natgillin/translations-raw huggingface dataset:
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’.
Analizirajući ulaganje Fonda za Put svile Komisija nije u ispitni postupak uključila zasebni program, već je razmotrila sve relevantne dijelove složene financijske mjere u okviru programa za promicanje strane trgovine u tom kontekstu.
The investment agreement deals with the practical details of the transaction, but is silent about the underlying conditions.
Nadalje, čak i da postoji sumnja u pogledu opsega subvencija obuhvaćenih postupkom, Komisija je takve sumnje transparentno uklonila tijekom ispitnog postupka.
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.
U tom pogledu Komisija je bila iznenađena i tvrdnjom CNRC-a iznesenom nakon konačne objave da je kineska vlada tijekom Komisijina posjeta radi provjere dala samo usmeni odgovor te da Komisija nije tražila dodatne informacije o tržišnoj prirodi Fonda za Put svile.
All five interventions had the common objective to allow CNRC purchasing Pirelli.
Naprotiv, Komisija je kineskoj vladi u tom pogledu uputila dopis na temelju članka 28. i od nje primila određene dokumente o ulaganju Fonda za Put svile, čime se ponovno naglašava da je taj aspekt financiranja kineske vlade ispravno uključen u postupak.
Together, they are referred to as ‘the measure’.
Stoga je Komisija odbacila tvrdnju da je ulaganje Fonda za Put svile izvan opsega ispitnog postupka.
Public Bodies
Pravna osnova
Some of the GOC's support was thus provided directly (e.g. via grants), some of it was provided indirectly via state-owned entities.
Trinaesti petogodišnji plan za razvoj vanjske trgovine, koji je izdalo Ministarstvo trgovine („MOFCOM”), 26. prosinca 2016.,
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.
petogodišnji plan za petrokemijsku industriju,
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.
Smjernice Državnog vijeća o promicanju međunarodnog proizvodnog kapaciteta i suradnji u proizvodnji opreme, izdane 2015. („Smjernice”),
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.
Obavijest o dodjeli subvencioniranih sredstava ključnih projekata posebnih fondova za razvoj vanjske trgovine i gospodarstva u 2015., C.H.
The company is 100 % owned by the State through the State Administration of Foreign Exchange, China Investment Corporation, EXIM Bank and CDB.
br. 653 i spis društva Chemchina [2016.] br. 144,
It has a board of directors and a board of supervisors, which consist of representatives from various Ministries.
Obavijest Ministarstva financija o oslobađanju središnjeg državnog kapitala iz operativnog u 2016., CZ [2016.], br. 18.
Cinda was founded as a state-owned enterprise and a bad bank for the China Construction Bank in 1999.
Nalazi ispitnog postupka
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.
Komisija je utvrdila da je kineska vlada intervenirala na nekoliko načina kako bi olakšala CNRC-u stjecanje 65 % udjela Grupe Pirelli.
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 %).
Prvo, CNRC primio je od SASAC-a bespovratna sredstva u iznosu od 500 milijuna CNY (približno 66 milijuna EUR) radi „promicanja globalne suradnje u pogledu proizvodnog kapaciteta u okviru inicijative ‚Jedan pojas, jedan put’” u skladu s Obaviješću Ministarstva financija o oslobađanju središnjeg državnog kapitala iz operativnog u 2016., CZ [2016.], br. 18.
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.
Drugo, CNRC primio je povlašteni zajam od 800 milijuna EUR od bankarskog konzorcija, koji uključuje banke China Development Bank („CDB”), EXIM i China Construction Bank („CCB”).
Distressed asset management is the core business of the company.
U ugovoru o zajmu kao svrha zajma navodi se preuzimanje Grupe Pirelli.
According to its Annual Report, the company ‘closely coordinated the national strategy’, and supported, among others, the construction of the ‘Belt and Road’ Initiative.
Treće, CNRC primio je povrat od 17 milijuna CNY na ime kamata plaćenih na zajam naveden u prethodnoj uvodnoj izjavi.
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’.
Taj je povrat odobrilo Ministarstvo financija „za stjecanje dioničarska prava društva Pirelli” u okviru „ključnih projekata posebnih fondova za razvoj vanjske trgovine u 2015.” u skladu s Obavijesti o dodjeli subvencioniranih sredstava ključnih projekata posebnih fondova za razvoj vanjske trgovine i gospodarstva u 2015., C.H.
