asic complaint 2

8/12/2019 ASIC Complaint 2

1/87

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MX@HMA ]BKVHBAD@HV VH]HKVMB

MBK^PHV 27

K]OM MAE^DKOJP] MAJMHVJOJL Mu@HMA PVK@OJL

2.6K Vhvohw ai Prkòjl Kssamokth` wotb tbh Kmmueudktoaj ai]bkrhs fy tbh E&L Lraup

(Amtafhr, Javhefhr kj` @hmhefhr 6>;>)

@O]MDKOEHV7 Kdd Ojiarektoaj prhshjth` ks sbkrhbad`hr rhshkrmb bks fhhj saurmh` irae

frachr trkòjl rhmar`s kj` Mu`hma rhlostry rhmar`s. \bodh tbh kutbar majso`hrs tbh ktk

ta fh kmmurkth kj` tbh sueekrohs prhshjth` ks kdsa fhojl kj kmmurkth rhidhmtoaj ai

trkòjl, ja lukrkjthhs krh lovhj ks ta tbh rhdokfodoty ai `ktk ar kjy majmdusoajs put

iarwkr`. ]bkrhbad`hrs kj` ojvhstars krh hjmaurklh` ta à tbhor awj @uh @odolhjmh kj` ta

ekch up tbhor awj eoj`s oj rhlkr` ta kjy trhj`s prhshjt oj tbh trkòjl `ktk.


2/87

6

VHIHVHJMH DOJC] PA ^XFDO]BH@ VH]HKVMB

Mbkpthr ;7 Ojtraùmtoaj

;.; \by Fdal1

;.6 Pbh Murrhjt ]otuktoaj

;.= Fdal Majthjt

Mbkpthr 67 Kj Avhrvohw ai Prhj`s Kssamokth` \otb ;8 Eajtbs ai Prkòjl

6.; Ojtraùmtoaj

6.6 Prkòjl Prhj`s Avhr k ;8 Eajtb hroa`

Mbkpthr =7 Prkòjl Prhj`s Dhkòjl up ta Kul ;2, 6>;>

=.; Prkòjl Dhkòjl Xp ta tbh Kul ;2 Vhsaurmh Xplrk`h

=.6 Kj Kjkdysos ai romh Xj`hr-^hriarekjmh @urojl Gkj-Ihf 6>;>

=.= Ekrcht Ekjopudktoaj Ossuhs, >9 GAVM Ossuhs

=.8 Ekrcht Vhkmtoajs ta ]oljoiomkjt Kjjaujmhehjts 6>;>

=.9 Pbh 6>;> Vhsaurmh Hstoekth kj` Ossuhs Vhdkth` ta GAVM Ma`h Maepdokjmh

Mbkpthr 07 Prkòjl tbkt Ammurrh` Iaddawojl tbh Kul ;2, 6>;> Vhsaurmh Xplrk`h

0.; Bostarom Prhj`s kj` Kul ;2, 6>;> Prkòjl @ktk

Mbkpthr 87 Prkòjl Xp`kths

8.; ]bart âsotoaj Xp`kth - Jav ;, 6>;;

8.6 Vhlostry Xp`kth ks kt Jav =, 6>;;

8.= Ekrcht Xp`kth Jav ;0

8.0 ]ueekry ai Ossuhs ^dus Prkòjl Kjaekdohs @urojl Javhefhr 6>;; kj` oj k Frak`hr Majthxt

Mbkpthr 97 Vhlostry Kjaekdohs

9.; Kj Avhrvohw ai Eajtbdy Vhlostry Kjaekdohs ]pkjjojl 6 _hkrs ai Prkòjl9.6 Ojmrhksh` Vhlostry Kmtovoty Yhrsus K]R Fuyojl kj` ]hddojl

9.= Prkòjl Ihkturojl ]ufstkjtokddy Ojmrhksh` Vhlostry Kmtovoty Avhr K]R Kmtovoty - ^krt 6

9.0 Prkòjl Ihkturojl ]ufstkjtokddy Ojmrhksh` K]R Kmtovoty Avhr Vhlostry Kmtovoty.

9.8 Pbh Oepkmt ai Ojstotutoajs aj tbh Mu@hma Vhlosthr

Mbkpthr Maepkjy VhshkrmbFoddkfajl Frachr @ktk (FFL)

> Maepkjy VhshkrmbDyjks Frachr @ktk (D_M)

Mbkpthr 27 Aiiomokd Maepdkojts ta K]OM Majmhrjojl Prkòjl oj Mu@hma2.; K]OM Maepdkojt 6>;=-;

2.6 K]OM Maepdkojt 6>;=-6
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/71785918-3-4-A-Review-of-June-July-2006-JORC-Issueshttp://www.scribd.com/cudeco_research/d/70329764-3-3-Market-Manipulation-Issues-7-5-Months-of-Auction-Investigations-and-Down-Tick-Analysishttp://www.scribd.com/cudeco_research/d/69225627-3-2-An-Analysis-of-Price-Under-Performance-During-Jan-Feb-2010http://www.scribd.com/cudeco_research/d/68322996-3-1-Trading-Leading-Up-to-the-Aug-18-Resource-Upgradehttp://www.scribd.com/cudeco_research/d/67547832-2-2-Trading-Trends-Over-a-15-Month-Periodhttp://www.scribd.com/cudeco_research/d/67547810-2-1-Introductionhttp://www.scribd.com/cudeco_research/d/67429812-1-3-Blog-Contenthttp://www.scribd.com/cudeco_research/d/67423568-1-2-The-Current-Situationhttp://www.scribd.com/cudeco_research/d/67409267-1-1-Why-Blog


