Studies in Sumerian Language and Literature

Anuncio
Studies in Sumerian Language
and Literature
Festschrift für Joachim Krecher
Edited by
N. Koslova, E. Vizirova, and G. Zólyomi
Published for
the Russian State University for the Humanities
by
Eisenbrauns
Winona Lake, Indiana
2014
ISBN 978-1-57506-354-6
ISSN 1938-5668
The paper used in this publication meets the minimum requirements of the American
National Standard for Information Sciences—Permanence of Paper for Printed Library
Materials, ANSI Z39.48-1984. ♾ ™
&RQWHQWV
&RQWHQWV
1.RVORYD*=yO\RPL-RDFKLP.UHFKHU$Q$SSUHFLDWLRQ
6FKULIWHQYHU]HLFKQLV-RDFKLP.UHFKHU
L
LLL
YLL
9$IDQDVLHYD=XHLQLJHQOLWHUDULVFKHQ0LWWHOQLP7H[WpXQLU
3$WWLQJHU,GGLQ'DJDQ$
7K%DONH6RPH2EVHUYDWLRQVRQWKH2OG6XPHULDQ
2QRPDVWLFRQ
%%|FN'LH+\PQH1LQLVLQD$=±PLWHLQHP([NXUV
EHUãDÃ%DXFK0DJHQ'DUP7UDNWµDOV6LW]GHU*HIKOH
*)DUEHU$VSHFW'LVWULEXWLRQLQWKH6XPHULDQ9HUEµWR*LYH
%LUWK¶
:)DUEHU6FKQHOOPLWGHU5HFKWHQYRUVLFKWLJPLWGHU
/LQNHQ
')R[YRJ(OOLSVLVLQ6XPHULDQ
,.DQHYD3DUHQWKHWLF&ODXVHVLQ6XPHULDQ
).DUDKDVKL6XPHULDQ&RQVWUXFWLRQRI)LQLWH9HUE
DDP([SODQDWLRQDQG)RFXV
-.OHLQ$1HZ/RRNDWWKH6XPHULDQ3URYHUE7DEOHWIURP
*HQHYD
1.RVORYD=XGHQ$QIDQJV]HLOHQHLQLJHU(GXEED¶D
.RPSRVLWLRQHQ
0.UHEHUQLN3Ul)ƗUD]HLWOLFKH7H[WHDXV)ƗUD
&0LWWHUPD\HU'HU:HWWVWUHLW]ZLVFKHQ'XPX]LXQG
(QNLPGX
00ROLQD)URP&RXUW5HFRUGVWR6DPPHOXUNXQGHQ
$1HZ7DEOHWIURP8PPDDQG7&/
-2HOVQHU%HPHUNXQJHQ]XP(GXEED¶DLQ8UXN
*6HO]&RQVLGHUDWLRQVRQ1DUUDWLRQLQ(DUO\0HVRSRWDPLD
&:LOFNH*HVHW]HLQVXPHULVFKHU6SUDFKH
$=JROO'HU6RQQHQJRWWDOV7UDQVSRUWHXUYRQ6HHOHQ
3V\FKRSRPSRVXQG'LQJHQ]ZLVFKHQGHQ:HOWHQ
LPDQWLNHQ0HVRSRWDPLHQ
$EEUHYLDWLRQVRI3HULRGLFDOV5HIHUHQFH:RUNV6HULHV
DQG6RXUFHV
Offprint from:
N. Koslova, E. Vizirova, and G. Zólyomi (eds.),
Studies in Sumerian Language and Literature:
Festschrift für Joachim Krecher
© Copyright 2014 Eisenbrauns. All rights reserved.
)URP&RXUW5HFRUGVWR6DPPHOXUNXQGHQ
$1HZ7DEOHWIURP8PPDDQG7&/
0DQXHO0ROLQD
0DGULG
PDQXHOPROLQD#FVLFHV
7KH¿OHVVWRUHGLQWKHDUFKLYHVRIWKHJRYHUQRURIWKH8PPDSURYLQFHLQWKH8U
,,,SHULRGLQFOXGHFRPSLODWLRQVRIYDULRXVFRXUWFDVHVNQRZQWRGD\DV6DPPHOXU
NXQGHQ 7KHVH ZHUH YHU\ FRQFLVH DFFRXQWV WKDW RQO\ SURYLGHG WKH PDLQ FRQFOX
VLRQVRIDODZVXLWRUVRPHEULHILQIRUPDWLRQDERXWLWVLQWHULPVWDJHV2QHRIWKHVH
WH[WV¿UVWVWXGLHGE\$GDP)DONHQVWHLQ16*8LV7&/DFROOHFWLRQ
RIWHQFRXUWFDVHVGHDOLQJZLWKWKHHVWDWHRIDFHUWDLQ$EƯDWL7KLVFRPSLODWLRQZDV
EDVHG RQ OLWLJDWLRQV WKDW SUHVXPDEO\ KDG EHHQ UHFRUGHG LQ PRUH GHWDLOHG FRXUW
UHFRUGV,QIDFWRQHRIWKHPLVQRZLQWKH%ULWLVK0XVHXP%0DQGLV
SXEOLVKHGKHUHIRUWKH¿UVWWLPH7KHDQDO\VLVRIERWKWKHVHWH[WVSURYLGHVDPRUH
FRPSUHKHQVLYHSLFWXUHRIWKHODZVXLWVDQGWKHFRXUWLQTXLULHVWKH\LPSOLHGDEHW
WHUXQGHUVWDQGLQJRIWKHUROHVRIWKHSHRSOHLQYROYHGDQGQHZLQVLJKWVLQWRWKH
UHODWLRQVKLSEHWZHHQWKHUR\DODQGWKHSURYLQFLDODGPLQLVWUDWLRQVLQUHVSHFWRIOH
JDOPDWWHUV
.H\ZRUGV1HR6XPHULDQFXQHLIRUPWDEOHWVFRXUWUHFRUGV8PPDMXGLFLDOV\VWHP
7KHVWXG\RIWKHOHJDOWH[WVGDWHGWRWKH8U,,,SHULRGLVIUHTXHQWO\UDWKHU
IUXVWUDWLQJ :H PD\ WUDQVODWH WKH WDEOHWV DQG EHOLHYH WKDW ZH XQGHUVWDQG
WKHPEXWWKHVWRULHVDUHLQPDQ\UHVSHFWVH[DVSHUDWLQJO\LQFRPSOHWHRUHYHQ
ODFNLQJVHQVH:HPD\QRWRQO\EHLJQRUDQWRIWKHZKROHEDFNJURXQGRIWKH
OLWLJDWLRQEXWZHDUHRIWHQXQDEOHWRLGHQWLI\WKHSHRSOHLQYROYHGRUVRPHRI
WKH WRSRQ\PV UHODWHG WR WKH SURFHVV 6RPHWLPHV QHYHUWKHOHVV WKH DSSHDU
DQFHRIDQHZWH[WDOORZVQHZDSSURDFKHVDQGFDVWVVRPHQHZOLJKWRQWKHDI
IDLUVVXUURXQGLQJWKHOLWLJDWLRQ7KLVLVWKHFDVHRIDQLPSRUWDQWMXGLFLDOGRF
XPHQWIURP8PPD7&/ZKLFKKDVIRXQGDQLQWHUHVWLQJFRPSOH
PHQWLQDQXQSXEOLVKHGWDEOHWNHSWDWWKH%ULWLVK0XVHXP%0
7&/ ZDV SXEOLVKHG E\ +HQUL GH *HQRXLOODF LQ ,W LV D
ODUJH WDEOHW IURP 8PPD ZLWK MXULGLFDO FRQWHQWV ZKLFK ZDV FROODWHG DQG
VWXGLHG E\ $GDP )DONHQVWHLQ 16*8 LQ KLV PRQXPHQWDO 'LH
QHXVXPHULVFKHQ *HULFKWVXUNXQGHQ ± )DONHQVWHLQ FODVVL¿HG LW DV D
6DPPHOXUNXQGHDFROOHFWLRQRIWHQFRXUWFDVHVGHDOLQJZLWKWKHHVWDWHRID
FHUWDLQ $EƯDWL WKDW ZHUH KHOG DW 8PPD 3UHVXPDEO\ WKH OLWLJDWLRQV KDG
6WXGLHVLQ6XPHULDQ/DQJXDJHDQG/LWHUDWXUH
EHHQ ¿UVW UHFRUGHG ZLWK PRUH GHWDLO RQ RWKHU WDEOHWV DQG ¿OHG LQ WKH