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.
br. 653 i spis društva Chemchina [2016.] br. 144.
The Commission further sought information about whether the GOC exercised meaningful control over the conduct of SRF and Cinda.
Četvrto, kineska vlada sudjelovala je u stjecanju udjela u Grupi Pirelli osiguranjem dijela temeljnog kapitala u iznosu od 533 milijuna EUR putem Fonda za Put svile, državnog investicijskog fonda koji je dio inicijative „Jedan pojas, jedan put”.
In this context, the Commission noted that their participation must be seen within the context of the following legislative framework:
Sporazum o ulaganju obuhvaća praktične pojedinosti transakcije, ali se u njemu ne navode temeljni uvjeti.
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.
Komisiji nisu dostavljeni drugi dokumenti o toj operaciji između SRF-a i CNRC-a.
The Plan also aims at promoting a transformation from exports dominated by goods to exports of goods, services, technologies and capital.
Konačno, kineska vlada sudjelovala je u restrukturiranju Grupe China National Tire nakon tog stjecanja jer je putem društva China Cinda Asset Management Company Ltd. („Cinda”) osigurala dio temeljnog kapitala u iznosu od 266 milijuna EUR u društvu Grupe Pirelli za industrijske gume.
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.
Javna tijela
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.
Stoga je kineska vlada dio potpore pružila izravno (npr. putem bespovratnih sredstava), a dio je pružila neizravno putem subjekata u državnom vlasništvu.
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.
Kad je riječ o povlaštenim zajmovima iz prethodne uvodne izjave, Komisija je već utvrdila u prethodnom odjeljku 3.4.1. da su CDB, EXIM i CCB djelovali kao javna tijela u smislu članka 3. i članka 2. točke (b) osnovne uredbe kada su davali zajmove društvima u uzorku.
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’.
Kad je riječ o Fondu za Put svile i društvu Cinda, Komisija je utvrdila da su oba subjekta u 100 %-nom vlasništvu kineske vlade i da njihova struktura njihova korporativnog upravljanja upućuje na to da država na njih ima znatan utjecaj.
The ultimate goal is to form a number of leading enterprises with international competitiveness and market development capacity.
Kako je navedeno na njegovu web-mjestu, Fond za Put svile jest subjekt u državnom vlasništvu koji je osnovala i podupire država kako bi se pružila investicijska i financijska potpora za trgovinsku i gospodarsku suradnju i povezivanje u okviru inicijative „Pojas i put”.
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.
Društvo je u 100 %-nom državnom vlasništvu putem Državne uprave za devize, društva China Investment Corporation i banaka EXIM i CDB.
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.
Ima upravni odbor i nadzorni odbor, koji se sastoje od predstavnika različitih ministarstava.
We will actively support international production capacity and equipment manufacturing cooperation projects through equity investment and debt financing’.
U 2017. glavni dioničari društva bili su Ministarstvo financija (64,45 %) i Nacionalno vijeće za fond socijalnog osiguranja NRK-a (7,06 %).
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.
Upravni odbor i Nadzor odbor društva sastoje se od predstavnika državnih tijela i velikih financijskih institucija u državnom vlasništvu.
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.
Upravljanje oduzetom aktivom glavna je djelatnost društva.
Therefore, the GOC relied on the normative framework in order to exercise control in a meaningful way over the conduct of SRF and Cinda.
Prema godišnjem izvješću društvo je „blisko surađivalo na nacionalnoj strategiji” i poduprlo, među ostalim, inicijativu „Pojas i put”.
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.
Društvo se i obvezalo da će „ozbiljno proučavati i pridržavati se duha 19. nacionalnog kongresa Komunističke partije Kine i misli predsjednika Xi Jingpinga o novoj eri socijalizma na kineski način, odlučno jačati opće vodstvo Partije i pružati snažno političko jamstvo za razvoj društva”.
Furthermore, both of them confer a benefit that could not be obtained under normal market circumstances:
Na temelju informacija dobivenih tijekom posjeta radi provjere te javno dostupnih informacija Komisija je stoga zaključila da postoje formalni pokazatelji vladine kontrole nad Fondom za Put svile i društvom Cinda.
Cinda paid an abnormally high amount for its equity participation.
