Está en la página 1de 54

CORTE SUPERIOR NACIONAL DE JUST - Sistema

de Notificaciones Electronicas SINOE


AV. TACNA 734 - CERCADO DE LIMA,
Juez:CHAVEZ TAMARIZ Jorge Luis FAU 20159981216 soft
Fecha: 1/6/2022 17:08:10,Razón: RESOLUCIÓN JUDICIAL,D.Judicial:
CORTE SUPERIOR NACIONAL DE JUST / LIMA,FIRMA DIGITAL

CORTE SUPERIOR NACIONAL


&257(683(5,25'(-867,&,$1$&,21$/3(1$/(63(&,$/,=$'$
DE JUST - Sistema de 6e37,02-8=*$'2'(,19(67,*$&,Ð135(3$5$725,$1$&,21$/
Notificaciones Electronicas SINOE

AV. TACNA 734 - CERCADO DE


LIMA, (;3(',(17(  -53(
Secretario:MOSCOSO ACCILLIO
Danae Amalia FAU 20159981216 -8(=   -25*(/8,6&+É9(=7$0$5,=
soft
Fecha: 1/06/2022 17:20:38,Razón: (63(&,$/,67$ '$1$($0$/,$026&262$&&,//,2
RESOLUCIÓN
JUDICIAL,D.Judicial: CORTE
SUPERIOR NACIONAL DE JUST /
,0387$'2  3('523$%/2.8&.=<16.,*2'$5'<27526
'(/,726  /$9$'2'($&7,926
$*5$9,$'2  (/(67$'2


$87248(5(68(/9(5(48(5,0,(172'(,1&25325$&,Ð1$/
352&(62'(3(5621$6-85Ì',&$6


5(62/8&,Ð11ƒ
/LPDWUHLQWDGHPD\RGHOGRVPLOYHLQWLGyV

,0$7(5,$
'HWHUPLQDUVLFRUUHVSRQGHHVWLPDUHOSHGLGRGHOUHSUHVHQWDQWHGHO0LQLVWHULR
3~EOLFRHQHOSURFHVRTXHVHOHVLJXHFRQWUD3HGUR3DEOR.XFN]\QVNL*RGDUG
\RWURVSRUHOGHOLWRGHODYDGRGHDFWLYRV\RWURVHQDJUDYLRGHO(VWDGRGH
LQFRUSRUDUDODVVLJXLHQWHVSHUVRQDVMXUtGLFDVTXHVHLQGLFDQDFRQWLQXDFLyQ

 :(67),(/'&$3,7$//7'
 ),567&$3,7$/,19(56,21(6<$6(625Ì$6/,0,7$'$

,,)81'$0(1726

 $FXGH DQWH HVWH yUJDQR-XULVGLFFLRQDO HO )LVFDO GHO 3ULPHU 'HVSDFKR GH OD
)LVFDOtD6XSUDSURYLQFLDO&RUSRUDWLYD(VSHFLDOL]DGDHQ'HOLWRVGH&RUUXSFLyQ
GH )XQFLRQDULRV  (TXLSR (VSHFLDO GH )LVFDOHV TXH VH DYRFDQ D GHGLFDFLyQ
H[FOXVLYD DO FRQRFLPLHQWR GH ODV LQYHVWLJDFLRQHV YLQFXODGDV FRQ GHOLWRV GH
FRUUXSFLyQGHIXQFLRQDULRV\FRQH[RVHQORVTXHKDEUtDLQFXUULGRODHPSUHVD
2GHEUHFKW \ RWURV ² 3ULPHU 'HVSDFKR SDUD UHTXHULU OD LQFRUSRUDFLyQ GH 
SHUVRQDV MXUtGLFDV TXH VH KDQ H[SXHVWR DQWHV TXH VH LGHQWLILFDQ FRPR VH
H[SRQH

 :(67),(/'&$3,7$//7'

'HQRPLQDFLyQGH3- :(67),(/'&$3,7$//7'
'RPLFLOLR)LVFDO 6RXWK %D\ 6KRUH 'ULYH  6XLWH
 &RFRQXW *URYH ² )ORULGD  ²
((88
5HSUHVHQWDQWH 3HGUR3DEOR.XF]\QVNL*RGDUG
1~PHURGHLGHQWLILFDFLyQ 

Página 1 de 54
&257(683(5,25'(-867,&,$1$&,21$/3(1$/(63(&,$/,=$'$
6e37,02-8=*$'2'(,19(67,*$&,Ð135(3$5$725,$1$&,21$/

)HGHUDOGHO(PSOHDGRU
'RPLFLOLR3URFHVDO -U %DWULFK %RVRYLFK 1ƒ  ² 6DQ
%RUMD²/LPD
$ERJDGR -XOLR&pVDU0LGROR&KLULQRV
*LVHOOD0LODJURV5XL]&DVWUR
5DIDHO*XVWDYR3DUUD3HUHD
&RUUHRHOHFWUyQLFR MPLGROR#PUDERJDGRVSH
MPLGROR#JPDLOFRP
&HOXODU  DERJDGR 
&DVLOODHOHFWUyQLFD 

 ),567&$3,7$/,19(56,21(6<$6(625Ì$6/,0,7$'$

'HQRPLQDFLyQGH3- ),567 &$3,7$/ ,19(56,21(6 <
$6(625Ì$6/,0,7$'$
'RPLFLOLR)LVFDO ,VLGRUD *R\HQHFKHD  2) 
ODV &RQGHV ² 6DQWLDJR GH &KLOH ²
&KLOH
587GHODHPSUHVD 
5HSUHVHQWDQWH *HUDUGR5DIDHO6HS~OYHGD4XH]DGD
6RFLR 0DXULFLR *RQ]DOR *XJOLHOPHWWL
9HUJDUD

$ERJDGR +XJR0DUWLFRUHQD&ROODQWHV
3HUF\*DUFtD&DYHUR
&RUUHR(OHFWUyQLFR SHUF\JDUFLDFDYHUR#JPDLOFRP
KXJRPDUWLFRUHQD#JPDLOFRP
&HOXODU 

&DVLOODHOHFWUyQLFD 



 +HFKRV,PSXWDGRVSRUHO0LQLVWHULR3~EOLFR
+HFKRVJHQpULFRV

 /D SUHVHQWH LQYHVWLJDFLyQ HV XQ KHFKR REMHWLYR TXH OD HPSUHVD
2GHEUHFKWUHFRQRFLyDQWHODMXVWLFLDGHORV(VWDGRV8QLGRVTXHQRVRODPHQWH
KDSDJDGRSUHVXQWDPHQWHVRERUQRVDIXQFLRQDULRVHVWDWDOHVSDUDDGMXGLFDUVH
ODFRQVWUXFFLyQGHODVJUDQGHVREUDVS~EOLFDVHQHO3HU~VLQRTXHWDPELpQKD
FRQWULEXLGR FRQ GLQHUR SURYHQLHQWH GH VXV JDQDQFLDV LOtFLWDV SDUD ILQDQFLDU

Página 2 de 54
&257(683(5,25'(-867,&,$1$&,21$/3(1$/(63(&,$/,=$'$
6e37,02-8=*$'2'(,19(67,*$&,Ð135(3$5$725,$1$&,21$/

FDPSDxDVHOHFWRUDOHVFRQHOREMHWLYRHVSXULRGHREWHQHUEHQHILFLRVGHODFODVH
SROtWLFD D OD TXH ILQDQFLD (Q HIHFWR HO JUXSR HPSUHVDULDO 2GHEUHFKW HQ HO
DFXHUGR TXH VXVFULEH FRQ ORV (VWDGRV 8QLGRV GH 1RUWHDPpULFD  KDFH OD
VLJXLHQWHDILUPDFLyQ

 (O UHSUHVHQWDQWH GHO 0LQLVWHULR 3~EOLFR KDFH PHQFLyQ TXH HQWUH ORV
DxRV  \  R DOUHGHGRU GH GLFKDV IHFKDV 2GHEUHFKW MXQWR FRQ VXV
FyPSOLFHVDVDELHQGDV\GHOLEHUDGDPHQWHVHDVRFLyLOtFLWDPHQWH\VHFROXGLy
FRQ RWURV SDUD IDFLOLWDU GH PDQHUD FRUUXSWD FLHQWRV GH PLOORQHV GH GyODUHV
HQ SDJRV \ RWURV REMHWR GH YDORU D IXQFLRQDULRV H[WUDQMHURV D SDUWLGRV
SROtWLFRV H[WUDQMHURV D IXQFLRQDULRV GH SDUWLGRV SROtWLFRV H[WUDQMHURV \ D
FDQGLGDWRVSROtWLFRVH[WUDQMHURVDVtFRPRHQEHQHILFLRGHHVWRVSDUDREWHQHU
XQ EHQHILFLR LQGHELGR H LQIOXHQFLDU D GLFKRV IXQFLRQDULRV H[WUDQMHURV
SDUWLGRVSROtWLFRVH[WUDQMHURV\FDQGLGDWRVSROtWLFRVH[WUDQMHURVFRQHOILQGH
REWHQHU\PDQWHQHUQHJRFLRVHQGLIHUHQWHVSDtVHVDOUHGHGRUGHOPXQGR

 /XHJR GH VHU JHQHUDGRV ORV IRQGRV QR GHFODUDGRV HUDQ FDQDOL]DGRV D
WUDYpV GH OD 'LYLVLyQ GH 2SHUDFLRQHV (VWUXFWXUDGDV D YDULDV HPSUHVDV
RIIVKRUH TXH QR HVWDEDQ LQFOXLGDV HQ HO EDODQFH JHQHUDO GH 2GHEUHFKW FRPR
HPSUHVDV UHODFLRQDGDV (VWDV HPSUHVDV HUDQ FUHDGDV \ JHVWLRQDGDV SRU
LQVWUXFFLRQHV GH OD 'LYLVLyQ GH 2SHUDFLRQHV (VWUXFWXUDGDV D WUDYpV GH
EHQHILFLDULRVHIHFWLYRVTXHHUDQUHFRPSHQVDGRVSRUDEULU\HQDOJXQRVFDVRV
RSHUDUHVWDVHPSUHVDV

 (Q HVH RUGHQ GH LGHDV HO UHSUHVHQWDQWH GHO 0LQLVWHULR 3~EOLFR LQGLFD
TXHGHEHDQRWDUVHOD5HVROXFLyQ1RGHOGHIHEUHURGH([SHGLHQWH
-(3( SRU OD TXH OD 6DOD 3HQDO 1DFLRQDO GH
$SHODFLRQHV (VSHFLDOL]DGD HQ 'HOLWRV GH &RUUXSFLyQ GH )XQFLRQDULRV ²
&ROHJLDGR$VHxDOD

´9LJpVLPR &XDUWR 3UHYLDPHQWH GHEHPRV UHFRUGDU TXH HVWH &ROHJLDGR HQ
RSRUWXQLGDGHV DQWHULRUHV KD GHMDGR HVWDEOHFLGR TXH OD HPSUHVD 2GHEUHFKW
KDEUtDRSHUDGRFRPRXQDRUJDQL]DFLyQFULPLQDOLQWHUQDFLRQDOSXHVDWUDYpV
GHO SDJR GH FRPLVLRQHV LOtFLWDV HQ HO PDUFR GH ODV FRQWUDWDFLRQHV S~EOLFDV
UHDOL]DGDVHQGLYHUVRVSDtVHVHQWUHHOORVHO3HU~(QHVHFRQWH[WRODHPSUHVD
2GHEUHFKW FRPR WDO R HQ IRUPD FRQVRUFLDGD SDUWLFLSy HQ OD HMHFXFLyQ GH
YDULRV SUR\HFWRV \ REUDV GH LQIUDHVWUXFWXUD D WUDYpV GH VXV UHSUHVHQWDQWHV
HQWUHHOORV,,56$1257(H,,56$685 WUDPRV\ µ

 $KRUD ELHQ VHJ~Q WHVLV ILVFDO HO SUHVHQWH UHTXHULPLHQWR WUDWDUtD SXHV
GH DFWRV GH EODQTXHR GH FDSLWDO HQ ORV TXH KD LQFXUULGR LPSXWDGR 3HGUR
3DEOR .XF]\QVNL *RGDUG \ RWURV FRPR FRQVHFXHQFLD GH VX LQWHUYHQFLyQ HQ

Página 3 de 54
&257(683(5,25'(-867,&,$1$&,21$/3(1$/(63(&,$/,=$'$
6e37,02-8=*$'2'(,19(67,*$&,Ð135(3$5$725,$1$&,21$/

SUHVXQWRVDFWRVGHFRUUXSFLyQUHODFLRQDGRVDORVSUR\HFWRVGHQRPLQDGRV D 
&RUUHGRU9LDO,QWHURFHiQLFR3HU~%UDVLO HQDGHODQWH,,56$7UDPRV\ \
E 3UR\HFWRGH,UULJDFLyQH+LGURHQHUJpWLFRGH2OPRV7UDVYDVHH,UULJDFLyQ
TXHIXHUDQDGMXGLFDGRVSRU352,19(56,21EDMRHOPDUFROHJDOGHO3URFHVR
GH3URPRFLyQGHOD,QYHUVLyQ3ULYDGD FRQFHVLyQ DODHPSUHVD2GHEUHFKW D
WUDYpVGHVXVFRQFHVLRQDULDV 

5HVSHFWRDODIXQFLyQS~EOLFDGH3HGUR3DEOR.XF]\QVNL*RGDUG

(OUHSUHVHQWDQWHGHO0LQLVWHULR3~EOLFRKDFHUHIHUHQFLDTXHODSUHVHQWH
LQYHVWLJDFLyQ GDWDQ HQ ORV DxRV HQ TXH VH RWRUJDURQ ODV FRQFHVLRQHV GH ORV
3UR\HFWRVPHQFLRQDGRVD2GHEUHFKWJREHUQDEDHQHOSDtV$OHMDQGUR7ROHGR
0DQULTXH ²H[ SUHVLGHQWH GH OD 5HS~EOLFD HQ OD JHVWLyQ  (Q WDQWR
TXH HO LPSXWDGR 3('52 3$%/2 .8&=<16., *2'$5' RFXSDED HO FDUJR
GH 0LQLVWUR GH (FRQRPtD \ )LQDQ]DV \ FRQ HOOR 3UHVLGHQWH GHO &RQVHMR
'LUHFWLYR GH 352,19(56,Ð1 \ WDPELpQ 3UHVLGHQWH GHO &RQVHMR GH
0LQLVWURVFRQIRUPHDOVLJXLHQWHFXDGUR

$xR &DUJR 5HVROXFLyQ
 0LQLVWUR GH 5HVROXFLyQ 6XSUHPD 1R 
(FRQRPtD \ 3&0 -8/ 
)LQDQ]DV 5HVROXFLyQ 6XSUHPD 1R 
3&0 -8/ 
 0LQLVWUR GH 5HVROXFLyQ 6XSUHPD 1R 
(FRQRPtD \ 3&0 )(% 
)LQDQ]DV 5HVROXFLyQ 6XSUHPD 1R 
3&0 $*2 
 3UHVLGHQWH GHO 5HVROXFLyQ 6XSUHPD 1R 
&RQVHMR GH 3&0 $*2 
0LQLVWURV 5HVROXFLyQ 6XSUHPD 1R 
3&0 -8/ 


 (Q HVH RUGHQ GH LGHDV HO GLUHFWRU GH OD LQYHVWLJDFLyQ KDFH UHIHUHQFLD
TXH OR DQWHULRUPHQWH DQRWDGR FREUD UHOHYDQFLD SRUTXH HO LPSXWDGR 3HGUR
3DEOR .XF]\QVNL *RGDUG DO RFXSDU ORV SXHVWRV PiV DOWRV GH OD
DGPLQLVWUDFLyQ S~EOLFD KD WHQLGR LQMHUHQFLD GLUHFWD HQ ORV SUR\HFWRV D 
&RUUHGRU9LDO,QWHURFHiQLFR3HU~%UDVLO HQDGHODQWH,,56$7UDPRV\ \
E 3UR\HFWRGH,UULJDFLyQH+LGURHQHUJpWLFRGH2OPRV7UDVYDVHH,UULJDFLyQ
&RPRVHDQDOL]DUiPiVDGHODQWHVXSDUWLFLSDFLyQKDVLGRIXQGDPHQWDOSDUD
TXH OD HPSUHVD 2GHEUHFKW SXHGD DGMXGLFDUVH OD FRQVWUXFFLyQ \
PDQWHQLPLHQWRGHDPEDVREUDV

Página 4 de 54
&257(683(5,25'(-867,&,$1$&,21$/3(1$/(63(&,$/,=$'$
6e37,02-8=*$'2'(,19(67,*$&,Ð135(3$5$725,$1$&,21$/


(QHVHFRQWH[WRVHJ~QWHVLVILVFDOODVYHQWDMDV\EHQHILFLRVHFRQyPLFRVD
ORV TXH DFFHGLy 2GHEUHFKW HQ ODV FRQFHVLRQHV PHQFLRQDGDV IXHURQ
UHWULEXLGDV SRU pVWD FRQWUDWDQGR ODV DVHVRUtDV ILQDQFLHUDV GH OD HPSUHVD GH
.XF]\QVNL *RGDUG :(67),(/' &$3,7$/  FRPR SDUWH GH VXV SUiFWLFDV
FRUUXSWDVHPSUHVDULDOHV

5HVSHFWRDODDFWLYLGDGSULYDGDGH3HGUR3DEOR.XF]\QVNL*RGDUG

 3RU RWUD SDUWH HO UHSUHVHQWDQWH GHO 0LQLVWHULR 3~EOLFR KD PDQLIHVWDGR
TXH:HVWILHOG&DSLWDO/7'HVXQDHPSUHVDTXHQRWLHQHSHUVRQHUtDMXUtGLFD
HQHO3HU~WDPSRFRVXFXUVDOQLLQVFULSFLyQGHSRGHUDOJXQRHQORV5HJLVWURV
3~EOLFRVSHUXDQRVVLQHPEDUJRKDFRQWUDWDGRFRQ2GHEUHFKWSDUDSUHVWDUOH
DVHVRUtD ILQDQFLHUD HQ ORV SUR\HFWRV D  &RUUHGRU 9LDO ,QWHURFHiQLFR 3HU~
%UDVLO HQ DGHODQWH ,,56$ 7UDPRV  \   \ E  3UR\HFWR GH ,UULJDFLyQ H
+LGURHQHUJpWLFRGH2OPRV7UDVYDVHH,UULJDFLyQ

$VLPLVPRHO*UXSRGH$FFLyQ)LQDQFLHUD,QWHUQDFLRQDO *$), VHxDOD
FRPR UHFRPHQGDFLRQHV SDUD OD SUHYHQFLyQ GHO GHOLWR GH /DYDGR GH $FWLYRV
TXHODVVRFLHGDGHVPHUFDQWLOHVHVWpQLQVFULWDVHQXQUHJLVWURPHUFDQWLOHOFXDO
GHEHUHJLVWUDUHOQRPEUHGHODVRFLHGDGPHUFDQWLOSUXHEDGHVXFRQVWLWXFLyQ
IRUPD \ HVWDWXV MXUtGLFR GLUHFFLyQ GH OD RILFLQD GRPLFLOLDGD SRWHVWDGHV
EiVLFDVGHUHJXODFLyQ\OLVWDGHGLUHFWRUHV

 3RU RWUD SDUWH HO GLUHFWRU GH OD LQYHVWLJDFLyQ PDQLILHVWD TXH HO
LPSXWDGR 3HGUR 3DEOR .XF]\QVNL *RGDUG HQ VX GHFODUDFLyQ GHO  GH
IHEUHUR GH  KD VHxDODGR TXH pO FUHy :HVWILHOG &DSLWDO /7' \ SDUD
FRPSOHPHQWDUVXUHVSXHVWDVXDERJDGRGHIHQVRUSUHVHQWyHOGHIHEUHURGH
GRFXPHQWDFLyQDOHJDQGRTXHODHPSUHVDFRQWDEDFRQHO&HUWLILFDGRGH
H[LVWHQFLD GHO 'HSDUWDPHQWR GHO (VWDGR GH )ORULGD (VWDGRV 8QLGRV GH
1RUWHDPpULFD  DVt FRPR .XF]\QVNL *RGDUG HQ VX GHFODUDFLyQ GHO  GH
DEULOGHKDVHxDODGRTXHVXHPSUHVDIXHFRQVWLWXLGDHQOD´2ILFLQD
6RXWK%D\VKRUH6KRUH'ULYH0LDPL)ORULDµ

(QHVHRUGHQGHLGHDVVHORJUDHVWDEOHFHUTXH:HVWILHOG&DSLWDO/7'HV
XQDHPSUHVDGHOLPSXWDGR3HGUR3DEOR.XF]\QVNL*RGDUGDVtWDPELpQORKD
GDGRDFRQRFHUVXFRLPSXWDGR*HUDUGR5DIDHO6HSXOYHGD4XH]DGDTXLHQHQ
VX GHFODUDFLyQ GHO  GH PDU]R GH  VHxDOy TXH HO  GH OD HPSUHVD
FRUUHVSRQGtDD.XF]\QVNL*RGDUG

$VLPLVPR OD ILVFDOtD PDQLILHVWD TXH GHO DOODQDPLHQWR GHO LQPXHEOH GHO
LPSXWDGR 3HGUR 3DEOR .XF]\QVNL *RGDUG XELFDGR HQ &DOOH &KRTXHKXDQFD

Página 5 de 54
&257(683(5,25'(-867,&,$1$&,21$/3(1$/(63(&,$/,=$'$
6e37,02-8=*$'2'(,19(67,*$&,Ð135(3$5$725,$1$&,21$/

 6DQ ,VLGUR VH LQFDXWy GRFXPHQWDFLyQ GHO UHJLVWUR GH :HVWILHOG
&DSLWDO/7'HQODV,VODV9tUJHQHV%ULWiQLFDV$HOOR.XF]\QVNL*RGDUGHQVX
GHFODUDFLyQ GHO  GHDEULO GH  KD VHxDODGR ´4XH OD SDUWHRULJLQDO TXH
QRRSHURHVWXYRHQODV,VODV9tUJHQHV\RODTXLHURFHUUDUSHURPHSLGHQXQ
JDVWRJUDQGHGHDERJDGRVHQODV,VODV9tUJHQHV

 'H LJXDO PRGR HV LPSRUWDQWH DQRWDU HO YtQFXOR TXH *HUDUGR 5DIDHO
6HSXOYHGD 4XH]DGD VRVWXYR FRQ $QGUpV -XDQ 0LOOD &RPLWUH SXHV pVWH D
QRPEUH GHO %DQFR GH &UpGLWR GH 3HU~ ² %&3 LQWHUYLQR HQ ORV FRQWUDWRV TXH
VRVWXYR :HVWILHOG &DSLWDO /7' FRQ OD HPSUHVD 2GHEUHFKW 'H DFXHUGR D OR
GHFODUDGRSRU0LOOD&RPLWUHHOGHDEULOGHWDPELpQKDVRVWHQLGRVX
UHODFLyQ

´ 'LJD ¢6L ),567 &$3,7$/ ,19(56,21(6 < $6(625Ì$6
/7'$ '( &+,/( WUDQVILULy IRQGRV D ),567 &$3,7$/ 3$57(1(56
'(/3(5Ô6$&"'HVHUDILUPDWLYDVXUHVSXHVWDH[SOLTXHODVUD]RQHV
'LMR6tUHFLEtIRQGRVSRUSDUWHGH),567&$3,7$/,19(56,21(6<
$6(625Ì$6/7'$'(&+,/(FRPRFRQWUDSUHVWDFLyQGHORVVHUYLFLRV
TXHVHEULQGDEDQ\TXHIXHURQIDFWXUDGRVHQVXRSRUWXQLGDGµ


 ,GHQWLILFDFLyQ GHO KHFKR JHQHUDGRU GHO DFWLYR GHOLWR SUHYLR
FRUUXSFLyQGHIXQFLRQDULRV 

352<(&72 &255('25 9,$/ ,17(52&(É1,&2 685 3(5Ô
%5$6,/ ,,56$68575$02< 

 3RU RWUR ODGR OD ILVFDOtD KDFH PHQFLyQ TXH HV XQ KHFKR REMHWLYR
TXH OD 6DOD 3HQDO 3HUPDQHQWH GH OD &RUWH 6XSUHPD GH -XVWLFLD GH OD
5HS~EOLFD HQ HO ([SHGLHQWH GH ([WUDGLFLyQ $FWLYD 1R  /LPD
GHOGHPDU]RGHKDUHVXHOWRGHFODUDUSURFHGHQWHODVROLFLWXGGH
H[WUDGLFLyQ DFWLYD IRUPXODGD FRQWUD HO H[ SUHVLGHQWH $OHMDQGUR 7ROHGR
0DQULTXHSURFHVDGRSRUORVGHOLWRVGH7UiILFRGH,QIOXHQFLDV&ROXVLyQ
\/DYDGRGH$FWLYRV/RVIXQGDPHQWRVHPSOHDGRVSRUOD6DOD6XSUHPD
VRQORVVLJXLHQWHV

´ (O H[WUDGLWXUXV 7ROHGR 0DQULTXH WHQtD FRPSHWHQFLD IXQFLRQDO
SDUDGLVSRQHUGHFDXGDOHVS~EOLFRVSRUVHUUHVSRQVDEOHGH´DGPLQLVWUDUOD
KDFLHQGD S~EOLFDµ GH FRQIRUPLGDG FRQ HO SUHFHSWR FRQVWLWXFLRQDO DQWHV
FLWDGR(QWDOVHQWLGRH[SXVRORVUHFXUVRVHFRQyPLFRVGHO(VWDGRHQXQD
REUD D IDYRU GHO FRQWUDWDQWH FX\D VHOHFFLyQ IXH FRQGLFLRQDGD
VXEUHSWLFLDPHQWHDXQSDJRLOtFLWRHQVXIDYRU

Página 6 de 54
&257(683(5,25'(-867,&,$1$&,21$/3(1$/(63(&,$/,=$'$
6e37,02-8=*$'2'(,19(67,*$&,Ð135(3$5$725,$1$&,21$/


 (Q HVH VHQWLGR QR VH SXHGH H[FOXLU GH HVWH WLSR SHQDO DO UHFODPDGR
7ROHGR0DQULTXHEDMRHODUJXPHQWRGHTXHQRWXYRLQFLGHQFLDDOJXQDHQ
ODVFRQWUDWDFLRQHV\DGTXLVLFLRQHVGHO(VWDGRFXDQGRHQUHDOLGDG²FRPR
VH KD GHVDUUROODGR HQ HO DFiSLWH  'HO SUHVXQWR GHOLWR GH FROXVLyQ GHO
IXQGDPHQWRMXUtGLFRVH[WRHQVXFRQGLFLyQGH3UHVLGHQWHGHOD5HS~EOLFD
GHO3HU~LQWHUYLQRHQORV\DVHxDODGRVDFWRVIXQFLRQDOHVUHODFLRQDGRVFRQ
OD HQWUHJD HQ FRQFHVLyQ GHO 3UR\HFWR &RUUHGRU 9LDO ,QWHURFHiQLFR 6XU
3HU~%UDVLO7UDPRV,,\,,,'HEHDWHQGHUVHLJXDOPHQWHDOELHQMXUtGLFR
TXH WXWHOD HVWH GHOLWR SRU OR TXH HV LQDFHSWDEOH VRVWHQHU TXH SRUTXH HO
UHFODPDGR RVWHQWy HO PiV DOWR FDUJR S~EOLFR QR SXHGH VHU VXMHWR DFWLYR
GHOGHOLWRGHFROXVLyQµ

 (Q HVH RUGHQ GH LGHDV OD WHVLV ILVFDO KDFH UHIHUHQFLD TXH HO yUJDQR
MXULVGLFFLRQDO WLHQH OD FRQYLFFLyQ TXH $OHMDQGUR 7ROHGR 0DQULTXH ²H[
SUHVLGHQWH GH OD 5HS~EOLFD HQ OD JHVWLyQ  KDEtD KHFKR SURPHWHU
SDUD Vt OD VXPD GH 86 · GH SDUWH GH -RUJH 6LPRHV %DUDWD
6XSHULQWHQGHQWH GH OD HPSUHVD 2GHEUHFKW HQ HO 3HU~ D FDPELR GH KDFHUOD
JDQDGRUD GH OD REUD SDUD OD ´FRQVWUXFFLyQ \ PDQWHQLPLHQWR GHO &RUUHGRU
9LDO,QWHURFHiQLFR3HU~%UDVLO ,,56$ µHQHODxR

 (Q HIHFWR HO SUR\HFWR GHQRPLQDGR &RUUHGRU 9LDO ,QWHURFHiQLFR 3HU~
%UDVLO HQ DGHODQWH ,,56$ 7UDPRV  \   IXH DGMXGLFDGR EDMR HO PDUFR OHJDO
GHO3URFHVRGH3URPRFLyQGHOD,QYHUVLyQ3ULYDGD FRQFHVLyQ DODHPSUHVD
2GHEUHFKW D WUDYpV GHO &RQVRUFLR ,,56$ 6XU 7UDPR  \   $Vt HO SDFWR
FROXVRULRYLHQHVLHQGRLQYHVWLJDGRHQHO([SHGLHQWH-5
3(DQWHHO3ULPHU-X]JDGRGH,QYHVWLJDFLyQ3UHSDUDWRULD1DFLRQDO

 $VLPLVPR HO UHSUHVHQWDQWH GHO 0LQLVWHULR 3~EOLFR PDQLILHVWD TXH VH
WLHQH FRPR DFWLYLGDG FULPLQDO SUHYLD TXH HO LPSXWDGR 3HGUR 3DEOR
.XF]\QVNL *RGDUG HQ VX FRQGLFLyQ GH 0LQLVWUR GH (VWDGR KD WHQLGR
LQWHUYHQFLyQ GLUHFWD SDUD PDWHULDOL]DU HO DFXHUGR FRUUXSWRU VRVWHQLGR HQWUH
-RUJH 6LPRHV %DUDWD \ $OHMDQGUR 7ROHGR 0DQULTXH FRQ HO REMHWR GH TXH OD
HPSUHVD2GHEUHFKWVHDGMXGLFDUDODREUDGHODFRQVWUXFFLyQ\PDQWHQLPLHQWR
GHOSUR\HFWRGHOD,,56$7UDPRV\

