You are on page 1of 8

%LRORJLFDO:DUIDUHLQ1HZ%UXQVZLFN

%\5XVVHOO+XQW
^DVSXEOLVKHGLQ:HHNHQG $XJXVW >@>@`
,7LPP\
/,.(ORWVRIRWKHUFKLOGUHQLQWKHZLQWHURI\HDUROG7LPP\.HGG\RI'XUKDP%ULGJH1HZ
%UXQVZLFNFDPHGRZQZLWKWKHIOX1RRQHWKRXJKWPXFKRILWWKHIOXZDVUXQQLQJWKURXJKWKHZKROH
.HGG\IDPLO\DWWKHWLPHDQGZKLOHLWZDVXQFRPIRUWDEOHLWZDVMXVWWKHIOX2ULWZDVXQWLO6XQGD\
QLJKW-DQXDU\ZKHQ7LPP\
VIHYHUZHQWWRGHJUHHVDQGKHEHJDQUHSHDWHGO\DQGYLROHQWO\
YRPLWLQJDQGEHFDPHGHOLULRXV7RZDUGVPRUQLQJKLVPRWKHUVD\VKHVWDUWHGFRPSODLQLQJDERXW
SDLQVLQKLVORZHUEDFNDQGKHZDVVWLOOUXQQLQJWKHIHYHUDQGDWWLPHVKHZDVVWLOOGHOLULRXV7KHQH[W
GD\7LPP\ZDVWDNHQWR9LFWRULD3XEOLF+RVSLWDOLQ)UHGHULFWRQDIHZPLOHVDZD\7LPP\
VSDUHQWVKDG
DORWRIIDLWKLQGRFWRUVDQGWKH\ZHUHUHOLHYHGZKHQWKH\ZHUHWROGWKDWLWZDVMXVWWKHIOXDQG7LPP\
ZRXOGEHDOOULJKW
%XWODWHUWKDWGD\WKH\UHFHLYHGDWHUULI\LQJFDOOIURPWKHKRVSLWDO7KH\WROGXVWKH\FRXOGQ
WJHWKLPWR
VHWWOHGRZQ0UV.HGG\VD\VDQGDVNHGIRUXVWRFRPHWRWKHKRVSLWDO:HZHQWWRWKHKRVSLWDODQGE\
WKHWLPHZHJRWWKHUHKHZDVLQDFRPD
,WLVQRWKDUGWRLPDJLQHWKH.HGG\V
IHHOLQJVWKDWQLJKWWKRXJKWKH\GRQRWWDONDERXWWKHPPXFK7KHLU
RQHDQGDKDOI\HDUROGGDXJKWHUKDGVLPLODUV\PSWRPVDQGZDVDOVRLQKRVSLWDODQG7LPP\
VHOGHUVLVWHU
DSSHDUHGWREHFRPLQJGRZQZLWKWKHVDPHWKLQJ
7KHQH[WPRUQLQJWKHKRVSLWDOFDOOHGDJDLQ0U.HGG\WRRNWKHFDOO,GRQ
WNQRZZKDWWKH\WROGKLP
0UV.HGG\VD\VEXWZHZHUHQ
WYHU\ORQJLQJHWWLQJWKHUH$QGDVVRRQDVZHJRWWKHUHZHZHUHPHW
DQGDVNHGLIZHZDQWHGRXUPLQLVWHUDQGRXUPLQLVWHUFDPHDQGSHUIRUPHGWKHULWHVDQGEDSWL]HGKLP
DQGIURPWKHUHWKH\SXWKLPLQLQWHQVLYHFDUH'XULQJWKHGD\LWZDVGHFLGHGWKDWQRWKLQJFRXOGEHGRQH
IRU7LPP\LQ)UHGHULFWRQDQGWKDWKHVKRXOGEHWDNHQWR,]DDN:DOWRQ.LOODP+RVSLWDOIRU&KLOGUHQLQ
+DOLID[+HZDVIORZQWKHUHE\WKH$LU5HVFXH6HUYLFHRQ7XHVGD\DQGKLVFDVHZDVWDNHQRYHUE\'U
-)6&URFNHUDVSHFLDOLVWZLWKDQLQWHUHVWLQDPRQJRWKHUWKLQJVNLGQH\GLVHDVHV2Q7KXUVGD\QLJKW
WKHWKRI-DQXDU\7LPP\GLHG+HKDGQHYHUUHJDLQHGFRQVFLRXVQHVV
,,5H\H
V6\QGURPH
)RU'U&URFNHU7LPP\
VFDVHZDVQRWKLQJQHZ7KHUHKDGEHHQDQXPEHURIVLPLODUFDVHVLQ1HZ
%UXQVZLFNLQIDFWWKHSURYLQFHZDVLQWKHPLGVWRIZKDWFRXOGEHFDOOHGLQWKHFDVHRIDFRQGLWLRQDV
UDUHDVWKLVDQHSLGHPLF,QWKHZLQWHUVRIDQGDWOHDVWQLQH1HZ%UXQVZLFNFKLOGUHQ
VXIIHUHGDV7LPP\VXIIHUHG)LYHRIWKHPGLHG
:KDWNLOOHG7LPP\.HGG\>SKRWRDERYH@ZDVQRWWHFKQLFDOO\DGLVHDVHEXWDV\QGURPHWKDWLVDVHULHV
RIV\PSWRPVZKLFKRFFXUWRJHWKHUEXWZKRVHUHODWLRQVKLSLVQRWFOHDUO\XQGHUVWRRG7KHV\QGURPHZDV
GHILQHGLQE\'U5'.5H\H SURQRXQFHG5\H DWWKH5R\DO$OH[DQGUD+RVSLWDOIRU&KLOGUHQLQ
6\GQH\$XVWUDOLD,WLVDSSDUHQWO\DPRGHUQLOOQHVV,WDWWDFNVFKLOGUHQDOPRVWH[FOXVLYHO\DQGDV\HWLWV
FDXVH RUSDWWHUQRIFDXVHV LVDVRQHPHGLFDOUHSRUWSKUDVHGLWHQLJPDWLF$OWKRXJKVRPHSURJUHVVLQ
WUHDWPHQWKDVEHHQPDGHWKURXJKVXFKGUDVWLFPHDVXUHVDVUHSODFLQJWKHFKLOG
VHQWLUHEORRGVXSSO\PRVW
YLFWLPVVWLOOGLH
,WLVDWHUULI\LQJVLFNQHVVLQRWKHUZD\VDVZHOO,WXVXDOO\IROORZVVRPHPLQRUYLUDOLQIHFWLRQIOXDQG
FKLFNHQSR[DUHFRPPRQ-XVWZKHQWKHFKLOGVHHPVWREHEHJLQQLQJWRUHFRYHUKHEHJLQVYRPLWLQJ

XQFRQWUROODEO\GHYHORSVDKLJKIHYHUDQGVKRZVFHQWUDOQHUYRXVV\VWHPGLVRUGHUVUDQJLQJIURP
LUULWDELOLW\DQGGHSUHVVLRQWKURXJKK\VWHULDDQGLQDELOLW\WRUHFRJQL]HKLVIDPLO\WRFRQYXOVLRQVDQG
