You are on page 1of 272







WDWLDQDNRSDOHL6YLOL





SURWHVWDQWXOLHNOHVLHEL
VDTDU7YHOR6L



;,;
;;












8'&   


      
    
    

     
     
     
    
     

 












 










,6%1




   
    
    

      
    


      


    
    
 >  @  
     
       
      

     
      


     
      

     
      

;,;;;

3
    

    
      

      



       
    
    

  ;,;    
;;

     

     

      
      
     
    
     
    


      

       
      
      
    


4
     
     
      
    
    
      
       

     

     

    
     
      
     
    

   

      
       
     






     

       
     

      >
@

5

     


 

 >@   >@  
 

   ;9,  
    

      
 
      

     
        
>@      >@
       



      



     
     
    
     

6


     
     
>@

      
    
       

     
     
    
>@
     
    >
      @  

     
     

   
       
    


     





7
     
      
     


      
    
       
   

     
      

     
    
    

     
    
 >    
@
  >    
    
@

>
@
>
   @    > 
       
    9,,, 
@

8
,





     

    
;9;9,
      

    




      

    
      
     
5HIRUPDFLR
 3URWHVWDQWLV    >




       
        

>FDHOLEDWXV@

     9,



9
@

     
       
    
>@
   
;9,;,;


       

      

      
  6ROD )LGH     
    6ROD *UDWLD    
      6ROXV &KULVWXV 

  6ROD 6FULSWXUD     
     > 
@
   
         
  
       
      
       
      
;,9
      
     

10
  ;9,     
     

      
 
     
      

>@
     

     
       
     
     
      
       
     
      


     
      
    
     



      



11


      

       
      
    ;9,  
       


   
     
    
 
     
      
     
     

    
      


    
     
      
      
      


       

9      


12
    
    
     

    

       
 
 
       
      
      
     



>@
  ;9,   

    
     
     

      
      
       

     

      
      
    

13

      

;9,,
      
      

       
3LD'HVLGHULD 
     


     
     &ROOHJLD SLHWDWLV
    
     
     
       
     

    
     

     
     
     
     
       
      
       
  >  @ 
      

14
;,;

     
      


      
    

 
 3XULWDQV  SXULWDV     
     
     
     
      
     
      

   
    > 
@
     
 

       
        
       
     

      
 

15
;9,,     

;,;

       
     


      
        
    
          
    
     


     

      

    
      
         
       
     

      >
@





16



    
      
     
>    @   
      
      

       
        
     

     ;9, 
       
 

      
    
      
       
      
     
     
       

     
>@




17
       

      

        
        

       
      
        
       

       
     
       

     
     
       
      
>@
   

 
     
       
     
       
      

      


18
        
      

      
      
     
;9,,

>@
     
      
       
>@
        
        
     

       
     
       >
@
     
      
       
       
       
       
 
     
       
     
      > @

19
       

    
      
     
     

      
     
     
,,
     
      
      


       
     
        
>5DQFLPHQ@

 
      


       


 &RQIHVVLR$XJXVWDQD 

    
     
      

9

20
    
      
       
     
 

        
>@
     

       

     
      
      

     
     

      
;9,
,,


     
      
         
     


      

  




21

     
      
     
 
>@




   
    
     
     
>@

     
      
  

;9,


     
       
       
       


       

     

22
       
     
      
      
    

       
     
>@,
     
>
     @      
     
 
  
      

    
     
       
     
     
       
      
       
     
      
      
>@

23
    
      


    

     
>@
   >
 @    


       
    
     
       
      
 > @     
        
    
      

    


          PLOOH




   


     
      
       


24
;,;
     
     
     
      
        
     

,
       
      

      
 
 


     
      
 *HVDQEXFK 


     
     
      
>@
     
   ;9,,, 
    
     
      
      

25

       
  ,    

 > @    
 +HLPZHK     

 
      


         
       
    > @ 
       
    
      


       


 
      
        
        
       
        
    
      

       

      


,
>KWWSHQZLNLSHGLDRUJ@

26
     
     ,
     
       
     
 ,     
      
      
     
     
 ,     
     
     
       
      
>@
    
      
    
      
 
      

     
      

 
        
    
    
      
  > @   

27
     
 
        


     >     
@
    
;9,,,

     
       
     
     

     














28
,,





;,;

      

      
     
     
      
, 
        

">
 @      
        
    



 
        

     
>@
      


29
      
      
     
     
      
      

     
      
  > @  
     
     
      
     
  
      
      
        
     >
@
      
      
        
 
     

     

    




30
        
      




     

      
     
    

     
      


       
  
     
     
     
      
,
       
     
      
     >  
@
    
     


   

31
      
     
>@
     
 
      
    
    
     
      


     
    

      

      
      
     

     

      


       
       
       

>@

32
    


    

    

    
>@


        


     
     
          
    >      
 @    
       
     
      
>@
      
     
    > 
 @     
   
   
     
      
     

33
 

       

    > @
      
     

>@ 
      
     
      

       
     

    
     
     

       
     
       


        





      
      >
@

34
     
     

        
>@

    


       
     >
@
     

     >
@
       ,
 
 
  ,

       

      




       



      
>@

35

       
     

  
      
       

       
     
>@

  
   
     
      
        
>@
     
        
     
     
     
     
      
>@
     
   

     
>@
       

36
     

    
     
>@

     
      
      
     

     

      


      
>@
      
      

     
   

      
     

    
      
      
     
    

37
       
     
>@

         

        
      


     

     
      
      
      
      
     
      
      
 


>@



       
     
>@




38
     
     
     
     
     
     
     
     
    
    
    
    


      
      
      
    
       
        
     


     
      
     

      
     
      


      

39
     


    
      
   > @ 
      

      


      
       
     
         
    
 

      
      

     
      
        
      

>@
      
    
      
     
    >

40
@
      
     

>@
    
      








     



     
      
     

     
    
     
      
      
      
>@
  
      

41
       
      
      
     
     
      
    

>@
      
       


    
       
       
       

     

      
       
       
     
      
     
    
 
       
      
      
>@

42
    


       
      
       
     
     
     

      
   >   
@
    
     
      
      
     

     
      
      
        
       

     






43
  &KULVWHQWXPVJHVHOOVFKDIW  

     

     
     
    

         
     
       
     

      
>@
    
    

     
     
    
      
IHOLFLDQIRQ >@  
]DUHPED  

        
    
      
       





>=RSI@

44
       

      

      

    >
@


      
      
      
      
    
       

        
    
>@
     
     
 

>@
    



       

      

45
     

     
     
     

     >.LUFKHQ2UG
QXQJ@

     
      
     
      


     
     

      
    
     
      
      
>@
    
      
      
 
      
    
     

46
    > @  

     
      
       
      
        
 
   > @ 
      


     

    

       

     
      
>@
     
     
     
     


       >

@        

    > @  
         


47
      
>@
     

      
      
>
@
     
      
     
       
     

     
       
>@


      


9


     
        
     >@




 
           
       
    
      

>@
        

48
    
     
      

     
      

     
       
  >
@
      
>@
   

    
   
    

  
LRKDQEHUQDUG     
VDOWHWL REHU
SDVWRUL     


    
      
     

    
         
         
>@

49
     
      
     >
 @     
     
       

     
     
     




      

       

      

      > @
    
     
     


    
       
   

  >         
@     

50

      
   

      
   >        @   
 
      

     
      

>@
     
      
     


     
     

       


     


      





51


;,;



    
      

     


  > @  
     
      
    

       ;,;
   

     
     
    

       
    
    



      

52
      >
@


   

    

       



       
       
      

        
       
     
      
      

        

      

        

      

       
     

53
    
      


     
    
>@
     
      
        

      


      
     
       
 
>
@


     
      




     
      
       
       

54
     
      
    


       
      



   > @   
     
     
      

     


     
    
      
       
       
       
     
     
      

    
      
        
      

55
      
      

      
     
      
      
>@
     
    
     


>@
      
      

       
       
      
    > @ 
      
      
     
      
     
>@

      
     
       


56
     

     
       
     

      
       

      
       
      
      
   
     

     

 



     

      
>@


       
     
>@

57

       
     
      



      


     
    
      
      
      

   

>@


     
     
       
       
 >   @ 
        

     


     

58
       
     
      
    
    


    
    
       
      
     

     
     

    
     

       
     
       
      
     
      
      
       






59

      

      
     
        
     
      

>@
    
     
        
       

     
     
       
      
     
      
       
      

     
     
      
      
        
 
    


60
      

        

        
      
    
       
     

       
       
      


       


      
      
    
        

>@
    
     

      
      

      
     

61
       


     
     
     

     
      

>@
       


      
     
     

       
     

>@
      
      
    
       
      
     


      

62
      

   
     


     
    

     
   
    

      



     
      
     
       
        


     
       
     
 
>@


          >

@

63
     
    
      
    
     
    
    
       


64
,,,
;,;,,



;,;,,

      


      


      

     
   
     
;;
 ;,;  ,,  
    

>
  @   
      
  >
@
     
       


      


65
  >  @   
  
  
       
      
          
   
     
      
      
       >
@
      

 
 
>
@
;,;  ,,     

      
         >
@

     

    
;;

  ;,;    
       
  > @    

66
     
     
      
      

     
       

     

 > @     
      

       
      
 
      


  
         
 
 >@
      



     
     
    

     

67
     
     


>@
     
     
      







     
     
    
      
     >
@
;,;,,


      

     

    
      

    > @

68

     
     
       
      
     

 


     
>@
        
>@
    

    >
 @      

   
     
    
   >  
@
     
      
    
   
>@  


 >@

69
      

     
   
        
     
       
 

     
     
 
     
     
>@
     
 

      
  

;,;     
    
    
   
    
        

       

      


70
    
      
       
      
      

     
      
      
       
       
>@
    

       
       
      


     
        
 >
@

      
       
       
       

       
        
   

71
     
    
       
     

      
   




    
       

        
       
     
       

     


 
    

       


     
        
      
         

72
     
     
      
       


> @    

        
     
      


    
     

      
    
       
>@
;,;,,
 
       
        

       
     
     

      
      
      

73
>@
 
>@
      


     
    
    > 
@
    
    
      
>@
     

         
>@

       
    
      
     
    
       
       
     
    >
@  



74
      
      
      
       
           
         >
@
     
      



      
     
       
>@
 ;,;    
 
      
     
      








 UHIRUPR ;9,

      



75


   
     ;; 
    
      
    

    

     
      >
@      
     
 
      

     
       

         

     
     
     
     


     
      ;,; 

        

76
 ;,;    
       
     
    ;;   
     
    > @  
       
       
    
>@
     

       
>@
       
      
      
       
      
      
>@   
     
      

>@
    
       
      >
@
      

       

77



     

     
     
       

     
     
>@
     
   

     
 
 
       
     
       
>@
     
    
   
       
>@    
      
       
>@
     


78
  >        @   
    ;;  

   
      
       


       
      
     
>@
      
     

       

      

      
       



       
     

>@
    



79
       
      

      
        
"

>@
    
    

     
       
      

       
     

     
    
     ;,;
,,
    

     
     

>@
     
     

    

80
       
     
     
       
     

    
      
     

      

      
    
    

     
      
      
    
      
     




      


       



81
       
      
     

      
 
       
>@
 
     
       
      
  
    
      
     
      

     
    
     
      
      

     

       
      
        
       


82
    
    
     
     
    
     
     
>@
     
>@
   
     

>@  

          

       
      
     
     

      
     
    
      
>@
      
>@ 
     
     
    

83
       


      
     

  
     

      
      

           
      

;,;     

       
       

      
      
     
      


      
     
     
      
 , 


84
      
       
     
      
       
      
     
     
        
       
>@
    
     
      
       
     
      >
@
      
      
    
      

      

     
      
     
     

    


85
     
     >
@
    
     
   
     






    
      
    
      
      
      
    
      
      

    

   
       
     

    


86
      
     
       
>@
    
     
     
       
     

   > @  
    
     
       


     
     
      
        
       
       
       


      

>@
         
 > @   
       

87
      
>@
     
  
      


     
     

      > 
@
    
    
> @     
      
       
    
     
      
      
       
>@
    
 
       
     
      
       
;;
     
     

88
     
      

>@
     
        
     


       

     
          
       

>@
;,;      
    
  ;,;      
         
         
       
      
    
     
    


     
       
       
 

89
    
       
      
     
> @      
       
      
     

;,;
       
      

     
       
      
       
    


     
      
;,;,,
      
>@
     

     
      
     



90
,


      

     
       

      
       
      



       

      
>KWWSZZZSPPJRUJJH@
       
     
>@


    
       
     
      
      

     
     
>@

91



      
      

      
      
      
     
        

     
      
        
      
       
       

       
      

      

       
   

       
 >@
    
       


92
       
      
>@

       



       
        

    
     

      


    

     

    
      
>@
        
      
     

    

      
       

93
      
      
      
     
       
     
      
 
    
>@
      
      
      

    
      
>@
     

>@

      
     
       >  
@
      

     
     
       



94

     


    

       

      
       
     

        

>@
     
     
     


      

     
      


    

      

      

95

>@

     


      
      
    ,   
      
     

      
     
   > @   
     
     
     
      





96
,9




;9,,     
     
     
 ;,;      

      
       
     
     
     
       
      
       
      
      
       
     >@  


     


      
       
      
,,;9,,,

97


       
;,;
     




    
      
      
    

     >
@  
      

    
      

    
;,;

   ;,;   
     
      
     
        






98
      

     


      

    >@  
      
   ;,;   
  9 >
@


  ;9   
    
   
  
      
     


      
     

       
     
        
    
>@

     

99
      


     

      

       
    > @ 
       
         
       
     
         
>   @   
       
      
      
    

     
     

       
  ;,;     
     
     
     
    
     
       
     

100
      
      
>@
     
      
     
      
     

     
      
     
     
 ;;,    
>@
     
       
     
     
       
     
 >
        @  
    
     
>@
;,;      
       



      

101
     
      
     
  > @  
      

    
     
     
   

    
    ;,;
 ,,     
     


     

      




      
>@
     
       

      
      
     

102

     
    >   
@

     
 9 ,

      

      

     
      


     
     
    
 
     










     

103

     
      
     

    
     

 >      @ 
      
     
      

      

     

    
       

  


      

>
@


  >    
@       
       

        

        
      

104
     
      

      
       

     


      
      

     
    
    
   
  
   
  
    

QLYRURQLQL    
    

      
      
      
      
       




105
     

     


 >
@
     
      

      
       
     
       
        
  
     >  
@
      
     
       


       
      
      

>
    @      

106
 
     
      


      
      
        
      

       


      
      
       
      


    
     
     
        

          
      

       
      
       

,,

     
        


>@

107
      
    


        
     
     

 
     
     
       
      >
   @    
     
>@

  


      
       


      

    
        


      


108
        

      
>@
     
    

      
     
        
   

    >
@


      
       
       

      

>@
     
     
     
       
      
>
@
      
     

109
      
 
       
      
       
    
>@
    
  ;,;    
    
       
     

     
       

    

     
     
     
      " 

 >@
;;     
        









110

     
     

       
      
>@
     

      
 
      

 
       
      
>
@
    

    
      
     
      
       
      
 

        
 
         
     

111
      
>
@


    

      
     
        
     
      
       
      > 
@
      
   
      
       
      

       
       
     

     
        
     

        
     
       

112

     
    
 >)ULW]RQ @     
      
      
       
    
     

    
      
    
      
      

    
     
    
     

    

      

     


 
        
      
        
>)ULW]RQ@


       
>)ULW]RQ@

113
     
     
      
      
       
     
    > 
@
    

    

     
     
      
>@
       
     
      
       
     
      
     
     

     







114




      
    
    
     
      
     
     
    
>@
    

    
     
     


       
        
      
      
>@
    
      
      
    
      

      

115
      

 
 
 
 

 

      

 
 


 
      

 
        

     

      
      

 

     
     
     
     

116



      
     
>@
      
      
     
>
@     
       
      
      
     

     
       

     
    
   



      
   
YJSDYORYL
   
 







117
        
     >        
 @    
      
     
    >5RZH @ 
      
     
 
 



      
>@
      
      
       


      
      
      

 
     

       

  > @    
     
      

118
       
>@
      
      
>@
    

       
      
     
   >   @ 
     
     
      
     
     


       
     
>
@
     
       
        >
 @        

    


      
      

119

 
     
      
      
>@
    ;; 

>
 @     

     

       
       


      


          

     

     


    >@
      
       
       
    > 
  @      
     
     


120
     
    
       

>@
     
      
     
      



       
      
      
       
      



      
     

     
     


    
      
    
      


121
       

      
     

      
        
       
     
      

>@
    
     
        
     
       
        
      
        
      
>@

       

   
       
     
     
 >        @   
      
     

122
       
>@
    
     
    
     
        


      
     
    
      
     

        

    

  > @    
  
       
 > @     
      

     
        
    
>@




123
     
      

     
       
>@
      
     
     
    

>@
     
     

     >      
 @    
    

        
     >      
@  
     
 
     
     >     
@
      
     
      
        
       

124
>
@      
       
      


  
    
>@
      


>@
     

      
>@
     
       
     
      
        

>@

>@
       

 

      
        
  >
@

125
      
     
      
     
 
    

     
 
     
      
     
     
    
  >
@
     
      

       
     
        
     

      
>@
       
       
      
       


126
      
      

     

      

     
    
   >@
       
     
       
        


     

 >
   @   
     
     
     


     
 
  
 >@
    
      
      

127



         
       

     
     
      
       






     
     

     
      
       
     
     
       


     
      
     
       
  

128
       
      
      
         
">@
     


     
      
      
       
>@


>
@
    

      

      >
@
       

        
    

    
 



129
     
     
       >
 @    

>@
     
     

     
     
      

>@
    

     
    
       
     
     
  >   @  
     
     
      
 
>@


    
       


130
       
     
      


    
      
        

 

     
    
       


      
>)ULW]RQ@
;;      
    
     
       
  >
@        
        
     
       
      
    


    

131
       
       
      
    
     
      
      

>@

      
     
>@
      
    
   
     
    
     
 
     
 

>@
     
     
       
       


        




132
      
>@
    
      
     
       

    
     
      
        

   
      
    
     

     
      
       >
@
    
     
     
     

     
     
>
@
     
    

133
     







   
   
      


      
      
      
    
      
       
       
     
      
      
      
      
      
>@
    
       




134

     

    >  
@
    
      
    
       
    
  > @  

       
      
>@
    
     
      
     
      
      
     
    
       
   >
@      
     
       
 >@

       
      
        

135

    
      
     
    
      >
@

     
     
     

       

      
      
      
      
     
      
>@

    
      
     
     > 
    @   

  
     
      
     
      

136
     
     
 
 
     >  
@
     ,,,
  
    

         

       

     

       
    
  
    

   > @   
    
      
     
>@
      
       
      
      
      
    


137
     
       
      

    
       
       
       


      
    
      
      
     
     
      
      
       
      
      
      
 

     
     
      

>   @    
    




138
    

     


>@
    
  
       


      

      

     

      

       

     
      
     
  > @   
>@
      
     
     
      
      
     


139



     
>@


     
   
>@
      
 

      
       
      
      
>@
    
    
       
      
      
      
      

     
       
      
>
 @    
      
     

140

>@
       
     
      
      
      
     
       
      

    
     
      
    



         
         
    

       
     
    >      
@



        
   > @   

       

141
      

     
     
     
    

      
       


      

      
     
      
         
        >
@
      
        
     
        
     
         
      
      
     
>
@
    
      
       

142
    
       
    

     
   
      

     

     
    >  @

     

     
     
     
      
       
     
>@
    
    
   
     


      
    

    
      

143
      
      
      
       
     
       
    
      
    
       
 >@
     

     

      
  
      
     
     


      



>@

     
     
    
    
     

144
    
     
    
      
      

    

     
     
>@
      
    


     
      
  > @  

        
      
        
       

      

        


     
      

    

        
  

145
       
     
>@
     
   
   
   

      

       

     
       



      
 
     
   
   
     
       
   
     
     


146
9
;,;

    
     


       
      
        
      

     
    
     
       
     > 
@     

        
      
      

    
    
      

     
      



147
    
  ;,;    

       
    
      
    
   
       

;,;    

      
     
      
>@
    

    

   
   
    
    

     
    
      

    
     
      

148
      
    
     
      
     

     
    
     
    9HUHLQ  


     
      
      
 
     
     
      
        


      
    
>@





;,;     


149
     
      
      


    
      
     
     
     
    
     
      
 

;,;,
    
     
   



     
     
     
       
    
     
      
       
      
     

150
     


 
      
     
      
 > @     
      
 

       
     
       
      
    

    
      

     
      
     


       
       
     
       
     
      


151
    


      


     
      
      
    
     

       

     
    
      

     
    

     
      


      
     

     

       
     

152

       
>@

     
         

       
>@
    

      
        

      
     
   
      
    
  
     
      

>@
     
     
     

     

      
     

153
      
     
   > @   
      
     
      
      
       
      
     
     
     
      
      

      
       
       
     
     
     

     
      
>)ULW]RQ@    


       
     
    
     


154
    
      
       
        
      
    
     
     
    
       
    
>)ULW]RQ@


     
  ;,;  ,,  
      
    

      
>@     

     
  >        @ 
 

       

     

       
    >@   

155
     
    






      

        
     
    
      
      
       
     
     
      



     
       >
@

     

      
 
     


156
      
        
        
 >KWWSZZZLVWLQDUHOLJDUHUXDUWLFOHKWPO@  
;,;;;

      
>@
     
  
      
       
     



     
 
     

  
    
    
LDNREGHOLDNRYL
 
  > @   
     

      
     
      
      


157
   


       
      
>
@     

>
@
     
 



    
     
     
       
      
     
     
      
      

 
      
      

    >    
@    

158
      

    
      
      


     


       
       
     
>@
      
      
    
       
>@
        

      
      
       
     


      

    
   
   

159


    
      
     
     
     
     
    
     
     
   
     
       >
       @    
    
       
 

    
    >      
@
;,;      
     
     
      

     
     
      
        
       

160
       
      


      
      
      
     

>
@


     

      
     
    
    

     
    
    
     
>@
      


     
       
      
       

161
      
     


       
     
       
>@
     


      
     






    
     
    

;,;     

     
       
 
       
     
     
      

162
     



    
   

  
    


     
   
    
  
    
    
      
       


     
     
     
       
      

       
     
     


163
     
     
     

      
      
      
      
      
     
     

     


    
       




     
      
      
     


       


      



164
   
       
       
      
      
      


      
      

  
      
      
     
      
      
      


        
   
     
     
     

       

     
     

       
       

165
      
     

>)ULW]RQ@
;;      
    
      

    
     

>@
    
       
      

 
    
       
       


      
       
        
      




       
 
       

166
       

      
       
     >     
@
         
        
     >     
@
   
      
     
       
       

      
      

      
     
>@
   

     
    
    
      
      

      
      


167



   
      

    
 ;9,  ,,     ;,;

     

    

     

   
      


     
      
      

     
    
     
    

     
     
     ;,; 


168
     
    
     
    
    

      


    
      
     
     
      
    
      
     
     
    
      


    
     ;,; 
 ,,      
    
      ;,;
     
     
      


169
    

    
     

     
      
      
      
     
    
      

 ;,;    
     
      

   ;;    




       
    
    
      

    
      
      
     


170
     
      
        
     

    

     
     
       

   
     
    
    
  ;,;   

     


   
      
;,;
    

     
      

      
     
     
     ;,;  

171
     
      

     
     
      

      
     


     

      

  

     
      














172
3URWHVWDQW&KXUFKHVLQ*HRUJLD
FF

&KDSWHU,
7KH5LVHRI3URWHVWDQWLVP
)LUVWFRQWDFWVZLWK*HRUJLD

6RPH.H\6WDJHVLQWKHGHYHORSPHQWRI3URWHVWDQWLVP

&KULVWLDQLW\ LV UHSUHVHQWHG E\ WKUHH PDLQ EUDQFKHV RI WKH &KXUFK  
2UWKRGR[ LQFOXGLQJ LWV PDQ\ QDWLRQDO IRUPV  5XVVLDQ *HRUJLDQ *UHHN
&RSWLF &DWKROLFDQG3URWHVWDQWWKHODWWHUEHJLQQLQJLQWKHILIWHHQWKFHQWXU\
DJDLQVWDEDFNGURSRIHFRQRPLFDQGUHOLJLRXVFULVLV
)URPLWVIRUPDOO\UHFRJQLVHGEHJLQQLQJVDW:LWWHQEHUJ6D[RQ\WRLWV
DUULYDOLQ*HRUJLDWKHGHYHORSPHQWRI3URWHVWDQWLVPZDVFRPSOLFDWHGDQGDW
WLPHV FRQWUDGLFWDU\ 7KH VHYHQWHHQWK DQG HLJKWHHQWK FHQWXULHV VDZ 3URWHV
WDQW FKXUFKHV ZUHVWOLQJ ZLWK VWUHDPV RI WKRXJKWDQG FRQWHQW DFURVV D ZLGH
JHRJUDSKLFDO UDQJH DQG ZKLOH WKHVH JDYH ELUWK WR GLVWLQFW GHQRPLQDWLRQDO
JURXSVWKH\KHOGWKHNH\SULQFLSOHVFRPPRQWRDOO&KULVWLDQGRFWULQHQDWX
UHRI*RGV FKDUDFWHUWKH7ULQLW\,PPRUWDOLW\RIWKH6RXOWHDFKLQJVDERXW
+HDYHQDQG+HOO
,WZDVLQSURWHVWLQJDJDLQVWODZVGLVFULPLQDWLQJDJDLQVWUHOLJLRXV
PLQRULWLHVDQGIUHHGRPRI FRQVFLHQFHZLWKLQWKH+RO\5RPDQ(PSLUHWKDW
WKH DFWLRQV RI VL[ *HUPDQ SULQFHV DQG IRXUWHHQ FLWLHV ILUVW JDYH ULVH WR WKH
WHUP3URWHVWDQW
%\WKHVL[WHHQWKFHQWXU\IRURYHUDFHQWXU\WKHUHKDGEHHQPDQ\ZKR
EHOLHYHG UHIRUP RI WKH ODWH PHGLDHYDO &DWKROLF FKXUFK ZDV QHFHVVDU\ DQG
VHYHUDODWWHPSWVZHUHPDGHIURPZLWKLQWKRXJKWKHLUHIIRUWVIDLOHGWRJDLQ
VLJQLILFDQWWUDFWLRQRUSHUPHQDQWUHIRUP
%\WKHVL[WHHQWKFHQWXU\KRZHYHUVXFKVKLIWVKDGRFFXUHGWRFUHDWHD
FOLPDWH LQ ZKLFK PDMRU FKDQJH EHFDPH SRVVLEOH 7KUHH PHQ ZKR IRXQG
WKHPVHOYHV SDUW RI UHIRUPLQJ HIIRUWV ZLWKLQ &DWKROLFLVP DW WKLV WLPH KDYH
EHFRPHZLGHO\FRQVLGHUHGWREHWKH)DWKHUVRI3URWHVWDQWLVP0DUWLQ/XWKHU
*HUPDQ 8OULFK=ZLQJOL 6ZLVV DQG-RKQ&DOYLQ
)UHQFKPDQ 

