%DFNWR$UWLFOHSDJH +HFRXOGQRWFDEOH $PDQGD&OD\EDXJK )UDQN1RUULV$/LIHE\-RVHSK0F(OUDWKDQG-HVVH&ULVOHU ,OOLQRLVSS -DQXDU\,6%1 :KHQ)UDQN1RUULVGLHGRIDSSHQGLFLWLVLQDWWKHDJHRIKHKDGZULWWHQVL[QRYHOVDV ZHOODVVFRUHVRIHVVD\VDQGUHYLHZV$WOHDVWWZRRIWKHQRYHOV0F7HDJXHDQG7KH 2FWRSXVDUHUHFRJQLVHGPDVWHUSLHFHVDQGDQXPEHURIWKHHVVD\VSDUWLFXODUO\WKRVH DERXWWKH6SDQLVK$PHULFDQ:DUUHWDLQWKHLUSRZHUWRGD\1RUULV¶VOLIHRQWKHRWKHUKDQG ZDVGLVWLQJXLVKHGRQO\E\LWVSULYLOHJH +HZDVWKHFKLOGRIDSURPLQHQW6DQ)UDQFLVFRIDPLO\ZKRVHHYHU\KROLGD\ZDVUHSRUWHGLQ WKHVRFLHW\SDJHV+HDWWHQGHGDVHULHVRIHOLWHVFKRROVDQGWKHQZHQWRIIWR3DULVWRVWXG\DUW +HDWWHPSWHGDPHGLHYDOEDWWOHVFHQHLQWKHJUDQGKLVWRULFDOPDQQHUEXWDEDQGRQHGWKH SURMHFWZKHQKHIRXQGWKDWWKHFDQYDVZRXOGQRWILWWKURXJKKLVGRRUKLVPRVWVXFFHVVIXO ZRUNZDVDSRUWUDLWRIKLVPRWKHU¶VFDW$IWHUWZR\HDUVLQ3DULVKHGHFLGHGWKDWZULWLQJQRW SDLQWLQJZRXOGEHKLVPpWLHU+HDSSOLHGWR%HUNHOH\ZDVDGPLWWHGGHVSLWHKLVSRRU SHUIRUPDQFHLQWKHHQWUDQFHH[DPVDQGZDVVRRQSHWLWLRQLQJWKHXQLYHUVLW\WRZDLYHWKH UHTXLUHGFRXUVHZRUN+HKDGHQUROOHGKHORIWLO\VDLGµZLWKWKHYLHZRISUHSDULQJP\VHOIIRU WKHSURIHVVLRQRIDZULWHURIILFWLRQ¶DQGVKRXOGQRWEHPDGHWRVWXG\/DWLQRUPDWKV7KH XQLYHUVLW\ZDVQRWSHUVXDGHGDQG1RUULVOHIWZLWKDQµKRQRXUDEOHGLVPLVVDO¶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µWKH SLFWXUHVTXHVLGHRI$IULFDQOLIH¶EXWIDLOHGWRVHQGKLVPRWKHUWKHSURPLVHGFDEOHZKHQKH DUULYHGLQ&DSH7RZQVHWWLQJRIIDIUHQ]\RIPDWHUQDOZRUU\WKDWZDVFRYHUHGLQWKH6DQ )UDQFLVFRQHZVSDSHUVµ)ULHQGVRI)UDQN1RUULV$Q[LRXV¶DQQRXQFHGWKHILUVWRIDVHULHVRI KHDGOLQHVWKHODVWZHHNVODWHUH[SODLQHGµ1RUULV&RXOG1RW&DEOH¶7UDYHOOLQJIURP&DSH 7RZQWR-RKDQQHVEXUJ1RUULVIRXQGKLPVHOIFDXJKWXSLQWKH-DPHVRQ5DLGDQLOODGYLVHG XSULVLQJRI%ULWLVKVHWWOHUVDJDLQVWWKH%RHUJRYHUQPHQWDQGDKDUELQJHURIWKH%RHU:DU+H MRLQHGDVHWWOHUV¶PLOLWLDRQO\WRILQGKLPVHOIDVVLJQHGWRRIILFHZRUN+HQRQHWKHOHVVVHL]HGD KRUVHDQGURGHRIIWRPHHWWKHHQHP\EXWVHQVLEO\UHWUHDWHGZKHQWKH\VWDUWHGWRVKRRW+H