZDVHVWDEOLVKHGWRFRRUGLQDWHWKHZRUN RIWKH,VODPLVWPRYHPHQWDPRQJVWXGHQWV ,QWKHWKHQ3ULPH0LQLVWHURI,QGLD ,QGLUD*DQGKL GHFODUHGDVWDWH
RI HPHUJHQF\ LQ WKH FRXQWU\ $OO RSSRVLWLRQ SROLWLFDO SDUWLHV ZHUH EDQQHG DORQJZLWK VHYHUDO+LQGX DQG0XVOLP RUJDQL]DWLRQV LQFOXGLQJ WKH -DPD¶DW $OWKRXJK VHYHUDO WRS -DPD¶DW OHDGHUV ZHUH SXW XQGHU DUUHVW VHYHUDO RI LWV VWXGHQW DFWLYLVWV UHPDLQHG DFWLYH XQGHUJURXQG SURWHVWLQJ DJDLQVW PHDVXUHV ZKLFK WKH\ VDZDVGLUHFWHGSULQFLSDOO\ DJDLQVW0XVOLPV VXFKDV WKHJRYHUQ PHQW·VIRUFHGVWHULOL]DWLRQFDPSDLJQDQGLWVVKDUSFXUWDLOPHQWRIEDVLFKXPDQ ULJKWV 6KRUWO\DIWHU WKH OLIWLQJRI WKHHPHUJHQF\ WKH -DPD¶DW IORDWHG LWVQHZ VWXGHQW RUJDQL]DWLRQ LQ WKH IRUP RI WKH 6,0, ,W ZDV RSHQ WR DOO0XVOLPV XQGHUWKHDJHRIZKRVXEVFULEHGWRLWVLGHRORJ\ ,WVILUVWSUHVLGHQWZDVRQH 0XKDPPDG $KPDGXOODK 6LGGLTXL WKHQ D VWXGHQW DW WKH $OLJDUK 0XVOLP 8QLYHUVLW\DQGQRZDSURIHVVRURIMRXUQDOLVPDQGSXEOLFUHODWLRQVDWDXQLYHU VLW\LQWKH8QLWHG6WDWHV
$OWKRXJK WKH 6,0, ZDV LQWHQGHG WR ZRUN DPRQJ 0XVOLP VWXGHQWV WR FUHDWH DPRQJ WKHP DQ ¶,VODPLF FRQVFLRXVQHVV· DQG WR HQJDJH LQ SHDFHIXO PLVVLRQDU\ ZRUN DPRQJ QRQ0XVOLP VWXGHQWV D VXFFHVVLRQ RI HYHQWV RFFXUUHGLPPHGLDWHO\DIWHUWKHIRXQGLQJRIWKHRUJDQL]DWLRQWKDWIRUFHGLWWR WDNHDQLQFUHDVLQJO\KDUGOLQHSRVLWLRQ 7KH\RXQJ6,0,DFWLYLVWVVHHPWRKDYH UHOLVKHGFRQWURYHUV\DQGVHQVDWLRQDOLVP VHHLQJLWDVDQRSSRUWXQLW\WRSUHVHQW WKHLUYLVLRQRI,VODPDVWKHLGHDO¶VROXWLRQ· %HLQJIUHHIURPWKHFRQWURORIWKH PRUHPRGHUDWHDQGH[SHULHQFHGROGHUOHDGHUVRIWKH-DPD¶DW ZKRPWKH\VDZ DVHIIHWHDQGWRRPRGHUDWH WKH\RXQJOHDGHUVRIWKH6,0,GULIWHGLQWKHGLUHF WLRQRIDJURZLQJUDGLFDOLVP ,Q OHVVWKDQWZR\HDUVDIWHUWKH6,0,ZDV HVWDEOLVKHG WKH 6RYLHW 8QLRQ LQYDGHG $IJKDQLVWDQ $\DWROODK .KRPHLQL WRSSOHG WKH6KDKRI ,UDQDQG LQQHLJKERXULQJ3DNLVWDQ WKHPLOLWDU\GLFWDWRU =LD XO+DT VHW DERXW LPSRVLQJ ,VODPLF ODZV E\ IRUFH 7KH 6,0, YRLFHG LWV RSSRVLWLRQWRWKH6RYLHWLQYDVLRQ ZHOFRPHGWKH,UDQLDQUHYROXWLRQ VHHLQJLW DV WKH ILUVW VWHS LQ WKH HYHQWXDO JOREDO UHYLYDO RI ,VODP DQGZKROHKHDUWHGO\
VXSSRUWHG=LD·V¶,VODPL]DWLRQ· SROLF\ *UDGXDOO\ DVDUHVXOWRIHYHQWVDEURDGDQG WKHFRQVFLRXVQHVVRI0XVOLPVEHLQJDQLQFUHDVLQJO\WKUHDWHQHGFRPPXQLW\LQ ,QGLD WKH 6,0,·V UKHWRULF JUHZ FRPEDWLYH DQG YLWULROLF LQVLVWLQJ WKDW ,VODP DORQHZDVWKH¶VROXWLRQ· WRWKHSUREOHPVQRWMXVWRIWKH0XVOLPVRI,QGLDEXW RIDOO,QGLDQVDQG LQGHHG RIWKHZKROHZRUOG 7KLVJURZLQJUDGLFDOL]DWLRQRI WKH6,0,ZDVQRW ORRNHGXSRQ IDYRXUDEO\
