Bank St Petersburg v Vitaly Arkhangelsky [Master]
Day 40
Contents
Authors All
Tags All
Magnum services provided by Opus2 International Ltd +44 (0)20 3008 5900
www.opus2international.com
Bank St Petersburg v Vitaly Day 40
Arkhangelsky [Master]
1 :1 Monday, 18 April 2016
2 (10.00 am)
3 MR JUSTICE HILDYARD: Yes, Mr Stroilov, good morning.
4 MR STROILOV: Good morning.
5 MS ELENA VLADIMIROVNA YATVETSKY (Continued)
6 Cross-examination by MR STROILOV (Continued)
7 (All questions and answers interpreted except where
8 otherwise indicated)
9 MR STROILOV: Good morning, Ms Yatvetsky. May I ask you
10 about the transfer of Scan shares from original to
11 subsequent purchasers.
12 Now, there have obviously been six transfers of
13 shares, isn’t that right?
14 A. Yes, five or six, indeed.
15 Q. Yes. And if — we can go to the actual documents, but
16 only if necessary. Now, the first of those share
17 purchase agreements is dated 20 March 2009; does that
18 sound right to you? We can perhaps have a look, just so
19 that you know what I’m talking about. If we could
20 please call on the screen {D112/1631.1/6} and I think
21 {D112/1631.1/14} will be the Russian version.
22 So chronologically the first transfer appears to be
23 the transfer from Medinvest to Khortitsa under
24 the contract dated 20 March; does that look right to
25 you?
2 :1 A. Yes, yes, it is right. It is correct as far as this
2 agreement is concerned.
3 Q. Yes. And if we could now scroll the English version to
4 page {D112/1631.1/1} and the Russian version to — no,
5 that doesn’t look right. Sorry, something … we could
6 try — sorry, this is … page — Yes, I’m very
7 grateful. That seems to be chronologically the latest
8 of the six agreements, dated 6 April. Does that look
9 right to you? {D112/1631.1/9}.
10 A. Yes, it is correct.
11 Q. So we have looked at two, and the other four share
12 purchase agreements, they are dated variously between
13 these two days, between 20 March and 6 April. You are
14 not arguing with that, are you?
15 A. No, I’m not contesting dates on these agreements.
16 Q. Now, on 7 April 2009 there were purported shareholder
17 conferences of Scan and Western Terminal respectively to
18 replace the management of the two companies, is that
19 correct?
20 A. Yes, it is correct.
21 Q. Now, I think you say in the witness statement that you
22 were not personally involved in the replacement of
23 management, is that right?
24 A. It is correct, I wasn’t involved in change of
25 management.
Magnum services provided by Opus2 International Ltd +44 (0)20 3008 5900
www.opus2international.com
Bank St Petersburg v Vitaly Day 40
Arkhangelsky [Master]
3 :1 Q. Now, Mr Sklyarevsky told the court that he believed all
2 the arrangements were made by Renord lawyers. This
3 being so, so who could this, if not you?
4 A. There is a legal department in Renord.
5 Q. So do you mean — that is Ms Guz’s department, is that
6 right?
7 A. Ms Guz, she came later.
8 Q. Right. Now then obviously prior to this shareholders’
9 meeting a notice of that meeting had to be given to the
10 then director generals of the two companies, is that
11 correct?
12 A. Basically, yes, as one of the options. With the
13 exception of those cases whereby there is a majority of
14 votes in any particular company. In this case,
15 notification procedure may be avoided. But as far as
16 I remember, some kind of notices had been sent. I don’t
17 remember the details, because I didn’t deal with it
18 personally, but notices had indeed been sent.
19 Q. Mr Arkhangelsky recalls that it was around 10 March that
20 he learnt about notice being given to Western Terminal;
21 can this be right?
22 A. I don’t know, because I wasn’t dealing with sending
23 notices.
24 Q. And Mr Sklyarevsky told the court that he believed that
25 notices had to be given some 20 days before the
4 :1 respective conferences, which brings us to 17 March.
2 Can this be correct according to your knowledge?
3 A. Yes, quite possible that notices had to be given 20 days
4 prior to the meeting.
5 Q. However, Mr Sklyarevsky also thought it was possible —
6 he didn’t say he knew it happened but he said it was
7 possible, that Renord lawyers actually prepared these
8 notices in early April and then backdated them. Do you
9 think that is possible?
10 A. It is hard for me to say, because I wasn’t dealing with
11 notices, but the very fact of sending notices in this
12 case was absolutely irrelevant, because Scandinavia
13 Insurance was 100% owned by Renord-Invest and it had 99%
14 shares in Western Terminal and in this case, the
15 notification procedure may be not complied with,
16 pursuant to the legislation on limited — companies with
17 limited liabilities.
18 Q. Now, so it appears, if we try to restore the chronology,
19 so it appears if notices were given or backdated, the
20 notices are on 17 March. Then on 20 March, Renord
21 starts the process of transferring the shares from
22 original purchasers to subsequent purchasers, then on
23 6 April, that process is completed and on 7 April you
24 have shareholder conferences replacing the management.
25 Now, it follows, does it not, that quite clearly
Magnum services provided by Opus2 International Ltd +44 (0)20 3008 5900
www.opus2international.com
Bank St Petersburg v Vitaly Day 40
Arkhangelsky [Master]
5 :1 these two processes were closely connected, as far as
2 Renord was concerned, isn’t that right?
3 A. No, it is not right. These processes were run in
4 parallel. Change of shareholders in Scandinavian
5 Insurance took place much later after 7 April, after
6 shareholder meetings, with change of CEOs. Registration
7 took place in May. The first general shareholders’
8 meeting took place to change the general directors or
9 CEOs and thereafter, thereafter, shareholders were
10 changed.
11 Q. So are you saying that this sequence of dates and the
12 proximity of dates is just a coincidence; is that what
13 you are saying?
14 A. Absolutely. Quite right.
15 Q. Now, I think I asked you previously, last week, about
16 a company called Boyarin.
17 Could we … it doesn’t seem to be —
18 MR JUSTICE HILDYARD: I’m so sorry, I’m sorry to ask a silly
19 question, if it is, but the shareholders’ meetings to
20 remove and replace the directors were on 7 April.
21 MR STROILOV: Yes, my Lord.
22 MR JUSTICE HILDYARD: And you say that the original
23 purchasers were still shareholders at that time; is that
24 right?
25 A. Yes.
6 :1 MR JUSTICE HILDYARD: Thank you. Thank you. So sorry.
2 MR STROILOV: My Lord, I beg your pardon, I think there is
3 some connection problem. Hopefully it will resolve
4 itself, because it identifies problems differently, so
5 hopefully something is going on. I’m sorry, my Lord.
6 Something is … I beg your pardon, my Lord.
7 Okay —
8 MR JUSTICE HILDYARD: Don’t worry.
9 MR STROILOV: I think it is getting restored.
10 Now could we please have a look at
11 {D176-D191/2918.1T/2133}.
12 This is a SPARK profile for Boyarin, and I apologise
13 for not having the Russian version, but there are just
14 a couple of things which I will translate to you.
15 Firstly, if you look at this page, at the bottom,
16 there is a history of manager changes and there is an
17 entry dated 1 January 2009, recording the director
18 general as Konstantin Valentinovich Solovev. Is that
19 not Mr Solovev who is one of the top managers of Renord?
20 A. It can be assumed that yes, it is him.
21 Q. And presumably if that is so, he would be working as
22 director general of Boyarin as part of his job for
23 Renord, wouldn’t he?
24 A. I can’t answer this question, because I don’t know.
25 I didn’t come across Boyarin, a company, at all in my
Magnum services provided by Opus2 International Ltd +44 (0)20 3008 5900
www.opus2international.com
Bank St Petersburg v Vitaly Day 40
Arkhangelsky [Master]
7 :1 work, so I assumed it had nothing to do with
2 Renord-Invest, but I cannot be asked to know all the
3 companies that Renord-Invest owned.
4 Q. Right, and also, I think if we scroll down two pages —
5 perhaps we scroll up one now page.
6 {D176-D191/2918.1T/2134}. There is a sections at the
7 very bottom of this page, called «Participation in share
8 capital», meaning obviously companies which Boyarin owns
9 or part owns. And then if you scroll down another page,
10 {D176-D191/2918.1T/2135}, then you can see that it is
11 recorded as being 100 per cent shareholder of Dom Na
12 Maloi Moike, as of now, and I believe Dom Na Maloi Moike
13 is a Renord company, isn’t it?
14 A. Dom Na Maloi Moike, yes, indeed, it is a Renord company.
15 Q. Yes, so your evidence, as I understand it, is it may
16 well be a Renord company, but you just don’t know
17 whether it is; is that your evidence?
18 A. It is possible. I assumed it wasn’t one of our
19 companies, but judging by the fact the director general
20 was Mr Solovev it is possible that Mr Solovev was
21 a director general as a controlling important. I have
22 no idea, I never came across this company in my work.
23 Q. Right. And there is another company called Andreevskiy
24 Rynok; is that a Renord company to your knowledge?
25 A. I don’t know if it is a Renord company at present but in
8 :1 the past indeed it belonged to Renord.
2 Q. Thank you. Now so if we could now come back to Nevskaya
3 Management Company and perhaps again have a look at the
4 SPARK profile just so that if we need to check
5 something. If we could please go in the same tab to
6 page {D176-D191/2918.1T/2194}. And the Russian version,
7 that is a different database, I am afraid, but better
8 than nothing so that is {D199/2993/1} and if we could
9 scroll down one page, so you can see, and on the English
10 screen as well {D199/2993/2}, {D176-D191/2918.1T/2195}
11 and perhaps one more page on the English screen
12 {D176-D191/2918.1T/2196}. If you look at the list of
13 present shareholders, it appears that Nevskaya
14 Management Company is controlled by Renord, is it not?
15 A. To some extent, yes, Renord-Invest does control this
16 company because it is a joint business between
17 Mr Lestovkin and Mr Smirnov.
18 Q. Right. I think you have indicated on Friday that
19 originally SKIF was also a partner in Nevskaya company,
20 is that right?
21 A. Yes, it is correct.
22 Q. And what happened to SKIF’s shareholding in Nevskaya
23 subsequently?
24 A. I don’t know anymore, but it is quite possible that
25 Mr Sklyarevsky had sold it.
Magnum services provided by Opus2 International Ltd +44 (0)20 3008 5900
www.opus2international.com
Bank St Petersburg v Vitaly Day 40
Arkhangelsky [Master]
9 :1 Q. If he had sold it, well, judging by the list of present
2 shareholders and the development of shareholding,
3 he would have sold it to Renord, wouldn’t he?
4 A. Yes, to Renord.
5 Q. And how much was he paid for his shareholding?
6 A. I think that pursuant to the share capital and in
7 accordance with the nominal share value.
8 Q. Right. Now, to your knowledge, did Mr Zelyenov ever
9 have an interest in Nevskaya Management Company?
10 A. Mr Zelyenov never had shares in Nevskaya Management
11 Company to my knowledge.
12 Q. Are you in doubt about that or are you sure that he was
13 never involved?
14 A. I know that Mr Lestovkin never had any joint business
15 with Mr Zelyenov.
16 Q. If we look at the list of historic shareholders, if we
17 scroll down, again one page on both screens, you can see
18 {D199/2993/3}, {D176-D191/2918.1T/2197}
19 Firma Komavtotrans as one of the shareholders in 2008,
20 can’t we, and in 2006 as well. So in 2006 Komavtotrans’
21 share is 15%, by 2008 it is reduced to 4.27%; can you
22 see that?
23 A. Yes, I can see.
24 Q. And I think you have given evidence that you don’t
25 recall that company, did you?
10 :1 A. It seems to me it isn’t one of Renord’s companies. If
2 I remember correctly, it was some kind of Moscow company
3 which belonged to Renord’s partners.
4 Q. And who were those partners?
5 A. I have no idea.
6 Q. Now, the reason — well, there has been a company called
7 Komavtoservis which was a joint venture between
8 Mr Savelyev and Mrs Matvienko. Could Komavtotrans be
9 related to it in any way?
10 A. I’m sure it couldn’t, no.
11 Q. Well, what makes you sure of it?
12 A. I remember it was some kind of Moscow business, and it
13 was a totally third party company, it had absolutely
14 nothing to do with Renord.
15 Q. Right. Now if we can please go on the English screen to
16 page 1183. I’m afraid I don’t have the Russian
17 translation, so I will have to be translating it to you,
18 Ms Yatvetsky. So this is the SPARK profile for
19 a company called Gelios LLC, and that is one of the
20 regional purchasers. {D176-D191/2918.1T/1183} and
21 I think it has been described to us in these proceedings
22 by the claimants as a company of Mr Zelyenov.
23 I think if we scroll down one page, you can see, in
24 history of manager changes, you can see that Mr Zelyenov
25 appears to have been the director general from 2009 to
Magnum services provided by Opus2 International Ltd +44 (0)20 3008 5900
www.opus2international.com
Bank St Petersburg v Vitaly Day 40
Arkhangelsky [Master]
11 :1 2012, and if we scroll down further in to page
2 {D176-D191/2918.1T/1185} you see in the list of historic
3 shareholders again, you see Mr Zelyenov as 100 per cent
4 shareholder from 2007 to 2012. But then if you in the
5 participation in share capital section which starts at
6 the bottom of this page and then if we could scroll down
7 one further page, {D176-D191/2918.1T/1186}, you will
8 find it is arranged alphabetically here. You will find
9 Firma Komavtotrans here and a record of its being 80%
10 shareholding in 2005 and 76% shareholding in 2009. So
11 it appears that if we believe the claimants’ assertion
12 that Mr Zelyenov is the beneficial owner of Gelios, that
13 Mr Zelyenov had indirect interest in Nevskaya Management
14 Company through Komavtotrans. So in the light of this,
15 do you revise — would you want to change or revise your
16 evidence about Mr Zelyenov’s involvement in Nevskaya?
17 A. No, I wouldn’t like to. Mr Zelyenov had nothing to do
18 with Nevskaya Management Company.
19 Q. He was holding Gelios company just as a nominee, wasn’t
20 he?
21 A. I can’t give you the answer with 100 per cent certainty
22 I know that Gelios was a company of Mr Zelyenov. That
23 is all I know.
24 Q. But you don’t know whether he owned it beneficially or
25 on behalf of someone else; is that your evidence?
12 :1 A. I have no knowledge of that, but it seems to me it was
2 his own company.
3 Q. Right. Now, may I now ask you about a company called
4 Leasing Company St Petersburg. I think Mr Zelyenov
5 describes the Leasing Company as Renord’s partner and
6 co-investor; is that correct?
7 A. The Leasing Company is Renord’s business, it is correct.
8 Q. Right. And I don’t think it is necessary for us to look
9 at the profile. The address of Leasing Company
10 St Petersburg is identical with the present address of
11 Bank of St Petersburg. It is 64A Malookhtinsky
12 Prospekt?
13 A. I don’t know the address of the leasing company.
14 Q. Right. Now …
15 A. However, I know for certain one thing, that the Leasing
16 Company territorially is not within the Bank, it is on
17 the Petrograd part of St Petersburg. Perhaps it is
18 their legal address. They have their office in
19 a different location.
20 Q. All right. Now may I ask you about Guideh Insurance
21 Company. Does Mr Smirnov, to your knowledge, have any
22 interest in Guideh?
23 A. Yes, Renord-Invest had a stake at different times, a
24 different number of shares, at one time, I think if my
25 memory doesn’t fail me, it reached 75%. Subsequently,
Magnum services provided by Opus2 International Ltd +44 (0)20 3008 5900
www.opus2international.com
Bank St Petersburg v Vitaly Day 40
Arkhangelsky [Master]
13 :1 Renord sold that stake in Guideh.
2 Q. Does Renord or Mr Smirnov hold any share in Guideh now,
3 to your knowledge?
4 A. As far as I know, no.
5 Q. Yes. Do you accept that Guideh is a company which has
6 been co-owned by Bank of St Petersburg for a long time?
7 A. I don’t know whether this company was owned by
8 Bank of St Petersburg. I know that it is a publicly
9 owned company, any owner can own shares in this company,
10 and it is a fairly well known company. It has been in
11 existence for quite a while.
12 Q. Yes. Now though perhaps I do think we need to look at
13 the profile. If we could again, still the same tab, if
14 we could go to page {D176-D191/2918.1T/3049} and I think
15 I will find the Kartoteka profile at least. It is not
16 perfect, but better than nothing. Yes, if we could
17 please go to {D207/3056/1}. Now if we could now — if
18 we could scroll down to — I think on the English screen
19 we can safely scroll down to page
20 {D176-D191/2918.1T/3052} and on the Russian — yes,
21 I think the Russian is actually not very satisfactory.
22 It doesn’t give a lot of — yes, you have on the first
23 page, you do have some information about the present
24 ownership, even though I think not as full as in the
25 English version.
14 :1 Now, one thing I wanted to ask you about. If you
2 could scroll down the English version one page further
3 {D176-D191/2918.1T/3053}. Now I think you can see a 76%
4 shareholder, a company called Modul. That is the same
5 company you mentioned last week as a potential third
6 party buyer of OMG assets who had been allegedly
7 approached by Renord about possible sale of OMG assets;
8 is that the same Modul?
9 A. I can suppose that yes, it is, it could be.
10 Q. Yes. And then — right. Now, if we look at the change
11 history, and I think we need to scroll down the Russian
12 version one page {D207/3056/2}. And I think one more
13 page {D207/3056/3}. Now —
14 THE INTERPRETER: Could you speak into the microphone,
15 please, sir.
16 MR STROILOV: Yes.
17 So you can see a number of Renord companies there,
18 can’t you? I don’t really want to go through exact
19 figures, but Renord seems to be present for long periods
20 of time?
21 A. Yes, as I mentioned, Renord owned a share in Guideh for
22 a certain period of time.
23 Q. Now, as you can see, Bank of St Petersburg is also on
24 the list of historic shareholders. So were Renord and
25 the Bank partners in this business?
Magnum services provided by Opus2 International Ltd +44 (0)20 3008 5900
www.opus2international.com
Bank St Petersburg v Vitaly Day 40
Arkhangelsky [Master]
15 :1 A. I don’t see Bank of St Petersburg, at least for the time
2 being.
3 Q. Yes, I think, I beg your pardon —
4 A. I have found it. Yes, I have found it. I would like to
5 repeat that it is quite possible that
6 Bank of St Petersburg could also own those shares
7 because Guideh was a publicly owned company, a very well
8 known public company at that.
9 Q. Yes. And now I think you can also see a company called
10 System Technologies, Sistemnye Tekhnologii, as a former
11 shareholder?
12 A. Yes, I can see System Technologies.
13 Q. And System Technologies, as Mr Savelyev gave evidence
14 about this company, and he told the court that was his
15 vehicle for controlling some shareholding in
16 Bank of St Petersburg. So would you accept that
17 Mr Savelyev was also one of Renord’s partners in this
18 company?
19 A. No, he was not a partner in this company. I believe
20 that Bank of St Petersburg, just as Renord, had plans to
21 use this company Guideh in some of their projects, but
22 there was no joint project between the Bank and Renord
23 relating to the insurance company Guideh, did not exist.
24 It is an insurance company. It is used in a number of
25 types of activities.
16 :1 Q. Right. Now can we go to the transcript of Day 23,
2 page 40. {Day23/40:1}. Now, this, I asked about this,
3 I asked Mr Sklyarevsky about these companies, and
4 I would like to read to you, so that it is translated,
5 some elements of his evidence. Because I think they may
6 be rather lengthy, I will tell you from the start that
7 if you disagree with something he said, I want you to
8 make a mental note of it and then once I have finished
9 reading, to say so.
10 So I think starting at — so we are looking at
11 page 40, aren’t we, and starting at line 4 I ask him:
12 «Question: Isn’t it a fact that Leasing Company
13 St Petersburg is trading from the Bank’s office at
14 Malookhtinsky 64A?
15 «Answer: Yes, that is correct. One could proffer
16 a general qualification so that you could have an idea
17 about the other issues, other companies. When we
18 started in 2006 to work with Bank of St Petersburg we
19 had this idea of developing business around the banking
20 business, a managing company, a leasing company and
21 insurance company and so on and so forth. We had
22 various ideas with regard to how to develop this
23 business.
24 «As far as I understand, these companies are not
25 quite owned by the Bank of St Petersburg, but we are
Magnum services provided by Opus2 International Ltd +44 (0)20 3008 5900
www.opus2international.com
Bank St Petersburg v Vitaly Day 40
Arkhangelsky [Master]
17 :1 talking about 2006, 2007, 2008, and subsequently
2 I stopped being involved in these projects for other
3 reasons because I got other businesses.»
4 And then I think he goes on to talk about something
5 more specific and I am not particularly interested in
6 that.
7 Now, does this sound right to you? Were you at any
8 time aware of this project to develop a number of
9 various businesses around the Bank, as Mr Sklyarevsky
10 puts it?
