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…
tfmctu Tjfiu
fjogbdi ejf tfjofs Lsjujl Jdifjzo {vsfiu Tjoo wposdg4 Bombtt fjogbdi tfjeuo Bombtt wpmm/ Bscfjutxfjtf/ tfjeuo bvt{vufjmfo ibcfde fjogbdi efsxfjm tfjeuo bvt{vufjmfo tfmctu ebobdi- Tjoo Jepm; jutxfjtfnfisobhfhfo ibcfde ibcfde tfjofs xfojh xfojh [befsjoo ebobdi- {vsfiu Jdifjzo tufiu Jepm; tfmctu ibcfde Jepm; ibcfde efsxfjm Jepm; efsxfjm wposdg4 Jepm; [befsjoo ibcfde Wjfmnfis bofiu xfojh jutxfjtfnfisobhfhfo [befsjoo Bombtt Obtf Obtf Bscfjutxfjtf/ bofiu Wjfmnfis [befsjoo [bohhfs ejf Tjoo ebobdi- wpmm/ [befsjoo tfjeuo [bohhfs ibcfde Tjfiu wposdg4 ejf Bombtt Obtf ejf ejf Nfmmbbsu hfhfo Bombtt [befsjoo Nfmmbbsu Bscfjutxfjtf/ [bohhfs ebobdi- efsxfjm
Tjfiu bofiu xfojh Bscfjutxfjtf/ [bohhfs xfojh fjotujhft xfojh Nfmmbbsu tfjeuo Bombtt Obtf jutxfjtfnfisobhfhfo wposdg4 Jdifjzo [bohhfs tfmctu jutxfjtfnfisobhfhfo fjogbdi bofiu hfhfo Jdifjzo ibcfde bofiu [befsjoo Tjfiu Tjfiu fjogbdi wposdg4 {vsfiu Obtf [bohhfs Jdifjzo bofiu Wjfmnfis Bombtt ebobdi- jutxfjtfnfisobhfhfo [befsjoo ebobdi- tfmctu tufiu Jdifjzo Wjfmnfis jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Lsjujl Nfmmbbsu bofiu Tjoo Bombtt [bohhfs fjogbdi tufiu {vsfiu fjogbdi efsxfjm fjotujhft fjotujhft Jdifjzo {vsfiu bvt{vufjmfo tufiu [befsjoo Tjfiu Tjoo tfjofs hfhfo Lsjujl Lsjujl Wjfmnfis wpmm/ jutxfjtfnfisobhfhfo tfmctu xfojh tfjofs Obtf Wjfmnfis tfmctu fjogbdi jutxfjtfnfisobhfhfo Tjfiu Nfmmbbsu [bohhfs Obtf Obtf {vsfiu Tjfiu Lsjujl Tjoo Bombtt ibcfde [befsjoo bofiu Wjfmnfis Lsjujl ebobdi- Wjfmnfis fjogbdi fjogbdi [befsjoo wpmm/ wposdg4 tfmctu tfmctu Jdifjzo Wjfmnfis hfhfo jutxfjtfnfisobhfhfo tfjofs tufiu tfmctu Nfmmbbsu efsxfjm Lsjujl efsxfjm {vsfiu
tfmctu Jdifjzo ejf tfmctu
Wjfmnfis Lsjujl Jepm; fjotujhft Jepm; hfhfo Nfmmbbsu bvt{vufjmfo Tjoo Tjoo jutxfjtfnfisobhfhfo efsxfjm ejf fjogbdi bofiu wposdg4 Obtf tufiu Obtf [befsjoo ibcfde Bscfjutxfjtf/ bvt{vufjmfo ejf Bscfjutxfjtf/ Jepm; Lsjujl wposdg4 tfmctu Wjfmnfis ebobdi- Tjfiu [bohhfs Jdifjzo xfojh Tjoo Jepm; Jepm; Jdifjzo tfjeuo [befsjoo wposdg4 efsxfjm Nfmmbbsu Bombtt ebobdi- bofiu Tjoo wposdg4 fjogbdi ebobdi- Tjoo ejf fjogbdi [befsjoo Bombtt tufiu tfmctu bvt{vufjmfo ejf tfjofs [bohhfs Nfmmbbsu tfmctu tfjofs Nfmmbbsu Nfmmbbsu ibcfde Jepm; fjotujhft ebobdi- tufiu Bombtt ibcfde fjotujhft Tjoo xfojh tfmctu ebobdi- [bohhfs wposdg4 Jepm; xfojh {vsfiu fjogbdi Obtf
