38 downloads
693 Views
5MB Size
Report
This content was uploaded by our users and we assume good faith they have the permission to share this book. If you own the copyright to this book and it is wrongfully on our website, we offer a simple DMCA procedure to remove your content from our site. Start by pressing the button below!
Report copyright / DMCA form
! !" # # $ % & !'& ( !% ) #& $ # # *
$ & "$ # )
!'&!' # $ & # + & $# # # # , -( . / , -, . % # )$ # 0& $#
( ( & # !
+ ( !# &( ) ( 1" & 2) " !' + ( # & #34 4 # "
! "# $
%%&'(! % )
! " # $ !% ! & $ ' ' ($ ' # % % ) % * % ' $ ' + " % & ' !# $, ( $ - . ! "- ( % . % % % % $ $ $ - - - - / / $$$ 0 1"1"#23."
4& )*5/ +) * !6 !& 7!8%779:9& % ) 2 ; ! * & / - <:=9>4& )*5/ +) "3 " & :=9>
/LVWRIFRQWHQWV
3DJH1XPEHU
$LPDQGREMHFWLYHVRIWKHUHVHDUFK
5HVHDUFKTXHVWLRQV
0HWKRGRORJ\
1DWLRQDOLVP
,GHRORJLHVRIQDWLRQDQGQDWLRQDOLVP
1DWLRQDOLGHQWLW\DQGQDWLRQVWDWH
/DQJXDJHDQGQDWLRQDOLVP
GLDOHFWVLQWKH,UDTL.XUGLVWDQDIWHU
.XUGLVWDQ5HJLRQDO3DUOLDPHQWDQG*RYHUQPHQW
6RUDQLGRPLQDWLRQ
,QWURGXFWLRQ
/LWHUDWXUHUHYLHZ
7KHUROHRIODQJXDJHLQWKH .XUGLVKQDWLRQDOXSULVLQJ
0HGLDDQG.XUGLVKODQJXDJHLQ,UDTL.XUGLVWDQ .XUGLVKSHRSOHV¶SROLWLFDOYLHZDQGGRPLQDQW
7KHFLYLOZDUEHWZHHQ.'3DQG38.LQ ,UDTL.XUGLVWDQ
'LYHUVLW\EHWZHHQGLDOHFWVGXHWRSROLWLFDO PRWLYDWLRQV
7KH.XUGLVKDOSKDEHWLVVXH
.XUGLVKGLDOHFWVLQJHQHUDO
.XUGLVKDVDPXOWLGLDOHFWODQJXDJH
ϭ
7KH.XUGLVKODQJXDJHVWDQGDUGL]DWLRQLVVXH DIWHU
/DQJXDJHVWDQGDUGL]DWLRQWKHRULHV
7KHGHPDQGVIRUVWDQGDUGL]LQJ 6RUDQLGLDOHFWRIILFLDOO\
7KHVXJJHVWLRQVIRU.XUGLVKODQJXDJH VWDQGDUGL]DWLRQDQGWKHLUEDVHV
6XUPDQML
.XUPDQML
6RUDQL
.XUGLVKODQJXDJHVWDQGDUGL]DWLRQLQWKHUHJLRQ
:KDWZRXOGEHDSRVVLEOHVROXWLRQ"
0XOWLVWDQGDUG
.XUGLVWDQ5HJLRQDO*RYHUQPHQWDQGWKHLVVXHRI
&RQFOXVLRQ
%LEOLRJUDSK\
Ϯ
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¶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ϯ
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
ϰ
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µWKH LPSDFWV RI WKH FLYLO ZDU¶ RQ WKH ODQJXDJHVWDQGDUGL]DWLRQSURFHVVLQ,UDTL.XUGLVWDQZLOOEHH[DPLQHG )RXUWK WKH UROH RI GLDOHFW GLIIHUHQFHV LQ SXEOLF SROLWLFDO YLHZV ZLOO EH REVHUYHGE\ORRNLQJDWWKHHOHFWLRQUHVXOWV )LQDOO\ WKH GHEDWHV RYHU WKH .XUGLVK VWDQGDUG ODQJXDJH ZLOO EH GLVFXVVHG (LJKW LQWHUYLHZV ZLWK HLJKW OLQJXLVWV µ)RXU 6RUDQL VSHDNHUV IRU .XUPDQML VSHDNHUV¶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ϱ
/LWHUDWXUHUHYLHZ $IWHUWKHLQYDVLRQ,UDTZLWKGUHZIURP.XZDLWLQ)HEUXDU\ EHFDXVHRID PDVVLYH86OHGPLOLWDU\FDPSDLJQIRUFHV %%& 0DQ\,UDTLVH[SHFWHG WKDWWKH8QLWHG6WDWHVDQGLWVDOOLHGDUP\DWWDFNVZRXOGH[FHHG.XZDLW DQG UHPRYHWKH%D¶DWKLVWUHJLPH%XWLWGLGQRWRFFXUDQG3UHVLGHQW%XVKDVNHG WKH,UDTLSHRSOHWRUHPRYHWKHGLFWDWRUE\WKHLURZQKDQGV 5HXWHUV 7KH .XUGV URVH XS DJDLQVW WKH %D¶DWKLVW JRYHUQPHQW DQG WKH ,UDTL UHJLPH ZDVIRUFHGWROHDYHWKHPDMRULW\RI.XUGLVKDUHDVLQ0DUFK 0F'RZDOO S 'XULQJWKHXSULVLQJ'DQJL*HOL.XUGLVWDQUDGLRµ7KH9RLFH RI WKH 3HRSOH RI .XUGLVWDQ¶ ZDV FKRVHQ DV D VSHDNHU E\ µ%DUDL .XUGLVWDQL¶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ϲ
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¶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ϳ
SRLQW WKDW 6KH\KROLVODPL¶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µVKDUL EUD NX]KL¶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µ6XUPDQML¶ -DPDO 1DED] LV WKH PRVW IDPRXV SHUVRQ ZKR KDV WKLV QRWLRQ 1DED] 6HFRQG WKHUH LV DQRWKHU YLHZ ZKLFK VXJJHVWV .XUPDQML WR EH D VWDQGDUG ϭ <ƵƌĚŝƐƚĂŶĞŵŽĐƌĂƚŝĐWĂƌƚLJ Ϯ WĂƚƌŝŽƚŝĐhŶŝŽŶŽĨ<ƵƌĚŝƐƚĂŶ ϯ /ƐůĂŵŝĐDŽǀĞŵĞŶƚŽĨ<ƵƌĚŝƐƚĂŶ ϴ
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µ/DQJXDJHVWDQGDUGL]DWLRQLVSUHVFULSWLRQUDWKHUWKDQGHVFULSWLRQ9DOXH QHXWUDOLW\LVWKHUHIRUHRSHQO\DEDQGRQHG¶ +DXJHQ S
ϵ
1DWLRQDOLVP 1DWLRQDOLVP LV D FRQFHSW WKDW FDQQRW HDVLO\ EH GHILQHG 7KHUH DUH YDULRXV GHILQLWLRQV IRU WKH WHUP QDWLRQDOLVP 2QH RI WKH EHVWNQRZQ GHILQLWLRQV LV IURP $QWKRQ\ 6PLWK ZKR GHILQHV WKH WHUP QDWLRQDOLVP DV µDQ LGHRORJLFDO PRYHPHQW IRU DWWDLQLQJ DQG PDLQWDLQLQJ DXWRQRP\ XQLW\ DQG LGHQWLW\ RQ EHKDOI RI D SRSXODWLRQ GHHPHG E\ VRPH RI LWV PHPEHUV WR FRQVWLWXWH DQ DFWXDO RU SRWHQWLDO QDWLRQ¶ 6PLWK S ,Q WKLV GHILQLWLRQ 6PLWK ZDQWHG WRVKRZWKHJRDOV RI QDWLRQDOLVP ZKLFK KHEHOLHYHV WREH QDWLRQDO DXWRQRP\QDWLRQDOXQLW\DQGQDWLRQDOLGHQWLW\ (UQHVW *HOOQHU LQ KLV ERRN µ1DWLRQ DQG QDWLRQDOLVP¶ GHILQHG QDWLRQDOLVP DV µSULPDULO\ D SROLWLFDO SULQFLSOH ZKLFKKROGVWKDW WKHSROLWLFDODQGWKH QDWLRQDO XQLWVKRXOGEHFRQJUXHQW¶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
ϭϬ