11 A. No, I was not aware, and I cannot provide any comment,
12 particularly since we are talking about 2006, and
13 I don’t quite understand what is meant here, that the
14 company is traded out of the Bank. In what context that
15 was mentioned I also don’t quite understand.
16 Q. I think I asked him — I think I’m hearing Russian.
17 I asked him essentially the same question as I asked
18 you about whether this leasing company was trading from
19 the Bank’s office, and you will see that obviously there
20 is a discrepancy between your evidence and his?
21 A. Could you clarify what you mean by saying it was traded
22 out of the Bank’s office?
23 Q. Well, I don’t know if it is lost in translation,
24 obviously if a company is said to be trading from some
25 office, that means it is operating in that office.
18 :1 A. Leasing Company has a totally different address in
2 St Petersburg, at the Petrograd site, as I already
3 mentioned earlier. And what is meant by trading
4 operations, I don’t quite understand either.
5 Q. Now, Mr Skylarevsky — among the companies which
6 according to Mr Skylarevsky were part of this project he
7 named the Leasing Company, Guideh and Nevskaya
8 Management Company; I think you indicated on Friday that
9 you don’t quite agree with this description of Nevskaya
10 company, is that right?
11 A. Yes, I know that Nevskaya Management Company was a joint
12 Renord business, Mr Sklyarevsky and Mr Lestovkin
13 initially.
14 Q. Yes. Now, I think if we could now please go to Day 22.
15 So that is another day of Mr Sklyarevsky’s
16 cross-examination. And if we go to page 98, I think.
17 {Day22/98:1}.
18 Well, I suppose unless my learned friend feels it is
19 unfair, I will just summarise the context and then get
20 to the point. So I asked him about Mercury and
21 Mr Sklyarevsky explained that essentially Mercury was
22 his company but on this occasion in relation to OMG
23 assets, he effectively lent that company to Mr Smirnov
24 and was signing documents as a shareholder and director
25 to Mr Smirnov’s instructions.
Magnum services provided by Opus2 International Ltd +44 (0)20 3008 5900
www.opus2international.com
Bank St Petersburg v Vitaly Day 40
Arkhangelsky [Master]
19 :1 I think the element I’m interested in, if we could
2 look at page {Day22/99:1} what Mr Sklyarevsky says in
3 the end, it starts at line 20:
4 «Answer: I completely trusted Mr Smirnov and we had
5 no — well, we have the situations in reverse, when
6 Mr Smirnov and his companies were used by me. So we
7 trust each other completely.»
8 And so Mr Sklyarevsky also indicated, I think it is
9 a fair paraphrase, that in the case of Mercury, he would
10 be signing documents effectively without checking them,
11 just because Mr Smirnov would ask him to do that.
12 Is this consistent with your knowledge about the
13 relationship between Renord and SKIF?
14 A. I don’t know what agreements were reached between
15 Mr Smirnov and Sklyarevsky, but I can suspect that
16 Mr Smirnov, just as Mr Sklyarevsky, trusted each other.
17 Q. Right. And if we can now go back to Day 23, and to
18 page 19. {Day23/19:11}. Then at line 11, I went back
19 to this subject and let me read to you the relevant part
20 of the transcript:
21 «Question: Now, you also indicated on Friday that
22 it was not unusual, as between you and Mr Smirnov, to
23 use each other’s companies, so to speak, to lend
24 a company to one another; is that so?
25 «Answer: The companies for projects, yes. We
20 :1 sometimes would lend each other companies for projects,
2 at least for 2007 to 2010, for that time period.»
3 So Mr Sklyarevsky seems to indicate that it was a
4 rather regular practice as between SKIF and Renord to
5 lend companies to each other? Are you aware of any such
6 arrangements?
7 A. I’m not aware of any such arrangements between
8 Mr Smirnov and Mr Sklyarevsky.
9 Q. And it —
10 A. However, this does not mean that there were no such
11 arrangements.
12 Q. I think you indicated last week that you believed there
13 was an arrangement of similar kind between Mr Zelyenov
14 and Renord, in relation to Solo; do you recall that, or
15 do we need to go to the transcript? In the context of
16 the question of auction, you indicated that you believed
17 that Solo was a company owned by Mr Zelyenov, who then
18 allowed Renord to use it?
19 A. Let’s go to the transcript, because I remember
20 I mentioned we acquired Mr Zelyenov’s company.
21 Q. Right. Let’s look at it. If we could, please, go to
22 Day 39, page 34, just for the context. {Day39/34:1}.
23 Now, the context is we are looking at the minutes of
24 the auction sale and then I think at page 35, so if we
25 scroll down one page {Day39/35:1} we reach — so
Magnum services provided by Opus2 International Ltd +44 (0)20 3008 5900
www.opus2international.com
Bank St Petersburg v Vitaly Day 40
Arkhangelsky [Master]
21 :1 although previously you confirm that Kiperort is
2 a Renord company and then at line 3:
3 «Question: Another one is Solo, which is also
4 a Renord company, is it not?
5 «Answer: At that time, if I remember correctly, it
6 belonged to Mr Zelyenov. We told him that participation
7 in the auction was being planned, and we assumed that
8 most likely nobody would come to this auction, we needed
9 a second participant, we told him that an auction was
10 being held and we asked him to participate with this
11 company. Further on, we acquired this company from
12 Mr Zelyenov.»
13 So isn’t this an arrangement of a similar kind as
14 described by Mr Sklyarevsky, only between Mr Zelyenov
15 and Renord?
16 A. In that case, as far as the Solo company was concerned,
17 I was the person making that arrangement, reaching that
18 agreement.
19 Q. Well, right, but so your evidence was correct, was it
20 not?
21 A. Yes, correct.
22 Q. And you mean the evidence you gave last week and which
23 we have just read, not your evidence a few minutes ago,
24 when you said that you bought the company from
25 Mr Zelyenov?
22 :1 A. After the auction, Renord purchased from Mr Zelyenov the
2 Solo company.
3 Q. Now, there have been quite a number of companies which
4 at different times belonged both to SKIF and Renord,
5 weren’t there?
6 A. Yes, at a certain period of time there were transactions
7 made between SKIF and Renord to acquire different
8 companies.
9 Q. Right. Now I think one of those companies is Khortitsa,
10 is it not?
11 A. Yes, Khortitsa was acquired by Renord from
12 Mr Sklyarevsky in 2007, if my memory doesn’t fail me.
13 Q. And for how much would that be?
14 A. If I remember well, at that time that company had
15 nothing, and most likely it was purchased at nominal
16 value. This is quite usual practice.
17 Q. And then there is a company, there is a Renord company
18 called Medinvest, isn’t there?
19 A. Yes, there was a company under that name.
20 Q. And its previous name is SKIF Medinvest, is it not?
21 A. If I remember correctly, after a certain point it was
22 also owned by Mr Sklyarevsky, and possibly at one time
23 it was called SKIF Medinvest. It is a company that was
24 acquired from Mr Sklyarevsky in the framework of the
25 project.
Magnum services provided by Opus2 International Ltd +44 (0)20 3008 5900
www.opus2international.com
Bank St Petersburg v Vitaly Day 40
Arkhangelsky [Master]
23 :1 Q. And so was there a commercial deal for the acquisition
2 of Medinvest?
3 A. I believe yes, because there was a big project, a big
4 medical hospital centre.
5 Q. Now, and isn’t it the case that for a number of years
6 until I think 2011, from memory, Mr Kalinin, Renord’s
7 financial director, was 50% shareholder of SKIF?
8 A. Yes, for a certain time Mr Kalinin did own a 50% stake
9 in the SKIF company. That was in connection with one
10 project, Nevskaya 58.
11 Q. Now, it wasn’t in connection with one project. If you
12 own 50% in a company, you own 50% in all its projects;
13 isn’t that right?
14 A. No, this is not correct. In that case Mr Kalinin owned
15 a 50% stake only in connection with this project,
16 Nevskaya 58.
17 Q. And so for purposes of other projects, what happened?
18 Did he hold this 50% as a nominee for someone else, or
19 what?
20 A. Yes, as a nominal shareholder. As a kind of an
21 oversight body. At that time Renord was interested only
22 in that project, Nevskaya 58. And it is quite possible
23 that between Mr Smirnov and Mr Sklyarevsky there were
24 some agreements regarding that the oversight will be
25 ensured only with respect to this project.
24 :1 The other projects, if there were other projects
2 under SKIF, Mr Sklyarevsky managed himself.
3 Q. And Mr Kalinin held this 50% shareholding in SKIF on
4 behalf of Renord, didn’t he?
5 A. Yes, on behalf of Renord.
6 Q. Now, just to sum up, so SKIF was co-owned by one of
7 Renord’s top managers and Mr Sklyarevsky.
8 Mr Sklyarevsky is trusted by Renord in exactly the same
9 way as Renord trusts its own employees. Isn’t the
10 simple explanation of that is that SKIF is quite simply
11 one of the companies in Renord group, for all practical
12 purposes?
13 A. No, this is not true. SKIF is a totally independent
14 business of Mr Sklyarevsky. It is not a Renord company.
15 Q. Now may I ask you about the company called Assets
16 Management Agency. Do you know that company?
17 A. Yes, it is Mr Zelyenov’s company and I guess that is all
18 I know about it.
19 Q. I’m very sorry to say I haven’t got the Russian version
20 again, but if we could go to perhaps the English version
21 of SPARK and I will do my best to translate this for
22 you. So that is again this mad reference
23 {D176-D191/2918.1T/1285}. So that is the — now if you
24 look at the legal address line, once again we find
25 Sankt-Peterburg, Ispolkomskaya 15, and then apartment
Magnum services provided by Opus2 International Ltd +44 (0)20 3008 5900
www.opus2international.com
Bank St Petersburg v Vitaly Day 40
Arkhangelsky [Master]
25 :1 455. That is Renord’s office in Olimp office, is it
2 not?
3 A. As such, it is not Renord’s offices. It is a business
4 centre where it is located and many other companies have
5 offices. It is also a large Mercedes showroom, there is
6 a large tobacco company is based there. A lot of legal
7 entities are based in that business centre, including
8 Renord-Invest.
9 Q. And now if we look at the history of manager changes you
10 can see a gentleman called Andrei Romashov at the bottom
11 of this page recorded to be a director general in 2009;
12 can you see that?
13 A. Yes, I can see that.
14 Q. And Mr Romashov is now working as a corporate secretary
15 of Bank of St Petersburg, is he not?
16 A. I am not acquainted with Mr Romashov, I don’t know about
17 him.
18 Q. And he had previously been one of the Bank’s lawyers.
19 And if we could scroll down to {D176-D191/2918.1T/1286},
20 you will see he was at one point recorded to be a 100%
21 shareholder in Assets Management Agency, although in
22 fairness there seems to be Mr Romashov and Mr Potapov
23 both recorded in 2001 as 100% shareholders so it is not
24 very clear who came first and who came later.
25 Now, isn’t it possible, Ms Yatvetsky, that you are
26 :1 mistaken when you describe Asset Management Agency as
2 Mr Zelyenov’s company and in fact it is the Bank’s
3 company?
4 A. No, as far as I know it is Mr Zelyenov’s company.
5 Q. May I now come back to the company called Solo LLC,
6 where you are also a nominee shareholder at one time.
7 Now, Solo used to be 13% shareholder of
8 Bank of St Petersburg in 2005 to 2007, isn’t that right?
9 A. If you are talking about Solo where I was a shareholder,
10 I can neither confirm nor deny. I know for sure that
11 when Renord was acquiring Solo, the company had no
12 assets. It held no assets. I personally checked that
13 out.
14 Q. Now, I’m not suggesting that it was a shareholder of BSP
15 in 2009 or 2010, but are you aware that previously and
16 especially in the period when it was a shareholder of
17 Bank of St Petersburg, its 100 per cent shareholder was
18 a gentleman called Lokai?
19 A. I don’t know who owned this company previously. Quite
20 often, companies are traded in Russia, as if they were
21 just a simple commodity in the market.
22 Q. Do you know Mr Lokai?
23 A. I’m not acquainted with Mr Lokai.
24 Q. Well, do you know who he is?
25 A. If I remember correctly, I think he had worked in the
Magnum services provided by Opus2 International Ltd +44 (0)20 3008 5900
www.opus2international.com
Bank St Petersburg v Vitaly Day 40
Arkhangelsky [Master]
27 :1 Bank at some point in time, but I may be mistaken.
2 Q. Well, indeed he was the director of the Bank’s
3 investment directorate in about the same period, until
4 2007 or thereabouts.
5 Now, and again, I think if I may be excused for
6 making a summary of things, it appears that at that
7 time, Solo was also a vehicle for the management of the
8 Bank holding shares in the Bank, if that makes sense.
9 MR JUSTICE HILDYARD: Were you asking that as a question,
10 or …
11 MR STROILOV: Yes, unless Ms Yatvetsky has any comment to
12 offer, I can simply move on. I am really putting this
13 as —
14 A. I know for sure that at the time when we acquired Solo,
15 it was a totally empty shell. After the auction the
16 only thing it acquired were property, real estate at
17 auction. It had nothing else, no assets, at that point
18 in time, and whatever it had owned prior to that is
19 insignificant, because this company was acquired as
20 a commodity.
21 Q. But obviously I think you have given evidence previously
22 that by the time you, meaning Renord, allegedly acquired
23 that company from Mr Zelyenov it owned the assets at
24 Onega Terminal and the land at Sestroretsk. Doesn’t
25 that follow from your evidence?
28 :1 A. Hang on, hang on. I said that Mr Zelyenov used this
2 company as an auction participant and finally he won the
3 auction and these assets were acquired by this company,
4 and initially there was an agreement that were
5 Mr Zelyenov to win the auction, we will acquire the
6 company from him, and this is exactly what happened.
7 Q. Right. But nevertheless you acquired the company for
8 a nominal value, is that your evidence?
9 A. Yes, because we paid for the real estate ourselves, and
10 there was nothing else that this company possessed.
11 Q. So how was the money transferred from Renord to Solo?
12 A. I think at that time it must have been a loan agreement.
13 MR JUSTICE HILDYARD: A loan by Renord to Solo?
14 A. Yes, indeed. Because at that time, Solo owned nothing
15 at all, it had no cash, and so we transferred the cash
16 so it would pay for the property it acquired at the
17 auction.
18 MR JUSTICE HILDYARD: What happened to that loan?
19 A. I think that for a while, Solo was repaying the loan to
20 Renord.
21 MR STROILOV: Right, now, if we could — well, I’m just —
22 again, I can’t find the English translation. I hope it
23 was uploaded. Perhaps it is a good moment for a short
24 break, and if we could make it 15 minutes, I hope to
25 make some photocopies, because probably that is the
Magnum services provided by Opus2 International Ltd +44 (0)20 3008 5900
www.opus2international.com
Bank St Petersburg v Vitaly Day 40
Arkhangelsky [Master]
29 :1 easiest way around my logistical difficulty and then
2 perhaps we can take back some time from the lunch break
3 or something, an extra five minutes.
4 MR JUSTICE HILDYARD: Right. Does that signify you are not
5 as confident about 3.30 as you were once?
6 MR STROILOV: No, I think — well, I am pretty confident
7 I think 3.30 is reasonable — well, closer to lunch
8 I can perhaps take your Lordship we can have a longer —
9 MR JUSTICE HILDYARD: Okay, 15 minutes.
10 (11.15 am)
11 (A short break)
12 (11.35 am)
13 MR STROILOV: May it please your Lordship.
14 Now in fact before I go to the document I had in
15 mind, could we please have, I think, another look at the
16 SPARK profile of Khortitsa, I think we did already, but
17 there are a few more points that I would like to ask
18 about. That is again {D176-D191/2918.1T/3493}.
19 Now, so that is the SPARK profile for Khortitsa and
20 I’m afraid again only in the English version, but there
21 isn’t a lot really I want to ask you about.
22 If we scroll down to page ending
23 {D176-D191/2918.1T/3494}, you have the history of
24 manager changes in Khortitsa and it is recorded as
25 from February 2007 it is Mr Sklyarevsky, who is recorded
30 :1 to be the general director, then from 30 June 2008 to
2 31 March 2009 it is Mr Lestovkin who is the director
3 general of Nevskaya Management Company.
4 Then from 31 March 2009, it is Mr Pavel Gavrilov who
5 is obviously a Renord employee, and then starting from
6 30 June 2009 it is you, Ms Yatvetsky.
7 So it looks like this company — well either
8 Khortitsa has changed a lot of hands in terms of
9 ownership or really you were quite freely managed — it
10 was quite freely managed by representatives of what you
11 say are independent companies, doesn’t it? So it seems
12 to have passed from SKIF to Nevskaya Management Company
13 and then from Nevskaya Management Company to Renord
14 quite easily?
15 A. No, this is not accurate. In 2007 Khortitsa was
16 acquired from Mr Sklyarevsky by Renord and Mr Lestovkin
17 in 2008 was director general and managed the company
18 solely on instructions from Mr Smirnov.
19 Q. Right. Now, when I asked Mr Sklyarevsky about this
20 sequence — perhaps we could go to Day 23 and then
21 page 47. {Day23/47:1}, and perhaps if we could have
22 page 48 just below on the other screen, it would be much
23 easier.
24 So I think having drawn his attention to this
25 sequence of manager changes, starting at line 16 I asked
Magnum services provided by Opus2 International Ltd +44 (0)20 3008 5900
www.opus2international.com
Bank St Petersburg v Vitaly Day 40
Arkhangelsky [Master]
31 :1 Mr Sklyarevsky:
2 «Question: What happened? Did you just pass it on
3 between yourselves just for convenience, or what?
4 «Answer: I think, talk about myself and say some
5 other major client, which is my client that I worked
6 with, then I worked with many legal entities and I could
7 have taken part in those projects, and talking about
8 Bank of St Petersburg, the group always has a basket of
9 legal entities which are managed from a specific
10 financial centre.»
11 «So SKIF would have one financial centre, Renord
12 would have a different financial centre. If we are
13 selling a company or transferring a company, if we don’t
14 need it, or if there is some project, it’s an ongoing
15 work situation in the work of investment groups that
16 share assets, sell assets, trade them, so I do not
17 recall very well how the Khortitsa deal was put
18 together. I remember we created it, we initiated it.
19 I remember other deals, for example, Medinvest deal, but
20 I do not recall the Khortitsa situation. I’m not quite
21 sure why I sold it to Mr Lestovkin. Maybe I didn’t need
22 it at the time.»
23 Is what Mr Sklyarevsky explaining here, is that
24 consistent with your understanding of the relationship
25 between these different entities?
32 :1 A. As far as I understand, Mr Sklyarevsky is saying that he
2 does not recall and I do recall that in 2007
3 Renord-Invest acquired Khortitsa .
4 Q. No, what I mean is his general description of how this
5 migration of companies became groups would go on so that
6 you have different financial centres, as he puts it,
7 which may be passing companies between each other as it
8 suits various projects.
9 Is that how Renord and SKIF operate?
10 A. I don’t think I understand which financial centre
11 Mr Sklyarevsky is referring to, but I know that at a
12 certain time one company is no longer needed by somebody
13 and it is best to sell it, than to close it down.
14 Closing down a company is an expensive proposition.
15 Somebody needs a company, and it is acquired at nominal
16 value. Just as any commodity.
17 Q. Now if we could now go to — I think just for the record
18 I will give the Magnum reference, but we will use the
19 paper version because it is easier and the English
20 translation is better. {D10/217.71/2}. Perhaps if one
21 copy could be handed to my Lord and the other to the
22 witness, and I imagine your Lordship doesn’t need the
23 Russian version and Ms Yatvetsky doesn’t need —
24 actually — no, I think I can give your Lordship the
25 Russian version as well.
Magnum services provided by Opus2 International Ltd +44 (0)20 3008 5900
www.opus2international.com
Bank St Petersburg v Vitaly Day 40
Arkhangelsky [Master]
33 :1 If the usher could please help me.
2 So I think, Ms Yatvetsky, you don’t really need an
3 English version, because I’m one short. I have given an
4 extra copy to the other side. So yes, just the one to
5 the witness and both to my Lord.
6 So if Ms Yatvetsky feels she wants an English
7 version, I can spare my own, I suppose, but since what
8 she said about her English not being very good, so
9 probably we can manage.
10 So Ms Yatvetsky, this is what SPARK gives you for
11 a search for the name of Mr Lokai, and as you can see,
12 there are quite a number of companies he is associated
13 with.
14 Now I want to draw your attention to several entries
15 here. So you can see there are two tables, essentially.
16 Well, the top table, that is full coincidence, that is
17 where his taxpayer’s number coincides and then in the
18 next table is high probability of coincidence where it
19 is just his name and the region, but it is very likely,
20 especially as Lokai is not such a widespread name in
21 Russia.
22 So looking at the table, at the top table, complete
23 coincidence, in line 1 you can see a company called
24 Olimp Finans and its legal address is Ispolkomskaya 15A;
25 do you see that?
34 :1 A. Yes, I do.