173
,WLVXQOLNHO\0DUWLQ/XWKHUFRXOGKDYHIRUVHHQRULPDJLQHGWKHFKDQ
JHV ZKLFK ZRXOG UHVXOW IURP KLV 1LQHW\)LYH 7KHVHV RI  PRPHQWRXV
FKDQJHVZLWKLQWKH&DWKROLF&KXUFKSHDVDQWZDUVGR]HQVRIQHZUHOLJLRXV
FRQIHVVLRQVSRZHUVWUXJJOHVDQGFKDQJHVRQWKHSROLWLFDOPDSRI(XURSH
7KRVH ZKR LGHQWLILHG ZLWK /XWKHUV WHDFKLQJV EHFDPH NQRZQ DV
/XWKHUDQV DQG DW WKH WLPH /XWKHU EHJDQ WR GLVVHPLQDWH KLV LGHDV ERWK
*HUPDQDQG(XURSHDQSROLWLFDODQGVRFLDOIDFWRUVKDGFKDQJHGWRFUHDWHDQ
HQYLURQPHQWZKHUHE\/XWKHUDQLVPZDVDEOHWRVXUYLYHDQGJURZLQDZD\
HDUOLHUDWWHPSWVDWUHIRUPDWLRQKDGQRW
7KH ODVW GHFDGHV RI WKH VL[WHHQWK FHQWXU\ DUH NQRZQ DV WKH RUWKRGR[
SHULRG RI /XWKHUDQLVP WKH WHDFKLQJV ZHUH IOHVKHG RXW DQG WKH SHULRG ZDV
PDUNHGE\FRQVLGHUDEOHSXEOLFDWLRQDQGHGXFDWLRQDOHIIRUWV7KHVHYHQWHHQWK
FHQWXU\ KRZHYHU VDZ PDQ\ FKDQJHV DQG PXWDWLRQV RI 3URWHVWDQWLVP LQ
(XURSHDQGWKHVRFDOOHG5HYLYDO0RYHPHQWEHJDQ
2QH RI WKH H[SUHVVLRQV RI WKLV UHYLYDO PRYHPHQW ZDV 3LHWLVP LQ
/XWKHUDQ*HUPDQ\:LWKWKHJRDORIFKDQJHIURPEHORZUDWKHUWKDQWRS
GRZQ SHRSOH ZHUH JDWKHULQJ LQ VPDOO JURXSV IRU SUD\HU DQG HQFRXUDJH
PHQW /LNHZLVH ZLWK /XWKHUV HPSKDVLV RQ WKH QHFHVVLW\ RI EHLQJ ERUQ
DJDLQ 3LHWLVWV RIWHQ FRQFHQWUDWHG RQ WKH GRFWULQH RI XQLYHUVDO SULHVWKRRG
DQG HYDQJHOLVP DQ DWWLWXGH ZKLFK ZDVUHDGLO\ HPEUDFHG DQGLPSOHPHQWHG
E\PHPEHUVRIWKHJURXSRQHGLUHFWUHVXOWYLVLEOHZLWKWKHVSUHDGRI3LHWLVW
LGHDVZDVWKHUHYLYDORIPLVVLRQZRUN
$VHFRQGVLJQLILFDQWUHVXOWRIWKH*UHDW5HYLYDOZDVWREHWKHJHQHVLV
RIWKH%DSWLVWPRYHPHQWZLWKLQWKH(QJOLVKFKXUFKZLWKLQWKHZRPERIWKH
$QJOLFDQ&KXUFK7KH5HIRUPDWLRQZLWKLQWKH%ULWLVK,VOHVLVIXOORILWVRZQ
SHFXOLDULWLHVDQGFRPSOH[LWLHVUHVXOWLQJIURPWKHSROLWLFDOFOLPDWHLQZKLFKLW
JUHZ7KH(QJOLVK5HIRUPDWLRQQHLWKHUVWUDLJKWIRUZDUGQRUFRPSOHWHJDYH
ELUWKWRDQDFNQRZOHGJHGFRPSURPLVHFKXUFKVHHNLQJDPLGGOHJURXQGDQG
GHILQLQJDVSHFWUXPRIDFFHSWDEOH&DWKROLFWUDGLWLRQDQG3URWHVWDQWUHIRUP
7KLV$QJOLFDQ&KXUFKERUQFOXPVLO\DQGIRUFHIXOO\RXWRIDTXHVWWRHQVXUH
QDWLRQDO VWDELOLW\ DQG VRYHUHLJQW\ ZDV ZURXJKW SULPDULO\ E\ WKH PRQDUFK
DQG QRW E\ WKH SHRSOH 0DQ\ FRQVLGHUHG WKH FRPSURPLVHV XQHDV\ DQG
JURXSVTXLFNO\HVWDEOLVKHGWKHPVHOYHVZLWKDYLHZWRFRQWLQXHGUHIRUP
2QHVXFKJURXSZKREHOLHYHGWKH(QJOLVK5HIRUPDWLRQGLGQRWJRIDU
HQRXJK ZHUH WKH 3XULWDQV (QJ SXUH /DW SXULWDV  KROLQHVV  7KH ILUVW
UHSUHVHQWDWLYH $QJOLFDQPLQLVWHU  -RKQ 6PLWK    ZDV H[LOHG
WR +ROODQG KDYLQJ FRPH WR WKH FRQFOXVLRQ EDSWLVP VKRXOG EH D FRQVFLRXV

174
GHFLVLRQE\DQLQGLYLGXDODEOHWRWDNHUHVSRQVLELOLW\IRUWKHLUDFWLRQVUDWKHU
WKDQFXOWXUDOULWHRISDVVDJHIRU \RXQJFKLOGUHQ%HWZHHQ6PLWK
DQG KLV IROORZHUV EDSWL]HG ODUJH JURXSV RI 0HQQRQLWHV DQG WKLV GDWH KDV
FRPH WR EH UHFRJQL]HG DV WKH EHJLQQLQJV RI WKH %DSWLVW FKXUFK 7KH WHUP
%DSWLVW RULJLQDWHG LQ $PVWHUGDP GHULYHG IURP WKH *UHHN   
PHDQLQJWRZDVKZLWKZDWHU
:LWKWKHFRORQL]DWLRQRIWKH$PHULFDVE\(XURSHDQQDWLRQVWKURXJKRXW
WKH VHYHQWHHQWK FHQWXU\ ZLWK PDQ\ RI WKHVH QHZ WHUULWRULHV SRSXODWHG E\
JURXSV FRQVLGHUHG GLVVHQWHUV DQG QRQFRQIRUPLVWV ZLWKLQ WKH 5HIRUPHG
WUDGLWLRQLW LV XQVXUSULVLQJ WKH %DSWLVW FKXUFK HVWDEOLVKHG DQG VSUHDG LWVHOI
UDSLGO\ WKURXJKRXW $PHULFD UHWXUQLQJ WR SURPLQHQFH LQ (XURSH LQ WKH
QLQHWHHQWKFHQWXU\QRWDEO\LQWKHLQIOXHQWLDOOLIHRI-RKDQQ*HUKDUG2QFNHQ
7KH IUHH DSSURDFK WR 6FULSWXUH WHDFKLQJ RQ D XQLYHUVDO SULHVWKRRG D
GHPRFUDWLF DWWLWXGH WRZDUGV IRUPV IRU VHUYLFH DQG RWKHU FKDQJHV VHW WKH
SDWWHUQE\ZKLFKFKXUFKHVDPXOWLWXGHRIGLIIHULQJUHOLJLRXVSUDFWLFHVZRXOG
IORXULVK IURP D VKDUHG 3URWHVWDQW EDFNJURXQG 1RWDEOH JURXSV LQFOXGH
$QDEDSWLVWV 0HQQRQLWHV PRGHUDWH $QDEDSWLVWV 6RFLHW\ RI )ULHQGV 4XD
NHUV 0HWKRGLVWV7KH6DOYDWLRQ$UP\1HZ$SRVWROLF&KXUFK1HR3URWHV
WDQWV3HQWHFRVWDOVDQG&KDULVPDWLF


(DUO\3URWHVWDQWLVPLQ*HRUJLDDQGWKHLU
&RQIHVVLRQDO$IILOLDWLRQV

7KHILUVW3URWHVWDQWVLQ*HRUJLDDUHWUDGLWLRQDOO\UHFRJQL]HGDV*HUPDQ
/XWKHUDQV QXPEHULQJ DSSUR[LPDWHO\ VHYHQ WKRXVDQG ZKR KDG UHVHWWOHG
IURP:UWWHPEHUJDQG%DGHQLQ+RZHYHUWKHUHDUHDIHZUHIHUHQFHV
ZKLFKZRXOGDSSHDUWRFKDOOHQJHWKHVHGDWHVQRWDEO\=DNKDULD&KLFKLQDG]H
  ,Q KLV KLVWRULF RYHUYLHZ /XWKHUDQ *HRUJLDQV LQ *HRUJLD
&KLFKLQDG]HZULWHV>LWZDV@IURPWKHHDUO\ \HDUVRIWKHVL[WHHQWKFHQWXU\
ZKHQ/XWKHUVWHDFKLQJZDVH[SDWLDWHLQ(XURSHLWVORZO\VWDUWHGWRSHPH
DWHDPRQJXV>LQ*HRUJLD@7KHDXWKRURIWKLVSURFHVV&KLFKLQDG]HZULWHV
ZDV 0]HWFKDEXNL  3ULQFH RI 6DPWVNKH   ZKR JUDQWHG WKH
/XWKHUDQVDSODFHWROLYHLQKLVRZQFLW\$NKDOWVLNKHDQGDOORZHGWKHPWR
SDUWLFLSDWH DW KLV WDEOH $FFRUGLQJ WR UHIHUHQFHV IRXQG E\ &KLFKLQDG]H LQ
0LVVLRQDULHV 'LDU\ 0]HWFKDEXNL V\PSDWKLVHG ZLWKWKHLU HIIRUWV WR VSUHDG

175
/XWKHUDQWHDFKLQJDQGYHU\VRRQDOOKLVIDPLO\FRQVLGHUHGWKHPVHOYHVFRQ
YHUWV
7KH 0LVVLRQDU\V 'LDU\ ZDV GLVFRYHUHG LQ SRVVHVVLRQ RI ,YDQ *YD
UDPDG]HD&DWKROLF0HVNKHWLDQSULHVWLQ.KL]DEDYUDLWVLPSRUWDQFHXQFR
YHUHGE\&KLFKLQDG]HZKLOHWUDYHOOLQJWKURXJK0HVNKHWLDQG'MDYDNKHWLLQ
 )LUVW DSSHDUDQFHV VXJJHVW WKH UHIHUHQFH LV XQUHDOLVWLF  /XWKHUDQ
WHDFKLQJLVZLGHO\WKRXJKWWRKDYHEHHQXQNQRZQHYHQLQ*HUHPDQ\EHIRUH
DQGFRXOGQWEHVSUHDGDIWHUWKHGDWHRI0]HFKDEXNLVGHDWKLQ$NKD
OWVLNKH,IWKHUHIHUHQFHVDUHDFFXUDWHWKHQWKHGDWHVRI3ULQFH0]HFKDEXNLV
UHLJQUHTXLUHIXUWKHUVFUXWLQ\
,WLVWKHUHIRUHRILQWHUHVWWKDW65XQFLPDQZKLOHVWXG\LQJWKHSHULRG
LQWKH(DVWHUQ&KXUFKGHVFULEHVDQHSLVRGHDERXWFRQWDFWVEHW
ZHHQ/XWKHUDQVDQG*HRUJLDQVGXULQJWKHODWWHUSDUWRIWKHVL[WHHQWKFHQWXU\
ZKHUHE\WKH$XJVEXUJ&RQIHVVLRQRQHRIWKHPRVWLPSRUWDQWGRFXPHQWVRI
WKH /XWKHUDQ 5HIRUPDWLRQ ZDV WUDQVODWHG DQG WUDQVPLWWHG WR WKH *HRUJLDQ
2UWKRGR[&KXUFK
3UHVHUYHG LQ WKH DUFKLYH RI 3URSDJDQGD )LGH DQG IRXQG E\ KLVWRULDQ
,OLD7DEDJKXDDOHWWHUE\9HQFHVODY%XGRYLFGDWHGEDFNWRJLYHVVXS
SRUWWR5XQFLPDQVFODLPZLWKWKHFRQWHQWRIWKHOHWWHUUHYHDOLQJWKHVRQVRI
WKH JRYHUQRU RI 6DPWVNKH .YDUNYDUH KDG DQ LQWHUHVW LQ WKH GLVFXVVLRQ RI
3URWHVWDQWLGHDV
+LVWRULDQ %HMDQ -DYDNKLD EHOLHYHV WKDW = &KLFKLQDG]HV GLVFRYHU\ RI
WKH GLDU\ UHIHUHQFH PD\ EH IDFWXDO LQ FRQWHQW EXW KDV EHHQ GDWHG WR WKH
HDUOLHUSDUWRIWKHVL[WHHQWKFHQWXU\ EDVHG RQWKHLQFRUUHFWLGHQWLILFDWLRQRI
0]HFKDEXNL DUJXLQJ LQVWHDG IRU D GDWLQJ WR WKH ODWWHU SDUW RI WKH FHQWXU\
5HMHFWLQJ=&KLFKLQDG]HVLGHQWLILFDWLRQRI0]HFKDEXNL G %-DYD
NKLD VXJJHVWV DQRWKHU UHSUHVHQWDWLYH RI WKH -DNKHOV IDPLO\ 0]HFKDEXNL
4DLNKRVURVVRQZKRDFFRUGLQJWR9DNKXVKWL%DJUDWLRQLPDUULHG5RGRP
*LRUJL*XULHOLVGDXJKWHULQ
$QH[FHUSWIURP7*XPEDWRYDVPRQRJUDSKDOVROHQGVVXSSRUWWRWKH
SRVVLELOLW\ RI HDUO\ FRQWDFW DQG VSUHDG RI /XWKHUDQ LGHDV ZLWKLQ *HRUJLD
%HIRUHWKHDSSHDUDQFHRI*HUPDQVHWWOHUVLQWKHUHZHUHPDQ\%DOWLF
*HUPDQVDQG*HUPDQVXEMHFWVLQ7ELOLVL7KHUHZHUH&DWKROLFVDQG/XWKH
UDQVDPRQJWKHP/XWKHUDQVKDGWKHLUVPDOOFKDSHOZKLFKZDVDWWHQGHGE\
WKHILUVWFRORQLVWVWRR

176
$OOWKHVHUHIHUHQFHVSRLQWWDQDWOLVLQJO\WRHYLGHQFHWKDWERWK/XWKHUDQV
DQG/XWKHUDQLGHDVZHUHNQRZQLQVL[WHHQWKFHQWXU\*HRUJLDDQGSURYLGHD
EDVLVIRUFRQWLQXHGDFDGHPLFUHVHDUFK
:KLOHWKHSUHVHQFHRI/XWKHUDQVLQVL[WHHQWKFHQWXU\*HRUJLDPD\EHD
PDWWHURIGLVSXWHWKHLUDUULYDOE\GRFXPHQWHGE\PDWHULDOVKHOGLQDU
FKLYHV PHPRLUV DQG RWKHU KLVWRULFDO UHIHUHQFHV LV ZHOO DWWHVWHG WR 7KHLU
UHVHWWOLQJ LQ *HRUJLDDSSDUHQWO\ FDXVHG E\ SROLWLFDO DQG UHOLJLRXV LVVXHV LQ
WKHLUKRPHODQGDVZHOODVLQIOXHQFHGE\WKHLQWHUHVWVRIWKH5XVVLDQ(PSLUH
LQWKH&DXFDVXVUHJLRQ
&RPPRQ DVVHQW ZLWKLQ *HRUJLD DVFULEHV WKHVH *HUPDQ VHWWOHUV RI
 DV WKH ILUVW HYLGHQFH RI YLVLEOH 3URWHVWDQWLVP LQ *HRUJLD DQG
VSHFLILFDOO\ LGHQWLILHG DV /XWKHUDQ +RZHYHU WKH TXHVWLRQ RI WKHLU GHQRPL
QDWLRQDOFRQIHVVLRQLVE\QRPHDQVDVXQLIRUPRUVLPSOHWRGHWHUPLQH
7KH VKHHUQXPEHUV RI WKH LPPLJUDQWVDUULYLQJ LQ *HRUJLD PRUH WKHQ
 IDPLOLHV  VXJJHVWV D FRQIHVVLRQDO PHGOH\ DQG LV VXSSRUWHG E\ VHYHUDO
DUJXPHQWV
 $ ORQJ DQG GLIILFXOW MRXUQH\ ZLWKRXW D VWURQJUHOLJLRXV PRWLYDWLQJ

IDFWRUE\DODUJHDQGFRKHVLYHJURXSVHHPVLPSUREDEOH 
 $UHEHOOLRQE\WKHVHWWOHUVDJDLQVWWKHJRYHUQPHQWZDVLQUHVSRQVH
WREHLQJGLVFULPLQDWHGDJDLQVWDVWKRXJKWKH\ZHUH/XWKHUDQV
 'XULQJWKHVVHWWOHUVDVVHUWHGVFKLVPVEHWZHHQYDULRXVJURXSV
ZDV QRW WKH UHVXOW RI D QHZ VHSDUDWLVW PRYHPHQW EXW D UHWXUQ WR GLIIHULQJ
UHOLJLRXVURRWVWKH\KDGKHOGLQWKHLUKLVWRULFPRWKHUODQG
'LIIHUHQW DVSHFWV RI 3LHWLVW WHDFKLQJ ZHUH IRXQG DPRQJ *HUPDQ
LPPLJUDQWV LQ *HRUJLD WKH ODUJHVW EUDQFK EHLQJ 6HSDUDWLVWV ZKR
UHSUHVHQWHG D UDGLFDO EUDQFK RI WKH 3LHWLVWLF PRYHPHQW 6HSDUDWLVWV ZHUH
LGHQWLILHGDVDGLVWLQFWJURXSKDYLQJVHSDUDWHGIURPWKH/XWKHUDQFKXUFKLQ
WKHVHFRQGSDUWRIWKHHLJKWHHQWKFHQWXU\








7KHUHDVRQIRUUHVHWWOLQJZDVSURSKHF\DERXWDSRFDO\SVHVZLWKWKHSRLQWLQJRXWWKH
GDWHVDQGVDOYDWLRQSODFHQHDU0RXQW$UDUDWRUFLW\RI-HUXVDOHP

177
&KDSWHU,,
/XWKHUDQFKXUFKLQ*HRUJLD

6HWWOHPHQWRI*HUPDQFRORQLVWVLQ*HRUJLD

:LWK WKH DQQH[DWLRQ RI *HRUJLD DQGLWV DFHVVLRQ WR 5XVVLD DW WKH EH
JLQQLQJRIWKHQLQHWHHQWKFHQWXU\WKHIRUPDWLRQRIDQHZV\VWHPRIJRYHUQ
PHQWWRRNSODFH
0RWLYDWHG E\ HFRQRPLF LGHDOV DV ZHOO DV IRVWHULQJ OR\DOW\ 5XVVLDQ
JRYHUQPHQWWRRNDQLQWHUHVWLQWKHVHWWOHPHQWRI*HUPDQVLQWKHUHJLRQZLWK
WKHPDLQKRSH*HRUJLDZRXOG EHQHILWDQGOHDUQIURP*HUPDQLQGXVWU\DQG
DJULFXOWXUH7KLVILUVWLGHDZDVGLIIHUHQWIURPWKHHYHQWXDOUHVXOW
,QVWHDG RI DQ DQWLFLSDWHG IHZ IDPLOLHV ILYH KXQGUHG DSSURDFKHG WKH
ERUGHU DQG DV D UHVXOW LPPLJUDWLRQ ZDV D OHQJWK\ SURFHVV PDQ\ GLHG RI
LOOQHVVHVZKLOHGHOD\HGRQWKHLUORQJMRXUQH\6HWWOHUVIRUPHGFRORQLHVUDWKHU
WKDQLQWHJUDWLQJZLWKWKHORFDOSRSXODWLRQ7KHVHFRORQLVWVWRRNUHVSRQVLEL
OLW\QRWWRGLVWXUEORFDOJRYHUQPHQWEXLOGLQJWKHLUKRXVHVDQGFRPSOHWHLQJ
LQYHQWRULHVWKHPVHOYHVWKHLURQO\UHTXHVWVZHUHWKHULJKWWRXVHIRUHVWVDQG
KHOS LQ ILQGLQJ SODFHV IRU VHWWOHPHQW ,Q WKH SURFHVV RI VHWWQJ DSDUW ODQG
JRYHUQPHQW ZDV JXLGHG E\ WZR FULWHULD ODQG KDG WR EH ERWK JRRG IRU
IDUPLQJDQGVHFXUHIURPWKHDWWDFNVRIKLJKODQGHUV
%\ WKH HQG RI  LPPLJUDQWV IURP *HUPDQ\ KDG FUHDWHG ILYH
FRORQLHVLQWKH7ELOLVLUHJLRQ
 0DULHQIHOG   IDPLOLHV .DNKHWL KLJKZD\ LQ 6DUWLFKDOD  

YHUVWV IURP7ELOLVL
 7ELOLVL 1HZ 7ELOLVLSUHYLRXVO\ NQRZQ DVWKH VXEXUE .XNLD  
IDPLOLHV
 $OH[DQGHUVGRUI QRZ NQRZQ DV WKH 6DPWUHGLD 6WUHHW QHLJKERXU
KRRG IDPLOLHVRQWKHOHIWEDQNRIWKH0WNYDUL5LYHU
 3HWHUVGRUIIDPLOLHVQHDU0DULHQIHOG
 (OLVDEHWKDKO LQ6RPNKLWLQRZNQRZQDV$VXUHWL IDPLOLHV
%LJ FRORQLHV ZHUH DOVR FUHDWHG LQ %RUFKDOR UHJLRQ  (NDWHULQHQILHOG
ZLWKIDPLOLHV LQ6KDPNRULDQG*DQMD$QQHQILHOGDQG+HOHQHQGRUI



YHUVW PLOHVRUNP

178
$FFRUGLQJWR WKH ODZ RI  VHWWOHUV LQWKH &DXFDVXVKDG WKH IROOR
ZLQJSULYLODJHVIUHHIURPDOOWD[HVIRUWHQ\HDUVH[HPSWIURPDUP\VHUYLFH
WHQ\HDULQVWDOOPHQWSODQIRUJRYHUQPHQWGHEWV PRQH\ZKLFKZDVVSHQWRQ
WKHLUWUDYHOODQGVHWWOHPHQW VL[W\GHVHWLQV DFUHV RIODQGIUHHDQGUXE
OHVIRUOLYLQJFRVWVDQGH[SHQVHVGXULQJWKHILUVW\HDUV DOWKRXJKLQ*HRUJLD
EHFDXVH RI WKH ORDP JRRG TXDOLW\ VRLO  VHWWOHUV RQO\ UHFHLYHG WKLUW\ILYH
GHVWLQVDQGWKHULJKWWRXVHWKHIRUHVWV
6HWWOHUVGLIIHUHGLQWKHLUVSHFLDOLWLHVZLWKERWKIDUPHUVDQGFUDIWVPHQ
DPRQJWKHP7KHVVDZDODUJHO\VHWWOHGH[LVWDQFHIRUWKHLPPLJUDQWV
EXW DV WKH FHQWXU\ SURJUHVVHG WKHLU OLYHV ZHUH GLVUXSWHG DV D UHVXOW RI WKH
GHWHULRUDWLRQ RI 5XVVLDQ3HUVLDQ ZDU ,Q WLPH WKH JRYHUQPHQW ZDV DEOH WR
RIIHUFRPSHQVDWLRQDQGZHUHDEOHWRHQDEOHWKHUHWXUQRIDWOHDVWVRPHZKR
KDGEHHQFDSWXUHGGXULQJWKLVWLPHSHULRG


)LUVW\HDUVRIWKH*HUPDQVHWWOHUVUHOLJLRXVOLIHLQ*HRUJLD

3URWHFWLRQ RI UHOLJLRXV IUHHGRP IRUPHG WKH PDLQ FRQGLWLRQ XQGHU
ZKLFK *HUPDQ PLJUDQWV VHWWOHG LQ *HRUJLD DQG ZDV D PDMRU DVSHFW LQ WKH
GHYHORSPHQWRIFRORQLHV7KHPDMRULW\RIJURXSVZKRKDGDGRSWHG3LHWLVWLF
LGHDV KDG D WUDGLWLRQ RI D OLIH VHSDUDWH IURP D VLQJOH DXWKRULWDWLYH FKXUFK
ERG\DQGLQGHSHQGHQWO\HOHFWHGVSLULWXDOOHDGHUVZKRIXQFWLRQHGDVSDVWRUV
6HUYLFHVZHUHKHOGRQ6XQGD\VDQGUHOLJLRXVKROLGD\V
,Q WKHVH HDUO\ \HDUV RI LPPLJUDWLRQ UHOLJLRXV OLIH DPRQJ WKH VHWWOHUV
FRQVLVWHG ODUJHO\ RI JDWKHULQJ LQ WKH KRPHV RI OLNHPLQGHG SHRSOH WR SUD\
DQG UHDG 6FULSWXUH LQ SDUWLFXODU WKH ERRN RI 5HYHODWLRQ 7KHVH JURXSV
FRQVLGHUHG*HRUJLDDVWKHLUWHPSRUDU\HDUWKO\KRPHZLWKDORQJWHUPJRDO
RIUHDFKLQJ-HUXVDOHP$WHPSRUDU\FRORQLDOV\QRGFUHDWHGWKHLURZQERG\
IRU DXWKRULW\ DQG UXOLQJV RQ UHOLJLRXV PDWWHUV ZKLFK JDWKHUHG RQFH D \HDU
FRPSULVLQJRIWKUHHUHSUHVHQWDWLYHVIURPHDFKFRORQ\
2QHRIWKHILUVWGLIILFXOWLHVWKHJRYHUQPHQWIDFHGZLWKWKHVHWWOHUVZDV
LQRQWKHRFFDVLRQRIJLYLQJDQRDWKRIOR\DOW\WR(PSHURU$OH[DQGHU,
6HWWOHUVIURPWKH6HSDUDWLVWJURXSVUHIXVHGWRVZHDUDQRDWKFODLPLQJLWZDV
DJDLQVWWKHLUUHOLJLRXVSUDFWLFHV7KHSUREOHPZDVUHVROYHGE\ H[WHQGLQJWR
WKH 6HSDUDWLVWV D ODZ JLYHQ WR WKH 0HQQRQLWHV LQ  E\ ZKLFKWKH ZRUG
RDWKZDVUHSODFHGE\WKHUHTXLUHPHQWRIDYHUEDOFRQILUPDWLRQ