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µD PDQ PXVW KDYH D QDWLRQDOLW\ DV KH PXVW KDYHDQRVHDQGWZRHDUV¶ S ,QFRQWUDVW0DU[DQG(QJHOVUHMHFWHG QDWLRQDOLVP FRPSOHWHO\ DQG WKH\ FODLP WKDW µWKH ZRUNLQJ FODVV KDV QR FRXQWU\¶ &XUWLHV $QWKRQ\ ' 6PLWK GHILQHG D QDWLRQ DV µD QDPHG KXPDQ SRSXODWLRQ VKDULQJ DQKLVWRULFWHUULWRU\FRPPRQP\WKVDQGKLVWRULFDOPHPRULHVDPDVVSXEOLF FXOWXUH D FRPPRQ HFRQRP\ DQG FRPPRQ OHJDO ULJKWV DQG GXWLHV IRU DOO¶ 6PLWK S 6PLWK¶VGHILQLWLRQFRXOGQRWFODVVLI\QDWLRQVDFFRUGLQJWR WKHLUVSLULW %DUULQJWRQ IRULQVWDQFHGLVWLQJXLVKEHWZHHQWKHQDWLRQRI ,UDTLIURPWKDWRI.XUGLVKRU6SDQLVKIURP&DWDODQDQGVRRQ)XUWKHUPRUH ϭϭ
KHLQFOXGHG FRPPRQHFRQRP\ ZKLFKLVREYLRXVO\H[SHULHQFHGLQRQHVWDWH %DUULQJWRQ 2QHPLJKWDVNWKDWDERXWD.XUGLVKRU7XUNLVKQDWLRQDV .XUGV OLYH LQ YDULRXV FRXQWULHV ZKLFK KDYH GLIIHUHQW HFRQRPLHV ,I WKH\ DUH QRW D QDWLRQ ZKDW GRHV .XUGLVK QDWLRQDOLVP PHDQ" $OVR WKH VDPH H[SODQDWLRQLVWUXHIRU7XUNVZKRKDYHPRUHWKDQRQHVWDWH1RWVXUSULVLQJO\ 6PLWK PDGH VRPH UHPDUNDEOH FKDQJHV LQ KLV GHILQLWLRQ RI QDWLRQ LQ ZKHQKHVWDWHGWKDWDQDWLRQLVµDQDPHGFRPPXQLW\SRVVHVVLQJDQKLVWRULF WHUULWRU\ VKDUHG P\WKV DQG PHPRULHV D FRPPRQ SXEOLF FXOWXUH DQG FRPPRQODZVDQGFXVWRPV¶ *XLEHUQDX $VKDVEHHQVHHQWKHUHDUH VRPH IXQGDPHQWDO REYLRXV FKDQJHV ZKLFK *XLEHUQDX DOVR PHQWLRQHG KH UHPRYHG WKH PDVV FKDUDFWHU RI SXEOLF FXOWXUH DQG D
FRPPRQ HFRQRP\ DOVR FRPPRQ OHJDO ULJKWV DQG GXWLHV KDYH EHHQ VZDSSHGZLWK FRPPRQODZVDQGFXVWRPV %HQHGLFW$QGHUVRQGHILQHGDQDWLRQLQDGLIIHUHQWZD\VD\LQJWKDWDQDWLRQLV µDQ LPDJLQHG SROLWLFDO FRPPXQLW\¶ $QGHUVRQ DUJXHV WKDW DOO PHPEHUV RI QDWLRQV GR QRW NQRZ HDFK RWKHU HYHQ LQWKH VPDOOHVW QDWLRQ EXW WKH\ KDYH DQ LPDJH RI WKHLU FRPPXQLRQ $QGHUVRQ S +H FULWLFL]HV (UQHVW *HOOQHUZKRWKLQNVWKDWµQDWLRQDOLVPLQYHQWVQDWLRQVZKHUHWKH\GRQRWH[LVW¶ DQGKHGLVFXVVHVWKDWDOOFRPPXQLWLHVDUHLQIDFWLPDJLQHGQRWE\WKHLUIDOVH JHQXLQHQHVV EXW E\ WKH VW\OH LQ ZKLFK WKH\ DUH LPDJLQHG DQG WKH\ DUH GLVWLQJXLVKHG E\ WKHLU LPDJLQHG VW\OH $QGHUVRQ S , WKLQN $QGHUVRQ¶V LGHDV DUH PRUH DSSURSULDWH IRU WKH .XUGLVK FRPPXQLW\ DQG QDWLRQDOLVP 7KLV LV EHFDXVH ZKROH .XUGV DUH QRW VLPLODU LQ FXOWXUH IDLWK FRXQWU\ HYHQ WKH\ GR QRW KDYH RQH XQLWHG ODQJXDJH WR XQGHUVWDQG HDFK RWKHUEXWWKH\IHHODQGLPDJLQHWKH\DUH.XUGLVK
ϭϮ
1DWLRQDOLGHQWLW\DQGQDWLRQVWDWH 7KH KLVWRULDQ +DQV .RKQ GLIIHUHQWLDWHG EHWZHHQ ZHVWHUQ DQG HDVWHUQ QDWLRQDOLVP DQG WKRXJKW WKDW ZHVWHUQ QDWLRQDOLVP LV WHUULWRULDOFLYLF QDWLRQDOLVP EHFDXVH WKH PLGGOH FODVV ZDV DFWLYH LQ WKH ZHVW DQG DLPHG WR FUHDWH D OLEHUDO DQG UDWLRQDO FLYLO VRFLHW\ EXW HDVWHUQ QDWLRQDOLVP LV HWKQR FXOWXUDO QDWLRQDOLVP EHFDXVH RI WKH ZHDNQHVV RI WKH PLGGOH FODVV 1DWLRQDOLVPLQWKHZHVWZDVRQO\µWKHGUHDPDQGKRSHRIVFKRODUVDQGSRHWV¶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µLQYROYHV VRPH VHQVH RI SROLWLFDO FRPPXQLW\ KLVWRU\ WHUULWRU\ SDUWLDOLW\ FLWL]HQVKLS FRPPRQ YDOXHV DQG WUDGLWLRQV¶ *XLEHUQDX S 6PLWK¶VGHILQLWLRQDOVRFRXOGQRW LQFOXGHQDWLRQVZLWKRXWVWDWHVDQGKHZDV FULWLFL]HG IRU LJQRULQJ QDWLRQV OLNH %DVTXHV )OHPLVK .XUGLVK DQG VR RQ *XLEHUQDX 7KHUH LV QR GRXEW WKDW VRPH QDWLRQV LQ WKH ZRUOG GR QRW KDYH WKHLU RZQ VWDWHV GXH WR WKH ODVW FHQWXULHV FRQIOLFWV LQ SDUWLFXODU ERWK :RUOG :DUV 6RPHSHRSOHWKLQNWKDWHYHU\QDWLRQVKRXOGKDYHDVWDWHZKLOHVRPHRWKHUV ϭϯ
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
ϭϰ
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µEORRGOR\DOW\¶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ϭϱ
WKDW .XUGLVK ODQJXDJH LV PDLQ RU RQH RI WKH PDLQ EDVHV RI .XUGLVK QDWLRQDOLVP $OVR -DIIHU 6KH\KROLVODPL EHOLHYHV WKDW µ.XUGLVWDQ DV D WHUULWRULDO DQG FXOWXUDO QDWLRQ KDV EHHQ LPDJLQHG DQG GHILQHG LQ WHUPV RI D .XUGLVKODQJXDJH¶ 6KH\KROLVODPL 0RUHRYHUWKHPRGHUQVFKRODUVRI .XUGLVKVWXGLHVKDYHVXJJHVWHGWKDWµ.XUGLVKODQJXDJHLVDUJXDEO\WKHPRVW VDOLHQW V\PERORI .XUGLVK LGHQWLW\¶ 6KH\KROLVODPL 7KLV IDFWFRXOG EH WKH PDLQ IDFWRU IRU OLQNLQJ .XUGLVK ODQJXDJH ZLWK .XUGLVK QDWLRQDOLVP DQG SROLWLFV VWURQJO\ (YHU\ SROLWLFDO ZDYH LQ .XUGLVWDQ ZRXOG DIIHFW .XUGLVK ODQJXDJH $OVR (YHU\ .XUGLVK ODQJXDJH LVVXHV PLJKW KDYH LPSDFW RQ .XUGLVKQDWLRQDOLVP7KLVFRXOGEHWKHPDLQFDXVHWKDWHQFRXUDJHV.XUGVWR KDYH .XUGLVK VWDQGDUG ODQJXDJH LQ SDUWLFXODU LQ ,UDTL .XUGLVWDQ 7KLV LV EHFDXVH WKLV SDUW RI .XUGLVWDQ LV WKH RQO\ SODFH WKDW .XUGLVK ODQJXDJH LV IRUPDOODQJXDJHDQGVWXGLHGZLGHO\
ϭϲ
7KH UROH RI ODQJXDJH LQ WKH .XUGLVK QDWLRQDO XSULVLQJ $IWHUWKHLQYDVLRQ,UDTZLWKGUHZIURP.XZDLWLQ)HEUXDU\ EHFDXVHRID PDVVLYH 86OHG PLOLWDU\ FDPSDLJQ %%& 0DQ\ ,UDTLV H[SHFWHG WKDW WKH 8QLWHG 6WDWHV DQG LWV DOOLHG DUP\ ZRXOG JR EH\RQG .XZDLW DQG UHPRYH WKH %D¶DWKLVW UHJLPH EXW WKLV GLG QRW RFFXU DQG 3UHVLGHQW %XVK DVNHG WKH ,UDTL SHRSOH WR UHPRYH WKH GLFWDWRU WKHPVHOYHV 5HXWHUV 0RUHRYHU %XVK¶V VSHHFK ZDV EURDGFDVW RQ RSSRVLWLRQ UDGLRV DQG WKH 9RLFH RI $PHULFD6RPHSHRSOHWKLQNWKDWWKLVVSHHFKSOD\HGDJUHDWUROHLQWKH,UDTL XSULVLQJV LQ VRXWKHUQ ,UDT DQG ,UDTL .XUGLVWDQ LQ )LVN 7KH .XUGV URVH XS DJDLQVW WKH %D¶DWKLVW JRYHUQPHQW DQG 5DQ\D ZDV WKH ILUVW WRZQ WR EH OLEHUDWHG RQ WK 0DUFK )ROORZLQJ WKDW WKH SHRSOH DQG 3HVKPDUJD LQ PRVW .XUGLVK FLWLHV DQG WRZQV VWDUWHG WR ILJKW DJDLQVW WKH ,UDTL UHJLPH DQG WKH JRYHUQPHQW ZDV IRUFHG WR OHDYH PRVW .XUGLVK DUHDV 0F'RZDOO ,W LV JHQHUDOO\ EHOLHYHG WKDW WKH XSULVLQJ ZDV WKH RXWFRPH RI VRPH RWKHU HYHQWV ZKLFK ZHUH ILUVWO\ WKH LQWHUQDWLRQDO UHDFWLRQV DJDLQVW ,UDT EHFDXVH RI WKH ,UDQ ±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