 'H HVWD PDQHUD ORV DFWRV GH FRQFHUWDFLyQ VL ELHQ WXYLHURQ FRPR
SURSyVLWR OD DGMXGLFDFLyQ GHO &RUUHGRU ,,56$ 685 HQ VXV WUDPRV  \  D
IDYRUGHODHPSUHVD2GHEUHFKW HQFRQVRUFLRFRQRWUDVHPSUHVDV HOORQRVH
KXELHUD SRGLGR ORJUDU VL HO LPSXWDGR 3HGUR 3DEOR .XF]\QVNL *RGDUG QR
JHVWLRQDED LPSXOVDED \ SURSRQtD OD DGHFXDFLyQ GHO PDUFR QRUPDWLYR SDUD
IDYRUHFHU D GLFKD HPSUHVD &RPR FRQVHFXHQFLD GH HOOR VH LQWURGXMHURQ

Página 7 de 54
&257(683(5,25'(-867,&,$1$&,21$/3(1$/(63(&,$/,=$'$
6e37,02-8=*$'2'(,19(67,*$&,Ð135(3$5$725,$1$&,21$/

FRQFHSWRV WpFQLFRHFRQyPLFRV HQ OD UHODFLyQ FRQWUDFWXDO (VWDGRHPSUHVD 


FRQ OD ILQDOLGDG TXH OXHJR OD HPSUHVD 2GHEUHFKW SXHGD IDYRUHFHU
HFRQyPLFDPHQWHDORVLQWHUHVHVSULYDGRVGH.XF]\QVNL*RGDUGPHGLDQWHOD
FRQWUDWDFLyQGHVXVDVHVRUtDVSULYDGDV

(OGHGLFLHPEUHGHSRVWHULRUDODFXHUGRHQWUH$OHMDQGUR7ROHGR
0DQULTXH\6LPRHV%DUDWDHOLPSXWDGR3HGUR3DEOR.XF]\QVNL *RGDUGHQ
VXFDOLGDGGH3UHVLGHQWHGHO&RQVHMR'LUHFWLYRGH3URLQYHUVLyQOOHYyDFDER
OD6HVLyQ1RGH3URLQYHUVLyQHQODVLQVWDODFLRQHVGH3DODFLRGH*RELHUQR
(QHVDLQXVXDOVHVLyQHQGRQGHLQWHUYLQRHOH[SUHVLGHQWH7ROHGR0DQULTXH
.XF]\QVNL *RGDUG DSUREy HO 3ODQ GH 3URPRFLyQ GHO 3UR\HFWR ,LUVD6XU
FRQIRUPHFRQVWDGHODFWD

´ $SUREDFLyQ GHO 3ODQ GH 3URPRFLyQ GHO 3UR\HFWR &RUUHGRU 9LDO
,QWHURFHiQLFD3HU~²%UDVLO
3DUD WUDWDU HVWH WHPD IXH LQYLWDGR HO VHxRU 3UHVLGHQWH GH OD 5HS~EOLFD
GRFWRU$OHMDQGUR7ROHGR0DQULTXH
$FWR VHJXLGR HO 'LUHFWRU (MHFXWLYR UHDOL]y XQD SUHVHQWDFLyQ GHO SURFHVR
GH SURPRFLyQ ´3UR\HFWR &RUUHGRU 9LDO ,QWHURFHiQLFR 3HU~%UDVLOµ HQ OD
FXDO SDUWLFLSDURQ ORV 0LQLVWURV GH (VWDGR \ HO VHxRU 3UHVLGHQWH GH OD
5HS~EOLFD
6HJXLGDPHQWH HO VHFUHWDULR GLR OHFWXUD DO 2ILFLR 1R
&3,352,19(56,21 GH IHFKD  GH GLFLHPEUH &RPLWp GH
352,19(56,21 HQ 3UR\HFWRV GH ,QIUDHVWUXFWXUD \ GH 6HUYLFLRV
3~EOLFRV PHGLDQWH HO FXDO VROLFLWD OD DSUREDFLyQ GHO 3ODQ GH 3URPRFLyQ
GHOD,QYHUVLyQ3ULYDGDSDUDODHQWUHJDHQFRQFHVLyQDOVHFWRUSULYDGRGH
ODV REUDV \ PDQWHQLPLHQWR GH ODV 5HGHV 9LDOHV TXH FRQIRUPDQ HO
´3UR\HFWR &RUUHGRU 9LDO ,QWHURFHiQLFR 3HU~%UDVLOµ D TXH VH UHILHUH OD
/H\1Rµ

(QGLFKDVHVLyQVHKDEUtDGHFLGLGRTXHODFRQVWUXFFLyQGH,,56$685
QRVHDOLFLWDGDEDMRODVQRUPDVGHODFRQWDWDFLyQGHREUDS~EOLFD\DVtHYLWDU
HOULJXURVRSURFHGLPLHQWRGHO6LVWHPD1DFLRQDOGH,QYHUVLyQ3~EOLFD²61,3
(Q VX OXJDU DGRSWDURQ OD GHFLVLyQ GH HQWUHJDU OD REUD DO VHFWRU SULYDGR
2GHEUHFKW  EDMR HO PDUFR OHJDO GH OD LQYHUVLyQ SULYDGD FRQFHVLyQ 
$VLPLVPR OD )LVFDOtD UHILHUH TXH .XF]\QVNL *RGDUG HQ VX FRQGLFLyQ GH
0LQLVWUR GH (FRQRPtD \ )LQDQ]DV UHIUHQGy OD 5HVROXFLyQ 6XSUHPD 1ƒ 
()SXEOLFDGDHOGHGLFLHPEUHGHTXHUDWLILFDEDHO$FXHUGRGH
3URLQYHUVLyQ GH HQWUHJDU HQ FRQFHVLyQ DO VHFWRU SULYDGR ODV REUDV \
PDQWHQLPLHQWRV LQYROXFUDGRV HQ HO 3UR\HFWR &RUUHGRU 9LDO ,QWHURFHiQLFR
3HU~%UDVLO,,56$685


Página 8 de 54
&257(683(5,25'(-867,&,$1$&,21$/3(1$/(63(&,$/,=$'$
6e37,02-8=*$'2'(,19(67,*$&,Ð135(3$5$725,$1$&,21$/

 $GHPiV VHxDOD FRPR RWUR SXQWR UHOHYDQWH TXH .XF]\QVNL *RGDUG
WDPELpQ FRPR 0LQLVWUR GH (FRQRPtD \ )LQDQ]DV SUHYLDPHQWH DSUREy HO
5HJODPHQWRGH2UJDQL]DFLyQ\)XQFLRQHVGHOD$JHQFLDGH3URPRFLyQGHOD
,QYHUVLyQHOORDWUDYpVGHO'HFUHWR6XSUHPR1ƒ3&0HQGRQGHVH
HVWDEOHFLy HQ VXV GLVSRVLFLRQHV ILQDOHV TXH HO 0LQLVWUR GH (FRQRPtD \
)LQDQ]DV VHUtD OD SHUVRQD HQFDUJDGD GH SUHVLGLU HO &RQVHMR 'LUHFWLYR GH
3URLQYHUVLyQ VLHQGR TXH FRQ HOOR .XF]\QVNL *RGDUG VHUtD HO HQFDUJDGR GH
HOHJLU D ORV PLHPEURV GHO &RPLWp GH 3URLQYHUVLyQ \ HVWRV D VX YH] ORV
HQFDUJDGRVGHFRQGXFLUHOSURFHVRGHFRQFHVLyQ,,56$6857UDPRV\

(QHVHPLVPRRUGHQGHLGHDVUHILHUHFRPRKHFKRDWHQHUHQFXHQWDTXH
OD6HVLyQGHO&RQVHMR'LUHFWLYRGH3URLQYHUVLyQVHKDEUtDLQLFLDGRHQODV
LQVWDODFLRQHVGHO0QLVWHULRGH(FRQRPtD\)LQDQ]DVHOGHDJRVWRGH
VLHQGRSUHVLGLGDSRU.XF]\QVNL*RGDUGVLQHPEDUJRDQWHODRSRVLFLyQGHOD
&RQWUDORUtD *HQHUDO GH OD 5HS~EOLFD GH TXH OD HPSUHVD 2GHEUHFKW FRQWUDWH
FRQHO(VWDGRDGYLUWLHQGRTXHVHHQFRQWUDEDFRQSURFHVRVMXGLFLDOHVHVWDVH
KDEUtD WUDVODGDGR LUUHJXODUPHQWH DO 3DODFLR GH *RELHUQR OXJDU HQ HO TXH VH
GHFLGLyTXHODREVHUYDFLyQIRUPXODGDSRUOD&RQWUDORUtDHUDLQRFXDSDUDOR
FXDO XWLOL]DURQ FRPR MXVWLILFDFLyQ HO LQIRUPH GHO DERJDGR -XDQ 0RQUR\
*DOYH]HOFXDOKDEUtDVLGRLQWHQFLRQDOPHQWHFRQIHFFLRQDGRHOGHDJRVWRGH
SDUDGHVFDOLILFDUODREVHUYDFLyQIRUPXODGD

 4XH OXHJR GH VXVFULWR HO FRQWUDWR HQWUH HO (VWDGR SHUXDQR \ OD
HPSUHVD 2GHEUHFKW HO LPSXWDGR 3HGUR 3DEOR .XF]\QVNL *RGDUG HQ VX
FRQGLFLyQ GH 3UHVLGHQWH GH &RQVHMR GH 0LQLVWURV \ HQ HO ~OWLPR DxR GH
JRELHUQRGH$OHMDQGUR7ROHGRJHVWLRQyHLQWHUYLQRSDUDODDSUREDFLyQGHOD
QRUPD TXH GHFODUDED OD QHFHVLGDG S~EOLFD H LQWHUpV QDFLRQDO GLYHUVRV
SUR\HFWRV HQWUH ORV FXDOHV HVWDED HO GH ,,56$ 685\ HO 3UR\HFWR2OPRV (Q
HIHFWR PHGLDQWH OD /H\ 1R  GH IHFKD  GH HQHUR GH  VH ORJUDED
TXH,,56$685HYDGLHUDFRQWUROHVSRVWHULRUHVSRUTXHVHGHFODUyLQDSOLFDEOHV
H LQH[LJLEOHV DTXHOORV LPSHGLPHQWRV SDUD VHU SRVWRUHV FRQWHQLGRV HQ EDVHV
DGPLQLVWUDWLYDVH[FHSWRORVUHTXHULPLHQWRVGHFDUiFWHUWpFQLFR\HFRQyPLFR
²ILQDQFLHUR

 $O UHVSHFWR HV QHFHVDULR LQGLFDU TXH HQ HO ,QIRUPH )LQDO GH OD
´&RPLVLyQ ,QYHVWLJDGRUD HQFDUJDGD GH LQYHVWLJDU HO SDJR GH SUHVXQWDV
FRLPDV D IXQFLRQDULRV SHUXDQRV SRU SDUWH GH ODV HPSUHVDV EUDVLOHxDV
2GHEUHFKW &DPDUJR &RUUHD 2$6 $QGUDGH *XWLpUUH] 4XLUR] *DOYDR \
RWUDV GHVGH HO LQLFLR GH VXV DFWLYLGDGHV KDVWD OD IHFKD SRU FXDOTXLHU IRUPD
GHFRQWUDWRFRQHO(VWDGRSHUXDQRµVHHVWDEOHFHHQVXVSiJLQDV\TXH
OD /H\  LPSLGH OD LQWHUYHQFLyQ \ ILVFDOL]DFLyQ GH OD &RQWUDORUtD HQ HO
SURFHVRGHOOHYDGRDFDERSDUDOD,,56$685

Página 9 de 54
&257(683(5,25'(-867,&,$1$&,21$/3(1$/(63(&,$/,=$'$
6e37,02-8=*$'2'(,19(67,*$&,Ð135(3$5$725,$1$&,21$/


 2WUR DVSHFWR UHOHYDQWH VRQ ODV FRQFOXVLRQHV D ODV TXH DUULED OD
&RQWUDORUtD *HQHUDO GH OD 5HS~EOLFD HQ HO ,QIRUPH (VSHFLDO 1R 
&*2($(( (Q HO FLWDGR GRFXPHQWR VH HVWDEOHFH TXH HQ ORV FRQWUDWRV GH
&RQFHVLyQ GH ODV 2EUD GH ORV WUDPRV  \  GHO &RUUHGRU ,,56$ 685 VH KDQ
FRQVLJQDGRYDORUHVTXHQRVHDMXVWDQDORVFRVWRVPi[LPRVGHWUDQVLWDELOLGDG
SUHYLVWRVSDUDHOSHUtRGRGHFRQVWUXFFLyQGHODVREUDV\TXHQRFRLQFLGHQFRQ
ODV FXRWDV Pi[LPDV GHWHUPLQDGDV SRU HO 0LQLVWHULR GH 7UDQVSRUWHV \
&RPXQLFDFLRQHV

7RGRVORVKHFKRVFRQFRQWHQLGRSHQDODQWHULRUPHQWHVHxDODGRVVRQ
ORVTXHSHUPLWHQHQWHQGHUSRUTXpODHPSUHVD2GHEUHFKWWUDQVILULHUHGLQHUR
DO LPSXWDGR 3('52 3$%/2 .8&=<16., *2'$5' D WUDYpV GH XQD
FRPSOHMD HVWUXFWXUDFLyQ GH RSHUDFLRQHV TXH LPSOLFDURQ ´DVHVRUtDV
ILQDQFLHUDVµ \ ´WUDQVIHUHQFLDV GH IRQGRV D HPSUHVDOD HPSUHVD :(67),(/'
&$3,7$/ /7'µ HQ ODV TXH HO EHQHILFLDULR ILQDO VLHPSUH IXH .8&=<16.,
*2'$5'

352<(&72 '( ,55,*$&,Ð1 ( +,'52(1(5*e7,&2 '( 2/026
75$69$6((,55,*$&,Ð1

 (O UHSUHVHQWDQWH GHO 0LQLVWHULR 3~EOLFR KD PDQLIHVWDGR TXH OD
DGMXGLFDFLyQ GH OD EXHQD SUR \ VXVFULSFLyQ GHO &RQWUDWR GH &RQFHVLyQ GHO
3UR\HFWR 7UDVYDVH 2OPRV FRQ IHFKD  GH PDU]R GH  ODV HPSUHVDV
:HVWILHOG &DSLWDO /LPLWHG ,1& GH SURSLHGDG GHO LPSXWDGR 3HGUR 3DEOR
.XF]\QVNL *RGDUG %DQFR GH &UpGLWR GHO 3HU~ ² %&3 \ &RQVWUXFWRUD
1RUEHUWR 2GHEUHFKW 6$ HQ DGHODQWH 2GHEUHFKW  VXVFULELHURQ HO &RQWUDWR
GH ´$VHVRUtD ILQDQFLHUDµ PRGLILFDGR SRVWHULRUPHQWH HO  GH PDU]R GH
  PHGLDQWH HO FXDO :HVWILHOG &DSLWDO VH HQFDUJDUtD GH GLVHxDU OD
HVWUXFWXUD ILQDQFLHUD QHFHVDULD SDUD FXEULU HO ILQDQFLDPLHQWR TXH OH
FRUUHVSRQGHUtD D 2GHEUHFKW HQ FDVR JDQDUD OD &RQFHVLyQ PHQFLRQDGD (Q
RWUDVSDODEUDVDSHVDUGHQRKDEHUVHDGMXGLFDGRD~QHOFRQWUDWRGHFRQFHVLyQ
GH 2OPRV 2GHEUHFKW \D KDEtD FRQWUDWDGR D OD HPSUHVD GH .XF]\QVNL
*RGDUGSDUDTXHORDVHVRUDUDHQODHVWUXFWXUDFLyQGHXQSURJUDPDGHERQRV
FRUSRUDWLYRV\FRORFDFLyQGHORVPLVPRVORVTXHILQDOPHQWHIXHURQHPLWLGRV
\DGTXLULGRVSRUGLVWLQWDVHPSUHVDVSRU86PLOORQHVGHGyODUHV

$OUHVSHFWRHVQHFHVDULRFLWDUTXHHQHO,QIRUPH)LQDOGHOD´&RPLVLyQ
,QYHVWLJDGRUD 0XOWLSDUWLGDULD HQFDUJDGD GH LQYHVWLJDU ORV SUHVXQWRV
VRERUQRV FRLPDV \ GiGLYDV TXH KXELHUDQ UHFLELGR IXQFLRQDULRV S~EOLFRV GH
ORV GLIHUHQWHV QLYHOHV GH JRELHUQR HQ UHODFLyQ D ODV FRQFHVLRQHV REUDV \
SUR\HFWRVTXHKD\DQVLGRDGMXGLFDGRVDODV HPSUHVDVEUDVLOHxDV2GHEUHFKW

Página 10 de 54
&257(683(5,25'(-867,&,$1$&,21$/3(1$/(63(&,$/,=$'$
6e37,02-8=*$'2'(,19(67,*$&,Ð135(3$5$725,$1$&,21$/

&DPDUJR&RUUHD2$6$QGUDGH*XWLpUUH]4XHLUR]*DOYDR\RWUDVGHVGHHO
LQLFLRGHVXVDFWLYLGDGHVKDVWDODIHFKDSRUFXDOTXLHUIRUPDGHFRQWUDWDFLyQ
FRQ HO (VWDGR SHUXDQRµ VH GHWHUPLQy TXH PLHQWUDV 3HGUR 3DEOR .XF]\QVNL
*RGDUG RFXSDED ORV FDUJRV GH 0LQLVWUR GH (FRQRPtD \ )LQDQ]DV
FRQVHFXHQWHPHQWHHOGH3UHVLGHQWHGH3URLQYHUVLyQ\GH3ULPHU0LQLVWUR
VX HPSUHVD :HVWILHOG &DSLWDO HUD EHQHILFLDGD SRU 2GHEUHFKW SRU
FRQVXOWRUtDVILQDQFLHUDVHQODVFRQFHVLRQHVHQODVTXHSDUWLFLSDED

&RQWLQXDQGRFRQODWHVLVILVFDOVRVWLHQHTXHHOLPSXWDGR3HGUR3DEOR
.XF]\QVNL *RGDUG VXVFULELy HO 'HFUHWR 6XSUHPR 1R () HO  GH
MXOLRGHHQVXFDOLGDGGH0LQLVWURGH(FRQRPtD\)LQDQ]DVHQODTXHVH
DXWRUL]y HO RWRUJDPLHQWR PHGLDQWH FRQWUDWR GH ODV VHJXULGDGHV \ JDUDQWtDV
GHO (VWDGR UHVSHFWR D OD LQYHUVLyQ TXH UHDOLFH OD HPSUHVD &RQFHVLRQDULD
7UDVYDVH 2OPRV 6$ HQ YLUWXG DO &RQWUDWR GH &RQFHVLyQ SDUD OD
&RQVWUXFFLyQ 2SHUDFLyQ \ 0DQWHQLPLHQWR GH ODV 2EUDV GH 7UDVYDVH GHO
3UR\HFWR2OPRV(OGHMXOLRGHVHVXVFULELyHO&RQWUDWRGH&RQFHVLyQ
FRQODHPSUHVD&RQFHVLRQDULD7UDVYDVH2OPRV6$ HVGHFLUFRQ2GHEUHFKW 
UHSUHVHQWDGDSRU-RUJH+HQULTXH6LPRHV%DUDWD

 (V DVt TXH HO  GH IHEUHUR GH  PHGLDQWH 'HFUHWR 6XSUHPR 1R
() VXVFULWR SRU 3HGUR 3DEOR .XF]\QVNL *RGDUG FRPR 3ULPHU
0LQLVWUR VH DSUREy RWRUJDU XQD JDUDQWtD VREHUDQD KDVWD SRU 86
· D IDYRU GH OD FRQFHVLRQDULD GH 2GHEUHFKW DVt FRPR OD
FRQWUDWDFLyQ SRU SDUWH GHO *RELHUQR 1DFLRQDO GH XQD JDUDQWtD GH ULHVJR
SDUFLDO FRQ OD &$) KDVWD SRU 86 · SDUD DVHJXUDU HO
FXPSOLPLHQWR GH OD JDUDQWtD VREHUDQD PHQFLRQDGD (Q RWUDV SDODEUDV OD
ILVFDOtD KDFH UHIHUHQFLD TXH HO (VWDGR D WUDYpV GH ODV QRUPDV DQWHV FLWDGDV
GLR ODV IDFLOLGDGHV QHFHVDULDV D ILQ TXH OD FRQFHVLRQDULD GH 2GHEUHFKW
YLDELOL]DUD VX HVWUXFWXUDFLyQ ILQDQFLHUD \ DVt FXPSOLU FRQ HO FRQWUDWR GH
FRQFHVLyQ

$VLPLVPRHOUHSUHVHQWDQWHGHO0LQLVWHULR3~EOLFRPDQLILHVWDTXHODV
JDUDQWtDV DVXPLGDV SRU HO (VWDGR D IDYRU GH OD FRQFHVLRQDULD GH 2GHEUHFKW
SHUPLWLy D pVWD ~OWLPD TXH ORV ERQRV FRUSRUDWLYRV HPLWLGRV IXHUDQ
DGTXLULGRV SRU VHU HO 3UR\HFWR 2OPRV XQD LQYHUVLyQ VHJXUD HQ OD TXH HO
(VWDGRDVXPtDHOULHVJRGHODLQYHUVLyQ

&RPR HQ HO FDVR DQWHULRU ,,56$ 685  ORV KHFKRV FRQ FRQWHQLGR SHQDO
VHxDODGRVSDUDHOWHPDGHO3UR\HFWRGH7UDVYDVH2OPRVSHUPLWHQHQWHQGHUHO
SRU TXp OD HPSUHVD 2GHEUHFKW WUDQVILULHUH GLQHUR DO LPSXWDGR 3HGUR 3DEOR
.XF]\QVNL *RGDUG D WUDYpV GH XQD FRPSOHMD HVWUXFWXUDFLyQ GH RSHUDFLRQHV
TXHLPSOLFDURQ´DVHVRUtDVILQDQFLHUDVµ\´WUDQVIHUHQFLDVGHIRQGRVDHPSUHVD

Página 11 de 54
&257(683(5,25'(-867,&,$1$&,21$/3(1$/(63(&,$/,=$'$
6e37,02-8=*$'2'(,19(67,*$&,Ð135(3$5$725,$1$&,21$/

OD HPSUHVD :HVWILHOG &DSLWDO /7'µ HQ ODV TXH HO EHQHILFLDULR ILQDO VLHPSUH
IXH.XF]\QVNL*RGDUG

/$*(1(5$&,Ð1'(/$&7,92

$6(625Ì$6),1$1&,(5$6'(/$f2

(O0LQLVWHULR3~EOLFRLQGLFDTXH FRQODGRFXPHQWDFLyQHQWUHJDGDSRU
HO%DQFRGH&UpGLWRGHO3HU~FRQVWDTXH:HVWILHOG&DSLWDO/7'\HO%DQFR
GH &UpGLWR GHO 3HU~ FRQ IHFKD  GH PDU]R GH  SUHVHQWDURQ D OD
&RQVWUXFWRUD 1RUEHUWR 2GHEUHFKW 6$ HO GRFXPHQWR ´3URSXHVWD SDUD OD
HVWUXFWXUDFLyQGHXQD2IHUWD3ULPDULDGH$FFLRQHVGHO3UR\HFWR2OPRV(WDSD
GH7UDVYDVHGH$JXDVKDVWD86PLOORQHVµ

 (Q OD FLWDGD 3URSXHVWD VH FRQVLJQD HQ VX DFiSLWH 9 ´(TXLSR 'H
7UDEDMRµ LQWHJUDGR SRU OD HPSUHVD :HVWILHOG &DSLWDO /7' FRQVLJQiQGRVH
FRPR ´6RFLR IXQGDGRUµ \ 'LUHFWRU GH RSHUDFLRQHV D *HUDUGR 6HS~OYHGD
4XH]DGD GHVFULELHQGR VX GHVHPSHxR ODERUDO 6LQ HPEDUJR QR VH KDFH
PHQFLyQ TXH HO LPSXWDGR 3HGUR 3DEOR .XF]\QVNL *RGDUG HUD HO UHDO
IXQGDGRU GXHxR  GH OD HPSUHVD :HVWILHOG &DSLWDO \ D VX YH] HQ HVRV
PRPHQWRVRFXSDEDHOFDUJRGH0LQLVWURGH(FRQRPtD\)LQDQ]DV

(VPiVHOSURSLR6HS~OYHGD4XH]DGDTXLHQHQVXGHFODUDFLyQGHIHFKD
GHPDU]RGHODODUHVSXHVWDDODSUHJXQWDPDQLIHVWyORVLJXLHQWH

« 3UHJXQWD4XLHQHVHUDQVRFLRVGHODHPSUHVD:HVWILHOG&DSLWDO"
'LMR
(VWD HPSUHVD FRQIRUPH D PL FRQRFLPLHQWR VLHPSUH KD VLGR FLHQ SRU
FLHQWRGHSURSLHGDGGH3HGUR3DEOR.8&=<16.,*2'$5' « 

(QHVDUD]yQHO0LQLVWHULR3~EOLFRDGYLHUWHTXHORVLQWHUYLQLHQWHVHQ
HO KHFKR FULPLQDO WHQtDQ SOHQR FRQRFLPLHQWR TXH HVWDEDQ RFXOWDQGR D
3HGUR 3DEOR .XF]\QVNL *RGDUG FRPR HO YHUGDGHUR GXHxR GH OD HPSUHVD
:HVWILHOG &DSLWDO TXLHQ GHVGH OD FODQGHVWLQLGDG EXVFDED EHQHILFLDUVH GH
ODV DVHVRUtDV ILQDQFLHUDV \ D OD SDU JHVWLRQDED FRPR 0LQLVWUR HO PDUFR
OHJDOPiVIDYRUDEOHD2GHEUHFKW

$VLPLVPRPDQLILHVWDTXHSUHYLRDORWRUJDPLHQWRGHOD%XHQD3UR\D
OD VXVFULSFLyQ GH FRQWUDWR GH FRQFHVLyQ GHO 3UR\HFWR 7UDVYDVH 2OPRV

1 A fojas 12-31 del Tomo 01, Anexo N° 02 denominado “ Documentos remitidos por el Banco de Crédito del Perú y
su relación con Westfield Capital sobre los contratos de asesoría financiera del “Proyecto Trasvase Olmos” y del
“Proyecto Corredor Vial Interoceánico Sur Perú-Brasil”.