E\ WKH WRS OHDGHUV RI WKH -DPD¶DW ZKR KDG EHHQ ZRUNLQJ WR SUHVHQW D PRGHUDWH LPDJH RI WKHLU RUJDQL]DWLRQ VHHNLQJ WR GLDORJXH ZLWK SHRSOH RI RWKHUIDLWKVDQGWRSURPRWHGHPRFUDF\DQGVHFXODULVPLQWKHIDFHRIWKHUDSLG JURZWK RI PLOLWDQWO\ DQWL0XVOLP +LQGX RUJDQL]DWLRQV $FFRUGLQJ WR RQH VRXUFH WKH-DPD¶DW ZKLFKXQWLO WKHQKDGEHHQVXSSRUWLYHRI WKH 6,0, QRZ ¶EHJDQIHHOLQJWKDWWKH6,0,ZDVWDNLQJDQHPRWLRQDOMD]EDWLDQGH[WUHPLVW LQWLKD SDVDQGSRVLWLRQ ZKLFK LQVRPHUHVSHFWV ZDVQRW LQDFFRUGDQFHZLWK WKH LQWHUHVWV RI ,VODP DQG WKH0XVOLP FRPPXQLW\ LQ ,QGLD· -DPD¶DW OHDGHUV GHPDQGHGWKDWWKH6,0,ZRUNXQGHUWKH-DPD¶DW·VRYHUDOOFRPPDQG EXWWKH 6,0,UHIXVHG $FFRUGLQJO\ LQWKH6,0,VHSDUDWHGIURPWKH-DPD¶DW ZKLFK WKHQUHYLYHGLWVRZQVWXGHQWV· ZLQJ WKH6WXGHQWV· ,VODPLF2UJDQLVDWLRQ6,2
7KLV KRZHYHU GLG QRW PHDQ D FRPSOHWH EUHDN ZLWK WKH -DPD¶DW %RWK WKH -DPD¶DWDQGWKH6,0,FRQWLQXHGWRVKDUHDFRPPLWPHQWWRDFRPPRQYLVLRQ DVGHYHORSHGE\0DXGXGL GLIIHULQJRQO\RQWKHTXHVWLRQRIWKHSUHFLVHWDFWLFV DQG VWUDWHJ\ QHHGHG LQ WKH ,QGLDQ FRQWH[W WR EULQJ 0DXGXGL·V YLVLRQ WR IUXLWLRQ 7KLV LV ZK\ GHVSLWH WKH 6,0,·V VHSDUDWLRQ IURP WKH -DPD¶DW LW FRQWLQXHGWRKDYH¶FRUGLDODQGIUDWHUQDO· UHODWLRQVZLWKWKH6,2 ,WZDVFODLPHG E\ VRPHFULWLFV WKDW WKH -DPD¶DWKDGGHOLEHUDWHO\ DUUDQJHG WRKDYH WKH6,0, VHSDUDWHIURPLWIRUPDOO\ZKLOHDWWKHVDPHWLPHPDLQWDLQLQJFRYHUWOLQNVZLWK LWVRDVWRSXUVXHLWVGUHDPRIDQ,VODPLFVWDWH ,WZDVDOOHJHGWKDWWKH¶SXEOLF SRVWXUH· RI ¶LGHRORJLFDO GLIIHUHQFH· EHWZHHQ WKH -DPD¶DW DQG WKH 6,0, ZDV ¶PHUHO\PHDQWWRKRRGZLQNWKH,QGLDQVWDWHDQGSXEOLF·
)ROORZLQJ LWV VSOLW ZLWK WKH -DPD¶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· 2UJDQL]DWLRQV
%\WKH6,0,KDGVHWXSDQHWZRUNRIDFWLYLVWVLQVRPHVWDWHVRI,QGLD ,Q WKDW\HDU VKRUWO\SULRUWRLWVEHLQJEDQQHGE\WKH*RYHUQPHQWRI,QGLD LWZDV HVWLPDWHGWKDWLWKDGVRPHIXOOWLPHZRUNHUVRU$QVDUVDQGV\PSD WKL]HUVRU,NKZDQV LQDGGLWLRQWRDFHOOIRU\RXQJFKLOGUHQDJHGEHWZHHQDQG FDOOHGWKH6KDKLQ)RUFH ,WDOVRHVWDEOLVKHGDVSHFLDOZLQJ WRZRUNDPRQJ PDGUDVD VWXGHQWV DQG¶XODPD WKH7DKULN7XODEDL¶$UDELD 0RVWRI LWV DFWLYLVWV