DUFKLYHVRIWKHJRYHUQRU,QIDFWRQHRIWKHPZDV%0WRWKHEHVW
RI P\ NQRZOHGJH WKH ¿UVW H[DPSOH RI DQ 8U ,,, FRXUW UHFRUG XVHG WR
FRPSLOHD6DPPHOXUNXQGH+HUHIROORZWKHWUDQVOLWHUDWLRQWUDQVODWLRQDQG
FRPPHQWDU\RIWKHWZRWH[WV
7&/
L
LL
DãD$ELDWL
D
DJDUDNLDPLLQ£DO
LQLPOXNL£JLDOXJDONDWD
XJXOD£HãGDXDJDUQL£LQDãDJDNHLQQDDQSDGHHã
ãHNLDEDNLDPEDGDDQED
NLDPDLQGDDQGDUHã
JX8UQL£DU[JѺDUQXEDQGDNDELLQ£DUHHã
LQLP8UQL£DU[JѺDUQXEDQGDWDDP
ELLQHã
âXG1LQPXJJDXJXODᩤ£Hã"ᩥ
X$SX]XUDDãDUUDDEGX
DãDGDP$ELDWLND*$1$DP
/XJDOPHᩤODPᩥ>HD@ELLQGDU>[@
ELLQHã
EXUX]H[6,*D>[@
8UG0D‚DãXXPPD
(,*,,1'$56$/
PXJѺHãNLULED‚XODãH
$EXXP',§,5HJLUãDNNDQNHOD‚HGDP
ãXNXDP*$1$WDDP
LQLP8UGXG1DQQDQXEDQGDWD
38â$,ãXᩤXPᩥHLQQDDQSD
ãHELNLVXND£DOODEL
8UG1LQPXJJDNH
8UQL£DU[JDѺ UQXEDQGDDPPXGDDQNDUELLQGX
8UQL£DU[JѺDUQXJXEDP
HQODEDQDWDUDU
NDVNDODPXXQWLLO
âDOLPQXULJHPH$ELDWLNDP
HãXãXPPDL]D‚DP
EXUXNDâDUUXEDQLLQGDE
3KRWRJUDSKV RI $2 DUH IRXQG LQ )LJV ± FRXUWHV\ RI WKH 0XVpH GX
/RXYUH%0)LJV±LVKHUHSXEOLVKHGE\NLQGSHUPLVVLRQRIWKH7UXVWHHV
RIWKH%ULWLVK0XVHXP7KLVUHVHDUFKKDVEHHQPDGHSRVVLEOHWKDQNVWRWKH¿QDQFLDO
VXSSRUWJUDQWHGE\WKH6SDQLVK0LQLVWHULRGH(FRQRPtD\&RPSHWLYLGDGWKURXJKWKH
SURMHFW)),±
UHYL
LL
00ROLQD)URP&RXUW5HFRUGVWR6DPPHOXUNXQGHQ«
$GDODOHEDDQGDDQNDU
8UGâDUDX/XNLUL]DOLEJHHQ
JX£HãJX$ELDWL
âXG1LQPXJJDXJXOD£HãGDNH
/XJDOPHODPHEDDQWXPELLQGX
VD£!VD£ULJDQL
VD£GDPQLLQQDDQED
VD£ãHãDQLLQQDDQED
ELLQGX
NLGDP$ELDWLNDLGXUXQHãDDP
GDP$ELDWLX0HV'8JHQHGDP
3XNLQDWLVD££DQLDP
âXG1LQPXJJDNHJHPH$ELDWLNDPELLQGX
JHPH$ELDWLᩤLᩥP>H@ᩤDᩥ
(ãXWXPQDPH>ULP«@
ᩤ[ᩥᩤâ8"ᩥᩤ[ᩥ>«@
>«@
OXLQLPPDãH
LPWDHHã
PDJXU8UG'XPX]LGDGDPJDUãHEDDQãLVD
PDHUHQQDLPHD
âXG1LQPXJJDQDPHULPHEDãXP
,OLDXâX]X
OXLQLPPDãHLPWDHHã
XOXNL£JLDOXJDONHHãXEDDEãXPD
HVLUPDDHDLLQVLJDDLQLPEDD£DDU
HVLUHUHQQDLPHD
âXG1LQPXJJDXJXODQDPHULPELNXGDP
±±±±±±±±±±±±
LQLPLQLPPD
H$ELDWL
8UG1LQPXJJDNHEDDQGH
£LULGâXOJLLOXXOᩤOXᩥN>L£@JLDO>XJDO@
7UDQVODWLRQ
† L ± 7KH ¿HOG RI $EƯDWL KDV WKUHH SORWV LQ D VLQJOH ¿HOG &RQ
FHUQLQJ WKLV RQ WKH FRPPDQG RI WKH NLQJ¶V HQYR\ WKH FDSWDLQ RI VL[W\
PHQDQGWKHJXDUGRIWKH¿HOGIRXQGRXWIRUKLPWKHIROORZLQJRIWKH
EDUOH\RIWKHWKUHHSORWVWKHEDUOH\RIRQHSORWZDVUHJXODUO\GLVWULEXW
HGZKLOHWKH\ 8UQL¦DU¶VRI¿FLDOVGHFHLWIXOO\WRRNRYHUWKHWZRRWKHU
SORWVWKH\DVVLJQHGWKHEDUOH\RIWKHSORWVWR8UQL¦DUWKHFRORQHOWKH\
GHFODUHG³,WZDVGRQHRQWKHFRPPDQGRI8UQL¦DUWKHFRORQHO´
6WXGLHVLQ6XPHULDQ/DQJXDJHDQG/LWHUDWXUH
†L±LLânj1LQPXJDWKHFDSWDLQRIᩤVL[W\"ᩥPHQDQG$SX]XUD
\DWKHãDUUDEGXRI¿FLDOGHFODUHG³/XJDOPHODPGHFHLWIXOO\WRRNRYHUWKH
¿HOGRIWKHZLIHRI$EƯDWLPHDVXULQJHLJKWHHQLNX FDKD´
†LL±:DWHUUHVHUYRLUVDQGSODQWVKDYHEHHQUHPRYHG8U0D…D
ãXPDDQG(,*,,1'$56$/DVWKHRUFKDUGRI$EƯDWLZDVGHVWUR\HGLWLV
$EXPLOXPWKHVHFRQGLQFRPPDQGRIWKHJHQHUDOZKRZLOOEULQJWKHP
†LL±$VIRUWKH¿YHVKDUHVRIVXEVLVWHQFHHDFKHLJKWHHQLNXRQ
WKH FRPPDQG RI 8UGX1DQQD WKH FRORQHO 3X]XU,ãXP IRXQG RXW IRU
KLPWKHIROORZLQJZKLOHWKDWEDUOH\ZDVRQWKHWKUHVKLQJIORRU³LWZDV
8UQL¦DUWKHFRORQHOZKRWRRNLWDZD\IURPPH´8U1LQPXJDGHFODUHG
8UQL¦DU QRW EHLQJ DYDLODEOH KH KDV QRW EHHQ TXHVWLRQHG +H ZDV RQ D
PLOLWDU\H[SHGLWLRQ
†LL±UHYLâDOLPQnjUL EHLQJDVODYHJLUORI $EƯDWL DQGKDYLQJ
IOHGZKHQ"$EƯDWL¶VSURSHUW\ZDVWUDQVIHUUHGâDUUXPEƗQLVHL]HGKHUDW
KDUYHVWWLPH 1HYHUWKHOHVV $GDODO WRRN KHU DZD\ IURP KLP 8UâDUD
DQG/XNLUL]DOKDYHFRQ¿UPHGWKLV
†UHYL±2QH\RNHGR[DQR[RI$EƯDWLânj1LQPXJDWKHFDS
WDLQRIVL[W\PHQGHFODUHG³/XJDOPHODPWRRNLWDZD\´
†UHYL±6KH $EƯDWL¶VZLIHGHFODUHGWKDWWZRVODYHVDUHKHU
PDUULDJHJLIWWKDWKHUKXVEDQGJDYHKHURQHVODYHDQGWKDWKHUEURWK
HU JDYH KHU WKUHH VODYHV 7KDW WKH VODYHV OLYHG DW WKH SODFH RI $EƯDWL¶V
ZLIHKDVWREHFRQ¿UPHGE\$EƯDWL¶VZLIHDQG0HV'8
†UHYL±LL6L[DUHWKHVODYHVRI3njNƯQƗWLânj1LQPXJDKDVGH
FODUHG ³7KH\ DUH VODYHJLUOV RI $EƯDWL´ (ãXWXP >ZDV JLYHQ WRZLOO WDNH@
WKHGHFODUDWRU\RDWKUHJDUGLQJWKHIDFWWKDWWKH\ZHUHVODYHJLUOVRI$EƯ
DWLᩤ31ᩥDQG>31@FDPHIRUZDUGDVZLWQHVVHV
†UHYLL±2QHERDWRIVL[W\JXUZDVERXJKWIURP8U'XPX]LGD
WKHPHUFKDQWânj1LQPXJDZDVJLYHQWRWKHGHFODUDWRU\RDWKUHJDUGLQJ
WKH IDFW WKDW LW ZDV D ERDW ZKLFK EHORQJHG WR WKH HUHQ PLOLWDU\ ,OL¶D
DQGâX]XFDPHIRUZDUGDVZLWQHVVHV
†UHYLL±:KHQWKHNLQJ¶VHQYR\WUDQVIHUUHGWKHSURSHUWLHVRI
$EƯDWLDFODLPZDVODLGRQWKHELWXPHQIRUVKLSVWKDWKH $EƯDWLKDG