Página 12 de 54
&257(683(5,25'(-867,&,$1$&,21$/3(1$/(63(&,$/,=$'$
6e37,02-8=*$'2'(,19(67,*$&,Ð135(3$5$725,$1$&,21$/

PHGLDQWHHO$FXHUGR &RQWUDWR GHIHFKDGHPDU]RGHOVXVFULWRSRU


XQ ODGR *HUDUGR 6HS~OYHGD 4XH]DGD HQ UHSUHVHQWDFLyQ GH OD HPSUHVD
:HVWILHOG&DSLWDO/7'*LDQIUDQFR)HUUDUL'H/DV&DVDV\$QGUpV-XDQ0LOOD
&RPLWUH HQ UHSUHVHQWDFLyQ GHO %DQFR GH &UpGLWR GHO 3HU~ HQ VX FDOLGDG GH
DVHVRUHV\SRUHORWUR-RUJH+HQULTXH6LPRHV%DUDWDHQUHSUHVHQWDFLyQGHOD
&RQVWUXFWRUD 1RUEHUWR 2GHEUHFKW ORV SULPHURV VH FRPSURPHWLHURQ FRQ OD
FRQVWUXFWRUD FRQ LQWHUYHQFLyQ GHO VLVWHPD ILQDQFLHUR D UHDOL]DU VHUYLFLRV GH
DVHVRUtD \ HVWUXFWXUDFLyQ ILQDQFLHUD SDUD HO GHVDUUROOR HO SUR\HFWR 7UDVYDVH
2OPRV

 /D HQFDUJDGD GH OOHYDU D FDER OD HMHFXFLyQ GH HVWH SUR\HFWR IXH OD
&RQFHVLRQDULD 7UDVYDVH 2OPRV 6$ HPSUHVD 2GHEUHFKW  (VWRV WpUPLQRV
FRQWUDFWXDOHV IXHURQ GHWDOODGRV SRU *LDQIUDQFR )HUUDUL 'H /DV &DVDV TXLHQ
HQVXGHFODUDFLyQGHIHFKDGHPDU]RGHHQUHVSXHVWDDOD SUHJXQWD
VHxDOyVLJXLHQWH

«  3UHJXQWD  ¢+D SDUWLFLSDGR 8VWHG HQ DVHVRUtDV GH
(VWUXFWXUDFLyQ )LQDQFLHUD R GH RWUD tQGROH SDUD HPSUHVDV GHO *UXSR
2GHEUHFKW"'HVHUDILUPDWLYDVXUHVSXHVWDSURSRUFLRQHRUGHQDGDPHQWH
LQIRUPDFLyQ DFHUFD GH WRGR FXDQGR HVWp UHODFLRQDGR FRQ GLFKDV
DVHVRUtDV"'LMR1R\RSHUVRQDOPHQWHQR6LQHPEDUJRKHILUPDGRXQ
PDQGDWRGHDVHVRUtDDOD&RQVWUXFWRUD1RUEHUWR2GHEUHFKWFRQUHVSHFWR
DODHVWUXFWXUDFLyQ\FRORFDFLyQGHLQVWUXPHQWRVGHUHQWDILMD ERQRV \
GHUHQWDYDULDEOH DFFLRQHV SDUDHOILQDQFLDPLHQWRGHODFRQVWUXFFLyQGH
ODVREUDVGHO7UDVYDVHGHO3UR\HFWR2OPRVTXHVHILUPyHOGHPDU]R
GH3DUDHVDIHFKD\RKDEtDVDOLGRGHOiUHDGHILQDQ]DVFRUSRUDWLYDV
\ HVWDED HQ EDQFD GH ILQDQ]DV FRUSRUDWLYDV \ HVWDED HQ EDQFD
FRUSRUDWLYD FXPSOLHQGR HO URO GXDO TXH KH PHQFLRQDGR DQWHULRUPHQWH
(OSUR\HFWRGHDVHVRUtDOROLGHUy$QGUpV0LOOD&RPLWUH « 

$VLPLVPR $QGUpV -XDQ 0LOOD &RPLWUH HQ VX GHFODUDFLyQ GH IHFKD  GH
DEULOGHHQUHVSXHVWDDODSUHJXQWDPDQLIHVWyORVLJXLHQWH

« 3UHJXQWD¢+DSDUWLFLSDGR8VWHGHQDVHVRUtDVGHHVWUXFWXUDFLyQ
ILQDQFLHUDRGHRWUDtQGROHSDUDHPSUHVDVGHO*UXSR2GHEUHFKW"'HVHU
DILUPDWLYDVXUHVSXHVWDSURSRUFLRQHRUGHQDGDPHQWHLQIRUPDFLyQDFHUFD
GHWRGRFXDQGRHVWpUHODFLRQDGRFRQGLFKDVDVHVRUtDV'LMR(QPLpSRFD
HQ HO %&3 GH )LQDQ]DV &RUSRUDWLYDV SDUWLFLSp HQ HO DxR  HQ OD
$VHVRUtD )LQDQFLHUD SDUD HO ILQDQFLDPLHQWR GH OD SULPHUD IDVH GHO
3UR\HFWRGH,UULJDFLyQ2OPRV « 


Página 13 de 54
&257(683(5,25'(-867,&,$1$&,21$/3(1$/(63(&,$/,=$'$
6e37,02-8=*$'2'(,19(67,*$&,Ð135(3$5$725,$1$&,21$/

 (Q HVH RUGHQ GH LGHDV GLFKRV DVHVRUHV GHEtDQ GLVHxDU OD HVWUXFWXUD
ILQDQFLHUD QHFHVDULD SDUD FXEULU HO ILQDQFLDPLHQWR GHO SUR\HFWR \ TXH OH
FRUUHVSRQGtD D OD FRQVWUXFWRUD EUDVLOHxD FRPR SDUWH GH ODV H[LJHQFLDV GH
ODV EDVHV GHO SURFHVR HQ FDVR REWXYLHUD OD EXHQD SUR $Vt HO $VHVRU
)LQDQFLHURGHOD&RQVWUXFWRUD2GHEUHFKW-DYLHU'H6RX]D)HUUHLUDLQIRUPy
GHOD%XHQD3URDODVDVHVRUDVILQDQFLHUDVPHGLDQWHOD&DUWD23,&
GHIHFKDGHMXQLRGHFRQDWHQFLyQD*HUDUGR6HSXOYHGD4XH]DGD
\ D *LDQIUDQFR )HUUDUL 'H /DV &DVDV FRPR UHSUHVHQWDQWHV GH OD HPSUHVD
:HVWILHOG &DSLWDO /WG \ %DQFR GH &UpGLWR GHO 3HU~ UHVSHFWLYDPHQWH (V
GHFLUODHPSUHVD2GHEUHFKWFRQWUDWyGHPDQHUDDQWLFLSDGDDODVHPSUHVDV
:HVWILHOG &DSLWDO /WG \ DO %DQFR GH &UpGLWR GHO 3HU~ FRPR VXV DVHVRUDV
ILQDQFLHUDV FXDQGR D OD FRQVWUXFWRUD QR VH OH KDEtD FRPXQLFDGR
IRUPDOPHQWHD~QODDGMXGLFDFLyQGHOSUR\HFWR7UDVYDVH2OPRV

5(63(&72$/26&2175$7266,08/$'26<686&5,726&21),567
&$3,7$/,19(56,21(6<$6(625Ì$6/7'

$VtOXHJRGHVXVFULELUVHHO$FXHUGR &RQWUDWR GHIHFKDGHPDU]R
GHO   FRQVWD PHGLDQWH &DUWD GH IHFKD  GH PDU]R GH   TXH OD
HPSUHVD :HVWILHOG &DSLWDO /7' FRPXQLFy D -XDQ $QGUpV 0DUVDQR 6RWR
*HUHQWH*HQHUDOGHOD&RQFHVLRQDULD7UDVYDVH2OPRV6$ 2GHEUHFKW QR
VyOR OD FXOPLQDFLyQ GHO FRQWUDWR GH DVHVRUtD UHIHULGR D ORV VHUYLFLRV GH
DVHVRUtD\HVWUXFWXUDFLyQILQDQFLHUDSDUDHOGHVDUUROORHOSUR\HFWR7UDVYDVH
2OPRV VXVFULWR FRQ IHFKD  GH PDU]R GH  VLQR WDPELpQ OD UHQXQFLD
GHORVEHQHILFLRVTXHGLFKRFRQWUDWRKDEtDJHQHUDGR

(VWR~OWLPRVHJ~QWHVLVILVFDOQRKXELHVHOODPDGRODDWHQFLyQVLQR
IXHVH SRUTXH 0DXULFLR *XJOLHOPHWWL 9HUJDUD HQ UHSUHVHQWDFLyQ GH OD
HPSUHVD )LUVW &DSLWDO ,QYHUVLRQHV < $VHVRUtDV /7' -XDQ 0DUVDQR 6RWR
*HUHQWH *HQHUDO HQ UHSUHVHQWDFLyQ GH OD &RQFHVLRQDULD 7UDVYDVH 2OPRV
6$ \ -RUJH +HQULTXH 6LPRHV %DUDWD 'LUHFWRU HQ UHSUHVHQWDFLyQ GH OD
&RQFHVLRQDULD 7UDVYDVH 2OPRV 6$ VXVFULELHURQ XQ &RQWUDWR GH
3UHVWDFLyQ GH 6HUYLFLR GH IHFKD  GH PDU]R GH   VLPXODQGR OD
H[FOXVLyQ GH :HVWILHOG &DSLWDO /7' HV GHFLU XQ GtD DQWHV GH OD
FXOPLQDFLyQ GH FRQWUDWR GH DVHVRUtD EULQGDGD DO &RQVRUFLR 7UDVYDVH
2OPRV6$

 $VLPLVPR OD ILVFDOtD PDQLILHVWD TXH HO FRQWUDWR GH SUHVWDFLyQ
VHUYLFLRHQPHQFLyQWXYRHQVXREMHWR´XQDDVHVRUtDWpFQLFDSDUDHOGLVHxR
QHJRFLDFLyQHLPSOHPHQWDFLyQGHXQDJDUDQWtDGHULHVJRGHFUpGLWRSDUFLDO
SRUKDVWD86PLOORQHVGHGyODUHVSDUDVHUYLUFRPRJDUDQWtDDGLFLRQDO
HQ HO ILQDQFLDPLHQWRµ HV GHFLU GLFKR FRQWUDWR PDQWXYR HO PLVPR REMHWR

Página 14 de 54
&257(683(5,25'(-867,&,$1$&,21$/3(1$/(63(&,$/,=$'$
6e37,02-8=*$'2'(,19(67,*$&,Ð135(3$5$725,$1$&,21$/

TXH HO FRQWUDWR LQLFLDO HV GHFLU HO FRQVLVWHQWH HQ DVHVRUtD ILQDQFLHUD
UHIHULGR D ORV VHUYLFLRV GH DVHVRUtD \ HVWUXFWXUDFLyQ ILQDQFLHUD SDUD HO
GHVDUUROORHOSUR\HFWR7UDVYDVH2OPRVDQWHXQSRVLEOHRWRUJDPLHQWRGHOD
%XHQD 3UR HYLGHQFLiQGRVH GH HVWD PDQHUD FRQWLQXLGDG GH OD ODERU
ILQDQFLHUDLQLFLDGDSRUODHPSUHVD:HVWILHOG&DSLWDO/7'

 $Vt OD HYLGHQWH FRQWLQXLGDG GH OD DVHVRUtD ILQDQFLHUD FRQWUDWDGD
FRLQFLGH FRQ OR VHxDODGR SRU $QGUpV-XDQ 0LOOD &RPLWUH IXQFLRQDULR GHO
%DQFRGH&UpGLWRGHO 3HU~TXLHQHQ VX GHFODUDFLyQWHVWLPRQLDOGHOGH
DEULOGHDQWHODSUHJXQWDUHVSRQGLyORVLJXLHQWH

« 3UHJXQWD3DUDTXHGLJD¢VLVXSRGHODVUD]RQHVSRUODVFXDOHV
:& WHUPLQy VXV UHODFLRQHV HQ HO 3UR\HFWR 7UDVYDVH 2OPRV" 'LMR 1R
WHQtD FRQRFLPLHQWR GH TXH HVR KDEtD RFXUULGR \R VHJXt YLHQGR HQ HO
HTXLSR GH WUDEDMR GHO 6HS~OYHGD KDVWD HO  HQ TXH FHUUy OD
WUDQVDFFLyQµ

$VLPLVPR &KULVWLDQ /DXE %HQDYLGHV WDPELpQ IXQFLRQDULR GHO %DQFR GH
&UpGLWRGHO3HU~HQVXGHFODUDFLyQWHVWLPRQLDOGHOGHDEULOGHHQ
VXUHVSXHVWDDODSUHJXQWDLQGLFyORVLJXLHQWH

« 3UHJXQWD3DUDTXHGLJDVLSXHGHH[SOLFDUHOPRWLYRSRUHOFXDOOD
HPSUHVD)&UHHPSOD]yD:&HQODVDVHVRUtDVILQDQFLHUDVGHORV3UR\HFWRV
7UDVYDVH2OPRVH,QWHURFHiQLFD6XU7UDPR\"'LMR1RWHQJRUD]yQ
DOJXQDGHOPRWLYRSDUDHQWHQGHUORVFDPELRVQRVRWURVFRQWUDWiEDPRVFRQ
HOVU6HS~OYHGD\ODVHPSUHVDVSDUDQRVRWURVHUDPiV~WLOSRUHOXVRGHO
5XF SRGtD VHU :& \ )& SHUR OR LPSRUWDQWH SDUD QRVRWURV HUD HO
FRQRFLPLHQWR HVSHFtILFR TXH WHQtD HO VHxRU 6HS~OYHGD 3UHFLVDQGR TXH OD
LQWHUYHQFLyQ GH ODV HPSUHVDV HUD LUUHOHYDQWH OR TXH LPSRUWDED HUD HO
FRQRFLPLHQWRGHOVHxRU6HS~OYHGD$VLPLVPRPHQFLRQDUTXHODHPSUHVD
2GHEUHFKW QRV FRQWUDWDED DO %&3 \ D :& R )& SRU VHSDUDGR QRVRWURV
FRPR%&3QRFRQWUDWiEDPRVD:&QLD)&QLHOORVDQRVRWURV « 

 3RU RWUR ODGR OD ILVFDOtD VHxDOD TXH H[WUDxDPHQWH HO WUiPLWH GHO
SURFHVR GH FRQFHVLyQ GHO 3UR\HFWR 75$69$6( 2/026 *HUDUGR
6HS~OYHGD4XH]DGDHQODVIHFKDVGHODVXVFULSFLyQGHODFXHUGR FRQWUDWR 
\RVXVPRGLILFDFLRQHVFRUUHVSRQGLHQWHDODVIHFKDVGHPDU]RGH
GHPDU]RGH\GHPDU]RGHHVWDVQRFRLQFLGHFRQODIHFKDV
GH VX SHUPDQHQFLD HQ HO SDtV VHJ~Q HO 2ILFLR 1ƒ **
0,*5$&,21(6GHIHFKDGLFLHPEUHGHDVtFRPRGHODVIHFKDVGH
LQJUHVRV \ VDOLGD VHJ~Q HO 5HJLVWUR GH +RWHO ´6ZLVVRWHOµ GH IHFKD  GH
PDU]RGH

Página 15 de 54
&257(683(5,25'(-867,&,$1$&,21$/3(1$/(63(&,$/,=$'$
6e37,02-8=*$'2'(,19(67,*$&,Ð135(3$5$725,$1$&,21$/


1 )HFKD (PSUHVDV 6XVFULSWRUHV 5HJLVWUR'H 5HJLVWUR+RWHOHUR&RVWD'HO
ƒ 'HO 4XH 'H/RV 0LJUDFLRQHV 3DFLILFR6$ +RWHO
$FXHUGR 6XVFULEHQ $FXHUGRV< 6ZLVVRWHO 
<2 $GGHQGDV<
0RGLILFD &XOPLQDFLRQ ,QJUHVR 6DOLGD ,QJUHVR 6DOLGD
FLRQ

  &RQVWUXFWRU *LDQIUDQFR    


 D1RUEHUWR )HUUDUL  
&RQWUDW 2GHEUHFKW *HUDUGR
R %FS< 6HSXOYHGD
2ULJLQDU :HVWILHOG 4XH]DGD<
LR  &DSLWDO/WG $QGUHV
0LOOD<8QD
5XEULFD'H
-RUJH+
6LPRHV
%DUDWD
  &RQVWUXFWRU -RUJH+    
 D1RUEHUWR 6LPRHV    
0RGLILF 2GHEUHFKW %DUDWD-XDQ    
DFLRQ$O <2 $QGUHV  
&RQWUDWR &RQFHVLRQDUL 0DUVDQR  
2ULJLQDU D7UDVYDVH 6RWR$QGUHV
LR  2OPRV6$ 0LOOD
%FS< &ULVWLDQ
:HVWILHOG /DXE<
&DSLWDO/WG *HUDUGR
6HSXOYHGD
4XH]DGD
  &RQVWUXFW *HUDOGR    
 RUD 6HSXOYHGD    
&DUWD 1RUEHUWR 4XH]DGD    
'RQGH 2GHEUHFKW <-XDQ    
3RQH 6$<2 $QGUHV    
7HUPLQ &RQFHVLRQ 0DUVRQR
R$O DULD 6RWR
&RQWUDW 7UDVYDVH
R 2OPRV
2ULJLQD 6$<
ULR  :HVWILHOG
&DSLWDO
/WG


/$ *(1(5$&,Ð1 '(/ $&7,92 $6(625Ì$6 ),1$1&,(5$6 '(/
$f2

Página 16 de 54
&257(683(5,25'(-867,&,$1$&,21$/3(1$/(63(&,$/,=$'$
6e37,02-8=*$'2'(,19(67,*$&,Ð135(3$5$725,$1$&,21$/


 (O 0LQLVWHULR 3~EOLFR UHILHUH TXH SDUD HVWH SUR\HFWR FRQVWD GH OD
GRFXPHQWDFLyQHQWUHJDGDSRUHO%DQFRGH&UpGLWRGHO3HU~TXH:HVWILHOG
&DSLWDO/WG\HO%DQFRGH&UpGLWRGHO3HU~FRQIHFKDGHPDU]RGH
SUHVHQWDURQ D OD &RQVWUXFWRUD 1RUEHUWR 2GHEUHFKW 6$ ´3URSXHVWD SDUD
XQD DVHVRUtD ILQDQFLHUD LQWHJUDO HQ HO FRQFXUVR S~EOLFR SDUD OD FRQFHVLyQ
GHO&RUUHGRU9LDO,QWHURFHiQLFR6XU3HU~%UDVLOµ

6LQHPEDUJRODILVFDOtDDGYLHUWHTXHGLFKRGRFXPHQWRVHUYLUtDSDUD
VHU SUHVHQWDGR GHQWUR GH OD SURSXHVWD WpFQLFD TXH VH HQWUHJDUtD D
3URLQYHUVLRQ WDQ VyOR VH FRQVLJQD D XQRV GH ORV DVHVRUHV ILQDQFLHURV HO
%DQFR GH &UpGLWR GHO 3HU~ \ QR D :HVWILHOG &DSLWDO VHJ~Q FRQVWD HQ OD
GRFXPHQWDFLyQ GHQRPLQDGD ´(YDOXDFLyQ GH ODV DOWHUQDWLYDV GH
ILQDQFLDPLHQWR HQ HO PHUFDGR SHUXDQR GH OD FRQFHVLyQ GHO 7UDPR  GHO
&RUUHGRU 9LDO ,QWHURFHiQLFD 6XU 3HU~%UDVLOµ \ ´(YDOXDFLyQ GH ODV
DOWHUQDWLYDVGHILQDQFLDPLHQWRHQHOPHUFDGRSHUXDQRGHODFRQFHVLyQGHO
7UDPR  GHO &RUUHGRU 9LDO ,QWHURFHiQLFD 6XU 3HU~%UDVLOµ  (Q RWUDV
SDODEUDV VH WHQtD SOHQR FRQRFLPLHQWR GH RFXOWDU OD LQWHUYHQFLyQ GH
.XF]\QVNL*RGDUG

/26 &2175$726 6,08/$'26 < 686&5,726 &21 ),567 &$3,7$/
,19(56,21(6<$6(625Ì$6/7'

 &RQWLQXDQGR FRQ OD WHVLV ILVFDO OXHJR GH VXVFULELUVH HO $FXHUGR
&RQWUDWR GHIHFKDGHPDU]RGHOFRQVWDPHGLDQWH&DUWDGHIHFKD
GH PDU]R GH   TXH OD HPSUHVD :HVWILHOG &DSLWDO /7' FRPXQLFy D -XDQ
$QGUpV0DUVDQR6RWR*HUHQWH*HQHUDOGHOD&RQFHVLRQDULD7UDVYDVH2OPRV
6$ 2GHEUHFKW  QR VyOR OD FXOPLQDFLyQ GHO FRQWUDWR GH DVHVRUtD UHIHULGR D
ORV VHUYLFLRV GH DVHVRUtD \ HVWUXFWXUDFLyQ ILQDQFLHUD SDUD HO GHVDUUROOR HO
SUR\HFWR 7UDVYDVH 2OPRV VXVFULWR FRQ IHFKD  GH PDU]R GH  VLQR
WDPELpQODUHQXQFLDGHORVEHQHILFLRVTXHGLFKRFRQWUDWRKDEtDJHQHUDGR

 (VWR ~OWLPR QR KXELHVH OODPDGR OD DWHQFLyQ VL QR IXHVH SRUTXH
0DXULFLR *XJOLHOPHWWL 9HUJDUD HQ UHSUHVHQWDFLyQ GH OD HPSUHVD ),567
&$3,7$/,19(56,21(6<$6(625Ì$6/7'-XDQ0DUVDQR6RWR*HUHQWH
*HQHUDOHQUHSUHVHQWDFLyQGHOD&RQFHVLRQDULD7UDVYDVH2OPRV6$\-RUJH
+HQULTXH 6LPRHV %DUDWD 'LUHFWRU HQ UHSUHVHQWDFLyQ GH OD &RQFHVLRQDULD
7UDVYDVH 2OPRV 6$ VXVFULELHURQ XQ &RQWUDWR GH 3UHVWDFLyQ GH 6HUYLFLR GH
IHFKD  GH PDU]R GH   VLPXODQGR OD H[FOXVLyQ GH :HVWILHOG &DSLWDO
/7' HV GHFLU XQ GtD DQWHV GH OD FXOPLQDFLyQ GH FRQWUDWR GH DVHVRUtD
EULQGDGDDO&RQVRUFLR7UDVYDVH2OPRV6$


Página 17 de 54
&257(683(5,25'(-867,&,$1$&,21$/3(1$/(63(&,$/,=$'$
6e37,02-8=*$'2'(,19(67,*$&,Ð135(3$5$725,$1$&,21$/

 $Vt HO FRQWUDWR GH SUHVWDFLyQ VHUYLFLR HQ PHQFLyQ WXYR HQ VX REMHWR
´XQD DVHVRUtD WpFQLFD SDUD HO GLVHxR QHJRFLDFLyQ H LPSOHPHQWDFLyQ GH XQD
JDUDQWtD GH ULHVJR GH FUpGLWR SDUFLDO SRU KDVWD 86  PLOORQHV GH GyODUHV
SDUD VHUYLU FRPR JDUDQWtD DGLFLRQDO HQ HO ILQDQFLDPLHQWRµ HV GHFLU GLFKR
FRQWUDWR PDQWXYR HO PLVPR REMHWR TXH HO FRQWUDWR LQLFLDO HV GHFLU HO
FRQVLVWHQWH HQ DVHVRUtD ILQDQFLHUD UHIHULGR D ORV VHUYLFLRV GH DVHVRUtD \
HVWUXFWXUDFLyQILQDQFLHUDSDUDHOGHVDUUROORHOSUR\HFWR7UDVYDVH2OPRVDQWH
XQ SRVLEOH RWRUJDPLHQWR GH OD %XHQD 3UR HYLGHQFLiQGRVH GH HVWD PDQHUD
FRQWLQXLGDGGHODODERUILQDQFLHUDLQLFLDGDSRUODHPSUHVD:HVWILHOG&DSLWDO
/7'

 $Vt OD HYLGHQWH FRQWLQXLGDG GH OD DVHVRUtD ILQDQFLHUD FRQWUDWDGD
FRLQFLGH FRQ OR VHxDODGR SRU $QGUpV -XDQ 0LOOD &RPLWUH IXQFLRQDULR GHO
%DQFRGH&UpGLWRGHO3HU~TXLHQHQVXGHFODUDFLyQWHVWLPRQLDOGHOGHDEULO
GHDQWHODSUHJXQWDUHVSRQGLyORVLJXLHQWH

« 3UHJXQWD3DUDTXHGLJD¢VLVXSRGHODVUD]RQHVSRUODVFXDOHV
:& WHUPLQy VXV UHODFLRQHV HQ HO 3UR\HFWR 7UDVYDVH 2OPRV" 'LMR 1R
WHQtD FRQRFLPLHQWR GH TXH HVR KDEtD RFXUULGR \R VHJXt YLHQGR HQ HO
HTXLSR GH WUDEDMR GHO 6HS~OYHGD KDVWD HO  HQ TXH FHUUy OD
WUDQVDFFLyQµ

$VLPLVPR &KULVWLDQ /DXE %HQDYLGHV WDPELpQ IXQFLRQDULR GHO %DQFR GH
&UpGLWRGHO3HU~HQVXGHFODUDFLyQWHVWLPRQLDOGHOGHDEULOGHHQ
VXUHVSXHVWDDODSUHJXQWDLQGLFyORVLJXLHQWH

« 3UHJXQWD3DUDTXHGLJDVLSXHGHH[SOLFDUHOPRWLYRSRUHOFXDOOD
HPSUHVD)&UHHPSOD]yD:&HQODVDVHVRUtDVILQDQFLHUDVGHORV3UR\HFWRV
7UDVYDVH2OPRVH,QWHURFHiQLFD6XU7UDPR\"'LMR1RWHQJRUD]yQ
DOJXQDGHOPRWLYRSDUDHQWHQGHUORVFDPELRVQRVRWURVFRQWUDWiEDPRVFRQ
HOVU6HS~OYHGD\ODVHPSUHVDVSDUDQRVRWURVHUDPiV~WLOSRUHOXVRGHO
5XF SRGtD VHU :& \ )& SHUR OR LPSRUWDQWH SDUD QRVRWURV HUD HO
FRQRFLPLHQWR HVSHFtILFR TXH WHQtD HO VHxRU 6HS~OYHGD 3UHFLVDQGR TXH OD
LQWHUYHQFLyQ GH ODV HPSUHVDV HUD LUUHOHYDQWH OR TXH LPSRUWDED HUD HO
FRQRFLPLHQWRGHOVHxRU6HS~OYHGD$VLPLVPRPHQFLRQDUTXHODHPSUHVD
2GHEUHFKW QRV FRQWUDWDED DO %&3 \ D :& R )& SRU VHSDUDGR QRVRWURV
FRPR %&3 QR FRQWUDWiEDPRV D :& QL D )& QL HOORV D QRVRWURV « 
«  1HJULWD\VXEUD\DGRHVGHO03 

 (Q HVH UHODWR OD ILVFDOtD DGYLHUWH TXH H[LVWH XQD FRQWLQXLGDG GHO
FRQWUDWR SULPLJHQLR VXVFULWR FRQ :HVWILHOG &DSLWDO /WG WDPELpQ VH
HYLGHQFLDHQHOFXDGURDQH[RFRQODIDFWXUDFLyQGHUHHPEROVRVGHJDVWRV

Página 18 de 54
&257(683(5,25'(-867,&,$1$&,21$/3(1$/(63(&,$/,=$'$
6e37,02-8=*$'2'(,19(67,*$&,Ð135(3$5$725,$1$&,21$/

TXHIDFWXUy:HVWILHOG&DSLWDOD&RQFHVLRQDULD7UDVYDVH2OPRVHQODFXDO
VH UHFRQRFLHURQ JDVWRV GH YLDMH SRVWHULRUHV D OD FXOPLQDFLyQ GHO DFXHUGR
FRQWUDWR  GH IHFKD GH PDU]R  GHVYDQHFLpQGRVH FXDOTXLHU WHVLV GH
FDPELRHQHOREMHWRGHOFRQWUDWRSULPLJHQLR


&XDGUR1ƒ
3DJRV (IHFWXDGRV 3RU &RQFHVLRQDULD 7UDVYDVH 2OPRV $ :HVWILHOG &DSLWDO
/WG

,1)2502'(%5(&+7
6XVWHQWRV
HQ&DUSHWD
)$&785$'( 3ULQFLSDO\
)(&+$'( :(76),(/' &$57$'( $QH[R
$f2 3$*2 &$3,7$//'7 86 '(6&5,3&,Ð1 2'(%5(&+7 )ROLRV
5HHPEROVRGHJDVWRV
YLDMHGH*HUDUGR )V
6HS~OYHGD IDFW 
1ž'( $GMXQWDQ 
)(&+$  VXVWHQWRVGH-XOLRD 7RPRV
    2FWXEUH  \&3
)V IDFW
1ž'( &RPLVLyQ)LMD  
)(&+$  (VWUXFWXUDFLyQGHO 7RPR
    SURJUDPDGH%RQRV &3
5HHPEROVRGHJDVWRV
YLDMHGH*HUDUGR &DUWDV
6HS~OYHGDGH &12/&\
1RYLHPEUHD &12/&GHO
-XOLR \'LF
1ž'( $GMXQWDQ \&DUWD )V
)(&+$  VXVWHQWRVSRUGLFKR 2'% 7RPR
    SHUtRGR  /(*$//&GHO $1(;2
5HHPEROVRGHJDVWRV )HE
YLDMHGH*HUDUGR
6HS~OYHGD
$GMXQWDQ
1ž'( VXVWHQWRVGH )V
)(&+$  DJRVWRDHQHUR 7RPR
      $1(;2
5HHPEROVRGHJDVWRV )V
YLDMHGHO6U* IDFW 
1ž'( 6HS~OYHGD $GMXQWD 
)(&+$  VXVWHQWRVGH$JRVWR 
    D6HWLHPEUH  7RPR&3

727$/ 
  

Página 19 de 54
&257(683(5,25'(-867,&,$1$&,21$/3(1$/(63(&,$/,=$'$
6e37,02-8=*$'2'(,19(67,*$&,Ð135(3$5$725,$1$&,21$/


 (Q HVH VHQWLGR OD ILVFDOtD SUHFLVD TXH SRU HVRV DxRV OD HPSUHVD )LUVW
&DSLWDO ,QYHUVLRQHV < $VHVRUtDV /WG QR WHQtD VXILFLHQWH H[SHULHQFLD HQ HO
PHUFDGRSDUDODUHDOL]DFLyQGHDVHVRUtDVILQDQFLHUDVWRGDYH]TXHKDEtDVLGR
FUHDGDHQHODxR
 3HVH D OD LQH[SHULHQFLD GH OD HPSUHVD )LUVW &DSLWDO ,QYHUVLRQHV <
$VHVRUtDV /WG OD &RQFHVLRQDULD 7UDVYDVH 2OPRV 2GHEUHFKW  LQPHUVD HQ
SUR\HFWRVGHHVWDHQYHUJDGXUDVXVFULELyXQQXHYRFRQWUDWRGHDVHVRUtDFRQ
ODHPSUHVD'H*HUDUGR6HS~OYHGD4XH]DGD

(VWR FRLQFLGH FRQ OR PDQLIHVWDGR SRU *HUDUGR 6HS~OYHGD 4XH]DGD HQ VX
GHFODUDFLyQGHIHFKDGHPDU]RGHTXLHQHQUHVSXHVWDDODSUHJXQWD
VHxDOy

« 3UHJXQWD´/DHPSUHVDTXHHVGHPLSURSLHGDGVHOODPD),567
&$3,7$/ ,19(56,21(6 < $6(625,$6 /7'$ HV XQD HPSUHVD
FKLOHQD VLQ VXFXUVDOHV QL GRPLFLOLRV IXHUD GH &KLOH \ TXH HV FLHQ SRU
FLHQWR GH PL SURSLHGDG VX QDWXUDOH]D MXUtGLFD HV XQD VRFLHGDG GH
UHVSRQVDELOLGDG /LPLWDGD TXH HV \ KD VLGR VLHPSUH GH PL SURSLHGDG
GHVGHHODxRGHVGHTXHIXHFUHDGD « 
(QHVHRUGHQGHLGHDVHOGLUHFWRUGHODLQYHVWLJDFLyQPDQLILHVWDTXHOD
SDUWLFLSDFLyQ DFWLYD GHO LPSXWDGR .XF]\QVNL *RGDUG QR VyOR VH GLR HQ HO
FRQWH[WR GH HVWH FRQWUDWR VLQR TXH WDPELpQ SUHYLR DO FRQWUDWR GHO 3UR\HFWR
7UDVYDVH2OPRVXQ  DxRDQWHV.XF]\QVNL*RGDUG\6HS~OYHGD4XH]DGD
D WUDYpV GH OD HPSUHVD :HVWILHOG &DSLWDO /7' UHDOL]DURQ XQD DVHVRUtD HQ
FRQMXQWRFRQHO%DQFRGH&UpGLWRGHO3HU~\$SR\R&RQVXOWRUtDDODHPSUHVD
7UDQVSRUWDGRUD GH *DV GHO 3HU~ 6$ 7J3   SDUD OD REWHQFLyQ GH XQ
ILQDQFLDPLHQWR GH 86  PLOORQHV HQ HO PHUFDGR SHUXDQR PHGLDQWH OD
HPLVLyQGHERQRV\ODREWHQFLyQGHXQSUpVWDPRVLQGLFDGRVHJ~QSURSXHVWD
GHIHFKDGHDEULOGH\DFXHUGRILUPDGRHOGHMXOLRGH

(VGHFLUSRUHVRVDxRVODYLQFXODFLyQHQWUHHOLQYHVWLJDGR.XF]\QVNL
*RGDUG \ HO LQYHVWLJDGR 6HS~OYHGD 4XH]DGD WUDVFHQGtD ODV UHODFLRQHV
DPLFDOHVSDUDOOHYDUORDOFDPSRGHORVQHJRFLRVVLHQGRHOSULPHURGHHOORVOD
SHUVRQD LGyQHD SDUD OOHYDU DFDER ODV DVHVRUtDV HQ HVWUXFWXUDFLyQ ILQDQFLHUD
LQFOXVR ODV HQFRPHQGDGDV D )LUVW &DSLWDO ,QYHUVLRQHV ( $VHVRUtDV /7' QR
VyORSRUTXHVHUtDHVWDODSHUVRQDPiVFDSDFLWDGDVLQRODTXHHQHOWHUUHQRGH
ORVQHJRFLRVJR]DEDGHSUHVWLJLRLPSRQLHQGRVXVEXHQRVRILFLRVSDUDHOOR

