natgillin/translations-raw huggingface dataset:
First, CNRC received a grant of 500 million RMB (around 66 million EUR) from SASAC, to ‘promote global production capacity cooperation under the ‘One Belt, one Road Initiative’’, in line with the Notice of the Ministry of Finance on Release of Central State-Owned Capital Operating Budget in 2016, CZ [2016], No 18.
Mis puutub SRFi ja Cindasse, siis leidis komisjon, et mõlemad äriühingud kuuluvad täielikult Hiina valitsusele ning nende ettevõtte juhtimise struktuur näitab, et riik omab nende üle sisulist mõju.
Second, CNRC received a 800 million EUR preferential loan from a bank consortium including China Development Bank (‘CDB’), EXIM and China Construction Bank (‘CCB’).
Oma veebisaidi kohaselt on SRF riigi omanduses olev ettevõte, mille on asutanud riik ja mida riik toetab, et tagada investeeringuid ja rahastamistuge kaubandus- ja majanduskoostööks ning ühenduvuseks algatuse „One Belt, One Road“ raames.
The loan agreement mentions as purpose of the loan the acquisition of Pirelli.
Äriühing kuulub 100 % riigile riigi valuutaameti, Hiina investeerimisühingu, EXIM Banki ja CDB kaudu.
Third, CNRC received a 17 million RMB refund of the interest paid on the loan mentioned in the recital above.
Tal on juhatus ja nõukogu, kuhu kuuluvad eri ministeeriumide esindajad.
This refund was granted by the Ministry of Finance ‘for the acquisition of Pirelli's stock rights’ as part of the ‘key projects of 2015 special funds for the development of foreign trade’, in line with the Notice on Appropriating Subsidized Funds of Key Projects of 2015 Special Funds for the Development of Foreign Trade and Economy, C.H.
2017. aastal olid äriühingu peamised osanikud rahandusministeerium (64,45 %) ja HRV sotsiaalkindlustusfondi riiginõukogu (7,06 %).
No 653 and Chemchina File [2016] No 144.
Äriühingu juhatus ja nõukogu koosnevad nii valitsusasutuste kui ka riigi omanduses olevate suurte finantsasutuste esindajatest.
Fourth, the GOC participated in the acquisition of the stake in the Pirelli Group by providing an equity participation worth 533 million EUR via SRF, a government investment fund which is part of the ‘One Belt, one Road Initiative’.
Äriühingu peamine tegevusala on probleemsete varade valitsemine.
The investment agreement deals with the practical details of the transaction, but is silent about the underlying conditions.
Äriühingu aastaaruande kohaselt „koordineeris äriühing suurel määral riiklikku strateegiat“ ning toetas muu hulgas algatuse „One Belt, One Road“ loomist.
Finally, the GOC participated in the restructuring exercise within the China National Tire Group after the acquisition by providing an equity participation worth 266 million EUR via the China Cinda Asset Management Company Ltd (‘Cinda’) in the company holding the Pirelli Group's industrial tire business.
Tuginedes kontrollkäigu ajal esitatud andmetele, samuti avalikult kättesaadavatele andmetele, tegi komisjon seega järelduse, et SRFi ja Cinda puhul on formaalseid kaudseid märke valitsuse kontrolli kohta.
All five interventions had the common objective to allow CNRC purchasing Pirelli.
Edasi taotles komisjon teavet, kas Hiina valitsus on sisuliselt SRFi ja Cindat kontrollinud.
Together, they are referred to as ‘the measure’.
Seoses sellega märkis komisjon, et nende osalemist tuleb käsitleda järgmise õigusraamistiku kontekstis:
Public Bodies
Väliskaubanduse arendamise 13. viisaastakukavas kehtestatakse üldpõhimõtted, millele tugineb Hiina väliskaubanduspoliitika, mis hõlmab suuremas ulatuses ja kõrgemal tasandil tegutsemist ning nii välisriiki laienemist kui ka sissetoomise kombineerimist, et edendada kaubanduse kasvu.
Some of the GOC's support was thus provided directly (e.g. via grants), some of it was provided indirectly via state-owned entities.