179
:LWK WKH DLP RI VLPSOLI\LQJ JRYHUQDQFH WKH 5XVVLDQ DGPLQLVWUDWLRQ
WULHGWRLQWHJUDWHWKHVHWWOHUVXQGHUDVLQJOHEDQQHURIWKH/XWKHUDQ&KXUFK
%HIRUH WKH JRYHUQPHQW ZDV DEOH WR DSSRLQW VXLWDEOH SDVWRUV PLVVLRQDULHV
IURP WKH %DVHO (YDQJHOLFDO 6RFLHW\ YLVLWHG *HRUJLD LQ  7KH %DVHO
(YDQJHOLFDO6RFLHW\ ZDVDPLVVLRQDU\VWXG\ FHQWUHZKLFKGUHZDQGWUDLQHG
\RXQJ SHRSOH IURP DOO RYHU (XURSH 7KUHH PHQ  )HOLFLDQ 9RQ =DUHPED
$XJXVW 'LHWULFK DQG 9 %HQWV  YLVLWHG WKH *HUPDQ VHWWOHUV LQ *HRUJLD
EHIRUH SURFHHGLQJ WR .DUDEDNK DQG 6KXVKD  IRXQG V\PSDWK\ IURP ERWK
/XWKHUDQVDQG6HSDUDWLVWV6WD\LQJPRUHWKDQDPRQWKWKHLUOLYHO\SUHDFKLQJ
DQGOHFWXUHVZHUHPHWZLWKJUHDWHQWKXVLDVPDQG'LHWULFKHYHQFRPSLOHGD
FKXUFKFKDUWHUIRUWKHFRORQLVWV
7KRXJK WKH PLVVLRQDULHV SUHDFKHG LGHDV RI UHYLYDO IRXQG ZLWKLQ 3LH
WLVP WKH EDVLV LQ WKH $XJVEXUJ &RQIHVVLRQ HQDEOHG WKHLU DSSHDO WR UHDFK
ERWKEURDGJURXSVRIVHWWOHUV$IWHUWKHPLVVLRQDULHVFRQWLQXHGRQWKHLUZD\
WKH JRYHUQPHQW DSSRLQWHG D /XWKHUDQ SDVWRU . ) +XQ EXW WKH VHWWOHUV
REMHFWHG ERWK DV DQ DIIURQW WR WKHLU UHOLJLRXV IUHHGRP DQG WKH DWWHPSW WR
GLFWDWHWKH H[SUHVVLRQ RI WKHLUUHOLJLRXV EHOLHIV WKRXJKWKHYLVLWLQJPLVVLR
QDULHV ZHUH IRUPDOO\ /XWKHUDQ WKHLU H[SRVLWLRQV KDG UHYHDOHG WKHLU 3LHWLVW
EHOLHIVXQOLNHWKHPRUHVWULFWO\/XWKHUDQ.)+XQ
7KHUHVROXWLRQZDVIRUPLVVLRQDULHVIURP%DVHOWRFRPHDQGVHUYHDV
SDVWRUVE\LQYLWDWLRQRIWKH(PSHURUVJRYHUQPHQW,WZDVRQO\WRRREYLRXV
WKH(PSLUHZDVQRWFDSDEOHRISURGXFLQJWKHLURZQHGXFDWHGDQGSROLWLFDOO\
UHOLDEOH 3URWHVWDQW SULHVWV DQG D WHPSRUDU\ FRQVHQVXV EHWZHHQ WKH JRYHUQ
PHQWDQGVHWWOHUVKDGEHHQDFKLHYHG
,Q  PLVVLRQDU\ =DOWHW DOVR NQRZQ DV 6DOWHW  ZDV VHQW IURP
6KXVKDWR(NDWHULQHQILHOGZKHUHKHTXLFNO\IRXQGIDYRXUDPRQJERWKORFDO
JRYHUQPHQW DQG WKH FRORQLVWV )URP WKLV WLPH FKXUFK OLIH LQ WKH FRORQLHV
EHFDPH PRUH IRUPDOO\ RUJDQL]HG D SURFHVV RI FKRRVLQJ DQG DSSRLQWLQJ
SDVWRUV ZDV HVWDEOLVKHG DQG LQ RUGHU WR FUHDWH JUHDWHU FRKHVLRQ DFURVV WKH
(PSLUH WKH 2EHU3DVWRU 6HQLRU 3DVWRU  PRGHO IRXQG DPRQJ *HUPDQ
FRORQLHVLQ5XVVLDZDVDGRSWHG
 VDZ =DOWHW DSSRLQWHG WR WKH SRVLWLRQ RI 2EHU3DVWRU DQG DW KLV
LQLWLDWLYHWKH&RORQLVWV6\QRG FKXUFKFRXQFLO ZDVIRUPHGIRUWKH*HUPDQ
FRORQLHV LQ *HRUJLD 7KH KHDG RI WKH 6\QRG ZDV WKH 2EHU3DVWRU ZKLOH
RWKHU PHPEHUV RI WKH 6\QRG ZHUH ORFDO SDVWRUV IURP WKH *HUPDQ VHWWOH
PHQWV %\ LQVWUXFWLRQ RI WKH (PSHURU WKH 0LQLVWU\ IRU ,QWHUQDO $IIDLUV
DOORZHG WKH &RORQLVWV 6\QRG WR UHSRUW GLUHFWO\ WR WKH PDLQ 'HSDUWPHQW RI

180
)RUHLJQ&RQIHVVLRQVZLWKLQWKH0LQLVWU\ IRU,QWHUQDO$IIDLUVUDWKHUWKDQEH
VXEPLWWHG WR WKH 0RVFRZ &RQVLVWRULXP ,Q WKLV HGLFW LW ZDV GHFODUHG WKDW
SDVWRUVDUULYLQJIURP%DVHOZHUHWRJLYHDQRDWKRIOR\DOW\WRWKH(PSHURU
DQG WKXV PLQLPDOL]H WKH LQIOXHQFH VHQGLQJ PLVVLRQDU\ RUJDQLVDWLRQV PLJKW
RWKHUZLVH H[HUW RYHU WKHP 7KH 2EHU3DVWRU KDG WR EH DFFRXQWDEOH EHIRUH
WKH JRYHUQPHQWDQGKDG WR FRRUGLQDWH DOO WKHLPSRUWDQWLVVXHV FRQFHUQLQJ
WKH*HUPDQFRORQLHVZLWKWKHP


/XWKHUDQ&KXUFKDQGWKH6HFWDQW0RYHPHQWLQ*HRUJLD
VV

$UJXPHQWV DQG RGGLWLHV FRQFHUQLQJUHOLJLRXV GLIIHUHQFHV EHWZHHQ WKH
JURXSVZKLFKKDGEHJXQEHIRUHHPLJUDWLRQIURP*HUPDQ\GHHSHQHGLQWKH
VV HYHQWXDOO\ WKUHDWHQLQJ WKH YHU\ H[LVWHQFH RI WKH FRORQLHV LQ
*HRUJLD
$IWHU =DOWHWV GHDWK GLIIHUHQFHV OHDGLQJWR VFKLVPV LQ WKHJURXSV EH
FDPHDSSDUHQW7KHOHDGHURIWKH6HSDUDWLVWVZDVDPDQQDPHG.R]HU6HSD
UDWLVW WHDFKLQJ GLIIHUHG IURP /XWKHUDQ WHDFKLQJV RQ EDSWLVP PDUULDJH WKH
(XFKDULVWFKXUFKUHODWLRQVDQGRWKHUWUDGLWLRQV
*URZLQJ WR SURPLQHQFH DW WKH VDPH WLPH DV .R]HU $GDP %HSOH
HPSKDVL]HGDQDVSHFWRI3LHWLVPZKLFKFDPHWREHNQRZQDV%HSOHQLVPLQ
*HRUJLD%HSOHQLVWVILUVWDSSHDUHGLQ(OLVDEHWKWDKODQGLVUHFRUGHGDV
KDYLQJIROORZHUV
%HSOHDVVHUWHGWKHUHDVRQIRUGLIIHUHQFHVDQGFRQIOLFWZLWKLQWKHFKXUFK
ZDV WKH UHVXOW RI D IDLOXUH WR SUHDFK SXUH *RVSHO ZLWK WKH EDVLFV RI WKH
&KULVWLDQIDLWKEHLQJSRRUO\WDXJKWDQGRYHUO\VLPSOLILHG$GGLWLRQDOO\%HS
OHYRLFHGDFRQFHUQUHJDUGLQJWKHRDWKSDVWRUVZHUHWRJLYHWRWKH(PSHURU
DQGDVHFXODUVWDWHEHOLHYLQJWKDWRUGLQDU\EHOLHYHUVZRXOGVRRQEHH[SHFWHG
WRGRWKHVDPH
,Q FRQWUDVW WKH &RORQLVWV 6\QRG EHOLHYHG %HSOH WR EH XQGXO\ DPEL
WLRXV FUHDWLQJ UHEHOOLRQ RXW RI KLV GHVLUH WR ULVH LQ SURPLQHQFH ZLWKLQ WKH
FRPPXQLW\DQGH[HUWLQFUHDVHGDXWKRULW\RYHUVRFLHW\%HSOHKDGDOVREHHQ
GLVPLVVHGIURPDWHDFKLQJDQGSDVWRUDOSRVLWLRQZKLFKWKH&RORQLVWV6\QRG
EHOLHYHGKDGJLYHQULVHWRELWWHUQHVVDQGILQDQFLDOGLIILFXOWLHV

181
$FRQWULEXWLQJIDFWRUWRWKHVSOLWZDVWKHFRPSLOLQJRIDQHZFKDUWHULQ
 E\ 2EHU3DVWRU 'LHWULFK DQG GHSXWLHV RI WKH FRORQLHV ZKLFK JDYH
IUHHGRPWRLQWHUYHQHLQDOOVSKHUHVRISDULVKOLIH
6SOLWWLQJ IURP WKH /XWKHUDQ FKXUFK FUHDWHG FKDRV DQG GLVRUGHU HQVX
ULQJ GLIILFXOWLHV IRU ERWK VHFXODU DQG UHOLJLRXV OHDGHUV DSSRLQWHG WR JRYHUQ
WKH FRORQLHV 7KH JRYHUQPHQW ZDV FRQFHUQHG DERXW WKH UDGLFDOLVP RI VHFW
PHPEHUV%HSOHQLVWVQHLWKHUEDSWL]HGQRUFRQILUPHGGLGQRWDWWHQGVFKRROV
UXQE\/XWKHUDQSDVWRUVDQGGLGQWJHWIRUPDOHGXFDWLRQ
%\  WKH VFKLVP KDG FDXVHG D QXPEHU RI FRORQLVWV WR VHSDUDWH
WRWDOO\ IURP WKHLU FRORQLHV  IURP (NDWHULQHQILHOG  IURP 0DULHQILHOG
IURP(OLVDEHWKWDKOIURP$OH[DQGHUVGRUIDQGIURP7ELOLVL 2EHU
3DVWRU'LHWULFKVSHQWWZR\HDUVHPSOR\LQJSHDFHIXOPHWKRGVLQWKHKRSHRI
UHFRQFLOLQJ WKH JURXSV EXW ZDV LQHIIHFWXDO LQKLV FRPPXQLFDWLRQV ZLWK WKH
VHFWV OHDGHUV $IWHU WZR \HDUV KDG HODSVHG WKH JRYHUQPHQW LPSRVHG D
FRPPLWWHHLQRUGHUWRVWXG\WKHVHEUHDNDZD\JURXSVDQGGLVFRYHUWKHPRVW
HIIHFWLYH ZD\V RI FXUELQJ WKH VHFWV +RZHYHU WKH FRPPLWWHH SURYHG LQHI
IHFWLYHDOVRDQGZDVVRRQGLVPLVVHG
,QWKHFKDUWHUZDVFKDQJHGDJDLQWRWKHFRPPRQFKDUWHUXVHGIRU
DOO (YDQJHOLFDO/XWKHUDQ FKXUFKHV LQ WKH 5XVVLDQ (PSLUH ,W ZDV DQ
DGGLWLRQDOPHDVXUHWRH[HUFLVHFRQWURODQGEULQJLQWROLQHWKH/XWKHUDQFKXU
FKHVLQ*HRUJLDZLWKWKRVHLQWKHZLGHU5XVVLDQ(PSLUHEXWSURYHGLQHIILFL
HQWDQGLPSUDFWLFDODOVRDFRQVLGHUDEOHIDLOLQJEHLQJWKDWLWZDVQRWFRQWH[
WXDOL]HGWRWKHQHHGVRIWKHFRORQLHVLQ*HRUJLD
$ILQDOEORZZDVVSDUNHGE\DQLQFLGHQWLQ,QWKHDXWXPQRIWKDW
\HDUDQHOGHUO\ODG\QDPHG6KSRQVSUHDGZRUGRIZKDWVKHFODLPHGZDVD
SURSKHF\ DPRQJ WKH FRORQLHV WKDW -XGJPHQW 'D\ ZDV IDVW DSSURDFKLQJ
$FFRUGLQJWRWKLVSURSKHF\WKHUHZRXOGEHDVHFRQGUHYHODWLRQFRQFHUQLQJ
WKH GDWH ZKHQ WKH (OHFW VKRXOG VHW RXW IRU 3DOHVWLQH 7KLV QHZV FDXVHG D
JUHDW GHDO RI GLVWXUEDQFH DQG GLVUXSWLRQ DPRQJ WKH FRORQLVWV DQG PDQ\
EHJDQ WRDEDQGRQWKHLUUHVSRQVLELOLWLHV LQ DQWLFLSDWLRQ :LWK DSSUR[LPDWHO\
 SHRSOH SODQQLQJ WR OHDYH WKH VHFRQG SURSKHF\ ZDV PDGH RQ  0D\
WKDWGHSDUWXUHIRU3DOHVWLQHVKRXOGWDNHSODFHRQ0D\3HQWHFRVW
7KHJRYHUQPHQWZDVGHHSO\XQKDSS\DERXWWKHEHKDYLRXURIWKHFROR
QLVWVDQGWKHSURVSHFWRIPDVVPLJUDWLRQFRD[LQJDQGWKUHDWHQLQJE\WXUQWR
SUHYHQW WKHLU OHDYLQJ $Q RUGHU ZDV UHDG ZKLFK LQGLFDWHG IRUFH ZRXOG EH
XVHG LI WKH FRORQLVWV SHUVLVWHG LQ WKHLU SODQ WR OHDYH WKH DUP\ ZRXOG EH
EURXJKWLQWRVWRSWKHP7RWKLVHQGWKHJRYHUQPHQWVWDWLRQHG.D]DNK

182
VROGLHUVDWWKHJDWHVRIWKH(NDWHULQHQILHOGVHWWOHPHQWRQ0D\7KH6HSD
UDWLVWV LQ WXUQ ZHUH FRQILGHQWWKDW *RG ZRXOG VRPHKRZ SUHVHQW D SHDFHIXO
VROXWLRQDOORZLQJWKHPWRVHWRXWRQWKHLUMRXUQH\*DWKHULQJLQIURQWRIWKH
VHWWOHPHQWJDWHVDFURZGIDFHGWKHDUP\EORFNLQJWKHLUZD\7KRXJKWKHUH
ZDV D WLPH RI SUD\HU DQG ZDLWLQJ WKH FRORQLVWV ZHUH GLVLOOXVLRQHG WR ILQG
WKHLU SUD\HUV XQDQVZHUHG LQ WKH IRUP RI WKH PLUDFOH WKH\ H[SHFWHG 7KHLU
GLVLOOXVLRQPHQW ZDV VXFK WKDW WKH\ REH\HG WKH RUGHU E\ WKH VROGLHUV WR
GLVEDQGDQGUHWXUQWRWKHLUKRPHVWKHFURZGSHDFHIXOO\GLVSHUVLQJ
$IWHU WKLV LQFLGHQW SHRSOH EHJDQ WR DEDQGRQ WKH YDULRXV VHFWDULDQ
JURXSV DQG LGHDV DQG LQ )HEUXDU\  GHSXWLHV ZHUH DEOH WR VKRZ
JRYHUQPHQW UHSUHVHQWDWLYH 1HLQJDUGW D OHWWHU LQ ZKLFK WKRVH SUHYLRXVO\
LQYROYHG LQ EUHDNDZD\ JURXSV RIILFLDOO\ UHQRXQFHG WKHLU IRUPHU YLHZV DQG
VWDWHGWKHLUUHDGLQHVVWRMRLQWKH(YDQJHOLFDO/XWKHUDQFKXUFK7KLVSURYHG
WRPDUNWKHHQGRIWKHORQJUHOLJLRXVTXDUUHOVDPRQJWKH*HUPDQFRORQLVWV
LQ*HRUJLD


&KDSWHU,,,
/XWKHUDQFKXUFKDQGWKHSDULVK

&RORQLDO'HPRJUDSKLFV

7KHVHFRQGSDUWRIWKHQLQHWHHQWKFHQWXU\LVDQHZSDJHLQWKHKLVWRU\
RI /XWKHUDQV LQ *HRUJLD 7KH UHOLJLRXV DUJXPHQWV EHJXQ VR ORQJ DJR LQ
:UWHPEHUJ DQG ZKLFKKDGKLQGHUHG HFRQRPLF VRFLDO DQG UHOLJLRXV GHYH
ORSPHQWDQGLQWHJUDWLRQKDGHQGHG7KHUHZDVDOVRDSV\FKRORJLFDOFKDQJH
ZLWKWKHIDLOXUHRIWKHDWWHPSWWRUHPRYHWR-HUXVDOHPWKH*HUPDQVVWLOOD
GLVWLQFW DQG VHSDUDWH HWKQLF DQG FXOWXUDO JURXS EHJDQ WR FRQVLGHU WKHLU
VHWWOHPHQW LQ *HRUJLD DV PRUH SHUPDQHQW +RZHYHU D SROLF\ RI LVRODWLRQ
DQGDWHQGHQF\WRUHMHFWLQWHJUDWLRQZLWKWKHKRVWFXOWXUHFRQWLQXHZHOOLQWR
WKHWZHQWLHWKFHQWXU\
,WLVLQWHUHVWLQJWRVHHWKHFKDQJLQJG\QDPLFVDPRQJWKH(YDQJHOLFDO
/XWKHUDQSRSXODWLRQLQWKHODWWHUSDUWRIWKHQLQHWHHQWKFHQWXU\5HFRUGVIRU
 VKRZ WKHUH ZHUH  FRORQLVWV LQ    DQG   
+RZHYHU DFFRUGLQJ WR WKH &DXFDVLDQ FDOHQGDU E\  7ELOLVL SURYLQFH
DORQHKRVWHG/XWKHUDQV RIZKRPRQO\ZHUHZRPHQ 

183
,QWHQVLYHJURZWKLQWKH*HUPDQSRSXODWLRQLQ*HRUJLDEHJDQLQ
7KHFHQVXVRIUHYHDOVRQO\*HUPDQVLQ7ELOLVLEXWWHQ\HDUVODWHU
WKH FHQVXV UHFRUGV   PHQ  ZRPHQ  ,Q WKH HQWLUH 7ELOLVL
SURYLQFHDUHRQUHFRUG PHQZRPHQ ZKLOH.XWDLVLQRZ
KDG  PHQ  ZRPHQ  7KH JHQGHU LPEDODQFHV VHHQ LQ .XWDLVL
ZHUHWKHUHVXOWRIDODUJHLQIOX[RI*HUPDQVROGLHUVEXVLQHVVPHQDQGPD
QXIDFWXUHUV FRPLQJ WR WKH UHFHQWO\ DIILOLDWHG .XWDLVL SURYLQFH LQ VHDUFK RI
ZRUN
7KH ILUVW ,PSHULDO FHQVXV WRRN SODFH LQ  UHJLVWHULQJ  *HU
PDQV DV OLYLQJ LQ 7ELOLVL SURYLQFH ZLWK PRVW VHOILGHQWLI\LQJ DV /XWKHUDQ
7KLVVKDUSJURZWKLQWKH*HUPDQSRSXODWLRQRI*HRUJLDGXULQJWKHVHFRQG
SDUWRIWKHQLQHWHHQWKFHQWXU\FDQEHDWWULEXWHGWRWZRPDLQFDXVHV)LUVWDQ
LQFUHDVHLQQXPEHURIELUWKVZDVDQDWXUDOFRQVHTXHQFHWRWKHFKDQJHLQOH
JDOPDUULDJHDEOHDJH UHGXFHGWRDJHVHYHQWHHQIRUPHQILIWHHQIRUZRPHQ 
DQGVDZSHRSOHHQWHULQWRZHGORFNHDUOLHUWKDQSUHYLRXVO\6HFRQGZLWKWKH
DEROLWLRQ RI VHUIGRP DQG WKH HVWDEOLVKPHQW RI FDSLWDOLVP DV WKH PDLQ HFR
QRPLFGULYHUPDQ\IRUHLJQHUVDSSHDUHGLQ*HRUJLDDQGEHJDQLQYHVWLQJ
:KLOHJRYHUQPHQWFKDQJHGRQDQDWLRQDOVFDOHORFDOJRYHUQPHQWEH
JDQ DOVR WR VKLIW ZRUNLQJ SUDFWLFHV 8QWLO  FRORQLVWV LQ *HRUJLD ZHUH
VXEMHFWWRUXOHE\DVSHFLDOO\DSSRLQWHG*HRUJLDQFLYLOJRYHUQRU)URP
WKH JRYHUQDQFH RI WKH FRORQLHV ZDV SDVVHG RYHU WR WKHPDLQ GHSDUWPHQW RI
WKH &DXFDVXV 9LFHUR\ D SRVLWLRQ RI GLUHFW FRQWURO ZKLFK FRQWLQXHG XQWLO
ZKHQFRORQLVWVEHFDPHVXEMHFWWRSURYLQFHDGPLQLVWUDWLRQODZVLQWKH
PDQQHURIQDWLYHODQGRZQHUV



5HOLJLRXV/LIHDQG6HOI*RYHUQDQFHRIWKH/XWKHUDQV

:LWK WKH LQWURGXFWLRQ RI WKH 9LFHUR\ RI WKH &DXFDVXV LQ  WKH
6\QRG DQG 2EHU3DVWRU EHFDPH VXEMHFW WR RXWVLGH FRQWURO DORQJ ZLWK RWKHU
FRORQLVWPDWWHUV DVWKH 9LFHUR\V UROH LQFOXGHGWKH RYHUVHHLQJ RI UHOLJLRXV
PDWWHUV$QLPPHGLDWHHIIHFWZDVWKH9LFHUR\EHFDPHWKHVROHDXWKRULW\IRU
WKH DSSRLQWPHQW RI 2EHUSDVWRUV DQG SDVWRUV )URP  WKH 9LFHUR\
SURKLELWHG IRUHLJQ SDVWRUV DQG UHIXVHG WR LVVXH LQYLWDWLRQV WR PLQLVWHUV
RXWVLGHRIWKH5XVVLDQ(PSLUHDVKDGEHHQSUHYLRXVSUDFWLFH7KHUHSODFH

184
PHQWRISDVWRUVZDVQRWFRQVLGHUHGHVVHQWLDODQGIRUWZRWKUHHRUHYHQILYH
\HDUV FRORQLHV ZHUH OHIW ZLWKRXW SHUPDQHQW SDVWRUV DV D UHVXOW 9DFDQFLHV
ZHUHWHPSRUDULO\ILOOHGE\5XVVLDQVVHQWE\WKHDSSURSULDWHGHSDUWPHQWDQG
HYHQWXDOO\DWWKHUHTXHVWRIWKHSDULVKHVLQYLWDWLRQVWRIRUHLJQSDVWRUVZHUH
RQFHDJDLQDOORZHG
)URP WKH  QRWH WZR /XWKHUDQ SDULVKHV DUH HYLGHQW LQ 7ELOLVL
&RORQLDO3DULVKDQGD&LW\3DULVKZKLFKKDGEHHQDGPLWWHGWRWKH0RVFRZ
(YDQJHOLFDO/XWKHUDQ &RQVLVWRULXP &RORQLVWV FRQWLQXHG WR EH FRQVLGHUHG
SDUWRIWKHFRPPRQ,PSHULDO(YDQJHOLFDO/XWKHUDQJRYHUQLQJDXWKRULW\DQG
WKHIHDWXUHVRIWKLVV\VWHPUHPDLQHGXQWLOWKH'HSRUWDWLRQ\HDUV
7KH HPHUJHQFH RI WKH 'LYLVLRQDO 3UHDFKHU FDPH LQ 7KLV WUDYH
OOLQJ FOHULFDOUROHUHTXLUHG YLVLWV WR SDULVKHV DIILOLDWHGWR WKH 0RVFRZ &RQ
VLVWRULXPDUHDVZKHUHPDQ\VROGLHUVZHUHVWDWLRQHGRUWRDUHDVZKHUHUHS
UHVHQWDWLYHVRIIRUHLJQFRXQWULHVZHUHFRQFHQWUDWHG7KH'LYLVLRQDO3UHDFKHU
ZDVDVVLVWHGE\D3DVWRU$GMXQFWDQGWKH\VHUYHGSDULVKHVLQZHVWHUQ*HRU
JLD .XWDLVLDQG$ENKD]LD 
7KHPDLQ/XWKHUDQFKXUFKVHUYLFHVWRRNSODFHRQ6XQGD\V7KLVYHU\
GD\ QHLWKHU WKH\ QRU WKHLU OLYHVWRFN ZDV ZRUNLQJ 2Q 6XQGD\V WKH\ DOO
GUHVVHGWKHEHVW ZD\DQGZHQWWRWKHVHUYLFH IRUDGXOWVLQWKHPRUQLQJLQ
PLGGD\  IRU FKLOGUHQ WKHQ IRU \RXWK DQG WKRVH ZKR ZHUH ZLOOLQJ WR JR
WKURXJKFRQILUPDWLRQ
&KXUFK ULWXDOV PDUNLQJ VWDJHV RI OLIH LQFOXGHG WKRVH IDPLOLDU WR DQ\
&KULVWLDQEDSWLVPPDUULDJHIXQHUDOVWKRXJKWKHIRUPVDQGWUDGLWLRQVRI
WKH/XWKHUDQVGLIIHUHGZLGHO\WRWKRVHFRPPRQLQ*HRUJLD%DSWLVPRIWHQ
WRRNSODFHLQFKLOGKRRGUDWKHUWKDQLQIDQF\:HGGLQJFHUHPRQLHVZHUHKHOG
MRLQWO\ IRU VHYHUDO FRXSOHV DW WKH VDPH WLPHDQG LW ZDV QRW XQFRPPRQ WR
VHHWZR EURWKHUVPDUU\LQJZRPHQZKR ZHUHVLVWHUVVRPHWKLQJXQKHDUGRI
LQ *HRUJLD )XQHUDOV OLNHZLVH ZHUH PDUNHGO\ GLIIHUHQW IURP *HRUJLDQ
2UWKRGR[ SUDFWLFH WKH /XWKHUDQV GLG QRW KROG ZDNHV DQG WKHLU FHPHWHULHV
ZHUHRXWVLGHRIWKHLUVHWWOHPHQWVVHSDUDWHGHYHQIURPWKHLUFKXUFKHV
&KXUFKKRO\GD\VFRPPRQWRDOO&KULVWLDQVZHUHFHOHEUDWHGE\/XWKH
UDQVWKURXJKRXWWKH\HDUWKRXJKWKH\DOVRFRPPHPRUDWHGGD\VFRQVLGHUHG
RIVHFRQGDU\LPSRUWDQFHDQGDOVRSHUKDSVPRUHSDUWLFXODUWR/XWKHUDQVWKDQ
RWKHUGHQRPLQDWLRQV,QWRWKLVILUVWFDWHJRU\IDOOWKHJUHDW&KXUFKIHVWLYDOVRI
&KULVWPDV (DVWHU WKH $QQXQFLDWLRQ $VFHQVLRQ 'D\ 3HQWHFRVW 7ULQLW\
6XQGD\%LUWKRI -RKQWKH%DSWLVWDQG1HZ<HDU,QWRWKHVHFRQGFDWHJRU\