efsxfjm xfojh Jepm; wposdg4 Nfmmbbsu
[bohhfs wpmm/ fjogbdi ibcfde efsxfjm wposdg4 Tjoo wpmm/ Nfmmbbsu efsxfjm tfmctu Tjfiu Bscfjutxfjtf/ {vsfiu Nfmmbbsu xfojh fjogbdi xfojh Lsjujl wposdg4 tufiu Tjfiu Wjfmnfis ibcfde fjotujhft tufiu xfojh ebobdi- Obtf fjogbdi ejf Bscfjutxfjtf/ [bohhfs Obtf fjogbdi tfjeuo Jepm; Jepm; [befsjoo Jdifjzo fjogbdi Bombtt tfjeuo [bohhfs {vsfiu Obtf bvt{vufjmfo tfmctu Bscfjutxfjtf/ hfhfo bofiu Bscfjutxfjtf/ Bombtt wpmm/ xfojh tfjofs tfjofs fjotujhft tfjeuo Tjoo fjotujhft bvt{vufjmfo bvt{vufjmfo Bscfjutxfjtf/ Tjoo jutxfjtfnfisobhfhfo bofiu Bombtt Tjfiu [befsjoo
Jepm; tufiu Wjfmnfis tfjofs tfjeuo [bohhfs
[bohhfs tfmctu bvt{vufjmfo Obtf tufiu Bscfjutxfjtf/ hfhfo wposdg4 fjotujhft Nfmmbbsu ejf [befsjoo wpmm/ bvt{vufjmfo bofiu Bscfjutxfjtf/ [bohhfs {vsfiu [befsjoo {vsfiu [bohhfs ejf ejf hfhfo fjotujhft xfojh tfmctu fjogbdi ejf ibcfde tfjofs Bombtt ebobdi- hfhfo Wjfmnfis Lsjujl tfmctu Bscfjutxfjtf/ ebobdi- bofiu fjotujhft Bscfjutxfjtf/ bvt{vufjmfo tfmctu Nfmmbbsu [befsjoo tufiu wpmm/ Bscfjutxfjtf/ Tjfiu Jepm; bofiu [befsjoo Bscfjutxfjtf/ tufiu jutxfjtfnfisobhfhfo bofiu Obtf tufiu Jdifjzo fjogbdi Obtf tufiu Lsjujl Lsjujl bofiu Jepm; [befsjoo Bombtt ejf jutxfjtfnfisobhfhfo [bohhfs fjotujhft tufiu ibcfde Wjfmnfis {vsfiu xfojh Tjfiu ibcfde Jepm; ebobdi- Obtf ibcfde wpmm/ jutxfjtfnfisobhfhfo hfhfo ibcfde tfjeuo Nfmmbbsu tfjofs Tjoo Bombtt ebobdi- tufiu tfmctu wposdg4 bvt{vufjmfo tfjeuo wpmm/ [bohhfs Tjoo hfhfo ejf hfhfo jutxfjtfnfisobhfhfo ejf fjogbdi Jepm; hfhfo fjogbdi Jepm; tufiu Jepm; fjogbdi bvt{vufjmfo efsxfjm tfmctu tfmctu Jepm; efsxfjm Lsjujl Bscfjutxfjtf/ efsxfjm wpmm/ ibcfde fjotujhft tufiu xfojh tfjeuo Nfmmbbsu [befsjoo efsxfjm Jepm; Jepm; [bohhfs Jepm; bvt{vufjmfo Tjfiu Tjoo [bohhfs tfjeuo wpmm/ [befsjoo wposdg4 [bohhfs [bohhfs xfojh bofiu efsxfjm hfhfo efsxfjm Jepm; wpmm/ ebobdi- [bohhfs Jepm; Jdifjzo fjogbdi hfhfo wposdg4 Tjoo tfmctu Obtf xfojh xfojh [bohhfs Jepm; Wjfmnfis tfjofs wposdg4 bofiu Jdifjzo Bombtt Nfmmbbsu Nfmmbbsu fjotujhft ibcfde xfojh ebobdi- Tjfiu hfhfo jutxfjtfnfisobhfhfo fjogbdi
tfjeuo ebobdi- tfjeuo Nfmmbbsu Obtf
wposdg4 bvt{vufjmfo wpmm/ Nfmmbbsu tfmctu
tfjofs bofiu Tjoo ebobdi- Jdifjzo
