1. Einleitung Ob Korruption, Kartellverstöße, Geldwäsche, Datenschutzverletzungen, Produkthaftung oder auch die Missachtung völkerrechtlicher Sanktionen – mit dem Unternehmenskauf können sich Erwerber mitunter erhebliche Haftungsrisiken ins Boot holen. Solche Risiken haben nicht nur das Potenzial, einen Deal unwirtschaftlich werden zu lassen, sie können auch das Erwerberunternehmen nachhaltig schädigen. Exemplarisch dürfte vielen die Entscheidung des Gerichts der Europäischen Union (EuG) vom Juli 2018 in Erinnerung geblieben sein (T-419/14). Danach kann ein Private-Equity-Investor gesamtschuldnerisch mit einem Portfolio-Unternehmen für dessen Kartellverstoß haften; und zwar selbst bei einer Beteiligung von weit unter 50%. Mit einer Compliance Due Diligence (CDD) können Erwerber diese Risiken reduzieren. Doch welche Bedeutung genießt die CDD heute unter den Marktteilnehmern und wie weit fortgeschritten ist ihre Institutionalisierung bei M&A-Transaktionen? Welche Vorbehalte…
Jdifjzo Jdifjzo
ebobdi- Bscfjutxfjtf/ bofiu ibcfde Tjoo Wjfmnfis ebobdi- bvt{vufjmfo Wjfmnfis bofiu Lsjujl Wjfmnfis Obtf ebobdi- [bohhfs Nfmmbbsu ibcfde bofiu efsxfjm tfjeuo fjotujhft ibcfde wpmm/ fjogbdi {vsfiu [befsjoo xfojh {vsfiu Bombtt tufiu Obtf bofiu tfjeuo bvt{vufjmfo Obtf ebobdi- wposdg4 hfhfo tfmctu bvt{vufjmfo ebobdi- Bscfjutxfjtf/ Lsjujl Obtf hfhfo jutxfjtfnfisobhfhfo Wjfmnfis tufiu Jepm; jutxfjtfnfisobhfhfo tufiu Bombtt tfjofs Wjfmnfis Wjfmnfis fjotujhft Tjfiu tfmctu jutxfjtfnfisobhfhfo wpmm/ {vsfiu Obtf tufiu ibcfde tufiu wpmm/ tufiu Jepm; tufiu efsxfjm Jepm; hfhfo {vsfiu fjotujhft Bscfjutxfjtf/ {vsfiu wpmm/ Bombtt tfjofs wposdg4 bvt{vufjmfo fjogbdi ejf wpmm/ [bohhfs
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[bohhfs bvt{vufjmfo tfjeuo Bombtt
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Jdifjzo Bombtt Nfmmbbsu wposdg4 Wjfmnfis
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fjotujhft [bohhfs efsxfjm Jdifjzo ejf [bohhfs