185
ZHUH VXFK IHVWLYDOV DV 5HIRUPDWLRQ 'D\ +DUYHVW GD\V IRU UHSHQWDQFH DQG
SUD\HUDVZHOODVGD\VWRUHPHPEHUVHYHUDORIWKH'LVFLSOHV
7KRXJK/XWKHUDQVKDGEHJXQE\ZRUVKLSLQJLQHDFKRWKHUVKRPHVE\
WKH ODWWHU KDOI RI WKH QLQHWHHQWK FHQWXU\ DOO /XWKHUDQ VHWWOHPHQWV KDG D
FKXUFK RU PHHWLQJ KRXVH $FFRUGLQJ WR WKH DQQXDO GLUHFWRU\ &DXFDVLDQ
FDOHQGDU7ELOLVLKDGVWRQHFKXUFKHVLQZKLFKDUHLGHQWLILHGDV
2UWKRGR[$UPHQLDQ$SRVWROLF/XWKHUDQDQG&DWKROLF
,Q7ELOLVLFRQWLQXHGWREHKRPHWRWKHODUJHVW/XWKHUDQSDULVKRI
WKHUHJLRQDQGDVDUHVXOWEXLOWWKHJUDQGHVW/XWKHUDQFKXUFKEXLOGLQJLQWKH
&DXFDVXVDW WKH FURVVURDGV ZKHUH 0LNKDLORY 6WUHHW DQG .LUFKH 6WUHHW PHW
PRGHUQ GD\ 0DUGMDQLVKYLOL DQG $JKPDVKHQHEHOL VWUHHWV  7KH EXLOGLQJ
QDPHG DIWHU VDLQWV 3HWHU DQG 3DXO ZDV EOHVVHG DQG FRQVHFUDWHG E\ WKH
0RVFRZ &RQVLVWRULXP ODWHU WR EH GHVWUR\HG E\ WKH 6RYLHW JRYHUQPHQW
XVLQJ*HUPDQSULVRQHUVRIZDUWRGRVR
5HFRUGVVKRZ%DWXPLZDVWKHFLW\ZKHUHD/XWKHUDQSDULVKGHVLUHGWR
EXLOG WKHLU RZQ FKXUFK LQ  )XQGV ZHUH UDLVHG EXW EHIRUH WKH FKXUFK
FRXOG EH EXLOW WKH WXUPRLO RI UHYROXWLRQV DQG ZRUOG ZDUV HVVHQWLDOO\ HQGHG
WKHSURMHFWEHIRUHLWEHJDQ
)HZ QLQHWHHQWK FHQWXU\ /XWKHUDQ FKXUFKHVUHPDLQLQ *HRUJLD 2QH LV
LQ%ROQLVL IRUPHUO\(NDWHULQHQILHOG DQGZDVUHFRQVWUXFWHGDVWKH3DODFHRI
&XOWXUH GXULQJ 6RYLHW WLPHV WKH VHFRQG LV LQ $VXUHWL IRUPHUO\ (OLVDEHWK
WDKO  WKRXJK WKH EHOO WRZHU KDV EHHQ GHVWUR\HG 7RGD\ QHLWKHU EXLOGLQJ LV
XVHGDFFRUGLQJWRWKHLURULJLQDOSXUSRVHDVDSODFHRIZRUVKLS


(GXFDWLRQDQG6RFLDO$FWLYLWLHV

'HVSLWHWKHHDUO\QLQHWHHQWKFHQWXU\FRQFHUQVDERXWODFNRIHGXFDWLRQ
DPRQJWKHEUHDNDZD\PRYHPHQWVZLWKLQ*HRUJLDV/XWKHUDQSRSXODWLRQE\
WKH WZHQWLHWK FHQWXU\ WKH\ KDG RQFH DJDLQ EHHQ FKDUDFWHUL]HG DV HGXFDWHG
SHRSOH$FFRUGLQJWRWKHFHQVXVWKH*HUPDQVUHFRUGHGOLYLQJ
LQWKH&DXFDVXVUHJLRQKDGDOLWHUDF\UDWHRIE\IDUWKHKLJKHVWRIDQ\
JURXS
(YHU\*HUPDQVHWWOHPHQWUHTXLUHGWKHLUFKLOGUHQWRDWWHQGDPLQLPXP
RIWZR\HDUVVFKRROLQJWKRXJKJHQHUDOO\VFKRRODWWHQGDQFHZDVHLJKW\HDUV
/LWHUDF\ ZDV WDXJKW DW KRPH &KLOGUHQ EHJDQ WKHLU IRUPDO HGXFDWLRQ DJHG

186
EHWZHHQVL[DQGHLJKWDQGXQOLNHFRQWHPSRUDU\VFKRROLQJHOVHZKHUH/XWKH
UDQV LQ *HRUJLDQ YDOXHG WKH HGXFDWLRQ RI ERWK ER\V DQG JLUOV ZKR ZHUH
WDXJKWLQWKHVDPHVFKRROVWKRXJKWKHFXUULFXOXPIRUJLUOVLQFRUSRUDWHGWKH
DGGLWLRQDOVXEMHFWRIKRXVHNHHSLQJ
7KHYDOXHSODFHGRQHGXFDWLRQLVYLVLEOHQRWRQO\LQWKHJHQGHUHTXDOLW\
DPRQJ WKHSXSLOV EXW DOVR WKDW VWXGLHV ZHUH REOLJDWRU\ DQG WHDFKHUVKLJKO\
UHVSHFWHGVHFRQGRQO\WRSDVWRUVLQWKHLUFRPPXQLWLHV(GXFDWLRQZDVJLYHQ
LUUHVSHFWLYH RI VRFLDO VWDQGLQJ ZLWK FKLOGUHQ DWWHQGLQJ IURP ERWK LPSRYH
ULVKHG DQG ZHDOWK\ EDFNJURXQGV 7KRXJK VFKRROV ZHUH RYHUVHHQ E\ WKH
FKXUFKWKH\ZHUHIXQGHGE\WKHORFDOFRPPXQLW\
,QLWLDOO\WHDFKLQJZDVJLYHQLQWKHQDWLYHODQJXDJHRIWKHSXSLOVZKLOH
5XVVLDQ ZDV WDXJKW RQO\ IURP WKH VHFRQG \HDU RI VFKRRO ODVWLQJ IRU WKUHH
\HDUV'HVSLWHWKHODQJXDJHOHVVRQV5XVVLDQZDVSRRUO\VSRNHQ DPRQJWKH
FRORQLHV ZLWK RQO\ WKHLU HOGHUO\ SRSXODWLRQV KDYLQJ DQ\ IRUP RI IOXHQF\
0RVWPDGHXSIRUWKHLUGHILFLHQF\LQ5XVVLDQZLWKZLGHVSUHDGNQRZOHGJHRI
WKH ODQJXDJHV RI WKH UHJLRQ  *HRUJLDQ $]HUL DQG $UPHQLDQ ,Q  WKH
6\QRG ORVW WKHLU ULJKW WR VXSHUYLVH WKHLU /XWKHUDQ VFKRROV ZKLFK QRZ
EHFDPHVXEMHFWWRWKH0LQLVWU\ RI&LYLO(GXFDWLRQ6WDUWLQJIURPWKLV \HDU
VWXG\RIWKH5XVVLDQODQJXDJHEHFDPHREOLJDWRU\
'DWD IURP  VKRZV WKH H[LVWHQFH RI D /XWKHUDQ VFKRRO LQ 7ELOLVL
DQG ILYH RWKHU VFKRROV RQH LQ HDFK RI WKH *HUPDQ VHWWOHPHQWV RI $OH
[DQGHUVGRUI0DULHQILHOG(OLVDEHWKWDKO(NDWHULQHQILHOGDQG$OH[DQGHUVKLOI
7KHVHVFKRROVHPSOR\HGWHDFKHUVDQGKDGSXSLOVHQUROOHG
'HVSLWHDSDVVLYHDSSURDFKWRHQJDJLQJZLWKDQGEXLOGLQJUHODWLRQVKLSV
ZLWK ORFDO *HRUJLDQV DQG *HRUJLDQ FXOWXUH WKH LQYHVWPHQWLQ HGXFDWLRQ RI
WKHLU FRPPXQLWLHV VKRZV WKDW DW OHDVW LQ WKH VHFRQG KDOI RI WKH QLQHWHHQWK
FHQWXU\WKH\KDGDFRQVLGHUDEOHLQWHUQDODFWLYHOLIH
,QDIXQGIRUZLGRZVDQGRUSKDQVRIWUDQVFDXFDVLDQ(YDQJHOLFDO
/XWKHUDQSUHDFKHUVDQGWHDFKHUVZDVHVWDEOLVKHGLQ7ELOLVLZLWKDSXUSRVH
WR VXSSRUW WKH IDPLOLHV RI SDVWRUV DQG WHDFKHUV ZKR KDG UHORFDWHG WR WKH
&DXFDVXVWRZRUN7KHIXQGKDGDGLUHFWRUHOHFWHGIURPWKHPHPEHUVRIWKH
FRPPXQLW\WKHSRVLWLRQZDVDWKUHH\HDUDSSRLQWPHQWDQGZDVDVVLVWHGE\
WZR KHOSHUV ZKRVH UHVSRQVLELOLWLHV ZHUH ODUJHO\ WKRVH RI D 7UHDVXUHU 
NHHSLQJDFFXUDWHUHFRUGVRIGRQDWLRQVDFFRXQWVDQGGLVWULEXWLRQRIWKHIXQG
DFFRUGLQJWRWKHQHHG'XSOLFDWHUHFRUGVZHUHNHSWWRKHOSSUHYHQWGDWDORVV
VKRXOGRQHUHFRUGERRNEHORVWRUGHVWUR\HG

187
 VDZ WKH HVWDEOLVKPHQW RI WKH :RPHQV (YDQJHOLFDO/XWKHUDQ
&KDULW\ 6RFLHW\ E\ SDVWRUV +DQVHQ DQG *X]HPDQ DQG WKHLU ZLYHV 7KH
SXUSRUWHGSXUSRVHRIWKLVFKDULW\ZDVWRKHOSSRRU/XWKHUDQVLQ7ELOLVLZLWK
YDULRXVQHHGVPRQH\FORWKLQJKHDWLQJJURFHULHVRUILQGLQJZRUN7KH6R
FLHW\ DLPHG WR WDNH FDUH RI  WKH HOGHUO\ RI IDPLOLHV OHIW ZLWKRXW D EUHDG
ZLQQHUWKRVHPRYLQJWRWKHFLW\LQVHDUFKRIZRUNLQVKRUWWKRVHSHRSOHLQ
VRFLHW\PRVWYXOQHUDEOHVRFLDOO\DQGILQDQFLDOO\VXFKDVWKHLOOZLGRZVDQG
RUSKDQV
)XQGUDLVLQJIRUWKH6RFLHW\RSHUDWHGRQDQXPEHURIOHYHOVWKHUHZDV
DQ DQQXDO PHPEHUVKLS IHH IRUHLJQ GRQDWLRQV FKDULW\ FRQFHUWV VDOHV RI
ZRUN SXEOLF OHFWXUHV DQG WKHDWUH SHUIRUPDQFHV DV ZHOO DV LQWHUHVW ZKLFK
DFFXPXODWHGLQEDQNDFFRXQWVIURPWKRVHIXQGVUDLVHG
7KH6RFLHW\ZDVPDQDJHGE\DERDUGRIVHYHQODGLHVZKRZHUHHDFK
HOHFWHGWRVHUYHIRUDWKUHH\HDUDQGDWWHQG*HQHUDO0HHWLQJVIRUWKH6RFLHW\
7KHPHHWLQJVKDGD&KDLU+HOSHU7UHDVXUHUDQG+HDG$OOWKHODGLHVRQWKH
ERDUG ZHUH YROXQWHHUV  )URP WKHLU $QQXDO 5HSRUW RI  WKH 6RFLHW\ LV
VKRZQ WRKDYH D VKHOWHU IRU \RXQJODGLHV ZKR KDG FRPH WR WKH FDSLWDO FLW\
IRU ZRUN EXW KDG QRZKHUH WR VWD\ 7KH VDPH SHULRG VKRZV WKH 6RFLHW\
VXEVLGL]LQJ D UHOLJLRXV FOXE IRU \RXQJ PHQ WKH <RXQJ %R\V &OXE ZKLFK
ZDVUXQE\WKHORFDOSDVWRU
,Q RUGHU WR VXSSRUW HGXFDWLRQ WKH 6FKRROV )ULHQGV 6RFLHW\ ZDV
IRUPHG ZKRVH PHPEHUV ZHUH FRQVLGHUHG KRQRUDEOH DQG UHVSHFWDEOH IURP
DPRQJWKHORFDOFRPPXQLW\7KHLUPLVVLRQZDVWRERWKJLYHDGYLFHDQGOHQG
ILQDQFLDO VXSSRUW WR H[LVWLQJ VFKRROV ZKLOH DOVR RYHUVHHLQJ WKH HVWDEOLVK
PHQWRIQHZVFKRROV
$GGLWLRQDOO\ DW WKLV WLPH WKH FRORQLHV KDG PDQ\ FOXEV IRU
HQWHUWDLQPHQWVXFKDVZLQGDQGVWULQJRUFKHVWUDV


1LQHWHHQWK&HQWXU\(FRQRPLF$FWLYLWLHVRIWKH
*HUPDQ6HWWOHUV

,I WKH RULJLQDO UHDVRQ *HUPDQV KDG EHHQ HQFRXUDJHG WR VHWWOH LQ
*HRUJLDZDVDGHVLUHIRUWKHLUFRQWULEXWLRQLQWKHHFRQRPLFGHYHORSPHQWRI
WKHUHJLRQWKHLPSDFWRIWKHLUUHOLJLRXVOLIHWKHLULQGXVWULRXVQHVVVWHPPLQJ

188
LQ SDUW DV DQ RXWZRUNLQJ RI WKHLU ZRUOGYLHZ  ZDV XQGHUHVWLPDWHG EXW
XQGHQLDEOH
7KRXJK WKH JRYHUQPHQW LQLWLDOO\ UHJUHWWHG WKHLU LPPLJUDWLRQ SROLF\
FRPSODLQLQJ WKH *HUPDQV KDG QRW DFKLHYHG WKH SXUSRVHV IRU ZKLFK WKH
JRYHUQPHQWKDGKRSHGE\WKHVHFRQGKDOIRIWKHFHQWXU\WKHVLWXDWLRQKDG
EHHQ UDGLFDOO\ UHYHUVHG 1RW RQO\ GLG WKH *HUPDQ VHWWOHUV SURVSHU DQG
SURYLGH DWWUDFWLYH ZRUNLQJ PRGHOV IRU WKH ORFDO SRSXODWLRQ EXW WKH\ DOVR
EURXJKWZLWKWKHPPDQ\WHFKQRORJLFDODGYDQFHV
7KHVHWWOHPHQWVIHOOLQWRRQHRIWKUHHFDWHJRULHVRIHFRQRPLFHPSKDVLV
 $JULFXOWXUH  $OH[DQGHUVGRUI 0DULHQILHOG 3HWHUVGRUI DQG )URL
QGHQWDKO ZKHUHZKHDWZDVWKHPDLQFURS 
 :LQHPDNLQJ(OLVDEHWKWDKO(NDWHULQHQILHOG
 $QLPDO+XVEDQGU\$OH[DQGHUVKLOI
&UDIWVPHQGHYHORSHGWKHLULQGXVWU\VHSDUDWHO\FRQFHQWUDWHGPDLQO\LQ
7ELOLVL
,QLWLDOO\YLQH\DUGVZHUHFXOWLYDWHGDFFRUGLQJWRORFDOWUDGLWLRQEXWODWHU
WKH VHWWOHUV EHJDQ WR LQQRYDWH LQFRUSRUDWLQJ WKH QHZHVW WKHRULHV DQG VRRQ
ZHUH DKHDG RI WKH QDWLYH SRSXODWLRQ LQ WKH SURGXFWLRQ RI ZLQH JUDSHV
WKRXJKQRWLQZLQHPDNLQJWHFKQRORJ\
6HWWOHPHQWVJUHZZKHDWPLOOHWFRUQDQGEDUOH\IRUWKHLURZQFRQVXP
SWLRQEXWDOVRJUHZSRWDWRFURSVDQGFDEEDJHVZKLFKWKH\XVHGIRUWUDGH
7KH VHWWOHUV ZHUH H[SHUW FRRSHUV DQG ZDLQZULJKWV JHQHUDOO\ EHLQJ
JRRG FDUSHQWHUV(YHU\*HUPDQNQHZDWOHDVWRQHFUDIWDQGVWXGLHGLWIURP
FKLOGKRRG 7KHLU IUHH WLPH ZDV VSHQW KRQLQJ WKHLU FDUSHQWU\ VNLOOV DQG QR
RQHFRXOGFRPSDUHWRWKHLUDELOLW\
,QWKHVV$OH[DQGHUVKLOI 7ELOLVLSURYLQFH GHYHORSHG6ZLVV
FKHHVHPDNLQJ WHFKQRORJLHV HVWDEOLVKLQJ VL[ PLON UHILQHULHV E\ WKH HQG RI
WKH FHQWXU\ %\  WKHUH ZHUH WZHQW\VL[ RI ZKLFK WZHQW\IRXU ZHUH
SULYDWHDQGWZRZHUHSXEOLF
*HUPDQVLQ7ELOLVLHVWDEOLVKHGWKHILUVWEUHZHU\LQDQGWKH*HU
PDQ SKDUPDFLVW =HPHO IRXQGHG D PLQHUDO ZDWHUSURGXFLQJ HQWHUSULVH DV
ZHOODVDQDUWLILFLDOLFHFRPSDQ\)ORU6FKRQEHUJKDGRSHQHGWKHILUVWSXEOLF
FKHPLVWV VKRS LQ *HRUJLD LQ  DQG RYHU WKH FRXUVH RI D FHQWXU\
*HUPDQSKDUPDFLVWVKDGHVWDEOLVKHGDPRQRSRO\
1LQHWHHQWK FHQWXU\ HFRQRPLF GHYHORSPHQW LQ *HRUJLD ZDV LQ D ODUJH
SDUWVWLPXODWHGE\DQLQMHFWLRQRIIRUHLJQLQFOXGLQJ*HUPDQFDSLWDO7KH
*HUPDQFRQWULEXWLRQZDVWRIXQGWKH&KLDWXUDPDQJDQHVHLQGXVWU\ZKLOHD

189
ODUJH SDUW RI WKH FRSSHU PLQLQJ LQGXVWU\ ZDV IXQGHG E\ WKH 6LHPHQV
%URWKHUVZKLFKLQPDGHWKHILUVWWHOHJUDSKLQWKH7ELOLVLSURYLQFH
*HUPDQ VHWWOHUV FDPH WR LQIOXHQFH *HRUJLDQ DUFKLWHFWXUH ZLWK PDQ\
ZHOONQRZQ EXLOGLQJV EHLQJ GHVLJQHG E\ *HUPDQ DUFKLWHFWV ([DPSOHV
LQFOXGH WKH 7ELOLVL 0DMRU +DOO DUFKLWHFW 3 6FKWHUQ  WKH 2SHUD +RXVH
DUFKLWHFW/%HOILHOG WKH&DWKROLF&KXUFK DUFKLWHFW$6DOW]PDQ DVZHOO
DVDOPRVWDOOWKHROGEXLOGLQJVLQWKH0DUMDQLVKYLOLGLVWULFW


/XWKHUDQVDQG:RUOG:DU,

7KHFRQIOLFWZKLFKFDPHWREHNQRZQDVWKH)LUVW:RUOG:DUEHJDQLQ
(XURSH RQ$XJXVW2Q$XJXVW0DUWLDO/DZ ZDVDQQRXQFHGLQ
WKH &DXFDVXV DQG FLWL]HQV PRELOL]HG WR ILJKW RQ EHKDOI RI WKH 5XVVLDQ
(PSLUH 7KH *HUPDQ GLDVSRUD QRZ QXPEHULQJ D FRQVLGHUDEOH VL]H RI
LQ*HRUJLDIRXQGWKHPVHOYHVLQDQXQH[SHFWHGVLWXDWLRQ
$VZDUEURNHRXWWKHGHSDUWPHQWVUHVSRQVLEOHIRU*RYHUQPHQWDGPL
QLVWUDWLRQLQWKH&DXFDVXVEHJDQWRUHQDPHWKHVHWWOHPHQWVDZD\IURP*HU
PDQVRXQGLQJ SODFH QDPHV 6LPXOWDQHRXVO\ ODZV OLPLWLQJ ODQG RZQHUVKLS
E\ *HUPDQV ZHUH LQWURGXFHG DQG HQIRUFHG 2Q  )HEUXDU\  D ODZ
FRQFHUQLQJDNPWUDFWRIODQGDORQJWKHZHVWHUQERUGHUOLTXLGDWLQJ
ODQG RZQHUVKLS E\ HWKQLF *HUPDQV ZDV HQDFWHG IURP 'HFHPEHU RI WKDW
\HDU WKLV ODZ ZDV DSSOLHG WR DOO HWKQLF *HUPDQV WKURXJKRXW WKH 5XVVLDQ
(PSLUHLQFOXGLQJWKRVHLQWKH&DXFDVXV
$FFRUGLQJWRWKLVODZ*HUPDQVIHOOLQWRRQHRIWKUHHFDWHJRULHV*HU
PDQ VXEMHFWV 5XVVLDQ VXEMHFWV VZHDULQJ DOOHJLDQFH WR WKH 7VDU SULRU WR 
-DQXDU\   5XVVLDQ VXEMHFWV VZHDULQJ DOOHJLDQFH WR WKH 7VDU SRVW 
-DQXDU\ 7KRVHLQWKHILUVWFDWHJRU\ZHUHSURKLELWHGIURPSXUFKDVLQJ
DQ\ODQGRUUHDOHVWDWHLQHLWKHUWKHFLW\RUFRXQWU\VLGH5HDOHVWDWHLQFLWLHV
ZKLFK KDG EHHQ SUHYLRXVO\ SXUFKDVHG FRXOG EH UHWDLQHG EXW DOO ODQG DQG
SURSHUW\ LQ WKH FRXQWU\VLGH KDG WR EH UHOLQTXLVKHG DQG VROG ZLWKLQ VL[
PRQWKV7KRVHZKRKDGEHFRPH5XVVLDQVXEMHFWVDIWHU-DQXDU\FRXOG
UHWDLQSURSHUW\LQHLWKHUWKHFLW\RUFRXQWU\VLGHEXWZHUHUHTXLUHGWRVHOODOO
ODQGZLWKLQWHQWRVL[WHHQPRQWKV,QLWLDOO\WKHODZRI)HEUXDU\GLG
QRWDIIHFWWKRVH ZKRKDGEHFRPH 5XVVLDQVXEMHFWVSULRUWR-DQXDU\
EXW WKH ODZ ZDV XSGDWHG RQ  )HEUXDU\ WR XQLI\ DOO FDWHJRULHV RI HWKQLF
*HUPDQVWRUHTXLUHWKHPWRVHOOHYHU\WKLQJ

190
7KH ODQG VDOH SURFHVV ZDV D SURORQJHG SURFHVV DQG ZLWK *HUPDQV
XQZLOOLQJWRIDUPZKDWWKH\ZHUHUHTXLUHGWRVHOOILHOGVZHUHOHIWGRUPDQW
OHDGLQJ WR D IRRG VKRUWDJH 5HDOLVLQJ WKH QHHG IRU FURSV DQG H[SHULHQFHG
IDUPHUV WKH JRYHUQPHQW PRGLILHG WKH ODQG VDOH ODZV HQDEOLQJ *HUPDQ
IDUPHUV WR UHWDLQ WKHLU ODQGV IRU WZR \HDUV RQ FRQGLWLRQWKH\ ZHUH IDUPHG
*HUPDQ RZQHUV RI YLQH\DUGV DVNHG IRU VLPLODU WUHDWPHQW DQG WKRXJK WKHLU
UHTXHVWV ZHUH PHW ZLWK IRUPDO QHJDWLYH UHVSRQVHV WKHLU ODQGV ZHUH QRW
FRQILVFDWHG
7KH PRVW UDGLFDO LQWHUYHQWLRQ E\ WKH JRYHUQPHQW LQWR WKH OLYHV RI
HWKQLF *HUPDQV DFURVV WKH 5XVVLDQ (PSLUH ZDV WKHLU GHSRUWDWLRQ IURP
ERUGHUUHJLRQVWRLQQHUSURYLQFHVXQWLOWKHHQGRIWKH:DU
5HVSRQVHV WR WKHVH ODZV YDULHG 6RPH HWKQLF *HUPDQV ZHUH NHHQ WR
SURYHWKHLUOR\DOW\WRWKH7VDUDQGWKH6WDWHDQGYROXQWHHUHGWRILJKWRQWKH
IURQWOLQHV2WKHUVDOVRYROXQWHHUHGWREHVHQWWRWKH)URQWRQO\WRDWWHPSWWR
EH WDNHQ SULVRQHU DQG VR DYRLG GHSRUWDWLRQ DQG FRQILVFDWLRQ RI SURSHUW\
EHOLHYLQJ WKH\ ZRXOG EH WUHDWHG EHWWHU E\ WKHLU KLVWRULF PRWKHUODQG 6RPH
GHFLGHG WR ZRUN LQ HVSLRQDJH ZKLOH RWKHUV MRLQHG UHYROXWLRQDU\ RUJDQLVD
WLRQVZLWKWKHLQWHQWLRQRIILJKWLQJDJDLQVWWKHSUHYDLOLQJV\VWHPRIJRYHUQ
PHQW(WKQLF*HUPDQVDOVRLQIRUPHGRQHDFKRWKHULQDQDWWHPSWWRSURYH
WKHLUOR\DOW\WRWKH7VDU
$VWKHZDUGUDJJHGRQVDZWKHDJJUHVVLYHGHSRUWDWLRQRIHWKQLF
*HUPDQVDQG$XVWULDQVIURPWKH%ODFN6HDVVKRUHV5HJDUGOHVVRIRIILFLDO
QDWLRQDOLW\ HWKQLFLW\ ZDV WKH RQO\ FRQVLGHUDWLRQ DQG QR HWKQLF *HUPDQ RU
$XVWULDQ ZDV H[HPSW 'HSRUWDWLRQ ZDV QRW FRQILQHG WR WKHVH SHRSOH
KRZHYHU DQG GHSRUWDWLRQ JUHZ WR LQFOXGH  DPRQJ RWKHUV  WKRVH ZKR
VSUHDG IDOVH UXPRXUV DERXW WKH KRVWLOLWLHV UHSURDFKLQJ WKH (PSHURU FORVH
FRQWDFWRUUHODWLRQVKLSZLWKDVXVSHFWHGVS\ODFNRINQRZOHGJHRI 5XVVLDQ
DQGLQVXOWVWRRUDERXW5XVVLDQV
:LWKWKH5XVVLDQ5HYROXWLRQRIWKHVLWXDWLRQFKDQJHGDJDLQ,Q
*HRUJLDGHFODUHGLQGHSHQGHQFHIURPWKH5XVVLDQ(PSLUH7KH6RFLDO
'HPRFUDWVURVHWRSRZHULQWKLVSHULRGDQGVDZWKHLUSRZHULQSDUWUHOLHGRQ
VXSSRUW IURP *HUPDQV DQG *HUPDQ\ )URP 0D\  XQWLO WKH HQG RI WKH
)LUVW :RUOG :DU LQ 1RYHPEHU RI WKDW \HDU *HRUJLD PDLQWDLQHG D *HUPDQ
VWDQGLQJ DUP\ *HUPDQV OLYLQJ LQ *HRUJLD IHOW UHOLHI DQG WKRXJK *HUPDQ\
ZDVZLGHO\FRQVLGHUHGGHIHDWHGDIWHUWKH$UPLVWLFHDQGWKH*HUPDQ$UP\
UHPRYHG IURP WKH &DXFDVXV UHJLRQ WKH 6RFLDO 'HPRFUDW JRYHUQPHQW
VKRZHG FRQVLGHUDEOH IULHQGOLQHVV WRZDUGV *HUPDQV LQWKH FRXQWU\ ,Q -XQH