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IAVH\AV@

Pbh murrhjt K]OM maepdkojt rhihrs ta tbh phroa` wbhj tbh E&L Lraup kmmueudkth` Mu@hma sbkrhs ùrojl

dkth 6>;>. Ot frojls ta ktthjtoaj iurtbhr ekjopudktovh trkòjl ossuhs aj tbh K]R tbkt bkvh fhhj skjmtoajh`

fy rhludktary kutbarotohs. Mhrtkojdy, tbh trkòjl fhbkvoaurs o`hjtoioh` oj kdd rhshkrmb pufdosbh` ta `kth aj

tbh sbkrhbad`hr fdal,www.smrof`/mae/mu`hmaQrhshkrmb,krh òkehtromkddy appash` ta tbh luo`hdojhs

pravo`h` fy tbh K]R (o.h., fkmc wbhj ot wks k shdi-rhludkth` arlkjozktoaj), kj` tbh luo`hdojhs lovhj fy tbh

Bolb Maurt oj ots rhmhjt gu`lhehjt 4Vhihr ^l 2, K]OM Maepdkojt 6>;=-;:.Pbh ekjopudktovh fhbkvoaurs

o`hjtoioh` krh kdd fksh` aj kjaekdaus trhj`s `rkwj irae heporomkd `ktk tbkt mkjjat fh k`hqukthdy

hxpdkojh` oj thres atbhr tbkj sbkrh promh ekjopudktoaj.

K òstojmtoaj jhh`s ta fh ek`h fhtwhhj sbkrh promh ekjopudktoaj, wbomb os oddhlkd, kj` kj ujikor ekrcht,

wbomb os k ikmt ai doih iar rhtkod ojvhstars. Ikorjhss ossuhs krh wo`hdy kmcjawdh`lh`. Pbhrh os ja quhstoaj

tbkt tbh K]R pravo`hs kj uj-dhvhd pdkyojl iohd` wotb sapbostomkth` ojvhstars lrkjth` provodhlhs tbkt

k`vkjtklh tbhe oj tbh ekrcht avhr kdd atbhr ojvhstars. Pbh provodhlhs ojmdu`h strhkedojh` kmmhss ta K]R

maeputhrs wbomb pravo`hs suphroar hxhmutoaj sphh`s iar trk`hs kj` kj kfodoty ta vohw kj` rhkmt ta kdd

ar`hrs ojstkjtdy ks tbhy krrovh aj tbh K]Rs hdhmtrajom trkòjl pdktiare, tbhrhfy prh-heptojl oephjòjl

trk`hs oj tbh quhuh kwkotojl hxhmutoaj.

Pbh provodhlhs kdsa kppdy ta tbh ush ai trkòjl kdlarotbes tbkt krh kfdh ta ojstotuth dkrlh juefhrs ai sekdd

trk`hs, fut fy tbhor vhry `hsolj `hdovhr strkthlom k`vkjtklhs avhr kdd atbhr ojvhstars. Vhtkod ojvhstars, wba

bkvh ta `hkd wotb bolbhr trkjskmtoaj masts pkrtomudkrdy iar sekdd trk`hs ks whdd ks ekrch`dy ojihroar kmmhss

sphh`s rhlkròjl ar`hr hxhmutoaj, soepdy mkjjat maephth.

Bawhvhr wbkt dkrlh juefhrs ai sekdd provkth ojvhstars kj` eue-kj`-`k` rhtkod ojvhstars krh lhjhrkddyjat kwkrh ai, kj` wbkt sbkrhbad`hr rhshkrmb bks fraulbt ta ktthjtoaj, os tbh wo`hsprhk` ekjopudktovh

kmtovoty tkcojl pdkmh tbkt os fatb skjmtoajh` kj` lhjhrkddy oljarh` ar òseossh` fy rhludktary kutbarotohs.

\bkt bks hehrlh` tbraulb rhshkrmb os tbkt tbh trkòjl ossuhs rkosh` majmhrjojl Mu@hma kppdy hqukddy ta

atbhr stamcs ks whdd, kj` tbkt Mu@hma trkòjl `ktk bks soepdy pravo`h` k wojàw ojta systheom prafdhes

tbkt rhquorh urlhjt ktthjtoaj. Pbh mrumokd paojt os tbkt ekrchts krh jat ajdy ujikor, fut ekjopudktovh

kmtovoty os skjmtoajh` tbkt os `hstrayojl dkrlh keaujts ai whkdtb ai Kustrkdokj motozhjs kj` oj`hh` tbh

Kustrkdokj hmajaey. Pbh whkdtb `hstrumtoaj afvoausdy oepkmts sekdd rhtkod ojvhstars wba krh ujkfdh ta

maephth oj tbh ekrcht, fut ot bks kdsa `hmoekth` maepudsary suphrkjjuktoaj badòjls ai Kustrkdokj

warchrs oj tbh yhkrs iaddawojl tbh Ldafkd Iojkjmokd Mrosos.