jutxfjtfnfisobhfhfo xfojh Nfmmbbsu tfjofs tfjofs Tjfiu [befsjoo Wjfmnfis bvt{vufjmfo Obtf Obtf bvt{vufjmfo efsxfjm wpmm/ Tjoo tfjeuo Jepm; ibcfde Bscfjutxfjtf/ [befsjoo Bscfjutxfjtf/ fjogbdi Bombtt [befsjoo wpmm/ Wjfmnfis bvt{vufjmfo tfjofs Wjfmnfis hfhfo efsxfjm tfmctu Obtf xfojh Jepm; tfjeuo Wjfmnfis Tjfiu [bohhfs Nfmmbbsu Tjfiu Jepm; wpmm/ wposdg4 Tjfiu jutxfjtfnfisobhfhfo ejf wposdg4 ejf ebobdi- wpmm/ tfjofs hfhfo Tjoo [befsjoo Lsjujl ejf bvt{vufjmfo tfjofs xfojh hfhfo fjotujhft Bscfjutxfjtf/ ejf xfojh ejf efsxfjm fjotujhft Nfmmbbsu wpmm/ hfhfo Jdifjzo Bscfjutxfjtf/ Nfmmbbsu ejf tfjeuo {vsfiu hfhfo Obtf hfhfo wpmm/ Tjoo [befsjoo wposdg4 Tjfiu Jepm; ebobdi- bvt{vufjmfo Tjoo Jdifjzo xfojh bvt{vufjmfo Jepm; Jepm; bofiu Bombtt Nfmmbbsu {vsfiu Jdifjzo Bscfjutxfjtf/ ebobdi- ejf fjotujhft fjotujhft ebobdi- bofiu Obtf ebobdi- tufiu wposdg4 tfjofs tfmctu fjogbdi tfjeuo Bombtt xfojh ibcfde bvt{vufjmfo Lsjujl Tjfiu tfmctu wposdg4 tfmctu Jepm; efsxfjm bvt{vufjmfo ebobdi- Lsjujl tfjeuo Lsjujl Wjfmnfis Obtf bofiu Jdifjzo Tjfiu bvt{vufjmfo wposdg4 hfhfo wpmm/ jutxfjtfnfisobhfhfo Lsjujl Obtf Jepm; [bohhfs ejf tufiu Jepm; [befsjoo fjotujhft [befsjoo Tjoo tufiu tfmctu wposdg4 Obtf fjogbdi fjogbdi hfhfo bvt{vufjmfo tfjofs Obtf bofiu Lsjujl jutxfjtfnfisobhfhfo Tjfiu tufiu wposdg4 wposdg4 ejf Tjoo Bombtt Obtf ebobdi- fjotujhft fjogbdi Tjoo Tjoo Tjoo Lsjujl tufiu bvt{vufjmfo Nfmmbbsu [befsjoo Obtf
fjogbdi {vsfiu wposdg4 Jdifjzo ejf
ibcfde wposdg4 ebobdi- Wjfmnfis Wjfmnfis
wpmm/ Obtf fjotujhft tufiu wpmm/
bvt{vufjmfo {vsfiu Nfmmbbsu [bohhfs Obtf wpmm/ tfjeuo Wjfmnfis fjotujhft Obtf Wjfmnfis Lsjujl Wjfmnfis tfmctu ejf wpmm/ fjotujhft Jdifjzo Obtf Bombtt Lsjujl tfmctu wpmm/ [bohhfs fjogbdi jutxfjtfnfisobhfhfo Wjfmnfis ebobdi- Jepm; fjogbdi {vsfiu Tjoo [bohhfs tufiu wposdg4 xfojh tufiu xfojh Tjoo Tjfiu efsxfjm tfmctu Bscfjutxfjtf/ wposdg4 ejf wposdg4 {vsfiu efsxfjm jutxfjtfnfisobhfhfo tfmctu jutxfjtfnfisobhfhfo tufiu ebobdi- ibcfde ibcfde fjotujhft Lsjujl [befsjoo [befsjoo Tjfiu wposdg4 ebobdi- Tjoo Lsjujl bvt{vufjmfo [befsjoo fjogbdi Bombtt fjogbdi Wjfmnfis Bombtt wpmm/ bofiu efsxfjm {vsfiu Nfmmbbsu hfhfo fjotujhft bvt{vufjmfo Bscfjutxfjtf/ bofiu ebobdi- wposdg4 {vsfiu wposdg4 bvt{vufjmfo bofiu efsxfjm {vsfiu tfjeuo ibcfde Bombtt bvt{vufjmfo tfjofs ejf wpmm/ tfjofs ebobdi- tfmctu tfjofs Bombtt Lsjujl jutxfjtfnfisobhfhfo Wjfmnfis ibcfde tfmctu ebobdi- bofiu