GHSRVLWHGLQWKHKRXVHânj1LQPXJDWKHFDSWDLQRIVL[W\PHQZLOOWDNH
WKH GHFODUDWRU\ RDWK UHJDUGLQJ WKH IDFW WKDW LW ZDV ELWXPHQ ZKLFK EH
ORQJHGWRWKHHUHQ PLOLWDU\
UHYLL±/HJDOFDVHFRQFHUQLQJWKHHVWDWHRI$EƯDWL8U1LQPXJD
EURXJKWLW8QGHUWKHUHVSRQVLELOLW\RIâXOJLƒLOOnjOHQYR\RIWKHNLQJ
00ROLQD)URP&RXUW5HFRUGVWR6DPPHOXUNXQGHQ«
&RPPHQWDU\
)RU WKLV WH[W VHH LQ JHQHUDO WKH FRPPHQWDULHV DQG LQWHUSUHWDWLRQ E\
$ )DONHQVWHLQ16*8PRVWRIZKLFKDUHVWLOOSHUIHFWO\YDOLG)RUWKH
LGHQWLW\ RI WKH SHRSOH LQYROYHG LQ WKH FDVHV UHFRUGHG LQ WKLV WH[W DQG LQ
%0VHHEHORZXQGHU3DUWLFLSDQWVDQGGLVSXWDQWV
L ± 2Q WKLV SDUDJUDSK VHH &LYLO ZKR GLVFXVVHV DJDU
QL£LQ µ¿HOG ZDWFKHU¶ VHH DOVR 0DUFKHVL D GDU µWR GR VRPH
WKLQJ E\ IDOODFLRXV PHDQV¶ DQG JX £DU µWR DVVLJQ WR FKDUJH WR WKH DF
FRXQWRIVRPHRQH¶
LDJDUZLWKSKRQHWLFFRPSOHPHQWLVDOVRDWWHVWHGLQ091DQG
$6-S1RDãDDDJDUWXU
L£HãFRXOGKDYHEHHQZULWWHQDIWHUXJXODDQGSDUWLDOO\FRYHUHGE\
WKH¿UVWVLJQRIWKHOLQHRQWKHULJKW
L)RUWKHãDUUDEGXDQRI¿FLDOZKRVHSUHFLVHGXWLHVFRQQHFWHGWRDJ
ULFXOWXUDODFWLYLWLHVVWLOO UHPDLQ XQFOHDUVHH*UpJRLUHDQG6WHLQ
NHOOHU
LL7KHLQWHUSUHWDWLRQRIWKLVOLQHDVµZDWHUUHVHUYRLUVDQGSODQWVKDYH
EHHQUHPRYHG¶LVRQO\WHQWDWLYH7KHZRUGEXULQWKHFRQWH[WRIRUFKDUGV
DQG¿HOGVLVUDUHO\DWWHVWHGLWDSSDUHQWO\GHVLJQDWHGD¿VKLQJSRQGWKDW
ZDV¿OOHGZLWKZDWHUIURPLUULJDWLRQFDQDOVDWWLPHVGLYHUWHGLOOHJDOO\,WLV
DVVRFLDWHGZLWKWKHYHUEQXµWROD\GRZQ¶ZKLFKSUREDEO\GHVLJQDWHGWKH
SUHSDUDWLRQ RI WKH SRQG EHG )LVK IURP SRQGV DUH DWWHVWHG LQ /DJDã ,,
091091DQG8U,,,WDEOHWV$8&761$7
DQG%07KHIROORZLQJWH[WVDUHSDUWLFXODUO\UHOHYDQWIRUWKHLQ
WHUSHWDWLRQRIEXULQWKLVFRQWH[W
DãDNDPDULWDDEDUD‚DDãEXUᩤEDDQQXᩥ>FD±OLQHVORVW@>[@
EDDQᩤ[ᩥ >«@ >[@ NX ãHJ J>XU"@ 8UJѺLãJLJLUNH VXVXGDP µ7KH ZDWHU
ZDVGLYHUWHGIURPWKH¿HOGRI.DPDULDQGD¿VKSRQGZDVODLGRXW«
>[@JXU"RIVPRNHG¿VKDUHWREHUHSDLGE\8UJLJLU¶091
DãDODWXUDEXULQQLQXJXNXᩤEXUᩥLPᩤGH"ᩥµ,QWKH¿HOGRI
/DWXU KH ODLG RXW D ¿VKSRQG VR KH EURXJKW" ¿YH WDOHQWV RI ¿VK IURP
WKHSRQG¶%0LL±XQSXEO
DJDUDJDUWDDXPWD‚DãEXUXPXQLLEQXQXNLQDPãX‚DGD
XPPL£DU£DU NX JXU XPXGXEGXE µ:KHQ ZDWHU KDV EHHQ GLYHUWHG
IURPWKH¿HOGV ZKHQWKH ¿VKSRQGVKDYH EHHQODLGRXWZKHQWKH ¿VK
LQJ SODFHV KDYH EHHQ SUHSDUHG ZKHQ WKH ¿VK KDYH EHHQ SLOHG XS¶
6XPPHUDQG:LQWHU±FI(7&6/
)RU ]HL[6,* µWR FXW UHPRYH WHDU RXW PXWLODWH¶ VHH 0ROLQD±6XFK
*XWLpUUH]VHHDOVR0H\HU/DXULQ
6WXGLHVLQ6XPHULDQ/DQJXDJHDQG/LWHUDWXUH
LL(,*,,1'$56$/ VKRXOGEHWKHQDPHRIDQRI¿FLDOZKRWRJHWKHU
ZLWK 8U0D…DãXPD FRPSULVH WKH SOXUDO REMHFW RI WKH YHUE OD‚HGDP ,
FDQQRWJLYHDQLQWHUSUHWDWLRQRIWKLV31ZKLFKLVRWKHUZLVHXQDWWHVWHG
LL ± UHY L )RU H ãX ãXP µWR WUDQVIHU WKH DGPLQLVWUDWLRQ RI D
SURSHUW\¶ VHH *UpJRLUH 6LJULVW 6DOODEHUJHU 0DHNDZD 0LFKDORZVNL ± 'DKO DQG
3DROHWWL $IWHU $EƯDWL¶V GHDWK VRPH RI KLV EHORQJLQJV ZHUH
WHPSRUDULO\ PDQDJHG E\ D UR\DO HQYR\ DV PHQWLRQHG LQ UHY LL VHH
EHORZXQGHU3DUWLFLSDQWVDQGGLVSXWDQWV3UREDEO\DWWKDWWLPHWKHVODYH
JLUO âDOLPQnjUL IRXQG DQ RSSRUWXQLW\ DQG IOHG EXW ZDV FDSWXUHG E\ WKH
ZHOONQRZQ SXUVXHU âDUUXPEƗQL VHH 0ROLQD DQG +HLPSHO
1HYHUWKHOHVVVKHZDVQRWUHWXUQHGWRKHUOHJLWLPDWHRZQHUEXW
WRDFHUWDLQ$GDODOSHUKDSVDPHPEHURIWKHPLOLWDU\
5HYL)RUVD£ULJDJLIWUHFHLYHGE\WKHZRPDQRQWKHRFFDVLRQRI
KHUPDUULDJHZKLFKUHPDLQHGKHUSURSHUW\DQGZDVWKXVGLIIHUHQWIURP
WKH GRZU\ VHH &LYLO ± ,Q RXU WH[W WKH UHGXSOLFDWLRQ RI VD£
KDVEHHQDYRLGHGSHUKDSVLQDGYHUWHQWO\EXWQRGRXEWUHIHUHQFHLVEHLQJ
PDGHWRWZRVODYHV
5HYL±LL2QWKLVSDUDJUDSKVHH6DOODEHUJHU
5HY LL 2Q 8U'XPX]LGD VHH 1HXPDQQ DQG 6WHLQNHOOHU
5HYLL)RUDGLVFXVVLRQRQJHQLWLYHFRQVWUXFWLRQVOLNHLQLPLQLPPD
VHH -DJHUVPD ± ,WV UHDGLQJ DQG LQWHUSUHWDWLRQ DUH QRW
DOZD\VHDV\WRDVFHUWDLQ,QWKHFRQWH[WRILQFDQWDWLRQVLWLVWREHUHDG ND
LQLPPD 6FKUDPP )LQNHO LQ VXFK FRQWH[WV DQG LQ
(GXEEk WH[WV LW GHVLJQDWHG D ³¿[HG ZRUGLQJ´ 0LWWHUPD\HU ±
2WKHUSDVVDJHVLQOLWHUDU\WH[WVDUHPRUHGLI¿FXOWWRLQWHUSUHWH J
/68±GXEODPD‚NLQDPWDUUHGH.$LQLPPDQX£DOJLãѺ JX]D
NL GL NXUXEL QXPXXQJXE GL VL QXXPVDH µ7KHUH ZDV QR HOR
TXHQFH" LQ WKH 'XEODPD… WKH SODFH ZKHUHRDWKV" XVHG WR EH WDNHQ 7KH
WKURQHZDVQRWVHWXSDWLWVSODFHRIMXGJPHQWFDVHVZHUHQRWVHWWOHG¶FI
0LFKDORZVNL DQG (7&6/ EXW VHH WKH UHPDUNV E\ $WWLQJHU
Q