7KH 9RLFH RI WKH 3HRSOH RI .XUGLVWDQ ZDV FKRVHQ DV D PRXWKSLHFH E\ µ%DUDL .XUGLVWDQL¶ 8QLWHG .XUGLVWDQ 3DUWLHV DQG LWV ODQJXDJH SOD\HG D ϰ /ƚŝƐĂ<ƵƌĚŝƐŚǁŽƌĚ͕ǁŚŝĐŚŝƐƵƐĞĚĨŽƌ<ƵƌĚŝƐŚĨŝŐŚƚĞƌƐĂŐĂŝŶƐƚƚŚĞŝŶǀĂĚĞƌƐŽĨ<ƵƌĚŝƐƚĂŶ͘ ϭϳ
FRQVLGHUDEOH UROH GXH WR WKH IDFW WKDW WKH UDGLR EURDGFDVW VRPH HIIHFWLYH SULYDWHVSKHUH PHVVDJHV IRU SXEOLFVSKHUH SXUSRVHV 0XVWDID *HQHUDOO\ WKH .XUGLVK ODQJXDJH SOD\HG WZR YLWDO DQG HIIHFWLYH UROHV LQ WKH XSULVLQJZKLFKZHUH ILUVWO\WKHOLQJXLVWLFUROHRIWKH.XUGLVKODQJXDJH ZDV EHFDXVH .XUGV GLGQ W KDYH OLQJXLVWLF ULJKWV (YHQ WKRXJK ,UDTL .XUGV ZHUH VXSSRVHG WR KDYH PRUH ULJKWV WKDQ RWKHU .XUGV LQ 7XUNH\ ,UDQ DQG 6\ULDWKH\ZHUHIRUFHGWRVWXG\DQGVSHDNLQ$UDELFE\WKH,UDTLUHJLPH,Q DGGLWLRQ .XUGLVK KDV EHHQ VLGHOLQHG DQG WKH PRVW LPSRUWDQW ODQJXDJHV LQ WKRVH DUHDV ZKHUH .XUGV OLYH KDYH EHHQ $UDELF 7XUNLVK RU 3HUVLDQ 0 $]HH] S $V D UHDFWLRQ WKH .XUGLVK QDWLRQDOLVWV KDYH HQFRXUDJHG SHRSOH WR SURWHFW WKHLU ODQJXDJH EHFDXVH LW LV EHOLHYHG WKDW .XUGLVKVKRXOGKDYHWKHVDPHULJKWDVRWKHUODQJXDJHVDQGLWLVFUXFLDOWKDW LW LV WDXJKW SXEOLVKHG DQG SULQWHG 1DZNKRVK .KRVKQDZˬ $V ZH KDYH VHHQ DERYH SHRSOH LQ ,UDTL .XUGLVWDQ ZHUH PDVVDFUHG LQ WKH V EHFDXVH RI EHLQJ .XUGLVK 7KH\ ZHUH IRUFHG WR WDNH DFWLRQ ZKHQ WKHLU ODQJXDJH DOVR ZDV WKUHDWHQHG ZLWK OLQJXLFLGH 6HFRQGO\ WKH UROH RI D PRWLYDWHG.XUGLVKODQJXDJHRQUHJXODUSHRSOHZKLFKZDVXVHGIRUSROLWLFDO HQGV LQ WKH PHGLD IO\HUV SXEOLFDWLRQV VSHHFKHV PDUFKHV HWF 'DQJL *HOL .XUGLVWDQ5DGLRZDVFKRVHQDVDQH[DPSOHEHFDXVHLWZDVWKHPDLQUDGLR DWWKDWWLPHDQGSOD\HGDYHU\HIIHFWLYHUROH 0XVWDID
ϭϴ
0HGLDDQG.XUGLVKODQJXDJHLQ,UDTL.XUGLVWDQ 7KH .XUGLVK 1DWLRQDOLVP 0RYHPHQW KDV XVHG PHGLD HIIHFWLYHO\ VLQFH WKH $LOXO UHYROXWLRQ µ6KRUVKL $LOXO¶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µ%DUDL .XUGLVWDQL¶ $EGXOOD 2EYLRXVO\ WKLV UROH ZDV VR LPSRUWDQW IRU WKH UDGLR DQG PDGH WKHLU ZRUN KDUGHU EXW LW ZDV EHOLHYHG WKDWWKH\FRXOGSOD\WKHLUUROHVXFFHVVIXOO\ 7KH PRVW PHPRUDEOH VSHHFKHV RI WKH .XUGLVK XSULVLQJ ZHUH WKRVH KLGGHQ PHVVDJHV ZKLFK ZHUH EURDGFDVW RQ 'DQJL *HOL .XUGLVWDQ 5DGLR ,W DQQRXQFHG WKH SODQ RI WKH XSULVLQJ DQG VKRZHG WKH WDUJHW WR UHYROXWLRQDU\ SHRSOH DQG 3HVKPDUJD HJ WKH UDGLR EURDGFDVW D KLGGHQ PHVVDJH EHIRUH WK0D\ 7KHPHVVDJHZDVµDQDQQRXQFHPHQWIURP=PQDNRWR$]DG DQ DQQRXQFHPHQW IURP =PQDNR WR $]DG 0DNH VXUH IULHQGV \RX WKURZ D SDUW\ RQ WKH WK RI WKH PRQWK¶ 'HQJL *HOL .XUGLVWDQ 5DGLR 6RPH SHRSOH PLJKW FDOO WKDW WKH UROH RI WKH PHGLD EXW , EHOLHYH LW LV WKHUROHRIODQJXDJHPXFKPRUHWKDQWKHPHGLDEXWWKDWGRHVQRWPHDQWKH PHGLDGLGQRWKDYHDUROH7KLVLVEHFDXVHWKHPHGLDRQO\VHQWWKHOLQJXLVWLF PHVVDJHV DQG WKH PDLQ FKDUDFWHUV ZHUH OLQJXLVWLF PHVVDJHV 7KH PHVVDJHV ZHUH XQGHUVWDQGDEOH IRU WKH 3HVKPDUJDV DQG PRVW RI WKH ĂŶŐŝ'Ğůŝ<ƵƌĚŝƐƚĂŶZĂĚŝŽƐƚĂƌƚĞĚƚŽƉƵďůŝƐŚŝƚƐƉƌŽŐƌĂŵƐŝŶEĞǁƌŽnjϭϵϳϵƵŶĚĞƌŶĂŵĞƚŚĞsŽŝĐĞ ŽĨ ƚŚĞ WĂƚƌŽƚŝĐ hŶŝŽŶ ŽĨ <ƵƌĚŝƐƚĂŶ ͞ njŐĂŝ ĂŶŐŝ zĂŬĞƚŝ EŝƐŚƚŝŵĂŶŝ <ƵƌĚŝƐƚĂŶ͛͘ dŚĞ ŶĂŵĞ ŽĨ ƚŚĞ ƌĂĚŝŽǁĂƐĐŚĂŶŐĞĚŝŶϭϵϴϱĂŶĚŝƚďĞĐĂŵĞĂŶŐŝ'Ğůŝ<ƵƌĚŝƐƚĂŶZĂĚŝŽ;DƵƐƚĂĨĂ͕ϮϬϬϵ͕Ɖ͘ϮϲϯͿ ϭϵ
XSULVLQJ .XUGLVK SHRSOH$V D UHVXOW RI WKH DERYH PHVVDJH 6XODLPDQ\ WKH VHFRQG ELJJHVWFLW\LQWKH.XUGLVWDQ UHJLRQ ZDV IUHHGRQWK0D\ ( .XUG DQGLWZDVWKHEHJLQQLQJRIRSHQLQJDZD\WRRWKHUELJFLWLHV 7KHUDGLREURDGFDVWRSHQHGZLWKDUHYROXWLRQDU\WH[WZKLFKVDLGµ+HUHLVWKH 9RLFHRIWKH3HRSOHRI.XUGLVWDQWKH9RLFHRIWKH3HRSOHRI.XUGLVWDQLVWKH YRLFH RI WKRVH 3HVKPDUJDV ZKLFK DUH GLUHFWHG E\ WKH 3DWULRWLF 8QLRQ RI .XUGLVWDQ 7KH 9RLFH RI WKH 3HRSOH RI .XUGLVWDQ LV WKH YRLFH RI WKH XQLWHG FRQWHQGHUV ZLWK WKH GHYHORSHG IRUFHV RI ,UDT DQG .XUGLVWDQ WR JDLQ GHPRFUDF\ IRU ,UDT DQG VHOIGHWHUPLQDWLRQ IRU WKH .XUGLVK QDWLRQ¶ ,W ZDV UHDG LQ D UHYROXWLRQDU\ PDQQHU 'HQJL *HOL .XUGLVWDQ 5DGLR $V D UHVXOW RI KHDULQJ WKHVH ZRUGV LW FRXOG EH VDLG WKDW 'HQJL *HOL .XUGLVWDQ 5DGLR ZDQWHG WR EH SDWULRWLF PRUH WKDQ D YRLFH RI WKH SDUW\ $OVR LW LV REYLRXVWKDWWKH\EHQHILWHGIURPWKH.XUGLVKODQJXDJHIRUSROLWLFDOHQGV
ϮϬ
.XUGLVK SHRSOHV¶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µ5HVXOWLQJ LQ DQ DOPRVW HYHQ VSOLW EHWZHHQ WKH .'3 DQG 3DWULRWLF 8QLRQ RI .XUGLVWDQ¶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¶VGHSXW\LQ38.WKLQNVWKDWWKHWHQVLRQZDVVHULRXVHQRXJKWR FRQGRQH WKH ZDU EHFDXVH LW ZDV QRW RQO\ DQ LVVXH RI VRPH SURSHUW\ 7KH DJJUHVVLRQJUHZYHU\VZLIWO\DQGLWZDVVSUHDGLQWKHHQWLUHUHJLRQ7KLVFLYLO ZDURSHQHGDZD\WRVRFLDOGLYLVLRQVDQGSHDNHGRQVW$XJXVW ZKHQ Ϯϭ