2 Q. And then we have in line 2, we have Solo LLC, then in
3 line 3 we have got a company called Evolution G or
4 Evolutsiya G LLC and again, the legal address is at St
5 Petersburg Ispolkomskaya 15, office 455.
6 Now, do you know about either Olimp Finans or
7 Evolution G being located in the same Olimp office as
8 Renord?
9 A. No, I do not. I have to say that sometimes here we have
10 a column which says registered address; sometimes
11 a company has one registered address but in fact it is
12 located at a different place.
13 Q. Right. Let’s go, let’s look at a few others, in case
14 you can tell my Lord anything about them. If you look
15 at the second table, in line 1, it is recorded that
16 Mr Lokai is director general and co-owner of a company
17 called IFK BSPB LLC and once again, the legal address is
18 St Petersburg, Ispolkomskaya 15, 455, the apartment 455.
19 Do you know anything about IFK BSPB?
20 A. No, I do not know anything about BFK BSPB.
21 Q. But that sounds like a company connected with the Bank,
22 doesn’t it?
23 A. I cannot tell. I don’t know. Not necessarily.
24 Q. Yes. And then in the next line you can see it is
25 a different address, but intriguingly you have got the
Magnum services provided by Opus2 International Ltd +44 (0)20 3008 5900
www.opus2international.com
Bank St Petersburg v Vitaly Day 40
Arkhangelsky [Master]
35 :1 name of the company as SK St Petersburg LLC, and then
2 the position of Mr Lokai is described in the second and
3 third columns from the left as former director general
4 of BSPB LLC.
5 And then next, you see again a company called
6 Forward Capital and again, he is described as the
7 director general of IFK BSPB LLC, and then in line 4,
8 you have got UK Malaya Ohta LLC and Mr Lokai is
9 described as former director of UK IFK BSPB LLC, and if
10 you look at the address you can see the new address of
11 the Bank, Malookhtinsky 64A and office 536.
12 You don’t know anything about Malaya Ohta?
13 A. No, I do not know anything about Malaya Ohta.
14 Q. And in line 6 you have a company called Pole-Stroy LLC
15 and once again its legal address is Ispolkomskaya 15; do
16 you see that?
17 A. Yes, I do.
18 Q. And then in line 12 you have got ADK LLC, and once
19 again, the address is Ispolkomskaya 15.
20 A. Yes, I can see that.
21 Q. Now, isn’t it quite clear that Mr Lokai was managing
22 a number of various companies closely connected with the
23 Bank?
24 A. I do not know Mr Lokai, I don’t know his type of
25 business, and then I don’t understand, looking at this
36 :1 table, when the search was initiated, at what time and
2 what date.
3 Q. Yes.
4 A. Based only on technical assumptions, right. And I don’t
5 see — in most cases there is «former», «former»,
6 «former».
7 Q. Yes: but, well, still, it is important to understand
8 history of various businesses connected with the Bank.
9 And isn’t it more than a coincidence that such a number
10 of businesses by former bank managers have legal address
11 at Ispolkomskaya 15?
12 A. I already mentioned that Ispolkomskaya 15 is a big
13 business centre. It has a whole number of companies
14 there, and furthermore, quite often such business
15 centres provide a service. They provide a registered
16 address for a company that has to register this address
17 into the founding document, but it is not necessarily
18 the case that that company is actually at this address.
19 Q. Now let’s recall some of the companies on which you know
20 that they are operating from that address. Renord is or
21 was operating from that address, wasn’t it?
22 A. Renord is actually at the address Ispolkomskaya 15.
23 Q. And Nevskaya Management Company is actually or was
24 actually working from that address, was it not?
25 A. Nevskaya Management Company continues to be at address
Magnum services provided by Opus2 International Ltd +44 (0)20 3008 5900
www.opus2international.com
Bank St Petersburg v Vitaly Day 40
Arkhangelsky [Master]
37 :1 Ispolkomskaya 15.
2 Q. And the Bank had at one time one of its offices at
3 Ispolkomskaya 15, isn’t that right?
4 A. As far as I know, the bank at no time was located at
5 Ispolkomskaya 15 Street. There was a cash register, but
6 a cash register is a kind of a cash machine, only with
7 an actual person there, and at that time it provided
8 services solely to the clients of the Mercedes Benz shop
9 that frequently come to pay for their purchase either in
10 hard currency or paying with a large amount of money.
11 It is true that there was a cash register office there.
12 Q. Now, well, we had quite a debate about this in these
13 proceedings, so let me read to you, if we go to
14 {I8&19/18/40}, here you can see the letter from the
15 Bank’s lawyers to his Lordship and if we scroll down to
16 page {I18&19/18/41}, I am starting from the middle
17 obviously of that debate, but it just would be too long
18 to set out everything.
19 I think they are quoting an earlier letter from
20 themselves in paragraph 11 where they seem to admit —
21 I will read out to you the exact quotation, but they
22 seem to admit that apart from that cash office there was
23 a subsidiary office of the bank called Olimp. Let me
24 read you the exact quotation. It says:
25 «… St Petersburg, Ispolkomskaya 15 — it is
38 :1 correct that BSP had a subsidiary office at this address
2 called Olymp. This subsidiary office operated from this
3 address from November 2006 to December 2001. As your
4 client is aware, it was not the subsidiary [if we could
5 now scroll down, please] office by which his and OMG’s
6 accounts were managed. After this subsidiary office
7 closed in 2010, BSP forfeited its lease at this address,
8 and the documents held at that premises were archived
9 and destroyed in the ordinary course of business.»
10 Then there is some discussion of documents which I’m
11 not concerned about, but then it explains:
12 «Since 2010 until 2015, BSP has operated a cash desk
13 at this address, in a car showroom.»
14 I don’t think I need more than that.
15 So it seems that prior to there being a cash desk
16 which you have described and which Mr Smirnov describes
17 in his witness statement, apart from that there was
18 something called subsidiary office, Olimp, which was one
19 of the bank’s offices, operating from that address;
20 isn’t that right?
21 A. I know only about the cash desk. I don’t know of any
22 affiliate office of St Petersburg Bank at
23 Ispolkomskaya 15. I didn’t see any sign or any office
24 Olimp. I don’t quite understand. Perhaps what is
25 referred to is actually that cash desk, as an affiliate
Magnum services provided by Opus2 International Ltd +44 (0)20 3008 5900
www.opus2international.com
Bank St Petersburg v Vitaly Day 40
Arkhangelsky [Master]
39 :1 office.
2 Q. I think the distinction is drawn quite clearly.
3 Moreover, subsequently the claimants in these
4 proceedings admitted that not only a subsidiary office,
5 but at least one of the central departments of the Bank
6 also operated from that address.
7 A. I don’t know this. I didn’t see any affiliate office or
8 any department of Bank of St Petersburg. Given the fact
9 that the business centre is indeed a huge place, but
10 still, I don’t know of any affiliate office, I only know
11 about the cash desk.
12 Q. Now, the Bank has a unit called Financial Market
13 Operations Directorate, and it operated — from the
14 beginning of 2008 until August 2011, it operated from
15 the Olimp office; isn’t that right?
16 A. I do not know.
17 Q. Now, do you accept at least that Renord and Nevskaya
18 Management Company are sharing an office, or were
19 sharing an office?
20 A. Renord and Nevskaya Management Company are located at
21 the Olimp office at the address Ispolkomskaya. However,
22 we have different offices.
23 Q. Can you please be shown {D143/2396/0.01} and the Russian
24 version will begin at page 1 and I hope it can be zoomed
25 in to make it convenient for Ms Yatvetsky.
40 :1 {D143/2396/1}.
2 Well, I’m sorry about that, it is rather small
3 script for you. I see you are being given the paper
4 version, so hopefully that is readable there.
5 So that seems to be an article published by the
6 Russian agency called RBK, Russian Business Consulting,
7 which is a reputable business newspaper, is it not?
8 A. Yes. Yes, it can be said.
9 Q. Now, and that concerns certain oilfields being bought in
10 Russia, and those oilfields, as we see, they were bought
11 on that occasion by Renord companies, one by at Razvitie
12 Sankt Peterburga and another by Khortitsa; can you see
13 that?
14 If I can ask you to read paragraphs 3 and 4 from the
15 top, just read them to yourself. (Pause).
16 A. I read them.
17 Q. Now, do you recall being approached by the journalists
18 in this way?
19 A. Yes, I remember there was a telephone call from some
20 journalists.
21 Q. And it appears that in fact, far from having different
22 offices, Nevskaya Management Company is actually
23 answering phone calls on a number given for Khortitsa,
24 and then have no particular difficulty in passing the
25 phone to you as a Renord lawyer.
Magnum services provided by Opus2 International Ltd +44 (0)20 3008 5900
www.opus2international.com
Bank St Petersburg v Vitaly Day 40
Arkhangelsky [Master]
41 :1 Would you like to revise your evidence on that
2 point, on the interrelations of offices within Olimp?
3 A. No, I don’t want to revise anything. My room, my
4 office, is close to Nevskaya Management Company, and
5 there are not that many numbers registered in Olimp
6 Business Centre, so they must have transferred the call
7 first to the Nevskaya Management Company and from there
8 they transferred the call to me.
9 Q. Who is your landlord at Olimp?
10 A. The owner, at the moment it is another Moscow company,
11 but in the past, Olimp company, I think, owned the
12 company, eponymous, and then the office was sold and
13 remain in the same premises, we signed another agreement
14 with the new owners and we continue occupying these
15 premises, just like Nevskaya Management Company. They
16 remain at Olimp as well.
17 Q. Hasn’t Renord now got another office at
18 Malookhtinsky 64B?
19 A. No, Renord doesn’t have an office at Malookhtinsky 64B.
20 There was a point in time when former owners of
21 Olimp, prior to selling off their business, they
22 informed us they were selling off the business and there
23 was a need to move very urgently, I remember that. And
24 at that time we needed to move the close vicinity of
25 Olimp and the only sort of relatively big finished
42 :1 offices were in Malookhtinsky, and initially we thought
2 we would move there. We rented small premises there, as
3 far as I know, initially and registered it as our legal
4 address, but further on, when new owners of Olimp were
5 finalised, we managed to agree with them and we remained
6 at the premises in Ispolkomskaya Street 15 and at
7 Malookhtinsky I think we just had a postbox and
8 occasionally we collect correspondence. We don’t have
9 any premises there. In Malookhtinsky 64B we don’t have
10 any premises.
11 Q. So the fact that your one office at Ispolkomskaya
12 happened to be in the same building as one of the Bank’s
13 offices, and then when you had to move, you moved again
14 to the new premises or intended to move to the new
15 premises which are obviously part of the complex of
16 buildings built for the Bank; are you say that is just
17 a coincidence?
18 A. The office buildings in Malookhtinsky 64B, as far as
19 I know, does not belong to Bank of St Petersburg at all.
20 It is just a huge business centre, and I would repeat it
21 again, we looked at the possibility of moving there,
22 because we wanted to move within the same region, within
23 the same area.
24 Q. And presumably you, since you meant to move there and
25 negotiated with the owner, you would know who your
Magnum services provided by Opus2 International Ltd +44 (0)20 3008 5900
www.opus2international.com
Bank St Petersburg v Vitaly Day 40
Arkhangelsky [Master]
43 :1 landlord would be, at Malookhtinsky, wouldn’t you?
2 A. Yes, and it was not the Bank.
3 Q. Now if we could have a look at {D197/2966/1}, and the
4 Russian version starts at page {D197/2966/3}. So that
5 is another article from Russian press, and it is
6 focusing on Mr Serdyukov, the former defence minister.
7 But if we scroll down one page on both screens
8 {D197/2966/2}, {D197/2966/4}, starting from the very top
9 of the English version — and in the Russian version
10 that will be kind of six lines, the large paragraph
11 around the middle of the page, starting [Russian
12 spoken].
13 Now, you can see that it is explained that
14 Mr Serdyukov is related to that complex of buildings and
15 then if you go down, I think to — if you skip the two
16 next paragraphs, you will see that there is an
17 explanation that the management company of St Petersburg
18 Plaza is UK Malaya Ohta and then 99% of that company is
19 owned by a company called Baltstar, and then a co-owner
20 of Baltstar is Olga Savelyeva, and then it is connected
21 with the 40, Bolshaya Ordynka.
22 Now, is this consistent with your understanding of
23 who was your landlord at Malookhtinsky?
24 A. I do not know. And the first thing I want to say is
25 that in this case we are shown an article and there can
44 :1 be no certainty, no 100% certainty, not any certainty,
2 that whatever it says is the truth. Whereas the
3 previous article linked with Khortitsa — unfortunately
4 I haven’t got the document any more — and what it said
5 about myself was not true, at least with relation to
6 where I got my degree, so one can’t be certain that the
7 information here is true, we can’t be certain that the
8 information was verified and reflects the truth and the
9 reality, and I cannot comment on it, because I simply
10 have no knowledge.
11 Q. Right. Well, if we could look at the SPARK profile for
12 Baltstar, which you have seen mentioned here, just to
13 verify, and you said — the English version will be at
14 {D206/3013/1} and the Russian version will be at
15 {D206/3018/1}. You will see that Baltstar company, you
16 will see that its director general is Mr Aleksei Maleev,
17 who you have mentioned earlier. Then if we scroll down
18 on each screen one page, I think — three pages on each.
19 So to go to page 4 on each. {D206/3013/4},
20 {D206/3018/4}. So you can see the shareholders are,
21 starting from 2015, but from that point, the
22 shareholders are Mr Alexander Savelyev and his daughter,
23 Oksana Saveleva, and then previously the shareholders
24 were a company, a Cyprus company, called Mizeks Trading
25 Limited and Mr Lokai.
Magnum services provided by Opus2 International Ltd +44 (0)20 3008 5900
www.opus2international.com
Bank St Petersburg v Vitaly Day 40
Arkhangelsky [Master]
45 :1 And if you look at the participation in share
2 capital section, which think on your screen, on the
3 Russian screen, will be one page down, you can see that
4 it is UK, that is the Russian for Upravliajushaha
5 Kompania, Management Company Malaya Ohta, and you can
6 see the address is again, it matches the Bank’s address
7 at Malookhtinsky 64A, and then it has also got a small
8 share in a company called Ordynka 40, which I think
9 Mr Savelyev told the court was the company which owns
10 the Moscow office of the Bank.
11 Now, can’t it be that you are mistaken, and in fact,
12 this property ultimately belongs to Mr Savelyev’s
13 family?
14 A. When we were trying to rent our new premises and when
15 this question was on the agenda, it was all the same to
16 us, we didn’t care who the office belonged to, we didn’t
17 care. So the person who acted as the landlord and
18 wanted to rent this to us, we didn’t ask who the final
19 beneficial owner was of the offices. When you are
20 renting premises, you are interested in this particular
21 premises and it is not at all important who owns it.
22 Q. Yes. And then still I appreciate all you say, but
23 I will still ask you a couple more questions about
24 landlords. So your landlord at Olimp was a company
25 called Olimp and I think Mr Savelyev said it was managed
46 :1 by a gentleman called Mr Voitenkov, is that right?
2 A. Yes, the owner of the business was Mr Voitenkov, indeed,
3 as far as I remember.
4 Q. And isn’t the company called Olimp Finans part of that
5 group?
6 A. I have no idea.
7 Q. Now if we could please — I will look at {D207/3040/1}
8 and for the Russian version, if we could please go to
9 {D206/3039/1}, so you can see a company, Olimp Finans,
10 the address does match, it is Ispolkomskaya 15, and then
11 if we scroll down — I beg your pardon — so yes, at the
12 moment the director general is someone called
13 Mr Loginov, but if we scroll down to page 4 on each
14 screen {D207/3040/4}, {D206/3039/4}, so you can see in
15 the list of historic directors that Mr Voitenkov was
16 indeed the director general from 2009 to the beginning
17 of 2013, apparently, and then Mr Lokai became the
18 director general of that company.
19 So it appears that — again, that person was in some
20 way involved. Can you see that?
21 A. I can see first of all, I will repeat, that I’m not
22 familiar with Olimp Finans company. If I haven’t said
23 it before, I’m saying it now. I don’t know this
24 company. Mr Voitenkov. Now, I don’t remember the name
25 of the owner of Olimp. Even if that is him, he is an
Magnum services provided by Opus2 International Ltd +44 (0)20 3008 5900
www.opus2international.com
Bank St Petersburg v Vitaly Day 40
Arkhangelsky [Master]
47 :1 independent entrepreneur, he has his own business, he is
2 a dealer, he is a car dealer. Maybe he has a joint
3 business with Mr Lokai, maybe they did have a joint
4 business, but I have no knowledge of that. I’m not sure
5 that the owner of Olimp’s Christian name and patronymic
6 was Vadim Evgenevich, as it is here for Mr Voitenkov.
7 Q. Right. Now can we scroll down to page 6 on each page,
8 on each screen, {D207/3040/6}, and if we could scroll
9 down to page 7 on the Russian screen {D206/3039/7}, but
10 scroll up for a moment on the English screen. Yes, so
11 keep the Russian as it is, but just to see that it is
12 the shareholders {D207/3040/5}, and if we could now
13 scroll down the English version {D207/3040/6}. So we
14 can see quite a long list of historic shareholders of
15 Olimp Finans and here you do find Mr Lokai and you also
16 find a company called Malaya Okhta 2, with the address
17 at Malookhtinsky 64B, and then a little further down you
18 find Aleksandr Savelev with the shareholding in the
19 region of between 23 to 27.6%.
20 I think if we scroll down the English version, but
21 not the Russian version {D207/3040/7} you will see two
22 Mr Voitenkovs, two gentlemen by the name of Mr Voitenkov
23 and one is called Mr Evgeni Mikhailovich Voitenkov and
24 the other one is called Vadim Evgenevich Voitenkov and
25 then there are two ladies who seem to be also part of
48 :1 that family: Elena Voitenkova and Viktoriya Evgenevna
2 Voitenkova.
3 Doesn’t it look likely to you that actually these
4 are members of the same family?
5 A. It doesn’t look likely because I don’t know.
6 Q. Right. And it looks likely that Mr Savelyev did have
7 some interest in Olimp property, didn’t he?
8 A. To be honest, I can’t make this conclusion on the basis
9 of what I’m looking at. Moreover, I once again repeat
10 that it is totally irrelevant. When a company is
11 renting premises in a particular business centre, I am
12 particularly concerned with the premises, and who owns
13 that premises, that is irrelevant. St Petersburg is
14 a small city and many things are intertwined, and it is
15 totally irrelevant who owns this particular business
16 centre.
17 Q. Now, if we could perhaps have a look at the witness
18 statement of Mr Smirnov at {B2/12/1}, but I’m then
19 interested in paragraph 12 of his statement. So that is
20 at page 3 {B2/12/3} in the English version. In the
21 Russian version it will be something like 18, yes, thank
22 you very much. {B2/12/18}. So in paragraph 12 he
23 describes the management team at Renord.
24 Now, Mr Smirnov himself is a former top manager of
25 the Bank of St Petersburg, isn’t he?
Magnum services provided by Opus2 International Ltd +44 (0)20 3008 5900
www.opus2international.com
Bank St Petersburg v Vitaly Day 40
Arkhangelsky [Master]
49 :1 A. Mr Smirnov, if I remember correctly, if my knowledge is
2 correct, he was the director of the Corporate Finance
3 Directorate until either early or middle 2007.
4 Q. Indeed. And then his deputy and chief operating
5 officer, Mr Gubko is also a former employee of the Bank,
6 is he not?
7 A. I don’t know exactly, but it is quite probable, yes.
8 Q. And then Mr Constantine Solovyev, another deputy and
9 chief investment officer, is also a former employee of
10 the Bank, is he not?
11 A. Possibly. I have never wondered or never knew, really.
12 Q. And then Ms Guz is the sister of the CEO of the Bank,
13 isn’t she?
14 A. To be honest, I didn’t know. I have never asked her.
15 Q. Now, and is Mr Kalinin also a former employee of the
16 Bank?
17 A. I know for sure that Mr Kalinin had never worked in the
18 Bank.
19 Q. And isn’t Ms Brodestskaya a former employee of the Bank?
20 A. Possibly, yes.
21 Q. And what about Mr Kolmakov?
22 A. I don’t know about Mr Kolmakov.
23 Q. And what about Mr Fedorenko?
24 A. I don’t know whether Mr Fedorenko had ever worked in the
25 Bank.
50 :1 Q. Yes. Now, for completeness if we could scroll down to
2 paragraph 22 {B2/12/4}. Mr Smirnov seems to say that
3 Mr Gubko and Mr Kolmakov and Mr Fedorenko have also
4 worked with him at the Bank.
5 So it does look like you and Mr Kalinin are two
6 exceptions. The general rule is that Renord is run by
7 former Bank employees or people otherwise connected with
8 the Bank, such as Ms Guz?
9 A. Yes, some of the company management used to work in
10 Bank of St Petersburg, but they also used to work with
11 Mr Smirnov in AVK company. It is a common occurrence
12 when one of the managers from a group is changing jobs
13 and moves to another company or creates his own
14 business, usually the backbone of his staff moves along
15 with him. This happens quite often.