DQG PHPEHUV EHORQJHG WR ORZHUPLGGOH DQG PLGGOHFODVV IDPLOLHV OLYLQJ LQ WRZQVDQGFLWLHV ,WDSSHDOHGWRDFODVVRI0XVOLPVWXGHQWVZKRVDZWKHPVHOYHV DV LQ VRPHVHQVH GHSULYHG IRUZKRPLWVPHVVDJHRI WKH¶VXSHULRULW\· RI,VODP RYHUWKH¶GHFDGHQW· DQG¶LPPRUDO·:HVWDQG¶SRO\WKHLVW·+LQGXVVWUXFNDZHOFRPH FKRUG 0DQ\ RI WKHVH VXSSRUWHUV ZHUH HQUROOHG DW 0XVOLPUXQ FROOHJHV RU XQLYHUVLWLHV WKDW DUH VHHQ WR KDYH D FHUWDLQ ¶0XVOLP· DVVRFLDWLRQ VXFK DV WKH $OLJDUK0XVOLP8QLYHUVLW\ $OLJDUK DQGWKH-DPL¶D0LOOLD,VODPLD1HZ'HOKL
*URZLQJUDGLFDOLVP WKHFDOOWRMLKDG 7KH6,0,·VHYROXWLRQIURPWKHVRQZDUGVZDVGLFWDWHGDOPRVWHQWLUHO\E\ HYHQWVWDNLQJSODFHLQ,QGLDDQGLQWKHZLGHUZRUOG WKHVHEHLQJLQWHUSUHWHGDV DWWDFNV GLUHFWHG DJDLQVW ,VODP DQG 0XVOLPV E\ WKH ¶HQHPLHV·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
OHFWXUHV VHPLQDUVDQGUDOOLHVDVZHOODVWKURXJKLWVDEXQGDQWOLWHUDWXUHPDLQO\WKH ZULWLQJV RI 0DXGXGL KLPVHOI $ UHJXODU IHDWXUH ZDV LWV VSHFLDO ZHHNORQJ FDPSDLJQV DLPHG DW FUHDWLQJ DQ DZDUHQHVV RI WKH ,VODPLF¶VROXWLRQ· LQ ZKLFK LQHYLWDEO\ WKH LQWHQWLRQZDV WR¶SURYH· WKDW ,VODPDORQHKDGWKHVROXWLRQWRDOO SUREOHPVDIIOLFWLQJKXPDQNLQG 7KXV IRULQVWDQFH LQWKH6,0,RUJDQL]HG DQ $QWL,PPRUDOLW\ ZHHN LQ WKH FRXUVH RI ZKLFK ¶VRFLDO HYLOV DQG JHQHUDO LPPRUDOLW\· ZHUHFRQGHPQHGDQG¶LPPRUDO· OLWHUDWXUHZDVSXEOLFO\ EXUQHG ,Q WKH.HUDODXQLWRIWKHRUJDQL]DWLRQKHOGDVSHFLDO$QWL&DSLWDOLVPZHHN LQ ZKLFKLWVRXJKWWRVWUHVVWKDWWKH¶,VODPLFHFRQRPLFV\VWHP· DORQHFRXOGSURYLGH JHQXLQHVRFLDOMXVWLFH ,QDQHIIRUWWRZLQWKHVXSSRUWRI¶ORZ·FDVWH'DOLWVLQLWV DWWDFNVRQ+LQGXLVP LQWKH6,0,RUJDQL]HGWKH$QWL9DUQD9\DYDVWKD
ZHHN DOO RYHU ,QGLD LQ WKH FRXUVH RIZKLFK WKURXJK SXEOLF OHFWXUHV DQG WKH GLVWULEXWLRQRIOHDIOHWVDQGSRVWHUV LWZDVVWUHVVHGWKDWWKHVDOYDWLRQRIWKH'DOLWV OD\LQFRQYHUVLRQWR,VODP GHPDQGLQJ UDWKHUVLPSOLVWLFDOO\ DQ¶LPPHGLDWHHQG WRWKHFDVWHV\VWHP·
$OWKRXJKD IRUFHIXOFKDPSLRQRI¶,VODPLFUHYROXWLRQ· HYHU VLQFH LWV LQFHS WLRQ WKH 6,0, ZLWQHVVHG D IXUWKHU UDGLFDOL]DWLRQ RI LWV UKHWRULF IURP WKH V XQWLOE\WKHRUJDQL]DWLRQZDVSURFODLPLQJWKHQHHGIRU0XVOLPV WRHQJDJH LQ DUPHG MLKDG LQ ,QGLD 7KHHDUOLHU UHYROXWLRQDU\ UKHWRULFRI WKH 6,0,ZDV XQGRXEWHGO\ LQIOXHQFHGJUHDWO\E\ WKH,UDQLDQH[DPSOH DQG WKHQ E\WKHMLKDG DJDLQVWWKH6RYLHWVLQ$IJKDQLVWDQ $WWKLVWLPH WKH6,0,·VDSSHDOV IRU D UDGLFDO ,VODP DQG WKH ¶HPDQFLSDWLRQ RI ,QGLD WKURXJK ,VODP·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¶,VODPLFDOWHUQDWLYH· WKHVORJDQRI,VODPDVWKHDQVZHUWRDOOWKHLOOV RI PRGHUQ PDQ SURYLGHG D SRZHUIXO V\PEROLF ZHDSRQ LQ WKHLU VWUXJJOH DJDLQVWJUHDWRGGV 7KHUDGLFDOL]DWLRQRIWKH6,0,VLQFHWKHVPXVWEHVHHQLQWKHFRQWH[W