,QRXUFRQWH[WWKHUHDGLQJLQLPLQLPPDLVVXJJHVWHGE\WKHOH[LFDOVH
TXHQFH LQ 6,*$/$1 ,9 ± 06/ S ZKLFK LQFOXGHV LQLP
LQLPPD DPkWXµPDWWHUDIIDLUOHJDOFDVH¶IRUWKHXVHRIWKHSOXUDOIRUP
RI DZƗWXP ZLWK WKLV PHDQLQJ VHH &$' $ ± VY DPDWX $ 7KLV LV
WKH PHDQLQJ WKDW ¿WV EHWWHU ZLWK WKH 8U ,,, WH[WV ZKHUH WKLV H[SUHVVLRQ
RFFXUV 7&/%0 %32$DQGWZHQW\RQHPHV
00ROLQD)URP&RXUW5HFRUGVWR6DPPHOXUNXQGHQ«
VHQJHUWH[WVIURP§LUVX,Q%0DQG%32$ LQLPLQLPPD
DSSHDUV LQ WKH VDPH FRQWH[W DV WKH FRPSRXQGYHUE HQWDUµWRTXHVWLRQ
WRLQWHUURJDWHWRLQYHVWLJDWH¶%32$LVDWDEOHWWKDWUHFRUGVEDUOH\
H[SHQVHV IRU VHHG IRGGHU DQG ZDJHV FDOFXODWHG DIWHU WKH UHFHLSWV
SUHVHQWHG E\ FKLHI SORW PDQDJHUV QXEDQGD JX WKH WH[W FRQFOXGHV
LQLP LQLPPD QL£NDV QXEDQGD JXNHQH HQEL WDUUH µWKH DIIDLU
FRQFHUQLQJ WKH EDODQFHG DFFRXQW RI WKH FKLHI SORW PDQDJHUV KDV WR EH
LQYHVWLJDWHG¶7KH PHVVHQJHUWH[WJURXSIURP§LUVX GLVFXVVHGE\31RWL
]LD±GHDOVZLWKHQYR\VVXNNDOOXJLãѺ WXNXOZKRWUDYHOOHG
WRWDNHSDUWLQOHJDOSURFHVVHVWKDWFRQFHUQHGVWROHQDQLPDOV1LVDED±
DQGDPDQFDOOHG/XJDONX]X7&7,DQGWKHVRQRI
WKHJRYHUQRU07%0LQPRVWRIWKHWH[WVWKHUHDVRQVIRUWKHSURF
HVV DUH QRW VSHFL¿HG 1RWL]LD DGG &86$6 DQG0F1HLO1RLQVRPHWH[WVLQLP LQLPPDLVDEEUHYLDWHG
DVLQLPUHIHUHQFHVFROOHFWHGE\1RWL]LD
$FFRUGLQJ WR %0 VHH EHORZ WKUHH LQTXLULHV HQ WDU ZHUH
PDGH DIWHU 8U1LQPXJD¶V FODLP 7KH ZKROH SURFHVV ZDV GHVFULEHG ZLWK
WKHSKUDVHLQLPLQLPPD8UG1LQPXJJDNDLL±µFDVHRI8U1LQ
PXJD¶ ZKLFK ZDV FOHDUO\ GLVWLQJXLVKHG IURP GL µFDVH SURFHVV¶ LL ±
UHYL LJL HQVLNDãH >DQG VHYHQ PRUH RI¿FLDOV@ GLEL EDWLO 7KH
QXDQFHVDQGGLIIHUHQFHVEHWZHHQWKHVHWZRWHUPVLQ8U,,,WLPHVDUHQRW
HQWLUHO\FOHDUDOWKRXJKLWVHHPVWKDWWKHZRUGGLLPSOLHGWKHLQWHUYHQWLRQ
RI DQ DXWKRULWDWLYH WKLUG SDUW\ VHH &XOEHUWVRQ ± ZKLOH LQLP
LQLPPDGLGQRW
%0
$6±îîPP
L
ᩤ[[/80"ᩥ>UD"@
OXNL£>JLD@OXJDO>NH"@
HQDEDQ>DWDU@
WXNXP>EL@8UG1LQPXJ>JD@UDDPEDDQ>QD@ãXPLEEH
8UG1LQPXJJDNHEDDQWXP
WXNXPELLQLPLLP£DOODDPLEEH
GDP$ELDWLNHEDDQWXP
1DQDDQXUL
$ƒLEDDãWL
âDOLPQXUL
GDP$ELDWLNH
LL
UHYL
LL
6WXGLHVLQ6XPHULDQ/DQJXDJHDQG/LWHUDWXUH
>«@
>«@$1>«@
>«@ᩤ[ᩥ$1>«@
>«@1,ᩤ[ᩥ
>«@ãHã>[@
>HQEL"WDU"@UHG>DP"@
>8UQL£DU[@JѺDUNDVNDOW>D@>«@£HQ
ãHD>ãD«@ᩤ[ᩥDND
HQ>ELWDU@UHGDP
±±±±±±±±±±±±
LQLPLQLPPD
8UG1LQPXJJDND
LJLHQVLNDãH
LJL8UG%DXGXPX*XGXGXãH
LJL1,GDPXãH
LJL/XGâDUDGXPXXPPLDãH
LJL8EDUQXEDQGDãH
LJLâDUUXXPLOLQXEDQGDãH
LJL/XJDOPHODPãH
LJL$EXXP',§,5HJLUãDNNDQãH
±±±±±±±±±±±±
GLELEDWLO
G
âXOJLLOXXOOXNL£JLDOXJDOPDãNLP
±±±±±±±±±±±±
±±±±±±±±±±±±
>«@
>PXG$PDUG(1@=8>OXJDOHâDDã@ãXUX>NLPX@‚XO
7UDQVODWLRQ
L±2QFHWKHHQYR\RIWKHNLQJKDVTXHVWLRQHGᩤ31ᩥLIKHVKHVD\V
WKDWLWLVWR8U1LQPXJDWRZKRPWKHVODYHZDVJLYHQ8U1LQPXJDZLOO
WDNH KHUKLP WKH VODYH LI KHVKH VD\V WKDW VKH KDV D OHJLWLPDWH FODLP
WKHQWKHZLIHRI$EƯDWLZLOOWDNHKHUKLPWKHVODYH
L ± LL &RQFHUQLQJ WKH VODYHJLUOV 1DQkQnjUL $…LEƗãWƯ DQG
âDOLPQnjULWKHZLIHRI$EƯDWL«KHUEURWKHU«ZLOOEHTXHVWLRQHG
LL±:KHQ8UQL¦DUFRPHVEDFNIURPWKHPLOLWDU\H[SHGLWRQKHZLOO
EHTXHVWLRQHGDERXWWKHEDUOH\RIWKH¿HOG«
LL±/HJDOFDVHRI8U1LQPXJD
LL±UHYL%HIRUHWKHJRYHUQRUEHIRUH8U%DZXVRQRI*XGXGX
EHIRUH 1,GDPX EHIRUH /XâDUD DVVLVWDQW RI WKH KHDG JDUGHQHU EHIRUH
8EDU WKH FRORQHO EHIRUH âDUUXPLOƯ WKH FRORQHO EHIRUH /XJDOPHODP
EHIRUH$EXPLOXPWKHYLFHJHQHUDO
00ROLQD)URP&RXUW5HFRUGVWR6DPPHOXUNXQGHQ«
UHYL7KLVFDVHKDVEHHQFORVHG
UHYLâXOJLƒLOOnjOHQYR\RIWKHNLQJZDVWKHFRPPLVVLRQHU
UHYLL±«7KH\HDU$PDU6XHQWKHNLQJGHVWUR\HGâDãUXP
3DUWLFLSDQWVDQGGLVSXWDQWV
,Q KLV FRPPHQWDU\ WR 7&/ 16*8 )DONHQVWHLQ QRWHG
WKDW PRVW RI WKH SHRSOH UHFRUGHG LQ WKH WH[W ZHUH XQNQRZQ LQ RWKHU
VRXUFHV IURP 8PPD ZKLOH WKH HTXDOO\ XQNQRZQ WRSRQ\PV VKRXOG EH
ORQJ WR D UHJLRQ QRW GRFXPHQWHG LQ 8PPD WH[WV 0RVW UHFHQWO\ 3LRWU
6WHLQNHOOHU±KDVGHDOWZLWKVRPHDVSHFWVRIWKLVGRFX
PHQWLGHQWLI\LQJWKHPHPEHUVRIWKHPLOLWDU\RUJDQL]DWLRQPHQWLRQHGLQ
LW DV FRPLQJ IURP 1$*VX D UR\DO VHWWOHPHQW ZLWK VFDUFH DGPLQLVWUDWLYH
SUHVHQFHRIWKHLQVWLWXWLRQDOHFRQRP\,QWKLVOLJKWWKHIROORZLQJUHPDUNV
ZLOOGUDZRQHYLGHQFHUHJDUGLQJWKHPDQ\SHRSOHZKRLQWHUYHQHGLQWKH
SURFHVV
D3ODLQWLII,WFDQEHJOHDQHGIURP%0WKDW8U1LQPXJDZDV
WKHSODLQWLIILQYROYHGLQDOOWKHFDVHVUHFRUGHGLQ7&/+LVLGHQWL
W\FRXOGEHGHGXFHGIURPWKHWH[WSXEOLVKHGLQ2ULHQWS1R