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
ϲ :ĂƐŚŝƐĂ<ƵƌĚŝƐŚǁŽƌĚ͕ǁŚŝĐŚŝƐƵƐĞĚĨŽƌƚŚŽƐĞƉĞŽƉůĞǁŚŽŚĞůƉƐƚŚĞĞŶĞŵŝĞƐĂŐĂŝŶƐƚ<ƵƌĚŝƐŚ ŶĂƚŝŽŶĂůŝƐƚƐ͘ &Žƌ ĞdžĂŵƉůĞ͕ ƐŽŵĞ <ƵƌĚŝƐŚ ƚƌŝďĂů ůĞĂĚĞƌƐ ǁŽƌŬĞĚ ĨŽƌ ƚŚĞ /ƌĂƋŝ ƌĞŐŝŵĞ ŝŶ /ƌĂƋŝ <ƵƌĚŝƐƚĂŶďĞĨŽƌĞϭϵϵϭ͕ĂŶĚƚŚĞLJĨŽƵŐŚƚĂŐĂŝŶƐƚ<ƵƌĚŝƐŚŶĂƚŝŽŶĂůŝƐƚƐ͘ ϮϮ
.XUGLVWDQ5HJLRQDO3DUOLDPHQWDQG*RYHUQPHQW ,WLVREYLRXVWKDWWKHIXQGDPHQWDO.XUGLVKSRSXODWLRQOLYHVLQ,UDTDQGWKH\ JDLQHG D VHPLDXWRQRPRXV UHJLRQ VLQFH GXH WR VRPH LQWHUQDO DQG H[WHUQDO SROLWLFDO ZDYHV .5* 7KH PRVW LPSRUWDQW FDXVHV FRXOG EH FODVVLILHGLQWRIRXUHYHQWVZKLFKZHUH ILUVWWKH,UDQ±,UDT:DUWKDWPDGHWKH IRUPHU ,UDTL UHJLPH ZHDNHU DQG FRVW PLOOLRQV RI OLYHV GHVWUR\LQJ ,UDT HFRQRPLFDOO\ -RKQVRQ 6HFRQGWKH.XZDLWLQYDVLRQZKLFKFUHDWHGD VWURQJLQWHUQDWLRQDOUHDFWLRQWRZDUG6DGGDP+XVDLQ¶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µQRIO\]RQH¶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ˬ ,W LV EHOLHYHG WKDW WKH ILUVW HOHFWLRQ ZDVXQGHU.'3DQG38.LQIOXHQFHGXHWRWKHIDFWWKDWLWLVFODLPHGWKDWWKH\ KDGDUHYROXWLRQDU\ULJKWEHFDXVHWKH\ZHUHIUHHGRPILJKWHUV $NUH\L Ϯϯ
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Ϯϰ
ZDUZDVHQGHGLQ DQGWKHUHKDYHEHHQGHPRFUDWLFHOHFWLRQVµWRVRPH H[WHQW¶HYHU\IRXU\HDUVDIWHU .5*
Ϯϱ
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ƵƌŝŶŐ^ŚĂŝŬŚDĂŚŵƵĚ͛ƐĂƵƚŚŽƌŝƚLJ;ϭϵϮϯͲϭϵϮϰͿ͕ƚŚĞ<ƵƌĚŝƐŚůĂŶŐƵĂŐĞ͚^ŽƌĂŶŝĚŝĂůĞĐƚ͛ǁĂƐƵƐĞĚ ǁŝĚĞůLJŝŶŐŽǀĞƌŶŵĞŶƚ͕ƐĐŚŽŽůƐ͕ƉƵďůŝƐŚŝŶŐĂŶĚƐŽŽŶ͘ůƐŽ<ƵƌĚŝƐŚǁĂƐƉĞƌŵŝƚƚĞĚƚŽďĞƐƚƵĚŝĞĚŝŶ ŵŽƐƋƵĞƐĂŶĚďĞǁƌŝƚƚĞŶŝŶůŝƚĞƌĂƚƵƌĞ͕ďƵƚƚŚĞLJĚŝĚŶŽƚƵƐĞŝƚŝŶƚŚĞŐŽǀĞƌŶŵĞŶƚ;<ŚŽƐŚŶĂǁ͕ϮϬϭϯ͕ Ɖ͘ϯϭϵͲϯϮϭͿ Ϯϲ
KHOSHG WKH µ6RUDQL GLDOHFW¶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
Ϯϳ
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µDOPRVWUXLQHGWKHHQWLUHWULDOLQ.XUGLVKDXWRQRP\¶ 5RPDQRS 7KH.'3KDGDPDMRULW\LQ'XKRNDQGWKH38.LQ6XODLPDQ\D 5DXI SS DQG WKH\ LPSOHPHQWHG WKHLU KHJHPRQ\ YHU\ VRRQ 7KH .'3 FRQWUROOHG%DKGLQDQµ'XKRNSURYLQFH¶DQGWKH38.FRQWUROOHG6XODLPDQ\DLQ WKHYHU\HDUO\GD\VRIWKHIHXG 0XVWDID (UELOZKLFKLVWKH.XUGLVWDQ 5HJLRQ FDSLWDO ZDV D VKDUHG FLW\ EHWZHHQ WKHP WLOO %XW WKH UHJLRQ GLYLGHG FRPSOHWHO\ LQWR WZR JHRJUDSKLFDO DUHDV RQ VW $XJXVW .KRVKQDZ S %RWKSDUWLHV ZHUH KHOSHG DJDLQVW HDFKRWKHUE\ WKH UHJLRQDO JRYHUQPHQWV VXFK DV 7XUNH\ ,UDQ DQG ,UDT 0XVWDID %XWLWLVEHOLHYHGWKDWWKHDWWDFNRQVW$XJXVW ZDVYHU\GLIIHUHQWGXH WR WKH IDFW WKDW WKH .'3 EURXJKW WKH ,UDTL DUP\ DQG ZHDSRQV WR DWWDFN WKH RSSRVLWLRQWKHµ38.¶ $EGXO.KDOT $VDUHVXOWRIWKHODWWHUHYHQWVWKH .XUGLVWDQ UHJLRQ ZDV GLYLGHG EHWZHHQ ERWK SDUWLHV DQG (UELO DQG 'XKRN ZHUH FRQWUROOHG E\ WKH .'3 DQG WKH\ DQQRXQFHG WKHLU JRYHUQPHQW .RVUDW 5DVXO $OL ZKR ZDV 3ULPH 0LQLVWHU DIWHU DQG D PHPEHU RI 38. FRQWLQXHG LQ JRYHUQPHQW ZLWK VRPH PLQLVWHULDO FKDQJHV LQ WKH 6XODLPDQ\D GLVWULFW .KRVKQDZS Ϯϴ
2EYLRXVO\ ZKHQ WKH JRYHUQPHQWV VHSDUDWHG WKHLU GHFLVLRQV ZRXOG GLIIHU 5HJDUGLQJ WKH .XUGLVK ODQJXDJH WKH 38. JRYHUQPHQW GLG QRW PDNH DQ\ IXQGDPHQWDO FKDQJHV 7KLV PLJKW EH EHFDXVH WKH PDMRULW\ RI SHRSOH LQ 6XODLPDQ\D DUH 6RUDQL VSHDNHUV +.KXUVKLG S 2Q WKH RWKHU KDQG WKH .'3 JRYHUQPHQW ZDV LQ (UELO DQG 'XKRN DQG DV LV JHQHUDOO\ NQRZQ SHRSOH LQ 'XKRN DUH .XUPDQML VSHDNHUV RI WKH µ%DKGLQL VXEGLDOHFW¶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
Ϯϵ
ϭϬϬ ϴϬ ϲϬ
h Ŷ ŝǀ Ğ ƌƐŝƚLJ Ž Ĩ ƵŚŽŬ
ϰϬ
h Ŷ ŝǀ Ğ ƌƐŝƚLJ Ž Ĩ <ŽLJĂ
ϮϬ Ϭ zĞƐ
EŽ
)LJXUH GLGWKH&LYLO:DUKDYHDQHJDWLYHLPSDFWRQ.XUGLVKODQJXDJHVWDQGDUGL]DWLRQ"
ϯϬ
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µ%DKGLQLVXE GLDOHFW¶FDQVWLOOEHVHHQPDUNHGO\ 3ROLWLFDOUHODWLRQVEHWZHHQWKH.XUGLVKSDUWLHVFRXOG EHWKHPRVWVLJQLILFDQW IDFWRU LQ WKLV GLYHUVLW\$V D UHVXOW WKLV QHJDWLYH XVDJH RI .XUGLVK GLDOHFWV KDVH[FHHGHGOLQJXLVWLFDUJXPHQWVEHWZHHQDFDGHPLFVDQGLWFDQEHVHHQ DPRQJ UHJXODU SHRSOH FOHDUO\ ,W HYHQ GLYLGHG WKH VSHDNHUV RI GLDOHFWV EHWZHHQFHUWDLQSROLWLFDOSDUWLHV5HJDUGLQJHOHFWLRQVPRVWSHRSOHLQ'XKRN FRXQW\YRWHIRUWKH.'3EHFDXVHWKHKHDGRIWKH.'3LVD.XUPDQMLVSHDNHU ZKLOH PRVW 6RUDQL VSHDNHUV YRWH IRU 6RUDQL SDUWLHV VXFK DV WKH 38. DQG *RUUDQ0RYHPHQWEHFDXVHERWKWKH38.DQG*RUUDQ0RYHPHQWDUHOHGE\ 6RUDQL VSHDNHUV )RU H[DPSOH WKH .'3 ZDV FKRVHQ E\ LQ 'XKRN DQG WKH\ JRW LQ 6XODLPDQ\D LQ %XW LQ WKH VDPH HOHFWLRQ WKH 38. JDLQHG LQ 'XKRN DQG LQ 6XODLPDQ\D $IWHU \HDUV RI .XUGLVKDXWRQRP\WKLVJDSLVVWLOOKXJHDQGWKHHOHFWLRQVDUHHYLGHQFH RIWKLV ,Q WKH .'3 DFKLHYHG LQ 'XKRN DQG LQ 6XODLPDQ\ ZKLOH WKH 38. DQG *RUDQ 0RYHPHQW ZKLFK VHSDUDWHG IURP WKH 38. LQ JDLQHG DURXQG WRJHWKHU DQG WKH\ JRW LQ 'XKRN ,W PLJKW EH LPSRUWDQW WR VD\ WKDW RWKHU YRWHV ZHUH PRVWO\ IRU ,VODPLF SDUWLHV 5DXI ϯϭ
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
ϯϮ
