%DONDQ,QVLJKWFRP5HVFXHLQ$OEDQLD+RZ7KRXVDQGVRI-HZV:HUH KWWSZZZEDONDQLQVLJKWFRPHQPDLQIHDWXUHV"WSO 

67

,QWHUYLHZ

5HVFXHLQ$OEDQLD+RZ7KRXVDQGVRI-HZV:HUH
6DYHG)URPWKH+RORFDXVW
%\/DZUHQFH0DU]RXN

0D\

$GRFXPHQWDU\IURPD3ULVWLQDILOPFUHZLVVKHGGLQJQHZOLJKWRQWKLVOLWWOHNQRZQWDOHRIKHURLVP
/DZUHQFH0DU]RXNVSHDNVWR'DUGDQ,VODPLWKHGLUHFWRURI5HVFXHLQ$OEDQLD

/RFNHGLQWKHYDXOWVRIRQHRIWKHZRUOG¶VPRVWVHFUHWLYHUHJLPHVIRUKDOIDFHQWXU\WKHLQFUHGLEO\VWRU\
RIKRZ$OEDQLDQVVDYHGWKHOLYHVRIWKRXVDQGVRI-HZVGXULQJWKH+RORFDXVWLVRQO\WRGD\HPHUJLQJ

)URP7KH'LDU\RI$QQH)UDQNWR6FKLQGOHU¶V/LVWWKH+RORFDXVWKDVSURYHGIHUWLOHJURXQGIRU+ROO\ZRRG
GLUHFWRUV%XWWKHVWRU\RIKRZ-HZVZHUHRIIHUHGVDIHKDYHQLQ$OEDQLDGXULQJWKH6HFRQG:RUOG
:DUKDVVRIDUHVFDSHGWKHDWWHQWLRQRI6SLHOEHUJDQGKLVFRKRUWV'DUGDQ,VODPLEHOLHYHVKLVODWHVW
GRFXPHQWDU\ZKLFKGHOYHVLQWRWKLVIDVFLQDWLQJVOLFHRIKLVWRU\FRXOGVRRQSLTXHWKHLULQWHUHVW

³1RERG\KDGKHDUGDERXWWKLVVWRU\EHFDXVHLWZDVFORVHGLQVLGHWKH&RPPXQLVWUHJLPHLQ$OEDQLD´
,VODPLILOPGLUHFWRUDQGIRXQGHURI3ULVKWLQD
V8UEDQ)0WROG3ULVKWLQD,QVLJKW

5HVFXHLQ$OEDQLDLVWKHUHVXOWRISDLQVWDNLQJUHVHDUFKZKLFKKDVWDNHQ,VODPLDQGKLVFROOHDJXHVIURPWKH
UHPRWH$OEDQLDQPRXQWDLQVWR1HZ<RUNDQG7HO$YLYLQVHDUFKRIWKRVHZKRZHUHJLYHQUHIXJHLQ
$OEDQLDDQG.RVRYR

7KHGRFXPHQWDU\ZKLFKSUHPLHUHGLQ.RVRYR¶VFDSLWDOODVWPRQWKWHOOVKRZ$OEDQLDZDVWKHRQO\
FRXQWU\LQ(XURSHWRHPHUJHIURPWKH6HFRQG:RUOGZLWKDODUJHU-HZLVKSRSXODWLRQWKDQEHIRUH,VODPL
KRSHVWKLVZLOOEHWKHILUVWRIPDQ\VFUHHQLQJVDFURVVWKHJOREH

%HIRUHWKH+RORFDXVWMXVW-HZVOLYHGLQ$OEDQLDEXWWKHSRSXODWLRQVZHOOHGE\DVWKH1D]LV
LPSOHPHQWHGWKHLUSROLF\RIPDVVH[WHUPLQDWLRQWKURXJKRXWFRQWLQHQWDO(XURSH

$FFRUGLQJWRUHVHDUFKE\WKHILOPWHDPWKH/RQGRQEDVHG-HZLVK'DLO\3RVWUHSRUWHGLQ-XO\³,W
KDVEHHQDPRQWKVLQFHWKH$OEDQLDQGLSORPDWVLQ(XURSHKDYHEHHQLPSOHPHQWLQJWKHRUGHUUHFHLYHG
IURP.LQJ=RJ¶VJRYHUQPHQWWRLVVXHDVPDQ\$OEDQLDQSDVVSRUWVWR-HZVZDQWLQJWRJRDQGOLYHLQ
$OEDQLD´

