Ouda v. INS
Ouda v. INS
Opinion
5(&200(1'(' )25 )8//7(;7 38%/,&$7,21 3XUVXDQW WR 6L[WK &LUFXLW 5XOH 2XGDY,16 1R (/(&7521,& &,7$7,21 )(' $SS 3 WK &LU )LOH 1DPH D S (YDQV 81,7(' 67$7(6 '(3$570(17 2) s867,&( 2)),&( 2) /,7,*$7,21 :DVKLQJWRQ '& IRU 81,7('67$7(6&28572)$33($/6 5HVSRQGHQW )257+(6,;7+&,5&8,7 BBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBB 23,1,21 BBBBBBBBBBBBBBBBB 6$+$5 28'$ ; '$1$$52132/67(5'LVWULFWsXGJH3HWLWLRQHU6DKDU 3HWLWLRQHU 2XGD VHHNV MXGLFLDO UHYLHZ RI D GHFLVLRQ E\ WKH %RDUG RI ,PPLJUDWLRQ $SSHDOV m%,$l DIILUPLQJ WKH ,PPLJUDWLRQ 1R sXGJHjVGHQLDORIKHUDSSOLFDWLRQIRUDV\OXP)RUWKHUHDVRQV Y ! VHWIRUWKEHORZWKHMXGJPHQWRIWKH%,$LV5(9(56('DQG WKHFDVHLV5(0$1'('WRWKH%,$IRUIXUWKHUSURFHHGLQJV ,00,*5$7,21 $1' FRQVLVWHQWZLWKWKLVRSLQLRQ 1$785$/,=$7,21 6(59,&( 5HVSRQGHQW ,%DFNJURXQG 1 6DKDU 2XGD LV D VWDWHOHVV 3DOHVWLQLDQ ERUQ LQ .XZDLW RQ 2Q$SSHDOIURPWKH([HFXWLYH2IILFH )HEUXDU\ ,QsXO\RI 2XGDKHUSDUHQWVDQG IRU,PPLJUDWLRQ5HYLHZ%RDUGRI,PPLJUDWLRQ$SSHDOV KHUWZR\RXQJHUEURWKHUVGHSDUWHG.XZDLWIRU%XOJDULDRQ 1R$ RQHPRQWKYLVLWRUVjYLVDV7KH\UHPDLQHGLQ%XOJDULDZKHUH WKH\RYHUVWD\HGWKHLUYLVDVE\WZR\HDUV2Q'HFHPEHU 6XEPLWWHG )HEUXDU\ 2XGD HQWHUHG WKH 8QLWHG 6WDWHV E\ ZD\ RI D QRQLPPLJUDQWYLVLWRUjVYLVDZLWKDQH[SLUDWLRQGDWHRIsXQH 'HFLGHGDQG)LOHG 0DUFK 2QHPRQWKSULRUWRWKHH[SLUDWLRQRIKHUYLVD2XGD ILOHG DQ DSSOLFDWLRQ IRU DV\OXP 2Q sXO\ WKH %HIRUH *,/0$1DQG*,%%216&LUFXLWsXGJHV ,PPLJUDWLRQ DQG 1DWXUDOL]DWLRQ 6HUYLFH m,16l LVVXHG DQ 32/67(5'LVWULFWsXGJH RUGHUWRVKRZFDXVHDQGDQRWLFHRIKHDULQJFKDUJLQJ2XGDDV GHSRUWDEOHIRURYHUVWD\LQJKHUYLVD2QWKHDSSOLFDWLRQIRUP BBBBBBBBBBBBBBBBB 2XGDFODLPHGPLVWUHDWPHQWE\WKH.XZDLWLJRYHUQPHQWDVWKH EDVLVRIKHUUHTXHVWIRUDV\OXP6KHDVVHUWHGWKDWKHUOLIHDQG &2816(/ OLEHUW\ ZLOO EH LQ GDQJHU LI VKH JRHV EDFN WR .XZDLW RU WR (J\SWEHFDXVHm,FDQQRWJRDQ\ZKHUHl 21%5,() 1RHOs6DOHK6$/(+ 6$//(<'HWURLW 0LFKLJDQ IRU 3HWLWLRQHU 6XVDQ . +RXVHU 5LFKDUG 0
:/, KDV D GDXJKWHU ZKR LV D 86 FLWL]HQ KDYLQJ EHHQ ERUQ LQ WKH 7KH +RQRUDEOH 'DQ $DURQ 3ROVWHU 8QLWHG 6WDWHV 'LVWULFW sXGJH IRU 8QLWHG 6WDWHV LQ +HU KXVEDQG DEDQGRQHG KHU ILYH ZHHNV DIWHU WKH\ WKH 1RUWKHUQ 'LVWULFW RI 2KLR VLWWLQJ E\ GHVLJQDWLRQ ZHUH PDUULHG LQ %XOJDULD
1R 2XGDY,16 2XGDY,16 1R
$WWKHLQLWLDOGHSRUWDWLRQKHDULQJ2XGDWKURXJKFRXQVHO 8QLWHG 6WDWHV DQG LI WKH 2XGDV OLQHG XS WR JHW ZDWHU DQG FRQFHGHGGHSRUWDELOLW\RQWKHEDVLVWKDWVKHRYHUVWD\HGKHU SHRSOHIRXQGRXWWKH\ZHUH3DOHVWLQLDQVWKH.XZDLWLVZRXOG YLVD+RZHYHUVKHUHQHZHGKHUUHTXHVWIRUDV\OXPDQGLQ GXPSWKHLUZDWHU%HFDXVHWKH\FRXOGQRWZRUNWKH\ZHUH WKH DOWHUQDWLYH IRU YROXQWDU\ GHSDUWXUH :KHQ DVNHG VKH IRUFHGWRVHOOIXUQLWXUHWREX\IRRGoZKLFKZDVSUREOHPDWLF