Kava eesmärk on edendada ka teisenemist peamiselt kaupade ekspordilt kaupade, teenuste, tehnoloogia ja kapitali ekspordile.
Concerning the preferential loan mentioned in recital above, the Commission already established in section 3.4.1 above that CDB, EXIM and CCB were acting as public bodies within the meaning of Articles 3 and 2 (b) of the basic Regulation when providing loans to the sampled companies.
Selles kontekstis on üks peamisi ülesandeid, mis on kava peatükis III.3 nimetatud, väliskaubandusettevõtete riigiülese tegevussuutlikkuse suurendamine, mis julgustab võimsaid äriühinguid laiendama tööstusahelaid, viima läbi riigiüleseid ühinemisi ja omandamisi ning omandama kvaliteetseid kaubamärke, olulist tehnoloogiat ja turunduskanaleid.
With respect to SRF and Cinda, the Commission found that both entities are fully owned by the GOC and their corporate governance structure indicates that the State exercises a meaningful influence over them.
Kavas märgitakse lisaks, et heas seisus riigiülestele ettevõtetele pakutakse korrapärast toetust, moodustades seega kogumi suurettevõtetest, millel on riigiülene ärisuutlikkus ja üleilmne turustusvõrk.
According to its website, SRF is a State-owned entity established and supported by the State to provide investment and financing support for trade and economic cooperation and connectivity under the framework of the Belt and Road Initiative.
Riiginõukogu suunavad arvamused rahvusvahelise tootmisvõimsuse ja seadmete tootmise alase koostöö edendamise kohta sisaldavad täpsemaid andmeid selle kohta, kuidas välisriiki laienemise strateegiat tuleks praktikas rakendada.
The company is 100 % owned by the State through the State Administration of Foreign Exchange, China Investment Corporation, EXIM Bank and CDB.
Eesmärk on saavutada olukord, et toodete ekspordilt arenetakse tööstuse ekspordile, ning „aktiivselt arendada“ arengumaade turge ja neile „siseneda“.
It has a board of directors and a board of supervisors, which consist of representatives from various Ministries.
Lõppeesmärk on moodustada mitu juhtivat ettevõtet, millel on rahvusvaheline konkurentsivõime ja turu arendamise suutlikkus.
Cinda was founded as a state-owned enterprise and a bad bank for the China Construction Bank in 1999.
Nende suunavate arvamuste artiklites 30–36 loetletakse kõik poliitilised toetused, mida välisriiki laienevad äriühingud võivad saada, näiteks maksu- ja maksutoetuspoliitika, kontsessioonilaenud, finantstoetus sündikaatlaenude kaudu, ekspordikrediit, projektide rahastamine, omakapitaliinvesteeringud ja ekspordikrediidikindlustus.
According to its Annual Report, it was the first asset management company established in April 1999 pursuant to approval of the State Council to tackle financial risk and maintain the stability of the financial system as well as to facilitate the reform of state-owned banks and enterprises.
Artiklis 35 on konkreetselt nimetatud Siiditee fondi kui vahendit, millest rahastada riigi toetatud projekte, mida kasutatakse „omakapitaliinvesteeringute allikate suurendamiseks. […] Me peame Siiditee fondi rolli väga oluliseks.
In 2017, the main shareholders of the company were the Ministry of Finance (64,45 %) and the National Council for Social Security Fund of the PRC (7,06 %).
Me toetame aktiivselt rahvusvahelist tootmisvõimsust ja seadmete tootmise koostööprojekte omakapitaliinvesteeringute ja laenupõhise rahastamise kaudu.“
The Board of Directors and the Board of Supervisors of the company consists of a mix of representatives from governmental authorities and large state-owned financial institutions.
Peale selle märgib Siiditee fond oma veebisaidil ise, et tema eesmärk on aidata Hiina ettevõtetel arendada oma ekspordisuutlikkust, tagades neile parema juurdepääsu välisturgudele ja alustades välisriikides tegevust ning välismaise arenenud tehnoloogia omandamise kaudu.