FRPD,QDVLJQLILFDQWQXPEHURIWKHFDVHVLQZKLFKWKHFKLOGVXUYLYHVWKHUHLVGDPDJHWRWKHEUDLQRU
QHUYRXVV\VWHP%XWRIWHQWKHFKLOGGRHVQRWVXUYLYHPRUWDOLW\UDWHVUDQJLQJIURPWRSHUFHQWDUH
FRPPRQ
-XVWKRZWKHV\QGURPHZRUNVLVQRWFOHDUO\XQGHUVWRRG7ZRSULPDU\GLVRUGHUVDUHLQYROYHG2QWKHRQH
KDQGWKHUHLVVHYHUHEUDLQGLVHDVHRQWKHRWKHUWKHUHLVPDUNHGGHJHQHUDWLRQDQGIDWDFFXPXODWLRQLQWKH
OLYHUDQGVRPHWLPHVWKHNLGQH\VDQGRWKHURUJDQV:KHWKHURQHFDXVHVWKHRWKHURUZKHWKHUVRPHRXWVLGH
IDFWRUFDXVHVERWKLVXQFHUWDLQ
7KHSDWWHUQKDVLQDQ\FDVHFRPHWREHJHQHUDOO\NQRZQDV5H\H
VV\QGURPH,Q'U&URFNHUDQG
KLVDVVRFLDWHVZHUHEHJLQQLQJWRILQGRXWDQXPEHURILQWHUHVWLQJWKLQJVDERXW5H\H
VV\QGURPH2QHZDV
WKDWDWOHDVWVRPHRIWKHV\PSWRPVORRNHGVXVSLFLRXVO\WLWOHFODVVLFDOV\PSWRPVRIFRPPRQNLQGRI
FKHPLFDORULQVHFWLFLGHSRLVRQLQJ7KHFDVHVWKH\KDGVHHQZHUHFRQFHQWUDWHGLQ1HZ%UXQVZLFNDQG
VHHPHGWRRFORVHWRHDFKRWKHUDQGWRRVLPLODUQRWWREHUHODWHGLQVRPHZD\SRVVLEO\WKURXJK
HQYLURQPHQWDOIDFWRUV7KH\EHJDQWU\LQJWRLVRODWHVRPHH[WHULRUDJHQW$IWHU7LPP\
VGHDWKIRU
LQVWDQFH'U&URFNHUDVNHGWKH.HGG\VIRUVDPSOHVRIDOOWKHLQVHFWLFLGHVDQGRWKHUWR[LFFKHPLFDOVWKDW
7LPP\PLJKWKDYHFRPHLQFRQWDFWZLWK6XFKDWWHPSWVOHGQRZKHUH
7KHRQHFRQGLWLRQWKDWVHHPHGFRPPRQWRDOOWKHFDVHVZDVWKDWDOOWKHSDWLHQWVFDPHIURPDUHDVZKLFK
ZHUHFRQVLVWHQWO\VSUD\HGZLWKLQVHFWLFLGHVE\DLUSODQHVDVSDUWRI1HZ%UXQVZLFN
VORQJVWDQGLQJZDU
DJDLQVWWKHVSUXFHEXGZRUP%XWLWZDVQ
WMXVWWKHJHRJUDSKLFFRLQFLGHQFHWKDWZDVVLJQLILFDQW
,QVHFWLFLGHVVXFKDV''7DUHNQRZQWRFDXVHIDWW\FKDQJHVLQWKHOLYHUWRDOWHULPPXQRORJLFDODFWLYLW\
DQGWRKDYHDWR[LFHIIHFWRQQHUYHFRQGXFWLRQDOORIZKLFKVRXQGHGVXVSLFLRXVO\DVWKRXJKWKH\PLJKW
EHUHODWHGWR5H\H
VV\QGURPH(TXDOO\LPSRUWDQWFRPELQDWLRQVRILQVHFWLFLGHVZHUHNQRZQWRFDXVH
ZLOGO\GLIIHUHQWDQGPRUHVHYHUHHIIHFWVWKDQDQ\VLPSOHLQVHFWLFLGHFRXOGFDXVH
'U&URFNHUVHWRXWWRILQGRXWZKDWZDVEHLQJVSUD\HGLQ1HZ%UXQVZLFNDQGWRJHWVRPHVDPSOHV,W
ZDVQ
WHDV\7KHJRYHUQPHQWGHSDUWPHQWUHVSRQVLEOHIRUWKHVSUD\QDWXUDOUHVRXUFHVUHJDUGHGWKH
FRQWHQWVRILWVVSUD\SURJUDPDVFODVVLILHGDQGRIIHUHGKLPQRFRRSHUDWLRQZKDWHYHU6RLWZDVZLWK
HYHU\RQHHOVHKHFRQWDFWHGLQ1HZ%UXQVZLFN)LQDOO\WKURXJKKLJKO\VRSKLVWLFDWHGWLVVXHDQDO\VLVWKH\
GLVFRYHUHGWKHSUHVHQFHRIDQLQVHFWLFLGHFDOOHG)HQLWURWKLRQ$UPHGZLWKWKLVLQIRUPDWLRQ'U&UDFNHU
DSSURDFKHGWKHGLVWULEXWRUV7KH\LQIRUPHGKLPKHFRXOGQ
WKDYHDVDPSOHWKH\VROGLWRQO\LQFDUORDG
ORWV $OO,ZDQWHGZDVILIW\&&VKHVDLGODWHU 7KH1DWLRQDO5HVHDUFK&RXQFLOUHIXVHGWRFRQILUPKLV
LGHQWLILFDWLRQRIWKHSHVWLFLGH)LQDOO\'U&URFNHUZHQWWRWKHSURYLQFLDOGHSDUWPHQWRIKHDOWKZKLFK
SURFXUHGKLPVRPHVDPSOHV
:RUNLQJRQWKHK\SRWKHVLVWKDWWKHV\QGURPHPLJKWEHFDXVHGE\VRPHLQWHUDFWLRQEHWZHHQDQ
LQVHFWLFLGH RUDFRPELQDWLRQRILQVHFWLFLGHV DQGDYLUXV'U&URFNHU
VWHDPSDLQWHGPLFHZLWKFKHPLFDOV
VRPHZLWK''7VRPHZLWK)HQLWURWKLRQVRPHZLWKDFRPELQDWLRQRIWKHWZRDQGVRPHZLWKFRUQRLO
7KHPLFHZHUHWKHQLQIHFWHGZLWKDYLUXVQRUPDOO\QRWIDWDOWRPLFH7KHWHDPZDVH[FLWHGE\WKHUHVXOWV
$VZDVH[SHFWHGQRQHRIWKHPLFHSDLQWHGZLWKFRUQRLOGLHG%XWLQYDULRXVWULDOVEHWZHHQIRXUDQGQLQH
SHUFHQWRIWKH)HQLWURWKLRQWUHDWHGPLFHGLHGRIWKHQRQOHWKDOYLUXV2IWKH''7WUHDWHGPLFHEHWZHHQ
VL[DQGSHUFHQWGLHG(YHQPRUHDODUPLQJDQGVLJQLILFDQWZDVWKHIDFWWKDWRIWKHPLFHWUHDWHGZLWK