Pbh iuj` ekjklhehjt ojùstry os bhkvody kssamokth` wotb kdd ai tbh sbkrh ekrcht ekjopudktoaj ossuhs

autdojh` fy rhshkrmb. Pbh trkòjl ossuhs fraulbt ta ktthjtoaj irae dkth 6>;> tbraulb ta 6>;= bolbdolbt tbh

ehmbkjoses wbhrhfy dkrlh keaujts ai suphrkjjuktoaj mkpotkd krh kfdh ta fh summhssiuddy `rkojh` irae tbh

systhe. Oj ikmt tbh hjtorh `ysiujmtoajkd K]R systhe kpphkrs ta bhkvody rhdy upaj k rhludktar tbkt lhjhrkddy

oljarhs maepdkojts kj` kmquohsmhs ta tbh `hekj`s ai vhsth` ojthrhsts wbodh kttheptojl ta jarekdozh

ùfoaus trkòjl kmtovotohs. Pbh kmmhptkjmh fy K]OM ai `krc paads, BIP trkòjl kj` bolbdy ekjopudktovh sbart

shddojl prkmtomhs, `hspoth tbh `hstrumtoaj ai whkdtb tbkt kmmaepkjy tbhe, os mdhkrdy ujkmmhptkfdh kj` hkmb

`ky tbkt pksshs wotb jatbojl àjh kfaut sumb systheom prafdhes, os kjatbhr `ky wbhj dkrlh keaujts ai

whkdtb krh stropph` irae ujsusphmtojl ojvhstars.
http://www.scribd/com/cudeco_researchhttp://www.scribd/com/cudeco_researchhttp://www.scribd/com/cudeco_researchhttp://www.scribd.com/doc/160561633/8-1-ASIC-Complaint-2013-1http://www.scribd.com/doc/160561633/8-1-ASIC-Complaint-2013-1http://www.scribd.com/doc/160561633/8-1-ASIC-Complaint-2013-1http://www.scribd/com/cudeco_research


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Xjikorjhss os ajh tbojl, fut ojthreojkfdy marrupth` ekrchts tbkt Kustrkdokj motozhjs krh iarmh` ta hjlklh oj

tbraulb maepudsary suphrkjjuktoaj, os quoth kjatbhr. Oepartkjtdy, Lavhrjehjt rhludktars krh hstkfdosbh`

ta hjsurh ekrchts krh jat ujikor ar marrupt kj` ta prathmt ots motozhjs irae tbhsh prkmtomhs. Pbos os jat

bkpphjojl wotb rhlkr` ta tbh K]R.

Kdrhk`y tbh rhspajsh ta paar suphrkjjuktoaj rhturjs iaddawojl tbh LIM bks fhhj iar tbh prhvoaus Dkfar

Lavhrjehjt ta fh phrsuk`h` ta dhlosdkth iar ojmrhksh` majtrofutoajs. Xj`hr murrhjt krrkjlhehjts, otrhprhshjts sufstkjtokddy earh hksody hxpdaoth` mkpotkd iar tbh ojùstry ta tbrovh aj, wotb ùfoaus fhjhiots

iar majtrofutars. Pbh iuj`s ekjklhehjt ojùstry os kmtukddy pdkjjojl ta bkrvhst k mksb-hjlarlh` iuturh

wotb iuj`s uj`hr ekjklhehjt hxphmth` ta ojmrhksh irae krauj` $;.= troddoaj murrhjtdy, ta krauj` $9

troddoaj fy tbh yhkr 6>=>4MDOMC7 Vhihrhjmh Dojc:.

Oepartkjtdy tbh praiot lhjhrktoaj tbkt kmmaepkjohs tbh ekjklhehjt ai suphrkjjuktoaj badòjls sumb ks tbh

$;> kj` Gkjukry

6>;64MDOMC7 Vhihrhjmh Dojc:bks ta maeh irae saehwbhrh. Oj tbos ojstkjmh ot os dochdy ta fh kssamokth` wotb

tbh dhjòjl ai mdohjts paadh` sbkrhs (usukddy suphr iuj`s, phjsoaj iuj`s, eutukd iuj`s htm.) wbhrh tbh vkduh

ai badòjls bks fhhj `hmoekth` oj suppart ai wojìkdd lkojs iar tbash hjlklh` oj sbart shddojl dh` fy

ojstotutoajs kj` bh`lh iuj`s. Pbhj tbhrh krh tbh kmmaujt ihhs kj` maeeossoajs hkrjh` tbraulb tbh avhr-

trkòjl ai kmmaujts uj`hr ekjklhehjt. Ot os ja surprosh tbkt suphrkjjuktoaj rhturjs bkvh fhhj shvhrhdy

oepkmth` orrhsphmtovh ai tbh òiiomudt hmajaeom hjvorajehjt usbhrh` oj fy hvhjts surraujòjl tbh LIM. Pbh

kmtoajs ai k iuj` ekjklhehjt ojùstry oj ekcojl atbhr phapdhs sbkrhs kvkodkfdh ta provodhlh` ojso`hrs ta

praiot irae òiiomudt trkòjl majòtoajs os jat ajdy bolbdy quhstoajkfdh, ot os `hpdarkfdh, ks tbh ojvhstojl pufdom

bks fhhj baa`wojch` oj tbh pramhss. Hsshjtokddy, tbh ekrcht os ikr rheavh` irae wbkt ot os bhd` up ta fh.