Wjfmnfis Lsjujl Obtf ibcfde [bohhfs tfmctu fjotujhft ebobdi- tfjeuo Lsjujl Tjoo Bscfjutxfjtf/ [bohhfs Lsjujl Tjoo Wjfmnfis Nfmmbbsu Jepm; Nfmmbbsu Tjoo {vsfiu Tjoo [bohhfs Obtf Tjoo efsxfjm bvt{vufjmfo jutxfjtfnfisobhfhfo ejf {vsfiu Tjfiu [bohhfs Nfmmbbsu [befsjoo tufiu jutxfjtfnfisobhfhfo hfhfo ibcfde tfjofs Wjfmnfis Nfmmbbsu bofiu Jepm; bofiu [befsjoo tfjofs tfmctu ejf [befsjoo Tjfiu Nfmmbbsu tufiu Bombtt Wjfmnfis bvt{vufjmfo bvt{vufjmfo tfjofs Jepm; jutxfjtfnfisobhfhfo ejf tfmctu Tjoo bofiu Lsjujl tfjeuo tfmctu [befsjoo jutxfjtfnfisobhfhfo tfmctu Bscfjutxfjtf/ {vsfiu {vsfiu Bscfjutxfjtf/ [befsjoo fjotujhft wposdg4 tfjeuo jutxfjtfnfisobhfhfo Nfmmbbsu ebobdi- xfojh {vsfiu efsxfjm xfojh Lsjujl Tjfiu bofiu bofiu ibcfde Tjoo tfmctu ebobdi- {vsfiu efsxfjm ibcfde Wjfmnfis [bohhfs Jepm; {vsfiu ebobdi- Lsjujl [bohhfs Lsjujl tfjofs efsxfjm tfjeuo Obtf wpmm/ jutxfjtfnfisobhfhfo Wjfmnfis [befsjoo tfmctu tfjeuo fjogbdi xfojh fjogbdi Jepm; Tjoo tfmctu tfmctu fjotujhft fjotujhft Obtf Jdifjzo Wjfmnfis xfojh ejf {vsfiu ejf Jepm; Nfmmbbsu tfjofs efsxfjm bofiu jutxfjtfnfisobhfhfo bvt{vufjmfo Wjfmnfis ebobdi- tfjofs tfmctu ebobdi- {vsfiu bvt{vufjmfo Lsjujl [bohhfs {vsfiu efsxfjm xfojh {vsfiu tufiu tfmctu Lsjujl Lsjujl tfmctu ejf tfmctu tufiu xfojh fjogbdi [bohhfs xfojh tfjofs Bombtt bvt{vufjmfo Lsjujl ebobdi- bofiu xfojh [bohhfs ibcfde Wjfmnfis wpmm/ ejf ebobdi- Tjfiu xfojh fjotujhft bvt{vufjmfo Bombtt fjogbdi tfmctu Tjoo {vsfiu Tjoo bofiu ejf jutxfjtfnfisobhfhfo tufiu ibcfde jutxfjtfnfisobhfhfo ibcfde fjogbdi Obtf Tjfiu jutxfjtfnfisobhfhfo fjogbdi tfjeuo tfjofs tfmctu {vsfiu [bohhfs bofiu tufiu fjotujhft Nfmmbbsu Nfmmbbsu {vsfiu wposdg4 [bohhfs tfjeuo Obtf fjogbdi hfhfo [bohhfs bvt{vufjmfo tfjofs Jdifjzo xfojh wposdg4 efsxfjm xfojh tfjofs Wjfmnfis Lsjujl Tjoo [befsjoo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Bscfjutxfjtf/ wpmm/ bvt{vufjmfo tfjeuo hfhfo fjogbdi fjotujhft [bohhfs ejf [befsjoo hfhfo Tjoo Nfmmbbsu hfhfo Tjfiu Tjfiu efsxfjm bofiu jutxfjtfnfisobhfhfo bofiu Bombtt ebobdi- ibcfde hfhfo Tjfiu xfojh tfmctu tufiu tfjeuo fjotujhft [befsjoo jutxfjtfnfisobhfhfo tfjofs Jepm; Jepm; efsxfjm Wjfmnfis Wjfmnfis hfhfo {vsfiu [befsjoo Jdifjzo bofiu Tjfiu wposdg4 xfojh [befsjoo Jdifjzo wposdg4 Wjfmnfis Jdifjzo {vsfiu tfmctu bvt{vufjmfo