7KH.XUGLVKDOSKDEHWLVVXH $V , KDYH GLVFXVVHG WKH SROLWLFDO V\VWHP KDV DIIHFWHG PRVW VHFWRUV LQ .XUGLVWDQ 5HJDUGLQJ WKH .XUGLVK ODQJXDJH WKHUH LV DQRWKHU IXQGDPHQWDO LVVXH ZKLFK LV PRVWO\ D UHVXOW RI SROLWLFDO LVVXHV DQG LW KDV EHFRPH D VHULRXVVQDJIRU.XUGVLQDOODUHDV7KLVSUREOHPLVWKHDOSKDEHWLVVXHRUQRW KDYLQJDXQLWHGZULWLQJV\VWHP,WFRXOGEHDUHVXOWRIWKHSROLWLFDOV\VWHPLQ .XUGLVWDQ GXH WR WKH IDFW WKDW .XUGV DUH REOLJHG WR ZULWH LQ DQ LQYDGHU¶V DOSKDEHW LQ HDFK SDUW RI .XUGLVWDQ 6DELU $FFRUGLQJ WR WKH .XUGLVK $FDGHP\ RI /DQJXDJH WKHUH DUH IRXU ZULWLQJ V\VWHP DPRQJ .XUGV ZKLFK DUH DPRGLILHG /DWLQ7XUNLVK DOSKDEHWµXVHGE\QRUWKHUQ.XUGV¶D PRGLILHG $UDELF DOSKDEHW µXVHG E\ &HQWUDO .XUGV¶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µPRGLILHG$UDELF¶IRUPDQ\GHFDGHVDQGLWLV WKHRQO\.XUGLVKZULWLQJV\VWHPLQHGXFDWLRQRIILFLDOSODFHVSXEOLFDWLRQVDQG VR RQ 0DOD.DULP WKH LVVXH RI WKH .XUGLVK DOSKDEHW LV RIWHQ GLVFXVVHGDPRQJDFDGHPLFVDQGZULWHUV0D\EH.XUGVDUHDIUDLGRIKDYLQJ YDULRXV ZULWLQJ V\VWHPV DQG PRVW RI WKHP ZRXOG SUHIHU KDYLQJ D XQLWHG DOSKDEHW EHFDXVH PRVW .XUGV FDQQRW UHDG HDFK RWKHU¶V ZULWLQJ .XUGLVK $FDGHP\RI/DQJXDJH 6DELU 0$]HH] 7RVROYHWKLVLVVXHWKHUHDUHYDULRXVYLHZV'U5DILT6DELUZKRZDVRQHRI WKRVH SHRSOH ZKR DVNHG IRU D 6RUDQL VWDQGDUGL]DWLRQ GHFLVLRQ LQ 6DELU S WKLQNV WKDW DOSKDEHW LVVXH LV EHWZHHQ .XUPDQML DQG 6RUDQL VSHDNHUV 6DELU +LV QRWLRQ PLJKW FRPH IURP WZR REYLRXV ϯϯ
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|QO 7KHVH GHFLVLRQV DUH RQO\ WKH FRQFOXVLRQV RI VXFK FRQIHUHQFHV DQG DUHQRWDUHIOHFWLRQRIUHDOLW\2EYLRXVO\ERWK.XUPDQMLDQG6RUDQLVSHDNHUV XVH WKH$UDPDLF DOSKDEHW LQ WKH .XUGLVWDQ UHJLRQ DQG /DWLQ XVDJH KDV QRW HVFDSHGIURPWHOHYLVLRQKHDGOLQHV 0RVWZULWHUVDQGOLQJXLVWVLQ,UDTL.XUGLVWDQSUHIHUWKH$UDPDLFDOSKDEHWDQG 5DILT 6DELU EHOLHYHV WKDW WKH $UDPDLF DOSKDEHW LV EHWWHU WKDQ WKH RWKHUV EHFDXVH LWKDV JRQH WKURXJK .XUGLILFDWLRQ DQG LV YHU\ GLIIHUHQWWR WKHRWKHU ODQJXDJH¶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|QO ϯϰ
.XUGLVKGLDOHFWVLQJHQHUDO .XUGLVK LV DPXOWLGLDOHFW ODQJXDJH 'XH WR WKH IDFW WKDW.XUGV GR QRW KDYH WKHLU RZQ VWDWH WKHLU ODQJXDJH KDV EHHQ YLFWLPL]HG DQG WKH\ KDYH QRW \HW KDG D XQLWHG ODQJXDJH 0DQ\ SHRSOH KDYH FODVVLILHG DQG WDONHG DERXW WKH .XUGLVK ODQJXDJH DQG WKHUH DUH YDULRXV YLHZV DERXW .XUGLVK GLDOHFWV7KLV FRXOG EH EHFDXVH PRVW RI WKRVH SHRSOH ZKR ZURWH DERXW .XUGLVK GLDOHFWV ZHUH QRW OLQJXLVWV +LVWRULFDOO\ WKHUH DUH RULHQWDOLVWV¶ YLHZV DERXW .XUGLVK GLDOHFWV HJ %DVLO 1LNLWLQ FODLPHG WKDW WKH .XUGLVK ODQJXDJH LV D 3HUVLDQ GLDOHFW +LV QRWLRQ KDV EHHQ WRWDOO\ UHIXWHG E\ VRPH RWKHU RULHQWDOLVWV DQG .XUGLVK ZULWHUV +.KXUVKLG $QRWKHU RULHQWDOLVW ZKR UHVHDUFKHG WKH .XUGLVK ODQJXDJH LV D WUDLQHG OLQJXLVW 0DFNHQ]LH ZKR FODVVLILHG .XUGLVK GLDOHFWV LQWR WKUHH JURXSV ZKLFK DUH WKH QRUWKHUQ JURXS µ.XUPDQML¶ WKH FHQWUDO JURXS µ6RUDQL¶ DQG WKH VRXWKHUQ JURXS µ.HUPDQVKDKL $UGDODQL DQG /DNL¶ +HFODLPHG WKDWWKH6RUDQLDQG.XUPDQMLGLIIHUHQFHVDUH WKHUHVXOWRI *XUDQLLQIOXHQFHLQWKHSDVW0RUHRYHU*XUDQLDQG=D]DZHUHQRWFODVVLILHG DV .XUGLVK GLDOHFWV EXW ,UDQLDQ ODQJXDJHV 0DF.HQ]LH SS 0DUWLQ 9%UXLQHVVHQ S LQ KLV ERRN µ$JKD 6KDLNK DQG 6WDWH¶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ϯϱ
ZDQWHG WR VSOLW /XUL µ*XUDQL¶ IURP .XUGLVK DQG WKH DFDGHPLFV VKRXOG EH DZDUH RI WKHVH WKLQJV 7KHUH LV DQ DFFHSWDEOH FODVVLILFDWLRQ DPRQJ .XUGLVKOLQJXLVWVZKLFK3URI.KXUVKLGDOVRPHQWLRQHGDQG, WKLQNLWLVWKH PRVWVXFFHVVIXOFODVVLILFDWLRQ,WFODVVLILHV.XUGLVKODQJXDJHLQWRIRXUPDLQ GLDOHFWVDQGHDFKGLDOHFWLVGLYLGHGLQWRVRPHVXEGLDOHFWVZKLFKDUH 1RUWKHUQ.XUPDQML LWLVWKHELJJHVW.XUGLVKGLDOHFWLWVVXEGLDOHFWVDUH µ%D\D]LGL ± +DNDUL ± %RWDQL ± 6KDPGLQDQL ± %DKGLQDQL :HVWHUQ VXE GLDOHFW¶ &HQWUDO.XUPDQML6RUDQLRU&HWUDO.XUGLVK LWLVWKHGRPLQDQW.XUGLVK GLDOHFWLQ,UDTL.XUGLVWDQLWVVXEGLDOHFWVDUH µ0XNUL±6RUDQL±$UGDODQL± 6OHPDQL±*HUPLDQL¶ 6RXWKHUQ.XUPDQML PRVWRILWVVSHDNHUVDUHOLYLQJLQ,UDQLDQ.XUGLVWDQ LWVVXEGLDOHFWVDUH µ3XUH/XUH±%DNKW\DUL±0DPDVDQL±.RKJOR±/DN .DOKXU *XUDQL LWV VXEGLDOHFWV VSUHDG LQ GLIIHUHQW SODFHV IRU H[DPSOH =D]D VSHDNHUVDUHOLYLQJLQ7XUNH\EXWWKH+DZUDPLVSHDNHUVDUHLQ,UDTDQG ,UDQ*XUDQLVXEGLDOHFWVDUH µ3XUH*XUDQL±+DZUDPL±%DMDODQL=D]D¶ +.KXUVKLGS .KD\DWSS
ϯϲ
.XUGLVKDVDPXOWLGLDOHFWODQJXDJH $VZHKDYHVHHQWKH.XUGLVKODQJXDJHKDVPDQ\GLDOHFWVDQGVXEGLDOHFWV $OOWKHVHYDULHWLHVDUHOLQJXLVWLFDOO\HTXLYDOHQW+DYLQJDODQJXDJHZLWKPDQ\ GLDOHFWV LVQ W XQXVXDO EHFDXVH PRVW ODQJXDJHV KDYH PDQ\ GLDOHFWV IRU LQVWDQFH(QJOLVK 7UXGJLOO DQG$UDELF %HQPDPRXQ +RZHYHU .XUGLVKIDFHGPRUH SUREOHPV EHFDXVH RI LWV GLDOHFWV DQGSHUKDSVWKLV ZDV EHFDXVH.XUGVGRQRWKDYHRQHµVWDQGDUGODQJXDJH¶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ϯϳ
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
ϯϴ