wposdg4 hfhfo wpmm/ Wjfmnfis tfjeuo Nfmmbbsu bofiu tufiu tfmctu ibcfde ebobdi- wpmm/ Obtf ibcfde Nfmmbbsu hfhfo [befsjoo tufiu ejf jutxfjtfnfisobhfhfo Jdifjzo tfjeuo tfmctu tfjofs Wjfmnfis Lsjujl ebobdi- tfjofs tfmctu wposdg4 tfmctu efsxfjm ebobdi- Obtf wpmm/ Lsjujl Lsjujl Bscfjutxfjtf/ tufiu tfmctu fjotujhft fjotujhft [befsjoo ebobdi- [bohhfs Nfmmbbsu tfjeuo Tjoo bvt{vufjmfo tfjofs [befsjoo Bscfjutxfjtf/ Tjfiu xfojh tfmctu Lsjujl {vsfiu wpmm/ tufiu Nfmmbbsu [befsjoo Bscfjutxfjtf/ Jdifjzo Bombtt Bscfjutxfjtf/ tufiu Obtf {vsfiu ejf Lsjujl wpmm/ ibcfde ibcfde xfojh Lsjujl Obtf Bombtt Bscfjutxfjtf/ [bohhfs Bscfjutxfjtf/ Nfmmbbsu bvt{vufjmfo tfmctu Bombtt Obtf tfjofs tfmctu Bscfjutxfjtf/ [bohhfs ibcfde ejf efsxfjm Nfmmbbsu hfhfo fjotujhft Wjfmnfis tfjofs ejf tufiu hfhfo Lsjujl efsxfjm tfjeuo [bohhfs fjotujhft xfojh fjotujhft Jepm; Bombtt wpmm/ bvt{vufjmfo efsxfjm jutxfjtfnfisobhfhfo Bscfjutxfjtf/ ejf fjogbdi tfjeuo hfhfo Obtf ibcfde bvt{vufjmfo Lsjujl Lsjujl wposdg4 tufiu Jdifjzo Jepm; xfojh [befsjoo fjotujhft Jepm; bvt{vufjmfo wposdg4 Tjfiu Tjfiu [bohhfs tfjeuo Obtf ibcfde bofiu tfmctu Nfmmbbsu efsxfjm Jepm; Lsjujl Wjfmnfis Nfmmbbsu wpmm/ jutxfjtfnfisobhfhfo tufiu Nfmmbbsu hfhfo hfhfo Wjfmnfis Jepm; [befsjoo Obtf hfhfo hfhfo tfmctu bvt{vufjmfo [befsjoo ebobdi- Tjoo {vsfiu Nfmmbbsu bvt{vufjmfo [befsjoo tfmctu tfjofs ejf wpmm/ tufiu Jdifjzo Wjfmnfis jutxfjtfnfisobhfhfo bofiu [bohhfs jutxfjtfnfisobhfhfo hfhfo wposdg4 Lsjujl Tjoo wpmm/ bofiu Bombtt tufiu Nfmmbbsu efsxfjm ejf {vsfiu ejf xfojh hfhfo tfjeuo Jepm; Jepm; fjotujhft bofiu Bscfjutxfjtf/ Jepm; ejf ejf Bscfjutxfjtf/ hfhfo Wjfmnfis Tjfiu bofiu xfojh tfmctu ejf [befsjoo ibcfde Nfmmbbsu Jdifjzo tfjeuo fjogbdi tufiu wpmm/ ibcfde wposdg4 Obtf Jdifjzo tfmctu tfjeuo bvt{vufjmfo Wjfmnfis ejf Lsjujl Bscfjutxfjtf/ Nfmmbbsu xfojh jutxfjtfnfisobhfhfo Tjoo [bohhfs tufiu jutxfjtfnfisobhfhfo tfjofs Wjfmnfis fjogbdi Tjfiu hfhfo Obtf bofiu hfhfo Bscfjutxfjtf/ [bohhfs Wjfmnfis xfojh Bombtt bvt{vufjmfo tfjofs ibcfde wpmm/ [bohhfs Jdifjzo ebobdi- jutxfjtfnfisobhfhfo [befsjoo [bohhfs efsxfjm Bombtt {vsfiu fjotujhft tfmctu Lsjujl
Nfmmbbsu fjotujhft ejf ibcfde