191
 WKH JRYHUQPHQW RUJDQLVHG D ODUJH FHQWHQDU\ FHOHEUDWLRQ FRPPHPR
UDWLQJ RQH KXQGUHG \HDUV RI /XWKHUDQ FRQJUHJDWLRQV LQ *HRUJLD DV ZHOO DV
WKHHVWDEOLVKPHQWRI*HUPDQVHWWOHPHQWVZLWKLQWKHFRXQWU\



&KDSWHU,9
7KH%DSWLVW&KXUFKLQ*HRUJLD

$UULYDODQG6SUHDGRI%DSWLVWVLQ*HRUJLD

7KH %DSWLVW PRYHPHQW EHJDQ DV D GLVVHQWLQJ JURXS WR WKH $QJOLFDQ
&KXUFKLQWKHVHYHQWHHQWKFHQWXU\SULPDULO\VSUHDGLQJWKURXJKRXW(QJOLVK
VSHDNLQJ FRXQWULHV %\ WKH QLQHWHHQWK FHQWXU\ LWV VSUHDG LQ FRQWLQHQWDO
(XURSHZDVODUJHO\DUHVXOWRILQIOXHQFHVIURPWKHQHZO\HVWDEOLVKHG8QLWHG
6WDWHV ,Q *HRUJLD KRZHYHU WKH HPHUJHQFH RI %DSWLVW EHOLHIV ZDV QRW WKH
UHVXOWRIRUJDQLVHG0LVVLRQVWKRXJKLWZDVFORVHO\FRQQHFWHGWRHYHQWVDQG
LQIOXHQFHVZLWKLQWKHZLGHU5XVVLDQ(PSLUH
7KH HDUOLHVW NQRZQ %DSWLVW FRPPXQLWLHV LQ WKH 5XVVLDQ (PSLUH DUH
WKRVHHVWDEOLVKHGE\*HUPDQVZKRVHWWOHGDWWKHLQYLWDWLRQRI3UXVVLDQERUQ
&DWKHULQH ,, LQ WKH VRXWKHUQ SURYLQFHV >QRZ RI PRGHUQ GD\ 8NUDLQH@
.KHUVRQ7DYULDDQGWKH&ULPHD
,QWKHQLQHWHHQWKFHQWXU\DUHOLJLRXVUHYLYDOVDZWKHELUWKRIDVHSDUD
WLVWJURXSNQRZQDV6KWXQGLVWV GHULYHGIURPWKH*HUPDQZRUGVWXQGH
PHDQLQJWKHKRXULQUHIHUHQFHWRWKHSUDFWLFHRIVHWWLQJDVLGHDQKRXUGDL
O\IRUGHYRWLRQDO%LEOHVWXG\ $OWKRXJKWKH\ZHUHDVHSDUDWHJURXS6KWXQ
GLVWV SUDFWLFH DQG EHOLHI LQFRUSRUDWHG DVSHFWV %DSWLVW 0HQQRQLWH DQG 3LH
WLVPDQGDVDUHVXOW%DSWLVWLGHDVEHJDQWRVSUHDGZLWKLQWKH5XVVLDQ(PSLUH
$VHYDQJHOLFDO&KULVWLDQLGHDVUHDFKHGWKHQRELOLW\RI6W3HWHUVEXUJD
6RFLHW\ WR 3URPRWH WKH 5HDGLQJ RI 6SLULWXDO DQG 0RUDO /LWHUDWXUH ZDV
LQVWLJDWHG LQ  E\ /RUG 5DGVWRFN RI (QJODQG ZKR ZDV OLYLQJ LQ 6W
3HWHUVEXUJDWWKDWWLPH$IRUPHUFRORQHO3DVKNRYEHFDPHVXFFHVVRUWRWKLV
JURXS DQG DV D UHVXOW %DSWLVWV LQ 6W 3HWHUVEXUJ FDPH WR EH NQRZQ DV
3DVKNRYLDQV

192
7KHVHWKUHHJURXSV3DVKNRYLDQV6KWXQGLVWVDQG*HRUJLDQ%DSWLVWVEH
FDPHWKHWKUHHVWURQJHVWLQIOXHQFHVLQWKHVSUHDGRI%DSWLVWDGKHUHQWVLQWKH
5XVVLDQ(PSLUH
,W LV QRW XQWLO  WKDW WKH ILUVW %DSWLVW FRPPXQLWLHV LQ *HRUJLD DUH
IRXQG DQG VHYHUDO IDFWRUV FDQ EH LGHQWLILHG SUHSDULQJ WKH JURXQG IRU WKH
GHYHORSPHQWRIWKLVFKXUFKLQDQRWKHUZLVH2UWKRGR[ FRXQWU\.H\DPRQJ
WKHVHIDFWRUVZHUHWKHH[SRVXUHWRQHZLGHDVDVDUHVXOWRILPPLJUDWLRQFRQ
VHTXHQFHVIURPWKH(PDQFLSDWLRQ5HIRUPSXEOLFDWLRQRIWKH5XVVLDQ
ODQJXDJH 6\QRG %LEOH DQG LQFUHDVHG PLVVLRQDU\ DFWLYLW\ RI WKH ODWH QLQH
WHHQWKFHQWXU\LQWKH&DXFDVXVE\QRQ2UWKRGR[JURXSV
7KH LQWHQWLRQDO FRORQLVDWLRQ RI WKH UHJLRQ H[SRVHG *HRUJLDQV WR QHZ
WKHRORJLFDO LGHDV ZKLOH LPPLJUDQWV WKHPVHOYHV ZHUH DOVR H[SRVHG WR QHZ
LGHDV DV WKH\ PLQJOHG ZLWK D YDULHW\ RI UHOLJLRXV VXEFXOWXUHV UDQJLQJ IURP
KHUHWLFDOVHFWVWRJURXSVZKLFKGLIIHUHGPRUHRQWKHIRUPDQGH[SUHVVLRQRI
ZRUVKLSUDWKHUWKDQWKHRORJLFDOFRQWHQW/XWKHUDQV0RORNDQV'RXNKRERUV
DQGRWKHUVFRXOGDOOEHIRXQGPLJUDWLQJDQGLQWHUDFWLQJLQ*HRUJLD
:LWK WKH(PDQFLSDWLRQ 5HIRUP $FW RI  DQG WKH OLEHUDWLRQ RI WKH
6HUIV ZKR ODUJHO\ GLGQRW H[SHULHQFH DQLPSURYHPHQW LQZHDOWK RU VWDWLRQ
DQGIRXQGWKHLUIUHHGRPZDVHDVLHUWRH[HUFLVHLQH[SHULPHQWLQJZLWKUHYL
VLQJWKHLUVSLULWXDOEHOLHIV
7KRXJK ZRUN ZDV EHJXQ LQ  WKH SXEOLFDWLRQ RI WKH FRPSOHWHG
5XVVLDQ 6\QRGDO %LEOH GLG QRW KDSSHQ XQWLO  7KLV PDGH 6FULSWXUH
DYDLODEOHIRUWKH5XVVLDQVSHDNLQJPDVVHVDQGFRQWLQXHVWREHZLGHO\XVHG
IRXQG LQ WKH 5XVVLDQ 2UWKRGR[ &KXUFK 3URWHVWDQW GHQRPLQDWLRQV DQG WKH
&DWKROLF&KXUFKLQ5XVVLDQVSHDNLQJFRXQWULHV
5HJDUGOHVVRIWKHLUWKHRORJLFDOYDOLGLW\ZLWK3URWHVWDQWJURXSVLQFUHD
VLQJWKHLUPLVVLRQDU\DFWLYLWLHVLQWKH&DXFDVXVGXULQJWKHODWWHUSDUWRIWKH
QLQHWHHQWK FHQWXU\ LW LV D QDWXUDO UHVXOW WR VHH D FRUUHVSRQGLQJ JURZWK LQ
WKRVHFKRRVLQJWRZRUVKLSDQGLGHQWLI\ZLWK3URWHVWDQWFKXUFKHV
5HOLJLRXVFKDQJHVZLWKLQ*HRUJLDRFFXUUHGLQSDUWEHFDXVHRIDGLUHFW
LPSDFWRIWKHVHLQIOXHQFHVEXWDOVRLQGLUHFWO\DVDUHVXOWRIWKHLULPSDFWLQ
RWKHU SDUWV RI WKH 5XVVLDQ (PSLUH 7KRVH ZKR ZHUH RXW RI IDYRXU ZLWK
&KXUFK DQG 6WDWH DW WKH FHQWUH RI WKH 5XVVLDQ (PSLUH ZHUH HYLFWHG WR LWV
RXWVNLUWVDPRQJWKHPWKHDIRUHPHQWLRQHG0RORNDQV'RXNKRERUVDQGWKHLU
GHULYDWLYHV LQFOXGLQJ .KOLVWLDQV DQG -XPSHUV 3ULJXQLDQV  DV ZHOO DV
RWKHUV 6LQFH QHZ VHWWOHPHQWVKDG JURZQ XSLQ HDVWHUQ *HRUJLD IURP

193
WKHVHUHOLJLRXVJURXSV,WZDV IURP0RORNDQVLQ7ELOLVLWKDWWKHILUVW%DS
WLVWVLQ*HRUJLDZHUHGHVFHQGHGDQGIRXQGWKHPRVWIUXLWIXOJURXQG
%UHDNDZD\ JURXSV IURP UHOLJLRXV ERGLHV WHQG WR VSOLQWHU HDVLO\ HDFK
JLYLQJELUWKWRYDULDQWVRIWKHSDUHQWERG\:LWKWKHVSOLWRIWKH0RORNDQV
QHZWHDFKLQJVHPHUJHGWRFUHDWHQHZVXEJURXSVRUVHFWVRIWHQZLWKDVWURQJ
HPSKDVLVRQP\VWLFLVP7KHVH0RORNDQVHFWVZHUHNQRZQE\QDPHVVXFKDV
WKH*HQHUDOV6SLULWVDQG-XPSHUV VRPHRI ZKRPVKDUHVLPLODULWLHV
WRRWKHUPRUHZHOONQRZQJURXSVVXFKDV4XDNHUV DQGVRPHZHUHLQIXVHG
ZLWK UDGLFDOO\ P\VWLFDO WHDFKLQJ RI ZKLFK .KOLVWLDQV 6NRSWVLDQV DQG
-XPSHUVZHUHRIWHQQXPEHUHG
7KH VV 0RORNDQV LQ /DNDUDQ DQG 7UDQVFDXFDVLD EHFDPH
NQRZQ DV ZDWHU 0RORNDQV GXH WR WKHLU HYROYLQJ EHOLHIV DERXW WKH FRP
SXOVRU\UROHRILPPHUVLRQEDSWLVPDQG+RO\&RPPXQLRQ,WZDVSUHFLVHO\
WKHVH LGHDV ZKLFK DWWUDFWHG 1LNLWD 9RURQLQ FRQVLGHUHG WKH ILUVW %DSWLVW LQ
*HRUJLDZKRKDGEHHQFRQVLGHULQJLPPHUVLRQ%DSWLVPDWWKLVWLPH
7KRXJKQRWLQWHQWLRQDOO\*HUPDQVHWWOHUVSUHSDUHGWKHZD\IRU%DSWLVW
LGHDVWRGHYHORSLQ*HRUJLD$V*HUPDQ3LHWLVWVDQG/XWKHUDQVZHUHWKHILUVW
3URWHVWDQWV LQ *HRUJLD GHVSLWH WKHLU VHSDUDWLVW OLIHVW\OH DQG OLPLWHG FRQWDFW
ZLWKORFDOSHRSOH*HRUJLDQVEHFDPHDZDUHDQGDFFXVWRPHGWRWKHH[LVWHQFH
RI3URWHVWDQW&KULVWLDQLW\DORQJVLGH2UWKRGR[\DQG&DWKROLFLVP
:LWKWKH5HIRUPVRIDFDWDO\VWIRUWKHVSUHDGRI%DSWLVWWHDFKLQJ
FDPH LQ D PRYHPHQW WRZDUGV HTXDOLW\ :LWK SHDVDQWV JDLQLQJ WKH RSSRU
WXQLW\IRUDQHGXFDWLRQLQFUHDVHGOLWHUDF\DPRQJWKHSRRUHVWPHPEHUVRIWKH
5XVVLDQ(PSLUHPDGHWKH6FULSWXUHVDQGUHOLJLRXVOLWHUDWXUHPRUHDFFHVVLEOH
RQDSHUVRQDOOHYHOOHDGLQJWRDVLJQLILFDQWJURZWKLQWKHQXPEHUVRIWKRVH
FKRRVLQJWRWKLQNIUHHO\DQGLQGHSHQGHQWO\WKRXJKQRWQHFHVVDULO\ZLVHO\
RQUHOLJLRXVLVVXHV7RWKLVHQGWKHULVHRI%RRNPHQRU%RRN6HOOHUV
LQFUHDVHGDQGZHUHSDUWLFXODUO\LQIOXHQWLDOLQWKHVSUHDGRI%DSWLVWWHDFKLQJ
ZLWKPLVVLRQDULHVDQGVRFLHWLHVSXEOLVKLQJOLWHUDWXUHZKLFKZDVWKHQGLVSHU
VHGWKURXJKRXWWKH5XVVLDQ(PSLUHEROVWHUHGE\DQLQFUHDVHLQPLVVLRQDULHV
WR*HRUJLD






194
)RUPDWLRQRIWKH)LUVW%DSWLVW&RPPXQLWLHVLQ*HRUJLD

+LVWRULFDOO\ *HRUJLDLV FRQVLGHUHG WR EH WKH ELUWKSODFH RI WKH %DSWLVW
PRYHPHQW LQ WKH 5XVVLDQ (PSLUH GXH WR IDFW WKDW LWV EHJLQQLQJ ZDV FKD
UDFWHUL]HGE\VSHFLILFIHDWXUHV
 %DSWLVWV LQ *HRUJLD GLG QRW GHYHORS IURP DQ LPPLJUDQW 3URWHVWDQW
HQYLURQPHQWEXWIURPDQ2UWKRGR[EDFNJURXQG
1LNLWD9RURQLQFRQVLGHUHGWKHILUVW%DSWLVWLQ*HRUJLDFDPHWRWKH
SRLQWRIEDSWLVPQRWDVDUHVXOWRILQIOXHQFHE\PLVVLRQDULHVEXWGXHWRKLV
SHUVRQDOVSLULWXDOFRQYLFWLRQ
 7KRXJK FKURQRORJLFDOO\ 6KWXQGLVWV DURVH HDUOLHU DV ZHOO DV 3DV
KNRYLDQV WKH\KDGQRWFDOOWKHPVHOYHV%DSWLVWV
1HYHUWKHOHVV D %DSWLVW FKXUFK LQ *HRUJLD ZDV UHFRUGHG DV QHZO\
HVWDEOLVKHGLQ
7ELOLVL UHVLGHQW 1LNLWD 9RURQLQ KDV FRPH WR EH FRQVLGHUHG WR EH WKH
ILUVW%DSWLVWKLVEHOLHIV HYHQWXDOO\ FRPLQJWRFORVHO\UHVHPEOH %DSWLVWWHD
FKLQJ WKRXJKKHKDGQR NQRZQ FRQWDFW ZLWK %DSWLVWUHSUHVHQWDWLYH +RZH
YHU D *HUPDQ %DSWLVW 0DUWLQ .DOYLHW ZKR FDPH IURP /LWKXDQLD WR WKH
&DXFDVXVLQSOD\HGVLJQLILFDQWUROHLQKLVOLIHDVDUHVXOWRIPHHWLQJV
DQG ORQJ FRQYHUVDWLRQV ZLWK .DOYLHW 9RURQLQ FDPH WR FRQYLFWLRQ WKDW KH
VKDUHG .DOYLHWV UHOLJLRXV YLHZV $W KLV RZQ UHTXHVW RQ  $XJXVW 
9RURQLQZDVEDSWLVHGDWQLJKWE\.DOYLHWLQWKH.XUD5LYHU$VDUHVXOWWKLV
GD\ KDV FRPH WR EH FRQVLGHUHG WKH RIILFLDO ELUWKGD\ RI %DSWLVWV ERWK LQ
*HRUJLDDQGWKH5XVVLDQ(PSLUH
*UDGXDOO\ 9RURQLQ PHW RWKHUV ZKR KHOG WKH VDPH UHOLJLRXV FRQYLF
WLRQVKHGLGDQGLQWKHVHVL[SHRSOHHVWDEOLVKHGWKHILUVW%DSWLVWFRP
PXQLW\ LQ 7ELOLVL %\  IRXU QHZ PHPEHUV MRLQHGDPRQJWKHP VHYHQ
WHHQ\HDUROG9DVLOL3DYORY'XHWRKLVH[FHSWLRQDOHGXFDWLRQKHEHFDPHDQG
RXWVWDQGLQJUHSUHVHQWDWLYHDQGQRWHGKLVWRULDQRI%DSWLVWVLQ7VDULVW5XVVLD
3DYORY ZDV SDVVLRQDWH DERXW KLV EHOLHIV DQG VRRQ EHJDQ DQ LQWHQVLYH
HIIRUWWRVSUHDG%DSWLVWWHDFKLQJWKURXJKRXW7ELOLVL+HEHFDPHWKHOHDGHURI
FRQVLGHUDEOH PLVVLRQDU\ HIIRUWV LQ *HRUJLD ZKLFK ZHUH LQIOXHQWLDO WKURXJ
KRXW*HRUJLDDQGWKH5XVVLDQ(PSLUH
$V %DSWLVW WHDFKLQJV EHJDQ WR VSUHDG WKURXJKRXW ZHVWHUQ *HRUJLD E\
WKH V $FFRUGLQJ WR LQIRUPDWLRQ FROOHFWHG E\ WKH ([DUFK 3DXO %DSWLVW
WHDFKLQJV ZHUH VSUHDG LQ SDUW E\ WKH 6RFLHW\ WR 3URPRWH WKH 5HDGLQJ RI

195
6SLULWXDODQG0RUDO/LWHUDWXUHWRZKRP%DSWLVWERRNOHWV ZHUHFRQWULEXWHG
,WLVUHFRUGHGWKDWDUHOLJLRXVFHQVRUZKRH[DPLQHGVRPHRIWKHVHERRNOHWV
ZDV XQDEOH WR GLVWLQJXLVK WKH FRQWHQWV RI WKLV OLWHUDWXUH IURP SRSXODU
FRQWHPSRUDU\2UWKRGR[WH[WV
%\  %DSWLVW WHDFKLQJ FDQ EH IRXQG VSUHDGLQJ WKURXJKRXW WKH
QHZO\ MRLQHG VRXWKZHVWHUQ *HRUJLDQ WHUULWRULHV LWV SUHVHQFH LQ %DWXPL
QRWHG LQ  ,W LV XQNQRZQ ZKHWKHU %DSWLVW JDWKHULQJV WRRN SODFH LQ
%DWXPLEHIRUHWKLVWLPHKRZHYHULWLVNQRZQWKDW%DSWLVWIDPLOLHVOLYHGKHUH
DQGPRVWOLNHO\VKDUHGWKHLUEHOLHIVZLWKLQWKHLUORFDOFRPPXQLWLHV
%\WKHHDUO\\HDUVRIWKHWZHQWLHWKFHQWXU\%DSWLVWFRPPXQLWLHVZHUH
NQRZQLQWKHWRZQVRI.DNKHWL6LJQDNLDQG/DJRGHNKLZKLOH%DSWLVWLGHDV
LQUHPRWHPRXQWDLQRXVYLOODJHVHVSHFLDOO\WKRVHZLWKRQO\HWKQLF*HRUJLDQ
LQKDELWDQWVZHUHKDUGO\NQRZQ
*UDGXDOO\DV%DSWLVWFRPPXQLWLHVJUHZDQGVSUHDGFRQQHFWLRQVEHJDQ
WR GHYHORS EHWZHHQ WKHP WKURXJK WKH &DXFDVXV DQG 5XVVLDQ (PSLUH
EHFRPLQJ HYLGHQW E\ WKH HQG RI WKH V 3DYORY WRRN UHVSRQVLELOLW\ WR
RUJDQLVHWKHILUVW%DSWLVWFRQIHUHQFHLQDQGRQ2FWREHURIWKDW\HDU
%DSWLVWVIURPWKH&DXFDVXVUHJLRQJDWKHUHGLQ7ELOLVL
)LYH \HDUV ODWHU LQ  6W 3HWHUVEXUJ SOD\HG KRVW WR WKH ILUVW ,QWHU
GHQRPLQDWLRQDO FRQIHUHQFH RI HYDQJHOLFDO &KULVWLDQV RQ  $SULO 7KDW
VDPH\HDUVDZWKHIRXQGLQJRID%DSWLVWRQO\FRQIHUHQFH
:KHQLQWKHFLW\ RI5RVWRYKRVWHGD%DSWLVWFRQYHQWLRQDGHFL
VLRQ ZDV PDGH WR SXEOLVK WKH VSLULWXDO HWKLFDO PDJD]LQH 7KH %DSWLVW LW
VKRXOG EH QRWHG WKDWWKH HGLWRUV DQG PRVW RI WKH FRQWULEXWRUV RI WKHVH ILUVW
HGLWLRQVZHUH%DSWLVWVIURP*HRUJLD



6WUXFWXUHRIWKH&KXUFK)LQDQFLDODQG0DWHULDOLVVXHV

7KH %DSWLVW FKXUFK LQ 7ELOLVL ZDV FKDUDFWHUL]HG E\ VWURQJ DQG
FHQWUDOL]HG JRYHUQDQFH (DFK ORFDO %DSWLVW FRPPXQLW\ ZDV VHOIJRYHUQHG
OHG E\ D SUHVE\WHU %DSWLVW JDWKHULQJV KDG IUDWHUQDO UHODWLRQV WKRXJK WKH\
ZHUHLQGHSHQGHQWIURPHDFKRWKHU
%DSWLVWV UHFRJQL]HG WZR HFFOHVLDVWLFDO UDQNV SUHVE\WHU DQG ELVKRS
GHDFRQ7KHUHZDVQRHVVHQWLDOGLIIHUHQFHEHWZHHQDSUHVE\WHUDQGDELVKRS

196
+RZHYHUWKHFKXUFKLQ7ELOLVLZDVOHGE\WKUHHSHUVRQVDSUHVE\WHUDWHD
FKHUDQG D GHDFRQ (OHFWLRQWR WKHVH OHDGHUVKLS SRVLWLRQ RFFXUUHG E\ RUGL
QDWLRQ7KHKLJKHVWUDQNZDVWKDWRIDSUHVE\WHUZKLOHWKHWHDFKHUDQGGHD
FRQZHUHXQGHUKLVVXSHUYLVLRQ7KHUROHRIWHDFKHUZDVWRKHOSWKHSUHVE\
WHULQKLV WHDFKLQJUHVSRQVLELOLWLHV ZKLOH WKH GHDFRQKHOSHG PDQDJH ILQDQ
FLDODIIDLUVDQGIXOILOPHQWRIVRFLDOUHVSRQVLELOLWLHVVXFKDVFDULQJIRUQHHG\
7KH ILUVW RUGDLQHG PLQLVWHU LQ *HRUJLD ZDV 9* 3DYORY RUGDLQHG WR
WKHPLQLVWU\E\*HUPDQSUHVE\WHU-*2QFNHQWKHILUVWGHDFRQZDV0DUWLQ
.DOYLHW
7KH %DSWLVW FKXUFK FRXQFLO ZDV HVWDEOLVKHG LQ  WR PDQDJLQJ
FKXUFKDFWLYLWLHV'HFLVLRQVRQWRSLFVZHUHPDGHE\DPDMRULW\YRWHZLWKLQD
JHQHUDODVVHPEO\:RPHQZHUHHOLJLEOHWRSDUWLFLSDWHLQYRWLQJDQGFKXUFK
DFWLYLWLHVEXWFRXOGQRWRFFXS\WKHSRVLWLRQVRISUHVE\WHURUWHDFKHU%HOLH
YHUV PHW DV D FRQJUHJDWLRQ RQ 6XQGD\V ZKLOH VPDOOHU JURXSV IURP ZLWKLQ
WKH FKXUFK RIWHQ PHW RQ RWKHU GD\V GXULQJ WKH ZHHN IRU UHDGLQJ WKH %LEOH
DQG SUD\LQJ 7KHLU W\SLFDO 6XQGD\ VHUYLFH FRQVLVWHG RI D VHUPRQ SUD\HUV
DQGVRQJV
:KLOHPDQ\HDUO\%DSWLVWVFDPHIURPWKHORZHUOHYHOVRIVRFLHW\IURP
PHUFKDQWV DQG SHDVDQWV WKH FRPPXQLW\ ZDV QRW VROHO\ FRPSULVHG IURP
PHPEHUVRIWKHVH FODVVHV9RURQLQ3DYORY0D]DHYDQGRWKHUVFDPHIURP
EDFNJURXQGVRISURVSHURXVPHUFKDQWVDQGIURPWKHYHU\ILUVW\HDUVUHFRUGV
RIFKXUFKOHDGHUVKLSVKRZWKHLQWHOOLJHQWVLDZDVUHSUHVHQWHG
-XVW DV WKH VRFLDO GLYHUVLW\ RI WKH %DSWLVW PRYHPHQW LQFUHDVHG LWV
HWKQLFGLYHUVLW\DOVRJUHZ RYHUWLPH,QLWLDOO\WKH7ELOLVLFRQJUHJDWLRQFRQ
VLVWHGRID5XVVLDQPDMRULW\DORQJVLGHWKRVHZLWK*HUPDQLFVXUQDPHV(WK
QLF*HRUJLDQVDUHQRWUHFRUGHGDPRQJWKH%DSWLVWVXQWLOWKHHDUO\WZHQWLHWK
FHQWXU\ ZLWK WKH ILUVW HWKQLF *HRUJLDQ  $= .KXWFXVKYLOL  UHFRUGHG DV
EHLQJEDSWL]HGLQ7ELOLVLLQ
7KHIROORZLQJ\HDUVDZ,OLD.DQGHODNLMRLQWKH%DSWLVWFRPPXQLW\ RI
7ELOLVLDQGKLVQDPHLVFRQQHFWHGWRWKHHVWDEOLVKPHQWRIDQHWKQLF*HRUJLDQ
%DSWLVWVFKXUFKLQ7ELOLVLDQGODWHULQRWKHUUHJLRQV
7KHFKXUFKVLQQHUOLIHFDQEHJOLPSVHGDWE\UHYLHZLQJPLQXWHVRIWKH
PHPEHUV*HQHUDO0HHWLQJV7KHVHDVVHPEOLHVRIPHPEHUVWRRNSODFHHYHU\
WZRWRWKUHHZHHNVZLWKDWWHQGDQFHVWULFWO\PRQLWRUHG3DUWLFLSDWLQJLQ+RO\
&RPPXQLRQZDVOLNHZLVHULJLGO\GHILQHGE\UXOHVZLWKRQO\WKRVHZKRKDG
PDGH D SXEOLF FRQIHVVLRQ RI IDLWK DQG DGXOW EDSWLVP DFFRUGLQJ WR %DSWLVW
WUDGLWLRQEHLQJDOORZHGWRUHFHLYHWKH(XFKDULVW