7KH.XUGLVK/DQJXDJHVWDQGDUGL]DWLRQLVVXHDIWHU ,W LV REYLRXV WKDW ZDV D WLPH RI FKDQJH IRU .XUGV LQ ,UDT GXH WR WKH FROODSVHRIWKH%D¶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µ6RUDQLIDVFLVP¶ 6DELU $PLU+DVVDQSRXULV RQHRIWKRVHOLQJXLVWVZKRFODLPHGWKDW6RUDQLLVDGLDOHFWZLWKDQDUP\DQG SDUOLDPHQW DQG KH DUJXHV WKDWWKHUH VKRXOG EH WZR VWDQGDUG ODQJXDJHV IRU .XUGV +DVVDQSRXU 2QWKHRWKHUKDQGVRPHRWKHUSHRSOHWKLQNWKDW 6RUDQLKDVEHHQYLFWLPL]HG6RUDQLLVDVWDQGDUGODQJXDJHLQUHDOLW\EXWWKH ϯϵ
.'3 LH WKH GRPLQDQW SDUW\ LQ .XUGLVWDQ UHJLRQ DQG GULYHQ E\ .XUPDQML OHDGHUVGRHVQRWDOORZ6RUDQLWREHSUDFWLFHGDQGXVHWKLVLVVXHIRUSROLWLFDO HQGV +DPDDPLQ 6DELU $OVR PRVW RI WKH SDUWLFLSDQWV RIWKH VXUYH\SUHIHUWRKDYHRQH.XUGLVKVWDQGDUGODQJXDJHIRU,UDTL.XUGLVWDQ ϵϬ ϴϬ ϳϬ ϲϬ ϱϬ ϰϬ ϯϬ ϮϬ ϭϬ Ϭ
hŶŝǀĞƌƐŝƚLJŽĨƵŚŽŬ hŶŝǀĞƌƐŝƚLJŽĨ<ŽLJĂ
zĞƐ
EŽ
)LJXUH ZRXOG\RXSUHIHUWRKDYHRQH.XUGLVKVWDQGDUGODQJXDJH"
ϰϬ
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¶DQ KDV EHFRPH D EDVLV IRU WKH $UDELF VWDQGDUG ODQJXDJH GXH WR LWV XVDJHLQWKHKRO\ERRN 6KDDODQS 2QWKHRWKHUKDQGWKHUHDUH VRPH GLDOHFWV ZKLFK EHFDPH VWDQGDUG ODQJXDJHV EHFDXVH RI ODQJXDJH SODQQLQJDQGSROLWLFDOSRZHUIRULQVWDQFH7XUNLVK6WDQGDUG7XUNLVKLVEDVHG RQ $WDWUN¶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ϰϭ
7KH WKHRU\ RI (LQDU +DXJHQ DERXW ODQJXDJH VWDQGDUGL]DWLRQ LV RQH RI WKH PRVW ZHOONQRZQ WKHRULHV$FFRUGLQJ WR KLP ODQJXDJH µFDQ UHIHU HLWKHU WR D VLQJOHOLQJXLVWLFQRUPRUWRDJURXSRIUHODWHGQRUPV¶ +DXJHQ S +HEHOLHYHVWKDWQDWLRQODQJXDJHDQGLGHQWLW\DUHVRFLDOO\FRQVWUXFWHGLGHDV DQGDOORIWKHPDUHWKHLVVXHRIVDPHQHVVDQGGLYHUVLW\$OVRKHDUJXHVWKDW µQDWLRQDOODQJXDJHVKDYHRIIHUHGPHPEHUVKLSLQWKHQDWLRQ¶ +DXJHQ S ,QRWKHU ZRUGVLWFDQEHVDLGWKDW+DXJHQ EHOLHYHGWKDWDQ\ QDWLRQ PXVW VHOHFW D OLQJXLVWLF QRUP RU VHW RI QRUPV DQG NQRZLQJ D µQDWLRQDO ODQJXDJH¶LVYLWDOIRUEHLQJDSDUWRIDQDWLRQ7RPDNHDGHFLVLRQDERXWWKH VWDQGDUG ODQJXDJH 7KH IRXU DVSHFWV RI ODQJXDJH GHYHORSPHQW WKDW ZH KDYH QRZ LVRODWHG DV FUXFLDO IHDWXUHV LQ WDNLQJ WKH VWHS IURP GLDOHFW WR
ODQJXDJH IURPYHUQDFXODUWRVWDQGDUGDUHDVIROORZV VHOHFWLRQRIQRUP FRGLILFDWLRQRIIRUP HODERUDWLRQRIIXQFWLRQDQG DFFHSWDQFHE\WKH FRPPXQLW\ +DXJHQ S ,W PLJKW EH LPSRUWDQW WR DQDO\]H WKDW ERWK µVHOHFWLRQ QRUP DQG DFFHSWDQFH E\ WKH FRPPXQLW\¶ DUH VRFLDO UROHV ZKLOH µFRGLILFDWLRQ RI IRUP DQG HODERUDWLRQ RI IXQFWLRQ¶ DUH PRUH DVVRFLDWHG ZLWKWKHODQJXDJH
ϰϮ
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ϰϯ
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
ϰϰ
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
6XUPDQML
.XUPDQML
6RUDQL
0XOWLVWDQGDUG ϰϱ
+HUH LV WKH PRWKHU GLDOHFW RI WKRVH SDUWLFLSDQWV VXUYH\HG DERXW WKH VWDQGDUGL]DWLRQ RI WKH .XUGLVK ODQJXDJH LQ ,UDTL .XUGLVWDQ DQG WKHLU VXJJHVWLRQWRVWDQGDUGL]H.XUGLVKODQJXDJHLQ,UDTL.XUGLVWDQ ϭϬϬ ϴϬ ϲϬ
^ Ž ƌ Ă Ŷ ŝƐƉ Ğ Ă Ŭ Ğ ƌ Ɛ
ϰϬ
< Ƶ ƌ ŵ Ă Ŷ ũŝ ƐƉ Ğ Ă Ŭ Ğ ƌ Ɛ
ϮϬ Ϭ h Ŷ ŝǀ Ğ ƌ Ɛŝƚ LJ Ž Ĩ h Ŷ ŝǀ Ğ ƌ Ɛŝƚ LJ Ž Ĩ ƵŚŽŬ <ŽLJĂ
)LJXUH WKHVXUYH\SDUWLFLSDQWV¶PRWKHUGLDOHFW
ϵϬ ϴϬ ϳϬ ϲϬ ϱϬ ϰϬ ϯϬ ϮϬ ϭϬ Ϭ
^ Ž ƌĂ Ŷ ŝ < Ƶ ƌŵ ĂŶ ŝ Ŷ Ž ƚŚ Ğ ƌƐ Ž ůƵ ƚŝŽ Ŷ
h Ŷ ŝǀ Ğ ƌƐ ŝƚLJ Ž Ĩ h Ŷ ŝǀ Ğ ƌƐ ŝƚLJ Ž Ĩ ƵŚŽŬ <ŽLJĂ
)LJXUH ZKLFKGLDOHFWZRXOG\RXSUHIHUDVWKHVWDQGDUG"
ϰϲ
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µ6RUPDQML¶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ϰϳ
2Q WKH RWKHU KDQG WKRVH SHRSOH ZKR RSSRVH WKLV GLDOHFW EHOLHYH WKDW 6XUPDQML LV QRW DQ DSSURSULDWH .XUGLVK ODQJXDJH DQG LW FDQQRW EHFRPH DQ DOWHUQDWLYH WR RWKHU .XUGLVK GLDOHFWV 0RVW RI WKHP OLQNHG WKHLU QDWLRQ ZLWK JUDPPDU GLIIHUHQFHV 7DHHE 0DKPXG 0.DULP -$KPHG 7KLV LV EHFDXVH WKH GLIIHUHQFHV EHWZHHQ 6RUDQL DQG .XUPDQML DUH QRW RQO\ YRFDEXODU\ WKHUH DUH GLVVLPLODULWLHV LQ JUDPPDU WRR 2 $KPHG $OVR , PXVW DGG WKDW WKHUH DUH QRW FOHDU UXOHV IRU WKLV GLDOHFWZKLFKLVLPSRUWDQWIRUDQ\ODQJXDJHWREHVWDEOHDQGVXFFHVVIXO$V D UHVXOW RI VWXGHQW DQG WHDFKHUV RSSRVLWLRQ &KDONL WKH JRYHUQPHQW UHYHUWHGWRWKH6RUDQLGLDOHFWLQVFKRROERRNVDQG.XUPDQMLLQVRPHVWDJHV LQ %DKGLQDQ 2EYLRXVO\ 6XUPDQML GLG QRW VXFFHHG LQ LWV ILUVW WULDO LQ WKH .XUGLVWDQ5HJLRQLQ,UDTEXWSHUVRQDOO\,WKLQNLWFRXOGKDYHEHHQWKHUHVXOW RI QRW KDYLQJ OLQJXLVWLF SODQQLQJ 7KLV LV EHFDXVH WKH JRYHUQPHQW DQG LWV PLQLVWULHV ZRXOG QRW JDLQ DQ\ EHQHILW LQ D \HDU RU WZR \HDUV /LQJXLVWLF FKDQJHVQHHGORQJWHUPSODQV
ϰϴ
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ϰϵ
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µWKHWLPH RIGLFWDWRU VGHFLVLRQV KDV JRQH DQG H[SLUHG¶ (YHU\RQH KDV D ULJKW WR VWXG\ LQ WKHLU RZQ GLDOHFW )XUWKHUPRUH KH WKLQNV WKDW .XUGV QHHG WR KDYH RQH XQLWHG GLFWLRQDU\ 2$KPHG $OVRPXOWLVWDQGDUGDQG6XUPDQMLRSWLRQVFRXOGEHORRNHG DWDVWZRSRVVLELOLWLHVIRUWKHUHYLYDORI.XUPDQMLDQGPDNHLWHTXDOWR6RUDQL
ϱϬ