â " ZKHUH D FHUWDLQ 8U1LQPXJD LV UHFRUGHG DV VRPHRQH ZRUNLQJ
IRU 8UGX1DQQD D FRORQHO ZKR ZDV DOVR LQYROYHG LQ WKH LQYHVWLJDWLRQ
UHFRUGHGLQRXUWH[W$QRWKHUFOXHWRHVWDEOLVKLQJ8U1LQPXJD¶VLGHQWLW\
LV JLYHQ E\ %32$ â D WDEOHW UHFRUGLQJ D GHOLYHU\ RI EDUOH\
UHFHLYHG E\ 8U1LQPXJD WKH PHUFKDQW RQ EHKDOI RI 8UGX1DQQD WKH
FRORQHO,ILQERWKFDVHV8U1LQPXJDLVLQIDFWWREHLGHQWL¿HGZLWKWKH
SODLQWLIIRIRXUWH[WVRQHVKRXOGFRQFOXGHWKDWKHZRUNHGIRUWKH&URZQ
DVDPHUFKDQW8U1LQPXJD¶VSURIHVVLRQPD\DOVR¿QGVXSSRUWIURPWKH
IDFW WKDW KH ZDV SRVVLEO\ WKH VRQ RI $EƯDWL ZKR ZRUNHG ZLWK WKH ZHOO
NQRZQ PHUFKDQW 8U'XPX]LGD † ,Q WKLV UHJDUG LW VKRXOG EH QRWHG
WKDW RQ WZR RFFDVLRQV † DQG † 7&/ PHQWLRQV WKDW WKH
EHORQJLQJVRI$EƯDWLKDGEHHQWUDQVIHUUHGXVLQJDWHUPHãXãXPPD
WKDW VWDQGV IRU WKH WUDQVIHU RI D SURSHUW\ RQ D WHPSRUDU\ EDVLV VHH
2ULHQW S 1R ãH JXU OXJDO NLãLE 8UG1LQPXJJD
QDPQXEDQGD 8UGXG1DQQD ãH JXU NLãLE ¦H'8'8 QDPQX
EDQGD%XX]DDNLãLEQDPHUHQQD8UGXãXEDWLOXELQHEDDQGHHã
PX XVVD PX XVVDDEL â " 7KLV WH[W KDV EHHQ VWXGLHG E\ 6WHLQNHOOHU
7H[W
%32$ãHJXUOXJDOãHXUUD]LGDNL$GGDWDPX8UGX
G
1DQQDQXEDQGDãH8UG1LQPXJJDGDPJDUãXEDWLJXUX'XNXVLJWD
â[LL
6WXGLHVLQ6XPHULDQ/DQJXDJHDQG/LWHUDWXUH
ELEOLRJUDSK\ DERYH XQGHU 7&/ LL ± UHY L 0RVW SUREDEO\
DIWHU$EƯDWL¶VGHDWKDQGWKHLQWHUUXSWLRQRIWKHEXVLQHVVKHKDGZLWKWKH
&URZQWKH DVVHWVWKDWOHJLWLPDWHO\ EHORQJHGWRWKHODWWHUZHUHUHFRYHUHG
E\UR\DOUHSUHVHQWDWLYHV7KHIUHH]LQJDQGEDODQFLQJRIDPHUFKDQW¶VDVVHWV
DIWHUKLVGHDWKDUHNQRZQLQUHODWLRQWRWKH)LVFDO2I¿FHRIWKHSURYLQFLDO
DGPLQLVWUDWLRQIURP1LNDWH[WGLVFXVVHGE\6WHLQNHOOHU±
,QRXUFDVHLWVHHPVWKDW$EƯDWL¶VVRQFKDOOHQJHGWKHRXWFRPHRIWKH
UR\DODVVHVVPHQWDWOHDVWLQFDVHV†DQG†
E 'HIHQGDQWV %HVLGHV WKH DERYHPHQWLRQHG FODLPV WKDW FRQFHUQHG KLV
IDWKHU¶V DFWLYLWLHV DV D PHUFKDQW 8U1LQPXJD UDLVHG FODLPV DJDLQVW 8U
QL¦DU WKH FRORQHO † † $V 6WHLQNHOOHU KDV SRLQWHG RXW QKHLVPRVWSUREDEO\WKHVDPH8UQL¦DUFRORQHORI1$*VXDWWHVWHG
LQ0ROLQD1R%RWKLQ7&/DQG%0LWLV
VDLG WKDW WKH LQYHVWLJDWLRQ FRQFHUQLQJ WKH PLVDSSURSULDWLRQ KH ZDV DF
FXVHGRIUHPDLQHGXQUHVROYHGEHFDXVHKHZDVDZD\RQDPLOLWDU\H[SHGL
WLRQ 8U1LQPXJD UDLVHG IXUWKHU FODLPV DJDLQVW 8U0D…DãXPD DQG
(,*,,1'$56$/ † $GDODO † DQG /XJDOPHODP † DQG †
SHUKDSV DOVR PLOLWDU\ RI¿FLDOV IURP 1$*VX DOWKRXJK WKLV LV QRW EH\RQG
GRXEW 7KH FODLPV DJDLQVW $GDODO † DQG /XJDOPHODP † DOVR
LPSOLHGDOLWLJDWLRQEHWZHHQ8U1LQPXJDDQG$EƯDWL¶VZLIHSUHVXPDEO\
KLV PRWKHU FDVH † LV FORVHO\ UHODWHG WR FDVH † ZKLFK %0 UHFRUGHG DV D GLVSXWH EHWZHHQ 8U1LQPXJD DQG $EƯDWL¶V ZLIH $QRWKHU
FODLPUDLVHGDJDLQVWDPHPEHURI8U1LQPXJD¶VIDPLO\ZDVSUREDEO\WKH
RQHUHFRUGHGLQFDVH†ZKHUH3njNƯQƗWLSRVVLEO\DFKLOGRI$EƯDWLZDV
QRWUHFRJQL]HGDVWKHOHJLWLPDWHRZQHURIVL[VODYHJLUOV
F5R\DOFRPPLVVLRQHUâXOJLƒLOOnjOZDVWKHFRPPLVVLRQHUPDãNLPGHV
LJQDWHGE\WKH&URZQWRFRRUGLQDWHWKHLQTXLULHVDQGGHOHJDWHLQYHVWLJD
WLRQVKHLVDOVRDWWHVWHGLQ3'7â[L
G ,QYHVWLJDWRUV 0LOLWDU\ RI¿FLDOV RI DOO UDQNV ZHUH LQYROYHG LQ WKHVH
LQYHVWLJDWLRQV $EXPLOXP YLFHJHQHUDO SUREDEO\ RI 1$*VX ZDV LQ
FKDUJH RI EULQJLQJ WKRVH UHVSRQVLEOH IRU WKH GHVWUXFWLRQ RI DQ RUFKDUG
† 8UGX1DQQD FRORQHO SUREDEO\ RI 1$*VX DVNHG 3X]XU,ãXP WR
7KLV8UQL¦DUFRXOGKDYHEHHQSURPRWHGWRWKHUDQNRIJHQHUDOODWHULIKHLV
WKHVDPH8UQL¦DUJHQHUDORI1$*VXDWWHVWHGLQ%32$â6VHH0ROLQD
Q
)RU WKH 31 âXOJLƒLOOnjO VHH 9HUGHUDPH ± )RU WKH UROH RI WKH
PDãNLPLQ8U,,,OHJDOWH[WVVHH0ROLQD±
6WHLQNHOOHU Q DQG FI 6$7 6WHLQNHOOHU LELG 7H[W
ZKHUH8UGX1DQQDFRORQHORI1$*VXLVDWWHVWHG
00ROLQD)URP&RXUW5HFRUGVWR6DPPHOXUNXQGHQ«
LQYHVWLJDWH 8UQL¦DU † ânj1LQPXJD FDSWDLQ SUREDEO\ RI 1$*VX
LQYHVWLJDWHG FDVHV † † † † † DQG † KH ZDV RFFDVLRQDOO\
DVVLVWHG E\ RWKHU SURIHVVLRQDOV VXFK DV D ¿HOG ZDWFKHU † DQG D
ãDUUDEGXRI¿FLDO†
H%\VWDQGHUV7KHOLWLJDWLRQVUHFRUGHGLQ%0ZHUHDWWHQGHGE\
VHYHUDORI¿FLDOV2QEHKDOIRIWKHSURYLQFLDODGPLQLVWUDWLRQWKHJRYHUQRU
RI8PPDZKRLQWKDW\HDU$6ZDV8U/LVLSUHVLGHGRYHUWKHFDVHVDW
KLV VLGH ZDV 8U%DZX VRQ RI *XGXGX ZKR ZDV SHUKDSV WKH VRQ RI
'DGDJDEURWKHURI8U/LVLDQGODWHUJRYHUQRURI8PPD2QEHKDOIRI
WKHUR\DODGPLQLVWUDWLRQWKHIROORZLQJRI¿FLDOVZHUHSUHVHQW$EXPLOXP
DYLFHJHQHUDOLQYROYHGLQWKHLQYHVWLJDWLRQVHHDERYHâDUUXPLOƯDFROR