,QIRUPDWLRQIURPWKH$OEDQLDQQDWLRQDODUFKLYHLQ7LUDQDFRQILUPHGWKDW.LQJ=RJ,LQYLWHG-HZVWR
$OEDQLDLQWKHVWRKHOSGHYHORSWKHFRXQWU\0RVWREWDLQHG$OEDQLDQYLVDVDQGVRPHZHUHHYHQ
LVVXHG$OEDQLDQSDVVSRUWV

,Q$OEHUW(LQVWHLQEHQHILWHGIURP$OEDQLDQKHOSWRWUDQVLWWKURXJK(XURSHWR$PHULFD+HVWD\HGLQ
'XUUsVRQWKH$OEDQLDQFRDVWIRUWKUHHGD\VLQWKHUR\DOPDQVLRQDQGWKHQHTXLSSHGZLWKDQ$OEDQLDQ
SDVVSRUWFRQWLQXHGKLVMRXUQH\WRZDUGVWKHIUHHZRUOG

'XULQJWKHZDU$OEDQLDDQG.RVRYRZHUHLQLWLDOO\XQGHU,WDOLDQRFFXSDWLRQ7KHORFDO$OEDQLDQ
JRYHUQPHQWXVHGLWVDXWKRULW\XQGHUDGHDOZLWKWKH,WDOLDQVWRUHIXVHWRKDQGRYHUOLVWVRI-HZVWRWKH
*HUPDQIRUFHV

-HZVIRXQGVKHOWHULQPDQ\$OEDQLDQKRXVHKROGVLQFLWLHVEXWZKHQWKHWKUHDWJUHZWRRKLJKIURPWKH

RI 30
%DONDQ,QVLJKWFRP5HVFXHLQ$OEDQLD+RZ7KRXVDQGVRI-HZV:HUH KWWSZZZEDONDQLQVLJKWFRPHQPDLQIHDWXUHV"WSO  67

RFFXS\LQJIRUFHV¶IUHTXHQWFKHFNSRLQWVPDQ\HVFDSHGWRWKHUHPRWHPRXQWDLQVDQGSUH WHQGHGWREHORFDO
VKHSKHUGV7KH\ZHUHSURYLGHGIRRGDQGVKHOWHUE\WKHORFDO$OEDQLDQV

,VODPLVDLG³7KHVH$OEDQLDQVKDGQRWKLQJEXWWKH\ZHUHZLOOLQJWRVKDUHWKHLUSLHFHRIEUHDGZLWKWKRVHLQ
QHHG´

6SHDNLQJIURP7HO$YLY)HOLFLWD-DNRHOZKRVHSDUHQWVZHUHJLYHQVDIHKDYHQE\$OEDQLDQVGXULQJWKH
ZDUWROGWKHGRFXPHQWDU\PDNHUV³$ODG\WROGPHDVWRU\RQFH6KHVDLGµ:HDUULYHGLQ$OEDQLDZLWK
IDOVHGRFXPHQWV$WWKHERUGHUWKH\HDVLO\UHDOLVHGWKDWEXWWKH\OHWXVSDVV0\IDWKHUUHQWHGDKRUVHDQG
SXWXVNLGVRQLWVEDFN$IWHUDORWRIWUDYHOOLQJZHDUULYHGDWDYLOODJHFRPSOHWHO\ORVW

µ7KHUHZHUHQWHGDQROGKRXVH2QHQLJKWZHKHDUGDNQRFNDWRXUGRRU:HWKRXJKWLWZDVWKH*HUPDQV
DQGWKDWWKH\ZRXOGNLOOXVDOO:HRSHQHGWKHGRRUDQGVDZDQROGYLOODJHURQDGRQNH\+HSXWGRZQD
VDFNRIIORXUDQGOHIWZLWKRXWVD\LQJDZRUG7KDWVDFNRIIORXUVDYHGRXUOLYHV7KLVKDSSHQHGWRXV
WKURXJKRXWRXUZKROHVWD\LQ$OEDQLD¶

$FFRUGLQJWRVRPHEHVDWKH$OEDQLDQVZRUQRDWKZLWKLWVGXW\WRZDUGVJXHVWVZDVDNH\IDFWRULQ
$OEDQLDQJHQHURVLW\WRZDUGV-HZVLQQHHG

7KH$OEDQLDQ.DQXQWKHFRGHRIFRQGXFWVWDWHVWKDWWKH$OEDQLDQKRXVHKROGEHORQJVERWKWR*RGDQGWR
WKHJXHVW

³%HVDZDVWKHPRVWLPSRUWDQWIDFWRUWKH$OEDQLDQVVDLGWKDWWKH\ZRXOGUDWKHUGLHE HIRUHDQ\RQHKDUPHG
DJXHVW´,VODPLH[SODLQHG

:KHQVHYHUDOKXQGUHG-HZVIURP0LWURYLFDLQ.RVRYRZKLFKZDVXQGHU*HUPDQUXOHZHUHGHSRUWHGWR
FRQFHQWUDWLRQFDPSVLQ6HUELDDQGODWHUWR$XVWULDDQG*HUPDQ\WKHORFDODXWKRULWLHVVWDUWHGWRWUDQVIHU
-HZVVHFUHWO\WRUHPRWHDUHDVRI$OEDQLD

