: ( 989)
Black's large group has seven direct liberties (d), and one approach-move liberty (a) in the ko at top right. This sums up to eight effective liberties, so this group is safe from the straight Punishment Semeai, i.e. it cannot be captured after White's move at that takes the hanezeki's tail off the board. However, White will get sufficient compensation for her loss in the hanezeki, because a ko is involved.

:
The usual course of the Punishment Semeai continues.

:
Finally, White captures the ko.

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If White re-captured the ko, Black's group would be in atari, so Black is unable to answer any White ko-threat.

:
Black's group on the right is alive now.

:
But White will capture parts of Black's top left corner in sente.

:
This enables White to also capture Black's nakade-stones on the left edge. White is ahead by a comfortable margin, we suppose this to be approximately ten points.

Please note that the validity of this "fake" Punishment Semeai depends of the availability of a White ko-threat () in the upper left corner. This implies that it is not feasible in each variation of Joachim's Ko-Semeai.