GHFOLQHGWRLGHQWLI\DFRXQWU\WRZKLFKKHUGHSRUWDWLRQVKRXOG LQ DQ\ HYHQW EHFDXVH WKHUH ZHUH VLJQV XS VD\LQJ WKDW RQO\ EHGLUHFWHGDWZKLFKSRLQWWKH,16VXJJHVWHG(J\SWRQWKH .XZDLWLVZHUHDOORZHGWREX\IRRG$WWKHWLPHPDQ\DUPHG EDVLV WKDW VKH HQWHUHG WKH 8QLWHG 6WDWHV ZLWK DQ (J\SWLDQ .XZDLWLVURDPHGWKHVWUHHWVDQQRXQFLQJWKDWLIWKH\IRXQG WUDYHOGRFXPHQW DQ\3DOHVWLQLDQVRQWKHURDGWKH\ZRXOGNLOOWKHP1XPHURXV FKLOGUHQZKROHIWWKHLUKRPHVQHYHUUHWXUQHG%HFDXVHRIWKLV ,Q 1RYHPEHU RI WKH ,PPLJUDWLRQ sXGJH m,sl RQO\ 2XGDjV IDWKHU ZDV SHUPLWWHG WR OHDYH WKH KRXVH 2Q FRQGXFWHGDKHDULQJRQ2XGDjVDSSOLFDWLRQIRUDV\OXP7KHUH PRUHWKDQRQHRFFDVLRQZKHQKHOHIWWKHKRPHWRREWDLQIRRG ZDVVRPHFRQIXVLRQUHJDUGLQJWKHFRXQWU\IURPZKLFK2XGD KH ZDV WKUHDWHQHG DW JXQSRLQW 2Q sXO\ .XZDLWL ZDVFODLPLQJDV\OXP2XGDDVVHUWHGWKDWVKHZDVDUHIXJHH RIILFLDOVVWDPSHGDGDWH sXO\ RQWKH2XGDVjWUDYHO IURP.XZDLWWKHFRXQWU\LQZKLFKVKHZDVERUQDQGUDLVHG GRFXPHQWV E\ ZKLFK WLPH WKH\ ZRXOG KDYH WR OHDYH WKH DQGIURPZKLFKVKHDQGKHUIDPLO\ZHUHH[SHOOHG7KH,16 FRXQWU\7KHRIILFLDOVWKUHDWHQHGWKDWLIWKH2XGDVZHUHQRW WRRN WKH SRVLWLRQ WKDW 2XGDjV DV\OXP FODLP DURVH IURP JRQH E\ WKDW GDWH WKH\ ZRXOG EH SODFHG RQ WKH FRXQWU\jV %XOJDULDWKHFRXQWU\ZKHUHVKHODVWUHVLGHGEHIRUHHQWHULQJ ERUGHU sXVW EHIRUH WKH GHDGOLQH 2XGDjV ILIWHHQ\HDU ROG WKH8QLWHG6WDWHV2XGDDUJXHGWKDW%XOJDULDVKRXOGQRWEH EURWKHUDWWHPSWHGWROHDYHWKHKRXVHWRJHWDKDLUFXW+HZDV WKHIRFXVRIKHUDV\OXPFODLPEHFDXVHVKHZDVQHYHUDFLWL]HQ DEGXFWHGE\.XZDLWLVGHPHDQHGDQGEHDWHQRQKLVNQHHVDQG RI %XOJDULD DQG %XOJDULD ZRXOG QRW WDNH KHU EDFN LQ DQ\ IHHW EHFDXVH KH ZDV D 3DOHVWLQLDQ 6KRUWO\ WKHUHDIWHU WKH HYHQW,QVXSSRUWRIWKLVODVWDVVHUWLRQVKHSURYLGHGDOHWWHU 2XGDV EULEHG D %XOJDULDQ WR JHW WKHP YLVLWRUVj YLVDV WR IURP WKH (PEDVV\ RI WKH 5HSXEOLF RI %XOJDULD GDWHG %XOJDULDDQGOHIWWKHFRXQWU\SULRUWRWKHGHDGOLQH$QROGHU sDQXDU\ ZKHUHLQWKH(PEDVV\UHIXVHGKHUIDPLO\jV EURWKHUDQGVLVWHURI2XGDjVVWD\HGEHKLQGWRVHOOWKHIDPLO\jV UHTXHVWIRUDYLVD7KH,sUHVHUYHGUXOLQJRQWKLVOHJDOLVVXH IXUQLWXUHEHFDXVHWKHIDPLO\QHHGHGWKHPRQH\2QHPRQWK XQWLODIWHUWKHKHDULQJ ODWHU ZKHQ WKH\ DSSOLHG IRU YLVDV WR %XOJDULD WKHLU DSSOLFDWLRQV ZHUH GHQLHG $V RI WKH WLPH RI WKH KHDULQJ 2XGDWKHQWHVWLILHGWRWKHIROORZLQJ 'XULQJWKH*XOI:DU 2XGDjV VLEOLQJV ZKR GR QRW KDYH WHOHSKRQHV ZHUH VWLOO KHU IDWKHU ZKR KDG WDXJKW LQ .XZDLWjV 'HSDUWPHQW RI EHOLHYHGWREHLQ.XZDLW2XGDKDVVSRNHQWRKHUVLVWHURQFH (GXFDWLRQIRUWZHQW\\HDUVZDVIRUFHGWRFRQWLQXHWHDFKLQJ VLQFHHQWHULQJWKH8QLWHG6WDWHV E\ WKH ,UDTL RFFXSLHUV :KHQ .XZDLW ZDV OLEHUDWHG WKH .XZDLWLV UHIXVHG WR OHW KLP UHWXUQ WR KLV WHDFKLQJ SRVLWLRQ ,Q%XOJDULD2XGDjVIDPLO\WULHGWRH[WHQGWKHLURQHPRQWK EHFDXVHKHZDVSHUFHLYHGDVD3DOHVWLQLDQZKRVXSSRUWHG,UDT YLVDV WR