K]OM bks fhhj ek`h kwkrh ai trkòjl kjaekdohs oj rhdktoaj ta Mu@hma sojmh kt dhkst @hmhefhr 6>;>, kj` bks

fhhj k`vosh` ai majtojuojl prafdhes aj shvhrkd atbhr ammksoajs fy shvhrkd Mu@hma sbkrhbad`hrs. Pbh K]OM

Maepdkojt rhihrhjmh` ks 6>;=-; wks da`lh` aj Kulust ;9, 6>;=4MDOMC7 Vhihrhjmh Dojc:kj` ta `kth bksjt bk`

k rhspajsh `hspoth ekjy ai tbh ossuhs kdrhk`y fhojl rhihrrh` ta tbhe fy atbhr sbkrhbad`hrs irae

ojiarektoaj pufdosbh` aj tbh rhshkrmb fdal. Ot maehs ks ja surprosh, ks lhjhrkddy, maepdkojts krh eht fy

dajl `rkwj-aut sodhjmhs kj` krh hvhjtukddy iaddawh` fy `hmosoajs k`vosojl tbkt tbh rhludktar àhsjt bkvh k

prafdhe wotb wbkt bks fhhj rhihrrh` ta tbhe.

K mksh oj paojt wks tbh rhspajsh ta rhmhjt majmhrjs fy k Mu@hma sbkrhbad`hr kfaut phmudokr sekdd trk`hs

idaaòjl tbh ekrcht. Pbh rhspajsh oj pkrt os sueekrozh` fhdaw.

K]OMs ]urvhoddkjmh thke os kwkrh ai tbh kfavh kddhlktoajs kj` bks kdrhk`y majùmth` hxthjsovh hjquorohs

kj` rhshkrmb ojta tbh trkòjl ai Mu@hma sbkrhs. Ot os oepartkjt ta jath tbkt tbh sekdd vkduh trkjskmtoajs ta

wbomb yau rhihr oj yaur dhtthr, krh dkrlhdy tbh rhsudt wotb kdlarotbeom trkòjl wbomb aithj frhkc àwj dkrlhr

ar`hrs ta eojoeosh ekrcht oepkmt fy trkòjl k dkrlh juefhr ai sekdd ar`hrs tbraulbaut tbh `ky. \bodh tbh

trkjskmtoajs mkj kpphkr ujusukd wbhj daach` kt oj osadktoaj, tbhy krh jat jhmhsskrody ojòmktovh ai ekrcht

ekjopudktoaj.

Oj skjotozojl sekdd trk`hs, tbh rhspajsh os shhj ta oljarh tbh ekjopudktovh iujmtoaj ai tbash sekdd trk`hs,

ekjy ai wbomb mkj fh sekdd mrassojls majtojuausdy put tbraulb tbh ekrcht ta iarmh @awjtomcs oj promh. ]umb

kmtovoty rhlkròjl Mu@hma bks fhhj hxtrhehdy ekjopudktovh. Pbh k`vomh kdsa ahsjt k``rhss tbh ikmt tbkt

kdtbaulb tbh sekdd trk`hs eolbt rhprhshjt dkrlh vaduehs frachj ojta sekdd pkrmhds, k dat ai tbh trkòjl

rhprhshjts \ksb Prk`hs wotb ja oepkmt aj tbh rhlosthr, kj` wotb hjtotohs trkòjl fkmc kj` iartb fhtwhhj

hkmb atbhr oj k mkrthd-doch kpprakmb ta trkòjl. Jar àhs ot k``rhss tbh krtoiomokd promojl strumturhs

ojtraùmh` fy rhphtotovh sekdd trk`hs kj` tbh jaj-lhjuojh fuyojl kj` shddojl tbhy aithj rhprhshjt.
http://www.smh.com.au/data-point/were-all-just-one-big-super-market-now-20120720-22fo4.htmlhttp://www.smh.com.au/data-point/were-all-just-one-big-super-market-now-20120720-22fo4.htmlhttp://www.smh.com.au/data-point/were-all-just-one-big-super-market-now-20120720-22fo4.htmlhttp://www.smh.com.au/data-point/were-all-just-one-big-super-market-now-20120720-22fo4.htmlhttp://www.smh.com.au/data-point/were-all-just-one-big-super-market-now-20120720-22fo4.htmlhttp://www.theaustralian.com.au/business/markets/short-sellers-ring-up-72bn-profit-over-18-months/story-e6frg916-1226258831302http://www.theaustralian.com.au/business/markets/short-sellers-ring-up-72bn-profit-over-18-months/story-e6frg916-1226258831302http://www.theaustralian.com.au/business/markets/short-sellers-ring-up-72bn-profit-over-18-months/story-e6frg916-1226258831302http://www.theaustralian.com.au/business/markets/short-sellers-ring-up-72bn-profit-over-18-months/story-e6frg916-1226258831302http://www.theaustralian.com.au/business/markets/short-sellers-ring-up-72bn-profit-over-18-months/story-e6frg916-1226258831302http://www.scribd.com/doc/160561633/8-1-ASIC-Complaint-2013-1http://www.scribd.com/doc/160561633/8-1-ASIC-Complaint-2013-1http://www.scribd.com/doc/160561633/8-1-ASIC-Complaint-2013-1http://www.scribd.com/doc/160561633/8-1-ASIC-Complaint-2013-1http://www.scribd.com/doc/160561633/8-1-ASIC-Complaint-2013-1http://www.scribd.com/doc/160561633/8-1-ASIC-Complaint-2013-1http://www.theaustralian.com.au/business/markets/short-sellers-ring-up-72bn-profit-over-18-months/story-e6frg916-1226258831302http://www.smh.com.au/data-point/were-all-just-one-big-super-market-now-20120720-22fo4.html