ERWKWKHIDWDOLW\UDWHUDQEHWZHHQDQGSHUFHQW3HUKDSVPRVWLPSRUWDQWWKHUHZHUHIDWW\FKDQJHVLQ
WKHOLYHUDQGNLGQH\VDQGGHDWKFDPHDIWHUDVHTXHQFHRISDUDO\VLVDQGFRQYXOVLRQVDSDWWHUQIDPLOLDUWR
UHVHDUFKHUVLQWR5H\H
VV\QGURPH
7KHUHVXOWVRIWKHH[SHULPHQWVZHUHSXEOLVKHGLQWKHLQWHUQDWLRQDOPHGLFDOMRXUQDO/DQFHWLQWKHVXPPHU

RI7KHSRVVLEOHUROHRIH[SRVXUHWRFRPELQDWLRQVRILQVHFWLFLGHVLQKXPDQYLUDOVXVFHSWLELOLW\
UHTXLUHVIXUWKHUDWWHQWLRQVDLGWKHDXWKRUV7KH\FRQFOXGHGFDXWLRXVO\7KHSDUWWKDWWKLVLQWHUDFWLRQ
EHWZHHQLQVHFWLFLGHVDQGYLUXV SOD\HGLQWKH5H\H
VOLNHGLVHDVHRIWKHFKLOGUHQWKDWVWLPXODWHGWKLVZRUN
LVVWLOOK\SRWKHWLFDOEXWLWLVQRZDWKHRU\ZKLFKLVFKHPLFDOO\DQGYLURORJLFDOO\SRVVLEOH
,,,$HULDO$WWDFN
,Q1HZ%UXQVZLFNZDVIDFHGZLWKDSUREOHP,WZDVFOHDUWKDWWKHSURYLQFHZDVVXIIHULQJIURPDQ
RXWEUHDNRIWKHVSUXFHEXGZRUPDUHFXUUHQWSODJXHWKDWKDGODVWDWWDFNHGWKHSURYLQFH
VWLPEHUODQGV
\HDUVHDUOLHU7KHTXHVWLRQZDVZRXOGWKHSURYLQFH
VQHZO\LQYLJRUDWHGSXOSDQGSDSHULQGXVWU\KDYHWR
VZHDWRXWWKHSHULRGZKLOHWKHEXGZRUPKDUYHVWHGWKHRYHUPDWXUHVWDQGVRIEDOVDPILUDQGZKLWH
VSUXFHWKDWWKHLQGXVWU\ZDQWHGEXWKDGQ
WJRWWR\HWRUFRXOGVRPHVKRUWWHUPZD\EHIRXQGWRSUHYHQW
WKHEXGZRUPIURPDWWDFNLQJWKRVHWUHHVXQWLOWKHFRPSDQLHVFRXOGJHWWRWKHP"
'XULQJWKH6HFRQG:RUOG:DUIDQWDVWLFSURJUHVVKDGEHHQPDGHLQWKHFKHPLFDOVLQGXVWU\2QHRIWKH
PLUDFOHVDVHYHU\ERG\QRZNQRZVZDV''7,WVHHPHGOLNHO\WRPDQ\SHRSOHWKDWLI\RXFRXOGJHW
''7WRWKHEXGZRUPV\RXFRXOGSUREDEO\ZLSHWKHPRXW7KHKHDGRIWKH'RPLQLRQ(QWRPRORJLFDO
/DERUDWRU\LQ)UHGHULFWRQ5(%DOFKKDGZULWWHQDSDPSKOHWLQVXJJHVWLQJWKDWDLUSODQHVSUD\LQJ
PD\EHVXIILFLHQWO\SHUIHFWHGWRSURYLGHDPHDQVRISURWHFWLQJOLPLWHGDUHDVRISDUWLFXODUYDOXH+H
DGGHGSURSKHWLFDOO\WKDWWKHVHPHWKRGVGRQRWUHGXFHWKHQHFHVVLW\IRUDGMXVWLQJIRUHVWPDQDJHPHQWWR
PHHWWKHGDQJHURIEXGZRUPDWWDFN%XWLQWKHUXVKIRUDVLPSOHWHFKQRORJLFDOVROXWLRQWRWKHSUREOHP
KLVZDUQLQJZDVLJQRUHG$OPRVWDFUHVRI1HZ%UXQVZLFNZHUHVSUD\HGIURPDLUFUDIWPRVWO\
:DVS6WHDUPDQWUDLQHUVLQ-XQHRI
,QLQFRQMXQFWLRQZLWKWKHSXOSDQGSDSHULQGXVWU\WKHJRYHUQPHQWHVWDEOLVKHGDSULYDWH
FRUSRUDWLRQWRKDQGOHWKHVSUD\LQJ7KHVWDWHPHQWRISXUSRVHLQWKHOHWWHUVSDWHQWRI)RUHVW3URWHFWLRQ
/WGVDLGWKDWLWZDVRUJDQL]HGIRUWKHIROORZLQJSXUSRVHVQDPHO\WRSURWHFWWKHIRUHVWV7KDWZDVDOO
&RQVLGHULQJWKHUDQJHRISRVVLEOHWKUHDWVWRWKHIRUHVWVLWPXVWEHRQHRIWKHEURDGHVWFRUSRUDWHFKDUWHUV
LQH[LVWHQFH,QSUDFWLFHKRZHYHUWKHFRPSDQ\KDVOLPLWHGLWVHOIWRSURWHFWLQJWKHIRUHVWVDJDLQVWRQO\
RQHWKUHDWWKHEXGZRUPDQGWRRQHPHWKRGRISURWHFWLRQWKHDHULDOVSUD\LQJRISHVWLFLGHV
)URPWRWKHDFUHDJHVSUD\HGLQFUHDVHGWHQIROG7KHPLOOLRQEXGJHWRI)RUHVW3URWHFWLRQ
/WGZDVVKDUHGHTXDOO\E\WKHSURYLQFHWKHIHGHUDOJRYHUQPHQWDQGWKHSXOSDQGSDSHULQGXVWU\)RUWKH
QH[W\HDUVZLWKWKHH[FHSWLRQRIODUJHDUHDVRIWKHSURYLQFHZHUHVSUD\HGZLWK''7,QRQO\
WZRRIWKRVH\HDUVZHUHOHVVWKDQDPLOOLRQDFUHVVSUD\HGXVXDOO\WKHSURJUDPFRYHUHGPRUHWKDQWZR
PLOOLRQDFUHVDQQXDOO\
'XULQJWKHVKRZHYHUWKHVFDU\WUXWKDERXW''7DWWUDFWHGZLGHSXEOLFLW\$WOHQJWKVL[\HDUVDIWHU
WKHSXEOLFDWLRQRI5DFKHO&DUVRQ
V6LOHQW6SULQJZLWKLWVJUDSKLFGHSLFWLRQRIWKHGHYDVWDWLRQEHLQJ
FDXVHGE\WKH1HZ%UXQVZLFNVSUD\SURJUDP''7ZDVILQDOO\DEDQGRQHG%XWWKHVSUD\LQJGLGQRW
VWRS$QHZPLUDFOHKDGEHHQIRXQG)HQLWURWKLRQ,WZDVDQLQVHFWLFLGHZKLFKKRZHYHUOLWWOHPLJKW