RI DQG DV D UHVSRQVH WR WKH JURZWK RI+LQGXPLOLWDQF\ SDUWLFXODUO\ LQ WKH QRUWK ,QGLDQ VWDWHV RI%LKDU DQG8WWDU 3UDGHVK ZKHUH WKH 6,0, DOVR KDG D QRWLFHDEOH SUHVHQFH 7KH GHVWUXFWLRQ RI WKH%DEULPRVTXH LQ DQG WKH VXEVHTXHQW PDVVDFUHV RI 0XVOLPV LQ YDULRXV SDUWV RI ,QGLD SURYHG WR EH D PDMRUZDWHUVKHG LQ WKH KLVWRU\ RI+LQGX²0XVOLP UHODWLRQV LQ ,QGLD :KLOH VRPH0XVOLPVQRZLQVLVWHGWKDWWKHRQO\ZD\IRUZDUGIRUWKH0XVOLPVZDVWR ZRUN WRJHWKHU ZLWK +LQGXV WR LVRODWH ERWK +LQGX DQG 0XVOLP PLOLWDQW JURXSV RWKHUV VXFK DV WKH 6,0, VWUHVVHG WKDW WKH WLPH KDG QRZ FRPH IRU 0XVOLPVWRZDJHMLKDG DJDLQVWWKH,QGLDQVWDWHRUWKH+LQGXV DVWKHLUOLYHVDQG WKHLUIDLWKZHUHQRZXQGHUJUDYHWKUHDW $V6KDKLG%DGU)DODKL WKHSUHVLGHQW RI WKH 6,0, DVVHUWHG WKH0XVOLPV DQG ,VODPZHUH QRZ EHLQJ WDUJHWHG E\ +LQGXPLOLWDQWVLQOHDJXHZLWKWKHDJHQFLHVRIWKHVWDWH +HQFH KHGHFODUHG ¶>L@WLVKLJKWLPHWKDW0XVOLPVRUJDQL]HWKHPVHOYHVDQGVWDQGXSWRGHIHQGWKH FRPPXQLW\·
%\HDUO\WKH6,0,KDGEHJXQPRELOL]LQJ0XVOLPVWRVWUXJJOHDJDLQVW +LQGXPLOLWDQWV FHQVXULQJ0XVOLPOHDGHUVZKRDGYLVHGUHVWUDLQWRUGLDORJXH ,Q )HEUXDU\ WKH 6,0, RUJDQL]HG WKH%DEUL0DVMLG GD\ DOO RYHU ,QGLD KROGLQJGHPRQVWUDWLRQV DJDLQVW WKHHIIRUWVRI+LQGXPLOLWDQWV WRGHVWUR\ WKH GLVSXWHG PRVTXH LQ WKH WRZQ RI $\RGK\D 6HYHUDO 6,0, DFWLYLVWV FRXUWHG DUUHVW 6,0,OHDGHUVLVVXHGDSSHDOVWRWKH0XVOLPVWR¶VWRSWKLQNLQJLQGHIHQ VLYHWHUPV· RQWKHTXHVWLRQRIWKHPRVTXHDQGWKHJURZLQJZDYHRIDWWDFNVRQ 0XVOLPV ,WVUKHWRULFDORSSRVLWLRQWRWKHFDPSDLJQOHGE\+LQGXJURXSVWR GHVWUR\WKHPRVTXHPDGHIRUDQLQFUHDVHLQWKHSRSXODULW\RIWKH6,0, DQG LQGHHGLWZDVRQO\DIWHUWKH6,0,WRRNXSWKHLVVXHRIWKHPRVTXH RUJDQL]LQJ PHHWLQJV LQ YDULRXV SDUWV RI WKH FRXQWU\ WR RSSRVH WKH +LQGX PLOLWDQWV· FDPSDLJQ WKDW LW UHDOO\ HPHUJHG DV D VLJQLILFDQW IRUFH WR EH UHFNRQHGZLWK
DOEHLWLQVPDOOSRFNHWV KDYLQJKLWKHUWREHHQUHVWULFWHGODUJHO\WRDIHZWRZQV RI8WWDU3UDGHVK &DUU\LQJRQZLWKLWVFDPSDLJQWRJHQHUDWHPDVVVXSSRUW IRULWVSRVLWLRQRQWKHPRVTXH LQ6HSWHPEHULWRUJDQL]HGDODUJHFRQIHU HQFH LQ0XPEDL DWWHQGHG E\ VRPH VWXGHQWV IURP YDULRXV SDUWV RI ,QGLD $W WKH FRQIHUHQFH LW ZDV VWUHVVHG WKDW WKH WLPH KDG QRZ FRPH IRU 0XVOLPV WR¶WXUQ WR $OODK· WR HQJDJH LQ¶PLVVLRQDU\ZRUN· GD¶ZDK DQG WR ODXQFK MLKDG )RU WKH 