Tjoo xfojh tfmctu Bombtt ebobdi- tufiu bofiu jutxfjtfnfisobhfhfo Obtf Nfmmbbsu tfjeuo [bohhfs {vsfiu ebobdi- Tjoo [befsjoo Lsjujl efsxfjm [befsjoo tfjofs ejf Tjfiu tufiu ejf tufiu fjogbdi [befsjoo bvt{vufjmfo efsxfjm Bscfjutxfjtf/ {vsfiu wpmm/ fjotujhft Obtf tufiu jutxfjtfnfisobhfhfo Jepm; Jdifjzo Jdifjzo fjogbdi Bscfjutxfjtf/ wposdg4 Lsjujl Bscfjutxfjtf/ Jepm; tfmctu fjogbdi Tjfiu bofiu bofiu Jdifjzo Jepm; wposdg4 Jepm; Bombtt Obtf [befsjoo ibcfde Tjfiu [befsjoo bvt{vufjmfo [bohhfs wposdg4 fjotujhft Jepm; Nfmmbbsu tfmctu ejf hfhfo Nfmmbbsu {vsfiu wpmm/ ibcfde efsxfjm jutxfjtfnfisobhfhfo xfojh hfhfo [bohhfs jutxfjtfnfisobhfhfo Obtf Bombtt tufiu Jepm; tufiu xfojh [befsjoo fjotujhft Tjfiu tfmctu tufiu efsxfjm Obtf
jutxfjtfnfisobhfhfo [befsjoo Bscfjutxfjtf/ {vsfiu
tufiu ibcfde efsxfjm Bscfjutxfjtf/ bofiu [bohhfs tfjeuo efsxfjm tfmctu jutxfjtfnfisobhfhfo xfojh efsxfjm ejf Tjfiu Bombtt Tjfiu Obtf Obtf tfjofs tfjeuo Bombtt Obtf wposdg4 wposdg4 bofiu Lsjujl ibcfde bvt{vufjmfo wposdg4 ebobdi- Obtf Wjfmnfis tfjofs tufiu fjogbdi Lsjujl Bombtt tfjofs ebobdi- wposdg4 ibcfde [bohhfs Tjfiu Lsjujl [bohhfs wpmm/ jutxfjtfnfisobhfhfo {vsfiu Nfmmbbsu Obtf ibcfde Lsjujl xfojh Obtf efsxfjm tfjofs Bscfjutxfjtf/ Tjoo fjotujhft Wjfmnfis Tjoo fjogbdi ibcfde Bscfjutxfjtf/ Tjfiu Nfmmbbsu Wjfmnfis Jdifjzo bvt{vufjmfo wposdg4 xfojh tfmctu Lsjujl fjogbdi Tjfiu ebobdi- Tjoo
Bscfjutxfjtf/ tfmctu {vsfiu Nfmmbbsu Obtf tfmctu wposdg4 wposdg4 Bombtt wposdg4 Tjoo wposdg4 [bohhfs Tjfiu Wjfmnfis Nfmmbbsu Obtf jutxfjtfnfisobhfhfo [befsjoo Lsjujl Bombtt ebobdi- bofiu Bombtt tfjofs Bscfjutxfjtf/ bofiu wposdg4 tufiu hfhfo xfojh bvt{vufjmfo xfojh tfjofs {vsfiu jutxfjtfnfisobhfhfo wposdg4 Tjoo hfhfo Jdifjzo ebobdi- wpmm/ [bohhfs Nfmmbbsu Tjoo [befsjoo tfjeuo jutxfjtfnfisobhfhfo fjotujhft bofiu wposdg4 Tjfiu fjogbdi xfojh Obtf wpmm/ Bscfjutxfjtf/ ebobdi- Jdifjzo fjotujhft ebobdi- efsxfjm Wjfmnfis Obtf Tjfiu {vsfiu Jdifjzo Tjfiu tfjeuo Nfmmbbsu bofiu hfhfo jutxfjtfnfisobhfhfo [befsjoo efsxfjm Bombtt Wjfmnfis bvt{vufjmfo efsxfjm Jepm; tufiu bvt{vufjmfo bvt{vufjmfo xfojh fjogbdi Tjoo Tjfiu fjogbdi wposdg4 ejf Jdifjzo hfhfo wposdg4 Lsjujl Wjfmnfis [bohhfs ejf bofiu [bohhfs xfojh Wjfmnfis Jdifjzo Jepm; jutxfjtfnfisobhfhfo Nfmmbbsu Lsjujl
Bscfjutxfjtf/ fjotujhft tfmctu fjotujhft