EHNQRZQDERXWLWVHIIHFWVRWKHUZLVHKDGWKHUHSXWDWLRQRIEUHDNLQJGRZQUDWKHUPRUHTXLFNO\WKDQ
''77KHSRVVLEOHHIIHFWVRI)HQLWURWKLRQRQPDQKDGQRW\HWEHHQVWXGLHGDQGLWZDVQRWUHJLVWHUHGIRU
XVHDVDFRPPHUFLDOIRUHVWVSUD\E\HLWKHUWKH&DQDGLDQRU$PHULFDQJRYHUQPHQWV%XWLWZDVQRW''7
DQGQRGHOHWHULRXVHIIHFWVKDGEHHQSURYHQVRLWZDVVXEVWLWXWHGDQGWKHSURJUDPFRQWLQXHG
%RWKWKHDFUHDJHDQGWKHFRVWRIWKHSURJUDPEHJDQVN\URFNHWLQJVLPXOWDQHRXVO\)RXUILYHWKHQVL[
PLOOLRQDFUHVEHFDPHQRUPDO7KHFRVWVWHDGLO\DVFHQGHGDQGUHDFKHGPLOOLRQLQ)XUWKHUPRUH
DIWHUWKH''7VFDUHWKHIHGHUDOJRYHUQPHQWSXOOHGRXWRIWKHILQDQFLQJRIWKHSURJUDPZKLFKPHDQWWKDW
WKHSURYLQFHRI1HZ%UXQVZLFNZDVSD\LQJWZRWKLUGVRIWKLVVWDJJHULQJFRVW0XFKRIWKHLQFUHDVHLQ
FRVWZDVGXHQRWWRWKHLQFUHDVHGDUHDWKDWZDVEHLQJVSUD\HGEXWWRWKHKLJKFRVWRI)HQLWURWKLRQ

FRPSDUHGWR''74XHVWLRQVZHUHDOVRUDLVHGDERXWLWVHIIHFWLYHQHVV1REHWWHUWKDQGLVKZDWHU
LQGXVWULDOLVW.&,UYLQJVDLGRQRQHRIKLVLQIUHTXHQWYLVLWVWRWKHSURYLQFHZKLFKKHPRUHWKDQDQ\RWKHU
PDQFDQFODLPWRRZQ7KXVLWZDVQRWDQHQWLUHVXUSULVHZKHQODWHODVWZLQWHUWKH0LQLVWHURI1DWXUDO
5HVRXUFHV5RODQG%RXGUHDXDQQRXQFHGWKDWWKHSURYLQFHZDVFRQVLGHULQJUHWXUQLQJWRWKHXVHRI''7
7KHSURYLQFHKHVDLGVLPSO\FRXOGQ
WFRQWLQXHIRRWLQJWKH)HQLWURWKLRQELOO
0DQ\SHRSOHWKRXJKWWKLVZDVDSROLWLFDOSOR\WKDW%RXGUHDXZDVVLPSO\WU\LQJWRSU\VSUD\PRQH\RXW
RI2WWDZDZKLFKKDGXVHGWKHRULJLQDO''7VFDUHWRSXOORXWRIWKHSURJUDPDOWRJHWKHU,IWKH
DQQRXQFHPHQWZDVVRLQWHQGHGLWZRUNHG2WWDZDVRRQDQQRXQFHGWKDWLWKDGORFDWHGVRPHPRQH\WKDW
FRXOGEHFKDQQHOHGLQWRWKHVSUD\SURJUDP:LWKWKLVDVVXUDQFHWKH1HZ%UXQVZLFNJRYHUQPHQWVHWWOHG
LQWRILQDOSODQVIRUZKDWZDVWREHLWVELJJHVWDQGEHVWDHULDOVSUD\SURJUDP
$WDWRWDOFRVWRIMXVWXQGHUPLOOLRQDOPRVWKDOIWKHSURYLQFH
VWRWDODUHDPLOOLRQDFUHV
ZRXOGEHVSUD\HGE\DIOHHWRIDLUSODQHVRSHUDWLQJRXWRIVHYHQDLUVWULSVPRVWRIZKLFKKDGEHHQ
FDUYHGRXWRIWKHEXVKLQWKHFRXUVHRISUHYLRXVVSUD\RSHUDWLRQV
,91RLV\6SULQJ
3ROLWLFDOO\1HZ%UXQVZLFNLVDSUHWW\TXLHWSODFHPRVWRIWKHWLPH7KXVLWZDVVRPHWKLQJRIDVXUSULVH
WRWKHFXUUHQW7RU\JRYHUQPHQWZKHQLWVDQQRXQFHPHQWRIWKHELJJHVWDQGEHVWVSUD\SURJUDPHYHUZDV
WKHFDXVHRIZKDWORRNHGOLNHDZDYHRISXEOLFSURWHVW$IWHUDOOKDGQ
W1HZ%UXQVZLFNEHHQVSUD\LQJ
ZLWKOLWWOHRUQRSURWHVWVLQFH":DVQ
WLWFOHDUWKDWLIWKHEXGZRUPDWHDOOWKHWUHHVWKHUHZRXOGWRQR
IRUHVWLQGXVWU\"7KDW1HZ%UXQVZLFNZLWKRXWDIRUHVWLQGXVWU\ZRXOGEHD'HWURLWZLWKRXWDXWRPRELOHV
DQ$OEHUWDZLWKRXWRLO"
,WZDVFOHDUWKDWWKHSURWHVWVKDGQRWEHHQWULJJHUHGE\GRXEWDERXWWKHVSUD\
VHIIHFWLYHQHVVWKRXJKWKH
SURWHVWHUVH[SUHVVHGWKDWGRXEWUHJXODUO\ 0DQ\SHRSOHKDGDUJXHGWKDWWKHVSUD\SURJUDPDFWXDOO\
HQFRXUDJHGWKHVSUHDGRIWKHEXGZRUPEHFDXVHLWIRUFHGLWLQWRXQVSUD\HGDUHDVNLOOHGLWVQDWXUDO
HQHPLHVDQGSUHVHUYHGRYHUPDWXUHVWDQGVRIWUHHV%XWWKHVHDUJXPHQWVKDGEHHQNQRZQIRU\HDUVDQG
KDGEHHQGHQLHGE\WKHJRYHUQPHQWDQGWKHSXOSDQGSDSHULQGXVWU\ 1RUKDGWKHSURWHVWVEHHQVHWRIIE\
PDWWHUVOLNHELUGDQGILVKNLOOWKRXJKWKH&DQDGLDQ:LOGOLIH6HUYLFH
VUHSRUWVPDVVLYHELUGNLOOVLQ
KDGFDXVHGVRPHVWLU
1RZKDWFDXVHGDOOWKHWURXEOHLQWKHVSULQJRI"VHHPVWRKDYHEHHQDFRPELQDWLRQRILVVXHVWKDW
SHUKDSVOLNHWKHFDXVHVRI5H\H
VV\QGURPHPLJKWLQGLYLGXDOO\KDYHKDGYHU\OLWWOHHIIHFW2QHZDV
WKHDQQRXQFHPHQWRIDSRVVLEOHUHWXUQWR''7ZKLFKSULFNHGXSWKHHDUVRIHQYLURQPHQWDOLVWVDQG