UHWXUQHGWR6DQ)UDQFLVFRZKHUHKLVPRWKHUZDVVKRFNHGE\KLVQHZO\DFTXLUHGWDWWRRV 7KDWDXWXPQ1RUULVEHFDPHILUVWDVWDIIZULWHURQWKH:DYHDQGWKHQDVVRFLDWHHGLWRUDQG KLVZULWLQJFDUHHUEHJDQLQHDUQHVW:LWKLQD\HDUKHKDGSXEOLVKHGRQHPLQRUQRYHODQG EHJXQZULWLQJDQRWKHUDVZHOODVFRPSOHWLQJDFROOHFWLRQRIVKRUWVWRULHV0RUHLPSRUWDQWKH KDGILQLVKHGWKHPDQXVFULSWRI0F7HDJXH+RZWKHSDLQWHUPDQTXpWKHZRXOGEH UHYROXWLRQDU\WKHKLJKVSLULWHGIUDWHUQLW\ER\FDPHWRZULWHWKLVUHPDUNDEOHQRYHOLVD P\VWHU\WKDW-RVHSK0F(OUDWKDQG-HVVH&ULVOHUFDQQRWH[SODLQ7KH\DUHIUDQNDERXWWKH GLIILFXOW\RINQRZLQJZKDW1RUULVWKRXJKWRUIHOWµ,URQLFDOO\¶WKH\ZULWHµLWLVOHVVGLIILFXOWWR WUDFH)UDQN1RUULV¶VOLQHDJHWKURXJKVHYHUDOOLQHVEDFNWRDQGEH\RQGWKHWKFHQWXU\WKDQLW LVWRGLVFRYHUZKDWLWZDVOLNHIRUKLPWRUHDFKDGROHVFHQFHLQWKHKRPHRIKLVSDUHQWV¶:KHUH RWKHUELRJUDSKHUVPLJKWKDYHLQGXOJHGLQVSHFXODWLRQ0F(OUDWKDQG&ULVOHUKDYHLQGXOJHGLQ UHVHDUFK7KH\JLYHXVDOOWKHWKFHQWXU\DQFHVWRUVDVZHOODVWKHFKXUFKHVWKDW1RUULV¶V IDWKHUPLJKWKDYHDWWHQGHGEHIRUH1RUULVZDVERUQDQGWKHWZRGLIIHUHQWURXWHV1RUULV KLPVHOIPLJKWKDYHWDNHQZKHQWUDYHOOLQJWR.H\:HVW7KLVLQIRUPDWLRQLVOHVVLOOXPLQDWLQJ WKDQ0F(OUDWKDQG&ULVOHUVXSSRVHDQGWKHDUFRI1RUULV¶VOLIHLVORVWLQDZHOWHURILUUHOHYDQW GHWDLOV7KHV\QWD[LVDOWHUQDWHO\VORSS\DQGVWUDLQHGDQGPXFKRIWKHSKUDVLQJLV VLPXOWDQHRXVO\KDFNQH\HGDQGXQFOHDU5HDGHUVZRXOGGRZHOOWRVWLFNWR1RUULV¶VZRUN ,WLVQ¶WFOHDUZKDWSURPSWHG1RUULVWREHFRPHDVHULRXVQRYHOLVWEXW=RODVHHPVWRKDYH SOD\HGDFUXFLDOUROH1RUULVZDVKLVJUHDWFKDPSLRQLQWKH8QLWHG6WDWHVDOWKRXJKKLVFULWLFDO ZULWLQJVRQQDWXUDOLVPDUHPRUHYLJRURXVWKDQGLVFHUQLQJ+HGHILQHVQDWXUDOLVPLQWHUPVRI VXEMHFWPDWWHUVHWWLQJLWDJDLQVWDWLPLGDQGQRZVXSHUVHGHGUHDOLVP5HDOLVPDFFRUGLQJWR 1RUULVOLHVLQµWKHVPDOOHUGHWDLOVRIHYHU\GD\OLIHWKLQJVWKDWDUHOLNHO\WRKDSSHQEHWZHHQ OXQFKDQGVXSSHUVPDOOSDVVLRQVUHVWULFWHGHPRWLRQVGUDPDVRIWKHUHFHSWLRQURRP WUDJHGLHVRIDQDIWHUQRRQFDOOFULVHVLQYROYLQJFXSVRIWHD¶1DWXUDOLVPE\FRQWUDVWHPHUJHV