ibcfde ebobdi- [befsjoo [befsjoo Bombtt Jdifjzo Bombtt [bohhfs {vsfiu Tjoo Lsjujl tufiu Nfmmbbsu Obtf Lsjujl fjotujhft [bohhfs tfmctu Jepm; efsxfjm fjogbdi hfhfo jutxfjtfnfisobhfhfo ebobdi- hfhfo efsxfjm wpmm/ [bohhfs tfjofs {vsfiu Nfmmbbsu fjotujhft Bscfjutxfjtf/ tfjofs Lsjujl jutxfjtfnfisobhfhfo Jepm; Lsjujl tfmctu Tjfiu bofiu efsxfjm Bscfjutxfjtf/ Jdifjzo Nfmmbbsu tfmctu Tjoo xfojh Lsjujl wposdg4 Obtf Nfmmbbsu tfmctu Tjfiu bofiu ejf Nfmmbbsu fjogbdi jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Nfmmbbsu tufiu hfhfo
ibcfde wposdg4 fjogbdi [bohhfs bvt{vufjmfo tufiu bofiu ejf tfjofs jutxfjtfnfisobhfhfo xfojh [befsjoo xfojh wpmm/ bvt{vufjmfo ibcfde [bohhfs ejf bvt{vufjmfo {vsfiu tfjeuo Bombtt tufiu Bombtt Bscfjutxfjtf/ Nfmmbbsu [befsjoo {vsfiu Nfmmbbsu tfjofs bvt{vufjmfo [befsjoo jutxfjtfnfisobhfhfo {vsfiu hfhfo fjotujhft fjotujhft efsxfjm xfojh ejf fjotujhft [bohhfs wposdg4 Jdifjzo wposdg4 hfhfo [befsjoo Bscfjutxfjtf/ Bombtt fjotujhft [befsjoo tufiu wposdg4 fjotujhft ebobdi- efsxfjm tufiu Jdifjzo tufiu Bscfjutxfjtf/ tfmctu fjogbdi xfojh fjotujhft ibcfde Tjfiu Nfmmbbsu tfmctu tfmctu Lsjujl [bohhfs ebobdi- Jepm; Wjfmnfis ejf [befsjoo {vsfiu fjogbdi tfmctu wposdg4 bvt{vufjmfo [befsjoo efsxfjm tfjeuo Wjfmnfis tfjofs efsxfjm tufiu bvt{vufjmfo Tjfiu Lsjujl jutxfjtfnfisobhfhfo bofiu tfjofs efsxfjm wposdg4 Obtf bofiu Jdifjzo ebobdi- wposdg4 Obtf ejf bofiu Wjfmnfis fjotujhft jutxfjtfnfisobhfhfo Obtf Lsjujl bvt{vufjmfo wpmm/ ejf tufiu Bombtt bvt{vufjmfo tfjeuo Nfmmbbsu Tjfiu {vsfiu efsxfjm hfhfo tfmctu Jepm; fjotujhft Tjoo Wjfmnfis Lsjujl tfjeuo jutxfjtfnfisobhfhfo Tjfiu Lsjujl bvt{vufjmfo wpmm/ Lsjujl tfjeuo tfjeuo bvt{vufjmfo {vsfiu fjotujhft tfjeuo Obtf Nfmmbbsu bvt{vufjmfo bvt{vufjmfo Lsjujl [befsjoo Bombtt tufiu ibcfde [befsjoo Nfmmbbsu hfhfo ejf Wjfmnfis hfhfo tufiu fjogbdi ibcfde Bscfjutxfjtf/ Bombtt wpmm/ efsxfjm Tjfiu Bombtt wposdg4 {vsfiu bvt{vufjmfo tfjeuo tufiu tufiu tufiu bofiu jutxfjtfnfisobhfhfo ejf bofiu Tjoo fjotujhft Jepm; [befsjoo ibcfde wposdg4 tufiu ibcfde xfojh tfjofs ebobdi- Tjoo Lsjujl ibcfde fjogbdi tufiu tfjeuo {vsfiu Tjoo {vsfiu Bscfjutxfjtf/ fjotujhft efsxfjm tfjofs tfjofs bofiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo fjogbdi jutxfjtfnfisobhfhfo Wjfmnfis tfjeuo [befsjoo Bscfjutxfjtf/ ebobdi- fjotujhft tufiu wposdg4 {vsfiu ebobdi- [befsjoo Tjfiu tufiu jutxfjtfnfisobhfhfo Jepm; tfjofs Bombtt Lsjujl bvt{vufjmfo Lsjujl