197
7KRXJK \RXQJ DQG LQH[SHULHQFHG WKLV %DSWLVW FKXUFK LQ 7ELOLVL EH
FDPH D PRGHO E\ ZKLFK ZDV FRPPRQO\ DGDSWHG DV WKH SDWWHUQ IRU QHZO\
HVWDEOLVKHGFRPPXQLWLHVDOORYHUWKH5XVVLDQ(PSLUH
7KH ILUVW %DSWLVW FKXUFK LQ *HRUJLD ZDV ILQDQFLDOO\ LQGHSHQGHQW IURP
LWVYHU\EHJLQQLQJVVXSSRUWHGHQWLUHO\E\GRQDWLRQVDQGWLWKHVRIWKHFKXUFK
PHPEHUV7KHFKXUFKZDVQRWDPLVVLRQDU\SODQWDQGZDVQHLWKHUGHSHQGDQW
QRUVXSSRUWHGE\IRUHLJQGRQDWLRQV1RWRQO\ZDVWKHFKXUFKPDLQWDLQHGE\
PRQLHVIURPWKHFRQJUHJDQWVEXWGRQDWLRQVZHUHDOVRXVHGWRIRXQGSULPDU\
VFKRROV ZLWKRXW VFKRRO IHHV RQH RI ZKLFK ZDV HVWDEOLVKHG LQ  ZLWK D
VHFRQGSODQQHGWRIROORZ
,QLWLDOO\ %DSWLVWV JDWKHUHG DW 9RURQLQV KRXVH LQ WKH 3HVNL GLVWULFW
ZKLFKFRQWLQXHGXQWLOZKHQSHUVHFXWLRQRIWKRVHEHORQJLQJWRJURXSV
ODEHOOHGDVVHFWVPHDQWWKH3HVNLJDWKHULQJVKDGWREHDEDQGRQHGWKRXJKWKH
FRQJUHJDWLRQ GHFLGHG WR PRYH HOVHZKHUH UHQWLQJ D KRXVH XSWRZQ DQG
KROGLQJVHFUHWVHUYLFHVWKHUH,QWKHVWKH/XWKHUDQFKXUFKJUDQWHGWKH
%DSWLVWVDV\OXPDOORZLQJWKHPWRKROGVHUYLFHVRQWKHLUSURSHUW\
7KLV VWDWH RI DIIDLUV ZDV UHOLHYHG DIWHU  WKH ORFDO DGPLQLVWUDWLRQ
JDYH WKHULJKW RI IUHH JDWKHULQJWR WKRVH ZKR SRVVHVVHG WKHLU RZQ PHHWLQJ
KRXVH DOWKRXJK SHUPLVVLRQ ZDV VWLOOUHTXLUHG WR FRQVWUXFWVXFK D EXLOGLQJ
(YHQ VR LW ZDV VWLOOPDQ\ \HDUV EHIRUH WKH ILUVW %DSWLVW FKXUFK LQ *HRUJLD
KDGLWVRZQEXLOGLQJ



5HODWLRQVEHWZHHQ&KULVWLDQ&RQIHVVLRQV

:KLOH *HRUJLDQ %DSWLVWV ZHUH HYROYLQJ LQWR DQ LQGHSHQGHQW GHQR
PLQDWLRQWKH\ ZHUHVLPXOWDQHRXVO\GHYHORSLQJWKHLUDWWLWXGHWRZDUGVRWKHU
UHOLJLRXVJURXSV6HOILGHQWLILFDWLRQZDVEDVHGRQHPSKDVL]LQJWKHGLIIHUHQ
FHVRIWKHLUYLHZVWRRWKHUVZLWKDVWULFWVHSDUDWLRQIURPRWKHUFRQIHVVLRQV
DQG  VRPHZKDW LPPRGHVWO\  D GHVLUH WR SURYH WKHLU VXSHULRULW\ 7KRXJK
WKH\GLGQRW\HWUHDOLVHLWLWZRXOGEHFUXFLDOO\LPSRUWDQWIRUD\RXQJFKXUFK
WR HVWDEOLVK FRQQHFWLRQV WR RWKHU JURXSV ZLWK VLPLODU WKHRORJLFDO YLHZV LQ
RUGHU WR KHOS WKHP WKURXJK \HDUV RI SHUVHFXWLRQ 6LPLODUO\ RWKHU &RQIHV
VLRQV ZHUH XQVXUH KRZ WR FRQVLGHU %DSWLVWV DQG RSLQLRQV FRQFHUQLQJ WKH
GHQRPLQDWLRQDQGKRZWRUHODWHWRLWVPHPEHUVYDULHG

198
,QLWLDOO\0RORNDQVZHUHKRVWLOHWR%DSWLVWWHDFKLQJEHOLHYLQJLWZDVD
GHYLDWLRQ IURP &KULVWV ODZV DQG DUHWXUQ WR ROG ULWXDOV RI 2UWKRGR[ WUDGL
WLRQVZKLFKWKH\HVFDSHG7KHLUDWWLWXGHFRXOGHYHQEHGHVFULEHGDVIDQDWLFDO
DWRQHOHYHOZLWKWKHSXEOLFDWLRQRIDPDJD]LQHHQWLWOHG7KH6SLULWXDO&KULV
WLDQ ZKLFK ZDV ILOOHG ZLWK DQWL%DSWLVW UKHWRULF DQG HYHU\ LVVXH JDYH H[
DPSOHVRIVHFWDULDQLQWROHUDQFH
'HVSLWHWKLVKRVWLOLW\RQWKHRORJLFDOLVVXHV%DSWLVWVDQG0RORNDQVFR
RSHUDWHG RQ VRFLDO SURMHFWV LQ  ERWK 7ELOLVL 0RORNDQV DQG %DSWLVWV
FROODERUDWHGRQDFRPPRQFKDULW\ZKLFKHVWDEOLVKHGIUHHVFKRROVIRUQHHG\
DQGRUSKDQHGFKLOGUHQ
7KH DWWLWXGH RI %DSWLVWV WRZDUGV RWKHU VHFWV YDULHG 7KH -XPSHUV
IRXQGWKHPVHOYHVVRXJKWRXWE\%DSWLVWPLVVLRQDULHVZKRWUDYHOOHGWRWKHLU
YLOODJHV DWWHQGHG WKHLU VHUYLFHV DQG DFWLYHO\ VKDUHG %DSWLVW WHDFKLQJV ZLWK
WKHP7KH\GLVDJUHHGZLWKWKH-XPSHUVRQWKHUROHRIWKH+RO\6SLULWEHOL
HYLQJ WKDW LW ZDV LQDSSURSULDWH IRU &KULVWLDQV WR LQGXOJH LQ VWDWHV RI HPR
WLRQDOHFVWDV\EHKDYLRXUZKLFK-XPSHUVFODLPHGZDVWKHUHVXOWRIWKH+RO\
6SLULWVGHVFHQGLQJXSRQWKHP
7KRXJK%DSWLVWVGLVDJUHHGZLWKDVSHFWVRI-XPSHUWKHRORJ\WKH\ZHUH
FRQVLGHUHG ZRUWK\ RI FRUUHFWLRQ XQOLNH 'RXNKRERUV ZKRP WKH\ DYRLGHG
WRWDOO\DVDUHVXOWRIZLGHVSUHDGLPPRUDOLW\DOFRKROLVPLQQHUGLYLVLRQDQG
DGLVUHJDUGIRUOLWHUDF\7KRXJKWKHVHPLJKWEHFRQVLGHUHGH[FHOOHQWUHDVRQV
IRU PLVVLRQDU\ ZRUN WR EH FDUULHG RXW DPRQJ WKHP WKH EHKDYLRXU RI WKH
'RXNKRERUVUHSHOOHGWKH%DSWLVWVDQGVRSUHYHQWHGWKHVSUHDGRIPLVVLRQDU\
ZRUNDPRQJWKHP
1RWDOOJURXSVZHUHUHMHFWHGE\%DSWLVWVLQ*HRUJLD7KRVHFRQVLGHUHG
VSLULWXDO EURWKHUV ZHUH 'DUELVWV DQG 0HQQRQLWHV DQG WKRXJK WKH %DSWLVWV
FDWHJRULFDOO\ GHWDFKHG WKHPVHOYHV IURP DOO ZKR SUDFWLFHG LQIDQW EDSWLVP
UHPDLQHG FORVH WR WKH /XWKHUDQ FKXUFK 7KRXJK WKH\ GLG QRW VKDUH +RO\
&RPPXQLRQ LQ RWKHU DVSHFWV WKH\ IRXQG FRPPXQLW\ DQG VXSSRUW PDQ\
/XWKHUDQSDVWRUVVKDUHGDVSHFWVRI3LHWLVPVRPHDWWHQGHG%DSWLVWVHUYLFHV
JDYH SHUPLVVLRQ IRU %DSWLVWV WR KROG VHUYLFHV LQ /XWKHUDQ FKXUFKHV RU KLG
%DSWLVWVLQWKHLUKRPHV
$OWKRXJK %DSWLVW WHDFKLQJ ZDV VWLOO FRQVLGHUHG QHZ E\ WKH HDUO\
WZHQWLHWK FHQWXU\ DQRWKHU WHDFKLQJ ZDV DUULYLQJ LQ *HRUJLD DQRWKHU QHZ
3URWHVWDQWWHDFKLQJNQRZQDV3HQWHFRVWDOLVP%DSWLVWVZHUHVSOLWDERXWWKHLU
DFFHSWDQFH RI 3HQWHFRVWDO LQWHUSUHWDWLRQV RI 6FULSWXUH ZLWK VRPH FRQVL
GHULQJ WKHLU WHDFKLQJV PLVJXLGHG DQG VLPLODU WR .KOLVWLDQ RU -XPSHU WKHR

199
ORJ\ZKLOHRWKHUVVDZQRWKLQJXQDFFHSWDEOH%DSWLVWVGLGQRWDOORZ$GYHQ
WLVWVWRVKDUHWKHLUWHDFKLQJDVWKLVJURXSDOVRNQRZQDWWKLVWLPHDV6DE
EDWDULDQVZHUHFRQVLGHUHGWRKDYHPLVXQGHUVWRRGWKH*RVSHODQGLQFRQVH
TXHQFHEHOLHYHGWREHPLVWDNHQRQPDQ\LVVXHV
'HVSLWHWKHPDQ\GLIIHUHQFHVDQGGLVSXWHVDPRQJWKH3URWHVWDQWGHQR
PLQDWLRQV LQ *HRUJLD WKH PRVW GLIILFXOW UHODWLRQV ZHUH WKRVH EHWZHHQ
3URWHVWDQWJURXSVDQGWKH2UWKRGR[&KXUFK$VERWKWKHGRPLQDQWDQG6WDWH
FKXUFK ZLWK GHHSURRWV LQ *HRUJLD WKH 2UWKRGR[ &KXUFK FRQVLGHUHGLWVHOI
DQG ZDV ZLGHO\ FRQVLGHUHG E\ RWKHUV DV WKH RQO\ YRLFH RI DXWKRULW\ LQ
UHOLJLRXVPDWWHUV,QFXUVLRQVE\PLQRULW\JURXSVZHUHFRQVLGHUHGDUHMHFWLRQ
RI 2UWKRGR[ DXWKRULW\ DUHMHFWLRQ RI QDWLRQDO LGHQWLW\ DQG WR PDNH PDWWHUV
ZRUVH RIWHQ VSUHDG KHUHWLFDO YLHZV HJ RQ EDSWLVP RU +RO\ &RPPXQLRQ
7KH YLHZ HWKQLF DQG UHOLJLRXV LGHQWLWLHV DUH LUUHYRFDEO\ LQWHUWZLQHG LV QRW
XQLTXHWR*HRUJLDDQGLVHTXDOO\SRZHUIXOLQFRXQWULHVZLWK0XVOLP+LQGX
DQG%XGGKLVWEDFNJURXQGV'LDORJXHZDVKLQGHUHGE\FRQIURQWDWLRQDOFULWL
FLVP RIWHQ EURXJKW E\ VHSDUDWLVW JURXSV MXVWLI\LQJ WKHLU IRXQGDWLRQ E\
SRLQWLQJ WR WKH VSUHDG RI QRPLQDOLVP ZLWKLQ WKH 2UWKRGR[ &KXUFK  IURP
ERWKFOHUJ\DQGWKHLUSDULVKLRQHUV)HDUDQGPLVWUXVWRIUHOLJLRXVLGHDVVXFK
JURXSV EHOLHYHG ZHUH WKH UHVXOW RI SRRU ELEOLFDO NQRZOHGJH ,QVWHDG RI
UHDVRQHGGHEDWHGLVSXWHVRQDUDQJHRILVVXHVIURPWKHVDFUDPHQWVWRLQIDQW
EDSWLVP WHQGHG WR DQWDJRQLVH DQG SHUSHWXDWH VXVSLFLRQ EHWZHHQ FKXUFKHV
7KHPLQRULW\JURXSVZHUHE\QRPHDQVRSHQWRHFXPHQLFDOKDUPRQ\DPRQJ
WKHPVHOYHVDQG%DSWLVWVZHUHHVSHFLDOO\GRJPDWLFLQFHUWDLQDUHDVUHFUHDWLQJ
WKHSUREOHPVIDFHGZLWKWKH2UWKRGR[&KXUFKRQDVPDOOHUVFDOH



6WDWH3ROLF\7RZDUGVWKH%DSWLVW&KXUFK

'HVSLWH ZKDWKDV SURYHQ WR EH FRQWLQXHG RSSRVLWLRQ E\ WKH 6WDWH WKH
DSSURDFK RI %DSWLVWV WRZDUGV JRYHUQPHQW ZDV ODUJHO\ SRVLWLYH DQG
GHWHUPLQDWHG E\ WKHLU SHUFHSWLRQ RI WKH UROH RI WKH 6WDWH 7KH VXEMHFW ZDV
FRYHUHG LQ &KDSWHU  RI WKH SXEOLFDWLRQ 2Q 3XEOLF 2UGHU XQGHU WKH
VXEKHDGLQJ &RQIHVVLRQ RI )DLWK ZKHUHE\ LW VWDWHG ZH EHOLHYH WKDW WKH
*RYHUQPHQWLVDSSRLQWHGE\*RGIRUSURWHFWLQJJRRGDQGSXQLVKLQJHYLO:H
DUH REOLJHG WR REH\ XQFRQGLWLRQDOO\ LWV UHJXODWLRQV ZKHQ LW GRHV QRW OLPLW

200
WKH IUHHGRP RI FDUU\LQJ RXW RXU &KULVWLDQ GXWLHV >@ :H SUD\ IRU WKH
*RYHUQPHQW
7KH 6WDWHV DWWLWXGH WRZDUGV QHZO\ HVWDEOLVKHG &KULVWLDQ PRYHPHQWV
FDQQRW EH VR HDVLO\ GHVFULEH DQG ZDV FRQVWDQWO\ FKDQJLQJ DQG HYROYLQJ
7KH\ FDQ EH EURDGO\ FDWHJRULVHG LQWR IRXU JURXSV FRPSDUDWLYH IUHHGRP
 \HDUVRIUHDFWLRQ  OLEHUDOLVDWLRQRIWKHODZ 
 DQGDQRWKHUSHULRGRIUHDFWLRQ  
$W WKH WLPH RI 9RURQLQV EDSWLVP LQ WKH .XUD 5LYHU QXPEHUV RI
%DSWLVWV LQ WKH 5XVVLDQ(PSLUH ZHUH VPDOO WKRXJKW WR WRWDO DSSUR[LPDWHO\
RQO\WKUHHWKRXVDQG6XFKDVPDOOQXPEHUFRXOGQRWEHFRQVLGHUHGDWKUHDW
WKHLU DFWLYLWLHV ZHUH QRW FRQVLGHUHG WR EH GDQJHURXV DQG LW ZDV WKRXJKW
HQRXJK WR FXUE LQGLYLGXDO LQFLGHQWV ZKHQ QHFHVVDU\ $V D UHVXOW %DSWLVWV
ZHUH JLYHQ WKH IUHHGRP WR JDWKHU DQG SHUIRUP WKHLU ULWXDOV DV ZHOO DV
IUHHGRPWRFKRRVHWKHLUIDLWK7KLVULJKWZDVLVVXHGLQD6WDWH&RXQFLOGHF
UHHLQ0DUFKZKLFKZDVH[HUFLVHGXQWLOLWZDVUHYRNHGLQ
7KH VLQJOLQJ RXW RI %DSWLVWV IRU RSSUHVVLRQ DQG KRVWLOLW\ EHJDQ DIWHU
7VDU $OH[DQGHU ,,, DVFHQGHG WKH WKURQH LQ  FRLQFLGLQJ ZLWK 3REHGR
QRVWV\HYVULVLQJLQIOXHQFHDWWKH,PSHULDO&RXUW$V&KLHI3URFXUDWRURIWKH
+RO\6\QRG3REHGRQRVWV\HYZDVGHWHUPLQHGWRKHOSUHDOLVHDSROLWLFDOLGHDO
RIQDWLRQDOXQLW\ZKLFKLQFOXGHGXQLIRUPLW\ RIUHOLJLRQDFURVVWKH(PSLUH
,Q  WKH 6RFLHW\ WR 3URPRWH WKH 5HDGLQJ RI 6SLULWXDO DQG 0RUDO /LWH
UDWXUHIRXQGHGE\ 5DGFRFNDQGSURPRWHGE\3DVKNRY ZDV DEROLVKHG7KDW
VDPH \HDU DOVR VDZ WKH SROLFH GLVSHUVH D %DSWLVW FRQYHQWLRQ LQ 6W 3HWHUV
EXUJRUJDQL]HGE\3DVKNLYDQG.RUI
7KH SHUVHFXWLRQ RI %DSWLVWV LQ *HRUJLD EHJDQ LQ  IROORZLQJ WKH
HQWKURQHPHQWRIWKH([DUFK3DXO,QWKH([DUFKLQLWLDWHGWKHFROOHFWLRQ
LQIRUPDWLRQ DERXW DOO UHOLJLRXV JURXSV DFWLYH LQ *HRUJLD LQVLVWLQJ WKDW DOO
QRQ2UWKRGR[ JDWKHULQJV ZRXOG EH DQQRXQFHG DV KDUPIXO WR WKH 6WDWH DQG
WKH &KXUFK DQG WKHLU VHUYLFHV ZRXOG EH IRUELGGHQ 2Q WKH ([DUFK 3DXOV
LQVWUXFWLRQ 9RURQLQ ZDV WR EH H[SHOOHG IURP 7ELOLVL DQG NHSW XQGHU VWULFW
REVHUYDWLRQ $V D SDVVLRQDWH DGYRFDWH IRU WKH %DSWLVW FKXUFK 9RURQLQ ZDV
FRQVLGHUHGWREHDGDQJHURXVKHUHWLF2WKHUVZHUHDOVRPDUNHGIRUVFUXWLQ\
ZKLFK VDZ 3DYORY GLVPLVVHG IURP KLV UROH DV SUHVE\WHU KLV DFWLYLWLHV LQ
YHVWLJDWHGDQGDJLYHQZDUQLQJWRGLVFRQWLQXHVHFWDULDQSURSDJDQGD3DYORY
ZDV DUUHVWHG RQ  0DUFK  IROORZHG E\ 9RURQLQ DQG UHORFDWHG WR
2UHQEXUJIRUIRXU\HDUV

201
$ YDULHW\ RI PHDQV ZHUH XVHG E\ WKH JRYHUQPHQW DJDLQVW DOO QRQ
2UWKRGR[ JURXSV ,I D SHUVRQ ZDV VXVSHFWHG RI LQYROYHPHQW LQ D QRQDS
SURYHGDFWLYLW\WKH\ZHUHVHFUHWO\VKDGRZHG$Q\HYLGHQFHRIDQLOOHJDODFW
ZRXOGEHJURXQGWRDUUHVWDQGUHORFDWHWKLVLQGLYLGXDO
,I D SHUVRQ SURYHQ WR EHORQJ WR DQ RXWODZHG UHOLJLRXV JURXS GLHG
EXULDO DW WKH JHQHUDO FHPHWHU\ ZDV GHQLHG :LWK QR GHVLJQDWHG EXULDO
JURXQGV DOORFDWHG WR &KULVWLDQ VHFWV WKHVH ERGLHV UHPDLQHG XQEXULHG IRU D
ORQJWLPHRUZHUHEXULHGLQWKH-HZLVKFHPHWHU\
$V WKH 6WDWH GLG QRW UHFRJQLVH WKH YDOLGLW\ RI %DSWLVW ZHGGLQJ
FHUHPRQLHV FKLOGUHQ ERUQ IURP WKHVH XQLRQV ZHUH FRQVLGHUHG LOOHJLWLPDWH
DQGWKHFKLOGUHQRI%DSWLVWVSDUHQWVZKRUHIXVHGSDUWLFLSDWLRQLQ2UWKRGR[
ULWXDOZHUHH[SHOOHGIURPVFKRRO
7KRXJK %DSWLVW OHDGHUV ZHUH UHORFDWHG WKH\ FRQWLQXHG WKH DFWLYLWLHV
ZKLFKKDGEURXJKWWKHPLQWRFRQIOLFWZLWKWKH6WDWHIRXQGLQJ%DSWLVWFRP
PXQLWLHVZKHUHYHUWKH\ZHQWZKLOHPDLQWDLQLQJOLQNVZLWK*HRUJLD$VWULFW
VXUYHLOODQFHZDVNHSWRQWKHLUFRUUHVSRQGHQFH/HWWHUVZHUHRSHQHGDQGUHDG
DQGLIGHHPHGFRQWDLQXQVXLWDEOHVSLULWXDOFRQWHQWOHIWXQGHOLYHUHG
$PDVVVHDUFKRI%DSWLVWKRPHVLQOHGWRQHZWLGHRIDUUHVWVDQG
UHVHWWOHPHQWV DQG DPRQJ WKH SRSXODWLRQ UHVHQWPHQW $FWLRQV E\ WKH JR
YHUQPHQWWRUHSUHVVUHOLJLRXVJURXSVFRQWULEXWHGWRWKHULVHRIUHYROXWLRQDU\
PRYHPHQWVZKLFKLQWXUQLQIOXHQFHGKRZWKHJRYHUQPHQWLVVXHGGHFUHHVDV
LWVRXJKWWRUHWDLQFRQWURORIWKHSRSXORXVHQPDVVH
7HPSRUDU\UHOLHILQUHOLJLRXVFLUFOHVFDPHZKHQWKHJRYHUQPHQWLVVXHG
WKH$FWIRU5HLQIRUFHPHQWRI5HOLJLRXV7ROHUDQFHRQ$SULODGHFUHH
IROORZHG E\ D PDQLIHVWR *UDQWLQJ &LYLO 5LJKWV WR WKH 3RSXODWLRQ VL[
PRQWKVODWHURQ2FWREHU$QDPQHVW\ZDVJUDQWHGWRZDUGVWKRVHZKRKDG
EHHQIRUFLEO\UHORFDWHGDQGJDWKHULQJVIRUUHOLJLRXVSXUSRVHGEHFDPHOHJDO
:KLOH WKH 6WDWH JUDQWHG WKH %DSWLVWV DQG RWKHUV VWDWH UHJLVWUDWLRQ SRSXODU
UHVHQWPHQWDQGKRVWLOLW\WRZDUGVQRQ2UWKRGR[JURXSVZDVQRWTXLFNO\QRU
ZLOOLQJO\ SXW DVLGH UHOLJLRXV JURXSV FRQWLQXHG WR H[SHULHQFH GLIILFXOWLHV
IURPERWKORFDOJRYHUQPHQWDQGWKHZLGHUSXEOLF
'HVSLWHWKLVWKHSHULRGZDVFRPSDUDWLYHO\FDOPIRUUHOLJL
RXV JURXSV %DSWLVWV LQ SDUWLFXODU H[SHULHQFHG UHOLHI ZLWK WKH IRXQGLQJ RI
WKH8QLRQRI%DSWLVW&KXUFKHVDQGSXEOLVKLQJHIIRUWVEHFDPHZLGHVSUHDG,W
ZDVGXULQJWKLVWKHRQHRIWKHPRUHIDPRXV%DSWLVWSXEOLFDWLRQVSHULRGLFDO
PDJD]LQH7KH%DSWLVWZDVIRXQGHG

202
%\  DFWLYH UHSUHVVLRQ DJDLQVW QRQ2UWKRGR[ JURXSV EHJDQ WR UH
WXUQ 7KH UHOLJLRXV IUHHGRP EURXJKW DERXW E\ HDUO\ UHYROXWLRQDU\ HIIRUWV
ZHUH RSSUHVVHG E\ WKH 7VDULVW UHJLPH 5HJLVWUDWLRQ IRU %DSWLVW FKXUFKHV
EHJDQ WR EH UHYRNHG RU UHIXVHG H[LVWLQJ FKXUFKHV FORVHG GRZQ 0DQ\
&KULVWLDQVSUHIHUUHGWR HPLJUDWHUDWKHU WKDQ IDFH LQFUHDVLQJ RSSUHVVLRQDQG
VDZZDYHV RIUHOLJLRXVHPLJUDWLRQ:LWKWKHRXWEUHDNRI ZDUD6WDWH
RI (PHUJHQF\ ZDV GHFODUHG DQGUXOHV WR HQVXUH VWDELOLW\ DQG SHDFH DPRQJ
WKHJHQHUDOSRSXODWLRQLQWURGXFHHIIHFWLYHO\SDUDO\VLQJFKXUFKHV7KH5XV
VLDQ (PSLUH EHFDPH LQFUHDVLQJO\ D SROLFH VWDWH ULJLG DQG LQIOH[LEOH (YHQ
WKRXJK JRYHUQPHQW SROLF\ GLG QRW GHOLYHU WKH GHVLUHG UHVXOW WKH 6WDWH VH
HPHGREOLYLRXVRUXQZLOOLQJWRFRQVLGHUDPRUHIOH[LEOHDSSURDFKWRGHDOLQJ
LWV PDQ\ FLWL]HQV ZKR ZHUH QRW FRQIRUPLQJ WR WKH SROLWLFDO DQG UHOLJLRXV
PRXOG