FRQVHUYDWLRQLVWVPDQ\RIZKRPKDGEHHQRQO\YDJXHO\DZDUHWKHH[LVWHQFHRIWKHDQQXDOSURJUDP
$QRWKHUZDVWKH1RYD6FRWLDJRYHUQPHQW
VFDQFHOODWLRQRILWVSODQVWRVSUD\DFUHVLQWKH
KLJKODQGVRI&DSH%UHWRQ,VODQG7KH1RYD6FRWLDJRYHUQPHQWKDGRULJLQDOO\EHHQVWURQJO\FRPPLWWHGWR
DHULDOVSUD\LQJKDGLQIDFWRYHUULGGHQWKHUHFRPPHQGDWLRQVRILWVRZQGHSDUWPHQWRIODQGVDQGIRUHVWV
LQLWVRULJLQDOGHFLVLRQVSUD\WKHKLJKODQGV$QGQRZWKHGHFLVLRQZDVEHLQJUHYHUVHGIRUPHGLFDO
UHDVRQVDQGDVDUHVXOWRISXEOLFSUHVVXUHDQGSXEOLFLW\SULPDULO\LQWKH&DSH%UHWRQ3RVWDERXWWKH
ILQGLQJVRI'U&URFNHU
VUHVHDUFKWHDP
%XWPRVWLPSRUWDQWZDVWKHGHDWKRI7LPP\.HGG\IRXU\HDUVHDUOLHU,Q0DUFKD)UHGHULFWRQ&%&UDGLR
SURJUDP1HZ%UXQVZLFN)ROLRFRQWDFWHG7LPP\
VSDUHQWVIRUDQLQWHUYLHZ0UV.HGG\VD\VWKDW
WKH\ZHUHKHVLWDQWEHFDXVHWKH\NQHZDERXW'U&URFNHU
VUHOXFWDQFHWRKDYHKLVZRUNXVHGLQSXEOLF
GHEDWH%XWVLQFHKLVZRUNZDVDOUHDG\EHLQJVRXVHGLQ1RYD6FRWLDVKHGHFLGHGWRJLYHWKHLQWHUYLHZ
DQGDLUKHUFRQYLFWLRQWKDW7LPP\
VGHDWKKDGLQGHHGEHHQUHODWHGWRWKHDHULDOVSUD\LQJSURJUDP

7KDWLQWHUYLHZZDVEURDGFDVW6DWXUGD\PRUQLQJ$SULODQGPRVWSHRSOHQRZDFWLYHLQZKDWKDVFRPH
WREHNQRZQDVWKH&RQFHUQHG3DUHQWV*URXSUHIHUEDFNWRLWDVDWXUQLQJSRLQWLQWKHLUSHUVRQDO
LQYROYHPHQW%LUGVILVKHFRORJLFDOEDODQFHVDQGIRUHVWPDQDJHPHQWDUHDOOSUHWW\UHPRWHLVVXHVWKH
GHDWKRIDFKLOGSDUWLFXODUO\WKHVRUWRIGHDWK7LPP\.HGG\PHWLVDQRWKHUPDWWHUHQWLUHO\
$QGVREHJDQWKHILUVWVHULRXVSXEOLFGHEDWHDERXWWKHPHULWVRI1HZ%UXQVZLFN
VVSUD\SURJUDPLQWKH
\HDUVRILWVH[LVWHQFH)RUDPRQWKDQGDKDOIWKHGHEDWHZHQWRQLQWKHSUHVVLQPHHWLQJVZLWKWKH
JRYHUQPHQWDQGLQSXEOLFGHPRQVWUDWLRQVZKLOHWKHPDFKLQHU\RIJRYHUQPHQWJURXQGVWHDGLO\WRZDUG
WKHPRUQLQJLQPLG0D\ZKHQWKHSODQHVZRXOGOLIWSRQGHURXVO\RIIWKHUXQZD\VZLWKWKHLUJDOORQ
ORDGVRIFKHPLFDOV
9&XQLWVYV&KLOGUHQ
7KHGHEDWHKDVEHHQFRQGXFWHGRQDQXPEHURIIURQWVEXWWKHEDVLFLVVXHFDQEHGLYLGHGLQWRWKUHHDUHDV
IRUHVWPDQDJHPHQWHQYLURQPHQWDQGKXPDQKHDOWK$OOWKHPDUHFRPSOLFDWHGDOORIWKHPLQYROYHDQ
RXUH[SHUWVDJDLQVW\RXUH[SHUWVVLWXDWLRQDQGLQ1HZ%UXQVZLFNDOORIWKHPKDYHGHYHORSHGWKH
SRWHQWLDOWREULQJSHRSOHVKRXWLQJWRWKHLUIHHW%XWRQO\WKHWKLUGDUHDLVQHZWR1HZ%UXQVZLFNHUV
$UJXPHQWVRYHUWKHSURSHUPHWKRGVRIIRUHVWPDQDJHPHQWDQGZKHWKHURUQRWWKHVSUD\ZDVQHFHVVDU\
RUHIIHFWLYHKDYHEHHQJRLQJRQIRU\HDUV7KHSXOSFRPSDQLHVWKHJRYHUQPHQWDQGWKHVSUD\LQJ
WHFKQLFLDQVKDYHDUJXHGFRQVLVWHQWO\WKDWZHUHLWQRWIRUWKHVSUD\WKHEXGZRUPZRXOGKDYHGHVWUR\HG
1HZ%UXQVZLFN
VLQGXVWULDOEDVH1HZ%UXQVZLFN'HSXW\0LQLVWHURI1DWXUDO5HVRXUFHV5XG\+DQXVLDN
IRULQVWDQFHDUJXHVWKDWKDGWKHVSUD\LQJEHHQVWRSSHGLQWKHSURYLQFHZRXOGQRZEHDEOHWR
VXSSRUWRQO\RQHSXOSPLOOLQVWHDGRIWKHSUHVHQW$UWKXU/DOHFKHXUDQRIILFLDOZLWK$JULFXOWXUH
&DQDGDZKRLVUHVSRQVLEOHIRUJUDQWLQJWKHSHUPLWIRUWKHVSUD\SURJUDPVD\VWKDWKDGWKHVSUD\LQJEHHQ
VWRSSHGWKHUH
GEHQREXGZRUPEXWWKHUH
GDOVREHQRIRUHVW$OOLQVHFWVXVXDOO\EXLOGXSWLOOWKH\HDW
WKHLUIRRGVXSSO\DQGWKHQWKH\GLVDSSHDU7KHIRRGVXSSO\IRUWKHVSUXFHEXGZRUPLVWUHHVDQGLIWKH
WUHHVDUHGHDGWKHUHDUHFHUWDLQO\JRLQJWREHQRVSUXFHEXGZRUPV%XWWKHUHZRXOGDOVREHQRWUHHV
DQGLWWDNHVDIDLUQXPEHURI\HDUVWRJURZDWUHH
3HUKDSVWKHFOHDUHVWVWDWHPHQWRIWKHRSSRVLQJSRLQWRIYLHZFRPHVIURP'U.HQQHWK:DWWD]RRORJLVW