Distressed asset management is the core business of the company.
Seetõttu järeldab komisjon, et Hiina valitsus on loonud normatiivse raamistiku, mida Hiina valitsuse poolt ametisse määratud ja Hiina valitsuse ees vastutavad juhid ja järelevalvajad peavad järgima.
According to its Annual Report, the company ‘closely coordinated the national strategy’, and supported, among others, the construction of the ‘Belt and Road’ Initiative.
Seega tugines Hiina valitsus normatiivsele raamistikule, et sisuliselt SRFi ja Cindat kontrollida.
The Company also vowed that it ‘will earnestly study and implement the spirit of the 19th National Congress of the CPC and Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, vigorously strengthen the overall leadership of the Party and provide strong political guarantee for the development of the Company’.
Komisjon kontrollis ka SRFi ja Cinda konkreetset käitumist ning märkis, et Pirelli kontsernis osaluse omandamise puhul tegutsesid mõlemad ettevõtted finantsinvestoritena ega kasutanud tegelikult tegevusega seotud kontrolli nende investeeringute üle.
Based on the information provided during the verification visit, as well as publicly available information, the Commission thus concluded the existence of formal indicia of government control with respect to SRF and Cinda.
Peale selle tagasid nad mõlemad kasu, mida tavapärastel turutingimustel ei olnud võimalik saada:
The Commission further sought information about whether the GOC exercised meaningful control over the conduct of SRF and Cinda.
Cinda maksis ebanormaalselt suure summa oma omakapitaliosaluse eest.
In this context, the Commission noted that their participation must be seen within the context of the following legislative framework:
Cinda maksis selle omakapitaliosaluse eest 266 miljonit eurot, ehkki sellega seotud omakapitaliosalus vastas üksnes 38 miljonile eurole ja äriühingu netovarad olid väärt 73 miljonit eurot.
The 13th Five Year Plan for the Development of Foreign Trade sets out the general principles behind China's foreign trade policy, which includes opening up with a larger scope and higher level and combining ‘going out’ and ‘introduction’ to drive trade growth.
Mis puutub SRFi, siis on SRFi eesmärk tema enda väidete kohaselt tagada rahaline toetus projektidele, millel ei ole piisavat omakapitali, vähendades üldist võla suhtarvu ja parandada projektide rahastamise suutlikkust.
The Plan also aims at promoting a transformation from exports dominated by goods to exports of goods, services, technologies and capital.
Samal ajal edendab fond sündikaatlaene (näiteks eespool põhjenduses 336 nimetatud sooduslaenud), mis tagavad täiendavat rahalist toetust projektidele.
In this context, one of the major tasks set out in chapter III.3 of the Plan mentions the enhancement of the transnational operation capability of foreign trade enterprises, which encourages powerful companies to extend industrial chains, to conduct transnational mergers and acquisitions, and to obtain quality brands, core technologies and marketing channels.
SRF ise mainib korduvalt Pirelli tehingut oma veebisaidil kui selle töömeetodi näidet.
The Plan further mentions that systematic supports will be provided for transnational enterprises with good credit, thus forming a batch of large enterprises with transnational business capability which have a worldwide distribution market network.
Seega tegi komisjon järelduse, et SRF ja Cinda on rakendanud eespool esitatud õiguslikku raamistikku rehvisektoris valitsuse volituste teostamisel, tegutsedes nii avaliku sektori asutusena alusmääruse koostoimes kohaldatava artikli 2 punkti b ja artikli 3 lõike 1 punkti a alapunkti i mõistes ning kooskõlas WTO asjakohase kohtupraktikaga.
The Guiding Opinions of the State Council on the Promotion of International Production Capacity and Equipment Manufacturing Cooperation provide further details on how the ‘going out’ strategy is to be implemented in practice.
Lisaks – isegi kui SRFi ja Cindat ei käsitata avaliku sektori asutustena, käsitatakse neid siiski pankadena, keda Hiina valitsus volitab ja suunab täitma tavapäraselt valitsuse täidetavaid ülesandeid alusmääruse artikli 3 lõike 1 punkti a alapunkti iv tähenduses, ning seda samadel põhjustel, nagu on toodud põhjendustes 342–356.