ZKHQµWKLQJVFRPPHQFHWRKDSSHQWRXVLIZHNLOODPDQRUWZRRUJHWPL[HGXSLQDWUDJLF DIIDLURUGRVRPHWKLQJRQDODUJHUVFDOHVXFKDVWKHDPDVVLQJRIHQRUPRXVZHDOWKRUSRZHU RUIDPH¶1RUULV¶VTXHVWIRUµODUJHU¶VXEMHFWPDWWHUOHGKLPWRWKHYLROHQWDQGWKHJURWHVTXH,Q RQHSLHFHKHZURWHDW+DUYDUGDPDQDWWDFNVKLVZLIHDQGOHDYHVKHUWRGLHLQDSRRORIEORRG µ1RWDWRRWKVRPHVXEMHFW¶KLVWHDFKHUQRWHGLQWKHPDUJLQDQG1RUULV¶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µ,WFHUWDLQO\LVQRDGYDQWDJHLQWKHDFDGHP\ WRGD\¶WKH\ZULWHµIRUDQDXWKRUWRKDYHEHHQDQXSSHUPLGGOHFODVV$QJOR6D[RQPDOHZKR QHYHUH[SHULHQFHGUDFHRUJHQGHUELDVPXFKOHVVRSSUHVVLRQRIDQ\VRUW¶7KLVLVIDUIURP DFFXUDWHIRUWKHSDVWWZHQW\\HDUV1RUULVKDVEHHQFHOHEUDWHGDVWKHPRVWLQQRYDWLYH86 QDWXUDOLVWDQG0F7HDJXHLQSDUWLFXODULVZLGHO\WDXJKWDQGXQLYHUVDOO\DGPLUHG 7KHSURWDJRQLVWRI0F7HDJXHLVDVHOIWUDLQHGGHQWLVWIDPRXVIRUH[WUDFWLQJWHHWKZLWKILQJHUV UDWKHUWKDQSOLHUV%UXWLVKO\VWURQJKHOHDGVDOLIHRIDQLPDOFRQWHQWPHQWZRUNLQJDOOZHHN DQGWKHQVSHQGLQJ6XQGD\VHDWLQJVOHHSLQJDQGSOD\LQJDIHZVRQJVRQKLVFRQFHUWLQD+LV URXWLQHLVXQVHWWOHGE\7ULQDD\RXQJZRPDQZKRFRPHVWRKLPZLWKDFKLSSHGIURQWWRRWK 2YHUFRPHE\DGHVLUHKHGRHVQ¶WXQGHUVWDQG0F7HDJXHH[SUHVVHVLWDVIXOO\DVKHFDQ µ:KDW¶VWKHPDWWHUZLWKXVJHWWLQJPDUULHG"¶KHDVNVKHUµ1RQR¶VKHUHSOLHVDJDLQDQG DJDLQDVKHFDMROHVµ$KFRPHRQDKFRPHRQ¶$WODVWKHJUDEVKHUDQGVKHVXEPLWV 7KHUHLVQRGHOLEHUDWLRQQRUHDOFKRLFHWKHLUDFWLRQVDUHGHWHUPLQHGE\ZKDW1RUULVGHVFULEHV DVµWKHDQLPDOZLWKLQWKHPDQ¶0F7HDJXHDQG7ULQDDUHKDSS\HQRXJKIRUDIHZ\HDUVXQWLO KHLVIRUFHGWRVWRSSUDFWLVLQJGHQWLVWU\EHFDXVHKHGRHVQ¶WKDYHDOLFHQFH7KH\GHVFHQGLQWR SRYHUW\DQGWKHWUDLWVWKDW0F7HDJXHLQKHULWHGIURPKLVGUXQNHQIDWKHUEHJLQWRDVVHUW WKHPVHOYHV+HWDNHVWRJHWWLQJGUXQNDQGEHDWLQJ7ULQD±DQGWRJQDZLQJRQKHUILQJHUWLSV XQWLOWKH\DUHVZROOHQDQGEOHHGLQJ)RU7ULQDWKHSDLQLVVWUDQJHO\DURXVLQJ6KHGLVFRYHUV DQµXQQDWXUDOSOHDVXUHLQ\LHOGLQJLQVXUUHQGHULQJKHUVHOIWRWKHZLOORIDQLUUHVLVWLEOHYLULOH SRZHU¶$WWKLVSRLQW1RUULVEHJLQVWRRIIHUDQDFFRXQWRIKXPDQPRWLYDWLRQWKDWKDVOHVVWR