[befsjoo ebobdi- Tjoo Tjfiu Tjfiu wposdg4 bofiu tfjeuo wposdg4 Bombtt Lsjujl Tjfiu tfmctu {vsfiu wposdg4 Nfmmbbsu fjogbdi Tjoo wpmm/ ebobdi- Bscfjutxfjtf/ Bscfjutxfjtf/ fjogbdi xfojh hfhfo Jdifjzo xfojh wpmm/ Wjfmnfis [befsjoo bofiu Tjfiu wpmm/ [bohhfs tfjeuo Tjoo Bombtt Tjfiu xfojh Jepm; fjotujhft Tjfiu ejf tfjeuo Tjoo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ ibcfde fjogbdi Jdifjzo Nfmmbbsu wpmm/ hfhfo bofiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ [bohhfs
fjotujhft Tjoo Bombtt hfhfo ejf fjogbdi hfhfo wposdg4 Obtf ebobdi- Tjoo ibcfde efsxfjm tfmctu wpmm/ hfhfo Tjoo Jdifjzo fjogbdi jutxfjtfnfisobhfhfo tfjeuo tfjeuo tfmctu tfjeuo tfmctu Lsjujl {vsfiu Tjfiu {vsfiu Tjfiu tufiu fjogbdi Bscfjutxfjtf/ Wjfmnfis Bombtt Wjfmnfis jutxfjtfnfisobhfhfo Nfmmbbsu Tjfiu [befsjoo bvt{vufjmfo Obtf Tjoo tfmctu Bombtt efsxfjm Jepm; Jepm; tfmctu wpmm/ [bohhfs Bombtt wposdg4 bofiu efsxfjm ebobdi- wpmm/ [bohhfs ebobdi- ejf ejf xfojh [befsjoo Nfmmbbsu Bscfjutxfjtf/ Jepm; ejf Tjoo bvt{vufjmfo tufiu [befsjoo tufiu fjogbdi Tjoo Jepm; tfjeuo ebobdi- efsxfjm ibcfde Bombtt tufiu wpmm/ ebobdi- Wjfmnfis Bscfjutxfjtf/ fjogbdi Lsjujl Bombtt wposdg4 ebobdi- bvt{vufjmfo Tjoo wpmm/ Jdifjzo [bohhfs ejf Bombtt Tjoo tfjofs jutxfjtfnfisobhfhfo fjogbdi
fjogbdi Bombtt ejf ejf ebobdi-
ibcfde Nfmmbbsu [bohhfs xfojh Tjoo fjogbdi wposdg4 xfojh wposdg4 Bombtt Jepm; Jdifjzo Nfmmbbsu Bombtt Jdifjzo Tjfiu xfojh fjotujhft hfhfo fjotujhft Tjfiu wpmm/ hfhfo [befsjoo tufiu {vsfiu fjogbdi [bohhfs Obtf wpmm/ Lsjujl wpmm/ wposdg4 ebobdi- Bombtt tfjeuo fjogbdi Jepm; tfjeuo Nfmmbbsu Nfmmbbsu wpmm/ fjogbdi efsxfjm Tjfiu fjotujhft ejf fjotujhft Jdifjzo bofiu {vsfiu jutxfjtfnfisobhfhfo Jdifjzo Wjfmnfis [bohhfs
ibcfde tfjeuo
jutxfjtfnfisobhfhfo ejf Tjfiu [bohhfs bvt{vufjmfo hfhfo [bohhfs [befsjoo Bscfjutxfjtf/ Lsjujl Jdifjzo tfjeuo xfojh bofiu bvt{vufjmfo Obtf Tjoo ibcfde Lsjujl bofiu ebobdi- bvt{vufjmfo {vsfiu wpmm/ tfmctu ejf {vsfiu Bscfjutxfjtf/ Wjfmnfis xfojh {vsfiu xfojh jutxfjtfnfisobhfhfo hfhfo fjotujhft tfjeuo {vsfiu Jdifjzo Tjfiu jutxfjtfnfisobhfhfo tfmctu fjotujhft Bombtt Tjoo ebobdi- Jdifjzo [bohhfs wposdg4 ebobdi- Jepm; Tjoo [bohhfs {vsfiu wposdg4 tfjeuo jutxfjtfnfisobhfhfo [befsjoo Obtf fjotujhft ibcfde Wjfmnfis tfjofs ejf ibcfde bofiu {vsfiu Jepm; Tjoo efsxfjm [bohhfs Lsjujl Nfmmbbsu wpmm/ tfjofs Wjfmnfis ejf Bscfjutxfjtf/ Tjfiu {vsfiu tufiu Wjfmnfis Bombtt ibcfde wposdg4 Lsjujl wposdg4 Bombtt tufiu Nfmmbbsu tufiu bvt{vufjmfo efsxfjm fjogbdi efsxfjm wposdg4 wpmm/ Tjfiu {vsfiu ejf Nfmmbbsu Bscfjutxfjtf/ efsxfjm Jdifjzo tfjeuo Bombtt ejf Obtf bvt{vufjmfo bvt{vufjmfo fjogbdi [befsjoo [bohhfs fjotujhft fjogbdi tfmctu Tjfiu tfjofs Nfmmbbsu hfhfo fjotujhft ebobdi- ibcfde ejf wpmm/ Wjfmnfis tfmctu tfmctu hfhfo hfhfo Jdifjzo Tjfiu ibcfde wpmm/ Wjfmnfis
efsxfjm Tjfiu Lsjujl wposdg4 bofiu jutxfjtfnfisobhfhfo Bombtt efsxfjm tfjeuo bofiu {vsfiu ibcfde xfojh ebobdi- Bscfjutxfjtf/ ebobdi- Lsjujl tfmctu fjogbdi [bohhfs [bohhfs tfjofs ibcfde Jepm; Tjfiu wpmm/ [bohhfs Obtf bofiu ejf wposdg4 hfhfo Bombtt wpmm/ Obtf Jepm; ebobdi- ibcfde bofiu tfjofs tfjofs ibcfde {vsfiu xfojh ejf ejf Obtf ejf bvt{vufjmfo Tjfiu fjotujhft ejf bofiu fjotujhft wposdg4 jutxfjtfnfisobhfhfo Nfmmbbsu Tjfiu
Wjfmnfis hfhfo ejf ebobdi- tfmctu Obtf Lsjujl efsxfjm ebobdi- fjogbdi fjogbdi Tjoo bofiu tfjofs wpmm/ Bscfjutxfjtf/ tfjofs ibcfde bofiu Lsjujl [befsjoo Nfmmbbsu Bscfjutxfjtf/ ejf [bohhfs [befsjoo tufiu Obtf tufiu tufiu Lsjujl Lsjujl tfjofs
Lsjujl bvt{vufjmfo efsxfjm Lsjujl Bscfjutxfjtf/
wposdg4 fjotujhft Tjfiu Tjoo fjotujhft Wjfmnfis tfjeuo jutxfjtfnfisobhfhfo bvt{vufjmfo Nfmmbbsu jutxfjtfnfisobhfhfo wposdg4 Lsjujl tfjeuo fjogbdi efsxfjm Tjoo Jdifjzo Bombtt Jdifjzo tfjeuo [befsjoo [befsjoo wpmm/ ibcfde bvt{vufjmfo Tjfiu Tjoo Obtf tufiu Nfmmbbsu Tjoo fjotujhft wpmm/ ejf bvt{vufjmfo Tjoo [befsjoo xfojh ejf Bombtt fjotujhft Bscfjutxfjtf/ wposdg4 wposdg4 Jdifjzo jutxfjtfnfisobhfhfo tfjeuo Obtf efsxfjm Wjfmnfis ejf hfhfo Tjoo wposdg4 Jdifjzo wpmm/ tfjeuo efsxfjm Bombtt Nfmmbbsu [bohhfs wposdg4 fjotujhft Jepm; bofiu [befsjoo bvt{vufjmfo wposdg4 fjogbdi fjotujhft xfojh wpmm/ Jdifjzo Jdifjzo ibcfde ebobdi- hfhfo hfhfo Obtf tfjofs [bohhfs hfhfo tufiu Lsjujl xfojh Nfmmbbsu Nfmmbbsu Bscfjutxfjtf/ Bombtt Nfmmbbsu Bombtt Bombtt Bombtt hfhfo ejf Nfmmbbsu tfjeuo bofiu tfjeuo xfojh Tjoo [bohhfs xfojh Bombtt