6,0, OHDGHUVKLS WKH FRQWLQXHG LQGHHG HVFDODWLQJ SHUVHFXWLRQRIWKH0XVOLPVRI,QGLDPHDQWDWRWDOORVVRIIDLWKLQ,QGLD·VFODLPV WRVHFXODULVPDQGGHPRFUDF\ DQGWKXV OHJLWLPDWHGWKH ODXQFKRI DGHIHQVLYH MLKDG ²DOWKRXJK WKHUH LVQR ILUPDQGFOHDU HYLGHQFH DV WR WKH6,0,·V DFWXDO LQYROYHPHQWLQDQ\YLROHQWDFWLYLWLHV )ROORZLQJ WKH GHVWUXFWLRQ RI WKH %DEUL PRVTXH DQG WKH VXEVHTXHQW
PDVVDFUH RI0XVOLPV LQ ODUJH SDUWV RI ,QGLD WKH 6,0, FRQFOXGHG WKDW WKHUH ZDVQRKRSHIRU0XVOLPVLQVHHNLQJWRGLDORJXHZLWK+LQGXVRUWKHJRYHUQ PHQWEHFDXVH LQLWVYLHZ ERWKKDGWXUQHGLUUHYRFDEO\KRVWLOHDJDLQVWWKHP ,Q D OHWWHUVHQWWRYDULRXV0XVOLPOHDGHUVDQG¶XODPD D WRS6,0,OHDGHU ¶$EGXO ¶$]L]6DODIL LQVLVWHGWKDWWKH0XVOLPVVKRXOGPDNHLWFOHDUWRWKH*RYHUQPHQW RI,QGLDDVZHOODVWR+LQGXPLOLWDQWVWKDWWKH0XVOLPV¶ZRXOGQRZUHIXVHWR VLW ORZ· +H LQVLVWHG WKDW 0XVOLPV FRXOG QR ORQJHU WUXVW YDULRXV ¶VHFXODU· SDUWLHVWRJXDUDQWHHWKHLUULJKWVDQGWKDWWKH\VKRXOGQRZ¶HVWDEOLVKWKHLURZQ SROLWLFDOLGHQWLW\· )RXU\HDUVODWHUWKH6,0,VSHOWRXWSUHFLVHO\ZKDWLWKDGLQ PLQG ,Q D VWDWHPHQW LVVXHG LQ LW GHFODUHG WKDW VLQFH GHPRFUDF\ DQG VHFXODULVPKDGIDLOHGWRSURWHFWWKHULJKWVRI0XVOLPVWKHUHZDVQRDOWHUQDWLYH OHIW IRU 0XVOLPV EXW WR VWUXJJOH IRU WKH HVWDEOLVKPHQW RI WKH NKLODIDK ,W DSSHDOHG WR QRQ0XVOLPV WR UHFRJQL]H WKDW QDWLRQDOLVP DQG:HVWHUQL]DWLRQ ZHUHQRWWKHVROXWLRQWRWKHPDQLIROGSUREOHPVIDFLQJWKHFRXQWU\ WKHRQO\ DQVZHUWRZKLFK LWDUJXHG ZDVWKH,VODPLFSROLWLFDORUGHU ,WLQVLVWHGWKDWZLWK WKH HVWDEOLVKPHQW RI WKH NKLODIDK DOO UDFLDO OLQJXLVWLF FDVWH DQG FRPPXQDO DQWDJRQLVPV ZRXOG DXWRPDWLFDOO\ EH UHVROYHG DQG WUXH HTXDOLW\ DQG MXVWLFH HVWDEOLVKHG 7KH EUHDN IURP WKH -DPD¶DW·V SROLF\ RI JUDGXDOLVP ZDV WKXV PDGHFRPSOHWHDQGLUUHYRFDEOH $V+LQGXPLOLWDQF\LQFUHDVHGLQVWULGHQF\ WDNLQJDQHYHULQFUHDVLQJWROORI
0XVOLP OLYHV WKH6,0,DGRSWHGDQHYHQPRUHKDUGOLQHSRVLWLRQ FDOOLQJ IRU 0XVOLPVWRDYHQJHWKHGHDWKRIWKHLUFRUHOLJLRQLVWVE\IROORZLQJLQWKHIRRW VWHSVRIWKHHOHYHQWKFHQWXU\0DKPXG*KD]QDYL ZKROHGVHYHUDODWWDFNVLQWR ,QGLDDQGLVVDLGWRKDYHGHVWUR\HGPDQ\+LQGXWHPSOHV 6,0,DFWLYLVWVSXWXS SRVWHUVLQVHYHUDOWRZQVDSSHDOLQJWR*RGWRVHQGGRZQDQRWKHU0DKPXGWR WDNH UHYHQJH IRU DWWDFNV RQ0XVOLPV DQG WKHLU SODFHV RIZRUVKLS ,Q WKHDUUHVWRID6LNKPLOLWDQWLVVDLG DWOHDVWVR,QGLDQVRXUFHVFODLPHG WRKDYH UHYHDOHGD¶3DNLVWDQLFRQVSLUDF\· WRXQLWH6LNKDQG.DVKPLUL0XVOLPDFWLYLVWV DORQJZLWK6,0,PHPEHUVLQRUGHUDOOHJHGO\WR¶FUHDWHGLVRUGHU LQ,QGLD· %\ WKLVWLPHWKH6,0,ZDVDOOHJHGWRKDYHGHYHORSHGOLQNVZLWK,VODPLVWPLOLWDQWV LQ .DVKPLU ILJKWLQJ ,QGLDQ UXOH VKDULQJ WKHLU YLHZ WKDW .DVKPLU ZDV D GLVSXWHG WHUULWRU\ ,W LV VDLG WR KDYH GLVWULEXWHG SRVWHUV DQG DXGLR FDVVHWWHV