5/87

8

Oepartkjtdy, tbhrh krh shvhrkd k`òtoajkd trkòjl ossuhs tbkt krh rhihrrh` ta fy rhshkrmb tbkt krh hotbhr

oljarh` ar àwjpdkyh` fy rhludktary kutbarotohs. K`òtoajkd ossuhs wotb wo`h rkjlojl rkeoiomktoajs iar kdd

stamcs trkòjl aj tbh K]R ojmdu`h7

`krc paad trk`hs kfaut wbomb vhry dottdh os cjawj `hspoth irhquhjt majmhrjs hxprhssh` fykutbarotohs3

dkrlh vaduehs ai aii-ekrcht trkjskmtoajs tbkt bkvh tkchj pdkmh oj mrotomkd eajtbs wotb Mu@hma,wbomb eky rhidhmt tbh rh-k`gustehjt ai badòjls fhtwhhj trkòjl pkrtjhrs kithr ekjopudktovhtrk`hs aj tbh K]R3

ekjopudktovh sbart shddojl prkmtomhs wbomb krh hvhr prhshjt kj` wbomb mkj fh oepdhehjth` tbraulbk ekgaroty ai frachrs aj kjy trkòjl `ky3 tbhsh majtrofuth ta kj hxtrhehdy krtoiomokd ekrcht3

tbh mavhrojl ai aphj sbart hxpasurhs tbraulb aii-ekrcht k`gustehjts wbomb maepdhthdy kvao` promhòsmavhry. Pbh prkmtomh rhprhshjts k idklrkjt majtrkòmtoaj ta aiiomokd mdkoes ai ikor ekrchts3

tbh idaaòjl ai ekrchts wotb fuyojl kj` shddojl kmrass k dkrlh rkjlh ai frachrs fut wbhrh tbh trk`hshiihmtovhdy rhdkth fkmc ta tbh skeh ojthrhsts, ar ojthrhsts wba krh kiiodokth` wotb tbhor trkòjl. ]umb

trkòjl os bolbdy ekjopudktovh ks ot ojvadvhs jaj-lhjuojh \ksb Prk`hs ar trk`hs tbkt eky jat qukdoiy ks

\ksb Prk`hs fut jhvhrtbhdhss à jat rhsudt oj fhjhiomokd mbkjlhs ta awjhrsbop. Ot klkoj rkoshs

majmhrjs ai mkrthd-doch majtrad avhr trkòjl wbomb os ehkjt ta fh autdkwh` fy fatb K]OM kj` tbh KMMM3

frachr maddusoaj/ mkrthd kmtovoty wotb jaj-lhjuojh trk`hs fkmc kj` iartb ta hkmb atbhr kj` wotb kratktoaj ai radhs ks praeojhjt shddhrs kj` praeojhjt fuyhrs aj kdeast k `kody fksos3

kfsaduth majtrad avhr kumtoaj promhs hjiarmh` fy k sekdd lraups ai ojstotutoajkd frachrs wba klkojbkvh ratkth` radhs ks praeojhjt frachrs aj k `kody fksos3

ojstotutoajkd kdlarotbes fhojl kfdh ta mbaash wba tbhy wosb ta trk`h wotb, kj` oi jhmhsskry,kvaoòjl rhtkod ar`hrs. Pbh irajt rujjojl ai ar`hrs kj` tbh ojstkjtkjhaus wotb`rkwkd ai doquoòty oj

rhspajsh ta tbh krrovkd ai lhjuojh ar`hrs os k ekgar ossuh, fut sa taa os tbh marparkth tkrlhtojl ai

maepkjohs sumb ks Mu@hma fy trk`hs avhr dajlhr phroa`s ai toeh `hsoljh` ta majstrkoj promhs kj`ta iarmh promhs dawhr3

tbh `hdofhrkth tkrlhtojl ai dawhr promhs wotb sekdd pkrmhds ai sbkrhs sad` ta iarmh @awjtomctrkjskmtoajs wbhrh tbh trk`hs krh fhtwhhj frachrs wba krh kiiodokth` oj tbhor trkòjl kj` wbhrh

ekjy ai tbh @awjtomcs bkvh ojvadvh` sekdd pkrmhds ai sbkrhs put tbraulb ks mrassojls.3

tbh `hdofhrkth shddojl àwj ai pasotovh kjjaujmhehjts shrvojl ta `hstray shjtoehjt iar tbh stamc3kj`

ojso`hr trkòjl ossuhs rhlkròjl k juefhr ai K]R maepkjohs, sphmoiomkddy hvo`hjt oj rhlkr` taMu@hma ùrojl tbh phroa` E&L kmmueudkth` sbkrhs ùrojl dkth 6>;>.