ZKRRQFHVWXGLHGWKHEXGZRUPIRUWKHIHGHUDOJRYHUQPHQW+HLVQRZDWWKH8QLYHUVLW\RI&DOLIRUQLDDW
'DYLV,WZDVP\LPSUHVVLRQKHVD\VIURPDOOWKHUHVHDUFKWKDWZDVGRQHWKDWLIVSUD\LQJZDV
FRQWLQXHGWKHEXGZRUPRXWEUHDNZRXOGFRQWLQXHDQGZRXOGLIDQ\WKLQJEHFRPHZRUVHDQGDOOWKH
GDWDWKDW,KDYHVHHQFROOHFWHGE\WKHJRYHUQPHQWWHQGWRVXSSRUWWKHFRQFOXVLRQWKDWWKDW
VH[DFWO\ZKDW
KDVKDSSHQHG
,WLVFOHDUO\DQDUJXPHQWWKDWJRHVRQDQGRQLQGHILQLWHO\ZLWKHDFKVLGHEULQJLQJLQLWVRZQEDWWHU\RI
H[SHUWVDQGVWDNLQJRXWLWVRZQSRVLWLRQ7KHRQO\VWDWHPHQWRQZKLFKWKHWZRVLGHVXVXDOO\DJUHHLV
WKDWWKHIRUHVWVLQ1HZ%UXQVZLFNKDYHEHHQDSSDOOLQJO\EDGO\PDQDJHGDQGWKDWWKDWLVRQHRIWKHPDLQ
UHDVRQVIRUWKHVHULRXVQHVVRIWKHEXGZRUPLQIHVWDWLRQ&RQVLVWHQWO\RQO\WKHZRUVWWUHHVKDYHEHHQOHIW
WRUHJHQHUDWHWKHIRUHVWV$V5XG\+DQXVLDNSRLQWVRXWZKHQWKH.LQJ
V1DY\ILUVWFDPHWRWKHSURYLQFH
RI1HZ%UXQVZLFNWKH\VHOHFWHGFHUWDLQWUHHVIRUPDVWV7KH\PDGHDFKRLFH7KH\FKRVHWKHEHVWDQG
OHIWWKHUHVW$QGWKDWLVZKDWIRUHVWPDQDJHPHQWKDVEHHQIRUWKHODVWWZRRUWKUHHKXQGUHG\HDUV0RUH
UHFHQWO\FOHDUFXWWLQJKDVEHFRPHSRSXODUVRWKDWRU\HDUVODWHUDOOWKHWUHHVLQWKHDUHDDUH
RYHUPDWXUHWRJHWKHUDQGDOODUHWKHVDPHNLQGRIWUHHVZKLWHVSUXFHDQGEDOVDPILUDVLWXDWLRQWKH
EXGZRUPUHJDUGVDVDJRXUPHWWUHDW)RUDVORQJDVWKH\KDYHEHHQWKHUHWKHODUJHSXOSFRPSDQLHVKDYH
WDNHQWKHZRRGWKDWZDVHDV\WRJHWDWDQGOHIWWKHUHVWWRJURZROGDQGEHFRPHSULPHEUHHGLQJJURXQG
IRUWKHEXGZRUP$QGIRU\HDUVLWKDVEHHQHFRQRPLFDOO\IRROLVKIRUWKHSXOSFRPSDQLHVWRSUDFWLVH
VRXQGIRUHVWPDQDJHPHQWEHFDXVHVRXQGIRUHVWPDQDJHPHQWLVH[SHQVLYHDQGWKHVSUD\SURJUDP
ILQDQFHGDVLWLVSULPDULO\E\WKHWD[SD\HULVFKHDS


:KR6SUD\V:KHUH
1HZ%UXQVZLFNLVQRWWKHRQO\SURYLQFHZLWKDVSUXFHEXGZRUPSUREOHP%ULWLVK&ROXPELD
0DQLWRED2QWDULR4XHEHF3ULQFH(GZDUG,VODQG1RYD6FRWLDDQG1HZIRXQGODQGDOVRKDYHVHYHUH
RXWEUHDNV
%HVLGHV1HZ%UXQVZLFNRQO\4XHEHFLVODXQFKLQJDPDVVLYHVSUD\SURJUDPWKLV\HDUXVLQJ
)HQLWURWKLRQDVWKHSULQFLSDOLQVHFWLFLGH5HFHQWPHGLFDOVWDWLVWLFVLQGLFDWHDVLJQLILFDQWLQFUHDVHLQ
WKHLQFLGHQFHRI5H\H
VV\QGURPHLQ4XHEHF
2QWDULR0DQLWREDDQG%ULWLVK&ROXPELDVD\WKH\ZLOOOLPLWWKHLUVSUD\LQJRSHUDWLRQVWRVPDOODUHDV
7KH\WRRXVH)HQLWURWKLRQ 7KHRWKHUSURYLQFHVKDYHFDQFHOOHGDQ\VSUD\SURJUDPVWKLV\HDUDQG
ZLOOHLWKHUDOORZWKHLQIHVWDWLRQWRUXQLWVFRXUVHRUWU\WRFRQWUROLWZLWKVHOHFWLYHFXWWLQJ
$XWKRULWLHVLQPRVWSURYLQFHVVD\WKH\KDYHWDNHQQRWHRIVWXGLHVLQGLFDWLQJDSRVVLEOHOLQNEHWZHHQ
LQVHFWLFLGHVSUD\VDQG5H\H
VV\QGURPH
$OORIWKHVHDUJXPHQWVDUHROGKDWWRDQ\RQHZKRKDVEHHQLQYROYHGLQWKHIRUHVWEXVLQHVV1RZWKHLVVXH
WKDWFRXQWVIRUPRVWSHRSOHLVZKHWKHUWKHVWXIILVGLUHFWO\GDQJHURXVWRKXPDQEHLQJV,WLVRQWKLVLVVXH
WKDWPHPEHUVRIWKH&RQFHUQHG3DUHQWV*URXSKDYHEDVHGWKHLUSRVLWLRQDQGLWLVWKLVLVVXHWKDWWKH
JRYHUQPHQWKDVWULHGKDUGHVWWRDYRLG
7KHJRYHUQPHQWLQVLVWVWKDWEHFDXVHRIWKHLPPHQVHLPSRUWDQFHRIWKHIRUHVWVWR1HZ%UXQVZLFN
V
HFRQRP\DULVNWRKXPDQKHDOWKZRXOGKDYHWREHXQHTXLYRFDOO\GHPRQVWUDWHGLQRUGHUWRMXVWLI\WKH
DEDQGRQPHQWRIVSUD\LQJ7KXVRIILFLDOVDUHPRUHLQWHUHVWHGLQHPSKDVL]LQJWKHWKUHDWWRWKHIRUHVWWKDQ
LQGLVFXVVLQJWKHGDQJHUWRKXPDQEHLQJV$IWHUWKH&RQFHUQHG3DUHQWV*URXS
VIRXUWKPHHWLQJZLWKWKH
JRYHUQPHQW DWYDULRXVWLPHVGXULQJWKHVSULQJWKH\KDYHPHWZLWKWKHPLQLVWHURIQDWXUDOUHVRXUFHVWKH
PLQLVWHURIKHDOWKWKHSUHPLHUDQGWKHHQWLUHFDELQHW -HVVLH'DYLHVRQHRIWKHJURXS