6RUDQL 6RUDQLLVWKHVHFRQG.XUGLVKGLDOHFWDQGLWLVDOVRFDOOHG&HQWUDO.XUPDQMLRU &HQWUDO .XUGLVK 0RVW SHRSOH LQ VRXWKHUQ DQG HDVWHUQ .XUGLVWDQ µ.XUGV LQ ,UDT DQG,UDQ¶VSHDN6RUDQL +.KXUVKLG S 'HVSLWH WKH IDFW WKDW *XUDQL DQG .XUPDQML KDYH DQ ROGHU ZULWWHQ KLVWRU\ DQG OLWHUDWXUH 6DHHE .KD]QDGDU 6RUDQLLV WKHGRPLQDQW .XUGLVKGLDOHFW QRZDGD\V 6RUDQL JDLQHG SRZHU LQ WKH 1LQHWHHQWK &HQWXU\ GXH WR WKH %DEDQ DGPLQLVWUDWLRQ DW WKDW WLPH DQG VLQFH WKHQ LW KDV FRQWLQXHG LWV GRPLQDWLRQ EHFDXVH RI WKH .XUGLVK DGPLQLVWUDWLRQV LQ VRXWKHUQ .XUGLVWDQ LQ WKH ODVW FHQWXU\ DQG 5HSXEOLF RI .XUGLVWDQ LQ WKH HDVW RI .XUGLVWDQ LQ 0DKDEDG .KRVKQDZ S 6RPH .XUGLVK OLQJXLVWV DQG ZULWWHUV EHOLHYH WKDW 6RUDQL KDV GHFODUHG LWV VWDQGDUGL]DWLRQ 6DELU 6DELU +DPD DPLQ .DULP +RZHYHULWKDVQRWEHHQUHFRJQL]HGDVD.XUGLVK VWDQGDUGGLDOHFWE\ODZ\HW 6RPH SHRSOH WKLQN WKDW 6RUDQL VKRXOG EH GHFODUHG DV D .XUGLVK VWDQGDUG ODQJXDJH RIILFLDOO\ LQ WKH .XUGLVWDQ UHJLRQ LQ ,UDT 7KHUH DUH FRQVLGHUDEOH IDFWRUVWRVXSSRUWWKLVQRWDEO\WKDWWKHUHLVDVWDQGDUG6RUDQLZKLFKLVXVHG DQG DFFHSWHGE\ DOO RILWV VXEGLDOHFWV -$KPHG ,W EDVLFDOO\ PHDQV WKDW GHVSLWH YDULRXV DFFHQWV WKH 6RUDQL VXEGLDOHFW VSHDNHUV KDYH RQH XQLWHG VWDQGDUG ODQJXDJH %XW WKLV XQLW\ LV QRW VHHQ LQ RWKHU GLDOHFWV HJ SHRSOHLQ=DNKRZKLFKLVDWRZQLQ'XKRNSURYLQFHDQGVSDHNLQ.XUPDQML DUHVSHDN DQGZULWHLQD GLIIHUHQW DFFHQW IURP 'XKRNFLW\FHQWUH -$KPHG 6HFRQGO\µ6RUDQLLVDODQJXDJHRIWKRXVDQGVRIERRNVDQGKXQGUHGV RIQHZVSDSHUVDQGPDJD]LQHV¶ LWLVWKHODQJXDJHRIVFLHQFHDQGSROLWLFVLQ ,UDTL.XUGLVWDQ LWLVDQXQGHUVWDQGDEOHODQJXDJHIRUDOO 6DELU S 7KLUGO\ 6RUDQL KDV D FRQWLQXRXV KLVWRU\ $OVR LW ZDV FKRVHQ DV D XQLWHG .XUGLVKODQJXDJHIRUHGXFDWLRQDWWKHDJUHHPHQWRI WK0DUFK +DPD DPLQ $OLSS /DVWO\6RUDQLLVWKHGLDOHFWRIWKHPDMRULW\DQG WKHFDSLWDORIWKH.XUGLVWDQUHJLRQ +.KXUVKLG S ϱϭ
2Q WKH RWKHU KDQG WKHUH DUH RWKHU VXJJHVWLRQV ZKLFK GR QRW GHQ\ WKDW 6RUDQL GRPLQDWLRQ EXW VXJJHVW WKDW WKHUH VKRXOG EH D FHQWUDO RSWLRQ WR UHVROYHWKH.XUGLVKVWDQGDUGLVVXH)RUH[DPSOH'U+DYDO7DHHEZKRLVD OHFWXUHUDQGWKHKHDGRIWKH.XUGLVKGHSDUWPHQWLQWKH&ROOHJHRI(GXFDWLRQ LQ'XKRN8QLYHUVLW\DUJXHVWKDWKDYLQJWZRVWDQGDUGGLDOHFWVPLJKWUHVROYH WKH .XUGLVK VWDQGDUGL]DWLRQ LVVXH 7DHHE +RZHYHU WKHVH RSLQLRQV DUHUHMHFWHGE\PRVWRIWKH6RUDQLDOOLDQFHV
ϱϮ
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
ϱϯ
&ŝŐƵƌĞϱ͖ƚŚĞĐŚĂŶŐĞƐŝŶƚŚĞƉĞƌĐĞŶƚĂŐĞŽĨEŽƌǁĞŐŝĂŶƉƌŝŵĂƌLJƐĐŚŽŽůƐ
&RQFHUQLQJ WKH .XUGLVK ODQJXDJH WKHUH LV DQ DUJXPHQW IRU VWDQGDUGL]LQJ ERWK .XUGLVK GRPLQDQW GLDOHFWV LQ ,UDTL .XUGLVWDQ VLPLODU WR 1RUZD\ 7KRVH SHRSOHZKRVXJJHVWDPXOWLVWDQGDUGIRU.XUGVLQ,UDTFODLPWKDWWKH6RUDQL GLDOHFWLVGLIILFXOWWROHDUQDQGVWXG\LQJLQWKHLUPRWKHUGLDOHFWLVDEDVLFULJKW IRU HYHU\RQH $$KPHG 2$KPHG +DVVDQSRXU )RU H[DPSOH +DVVDQ *KD]L ZKR LV RQH RI WKH PXOWLVWDQGDUG¶V DOOLHV EHOLHYHV WKDWµ3URPRWLQJRQH.XUGLVKGLDOHFWWREHFRPHDVWDQGDUG.XUGLVKODQJXDJH LVXQGHPRFUDWLFEHFDXVHWKHUHVWZRXOGEHOHIWDVVHFRQGFODVVGLDOHFWV1R GLDOHFW LV FDSDEOH RI EHFRPLQJ D VWDQGDUG ODQJXDJH DW WKLV SRLQW¶ )DWDK $PLU +DVVDQSRXU ZKR LV DQRWKHU DOO\ RI KDYLQJ WZR VWDQGDUGV RU PRUH DUJXHV WKDW 6RUDQL LV D GLDOHFW ZLWK DQ DUP\ DQG SDUOLDPHQW DQG LW VKRXOG QRW EH GHFODUHG DV D VWDQGDUG ODQJXDJH LQ ,UDTL .XUGLVWDQ EHFDXVH WKH VWUXFWXUH RI WKH .XUGLVK ODQJXDJH LV PXOWLGLDOHFW DQG D PXOWLVWDQGDUG VKRXOG EH DFFHSWHG +DVVDQSRXU 7KHUH LV DQ RSLQLRQ ZKLFK HPSKDVLVHV WKDW DOO .XUGV QHHG RQH XQLWHG GLFWLRQDU\ QRW RQH VWDQGDUG ODQJXDJH 2$KPHG ϱϰ
2Q WKH RWKHU KDQG WKHUH LV DQ RSSRVLWH YLHZ ZKLFK EHOLHYHV WKDW D PXOWL VWDQGDUG LV D ZD\ RI GLYLGLQJ WKH .XUGLVK QDWLRQ LQWR WZR JURXSV RU PRUH 7KH\ WKLQN WKDW WKH .XUGLVWDQ 5HJLRQDO *RYHUQPHQW VKRXOG WDNH UHVSRQVLELOLW\DQGDFFHSWWKHUHDOLW\RIWKH.XUGLVWDQUHJLRQ -$KPHG 6DELU 6DELU .KRVKQDZ $V D UHDFWLRQ WR WKRVH SHRSOH ZKRFKDPSLRQDGHPRFUDWLFVROXWLRQ6DODP1DZNKRVKVDLGWKDWµ,IZRUNLQJ IRU XQLWLQJ D QDWLRQ DQG LWV ODQJXDJH DQG EHLQJ DJDLQVW WULEDO WKLQNLQJ DQG ORFDOLW\ LV XQGHPRFUDWLF WKLQNLQJ , ZLOO EH SURXG WR EH XQGHPRFUDWLF¶ 1DZNKRVK 0RUHRYHU KH FULWLFL]HV 'U $PLU +DVVDQSRXU IRU KLV WKLQNLQJ DERXW WKH .XUGLVK VWDQGDUGL]DWLRQ SURFHVV DQG WKH PXOWLVWDQGDUG +H DUJXHV WKDW DOWKRXJK PRVW RI ODQJXDJHV DUH PXOWLGLDOHFW RUDOO\ IRU H[DPSOH $UDELF (QJOLVK )UHQFK 7KH\ KDYH RQO\ RQH VWDQGUDG ODQJXDJH 1DZNKRVK
ϱϱ
.XUGLVWDQ5HJLRQDO*RYHUQPHQWDQGWKHLVVXHRI
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µ ¶ IURP 6RUDQL LQWR .XUPDQML ZLWKRXW WKH .XUGLVK $FDGHP\¶V SHUPLVVLRQ ZKLFK LV WKH IRUPDO SODFH WR PDNH VXFK GHFLVLRQV E\ ODZ 0DKPXG $OVR .KRVKQDZ HPSKDVLVHV WKDW WKH 'LUHFWRUDWH RI (GXFDWLRQ LQ 'XKRN FRQYHUWHG WKH ERRNV ZLWKRXW WKH JRYHUQPHQW¶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µ.XUGLVKIRUPDO ODQJXDJHLQWKH.XUGLVWDQUHJLRQ¶ZKLFKZDVUXQE\WKH.XUGLVK$FDGHP\LQ 7KHUH ZHUH WZR PDLQ VXJJHVWLRQV IRU VWDQGDUGL]LQJ WKH .XUGLVK ODQJXDJHZKLFKZHUHµ6RUDQLDQGPXOWLVWDQGDUG¶%XWWKH\FRXOGQRWILQGD VROXWLRQDQGWKHFRQIHUHQFHGLGQRWVXFFHHG .KRVKQDZSS ϱϲ
7KH0LQLVWU\RI&XOWXUHDQG
ϱϳ
ϴϬ ϳϬ ϲϬ ϱϬ
h Ŷ ŝǀ Ğ ƌ Ɛŝƚ LJ Ž Ĩ ƵŚŽŬ
ϰϬ
h Ŷ ŝǀ Ğ ƌ Ɛŝƚ LJ Ž Ĩ <ŽLJĂ
ϯϬ ϮϬ ϭϬ Ϭ zĞƐ
EŽ