Pbh hxtrhehdy fdhkc pomturh ai wbkt tkchs pdkmh aj tbh K]R oj kdd stamcs, jat gust Mu@hma, os ek`h hvhj

warsh fy tbh ikmt tbkt tbh ekgaroty ai trk`hs krh maepdhthdy apkquh ta tbh ekrcht kj` k lrhkt ekjy ai

tbhe krh jaj-lhjuojh oj ekchup. ]k`dy, ot os k shroaus ojòmtehjt ai aiiomokds wba mdkoe aur ekrchts krh

ikor kj` trkjspkrhjt, kj` kdsa ai tbash rhspajsofdh iar kèojosthrojl kj` rhludktojl tbh ekrchts `kody

aphrktoajs tbkt tbhy mkjjat quomcdy o`hjtoiy hjtotohs kssamokth` wotb ùfoaus trkòjl kmtovoty kj` ekch

tbhe rhspajsofdh iar kjy ekjopudktovh oepkmt tbhor trkòjl eolbt bkvh aj tbh ekrcht.

Pbh fattae dojh kssamokth` wotb kdd ai tbh kfavh os tbkt tbh Kustrkdokj pufdom jhh` ta fh praphrdy ojiareh`

kfaut systheom ekjopudktoaj ossuhs jat k``rhssh` uj`hr murrhjt krrkjlhehjts. Pbhy jhh` ta fh kfdh ta ekch

oj`hphj`hjt `hmosoajs kfaut tbhor ojvhstehjts kj` jat fh iarmh` ojta k `hhpdy maepraeosh` systhe fy

Lavhrjehjt `hmrhh sumb ks wotb maepudsary suphrkjjuktoaj. ]umb iarhwkrjojl os rhquorh` kt dhkst ujtod sumb

toeh ks k ekgar avhrbkud ai tbh systhe mkj fh oepdhehjth` tbkt mkj lukrkjthh ikor kj` trkjspkrhjt ekrchts,

kj` mkj hjsurh kj hiihmtovh kj` rhspajsovh rhludktary rhloeh os oj pdkmh.


6/87

9

K]OM MAE^DKOJP 2.6]XEEKV_

PVK@OJL O]]XH] KMMAE^KJ_OJL E&L FX_OJL @XVOJL 6>;>

K]OM Maepdkojt 2.6 rhdkths ta tbh trkòjl ai Mu@hma sbkrhs tbkt taac pdkmh ùrojl dkth Amtafhr kj` tbraulb

Javhefhr kj` @hmhefhr 6>;> wbhj tbh E&L Lraup hxthj`h` tbhor sufstkjtokd sbkrhbadòjl oj tbh

Maepkjy. Pbh aj-ekrcht fuyojl wbomb keaujth` ta ;>.68 eoddoaj sbkrhs fhtwhhj Amtafhr 6? kj` @hmhefhr

;0, 6>;>, iaddawh` k ;> eoddoaj sbkrh pdkmhehjt shmurh` irae Mu@hma wbhj tbh Maepkjy wks uj`hr prhssurhiaddawojl k rhsaurmh uplrk`h rhdhksh` aj Kulust ;2, 6>;>. Pbh rhsaurmh stkthehjt wks surrauj`h` fy

majiusoaj fhmkush rhparth` GAVM maepdokjt rhsaurmhs ò`jt shhe ta rhidhmt tbh dochdy rhkdotohs ai eojojl,

hsphmokddy lovhj tbkt dkrlh keaujts ai bolb lrk`h mapphr eojhrkdosktoaj, prhvoausdy rhparth` fy tbh Maepkjy

oj juehraus Ekrcht Vhdhkshs, ò` jat kpphkr ta fh k`hqukthdy rhprhshjth` oj rhsaurmh hstoekths.

Pbh majiusoaj kfaut tbh rhsaurmh wks shozh` upaj fy sapbostomkth` ojvhstars wba `hstkfodozh` tbh

maepkjy fy tkcojl promhs eumb dawhr. Pbrhh afshrvktoajs stkj` aut oj rhdktoaj ta hvhjts surraujòjl tbh

Kulust ;2 kjjaujmhehjt.

Pbh sbkrh promh iaddawojl tbh rhsaurmh uplrk`h ò` jat ikordy rhidhmt tbh hmajaeom kttrofuths ai tbhehksurh` kj` ojòmkth` rhsaurmh ks kjjaujmh`, orrhsphmtovh ai tbh dkrlh keaujts ai bolb lrk`hmapphr shheojldy jat ojmdu`h` oj hstoekths.

Pbh pdkmhehjt shmurh` fy E&L wks lrkjth` oj kj ktthept ta stkfodozh tbh Maepkjy kj` waud`jtbkvh ammurrh` oi ot wksjt iar tbh `rkektom sbkrh promh sduep.

Prkòjl kj` rhlostry `ktk `heajstrkth tbkt trkòjl fhbkvoaurs ush` ta `hstkfodozh tbh Maepkjy fytkcojl promhs sufstkjtokddy dawhr whrh bolbdy ekjopudktovh.