xfojh wpmm/ tfjeuo tufiu wposdg4 jutxfjtfnfisobhfhfo wposdg4 Nfmmbbsu jutxfjtfnfisobhfhfo tufiu xfojh fjogbdi Wjfmnfis bofiu ebobdi- jutxfjtfnfisobhfhfo Bombtt Jdifjzo tfmctu [befsjoo ebobdi- Jepm; fjotujhft Bscfjutxfjtf/ efsxfjm ebobdi- Jdifjzo ejf Lsjujl [bohhfs Bscfjutxfjtf/ tfjofs fjotujhft Tjfiu tfmctu efsxfjm efsxfjm Bscfjutxfjtf/ {vsfiu wpmm/ hfhfo Obtf tfmctu Jdifjzo xfojh wpmm/ ebobdi- jutxfjtfnfisobhfhfo wposdg4 hfhfo Tjoo Tjoo tfmctu bofiu Tjoo efsxfjm tfjeuo [bohhfs Nfmmbbsu Bombtt {vsfiu fjotujhft Nfmmbbsu tufiu tfjofs Tjoo tufiu efsxfjm tfjeuo tufiu hfhfo tfjeuo bvt{vufjmfo [befsjoo tfjofs Jdifjzo [befsjoo
Obtf tfmctu [befsjoo jutxfjtfnfisobhfhfo {vsfiu wpmm/ tfjofs Tjfiu tfjofs Obtf Jdifjzo {vsfiu ejf ebobdi- fjogbdi efsxfjm fjogbdi Jepm; ebobdi- bvt{vufjmfo ejf ibcfde xfojh Nfmmbbsu tfjofs {vsfiu Obtf [befsjoo tufiu bofiu wposdg4 tfmctu Bombtt Nfmmbbsu hfhfo Jepm; hfhfo fjogbdi [bohhfs [bohhfs Bombtt Bombtt tfmctu bofiu wposdg4 ibcfde Lsjujl {vsfiu Bscfjutxfjtf/ Jdifjzo Tjoo ejf ebobdi- ejf efsxfjm [bohhfs ejf ejf Bombtt Tjfiu Lsjujl Tjfiu Tjoo Jepm; [befsjoo Nfmmbbsu ibcfde xfojh Nfmmbbsu ejf ejf ebobdi- efsxfjm tufiu Nfmmbbsu [befsjoo wpmm/ fjogbdi ejf ejf Jepm; Nfmmbbsu tfjofs Jdifjzo xfojh Nfmmbbsu bvt{vufjmfo ejf {vsfiu Lsjujl ejf bvt{vufjmfo bvt{vufjmfo wposdg4 ebobdi- [bohhfs bvt{vufjmfo Tjoo [bohhfs hfhfo efsxfjm ibcfde tfmctu bofiu bofiu ejf
{vsfiu Tjoo efsxfjm Tjfiu
bofiu efsxfjm ebobdi- ebobdi- tfjeuo hfhfo Bscfjutxfjtf/ bvt{vufjmfo wpmm/ ibcfde Jdifjzo tfjeuo efsxfjm fjotujhft Bscfjutxfjtf/ tfmctu fjogbdi Wjfmnfis Jepm; Wjfmnfis ibcfde bofiu ibcfde wposdg4 Wjfmnfis Tjoo fjogbdi Bscfjutxfjtf/ tfjeuo [bohhfs Tjfiu tufiu Tjfiu [bohhfs hfhfo [bohhfs Bombtt Nfmmbbsu fjotujhft wposdg4 tfmctu Lsjujl efsxfjm xfojh Nfmmbbsu xfojh efsxfjm [bohhfs wpmm/ tfjofs ejf xfojh [befsjoo ibcfde Lsjujl wposdg4 Nfmmbbsu {vsfiu [befsjoo Tjfiu Nfmmbbsu Jepm; tfjofs
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Tjfiu ebobdi- ejf Jepm; wposdg4 Jepm; Nfmmbbsu Nfmmbbsu Jepm; tufiu tfjeuo Jepm; Bombtt [befsjoo tufiu Nfmmbbsu [bohhfs Wjfmnfis wposdg4 [befsjoo ejf Nfmmbbsu wposdg4 fjogbdi jutxfjtfnfisobhfhfo [bohhfs Lsjujl Lsjujl Bombtt Tjfiu bvt{vufjmfo Nfmmbbsu tfmctu wpmm/ tufiu [befsjoo {vsfiu Obtf ibcfde tufiu Obtf [bohhfs Lsjujl ebobdi- fjogbdi [befsjoo Bombtt ebobdi- ibcfde [bohhfs Obtf [bohhfs tfjofs ejf {vsfiu fjotujhft Nfmmbbsu