VHDUOLHVW
PHPEHUVVDLG:HZDQWWRWDONDERXWKXPDQEHLQJVDQGDOOWKH\ZLOOHYHUWDONDERXWLVWKHLUEORRG\
FXQLWV $FXQLWLVDPHDVXUHRIZRRGZKLFKKDVEHJXQWREHXVHGUHFHQWO\E\WKHSXOSLQGXVWU\,WZRUNV
RXWWRDERXWRQHDQGDWKLUGFRUGV
7KHJURXSKDVSRLQWHGRXWWKHJRYHUQPHQW
VEDODQFLQJRIKXPDQIDFWRUVDJDLQVWHFRQRPLFVDQGWKH
JRYHUQPHQWKDVEHHQIDLUO\IUDQNDERXWVWDWLQJLWVSRVLWLRQ,GRQ
WOLNHWRVHHSHRSOHG\LQJVDLGWKH
PLQLVWHURIQDWXUDOUHVRXUFHVUHFHQWO\7KLVLVRQHRIWKHWKLQJVWKDW,UHDOO\ZRXOGQ
WOLNHWRVHH%XWDW
WKHVDPHWXQHNQRZLQJWKHIRUHVWDVLWLVP\GHFLVLRQZLOOKDYHWREHZLWKWKHIRUHVWDQGZLWKWKHIXWXUH
RI1HZ%UXQVZLFN
9,3DQGRUD
V%R[
)URPLWVLQFHSWLRQWKH&RQFHUQHG3DUHQWV*URXSKDVEDVHGLWVSRVLWLRQRQ'U&URFNHU
VZRUN0HPEHUV
DUJXHWKDWWKHUHLVUHDVRQWRVXVSHFWWKDWDFRQQHFWLRQPD\H[LVWEHWZHHQWKHVSUD\SURJUDPDQG5H\H
V
V\QGURPHDQGWKDWLVUHDVRQHQRXJKWRFDQFHOWKHSURJUDP7KH\KDYHDOVRDUJXHGWKDWRXUVWDWHRI
LJQRUDQFHDERXWWKHFKHPLFDOVLQYROYHGLVVXFKWKDWQRRQHKDVDQ\LGHDRIWKHORQJWHUP RUHYHQVKRUW
WHUP HIIHFWVRIWKHVSUD\SURJUDPRQKXPDQKHDOWK4XRWLQJ.DUHO:LHVQHUD8QLYHUVLW\RI1HZ
%UXQVZLFNFKHPLVWWKH\DUJXHWKDWFKHPLFDOVIRUXVHLQVSUD\SURJUDPVOLNHWKLVVKRXOGEHFRQVLGHUHG
JXLOW\XQWLOSURYHQLQQRFHQWWKDWDVZLWKFKHPLFDOVLQIRRGDQGGUXJVWKHRQXVVKRXOGEHRQWKH
SURGXFHUVWRGHPRQVWUDWHWKHLUVDIHW\7KH\DUJXHWKDWQRWKLQJVKRXOGEHVSUD\HGRQWKHHQWLUHSURYLQFH
XQWLOLWKDVEHHQSURYHQWREHSHUIHFWO\VDIH

7KHJRYHUQPHQWKDVWDNHQWKHRSSRVLWHSRVLWLRQDUJXLQJWKDWEHFDXVHWKHHFRQRPLFLVVXHVDUHVR
RYHUZKHOPLQJO\LPSRUWDQWWKHRQXVLVRQWKHRSSRQHQWVRIWKHVSUD\WRVKRZWKDWLWLVQ
WVDIH%XWE\
$SULOWKHJRYHUQPHQWEHJDQWRIHHOLQFUHDVLQJSUHVVXUHIURPWKHFRQWURYHUV\EHLQJVWLUUHGXSE\WKH
&RQFHUQHG3DUHQWV*URXSZKRWXUQHGRXWWREHVXUSULVLQJO\JRRGUHVHDUFKHUV$PRQJRWKHUWKLQJVWKH\
GLVFRYHUHGD+HDOWKDQG:HOIDUH&DQDGDKDQGERRNRQDHULDOVSUD\LQJVDIHW\ZKLFKZDUQV
VSHFLILFDOO\WKDWVXFKVSUD\LQJVKRXOGQRWRFFXULQSRSXODWHGDUHDVDQGWKDWFKLOGUHQSDUWLFXODUO\VKRXOG
EHHYDFXDWHG,QODWH$SULOWKHJRYHUQPHQWFRQYHQHGDVSHFLDOSDQHORUJDQL]HGE\:*6FKQHLGHUKHDG
RIWKH1DWLRQDO5HVHDUFK&RXQFLOWRH[DPLQHWKHVLWXDWLRQ
7KHVL[PHPEHUSDQHOFRPSRVHGRISHVWLFLGHH[SHUWV15&UHVHDUFKSHRSOHDQGSDWKRORJLVWVZDVDVNHG
WRUHYLHZDQGHYDOXDWHWKHHYLGHQFHRIDSRVVLEOHOLQNDJHEHWZHHQWKHLQFLGHQFHRI5H\H
VV\QGURPH
DQGIRUHVWVSUD\LQJIRUVSUXFHEXGZRUPFRQWUROLQ1HZ%UXQVZLFN7KHSDQHOFDPHWRWKHFRQFOXVLRQ
WKDWLWFRXOGQRWSURYHVXFKDOLQNDJHDQGRQ0D\WKHJRYHUQPHQWDQQRXQFHGWKDWLWKDGGHFLGHG
DJDLQWRJRDKHDGZLWKWKHVSUD\SURJUDP
7KH&RQFHUQHG3DUHQWV*URXSSRLQWHGRXWYRFLIHURXVO\WKDWWKHSDQHOKDGVDLGQRPRUHWKDQZDV
JHQHUDOO\NQRZQ'U&URFNHUVXJJHVWHGWKDWLIWKHSDQHOKDGEHHQDVNHG,VWKHUHDSRVVLELOLW\RID
FRQQHFWLRQEHWZHHQPDVVVSUD\LQJSURJUDPVDQGFKDQJLQJELRORJLFDOVXVFHSWLELOLW\WRDYLUXV"WKH
DQVZHUVPLJKWKDYHEHHQPRUHXVHIXO7KHUHDOO\LPSRUWDQWLPSOLFDWLRQVRI'U&URFNHU
VZRUNWKH
RSSRVLWLRQDUJXHGGRQRWFRQFHUQ5H\H
VV\QGURPHDWDOOEXWWZRWDQJHQWLDOPDWWHUV)LUVWWKHUHLV
PRXQWLQJHYLGHQFHLQKLVZRUNDQGHOVHZKHUHWKDWDZLGHUDQJHRIFKHPLFDOVPD\LQWHUDFWLQGUDPDWLF
DQGFRPSOLFDWHGZD\VZLWKYLUXVHVSHUKDSVWULJJHULQJPDQ\GLVHDVHVDQGFRPSOLFDWLRQVZKLFKDUHQRWDV
HDV\WRVSRWDV5H\H
VV\QGURPH:KDWZDVEHLQJGRQHWKH\GHPDQGHGLQDPHHWLQJZLWK:LOOLDP