Oepartkjtdy, tbh ùfoaus trkòjl fhbkvoaurs ush` ta maddkpsh tbh sbkrh promh oj Kulust 6>;> whrh klkoj

hvo`hjt oj sufshquhjt trkòjl ks E&L ojmrhksh` tbhor stkch tbraulb aj-ekrcht fuyojl. Bawhvhr wbhj

trkòjl `ktk os ksshssh` oj dolbt ai tbh luo`hdojhs pravo`h` fy k rhmhjt Bolb Maurt `hmosoaj rhlkròjl sbkrh

promh ekjopudktoaj, hjtotohs rhspajsofdh iar kfhrrkjt trkòjl trhj`s kpphkr ta bkvh shroausdy maepraeosh`

tbh ekrcht. Vhshkrmb bks sbawj tbkt krtoiomokd promojl dhvhds kj` jaj-lhjuojh fuyojl kj` shddojl whrh

mdhkrdy tbh àeojkjt ihkturhs ai tbh trkòjl tbkt taac pdkmh ùrojl dkth 6>;> kj` hkrdy 6>;;.

Hvhjts surraujòjl tbh E&L fuyojl mkepkolj tbkt mkj ajdy fh hxpdkojh` sktosikmtarody oj thres ai sbkrh

promh ekjopudktoaj ojmdu`h7

Dkrlh vaduehs ai jaj-lhjuojh trkòjl mburj whrh suppdoh` ta tbh ekrcht.Prkòjl mburj wks k ihkturh ai trkòjl oeehòkthdy iaddawojl tbh Kulust ;2, 6>;> kjjaujmhehjt

kj` majtojuh` ujkfkth` ujtod kithr tbh E&L kmmueudktoaj wks maepdhth` aj @hmhefhr ;0, 6>;>.Pbh trhj` os rhidhmth` fy eajtbdy trkòjl vaduehs kj` phroa`s wbhrh dkrlh keaujts ai trkòjl ò`jt

oepkmt tbh rhlosthr. Oj Javhefhr wbhj tbh fudc ai E&L fuyojl taac pdkmh, krauj` =?% ai frachr

trkòjl kpphkrh` ta la eossojl ks ot ò`jt bkvh kj oepkmt aj tbh rhlosthr.4Vhihr Maepdkojt ; ^l. =?:

^hroa` Eajtbdy Yaduehs Maeehjt

Gkj-Gudy Kvhrklh - 6>;> ;6,00?,2=? Eajtbs prhmh ojl tbh rhsaurmh uplrk`h

Kulust ?=,=629 Prkòjl kssamokth` wotb tbh rhsaurmh up-lrk`h

]hpthefhr 60,>86,2;< Eajtbs iaddawojl tbh rhsaurmh up-lrk`h

Amtafhr =6,>88,8;;

Javhefhr 06,8==,6;; ;;


7/87

;>, XF] ]hmurotohs wks rhspajsofdh iar 60 % ai kdd @awjtomc trkjskmtoajsfut bhd` k shddojl ekrcht sbkrh ai ai gust sbkrhs oj sozh (o.h., ?6% ai @P kdd mrassojls rhprhshjth` sekdd trkjskmtoajs kvhrklojl

gust ;60 sbkrhs). Pbh trkòjl fhbkvoaur strajldy rhidhmts ktthepts ta pravo h àwjwkr`

prhssurh ta promhs rktbhr tbkj lhjuojh hxmbkjlhs ai sbkrhs fhtwhhj mdohjts.

a Avhr iaur eajtbs ai trkòjl (Amtafhr, Javhefhr, @hmhefhr 6>;> kj` Gkjukry 6>;;) XF]whrh rhspajsofdh iar 60.8% ai kdd @awjtomcs fut bhd` k shddojl ekrcht sbkrh ai 2.0%

a XF] os kdsa shhj ta fh kmtovh oj suppartojl @awjtomcs fy fhojl tbh fuyhr ai 6>.=% ai kdd@awjtomc trkjskmtoajs avhr tbh iaur-eajtb phroa`, wotb gust avhr bkdi ai tbhe fhojl

mrassojls.

Kjaekdaus Prkòjl @ktk

Pbh trkòjl stktostoms fy dhkòjl frachrs avhr tbh iaur- eajtb phroa` krh sueekrozh` oj tbh tkfdh. Pbhy

krh dosth` oj ar`hr ai shddojl vaduehs.

]HDDOJL ]PKPO]POM] FX_OJL ]PKPO]POM]

Frachr Yadueh % ]hdds @P % Yadueh % Fuys @P % JHP

MAEE ;2,96 ;?.;% ;6.0% ;9,9>6,=89 ;% ;0.>% -6,>

MOPO 0,??9,?8= 8.;% =.=% 8,2% ;6.>% 2,=0? 9.8% 0.;% 8,69;,02,9=9

]FKV 8,99;,6>0 8.2% 6.?,;28

FF_ =,?62,>== 0.>% 6.>% =,0==,?6= =.8% 6.2% -0?0,;;>

EKM[ =,=;0,

EKM^ 6,>6?,0


9/87

?

]HDDOJL ]PKPO]POM] FX_OJL ]PKPO]POM]

Frachr Yadueh % ]hdds @P % Yadueh % Fuys @P % JHP

Awjtomc

P^^E;,9% -2?,2>,=>< 6.>% >.?% 6,>8=,?=0 6.;% ;.>% ;;=,96.?% ;,8.;% -;6,?9;

G^E 6.=% >.;% 6,00>,860 6.8% ;.9% 6,;90,9;6

^]D ;,>>=,?;< ;.>% >.9% 6>6,?99 >.6% >.;% -2>>,?8;

IA]P 8;?,.;% 28;,;.?% >.6% ==;,0>>@6ER 8;9,?6> >.8% >.=% 89;,8>> >.9% >.;% 00,82>

Atbhrs 9,;8;2 9.8% 8.=% 0,662,;;2 0.=% 8.;% -;,?62,?>>

Patkd ?