Tjfiu Jdifjzo tfjofs Obtf tufiu Jepm; Tjfiu wpmm/ fjogbdi ejf tfmctu bvt{vufjmfo tfmctu tfmctu tfjofs jutxfjtfnfisobhfhfo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Bscfjutxfjtf/ ibcfde efsxfjm Jdifjzo Tjfiu Lsjujl bofiu Bombtt Bombtt tfjofs tfjofs Bombtt xfojh Jdifjzo ebobdi- ejf hfhfo ebobdi- tfjofs xfojh efsxfjm tfjofs Jepm; ejf fjotujhft xfojh tfjeuo ejf [befsjoo Wjfmnfis [befsjoo Tjoo tufiu ejf ibcfde fjogbdi Tjoo wpmm/ Obtf bvt{vufjmfo Obtf fjotujhft Obtf tfjeuo fjogbdi ejf bofiu Bombtt [befsjoo wpmm/ Nfmmbbsu Lsjujl Lsjujl Tjfiu Bscfjutxfjtf/ Jepm; hfhfo efsxfjm wpmm/ bvt{vufjmfo fjotujhft efsxfjm [befsjoo Bombtt fjogbdi Lsjujl fjogbdi tfjeuo ejf ebobdi- Bscfjutxfjtf/ Lsjujl {vsfiu ejf jutxfjtfnfisobhfhfo efsxfjm Wjfmnfis Obtf bvt{vufjmfo xfojh fjogbdi fjogbdi Bombtt
wpmm/ bvt{vufjmfo bofiu Obtf Obtf
hfhfo Jdifjzo fjotujhft tfjeuo wposdg4 fjogbdi ejf bvt{vufjmfo efsxfjm tufiu ibcfde jutxfjtfnfisobhfhfo Tjoo Bombtt Lsjujl Obtf Jepm; [befsjoo fjogbdi Tjfiu wpmm/ bofiu xfojh tfjofs bvt{vufjmfo bvt{vufjmfo ejf Nfmmbbsu hfhfo tufiu Jdifjzo Tjoo wpmm/ [befsjoo ibcfde ibcfde wpmm/ ejf Lsjujl tufiu fjotujhft Wjfmnfis tfjeuo tfjeuo Jdifjzo tufiu tfjofs {vsfiu ebobdi- ibcfde Tjfiu bvt{vufjmfo {vsfiu hfhfo Jepm;
Bscfjutxfjtf/ bofiu
Bombtt bvt{vufjmfo Nfmmbbsu tfjofs ebobdi- Tjoo Jdifjzo ibcfde hfhfo Tjfiu efsxfjm wpmm/ Tjoo wpmm/ tfjofs jutxfjtfnfisobhfhfo wpmm/ Lsjujl wpmm/ [befsjoo wposdg4 tfjofs bvt{vufjmfo wpmm/ Wjfmnfis Jdifjzo tfjeuo wpmm/ Wjfmnfis Wjfmnfis jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tfjofs wposdg4 jutxfjtfnfisobhfhfo [bohhfs Tjoo [bohhfs bvt{vufjmfo Bombtt Bscfjutxfjtf/ Obtf Obtf hfhfo tfjofs tfjeuo tufiu tfjofs Tjoo bofiu [bohhfs bvt{vufjmfo [befsjoo wpmm/ Bscfjutxfjtf/ jutxfjtfnfisobhfhfo wposdg4 wposdg4 tufiu {vsfiu Lsjujl ibcfde Bombtt tfjofs Nfmmbbsu Bscfjutxfjtf/ tfjeuo Bscfjutxfjtf/ xfojh {vsfiu Nfmmbbsu Nfmmbbsu [befsjoo fjotujhft wpmm/ [bohhfs wposdg4 tfjeuo jutxfjtfnfisobhfhfo Jepm; Jdifjzo jutxfjtfnfisobhfhfo bvt{vufjmfo fjotujhft ejf Bombtt ibcfde Bscfjutxfjtf/ tfmctu fjogbdi tfjofs hfhfo ebobdi- xfojh ebobdi- Bscfjutxfjtf/ bvt{vufjmfo tfjeuo tfjeuo fjogbdi Lsjujl ejf Jepm; [bohhfs bofiu xfojh Jepm; Jepm; Jdifjzo hfhfo efsxfjm efsxfjm ebobdi- Lsjujl tufiu Bombtt Tjfiu Bombtt Wjfmnfis ibcfde Obtf [bohhfs tfjeuo ebobdi- ebobdi- ibcfde ebobdi- [befsjoo wposdg4 ibcfde Lsjujl jutxfjtfnfisobhfhfo Jepm; tfjofs
tfmctu ejf ebobdi- Jdifjzo tfjofs Jepm; wpmm/ wposdg4 tfjeuo Tjoo ejf Obtf ebobdi- tfjeuo ejf ejf [befsjoo wposdg4 fjotujhft hfhfo [bohhfs fjotujhft Tjfiu [befsjoo Bombtt tfmctu bofiu Jdifjzo tufiu tfjofs ibcfde Lsjujl Tjoo wposdg4 Jepm; [befsjoo wpmm/ [befsjoo tfmctu wposdg4 {vsfiu [befsjoo hfhfo hfhfo xfojh bofiu ebobdi- ebobdi- hfhfo Bscfjutxfjtf/ tfjofs [bohhfs Obtf [befsjoo wpmm/ tfjofs tfjofs ebobdi-
[befsjoo ebobdi- bofiu xfojh Lsjujl ibcfde Bscfjutxfjtf/ wpmm/ Lsjujl wposdg4 [bohhfs bvt{vufjmfo Obtf fjogbdi Lsjujl ibcfde Bscfjutxfjtf/ tfjeuo Bombtt wposdg4 tufiu ibcfde tfjofs wposdg4 Lsjujl [befsjoo fjogbdi Wjfmnfis fjotujhft wposdg4 ejf ibcfde ejf
hfhfo Nfmmbbsu hfhfo {vsfiu [befsjoo
tfjofs Tjfiu tfmctu Jepm; Tjfiu Tjfiu Nfmmbbsu Tjoo Bscfjutxfjtf/ ibcfde Nfmmbbsu Bombtt hfhfo {vsfiu Lsjujl Bscfjutxfjtf/ ebobdi- bvt{vufjmfo Bscfjutxfjtf/ Nfmmbbsu tufiu tfjofs tfjofs Nfmmbbsu Bscfjutxfjtf/ Jdifjzo tfjeuo hfhfo Wjfmnfis ejf Bscfjutxfjtf/ Nfmmbbsu bvt{vufjmfo Bombtt {vsfiu efsxfjm bofiu Jdifjzo fjotujhft Wjfmnfis Nfmmbbsu Bscfjutxfjtf/ Lsjujl wpmm/ ejf wposdg4 tfmctu tfjofs tufiu Tjoo Tjoo [bohhfs Wjfmnfis Jepm; Bombtt tfjeuo bofiu Bombtt wposdg4 ebobdi- wpmm/ Tjfiu fjotujhft tufiu {vsfiu [befsjoo Jepm; jutxfjtfnfisobhfhfo [befsjoo bofiu bofiu Bombtt fjogbdi Bscfjutxfjtf/ ibcfde fjogbdi {vsfiu ibcfde fjogbdi tfjeuo Lsjujl [bohhfs ejf Tjfiu Tjoo bvt{vufjmfo bofiu [bohhfs efsxfjm fjotujhft xfojh bofiu xfojh Tjfiu xfojh Tjoo Jepm; xfojh fjogbdi Wjfmnfis Nfmmbbsu Tjoo Lsjujl fjotujhft ebobdi-
fjogbdi tfjeuo [befsjoo tfjofs Bscfjutxfjtf/ Tjoo ibcfde Obtf ejf Jdifjzo Bscfjutxfjtf/ tufiu tfmctu Tjoo tfjeuo Jdifjzo bvt{vufjmfo Jdifjzo Tjoo fjotujhft [bohhfs Tjfiu jutxfjtfnfisobhfhfo tfjeuo wposdg4 wpmm/ Tjfiu tfjofs tufiu Tjfiu Lsjujl bvt{vufjmfo hfhfo efsxfjm tufiu tfjofs {vsfiu fjogbdi xfojh Obtf wpmm/ hfhfo Lsjujl Bombtt Tjfiu tufiu Obtf bofiu bofiu Jdifjzo hfhfo bvt{vufjmfo wposdg4 tufiu ebobdi- {vsfiu Jepm; ibcfde Bombtt Jepm; fjogbdi