QHOSRVVLEO\RI§LUVX8EDUDFRORQHO1,GDPXDSHULSDWHWLFRI¿FLDODS
SRLQWHGE\WKH&URZQDQG/XJDOPHODP PRVWSUREDEO\WKHRI¿FLDODF
FXVHGLQ7&/RIKDYLQJWDNHQRYHUWKH¿HOGRI$EƯDWL¶VZLIHDQGD
\RNHGR[WKDWEHORQJHGWR$EƯDWL7KHDVFULSWLRQRI/XâDUDDVVLVWDQWRI
WKHKHDGJDUGHQHULVXQFHUWDLQ
7KHFDVHV
2XUWZRWH[WVSURYLGHHYLGHQFHIRUDQLPSRUWDQWFRXUWFDVHWKDWFRQ
FHUQHGWKHHVWDWHRI$EƯDWLSUREDEO\DPHUFKDQWZKRZRUNHGIRUWKH
&URZQ $IWHU $EƯDWL¶V GHDWK WKH PLOLWDU\ LQVWLWXWLRQ VRPH RI LWV
RI¿FHUVKLVZLIHDQGSHUKDSVVRPHRWKHURIKLVFKLOGUHQVHL]HGVRPH
RIKLVSURSHUWLHV8U1LQPXJDSRVVLEO\KLVVRQDQGKHLUZKRSHUKDSV
KDG EHHQ DZD\ EHFDXVH KH ZDV D PHUFKDQW UDLVHG FHUWDLQ FODLPV
DJDLQVWWKHP7KHFRXUWFDVHSURFHHGHGLQVHYHUDOVWDJHVRQHRIWKHP
UHFRUGHG LQ %0 7KLV WH[W SURYLGHVVRPHDGGLWLRQDO LQIRUPD
WLRQ RQ WKUHH RI WKH FODLPV SUHVHQWHG E\ 8U1LQPXJD QDPHO\ WKRVH
WKDW FRQFHUQHG WKH SURSHUW\ RI VODYHV DQG WKH \LHOG RI D ¿HOG 7KH
UHODWLRQVKLS RI WKH OHJDO FDVHV UHFRUGHG LQ WKHVH WZR WH[WV FRXOG EH
HVWDEOLVKHGDVIROORZV
'DKODQGQ0ROLQDQ
6WHLQNHOOHU±0ROLQD
0ROLQDQ
6WXGLHVLQ6XPHULDQ/DQJXDJHDQG/LWHUDWXUH
7&/%0
†UHYL±6KH $EƯDWL¶VZLIHGH FODUHG WKDW WZR VODYHV DUH KHU PDU
ULDJHJLIW
KHUKXVEDQGJDYHKHURQHVODYH
DQGKHUEURWKHUJDYHKHUWKUHHVODYHV
7KDW WKH VODYHV OLYHG DW WKH SODFH RI
$EƯDWL¶V ZLIH KDV WR EH FRQ¿UPHG E\
$EƯDWL¶VZLIHDQG0HV'8
L ± 2QFH WKH HQYR\ RI WKH NLQJ KDV
TXHVWLRQHGᩤ31ᩥLIKHVKHVD\VWKDWLWLV
WR 8U1LQPXJD WR ZKRP WKH VODYH
ZDV JLYHQ 8U1LQPXJD ZLOO WDNH KHU
KLP WKH VODYH LI KHVKH VD\V WKDW VKH
KDV D OHJLWLPDWH FODLP WKHQ WKH ZLIH
RI$EƯDWLZLOOWDNHKHUKLPWKHVODYH
† LL ± $V IRU ¿YH VKDUHV RI VXEVLV
WHQFHRIHLJKWHHQLNXHDFKRQWKHFRP
PDQG RI 8UGX1DQQD WKH FRORQHO 3X
]XU,ãXPIRXQGRXWIRUKLPWKHIROORZ
LQJZKLOHWKDWEDUOH\ZDVRQWKHWKUHVK
LQJIORRU ³LW ZDV 8UQL¦DU WKH FRORQHO
ZKRWRRNLWDZD\IURPPH´8U1LQPXJD
GHFODUHG 8UQL¦DU EHLQJ QRW DYDLODEOH
KHKDVQRWEHHQTXHVWLRQHG+HZDVRQD
PLOLWDU\H[SHGLWLRQ
L ± LL &RQFHUQLQJ WKH VODYHJLUOV
1DQkQnjUL $…LEƗãWƯ DQG âDOLPQnjUL
WKH ZLIH RI $EƯDWL « KHU EURWKHU «
ZLOOEHTXHVWLRQHG
LL±:KHQ8UQL¦DUFRPHVEDFNIURP
WKHPLOLWDU\H[SHGLWLRQKHZLOOEHTXHV
WLRQHGDERXWWKHEDUOH\RIWKH¿HOG«
&RQVLGHULQJWKHWZRWH[WVWRJHWKHUWKHFODLPVUDLVHGE\8U1LQPXJD
FRXOGEHVXPPDUL]HGDVIROORZV
† 8UQL¦DUDFRORQHORI1$*VXDSSURSULDWHGWKHEDUOH\RIWZRSORWVRI
D¿HOGWKDWEHORQJHGWR$EƯDWL7KHLQYHVWLJDWLRQZDVFDUULHGRXWE\
ânj1LQPXJDWKHFDSWDLQRIVL[W\PHQDQGWKHJXDUGRIWKH¿HOGRQ
WKHFRPPDQGRIWKHUR\DOHQYR\âXOJLƒLOOnjOZKRDSSDUHQWO\DOVRFR
RUGLQDWHGWKHUHVWRIWKHLQTXLULHV:LWKWKHGHPRQVWUDWLRQWKDWWKH
SORWV EHORQJHG WR $EƯDWL LW LV DVVXPHG WKDW 8U1LQPXJD KLV KHLU
ZDV UHFRJQL]HG DV WKHLU OHJLWLPDWH RZQHU 7KLV PXVW DOVR KDYH EHHQ
WKHFDVHIRU††DQG†
† 7KHVDPHânj1LQPXJDDQG$SX]XUD\DDãDUUDEGXRI¿FLDOFRQFOXG
HGWKDW/XJDOPHODPVHL]HGWKH¿HOGRI$EƯDWL¶VZLIHWKLV/XJDOPH
ODP ZDV SUREDEO\ WKH E\VWDQGHU UHFRUGHG LQ %0 ,Q WKLV
FDVH,SUHVXPHWKDWWKHUHZDVDGLVSXWHEHWZHHQ 8U1LQPXJDDQG
$EƯDWL¶V ZLIH FRQFHUQLQJ WKHRZQHUVKLSRID¿HOGZKLFK/XJDOPH
ODPKDGLOOHJDOO\DSSURSULDWHG
00ROLQD)URP&RXUW5HFRUGVWR6DPPHOXUNXQGHQ«
† 8U0D…DãXPD DQG (,*,,1'$56$/ ZHUH FRQVLGHUHG UHVSRQVLEOH
IRUWKHGHVWUXFWLRQRI$EƯDWL¶VRUFKDUG$EXPLOXPWKHYLFHJHQHUDO
RI1$*VXZDVDSSRLQWHGWRVHL]HWKHP
† $VSDUWRIWKHLQYHVWLJDWLRQFDUULHGRXWE\3X]XU,ãXPRQWKHFRP
PDQG RI 8UGX1DQQD D FRORQHO RI 1$*VX 8U1LQPXJD GHFODUHG
WKDW 8UQL¦DU DOVR D FRORQHO RI 1$*VX VHL]HG KLV EDUOH\ IURP WKH
WKUHVKLQJ IORRU 1HYHUWKHOHVV 8UQL¦DU FRXOG QRW EH TXHVWLRQHG RQ
WKLVUHJDUGVLQFHKHZDVDZD\RQDPLOLWDU\H[SHGLWLRQ
† âDOLPQnjUL D VODYHJLUO RI $EƯDWL IOHG IURP KLV KRXVHKROG EXW ZDV
FDSWXUHG E\ WKH SXUVXHU âDUUXPEƗQL 7KH VODYHJLUO ZDV QRW UH
WXUQHG WR KHU OHJLWLPDWH RZQHU 2Q WKH FRQWUDU\ LW ZDV FRQ¿UPHG
WKDWDFHUWDLQ$GDODOSHUKDSVDQRI¿FLDOIURPWKHPLOLWDU\RUJDQL]D
WLRQ RI 1$*VX WRRN KHU DZD\ IURP KLP âDOLPQnjUL ZDV RQH RI WKH
WKUHHVODYHJLUOVFODLPHGE\8U1LQPXJDLQFDVH†VDLGE\$EƯDWL¶V
ZLIHWRKDYHEHHQJLYHQWRKHUE\KHUEURWKHU
† /XJDOPHODP DSSURSULDWHG DQ R[ WKDW EHORQJHG WR $EƯDWL D IDFW
FRQ¿UPHGE\WKHVWDWHPHQWRIânj1LQPXJDWKHFDSWDLQ
† $EƯDWL¶VZLIHGHFODUHGWKDWVKHUHFHLYHGWZRVODYHVDVDPDUULDJHJLIW