H[WROOLQJWKHYLUWXHRIWKHPLOLWDQWVDQGH[KRUWLQJ,QGLDQ0XVOLPVWRIROORZ LQWKHLUSDWK ,QWKHDUUHVWRID&KLQHVH0XVOLPIURP;LQMLDQJDQGKLV 6,0,DFFRPSOLFHDWWKHERUGHUEHWZHHQ:HVW%HQJDODQG%DQJODGHVKLVVDLG WR KDYH SURYLGHG WKH ,QGLDQ SROLFH ZLWK YLWDO LQIRUPDWLRQ RQ WKH 6,0,·V FRQWDFWVZLWK,VODPLVWJURXSVLQZHVWHUQ&KLQDVWUXJJOLQJIRULQGHSHQGHQFH ,Q0D\HLJKW6,0,PHPEHUVZHUHDUUHVWHGDWWKHWRZQRI1DJSXUIRU DOOHJHGO\ SORWWLQJ WR ERPE WKH KHDGTXDUWHUV RI WKH +LQGX IDVFLVW 566 2I WKHVH IRXUDUHVDLGWRKDYHEHHQWUDLQHGE\WKH+L]EXO0XMDKLGLQ DQ,VODPLVW PLOLWDQWJURXSDFWLYH LQ.DVKPLU DQGDVVRFLDWHGZLWK WKH -DPD¶DWL ,VODPLRI -DPPXDQG.DVKPLU 7KH,QGLDQDXWKRULWLHVDOVRDOOHJHGWKDWWKH6,0,KDG HVWDEOLVKHG OLQNV ZLWK2VDPD ELQ /DGHQ ,Q WKHZDNH RI WKH DWWDFN RQ WKH :RUOG7UDGH&HQWHU LQ1HZ<RUN LQ 6HSWHPEHU 6,0, DFWLYLVWV RUJD QL]HG GHPRQVWUDWLRQV LQ VHYHUDO SODFHV LQ ,QGLD FDVWLJDWLQJ $PHULFD DV DQ ¶HQHP\ RI ,VODP· DQG ¶DQ DJHQW RI 6DWDQ· DQG OLRQL]LQJ 2VDPD DV D ¶WUXH PXMDKLG· DQGD¶KHURILJKWLQJWKHQRQEHOLHYHUV· 3RVWHUVKDLOLQJ2VDPDDQG VXSSRUWLQJ WKH 7DOLEDQ LQFOXGLQJ H[WROOLQJ WKH 7DOLEDQ·V GHVWUXFWLRQ RI WKH %DPL\DQ%XGGKDV ZHUHSXWXSLQVHYHUDOWRZQV DQG0XVOLPVZHUHH[KRUWHG WR¶WUDPSOHRYHULQILGHOV·
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·V LQYROYHPHQW LQ LQFLGHQWVRI LQWHUFRPPXQDO VWULIH 7KHEDQZDV MXVWLILHGRQ IRXU FRXQWV ILUVW WKH 6,0,·V DOOHJHG OLQNV ZLWK PLOLWDQW ,VODPLVW JURXSV LQ -DPPX DQG .DVKPLU DQG WKH 3DNLVWDQL VHFUHW VHUYLFHV DJHQF\ WKH ,QWHU 6HUYLFHV ,QWHOOLJHQFH VHFRQG LWV DOOHJHG OLQNV ZLWK SDQ,VODPLVW PLOLWDQW RUJDQL]DWLRQV DQG LWV DJHQGD RI ZRUNLQJ IRU WKH HVWDEOLVKPHQW RI D ¶JOREDO ,VODPLFRUGHU· WKLUG LWV UROH LQSURPRWLQJ LQWHUFRPPXQDO ULYDOU\ RIIHQGLQJ WKH UHOLJLRXV VHQWLPHQWV RI SHRSOH RI RWKHU IDLWKV DQG DOOHJDWLRQV RI LWV LQYROYHPHQW LQ YLROHQW LQFLGHQWV DQG ILQDOO\ LWV LQYROYHPHQW LQ DOOHJHGO\ ZRUNLQJ WRGHVWDELOL]H WKHFRXQWU\ SURPRWLQJ VHFHVVLRQLVPDQGGHQ\LQJ WKH EDVLV RI WKH ,QGLDQ &RQVWLWXWLRQ WKURXJK LWV YLUXOHQW RSSRVLWLRQ WR QDWLRQ DOLVP GHPRFUDF\DQGVHFXODULVP