16 Q. Now, isn’t this the case, that Renord is very dependent
17 on the Bank in its business?
18 A. No. It is not correct. The only relationship in
19 principle between the Bank and Renord is the
20 relationship between a creditor and a borrower.
21 Q. Now, I would like to ask you a little more about the
22 gentleman we mentioned a few times previously, someone
23 called Aleksei Maleeva; do you know him?
24 A. I saw him perhaps one or two times.
25 Q. Right. So Mr Maleev, he occupies a managerial position
Magnum services provided by Opus2 International Ltd +44 (0)20 3008 5900
www.opus2international.com
Bank St Petersburg v Vitaly Day 40
Arkhangelsky [Master]
51 :1 in a number of companies. Now he is, for instance,
2 a director general of a company called Verniye Druzya.
3 Do you know anything about that company?
4 A. No, I do not know anything about the company
5 Verniye Druzya, Sure Friends.
6 Q. Yes. Now, that is a company which is a vehicle for
7 several managers of the Bank, and the daughter of
8 Mr Savelyev, Oksana Savelyeva, holding a very
9 significant shareholding in Bank of St Petersburg,
10 something I think roughly in the region of 23%, or
11 something of that kind, and Mr Maleev is its director
12 general. Mr Sklyarevsky has explained to the court that
13 that vehicle is in fact a device for his exercising his
14 control over the Bank through certain option
15 arrangements which in some certain circumstances will
16 permit his daughter to buy other managers out of the
17 company. So that is one of Mr Maleev’s jobs.
18 Then he is also the director general of a company
19 called Sovet Direktorov, Board of Directors; do you know
20 about that company?
21 A. No, I don’t.
22 Q. So that is another company which holds some shareholding
23 which resides all the time in Verniye Druzya, in turn.
24 And then it is also, its own shares are distributed
25 between Mr Savelyev, his daughter, several top managers
52 :1 of the Bank and also a gentleman called Mr Serdyukov,
2 the son of the former defence minister. Mr Maleev is
3 the director general of that company.
4 Now he is also the director general of a company
5 called Ordynka 40, which I think we have seen mentioned
6 here. What do you know about Ordynka 40?
7 A. I do not know anything about the company Ordynka 40.
8 Q. Yes, now Ordynka 40 is a joint venture between
9 Mr Savelyev’s daughter and Mr Serdyukov and it seems to
10 be to own the Bank’s office in Moscow.
11 Now, do you know anything, I think Mr Maleev is also
12 100% shareholder of a company called AK Gambit; do you
13 know anything about that company?
14 A. No, I don’t.
15 Q. No. I think then there is now — I think Mr Maleev also
16 used to be director of a company called
17 Teknopark Pulkovo. Do you know anything about that
18 company?
19 A. No, I don’t.
20 Q. Right. Well, that appears to be a project of
21 a gentleman called Mr Andre Savelyev; that is the
22 brother of Mr Alexander Savelyev, and Mr Maleev had been
23 working as director general of that company.
24 Now, what I’m putting to you, Ms Yatvetsky, is that
25 Mr Maleev acts habitually on behalf of members of
Magnum services provided by Opus2 International Ltd +44 (0)20 3008 5900
www.opus2international.com
Bank St Petersburg v Vitaly Day 40
Arkhangelsky [Master]
53 :1 Savelyev family to manage their businesses or to hold
2 their businesses on their behalf, and that is the
3 function which he performed as the shareholder and
4 director general of Barrister LLC. So contrary to what
5 Mr Smirnov has told the court and contrary to what you
6 told the court, Mr Maleev was not a nominee of
7 Mr Smirnov, but rather a nominee of Mr Savelyev and in
8 that capacity, he co-owned Renord; what do you say to
9 that?
10 A. Mr Maleev was a nominal owner of the Barrister company
11 that owned Renord-Invest and he conducts his business,
12 as far as I understand, on a professional basis. Most
13 likely that he provides similar services to the Bank.
14 Barrister was owned in the interests of Renord-Invest on
15 instruction of Mr Smirnov.
16 Q. Now, is there any written evidence of that?
17 A. I believe that there must have been some agreements
18 reached between Mr Maleev and Mr Smirnov. I don’t know
19 if there is any written record of that.
20 Q. So essentially the court — well, we are all agreed that
21 Mr Maleev was a nominee, but as to whose nominee he is,
22 you are inviting the court simply to believe you; you
23 can’t do any better than that, can you?
24 A. I know that Mr Maleev was a nominee for Barrister only
25 in the interests of Mr Smirnov. Mr Smirnov manages
54 :1 Renord-Invest independently. He doesn’t get any
2 instructions. He takes all the decisions independently.
3 This is his own independent business.
4 Q. Now, there have been two companies called Renord-Invest,
5 haven’t there?
6 A. Yes, there were two companies.
7 Q. And both of them were, or in the present case, are,
8 closed joint stock companies, aren’t they?
9 A. Correct.
10 Q. And the way it works in Russia and probably everywhere
11 else is that the shareholders of a closed joint stock
12 company don’t have to appear in any public records;
13 isn’t that right?
14 A. If a company is non-public, it does not have to be made
15 public, but there is a register where it is registered.
16 Q. But the shareholders’ register is kept within the
17 company’s own possession, isn’t that right?
18 A. No.
19 Q. So where is it kept?
20 A. There is a special register. In the past, the companies
21 could hold such a register themselves, but I believe
22 starting in 2012 or 2011 all the registers were handed
23 over to a professional register manager.
24 MR STROILOV: My Lord, I think if I may suggest having
25 a slightly earlier lunch break, I think I am actually on
Magnum services provided by Opus2 International Ltd +44 (0)20 3008 5900
www.opus2international.com
Bank St Petersburg v Vitaly Day 40
Arkhangelsky [Master]
55 :1 course to finish earlier than 3.30. It will probably be
2 closer to 3.00 or something just before 3.00, but
3 I think a break now might be a good idea, so that I can
4 organise the remainder …
5 MR JUSTICE HILDYARD: So what do you propose, 1.45?
6 MR STROILOV: 1.45 would be fine with me.
7 MR JUSTICE HILDYARD: Yes. All right.
8 (12.41 pm)
9 (The short adjournment)
10 (1.45 pm)
11 MR STROILOV: May it please your Lordship.
12 Now, Ms Yatvetsky, Renord is a fairly big business,
13 is it not?
14 A. Yes, it is a large business.
15 Q. And it was a fairly large business in 2008, was it not?
16 A. Yes, it was a large business.
17 Q. Do you know Mr Vladimir Malyshev?
18 A. I’m not acquainted with him.
19 Q. Can you please be shown {D35/570.2/1} and page 3 will be
20 the Russian version. {D35/570.2/3}. Now, this has been
21 disclosed to us at a very late stage in these
22 proceedings as proof that in March 2008, Mr Malyshev
23 sold his 75% of shareholding in Renord to Mr Smirnov.
24 Are you familiar with this contract?
25 A. I know that he was selling the shares, but I wasn’t
56 :1 familiar with this particular agreement. I did not
2 draft it. I know that this agreement existed.
3 Q. And you can see a reference to TRACK LLC, acting by its
4 director general, Mr Kolmakov, can you see that?
5 A. Yes, I can see that.
6 Q. And Mr Kolmakov is a Renord employee, is he not?
7 A. Yes, he is.
8 Q. And TRACK is a Renord company, is it not?
9 A. Yes, TRACK is a Renord company.
10 Q. And if we look at clause 1.4 in this agreement, you can
11 see that Mr Malyshev’s shareholding was allegedly sold
12 for 7,500 roubles. That was not a market price of 75%
13 shareholding of Renord, was it?
14 A. Well, first of all, as far as I know, Mr Malyshev was
15 not investing into Renord’s business, although at the
16 initial stage he was planning to do it, but there were
17 no further or subsequent investment from him. That is
18 the first thing that I wanted to say. Secondly, usually
19 parties establish value for their holdings upon their
20 own discretion, even if the business has assets and even
21 large assets, shareholdings may be sold on nominal value
22 upon agreement and discretion of the parties.
23 Q. Do you know in what circumstances that shareholding and
24 when that shareholding passed from TRACK LLC to
25 Barrister LLC?
Magnum services provided by Opus2 International Ltd +44 (0)20 3008 5900
www.opus2international.com
Bank St Petersburg v Vitaly Day 40
Arkhangelsky [Master]
57 :1 A. If I remember correctly, this transaction also took
2 place in March 2008.
3 Q. And that was also for a nominal price, was it not?
4 A. I think so. I think that you are right.
5 Q. Now, it follows from these sales at nominal price, does
6 it not, that Mr Malyshev and TRACK and Barrister have
7 the same persons or entities behind them; they are all
8 nominees or in the case of companies, SPVs, aren’t they?
9 A. As for companies TRACK and Barrister, yes, I agree. As
10 for Mr Malyshev, he was actually exiting the business.
11 He was selling his share, his holding.
12 Q. He wasn’t selling his holding, he was giving it away,
13 for — 75% of a major business, which is said to be
14 worth hundreds of millions of dollars, and he gives it
15 away for 7,500 roubles. Now, the reason he does that is
16 because he was a nominee and he was told by the
17 beneficial owner to pass it on; isn’t that so?
18 A. No, that is not so. Mr Malyshev independently took his
19 decision to pass this holding on to Mr Smirnov, because
20 as far as I know he decided to leave the business, to
21 exit the business, but in fact, he never entered the
22 business. His priorities changed and he engaged in some
23 other business. That is number one.
24 Number two, pursuant to existing legislation in the
25 Russian Federation and its judicial practice, when the
58 :1 price in an agreement, especially, and in particular an
2 agreement for sales and purchase of shares, the parties
3 are free to set the price upon their own discretion.
4 This is not an agreement to gift a holding. This is
5 a sales and purchase of shares agreement, and this is
6 supported by the law of the Russian Federation and its
7 judicial practice to date.
8 MR JUSTICE HILDYARD: I can quite understand it may be an
9 enforceable contract, but to the extent that the price
10 charged is less than the true value, there is an element
11 of gift. It is a gift; is that not right?
12 A. The courts of the Russian Federation confirm that the
13 element of gift may be present only in those cases
14 whereby parties don’t transfer something in exchange,
15 whereas if there is a payment, then this is not
16 a contract of gift, whereas an amount of payment, the
17 parties are free to establish upon their own agreement
18 and upon their own discretion.
19 MR STROILOV: Thank you, my Lord.
20 If you can now be shown {D10/225/0.1} on one screen
21 and {D10/225/1} on the other. I do apologise, there is
22 a machine translation, but I will ask Ms Yatvetsky to
23 translate a couple of elements which are relevant. Now
24 this, Ms Yatvetsky, is an interview published in
25 Delevoy Petersburg newspaper, that is an interview of
Magnum services provided by Opus2 International Ltd +44 (0)20 3008 5900
www.opus2international.com
Bank St Petersburg v Vitaly Day 40
Arkhangelsky [Master]
59 :1 Mrs Malysheva at the time she was still the CEO of AVK,
2 so some time ago, and I think the date, if we scroll
3 down to {D10/225/3} and {D10/225/0.3}, you will see that
4 the date is May 2002, so a while ago.
5 If we could then scroll up again to {D10/225/0.1}
6 and {D10/225/1} respectively, may I — if you can find
7 in the Russian text around the middle of the page there
8 is a passage starting from the words [Russian spoken],
9 that is a quotation from Mrs Malysheva; have you found
10 it?
11 A. Just one second. I’m still looking.
12 Q. Yes, please, if you can.
13 MR BIRT: My Lord, I don’t know if it is helpful, I have
14 noticed there is another translation, I don’t know if
15 Mr Stroilov also knows about that at 0.01.
16 MR JUSTICE HILDYARD: I’m sorry, I didn’t hear that. I was
17 hearing the Russian. Could you say again?
18 MR BIRT: My Lord, I was pointing out, in case it is
19 helpful, I don’t know if it is or not, I think there is
20 a second English translation on Magnum at
21 {D10/225/0.01}. I simply point it out just in case.
22 MR JUSTICE HILDYARD: I am very grateful.
23 MR STROILOV: Yes, I think that looks a lot better.
24 MR JUSTICE HILDYARD: Thank you very much.
25 MR STROILOV: So if your Lordship could read the bottom
60 :1 paragraph, starting from:
2 «After my graduation», and Ms Yatvetsky, have you
3 found that bit? I think the actual paragraph is
4 slightly unclear, but it starts from [Russian spoken],
5 «After the graduation»?
6 A. I haven’t found it yet.
7 Q. It is in the middle of the first page, when she is
8 talking about the work —
9 A. Yes, yes, I can see it now. It is just that it all goes
10 as a text without any paragraphs, that is why.
11 Q. I do apologise for that, but if you could read —
12 I think my Lord now has a decent translation, so if you
13 could just read to yourself that passage and then
14 Mr Malyshev’s comment as well until the words {Russian
15 spoken}, «You cannot make me give orders».
16 MR JUSTICE HILDYARD: What date did you say this was?
17 MR STROILOV: That is 2002, my Lord.
18 MR JUSTICE HILDYARD: 2002.
19 A. I have read it.
20 MR STROILOV: What I want to suggest to you, Ms Yatvetsky,
21 is that Mr Malyshev, judging by this interview, has no
22 professional interest or experience in investment
23 business whatsoever. He is a computer hardware
24 specialist, isn’t he?
25 A. I think you have formed a wrong impression. As far as
Magnum services provided by Opus2 International Ltd +44 (0)20 3008 5900
www.opus2international.com
Bank St Petersburg v Vitaly Day 40
Arkhangelsky [Master]
61 :1 I know, Mr Malyshev has his own independent business.
2 Q. But isn’t it in reality the person who deals with
3 investment, isn’t it Mrs Malysheva, whereas Mr Malyshev
4 acts as her nominee or possibly sub nominee?
5 A. I repeat, as far as I know, Mr Malyshev has a business
6 of his own. Moreover, it is impossible to speculate
7 about people’s personal qualities on the basis of an
8 article which was published rather a long time ago.
9 That is simply ridiculous.
10 Q. Well, if Mrs Malysheva came here I could have asked her
11 questions myself, but unfortunately she didn’t.
12 A. Well, I cannot answer for Mrs Malysheva, can I?
13 Q. Now —
14 MR JUSTICE HILDYARD: When you say he has his own business,
15 what business is it?
16 A. If I know correctly, I believe Mr Malyshev is engaged in
17 some kind of construction business.
18 MR STROILOV: My Lord, just a second. If we could now go
19 once again, a few SPARK entries, I’m afraid.
20 {D176-D191/2918.1T/1551}. I think it is a little … if
21 we could please — I beg your pardon. If we could go
22 {D176-D191/2918.1T/1548}. This is a profile of
23 a company called Neva Oil. Do you know that company?
24 A. I’m not sure.
25 Q. Yes. I will draw your attention to the relevant
62 :1 elements, and then you will either recognise it or not.
2 So the CEO of that company is Mr Andrei Smirnov, so that
3 seems to be the brother of Mr Mikhail Smirnov, doesn’t
4 it?
5 A. Possibly.
6 Q. Now, the main company or parent company, apparently, is
7 a company called Banofo Investments Ltd, which appears
8 to be an offshore vehicle; are you aware of any company
9 of that name being a Renord offshore company?
10 A. No, I don’t.
11 Q. Now we can scroll down one page
12 {D176-D191/2918.1T/1549}, you will see that 100%
13 shareholder in that company, for a few months in 2011,
14 was Mr Igor Malyshev, that is the son of Mrs Malysheva.
15 And then in November 2011, this offshore vehicle, Banofo
16 Investments, was substituted.
17 And if we scroll down one more page
18 {D176-D191/2918.1T/1550} you can see the section called
19 «Participation in share capital» and that company is
20 recorded to be 23.5% shareholder in three
21 companies: BTK, which is the Russian abbreviation for
22 Baltic Fuel Company, Kontur SPB and Kontur. So does
23 that ring any bells?
24 A. BTK, Kontur SPB and Kontur are the companies of BTK.
25 Q. Right. And I think it appears from — we can look at
Magnum services provided by Opus2 International Ltd +44 (0)20 3008 5900
www.opus2international.com
Bank St Petersburg v Vitaly Day 40
Arkhangelsky [Master]
63 :1 what Mr Smirnov has to say about the ownership of
2 Baltic Fuel Company, but it appears to be his evidence
3 that really the ownership of the group is split between
4 Renord and Mr Korneev, isn’t that right?
5 A. Yes, today the ownership is split between Mr Smirnov and
6 Mr Korneev.
7 Q. And can you confirm that Neva Oil seems to be a vehicle
8 for holding the Renord share in BTK? It is not
9 Mr Korneev’s shareholding, it is Renord’s shareholding;
10 isn’t that right?
11 A. Possibly. If I understand Mr Malyshev held this company
12 for only two months.
13 Q. Yes.
14 A. I don’t remember the owners of the companies BTK,
15 Kontur, Kontur SPB. Perhaps the company Neva Oil was on
16 behalf of Renord. Today, the split is 75 to 25.
17 However, at a certain time there was a different split.
18 I believe there were a number of transactions involved.
19 Q. Right, but the position now suggests that I think
20 essentially Banofo can only be a Renord company, can it
21 not?
22 A. I do not know this company. I cannot provide an answer.
23 Q. Right. Well, we will come back to this, I think. Well,
24 perhaps it is best to look at Baltic Fuel Company
25 profile first. If we could please go to page
64 :1 {D176-D191/2918.1T/1905} and I apologise for not having
2 the Russian version. I will again have to mention the
3 relevant bits.
4 So obviously the director general is
5 Mr Korneev Stanislav. We all know that.
6 If we could go to the shareholders’ section. That
7 starts at {D176-D191/2918.1T/1906}, at the bottom of the
8 page, and if we could scroll down one page.
9 {D176-D191/2918.1T/1907}. So you can see that the
10 shareholding is split between Timus LLC, which is
11 a company traded from Malookhtinsky 64V, and that is
12 51%. We have Mr Korneev holding 25.5% and we have
13 Neva Oil holding 23.5%.
14 Now, we can compare this with what Mr Smirnov says
15 in his evidence, but I think it is reasonably clear that
16 he is the beneficiary, is the ultimate beneficial owner
17 of both Timus and Neva Oil; do you understand that to be
18 the case?
19 A. If we take into account that Mr Smirnov has a 75% stake
20 and Mr Korneev, we can see about 25%, it is quite
21 possible.
22 Q. Right. Now, did Renord — so it appears that at some
23 stage the ownership of Neva Oil passed from Mr Igor
24 Malyshev to an offshore vehicle. Now, my question is
25 did Mr Malyshev hold that shareholding on behalf of
Magnum services provided by Opus2 International Ltd +44 (0)20 3008 5900
www.opus2international.com
Bank St Petersburg v Vitaly Day 40
Arkhangelsky [Master]
65 :1 Renord?
2 A. I cannot answer this question. I believe it was
3 a condition of the transaction with Mr Zelenko, when at
4 the time he was still involved in business, he was still
5 alive. When the stake was transferred, there was
6 a condition that Mr Malyshev had within a certain period
7 of time, had to hold that stake. Somehow this way —
8 I don’t think I would be able to provide greater detail.
9 I believe he held it on behalf of Renord, but I can only
10 suppose.
11 Q. Right. Well, at the time Mr Malyshev’s share passed
12 from his hands to that offshore company; to your
13 knowledge, was he paid only nominal consideration or
14 full and proper consideration?
15 A. I do not know.
16 Q. Now, since we are here looking at the entry for
17 Baltic Fuel Company, if you can look at the — obviously
18 it is in English, but looking at the change history of
19 shareholding, once again you find Mr Malyshev holding
20 directly 21% shareholding at one point. So it appears
21 that — obviously I think you have said you just don’t
22 know the reason, but it may have been — your
23 understanding is that it may have been on behalf of
24 Mr Zelenko or on behalf of Renord; is that your
25 evidence?
66 :1 A. It could be either Mr Zelenko or Renord.
2 Q. Yes. Well, now, do you have any idea why Mr Zelenko or
3 Renord might choose Mr Malyshev Junior as the nominal
4 holder of the shares?
5 A. No, I have no idea in this regard.
6 Q. And isn’t the explanation that Mr Malyshev Junior held
7 these shares on behalf of his mother?
8 A. I don’t think so. The business always belonged to
9 Mr Zelenko, Mr Korneev and Mr Smirnov. When Mr Zelenko
10 was no longer there, Mr Korneev and Mr Smirnov owned the
11 business.
12 Q. Well, I think it is unnecessary, really, to go through
13 the profiles. I just want to put it to you that Mr Igor
14 Malyshev in the same period also held an interest in
15 Kontur LLC and Kontur SPB LLC. Do you think it was for
16 the same reasons as you have identified?
17 A. I believe so, if that is indeed the case. I just don’t
18 know who owned shares in Kontur. I know that the
19 business belonged first to three people and then to two
20 people, two persons.
21 Q. Now, obviously in this case Renord offered a number of
22 its companies to the Bank to use for the Bank’s own
23 purposes; isn’t that right?