SUREDEO\ IURP KHU IDWKHU RQH VODYH IURP KHU KXVEDQG DQG WKUHH
VODYHVIURPKHUEURWKHU$VIRUWKHVODYHUHFHLYHGIURPKHUKXVEDQG
%0VWDWHVWKDWWKHOLWLJDWLRQZRXOGEHVROYHGZKHQVRPHRQH
ZKRVH QDPH LV QRW SUHVHUYHG ZDV TXHVWLRQHG E\ WKH NLQJ¶V HQYR\
&RQFHUQLQJWKHWKUHHVODYHJLUOVFDOOHG1DQkQnjUL$…LEƗãWƯDQGâD
OLPQnjULJLYHQWR$EƯDWL¶VZLIHE\KHUEURWKHUWKHUHVROXWLRQRIWKH
FRQIOLFW ZRXOG KDYH WR ZDLW XQWLO $EƯDWL¶V ZLIH DQG 0HV'8 SRVVLEO\
KHUEURWKHUFRQ¿UPHGWKDWWKHVODYHVOLYHGLQWKHKRXVHRI$EƯDWL¶V
ZLIH $FFRUGLQJ WRFDVH†âDOLPQnjUL KDGIOHG EXW VKH ZDVVHL]HG
E\âDUUXPEƗQLDQGXQODZIXOO\JLYHQWRDFHUWDLQ$GDODO
† 6L[ VODYHJLUOV ZHUH VDLG WR EH WKH SURSHUW\ RI 3njNƯQƗWL SRVVLEO\ D
FKLOGRI$EƯDWL7KDQNVWRWKHVWDWHPHQWRIânj1LQPXJDWKHFDSWDLQ
LQFKDUJHRIWKHLQYHVWLJDWLRQWKHRDWKRI(ãXWXPRQHRIWKHVODYH
JLUOV"DQGWKHWHVWLPRQ\RIWZRZLWQHVVHVLWZDVGHPRQVWUDWHGWKDW
WKHVODYHJLUOVEHORQJHGWR$EƯDWL¶VKRXVHKROG
† ,W ZDV GHFLGHG WKDW D VKLS ERXJKW IURP 8U'XPX]LGD DFWXDOO\ EH
ORQJHG WR WKH PLOLWDU\ SUREDEO\ EHFDXVH $EƯDWL SXUFKDVHG LW IRU
WKHP7KLVZDVFRQ¿UPHGE\WKHRDWKRIânj1LQPXJDDQGWKHVWDWH
PHQWRIWZRZLWQHVVHV
6WXGLHVLQ6XPHULDQ/DQJXDJHDQG/LWHUDWXUH
†,WZDVHVWDEOLVKHGWKDWELWXPHQVWRUHGDW$EƯDWL¶VSODFHDFWXDOO\EH
ORQJHGWRWKHPLOLWDU\SUREDEO\DOVREHFDXVHKHSXUFKDVHGLWIRUWKH
PLOLWDU\ 7KLV ZRXOG EH FRQ¿UPHG WKURXJK WKH GHFODUDWRU\ RDWK RI
ânj1LQPXJD
&RQFOXVLRQV
7KHWRZQRI1$*VXWRZKLFKVRPHRIWKHSHRSOHLQYROYHGLQWKHSURFHVV
EHORQJHG ZDV D UR\DO VHWWOHPHQW ZLWKLQ WKH 8PPD SURYLQFH ,W VKRXOG
SUREDEO\EHLGHQWL¿HGZLWKWKHVLWH:6ZKLFKOLHVNPQRUWKZHVW
RI 8PPD 6WHLQNHOOHU $V D UR\DO VHWWOHPHQW 1$*VX HQMR\HG
OLPLWHG LQWHUIHUHQFH LQ LWV EXVLQHVV IURP WKH SURYLQFLDO DGPLQLVWUDWLRQ
ZKRVHHFRQRPLFLQWHUHVWVLQLWZHUHRQO\PDUJLQDO6WHLQNHOOHU
1HYHUWKHOHVV WKH WH[WV GLVFXVVHG KHUH DQG VHYHUDO RWKHUV VKRZ WKDW WKH
SURYLQFLDOVWUXFWXUHRIWKH8U,,,VWDWHUHTXLUHGDQHTXLYDOHQWRUJDQL]D
WLRQ RI WKH MXGLFLDU\ DFFRUGLQJ WR ZKLFK WKH LQKDELWDQWV RI DQ 8U ,,,
SURYLQFHZHUHVXEMHFWWRWKHMXULVGLFWLRQRILWVJRYHUQRUVHH0ROLQD
±±,IWKLVZDVIRUPDOO\WUXHUR\DOGHSHQGHQWVDQGORFDO
DGPLQLVWUDWRUV FRXOG KDYH YHU\ VWURQJ LQIOXHQFH LQ FRXUW SURFHGXUHV WR
VXFKDQH[WHQWWKDWWKHSURYLQFLDODXWKRULW\ZDVDWWLPHVTXLWHLUUHOHYDQW
7KLVVHHPVWREHWKHFDVHRIWKHOLWLJDWLRQVUHFRUGHGLQWKHWH[WVXQGHU
GLVFXVVLRQ $OWKRXJK WKH JRYHUQRU RI 8PPD SUHVLGHG RYHU WKH SURFH
GXUHV WKH &URZQ ZDV FHUWDLQO\ DOVR IXOO\ LQYROYHG 7KH ZKROH SURFHVV
FRQGXFWHG E\ WKH UR\DO HQYR\ âXOJLƒLOOnjO OHG WR WHQ GLIIHUHQW LQYHVWLJD
WLRQV RI ZKLFK HLJKW DW OHDVW LI QRW DOO RI WKHP ZHUH FDUULHG RXW E\
PHPEHUVRIWKHPLOLWDU\2XWRIWKHHLJKWFRXUWRIIFLDOVZKRDWWHQGHGWKH
SURFHGXUHVUHFRUGHGLQ%0RQO\WKHJRYHUQRUDQGSHUKDSV8U
%DZXFDPHIURPWKHSURYLQFLDODGPLQLVWUDWLRQZKLOHWKUHHRIWKHPZHUH
PHPEHUVRIWKHPLOLWDU\RQHPRUHZDVDSHULSDWHWLFRI¿FLDODSSRLQWHGE\
WKH &URZQ DQG \HW DQRWKHU FRXOG KDYH HYHQ EH RQH RI WKH GHIHQGDQWV
DQGDPLOLWDU\RI¿FHU7KHGLVSXWDQWVZHUHDOVRUR\DOGHSHQGHQWVEHVLGHV
WKH PLOLWDU\ 8U1LQPXJD DQG $EƯDWL ZHUH PHUFKDQWV ZKR ZRUNHG IRU
WKH &URZQ ,Q WKHVH FLUFXPVWDQFHV WKH GHYHORSPHQW DQG UHVROXWLRQ RI
WKH SURFHVV DSSDUHQWO\ HVFDSHG WKH FRQWURO RI WKH JRYHUQRU ,Q IDFW DV
%0 VWDWHV WKH FDVHV ZHUH ³FORVHG´ GLEL EDWLO IURP WKH
SURYLQFLDODGPLQLVWUDWLRQ¶VSRLQWRIYLHZHYHQWKRXJKOLWWOHVHHPVWRKDYH
EHHQUHVROYHGWKHUR\DOHQYR\VWLOOKDGWRPDNHKLVLQTXLU\$EƯDWL¶VZLIH
DQG KHU EURWKHU KDG WR EH TXHVWLRQHG DQG FRORQHO 8UQL¦DU ZDV RQ D
PLOLWDU\ H[SHGLWLRQ DOO RI ZKLFK SUREDEO\ PHDQW WKDW DQ\ VHWWOHPHQWV
ZHUHOHIWLQWKHKDQGVRIWKH&URZQ
00ROLQD)URP&RXUW5HFRUGVWR6DPPHOXUNXQGHQ«
)LJ$2REY‹0XVpHGX/RXYUH'LVW501&KULVWLDQ/DUULHX
6WXGLHVLQ6XPHULDQ/DQJXDJHDQG/LWHUDWXUH
)LJ$2UHY‹0XVpHGX/RXYUH'LVW501&KULVWLDQ/DUULHX
00ROLQD)URP&RXUW5HFRUGVWR6DPPHOXUNXQGHQ«
)LJ%0REY
6WXGLHVLQ6XPHULDQ/DQJXDJHDQG/LWHUDWXUH
)LJ%0UHY
00ROLQD)URP&RXUW5HFRUGVWR6DPPHOXUNXQGHQ«
)LJ%0REYGUDZLQJ
6WXGLHVLQ6XPHULDQ/DQJXDJHDQG/LWHUDWXUH
)LJ%0UHYGUDZLQJ
00ROLQD)URP&RXUW5HFRUGVWR6DPPHOXUNXQGHQ«
5HIHUHQFHV
$WWLQJHU
&LYLO
&XOEHUWVRQ
'DKO
)DONHQVWHLQ±
)LQNHO
*HQRXLOODFGH
*UpJRLUH
+HLPSHO
-DJHUVPD
0DHNDZD
0DUFKHVL
0F1HLO
0H\HU/DXULQ
0LFKDORZVNL
0LFKDORZVNL