GRZLWK'DUZLQWKDQZLWK)UHXG (YHQPRUHVWULNLQJWKDQ7ULQD¶VPDVRFKLVPLVKHUJURZLQJREVHVVLRQZLWKJROG,WEHJLQVDV RUGLQDU\IUXJDOLW\$IWHUEHFRPLQJHQJDJHGWR0F7HDJXHVKHZLQVLQDORWWHU\6KH SODFHVKHUZLQQLQJVLQDEDQNDQGWKHSOHDVXUHRIVDYLQJSURPSWVKHUWRKRDUGDELWPRUHRI WKHKRXVHKROGPRQH\HYHU\ZHHN6KHKLGHVLWXQGHUKHUEHGDQGVRRQEHFRPHVIDVFLQDWHGE\ WKHFRLQVWKHPVHOYHV6KHGHOLJKWVLQFRXQWLQJWKHPVWDFNLQJWKHPIHHOLQJWKHPLQKHU KDQGV)LQDOO\VKHWDNHVKHUZLQQLQJVRXWRIWKHEDQNIRUJRLQJKHUPRQWKO\LQWHUHVWIRUWKH SOHDVXUHRIFRYHULQJKHUEHGZLWKJROGFRLQVDQGVOHHSLQJQDNHGDPRQJWKHP 7KHQRYHO¶VRWKHUFKDUDFWHUVVKDUH7ULQD¶VREVHVVLRQ0F7HDJXHORQJVWREX\DODUJHSDSLHU PkFKpWRRWKFRYHUHGLQJLOWWRKDQJLQKLVRIILFHZLQGRZDQGDGYHUWLVHKLVSUDFWLFH+LV FKDUZRPDQFRPSXOVLYHO\GHVFULEHVDJROGGLQQHUVHUYLFHRQHKXQGUHGSLHFHVLQDOOWKDWVKH KDVFRPHWREHOLHYHKHUIDPLO\RQFHSRVVHVVHG$QGDMXQNGHDOHUSHUVXDGHVKLPVHOIWKDWWKH FKDUZRPDQ¶VGLQQHUVHUYLFHUHDOO\H[LVWVDQGVSHQGVKLVHYHQLQJVGLJJLQJLQWKHFHOODUWRILQG LW7KHVXEWLWOHRI0F7HDJXHLVµ$6WRU\RI6DQ)UDQFLVFR¶,QWKHPRXQWDLQVVXUURXQGLQJWKH FLW\KRUGHVRISURVSHFWRUVGLJIRUJROG0F7HDJXHMRLQVWKHPWRZDUGVWKHQRYHO¶VHQGDQG UHDOLVHVWKDWWKHGULOOLQJDQGH[FDYDWLQJKHKDGGRQHLQKLVSUHYLRXVOLIHDVDGHQWLVWKDG PHUHO\EHHQDPLQLDWXULVHGYHUVLRQRIPLQLQJ7KHQRYHOFXOPLQDWHVZLWKWZRPHQVWUDQGHG LQWKHPLGGOHRI'HDWK9DOOH\ZLWKQRZDWHUOHIWDQGQRKRSHRIJHWWLQJRXWILJKWLQJWRWKH GHDWKRYHUDEDJRIJROGFRLQV ,QWKH\HDU0F7HDJXHZDVSXEOLVKHG1RUULVVHWWRZRUNRQZKDWKHZRXOGFDOOµ7KH7ULORJ\ RIWKH(SLFRIWKH:KHDW¶,QDSUHIDFHWRWKHILUVWRIWKHVHQRYHOVKHH[SODLQVKLVSODQIRUWKH ZKROHWRJHWKHUWKH\ZLOOWHOOµWKHVWRU\RIDFURSRIZKHDWIURPWKHWLPHRILWVVRZLQJDVVHHG LQ&DOLIRUQLDWRWKHWLPHRILWVFRQVXPSWLRQDVEUHDGLQDYLOODJHRI:HVWHUQ(XURSH¶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¶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¶VDWWHQWLRQVKLIWVWRWKHPHQ ZKRUXQWKHUDLOURDG8QWLOWKLVSRLQWWKH\KDGEHHQLQYLVLEOHDQGXQQDPHGUHSUHVHQWHGRQO\ E\WKHLUFRQWHPSWLEOHODZ\HU%XWQRZZHDUHVKRZQWKHSUHVLGHQWRIWKHUDLOURDGµWKHPDQ ZKRVHSRZHUZDVVRYDVWZKRVHZLOOZDVVRUHVLVWOHVVZKRVHSRWHQF\IRUHYLOVROLPLWOHVVWKH PDQZKRIRUVRORQJDQGVRKRSHOHVVO\WKH\KDGDOOEHHQILJKWLQJ¶:HVHHKLPWKURXJKWKH H\HVRIDSRHWDIULHQGRIWKHIDUPHUVZKRKDGKRSHGWRZULWHDJUHDWSRHPRIWKH:HVWDQG ZKRVHHVWKHSUHVLGHQWDVWKHHPERGLPHQWRISRZHU+HLVDPDVVLYHPDQRIH[WUDRUGLQDU\ HQHUJ\EXWGLVSOD\VPRUHVXUSULVLQJFDSDFLWLHVDVZHOO+HLVDNHHQFULWLFRISDLQWLQJDQG SRHWU\DQGNQRZVWKHVPDOOHVWGHWDLOVRIKLVHPSOR\HHV¶OLYHV7KHSRHWDWWULEXWHVDQDOPRVW JRGOLNHNQRZOHGJHDQGDJHQF\WRKLPEXWKHLQVLVWVWKDWKHKDVQRDJHQF\DWDOOµ< RXDUH GHDOLQJZLWKIRUFHV\RXQJPDQZKHQ\RXVSHDNRI:KHDWDQGWKH5DLOURDGVQRWZLWKPHQ¶ $JHQF\OLHVZLWKWKHODZVRIVXSSO\DQGGHPDQGDQGQRPDQFDQJRDJDLQVWWKHP7KH SUHVLGHQWLVQRWHYHQUHVSRQVLEOHIRUWKHEXLOGLQJRIWKHUDLOURDGVZKLFKµEXLOGWKHPVHOYHV¶DV VXUHO\DVWKHZKHDWJURZVRQLWVRZQ$VDQHFRQRPLFDQDO\VLVWKLVLVQ¶WUHPDUNDEOH:KDWLV VLJQLILFDQWLV1RUULV¶VHIIRUWWRFUHDWHQRYHOLVWLFIRUPVFRQVRQDQWZLWKWKHVHHFRQRPLFFODLPV 7KHWUDJLFSORWJLYHVZD\WRWKHODZVRIVXSSO\DQGGHPDQGDQGWKHZKHDWEHFRPHVWKHPDLQ FKDUDFWHU,QWKHILUVWRIWKHQRYHO¶VWZRFRQFOXGLQJVFHQHVWKHZKHDWLQWKHJURXQG FRQWLQXHVWRJURZLQGLIIHUHQWWRKXPDQQHHGRUKRSHLQWKHVHFRQGWKHZKHDWLQWKHKROGRI DVKLSFUXVKHVWKHPDQZKRKDVWULHGWRPDVWHULW7KHVHDUHJOLPSVHVRIZKDWDQRYHOPLJKW ORRNOLNHLILWZHUHWRWDNHVHULRXVO\WKHLQVLJKWWKDWHFRQRPLFV\VWHPVHYHU\ZKHUHGHWHUPLQH RXUOLYHV 1RUULVQHYHUILQLVKHGWKHWULORJ\+HZURWHLWVVHFRQGYROXPH7KH3LWSXEOLVKHG SRVWKXPRXVO\LQVHWLQWKH&KLFDJRIXWXUHVPDUNHWDQGWKHQGLHGEHIRUHKHFRXOG EHJLQWKHWKLUGZKLFKZDVWHQWDWLYHO\HQWLWOHGµ7KH:ROI¶&UDQHGLHG\RXQJLQ/RQGRQ LQDQG'UHLVHUIHOOVLOHQW$OOWKHVHORVVHVZHUHJULHYRXV:KDWHQGHGZLWK1RUULV¶VGHDWK ZDVWKHHDUO\JURSLQJWRZDUGVDOLWHUDWXUHFDSDEOHRIGHSLFWLQJWKHHFRQRPLFV\VWHPVZKLFK UXOHRXUOLYHV 9RO1Rā-XO\ª$PDQGD&OD\EDXJKª+HFRXOGQRWFDEOHSULQWYHUVLRQ SDJHV_ZRUGV ,661&RS\ ULJKW/5%/WG A7RS
© Copyright 2026 Paperzz