24 A. No.
25 Q. I mean, in the case of dealing these OMG assets,
Magnum services provided by Opus2 International Ltd +44 (0)20 3008 5900
www.opus2international.com
Bank St Petersburg v Vitaly Day 40
Arkhangelsky [Master]
67 :1 obviously the Bank needed some companies to hold shares
2 in Scandinavian Insurance and Western Terminal and
3 Renord offered those companies; isn’t that right?
4 A. No, that was not the case. The Bank, specifically
5 Mrs Malysheva, as I remember, she asked Mr Smirnov to
6 provide their companies and to act as a sort of a
7 guarantor, to ensure the repo transaction success.
8 Q. And then the Bank entrusted very significant assets to
9 Renord, did it not?
10 A. Could you please say what you mean by entrusted
11 considerable assets to Renord.
12 Q. What I mean is that Renord became a nominal shareholder
13 of two companies of some value — how great is in
14 dispute, but of some value — without paying any
15 consideration and without any written arrangement with
16 the Bank. So the bottom line is the Bank trusted you
17 a lot.
18 A. I believe that Mrs Malysheva indeed trusted Mr Smirnov.
19 Q. And there was no documentary trail of that arrangement,
20 isn’t that right?
21 A. I’m not aware of it, but I don’t think there was.
22 Q. So isn’t there a remarkable similarity between this
23 rather singular way in which Renord is organised, where
24 everything is built on trust to employees who hold
25 companies, and as you explained to his Lordship, it is
68 :1 never put in writing and nevertheless, it is all based
2 on simply a word given to the company, and there is
3 a Bank entrusted assets to Renord; do you understand?
4 It seems that this trust between you is not limited to
5 Renord company, but goes further, to cover the Bank and
6 vice versa. The Bank trusts Renord quite unreservedly;
7 isn’t that right?
8 A. Correct. This happens often in Russian business,
9 because business in Russia, comparing to other
10 countries, is fairly recent, and our legislation is not
11 perfect, and sometimes agreements between the parties
12 could be on a piece of paper, on a small document, or
13 they don’t exist at all. But they are very important,
14 and it is precisely them are important, and then
15 agreements, transactions, are concluded.
16 Q. Now, being obviously honest and having to be totally
17 honest, would you say that Renord never abused the
18 Bank’s trust in this case?
19 A. Renord cannot abuse or not abuse the trust of the Bank.
20 The Bank is the creditor, if we look at it in general
21 terms, and Renord is the borrower, the debtor. And as
22 far as the Oslo Marine Ports, it was some kind of
23 a favour to the Bank, because Mrs Malysheva trusted
24 Mr Smirnov.
25 Q. Is Renord a commercial company?
Magnum services provided by Opus2 International Ltd +44 (0)20 3008 5900
www.opus2international.com
Bank St Petersburg v Vitaly Day 40
Arkhangelsky [Master]
69 :1 A. A commercial company, yes.
2 Q. And as Mr Smirnov told the court, Renord was interested
3 in OMG assets for its own projects, was it not?
4 A. I would say it is not quite accurate. I already
5 mentioned that Mr Smirnov got involved in the situation
6 by the force of accidents, and the Oslo Marine Ports’
7 assets interested him only after a certain period of
8 time.
9 Q. Well, but they did, didn’t they?
10 A. He understood, he gave his word to the Bank, and he had
11 to help the Bank realise those assets, and given the
12 fact that there were no outside buyers, that was in fact
13 the only way out.
14 Q. This is not what he says, Ms Yatvetsky. Isn’t this an
15 afterthought on your part, because you think that is
16 a better thing to say for the Bank’s case in these
17 proceedings? Mr Smirnov says Renord became interested
18 in the assets. We can look at the statement.
19 A. Mr Smirnov, in his evidence, also says that he always
20 tried to find the end buyer.
21 Q. Now, as a commercial company which is interested in the
22 assets, Renord would obviously try to acquire them for
23 as low a price as possible, wouldn’t it?
24 A. To give you an example, if Renord would like to buy at
25 the lowest price, then the auction that was conducted
70 :1 through the Russian Auction House, most likely
2 Mr Smirnov would not have purchased at the price which
3 in fact was the market price.
4 Q. Now, you do see that if Renord was acting in good faith
5 on behalf of the Bank, trying to maximise recovery, and
6 at the same time was interested in the assets for its
7 own purposes, that was a conflict of interest if there
8 ever was one?
9 A. I don’t see any conflict of interest here. The Bank has
10 always pursued the goal to sell the assets at the
11 maximum price, and the price that was generated at the
12 time was in fact the maximum price. Mr Smirnov could
13 not dictate terms to the Bank. The Bank wanted the
14 highest price. Mr Smirnov took the decision whether to
15 buy the assets at that price or not.
16 Q. Now, isn’t the truth that Renord is simply a collective
17 name for various companies which are beneficially owned
18 by the Bank and/or by the Bank’s top managers?
19 A. Perhaps I would like to clarify this through
20 translation.
21 Q. I am suggesting to you that Renord is no more than
22 a collective name for various companies which are
23 beneficially owned by the Bank and/or by the Bank’s top
24 managers, through various nominees?
25 A. No. Renord is an independent business, owned by
Magnum services provided by Opus2 International Ltd +44 (0)20 3008 5900
www.opus2international.com
Bank St Petersburg v Vitaly Day 40
Arkhangelsky [Master]
71 :1 Mr Smirnov.
2 Q. But you see, there is no documentary evidence at all
3 that you, all of you Renord employees, really hold all
4 those companies on behalf of Renord-Invest, rather than
5 the Bank or Mr Savelyev; there is no documentary
6 evidence of that, is there?
7 A. No, there are documentary evidence that the Renord
8 owners own the companies of Renord and not the
employees
9 of the Bank.
10 Q. And there is simply no documentary evidence to show that
11 people who at various times are legal owners of Renord,
12 through many years of Mr Smirnov, and not someone else?
13 A. There are oral agreements and this is quite sufficient
14 for Mr Smirnov.
15 Q. And for all we know, Mr Smirnov himself may be a nominee
16 holding these businesses on behalf of the Bank and/or
17 the Bank’s managers?
18 A. No, this is not the case.
19 Q. And Mr Vladimir Malyshev may have been a nominee of his
20 wife or the Bank or any other managers of the Bank,
21 isn’t that so?
22 A. No, this is not true. This is not accurate.
23 Q. And Renord and the Bank are part of the same business,
24 are they not?
25 A. No, this is not correct.
72 :1 MR STROILOV: Thank you very much. If you stay there, my
2 learned friend may have some further questions.
3 Re-examination by MR BIRT
4 MR BIRT: My Lord, I have only got a few questions in
5 re-examination.
6 One of the topics involves going to a small number
7 of documents. I notice on the system that some of the
8 references seem to have jumped around since I put my
9 notes down, I think some of the translations have been
10 updated. It might be slightly chaotic, or with
11 a five-minute break, I know it might not be terribly
12 convenient, I can probably get them sorted out and we
13 can do it a bit more smoothly.
14 MR JUSTICE HILDYARD: Is five minutes going to be enough or
15 would you prefer 10?
16 MR BIRT: Well, maybe 10 to be on the safe side. I’m sorry
17 about that.
18 (2.29 pm)
19 (A short break)
20 (2.39 pm)
21 MR BIRT: Thank you, my Lord.
22 Ms Yatvetsky, I have a few further questions arising
23 out some of the things that Mr Stroilov asked you.
24 You gave some evidence on Thursday last week about
25 the auction of the Western Terminal assets at which
Magnum services provided by Opus2 International Ltd +44 (0)20 3008 5900
www.opus2international.com
Bank St Petersburg v Vitaly Day 40
Arkhangelsky [Master]
73 :1 Nefte-Oil was the successful bidder.
2 And if I could ask you to look at the transcript for
3 last Thursday. That is Day 38, page 151, please.
4 {Day38/151:1}. So that is where you are asked some
5 questions. And if we can just look at {Day38/152:1},
6 please, it was put to you by Mr Stroilov, I am reading
7 at the top of that page:
8 «Question: …the assets, the entire assets of
9 Western Terminal were sold to Nefte-Oil for RUB 161,500;
10 is that right?
11 «Answer: No, 161,000 was the price of the ancillary
12 assets, speaking from memory, but the total value was,
13 I think, about RUB 6 million. The total sale price was
14 about 6 million.»
15 Mr Stroilov asked you some questions about one of
16 the protocols which showed 161,000. He asked you at
17 line 18 of the transcript, if you have got it there:
18 «Question: So I think you were mistaken about the
19 price, were you not?
20 «Answer: I think I’m not, because so far as I can
21 recall there were two protocols. There was another one
22 because this protocol lists only one railway.»
23 Mr Stroilov suggested to you at line 23, he said:
24 «Question: … are you suggesting that the
25 remaining — you are quite right about that, and I don’t
74 :1 really know why. There may be another one …»
2 I think he is there talking about the railways:
3 «… so are you suggesting [over to page 153,
4 please] another railway was sold as a separate lot, or
5 what are you suggesting?
6 «Answer: Yes, speaking from memory, yes, that was
7 the case. At least I remember that there were two
8 protocols: we have Roslyakovskiy track and there was
9 another spur which were outside of the perimeter of
10 Western Terminal.
11 «Question: And to the best of your recollection,
12 that remaining railway track or tracks, because I think,
13 again, in different documents we have three or two
14 tracks, so that was sold for something substantially
15 higher, something just under 6 million; is that your
16 recollection?
17 «Answer: Yes…»
18 I don’t think it was ever shown to you whether you
19 were right or not about that. Could I just ask you to
20 turn up the document at {D154/2588/0.1}, which will be
21 the English, and I expect the Russian is at page
22 {D154/2588/1}.
23 Can you see the date of this protocol,
24 23 December 2011, and you can see the subject matter of
25 the protocol in section 1 — do have a glance down it,
Magnum services provided by Opus2 International Ltd +44 (0)20 3008 5900
www.opus2international.com
Bank St Petersburg v Vitaly Day 40
Arkhangelsky [Master]
75 :1 and have a glance at section 2 as well, please, and
2 perhaps clause 2.3 — 2.1 to 2.3.
3 A. Yes, this is the second protocol about the railway line.
4 The railway line was being sold, Roslyakovskiy, and it
5 was sold for 5,646,700 roubles.
6 Q. Thank you very much. On a different topic now, please.
7 On Friday you gave some evidence about land at
8 Tsvelodubovo, that was formerly owned by Scandinavia
9 insurance, and you gave some evidence about
10 Mr Arkhangelsky’s purchase of it and the price he paid
11 for it. If we could look, please, at Day 39, page 178.
12 That can’t be right. Sorry, it must be page 78
13 {Day39/78:1}.
14 Do you see, you were asked some questions about this
15 land. Mr Kalinin is holding it on behalf of Renord and
16 if you look at line 14 you were asked:
17 «Question: Now, on what basis did that land plot
18 pass from Scan to Meridian?
19 «Answer: It was based on a sale contract.
20 «Question: Was that sale contract on commercial
21 terms?
22 «Answer: The sale price was about half a million
23 roubles, or thereabouts [you say]… and Mr Arkhangelsky
24 bought that land for 700 million or maybe 900 million
25 roubles, again speaking from memory.»
76 :1 A. Yes, I misspoke. He bought it for 700 or 900,000
2 roubles, not million roubles. I misspoke.
3 Q. Yes, thank you. I think that must be the case from
4 context, but I wanted to give you the chance to make
5 that clear. Thank you.
6 And then on Friday you were also asked about the
7 market price of the land at the Onega Terminal that had
8 been owned by Scan insurance. You gave some evidence
9 about the price at which Mr Arkhangelsky had purchased
10 that land, and you also gave some evidence about the
11 land that came to be owned by LPK Scandinavia at Onega
12 Terminal.
13 Can I just ask you to look at that, first, please.
14 That is again Day 39, pages 65 to 66, please.
15 {Day39/65:14}. Perhaps we can have {Day39/66:1}
16 And on 65 at line 14, Mr Stroilov was asking you
17 about the figure of 28 million roubles or thereabouts,
18 which was the money paid in relation to the assignment
19 by the Bank to Mercury. And it was put to you:
20 «Question: [Are you saying that]… 28 million
21 roubles … that was the market value of LPK land at
22 Onega Terminal? Is that what you are suggesting?
23 «Answer: Yes, this is what I am saying, 27 million
24 roubles was the value of the — the cost of the transfer
25 agreement was established on the basis of the market
Magnum services provided by Opus2 International Ltd +44 (0)20 3008 5900
www.opus2international.com
Bank St Petersburg v Vitaly Day 40
Arkhangelsky [Master]
77 :1 value for LPK Scandinavia property, the land plot, and
2 if I remember, a workshop building, and I think the
3 price was totally market based, especially taking into
4 account that literally two years prior to the auction
5 Mr Arkhangelsky had acquired this building, this
6 workshop building for 2 million roubles. The value also
7 included leasing rights for the land plot. Over a year
8 he privatised the land plot on which the workshop
9 building was standing. Given the price for
10 privatisation at that point in time, I think his
11 expenditure was no more than a million roubles.
12 Therefore, the purchase price for Mr Arkhangelsky was
13 3 million roubles altogether. He acquired this for the
14 books of his — for the balance of his company called
15 SKIF. Later when he privatised the land plot, he sold
16 these very same assets to another one of his companies
17 for 43 million roubles. At the same time there had been
18 no capital investment according to the technical
19 specifications for the building.»
20 And you went on to talk about when it had been
21 built, no investment and so on. But I just want to take
22 you back first of all to lines 8 and 9 of the transcript
23 there, where you said:
24 «Mr Arkhangelsky acquired this for the books — for
25 the balance of his company called SKIF.»
78 :1 And was that what you meant to say? We have heard
2 about SKIF a great deal in a different context in this
3 case?
4 A. No, I’m sorry. I said OOO SVIR. So the name is SVIR
5 Limited, which was Mr Arkhangelsky’s company. OOO SVIR.
6 S-V-I-R.
7 Q. Thank you very much, S-V-I-R. Can I just also take you
8 to Day 39, pages 41 and 42, please. {Day39/41:1}.
9 Mr Stroilov was here asking you about the land owned by
10 Scandinavian Insurance at the Onega Terminal. Starting
11 at line 15, sorry this is after he had asked your about
12 the auction of those assets at which Solo had been the
13 successful bidder. He asked you:
14 «Question: … are you saying that the assets we
15 have just gone through were sold at this auction for
16 their market price?
17 «Answer: Absolutely, it was a fair market price,
18 particularly considering that, speaking from memory,
19 a valuation was conducted to prior to the auction, and
20 if you look at the Onega assets, the ones we are looking
21 at now, the total price, I think was 207 million
22 roubles, and shortly from before that, one year, maybe
23 two years prior to that, Mr Arkhangelsky purchased those
24 assets for 105 million roubles.»
25 Then you were asked a bit about the investment that
Magnum services provided by Opus2 International Ltd +44 (0)20 3008 5900
www.opus2international.com
Bank St Petersburg v Vitaly Day 40
Arkhangelsky [Master]
79 :1 was put into those.
2 Can we just turn up, please, {D25&D26/461/302} and
3 the Russian should be — the English should be at
4 {D25&D26/461/0.1}.
5 I will wait for you to have the document. This is
6 an agreement bearing the date at the top,
7 23 November 2005. It appears to be between
8 BALTIC-SERVIS LLC and Scandinavia Insurance LLC, and it
9 relates to the sale and purchase of a number of items of
10 property; do you know what those items of property are,
11 looking at this agreement?
12 A. Yes, yes, I made a mistake about the year. It was the
13 end of 2005. Here Scandinavia Insurance is acquiring
14 from BALTIC-SERVIS some property — the buildings one
15 and something — they were subject to the auction at
16 that time. I thought that that this was all acquired
17 for about 105 million roubles.
18 Q. And if you have a look at clause 2.1, I think there is
19 a price there.
20 MR JUSTICE HILDYARD: Do we have to scroll down?
21 MR BIRT: I’m sorry, I haven’t given any page references.
22 That will be on {D25&26/461/0.5} in the English. I’m
23 sorry, my Lord. I can see the witness working from the
24 hard copy.
25 MR JUSTICE HILDYARD: I’m sorry, yes.
80 :1 A. Sale price, 102. 102 million roubles.
2 MR BIRT: And could you tell the court is this or is this
3 not the property you were referring to in your answer to
4 Mr Stroilov that I showed you?
5 A. Yes, this is the property I actually had in mind.
6 MR BIRT: Thank you very much, Ms Yatvetsky, if you wait
7 there, his Lordship may have some questions for you.
8 Questions by MR JUSTICE HILDYARD
9 MR JUSTICE HILDYARD: Apologies ahead of time that I haven’t
10 done as much homework as Mr Birt did in terms of
11 reassessing the references, which have changed a little
12 bit.
13 A general question first, so that I know that I have
14 understood your evidence. You, on various occasions,
15 three or four in all, I think, referred to Renord’s role
16 or position as being in effect that of a guarantor, and
17 you related that back to the repo transactions.
18 What truly do you mean by «guarantor» of the
19 arrangements?
20 A. Well, there were certain agreements between
21 Mr Arkhangelsky and the Bank. As far as I know, they
22 even signed a memorandum about it, and the memorandum
23 contained certain terms, as it came to light later.
24 Once I have seen this memorandum and it said that
25 Mr Arkhangelsky is committed to fulfil his obligations,
Magnum services provided by Opus2 International Ltd +44 (0)20 3008 5900
www.opus2international.com
Bank St Petersburg v Vitaly Day 40
Arkhangelsky [Master]
81 :1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
82 :1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
that Renord, companies that will buy these shares, 1 PS 18/04/2016 3.00pm
commit themselves not to interfere with the economic
activity and I see Renord here as an entity that holds
shares for a while and it maintains neutrality, as it
were.
In our case, we had the situation with the Maritime
Bank, and that was witness to the fact that
Mr Arkhangelsky violated the conditions of the
memorandum. That meant that in turn Renord had to hold
these shares to some extent in the interests of the
1
Bank. Had Mr Arkhangelsky complied with the terms of
the memorandum, had he complied with all his obligations
vis à vis the Bank and paid off his debts, Renord would
have held these shares until all the obligations would
have been extinguished and then he would have handed
them over to Mr Arkhangelsky.
So at the time when the memorandum was in force, if
Mr Arkhangelsky was paying off his debt to the Bank, if
he needed any corporate procedures or anything, Renord
would have given its agreement as the owner of shares in
Western Terminal or Scandinavia, for normal economic
activity, would have agreed to huge transactions, for
example, et cetera.
MR JUSTICE HILDYARD: But at this first stage, when the
original purchasers had taken the shares on the terms of
the original purchase agreement, which was subject to
a repurchase agreement, I had understood, I think from
other witnesses, that at that stage, at least, Renord
was merely an agent, subject to the directions of the
Bank. There is a question as to what happens at
subsequent stages, but at that stage, are you saying
that Renord had some independent function in the matter?
A. Well, this is how I see it and understand it. The thing
is, the agreement between the Arkhangelskys and the bank
were made in the absence of Renord. Had they been
reached at a meeting where Renord would have been an
invited party, the relationship would have been
a tripartite relationship, but Mr Arkhangelsky himself
removed himself and at that time Renord could get
information only from the Bank, but nevertheless the
fact that Mr Arkhangelsky non-complied in his
obligations vis à vis the Bank, I’m sure had been
verified by Mr Smirnov.
MR JUSTICE HILDYARD: Maybe I have misunderstood, but I’m
not sure that answers the question as to whether your
appreciation and the appreciation of Renord was that at
least at this first stage, Renord held the shares which
had been purchased simply as agent for the Bank, and
I have asked you whether it had in consequence any
independent discretion in the matter.
Magnum services provided by Opus2 International Ltd +44 (0)20 3008 5900
www.opus2international.com
Bank St Petersburg v Vitaly Day 40
Arkhangelsky [Master]
83 :1 A. Yes, if we look at it in this light, then only as the
2 Bank’s agent, you are right.
3 MR JUSTICE HILDYARD: So at that first stage, it wasn’t
4 a guarantor or anything else, was it? It was simply
5 holding, subject to the instructions of the Bank; is
6 that not right?
7 A. Well, Renord was subject to the Bank’s instructions, but
8 as far as I understand Renord was still verifying and
9 checking out whether the Bank’s, a bank requirement
10 would have been lawful or unlawful at a particular
11 period of time.
12 MR JUSTICE HILDYARD: Do you mean whether its instructions
13 were lawful, instructions to Renord? What do you mean?
14 What might have been unlawful?
15 A. Yes, I think so, at least. When we learned about
16 Maritime Bank, I remember that Mr Smirnov, I think, was
17 talking to Mr Sklyarevsky and he was asking him to
18 verify whether this information was true or not, so he
19 needed to understand whether things were as they were
20 presented or not.