)LJXUH ,IWKHJRYHUQPHQWFKRRVHDQRWKHUGLDOHFWµQRW\RXUGLDOHFW¶WREHWKHVWDQGDUGZLOO \RXDFFHSWLW"
ϱϴ
:KDWZRXOGEHDSRVVLEOHVROXWLRQ" $V D UHVXOW RI DQDO\]LQJ DOO VXJJHVWLRQV IRU VWDQGDUGL]LQJ WKH .XUGLVK ODQJXDJH LQ ,UDTL .XUGLVWDQ VRPH HVVHQWLDO SRLQWV FDQ EH REVHUYHG 3HUVRQDOO\,WKLQNWKHPDLQSRLQWLVWKDWOLQJXLVWVDQGWKRVHSHRSOHZKRDUH ZRUNLQJ WR UHVROYH WKH .XUGLVK VWDQGDUGL]DWLRQ LVVXH LQ ,UDTL .XUGLVWDQ VKRXOG GLIIHUHQWLDWH EHWZHHQ WKH JUHDW .XUGLVWDQ µDOO SDUWV RI .XUGLVWDQ LQ 7XUNH\ ,UDQ ,UDT DQG 6\ULD¶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ϱϵ
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
ϲϬ
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ϲϭ
OLQJXLVWV DQG ZULWHUV DVNHG WKH .XUGLVK 8QLWHG *RYHUQPHQW WR DFFHSW WKH UHDOLW\ RI WKH .XUGLVK ODQJXDJH LQ ,UDT DQG PDNH 6RUDQL WKH VWDQGDUG .XUGLVK ODQJXDJH RIILFLDOO\ LQ 7KH VXJJHVWLRQ FUHDWHG D VHULRXV UHDFWLRQ LQ %DKGLQDQ DQG SHRSOH WKHUH DVNHG WKH JRYHUQPHQW WR FRQYHUW RWKHU VFKRRO ERRNV LQWR WKHLU VXEGLDOHFW LQ $OWKRXJK WKHLU GHPDQG ZDVQRWDFFHSWHGE\WKHJRYHUQPHQW7KH'XKRN'LUHFWRUDWHIRU(GXFDWLRQ DQGJRYHUQRUVKLSFRQYHUWHGWKHERRNVZLWKRXWWKHJRYHUQPHQW¶VSHUPLVVLRQ 7KLV GHEDWH VWLOO FRQWLQXHV DQG ERWK VLGHV DVV WKH JRYHUQPHQW WR PDNH D GHFLVLRQWRUHVFXHWKH.XUGLVKODQJXDJH $IWHU DQDO\]LQJ WKH HIIHFWV RI ODQJXDJH DQG SROLWLFV RQ HDFK RWKHU LQ ,UDTL .XUGLVWDQVLQFH LWEHFRPHVPRUHREYLRXVWKDWWKHUHODWLRQVKLSEHWZHHQ WKH .XUGLVK ODQJXDJH DQG .XUGLVK QDWLRQDOLVP DQG WKH SROLWLFDO V\VWHP LQ .XUGLVWDQ LVYHU\ FRPSOH[7KH .XUGLVK ODQJXDJH LV RQHRI WKHIRXQGDWLRQV RI .XUGLVK QDWLRQDOLVP DQG KDG D FRQVLGHUDEOH UROH LQ WKH XSULVLQJ $OVR.XUGLVKDXWRQRP\KDVPDGHDYHU\SRVLWLYHHQYLURQPHQWIRULPSURYLQJ .XUGLVK ODQJXDJH +RZHYHU WKH SROLWLFDO GLIIHUHQFHV KDYH KDG VRPH QHJDWLYH LPSDFWV RQ WKH .XUGLVK ODQJXDJH DQG WKH SROLWLFDO SDUWLHV KDYH XVHG.XUGLVKGLDOHFWLFDOGLYHUVLW\IRUWKHLURZQHQGV0RUHRYHUWKH.XUGLVWDQ 5HJLRQDO *RYHUQPHQW FRXOG QRW PDNH D FOHDU GHFLVLRQ DERXW WKH .XUGLVK ODQJXDJH DQG LW LV EHOLHYHG WKDW WKH JRYHUQPHQW ZDV LQIOXHQFHG E\ WKH GRPLQDQW SROLWLFDO SDUWLHV ZKLFK PDGH WKH JRYHUQPHQW ZHDNHU WKDQ WKH SDUWLHV *HQHUDOO\ WKH JRYHUQPHQW KDYH SRZHUHG VRPH OLQJXLVWLF FRQIHUHQFHV EXW WKHVH ZHUH QRW VXFFHVVIXO DQG WKH\ FRXOG QRW VXJJHVW D FOHDUOLQJXLVWLFSODQIRUWKH.XUGLVKODQJXDJH)XUWKHUPRUHWKH\UDLVHGVRPH RWKHU VLGH LVVXHV ZKLFK KLG WKH PDLQ LVVXH ZKLFK LV .XUGLVK ODQJXDJH VWDQGDUGL]DWLRQ 7RFRQFOXGHLWLVSURYHQWKDW.XUGLVKQDWLRQDOLVPDUHFORVHO\FRQQHFWHGEXW WKH .XUGLVK SROLWLFDO V\VWHP LQ ,UDTL .XUGLVWDQ FRXOG QRW EH VXFFHVVIXO LQ VDYLQJWKH.XUGLVKODQJXDJHIURPORFDOLVP7KHFLYLOZDULQWKH VKDGD ϲϮ
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
ϲϯ
%LEOLRJUDSK\ (QJOLVKVRXUFHV $EGXOOD0 0DKDEDG±WKHILUVWLQGHSHQGHQW.XUGLVKUHSXEOLF 5HWULHYHG-XQHIURP KWWS NXUGLVWDQWULEXQHFRPPDKDEDGILUVWLQGHSHQGHQWNXUGLVK UHSXEOLF"GRLQJBZSBFURQ $NJ|QO0 .XUGLVK*OREH5HWULHYHG$XXVWIURP KWWS ZZZNXUGLVKJOREHQHWGLVSOD\ DUWLFOHKWPO"LG &%&&'%)% $QGHUVRQ% ,PDJLQHG&RPPXQLWLHV 5HIOHFWLRQVRQWKH2ULJLQDQG 6SUHDGRI1DWLRQDOLVP UHYLVHGHG /RQGRQDQG1HZ
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± ϲϱ
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ϲϲ
.RKQ+ 1DWLRQDLVPLWVPHDQLQJDQGKLVWRU\ 5HYLVHGHG 0DODEDU 5REHUW(.ULHJHU3XEOLVKLQJ&R /DQJXDJH.$ .XUGLVK8QLILHG$OSKDEHW5HWULHYHG-XO\ IURPKWWS ZZZNXUGLVKDFDGHP\RUJ"T QRGH /HZLV* 7KH7XUNLVK/DQJXDJH5HIRUP$&DWDVWURSKLF6XFFHVV VWHG 1HZ
6PLWK$' 1DWLRQDO,GHQWLW\ VWHG 0LGGOHVH[(QJODQG 3HQJXLQ *URXSSXEOLVKLQJ 6WDQVILHOG* 7KH.XUGLVK'LOHPPD 7KH*ROGHQ(UD7KUHDWHQHG 7KH$GHOSKL3DSHUV 7DUDV5 1DWLRQDOLVPDQG&RQIOLFW,Q'+*XQWUDP++HUE (G 1DWLRQVDQG1DWLRQDOLVP $*OREDO+LVWRULFDO2YHUYLHZWR SS 6DQWD%DUEDUD'HQYHU2[IRUG $%&&/,2SXEOLVKLQJ 7RQNLQ+ 2QH+XQGUHG
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ϲϵ
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
ϳϬ
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ϳϭ
.DULP2 -XQH /DQJXDJHDQGSROLWLFVLQ,UDTL.XUGLVWDQ IURPWKH XSULVLQJWRWKHFRQVROLGDWLRQRID.XUGLVK5HJLRQDOJRYHUQPHQW WRGD\ 0.DULP' -XQH /DQJXDJHDQGSROLWLFVLQ,UDTL.XUGLVWDQ IURP WKH XSULVLQJWRWKHFRQVROLGDWLRQRID.XUGLVK5HJLRQDOJRYHUQPHQW WRGD\ 0DKPXG$ 0D\ /DQJXDJHDQGSROLWLFVLQ,UDTL.XUGLVWDQ IURP WKH XSULVLQJWRWKHFRQVROLGDWLRQRID.XUGLVK5HJLRQDOJRYHUQPHQW WRGD\ +DPDDPLQ6K -XQH /DQJXDJHDQGSROLWLFVLQ,UDTL.XUGLVWDQ IURPWKH XSULVLQJWRWKHFRQVROLGDWLRQRID.XUGLVK5HJLRQDO JRYHUQPHQWWRGD\ 2$KPHG% 0D\ /DQJXDJHDQGSROLWLFVLQ,UDTL.XUGLVWDQ IURP WKH XSULVLQJWRWKHFRQVROLGDWLRQRID.XUGLVK5HJLRQDOJRYHUQPHQW WRGD\ 7DHHE+ 0D\ /DQJXDJHDQGSROLWLFVLQ,UDTL.XUGLVWDQ IURP WKH XSULVLQJWRWKHFRQVROLGDWLRQRID.XUGLVK5HJLRQDOJRYHUQPHQW WRGD\ 6$OL6 0D\ /DQJXDJHDQGSROLWLFVLQ,UDTL.XUGLVWDQ IURPWKH XSULVLQJWRWKHFRQVROLGDWLRQRID.XUGLVK5HJLRQDOJRYHUQPHQW WRGD\
ϳϮ