Nadalje, Komisija je tražila informacije o tome je li kineska vlada imala znatnu kontrolu nad aktivnostima Fonda za Put svile i društva Cinda.
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.
U tom kontekstu Komisija je primijetila da se njihovo sudjelovanje mora sagledati u kontekstu sljedećeg zakonodavnog okvira:
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.
u 13. petogodišnjem planu za razvoj vanjske trgovine utvrđuju se opća načela kineske politike vanjske trgovine, a ona uključuju veće otvaranje na višoj razini te kombinaciju strategije ulaganja u inozemstvu i strategije rasta stranog ulaganja u zemlji za poticanje rasta trgovine.
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.
Cilj je plana i promjena izvoza iz onog u kojem prevladava roba u onaj u kojem se nudi roba, usluge, tehnologija i kapital.
The Pirelli deal is repeatedly mentioned by SRF itself on its website as an example of this working method.
U tom kontekstu jedan od glavnih zadataka iz poglavlja III.3 Plana jest poboljšanje transnacionalne poslovne sposobnosti vanjskotrgovinskih poduzeća, čime se moćna poduzeća potiče na širenje industrijskih lanaca, transnacionalna spajanja i preuzimanja te nabavu kvalitetnih marki, osnovnih tehnologija i marketinških kanala.
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.
U Planu se zatim spominje i sustavna potpora koja će se pružiti transnacionalnim poduzećima s dobrim kreditnim rejtingom i tako stvoriti skupinu velikih poduzeća s transnacionalnom poslovnom sposobnosti koja imaju svjetsku distribucijsku tržišnu mrežu.
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.
U Smjernicama Državnog vijeća o promicanju međunarodnog proizvodnog kapaciteta i suradnji u proizvodnji opreme navode se dodatne pojedinosti o načinu provedbe strategije ulaganja u inozemstvu.
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.
Cilj je prelazak s izvoza proizvoda na izvoz industrija te „aktivni razvoj tržišta u razvijenim zemljama i ‚pristup’ tim tržištima”.
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.
Krajnji je cilj oblikovati skupinu vodećih poduzeća koja su međunarodno konkurentna i imaju kapacitet za razvoj tržišta.
The Commission recalled that the public body analysis responds to the question whether an entity is vested with governmental authority.
U člancima od 30. do 36. tih Smjernica navode se sve potpore politike koje mogu primiti društva koja „odlaze u inozemstvo”, na primjer politike fiskalne i porezne potpore, povlašteni zajmovi, financijska potpora u obliku sindiciranih zajmova, izvoznih kredita i financiranja projekata, kapitalna ulaganja te naposljetku osiguranje izvoznih kredita.
The State not only owns the SRF (as set out in recitals (343) to (346)), but the government also exercises meaningful control over it.
U članku 35.
Whether or not individual SRF decisions are sound from a commercial perspective is not dispositive.
Fond za Put svile izričito se opisuje kao alat za financiranje projekata koje podupire država, a navodi se da se koristi za: „osiguranje više izvora kapitalnih ulaganja. …U potpunosti ćemo razviti ulogu Fonda za Put svile.
Rather, the decisive point is that SRF decisions are not taken independently from government influence.
Aktivno ćemo podupirati projekte za međunarodni proizvodni kapacitet i suradnju u proizvodnji opreme s pomoću kapitalnih ulaganja i dužničkog financiranja”.
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’)).
Nadalje, sam Fond za Put svile na svojem web-mjestu navodi da mu je cilj pomoći kineskim poduzećima da poboljšaju izvozne rezultate tako što će im osigurati bolji pristup prekomorskim tržištima započinjanjem prekomorskog poslovanja i stjecanjem strane napredne tehnologije.
SRF managers appointed by and supervised by the GOC carry them out and thereby exercise meaningful control over SRF.
Na toj osnovi Komisija zaključuje da je kineska vlada stvorila normativni okvir kojeg se moraju pridržavati rukovoditelji i nadzornici koje imenuje kineska vlada i koji su odgovorni kineskoj vladi.
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.
Stoga se kineska vlada oslonila na normativni okvir kako bi ostvarivala znatnu kontrolu nad aktivnostima Fonda za Put svile i društva Cinda.