21 MR JUSTICE HILDYARD: I see.
22 You also describe Renord, I assume in the same
23 context, that is to say, even at this first stage,
24 before the subsequent purchases, as a hostage. What did
25 you mean by that?
84 :1 A. What I meant was that Mr Smirnov was hostage to his
2 word, given to Mrs Malysheva, that he promised to help
3 her.
4 MR JUSTICE HILDYARD: So he was just — he felt bound in to
5 do everything he could to assist, is that right?
6 A. In that case, he was bound by an obligation not so much
7 to the Bank, but to Mrs Malysheva, because they have
8 a long-standing friendship. I know about this.
9 MR JUSTICE HILDYARD: Right. But that might have been
10 a friendship or moral obligation; it wasn’t a legal one,
11 was it — or was it?
12 A. Between the Bank and Renord, as far as I know there was
13 no legal, documented transaction regarding the repo
14 transaction. There was only an oral understanding
15 between Mrs Malysheva and Mr Smirnov.
16 MR JUSTICE HILDYARD: But at least at the first stage,
17 Renord didn’t have to do anything, did it, except hold
18 the shares, subject to the instructions of the Bank? It
19 wasn’t a hostage in any sense in that respect, was it?
20 A. Yes, true. It had to hold the shares, in that case in
21 the interests, on behalf of the Bank. But at a certain
22 point when Mr Smirnov understood that this would be
23 a problematic asset, he tried expressing concern in this
24 regard. However, he understood that he had obligations
25 to Mrs Malysheva. He promised to help her out.
Magnum services provided by Opus2 International Ltd +44 (0)20 3008 5900
www.opus2international.com
Bank St Petersburg v Vitaly Day 40
Arkhangelsky [Master]
85 :1 MR JUSTICE HILDYARD: Yes. Now, I asked you a question,
and
2 just to remind you, if I can find it, I think it was at
3 about page 92 of Day 39. I’m so sorry. I have misled
4 you. It was at page 89 from line 16 to 22.
5 {Day 39/92:16}. I asked you this:
6 «Can I just ask, you are a lawyer: who under Russian
7 law do you think owned those assets at that time, and
8 subject to what, if any, obligation?»
9 And I add:
10 «Presumably you had to work this out for the
11 purposes of, amongst other things, doing a proper
12 account, insurance, all sorts of things. Who in law
13 owned those assets at that time?
14 «Answer: It was owned by Renord.»
15 So your evidence to me, is this right, is that at
16 that stage, the stage of the subsequent purchasers —
17 MR BIRT: I’m so sorry, my Lord, I just don’t want confusion
18 to creep in. It is at that time. It may or may not
19 have been clear. I think what Mr Stroilov was asking
20 about, I stand to be corrected, is 2011.
21 MR JUSTICE HILDYARD: Yes, that is after the subsequent
22 purchases and pursuant to the —
23 MR BIRT: I think after the auction.
24 MR JUSTICE HILDYARD: — and pursuant the auctions.
25 MR BIRT: Apologies for standing up.
86 :1 MR JUSTICE HILDYARD: Yes.
2 After the auctions, the terms of which we have seen,
3 your evidence to me was, it was your appreciation as the
4 in-house legal adviser, or one of them, was that Renord
5 entirely owned those assets, free and clear of any
6 interests of the Bank; is that right?
7 A. When I provided an answer to this question I thought
8 that the question related to the shares that were
9 transferred within the repo transaction, and now we are
10 talking about an auction. Frankly, I’m a little
11 confused. Are we talking about the assets that were
12 sold at the auction?
13 MR JUSTICE HILDYARD: Yes. Do you remember all those
14 actions we saw, normally involving Kiperort and Solo in
15 which Solo invariably was the winner, at one stage up
16 from the auction minimum.
17 A. At the auctions, the insurance company, Scandinavia,
18 offered the assets in agreement with the Bank. Legally
19 they were owned by Renord. When the auctions happened,
20 Solo became the winner, that was also acquired by
21 Renord.
22 MR JUSTICE HILDYARD: Yes.
23 Can I just ask you about page 76, then. It starts
24 really at 75. {Day39/75:4} and I think this relates to
25 Western Terminal. I will be corrected if I am wrong.
Magnum services provided by Opus2 International Ltd +44 (0)20 3008 5900
www.opus2international.com
Bank St Petersburg v Vitaly Day 40
Arkhangelsky [Master]
87 :1 And the questions begin at line 4, and what I’m wanting
2 to ask you about is that your evidence was that some of
3 the money that was realised, pursuant to the sale of the
4 plot of land, would possibly go to reduce the
5 outstanding debt, and you were asked:
6 «Question: On what basis will the money go to the
7 Bank to reduce the outstanding debt, as you say? On
8 what basis would that happen?»
9 And you say:
10 «Answer: I cannot tell you exactly, sitting here
11 today. This is something that will be decided upon
12 between the Bank and Mr Smirnov.»
13 Now, on what legal ground would there be for
14 Mr Smirnov to do anything other than retain any assets
15 inuring to Renord free and clear of the Bank? It seems
16 that you are envisaging that Mr Smirnov is going to
17 arrange for some payment to the Bank; is that right, or
18 have I got it wrong?
19 A. I believe yes, my Lord.
20 MR JUSTICE HILDYARD: That I have got it wrong?
21 A. No, my Lord. I believe that some kind of a payment
22 would be arranged, from Renord to the benefit of the
23 Bank. Perhaps it would be some kind of an agency
24 agreement.
25 MR JUSTICE HILDYARD: I see.
88 :1 A. But the monies would be transferred.
2 MR JUSTICE HILDYARD: I see. Well, you have previously said
3 you are not sure exactly how that would be, so I don’t
4 think I can take it further, unless you wish me to.
5 You explained to me on Day 39 also that the transfer
6 from Nefte-Oil to VECTOR was for tax reasons, because
7 you explained that under Russian law, if you forego any
8 part of the benefit of the debt, you get taxed on it, as
9 I understand it; is that right?
10 A. Income.
11 MR JUSTICE HILDYARD: If you forego any income on the debt,
12 do you mean?
13 A. No. We were talking that Sevzapalians could not forgive
14 debt to the Western Terminal.
15 MR JUSTICE HILDYARD: Right.
16 A. And as far as Western Terminal was concerned, the debt
17 was 70 trillion Russian roubles, and if Sevzapalians
18 forgave that debt to Western Terminal, then the entire
19 amount of the debt would be a taxable income of
20 Western Terminal.
21 MR JUSTICE HILDYARD: Right. I think I have confused both
22 you and myself. Can I take you to pages 5 and 6 of the
23 transcript of Day 39 {Day39/5:12} and take it up from
24 line 12. You were being asked about paragraph 60 of
25 Mr Smirnov’s witness statement. And the question to you
Magnum services provided by Opus2 International Ltd +44 (0)20 3008 5900
www.opus2international.com
Bank St Petersburg v Vitaly Day 40
Arkhangelsky [Master]
89 :1 was:
2 «Question: So you can see that what, in
3 paragraph 60, Mr Smirnov explains that really the
4 purpose effectively, the purpose of transferring the
5 assets from Nefte-Oil to VECTOR Invest was to ensure
6 that this VECTOR Invest rather than Nefte-Oil, that
7 becomes a party to the enforcement proceedings; is that
8 fair to say?»
9 And you say:
10 «Answer: Mr Smirnov says that VECTOR invest was
11 supposed to become party to the enforcement proceedings,
12 yes.»
13 Then it was put to you that you explained the
14 position differently in your own evidence. And taking
15 it up at line 25:
16 «Question: So you explain that by tax
17 considerations …»
18 And it is put to you that that is inconsistent and
19 you are asked which you think, on reflection is true.
20 And you say, in line 5 of page 6:
21 «Answer: Both are actually true. Mr Smirnov, when
22 referring to the fact that Nefte-Oil did not want to be
23 a party to enforcement proceedings, what he went was the
24 tax burden, the tax liability that they would have
25 incurred had Nefte-Oil sold the assets. Now,
90 :1 considering Nefte-Oil’s investment projects, that would
2 wreaked havoc with their financial statements, and this
3 was not something that they could afford.»
4 Now, what I didn’t understand was how the position
5 was resolved by the introduction of VECTOR Invest. Is
6 it because VECTOR Invest had a pool of tax losses which
7 you had obtained the benefit of by the acquisition of
8 VECTOR Invest? Have I understood what your answer
9 really entails?
10 A. Yes, my Lord. When Nefte-Oil was purchasing assets at
11 the auction, let’s say for 6 trillion roubles, and as
12 far as the sales conducted by the Bank was concerned, it
13 would entail removing the guarantee and the sales of the
14 asset at full price, 675 million to be exact. That is
15 to say, there would be a difference, a balance of
16 675 million, minus 6 million that VECTOR Invest paid at
17 the auction.
18 In fact, this would be profit, and this would have
19 tax consequences for VECTOR Invest, and as a result,
20 a negative financial balance. And a negative financial
21 balance could not be an acceptable solution for
22 VECTOR Invest, because its operations related to state
23 contracts and entailed obtaining bank guarantees.
24 With negative financial results, it is impossible to
25 obtain bank guarantees, and VECTOR Invest had a negative
Magnum services provided by Opus2 International Ltd +44 (0)20 3008 5900
www.opus2international.com
Bank St Petersburg v Vitaly Day 40
Arkhangelsky [Master]
91 :1 balance and that was the reason why it was possible to
2 avoid the tax consequences.
3 MR JUSTICE HILDYARD: Yes. I’m not sure I fully follow
4 that, but anyway, I will read it with care.
5 I had imagined that it was because VECTOR Invest had
6 a pool of losses which it could apply against any
7 profits, but maybe I’m wrong about that.
8 Can I take you to a completely different question,
9 which was simply to give you a chance to help me as to
10 the purpose of a transfer of shares in Western Terminal
11 from Sevzapalians, and it is at Day 38, I hope at about
12 page 149, actually, 151, {Day38/151:1}, where you are
13 being asked about a transfer to Altriwa Limited, which
14 was a Cyprus company, and it was being put to you at
15 line 8:
16 «Question: Whereas having transferred the
17 shareholding to Altriwa Limited, a Cyprus Company, the
18 way these proceedings would be presented to the world is
19 that there is one company, Sevzapalians, which is
20 totally independent of Western Terminal, which is owned
21 by some Cyprus offshore — [company] there is no
22 connection except a historical connection [one]; isn’t
23 that so?
24 «Answer: Altriwa Limited was also owned by Renord
25 and the transfer of the shareholding had nothing to do
92 :1 with enforcement proceedings.»
2 Then Mr Stroilov says:
3 «Question: I don’t accept that.»
4 And he puts to you that:
5 «…the purpose of transferring the shareholding at
6 about the same time as Morskoy Bank loan rights were
7 assigned, the purpose of that was precisely to make that
8 auction look honest and lawful. What do you say to
9 that?»
10 You say:
11 «Answer: This was not the case. The auction would
12 have taken place even if Sevzapalians still continued to
13 hold on to those shares.»
14 I felt I should ask you, what was the purpose, then,
15 of that transfer?
16 A. The thing was that Sevzapalians, starting somewhere in
17 2010, they had a joint project with the city. There was
18 a state contract and they were establishing reading
19 meters for heat around the city, and as far as
20 Western Terminal was concerned, it was reported in the
21 press all the time and at a certain time, it became
22 clear that Sevzapalians, in order to continue its
23 relationship with the city, could not have some
24 problematic assets.
25 MR JUSTICE HILDYARD: How does that require the sale from
Magnum services provided by Opus2 International Ltd +44 (0)20 3008 5900
www.opus2international.com
Bank St Petersburg v Vitaly Day 40
Arkhangelsky [Master]
93 :1 Sevzapalians to this Cyprus company?
2 A. Because as soon as Sevzapalians sold their problematic
3 asset, it didn’t have it on its books.
4 MR JUSTICE HILDYARD: Oh, I see. And the transfer to
5 another Renord company would clear one Renord company of
6 an obligation, would it, and the other Renord company
7 would hope that it didn’t have to assume it; is that
8 right? Because they were both Renord companies, weren’t
9 they?
10 A. Yes, they were both Renord companies, but it was
11 important that Sevzapalians at that time did not own
12 those problematic assets, not to damage the relationship
13 with the city.
14 MR JUSTICE HILDYARD: I see. Right.
15 At I think, whilst at that page — actually, I can’t
16 see it on there. Yes. At {Day38/115/5}, you were being
17 asked about various investments by Renord and you say at
18 line 5:
19 «Answer: Renord has many projects …
20 Western Terminal assets can be used in different
21 sectors.»
22 And at line 15 you say this, and this is what my
23 question relates to:
24 «Answer: That is why I’m saying that Mr Smirnov was
25 determining himself whether, if we are finally forced to
94 :1 acquire this asset, whether we will be using it for port
2 business or some other business or warehousing
3 business.»
4 What was forcing Mr Smirnov or Renord to acquire any
5 particular asset?
6 A. I believe perhaps I didn’t express myself clearly or it
7 was mistranslated. What I was referring to, Mr Smirnov
8 would decide himself for what business, for port
9 business or warehouse business, he could use those
10 assets in his business operations.
11 MR JUSTICE HILDYARD: Right. You said today, at the
12 beginning of today, that you couldn’t really be expected
13 to know all the companies in the Renord empire or group;
14 can you just give me a feel about how many there might
15 be?
16 A. I would like to repeat that I don’t know all of them,
17 but roughly, indicatively, the companies I know, perhaps
18 there could be 50, perhaps 60.
19 MR JUSTICE HILDYARD: And can you tell me whether to your
20 own knowledge any of those companies, and if so, which,
21 acted as guarantor or hostage to this Bank or any bank
22 in any similar way to what we have spent three days
23 looking at, on any other occasion but those occasions?
24 A. You mean precisely to the Bank, hostage to the Bank?
25 MR JUSTICE HILDYARD: Hostage to this Bank or any bank, or
Magnum services provided by Opus2 International Ltd +44 (0)20 3008 5900
www.opus2international.com
Bank St Petersburg v Vitaly Day 40
Arkhangelsky [Master]
95 :1 guarantor of relations such as these in relation to
2 arrangements made with this Bank or any bank? Has it
3 ever done this sort of thing before or since?
4 A. You mean the repo transaction, my Lord?
5 MR JUSTICE HILDYARD: The repo transaction is the foundation
6 of it, but has it acted as the guarantor, as you put it,
7 or as a hostage as you also put it, in any other context
8 but the context we have seen over the course of the last
9 three days, which involve Bank of St Petersburg.
10 A. I don’t think so, my Lord.
11 MR JUSTICE HILDYARD: And just so I get a picture of how
12 Renord is operating, who runs Renord in Mr Smirnov’s
13 absence?
14 A. Either Mr Kalinin and Mr Smirnov when he is absent. Now
15 Mr Kalinin runs the company, but in general, Mr Smirnov
16 is always within reach.
17 MR JUSTICE HILDYARD: And it is those two, is it?
18 A. In principle, Mr Smirnov’s deputy, every deputy has
19 a certain amount of work that that person is responsible
20 for. However, at present they are reporting to
21 Mr Kalinin.
22 MR JUSTICE HILDYARD: Yes, well I think those are my
23 questions. Do they give rise to any?
24 MR STROILOV: I think three or four.
25 MR JUSTICE HILDYARD: Okay.
96 :1 Further cross-examination by MR STROILOV
2 MR STROILOV: Now, Ms Yatvetsky, I think you have explained
3 in response to my Lord’s question that at the first
4 stage, the original purchasers’ stage, as we might term
5 it, Renord companies held the shares to the instructions
6 of the Bank, subject only to checking whether the Bank’s
7 instructions were lawful; is that a fair summary of your
8 answer?
9 A. That was not a condition. Mr Smirnov decided for
10 himself that everything had to be double-checked.
11 Q. And do you know whether Mr Zelyenov adopted the same
12 approach at that time?
13 A. I do not know.
14 Q. And is it the case that after the Bank’s instructions
15 were to sell or transfer shares onwards and change the
16 management of the companies, Mr Zelyenov considered
17 these instructions to be unlawful?
18 A. No, this is not accurate.
19 Q. And that is the reason why Mr Zelyenov decided to
20 withdraw from the arrangement, isn’t it?
21 A. No, this is not true. He just understood that at that
22 time the asset would become a problematic asset. Any
23 problematic asset for any business has implications, has
24 consequences. A problematic asset in terms of court
25 hearings, resources have to be dedicated to court
Magnum services provided by Opus2 International Ltd +44 (0)20 3008 5900
www.opus2international.com
Bank St Petersburg v Vitaly Day 40
Arkhangelsky [Master]
97 :1 hearings, and so on.
2 MR STROILOV: We will have to disagree about that. Thank
3 you very much.
4 Further re-examination by MR BIRT
5 MR BIRT: Just one point arising out of my Lord’s questions.
6 Could we just have a look, please, at {draft}
7 page 88 of today’s transcript.
8 Ms Yatvetsky, you are being asked here about
9 Nefte-Oil and VECTOR Invest, if you remember, and
10 my Lord was asking you, you see right at the top of that
11 page, asking you a question about whether this was
12 a situation relating to VECTOR Invest having a pool of
13 tax losses which you had obtained the benefit of by the
14 acquisition of VECTOR Invest.
15 And then you answered, starting at {draft} line 5,
16 about Nefte-Oil having purchased the assets at auction,
17 and then if you skip down to line 10, you can see what
18 you said there was that there were 675 million, minus
19 6 million, that — and then you say that VECTOR Invest
20 paid at auction.
21 Then you go on at line 13 to talk about there being
22 tax consequences for VECTOR Invest and a negative
23 financial balance could not be an acceptable solution
24 for VECTOR Invest, because its operations related to
25 state contracts and entailed obtaining bank guarantees;
98 :1 is there anything you want to correct in relation to
2 that answer?
3 A. Yes, perhaps I confused all the names in the course of
4 my statement. What I was referring to, that Nefte-Oil
5 acquired at the auction Western Terminal facilities for
6 an average of 6 million Russian roubles. When it became
7 clear that the Bank would be selling off the asset and
8 remove the pledge, this removal of the pledge and the
9 sale of the asset would result in a situation that
10 Nefte-Oil would have a profit in the amount of
11 675 million, minus 6 million. This would have been the
12 profit that Nefte-Oil had to pay taxes for.
13 And that is why Nefte-Oil, the sale of Nefte-Oil
14 could not be allowed, and that is why Nefte-Oil handed
15 over to VECTOR Invest these assets at the same price.
16 That had a negative balance on its sheets, and the
17 subsequent sales resulted in that VECTOR Invest
18 generated a profit of 675 million minus 6 million
19 Russian roubles.
20 However, VECTOR Invest incurred costs that were
21 capable of covering up that profit.
22 Q. And when you referred in the answer to my Lord at line
23 16, when you said VECTOR Invest had operations related
24 to state contracts and entailed obtaining bank
25 guarantees, is there anything else you want to say about
Magnum services provided by Opus2 International Ltd +44 (0)20 3008 5900
www.opus2international.com
Bank St Petersburg v Vitaly Day 40
Arkhangelsky [Master]
99 :1 that?
2 A. No, not VECTOR Invest, no. Nefte-Oil, of course.
3 MR BIRT: Yes, thank you very much.
4 MR JUSTICE HILDYARD: Yes, thank you very much. It is
5 clearer to me now.
6 MR BIRT: I am grateful. And I don’t know if it assists,
7 one of my Lord’s other questions was about —
8 MR JUSTICE HILDYARD: I am sorry.
9 MR BIRT: — I am not re-examining on this, I’m simply
10 giving a reference to your Lordship, one of my Lord’s
11 other questions about the transfer to Altriwa, and
12 Ms Yatvetsky had covered that, in case my Lord wants to
13 read it very briefly, at paragraph 25 of her statement.
14 MR JUSTICE HILDYARD: Yes, I think I had that, because it
15 was that which was contrasted with …
16 MR BIRT: I am very grateful.
17 MR JUSTICE HILDYARD: Is that it?
18 MR BIRT: My Lord, it is from me, thank you.
19 MR STROILOV: Yes, my Lord.
20 MR JUSTICE HILDYARD: It is good night from you and good
21 night from you.
22 Very good.
23 Thank you very much indeed. It has been a long
24 haul, but that concludes your turn, and you are
25 released, if requested, and thank you for your
100 :1 attendance. Have a good journey back.
2 Housekeeping
3 MR BIRT: My Lord, I’m grateful.
4 MR JUSTICE HILDYARD: Right.
5 MR BIRT: There are one or two points which have arisen, not
6 relating to this witness, but relating to other aspects
7 of the case which it may be sensible to raise with your
8 Lordship before we break. I don’t know whether my Lord
9 wants to have a break or whether we can plough straight
10 on.