,Q$SULO-HZLVKIDPLOLHVOHIW.RVRYRIRU%HUDW$OEDQLDDQGSHRSOHZHQWWR.DYDMD
$OEDQLD2WKHUVZHUHSODFHGLQ.UXMD7LUDQD)LHU6KLMDN6KNRGUDDQGHOVHZKHUH0DQ\ZHUHHPSOR\HG
LQVKRSVPDQXIDFWXULQJDQGDJULFXOWXUH

,Q%HUDW$OEDQLDQIDPLOLHVVKHOWHUHGDERXW-HZVDUULYLQJIURP-HZVFDPHIURP
'DOPDWLD0RQWHQHJUR6HUELDDQG0DFHGRQLDDQGIURP*UHHFH

6RPH-HZVZHUHSURYLGHGZLWKLGHQWLW\FDUGVJLYLQJWKHPORFDO$OEDQLDQQDPHVWRKLGHWKHLUWUXHRULJLQ
IURPWKH,WDOLDQSROLFHDQGPLOLWDU\

5DNHOD.DQWR]LZKRQRZOLYHVLQ0RGL¶LQ,VUDHOVDLG³:HHVFDSHGIURP0LWURYLFDWR3ULVKWLQDKHOSHG
E\DQ$OEDQLDQIDPLO\

³2QHJX\IURP6KNRGUD6KDTLU%RULoLDVNHGPHZK\,ZDVVHOOLQJWKHVHELVFXLWVHYHU\GD\

³,WROGKLPWKHWUXWKWKDWZHZHUHQRWIURPKHUHDQGWKDWZHZHUHKLGLQJIURPWKH* HUPDQV$IWHUKHDULQJ
WKDWKHZRXOGKHOSXVDORW

³+HOHWXVLQKLVKRXVH:HKLGLQRQHRIWKHURRPV2QHRIKLVGDXJKWHUVEHFDPHDJRRGIULHQGRIPLQH
7KLVODVWHGXQWLOWKHFRXQWU\ZDVOLEHUDWHG´

7KH,WDOLDQFDSLWXODWLRQLQOHGWRWKHDUULYDORI*HUPDQIRUFHVDQGDPRUHUXWKOHVVDSSURDFKWR-HZV
%XWWKHVWUXJJOHWRUHVFXHWKHPFRQWLQXHG

$FFRUGLQJWRWKHILOPPDNHUV+\VHQ3ULVKWLQDDQG5L]D'ULQLWKHPD\RUVRI3ULVKWLQDGXULQJWKHZDUGLG

RI 30
%DONDQ,QVLJKWFRP5HVFXHLQ$OEDQLD+RZ7KRXVDQGVRI-HZV:HUH KWWSZZZEDONDQLQVLJKWFRPHQPDLQIHDWXUHV"WSO  67

QRWDOORZ-HZVWREHKDQGHGRYHUWRWKHRFFXS\LQJUHJLPH

7KH\RUJDQLVHGWKHVDIHSDVVDJHRIKXQGUHGVRI-HZVWR$OEDQLD3UHQN8OLWKHVHFUHWDU\RI3ULVWLQD
GLVWULFWDOVRKHOSHG-HZVIURP3ULVKWLQDIOHHWR$OEDQLD

7KHSDUW$OEDQLDQVSOD\HGLQSURWHFWLQJ-HZVKDVEHHQUHFRJQLVHGDW<DG9DVKHP,VUDHO¶VRIILFLDO
PHPRULDOWRWKH+RORFDXVW7KHQDPHVRIVRPHRIWKHUHVFXHUVDUHHQJUDYHGWKHUH

³,IHYHU\FRXQWU\DQGHYHU\QDWLRQKDGGRQHZKDWWKH$OEDQLDQVGLGWKH+RORFDXVWPD \QHYHUKDYH
KDSSHQHG´,VODPLVDLG


35,177+,6$57,&/(
&RS\ULJKW%DONDQ,QVLJKWFRP

RI 30