The objectives are to realize a promotion from export of products to export of industries and to ‘to actively develop and ‘tap into’ markets in developed countries’.
Pärast teabedokumendi ja lõplike järelduste avaldamist väitsid CNRC ja Pirelli, et SRF ja Cinda ei ole avalik-õiguslikud asutused, sest SRF ei ole abi andev asutus ning nii SRF kui ka Cinda taotlevad turupõhist kasumit nagu iga erasektori investor.
The ultimate goal is to form a number of leading enterprises with international competitiveness and market development capacity.
CNRC arvates kinnitas asjaolu, et SRFi investeering maksis Pirelli aktsiate eest turuhinnaga, seda et SRFi investeerimisotsused tehakse sõltumatult ning need põhinevad turupõhimõtetel.
Articles 30 to 36 of these Guiding Opinions list all the policy support that companies ‘going abroad’ can receive, such as fiscal and tax support policies, concessional loans, financial support through syndicated loans, export credits, and project financing, equity investment, and finally export credit insurance.
Komisjon tuletas meelde, et avaliku sektori asutuse analüüs annab vastuse küsimusele, kas mingile üksusele on antud valitsusasutuse volitused.
Article 35 specifically mentions the Silk Road Fund as a tool to fund projects supported by the State, which is used to ‘increase equity investment sources. … We will give full play to the role of the Silk Road Fund.
Riik mitte üksnes ei oma SRFi (nagu on märgitud põhjendustes 343–346), vaid ka kontrollib seda sisuliselt.
We will actively support international production capacity and equipment manufacturing cooperation projects through equity investment and debt financing’.
Kas SRFi üksikud otsused on kaubanduslikust seisukohast mõistlikud, ei ole määrav.
Furthermore, the Silk Road Fund itself states on its website that its aim is to help Chinese enterprises to improve their export performance by giving them better access to overseas markets through the setting up of overseas operations and through the acquisition of foreign advanced technology.
Pigem on määrav see, et SRF ei tee oma otsuseid valitsuse mõjust sõltumatult.
On this basis, the Commission concludes that the GOC has created a normative framework that had to be adhered to by the managers and supervisors appointed by the GOC and accountable to the GOC.
Nagu on näidatud põhjendustes 348–353, toimib SRF tugevas normatiivses raamistikus kui valitsuse vahend poliitikaeesmärkide saavutamiseks siiditee ja majandusvööndi algatuses (ümbernimetatud „Belt and Road initiative“ (edaspidi „BR-algatus“).
Therefore, the GOC relied on the normative framework in order to exercise control in a meaningful way over the conduct of SRF and Cinda.
Hiina valitsuse poolt ametisse nimetatud SRFi juhid viivad neid eesmärke ellu ja kontrollivad seega sisuliselt SRFi.
The Commission also examined the concrete behaviour of SRF and Cinda and noted that within the context of the acquisition of the stake in the Pirelli Group, both of these entities acted as financial investors, and do not actually exercise any operational control over their investments.
Sellest tulenevalt kinnitas komisjon oma hinnangut, et SRF kujutab endast avaliku sektori asutust või on ta vähemalt saanud valitsuselt volitused või suunised selliste ülesannete täitmiseks, mis on tavaliselt valitsuse haldusalas, näiteks püüda saavutada riiklikke poliitikaeesmärke.
Furthermore, both of them confer a benefit that could not be obtained under normal market circumstances:
Kasu
Cinda paid an abnormally high amount for its equity participation.
CNRC ja Pirelli kommenteerisid teabedokumendis ka seda, et komisjon ei tõendanud, et SRFi investeeringu tingimused olid üldise investeerimistavaga vastuolus.
Cinda paid 266 million EUR for this equity participation, although the underlying stake in the equity only corresponded to 38 million EUR, and the net assets of the company were worth 73 million EUR.
Igasugune kasu peaks piirduma erinevusega valitsuse pakutud tingimuste ning nende tingimuste vahel, mille saaja oleks endale turul kindlustanud.