QR DYDLO DQG WKH\ ZHUH XQDEOH WR DSSO\ IRU 1RWLFHV ZHUH SRVWHG RQ DOO EXVLQHVVHV VWDWLQJ WKDW RQO\ FLWL]HQVKLS$SSDUHQWO\KRZHYHUWKH2XGDVOHDUQHGWKDWWKH\ .XZDLWLFLWL]HQVZHUHSHUPLWWHGWRUHWXUQWRZRUN%HFDXVH FRXOGJDLQWHPSRUDU\UHVLGHQWVWDWXVLIWKH\RZQHGDQRQJRLQJ 2XGDjVIDWKHUZDVXQDEOHWRHDUQDOLYLQJKHUHTXHVWHGKLV EXVLQHVV $FFRUGLQJO\ 2XGDjV IDWKHU RSHQHG D VWRUH ZLWK SHQVLRQIXQGIURPWKH'HSDUWPHQWRI(GXFDWLRQDQGZDVWROG ZKDW UHPDLQHG RI KLV UHWLUHPHQW IXQGV $V ORQJ DV WKH WKDWKHFRXOGFROOHFWLWRQO\LIKHOHIWWKHFRXQWU\1RWRQO\ ZHUHWKH2XGDVXQDEOHWRHDUQDOLYLQJWKH\ZHUHDOVRXQDEOH WRDWWHQGVFKRROREWDLQDGULYHUjVOLFHQVHRUGULYHDFDU2XGD H[SODLQHGWKDWDFFHVVWRZDWHUZDVQRWmRSHQlDVLWLVLQWKH 2XGD SURYLGHG KHU (J\SWLDQ WUDYHO GRFXPHQW WR VKRZ WKDW VKH ZDV UHTXLUHG WR OHDYH .XZDLW E\ sXO\ 1R 2XGDY,16 2XGDY,16 1R
EXVLQHVV ZDV LQ RSHUDWLRQ WKH\ ZHUH SHUPLWWHG WR VWD\ LQ WKHUHIRUHWKHIRFXVRIKHUDV\OXPFODLPPXVWEHRQ%XOJDULD %XOJDULDDQGUXQLW8QIRUWXQDWHO\WKH2XGDVUDQLQWRDQRWKHU :LWKUHJDUGWR2XGDjVFUHGLELOLW\KHVWDWHG REVWDFOH 7KH %XOJDULDQ PDILD WROG WKHP WKH\ GLGQjW ZDQW DQ\RQHWKHUHEXW%XOJDULDQVDQGWKUHDWHQHGWRKDUPWKHPLI ,QWKLVSDUWLFXODUFDVH , KDYHQRUHDVRQWRGRXEWWKH WKH\GLGQj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jV IDWKHU ZRXOG QRW JLYH 1RQHWKHOHVVKHFRQFOXGHGWKDW2XGDKDGQRWGHPRQVWUDWHG SURWHFWLRQIXQGVWRWKHPDILDWKHPDILDEHDWXSERWKRIKLV HLWKHU SDVW SHUVHFXWLRQ RU D ZHOOIRXQGHG IHDU RI IXWXUH VRQV RQH RI ZKRP VWLOO UHWDLQV VFDUV IURP WKH H[SHULHQFH SHUVHFXWLRQ LQ %XOJDULD +H QRWHG WKDW 2XGD KHUVHOI KDG :KHQWKH2XGDVUHSRUWHGWKHLUSUREOHPVZLWKWKHPDILDWRWKH QHYHUEHHQKDUPHGLQ%XOJDULDDQGWKDWWKH%XOJDULDQPDILDjV DXWKRULWLHVWKH\ZHUHWROGWKH\KDGQRVWDWXVLQ%XOJDULDDQG H[WRUWLRQDWWHPSWVZHUHGLUHFWHGDWKHUIDWKHUEHFDXVHKHZDV VKRXOGOHDYH7KH2XGDVjSUREOHPVFRQWLQXHGXQWLORQHGD\ D VWRUH RZQHU D FKDUDFWHULVWLF WKDW LV QRW SURWHFWHG E\ WKH WKHPDILDEXUQHGWKHLUVWRUHGRZQ,PPHGLDWHO\WKHUHDIWHU DV\OXPODZV WKH2XGDVREWDLQHGYLVLWRUVjYLVDVWRWKH8QLWHG6WDWHVDQG DIWHUVHOOLQJWKHLUSHUVRQDOEHORQJLQJVWRSXUFKDVHWLFNHWVWR 2XGDDSSHDOHGWKHGHQLDORIKHUDV\OXPDSSOLFDWLRQWRWKH $PHULFDOHIW%XOJDULD %,$DUJXLQJWKDWWKH,sKDGHUUHGLQILQGLQJWKDW%XOJDULDZDV KHUFRXQWU\RIODVWKDELWXDOUHVLGHQFHDQGFRQWHQGLQJWKDWVKH 2XGDWHVWLILHGWKDWVKHKDVDWWHPSWHGWRJHWYLVDVWRJRWR KDGHVWDEOLVKHGHOLJLELOLW\IRUDV\OXPLQUHODWLRQWR.XZDLW RWKHU FRXQWULHV EXW EDVHG RQ KHU VWDWXV DV D VWDWHOHVV 7KH%,$UXOHGLQUHOHYDQWSDUW 3DOHVWLQLDQ KDV EHHQ GHQLHG HQWUDQFH WR (J\SW %XOJDULD .XZDLWsRUGDQDQG,VUDHO6KHVWDWHGWKDWVKHIHDUHGIRUKHU $QDOLHQPD\DSSO\IRUDV\OXPLQWKH8QLWHG6WDWHVRU OLIHLIGHSRUWHGWR.XZDLW ZLWKKROGLQJRIGHSRUWDWLRQIURPDQ\FRXQWULHVWRZKLFK KHRUVKHPD\EHGHSRUWHG&)5 F $ 