&RFNEXUQ1HZ%UXQVZLFN
VPLQLVWHURIKHDOWKWRPRQLWRUWKHKHDOWKRI1HZ%UXQVZLFNHUVLQRWKHU
DUHDV"0U&RFNEXUQGLUHFWHGWKHPWRWKHGHSDUWPHQW
VDQQXDOUHSRUWZKLFKWXUQHGRXWWRFKURQLFOHQR
VXFKPRQLWRULQJ
(YHQPRUHLPSRUWDQWSHUKDSVZDVDQRWKHULVVXHUDLVHGE\'U&URFNHU
VUHVHDUFK+LVPRUHUHFHQWZRUN
KDVVXJJHVWHGWKDWWKHPRVWGDQJHURXVFKHPLFDOEHLQJVSUD\HGRQ1HZ%UXQVZLFNHUVLVQRWWKH
LQVHFWLFLGHDWDOWEXWRQHRIWKHHPXOVLILHUVZKLFKLVXVHGWRUHQGHUWKHLQVHFWLFLGHVROXEOHVRWKDWLWFDQ
EHVSUD\HG7KHVHFKHPLFDOVWKHJURXSSRLQWVRXWKDYHEHHQXQLYHUVDOO\UHJDUGHGDVLQHUWDQG\HWWKHUH
LVVXEVWDQWLDOHYLGHQFHWKDWWKH\DUHYHU\GDQJHURXVWKDWLQFRPELQDWLRQZLWKFRPPRQYLUXVHVWKH\PD\
ZHOOEHIDWDO
7KLVSRVVLELOLW\RSHQVXSDUHDO3DQGRUD
VER[,ILWLVQRWRQO\REYLRXVO\GDQJHURXVFKHPLFDOVEXWRQHV
WKDWDUHSUHVXPDEO\WRWDOO\LQHUWDVZHOOWKDWKDYHWREHSURYHQLQQRFHQWWKHQLWLVJRLQJWREHYLUWXDOO\
LPSRVVLEOHWRVSUD\DQ\WKLQJDQGWKHVSUD\SURJUDPVQRWRQO\RI1HZ%UXQVZLFNEXWRI4XHEHF0DLQH
2QWDULRDQGDOOWKHRWKHUVZLOOJRGRZQWKHSLSH$V'U&URFNHUSRLQWVRXWQRWHYHQWKHPRVWEDVLF
FKHPLVWU\KDVEHHQGRQHRQPDQ\VXFKFKHPLFDOVZHVLPSO\GRQ
WNQRZZKDWWKH\DUH7KHDVVXPSWLRQ
KDVEHHQWKDWWKH\DUH2.EXWLW
VEHJLQQLQJWRORRNDVWKRXJKZHFDQ
WDVVXPHWKDW
9,,/LIWRIIIURP%OLVVYLOOH
$VWKHRSHQLQJRIWKHVSUD\SURJUDPQHDUHGWKH&RQFHUQHG3DUHQWV*URXSEHJDQSUHVVLQJWKH
JRYHUQPHQWWRZDUQSHRSOHZKHQWKH\ZHUHJRLQJWREHVSUD\HGDQGWRDGYLVHWKHPRIVDIHW\
SUHFDXWLRQV$VDVWRQLVKLQJDVLWPD\VHHPQRVXJJHVWLRQRIDQ\VXFKPHDVXUHVVHHPVHYHUWRKDYHEHHQ
PDGHLQ1HZ%UXQVZLFNEHIRUH3UHVHQWHGZLWKWKHVXJJHVWLRQWKDWWKHJRYHUQPHQWQHHGHGWRDGYLVH
SHRSOHDWOHDVWWRJHWLQVLGHZKLOHWKHVSUD\ZDVFRPLQJGRZQ+HDOWK0LQLVWHU&RFNEXUQJDYHLWDVKLV
RSLQLRQWKDWQRVXFKZDUQLQJZDVQHFHVVDU\,W
VRQO\FRPPRQVHQVHKHVDLG,ZRXOGQ
WVWDQGRXWVLGH
DQGOHWWKHPVSUD\DQ\WKLQJRQPH3UHVHQWHGZLWKWKHDUJXPHQWWKDWWKHJRYHUQPHQWKDGEHHQJRLQJWR
VRPHOHQJWKVWRSHUVXDGH1HZ%UXQVZLFNHUVWKDWLWZDVSHUIHFWO\VDIHWRVWDQGRXWVLGHLQWKHVSUD\KH

ILQDOO\FRQFHGHGWKDWWKHJRYHUQPHQWPLJKWORRNLQWRWKHSRVVLELOLW\RIHVWDEOLVKLQJVRPHVRUWRIV\VWHP
WROHWSHRSOHNQRZZKHQWKH\ZHUHOLNHO\WREHVSUD\HGEXWGLGQRWWKLQNLWQHFHVVDU\WRZDUQWKHPRIWKH
KHDOWKKD]DUG
2Q0D\WKHQHFHVVDU\OLFHQFHVIURPWKHIHGHUDOGHSDUWPHQWRIDJULFXOWXUHZHUHLVVXHGWR)RUHVW
3URWHFWLRQ/WGDQGWR-',UYLQJ:RRGODQGV/LPLWHGDFRPSDQ\ZKLFKGRHVLWVRZQVSUD\LQJRILWVRZQ
ODQG$OOZDVUHDG\WKHSURJUDPZDVZDLWLQJRQO\IRUWKHUDLQ\ZHDWKHUWRFOHDUDQGIRUWKHEXGZRUP
ODUYDHWRGHYHORSWRWKHSURSHUVWDJH
,WLVZHOONQRZQWKDWRQHRIWKHGLIILFXOWLHVRIKXPDQKHDOWKUHVHDUFKLVWKDW\RXFDQ
WH[SHULPHQWRQ
KXPDQEHLQJV2EYLRXVO\'U&URFNHUREVHUYHGLQDQLQWHUYLHZZLWK)UHGHULFWRQMRXUQDOLVW'DYLG
)ROVWHU\RXFDQ
WMXVWJRRXWDQGVSUD\DWKRXVDQGFKLOGUHQZLWKHPXOVLILHUDQGWKHQKLWWKHPZLWKD
YLUXVWKDWZHNQRZLVFRQQHFWHGZLWK5H\H
VV\QGURPH
2Q0D\6HFRQG:RUOG:DUYLQWDJH$YHQJHUVOLIWHGRIIIURP%OLVVYLOOH$LUVWULSLQVRXWKHUQ1HZ
%UXQVZLFNLQDXJXUDWLQJZKDWWKH&RQFHUQHG3DUHQWVDQGPDQ\RWKHUFLWL]HQVRIWKHSURYLQFHVDZDV
SUHFLVHO\WKDWH[SHULPHQW7KHSURYLQFHZRXOGVXSSO\WKHVSUD\0RWKHU1DWXUHZRXOGVXSSO\WKHYLUXV
(YHU\RQHIHUYHQWO\KRSHGWKDWWKHH[SHULPHQWZRXOGQRWSURYLGHSRVLWLYHHYLGHQFHQH[WIOXVHDVRQRID
OLQNDJHEHWZHHQWKHSURJUDPDQG5H\H
VV\QGURPH

You might also like