11 MR JUSTICE HILDYARD: Shall we just carry on.
12 You are free to go. I mean, you have a good vantage
13 point if you would prefer to stay there, but otherwise,
14 I would not mind if you left.
15 (The witness withdrew)
16 MR BIRT: My Lord, the topics I have in mind, subject to
17 anything else Mr Stroilov has or that my Lord wants to
18 raise are written closing submissions, whether we should
19 have any discussion about that. The logistics for our
20 return on 3 May, that week. Mr Stroilov’s, I think it
21 was email this morning, forwarding on an email from
22 Mr Arkhangelsky and referring to Mr Milner returning for
23 the Russian law evidence —
24 MR JUSTICE HILDYARD: Yes.
25 MR BIRT: — and there are some points there relating to
Magnum services provided by Opus2 International Ltd +44 (0)20 3008 5900
www.opus2international.com
Bank St Petersburg v Vitaly Day 40
Arkhangelsky [Master]
101 :1 some funds and the freezing order as well.
2 MR JUSTICE HILDYARD: Yes.
3 MR BIRT: And there may be a small number of other
4 logistical matters that I ought to run through before we
5 break to make sure we are on the same page in certain
6 other respects, but those are the main points, I think.
7 MR JUSTICE HILDYARD: Yes.
8 MR BIRT: Maybe I can just make our position clear in
9 relation to the email from this morning, from the
10 defendants.
11 MR JUSTICE HILDYARD: Yes.
12 MR BIRT: Certainly the email we got, there were three —
13 I’m sorry, I don’t know if this is on Magnum yet, but
14 the email we got had three numbered paragraphs. The
15 first related to a delay in the bank transfer of £22,000
16 to Withers to cover their and counsel’s fees, which we
17 are told in this email has been ordered by
18 Mrs Arkhangelsky but it has apparently not been
19 transferred and it is feared that it is perhaps hampered
20 by the existence of the freezing order, and so they ask,
21 as I understand it, that that transfer is expressly
22 authorised by an order of the court.
23 My Lord, as far as that point goes, I can confirm we
24 don’t object to that, subject to drafting the order
25 which we may just have to come back to.
102 :1 In relation to the second point, it is noted, it
2 says here, that the defendants and OMGP will instruct
3 Withers and Mr Milner to represent them at the
4 cross-examination of the Russian law experts, on the
5 same basis as previously, so there is proposed to be a
6 further transfer of £20,000 to Withers on account of
7 their and counsel’s fees and again, they ask for that to
8 be authorised by a consent order.
9 My Lord, in relation to the first part of that,
10 namely Withers and Mr Milner’s reappearance, we adopt
11 the same approach really as we did on the last occasion
12 when it was proposed that Withers come on the record and
13 Mr Milner appear, which is of course we don’t seek to
14 stand in the way of that. There will no doubt be
15 submissions at a later date along the lines of choice of
16 use of funds, and so on, if that should arise, and in
17 its right context, but we don’t object to their coming
18 on the record.
19 In relation to a smooth processing of the transfer
20 and so on, again, we don’t object, if it is thought
21 necessary, that that be reflected in an order, but
22 again, there may be points on the drafting to make sure
23 that that is all tidied up.
24 On the third point, we were told those expenses, as
25 well as the defendants’ prospective living expenses,
Magnum services provided by Opus2 International Ltd +44 (0)20 3008 5900
www.opus2international.com
Bank St Petersburg v Vitaly Day 40
Arkhangelsky [Master]
103 :1 will require a realisation of the life assurance policy
2 with Soc Gen, for a further amount of 55,000 euros, and
3 we slightly stop there, not to deliberately stand in the
4 way, but simply to say it appears to us that there might
5 be a little bit more information that ought to be
6 provided at that stage.
7 My Lord my remember that when this matter cropped up
8 at the beginning of February, there was furnished to the
9 court an affidavit of Ms Bidault who set out what funds
10 were required for what, in round amounts, and we would
11 have thought that it would be sensible to have a similar
12 breakdown at this stage, whether or not it need be
13 provided by witness statement or affidavit, I leave over
14 for now, but some sort of explanation, and I also
15 mention, and indeed, remind the defendants, that under
16 the arrangements that were made on that occasion at the
17 beginning of February, my Lord may remember I think
18 a sum of some 75,000 euros at that stage was permitted
19 to be realised from the policy and there was licence for
20 certain expenditure to be made from that sum, as had
21 been outlined by Ms Bidault in her affidavit.
22 And there was a court order that the defendants were
23 to furnish the claimants with documentary records of the
24 discharge of those expenses, in order that a proper
25 record could be kept.
104 :1 If I could just ask to be brought up on screen
2 {J1/26/1}. I think this is the order that my Lord made
3 in early February. It was 4 February. And, my Lord,
4 you may remember some aspects of this. This was the
5 order by which it is required that the defendants serve
6 an affidavit in their own names fulfilling a number of
7 criteria. Can we just go to the next page, please
8 {J1/26/2}, which included confirming Ms Bidault’s
9 affidavit, confirming various other points relating to
10 the asset position, exhibiting documents and bank
11 account statements, and so on.
12 If we just go to page {J1/26/3}, please. Skipping
13 paragraph 2 of the order, the order was that:
14 «On payment by or on behalf of the Defendants of any
15 of the items referred to at paragraph 12 of Bidault 1,
16 the Defendants will provide to the Claimants documentary
17 evidence of those payments having been made.»
18 My Lord may or may not remember what those included,
19 but we could have a quick look at them at {H2/37/3}. So
20 the items in paragraph 12 included a payment of income
21 tax, which is payable before 15 February. There were
22 taxes and fees relating to the apartment in Nice. There
23 were travel and dwelling expenses in Paris and
24 witnesses’ travel expenses, and rental payments and
25 taxes for CoFrance. So those together added up to some
Magnum services provided by Opus2 International Ltd +44 (0)20 3008 5900
www.opus2international.com
Bank St Petersburg v Vitaly Day 40
Arkhangelsky [Master]
105 :1 47,000, maybe 50,000 euros, in terms of payments in some
2 period coming up that the CoFrance payment was said to
3 be monthly, for example, the income tax was spread over
4 three tranches, so there was obviously going to be some
5 further ongoing series of payments as well. But
6 my Lord’s order did say we were supposed to be provided
7 with documentary evidence showing the discharge; in
8 other words, how the sums were being used.
9 So bearing in mind the burdens on the defendants, we
10 haven’t sought to chase that documentary record with any
11 detail to date, but it does seem to us that before
12 further funds are released, that ought to be put in
13 order, those details ought to be furnished and
14 a sensible, I say, appropriate, account and breakdown of
15 what it is proposed the further monies be spent on be
16 provided, my Lord.
17 And this is obviously against the background of
18 further sums being paid on Mr Milner. That will account
19 for, we can obviously see, a reasonable proportion of
20 those funds, and it may be the account will not then be
21 that long, once one has got that further sum out of the
22 way, but we say that would be appropriate, my Lord.
23 So in short, on point 3, we don’t stand in the way
24 in principle, but it does seem to us that it would be
25 appropriate now to have a breakdown both of the payments
106 :1 which have been made, which is simply asking the
2 defendants to comply with your Lordship’s order
3 from February, of paragraph 2, and a short account of
4 what it is now proposed those sums will be spent on.
5 My Lord, in relation to the draft order that was
6 attached to the email, I just haven’t had the
7 opportunity since it came through shortly after
8 9 o’clock this morning, either to focus personal
9 attention or to take detailed instructions on it. It
10 does seem to us there might have be something further
11 added to it, in relation to paragraph 2, such that
12 Withers — it is upon some sort of undertaking from
13 Withers that they told the sums pursuant to the order of
14 the court and only discharged against invoices or
15 something like that. I’m not drafting it on my feet,
16 but I’m sure there is some wording from one of the
17 previous orders that we can borrow for that, my Lord.
18 There may be other points, but as I say, I simply
19 haven’t had the chance to take instructions, but
20 I imagine they will be in the nature of drafting points
21 or points along that line, rather than an in principled
22 problem with it, my Lord.
23 So trying to be helpful, that is our position on
24 each of those points. I don’t know if it would be
25 helpful for me to sit down now and my Lord can hear
Magnum services provided by Opus2 International Ltd +44 (0)20 3008 5900
www.opus2international.com
Bank St Petersburg v Vitaly Day 40
Arkhangelsky [Master]
107 :1 Mr Stroilov.
2 MR JUSTICE HILDYARD: Shall we clear these out of the way.
3 MR STROILOV: Yes, my Lord, well, obviously, as I think
4 I indicated in my email, it is with regret that I am
5 once again really being difficult about assisting your
6 Lordship with cross-examination of Russian law experts,
7 but you will appreciate that I have been neglecting my
8 own life for quite a long time and it is becoming
9 increasingly difficult to carry on like that, so I would
10 say that really a large degree of responsibility for
11 pushing the defendants down this road is mine. I didn’t
12 quite say: I won’t do it unless you instruct Mr Milner,
13 but I didn’t leave them a lot of choice.
14 MR JUSTICE HILDYARD: Mr Stroilov, you have thus far
15 undertaken a formidable task and discharged it with
16 great application and skill, I think, and I quite
17 understand that on matters of Russian law and having
18 been at it since February, that it is no sorry thing for
19 you that Mr Milner can do this.
20 MR STROILOV: Indeed, my Lord. I’m grateful.
21 So, so long as your Lordship does not have concerns
22 with this matter in principle, of course we all
23 appreciate that this arrangement is imperfect whereby
24 lawyers come in for discrete tasks, but in the
25 circumstances, that is the best that can be done for
108 :1 everyone in my submission.
2 MR JUSTICE HILDYARD: Yes. I don’t for the moment see any
3 reason to say anymore than I said last time, except to
4 emphasise that this is a truly exceptional case, and the
5 context in which I’m envisaging short tours of duty
6 followed by other tours of duty if finances allow is not
7 a practice which I would encourage or even contemplate
8 in most other circumstances, but I think on a previous
9 occasion I said take your own course, and I say that
10 once more.
11 MR STROILOV: Yes, my Lord. In terms of freezing order and
12 my learned friend’s points, well, obviously I’m not
13 criticising because, if anything, we should be
14 criticised for bringing this up at short notice.
15 Obviously I haven’t — but this is the first time
16 I really hear these concerns being expressed. And I
17 think I am instructed, and you can see the video link is
18 not functioning perfectly, so if possibly
19 Mr Arkhangelsky, again, he might have been able to
20 assist you more on these points, but effectively I am
21 instructed he can’t see us and probably can’t talk.
22 But I think it is correct that we have not complied
23 with the requirement to inform the claimants of the
24 expenditure to date, for which we apologise and we will
25 do so, but I would urge against allowing this to delay
Magnum services provided by Opus2 International Ltd +44 (0)20 3008 5900
www.opus2international.com
Bank St Petersburg v Vitaly Day 40
Arkhangelsky [Master]
109 :1 progress further. Very much a downside of the freezing
2 orders is that there is a lot of correspondence and
3 a lot of requirements to be complied with and then the
4 further delay on the part of the banks and then the
5 actual progress is delayed greatly, whereas time is
6 precious, obviously if it needs to be done by Withers
7 and Mr Milner they have to prepare and they have to have
8 some comfort about being paid for the work they have
9 done and be paid in the normal way for the work they are
10 asked to do now.
11 So perhaps there can be — some wording can be found
12 to make that the order effective only upon the provision
13 of the information required by the previous order, but
14 I would respectfully urge you against postponing the
15 matter until the information is provided and then
16 perhaps criticised and then there might be some
17 criticism back, and so on. It may take days and delay
18 in present circumstances is quite undesirable.
19 So I think that is all.
20 MR JUSTICE HILDYARD: When do you think that you can comply
21 with the terms of the previous order in February to
22 provide the details which are required by paragraph 12?
23 MR BIRT: Sorry, my Lord. It is paragraph 2, my Lord.
24 MR JUSTICE HILDYARD: Paragraph 2, I am sorry.
25 MR STROILOV: My Lord, I would be guessing, perhaps just as
110 :1 you would be — well, guessing — I haven’t taken
2 instructions, but guessing, I suppose if expenditure has
3 been made then it is likely that the evidence is
4 available, if it hasn’t been made, we can say so. So
5 I don’t think it is going to take long. But if you need
6 a more precise answer, a kind of factual rather than
7 guessing I would need to take instructions.
8 MR JUSTICE HILDYARD: Right. The thing is that courts are,
9 for obvious reasons, reluctant to give further — it is
10 not an indulgence, because it is their money, but having
11 given an order, it is — which has not been complied
12 with, the court can be difficult about granting another
13 similar order, simply because it expects its orders, as
14 it was, to be obeyed and looks askance if months later
15 they have not been.
16 MR STROILOV: But my Lord, but obviously this is a minor
17 omission —
18 MR JUSTICE HILDYARD: Well, no failure — I don’t wish to
19 sound unduly pompous, but I equally make quite clear
20 that no order of the court is a minor matter, it just
21 isn’t. It is a matter which the court has thought fit
22 to direct and it expects its orders to be complied with,
23 and in particular, if they are not to be, because there
24 is some insuperable difficulty, it expects to be
25 explained what the reason for that deficiency is.
Magnum services provided by Opus2 International Ltd +44 (0)20 3008 5900
www.opus2international.com
Bank St Petersburg v Vitaly Day 40
Arkhangelsky [Master]
111 :1 MR STROILOV: Yes, I appreciate that, my Lord, but at the
2 same time really what we are asking for is not to alter
3 the position, really, in any way, it is simply to set
4 out the position as it is in reality, simply for the
5 benefit of third parties concerned, such as the banks,
6 so that they don’t delay logistical matters which are
7 necessary for proper progress.
8 MR JUSTICE HILDYARD: I understand what has caused you to
9 come to court and I respect it, but it does not answer
10 why I should not put you under constraint to ensure that
11 the answers you were required to give back in February
12 are now given.
13 MR STROILOV: Well, my Lord, I take the criticism.
14 Nevertheless, it is in everybody’s interests to have
15 a practical way forward which would not delay things.
16 MR JUSTICE HILDYARD: It is, which is why I was asking how
17 long. I perfectly accept you have to take instructions.
18 Mr Stroilov, I will tell you what my attitude is.
19 I want to have some firm timeline, notwithstanding the
20 various very great pressures there have been on you and
21 everybody, especially your client as well, but I want
22 some firm commitment as to when the paragraph 2
23 historical details are provided. They were ordered, it
24 is no real answer now to say that you are only making an
25 application in order to ensure that which should have
112 :1 been done anyway is done. I want those done. I’m not
2 going to be excessively draconian about it, but I want
3 some firm commitment in that regard. That is one point.
4 The second is that as I perceive it, the immediate
5 urgency may well relate to the payment of the amounts
6 required by Withers as regards the previous exercise and
7 as regards the forthcoming exercise with respect to the
8 Russian experts, and I think that you and Mr Birt need
9 to discuss with each other what the order should reflect
10 in that regard to demonstrate that the monies go to
11 Withers for the purposes outlined. No one is doubting
12 that that will happen, but it just needs — the i’s have
13 to be dotted and the t’s crossed in that respect.
14 Now, as regards the future living expenses and other
15 matters for which the monies are also to be raised, I do
16 not know whether these exceed the limit which was
17 prescribed under the original orders as extended.
18 MR STROILOV: That is not envisaged my Lord. What is
19 envisaged is to take advantage of this 2,000 weekly
20 allowance, which they have under the original order.
21 Obviously it has to be taken out of the life
22 insurance —
23 MR JUSTICE HILDYARD: Yes.
24 MR STROILOV: — and put into the ordinary bank account in
25 advance, because it takes — again, it takes
Magnum services provided by Opus2 International Ltd +44 (0)20 3008 5900
www.opus2international.com
Bank St Petersburg v Vitaly Day 40
Arkhangelsky [Master]
113 :1 procedurally some time.
2 MR JUSTICE HILDYARD: Yes.
3 MR STROILOV: And if your Lordship has, I think,
4 obviously — it is our fault, well, we haven’t provided
5 the evidence, but if you can look at Madame Bidault’s
6 breakdown, plus the sums for Withers, you will see that
7 this pretty much fills the 75,000 limit, if not over the
8 top. I’m not quite sure.
9 MR JUSTICE HILDYARD: Yes.
10 MR STROILOV: So obviously there needs to be the next —
11 MR JUSTICE HILDYARD: Well, I’m not going to hold up the
12 order pending the supply of the information, but I want
13 a definition of the information to cover any gap, what
14 it is that is to be provided and I will want you to
15 commit to a timetable for that, as well as the previous,
16 just to make sure that as the trial nears its
17 conclusion, all the housekeeping matters and the things
18 that previously were ordered and should be ordered now
19 have been complied with.
20 MR STROILOV: Yes, my Lord. I will need to take
21 instructions before I can give your Lordship any
22 deadline.
23 MR JUSTICE HILDYARD: Very good.
24 Subject to that point, that deals with it. Are any
25 there any tax consequences of realisation of these
114 :1 products that have to be taken into account, or are
2 there expenses which have to be taken into account which
3 might substantially affect the sum 366,000 euro headline
4 value of the relevant insurance policy?
5 MR STROILOV: Well, again, it is better to take instructions
6 on that.
7 MR JUSTICE HILDYARD: Yes.
8 MR STROILOV: Generally speaking, I believe the answer is
9 yes, there are tax consequences, but they are
10 unavoidable, because without it, the life insurance
11 policy just remains the life insurance policy and
12 nothing else.
13 MR JUSTICE HILDYARD: I understand that, but it is of some
14 relevance, particularly as regards the issue of choice,
15 to know whether the headline figure, which I presently
16 take to be 366,000 less the amounts which have been
17 specifically authorised, or which are authorised under
18 the terms of the freezing orders as originally granted,
19 what further deductions have to be made in respect of
20 tax or other expenses.
21 The 366,000 may or may not constitute a proper
22 appreciation of the value in the hands of Dr and
23 Mrs Arkhangelsky of the product, of the insurance
24 product.
25 MR STROILOV: Yes, my Lord. Well, I suppose that is really
Magnum services provided by Opus2 International Ltd +44 (0)20 3008 5900
www.opus2international.com
Bank St Petersburg v Vitaly Day 40
Arkhangelsky [Master]
115 :1 a part of the same homework.
2 MR JUSTICE HILDYARD: Yes, thank you.
3 Does that deal with that, then?
4 MR STROILOV: I think it does, unless Mr Birt has any
5 concerns, I think that is …
6 MR JUSTICE HILDYARD: Yes. What I am looking for is for you
7 to take instructions, come up with a time and then refer
8 it back to me in writing with an agreed order which
9 I can initial and need not trouble you again. Subject,
10 of course, to any points you have, Mr Birt.
11 MR BIRT: My Lord, yes. We will work with the defendants on
12 that.
13 Can I just pick up a very small number of points.
14 We fully understand that this needs to be dealt with.
15 We don’t know how urgent it is. Withers are obviously
16 secured, in a sense, because these funds are all held
17 currently pursuant to a freezing order and the bank
18 won’t release them subject to an order of this court and
19 I’m not saying it is exactly the same as sitting with
20 the money in their account —
21 MR JUSTICE HILDYARD: The funds are, but their payment
22 isn’t.
23 MR BIRT: Well their payment isn’t. Many solicitors don’t
24 get paid until a week or two after — I am simply saying
25 it doesn’t have to be done overnight, but obviously we
116 :1 are not going to stand in the way and be awkward about
2 it, my Lord.
3 MR JUSTICE HILDYARD: No.
4 MR BIRT: In relation to — I think I made it clear, I ought
5 to make it clear, that in relation to Mr Milner and
6 Withers coming back on the record, I didn’t want to go
7 through all the points we took last time again but in
8 a sense they still stand as our position, I just for
9 this pragmatic stance today just wanted to say as
10 before, as today on this, and I think my Lord’s position
11 is in a sense the same; we have all made our position
12 clear before, and we are moving on in a practical way,
13 and we may have to come back to it in relation to
14 timetabling. Of course, Russian law was postponed on
15 the basis of Mr Stroilov doing it and now Mr Milner is
16 doing it. I am not seeking to reverse that, we are with
17 where we are. There may be other points at a later date
18 to make as to how we have got here, but that is, as
19 I say, not for now.
20 In relation to the practical way going forward, do
21 I understand the order my Lord seeks to make to be
22 a variation of the freezing order, essentially, or the
23 sort of order that Mr Stroilov has produced, not made
24 conditional upon the provision of further information or
25 from past compliance, but a separate provision also made
Magnum services provided by Opus2 International Ltd +44 (0)20 3008 5900
www.opus2international.com
Bank St Petersburg v Vitaly Day 40
Arkhangelsky [Master]
117 :1 about providing information as to how the funds are to
2 be used? I just want to make sure that we know the
3 ground rules of the drafting, as it were.
4 MR JUSTICE HILDYARD: Yes. It will really be in three basic
5 parts, I think. One, it will reflect the previous order
6 and make a provision for that, for some extension of
7 time for that order now to be complied with.
8 MR BIRT: Yes.
9 MR JUSTICE HILDYARD: It will make provision for
10 identification of the payments to be made to Withers on
11 their account and on Mr Milner’s account.