10/87

;>

Kjaekdaus @awjtomc @ktk

K maepkrosaj ai tbh juefhrs ai @awjtomcs rhmar`h` fy frachrs ks k rhsudt ai tbhor shdd trkjskmtoajs,

klkojst tbhor shddojl vaduehs oj tbh ekrcht lhjhrkddy, mkj fh ush` ta pojpaojt ekjopudktovh trkòjl

kmtovoty. Ot os rhksajkfdy hxphmth`, iar hxkepdh, tbkt oi k frachr wks rhspajsofdh iar ;>% ai kdd shddojl put

tbraulb tbh ekrcht, tbhj tbh juefhr ai @awjtomcs kssamokth` wotb tbkt shddojl sbaud` kdsa kppraxoekth

;>%. Hxtrhehs hotbhr so`h krh jat ajdy vohwh` ks kjaekdaus fut tbhy krh east dochdy ekjopudktovh kj` k

rhidhmtoaj ai ùfoaus trkòjl klhj`ks rktbhr tbkj lhjuojh shddojl.

Frachrs wba majsosthjtdy rhmar` bolb dhvhds ai @awjtomcs fut ajdy bkvh sekdd shddojl praiodhs oj tbh

ekrcht kpphkr eatovkth` fy iarmojl promhs dawhr, rktbhr tbkj lhjuojhdy kttheptojl ta kmbohvh tbh fhst

promhs iar tbhor mdohjts. @hspoth rhùmh` shddojl praiodhs ks ehksurh` fy tbh vadueh ai shddojl, dkrlh

juefhrs ai @awjtomcs krh usukddy kmbohvh` fy frachrs usojl dkrlh juefhrs ai sekdd trkjskmtoajs,

ojmduòjl frachr mrassojls, tbkt iarmh promh rhùmtoajs.

Kfhrrkjt trkòjl mbkrkmthrostoms krh hxhepdoioh` fy XF] ]hmurotohs wotb tbh iaddawojl mbkrts maepkrojl

tbhor @P ojvadvhehjts klkojst tbhor shddojl ekrcht sbkrhs iar tbh eajtbs Amtafhr 6>;> tbraulb Gkjukry

6>;;. Pbh mbkrts sbaw rhmurrojl eajtbdy kjaekdohs wbhrh sekdd vaduehs ai shddojl bkvh rhsudth` oj

òsprartoajkthdy bolb vaduehs ai @awjtomcs.

XF] ]hmurotohs mdhkrdy àhsjt kpphkr ta fh eatovkth` fy ekxoeozojl rhturjs iar tbhor mdohjts kj` tbhor

trkòjl rhquorhs k tbarulb hxkeojktoaj. XF] ]hmurotohs bawhvhr os jat tbh ajdy frachr hxbofotojl

kjaekdaus @awjtomc trhj`s kj` k maepdhth rhvohw ai kdd sumb trkòjl os urlhjtdy rhquorh` ks ot os k trhj`

tbkt os prhvkdhjt kmrass kdd K]R stamcs, jat gust Mu@hma.

XF] - @awjtomcs Yhrsus ]hddojl - Amtafhr 6>;>

Pbh mbkrt `rkws ktthjtoajs ta `kys wbhrh trkòjl bks fhhj majtrkry ta tbh òrhmtoajs sht aut fy Bolb Maurttbkt rhihrrh` ta lhjuojh shddhrs ks shhcojl ta kmbohvh tbh bolbhst passofdh promhs iar tbhor sbkrhs. ]hddojl aj

Amtafhr 8, 2, ;;, ;6, ;2, ;?, 68, 69 kj` 6? mdhkrdy rhprhshjts sekdd vaduehs ai shddojl tbkt daacs ta bkvh

kllrhssovhdy tkrlhth` dawhr promhs. Pbh tkfdh dosts tbh prapartoaj ai trkjskmtoajs ihwhr tbkj 0>> sbkrhs

hkmb `ky talhtbhr wotb tbh kvhrklh pkrmhd sozh iar sumb sekdd trk`hs.

>%

;>%

6>%

=>%

0>%

8>%

9>%

%

2>%

Amt

;

Amt

0

Amt

8

Amt

9

Amt

Kvl.

Amt->8 ;>>% 22 ?2% ;68

Amt-;; ;>>% ;>>

Amt-;6 ?0% ;>% ;;

Amt-;? 28% ;9>

Amt-68 62% 6?2

Amt-69 ;>>% 2?

Amt-6? 02% ;>8

Aj Amt ;2, @awjtomc trk`hs bk` pkrmhd sozhsfhtwhhj 2 kj` ;9 sbkrhs


11/87

;;

XF] - @awjtomcs Yhrsus ]hddojl - Javhefhr 6>;>

XF] - @awjtomcs Yhrsus ]hddojl - @hmhefhr 6>;>

XF] - @awjtomcs Yhrsus ]hddojl - Gkjukry 6>;;

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;>%

6>%

=>%

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%

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8

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2

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;;

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;8

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;9

Jav

;

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;>%

6>%

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0>%

8>%

9>%

%

@hm

;

@hm

6

@hm

=

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;=

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;0

@hm

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asic complaint 2

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