0LWWHUPD\HU
$WWLQJHU 3 /D ODPHQWDWLRQ VXU 6XPHU HW 8U KWWSZZZLDZXQLEHFKFRQWHQWXHEHUBXQVPLWDUEHLWHQGHDEW
BYDSURIBGUBSDVFDOBDWWLQJHUXHEHUVHW]XQJHQLQGH[BJHUKWPO
&LYLO07KH/DZ&ROOHFWLRQRI8U1DPPD*HRUJH$
HG &XQHLIRUP 5R\DO ,QVFULSWLRQV DQG 5HODWHG 7H[WV LQ WKH
6FK¡\HQ &ROOHFWLRQ 0DQXVFULSWV LQ WKH 6FK¡\HQ &ROOHFWLRQ
&86$6%HWKHVGD3S±3OV;&,,,±&,
&XOEHUWVRQ/('LVSXWH5HVROXWLRQLQWKH3URYLQFLDO&RXUWV
RIWKH7KLUG'\QDVW\RI8U3K''LVV8QLYHUVLW\RI0LFKL
JDQ
'DKO - 7KH 5XOLQJ )DPLO\ RI 8U ,,, 8PPD $ 3URVRSR
JUDSKLFDO $QDO\VLV RI DQ (OLWH )DPLO\ LQ 6RXWKHUQ ,UDT <HDUV$JR3,+$16/HLGHQ
)DONHQVWHLQ$'LHQHXVXPHULVFKHQ*HULFKWVXUNXQGHQ$%$:
1)0QFKHQ,±,,,,,
)LQNHO , 2Q 6RPH 'RJ 6QDNH DQG 6FRUSLRQ ,QFDQWD
WLRQV$EXVFK7YDQGHU7RRUQ.HGV0HVRSRWDPLDQ
0DJLF 7H[WXDO +LVWRULFDO DQG ,QWHUSUHWDWLYH 3HUVSHFWLYHV
$0',*URQLQJHQ3S±
*HQRXLOODF + GH 7H[WHV pFRQRPLTXHV G¶2XPPD j O¶pSRTXH
G¶2XU7&/3DULV
*UpJRLUH-3$UFKLYHVDGPLQLVWUDWLYHVVXPpULHQQHV3DULV
+HLPSHO : :RUNHUV DQG &RQVWUXFWLRQ :RUN DW *DUãDQD
&86$6%HWKHVGD
-DJHUVPD % $ 'HVFULSWLYH *UDPPDU RI 6XPHULDQ 3K'
'LVV5LMNVXQLYHUVLWHLW/HLGHQ
0DHNDZD . &RQ¿VFDWLRQ RI 3ULYDWH 3URSHUWLHV LQ WKH
8U ,,, 3HULRG $ 6WXG\ RI pGXOOD DQG QtJ*$ $6-
±
0DUFKHVL* $OOHJHG 6,* DJDUDQG5HODWHG0DWWHUV
2U16±
0F1HLO 5 & 7KH ³0HVVHQJHU 7H[WV´ RI WKH 7KLUG 8U
'\QDVW\3K''LVV8QLYHUVLW\RI3HQQV\OYDQLD
0H\HU/DXULQ 9 'LH ³=HLFKHQSDDUH´ LP VDUJRQLVFKHQ
$NNDGLVFK DXV VXPHURORJLVFKHU 6LFKW :2 ±
±
0LFKDORZVNL37KH/DPHQWDWLRQRYHUWKH'HVWUXFWLRQRI6X
PHUDQG8U0&:LQRQD/DNH
0LFKDORZVNL3¶5RXQGDERXW1LGDED2QWKH(DUO\*RG
GHVVHV RI 6XPHU 3DUSROD 6 :KLWLQJ 5 0 HGV 6H[
DQG *HQGHU LQ WKH $QFLHQW 1HDU (DVW 3URFHHGLQJV RI WKH
;/9,,H5HQFRQWUH$VV\ULRORJLTXH,QWHUQDWLRQDOH+HOVLQNL-XO\
±+HOVLQNL3S±
0LWWHUPD\HU&(QPHUNDUDXQGGHU+HUUYRQ$UDWD2%2
)UHLEXUJ±*|WWLQJHQ
6WXGLHVLQ6XPHULDQ/DQJXDJHDQG/LWHUDWXUH
0ROLQD
0ROLQD07HVWLDPPLQLVWUDWLYLQHRVXPHULFLGHO%ULWLVK0XVH
XP%0±0915RPH
0ROLQD
0ROLQD0&RXUW5HFRUGVIURP8PPD.OHLQHUPDQ$
6DVVRQ-0HGV:K\6KRXOG6RPHRQH:KR.QRZV6RPH
WKLQJ&RQFHDO,W"&XQHLIRUP6WXGLHVLQ+RQRURI'DYLG,2ZHQ
RQ+LVWK%LUWKGD\%HWKHVGD3S±
0ROLQD
0ROLQD0&RXUW2I¿FLDOVDW8PPDLQ8U,,,7LPHV=$
±
0ROLQD±6XFK
*XWLpUUH]
0ROLQD 0 6XFK*XWLpUUH] 0 2Q 7HUPV IRU &XWWLQJ
3ODQWVDQG1RVHVLQ$QFLHQW6XPHU-1(6±
1HXPDQQ + =X GHQ *HVFKlIWHQ GHV .DXIPDQQV 8U
1HXPDQQ
'XPX]LGDDXV8PPD$R)±
1RWL]LD 3 , WHVWL GHL PHVVDJJHUL GD *LUVX/DJDã GHOOD 7HU]D
1RWL]LD
'LQDVWLDGL8U1LVDED0HVVLQD
3DROHWWL3'HU.|QLJXQGVHLQ.UHLV'DVVWDDWOLFKH6FKDW]DU
3DROHWWL
FKLYGHU,,,'\QDVWLHYRQ8U%32$0DGULG
6DOODEHUJHU:'HUNXOWLVFKH.DOHQGHUGHU8U,,,=HLW%HU
6DOODEHUJHU
OLQ±1HZ<RUN
6DOODEHUJHU:'HU(LGLP*HULFKWVYHUIDKUHQLPQHXVX
6DOODEHUJHU
PHULVFKHQ 8PPD 0LFKDORZVNL 3 HG 2Q WKH 7KLUG
'\QDVW\RI8U6WXGLHVLQ+RQRURI0DUFHO6LJULVW-&666
%RVWRQ3S±
6FKUDPP:NDLQLPPD5$
6FKUDPP
6LJULVW0'UHKHP%HWKHVGD
6LJULVW
6WHLQNHOOHU30RUHRQWKH8U,,,5R\DO:LYH$6-±
6WHLQNHOOHU
6WHLQNHOOHU31HZ/LJKWRQWKH+\GURORJ\DQG7RSRJ
6WHLQNHOOHU
UDSK\ RI 6RXWKHUQ %DE\ORQLD LQ WKH 7KLUG 0LOOHQQLXP
=$±
6WHLQNHOOHU30RQH\/HQGLQJ3UDFWLFHVLQ8U,,,%DE\
6WHLQNHOOHU
ORQLD 7KH ,VVXH RI (FRQRPLF 0RWLYDWLRQ +XGVRQ 0
9DQ'H0LHURRS0HGV'HEWDQG(FRQRPLF5HQHZDOLQ
WKH $QFLHQW 1HDU (DVW$&ROORTXLXP+HOGDW&ROXPELD8QL
YHUVLW\1RYHPEHU9RO,,,%HWKHVGD3S±
6WHLQNHOOHU 3 7RZDUG D 'H¿QLWLRQ RI 3ULYDWH (FRQRPLF
6WHLQNHOOHU
$FWLYLW\ LQ 7KLUG 0LOOHQQLXP %DE\ORQLD 5ROOLQJHU 5
8OI&HGV&RPPHUFHDQG0RQHWDU\6\VWHPVLQWKH$QFLHQW
:RUOG0HDQVRI7UDQVPLVVLRQ DQG&XOWXUDO ,QWHUDFWLRQ3UR
FHHGLQJV RI WKH )LIWK $QQXDO 6\PSRVLXP RI WKH $VV\ULDQ DQG
%DE\ORQLDQ ,QWHOOHFWXDO +HULWDJH 3URMHFW +HOG LQ ,QQVEUXFN
$XVWULD 2FWREHU UG±WK 0HODPPX 6\PSRVLD 2ULHQVHW2FFLGHQV:LHVEDGHQ3S±
6WHLQNHOOHU3&RUYpH/DERULQ8U,,,7LPHV*DU¿QNOH
6WHLQNHOOHU
60ROLQD0HGV)URPWKHVW&HQWXU\%&WRWKHVW
&HQWXU\ $' 3URFHHGLQJV RI WKH ,QWHUQDWLRQDO &RQIHUHQFHRQ
1HR6XPHULDQ 6WXGLHV +HOG LQ 0DGULG -XO\ ± :LQRQD/DNH3S±
00ROLQD)URP&RXUW5HFRUGVWR6DPPHOXUNXQGHQ«
9HUGHUDPH
9HUGHUDPH / 8QQXRYR GRFXPHQWRGL FRPSUDYHQGLWD
QHRVXPHULFR%LJD0*/LYHUDQL0HGV$QDWXUUL
JLPLOOL 6WXGL GHGLFDWL DO 3DGUH :HUQHU 5 0D\HU 6- GD
DPLFLHDOOLHYL5RPH3S±
Descargar