 (Q HVH FRQWH[WR HO UHSUHVHQWDQWH GHO 0LQLVWHULR 3~EOLFR KDFH
UHIHUHQFLDTXHHVWRFRLQFLGHFRQORVHxDODGRSRU6HS~OYHGD4XH]DGDTXLHQ
HQVXGHFODUDFLyQGHIHFKDGHPDU]RGHDVtFRPRORVHxDODGRSRUHO

Página 20 de 54
&257(683(5,25'(-867,&,$1$&,21$/3(1$/(63(&,$/,=$'$
6e37,02-8=*$'2'(,19(67,*$&,Ð135(3$5$725,$1$&,21$/

LQYHVWLJDGR .XF]\QVNL *RGDUG HQ VX GHFODUDFLyQ GH IHFKD  GH HQHUR GH


 3RU RWUR ODGR FDEH VHxDODU TXH H[WUDxDPHQWH HO WUiPLWH GHO SURFHVR
GHFRQFHVLyQGHO3UR\HFWR75$69$6(2/026*HUDUGR6HS~OYHGD4XH]DGD
HQODVIHFKDVGHODVXVFULSFLyQGHODFXHUGR FRQWUDWR \RVXVPRGLILFDFLRQHV
FRUUHVSRQGLHQWHDODVIHFKDVGHPDU]RGHGHPDU]RGH\
GH PDU]R GH  HVWDV QR FRLQFLGH FRQ OD IHFKDV GH VX SHUPDQHQFLD HQ HO
SDtV VHJ~Q HO 2ILFLR 1ƒ **0,*5$&,21(6 GH IHFKD 
GLFLHPEUH GH   DVt FRPR GH ODV IHFKDV GH LQJUHVRV \ VDOLGD VHJ~Q HO
5HJLVWURGH+RWHO´6ZLVVRWHOµGHIHFKDGHPDU]RGH

 $03/,$&,21 '( &,5&8167$1&,$6 )$&7,&26 '( /$
,19(67,*$&,Ð135(3$5$725,$

,'(17,),&$&,Ð1 '(/ +(&+2 *(1(5$'25 '(/ $&7,92 '(/,72
35(9,2&25583&,Ð1'()81&,21$5,26 

 3RU RWUD SDUWH OD ILVFDOtD DGYLHUWH TXH HQ OD DFWXDOLGDG VH YLHQH
LQYHVWLJDQGRDIXQFLRQDULRVGHOD0XQLFLSDOLGDG0HWURSROLWDQDGH/LPDSRU
SUHVXQWRV DFWRV GH FRUUXSFLyQ HQ HO PDUFR GHO 3UR\HFWR GH 5XWDV GH /LPD
VLHQGR XQR GH VXV IXQFLRQDULRV LQYHVWLJDGRV HO H[ *HUHQWH *HQHUDO GH OD
0XQLFLSDOLGDG0HWURSROLWDQDGH/LPD-RVp0LJXHO&DVWUR*XWLpUUH]

 $Vt PHGLDQWH $FWD GH 7UDQVFULSFLyQ GH IHFKD  GH MXQLR GH 
UHPLWLGRDOGHVSDFKRILVFDOPHGLDQWHHO2ILFLR1ƒ'),6&)(( 
  GHO &XDUWR 'HVSDFKR GHO (TXLSR (VSHFLDO GH )LVFDOHV HO DVSLUDQWH D
&RODERUDGRU (ILFD] -RVp 0LJXHO &DVWUR *XWLpUUH] GD FXHQWD GH QXHYDV
FLUFXQVWDQFLDVIiFWLFDVGHFRQWHQLGRSHQDOVLHQGRHOORDVtHVWHKDQDUUDGROR
VLJXLHQWH

« (QHOPHVGHDJRVWRGHO5D~O3HUH\UD1HWRUHSUHVHQWDQWHGH2GHEUHFKW\
*HUHQWH*HQHUDOGH5XWDVGH/LPDYLVLWyGH*HUHQFLD*HQHUDOGHOD00/DFDUJRGH
-RVp 0LJXHO &DVWUR DFRPSDxDGR SRU HO VHxRU *HUDUGR 6HS~OYHGD D TXLHQ SUHVHQWy
FRPRVXDVHVRUILQDQFLHURDPERVVROLFLWDEDQEHQHILFLRVDGLFLRQDOHVDOD&RQFHVLRQDULD
5XWDV GH /LPD TXH VH PDWHULDOL]DUtDQ HQ OD $GHQGD GH %DQFDELOLGDG HVWRV VHxRUHV
SODQWHDURQ WUHV DOWHUQDWLYDV OD SULPHUD FRQVWLWXLU JDUDQWtDV DGLFLRQDOHV SDUD
H[SURSLDFLRQHVTXHVHUHDOL]DUtDQHQHOIXWXURVHJXQGRFRQVWLWXLUXQIRQGRDGLFLRQDO
FRQ UHFXUVRV GH OD 0XQLFLSDOLGDG SDUD LQWHUIHUHQFLDV \ H[SURSLDFLRQHV \ WHUFHUR
HOHYDU OD WDULID SDUD ILQDQFLDU ODV REUDV DGLFLRQDOHV \ SRVLEOHV H[SURSLDFLRQHV /D
UHVSXHVWD GH OD PXQLFLSDOLGDG IXH QHJDWLYD D ODV GRV DOWHUQDWLYDV LQLFLDOHV \ VH GHMy
DELHUWDODWHUFHUDSRVLELOLGDG

Página 21 de 54
&257(683(5,25'(-867,&,$1$&,21$/3(1$/(63(&,$/,=$'$
6e37,02-8=*$'2'(,19(67,*$&,Ð135(3$5$725,$1$&,21$/

'HRWURODGRHQHOPHVGHDEULOGHGHVSXpVGHSURFHVRGH5HYRFDWRULDYLVLWyOD
*HUHQFLD 0XQLFLSDO D FDUJR GH -RVp 0LJXHO &DVWUR *LOEHUW 9LROHWD DVHVRU GH 3HGUR
3DEOR.XF]\QVNLSDUDUHDOL]DUXQDLQYLWDFLyQDGHVD\XQDUHQODFDVDGH33.\KDFHU
XQDSUHVHQWDFLyQVREUHHOSUR\HFWR5XWDVGH/LPDHOVHxRU3HGUR3DEOR.XF]\QVNLVH
PRVWUyPX\LQWHUHVDGRHQOD&RQFHVLyQ\HQVXIRUPDGHILQDQFLDPLHQWR
$VLPLVPR HQ ODV UHXQLRQHV SUHYLDV DO FLHUUH ILQDQFLHUR \ D ILUPD GH OD $GHQGD GH
%DQFDELOLGDG HVWH SHULRGR VH UHILHUH DO SHULRGR GH $JRVWR  )HEUHUR   5D~O
3HUH\UDSODQWHRODQHFHVLGDGGHLPSOHPHQWDUHOFRQFHSWRGH´3XHVWDD3XQWRµHQODV
YtDV EDMR DGPLQLVWUDFLyQ GH OD FRQFHVLRQDULD 5XWDV GH /LPD TXH HUDQ ODV 9tDV
3DQDPHULFDQDV 3DQDPHULFDQD6XU\1RUWH 
(VWHFRQFHSWRLPSOLFDEDODLQYHUVLyQHQREUDVDGLFLRQDOHVGHPLOORQHVGHGyODUHV
TXHVHUtDQHMHFXWDGRVSRU2GHEUHFKWFRQHOORODLQYHUVLyQSDVDUtDGHPLOORQHVGH
GyODUHVDPLOORQHVGHGyODUHVEHQHILFLDQGRD2GHEUHFKWFRQODVXSXHVWDHMHFXFLyQ
GHHVWDLQIUDHVWUXFWXUDDGLFLRQDO\EHQHILFLDQGRD*HUDUGR6HSXOYHGD:HVILHOG&DSLWDO
\3HGUR3DEOR.XF]\QVNLTXHHUDQORVFRPLVLRQLVWDVGHOFLHUUHILQDQFLHUR
&RQODILUPDGHOD$GHQGDGH%DQFDELOLGDGHQWUHOD00/\2GHEUHFKWHQIHEUHURGH
HVWDVVXSXHVWDVQXHYDVLQYHUVLRQHVGHODSXHVWDDSXQWR\VXILQDQFLDPLHQWRD
WUDYpVGHXQLQFUHPHQWRWDULIDULRGHOSHDMHHQ6SRUXQLGDGSXGLHURQUHDOL]DUVH
&RQODILUPDGHOD$GHQGDGH%DQFDELOLGDGHOFDPLQRTXHGyH[SHGLWRSDUDODREWHQFLyQ
GHO&DSLWDOSDUD5XWDVGH/LPD<SRFRVPHVHVGHVSXpVVHREWXYRHOFLHUUHILQDQFLHUR
HQ FRQGLFLRQHV PX\ IDYRUDEOHV 'H HVWRV  PLOORQHV GH GyODUHV :HVILHOG &DSLWDO D
WUDYpVGH*HUDUGR6HSXOYHGDUHFLELyHOFRPRFRPLVLyQGHp[LWR PLOORQHVGH
GyODUHV  'H ORV FXDOHV DSUR[LPDGDPHQWH  PLO GyODUHV IXHURQ SDJDGRV D 3HGUR
3DEOR.XF]\QVNLEDMRFRQFHSWRGHVFRQRFLGR « 

 (VWDV QXHYDV FLUFXQVWDQFLDV IiFWLFDV TXH GD FXHQWD GH DFWLYRV LOtFLWRV
SUHYHQLHQWHV GH DFWRV GH FRUUXSFLyQ WXYLHURQ FRPR HVFHQDULR HQ HO WUiPLWH
3UR\HFWR5XWDVGH/LPDORVFXDOHVIXHURQREWHQLGRVEDMRODLPSOHPHQWDFLyQ
GH XQ FRQFHSWR FRPSOHMR GHQRPLQDGR  ´3XHVWD D 3XQWRµ TXH LPSOLFy
H[WUDxDPHQWH OD LQYHUVLyQ HQ REUDV DGLFLRQDOHV GH  PLOORQHV GH GyODUHV
TXH VHUtDQ HMHFXWDGRV SRU OD HPSUHVD EUDVLOHxD &RQVWUXFWRUD 1RUEHUWR
2GHEUHFKWSRULQWHUPHGLRGHOD&RQFHVLRQDULD5XWDVGH/LPDFRQORFXDOOD
LQYHUVLyQ SDVDUtD GH  PLOORQHV GH GyODUHV D  PLOORQHV GH GyODUHV
6LHQGR TXH ODV LQYHUVLRQHV DGLFLRQHV UHFDHUtDQ HQ ODV 9tDV 3DQDPHULFDQDV
3DQDPHULFDQD 6XU \ 1RUWH  DGPLQLVWUDGDV SRU OD FRQFHVLRQDULD 5XWDV GH
/LPD (VWH FRQFHSWR FRPSOHMR TXH JHQHUy HO DFWLYR LOtFLWR HQ PHQFLyQ QR
KXELHVH VLGR SRVLEOH VL 5D~O 3HUH\UD 1HWR UHSUHVHQWDQWH GH 2GHEUHFKW \
*HUHQWH*HQHUDOGH5XWDVGH/LPDQRGDEDPiVGHWDOOHVGHHVWHFRQFHSWR\OD
IRUPDGHFyPRVHREWHQGUtDQEHQHILFLRVDGLFLRQDOHV

6HJ~QORVKHFKRVQDUUDGRVHQWUHDJRVWR\IHEUHURSUHYLRVDO
FLHUUHILQDQFLHUR\DILUPDGHOD$GHQGDGH%DQFDELOLGDGTXHFRQVHJXLUtDORV
EHQHILFLRV DGLFLRQDOHV FRQVWD TXH *HUDUGR 5DIDHO 6HS~OYHGD 4XH]DGD
LQJUHVy DO 3HU~ HQ YHLQWLFXDWUR   RSRUWXQLGDGHV FRQIRUPH DO &HUWLILFDGR

Página 22 de 54
&257(683(5,25'(-867,&,$1$&,21$/3(1$/(63(&,$/,=$'$
6e37,02-8=*$'2'(,19(67,*$&,Ð135(3$5$725,$1$&,21$/

GH 0RYLPLHQWR 0LJUDWRULD UHPLWLGR PHGLDQWH $FWD )LVFDO GH ,GHQWLILFDFLyQ


GH'RFXPHQWRVGHIHFKDGHMXQLRGH

&RPR HOHPHQWR LQGLFLDULR GHO SDFWR FROXVRULR VH WLHQH ODV FRPXQLFDFLRQHV
HQWUHORVQ~PHURV\FX\RVWLWXODUHVVHUtDQ-RVp0LJXHO
&DVWUR *XWLpUUH] \ 5D~O 3HUH\UD 1HWR UHVSHFWLYDPHQWH ORV PLVPRV TXH VH
GHWDOODQDFRQWLQXDFLyQ






















2 Remitido mediante el oficio N° 02-2020-4D-FISCF-EE (185-2020), de fecha

Página 23 de 54
&257(683(5,25'(-867,&,$1$&,21$/3(1$/(63(&,$/,=$'$
6e37,02-8=*$'2'(,19(67,*$&,Ð135(3$5$725,$1$&,21$/




 $Vt FRQ OD VXVFULSFLyQ GH OD $GHQGD GH %DQFDELOLGDG \ VX DQH[R 
UHPLWLGD PHGLDQWH $FWD )LVFDO GH ,GHQWLILFDFLyQ GH'RFXPHQWRV GH IHFKD 
GH MXQLR GH  HQWUH OD 0XQLFLSDOLGDG 0HWURSROLWDQD GH /LPD \
UHSUHVHQWDQWHVGHOD&RQFHVLRQDULD5XWDVGH/LPDHOIHEUHURGHHVWDV
VXSXHVWDV QXHYDV LQYHUVLRQHV GH OD ´SXHVWD D SXQWRµ \ VX ILQDQFLDPLHQWR D
WUDYpVGHXQLQFUHPHQWRWDULIDULRGHOSHDMHHQ6SRUXQLGDGSXGLHURQ
UHDOL]DUVH

/$ *(1(5$&,Ð1 '(/ $&7,92 $6(625Ì$6 ),1$1&,(5$6 3$5$ (/
352<(&72587$6'(/,0$

 &RQWLQXDQGR FRQ OD WHVLV ILVFDO KDFH PHQFLyQ TXH HVWRV EHQHILFLRV
DGLFLRQDOHV FRQFHUWDGRV IDYRU GH OD  &RQFHVLRQDULD 5XWDV GH /LPD VLUYLHURQ
FRPR SDJR SRU ´FRPLVLyQ GH p[LWRµ TXH FRPR VH GHWDOODUi FRQWLQXDFLyQ
WXYLHURQFRPRDQWHFHGHQWHDVHVRUtDVGHHVWUXFWXUDILQDQFLHUDHQHOPDUFRGHO
3UR\HFWR5XWDVGH/LPD

 'H HVWD PDQHUD VH KD GDGR FXHQWD HQ OD SUHVHQWH LQYHVWLJDFLyQ
SUHSDUDWRULD GH OD DFWLYD SDUWLFLSDFLyQ GH ORV LQYHVWLJDGRV 3HGUR 3DEOR
.XF]\QVNL *RGDUG \ *HUDUGR 5DIDHO 6HSXOYHGD 4XH]DGD \ ODV HPSUHVDV
:HVWILHOG &DSLWDO \ )LUVW &DSLWDO ,QYHUVLRQHV \ $VHVRUtDV /WG YLQFXODGDV D
HVWRVHQDVHVRUtDVGHHVWUXFWXUDFLyQILQDQFLHUDSDUDORVSUR\HFWRV2/026H
,,56$685 7UDPRV\ HQODVFXDOHVVHKDGDGRFXHQWDGHODH[LVWHQFLDGH
DFWLYRV LOtFLWRV SURYHQLHQWHV GH DFWRV GH FRUUXSFLyQ  (VWDV QXHYDV
FLUFXQVWDQFLDVIiFWLFDVPDWHULDGHDPSOLDFLyQWLHQHQODPLVPDSDUWLFXODULGDG
ODV PLVPDV TXH VH KDQ GDGR HQ OD WUDPLWDFLyQ GHO 3UR\HFWR GHQRPLQDGR
´5XWDVGH/LPDµ

 $Vt HQ DEULO GH OD HPSUHVD )LUVW&DSLWDO ,QYHUVLRQHV \$VHVRUtDV
/WG UHSUHVHQWDGD SRU 0DXULFLR *XJOLHOPHWWL 9HUJDUD HQ FDUWD GLULJLGD D
/XL] )HUQDQGR &DVWUR UHSUHVHQWDQWH GH 5XWDV GH /LPD 6$& SUHVHQWD

Página 24 de 54
&257(683(5,25'(-867,&,$1$&,21$/3(1$/(63(&,$/,=$'$
6e37,02-8=*$'2'(,19(67,*$&,Ð135(3$5$725,$1$&,21$/

SURSXHVWDGHVHUYLFLRVIHFKDGDHOGHDEULOGHWHQLHQGRFRPRREMHWR
GHOVHUYLFLRHOVLJXLHQWH

«   )& FRODERUDUi FRQ HO &OLHQWH HQ OD (YDOXDFLyQ GH ORV IXQGDPHQWRV
HFRQyPLFRV GHO 3UR\HFWR GHVGH OD SHUVSHFWLYD GHO UHWRUQR SDUD HO DFFLRQLVWD
LQFOX\HQGR XQ DQiOLVLV GHO UDQJR GH YDORUHV SRWHQFLDOHV GHO SDWULPRQLR GH OD
&RQFHVLRQDULD5XWDVGH/LPDHQHVWDHWDSDGHO3UR\HFWR
 )& FRODERUDUi FRQ HO &OLHQWH  HQ OD &RQFHSWXDOL]DFLyQ GH OD RIHUWD \ OD
HVWUXFWXUDFLyQ GH OD PLVPD GH XQD PDQHUD TXH PD[LPLFH HO YDORU SDUD
2GHEUHFKW
)&FRODERUDUiFRQOD(PSUHVDHQODSUHVHQWDFLyQGHODRIHUWDDORVSRWHQFLDOHV
LQWHUHVDGRV\UHFDEDUiODVLQGLFDFLRQHVGHO,QWHUpV\YRO~PHQHVLQYROXFUDGRV
 'HILQLGR XQ LQWHUpV FRQFUHWR GH SDUWH GH ORV LQYHUVLRQLVWDV SRWHQFLDOHV )&
FRODERUDUi FRQ OD HPSUHVD HQ OD HVWUXFWXUDFLyQ \ FRORFDFLyQ GHO FDSLWDO
LQFOX\HQGR
D $VHVRUtD HQ OD QHJRFLDFLyQ GH ORV FRQWUDWRV GH LQYHUVLyQ SDFWRV GH
DFFLRQLVWDV\GHPiVGRFXPHQWRVQHFHVDULRVSDUDLPSOHPHQWDUODRSHUDFLyQ
E$FRPSDxDPLHQWRHQORVSURFHVRVGHUHJLVWURVDTXHKXELHUDOXJDUIUHQWHDODV
DXWRULGDGHVUHJXODGRUDVQHFHVDULDV
F&RODERUDFLyQHQHOFLHUUHGHODRSHUDFLyQ
 /RV VHUYLFLRV VH GHVDUUROODUiQ QR VyOR SUHVHQFLDOPHQWH VLQR WDPELpQ GH
PDQHUD HOHFWUyQLFD \ D WUDYpV GH FRQIHUHQFLDV WHOHIyQLFDV X RWURV PHGLRV
VLPLODUHVTXHDFXHUGHQODVSDUWHV « 

 )LUVW &DSLWDO ,QYHUVLRQHV \ $VHVRUtDV /WG LQWHUYLQLHQWH HQ HO FRQWUDWR
DQWHVDOXGLGRWLHQHFRPRIXQGDGRUDOLQYHVWLJDGR*HUDUGR5DIDHO6HSXOYHGD
4XH]DGD<DVtORKDGHMDGRVHxDODGRHVWH~OWLPRHQVXGHFODUDFLyQGHIHFKD
GHPDU]RGHTXLHQHQUHVSXHVWDDODSUHJXQWDVHxDOy

«  3UHJXQWD  ´/D HPSUHVD TXH HV GH PL SURSLHGDG VH OODPD ),567
&$3,7$/ ,19(56,21(6 < $6(625,$6 /7'$ HV XQD HPSUHVD FKLOHQD
VLQ VXFXUVDOHV QL GRPLFLOLRV IXHUD GH &KLOH \ TXH HV FLHQ SRU FLHQWR GH PL
SURSLHGDGVXQDWXUDOH]DMXUtGLFDHVXQDVRFLHGDGGHUHVSRQVDELOLGDG/LPLWDGD
TXH HV \ KD VLGR VLHPSUH GH PL SURSLHGDG GHVGH HO DxR  GHVGH TXH IXH
FUHDGD « 

5HVSHFWRDODODERUUHDOL]DGDSRU)LUVW&DSLWDO,QYHUVLRQHV\$VHVRUtD
/WGHOLQYHVWLJDGR6HSXOYHGD4XH]DGDHQVXPLVPDGHFODUDFLyQKDLQGLFDGR
HQUHVSXHVWDDODSUHJXQWDORVLJXLHQWH « (VWUXFWXUpHOILQDQFLDPLHQWR

3 Documentación presentada por el investigado Sepúlveda Quezada, en su declaración de


fecha 05 de marzo del 2018, tramitada vía Asistencia Judicial.
4 A fojas 146-187 de la carpeta fiscal, denominada “cuaderno de declaraciones”, tomo 01.

Página 25 de 54
&257(683(5,25'(-867,&,$1$&,21$/3(1$/(63(&,$/,=$'$
6e37,02-8=*$'2'(,19(67,*$&,Ð135(3$5$725,$1$&,21$/

GHOD&RQFHVLyQ5XWDVGH/LPDTXHFRQVLVWLyHQXQDFRPELQDFLyQGHFDSLWDO
GHXGD EDQFDULD \ ERQRV SRU DSUR[LPDGDPHQWH  «  «  (O
SUR\HFWRSDUWLyHQVXHWDSDGHHYDOXDFLyQHQHODxR\VHFRPSOHWyHQHO
DxRDSUR[LPDGDPHQWH « 

$Vt SDUD ORV PHVHV VLJXLHQWHV OXHJR GH ODV ODERUDUHV UHDOL]DGDV FRPR
FRQVHFXHQFLD GH OD VXVFULSFLyQ GHO FRQWUDWR GH SUHVWDFLyQ DQWHV DOXGLGR VH
UHDOL]DURQXQDVHULHGHSDJRVUHDOL]DGRVSRU5XWDVGH/LPD6$&DIDYRUGH
ODHPSUHVD)LUVW&DSLWDO,QYHUVLRQHV\$VHVRUtDV/WGFX\RVRFLRIXQGDGRUHV
HOLQYHVWLJDGR*HUDUGR5DIDHO6HSXOYHGD4XH]DGD

 (Q HVWD OtQHD ORV SDJRV TXH VH KDQ KHFKR UHIHUHQFLD FRQVWDQ HQ
LQIRUPDFLyQSURSRUFLRQDGDDHVWHGHVSDFKRILVFDO $IRMDV\VJWHVGHOD
&DUSHWD)LVFDO SRU5XWDVGH/LPD6$&FX\DHPSUHVDPHGLDQWHHVFULWRGH
IHFKD  GH DEULO GH  VXVFULWD SRU HO DERJDGR &ODXGLR &DMLQD 6DPDPp
GLR FXHQWD GH ORV PLVPRV TXH D VX YH] IXHUD LQIRUPDGD D OD &RPLVLyQ
0XOWLSDUWLGDULD HQFDUJDGD GH LQYHVWLJDU ORV SUHVXQWRV VRERUQRV FRLPDV \
GDGLYDVTXHKXELHUDQUHFLELGRIXQFLRQDULRVS~EOLFRVGHORVGLIHUHQWHVQLYHOHV
GH JRELHUQR HQ UHODFLyQ D ODV FRQFHVLRQDULDV 2EUDV SUR\HFWRV TXH KD\DQ
VLGRDGMXGLFDGRVDODVHPSUHVDVEUDVLOHUDV2GHEUHFKW&DPDUJR&RUUHD2$6
$QGUDGH*XWLpUUH]4XHLUR]*DOYDR\RWUDVGHWDOOiQGRVHDFRQWLQXDFLyQ








Página 26 de 54
&257(683(5,25'(-867,&,$1$&,21$/3(1$/(63(&,$/,=$'$
6e37,02-8=*$'2'(,19(67,*$&,Ð135(3$5$725,$1$&,21$/



'HHVWHPRGR FRQVWDQORVSDJRVUHDOL]DGRVFRPRFRQVHFXHQFLDGHOD
ODERU UHDOL]DGD SRU OD HPSUHVD )LUVW &DSLWDO ,QYHUVLRQHV \ $VHVRUtD /WG ORV
PLVPRV TXH GHEHQ VHU DFRUGH D OR TXH H[LJH HO PHUFDGR HQ HO UXEUR GH OD
DVHVRUtD ILQDQFLHUD $Vt VH FUHHUtD OR DQWHV LQGLFDGR VLQR IXHVH SRUTXH
ILQDOPHQWH HO SDJR SRU ´FRPLVLyQ GH p[LWRµ IXH GH 75(6 0,//21(6
48,1,(1726 ',(= 0,/ '2/$5(6 $0(5,&$126 < &8$752&,(1726
6(6(17$ < &8$752 0,/ &8$752&,(1726 75(,17$ < 812
'2/$5(6$0(5,&$126WDOFRPRFRQVWDGHOFXDGURDQWHULRUPRQWRVTXH
QRVHHVWDEOHFLHURQHQHOFRQWUDWRGHSUHVWDFLyQGHVHUYLFLRV

$VLPLVPRODILVFDOtDSUHFLVDTXHOXHJRGHVHUGHSRVLWDGRODVXPDGH
WUHVPLOORQHVTXLQLHQWRVGLH]PLOGyODUHVDPHULFDQRV\FXDWURFLHQWRVVHVHQWD
SDJDGRVSRUODHPSUHVD)LUVW&DSLWDO,QYHUVLRQHV\$VHVRUtDV/WGFRQVWDXQD
WUDQVIHUHQFLD GH HVWRV PRQWRV D OD HPSUHVD /DWLQ $PHULFD (QWHUSULVH )XQG
0DQDJHUV//&WDOFRPRFRQVWDGHODIDFWXUDHLQVWUXFFLyQGHWUDQVIHUHQFLD $
IRMDV\GHOD&DUSHWD)LVFDO TXHVHGHWDOODQDFRQWLQXDFLyQ




Página 27 de 54
&257(683(5,25'(-867,&,$1$&,21$/3(1$/(63(&,$/,=$'$
6e37,02-8=*$'2'(,19(67,*$&,Ð135(3$5$725,$1$&,21$/








 (15(/$&,Ð1$/$63(5621$6-85Ì',&$6
 )81'$0(1726

Página 28 de 54
&257(683(5,25'(-867,&,$1$&,21$/3(1$/(63(&,$/,=$'$
6e37,02-8=*$'2'(,19(67,*$&,Ð135(3$5$725,$1$&,21$/


 (O GLUHFWRU GH OD LQYHVWLJDFLyQ KD VHxDODGR HQ VX 'LVSRVLFLyQ GH
)RUPDOL]DFLyQ GH ,QYHVWLJDFLyQ 3UHSDUDWRULD GH IHFKD  GH DEULO GHO 
3HGUR 3DEOR .XF]\QVNL *RGDUG XWLOL]y VX FRQGLFLyQ GH 0LQLVWUR GH (VWDGR
GXUDQWH HO SHULRGR GH JRELHUQR GHO H[ SUHVLGHQWH $OHMDQGUR 7ROHGR
0DQULTXH SDUD LQWHUYHQLU HQ OD FRQILJXUDFLyQ GH XQ PDUFR QRUPDWLYR HQ
EHQHILFLR GH ORV LQWHUHVHV GH HPSUHVDV FRQFHVLRQDULDV YLQFXODGDV D OD
HPSUHVD2GHEUHFKW6LHQGRTXHFRPRFRQVHFXHQFLDGHHVWRVSUHVXQWRVDFWRV
GHFRUUXSFLyQHOLPSXWDGR3HGUR3DEOR.XF]\QVNL*RGDUGUHFLELyEHQHILFLRV
HFRQyPLFRVLOHJDOHVSDUDORFXDOVHYDOLyGHFRQWUDWRVGHDVHVRUtDILQDQFLHUD
FHOHEUDGRV SRU OD HPSUHVD GH VX SURSLHGDG :HVWILHOG &DSLWDO /LPLWHG \ OD
HPSUHVD 2GHEUHFKW (V DVt TXH SDUD HVWRV FRQWUDWRV LQWHUYLQR *HUDUGR
5DIDHO 6HS~OYHGD 4XH]DGD TXLHQ UHSUHVHQWy D :HVWILHOG &DSLWDO HQ HVWDV
RSHUDFLRQHV

 6LQ HPEDUJR :HVWILHOG &DSLWDO /WG QR IXH OD ~QLFD SHUVRQD MXUtGLFD
LQYROXFUDGDHQHVWRVFRQWUDWRVGHDVHVRUtDVLQRTXHODHPSUHVD)LUVW&DSLWDO
,QYHUVLRQHV \ $VHVRUtDV /WG FX\R VRFLR IXQGDGRU HV HO LPSXWDGR
6(3Ô/9('$ 48(=$'$ WDPELpQ VH YLQFXOy FRQ OD HPSUHVD &RQVWUXFWRUD
2GHEUHFKW DO KDEHU FHOHEUDGR FRQWUDWRV GH DVHVRUtD ILQDQFLHUD FRQ ODV
HPSUHVDV FRQFHVLRQDULDV D FDUJR GH ORV SUR\HFWRV 7UDVYDVH 2OPRV H ,,56$
6XU7UDPRV\