7KH,sVXEVHTXHQWO\LVVXHGDZULWWHQRSLQLRQZKHUHLQKH VWDWHOHVVDOLHQZKRKDVQRQDWLRQDOLW\PD\VHHNDV\OXP GHQLHG 2XGDjV DSSOLFDWLRQ IRU DV\OXP DQG ZLWKKROGLQJ RI LQ UHODWLRQ WR WKH FRXQWU\ ZKHUH VKH ODVW KDELWXDOO\ GHSRUWDWLRQDQGRUGHUHGKHUGHSRUWHGWR%XOJDULDRUDQ\RWKHU UHVLGHGLIKHRUVKHPD\EHGHSRUWHGWKHUH,G 6HFWLRQ FRXQWU\ZLOOLQJWRDFFHSWKHU,QVRUXOLQJWKH,sGHWHUPLQHG D $ RIWKH$FW WKDW%XOJDULDZDV2XGDjVFRXQWU\RIODVWKDELWXDOUHVLGHQFH )RUSXUSRVHVRIGHFLGLQJWKLVDSSHDOZHZLOODVVXPH WKDW WKH UHVSRQGHQW LV FRUUHFW WKDW VKH PD\ FRQVLGHU .XZDLWDVWKHFRXQWU\ZKHUHVKHODVWKDELWXDOO\UHVLGHG 7KXVLI.XZDLWLVDFRXQWU\WRZKLFKWKHUHVSRQGHQWPD\ ,Q DGGLWLRQ WR WKUHDWV IURP WKH PDILD 2XGD WHVWLILHG WKDW WKH EH GHSRUWHG VKH PD\ EDVH DQ DV\OXP FODLP RQ SDVW %XOJDULDQ SHRSOH KHOG ZLGHVSUHDG GHPRQVWUDWLRQV mDJDLQVW XV l EXW VKH SHUVHFXWLRQRUDZHOOIRXQGHGIHDURIIXWXUHSHUVHFXWLRQ QHYHU H[SODLQHG ZKHWKHU WKH %XOJDULDQV ZHUH SURWHVWLQJ WKH SUHVHQFH RI .XZDLWL RU 3DOHVWLQLDQ UHIXJHHV 0XVOLPV RU XQDXWKRUL]HG IRUHLJQHUV LQ LQ.XZDLW+RZHYHUWKHUHVSRQGHQWKHUVHOIVWDWHGWKDW WKHLU FRXQWU\ DW OHDVW DV RI WKH WLPH RI KHU KHDULQJ .XZDLW ZLOO QRW 1R 2XGDY,16 2XGDY,16 1R
DFFHSW KHU 7U DW 7KH 6WDWH 'HSDUWPHQWjV 3DOHVWLQLDQ LQ WKDW FRXQWU\ &)5 E $GYLVRU\RSLQLRQDJUHHVWKDWKHUFKDQFHRIUHFHLYLQJWKH 5DWKHU VKH KDV WKH EXUGHQ RI VKRZLQJ D mUHDVRQDEOH UHTXLVLWH.XZDLWLDSSURYDOWRUHHQWHUZDVmTXLWHVOLPl SRVVLELOLW\l RI VXIIHULQJ SHUVHFXWLRQ LI UHWXUQHG WR ([K 7DE $FFRUGLQJO\ WR WKH H[WHQW WKDW WKH .XZDLW&)5 E L % 7RPDNHVXFKD ,PPLJUDWLRQ s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jVDGYLVRU\RSLQLRQQRWHVWKDW FODLP LQ UHODWLRQ WR WKDW FRXQWU\ :H QRWH WKDW WKH IRUWKHPRVWSDUW3DOHVWLQLDQVLQ.XZDLWZKRDUHWKHUH UHVSRQGHQWGLGIRFXVKHUDV\OXPFODLPRQ.XZDLWLQKHU OHJDOO\DUHVHWWOLQJLQWRDUHODWLYHO\VWDEOHH[LVWHQFHIUHH ZULWWHQ DSSOLFDWLRQ DQG KHU WHVWLPRQ\ 6KH GRHV QRW IURPHJUHJLRXVKXPDQULJKWVDEXVHV ([KDWWDE 7R FRQWHQGRQDSSHDOWKDWWKHUHLVPRUHHYLGHQFHWKDWVKH WKHH[WHQWWKDWWKH6WDWH'HSDUWPHQWjVRSLQLRQPD\SDLQW ZLVKHGWRSUHVHQWFRQFHUQLQJSHUVHFXWLRQLQ.XZDLW7KH DQRYHUO\RSWLPLVWLFSLFWXUHLWLVHVVHQWLDOO\DOOZHKDYH RQO\KDUPDOOHJHGLQKHUZULWWHQDSSOLFDWLRQUHODWHGWRWKH LQWKLVUHFRUGUHJDUGLQJWKHFXUUHQWIDWHRI3DOHVWLQLDQVLQ DXWKRULWLHVjSLFNLQJXSRIKHUEURWKHULQ IROORZLQJ .XZDLW 7KH UHVSRQGHQW KDV SURYLGHG QR REMHFWLYH .XZDLWjVOLEHUDWLRQDWWKHFRQFOXVLRQRIWKH*XOI:DU HYLGHQFH WR PHHW KHU EXUGHQ LQ WKLV UHJDUG :H 7KHUHVSRQGHQWWHVWLILHGRUDOO\WKDWVKHLVQRWDPHPEHU DGGLWLRQDOO\QRWHWKDWRIKHUVLEOLQJVKDYHUHPDLQHGLQ RI DQ\ JURXSV SROLWLFDO RU RWKHUZLVH 7U DW 6KH .XZDLWZLWKRXWDQ\DVVHUWHGKDUP0DWWHURI$(0 IXUWKHU VWDWHG WKDW VKH KHUVHOI KDV QHYHU EHHQ DUUHVWHG , 1 'HF %,$ WKH UHDVRQDEOHQHVV RI DQ GHWDLQHGLQWHUURJDWHGLPSULVRQHGRUEHDWHQDQ\ZKHUHE\ DOLHQj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jVGHFLVLRQWKDW2XGDDSSHDOV %HFDXVH VKH KDV QRW HVWDEOLVKHG SDVW SHUVHFXWLRQ LQ ,,6WDQGDUGRI5HYLHZ .XZDLW VKH HQMR\V QR SUHVXPSWLRQ WR D ZHOOIRXQGHG IHDURIIXWXUHSHUVHFXWLRQRQDFFRXQWRIKHUVWDWXVDVD 7KH %,$jV GHFLVLRQ mPXVW EH XSKHOG LI µVXSSRUWHG E\ UHDVRQDEOHVXEVWDQWLDODQGSUREDWLYHHYLGHQFHRQWKHUHFRUG 1R 2XGDY,16 2XGDY,16 1R
FRQVLGHUHGDVDZKROHjl0LNKDLOHYLWFKY,16)G E m7KHWHVWLPRQ\RIWKHDSSOLFDQWLIFUHGLEOHPD\ WK&LU TXRWLQJ,16Y(OLDV=DFDULDV86 EH VXIILFLHQW WR VXVWDLQ WKH EXUGHQ RI SURRI ZLWKRXW 8QGHUWKLVGHIHUHQWLDOVWDQGDUGWKHFRXUW FRUURERUDWLRQl&)5 D $FNQRZOHGJLQJWKDW mPD\QRWUHYHUVHWKH%RDUGjVGHWHUPLQDWLRQVLPSO\EHFDXVH WKH UHOHYDQW VWDWXWHV DQG UHJXODWLRQV RIIHU QR ZRUNLQJ ZHZRXOGKDYHGHFLGHGWKHPDWWHUGLIIHUHQWO\l,G FLWLQJ GHILQLWLRQRISHUVHFXWLRQZHKDYHSUHYLRXVO\KHOGWKDWWKH .ODZLWWHUY,16 )G WK&LU 7KH WHUP HQFRPSDVVHV mPRUH WKDQ D IHZ LVRODWHG LQFLGHQWV RI FRXUW PD\ UHYHUVH KRZHYHU LI WKH HYLGHQFH SUHVHQWHG E\ YHUEDO KDUDVVPHQW RU LQWLPLGDWLRQ XQDFFRPSDQLHG E\ DQ\ 2XGDmQRWRQO\VXSSRUWVDFRQWUDU\FRQFOXVLRQEXWLQGHHG SK\VLFDO SXQLVKPHQW LQIOLFWLRQ RI KDUP RU VLJQLILFDQW FRPSHOV LWl ,G HPSKDVLV LQ RULJLQDO $V VXFK WKH GHSULYDWLRQRIOLEHUW\l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jVFRXQWU\KDYHFKDQJHG SHUVRQZKRTXDOLILHVDVDmUHIXJHHlZLWKLQWKHPHDQLQJRI WR VXFK DQ H[WHQW WKDW WKH DSSOLFDQW QR ORQJHU KDV D ZHOO 6HFWLRQ D $ RI WKH ,PPLJUDWLRQ DQG 1DWLRQDOLW\ IRXQGHGIHDURIEHLQJSHUVHFXWHGXSRQUHWXUQ0LNKDLOHYLWFK $FW7KH$FWGHILQHVDUHIXJHHDV )G DW 7KH ,16 PXVW GR PRUH WKDQ VKRZ WKDW FLUFXPVWDQFHVLQWKHFRXQWU\KDYHIXQGDPHQWDOO\FKDQJHG WKH DQ\SHUVRQZKRLVRXWVLGHDQ\FRXQWU\RIVXFKSHUVRQ V ,16PXVWDOVRVKRZWKDWVXFKFKDQJHQHJDWHVWKHSDUWLFXODU QDWLRQDOLW\ RU LQ WKH FDVH RI D SHUVRQ KDYLQJ QR DSSOLFDQWjVZHOOIRXQGHGIHDURISHUVHFXWLRQ,G6HHDOVR QDWLRQDOLW\LVRXWVLGHDQ\FRXQWU\LQZKLFKVXFKSHUVRQ .UDVWHYY,16 )G WK&LU %,$ ODVWKDELWXDOO\UHVLGHGDQGZKRLVXQDEOHRUXQZLOOLQJWR PXVW FRQGXFW LQGLYLGXDOL]HG ZHOOIRXQGHG IHDU DQDO\VLV UHWXUQWRDQGLVXQDEOHRUXQZLOOLQJWRDYDLOKLPVHOIRU &KDQGY,16)G WK&LU ZKHWKHU KHUVHOI RI WKH SURWHFWLRQ RI WKDW FRXQWU\ EHFDXVH RI RUQRWDSDUWLFXODU DSSOLFDQWjVIHDULVUHEXWWHGE\DJHQHUDO SHUVHFXWLRQ RU D ZHOOIRXQGHG IHDU RI SHUVHFXWLRQ RQ FKDQJH LQ FRXQWU\ FRQGLWLRQV UHTXLUHV DQ LQGLYLGXDOL]HG DFFRXQWRIUDFHUHOLJLRQQDWLRQDOLW\PHPEHUVKLSLQD DQDO\VLVWKDWIRFXVHVRQWKHVSHFLILFKDUPVXIIHUHGDQGWKH SDUWLFXODUVRFLDOJURXSRUSROLWLFDORSLQLRQ UHODWLRQVKLS WR LW RI LQIRUPDWLRQ FRQWDLQHG LQ D FRXQWU\ UHSRUW )HUJLVWH Y ,16 )G VW &LU 86& D $ 5HVROXWLRQ RI D UHTXHVW IRU JHQHUDO HYLGHQFH RI FKDQJHG FRXQWU\ FRQGLWLRQV LV DV\OXPWKXVLQYROYHVDWZRVWHSLQTXLU\ m ZKHWKHUWKH LQVXIILFLHQWWRVKRZWKDWDQDSSOLFDQWQRORQJHUKDVDZHOO DSSOLFDQW TXDOLILHV DV D µUHIXJHHj DV GHILQHG LQ IRXQGHG IHDU RI SHUVHFXWLRQ &KDUOHV *RUGRQ HW DO D $ DQG ZKHWKHU WKH DSSOLFDQW µPHULWV D ,PPLJUDWLRQ/DZ 3URFHGXUH> @>G@ 5HYHG IDYRUDEOHH[HUFLVHRIGLVFUHWLRQE\WKH$WWRUQH\*HQHUDOjl 0LNKDLOHYLWFK)GDW TXRWLQJ3HUNRYLFY,16 ,,,$QDO\VLV )G WK&LU $ 7KHDV\OXPDSSOLFDQWEHDUVWKHEXUGHQRIHVWDEOLVKLQJWKDW KHRUVKHTXDOLILHVDVDUHIXJHHmHLWKHUEHFDXVHKHRUVKHKDV 7KH%,$IRXQGDVDSUHOLPLQDU\PDWWHUWKDW2XGDFRXOG VXIIHUHG SDVW SHUVHFXWLRQ RU EHFDXVH KH RU VKH KDV D QRW VHHN DV\OXP IURP .XZDLW EHFDXVH VKH WHVWLILHG WKDW ZHOOIRXQGHG IHDU RI IXWXUH SHUVHFXWLRQl &)5 1R 2XGDY,16 2XGDY,16 1R
.XZDLW ZRXOG QRW DFFHSW KHU 7KH ,16jV EULHI RQ DSSHDO IURPZKLFKVKHIOHG RUDVLQWKLVFDVHZDVRUGHUHGWROHDYH DSSHDUVWRVXSSRUWWKLVUXOLQJ IURP VHHNLQJ UHIXJH LQ WKH 8QLWHG 6WDWHV 7KLV UHJXODWLRQ GRHVQRWHYHQDSSO\WR2XGDZKRVRXJKWDV\OXPDVD.XZDLWL 7KHSHWLWLRQHUDUJXHVWKDWVKHVKRXOGEHJUDQWHGDV\OXP UHIXJHHZKLOHODZIXOO\ZLWKLQWKLVFRXQWU\ZHOOEHIRUHKHU IURP.XZDLWEXWWKHSDUWLHVDJUHHWKDWWKHSHWLWLRQHUGRHV YLVDH[SLUHGDQGWKH,16FRPPHQFHGGHSRUWDWLRQSURFHHGLQJV QRWFXUUHQWO\KDYHWUDYHOGRFXPHQWVRUSHUPLVVLRQIURP DJDLQVWKHU/HVVFRPSHOOLQJLVWKH%,$j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jV GHWHUPLQDWLRQWKDW WUHDWLVHV DQG PDQXDOV UHYLHZLQJ WKH DV\OXP VWDWXWHV DQG 2XGDFDQQRWVHHNDV\OXPIURP.XZDLWEHFDXVHVKHFDQQRWEH UHJXODWLRQVDQGUHVHDUFKLQJWKHFDVHODZLQDOOFLUFXLWVZH GHSRUWHG WKHUH $V\OXP DSSOLFDQWV KDYH DUJXHG WKDW D FDQ ILQG QR VXSSRUW IRU WKH SURSRVLWLRQ WKDW DQ DV\OXP FRXQWU\j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sXGJHLQDGHSRUWDWLRQKHDULQJZKRLVSUHVHQWHG FLWL]HQVKLSEDVHGRQDQFHVWU\RUPDUULDJH,GDW ZLWKDGHSRUWDEOHSHUVRQH[SUHVVLQJDIHDURISHUVHFXWLRQLI ,PSRUWDQWO\ QHLWKHU WKH ,16 QRU WKH FRXUW UDLVHG WKH GHSRUWHGWRDFHUWDLQFRXQWU\7KHUHJXODWLRQEHJLQV SRVVLELOLW\ WKDW WKHVH SHWLWLRQHUVj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
PDWWHU)RUDOOWKHVHUHDVRQVZHILQGWKDWWKH%,$HUUHGE\ RUGHUWRHVWDEOLVKDFODLPRISDVWSHUVHFXWLRQm>3@HUVLVWHQW UXOLQJDVDPDWWHURIODZWKDW2XGDFDQQRWUHTXHVWDV\OXP GHDWKWKUHDWVDQGDVVDXOWVRQRQHjVOLIHIDPLO\DQGEXVLQHVV IURP.XZDLWEHFDXVHVKHFDQQRWEHGHSRUWHGWKHUH ULVH WR WKH OHYHO RI SHUVHFXWLRQ ZLWKLQ WKH PHDQLQJ RI WKH $FWl$QGULDVLDQY,16)G WK&LU % FLWLQJ 6LQJK Y ,16 )G WK &LU m3HUVHFXWLRQ FDQ LQFOXGH WKUHDWV WR OLIH DQG HFRQRPLF :H QH[W UHYLHZ WKH %,$jV ILQGLQJ WKDW 2XGD IDLOHG WR UHVWULFWLRQVVRVHYHUHWKDWWKH\FRQVWLWXWHDUHDOWKUHDWWROLIH HVWDEOLVK SDVW SHUVHFXWLRQ LQ .XZDLW $IWHU UHYLHZLQJ WKH RUIUHHGRPl/L:X/LQY,16)G G&LU UHFRUG DQG SDUWLFXODUO\ 2XGDjV WHVWLPRQ\ ZKLFK WKH FLWLQJ&KDQJ Y ,16 )G G &LU ,PPLJUDWLRQ s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jVIDWKHUZDVQRW WKH\ZHUH3DOHVWLQLDQV7KH.XZDLWLJRYHUQPHQWFRQILVFDWHG DOORZHGWRUHWXUQWRZRUNEHFDXVHKHZDVD3DOHVWLQLDQZKR D VLJQLILFDQW SRUWLRQ RI 0U 2XGDjV UHWLUHPHQW IXQGV ZKHQ ZDVSHUFHLYHGDVVXSSRUWLQJ,UDTZKHQKHFRQWLQXHGWHDFKLQJ H[SHOOLQJKLVIDPLO\IURPWKHFRXQWU\7KHPHUHIDFWWKDWWKH GXULQJWKHZDU,QGHHGWKH.XZDLWLVHQJDJHGLQDJHQHUDO 2XGDV ZHUH RUGHUHG E\ WKH JRYHUQPHQW WR OHDYH .XZDLW FDPSDLJQ WR SURKLELW 3DOHVWLQLDQV IURP ZRUNLQJ DWWHQGLQJ EHFDXVH WKH\ ZHUH SHUFHLYHG HQHPLHV RI WKHLU FRXQWU\ LV VFKRRO EX\LQJ IRRG REWDLQLQJ ZDWHU RU REWDLQLQJ GULYHUVj VXIILFLHQWDORQHWRHVWDEOLVKSDVWSHUVHFXWLRQ$QGULDVLDQY OLFHQVHV 0DQ\ DUPHG .XZDLWLV URDPHG WKH VWUHHWV ,16)G WK&LU KROGLQJWKDWDZDUQLQJ WHUURUL]LQJSK\VLFDOO\DEXVLQJDQGNLOOLQJ3DOHVWLQLDQV7KH\ WKDWDV\OXPDSSOLFDQWVZRXOGEHNLOOHGLIWKH\GLGQRWOHDYH KHOG2XGDjVIDWKHUDWJXQSRLQWDQGWKUHDWHQHGWRNLOOKLPRQ $]HUEDLMDQ LPPHGLDWHO\ LV VXIILFLHQW WR HVWDEOLVK SDVW PRUH WKDQ RQH RFFDVLRQ ZKHQ KH WULHG WR REWDLQ IRRG DQG SHUVHFXWLRQ 8QGHU WKH FLUFXPVWDQFHV QR UHDVRQDEOH WRUWXUHGKHU\HDUROGEURWKHUZKHQKHWULHGWRJHWDKDLUFXW IDFWILQGHUFRXOGIDLOWRILQGWKDWWKH2XGDVZHUHSHUVHFXWHG %HFDXVH RI WKH ZLGHVSUHDG YLROHQFH DJDLQVW 3DOHVWLQLDQV (OLDV=DFDULDV86DW 2XGDZDVQRWSHUPLWWHGWROHDYHKHUKRPH:KHQ2XGDjV IDWKHUUHTXHVWHGKLVUHWLUHPHQWIXQGVRWKDWKLVIDPLO\FRXOG (YHQ WKH 6WDWH 'HSDUWPHQWjV OHWWHU FRUURERUDWHG 2XGDjV VXUYLYH.XZDLWLRIILFLDOVWROGKLPWKH\ZRXOGRQO\JLYHLWWR FODLPVRISHUVHFXWLRQ$FFRUGLQJWRsDPHV+DOPR'LUHFWRU KLPLIKHOHIWWKHFRXQWU\2QsXO\ .XZDLWLRIILFLDOV RIWKH2IILFHRI$V\OXP$IIDLUV RUGHUHGWKH2XGDVWROHDYHWKHFRXQWU\E\s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jVSHQVLRQ HOHPHQWVIURPWKHSROLFHDQGDUP\URXWLQHO\DSSUHKHQGHG DQGSK\VLFDOO\DEXVHG3DOHVWLQLDQV0DQ\3DOHVWLQLDQV 7KHUHLVQRFDVHODZWKDWUHTXLUHV2XGDWRVKRZWKDWVKH ZHUHNLOOHGRXWULJKWSUREDEO\LQH[FHVVRI7KH ZDVSHUVRQDOO\GHWDLQHGLQWHUURJDWHGEHDWHQXSRUWRUWXUHGLQ 1R 2XGDY,16 2XGDY,16 1R
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sRUGDQLDQ SDVVSRUWV ZKR IOHG LQWR sRUGDQ OHIW )GDW %HFDXVHWKH%,$LQFRUUHFWO\IRXQGWKDW2XGDGLG EHIRUHWKHOLEHUDWLRQRIWKHFRXQWU\RQ)HEUXDU\ QRWHVWDEOLVKSDVWSHUVHFXWLRQLWDOVRHUUHGLQIDLOLQJWRJLYH ,Q DQ\ FDVH ZH EHOLHYH WKDW WKH ZRUVW RI WKH DEXVHV KHU WKH EHQHILW RI WKH SUHVXPSWLRQ RI ZHOOIRXQGHG IHDU RI FHUWDLQO\ WKH JURVV SK\VLFDO DEXVHV DQG XQZDUUDQWHG IXWXUHSHUVHFXWLRQWRZKLFKVKHZDVHQWLWOHG,QVWHDGWKH%,$ GHWHQWLRQVHQGHGE\WKHHQGRI GHWHUPLQHGWKDWLWZDV2XGDZKRmKDGWKHEXUGHQRIVKRZLQJ DµUHDVRQDEOHSRVVLELOLW\jRIVXIIHULQJSHUVHFXWLRQLIUHWXUQHG :LWKWKHH[FHSWLRQRIWKHODVWVHQWHQFHWKH6WDWH'HSDUWPHQW WR .XZDLWl DQG FRQFOXGHG WKDW VKH IDLOHG WR GR VR ,Q VR OHWWHU VXSSRUWV 2XGDjV FODLPV RI SHUVHFXWLRQ 0RUH KROGLQJ WKH %,$ UHOLHG RQ WKH 6WDWH 'HSDUWPHQWjV RSLQLRQ LPSRUWDQWO\2XGDjVWHVWLPRQ\ZKLFKKDVEHHQFUHGLWHGZLWK WKDWmIRUWKHPRVWSDUW3DOHVWLQLDQVLQ.XZDLWZKRDUHWKHUH YHUDFLW\ LOOXVWUDWHV WKDW WKH DFNQRZOHGJHG DEXVH RI OHJDOO\DUHVHWWOLQJLQWRDUHODWLYHO\VWDEOHH[LVWHQFHIUHHIURP HJUHJLRXVKXPDQULJKWVDEXVHVl7KLVDQDO\VLVLVLQDGHTXDWH WR GHWHUPLQH ZKHWKHU WKH 6WDWH 'HSDUWPHQW OHWWHU SURYLGHV VXIILFLHQWO\GHWDLOHGLQIRUPDWLRQWRUHEXWWKHSUHVXPSWLRQRI ZHOOIRXQGHG IHDU DULVLQJ IURP 2XGDjV H[SHULHQFHV LQ +DOPR IXUWKHU H[SODLQHG JHQHUDOO\ WKDW WKH .XZDLWL JRYHUQPHQW ZDV .XZDLW%HJ]DWRZVNLY,16)G WK&LU IROORZLQJ D SROLF\ RI m.XZDLWL]DWLRQl RI WKH ODERU IRUFH ZKLFK WKH 6WDWH 'HSDUWPHQW GLG QRW YLHZ DV V\QRQ\PRXV ZLWK SHUVHFXWLRQ +RZHYHU KH DOVR VWDWHG m,Q WKH UHYDOLGDWLRQ RI WKH UHVLGHQFH SHUPLWV RI WKH IRUHLJQ SRSXODWLRQ LQ .XZDLW WKH JRYHUQPHQW GLVWLQFWO\ KDV QRW IDYRUHG WKH 7KHDIRUHPHQWLRQHGHUURUVUHTXLUHUHPDQGWRWKH%,$LQ QDWLRQDOV RI WKRVH FRXQWULHV ZKLFK H[SUHVVHG VXSSRUW IRU WKH ,UDTL FDXVH RUGHUWRSURSHUO\VKLIWWKHEXUGHQWRWKH,16RIHVWDEOLVKLQJE\ LQ WKH ZDU o <HPHQ 6XGDQ sRUGDQ /LE\D DQG RI FRXUVH WKH VWDWHOHVV 3DOHVWLQLDQV EHFDXVH RI WKH 3/2jV SRVLWLRQ RQ WKH ZDUl DQG DVVHVVHG WKDW 2XGDjV FKDQFHV RI UHFHLYLQJ WKH UHTXLVLWH DSSURYDO WR HQWHU .XZDLW ZHUH mTXLWH VOLPl ,G +H FRQFOXGHG 2Q WKH RWKHU KDQG LI WKH 6WDWH 'HSDUWPHQW OHWWHU DFFXUDWHO\ GHSLFWV D JHQHUDO FKDQJH IRU WKH EHWWHU WKHQ LW ZRXOG VXSSRUW 2XGDj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jV VLEOLQJV UHPDLQHG LQ .XZDLW mZLWKRXW DQ\ DVVHUWHG KDUPl KRXUV DQG WKHQ UHOHDVLQJ WKHP ,W LV RXU YLHZ WKDW LQ WKH PDLQ $ UHYLHZ RI WKH UHFRUG VKRZV RQO\ WKDW 2XGD WHVWLILHG WKDW KHU ROGHU WKH 3DOHVWLQLDQV ZKR UHPDLQ LQ .XZDLW OHJDOO\ DUH VHWWOLQJ LQWR D EURWKHU DQG VLVWHU ZHUH XQDEOH WR OHDYH .XZDLW EHFDXVH WKH\ ZHUH XQDEOH UHDVRQDEO\ VWDEOH H[LVWHQFH IUHH IURP WKH PRUH HJUHJLRXV IRUPV WR REWDLQ YLVDV DQG WKDW VKH KDV VSRNHQ WR KHU VLVWHU RQO\ RQFH VLQFH RI KXPDQ ULJKWV DEXVHV FRPLQJ WR $PHULFD 1R 2XGDY,16
DSUHSRQGHUDQFHRIHYLGHQFHWKDW2XGDGRHVQRWKDYHDZHOO IRXQGHGIHDURISHUVHFXWLRQVKRXOGVKHEHUHWXUQHGWR.XZDLW :HQRWHWKDWWKH%,$jVDQDO\VLVPXVWWDNHLQWRFRQVLGHUDWLRQ WKHIDFWWKDW2XGDZDVH[SHOOHGIURPWKHFRXQWU\EDVHGRQKHU IDWKHUjVSHUFHLYHGVXSSRUWRI,UDTGXULQJWKH*XOI:DU $FFRUGLQJO\WKHMXGJPHQWRIWKH%,$LV5(9(56('DQG WKHFDVHLV5(0$1'('IRUIXUWKHUSURFHHGLQJVFRQVLVWHQW ZLWKWKLVRSLQLRQ
Reference
- Status
- Published