As for SRF, according to its own statements, SRF's aim is to provide financial support for projects that do not have sufficient own capital, by reducing the overall debt ratio and improving the financing capability of the projects.
Igal juhul ei saanud CNRC või Pirelli kasu, sest vahendid eraldati Pirelli varasematele osanikele nende osakute omandamiseks.
At the same time, the fund facilitates syndicated loans (such as the preferential loan mentioned in recital (336) above), which provide further financing support for the projects.
Komisjon ei nõustunud järgmistel põhjustel asjaoluga, et SRFi investeering ei taganud CNRC-le kasu ning et tehing on võrreldav sellega, mille oleks saanud turul tagada.
The Pirelli deal is repeatedly mentioned by SRF itself on its website as an example of this working method.
Ehkki SRF tasus Pirelli aktsiate eest turuhinna, on valitsuse sekkumise eelis CNRC jaoks eraldiseisev hinnast, millega SRFi omakapitaliinvesteering tehti.
Therefore, the Commission concluded that the legal framework set out above is being implemented by SRF and Cinda in the exercise of governmental functions with respect to the tyres sector, thereby acting as a public body in the sense of Article 2(b) of the basic Regulation read in conjunction with Article 3(1)(a)(i) of the basic Regulation and in accordance with the relevant WTO case-law.
Valitsuse sekkumise kasu seisneski asjaolus, et CNRC-l ei olnud piisavalt omavahendeid Pirelli omandamise rahastamiseks.
In addition, even if SRF and Cinda were not to be considered as public bodies, the Commission found that they would also be considered entrusted and directed by the GOC to carry out functions normally vested in the government, within the meaning of Article 3(1)(a)(iv) of the basic Regulation for the same reasons as set out in recitals (342) to (356) above.
Tehing oli seega väga suure finantsvõimendusega.
Following the disclosure of the Information Document and final disclosure, CNRC and Pirelli argued that SRF and Cinda are not public bodies, since SRF is not an aid agency and both SRF and Cinda pursue market-based returns like any private investor.
Kui SRF ei oleks omakapitaliinvesteeringu saamiseks sekkunud, oleks CNRC pidanud hankima lisavahendeid laenuturult.
In CNRC's view, the fact that the SRF investment had paid Pirelli's shares at market price confirmed that SRF investment decisions are taken independently and are based on market principles.
Samas oleks see olnud keeruline tingituna suurest finantsvõimendusest, mis juba kaasnes.
The Commission recalled that the public body analysis responds to the question whether an entity is vested with governmental authority.
Sellega seoses oli Hiina arengupanga poolt CNRC-le antud laenu üks eeltingimusi, et CNRC peab tõendama, et ta on saanud lisavahendeid teistest allikatest.
The State not only owns the SRF (as set out in recitals (343) to (346)), but the government also exercises meaningful control over it.
Nagu on märgitud põhjenduses 356, reklaamib SRF lisaks oma veebisaidil, et tema peamine eesmärk on tagada rahaline toetus projektidele, millel ei ole piisavat omakapitali, vähendades üldist võla suhtarvu ja parandades projektide rahastamise suutlikkust.
Whether or not individual SRF decisions are sound from a commercial perspective is not dispositive.
Samal ajal edendab fond sündikaatlaene, mis tagavad täiendavat rahalist toetust projektidele.
Rather, the decisive point is that SRF decisions are not taken independently from government influence.
Isegi kui CNRC oleks suutnud tagada vajalikud vahendid lisalaenu kaudu, oleks sellega kaasnenud kulu, sest äriühing oleks pidanud maksma laenult intressi ja tegema laenu põhiosa tagasimakseid.
As shown in recitals (348) to (353) there is a strong normative framework, in which the SRF operates as a government instrument to pursue the policy objectives of the One Belt One Road initiative (renamed Belt and Road initiative (‘BR Initiative’)).
Tänu SRFi sekkumisele ei tekkinud CNRC-l seega täiendavaid rahastamiskulusid ja tehingu võla suhtarv paranes, mis omakorda hõlbustas vahendite saamist teistest pankadest.