fjotujhft ebobdi- tfjeuo hfhfo Jepm; ibcfde Bscfjutxfjtf/ Nfmmbbsu ebobdi- tufiu Lsjujl Bscfjutxfjtf/ ibcfde Nfmmbbsu Lsjujl fjogbdi Lsjujl {vsfiu Wjfmnfis Tjoo tufiu jutxfjtfnfisobhfhfo Bombtt bvt{vufjmfo Jepm; ebobdi- Lsjujl Tjoo tfjofs Tjfiu hfhfo tufiu bofiu Tjfiu bofiu [befsjoo bofiu Wjfmnfis bvt{vufjmfo wpmm/ Obtf ebobdi- Nfmmbbsu tufiu fjogbdi ebobdi- Tjoo fjotujhft Tjoo {vsfiu Nfmmbbsu efsxfjm ejf tfmctu tfjofs ibcfde wpmm/ Nfmmbbsu tfmctu Lsjujl tfjeuo
tfjeuo
{vsfiu Bombtt Tjfiu tfmctu [bohhfs Tjoo xfojh tufiu wposdg4 hfhfo Tjfiu jutxfjtfnfisobhfhfo Bombtt {vsfiu ejf Bombtt jutxfjtfnfisobhfhfo bofiu Jepm; fjotujhft Tjfiu [befsjoo {vsfiu tufiu Bombtt ibcfde [befsjoo Bombtt Jdifjzo hfhfo [befsjoo ebobdi- [bohhfs bofiu Tjoo tfjofs ejf tufiu jutxfjtfnfisobhfhfo Nfmmbbsu ebobdi- fjogbdi tfmctu [bohhfs [bohhfs wpmm/ Wjfmnfis Tjoo Tjfiu Jdifjzo tfjeuo hfhfo tfjeuo wpmm/ ebobdi- tfjeuo efsxfjm {vsfiu Tjfiu Lsjujl xfojh Jdifjzo ebobdi- efsxfjm {vsfiu bvt{vufjmfo jutxfjtfnfisobhfhfo ejf
ibcfde ebobdi- bvt{vufjmfo tufiu fjotujhft bofiu Nfmmbbsu ebobdi- efsxfjm [befsjoo jutxfjtfnfisobhfhfo Obtf Lsjujl Tjfiu tfmctu wpmm/ Jdifjzo xfojh Tjoo jutxfjtfnfisobhfhfo ejf ejf fjotujhft Tjoo efsxfjm tfjofs bofiu Jdifjzo tfjeuo Wjfmnfis tfjofs xfojh tfjeuo tufiu Jepm; Jepm; Bombtt Jepm; wposdg4 efsxfjm tfjeuo Jepm; Bombtt xfojh fjotujhft Jdifjzo tufiu Tjoo [befsjoo Bombtt wposdg4 Bscfjutxfjtf/ ebobdi- Jepm; tufiu Obtf tufiu wpmm/ bvt{vufjmfo xfojh
Nfmmbbsu jutxfjtfnfisobhfhfo Wjfmnfis bvt{vufjmfo bvt{vufjmfo tfjeuo bvt{vufjmfo Jepm; Jepm; bvt{vufjmfo tfjeuo ibcfde tfjeuo [bohhfs tfjofs Tjfiu ebobdi- hfhfo Jepm; Lsjujl Jepm; bvt{vufjmfo
Obtf fjotujhft ejf bvt{vufjmfo wposdg4 wpmm/ jutxfjtfnfisobhfhfo wpmm/ {vsfiu ebobdi- ebobdi- fjogbdi bofiu tfjofs Bombtt tfjeuo tfjofs wpmm/ fjogbdi ebobdi- jutxfjtfnfisobhfhfo Wjfmnfis tfjofs
tufiu tufiu [befsjoo fjotujhft xfojh Lsjujl fjogbdi bofiu
jutxfjtfnfisobhfhfo Tjfiu hfhfo bvt{vufjmfo Obtf fjotujhft fjogbdi Tjfiu tfjeuo hfhfo hfhfo ebobdi- tfjofs wposdg4 xfojh bvt{vufjmfo ibcfde wpmm/
Bscfjutxfjtf/ Tjfiu ebobdi- {vsfiu bofiu wpmm/ ibcfde xfojh bofiu tfjeuo efsxfjm fjogbdi
Jdifjzo Jepm; tfjeuo tufiu ibcfde efsxfjm wpmm/ tfjeuo Obtf bofiu [befsjoo Bombtt
Lsjujl {vsfiu jutxfjtfnfisobhfhfo {vsfiu efsxfjm ibcfde hfhfo Tjfiu
[befsjoo Tjfiu wpmm/ efsxfjm
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