 (Q VtQWHVLV VH WLHQH TXH 3HGUR 3DEOR .8&=<16., *2'$5' VH YDOLy
GH VX FDUJR S~EOLFR SDUD FRQWUDWDU DVHVRUtDV FRQ 2GHEUHFKW VLQ HPEDUJR
GDGD VX FRQGLFLyQ GH IXQFLRQDULR S~EOLFR HVWH QR SRGtD VXVFULELU ORV
FRQWUDWRV SRU OR TXH HQ GLFKR FRQWH[WR LQWHUYLQR HO LPSXWDGR *HUDUGR
5DIDHO 6HS~OYHGD 4XH]DGD TXLHQ VH HQFDUJy GH ILUPDU ORV FRQWUDWRV GH
DVHVRUtDSDUDORVSUR\HFWRV7UDVYDVH2OPRVH856$6XU7UDPRV\$VX
YH]YHULILFDPRVTXHODWUDQVIHUHQFLDGHDFWLYRVSUHVXQWDPHQWHLOtFLWRVDIDYRU
GH ORV FLWDGRV SURFHVDGRV QR VH GLR GH PDQHUD GLUHFWD VLQR D WUDYpV GH ODV
SHUVRQDV MXUtGLFDV GH VX SURSLHGDG :HVWILHOG &DSLWDO /WG \ )LUVW &DSLWDO
,QYHUVLRQHV\$VHVRUtDV/WG

6LHQGR TXH SDUWLU GH OD VXVFULSFLyQ GH GLFKRV FRQWUDWRV FRPR JHQHUDGRUHV
GHODFWLYRLOtFLWRSURYHQLHQWHVGHDFWRVGHFRUUXSFLyQVHUHDOL]DURQDFWRVGH
FRQYHUVLyQWUDQVIHUHQFLDRFXOWDPLHQWR\WHQHQFLDWDOFRPRVHKDQDUUDGR

(QVtQWHVLVSDUDHOFDVRGHORVSUR\HFWRV75$69$6(2/026(,,56$
685 75$026  <   ORV KHFKRV QDUUDGRV PXHVWUDQ TXH ODV SHUVRQDV

5 Tomo de declaraciones de la carpeta fiscal 31-2017.

Página 29 de 54
&257(683(5,25'(-867,&,$1$&,21$/3(1$/(63(&,$/,=$'$
6e37,02-8=*$'2'(,19(67,*$&,Ð135(3$5$725,$1$&,21$/

MXUtGLFDV :HVWILHOG &DSLWDO /WG \ )LUVW &DSLWDO ,QYHUVLRQHV \ $VHVRUtDV /WG


IXHURQ LQVWUXPHQWDOL]DGDV SRU VXV WLWXODUHV SDUD OOHYDU D FDER DFWRV
FRQVWLWXWLYRV GH ODYDGR GH DFWLYRV (Q HIHFWR HQ SULPHU OXJDU VH XWLOL]y OD
SHUVRQDOLGDG MXUtGLFD GH HVWDV HPSUHVDV SDUD OD FHOHEUDFLyQ GH FRQWUDWRV GH
DVHVRUtD FRQ OD HPSUHVD 2GHEUHFKW DVt FRPR WDPELpQ IXHURQ
LQVWUXPHQWDOL]DGDV SDUD OD UHFHSFLyQ GH LPSRUWDQWHV VXPDV GH GLQHUR GH
SURFHGHQFLD LOtFLWD SDJDGRV SRU ODV FRQFHVLRQDULDV 75$69$6( 2/026 (
,,56$685 WUDPRV\ YLQFXODGDVDODFLWDGDHPSUHVDGHRULJHQEUDVLOHxR
SURGXFWRGHODVODERUHVGHHVWUXFWXUDFLyQILQDQFLHUD

 (V LPSRUWDQWH GHVWDFDU TXH HO XVR GH ODV SHUVRQDV MXUtGLFDV DQWHV
VHxDODGDVHQDFWRVGH ODYDGRGHDFWLYRVOHVSHUPLWLyDVXVWLWXODUHVSHUFLELU
ORVIRQGRVHFRQyPLFRVHQFXHQWDVEDQFDULDVGHOH[WHULRUGHOSDtVFRPRVHKD
QDUUDGRHQORVKHFKRVKDVWDDKRUDPDWHULDGHLQYHVWLJDFLyQSHVHDTXHHVWRV
VHUYLFLRVGHDVHVRUtDVHFRQWUDWDURQSDUDVHUHMHFXWDGRVHQHO3HU~

 (VWR ~OWLPR QR UHVXOWD H[WUDxR HQ XQ FDVR GH ODYDGR GH DFWLYRV DQWHV
ELHQHVFDUDFWHUtVWLFRGHHVWHGHOLWRTXHVHSURFXUHRFXOWDUODLGHQWLGDGGHORV
EHQHILFLDULRV ILQDOHV KDFLHQGR DSDUHFHU VROR D ODV HPSUHVDV HQ ORV WUDWRV
FRPHUFLDOHV \ DOHMDU ORV DFWLYRV GH VX RULJHQ GHOLFWLYR XWLOL]DQGR FXHQWDV
EDQFDULDVHQHOH[WUDQMHUR

3RURWURODGRPHGLDQWH'LVSRVLFLyQGHDPSOLDFLyQGHIRUPDOL]DFLyQ\
FRQWLQXDFLyQGHLQYHVWLJDFLyQSUHSDUDWRULDGHIHFKDGHMXQLRGHVH
WLHQHFRPRKHFKRVLQYHVWLJDGRVORVQDUUDGRVHQHOPDUFRGHOSUR\HFWR´9tDV
1XHYDVGH/LPDµHOFXDOHVWXYRDFDUJRGHODHPSUHVDFRQFHVLRQDULDD5XWDV
GH /LPD 6$& ² TXH SHUWHQHFH D OD &RQVWUXFWRUD 2GHEUHFKW SRU ORV
SUHVXQWRVDFWRVGHODYDGRSURYHQLHQWHVGHDFWRVGHFRUUXSFLyQTXHYLQFXODQ
D ORV LPSXWDGRV *HUDUGR 5DIDHO 6HS~OYHGD 4XH]DGD \ 3HGUR 3DEOR
.XF]\QVNL*RGDUG

 (Q HVWH HVFHQDULR WDOHV DFWRV GH FRUUXSFLyQ SURGXMHURQ EHQHILFLRV
HFRQyPLFRVSDUDORVLPSXWDGRV*HUDUGR5DIDHO6HS~OYHGD4XH]DGD\3HGUR
3DEOR.XF]\QVNL*RGDUGQRREVWDQWHHVWRVEHQHILFLRVQRIXHURQWUDQVIHULGRV
GH PDQHUD GLUHFWD D ORV EHQHILFLDULRV ILQDOHV VLQR TXH VH KDEUtDQ FHOHEUDGR
FRQWUDWRV GH DVHVRUtD ILQDQFLHUD HQWUH OD &RQFHVLRQDULD 5XWDV GH /LPD TXH
SHUWHQHFH D OD &RQVWUXFWRUD 2GHEUHFKW  \ OD HPSUHVD )LUVW &DSLWDO
,QYHUVLRQHV \ $VHVRUtDV /WG FX\R VRFLR IXQGDGRU HV HO LPSXWDGR *HUDUGR
6HS~OYHGD4XH]DGD


6 Disposición N°78 de fecha 08 de junio del 2020.

Página 30 de 54
&257(683(5,25'(-867,&,$1$&,21$/3(1$/(63(&,$/,=$'$
6e37,02-8=*$'2'(,19(67,*$&,Ð135(3$5$725,$1$&,21$/

(VDVtTXHFRPRFRQVHFXHQFLDGHHVWRVFRQWUDWRVGHDVHVRUtDILQDQFLHUD
OD&RQFHVLRQDULD5XWDVGH/LPDHQWUHRWURVSDJRVFRPR\DVHKDGHWDOODGR
HQ OD 'LVSRVLFLyQ  GH IHFKD  GH MXQLR GH  SDJy  D OD HPSUHVD )LUVW
&DSLWDO,QYHUVLRQHV\$VHVRUtDVFX\RVRFLRIXQGDGRUHVHOLPSXWDGR*HUDUGR
5DIDHO 6HSXOYHGD HO PRQWR GH 86   75(6 0,//21(6
129(&,(17266(7(17$<&8$7520,/&8$752&,(172675(,17$
<812'2/$5(6$0(5,&$126 FRPRVXSXHVWRVSDJRVGHKRQRUDULRVGH
p[LWR LGHQWLILFDGRV KDVWD HVWH PRPHQWR  SURYHQLHQWHV GH DFWRV GH
FRUUXSFLyQ

 1R REVWDQWH SDUD KDFHU HIHFWLYR HVWH SDJR VHJ~Q 'RFXPHQWR GH
,QVWUXFFLyQ GH 7UDQVIHUHQFLD   OD &RQFHVLRQDULD 5XWDV GH /LPD WUDQVILULy HO
PRQWR GH 86  75(6 0,//21(6 48,1,(1726 ',(= 0,/
'2/$5(6 $0(5,&$126  D OD HPSUHVD /DWLQ $PHULFDQ (QWHUSULVH )XQG
0DQDJHUV FX\RV IXQGDGRUHV HQWUH RWURV VRQ ORV LPSXWDGRV *HUDUGR
6HSXOYHGD4XH]DGD\3HGUR3DEOR.XF]\QVNL*RGDUG

/DGLIHUHQFLDHQWUHHVWH~OWLPRPRQWR\86 WUHVPLOORQHV
QRYHFLHQWRV VHWHQWD \ FXDWUR PLO FXDWURFLHQWRV WUHLQWD \ XQR GRODUHV
DPHULFDQRV  HV GHFLU 86  FXDWURFLHQWRV VHVHQWD \ FXDWUR PLO
FXDWURFLHQWRVWUHLQWD\XQRGRODUHVDPHULFDQR IXHWUDQVIHULGRGLUHFWDPHQWH
D )LUVW &DSLWDO ,QYHUVLRQHV \ $VHVRUtDV /LPLWDGD FX\R VRFLR IXQGDGRU HV HO
LPSXWDGR*HUDUGR6HS~OYHGD4XH]DGDSRUSDUWHGHOD&RQFHVLRQDULD5XWDV
GH/LPD$VtORKDUHIHULGRHOLPSXWDGR*HUDUGR5DIDHO6HS~OYHGD4XH]DGD
HQVXGHFODUDFLyQGHGHPDU]RGHDQWHODUHVSXHVWDDODSUHJXQWD
HQPRQWRVDSUR[LPDGRV$VtORVSDJRVSRUORVVHUYLFLRVSUHVWDGRVSRU)LUVW
&DSLWDO,QYHUVLRQHV\$VHVRUtD/WGIXHURQFRPXQLFDGRVSRUOD&RQFHVLRQDULD
5XWDV GH /LPD 6$ FRQ OD FDUWD GH IHFKD  GH DEULO GH   \ &DUWD 1ƒ
91/9 GH IHFKD  GH RFWXEUH GH  QR REVWDQWH HO LPSXWDGR
*HUDUGR5DIDHO6HS~OYHGD4XH]DGDHQVXFRQGLFLyQGHVRFLRIXQGDGRUGHOD
HPSUHVD )LUVW &DSLWDO ,QYHUVLRQHV \ $VHVRUtDV /WG KD H[KLELGR \ HQWUHJDGR
SDUFLDOPHQWHDOGHVSDFKRILVFDOORVVXVWHQWRVSRUORVSDJRVUHDOL]DGRVSRUOD
&RQFHVLRQDULD 5XWDV GH /LPD SRU ODV ODERUHV GH HVWUXFWXUD ILQDQFLHUD FRPR
FRQVWD GHO $FWD GH ([KLELFLyQ \ HQWUHJD GH 'RFXPHQWRV GH IHFKD  GH
QRYLHPEUHGH

(VGHFLUWDOHVPRQWRVLOtFLWRVQRIXHURQWUDVIHULGRVGLUHFWDPHQWHDODHPSUHVD
SUHVWDGRUDGHOVHUYLFLRGHHVWUXFWXUDFLyQILQDQFLHUDSDUDHO3UR\HFWR5XWDVGH
/LPD HQ HVWH FDVR D  )LUVW &DSLWDO ,QYHUVLRQHV \ $VHVRUtDV /WG VLQR TXH VH
XWLOL]y D OD HPSUHVD /DWLQ $PHULFDQ (QWHUSULVH )XQG 0DQDJHU //& FRPR
UHFHSWRUD GH GLFKRV IRQGRV LOtFLWRV VLHQGR TXH HQ HO IRQGR HO EHQHILFLDULR

Página 31 de 54
&257(683(5,25'(-867,&,$1$&,21$/3(1$/(63(&,$/,=$'$
6e37,02-8=*$'2'(,19(67,*$&,Ð135(3$5$725,$1$&,21$/

ILQDO IXH OD HPSUHVD )LUVW &DSLWDO ,QYHUVLRQHV \ $VHVRUtDV /WG TXLHQ WLHQH
FRPRVRFLRIXQGDGRUDOLPSXWDGR*HUDUGR5DIDHO6HS~OYHGD4XH]DGD

6LQSHUMXLFLRGHHVWR~OWLPRQRGHMDGHVHUPHQRVLPSRUWDQWHVHxDODU
TXH HO LPSXWDGR *HUDUGR 5DIDHO 6HS~OYHGD 4XH]DGD KD VHxDODGR HQ VX
GHFODUDFLyQGHIHFKDGHGLFLHPEUHGHHQUHVSXHVWDDODSUHJXQWD
HQ UHODFLyQ D ORV GHVWLQRV TXH GLR DO PRQWR WUDQVIHULGR D /DWLQ $PHULFDQ
(QWHUSULVH //& D OR TXH HVWH UHVSRQGLy TXH XQ DSUR[LPDGR GH 86
 '26 0,//21(6 '( '2/$5(6 $0(5,&$126  IXH
WUDQVIHULGRD)LUVW&DSLWDO,QYHUVLRQHV\$VHVRUtDV/WGPRQWRTXHVHDFHUFD
DO \D GHFODUDGR HQ VX GHFODUDFLyQ GH IHFKD  GH PDU]R GH  YtD
FRRSHUDFLyQ-XGLFLDO,QWHUQDFLRQDO

 (VWH KHFKR PXHVWUD TXH OD HPSUHVD )LUVW &DSLWDO ,QYHUVLRQHV \
$VHVRUtDV /WGD IXH LQVWUXPHQWDOL]DGD FRQ OD ILQDOLGDG HQ SULPHU OXJDU GH
KDFHUOD DSDUHFHU FRPR FRQWUDWDQWH HQ HO DFXHUGR GH DVHVRUtD ILQDQFLHUD
FHOHEUDGR FRQ OD FRQFHVLRQDULD 5XWDV GH /LPD 6$& (Q VHJXQGR OXJDU VH
LQVWUXPHQWDOL]yDODFLWDGDHPSUHVDSDUDKDFHUODDSDUHFHUFRPRODUHFHSWRUD
R EHQHILFLDULD GH LPSRUWDQWHV FDQWLGDGHV GH DFWLYRV GH SURFHGHQFLD LOtFLWD
SDJDGRV SRU OD HPSUHVD FRQFHVLRQDULD 5XWDV GH /LPD SRU ORV VHUYLFLRV GH
HVWUXFWXUDFLyQILQDQFLHUD

(Q VXPD OD HPSUHVD )LUVW &DSLWDO ,QYHUVLRQHV \ $VHVRUtDV /WG WXYR XQD
LQWHUYHQFLyQVXPDPHQWHUHOHYDQWHHQODJHQHUDFLyQUHFHSFLyQ\GLVWULEXFLyQ
GHORVDFWLYRVSUHVXQWDPHQWHLOtFLWRVTXHIXHURQWUDQVIHULGRVSRUODHPSUHVD
FRQFHVLRQDULD5XWDVGH/LPD6$&GHSURSLHGDGGH2GHEUHFKW

 $Vt VH HYLGHQFLD TXH OD LQWHUYHQFLyQ GH OD HPSUHVD )LUVW &DSLWDO
REHGHFLyDOGHVLJQLRGHVXWLWXODUHOLPSXWDGR*HUDUGR6HS~OYHGD4XH]DGD
TXLHQDFWXyHQDFXHUGRGHYROXQWDGHVFRQRWURGHORVEHQHILFLDULRVGHHVWRV
DFWLYRVLOtFLWRVHOLPSXWDGR3HGUR3DEOR.XF]\QVNL*RGDUG

&DEHDJUHJDUTXHSDUWHGHHVWRVEHQHILFLRVHFRQyPLFRVLOtFLWRV\DVHxDODGRV
IXHURQWUDQVIHULGRVDVXYH]DIDYRUGHOLPSXWDGR3HGUR3DEOR.8&=<16.,
*2'$5' \ OD HPSUHVD GH VX SURSLHGDG :HVWILHOG &DSLWDO /WG KDVWD ORV
PRPHQWRVLGHQWLILFDGRVFRPRVHKDDQRWDGRHQFLWDGDGLVSRVLFLyQ

 ,0387$&,Ð1&21&5(7$&2175$/$63(5621$6-85Ì',&$6

 5(63(&72$/$(035(6$:(67),(/'&$3,7$//7'


Página 32 de 54
&257(683(5,25'(-867,&,$1$&,21$/3(1$/(63(&,$/,=$'$
6e37,02-8=*$'2'(,19(67,*$&,Ð135(3$5$725,$1$&,21$/

6HOHLPSXWDDODSHUVRQDMXUtGLFD:(67),(/'&$3,7$//,0,7('HO
SUHVXQWR GHOLWR GH /DYDGR GH $FWLYRV HQ OD PRGDOLGDG GH 7UDQVIHUHQFLD
&RQYHUVLyQ 2FXOWDPLHQWR < 7HQHQFLD HQ DJUDYLR GHO (VWDGR FRQGXFWD
SUHYLVWD\VDQFLRQDGDHQHODUWtFXORƒ\ƒFRQDJUDYDQWHGHODUWtFXOROLWHUDO
E  GH OD /H\ 1ž  YLJHQWH GHVGH MXQLR GHO  KDVWD HO  GH DEULO GHO
  UHVSHFWR D ORV KHFKRV LQYHVWLJDGRV HQ UHODFLyQ D ORV DFWLYRV LOtFLWRV
JHQHUDGRV HQ HO PDUFR GH OD ODERU HVWUXFWXUDFLyQ ILQDQFLHUD SDUD ORV
SUR\HFWRV7UDVYDVH2OPRV(,LUVD6XU 7UDPRV< 

6HOHLPSXWDDODSHUVRQDMXUtGLFD:(67),(/'&$3,7$//,0,7('HO
SUHVXQWRGHOLWRGH/DYDGRGH$FWLYRVHQODPRGDOLGDGGH7UDQVIHUHQFLDHQ
DJUDYLR GHO (VWDGR FRQGXFWD SUHYLVWD \ VDQFLRQDGD HQ HO DUWtFXOR ƒ FRQ
DJUDYDQWH GHO DUWtFXOR  OLWHUDO   GHO 'HFUHWR /HJLVODWLYR 1ƒ  GHO  GH
DEULO GH  UHVSHFWR D ORV KHFKRV LQYHVWLJDGRV HQ UHODFLyQ D ORV DFWLYRV
LOtFLWRVJHQHUDGRVHQHOPDUFRGHOD ODERUHVWUXFWXUDFLyQILQDQFLHUDSDUDHO
SUR\HFWR5XWDV'H/LPD


 5(63(&72 $ /$ (035(6$ ),567 &$3,7$/ ,19(56,21(6 <
$6(625Ì$6/7'

 6H OH LPSXWD D OD SHUVRQD MXUtGLFD ),567 &$3,7$/ ,19(56,21(6 <
$6(625,$6 /,0,7$'$ HO SUHVXQWR GHOLWR GH /DYDGR GH $FWLYRV HQ OD
PRGDOLGDGGH&RQYHUVLyQ2FXOWDPLHQWR<7HQHQFLDHQDJUDYLRGHO(VWDGR
FRQGXFWD SUHYLVWD \ VDQFLRQDGD HQ HO DUWtFXOR ƒ \ ƒ FRQ DJUDYDQWH GHO
DUWtFXOROLWHUDOE GHOD/H\1ž YLJHQWHGHVGHMXQLRGHOKDVWDHO
 GH DEULO GHO   UHVSHFWR D ORV KHFKRV LQYHVWLJDGRV HQ UHODFLyQ D ORV
DFWLYRV LOtFLWRV JHQHUDGRVHQ HO PDUFR GH OD ODERU HVWUXFWXUDFLyQ ILQDQFLHUD
SDUDORVSUR\HFWRV7UDVYDVH2OPRV(,LUVD6XU 7UDPRV< 

 6H OH LPSXWD D OD SHUVRQD MXUtGLFD ),567 &$3,7$/ ,19(56,21(6 <
$6(625,$6 /,0,7$'$ HO SUHVXQWR GHOLWR GH /DYDGR GH $FWLYRV HQ OD
PRGDOLGDGGH&RQYHUVLyQ<7UDQVIHUHQFLDHQDJUDYLRGHO(VWDGRFRQGXFWD
SUHYLVWD\VDQFLRQDGDHQHODUWtFXORƒFRQDJUDYDQWHGHODUWtFXOROLWHUDO 
GHO'HFUHWR/HJLVODWLYR1ƒGHOGHDEULOGHUHVSHFWRDORVKHFKRV
LQYHVWLJDGRV HQ UHODFLyQ D ORV DFWLYRV LOtFLWRV JHQHUDGRV HQ HO PDUFR GH OD
ODERUHVWUXFWXUDFLyQILQDQFLHUDSDUDHOSUR\HFWR5XWDV'H/LPD


 027,9$&,Ð1$%675$&7$


Página 33 de 54
&257(683(5,25'(-867,&,$1$&,21$/3(1$/(63(&,$/,=$'$
6e37,02-8=*$'2'(,19(67,*$&,Ð135(3$5$725,$1$&,21$/

/DUHJXODFLyQOHJDOGHODLQFRUSRUDFLyQGHSHUVRQDMXUtGLFDHVWiSUHYLVWD
HQ HO DUWtFXOR  GHO &yGLJR 3URFHVDO 3HQDO TXH HVWDEOHFH ´ODV SHUVRQDV
MXUtGLFDV VLHPSUH TXH VHDQ SDVLEOHV GH LPSRQpUVHOHV ODV PHGLGDV SUHYLVWDV
HQ ORV DUWtFXORV  \  GHO &yGLJR 3HQDO GHEHUiQ VHU LQFRUSRUDGDV HQ HO
SURFHVR D LQVWDQFLD GHO ILVFDOµ PLHQWUDV TXH HO DUWtFXOR  GHO &yGLJR
$GMHWLYRVHxDODORVSUHVXSXHVWRVSDUDVHUDFRJLGDHVWRHVD LGHQWLILFDFLyQ\
GRPLFLOLRGHODSHUVRQDMXUtGLFDE UHODFLyQ VXFLQWDGHORVKHFKRV HQTXHVH
IXQGDHOSHWLWRULR\ODF IXQGDPHQWDFLyQOHJDOFRUUHVSRQGLHQWH

/D&RUWH6XSUHPDVHKDSURQXQFLDGRVREUHHVWDLQVWLWXFLyQMXUtGLFDHQHO
$FXHUGR 3OHQDULR 1ƒ&- VXPLOODGR ´SHUVRQDV MXUtGLFDV \
FRQVHFXHQFLDVDFFHVRULDVµTXHHQVXIXQGDPHQWRMXUtGLFR1ƒVHxDODTXHOD
LQFOXVLyQGHODSHUVRQDMXUtGLFDHVVLHPSUHTXHVHDQSDVLEOHGHLPSRQpUVHOHV
ODV PHGLGDV ² FRQVHFXHQFLDV DFFHVRULDV GHO DUWtFXOR  \  GHO &yGLJR
3HQDO HOORV FRPR UHVSXHVWD SXQLWLYD IUHQWH DTXHOORV GHOLWRV GRQGH SXGLHUD
UHVXOWDU YLQFXODGD R EHQHILFLDGD FRQ OD FRPLVLyQ R HQFXEULPLHQWR GH XQ
GHOLWR

 $O UHVSHFWR HO UHIHULGR $FXHUGR 3OHQDULR KD HVWDEOHFLGR HQ HO
IXQGDPHQWR MXUtGLFR 1ƒ% FXDOHV VRQ ODV H[LJHQFLDV TXH GHEH VHU
FXPSOLGR SDUD LQFRUSRUDU D XQD SHUVRQD MXUtGLFD TXH DUPRQL]D FRQ HO
DUWtFXORGHO&yGLJR3URFHVDO3HQDOFRPRVHH[SRQH
D ,GHQWLILFDFLyQGHODSHUVRQD UD]yQVRFLDOQDWXUDOH]DHWFpWHUD 
E HOGRPLFLOLRGHODSHUVRQDMXUtGLFD VHGHPDWUL]RILOLDOHV 
$O UHVSHFWR VH LQGLFD TXH OD VROLFLWXG DGHPiV GHEH VHxDODU GH PRGR
FLUFXQVWDQFLDGRORVKHFKRVTXHUHODFLRQDQDODSHUVRQDMXUtGLFDFRQHOGHOLWR
PDWHULD GH LQYHVWLJDFLyQ 3RU WDQWR VH GHEH UHIHULU OD FDGHQD GH DWULEXFLyQ
TXH OD FRQHFWD FRQ ODV DFFLRQHV GH IDFLOLWDFLyQ IDYRUHFLPLHQWR R
HQFXEULPLHQWRGHOKHFKRSXQLEOH

 (V SHUWLQHQWH VHxDODU TXH OD 6DOD 1DFLRQDO GH $SHODFLRQHV GH HVWH
6LVWHPD(VSHFLDOL]DGRKDWHQLGRRSRUWXQLGDGGHSURQXQFLDUVHUHVSHFWRDORV
SUHVXSXHVWRV SDUD OD LQFRUSRUDFLyQ GH OD SHUVRQD MXUtGLFD HQ HO H[SHGLHQWH
1ƒ-53(FXDQGRHQHOIXQGDPHQWRMXUtGLFR4XLQWR
\VHGHVSUHQGHTXHSDUDODLQFRUSRUDFLyQGHODSHUVRQDMXUtGLFDGHEH
VHUHYDOXDGRFRQODH[LJHQFLDGHORHVWDEOHFLGRHQHODUWtFXORGHO&yGLJR
3URFHVDO 3HQDO HQ DUPRQtD FRQ HO IXQGDPHQWR MXUtGLFR  GHO DFXHUGR
SOHQDULR 1ƒ&- GH OD &RUWH 6XSUHPD FRLQFLGHQ HQ VHxDODU
´LGHQWLILFDFLyQGHODSHUVRQDMXUtGLFD\GRPLFLOLR´GHPRGRFLUFXQVWDQFLDGR
ORV KHFKRV TXH UHODFLRQDQ D OD SHUVRQD MXUtGLFD FRQ HO GHOLWR PDWHULD GH
LQYHVWLJDFLyQµDJUHJDQGRODFDGHQDGHDWULEXFLyQTXHFRQHFWDDODVDFFLRQHV
GHIDFLOLWDFLyQIDYRUHFLPLHQWRRHQFXEULPLHQWRGHKHFKRSXQLEOH

Página 34 de 54
&257(683(5,25'(-867,&,$1$&,21$/3(1$/(63(&,$/,=$'$
6e37,02-8=*$'2'(,19(67,*$&,Ð135(3$5$725,$1$&,21$/


$VLPLVPRHVQHFHVDULRVHxDODUORH[SXHVWRSRUOD6DOD3HQDOHQUHVSXHVWD
DOIXQGDPHQWRMXUtGLFRGHO$FXHUGR3OHQDULR1ƒ&-UHVSHFWR
DODH[LJHQFLDDOQLYHOGHSRVWXODFLyQEDVDGRHQORVGHIHFWRVGHRUJDQL]DFLyQ
R GHILFLHQWH DGPLQLVWUDFLyQ GH ULHVJRV (O DFXHUGR HQ PHQFLyQ VRVWLHQH GH
PDQHUDFRQFUHWDTXH´ODOHJLWLPDFLyQGHODLPSRVLFLyQGHHVDVPHGLGDVTXH
VH UHFRQRFH OD QHFHVLGDG GH XQD GHFODUDFLyQ MXGLFLDO GH HQFRQWUDUVH
LQYROXFUDGDV GHVGH VX DFWLYLGDG DGPLQLVWUDFLyQ X RUJDQL]DFLyQ FRQ OD
HMHFXFLyQ IDYRUHFLPLHQWR X RFXOWDPLHQWR GH XQ KHFKR SXQLEOHµ PLHQWUDV
TXH FRQ UHODFLyQ D ORV GHIHFWRV GH RUJDQL]DFLyQ R GHILFLHQWH DGPLQLVWUDFLyQ
GHULHVJRVTXHVHHQOD]DFRQHOWpUPLQR´VREUHWRGRµTXHVHLQWHUSUHWDFRPR
XQD ´H[LJHQFLD DGLFLRQDOµ TXH QR H[FOX\H D ORV DQWHULRUHV VXSXHVWRV TXH
MXVWDPHQWHUHJXODHQIRUPDH[SUHVDODQRUPDSHQDODGHPiVORUHODFLRQDGRD
ODSHOLJURVLGDGREMHWLYDGHODFRVDVHKDVHxDODGRTXHHOWHPDWLHQHTXHVHU
GLVFXWLGRDOPRPHQWRGHHPLWLUGHFLVLyQILQDO

(QGRJPiWLFDHOSURIHVRU6DQ0DUWtQ&DVWURVHxDODTXHVXLQFRUSRUDFLyQ
RSHUDFXDQGRVHFRPHWHXQGHOLWRWUDVXQDSHUVRQDMXUtGLFDHQHOHMHUFLFLRGH
VXDFWLYLGDGRXWLOL]DQGRVXRUJDQL]DFLyQSDUDIDYRUHFHUORHQHQFXEULUOR DUW
&3 HVWDHVSDVLEOHGHPHGLGDVGHFDUiFWHUSHQDOHQWDQWRLPSOLFDQXQD
OLPLWDFLyQ FRDFWLYD GH VXV GHUHFKRV $VLPLVPR FXDQGR HO GHOLWR VH FRPHWH
SRUVXVGHSHQGLHQWHV RIXQFLRQDULRVHQHOHMHUFLFLRGHVXDFWLYLGDGVLHPSUH
TXHVHDQHFHVDULDSDUDFXEULUODUHVSRQVDELOLGDGSHFXQLDULDHVSDVLEOHGHOD
PHGLGD GH FDUiFWHU FLYLO GH SULYDFLyQ GH EHQHILFLRV FDXVDOPHQWH YLQFXODGRV
DOKHFKRGHOLFWLYR DUW&3 LQWHJUDODUHSDUDFLyQFLYLO(QIDWL]DVREUHHO
SDUWLFXODU*DOYH]9LOOHJDVSUHFLVDQGRVHKDFRQVLGHUDGRHQLJXDOFRQGLFLyQD
ORV VXSXHVWRV SUHYLVWRV HQ ORV DUWtFXORV  \  GHO &yGLJR 3HQDO SHVH D
TXH DPERV SUHYpQ VLWXDFLRQHV GLVWLQWDV HQ HO SULPHU FDVR VH WUDWD GH XQ
VXSXHVWRGH7HUFHUR&LYLO\HQHOVHJXQGRGHODDSOLFDFLyQGHFRQVHFXHQFLDV
DFFHVRULDVGHOGHOLWR

 027,9$&,Ð1(63(&Ì),&$

$1É/,6,6'(/&$62(1&21&5(72

 (/(0(1726'(&219,&&,Ð1

 &RSLD VLPSOH GH OD &DUWD &12/& GH IHFKD  GH GLFLHPEUH GH 
PHGLDQWHHOFXDOODHPSUHVD2'(%5(&+73(58UHPLWHGRFXPHQWDFLyQUHVSHFWRD

7SAN MARTÍN CASTRO, César. Derecho Procesal Penal Lecciones. Instituto Peruano de
Criminología y Ciencias Penales. Noviembre 2015. Página 246.