SRF managers appointed by and supervised by the GOC carry them out and thereby exercise meaningful control over SRF.
Peale selle vastas SRFi investeering täpselt summale, mida CNRC Pirelli kontsernis absoluutse enamusosaluse omandamiseks vajas (65 % võrreldes 48,75 %ga ilma SRFita).
The Commission hence confirmed its assessment that the SRF constitutes a public body or is at least entrusted or directed by the government to carry out functions normally vested in the government, such as pursuing public policy objectives.
See enamusosalus soetati vähemusosanikule kontrolli loovutamata.
Benefit
Lisaks on SRFi väljumise lõpptähtaeg palju pikem, kui on tavaks erasektori riskikapitaliinvestorite puhul, kes soovivad esimesel võimalusel oma tulu maksimeerida.
CNRC and Pirelli also commented on the Information Document that the Commission did not prove that the terms of SRF's investment were inconsistent with usual investment practice.
Pärast lõplike järelduste avalikustamist vaidlustas CNRC need argumendid.
Any benefit should be limited to the difference between the terms offered by the government and the terms that the recipient could have secured on the market.
Tema arvates oli komisjon teinud eksliku vastupidise stsenaariumi analüüsi, uurides, kas SRFi omakapitaliinvesteering oli kooskõlas võlainvesteeringuid tegevate erainvestorite tavalise investeerimispraktikaga.
In any case there was no benefit for CNRC or Pirelli, since the funds were provided to the previous shareholders of Pirelli to acquire their shares.
Samuti tuletas te meelde SRFi investeeringu mitmejärgulisust, väites, et see on täielikult kooskõlas tavalise investeerimispraktikaga kui klassikaline finantsvõimendusega väljaost.
The Commission disagreed with the fact that the SRF investment conferred no benefit to CNRC and that the transaction was comparable to what could have been secured on the market for the following reasons:
Eelkõige, et SRFi kapitali külmutamise periood väljumiseks ei olnud ebatavaliselt pikk.
While the SRF paid Pirelli's shares at market price, the advantage of the government intervention for CNRC is separate from the price at which SRF's equity investment was done.
See lõpetati ennetähtaegselt ning oli sama pikk kui vähemusaktsionäridel.
Indeed, the benefit of the government intervention resided in the fact that CNRC did not have sufficient own funds to finance the acquisition of Pirelli.
Lõpetuseks ei ole üldised poliitilised avaldused CNRC jaoks piisavad, et tõendada rahalisest panusest saadud kasu.
The deal was thus highly leveraged.
Komisjon lükkas selle väite tagasi.
If SRF had not intervened to take equity participation, CNRC would have had to secure additional funds on the loan market.
CNRC kasu SRFi investeeringust toetuse saajana saaja oli mitmetahuline.
However, this would have been difficult due to the high leverage already involved.
Turumajanduslik investor, kes kaalutles osalust SRFi käitatavas omakapitalis, oleks pidanud hindama tehinguga seotud riske.
In this respect, one of the pre-conditions of the loan granted by the China Development Bank to CNRC stipulated that CNRC needed to prove that it had secured additional funds from other sources.
Olles Pirelli tööstuspartner, ei olnud NRC-l sel ajal piisavalt vahendeid saada Pirelli suuromanikuks ning ta sõltus sellest, et leida oma kõrvale finantsinvestor.
In addition, as mentioned in recital (356) above, SRF advertises on its website that its main objective is to provide financial support for projects that do not have sufficient own capital, by reducing the overall debt ratio and improving the financing capability of the projects.
Nagu on märgitud põhjenduses 363, sai CNRC täiendavaid laene teistelt pankadelt vaid seetõttu, et tal oli parem üldine võla ja vara suhe.
At the same time, the fund facilitates syndicated loans, which provide further financing support for projects.
Andes juhtohjad CNRC-le Pirellis suurosanikuks saamise eest ning samuti täiendavate laenude kindlustamise eest, oli SRFi investeering oluline osa Hiina valitsuse tehingust lisada Pirelli CNRC portfelli.