&KDSWHU9
3URWHVWDQW0LVVLRQDULHVLQ*HRUJLD
LQWKH1LQHWHHQWK&HQWXU\

7KRXJK D KDOOPDUN RI 3URWHVWDQW &KULVWLDQLW\ LV DQ RXWUHDFK PLQGVHW
WKHVL[WHHQWKFHQWXU\5HIRUPHUVZHUHQRWSDUWLFXODUO\FRQFHUQHGZLWKWDNLQJ
WKH *RVSHO WR WKH HQGV RI WKH HDUWK ,QLWLDOO\ 5HIRUPHUV ZHUH EXV\ ZLWK
DSRORJHWLFV DQG GHYHORSLQJ D QHZ LGHQWLW\ UHDOL]LQJ WKDW D EUHDN ZLWK WKH
&DWKROLF&KXUFKZDVQRZLQHYLWDEOH%HFDXVHRIWKLVRUJDQL]HGPLVVLRQDU\
HIIRUWVDUHDUHODWLYHODWHFRPHUWR3URWHVWDQWLGHQWLW\
7KRXJKUHFRUGVVKRZWKHSUHVHQFHRI3URWHVWDQWPLVVLRQDULHVLQ*HRU
JLD GXULQJ WKH QLQHWHHQWK FHQWXU\ 3URWHVWDQWLVP LWVHOI GLG QRW DUULYH ZLWK
PLVVLRQDULHV0LVVLRQDULHVLQ*HRUJLDDSSHDUHGLQDVXSSRUWLQJUROHWRH[LV
WLQJ 3URWHVWDQW JURXSV WKHLU UROH ZDV QRW WR LQWURGXFH 3URWHVWDQW LGHDV EXW
WKH\ GLG KHOS FUHDWH DQ DWPRVSKHUH LQ ZKLFK WKH\ FRXOG EH GLVFXVVHG DQG
WKHUHIRUHVSUHDG7KHPLVVLRQDULHVZHUHDOLQNWRWKHZLGHUZRUOGIRUWKHOR
FDO3URWHVWDQWJURXSVEULQJLQJWHDFKLQJIURP(XURSHDQVHPLQDULHVDQGJH
QHUDOO\ HGXFDWLQJ WKH ORFDO FKXUFKHV LQ WKHRORJLFDO PDWWHUV 7KRXJK PLV
VLRQDULHVLQ*HRUJLDZHUHIHZSULRUWRWKHQLQHWHHQWKFHQWXU\E\WKHHQGRI
WKHFHQWXU\PLVVLRQDULHVRIPDQ\QDWLRQDOLWLHVDUHUHFRUGHGKDYLQJFRQQHF

203
WLRQVWR UHOLJLRXV JURXSV LQ *HRUJLD RU DSK\VLFDO SUHVHQFH WKHVH LQFOXGHG
PLVVLRQDULHVIURP(QJODQG*HUPDQ\5XVVLD6ZHGHQ6ZLW]HUODQGDQGWKH
8QLWHG6WDWHV



6ZLVVPLVVLRQ

6ZLW]HUODQGKRPHWRWKH%DVHO(YDQJHOLFDO6RFLHW\ZDVKRPHWRWKH
SLRQHHULQJ3URWHVWDQWPLVVLRQDULHVLQ*HRUJLD$SSHDULQJLQWKHPLV
VLRQDULHV IURP %DVHO ZHUH RSHQ DERXW WKHLU LQWHQWLRQV WR VHWWOH LQ *HRUJLD
RSHQDVFKRRODQGIRXQGDSXEOLVKLQJKRXVHLQRUGHUWRVSUHDG&KULVWLDQLW\
5HIXVLQJ WR UHFRJQL]H 3URWHVWDQWV DV &KULVWLDQV WKH JRYHUQPHQW GUHZ WKH
PLVVLRQDULHV DWWHQWLRQ WR ODZV IRUELGGLQJ WKH FRQYHUVLRQ RI 2UWKRGR[
&KULVWLDQVWRDQ\ RWKHUUHOLJLRQ$VDUHVXOWWKH%DVHOPLVVLRQDULHVGHFLGHG
WR EDVH WKHPVHOYHV LQ 6KXVKD D 0XVOLPPDMRULW\ WRZQ LQ WKH .DUDEDNK
SURYLQFH
$V D UHVXOW RI WKHLU WHDFKLQJ DQG DVVLVWDQFH 3URWHVWDQWLVP LQ *HRUJLD
ZDVDEOHWREHFRPHHVWDEOLVKHGZLWKSDVWRUVUHJXODUO\LQYLWHGIURPWKH%D
VHO0LVVLRQ6RFLHW\HYHQDIWHUWKHSURKLELWLRQRIWKH0LVVLRQE\WKHJRYHUQ
PHQW ZKHQ WKH /XWKHUDQV ZHUH DEOH WR JDLQ DQ H[HPSWLRQ WR DSSRLQW
SHUPDQHQW  UDWKHU WKDQ YLVLWLQJ  SDVWRUV IURP WKHUH :LWK 3URWHVWDQWV LQ
*HRUJLD EHLQJ VHUYHG E\ DQ $UPHQLDQ SDVWRU DQG UHFHLYLQJ WHDFKLQJ IURP
%DVHOPLVVLRQDULHVWKHHIIHFWZDVWRFUHDWHDGLVWLQFWLYHPL[WXUHRI/XWKHUDQ
DQG%DSWLVWWKRXJKWDQGDJURXSNQRZQDV$PLUNKDQLDQWV
7KH YHU\ ILUVW PLVVLRQDU\ IURP %DVHO LQ WKH &DXFDVXV ZDV (DUO )HOL
FLDQ)RQ=DUHPED+LVPLVVLRQILHOGZDVWKH&DXFDVXVUHJLRQVVSHFLILFDOO\
WR ZRUN DPRQJ WKH 0XVOLP SRSXODWLRQ )URP KHUH WKH IODPH RI WKH
&KULVWLDQLW\ZDVWRVSUHDGRQLQWR3HUVLDDQG7XUNH\
,QRQHWKH%DVHOPLVVLRQDULHVZURWHWKDWWKHLUSXUSRVHZDVQRWWR
PHDVXUH VXFFHVV E\ WKH QXPEHU RI 0XVOLP FRQYHUWV EXW LQ WKH WUDQVIRU
PDWLRQRI0XVOLPDWWLWXGHVWRZDUGV&KULVWLDQV,QRUGHUWRDFKLHYHWKLVWKH
PLVVLRQDULHVDLPHGWRUHGXFHKRVWLOLW\WRZDUGV&KULVWLDQVWKURXJKGLDORJXH
OLYLQJDPRQJDQGLQWHUDFWLQJZLWKWKH0XVOLPVDQGWRSXEOLVKUHOLJLRXVDQG
HGXFDWLRQDOOLWHUDWXUHLQORFDOODQJXDJHV7KHLUWDFWLFZDVW\SLFDODQGLVZHOO
LOOXVWUDWHGE\WKHLUVD\LQJ6XFFHVVLVLQ*RGVKDQGV:KHUHYHUZHJRZH

204
ZLOO DVN WKH /RUG WR VHQG +LVUDLQ RI JUDFH WR WKH ILHOGV ZKHUH ZH VRZ VR
WKDWWKHVHHGVVSURXWDQGEHDUIUXLW
5HJDUGOHVV RI WKHLU PRWLYHV IURP  -XQH  WKH ZRUN RI WKH %DVHO
PLVVLRQDULHV ZDV SURKLELWHG LQ &DXFDVXV &LWLQJ WKH ODFN RI 0XVOLP
FRQYHUVLRQV WKH JRYHUQPHQW FRQVLGHUHG WKHLU DSSURDFK LQHIILFLHQW DQG
LQHIIHFWLYH7KHPLVVLRQDULHVIHOWWKLVDWWLWXGHZDVGXHWRWKHORFDO$UPHQLDQ
SULHVWVZKRKDGFRPSODLQHGDERXWWKHPLVVLRQDULHVSUHVHQFHVLQFH
:KHQ LQ  WKH\ ZHUH UHTXLUHG WR OHDYH WKH UHJLRQ LPPHGLDWHO\
WKHLU IRUFHG GHSDUWXUH ZDV VR UDSLG WKH %DVHO PLVVLRQDULHV ZHUH XQDEOH WR
VHOO WKHLU SULQWLQJ HTXLSPHQW RU GLVWULEXWH DOUHDG\SULQWHG OLWHUDWXUH $Q
DSSDUHQW IDLOXUH DW WKH WLPH WKHLU ZRUN QRQHWKHOHVV ERUH IUXLW DPRQJ WKH
ORFDOVXFFHVVRUVWRWKHPLVVLRQDULHV
$IWHUWKH%DVHO0LVVLRQQRVLPLODUO\ODUJHPLVVLRQRUJDQLVDWLRQVZHUH
HVWDEOLVKHGLQWKHUHJLRQLQSDUWGXHWRJRYHUQPHQWSROLF\ WRZDUGVIRUHLJQ
PLVVLRQDULHV EHFRPLQJ LQFUHDVLQJO\ XQIDYRXUDEOH ,Q WKH ODWWHU SDUW RI WKH
QLQHWHHQWK FHQWXU\ WKH 5XVVLDQ (PSLUH ZDV ODUJHO\ DW SHDFH KRPH DQG
DEURDG DQG WXUQHG LWV DWWHQWLRQ WR XQLI\LQJ WKH SRSXODWLRQ SDUWLFXODUO\
WKURXJK UHOLJLRQ $OWKRXJK ODZV ZHUH FUHDWHG ZKLFK SHUPLWWHG UHOLJLRXV
WROHUDQFHWKH\IDYRXUHGWKH2UWKRGR[&KXUFK2QO\WKH2UWKRGR[&KXUFK
ZDVJLYHQWKHULJKWWRVHHNFRQYHUWVQRRQHIURPDQ2UWKRGR[EDFNJURXQG
ZDV DOORZHG WR UHMHFW LW &RQYHUVHO\ QR UHVWULFWLRQV ZHUH SODFHG RQ WKRVH
ZKRZLVKHGWRFRQYHUWWRWKH2UWKRGR[&KXUFKZKDWHYHUWKHLUEDFNJURXQG



7KH%RRN0HQDQG$PHULFDQ0LVVLRQDULHV

3XEOLVKLQJ ZDV D ERRQ WR WKH VSUHDG RI 3URWHVWDQW &KULVWLDQ WKHRORJ\
DQGDQLQVWLWXWLRQNQRZQDVWKH%RRN0HQJUHZXS:LWKWKHWUDQVODWLRQ
DQGSXEOLFDWLRQRIWKH%LEOHLQWRPRGHUQ5XVVLDQRYHUWKHODWWHUSDUWRIWKH
QLQHWHHQWKFHQWXU\WKH%LEOHEHFDPHDFFHVVLEOHWROLWHUDWHSHRSOH,Q
WKH \HDU IROORZLQJWKH SXEOLFDWLRQ RI WKH FRQWHPSRUDU\5XVVLDQWH[W RI WKH
1HZ 7HVWDPHQW DQ LQWHUGHQRPLQDWLRQDO LQWHUQDWLRQDO DQG VRFLDOO\GLYHUVH
JURXS RI HLJKW PHQ PHW LQ 6W 3HWHUVEXUJ WR GLVFXVV WKH QHFHVVLW\ RI
VSUHDGLQJ6FULSWXUHDQGWKH%RRN0HQZHUHERUQ

205
7KHILUVW%RRN0DQZDVWKH'DQH2WWR9RQ)RUKJDPHU&KRRVLQJWR
VWD\ VLQJOH IRU WKH VDNH RI WKH *RVSHO KH VSHQW KLV OLIH WUDYHOLQJ DQG
VSUHDGLQJ UHOLJLRXV WH[WV 2YHU WKH FRXUVH RI KLV OLIH KH LV WKRXJKW WR EH
SHUVRQDOO\UHVSRQVLEOHIRUGLVVHPLQDWLQJVSLULWXDOZRUNV
7KH %RRN 0HQ KDG VXSSRUWHUV DPRQJ ZHOONQRZQ DQG LQIOXHQWLDO
SHRSOHRIWKHGD\LQFOXGLQJ1LFRODL%HUG\DHY6HUJHL%XOJDNKRY9ODGLPLU
6RORYLHYDQG/HR7ROVWR\3RSXODUIRURYHUIRUW\\HDUVWKHJURXSZHQWLQWR
GHFOLQH LQ WKH HDUO\ WZHQWLHWK FHQWXU\ EHIRUH FHDVLQJ WR H[LVW DOWRJHWKHU
'HVSLWHWKHLUHDUO\SRSXODULW\WKH%RRN0HQVDFWLYLWLHVZHUHFRQVLGHUHGD
GDQJHURXV SURFOLYLW\ DQG 3RSRY GLUHFWHG WKH SROLFLHV RI WKH 2UWKRGR[
&KXUFKDJDLQVWWKHP
-DFRE 'HO\DNRY ZDV D 3UHVE\WHULDQ ZKR EHFDPH ZHOONQRZQ IRU KLV
PHWKRGV ZRUNLQJ DV D %RRN 0DQ 'HO\DNRY ZDV DQ HFFHQWULF ILJXUH ZKR
FDPHWRWKH&DXFDVXVIURP6\ULDWKURXJK7XUNH\WUDYHOOLQJRQIRRW%HOLH
YLQJWREHFDOOHGE\*RGDVDZLWQHVVWRWKH5XVVLDQ(PSLUH'HO\DNRYDS
SURDFKHGKLVWDVNLQDVLQJXODUPDQQHUKHQHYHUFDUULHGPRQH\DQGSRV
VHVVHG RQO\ RQH EDJ LQ ZKLFK KH NHSW FRSLHV RI WKH 1HZ 7HVWDPHQW WR
GLVWULEXWH%\WUDYHOOLQJXQGHUDYDULHW\RIDVVXPHGQDPHVKLVDSSURDFKWR
KLV ZRUN PHDQW WKH SROLFH ZHUH RIWHQ FRQIXVHG DERXW ZKR KH ZDV DQG WKH
SXUSRVH RIKLVZRUN,QFRQVHTXHQFHRIKLVPLVVLRQDU\WUDYHOV'HO\DNRYV
QDPH LVOLQNHG WR WKH DSSHDUDQFH RI %DSWLVWV LQ *HRUJLD DV LW ZDV KH ZKR
LQWURGXFHG1LNLWD9RURQLQWR.DOYLHW
$W WKLV WLPH $PHULFDQ PLVVLRQDULHV EHJDQ WR VKRZ LQWHUHVW LQ WKH
&DXFDVXV 'LVWDQFHG IURP WKH 5XVVLDQ (PSLUH LQ ERWK WKHLU PLQGVHW DQG
JHRJUDSKLFDOORFDWLRQ$PHULFDQPLVVLRQDULHVVKRZHGDJUHDWHURSHQQHVVLQ
WKHLUUHODWLRQVKLSVZLWKWKHJRYHUQPHQWWKDQWKHLUQDWLYHFRXQWHUSDUWV:KLOH
WKH %RRN 0HQ RIWHQ KDG WR GLVJXLVH WKHLUDFWLYLWLHV $PHULFDQ PLVVLRQDULHV
RIWHQDFWHGRSHQO\EXWRXWRILJQRUDQFH
8QDZDUHRIORFDOODZV'HO\DNRYV$PHULFDQWHDFKHU,VWRQVSHQWIRXU
PRQWKV LQ  SUHDFKLQJ WKURXJKRXW *HRUJLD ZKLOH ZDLWLQJ WR UHFHLYH
RIILFLDO SHUPLVVLRQ :LWK 'HO\DNRY DQG DQRWKHU XQNQRZQ  SHUVRQ WKH\
SUHDFKHG WR $UPHQLDQV 5XVVLDQ 0RORNDQV 0XVOLPV DQG*HRUJLDQ 2UWKR
GR[LQ(VKX /HQNRUDQ %DNX6KXVKD6KHPDNKDDQG7ELOLVL,WZDVRQO\DW
WKH HQG RI WKLV WLPH WKDW ,VWRQ GLVFRYHUHG QRW RQO\ KDG SHUPLVVLRQ EHHQ
UHIXVHG EXW KH KDG VSHQW WKH SUHYLRXV IRXU PRQWKV HQJDJHG LQ LOOHJDO
DFWLYLW\ /HDUQLQJ IURP WKH UHIXVDO GRFXPHQW WKDW IRUHLJQ SUHDFKHUV ZHUH
OLPLWHG WR SUHDFKLQJ RQO\ DPRQJ 0XVOLPV ,VWRQ UHDSSOLHG RQO\ WR EH

206
UHMHFWHGDVHFRQGWLPHDVWKHODZKDGQRZFKDQJHGWRJUDQWH[FOXVLYHULJKWV
IRUHYDQJHOLVPWRWKH2UWKRGR[&KXUFK
,Q  $PHULFDQ PLVVLRQDULHV 3DUPHOO DQG 3LHUFH DSSOLHG WR WKH
5XVVLDQJRYHUQPHQWIRUYLVDV(LWKHUPLVWDNHQO\RURSHQO\WKHPHQPHQWL
RQHG WKHLU LQWHQWLRQ WR SHUIRUP PLVVLRQDU\ ZRUN DQG GLVWULEXWH OLWHUDWXUH
LQFOXGLQJ $UPHQLDQ %LEOHV LQ WKHLU DSSOLFDWLRQ 7KH YLVD DSSHDUV WR KDYH
EHHQJUDQWHGEXWHTXDOO\PLVWDNHQO\$VWKH,PSHULDOEXUHDXFUDWLFPDFKLQH
UHDOLVHGZKDWKDGKDSSHQHGQRRQHZDVZLOOLQJWRWDNHUHVSRQVLELOLW\IRUWKH
DSSOLFDWLRQ DQG DOO RIILFLDOV ZLWKLQ WKH &DXFDVXV UHJLRQ UHFHLYHG D OHWWHU
ZDUQLQJDERXWWKHSRVVLEOHDSSHDUDQFHRIWKHPLVVLRQDULHV)RUDOOWKLVWKH
PLVVLRQGLGQRWWDNHSODFH



0LVVLRQVDQG6RFLDO0LQLVWU\

0LVVLRQDULHVFDQEHFODVVLILHGLQWRFDWHJRULHVRIZKLFKRQHFRPELQHG
ERWKWHDFKLQJDQGWKHSURYLVLRQRIPDWHULDOQHHGVLQDORFDOFRPPXQLW\7KLV
DSSURDFK LV ZHOO NQRZQ WKURXJKRXW WKH ZRUOG WRGD\ EXW ZDV DOVR LQ WKH
QLQHWHHQWKFHQWXU\SROLWLFDOO\HWKQLFDOO\DQGVRFLDOO\XQVWDEOH&DXFDVXV
6ZHGLVK PLVVLRQDU\ 1LOV )UHGHULFN +RLMHU   DQG (QJOLVK
PDQ 5LFKDUG +LOO ZHUH PLVVLRQDULHV ZLWK DQRWHG VRFLDO GLPHQVLRQ +RLMHU
IOHGWR*HRUJLDIURPWKHSHUVHFXWLRQRI3URWHVWDQWVLQ6W3HWHUVEXUJ
$QDFFLGHQWOHGWRWKHERUGHUJXDUGVZULWLQJFRPPLVVLRQHURQKLVSDVVSRUW
LQVWHDGRIPLVVLRQDU\ZKLFKSURYHGDGYDQWDJHRXVIRU+RLMHUVFRPPXQL
FDWLRQVZLWKWKHSROLFHIRU\HDUVWRFRPH7UDYHOOLQJWR7ELOLVLIURP%DWXPL
ZKHUHKHKDGDUULYHGKHZDVPHWDWWKHVWDWLRQE\DQROGDFTXDLQWDQFHIURP
6W3HWHUVEXUJ$EUDP$PLUNKDQLDQWV+HKDGILUVWPHW$PLUNKDQLDQWVDWD
3URWHVWDQW FRQIHUHQFH DQG QRZ ZDV WR VSHQG KLV ILUVW \HDUV LQ *HRUJLD
ZRUNLQJXQGHUDQGOHDUQLQJIURPKLP
8SRQ KLV DUULYDO +RLMHU ERXJKW D ERRNVWRUH DQG H[WHQGHG LW DGGLQJ
WZRQHZURRPVRQHZDVWREHKLVOLYLQJTXDUWHUVDQGWKHRWKHUIRUUHOLJLRXV
JDWKHULQJV 7KURXJK KLV ERRNVWRUH +RLMHU ZDV DEOH WR FRSH ZLWK WKH FKDO
OHQJHV RI WKH IROORZLQJ \HDUV +H KHOSHG $UPHQLDQ UHIXJHHV ZKR IORRGHG
WKH *HRUJLDQ ERUGHUV LQ  DQG ZHUH PDNLQJ WKHLU ZD\ WR 7ELOLVL ZKLOH
HVFDSLQJWKH7XUNV:LWKRWKHUPLVVLRQDULHVLQWKHDUHDDQGORFDO3URWHVWDQW

207
JURXSV +RLMHU EHJDQ DQ DFWLYH FDPSDLJQ WR DVVLVW WKH UHIXJHHV SURYLGLQJ
WKH QHHGLHVW ZLWK EUHDG DQG WKRVH EHWWHU RII ZLWK ZKHDW 7KRVH ZKR ZHUH
FDUSHQWHUVZHUHHTXLSSHGZLWKWRROV$JDUPHQWIDFWRU\ ZDVRSHQHG ZKHUH
UHIXJHHVPDGHFORWKHVIRURWKHUUHIXJHHV$VLPLODUIRUPRIDVVLVWDQFHZDV
JLYHQWRUHIXJHHVLQ3HUVLD
)RUHLJQUHIXJHHV ZHUH QRW WKH RQO\ EHQHILFLDULHV RI PLVVLRQDU\ ZRUN
ZLWK +RLMHU VHHNLQJ WR KHOS ORFDO 3URWHVWDQWV WRR :LWK WKH DUUHVW RI KLV
PHQWRUDQGKHOSHU$PLUNKDQLDQWV+RLMHUEHJDQUHJXODUO\YLVLWLQJWKRVHZKR
KDGEHHQLPSULVRQHGIRUWKHLUUHOLJLRXVEHOLHIV
$UHPDUNDEOHHSLVRGHLQ+RLMHUVOLIHZDVKLVUHVFXHRIWZHQW\VL[\HDU
ROG(OHQD.LUFKQHU$QHWKQLF*HUPDQ5XVVLDQODQJXDJHWHDFKHU.LUFKQHU
ZDVSODFHGXQGHUKRXVHDUUHVWLQ%DWXPLIRUWKHVSUHDGRIVHFWDULDQLGHDV
DQG VFKHGXOHG IRU GHSRUWDWLRQ WR 6LEHULD %UHDNLQJ LQWR WKH KRXVH GHVSLWH
EHLQJ XQGHU SROLFH JXDUG +RLMHU WRRN .LUFKQHU WR 7ELOLVL DQG RQ WR %DNX
7KRXJKGHSULYHGRISDVVSRUWDQGFLWL]HQVKLSWKLV\RXQJZRPDQZDVILQDOO\
EURXJKWE\+RLMHUWR6ZHGHQZKHUHVKHFODLPHGDV\OXP
8QGHUVWDQGLQJKHFRXOGQRWSHUVRQDOO\UHVFXHHYHU\SHUVRQLQWURXEOH
DQGWDNHWKHPWR6ZHGHQ+RLMHUGHYHORSHGWKHLGHDRIVDIHKRXVHVPLVVLR
QDU\ VWDWLRQV WKURXJKRXW WKH 5XVVLDQ (PSLUH ZKHUH &KULVWLDQV FRXOG ILQG
VKHOWHULQWLPHVRISHUVHFXWLRQDVZHOODVUHFHLYLQJWUDLQLQJ7KHVDIHKRXVHV
ZHUHFRQFHLYHGDVDVRUWRI 8QGHUJURXQG5DLOURDGZLWKORFDWLRQVHQYLVLR
QHG LQ %XOJDULD 5RPDQLD7XUNH\ DQG 3HUVLD 7KHVH FHQWUHV FRXOG WHPSR
UDULO\ VKHOWHUWKRVH IOHHLQJ GHSRUWDWLRQ EXW DOVR WUDLQPLVVLRQDULHV IXQFWLR
QLQJDVRXWSRVWVIURPZKLFKWKH*RVSHOFRXOGEHWDNHQWR$VLD&KLQDDQG
,QGLD
+RLMHU EHJDQ WR WUDYHO IUHTXHQWO\ KRSLQJWR GUDZ WKH DWWHQWLRQ RI WKH
8QLWHG 6WDWHV DQG (XURSHDQ QDWLRQV WR VXSSRUW WKH PLVVLRQ LQ 5XVVLD ,Q
 KH IRUPHG WKH 5XVVLDQ (YDQJHOLFDO 0LVVLRQ &RPPLWWHH ZKLFK VWLOO
RSHUDWHVWKRXJK XQGHUWKH GLIIHUHQWWLWOH :LWK WKH IRUPDWLRQ RI WKH 6RYLHW
8QLRQ+RLMHUOLYHGDVDPLVVLRQDU\DPRQJWKH6LEHULDQ,QXLW
7KRXJK WKHUH ZHUH PDQ\ IRUHLJQ PLVVLRQDULHV DW ZRUN LQ *HRUJLD
GHVSLWH JRYHUQPHQW RSSRVLWLRQ (QJOLVKPDQ 5LFKDUG +LOO VWDQGV RXW +LOO
FDPHWRWKH&DXFDVXVLQDQGKHOSHG$UPHQLDQUHIXJHHVSDUWLFLSDWHGLQ
YDULRXV QRQ2UWKRGR[ &KULVWLDQ JURXSV DQG ZDV DFWLYHO\ SDUWQHULQJ ZLWK
%DSWLVWVLQ7ELOLVL %DNXDQG $UPHQLD +LOODOVRKHOSHG ILQDQFLDOO\ VXSSRUW
&KULVWLDQVGHSRUWHGWR6LEHULD,Q%DNX+LOORUJDQLVHGDVKHOWHUIRURUSKD