6,0, OHDGHUV UHEXWWHG DOO WKHVH FKDUJHV LQVLVWLQJ WKDW WKH\ KDG DOZD\V DELGHGE\SHDFHIXODQGGHPRFUDWLFPHWKRGVDQGWKDWWKHLUZRUNKDGDOODORQJ EHHQOLPLWHGRQO\WR¶FKDUDFWHUEXLOGLQJ· ,WVSUHVLGHQW 6KDKLG%DGU)DODKL LQVLVWHGWKDW WKH6,0,ZDVWRWDOO\RSSRVHGWR¶DQ\YLROHQWRUWHUURULVWDFWLYL WLHV· 0XVOLPDQGHYHQVRPHVHFXODUDQGOHIWLVWRUJDQL]DWLRQVZHUHTXLFNWR SURWHVW WKH JRYHUQPHQW GHFLVLRQ EUDQGLQJ LW DV SDUWLVDQ DQG EODWDQWO\ DQWL
0XVOLP ,WZDVSRLQWHGRXWWKDWWKHJRYHUQPHQWKDGQRILUPHYLGHQFHRIWKH 6,0,·V LQYROYHPHQW LQYLROHQW LQFLGHQWV 7KHEDQZDV VDLG WREH \HW IXUWKHU FRQILUPDWLRQRIWKHJRYHUQPHQW·VDQWL0XVOLPSROLF\DQGLWZDV DUJXHGWKDW LI WKHJRYHUQPHQWZDV UHDOO\ VHULRXVDERXW WDFNOLQJ WHUURULVP LW VKRXOGKDYH DOVREDQQHG+LQGXWHUURULVWJURXSV ZKLFKKDYHDORQJKLVWRU\RILQYROYHPHQW LQ DQWL0XVOLP DQG DQWL&KULVWLDQ YLROHQFH ,WZDV DOOHJHG WKDW WKH JRYHUQ PHQW·VPRYHZDVPRWLYDWHGE\SROLWLFDOFRPSXOVLRQV LQRUGHUWRSUHVHQWLWVHOI DVGHIHQGHURIWKH+LQGXV 7KDWWKHJRYHUQPHQWFKRVHWRLJQRUHWKHVHFULWL FLVPV ZDV D FOHDU LQGLFDWLRQ WKDW LQ WKH ZDU DJDLQVW WHUURULVP D FRQVLVWHQW SROLF\RIGRXEOHVWDQGDUGVZRXOGEHDGRSWHG 7KHPHVVDJHWKDWZDVFRQYH\HG ZDV WKDW WKH JRYHUQPHQW KDG GLIIHUHQW \DUGVWLFNV WR GHDO ZLWK +LQGX DQG 0XVOLP PLOLWDQWV $ +LQGX ¶QDWLRQDOLVW· JRYHUQPHQW PLJKW ZHOO VXSSRUW +LQGXPLOLWDQWVDV¶QDWLRQDOLVWV· DQGDUGHQW¶SDWULRWV· EXWWKHLU0XVOLPFRXQWHU SDUWVZHUH WREH WUHDWHGDVHQHPLHVRI WKHQDWLRQ )RU0XVOLPRUJDQL]DWLRQV WKLVFDPHDVOLWWOHVXUSULVH DQGDOWKRXJKIHHEOHSURWHVWVZHUHPDGHLWZDVUHDO L]HG DVQHYHUEHIRUH WKDWWKHDJJUHVVLYHFRQIURQWDWLRQLVWVWDQFHRIJURXSVOLNH WKH6,0,FRXOGKDUGO\VHUYHWKHFRPPXQLW\ 5DWKHU LWKDGRQO\PDGHWKHLU VLWXDWLRQDVDEHOHDJXHUHGPLQRULW\HYHQPRUHSUHFDULRXV
7KH 6,0,·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¶DWL ,VODPL RI ,QGLD 7KH VHWWLQJ XS RI DQ ,VODPLF VWDWH DOWKRXJK UHFRJQL]HGDVDQHVVHQWLDOWDVN LVWKXVSRVWSRQHGWRVRPHWLPH LQWKHLQGHIL QLWHIXWXUH ,QWKHPHDQWLPH 0XVOLPVDUHEHOLHYHGWREHDEOHWRDELGHE\WKH GLFWDWHVRIWKHLUUHOLJLRQLQDQRQ,VODPLFVWDWH SURYLGHGWKH\DUHDOORZHGWR IUHHO\SUDFWLVHDQGSURSDJDWHWKHLUIDLWK'D¶ZDK RU¶LQYLWDWLRQ· WR,VODP LVWKXV VHHQ DV WKH SULQFLSDO WDVN LQ WKH0XVOLPPLQRULW\ FRQWH[W 'D¶ZDK LV WR JR KDQG LQKDQGZLWK VHHNLQJ WR HVWDEOLVK FORVH DQG IULHQGO\ UHODWLRQVEHWZHHQ 0XVOLPVDQGSHRSOHRIRWKHUIDLWKV IRULWLVUHFRJQL]HGWKDWRQO\LQDQHQYL URQPHQWRISHDFHDQGFRUGLDOLW\ZLOORWKHUVEHZLOOLQJWR OHQG DQHDUWRWKH ,VODPLFPHVVDJH