Página 35 de 54
&257(683(5,25'(-867,&,$1$&,21$/3(1$/(63(&,$/,=$'$
6e37,02-8=*$'2'(,19(67,*$&,Ð135(3$5$725,$1$&,21$/

OD DVHVRUtD ILQDQFLHUD SDUD HO SUR\HFWR 75$69$6( 2/026 HQWUH &RQVWUXFWRUD
1RUEHUWR2GHEUHFKW6$6XFXUVDO3HU~\:HVWILHOG&DSLWDO $IVDOGHOD
&DUSHWD)LVFDOWRPR 

¾ &RQWUDWR GH DVHVRUtD HQWUH HVWUXFWXUDFLyQ \ FRORFDFLyQ GH LQVWUXPHQWRV GH
UHQWDILMD\GHUHQWDYDULDEOHSDUDHOILQDQFLDPLHQWRGHODFRQVWUXFFLyQGHODV
REUDV WUDVYDVH GH IHFKD  $ IV  DO  GH OD &DUSHWD )LVFDO
WRPR 
¾ 0RGLILFDFLyQGHOFRQWUDWRQXPHUDOHV\GHIHFKD $IVGH
OD&DUSHWD)LVFDOWRPR 
¾ &DUWDGHIHFKDHPLWLGDSRUODHPSUHVD:HVWILHOG&DSLWDO/WG3RU
HOFXDOSRQHWpUPLQRGHOFRQWUDWRVXVFULWRHQIHFKD $IRMDVGH
OD&DUSHWD)LVFDO7RPR 

 &DUWD 23,& GH IHFKD  GH MXQLR GH  PHGLDQWH HO FXDO HO $VHVRU
)LQDQFLHUR -DYLHU 628=$ )(55(,5$ LQIRUPD OD %XHQD 3UR D ODV DVHVRUDV
ILQDQFLHUDV $ IV  GHO $QH[R 1ƒ  GHQRPLQDGR ´'RFXPHQWRV UHPLWLGRV SRU HO
%DQFRGH&UpGLWRGHO3HU~\VXUHODFLyQFRQ:HVWILHOG&DSLWDOVREUHORVFRQWUDWRVGH
DVHVRUtD ILQDQFLHUD GHO ´3UR\HFWR 7UDVYDVH 2OPRVµ \ GHO ´3UR\HFWR &RUUHGRU 9LDO
,QWHURFHiQLFR6XU3HU~%UDVLOµµ 

$FWDGH%~VTXHGDH,PSUHVLyQGH,QIRUPDFLyQGH)XHQWH3~EOLFD'HODE~VTXHGD
HQ OD SiJ ZHE KWWSGRVP\IORULGDFRPVXQEL]VHDUFK VH HQFRQWUy ILFKDV GH
UHSRUWHDQXDOGHODHPSUHVD:HVWILHOG&DSLWDO/WGGHVGHHODxRKDVWDD
,QDFWLYR HO   *HUDUGR 6HS~OYHGD FRQVWD HQ ORV DxRV  D  $ IV
DOGHOD&DUSHWD)LVFDO7RPR 

 &RQWUDWR GH 3UHVWDFLyQ GH 6HUYLFLRV GH IHFKD  GH PDU]R GH  UHPLWLGR
PHGLDQWH &DUWD 2'% /(*$//& GH IHFKD  GH PD\R GH  $ IV
GHOD&DUSHWD)LVFDO7RPR 

 &RSLD VLPSOH GH OD &DUWD &12/& GH IHFKD  GH GLFLHPEUH GH 
PHGLDQWHHOFXDOGHODHPSUHVD2'(%5(&+73(58UHPLWH'RFXPHQWDFLyQUHVSHFWR
3UR\HFWR &RUUHGRU 9LDO ,QWHURFHiQLFR 6XU 3HU~ ² %UDVLO TXH DFUHGLWD OD UHODFLyQ
FRQWUDFWXDO $IVDOGHOD&DUSHWD)LVFDO7RPR 

¾ &RQWUDWRGHIHFKDSRUODTXHVHFRQILUPDD&RQVWUXFWRUD1RUEHUWR
2GHEUHFKW6$HODFXHUGRSDUDTXHHO%DQFRGH&UpGLWRGHO3HU~&UHGLEROVD
\:HVWILHOG&DSLWDOHQORVXFHVLYR´ORV$VHVRUHVµOHEULQGHQDODSULPHUD
DVHVRUtD HQ OD HYDOXDFLyQ ILQDQFLHUD GH OD FRQFHVLyQ SDUD OD FRQVWUXFFLyQ
RSHUDFLyQ \ PDQWHQLPLHQWR GHO (MH 9LDO$PD]RQDV 6XU ² ,,56$ 685 HQ OR
VXFHVLYR´HO&RQWUDWRGH$VHVRUtD)LQDQFLHUDGHžGHDEULOGHµ $IV
DOGHOD&DUSHWD)LVFDO7RPR 
¾ &RQWUDWR GH IHFKD  SRU OD TXH ORV DVHVRUHV SURSRQHQ D OD
FRQFHVLRQDULD ,QWHURFHiQLFD 6XU 7UDPR  6$ \ D OD &RQFHVLRQDULD

Página 36 de 54
&257(683(5,25'(-867,&,$1$&,21$/3(1$/(63(&,$/,=$'$
6e37,02-8=*$'2'(,19(67,*$&,Ð135(3$5$725,$1$&,21$/

,QWHURFHiQLFD 6XU 7UDPR  6$ OD LQWURGXFFLyQ GH PRGLILFDFLRQHV DO


&RQWUDWR GH $VHVRUtD )LQDQFLHUD GH  HQ OR FRQFHUQLHQWH D OD
HVWUXFWXUDGHOVHUYLFLR\KRQRUDULRV $IVDO$GHOD&DUSHWD)LVFDO
7RPR 
¾ (O &RQWUDWR GH GLFLHPEUH GH  GLULJLGD D OD &RQFHVLRQDULD ,QWHURFHiQLFD
6XU6$SRUORV$VHVRUHVHQODTXHPDQLILHVWDQVXDFHSWDFLyQDODSURSXHVWD
GH PRGLILFDU ODV FRQGLFLRQHV GH SDJR GH VXV KRQRUDULRV $ IV  GH OD
&DUSHWD)LVFDO7RPR 

&RSLD6LPSOHGHODV&DUWDV&12/&GHOGHGLFLHPEUHGH DIVGH
OD&DUSHWD)LVFDO7RPR \&12/&GHOGHGLFLHPEUHGH DIVDO
GHOD&DUSHWD)LVFDO7RPR \&DUWD2'%/(*$//&GHIHFKDGH
IHEUHURGH DIVDOGHO$QH[R1ƒ7RPR ²´'RFXPHQWRVUHPLWRV
SRU 2GHEUHFKWµ  PHGLDQWH ORV FXDOHV VH DGMXQWDQ ORV SDJRV UHDOL]DGRV SRU OD
&RQFHVLRQDULD2OPRVD:HVWILHOG&DSLWDO/WGTXHVHGHWDOODQDFRQWLQXDFLyQ

¾ )DFWXUD  GH IHFKD  SRU HO PRQWR GH 86  FRQ
GHVFULSFLyQ 5HHPEROVRV GH JDVWR GH YLDMH GH *HUDUGR 6HS~OYHGD $GMXQWD
VXVWHQWR GH MXOLR D RFWXEUH GH   $ IV  DO  GH OD &DUSHWD )LVFDO
7RPRV\ 

¾ )DFWXUD 1ƒ  GH IHFKD  SRU HO PRQWR GH 86 FRQ
GHVFULSFLyQ&RPLVLyQILMD(VWUXFWXUDFLyQGHOSURJUDPDGH%RQRV $IV
DOGHOD&DUSHWD)LVFDO7RPR 

¾ )DFWXUD 1ƒ  GH IHFKD  SRU HO PRQWR GH 86  FRQ
GHVFULSFLyQ 5HHPEROVR GH JDVWRV GH YLDMH GH *HUDUGR 6HS~OYHGD GH
QRYLHPEUHGHDMXOLR DGMXQWDQVXVWHQWRVSRUGLFKRSHULRGR  $IV
DOGHO$QH[R7RPR²´'RFXPHQWDFLyQUHPLWLGDSRU2GHEUHFKWµ 

¾ )DFWXUD 1ƒ  GH IHFKD  SRU HO PRQWR GH 86  FRQ
GHVFULSFLyQ 5HHPEROVR GH JDVWRV GH YLDMH GH *HUDUGR 6HS~OYHGD GH
QRYLHPEUHGHDMXOLR DGMXQWDQVXVWHQWRVGHDJRVWRDHQHURGH
  $IVDOGHO$QH[R7RPR²´'RFXPHQWDFLyQUHPLWLGDSRU
2GHEUHFKWµ 

¾ )DFWXUD 1ƒ  GH IHFKD  SRU HO PRQWR GH 86  FRQ
GHVFULSFLyQ 5HHPEROVR GH JDVWRV YLDMH GH *HUDUGR 6HS~OYHGD $GMXQWD
VXVWHQWRVGHDJRVWRDVHWLHPEUH  $IVDGHOD&DUSHWD)LVFDO
7RPR 

&RSLDVLPSOHGHOD&DUWD2'%/(*$//&GHIHFKDGHQRYLHPEUHGH
 DGMXQWD SDJRV SRU SDUWH GH &RQFHVLRQDULD ,QWHURFHiQLFD 6XU 7UDPR  6$ \
&RQFHVLRQDULD,QWHURFHiQLFD6XU7UDPR6$D:HVWILHOG&DSLWDO\)LUVW&DSLWDO $

Página 37 de 54
&257(683(5,25'(-867,&,$1$&,21$/3(1$/(63(&,$/,=$'$
6e37,02-8=*$'2'(,19(67,*$&,Ð135(3$5$725,$1$&,21$/

IVDOGHO$QH[R²´'RFXPHQWRVUHPLWLGRVSRU2GHEUHFKWµ ODVPLVPDVTXHVH
GHWDOODQDFRQWLQXDFLyQ

¾ )DFWXUD61SRUHOPRQWRGH86FRQGHVFULSFLyQ5HI,QYRLFH
$ IV  D  GHO $QH[R  7RPR  ² ´'RFXPHQWDFLyQ UHPLWLGD SRU
2GHEUHFKWµ 
¾ )DFWXUD 1ƒ  GH IHFKD  SRU HO PRQWR GH 86  FRQ
GHVFULSFLyQ )HFKD FRQWUDWR VHW FLHUUH GH QHJRFLDFLRQHV FRQ
&RUSRUDFLyQ$QGLQDGH)RPHQWRSRUQRXVRGH*DUDQWtDSDUDODHPLVLyQGH
ORV &53$26 $ IV  DO  GHO $QH[R  ² ´'RFXPHQWRV UHPLWLGRV SRU
2GHEUHFKWµ 
¾ )DFWXUD1ƒGHIHFKDGHIHEUHURGHSRUHOPRQWRGH86
FRQODGHVFULSFLyQ)HHVSRUFLHUUHGH,QWHURFHiQLFD6XU7UDPR $IVDO
GHO$QH[R²´'RFXPHQWRVUHPLWLGRVSRU2GHEUHFKWµ7RPR 

&RSLDVLPSOHGHOD&DUWD2'%/(*$//&GHIHFKDGHQRYLHPEUHGH
 DGMXQWD SDJRV SRU SDUWH GH &RQFHVLRQDULD ,QWHURFHiQLFD 6XU 7UDPR  6$ \
&RQFHVLRQDULD,QWHURFHiQLFD6XU7UDPR6$D:HVWILHOG&DSLWDO\)LUVW&DSLWDO $
IVDOGHO$QH[R²´'RFXPHQWRVUHPLWLGRVSRU2GHEUHFKWµ ODVPLVPDVTXHVH
GHWDOODQDFRQWLQXDFLyQ

¾ )DFWXUD61SRUHOPRQWRGH86FRQGHVFULSFLyQ5HI,QYRLFH
$ IV  D  GHO $QH[R  7RPR  ² ´'RFXPHQWDFLyQ UHPLWLGD SRU
2GHEUHFKWµ 
¾ )DFWXUD 1ƒ  GH IHFKD  SRU HO PRQWR GH 86  FRQ
GHVFULSFLyQ 5HHPEROVR GH JDVWRVSUR\HFWR GH ILQDQFLDPLHQWR PHUFDGR
ORFDODSR\RHQODQHJRFLDFLyQILQDQFLDPLHQWRLQWHUQDFLRQDO $IVDO
GHO$QH[R²´'RFXPHQWDFLyQUHPLWLGDSRU2GHEUHFKWµ 
¾ )DFWXUD 1ƒ  GH IHFKD  SRU HO PRQWR GH 86  FRQ
GHVFULSFLyQ+RQRUDULRVSRUFLHUUHGH,QWHURFHiQLFD6XU7UDPR $IV
DOGHO$QH[R²´'RFXPHQWDFLyQUHPLWLGDSRU2GHEUHFKWµ 

 &RSLD VLPSOH GH OD 2'%/(*$//& GH IHFKD  GH PD\R GH 
UHPLWHORVSDJRVUHDOL]DGRVSRUODFRQFHVLRQDULD7UDVYDVH2OPRV6$D)LUVW&DSLWDO
$ IV  GH OD &DUSHWD )LVFDO 7RPR   ORV PLVPRV TXH VH GHWDOODQ D
FRQWLQXDFLyQ

¾ )DFWXUD1ƒGHIHFKD FRUUHODWLYR SRUHOPRQWRGH
86  FRQ OD GHVFULSFLyQ $VHVRUtD 7pFQLFD )LQDQFLHUD 'LVHxR
QHJRFLDFLyQ H LPSOHPHQWDFLyQ GH XQD JDUDQWtD GH ULHVJR GH FUpGLWR SDUFLDO
SRU KDVWD  PLOORQHV FRQ RUJDQLVPRV PXOWLODWHUDOHV $ IV  D  \
GHOD&DUSHWD)LVFDO7RPR 

¾ )DFWXUD1ƒGHIHFKD FRUUHODWLYR SRUHOPRQWRGH
86  FRQ GHVFULSFLyQ $VHVRUtD 7pFQLFD )LQDQFLHUD 'LVHxR

Página 38 de 54
&257(683(5,25'(-867,&,$1$&,21$/3(1$/(63(&,$/,=$'$
6e37,02-8=*$'2'(,19(67,*$&,Ð135(3$5$725,$1$&,21$/

QHJRFLDFLyQ GH XQD JDUDQWtD GH ULHVJR GH FUpGLWR SDUFLDO SRU KDVWD 
PLOORQHVFRQRUJDQLVPRVPXOWLODWHUDOHV GD5XHGD  $IVDGHOD
&DUSHWD)LVFDO7RPR 

¾ )DFWXUD1ƒGHIHFKD FRUUHODWLYR SRUHOPRQWR86
FRQGHVFULSFLyQ$VHVRUtD7pFQLFD²)LQDQFLHUD'LVHxRQHJRFLDFLyQ
H LPSOHPHQWDFLyQ GH XQD JDUDQWtD GH ULHJR GH FUpGLWR SDUFLDO SRU KDVWD 
PLOORQHV FRQ RUJDQLVPRV PXOWLODWHUDOHV LQFOX\HQGR OD &$) 7HUFHUD
FRORFDFLyQSRU86PLOORQHV  $IVDGHOD&DUSHWD)LVFDO7RPR
 

 &RSLD VLPSOH GH OD )DFWXUD ) GHO  GH PD\R GH  SRU HO PRQWR 86
FRQODGHVFULSFLyQ$VHVRUtDV)LQDQFLHUDV²(MH9LDO,,56$685 $IV
GHO&XDGHUQRGH'HFODUDFLRQHV7RPR 

&RSLDVLPSOHGHODFDUWD2'%/(*$//&GHIHFKDGHPD\RGH
$ IV  GH OD &DUSHWD )LVFDO 7RPR   UHPLWH ORV SDJRV UHDOL]DGRV SRU OD
FRQFHVLRQDULD,QWHURFHiQLFD6XU7UDPRD)LUVW&DSLWDOORVPLVPRVTXHVHGHWDOODQ
DFRQWLQXDFLyQ

¾ )DFWXUDGHIHFKD &RUUHODWLYRIHFKD SRUHO
PRQWR GH 86  FRQ OD GHVFULSFLyQ 5HWDLQHU VHJ~Q &RQWUDWR SRU
VHUYLFLRV GH HYDOXDFLyQ GHVDUUROOR GH HVWUXFWXUDV \ QHJRFLDFLyQ GH
ILQDQFLDPLHQWRV HQ HO H[WHULRU 0HV 2FW  $ IV  DO  GH OD
&DUSHWD)LVFDO7RPR 

&RSLDVLPSOHGHODFDUWD2'%/(*$//&GHIHFKDGHPD\RGH
$ IV  GH OD &DUSHWD )LVFDO 7RPR   UHPLWH ORV SDJRV UHDOL]DGRV SRU OD
FRQFHVLRQDULD,QWHURFHiQLFD6XU7UDPRD)LUVW&DSLWDOORVPLVPRVTXHVHGHWDOODQ
DFRQWLQXDFLyQ

¾ )DFWXUD GH IHFKD  &RUUHODWLYR   SRU HO PRQWR GH 86
 FRQ GHVFULSFLyQ $6(625,$ ),1$1 < &217 (()) ,)56  6(*Ô1
&2175$72 '( )(&+$ 129 $ IV  DO  GH OD &DUSHWD
)LVFDO7RPR 

 'RFXPHQWDFLyQ UHPLWLGD PHGLDQWH OD 'HFODUDFLyQ GH *HUDUGR 6HS~OYHGD
4XH]DGDGHIHFKDGHPDU]RGH

¾ )DFWXUDGHIHFKD &RUUHODWLYRGHIHFKD SRU
HO PRQWR GH  FRQ OD GHVFULSFLyQ $VHVRUtD 7pFQLFD)LQDQFLHUD
'LVHxRQHJRFLDFLyQHLPSOHPHQWDFLyQGHXQDJDUDQWtDGHULHVJRGHFUpGLWR
SDUFLDO SRU KDVWD  PLOORQHV FRQ RUJDQLVPRV PXOWLODWHUDOHV 6HJXQGD
&RORFDFLyQ86PLOORQHV $IVDOGHO&XDGHUQRGH'HFODUDFLRQHV
7RPR 

Página 39 de 54
&257(683(5,25'(-867,&,$1$&,21$/3(1$/(63(&,$/,=$'$
6e37,02-8=*$'2'(,19(67,*$&,Ð135(3$5$725,$1$&,21$/


&RSLDVLPSOHGH5HSRUWHVGHWUDQVIHUHQFLDVEDQFDULDVGHO([WHULRUGHODHPSUHVD
:HVWILHOG&DSLWDOTXHFRQWDELOL]DGRVKDFHQXQPRQWRDVFHQGHQWHD86
81 0,//21 '26&,(1726 ',(&,2&+2 0,/ 75(6&,(1726 &8$5(17$ <
6,(7(&216(6(17$<6(,6'2/$5(6$0(5,&$126 UHPLWLGRVFRQOD&DUWDGH
IHFKDGHGLFLHPEUHGHGHO%DQFRGH&UpGLWRGHO3HU~ $IVDOGHO
&XDGHUQRGHO/HYDQWDPLHQWRGHO6HFUHWR%DQFDULR%XUViWLO\7ULEXWDULR7RPR 

 &RSLD VLPSOH GHO &HUWLILFDGR GH 9LJHQFLD 1ƒ  GH OD HPSUHVD '25$'2
$66(7 0$1$*(0(17 /7' GH IHFKD  GH DEULO GHO  UHPLWLGR PHGLDQWH
2ILFLR 1ƒ 681$53=51 ,;*3,38%(;21 GH IHFKD  GH DEULO GH
 $IVDOGHOD&DUSHWD)LVFDO7RPR 

 &RSLD VLPSOH  GHO $FWD GH 5HXQLyQ GH OD -XQWD 'LUHFWLYD GH OD 6RFLHGDG
'25$'2$66(70$1$*(0(17/7'PHGLDQWHHOFXDORWRUJDQSRGHUD*RQ]DOR
5DIIR0RQFORD \ 'LHJR*ULVROOH )RQWDQD UHPLWLGR PHGLDQWH 2ILFLR 1ƒ 
681$53=51,;*3,38%(;21GHIHFKDGHDEULOGH $IVGHOD
&DUSHWD)LVFDO7RPR 

&RSLDVLPSOHGHO3RGHU(VSHFLDOGHIHFKDGHHQHURGHPHGLDQWHHOFXDO
'25$'2 $66(7 0$1$*(0(17 GHVLJQD D *RQ]DOR 5DIIR 0RQFORD \ 'LHJR
*ULVROOH)RQWDQD\RWRUJDIDFXOWDGHVSDUDFRPSUDUHOLQPXHEOHXELFDGRHQOD&DOOH
&KRTXHKXDQFD1ƒ6DQ,VLGURLQVFULWRHQOD3DUWLGD(OHFWUyQLFD1ƒH
LQVFULSFLyQ GHO SRGHU HQ OD 3DUWLGD  UHPLWLGR PHGLDQWH 2ILFLR 1ƒ 
681$53=51,;*3,38%(;21GHIHFKDGHDEULOGH $IV\
GHOD&DUSHWD)LVFDO7RPR 

&RSLDV/LWHUDOHVGHWtWXORVDUFKLYDGRVUHODFLRQDGRVDODVROLFLWXGGHODHPSUHVD
'25$'2 $66(7 0$1$*(0(17 /7' GH LQVFULSFLyQ GH SRGHU D IDYRU GH -RVp
0LJXHO 0RUDOHV 'DVVR \ 'LHJR *ULVROOH )RQWDQD 3DUWLGD 5HJLVWUDO  
UHPLWLGR PHGLDQWH 2ILFLR 1ƒ 681$53=51 ,;*3,38%(;21 GH
IHFKDGHDEULOGH $IVDGHOD&DUSHWD)LVFDO7RPR 

 &RSLD VLPSOH GH OD 3DUWLGD 5HJLVWUDO 1ƒ  GH OD HPSUHVD '25$'2
$66(7 0$1$*(0(17 &203$1< 6$& UHPLWLGR FRQ HO 2ILFLR 1ƒ 
681$53=51ƒ,;*3,38%(;21GHIHFKDGHVHWLHPEUHGH $IVDO
GHO$QH[R1ƒ7RPR´3DUWLGDV5HJLVWUDOHV5HPLWLGRVSRU681$53UHVSHFWR
DHPSUHVDVµ 

 &RSLD VLPSOH GH OD 5HVROXFLyQ GH ÔQLFR $FFLRQLVWD ´'25$'2 $66(7
0$1$*(0(17/7'µVXVFULWRSRUHOLQYHVWLJDGR3HGUR3DEOR.XF]\QVNL*RGDUG
TXH VH GHMD FRQVWDQFLD HQ HO $FWD GH $SHUWXUD 5HYLVLyQ \ /HFWXUD GH &DGHQDV GH
&XVWRGLDGHODVHVSHFLHVTXHIXHURQKDOODGDVHQOD'LOLJHQFLDGH$OODQDPLHQWRFRQ
'HVFHUUDMHGHO,QYHVWLJDGR3HGUR3DEOR.XF]\QVNL*RGDUGGHIHFKDGHMXQLRGH
 $IV\VJWVGHO&XDGHUQRGH'HVODFUDGR7RPR²+DOOD]JR 

Página 40 de 54
&257(683(5,25'(-867,&,$1$&,21$/3(1$/(63(&,$/,=$'$
6e37,02-8=*$'2'(,19(67,*$&,Ð135(3$5$725,$1$&,21$/


 &RSLD VLPSOH GHO 'RFXPHQWR GHQRPLQDGR HQ ´&HUWLItFDWH RI 'LVFRQWLQ~Hµ TXH
IRUPD SDUWH GHO 7tWXOR 5HJLVWUDO 1ƒ  FRUUHVSRQGLHQWH DO $VLHQWR 1ƒ
% ´5DGLFDFLyQ GH VRFLHGDG H[WUDQMHUD&RQYHUVLyQ GHILQLWLYDµ  GH OD 3DUWLGD
1ƒGHO5HJLVWUR3URSLHGDG,QPXHEOH\&HUWLILFDGRGH9LJHQFLDGH'RUDGR
$VVHW0DQDJHPHQW/WGGHIHFKDGHDEULOGHHPLWLGRSRUHO-HIHGH5HJLVWUR
GH6RFLHGDGGH,VODV9tUJHQHV%ULWiQLFDVHOFXDOIRUPDSDUWHGHO7tWXOR5HJLVWUDO1ƒ
FRUUHVSRQGLHQWHDO$VLHQWR1ƒ$ &RQVWLWXFLyQGHOD3DUWLGD1ƒ
 '(/ 5HJLVWURGH 3HUVRQDV-XUtGLFDV681$53  UHPLWLGRFRQHO 2ILFLR1ƒ
=51ƒ ,;*%03(; GH IHFKD  GH GLFLHPEUH GH  $ IV  GHO
$QH[R1ƒ´3DUWLGDV5HJLVWUDOHV5HPLWLGRVSRU681$53UHVSHFWRDHPSUHVDVµ
7RPR 

 &RSLD GH OD 3DUWLGD 5HJLVWUDO 1ƒ  FRUUHVSRQGLHQWH D OD LQPXHEOH
XELFDGRHQOD&DOOH&KRTXHKXDQFD1ƒ6DQ,VLGUR/LPD $IVDO
GHOD&DUSHWD)LVFDO7RPR 

&RSLDVLPSOH(VFULWXUD3~EOLFDGHIHFKDGHDEULOGHFRQ1XPHUR\
.DUGH[  HQ GRQGH FRQVWD OD FRPSUD YHQWD GHO LQPXHEOH XELFDGR HQ &DOOH
&KRTXHKXDQFD 1ƒ  6DQ ,VLGUR SRU HO PRQWR GH 86  HQWUH 3HGUR
3DEOR .XF]\QVNL *RGDUG \ 1DQF\ $QQ /DQJH SRU XQ ODGR \ SRU HO RWUR 'RUDGR
$VVHW0DQDJHPHQW/WGUHPLWLGRFRQ&DUWDGHIHFKDGHQRYLHPEUHGHGHOD
1RWDULD$QtEDO&RUYHWWR5RPHUR $IVDOGHOD&DUSHWD)LVFDO7RPR 

 &RSLD VLPSOH GHO 3RGHU LQVFULWR HQ OD 3DUWLGD 1ƒ  ´,QVFULSFLyQ GH
3RGHUHV SRU 6RFLHGDGHV &RQVWLWXLGDV R 6XFXUVDOHV (VWDEOHFLGDV HQ HO ([WUDQMHUR
'RUDGR $VVHW 0DQDJHPHQW /WG UHPLWLGR PHGLDQWH HO 2ILFLR 1ƒ 
681$53=51,;*3,38%(;21GHIHFKDGHDEULOGH $IVGHOD
&DUSHWD)LVFDO7RPR 

&RSLDVLPSOHGHO5HSRUWHGHOD&XHQWDEDQFDULDHQGyODUHV1ƒ
DQRPEUHGH3HGUR3DEOR.XF]\QVNL*RGDUG\*ORULD-HV~V.LVLF:DJQHUHQGRQGH
FRQVWDQORVDERQRVHQFXHQWDSRUORVPRQWRV86\UHPLWLGR
PHGLDQWHOD&DUWDGHIHFKDGHGLFLHPEUHGHGHO%DQFRGH&UpGLWRGHO3HU~
$IVDOGHO&XDGHUQRGH/HYDQWDPLHQWRGHO6HFUHWR%DQFDULR%XUViWLO\
7ULEXWDULR7RPR 

 &RSLD VLPSOH GHO 5HSRUWH GH 7UDQVIHUHQFLDV ,QWHUQDFLRQDOHV 2UGHQ GH 3DJR
5HFLELGD SRU 6ZLIW  GRQGH FRQVWDQ ORV DERQRV HQ FXHQWD SRU ORV PRQWRV 86
\ $IVDOGHOD&DUSHWD)LVFDOGH/HYDQWDPLHQWRGHO
6HFUHWR%DQFDULR7ULEXWDULR\%XUViWLO7RPR 

 &RSLD VLPSOH GHO 5HSRUWH GH 2SHUDFLRQHV 3DVLYDV GH OD FXHQWD EDQFDULD HQ
GyODUHV1ƒDQRPEUHGH3HGUR3DEOR.XF]\QVNL*RGDUGUHPLWLGR
PHGLDQWHFDUWDGHIHFKDGHQRYLHPEUHGH $IV DQYHUVR \GHOD

Página 41 de 54
&257(683(5,25'(-867,&,$1$&,21$/3(1$/(63(&,$/,=$'$
6e37,02-8=*$'2'(,19(67,*$&,Ð135(3$5$725,$1$&,21$/