Benefit
Komisija je ispitala i konkretno ponašanje Fonda za Put svile i društva Cinda te je primijetila da su u kontekstu stjecanja udjela u Grupi Pirelli oba subjekta djelovala kao financijski ulagatelji i da nisu imali nikakvu stvarnu operativnu kontrolu nad svojim ulaganjima.
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.
Nadalje, oba subjekta donose korist koja se ne bi mogla steći u normalnim tržišnim okolnostima.
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.
Cinda je uplatila neuobičajeno visok iznos za sudjelovanje u kapitalu.
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.
Cinda je uplatila 266 milijuna EUR za sudjelovanje u kapitalu iako je predmetni udio u kapitalu iznosio 38 milijuna EUR, a neto imovina društva iznosila 73 milijuna EUR.
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:
Prema izjavama Fonda za Put svile njegov je cilj pružiti financijsku potporu projektima koji nemaju dovoljno vlastitog kapitala smanjenjem općeg udjela duga i poboljšanjem sposobnosti financiranja projekata.
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.
On istodobno olakšava dobivanje sindiciranih zajmova (kao što je povlašteni zajam iz prethodne uvodne izjave 336.) kojima se pruža dodatna financijska potpora projektima.
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.
Na svojem web-mjestu Fond za Put svile neprekidno upućuje na transakciju u Grupi Pirelli kao primjer svojeg načina rada.
The deal was thus highly leveraged.
Stoga je Komisija zaključila da Fond za Put svile i Cinda provode prethodno navedeni pravni okvir pri izvršavanju javnih funkcija u odnosu na sektor guma, čime djeluju kao javna tijela u smislu članka 2. točke (b) osnovne uredbe, koji se tumači zajedno s člankom 3. stavkom 1. točkom (a) podtočkom i. osnovne uredbe, te u skladu s relevantnom sudskom praksom WTO-a.
If SRF had not intervened to take equity participation, CNRC would have had to secure additional funds on the loan market.
Osim toga, čak i da se Fond za Put svile i Cinda ne smatraju javnim tijelima, Komisija je utvrdila da bi se smatralo da im je kineska vlada povjerila funkcije koje se uobičajeno povjeravaju vladi i usmjeravala ih u njihovu izvršavanju u smislu članka 3. stavka 1. točke (a) podtočke iv. osnovne uredbe zbog istih razloga koji su prethodno navedeni u uvodnim izjavama od 342. do 356.
However, this would have been difficult due to the high leverage already involved.
Nakon objave dokumenta s informacijama i konačne objave CNRC i društvo Pirelli tvrdili su da Fond za Put svile i Cinda nisu javna tijela jer Fond za Put svile nije agencija za potporu, a Fond za Put svile i Cinda nastoje ostvariti prinose na tržištu kao bilo koji drugi privatni ulagatelj.
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.
CNRC smatra da činjenica da je ulaganje Fonda za Put svile omogućilo kupnju udjela u društvu Pirelli po tržišnoj cijeni potvrđuje da je odluka o ulaganju Fonda za Put donesena neovisno i da se temelji na tržišnim načelima.
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.
Komisija je podsjetila da se odgovor na pitanje ima li subjekt javne ovlasti dobiva analizom javnog tijela.
At the same time, the fund facilitates syndicated loans, which provide further financing support for projects.
Fond za Put svile u vlasništvu je države (kako navedeno u uvodnim izjavama od 343. do 346.) i vlada ima znatnu kontrolu nad njime.
Even if CNRC had been able to secure the necessary funds via an extra loan, this would have come at a cost, since the company would have had to pay interest on the loan, and would have had to repay the capital on the loan.
Nevažno je jesu li pojedinačne odluke Fonda za Put svile dobre iz poslovne perspektive.
Thanks to the intervention of SRF, CNRC therefore did not have any additional financing costs, and improved the debt ratio of the transaction, which in turn facilitated the receipt of funds from the banks.
Presudno je što se odluke Fonda za Put svile ne donose bez državnog utjecaja.
Furthermore, the investment of SRF corresponded exactly to the amount which was needed by CNRC to gain an absolute majority ownership in the Pirelli Group (65 % versus 48,75 % without SRF).
Kako je navedeno u uvodnim izjavama od 348. do 353., postoji čvrst normativni okvir u kojem Fond za Put svile djeluje kao državni instrument za provedbu ciljeva politike inicijative „Jedan pojas, jedan put” (preimenovana u inicijativu „Pojas i put”).