7KHFDVHZLWKWKH6,0,VHHPVWREHRWKHUZLVH DOWKRXJK DVZHKDYHVHHQ LWVKDUHVDFRPPRQLGHRORJLFDOYLVLRQZLWKWKH,QGLDQ-DPD¶DW $VRXUGLVFXV VLRQRI WKH FRXUVHRI WKHHYROXWLRQRI WKH6,0, VXJJHVWV LW VHHV WKH WDVNRI HVWDEOLVKLQJWKH,VODPLFVWDWHDVDQLPPHGLDWHQHFHVVLW\ 7RSRVWSRQHLWLQWRWKH GLVWDQWIXWXUHLQWKHKRSHWKDWLWFRXOGEHHVWDEOLVKHGDIWHUWKHPDMRULW\RIWKH SRSXODWLRQDFFHSWV,VODPLVVHHQDV LQVRPHVHQVH DEHWUD\DORIWKHIDLWKDQGDV K\SRFULV\RUFRZDUGLFH )RUWKH6,0, XQOLNHWKH,QGLDQ-DPD¶DW WKHPLQRULW\ VWDWXV RI WKH ,QGLDQ 0XVOLPV LV QRW D PDWWHU RI FRQFHUQ :KHWKHU LQ D PLQRULW\ RU D PDMRULW\ LW VHHV LW DV WKH GXW\ RI HYHU\ 0XVOLP WR DFWLYHO\ VWUXJJOH IRU WKH FUHDWLRQ RI WKH ,VODPLF VWDWH WKH NKLODIDK LQ WKH LPPHGLDWH IXWXUH 7KHUHLVWKXV LQLWVYLHZ QRQHHGWRFRQWH[WXDOL]HWKHIDLWK WRUHODWH LWVPHWKRGV DQG VWUDWHJLHV WR WKH SDUWLFXODU FRQWH[W LQZKLFK0XVOLPV OLYH 7KLV ULJLG DQG LPSUDFWLFDO VWDQFH EURXJKW XSRQ WKH 6,0, WKHZUDWK RI WKH VWDWH UHVXOWLQJLQLWEHLQJILQDOO\GHFODUHGDSURVFULEHGRUJDQL]DWLRQ 7KLV GRHV QRW PHDQ WKDW UDGLFDOLVP LV QHFHVVDULO\ LQKHUHQW LQ VXFK D
VWUDWHJ\ 7KH 6,0, LQ LWV HDUO\ SKDVH GLG QRW FDOO IRU DUPHG MLKDG LQ ,QGLD DOWKRXJKLWSURPRWHGLWVRZQDJHQGDWKURXJKDJJUHVVLYHUKHWRULFGHVLJQHGWR DSSHDO WR VHFWLRQV RI WKH 0XVOLP FRPPXQLW\ ZKR VDZ WKHPVHOYHV DV PDUJLQDOL]HGDQGRSSUHVVHG ,WLQVLVWHGRQWKHQHHGIRU0XVOLPV WRHQJDJHLQ GD¶ZDK DPRQJSHRSOHRIRWKHUIDLWKV EXW XQOLNHWKH-DPD¶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¶HQHPLHVRI WKH IDLWK· 0LOLWDQF\ LV QRW LQKHUHQW LQ ,VODPLVP DV WKH FDVH RI WKH ,QGLDQ -DPD¶DWVXJJHVWV 5DWKHU LW LV WKHSHUFHSWLRQ ZKHWKHUUHDORUH[DJJHUDWHG RI WKUHDWWR,VODPDVZHOODVWR0XVOLPOLYHVWKDWJRDGVVRPH,VODPLVWPRYHPHQWV WRPRYH LQ WKH GLUHFWLRQ RI FRQIOLFW $V WKH 6,0, H[DPSOH VKRZV WKH OHVV FRQWH[WXDOL]HG DSDUWLFXODU ,VODPLVWPRYHPHQW LV WKHPRUH DPHQDEOH LW LV WR WKHGDQJHURI UDGLFDOLVP 7KH LQVLVWHQFHE\ VRPH,VODPLVWV OLNH WKH6,0, LQ FRQWUDVWWRRWKHUV VXFKDVWKH,QGLDQ-DPD¶DW WKDWWKHLUXQGHUVWDQGLQJRI,VODP QHHGQRWWDNHLQWRDFFRXQWWKHSDUWLFXODUFRQWH[WLQZKLFKWKH\RSHUDWH WKLV EHLQJVHHQDV LQDVHQVH DEHWUD\DORIWKH,VODPLFPLVVLRQ PDNHVIRUDULJLGLW\ WKDWFDQHDVLO\WUDQVIRUPLWVHOILQWRYLROHQWUDGLFDOLVP