&DUSHWD )LVFDO GH /HYDQWDPLHQWR GHO 6HFUHWR %DQFDULR 7ULEXWDULR \ %XUViWLO 7RPR
 

 &RSLD VLPSOH GH OD 6ROLFLWXG GH WUDQVIHUHQFLD DO H[WHULRU HQ PRQHGDH[WUDQMHUD
PHGLDQWH HO FXDO 3HGUR 3DEOR .XF]\QVNL *RGDUG WUDQVILHUH DO H[WHULRU ORV PRQWRV
86  \ 86  D FXHQWD EDQFDULD 1ƒ  GHO %DQFR
:$&+29,$ D QRPEUH GH :HVWILHOG &DSLWDO GRFXPHQWRV TXH KDQ VLGR UHPLWLGRV
PHGLDQWHODFDUWDGHIHFKDGHIHEUHURGHGHO%DQFRGH&UpGLWRGHO3HU~ $
IV  DO  GHO &XDGHUQR GH /HYDQWDPLHQWR GHO 6HFUHWR %DQFDULR %XUViWLO \
7ULEXWDULR7RPR 

   FKHTXHV D OD SHUVRQD GH -RVp /XLV %HUQDROD fXIIOR SRU PRQWRV GH 
\GyODUHVORVPLVPRVTXHVHHQFXHQWUDQUXEULFDGRVSRU*ORULD
.LVLF :DJQHU UHPLWRV FRQ OD FDUWD GH IHFKD  GH IHEUHUR GH  GHO %DQFR GH
&UpGLWR GHO 3HU~ 'H LJXDO PDQHUD VH UHIOHMDQ HQ ORV HVWDGRV GH FXHQWD &&0( 1ƒ
GHO%DQFRGH&UpGLWRGHO3HU~GHWLWXODULGDGGHORVLQYHVWLJDGRV
.8&=6<1.,*2'$5'\.,6,&:$*1(5 $IVDO\GHOD&DUSHWD
GH/HYDQWDPLHQWRGHO6HFUHWR%DQFDULR7RPR 

&RSLDVLPSOHGHOD3DUWLGD5HJLVWUDO1ƒFRUUHVSRQGLHQWHDOLQPXHEOH
XELFDGR HQ HO /RWH % =RQD  6HFFLyQ %&LHQHJXLOOD $ IV  DO  GH OD
&DUSHWD)LVFDO7RPR 

 ,QIRUPH )LQDO IRUPXODGR SRU OD &RPLVLyQ ,QYHVWLJDGRUD 0XOWLSDUWLGDULD
HQFDUJDGD GH LQYHVWLJDU ORV SUHVXQWRV VRERUQRV FRLPDV \ GiGLYDV TXH KXELHUDQ
UHFLELGRIXQFLRQDULRVS~EOLFRVGHORVGLIHUHQWHVQLYHOHVGHJRELHUQRHQUHODFLyQDODV
FRQFHVLRQHVREUDVSUR\HFWRVTXHKD\DQVLGRDGMXGLFDGRVDODVHPSUHVDVEUDVLOHxDV
2GHEUHFKW &DPDUJR &RUUHD 2$6 $QGUDGH *XWLpUUH] 4XHLUR] *DOYDR \ RWUDV
FRUUHVSRQGLHQWHDODSiJLQDUHPLWLGRFRQHO2ILFLR1ƒ)6&((03)1
GH IHFKD  GH PDU]R GH  $ IV  GHO $QH[R  ² ´,QIRUPH GHO &RQJUHVR ²
&DStWXORGH,UULJDFLyQH+LGURHQHUJpWLFR2OPRV7UDVYDVHH,UULJDFLyQ&DStWXOR,,
&RUUHGRU9LDO,QWHURFHiQLFR6XU3HU~²%UDVLO7UDPR\µ 

&RSLDVLPSOHGHO5HSRUWHGHO,QIRUPH8,)1ƒ'$28,)6%6GHIHFKD
GHDEULOGH

 &RSLD 6LPSOH GHO 3RGHU GH 'RUDGR $VVHW 0DQDJHPHQW /WG GH IHFKD  GH
IHEUHUR GH  UHPLWLGR FRQ HO 2ILFLR 1ƒ 681$53=5 1ƒ
,;*3,38%(;21GHIHFKDGHDEULOGH $IVDOGHOD&DUSHWD
)LVFDO7RPR 

 $FWD GH 'HFODUDFLyQ 7HVWLPRQLDO GH *ORULD -HV~V .LVLF :DJQHU GH IHFKD  GH
DEULO GH  HQ GRQGH UHFRQRFHU LQJUHVR GH GLQHURV HQ OD FXHQWD PDQFRPXQDGD
TXHWHQtDFRQVXFR²LQYHVWLJDGR.XF]\QVNL*RGDUGUHILHUHFRQRFHUDODHPSUHVD
:HVWILHOG &DSLWDO LQGLFDQGRTXH HVWD HUD XQD FXHQWD UHILHUH FRQRFHU D OD HPSUHVD

Página 42 de 54
&257(683(5,25'(-867,&,$1$&,21$/3(1$/(63(&,$/,=$'$
6e37,02-8=*$'2'(,19(67,*$&,Ð135(3$5$725,$1$&,21$/

'25$'2 $66(7 0$1$*(0(17 /7' $ IV  DO  GHO &XDGHUQR GH
'HFODUDFLRQHV7RPR 

$FWDGH'HFODUDFLyQ,QGDJDWRULDGH3HGUR3DEOR.XF]\QVNL*RGDUGGHIHFKD
GH IHEUHUR GH  PHGLDQWH HVWD GHFODUDFLyQ HO LQYHVWLJDGR UHFRQRFH FRQRFHU D
*(5$5'2 6(38/9('$ \ UHFRQRFH OD FUHDFLyQ GH OD HPSUHVD '25$'2 $66(7
0$1$*(0(17/7' $IVDOGHO&XDGHUQRGH'HFODUDFLRQHV7RPR 

$FWDGH'HFODUDFLyQ,QGDJDWRULDGH3HGUR3DEOR.XF]\QVNL*RGDUGGHIHFKD
GH PDU]R GH  PHGLDQWH HVWD GHFODUDFLyQ QLHJD TXH *(5$5'2 6(38/9('$
IXH VX VRFLR HQ :HVWILHOG &DSLWDO QR REVWDQWH HVWD SHUVRQD ILUPD ORV FRQWUDWRV GH
HVWUXFWXUDFLyQILQDQFLHUDFRQODVFRQFHVLRQDULDVGHOD&RQVWUXFWRUD2GHEUHFKW $IV
DOGHO&XDGHUQRGH'HFODUDFLRQHV7RPR 

 $FWD GH 'HFODUDFLyQ ,QGDJDWRULD GH *ORULD -HV~V .LVLF :DJQHU GH IHFKD  GH
DEULO GH  PHGLDQWH OD GHFODUDFLyQ OD LQYHVWLJDGD UHFRQRFH OD H[LVWHQFLD GH OD
HPSUHVD'25$'2$66(70$1$*(0(17/7' $IVDOGHO&XDGHUQRGH
'HFODUDFLRQHV7RPR 

$FWDGH'HFODUDFLyQ,QGDJDWRULDGH3HGUR3DEOR.XF]\QVNL*RGDUGGHIHFKD
GH DEULO GH  PHGLDQWH OD GHFODUDFLyQ HO LQYHVWLJDGR UHFRQRFH OD FUHDFLyQ GH
:HVWILHOG &DSLWDO /WG \ 'RUDGR $VVHW 0DQDJHPHQW /WG VHU VRFLR IXQGDGRU GH ODV
PLVPDV $IVDOGHO&XDGHUQRGH'HFODUDFLRQHV7RPR 

$FWDGH'HFODUDFLyQ7HVWLPRQLDOGH(ULF)HUPtQÉOYDUH]ÉODPRGHIHFKDGH
DEULOGHPHGLDQWHHVWDGHFODUDFLyQHOWHVWLJRLQGLFDQRFRQRFHUDORVFRQWDGRUHV
DQWHULRUHV\TXHODHPSUHVDHO'25$'2$66(70$1$*(0(176$&QRJHQHUD
LQJUHVRV $IVDOGHO&XDGHUQRGH'HFODUDFLRQHV7RPR 

$FWDGH'HFODUDFLyQ,QGDJDWRULDGH3HGUR3DEOR.XF]\QVNL*RGDUGGHIHFKD
GHMXOLRGHPHGLDQWHHVWDGHFODUDFLyQHOLQYHVWLJDGRLQGLFyTXHHODxROD
HPSUHVDHO'25$'2$66(70$1$*(0(17/7'QRJHQHUyLQJUHVRV $IV
DOGHO&XDGHUQRGH'HFODUDFLRQHV7RPR 

$FWDGH'HFODUDFLyQ,QGDJDWRULDGH3HGUR3DEOR.XF]\QVNL*RGDUGGHIHFKD
GH GLFLHPEUH GH  PHGLDQWH HVWD GHFODUDFLyQ HO LQYHVWLJDGR VHxDOD KDEHU VLGR
VRFLRIXQGDGRU\SUHVLGHQWHGHOIRQGRGH/DWLQ$PpULFD(QWHUSULVH)XQG0DQDJHUV
//& $IVDGHO&XDGHUQRGH'HFODUDFLRQHV7RPR 

 &RSLD VLPSOH GH OD HVFULWXUD S~EOLFD GH FRPSUD ² YHQWD HQWUH ORV YHQGHGRUHV
-RUJH0iODJD6RWRPD\RU\0DUtD;LPHQD0DUWtQH]3LQLOORV\FRPSUDGRVODHPSUHVD
HO'RUDGR$VVHW0DQDJHPHQW/WGUHVSHFWRDOLQPXHEOHXELFDGRHQOD6HFFLyQ%
=RQD&LHQHJXLOOD\HVWDGRGHFXHQWDEDQFDULDGHOEDQFR$WODQWLF6HFXULW\%DQNGH
OD HPSUHVD 'RUDGR $VVHW 0DQDJHPHQW /WG HQ GRQGH FRQVWD XQD WUDQVIHUHQFLD
EDQFDULDSRUHOPRQWRGH86PRQWRTXHIXHUDWUDQVIHULGRSRVWHULRUPHQWHD

Página 43 de 54
&257(683(5,25'(-867,&,$1$&,21$/3(1$/(63(&,$/,=$'$
6e37,02-8=*$'2'(,19(67,*$&,Ð135(3$5$725,$1$&,21$/

-RUJH0iODJD6RWRPD\RUGRFXPHQWDFLyQLQFDXWDGDOXHJRGHVODFUDGRFRQIRUPHDO
$FWD GH &RQWLQXDFLyQ GH $SHUWXUD 5HYLVLyQ \ OHFWXUD GH &DGHQDV GH IHFKD  GH
MXOLRGH $IVDOGHO&XDGHUQRGH'HFODUDFLRQHV7RPR 

 $FWD GH 'HFODUDFLyQ 7HVWLPRQLDO GH -RUJH )HGHULFR 5RGULJR -RVp 0iODJD
6RWRPD\RUGHIHFKDGHRFWXEUHGHPHGLDQWHODFXDOQDUUDVREUHORVKHFKRV
LQYHVWLJDGRV D OD FRPSUDYHQWD GH OD FDVD GH &LHQHJXLOOD $ IV  D  GHO
&XDGHUQRGH'HFODUDFLRQHV7RPR 

$FWDGH'HFODUDFLyQ,QGDJDWRULDGH*HUDUGR6HS~OYHGD4XH]DGDGHIHFKDGH
VHWLHPEUHGHPHGLDQWHODFXDOQDUUDVREUHORVKHFKRVPDWHULDGHLQYHVWLJDFLyQ
$IRMDVDOGHO&XDGHUQRGH'HFODUDFLRQHV7RPR 

$FWDGH'HFODUDFLyQ,QGDJDWRULDGH*HUDUGR6HS~OYHGD4XH]DGDGHIHFKDGH
VHWLHPEUHGHPHGLDQWHODFXDOQDUUDVREUHORVKHFKRVPDWHULDGHLQYHVWLJDFLyQ
$IVDOGHO&XDGHUQRGH'HFODUDFLRQHV7RPR 

$FWDGH'HFODUDFLyQ,QGDJDWRULDGH*HUDUGR6HS~OYHGD4XH]DGDGHIHFKDGH
RFWXEUHGHPHGLDQWHODFXDOQDUUDVREUHORVKHFKRVPDWHULDGHLQYHVWLJDFLyQ D
IRMDVDOGHO&XDGHUQRGH'HFODUDFLRQHV7RPR 

$FWDGH'HFODUDFLyQ,QGDJDWRULDGH*HUDUGR6HS~OYHGD4XH]DGDGHIHFKDGH
QRYLHPEUH GH  PHGLDQWH OD FXDO QDUUD VREUH ORV KHFKRV PDWHULD GH
LQYHVWLJDFLyQ DIRMDVDOGHO&XDGHUQRGH'HFODUDFLRQHV7RPR 

$FWDGH'HFODUDFLyQ,QGDJDWRULDGH*HUDUGR6HS~OYHGD4XH]DGDGHIHFKDGH
GLFLHPEUHGHPHGLDQWHODFXDOQDUUDVREUHORVKHFKRVPDWHULDGHLQYHVWLJDFLyQ
DIRMDVDOGHO&XDGHUQRGH'HFODUDFLRQHV7RPR 

$FWDGH'HFODUDFLyQ,QGDJDWRULDGH*HUDUGR6HS~OYHGD4XH]DGDGHIHFKDGH
GLFLHPEUHGHPHGLDQWHODFXDOQDUUDVREUHORVKHFKRVPDWHULDGHLQYHVWLJDFLyQ
DIRMDVDOGHO&XDGHUQRGH'HFODUDFLRQHV7RPR 

$FWDGH'HFODUDFLyQ,QGDJDWRULDGH*HUDUGR6HS~OYHGD4XH]DGDGHIHFKDGH
GLFLHPEUHPHGLDQWHODFXDOQDUUDVREUHORVKHFKRVPDWHULDGHLQYHVWLJDFLyQ D
IRMDVDOGHO&XDGHUQRGH'HFODUDFLRQHV7RPR 

$FWDGH'HFODUDFLyQ,QGDJDWRULDGH*HUDUGR6HS~OYHGD4XH]DGDGHIHFKDGH
GLFLHPEUHGHPHGLDQWHODFXDOQDUUDVREUHORVKHFKRVPDWHULDGHLQYHVWLJDFLyQ
DIRMDVDOGHO&XDGHUQRGH'HFODUDFLRQHV7RPR 

$FWDGH'HFODUDFLyQ,QGDJDWRULDGH*HUDUGR6HS~OYHGD4XH]DGDGHIHFKDGH
GLFLHPEUHGHPHGLDQWHODFXDOQDUUDVREUHORVKHFKRVPDWHULDGHLQYHVWLJDFLyQ
DIRMDVDOGHO&XDGHUQRGH'HFODUDFLRQHV7RPR 


Página 44 de 54
&257(683(5,25'(-867,&,$1$&,21$/3(1$/(63(&,$/,=$'$
6e37,02-8=*$'2'(,19(67,*$&,Ð135(3$5$725,$1$&,21$/

 7UDGXFFLyQ &HUWLILFDGD 7& 1ƒ  VREUH GRFXPHQWRV UHODFLRQDGRV FRQ
1XHYD 0DQDJHPHQW ,1& \ :HVWILHOG  &DSLWDO /LPLWHG  D IRMDV  D  GH OD
&DUSHWD)LVFDO

 7HVWLPRQLR GH OD &RQVWLWXFLyQ 6RFLHWDULD GH OD HPSUHVD 7KH /DWLQ $PpULFD
(QWHUSULVH &KLOH /LPLWDGD TXH REUD D IROLRV  D  GH OD &DUSHWD )LVFDO
GHQRPLQDGD´([KLELFLyQGH'RFXPHQWRV²*HUDUGR6HS~OYHGD4XH]DGD

&RQVWLWXFLyQGHODHPSUHVD7KH/DWLQ$PpULFD(QWHUSULVH&KLOH/LPLWDGDDIRMDV
 D  GH OD &DUSHWD)LVFDO GHQRPLQDGD ´([KLELFLyQ GH 'RFXPHQWRV² *HUDUGR
6HS~OYHGD4XH]DGD

7HVWLPRQLRVREUHODPRGLILFDFLyQGHODUD]yQVRFLDOTXHGDQGRFRPR)LUVW&DSLWDO
,QYHUVLRQHV\$VHVRUtDV/LPLWDGDTXHREUDGHIROLRVDGHOD&DUSHWD)LVFDO
GHQRPLQDGD´([KLELFLyQGH'RFXPHQWRV²*HUDUGR6HS~OYHGD4XH]DGD

7HVWLPRQLRGH)XVLyQGHVRFLHGDG)LUVW&DSLWDO,QYHUVLRQHV\$VHVRUtDV/LPLWDGD
HQ;<&20'(9(/230(17&+,/(6$GHIHFKDGHDEULOGHVHLQGLFDTXH
*HUDUGR 5DIDHO 6HS~OYHGD 4XH]DGD \ (OL]DEHWK .DUHP /HHIKHOP 2UD]LR VRQ ORV
~QLFRV \ DFWXDOHV VRFLRV GH OD VRFLHGDG DQWHV LQGLFDGD GHO PLVPR PRGR TXH FRQ
PRWLYRGHXQDUHHVWUXFWXUDFLyQGHVRFLHGDGHVVHSUHVHQWyODSRVLELOLGDGGHTXHHVWD
SHUVRQDMXUtGLFDVHIXVLRQHLQFRUSRUiQGRVHDODVRFLHGDG;<&20'(9(/230(17
&+,/( 6$  TXH SDVDUtD D OODPDUVH ),567 &$3,7$/ 6$ HO FXDO IXH PRGLILFDGR
PHGLDQWHWHVWLPRQLRGHIHFKDGHGLFLHPEUHGH\DTXHLQJUHVDQFRPRVRFLRV
$QWRQLD 6HS~OYHGD /HHIKHOP *HUDUGR $QGUpV 6HS~OYHGD /HHIKHOP \ OD VRFLHGDG
6HS~OYHGD +HUPDQRV \ FRPSDxtD D IROLRV  D  GH OD &DUSHWD )LVFDO
GHQRPLQDGD´([KLELFLyQGH'RFXPHQWRV²*HUDUGR6HS~OYHGD4XH]DGD

 7HVWLPRQLR GH IHFKD  GH MXOLR GH  VH DFXHUGD OD WUDQVIRUPDFLyQ GH )LUVW
&DSLWDO 6$ HQ XQD VRFLHGDG GH FRPHUFLDO UHVSRQVDELOLGDG OLPLWDGD FX\D UD]yQ
VRFLDOVHUi)LUVW&DSLWDO,QYHUVLRQHV\$VHVRUtDV/LPLWDGDTXHREUDDIROLRVD
GHOD&DUSHWD)LVFDOGHQRPLQDGD´([KLELFLyQGH'RFXPHQWRV²*HUDUGR6HS~OYHGD
4XH]DGD

'HFODUDFLyQGH*HUDUGR5DIDHO6HS~OYHGD4XH]DGDHQVXGHFODUDFLyQGHIHFKD
GHPDU]RGHDIRMDVGHOD&DUSHWD)LVFDOGHQRPLQDGD´&XDGHUQRGH
'HFODUDFLRQHV´7RPR

 'HFODUDFLyQ 7HVWLPRQLDO GH (GXDUGR )UDQFLVFR (OHMDOGH $UHQD GH IHFKD  GH
PD\RGHDIRMDVDGHO7RPRGH'HFODUDFLRQHVGHOD&DUSHWD)LVFDO


5HSRUWHVGHODHPSUHVD/DWLQ$PpULFD(QWHUSULVH)XQG0DQDJHUV//&DIRMDV
DGHOD&DUSHWD)LVFDOLQIRUPDFLyQREWHQLGDPHGLDQWH$FWDGH2EWHQFLyQ
GH)XHQWH$ELHUWDGHIHFKDGHQRYLHPEUHGHDIRMDVPHGLDQWHHOFXDO

Página 45 de 54
&257(683(5,25'(-867,&,$1$&,21$/3(1$/(63(&,$/,=$'$
6e37,02-8=*$'2'(,19(67,*$&,Ð135(3$5$725,$1$&,21$/

VH UHDOL]y OD FRQVXOWD HQ OD SiJLQD ZHE GH UHJLVWUR GH HPSUHVDV FRQVWLWXLGDV HQ HO
(VWDGR GH )ORULGD (VWDGRV 8QLGRV GH 1RUWHDPpULFD OXJDU GRQGH VH FRQVWLWX\y OD
HPSUHVD/DWLQ$PpULFD(QWHUSULVH)XQG0DQDJHUV//&

 5HSRUWHV GH OD HPSUHVD :HVWILHOG &DSLWDO /LPLWHG D IRMDV  D  GH OD
&DUSHWD)LVFDOLQIRUPDFLyQREWHQLGDPHGLDQWH$FWDGH2EWHQFLyQGH)XHQWH$ELHUWD
GH IHFKD  GH QRYLHPEUH GH  D IRMDV  PHGLDQWH HO FXDO VH UHDOL]y OD
FRQVXOWD HQ OD SiJLQD ZHE GH UHJLVWUR GH HPSUHVDV FRQVWLWXLGDV HQ HO (VWDGR GH
)ORULGD (VWDGRV 8QLGRV GH 1RUWHDPpULFD OXJDU GRQGH VH FRQVWLWX\y OD HPSUHVD
:HVWILHOG&DSLWDO/LPLWHG

 )DFWXUD 1ƒ  GH IHFKD  GH VHWLHPEUH GH  GRQGH FRQVWD HO 587
GHODHPSUHVD)LUVW&DSLWDO,QYHUVLRQHV\$VHVRUtDV/LPLWDGDREWHQLGD
PHGLDQWH $FWD GH &RQWLQXDFLyQ GH 'LOLJHQFLD GH ([KLELFLyQ \ (QWUHJD GH
'RFXPHQWRVGHIHFKDGHRFWXEUHGH

 'RFXPHQWDFLyQ UHODFLRQDGD D OD HPSUHVD /DWLQ $PpULFD (QWHUSULVH )XQG
0DQDJHUV //& UHPLWLGD YtD &RRSHUDFLyQ -XGLFLDO ,QWHUQDFLRQDO FRQ HO 2ILFLR 1ƒ
03)18&-,( $-1ƒ GHIHFKDGHPDU]RGHDIRMDVD
 D  D  D  GHO &XDGHUQR GH $VLVWHQFLD -XGLFLDO 1ƒ  (67$'26
81,'26 7202

(VFULWRGHIHFKDGHDEULOGHGHOD&RQFHVLRQDULD5XWDVGH/LPDPHGLDQWH
HO FXDO UHPLWH ORV VXVWHQWRV GH SDJRV SURYHQLHQWHV GH DFWRV GH FRUUXSFLyQ D IRMDV
\GHOD&DUSHWD)LVFDO

 $FWD GH 'HFODUDFLyQ 7HVWLPRQLDO GH )HUQDQGR 0RQWHUR $UDPEXU~ HQ VX
GHFODUDFLyQ GH IHFKD  GH PD\R GH  D IRMDV  D  GHO &XDGHUQR GH
'HFODUDFLRQHV

 &RQFOXVLRQHVGHO-X]JDGR1DFLRQDO

 $OUHVSHFWR$VHVRUtDV)LQDQFLHUDVSDUDHO3UR\HFWR7UDVYDVH2OPRV

 (Q HO FDVR TXH QRV RFXSD FRQVLGHUD HVWH ÐUJDQR-XULVGLFFLRQDO TXH HO
UHSUHVHQWDQWH GHO 0LQLVWHULR 3~EOLFR KD FXPSOLGR FRQ SUHVHQWDU VX
UHTXHULPLHQWR FRQ ORV SUHVXSXHVWRV H[LJLGRV SRU /H\ FRPR OR KD H[SXHVWR
DFHUWDGDPHQWH HQ VX UHTXHULPLHQWR \ HQ DXGLHQFLD S~EOLFD /D LQWHUYHQFLyQ
GHODSHUVRQDMXUtGLFD:HVWILHOG&DSLWDOHVTXHIXHLQVWUXPHQWDOL]DGDSRUVX
UHSUHVHQWDQWH OHJDO 3HGUR 3DEOR .XF]\QVNL *RGDUG SDUD UHFLELU GLQHUR
PDFXODGRDOWUiILFRHFRQyPLFRSURYHQLHQWHGH2GHEUHFKWUD]yQODFXDOHO
GH PDU]R GH  :HVWILHOG &DSLWDO \ %&3 SUHVHQWDURQ D OD &RQVWUXFWRUD
1RUEHUWR 2GHEUHFKW 6$ HQ DGHODQWH 2GHEUHFKW  XQ GRFXPHQWR
GHQRPLQDGR 3URSXHVWD SDUD OD HVWUXFWXUDFLyQ GH XQD 2IHUWD 3ULPDULD GH

Página 46 de 54
&257(683(5,25'(-867,&,$1$&,21$/3(1$/(63(&,$/,=$'$
6e37,02-8=*$'2'(,19(67,*$&,Ð135(3$5$725,$1$&,21$/

$FFLRQHV GHO 3UR\HFWR 2OPRV  (WDSD 7UDVYDVH GH $JXDV KDVWD OD VXPD GH
86  PLOORQHV $O FLWDGR FRQWUDWR :HVWILHOG \ %&3 VH FRPSURPHWLHURQ
FRQ 2GHEUHFKW D UHDOL]DU VHUYLFLRV GH DVHVRUtD \ HVWUXFWXUDFLyQ ILQDQFLHUD
SDUD HO GHVDUUROOR GHO3UR\HFWR 7UDVYDVH 2OPRV 6LHQGR LPSRUWDQWH SUHFLVDU
TXH HVWH 3UR\HFWR HVWXYR D FDUJR GH OD FRQFHVLRQDULD 7UDVYDVH 2OPRV 6$
HPSUHVD2GHEUHFKW TXLHQVHOHRWRUJyODEXHQDSURHOGHPD\RGH
HVWRHVFRUURERUDGDPHGLDQWHOD&DUWD23,&GHGHMXQLRGH
OR FXDO SDUD HVWD MXGLFDWXUD OOHYD D FROHJLU TXH \D 2GHEUHFKW KDEUtD
FRQWUDWDGRGHPDQHUDDQWLFLSDGDD:HVWILHOG&DSLWDO\%&3DGYLUWLHQGRTXH
GLFKDVXVFULSFLyQGHDVHVRUtDVROLFLWDGRSRUODHPSUHVD2GHEUHFKWIXHDQWHV
GH RWRUJDUOH OD %XHQD 3UR SDUD HO SUR\HFWR 7UDVYDVH 2OPRV (O 0LQLVWHULR
3~EOLFR KD VHxDODGR TXH HQ HVH HQWRQFHV *HUDUGR 6HS~OYHGD 4XH]DGD IXH
TXLHQ VXVFULELy GLFKR FRQWUDWR GH DVHVRUtD ILQDQFLHUD HQ HO DxR  HQ HVH
HQWRQFHVHOLPSXWDGR3HGUR3DEOR.XF]\QVNL*RGDUGVHGHVHPSDxDEDFRPR
0LQLVWURGH(FRQRPtD\)LQDQ]DVTXLHQQRVRORWHQtDFRQRFLPLHQWRGHHVWRV
KHFKRVVLQRTXHWDPELpQKDEUtDFRODERUDGRFRQVXVDOOHJDGRVSDUDFHOHEUDU
HO PHQFLRQDGR DFWR MXUtGLFR D WUDYpV GH VX HPSUHVD :HVWILHOG &DSLWDO SHVH
TXHpVWHQRSRGtDVXVFULELUFRQWUDWRVSRUODFRQGLFLyQGHIXQFLRQDULRS~EOLFR
\TXHODWUDQVIHUHQFLDGHDFWLYRVSUHVXQWDPHQWHLOtFLWRVDIDYRUGHOLPSXWDGR
.XF]\QVNL*RGDUGQRVHGLRGHPDQHUDGLUHFWDVLQRDWUDYpVGHODVSHUVRQDV
MXUtGLFDV:HVWILHOG&DSLWDO/7'\)LUWV&DSLWDO,QYHUVLRQHV\$VHVRULDV/WG
(Q VtQWHVLV VH JHQHUy XQD UHODFLyQ FRQWUDFWXDO FRQ OD ILQDOLGDG GH SRGHU
WUDQVIHULU DFWLYRV LOtFLWRV SURYHQLHQWHV GH SUHVXQWRV DFWRV GH FRUUXSFLyQ
JHQHUDQGR DVt LQJUHVRV GH IRQGRV HFRQyPLFRV HQ FXHQWDV EDQFDULDV GHO
H[WHULRUGHOSDtV

 /R VHxDODGR HV SRVLEOH VRVWHQHU HQ HO HVWDGLR GH OD SUHVHQWH
LQYHVWLJDFLyQ D WUDYpV GH ORV HOHPHQWRV GH FRQYLFFLyQ SUHVHQWDGRV HQ HO
UHTXHULPLHQWR VLHQGR HOOR OD &DUWD &21/& GH IHFKD  GH
GLFLHPEUH GH  HQFRQWUiQGRVH DVt HO FRQWUDWR GH DVHVRUtD ILQDQFLHUD GH
HVWUXFWXUDFLyQ OD PRGLILFDFLyQ GHO FRQWUDWR \ OD FDUWD GH IHFKD 
HPLWLGDSRUODHPSUHVD:HVWILHOG&DSLWDO$VLPLVPRVHWLHQHOD&DUWD6LPSOH
GH ODV &DUWDV &12/& GHO  GH GLFLHPEUH GH  GRFXPHQWRV
UHPLWLGRVSRURGHEUHFKW PHGLDQWHHOFXDODGMXQWDQORVSDJRVUHDOL]DGRVSRU
OD FRQFHVLRQDULD 2OPRV D :HVWILHOG &DSLWDO /WG (V DVt TXH HQFXHQWUD OD
LQVWUXPHQWDOL]DFLyQ H[SXHVWD GHELHQGR FRPSUHQGHUVH HQ HO SURFHVR SHQDO
HQPHQFLyQ


8 Elemento de convicción N°2 del presente requerimie nto fiscal.


9 Elemento de convicción N°1 del presente requerimie nto fiscal.
10 Elemento de convicción N°6, del presente requerimi ento fiscal.