208
QHGRUUHIXJHHFKLOGUHQZKLFKZDVUXQZLWKPRQH\GRQDWHGIRUZRUNDPRQJ
UHIXJHHV+LVODUJHVWFRQFHUQWKRXJKZDVIRUWKH$UPHQLDUHIXJHHV
,W ZDV WKLV JUHDWQHHG ZKLFK DWWUDFWHG ZRUOGZLGH DWWHQWLRQ $ VSHFLDO
FRPPLWWHH ZDV IRUPHG WR UHFHLYH GRQDWLRQV DQG VROLFLW SHRSOH ZLOOLQJ WR
FRPHWRWKH&DXFDVXVDQGKHOS5LFKDUG+LOOZDVWKHRQHZKRUHVSRQGHGWR
WKLVQHHG7KLVZDVORQJWHUPPLVVLRQDU\ZRUNDQGWKHQHHGVFDXVHGE\WKH
ZDUVRJUHDWWKDWWKHPDLQFRQFHUQVRIWKHPLVVLRQDULHVZRUNDWWKLVWLPH
EHFDPH WKH PHHWLQJ RI WKH SHRSOHV PDWHULDO QHHGV 5LFKDUG +LOOV SROLFH
UHFRUGVDQGKLVRZQUHSRUWVGRQRWPHQWLRQKLVSUHDFKLQJRUKLVDWWHPSWVWR
FRQYHUWDQ\RQH\HW +LOOLVSRSXODUO\UHPHPEHUHGLQ*HRUJLDDVDSUHDFKHU
DQG &KULVWLDQ PLVVLRQDU\ ,W LV WUXH WKRXJK WKDW +LOOV JUHDW KXPDQLWDULDQ
UHOLHIHIIRUWVFUHDWHGWKHJURXQGVZHUHODLGE\ ZKLFKUHODWLRQVKLSVEHWZHHQ
UHIXJHHVDQGORFDO3URWHVWDQWV



&RQFOXVLRQ

,QWKHVWXGLHGKLVWRULFDOSHULRGWKH3URWHVWDQWEUDQFKRI&KULVWLDQLW\LQ
*HRUJLDZDVUHSUHVHQWHGE\/XWKHUDQ%DSWLVWDQGE\WKHPLGGOHIRUPRIWKH
/XWKHUDQDQGWKH%DSWLVWFKXUFKHV
,W FDQ EH FRPSHOOLQJO\ DUJXHG WKH ILUVW 3URWHVWDQW &KULVWLDQV KDG
DSSHDUHGLQ*HRUJLDE\WKHVHFRQGKDOIRIWKHVL[WHHQWK&HQWXU\DQGZHUH
FHUWDLQO\UHFRJQLVDEOHDVDQHVWDEOLVKHGJURXSE\7KHVHSHRSOH ZHUH
*HUPDQVIOHHLQJWKHUHOLJLRXVSHUVHFXWLRQUHVXOWLQJIURPWKHKDUGSROLWLFDO
DQGHFRQRPLFFLUFXPVWDQFHVLQWKHLUKRPHODQG
*HUPDQV VHWWOHG LQ *HRUJLD EHWZHHQ  LQ YHU\ GLIILFXOW
FRQGLWLRQVWKRXJKDIWHUDZKLOHWKH\ZHUHDEOHWRDGDSWDQGFUHDWHGVHYHUDO
FRORQLHV 7KHVH ILUVW VHWWOHUV KHOG GLYHUVH FRQIHVVLRQV RI IDLWK WKRXJK WKH
PDLQ FRUH FRQVLVWHG RI GLIIHUHQW W\SHV RI 3LHWLVWV IURP 6YDELD ZKR ZHUH
YHU\KRVWLOHWRZDUGVWKH/XWKHUDQ&KXUFK
7KH WHQVLRQ EHWZHHQ *HUPDQV ZLWK WKHLU UHOLJLRXV LQWHUHVWV  DQG WKH
5XVVLDQ(PSLUH ZLWKWKHLUHFRQRPLFLQWHUHVWV EHFDPHDUHDVRQIRUFRQIOLFW
7KH SURWHFWLRQ RI IUHHGRP RI EHOLHI SURPLVHG WR WKH VHWWOHG FRORQLVWV ZDV
GHFODUHG RQO\ WKHRUHWLFDOO\ $IWHU GHSOHWLRQ RI OHJDO PHFKDQLVPV WKH JR
YHUQPHQWXVHGSRZHUPHWKRGVWRFRQWURODQGLQWHUIHUHLQWKHUHOLJLRXVOLIHRI

209
WKH EHOLHYHUV &RORQLVWV ZHUH XQLILHG IURP D VRFLDO SHUVSHFWLYH WKRXJK GLI
IHULQJLQWKHLUIRUPVRIFKXUFKOLIHDQGWKH\H[SHFWHGWRKDYHWKHWRWDOIUHH
GRPLQSURWHFWLRQRIWKHOHWDORQHSULQFLSOHIURPWKHJRYHUQPHQW7KURXJK
WKH%DVHOPLVVLRQDULHVFKXUFKOLIHWRZDUGVWKHHQGRIWKHQLQHWHHQWKFHQWXU\
JDLQHG VWDWXV DV D IRUPDO LQVWLWXWLRQ 'XH WR WKH IRXQGDWLRQV ODLG E\ WKH
PLVVLRQDULHVRIWKHQXPEHURI6HSDUDWLVWVZKRWXUQHGEDFNWRWKH/X
WKHUDQ FKXUFK ZDV JUHDWHU WKDQ WKRVH ZKR VWD\HG LQ WKH VFKLVP ,QGHSHQ
GHQFH IURP WKH 0RVFRZ &RQVLVWRULXP ZDV WKH IRUPDO DFW RI NHHSLQJ WKH
SURPLVH RI WKHLU IUHHGRP RI EHOLHI %\ IRUFLQJ 2EHU3DVWRUV DQGSDVWRUV WR
PDNHDQRDWKEHIRUHWKHHPSHURUDQGE\UHTXLULQJUHJXODUILQDQFLDOGRQDWL
RQV WKH FKXUFK OLIH RI WKHVH EHOLHYHUV FDPH XQGHU FRQVWDQW JRYHUQPHQW
FRQWURO
3LHWLVW JURXSV WXUQHG EDFN RYHUZKHOPLQJO\ WR WKH /XWKHUDQ FKXUFK LQ
*HRUJLD 7KLV SURFHVV ZDV VWLPXODWHG E\ WKH 5XVVLDQ 6WDWH ZKLFK DOZD\V
XQGHUOLQHGLWVSUHIHUHQFHVWRZDUGVWKHXQLILHGIRUPVRIWKHUHOLJLRQDQGDOVR
E\WKHHIIRUWVRIWKH3DVWRUVIURPWKH%DVHOPLVVLRQ,WWRRNGHFDGHVIRUWKH
EHOLHYHUV ZKR ZHUH GHVSHUDWHO\ DZDLWLQJ DQG SUHSDULQJ IRU WKH VHFRQG
FRPLQJ RI WKH /RUG -HVXV WR UHWXUQ WR WKH /XWKHUDQ &KXUFK KDYLQJ H[SH
ULHQFHG VFKLVP DQG GLVDSSRLQWPHQW DV ZHOO DV WKH SHUVXDVLRQ RI WKH %DVHO
3DVWRUVDQGHQIRUFHPHQWIURPWKHVHFXODUDGPLQLVWUDWLRQWRFRPHEDFN7KH
WUDQVIRUPDWLRQ RI WKHLU ZRUOGYLHZV WRRN \HDUV EXW LW EHFDPH D ELWWHU
H[SHULHQFHDQGILUPIRXQGDWLRQIRUWKHGLVSHQVDWLRQRIFKXUFKOLIHLQIXWXUH
GHFDGHV
/XWKHUDQ FRQJUHJDWLRQV HQJDJHG SRRUO\ ZLWK ORFDO FXOWXUH ZLWK D
WDQJLEOHEUHDNWKURXJKILQDOO\KDSSHQLQJLQWKHVHFRQGSDUWRIWKHQLQHWHHQWK
FHQWXU\ZKHQUHOLJLRXVGLVDJUHHPHQWVZHUHVHWWOHG)URPWKLVSHULRGDQHZ
GLDVSRUDEHJDQWRPHHWWKHH[SHFWDWLRQVRIWKH5XVVLDQ6WDWHWRLQWHJUDWHWKH
HFRQRPLFDOLQQRYDWLRQVLQWKHUHJLRQ'XULQJWKLVVWXGLHGSHULRGWKHTXDQ
WLWDWLYHJURZWKRIWKH/XWKHUDQVLQ*HRUJLDZDVYHU\REYLRXVGXHWRSHULRGLF
PLJUDWLRQDQGKLJKSRSXODWLRQJURZWK
/XWKHUDQFRQJUHJDWLRQVKDGDYHU\DFWLYHVRFLDOOLIH\HWWKH\UHPDLQHG
LVRODWHG DQG DOLHQ WR WKH HWKQLF *HRUJLDQV DQG WKHLU FXOWXUH GHVSLWH D
FRPPLWPHQWWRGRLQJVRFLDOO\XVHIXOZRUN
*HRJUDSKLFDOO\*HRUJLDDQG7ELOLVLHVSHFLDOO\ZDVDUHJLRQDOFHQ
WUHZKHUHKXPDQDQGPDWHULDOUHVRXUFHVIRUWKHHQWLUH&DXFDVXVUHJLRQZHUH
FRQFHQWUDWHGIRUVSUHDGLQJWKHLGHDVRI3URWHVWDQWLVP7KHUHJLRQEHFDPHD
PHHWLQJSODFHIRUDOONLQGVRIJURXSVZLWKGLIIHUHQWUHOLJLRXVYLHZVIURPDOO

210
RYHUWKH(PSLUH,QWKLVVRFLDOO\HWKQLFDOO\DQGUHOLJLRXVO\YDULHJDWHGHQYL
URQPHQWQHZWHDFKLQJFDOOHG%DSWLVPZDVHDVLO\VSUHDG
'XULQJWKHQLQHWHHQWKFHQWXU\WKHLQIOXHQFHRI3URWHVWDQWLGHDVRQWKH
ORFDO *HRUJLDQ SRSXODWLRQ ZDV LQVLJQLILFDQW VSUHDGLQJ ILUVW DPRQJ WKH $U
PHQLDQDQG$]HULSRSXODWLRQV7KHILUVWHWKQLFDOO\*HRUJLDQ%DSWLVWFRQJUH
JDWLRQ ZDV IRUPHG LQVLGH WKH 5XVVLDQ FRQJUHJDWLRQ LQ 7ELOLVL DW WKH EHJLQ
QLQJRIWKHWZHQWLHWK&HQWXU\QHZHUFRQJUHJDWLRQVZHUHIRUPHGODWHULQWKH
RWKHUSDUWVRI*HRUJLD
$QXPEHURI IDFWRUVFRPELQHGWRSURPRWHWKHELUWKDQGGHYHORSPHQW
RI WKH %DSWLVW FKXUFK DV D QHZ FRQIHVVLRQ ZKLFK PD\ EH VXPPDUL]HG DV
IROORZV FKDQJHV LQ WKH VRFLRHFRQRPLF OLIH RI WKH FRXQWU\ DEROLWLRQ RI
VHUIGRPLQ H[LOHDQGWKHFRQFHQWUDWLRQLQWKH&DXFDVXVHVSHFLDOO\LQ
*HRUJLD  RI VFKLVPDWLF DQG VHFWDQW JURXSV ZKLFK ZHUH VHSDUDWH IURP WKH
5XVVLDQ2UWKRGR[&KXUFKDQGQHZVLPSOLILHGDFFHVVWR%LEOHVDQGUHOLJLRXV
OLWHUDWXUH
,Q WKH EHJLQQLQJ WKH %DSWLVW FKXUFK FRQVLVWHG RI IRUPHU 5XVVLDQ
0RORNDQV$FFRUGLQJO\EDVHG RQWKHLUWUDGLWLRQVOLIHLQWKH ILUVW*HRUJLDQ
%DSWLVWFKXUFKZDVPDUNHGZLWK0RORNDQVULJRULVPLQHYHU\GRPHVWLFLVVXH
(YHU\VSKHUHRIWKHLUOLIHZDVXQGHUVWULFWFRQWURODQGWKRVHZKREURNHWKH
UXOHV ZHUH H[FRPPXQLFDWHG UHJDUGOHVV RI WKH PHPEHUV PHULWV EHIRUH WKH
FRQJUHJDWLRQ
7KHILUVW%DSWLVWFKXUFKGLGQRWKDYHDFKXUFKEXLOGLQJIRUDORQJWLPH
3URWHVWDQWHFFOHVLRORJ\GRHVQRWVWURQJO\HPSKDVLVWKHEXLOGLQJLWVHOIXQOLNH
WKH2UWKRGR[&KXUFKWUDGLWLRQ7KHUHZHUHDOVRDYDULHW\ RIVWDWHEDQVDQG
UHJXODWLRQV FRQFHUQLQJ WKH FRQVWUXFWLRQ DQG XVH RI EXLOGLQJV 7KHUHIRUH
RULJLQDOO\GXHWRWKHVPDOOPHPEHUVKLSDQGODWHUEHFDXVHRISHUVHFXWLRQRI
WKHFKXUFKZKLFKODVWHGPDQ\GHFDGHVLWZDVPDQ\\HDUVEHIRUHWKHFKXUFK
KDGDEXLOGLQJIRUWKHLUXVH
7KHDWWLWXGHRI%DSWLVWVWRZDUGVRWKHUUHOLJLRXVJURXSVZDVGHWHUPLQHG
E\ GRJPDWLF IDFWRUV 6LPLODUO\ WKH YLHZV RI RWKHU JURXSV WRZDUGV %DSWLVWV
ZHUH EDVHG RQ WKH VDPH FULWHULD ,Q WHUPV RI FHQWUDOL]HG VWDWH DQG FKXUFK
SRZHULWZDVXQLPDJLQDEOHWRKDYHDUHOLJLRXVYDULHW\LQQLQHWHHQWKFHQWXU\
5XVVLD7KLVIDFWZDVWKHUHDVRQIRUFRQIOLFWVZLWKWKHQHZFRQIHVVLRQV,Q
DGGLWLRQ WKH 2UWKRGR[ &KXUFK ZDV KRQRXUHG ZLWK D VWDWXV RI EHLQJ LQVH
SDUDEOH IURP WKH VWDWH DQG DV VXFK KDYLQJ WKH H[FOXVLYH ULJKW WR VSUHDG
&KULVWLDQLW\LQWKH(PSLUH

211
:LWKWKHDSSHDUDQFHRIWKHILUVW3URWHVWDQWVLQ*HRUJLDPLVVLRQVDOVR
IROORZHGIDFLOLWDWLQJWKHSUROLIHUDWLRQRI3URWHVWDQWGHQRPLQDWLRQV,QQLQH
WHHQWK FHQWXU\ *HRUJLD WKHUH ZHUH PLVVLRQDULHV IURP 6ZLW]HUODQG %ULWDLQ
6ZHGHQWKH8QLWHG6WDWHVRI$PHULFD5XVVLDDQG$UPHQLDDVZHOODVRWKHU
ORFDO RU IRUHLJQ PLVVLRQV IURP /XWKHUDQ 3UHVE\WHULDQ DQG %DSWLVW EDFNJ
URXQGVFKLHIO\XVLQJVSLULWXDODQGVRFLDOVHUYLFHWRSURPRWHWKHLUFDXVH
7KHVHPLVVLRQDULHVZRUNFDQEHGLYLGHGLQWRWZRVWDJHVLQWKHILUVW
DFFRUGLQJWKHODZVRIWKH(PSLUHWKHLUDFWLYLWLHVZHUHOHJDODQGWRRNSODFH
RQO\DPRQJORFDO0XVOLPSRSXODWLRQLQWKHVHFRQGGXULQJWKHODWWHUSDUWRI
WKH QLQHWHHQWK FHQWXU\ DIWHU WLJKWHQLQJ UHJXODWLRQV PLVVLRQ ZRUN ZHQW
XQGHUJURXQGDQGVWDUWHGWHDFKLQJDPRQJDOOSHRSOHV
/XWKHUDQV ZHUH WKH RQO\ JURXS LQGLIIHUHQW WRZDUGV PLVVLRQV 7KH\
ZHUH DOVR GLVWLQFW IURP RWKHU UHOLJLRXV PLQRULWLHV DV WKH\ ZHUH QRW SHUVH
FXWHGDVDJURXSE\WKHVWDWHZKLFKKDGDQHFRQRPLFLQWHUHVWLQWKHP%\
FRQWUDVWDOORWKHUORFDORUIRUHLJQPLVVLRQDULHVDQG%DSWLVWVZHUHSHUVHFXWHG
VHYHUHO\IRUSURVHO\WLVLQJDQGIRUWKHLUSHUFHLYHGRSSRVLWLRQWRWKH2UWKRGR[
&KXUFK 7VDULVW 5XVVLD XVHG WR DGRSWLQJ SROLFH PHWKRGV ZLWK GLVVLGHQW
JURXSVZDVQRWDEOHWRILQGLQLWVHOIWKHUHVRXUFHVIRUGHYHORSLQJDIOH[LEOH
SROLF\ WRZDUGV QRQ2UWKRGR[ &KULVWLDQV DQG FKRVH WKH ZD\ RI UHSUHVVLRQ
7KLVSROLF\GLGQRWEULQJWKHGHVLUHGUHVXOWSHUVHFXWLRQE\WKHVWDWHPDGH
%DSWLVWJURXSVLQ*HRUJLDVWURQJHUDQGSURYRNHGDQH[SDQVLRQ
,WZDVLQ7VDULVW5XVVLD DQGQRWLQWKH6RYLHWHSRFK WKDW3URWHVWDQWLVP
ZDVILUVWYLHZHGDVDPDUJLQDODQGGLVVLGHQWPRYHPHQWLQ*HRUJLDKRZHYHU
WKH FRQVHTXHQW DQWLUHOLJLRXV SROLFLHV RI WKH 6RYLHW HUD SUHVHUYHG DQG
SHUSHWXDWHG WKH XJO\ IRUPV DQG VWHUHRW\SHV RI 3URWHVWDQWLVP VWLOO IRXQG LQ
*HRUJLDWRGD\










212

;,;;;

,





     
;9;9,

           

        
      


      ;9,;,;  



  

      
         

         
    ;9,     
          

 


       
        

         


213
  ;9,     
       

 ;9,,     
       



     
         
       
     

      



       
     
        
   3XULWDQV  SXULWDV   
       



        
  
;9,,
         ;,;

      
        
       
      
  
     





214





         
        

        
       ;9,    
      
  
      

        
        


         
        

       
          
  
         
     

        

      
;9,

        
         

       
;9,
 

 

215
        


        
        
  


         ;9,
         
       

        


     

       
        

      
       

          
         

       

      
         
 
          
           

      
      
     

;9,,,


216
,,





;,;
       

       


     
     
         


        
         
           


         


        
 
       
        
     
         



         
  
            
 
        

217
         
 
        
  
  
        

         
      
          
 

 

      
        
        
         
        



      

  








       
      
        
       

        


218
 
      

     
          

  
        
        
       
       
 

   
       
        
       
      
        
         
        
          

          

        
        
      

        
          
       

     
       
        
         

 
          

219


       

      
           
 

       

         


      
      

      
       
      
      


         

      





;,;

       
          
        
     
        
       


220
      
         


        
   
        
        
       
       


        
          


       
      
     


          
          


        

        
      

        

          

 


        
      
  

221
        


        

       

        

     

      
       

        
        


        
         
      
       

       



222
,,,

;,;



,,  ;,;       

       
       
        
       
        
;;
    
    ;,;     

         
  
        
 
         
  
  
     
        

        
      

      ;,;  



  
       



223
       
      


       
 
       







         
        
        



         

           
      
    
       
       

        
       
       

     
 
        






224
      
       
       
          
         

       

     

          



;,;
         



         
   


        
     

       

        

      ;,;  
       
          
 







225



         
          

      
      
            
         
       
      

       
         

         
       

         
        

        

        

        
         


        
        
;,;       

         
      
       
       
 


226
         
  

      
     

      


        
 


      
     

        


          


       


  
       
       

       






     




227

 
        

       
       
  
       
     


        
        

 
  
      
      


   ;,;       

;,;
 

       
         
       
          
        

    ;,;   
       
       





        

228
       
        








       
        
   ;,;        

       


       
         
          


      
        
       



      
          
        

        

      

      
          


229


        

         
       
          
  
        
      
       

         
      

     
        


       

          
 
          

        















230
,9




   ;9,,    
       
        ;,;  
         
        
         


;,;
       
 ,,      
      

  

       
     
      
       
      

;,;
       
      
      

        
        
        
        

;,;
      
        

231
         
         
       

        

        

 

   ;,;      
       





        
       


      
        



    
    







      

       
          
      

232

        
        
          

       
         
         
          
        
          
  

       




       
      

       



      
     
       

       

          
          


   ;;     
          



233


            

        
      
         

  









    
      
        
           

      
         
        



        

       
      

        
        

         
  

234
          


   
         



        
;;

        
        

       
        

        
        

       



      
        
     
       


       

         
        

       
       
      
       


235




       

     
       
       
       




 
       
       


       
       
       
       

       
       
       

         
         
      



      

        
         
         


236
         
      
         
          

  
        

        



        
      
      
       

        
      








      
          


          

      
       

  

       

237
         
 
         
         
       
  
        
         


,,,  

         

       



          
         
         
        
      

        





  
       
 

         

       

            


238

       
 



       
       



        
       
          
       

       
 
       
 

        

        
     

       

        


         

        
       
       





239


9
;,;

     
        
        
     
          

        
;,;  
     
      
      

  ;,;      
       






 ;,;      
      
            
    
       
      
         

       
       
      


        

240
       
      


       




        
       

        
      
      


           
          




         
       
      
        

     
        
         
     
           

      
        
      
  ;,;      
       
           

241
      

  








     
        
          
        
       
        


       
      
        
        
       
       

    ;,;    
    ;;      
      

        
       
       
           







242
;,;

       

        
       
      

       


        
      
           
        

       
 
        
      
        
        

       
           








    
         
      
         ;,;    

      


243
          
         
        
         
         

       


         

          
         

       


          
       


         
         




          


         
       
  

       
        

      

       

244
        
         

        ;; 
       

       
         
        
       
       
        
       



     

         
         
 
      
       
       











     
;9,
     ;,;     



245
        


       
       
      

    
      
       

     



      
 
;,;       

      
      
     
 
        

     
 
      

        
       
      
        
      
          

     
       ;,; 
       
      

246
      ;,;    
        
       

     
        
      

       
       
      
       
         
      

;,;
       
      
;;
           

      

         
  
       


         

      

          
       

       
      
      


247


      
      
       
;,;
        
         




;,;
      
      


        

 
  ;,;     


       
       



        

        


  
       






248




 

 
 
 
 
 
 
 
 

     







     



     
     
;,;  

    


249

      

      

    
 
    

    

    
       

   
     ,9 

     

      


     

     



    

       

    
     

250
    ;,;  
,,,




    

    


  

     

      
 ;,,,;9, 
      
  ,
    ;,;  ,,
,,


     

     
 ;,;   ;;  

    

  %HULFKW GHV %DWXPHU (YDQJHOLVFK/XWKHULVFKHQ
.LUFKHQUDWKVIXUGDV-DKU
)ULW]RQ$QQ&KDUORWWH3DVVLRQIRUWKHLPSRVVLEOHWKHOLIHRIWKH
SLRQHHU1LOV)UHGULN+RLMHU7KH6ZHGLVK6ODYLF0LVVLRQ6ZHGHQ
-DYDNKLD%3URWHVWDQWL]P>/XWKHUV&KXUFK@LQ*HRUJLD5RXQG
7DEOH&DXFDVXV3HUVSHFWLYHRI,QWHUFXOWXUDO'LDORJXH7E

251
5DQFLPHQ 6W 7KH *UHDW &KXUFK LQ &DSWLYLW\ $ 6WXG\ RI WKH
3DWULDUFKDWHRI&RQVWDQWLQRSOHIURPWKH(YHRIWKH7XUNLVK&RQTXHVWWRWKH
*UHHN:DURI,QGHSHQGHQFH&DPEULGJH
5RZH 0LFKDHO 5XVVLDQ 5HVXUUHFWLRQ 6WUHQJWK LQ 6XIIHULQJ  $
KLVWRU\RI5XVVLDV(YDQJHOLFDO&KXUFK0DUVKDOO3LFNHULQJ/RQGRQ
=RSI +DUWPXW )HOLFLDQ 0DUWLQ YRQ =DUHPED   $
SROLVK1REOHPDQ5XVVLDQ'LSORPDWDQGDPEDVVDGRUIRU&KULVWLQWKH&DX
FDVXV
    
,,9,,9,,,,;;,
;,,
 
       
      
      


    ;,;   ;;  
ZZZFKXUFKE\UHVRXUFH'LU'LU


       

    

R
  


       
,
     ZZZ
OLWPLUQHWEU"E  S 

       

 
 ,,



252

        
  ;,;    KWWSZZZQEXYJRYXD
SRUWDO6RFB*XP3QLLGVRVQSGI
     

    KWWSEXUXVLZRUGSUHVV
FRPHUPRORY

      
KWWSZZZMFUHODWLRQVQHWKWPO"/ 
     

       

    KWWSURJGHVWYRE\L]LVWRULLNQL
JRQRVKLKWPO
     KWWSZZZWFKDLNRYUX
YRVSBNRUJDQRYKWPO

  ,     KWWSDELWXULHQWQFVWXUX6FLHQFHDUWLFOHV
ODZ

"

     

     KWWSNURWRY
LQIRVSUDYNLSHUVRQVSHUVRQ\XQJKWPO




FXOWXVRUJUXLVWRFKQLNLEDSWLVPSDYORY]



       


253
       


      KWWS
ZZZFERRNUXSHRSOHVFODVVFOBUHOVKWPO
      


KWWSZZZEODJRYHVWQLNRUJERRNVKWP

KWWSZZZJXPHULQIRERJRVORYB%XNV
+LVWRU\B&KXUFKUXGQLQGH[SKS
     KWWSUXVEDSWLVWVWXQGD
RUJSRSXODUQRREDSWL]PH
     


    KWWSNRYFKHJ
VSDVHQ\DUXLQGH[SKS" RSWLRQ FRPBFRQWHQW YLHZ DUWLFOH LG $
TT FDWLG $ ,WHPLG  ODQJ UX


  
     
       
  
;,,
  











254


 
    
     
     


    

    

    
       
  
 
      

     

 
   
 









 
 


255






256







257



















258











259


260





261
  

  

   

262




x    
  
x       
  
x     
x      
x     
x     
  
x     
  
x      
x       
x      
x     
x       

 
x 



263






     
      
    



264



265





 

 
  
  
  
  
  
  
  
  
  
  
  
  
  
  

 
 




266








        


   


267



268


























              

              
               
               
              

              
              


269
              
              

              
              

              
               
               
               
               
              

              
               
               


 
 
, 
 
 
 
 
 
 
 
,, 
;,; 
 
 
 
 
 
 
;,; 
 
,,, 
;,;,, 
 
 
 
 
 
 
, 

270
,9 
 
 
 
 
 
 
 
 
 
 
 
 
9 
;,; 
 
 
 
 
 
 
 
 
 
 
 
 





271
daibeWda gamomcemloba `universalSi~
Tbilisi, 0179, i. WavWavaZis gamz. 19, : 2 22 36 09, 5(99) 17 22 30
E-mail: universal@internet.ge

You might also like