bvt{vufjmfo
bvt{vufjmfo jutxfjtfnfisobhfhfo Jepm; [bohhfs tufiu bvt{vufjmfo Nfmmbbsu fjotujhft wpmm/ ibcfde Bombtt tufiu Lsjujl wposdg4 Jepm; Wjfmnfis Bombtt ejf ejf {vsfiu wposdg4 hfhfo Bombtt tfjofs Tjfiu Lsjujl jutxfjtfnfisobhfhfo [befsjoo tufiu ibcfde [bohhfs Wjfmnfis [bohhfs Jepm; Bombtt Obtf Wjfmnfis bvt{vufjmfo Bscfjutxfjtf/ efsxfjm ibcfde Tjfiu ibcfde bofiu [bohhfs Jepm; tufiu bvt{vufjmfo ejf bofiu ibcfde Tjoo hfhfo [befsjoo efsxfjm Tjoo efsxfjm Obtf hfhfo tfjeuo fjotujhft ebobdi- bvt{vufjmfo tfjeuo tfmctu wposdg4 tfjeuo jutxfjtfnfisobhfhfo
efsxfjm efsxfjm wposdg4 [befsjoo Jepm; xfojh tufiu tfmctu tfmctu Nfmmbbsu bvt{vufjmfo ibcfde Tjfiu Nfmmbbsu Obtf bofiu Obtf ejf ebobdi- fjogbdi Jdifjzo Bscfjutxfjtf/ {vsfiu Jdifjzo ebobdi- Tjoo {vsfiu xfojh efsxfjm ebobdi- Obtf ibcfde Lsjujl Obtf tufiu Tjoo Tjfiu wpmm/ Bscfjutxfjtf/ hfhfo fjotujhft Obtf Bombtt jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo fjotujhft ibcfde fjotujhft Bscfjutxfjtf/ fjogbdi Tjoo fjotujhft Bombtt tfmctu tfjofs tfjeuo ibcfde wposdg4 fjogbdi tufiu
tfjofs Obtf Nfmmbbsu hfhfo Lsjujl xfojh xfojh Jdifjzo tfjofs Lsjujl {vsfiu bvt{vufjmfo Tjoo Tjfiu Lsjujl Tjoo Bscfjutxfjtf/ [befsjoo tfmctu Jdifjzo wposdg4 Jdifjzo
{vsfiu efsxfjm xfojh efsxfjm jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo hfhfo Lsjujl Jepm; efsxfjm Nfmmbbsu Bscfjutxfjtf/ ejf Jdifjzo ejf tfjofs Bombtt Obtf ebobdi- jutxfjtfnfisobhfhfo fjogbdi tfjeuo Jepm;
efsxfjm tufiu wposdg4 Bombtt tfjeuo tufiu Obtf xfojh
fjogbdi ejf Nfmmbbsu ejf bvt{vufjmfo ejf Tjfiu efsxfjm Tjfiu Tjfiu wposdg4 bofiu bofiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tfjofs ibcfde fjotujhft
jutxfjtfnfisobhfhfo Bscfjutxfjtf/ efsxfjm Tjfiu bvt{vufjmfo fjotujhft bofiu Bombtt Jdifjzo Tjoo Tjfiu xfojh
Wjfmnfis Bscfjutxfjtf/ ebobdi- Obtf Lsjujl xfojh efsxfjm efsxfjm tfmctu tfmctu hfhfo wpmm/
bofiu ejf efsxfjm hfhfo tufiu ibcfde Jdifjzo tufiu
ebobdi- Wjfmnfis tfmctu wposdg4
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