Página 47 de 54
&257(683(5,25'(-867,&,$1$&,21$/3(1$/(63(&,$/,=$'$
6e37,02-8=*$'2'(,19(67,*$&,Ð135(3$5$725,$1$&,21$/

 2WUR DVSHFWR D GHVWDFDU HV TXH OD FHOHEUDFLyQ \ SRVWHULRU ILQLTXLWR GH
HVWHFRQWUDWRGHDVHVRUtDQRIXHXQDVLPSOHRSHUDFLyQVLQWUDVFHQGHQFLDRGH
UXWLQD VLQR TXH VH WUDWDED GH XQ FRQWUDWR DO FXDO VH YLQFXOy HO SDJR GH
LPSRUWDQWHV VXPDV GH GLQHUR 6LHQGR DVt VH GHEH WHQHU HQ FXHQWD TXH OD
´VXVWLWXFLyQµ TXH UHDOL]D )LUVW &DSLWDO VREUH OD SRVLFLyQ FRQWUDFWXDO GH
:HVWILHOG &DSLWDO HQ HO FRQWUDWR GH DVHVRUtD ILQDQFLHUD QR IXH XQD FXHVWLyQ
GH PHQRU UHOHYDQFLD (Q HIHFWR FDGD XQD GH HVWDV HPSUHVDV FRQWDED FRQ
FXHQWDV EDQFDULDV GLVWLQWDV SRU OR TXH HVWH FDPELR LPSOLFDED LPSRUWDQWHV
FRQVHFXHQFLDVHFRQyPLFDVSDUDORVWLWXODUHVGHHVWDVHPSUHVDV\DTXHHOFHVH
GHXQFRQWUDWR\FDVLHQVXPXOWiQHRHOLQLFLRGHRWURFRQLGpQWLFRSURSyVLWR
LPSOLFy TXH ORV SDJRV TXH YHQtD UHDOL]DQGR2GHEUHFKW D IDYRU GH:HVWILHOG
&DSLWDOSDVDUDQDOQXHYRDVHVRU)LUWV&DSLWDO0iVD~QVLWHQHPRVHQFXHQWD
TXH ODV  WUDQVIHUHQFLDV GH GLQHUR PiV LPSRUWDQWH SRU HO 3UR\HFWR 7UDVYDVH
2OPRV TXH ERUGHDQ HO PLOOyQ GH GyODUHV ODV UHFLELy OD VHJXQGD HPSUHVD
FRQWUDWDGD)LUVW&DSLWDO

'HODQiOLVLVGHORVKHFKRVSUHFHGHQWHPHQWHH[SXHVWRODILVFDOtDFROLJH
TXHHOPRWLYRUHDOSRUHOTXH:HVWILHOG&DSLWDOGHSURSLHGDGGH.XF]\QVNL
*RGDUG FHVy HO FRQWUDWR FRQ OD &RQFHVLRQDULD 7UDVYDVH 2OPRV HO GtD  GH
PDU]RGHIXHSRUTXHODSHUVRQDOLGDGMXUtGLFD\ODVYHQWDMDVTXHRIUHFtD
HVWDHPSUHVDVHUtDQXWLOL]DGDVSDUDFHOHEUDURWURFRQWUDWRGHDVHVRUtDHOGtD
VLJXLHQWHHVGHFLUHOGHDEULOGHHQODTXHHOFRQWUDWDQWHWDPELpQIXH
ODHPSUHVD2GHEUHFKW(QHVWDRFDVLyQ VHWUDWyGHXQFRQWUDWRYLQFXODGRDO
3UR\HFWR ,QWHURFHiQLFD 6XU HQ FX\R SURFHVR FRQFHVLyQ HO LQYHVWLJDGR
.XF]\QVNL*RGDUGWDPELpQWXYRLQWHUYHQFLyQHQVXFRQGLFLyQGH0LQLVWHULR
GH(VWDGR

 (Q UHODFLyQ DO SULPHU SUR\HFWR OD ILVFDOtD OOHJD D OD SUHVXQFLyQ TXH VH
ORV SURFHVDGRV .XF]\QVNL *RGDUG \ 6HS~OYHGD 4XH]DGD XWLOL]DURQ
FRRUGLQDGD \ HVWUDWpJLFDPHQWH OD SHUVRQDOLGDG MXUtGLFD \ FXHQWDV EDQFDULDV
GH :HVWILHOG &DSLWDO \ )LUVW &DSLWDO SDUD FRQWUDWDU FRQ OD HPSUHVD
2GHEUHFKW\SRUHQGHVXVWLWXODUHVVHEHQHILFLHQHFRQyPLFDPHQWH

$VLPLVPR VH VHxDOD ODV WUDQVIHUHQFLDV GH IRQGRV SRU SDUWH GH OD
&RQFHVLRQDULD 7UDVYDVH 2OPRV D IDYRU GH ODV HPSUHVDV :HVWILHOG &DSLWDO \
)LUVW&DSLWDO

&8$'521ƒ
3$*26 ()(&78$'26 325 &21&(6,21$5,$ 75$69$6( 2/026 $ :(67),(/'
&$3,7$//7'

11 Elemento de convicción N°5 del presente requerimie nto fiscal

Página 48 de 54
&257(683(5,25'(-867,&,$1$&,21$/3(1$/(63(&,$/,=$'$
6e37,02-8=*$'2'(,19(67,*$&,Ð135(3$5$725,$1$&,21$/


)$&785$ ,1)2502'(%5(&+7
'( 6XVWHQWRVHQ
:(76),(/' &DUSHWD
)(&+$ &$3,7$/ &$57$'( 3ULQFLSDO\
$f2 '(3$*2 /'7 86 '(6&5,3&,Ð1 2'(%5(&+7 $QH[R)ROLRV
5HHPEROVRGH
JDVWRVYLDMHGH
*HUDUGR
6HS~OYHGD
$GMXQWDQ
1ž'( VXVWHQWRVGH )V IDFW 
)(&+$  -XOLRD2FWXEUH 
      7RPRV\&3
&RPLVLyQ)LMD
1ž'( (VWUXFWXUDFLyQ )V IDFW 
)(&+$  GHOSURJUDPDGH 7RPR
    %RQRV &3
5HHPEROVRGH
JDVWRVYLDMHGH &DUWDV
*HUDUGR &12/&\
6HS~OYHGDGH &12/&
1RYLHPEUH GHO\
D-XOLR 'LF\
1ž'( $GMXQWDQ &DUWD )V
)(&+$  VXVWHQWRVSRU 2'% 7RPR
    GLFKRSHUtRGR  /(*$/ $1(;2
5HHPEROVRGH /&GHO)HE
JDVWRVYLDMHGH 
*HUDUGR
6HS~OYHGD
$GMXQWDQ
1ž'( VXVWHQWRVGH )V
)(&+$  DJRVWRD 7RPR
    HQHUR  $1(;2
5HHPEROVRGH
JDVWRVYLDMHGHO
6U*6HS~OYHGD
$GMXQWD
1ž'( VXVWHQWRVGH )V IDFW 
)(&+$  $JRVWRD 
    6HWLHPEUH  7RPR&3

727$/ 


&XDGUR1ƒ
75$16)(5(1&,$ '( )21'26 '( &216(&,21$5,$ 75$69$6( 2/026 6$ $
)$925'(),567&$3,7$/,19(56,21(6<$6(625Ì$6/7$


Página 49 de 54
&257(683(5,25'(-867,&,$1$&,21$/3(1$/(63(&,$/,=$'$
6e37,02-8=*$'2'(,19(67,*$&,Ð135(3$5$725,$1$&,21$/

)HFKD 0RQWR HQ 'HVFULSFLyQ


86
  $VHVRUtD WpFQLFD   ILQDQFLHUD HQ HO GLVHxR QHJRFLDFLyQ
LPSOHPHQWDFLyQGHXQDJDUDQWtDGHULHVJRGHFUpGLWRSDUFLDOSRU
KDVWD  PLOORQHV FRQ RUJDQLVPR 0XOWLODWHUDOHV LQFOX\HQGR D OD
&$)SDUDHOSUR\HFWR7UDVYDVH2OPRV
  $VHVRUtD 7pFQLFD)LQDQFLHUD 'LVHxR QHJRFLDFLyQ H
LPSOHPHQWDFLyQGHXQDJDUDQWtDGHULHVJRGHFUpGLWRSDUFLDOSRU
KDVWDPLOORQHVFRQRUJDQLVPRVPXOWLODWHUDOHV
  $VHVRUtD 7pFQLFD)LQDQFLHUD 'LVHxR QHJRFLDFLyQ H
LPSOHPHQWDFLyQGHXQDJDUDQWtDGHULHVJRGHFUpGLWRSDUFLDOSRU
KDVWDPLOORQHVFRQRUJDQLVPRVPXOWLODWHUDOHV GD&XRWD 
  $VHVRUtD 7pFQLFD)LQDQFLHUD 'LVHxR QHJRFLDFLyQ H
LPSOHPHQWDFLyQGHXQDJDUDQWtDGHULHVJRGHFUpGLWRSDUFLDOSRU
KDVWD  PLOORQHV FRQ RUJDQLVPRV PXOWLODWHUDOHV LQFOX\HQGR OD
&$) 7HUFHUD&RORFDFLyQSRUPLOORQHV 
  $VHVRUtD )LQDQFLHUD \ &RQWDEOH (()) ,)56 VHJ~Q FRQWUDWR GH
IHFKD

 (Q VXPD OD &RQFHVLRQDULD 7UDVYDVH 2OPRV UHDOL]y SDJRV SRU XQ WRWDO
GH860RQWRTXHIXHGLVWULEXLGRSRUHOVLJXLHQWHGHWDOOHD OD
VXPD GH 86  IXH WUDQVIHULGD D XQD FXHQWD EDQFDULD GH :DFKRYLD
%DQN EDQFR(VWDGRXQLGHQVH FX\RWLWXODUHVODHPSUHVD:HVWILHOG&DSLWDO\
E  OD VXPD GH 86  IXH WUDQVIHULGD D XQD FXHQWD EDQFDULD GHO
%DQFR%,&( EDQFR&KLOHQR FX\RWLWXODUHVODHPSUHVD)LUWV&DSLWDO

 5HVSHFWR D ODV $VHVRUtDV )LQDQFLHUDV SDUD HO 3UR\HFWR 9LDO ,QWHURFHiQLFR 6XU
3HU~²%UDVLO ,,56$68575$026<\5XWDVGH/LPD

 (Q UHODFLyQ DO SUR\HFWR &RUUHGRU 9LDO ,QWHURFHiQLFR 6XU 3HU~ ² %UDVLO
WUDPRV\FRQVWDODGRFXPHQWDFLyQUHPLWLGDSRUHOEDQFRGH&UpGLWRGHO
3HU~HQODTXHVHGDFXHQWDTXHHOGHPDU]RGH:HVWILHOG&DSLWDO\
HO%&3SUHVHQWDURQDODFRQVWUXFWRUD1RUEHUWR2GHEUHFKW6$OD´3URSXHVWD
SDUD XQD DVHVRUtD LQWHJUDO HQ HO FRQFXUVR S~EOLFR SDUD OD FRQFHVLyQ GH
&RUUHGRU9LDO,QWHURFHiQLFR6XU3HU~²%UDVLOµ

'RVGtDVGHVSXpVGHODSUHVHQWDFLyQGHODSURSXHVWDHOGHDEULOGH
 VH VXVFULELy HO DFXHUGR GH DVHVRUtD ILQDQFLHUD SRU SDUWH GH *HUDUGR
6HS~OYHGD 4XH]DGD HQ UHSUHVHQWDFLyQ GH :HVWILHOG &DSLWDO $QGUpV -XDQ
0LOOD&RPLWUH\&KULVWLDQ/DXE%HQDYLGHVHQUHSUHVHQWDFLyQGHO%&3\-RVp
(VSyVLWR /L &DUULOOR HQ UHSUHVHQWDFLyQ GH &UHGLEROVD 6$% WRGRV HOORV HQ
FDOLGDG GH DVHVRUHV \ SRU RWUR ODGR -RUJH +HQULTXH 6LPRHV %DUDWD HQ
UHSUHVHQWDFLyQGHOD&RQVWUXFWRUD1RUEHUWR2GHEUHFKW6$

12 Elemento de convicción N°8, del presente requerimi ento fiscal.

Página 50 de 54
&257(683(5,25'(-867,&,$1$&,21$/3(1$/(63(&,$/,=$'$
6e37,02-8=*$'2'(,19(67,*$&,Ð135(3$5$725,$1$&,21$/


 /D ILQDOLGDG GHO FRQWUDWR HV TXH ORV DVHVRUHV EULQGHQ DVHVRUtD HQ OD
HYDOXDFLyQ ILQDQFLHUD GH OD FRQFHVLyQ LQFLGLHQGR HQ OD EDQFDELOLGDG GHO
SUR\HFWR \ ODV DOWHUQDWLYDV GH ILQDQFLDPLHQWR GLVSRQLEOH SDUD OD &RQFHVLyQ
FDEHUHVDOWDUTXHHQGLFKRFRQWUDWRVHSDFWDURQFRPLVLRQHVILMDV\YDULDEOHVD
FREUDU SRU HO VHUYLFLR GH DVHVRUtD D IDYRU GH OD &RQFHVLRQDULD ,QWHURFHiQLFD
6XU HQFDUJDGD GH OOHYDU D FDER HVWH SUR\HFWR (V LPSRUWDQWH SUHFLVDU TXH
HVWH VHUYLFLR GH DVHVRUtD WDPELpQ IXH FRQWUDWDGR DQWHV GH TXH HVWD
FRQFHVLRQDULDIXHUDDGMXGLFDGDFRQODEXHQDSURGHOSUR\HFWR

([LVWHXQDVSHFWRTXHUHVXOWDYiOLGRH[SRQHUFXDQGRHOUHSUHVHQWDQWH
GHO0LQLVWHULR3~EOLFRVRVWLHQHTXHHOLPSXWDGR*HUDUGR6HS~OYHGD4XH]DGD
WLHQH SRGHU GH UHSUHVHQWDFLyQ HQ IDYRU GH :HVWILHOG &DSLWDO  GHVGH HO DxR
 DO DxR  HVWR FRUURERUDGR SRU OR UHJLVWUDGR HQ OD 3iJLQD :HE GHO
UHJLVWUR GH HPSUHVDV R FRUSRUDFLRQHV GH )ORULGD ² 86$ VLQ HPEDUJR
*HUDUGR6HS~OYHGD4XH]DGDKDPDQLIHVWDGR´0LVODERUHVUHODFLRQDGDVD:&KDQ
HVWDGR VLHPSUH FHQWUDGDV HQ OD LGHQWLILFDFLyQ \ HMHFXFLyQ GH $VHVRUtDV )LQDQFLHUDV <R
VXVFULER ORV FRQWUDWRV D QRPEUH GH :& VyOR HQ DTXHOORV SUR\HFWRV HQ TXH \R SDUWLFLSR <R
YHQJR ILUPDQGR FRQWUDWRV HQ UHSUHVHQWDFLyQ GH :& GHVGH HO DxR  HQ DGHODQWH 3DUD
UHDOL]DU HVWDV ILUPDV \R QR UHTXLHUR QLQJ~Q WtWXORµ  3XHV HVWH DVSHFWR UHVXOWD VHU PX\
UHOHYDQWH \D TXH DO PRPHQWR GH FHOHEUDU GLFKRV FRQWUDWRV  HO LPSXWDGR 3HGUR
3DEOR.XF]\QVNL*RGDUGDVXPtDOD3UHVLGHQFLDGHO&RQVHMRGH0LQLVWURFRQRFtDODV
DVHVRUtDV ILQDQFLHUDV UHDOL]DGDV SRU VX VRFLR 6HS~OYHGD 4XH]DGD HQ IDYRU D OD
FRQVWUXFWRUD2GHEUHFKW

/RH[SXHVWRHVSRVLEOHHVWDEOHFHUTXHHOILVFDOKDDGYHUWLGRTXHODPDQHUDGH
RSHUDUODVHPSUHVDVGHQXQFLDGDVVHUtDHOUHVXOWDGRGHXQWUDEDMRFRRUGLQDGRHQWUH
VXVWLWXODUHVORVSURFHVDGRV.XF]N\QVNL*RGDUG\6HS~OYHGD4XH]DGD\DTXHQR
VRORH[LVWtDXQDUHODFLyQGHDPLVWDGVLQRTXHVHH[WHQGLyKDVWDHOiPELWRODERUDO\
HFRQyPLFR \D TXH OD IRUPD VHFXHQFLDO FRPR HVWDV HPSUHVDV LQWHUYHQtDQ HQ VXV
UHODFLRQHV FRQ 2GHEUHFKW PXHVWUD TXH HUD LQGLVWLQWR FXiO GH HVWDV HPSUHVDV
SHUFLEtDQ GLUHFWDPHQWH ORV LQJUHVRV VLHQGR OR UHOHYDQWH TXH DO ILQDO HVWDV
LPSRUWDQWHVVXPDVGHGLQHURLQJUHVDUDQDOGRPLQLRGHORVFLWDGRVSURFHVDGRV

 $ WRGR HOOR HV SRVLEOH HVWDEOHFHU TXH HO ILVFDO GHVDUUROOy ORV
SUHVXSXHVWRVHVWDEOHFLGRVHQHOIXQGDPHQWRMXUtGLFRGHO$FXHUGR3OHQDULR
1ƒ&-TXHHVGHUHVDOWDUODLPSXWDFLyQ FDGHQDGHDWULEXFLyQTXH
VH KD SRVWXODGR GH OD UHIHULGD SHUVRQD MXUtGLFD  DVLPLVPR VHJ~Q D OR
VHxDODGRSRU/H\DUWtFXOR UHIHULGRDODRSRUWXQLGDG\ODWUDPLWDFLyQGHO
HPSOD]DPLHQWRGHODLQFRUSRUDFLyQGHODSHUVRQDMXUtGLFD FRPRGDWRVVREUH
HOOD GRPLFLOLR GDWRV FLUFXQVWDQFLDGRV GH ORV KHFKRV QR VH H[LJHQ OD

13 Elemento de convicción N°62 del presente requerimi ento fiscal.

Página 51 de 54
&257(683(5,25'(-867,&,$1$&,21$/3(1$/(63(&,$/,=$'$
6e37,02-8=*$'2'(,19(67,*$&,Ð135(3$5$725,$1$&,21$/

SHOLJURVLGDGREMHWLYDSDUDVXLQFRUSRUDFLyQDVSHFWRTXHKDVLGRUHFRJLGRDO
UHFKD]DU HO PLVPR SUHVXSXHVWR GpFLPR WHUFHUR GH OD UHVROXFLyQ 1ƒ GH
IHFKD  GH QRYLHPEUH GHO  SRU OD 3ULPHUD 6DOD 3HQDO GH $SHODFLRQHV
1DFLRQDO 3HUPDQHQWH (VSHFLDOL]DGD HQ 'HOLWRV GH &RUUXSFLyQ GH
)XQFLRQDULRV TXH FRQILUPy OD UHVROXFLyQ 1ƒ HPLWLGR SRU HVWH -X]JDGR
1DFLRQDO UHVSHFWR D OD LQFRUSRUDFLyQ GH OD SHUVRQD MXUtGLFD 'RUDGR $VVHW
0DQDJHPHQW&RPSDQ\/WG 

5HVSHFWRDHOORODGHIHQVDWpFQLFDGHOD(PSUHVD:HVWILHOG&DSLWDO/WG
QRKDIRUPXODGRRSRVLFLyQDOUHTXHULPLHQWRGHO0LQLVWHULR3~EOLFRGHPRGR
TXHDOFXPSOLUVHORVSUHVXSXHVWRVGH/H\GHEHHVWLPDUVHHOSUHVHQWHSHGLGR
ILVFDO

 (Q UHVSXHVWD DO DERJDGR GHIHQVRU GH OD (PSUHVD )LUWV &DSLWDO
,QYHUVLRQHV \ $VHVRUtDV /LPLWDGD KD VHxDODGR TXH HO UHSUHVHQWDQWH GHO
0LQLVWHULR 3~EOLFR QR KD FXPSOLGR FRQ VHxDODU OD FDGHQD GH DWULEXFLyQ TXH
YLQFXODUtDQ FRQ OD SHUVRQD MXUtGLFD )LUVW &DSLWDO FRQ HO GHOLWR LPSXWDGR \
TXH QR KD FXPSOLGR FRQ SRVWXODU OD SHOLJURVLGDG REMHWLYD GH OD SHUVRQD
MXUtGLFD (Q HVH FRQWH[WR HO DUWtFXOR ƒ GHO &yGLJR 3HQDO UHTXLHUH TXH ´HO
KHFKRSXQLEOHIXHUHFRPHWLGRHQHMHUFLFLRGHODDFWLYLGDGGHFXDOTXLHUSHUVRQDMXUtGLFD
R XWLOL]DQGR VX RUJDQL]DFLyQSDUDIDYRUHFHUOR R HQFXEULUORµ HV LPSRUWDQWH TXH HO
UHTXHULPLHQWR GH VX LQFRUSRUDFLyQ DO SURFHVR SHQDO GHILQD OD FDGHQD GH
DWULEXFLyQ TXH FRQHFWD OD DFWXDFLyQ GH ORV yUJDQRV GHO HQWH FROHFWLYR FRQ HO
HYHQWRGHOLFWLYRHQHVHVHQWLGR´WLHQHTXHYDOLGDUVHFXDQGRPHQRVHQXQRGHORV
FXDWURVVLJXLHQWHVIDFWRUHVGHDWULEXFLyQD ODDFWXDFLyQGHOLFWLYDHQVXQRPEUHRHQ
VX EHQHILFLR SRU SDUWH GH VXV UHSUHVHQWDQWHV GH KHFKR GH GHUHFKR R GH VXV YtQFXORV
FRQWUDFWXDOPHQWHE ODIDOWDGHXQVLVWHPDGHFRQWUROHILFLHQWHGHODSHUVRQDMXUtGLFD
\ GH VXV yUJDQRV GH JHVWLyQ VREUH OD DFWLYLGDG IXQFLRQDO GH VXV RSHUDGRUHV F  OD
GHILFLHQWH DGPLQLVWUDFLyQ GH ORV ULHVJRV GH FRQWDPLQDFLyQ FULPLQDO G  OD FXOWXUD \
IXQFLyQFULPLQDOHVFRPRUD]yQGHRULJHQRH[LVWHQFLDGHODSHUVRQDMXUtGLFDµ(VWH
-X]JDGR 1DFLRQDO VRVWLHQH TXH VH KD FXPSOLGR FRQ LGHQWLILFDU D OD SHUVRQD
MXUtGLFD FRQ LGHQWLILFDU ORV KHFKRV TXH UHODFLRQDQ D OD SHUVRQD MXUtGLFD FRQ
ORV GHOLWRV PDWHULD GH LQYHVWLJDFLyQ HQ HO FDVR HVSHFtILFR FRUUHVSRQGH D
LPSXWDFLRQHV SRU OD SUHVXQWD UHDOL]DFLyQ GHO LOtFLWR GH ODYDGR GH DFWLYRV
YpDVH HQ HO SXQWR ´ ´ GH OD SUHVHQWH UHVROXFLyQ UHILULpQGRVH GH PRGR
H[SUHVR D OD FDGHQD GH DWULEXFLyQ TXH FRQHFWD D OD SHUVRQD MXUtGLFD )LUVW
&DSLWDO ,QYHUVLRQHV \ $VHVRUtDV /LPLWDGD FRQ SUHVXQWDV DFFLRQHV LOtFLWDV
GHVDUUROODGDVHQHOHMHUFLFLRGHVXDFWLYLGDGIDFLOLWDQGRVXFRPLVLyQFRPRHQ
FRQ HO DSRUWH GH VX FXHQWD EDQFDULD SDUD OD UHDOL]DFLyQ GH DFWRV GH

14Prado Saldarriaga, Víctor. Consecuencias jurídicas del delito. Giro Punitivo y Nuevo
Marco Legal. IDEMSA, Lima, 2016, página 289.

Página 52 de 54
&257(683(5,25'(-867,&,$1$&,21$/3(1$/(63(&,$/,=$'$
6e37,02-8=*$'2'(,19(67,*$&,Ð135(3$5$725,$1$&,21$/

FRQYHUVLyQ WUDQVIHUHQFLD \ RFXOWDPLHQWR GH GLQHUR SUHVXQWDPHQWH LOtFLWR \


SURYHQLHQWHGHODUHDOL]DFLyQGHODFXHUGRFROXVRULRWDO\FRPRVHKDYHQLGR
GHVFULELHQGRSXHVKDTXHGDGRDFUHGLWDGRTXHH[LVWHXQDYLQFXODFLyQHQWUH
ODV (PSUHVDV :HVWILHOG &DSLWDO \ )LUVW &DSLWDO TXLHQHV HUDQ GHELGDPHQWH
UHSUHVHQWDGRVSRUORVLPSXWDGRV3HGUR3DEOR.XF]\QVNL*RGDUG\*HUDUGR
6HS~OYHGD 4XHVDGD FRQMXQWDPHQWH FRQ OD HPSUHVD 2GHEUHFKW HQ ODV TXH
H[LVWtD XQD UHODFLyQ FRQWUDFWXDO GH ´ DVHVRUtD ILQDQFLHUDµ SDUD ORV SUR\HFWRV
7UDVYDVH 2OPRV ,,56$ 685 75$026 \ VLQ HPEDUJR GLFKR DFWR HUD OD
IRUPDGHLQJUHVDUGLQHURPDFXODGRSURYHQLHQWHDXQDFXHUGRFROXVRULRTXH
EHQHILFLDED D ORV UHSUHVHQWDQWHV \ GXHxRV GH GLFKDV HPSUHVDV $KRUD ELHQ
UHVSHFWRDODSHOLJURVLGDGREMHWLYDHO$FXHUGR3OHQDULR1ƒ&-QR
H[LJHODSHOLJURVLGDGREMHWLYDSDUDVXLQFRUSRUDFLyQDVSHFWRTXHWDPELpQKD
VLGRUHFRJLGRDOUHFKD]DUHOPLVPRSUHVXSXHVWRHQHODFiSLWHGpFLPRWHUFHUR
GHODUHVROXFLyQ1ƒGHIHFKDGHQRYLHPEUHGHSRUOD3ULPHUD6DOD
3HQDO GH $SHODFLRQHV 1DFLRQDO 3HUPDQHQWH (VSHFLDOL]DGD HQ 'HOLWRV GH
&RUUXSFLyQGH)XQFLRQDULRV´ « 'HORVHxDODGRQRVHDGYLHUWHTXHODQRUPDH
LQFOXVR HO DFXHUGR SOHQDULR H[LMDQ FRPR SUHVXSXHVWR OD MXVWLILFDFLyQ GH XQD
´SHOLJURVLGDGREMHWLYDµSDUDODLQFOXVLyQGHXQDSHUVRQDMXUtGLFDDOSURFHVRSHQDOµ

'(&,6,Ð1

&RQIRUPH D ORV IXQGDPHQWRV DQWHV H[SXHVWRV HO VHxRU -XH] D FDUJR GHO
6pSWLPR-X]JDGRGH,QYHVWLJDFLyQ3UHSDUDWRULD1DFLRQDOUHVXHOYH

35,0(52 'HFODUDU )81'$'2 HO UHTXHULPLHQWR IRUPXODGR SRU HO
UHSUHVHQWDQWHGHO0LQLVWHULR3~EOLFRHQFRQVHFXHQFLDLQFRUSRUDUDOSUHVHQWH
SURFHVRDODVSHUVRQDVMXUtGLFDVVLJXLHQWHV

'HQRPLQDFLyQGH3- :(67),(/'&$3,7$//7'
'RPLFLOLR)LVFDO 6RXWK %D\ 6KRUH 'ULYH  6XLWH
 &RFRQXW *URYH ² )ORULGD  ²
((88
5HSUHVHQWDQWH 3HGUR3DEOR.XF]\QVNL*RGDUG
1~PHURGHLGHQWLILFDFLyQ 
)HGHUDOGHO(PSOHDGRU
'RPLFLOLR3URFHVDO -U %DWULFK %RVRYLFK 1ƒ  ² 6DQ
%RUMD²/LPD
$ERJDGR -XOLR&pVDU0LGROR&KLULQRV
*LVHOOD0LODJURV5XL]&DVWUR
5DIDHO*XVWDYR3DUUD3HUHD

15 Expediente N° 19-2018-16.

Página 53 de 54
&257(683(5,25'(-867,&,$1$&,21$/3(1$/(63(&,$/,=$'$
6e37,02-8=*$'2'(,19(67,*$&,Ð135(3$5$725,$1$&,21$/

&RUUHRHOHFWUyQLFR MPLGROR#PUDERJDGRVSH
MPLGROR#JPDLOFRP
&HOXODU  DERJDGR 
&DVLOODHOHFWUyQLFD 


'HQRPLQDFLyQGH3- ),567 &$3,7$/ ,19(56,21(6 <
$6(625Ì$6/,0,7$'$
'RPLFLOLR)LVFDO ,VLGRUD *R\HQHFKHD  2) 
ODV &RQGHV ² 6DQWLDJR GH &KLOH ²
&KLOH
587GHODHPSUHVD 
5HSUHVHQWDQWH *HUDUGR5DIDHO6HS~OYHGD4XH]DGD
6RFLR 0DXULFLR *RQ]DOR *XJOLHOPHWWL
9HUJDUD

$ERJDGR +XJR0DUWLFRUHQD&ROODQWHV
3HUF\*DUFtD&DYHUR
&RUUHR(OHFWUyQLFR SHUF\JDUFLDFDYHUR#JPDLOFRP
KXJRPDUWLFRUHQD#JPDLOFRP
&HOXODU 

&DVLOODHOHFWUyQLFD 


6(*81'2 &21&('(5 HO SOD]R GH FLQFR GtDV D ODV UHIHULGDV SHUVRQDV
MXUtGLFDV LQFRUSRUDGDV SDUD TXH VX yUJDQR VRFLDO GHVLJQH XQ DSRGHUDGR
MXGLFLDOGLIHUHQWHDODVSHUVRQDVQDWXUDOHVTXHVHHQFXHQWUDQLQYHVWLJDGDVHQ
ODSUHVHQWHFDXVDEDMRDSHUFLELPLHQWRGHGHVLJQDUORMXGLFLDOPHQWHHQHOFDVR
GHQRKDFHUORHLQIRUPDUORHQHOSOD]RHVWDEOHFLGR

7(5&(52 127,),&$5 D ORV VXMHWRV SURFHVDOHV FRQ OD GHELGD QRWD GH
DWHQFLyQ

Página 54 de 54

También podría gustarte