12 MR BIRT: Yes.
13 MR JUSTICE HILDYARD: Identify what the residual amount
14 which is sought and the categories of payments and their
15 amounts to be made, and then it will also give the
16 liberty — it will affirm for the purposes of what
17 I understand to be the requirements of the French banks,
18 in order that they should be fully secure for releasing
19 the money, that those monies are released.
20 But I will not require the information be provided
21 before that order takes effect, as regards its third
22 limb. Is that reasonably clear?
23 MR BIRT: My Lord, yes. I think I understand. I am just
24 checking what my Lord has said.
25 MR JUSTICE HILDYARD: Yes.
118 :1 MR BIRT: So we will have in the order an identification of
2 the residual amount, by which I think my Lord meant the
3 non-Withers amount.
4 MR JUSTICE HILDYARD: Yes.
5 MR BIRT: The residual amount which is sought and the
6 categories of payments and the amounts to be made in
7 relation — so that is to go into the order, my Lord.
8 MR JUSTICE HILDYARD: Yes, but at a fairly high level,
9 I don’t expect to be told what sort of personal living
10 expenses, simply that there is X for living expenses.
11 MR BIRT: My Lord, I entirely understand.
12 MR JUSTICE HILDYARD: Yes.
13 MR BIRT: Well, I’m sure we will be able to come to an
14 agreement on that. We will wait for Mr Stroilov to take
15 instructions and to let us know his proposed timescale
16 for providing the information which is to be provided,
17 which won’t necessarily be provided before the order is
18 agreed and sent through to my Lord.
19 MR JUSTICE HILDYARD: Naturally, if there was an issue, you
20 would either have to refer it back to me or come and
21 talk to me about it at some time during this break
22 between now and 3 or 4 May, but I would hope that this
23 is a matter capable of being resolved and so far as the
24 order is concerned, I would very much hope that it could
25 be sooner rather than later, because I do understand
Magnum services provided by Opus2 International Ltd +44 (0)20 3008 5900
www.opus2international.com
Bank St Petersburg v Vitaly Day 40
Arkhangelsky [Master]
119 :1 that both Withers, and for that matter, Mr Milner, will
2 want to know that the money is coming in to them.
3 MR BIRT: My Lord, yes.
4 MR JUSTICE HILDYARD: As well as being safe at the French
5 bank, for the meantime.
6 MR BIRT: My Lord, we will take that forward between us.
7 MR JUSTICE HILDYARD: Are you content with that,
8 Mr Stroilov?
9 MR STROILOV: Yes, my Lord, I am grateful.
10 MR JUSTICE HILDYARD: Yes.
11 MR BIRT: I think the next topic is coming back on 3 May.
12 MR JUSTICE HILDYARD: Yes.
13 MR BIRT: Now, we have already had agreed and explained to
14 my Lord that the interpreters are not required for the
15 week of 3 May, we understand, and so they have not been
16 booked for that purpose. This may be the last time we
17 hear from them for a while. I just wanted to thank them
18 on all our behalves, really. I know they are not all
19 here, but especially the last few weeks, there has been
20 a constant change of personnel because we have really
21 tried to keep them covered, but I think everybody would
22 agree we have been treated to some quite excellent
23 service from the interpreters, my Lord.
24 MR JUSTICE HILDYARD: I would very much like to say so
25 myself. With that, Mr Birt, it is a sort of miracle to
120 :1 me that it can be done in this way, and I’m very
2 grateful for the changing teams and each of them.
3 MR BIRT: My Lord, yes.
4 MR JUSTICE HILDYARD: And to the transcribers for that. It
5 is quite extraordinary that on most occasions I have had
6 the transcript before 6 o’clock every evening, which is
7 extraordinarily helpful, but very, very impressive.
8 MR BIRT: It is, my Lord.
9 MR STROILOV: And my Lord, as I have the benefit of
10 understanding both languages, so may I absolutely
11 associate myself and it was really beyond brilliant, the
12 work of the translators and of the transcribers as well.
13 MR JUSTICE HILDYARD: Yes, thank you, Mr Stroilov, and thank
14 you to them.
15 MR BIRT: Just so my Lord knows as well, that Mr Stroilov
16 confirmed to me last week that Mr Arkhangelsky doesn’t
17 require the videolink for the time when we come back for
18 the Russian law experts, so that, the cost of that will
19 be saved for that week as well.
20 MR JUSTICE HILDYARD: What about written closing? Is there
21 to be Russian translation and/or video — sorry, the
22 oral closing in the end?
23 MR BIRT: We haven’t had a conversation between ourselves
24 about that, my Lord.
25 MR JUSTICE HILDYARD: It simply may affect the court, which
Magnum services provided by Opus2 International Ltd +44 (0)20 3008 5900
www.opus2international.com
Bank St Petersburg v Vitaly Day 40
Arkhangelsky [Master]
121 :1 court is required, and also given the difficulties that
2 we have had after the 19th, just to remind you, if —
3 which I’m sure is unnecessary, but just in case, that if
4 it is required, well, then, we had better — it is all
5 the more important to fix on the date when the event is
6 to occur.
7 MR BIRT: My Lord, yes, and that will be a topic to come to
8 shortly, I think, my Lord.
9 MR JUSTICE HILDYARD: Yes.
10 MR BIRT: And it may be Mr Stroilov can indicate now or if
11 he can’t, he can indicate overnight whether he and the
12 defendants anticipate requiring either or both of the
13 videolink or interpreters for oral closing submissions.
14 MR STROILOV: I don’t think interpreters may be required.
15 Well videolink may be more complicated. Our expectation
16 at the moment is that we can do without this, especially
17 as the Magnum realtime will still be there, as
18 I understand it.
19 It may be that, well, for one reason or another,
20 I will find myself in a difficulty in doing it, and will
21 only assist in preparing written submissions and then —
22 but we hope to avoid that, so I think for the moment it
23 is safe to assume that videolink and interpreters will
24 not be required for that.
25 MR JUSTICE HILDYARD: Well, can I just ask a little bit
122 :1 about that. The written submissions, did you say you
2 would or wouldn’t be doing those?
3 MR STROILOV: I would be.
4 MR JUSTICE HILDYARD: You would.
5 MR STROILOV: Yes.
6 MR JUSTICE HILDYARD: But the oral submissions, answering to
7 the written submissions, you may or may not, or you will
8 be?
9 MR STROILOV: I am hesitant to promise, my Lord, but I very
10 much hope to be able to do that, simply because — well,
11 I don’t really see who else can do that. It is slightly
12 megalomaniac of me, but —
13 MR JUSTICE HILDYARD: Well, in case it assists, I would
14 imagine that the oral part following the written
15 submissions will largely be questions that I have on
16 your written submission, and their written submission,
17 and obviously, close familiarity with the written
18 submissions is extremely important in those
19 circumstances.
20 MR STROILOV: Yes. I will absolutely do my best, my Lord.
21 MR JUSTICE HILDYARD: Yes, okay. But for the moment you
22 think you will not require a videolink, nor a Russian
23 translation. I think if you are instructed or minded
24 otherwise, you must let Reynolds Porter know as soon as
25 possible, so they may put the arrangements in place,
Magnum services provided by Opus2 International Ltd +44 (0)20 3008 5900
www.opus2international.com
Bank St Petersburg v Vitaly Day 40
Arkhangelsky [Master]
123 :1 which may be difficult particularly as we near the end
2 of the summer term, or whatever it is.
3 MR STROILOV: Yes, of course we will, but we just hope to
4 avoid the trouble.
5 MR JUSTICE HILDYARD: Yes, okay.
6 MR BIRT: That is helpful, my Lord.
7 Thank you, Mr Stroilov.
8 So in relation to 3 May, we will be back with, first
9 of all, Professor Maggs’ evidence, who now we understand
10 will be cross-examined by Mr Milner.
11 MR JUSTICE HILDYARD: Yes.
12 MR BIRT: And then followed by the evidence of Dr Gladyshev,
13 who I will cross-examine, and I think my Lord has
14 indicated we have three days that week, but if we need
15 a bit of time on the Friday, subject —
16 MR JUSTICE HILDYARD: I think not on the Friday, I think I
17 wasn’t keen — I think I have got something else on the
18 Friday for a morning, haven’t I?
19 MR BIRT: I think last time my Lord told us about it was
20 down for an hour at some point on the Friday morning.
21 MR JUSTICE HILDYARD: Yes. Well, we would be able to
22 continue if necessary, but I am taking it, since
23 I haven’t been told otherwise, that notwithstanding the
24 change of pilot, it is not Mr Milner’s anticipation that
25 he will take much more than a day, and therefore we can
124 :1 fit it in easily within the 3rd, 4th, 5th, but if we
2 couldn’t, we do have part of the 6th in reserve; is that
3 right?
4 MR STROILOV: I don’t really know, my Lord, but it is
5 a stretch of imagination, expecting Mr Milner to come
6 saying that he needs a lot longer than everyone thought.
7 Normally the other way round.
8 MR JUSTICE HILDYARD: Again, I shall very much be working on
9 the footing that that week will result in the completion
10 of the expert evidence, and I’m likely to need very
11 considerable persuasion why it should not because
12 I think I will then almost certainly have other things
13 planned and I think there could well be a difficulty, if
14 I haven’t been given advance notice.
15 MR STROILOV: I don’t anticipate any …
16 MR JUSTICE HILDYARD: Very good.
17 MR BIRT: And as we understand it, Mr Milner will be
18 attending to cross-examine Professor Maggs. We don’t
19 know whether he will be attending to call and re-examine
20 Dr Gladyshev. I don’t know if Mr Stroilov knows that or
21 not.
22 MR STROILOV: I’m afraid I’m not sure, so an update will be
23 provided in writing I’m sure, pretty soon.
24 MR JUSTICE HILDYARD: Again, as soon as possible so we know
25 what is going to happen.
Magnum services provided by Opus2 International Ltd +44 (0)20 3008 5900
www.opus2international.com
Bank St Petersburg v Vitaly Day 40
Arkhangelsky [Master]
125 :1 MR BIRT: My Lord, I’m grateful.
2 I think we have been advised by the court service
3 that we can have this court back, my Lord, home from
4 home. If that proves to be the case, all well and good.
5 If it doesn’t —
6 MR JUSTICE HILDYARD: For the Russian experts?
7 MR BIRT: For the Russian experts, my Lord, yes.
8 MR JUSTICE HILDYARD: Yes. And in that context, I have
9 asked my clerk to liaise with all of you to see how we
10 can square the circle between the requirements of this
11 event next week —
12 MR BIRT: Yes.
13 MR JUSTICE HILDYARD: — and minimum disruption to the many
14 wires which have been installed.
15 MR BIRT: My Lord, yes. I mean, I have been told by those
16 behind me that they have been told that the equipment
17 can stay, but the bundles have to go, but anyway, I’m
18 going to leave that to them to get clear and get sorted
19 out and liasing with the court service, my Lord.
20 MR JUSTICE HILDYARD: Me too.
21 MR BIRT: I think probably the next topic that we should
22 raise with your Lordship is the dates for the written
23 closing submissions, unless my Lord wants to postpone
24 that discussion until the week of 3 May.
25 MR JUSTICE HILDYARD: Well, I would like a general
126 :1 indication. The exact date may have to be finalised
2 later. We still have the outrider of the Steadman/Popov
3 issue —
4 MR BIRT: My Lord, yes.
5 MR JUSTICE HILDYARD: — as to whether it will have to be
6 carved out in the time between either 3 May and the
7 written closings or thereafter, so we have to keep that
8 in mind.
9 MR BIRT: My Lord, yes. Would it be helpful if I just
10 explain to your Lordship how we see how things might
11 progress?
12 MR JUSTICE HILDYARD: Yes.
13 MR BIRT: Your Lordship’s clerk helpfully forwarded to us
14 all, including Mr Arkhangelsky and Mr Stroilov at the
15 end of last week, some dates that my Lord would or would
16 not have for the reading of written closing submissions.
17 MR JUSTICE HILDYARD: Yes.
18 MR BIRT: And we understood from that that my Lord wouldn’t
19 be able to devote full attention to reading them until
20 probably Friday, 17 June.
21 We also know that Mr Stroilov has previously said
22 he would need at least three weeks after completion of
23 the Russian law evidence, and we note that while
24 Mr Stroilov has proved resourceful and capable during
25 the whole course of this trial, some estimates have been
Magnum services provided by Opus2 International Ltd +44 (0)20 3008 5900
www.opus2international.com
Bank St Petersburg v Vitaly Day 40
Arkhangelsky [Master]
127 :1 a little wayward, and I don’t criticise those, it is
2 simply the context to where we are. We remember in
3 particular the defendants, I think were about a week
4 behind the original deadline for their written opening
5 submissions. It seems to us that setting a date for the
6 written closings is important and we need to have a date
7 that both sides can be confident that each will work to
8 and that the other will meet.
9 I think my Lord made a comment on a previous
10 occasion that we do need to have a fixed — once the
11 timetable is fixed for closings, subject to the points,
12 of course, that my Lord has made about what do we do
13 with Steadman and Popov, we need to all be working to
14 that timetable.
15 So with respect to Mr Stroilov’s three weeks we do
16 wonder if it would be sensible to build a little more of
17 a buffer zone, if we might call it that, and have
18 a little bit more than three weeks. There are also
19 professional commitments on this side of the court,
20 including other hearings, that could then be slightly
21 better accommodated.
22 It just seems to us, stepping back, that if the
23 position is as your Lordship’s clerk has explained to
24 us, that it is not really until 17 June that my Lord
25 will have a serious week to read the written closings —
128 :1 MR JUSTICE HILDYARD: Can I just interrupt there. I haven’t
2 got a copy of his email with me, but I did ask him to
3 send it, so I am glad that that was done and grateful to
4 him.
5 There is a court vacation, and I am stealing an
6 extra two days. I therefore return on Thursday the 9th.
7 But I have another issue which would mean that
8 I couldn’t sit on those days. But I probably could read
9 on those days, if it was required. So has he indicated
10 that I’m not available on those dates?
11 MR BIRT: My Lord, no, and I was coming back to that.
12 MR JUSTICE HILDYARD: I’m sorry.
13 MR BIRT: We have been told exactly that, my Lord, that you
14 would be available to read on 9 and 10 June, although
15 you have a two- to three-day CMC.
16 MR JUSTICE HILDYARD: I have an RBS matter I think in the
17 following week, and as it is a three-day CMC it may very
18 well be that at least part of the 9th and 10th will have
19 to be devoted to that. It is on that footing that you
20 say the 17th.
21 MR BIRT: My Lord, yes. Really the bottom line of my Lord’s
22 clerk’s email was although there were two days there,
23 immediately before what would no doubt be a heavy CMC,
24 it wasn’t until 17 June that my Lord would get full
25 attention for written submissions. And we were
Magnum services provided by Opus2 International Ltd +44 (0)20 3008 5900
www.opus2international.com
Bank St Petersburg v Vitaly Day 40
Arkhangelsky [Master]
129 :1 wondering on this side of the court whether that would
2 not be safer to aim for.
3 MR JUSTICE HILDYARD: That is in effect six weeks.
4 MR BIRT: It would be six weeks from — I suppose it would
5 be six weeks from 6 May, my Lord. My Lord, I hadn’t
6 done that calculation, but that must be right. One of
7 the reasons we say that, against my Lord potentially
8 having 9 and 10 June as well, is that when we debated
9 Steadman and Popov last week, one of the things that
10 my Lord put on his own list of things to do, if I can
11 put it like that, was to read those reports in more
12 detail, either before or in conjunction with the written
13 closings. So it seemed to us that if my Lord ended up
14 with, can I put it, reading time for this case before
15 submissions and written closings, my Lord would not be
16 short of things to do.
17 It seemed to us, both in the context of my Lord
18 probably wanting to sit down and read the written
19 closings without interruption from other things, but
20 I simply don’t know what my Lord’s working practice is,
21 but also given the potential for slippage of
22 Mr Stroilov’s three weeks based on past experience —
23 I don’t criticise, I simply note. And based on
24 commitments on this side of the court, I think each of
25 the three of us have other hearings coming up in
130 :1 forthcoming weeks. It seemed to us that heading for
2 17 June for written closings would be a safe and secure
3 date that we could all start to get used to and start to
4 plan for at this stage, knowing that everybody could
5 meet that, and knowing that then my Lord would,
6 certainly as things currently stand, have time to get on
7 with reading them, rather than, for example, forcing an
8 early date for maybe not much gain, if my Lord was
9 otherwise occupied in the week before in any event,
10 my Lord.
11 So that is what we were thinking about written
12 closing on this side. And then we can come to on
13 discuss oral closings. But our current thinking,
14 my Lord, is that you suggested a reading time of a full
15 week for the written closings, and we wondered whether
16 in that regard the sensible thing then would be to at
17 least pencil in the week commencing 27 June or, if it
18 was thought a week was too skinny and a fortnight was
19 required, the week starting 4 July, as at least the
20 default position for oral closing submissions, on the
21 understanding, of course, that my Lord may decide or ask
22 for argument in relation to whether oral evidence was
23 required on the Popov and Steadman issues, either before
24 that date or on that date, in either event requiring
25 postponement of that.
Magnum services provided by Opus2 International Ltd +44 (0)20 3008 5900
www.opus2international.com
Bank St Petersburg v Vitaly Day 40
Arkhangelsky [Master]
131 :1 But it seemed to us that at least it might be
2 sensible to put, if I can put it this way, a fallback or
3 default position so that in the event my Lord decided no
4 oral evidence was required, we could have oral closings
5 in one of those two weeks at the end of June or at the
6 beginning of July, my Lord.
7 MR JUSTICE HILDYARD: Yes. I mean, I will hear what
8 Mr Stroilov has to say about the six weeks. The
9 disadvantages of six weeks are that it narrows the time
10 before the end of July, as it were, in case there is
11 slippage on the Popov/Steadman front.
12 MR BIRT: Yes.
13 MR JUSTICE HILDYARD: And the other is that your
14 familiarity, certainly my familiarity, with the case
15 diminishes with passing weeks. I dare say the latter is
16 inevitable anyway, and one week will not make much of
17 a difference. I’m a little bit worried about the
18 Popov/Steadman thing, but I understand that these
19 timetables are being calibrated by reference to all the
20 factors, including counsel availability — which isn’t
21 a sort of clinching argument, but nevertheless is
22 something I would take into account, given the overflow
23 from the original timetable.
24 MR BIRT: My Lord, yes. And I suppose, standing back, we
25 just wondered whether there would be a sufficient prize
132 :1 of getting them in earlier if my Lord wasn’t going to
2 have enough time to read them really until that week
3 anyway, even with a couple of days in the middle
4 of June.
5 MR JUSTICE HILDYARD: Yes, yes.
6 MR BIRT: Whether one was really just overreaching. We are
7 happy to stick to an earlier timetable if my Lord thinks
8 that there might be material gain to be made from it,
9 but —
10 MR JUSTICE HILDYARD: I mean, I would hope even before the
11 written submissions, if given enough time, which is
12 never quite — unlike a trial, then I would have begun
13 to very particularly identify if Steadman/Popov is
14 required, where the fault lines on which they would
15 require — and I would feel free to do that even before
16 your written submissions, which might accelerate
17 matters.
18 MR BIRT: My Lord, yes. And as I say, if you like, the
19 default that I put forward is obviously entirely without
20 prejudice to it being —
21 MR JUSTICE HILDYARD: — to that.
22 MR BIRT: I don’t want to say —
23 MR JUSTICE HILDYARD: What do you think about these
24 timetables, Mr Stroilov?
25 MR STROILOV: Well, my Lord, in a way, it is obviously
Magnum services provided by Opus2 International Ltd +44 (0)20 3008 5900
www.opus2international.com
Bank St Petersburg v Vitaly Day 40
Arkhangelsky [Master]
133 :1 natural for both parties to want more time to prepare
2 submissions, and your Lordship is the one who would be
3 prejudiced by the delay. So obviously I would welcome
4 to have six weeks. If I was given six months I would be
5 even happier, but that is not … so it is really for
6 your Lordship to say. But I feel — I absolutely accept
7 what has been said about my — I am notorious for too
8 optimistic estimates.
9 MR JUSTICE HILDYARD: You have covered — all of you have
10 covered a great deal of ground. The references to the
11 bundles have been very far ranging and there has been
12 a lot of evidence given and there will also be the
13 complexities of Russian law. So I think it would be —
14 I think three weeks was really quite brave, if I can put
15 it that way and what I would propose, therefore, is
16 simply to direct this all subject to review, we will
17 return on 3 May. We will complete the expert evidence
18 during that week. We will then adjourn the matter for
19 my consideration, it being my intention at some time to
20 give further directions with regard to Mr Steadman and
21 Mr Popov.
22 I am acutely aware that the longer that is delayed,
23 the narrower the prospects of getting Mr Steadman or
24 Mr Popov, because they will be busy men and the summer
25 then creeps up and people go away, et cetera, so I will
134 :1 earnestly try to do that, but without any firm
2 commitment.
3 We will have the effectively six weeks for written
4 closings so that they will come in once I have done the
5 other matters which I’m rostered to do on 17 June, and
6 we will look to pencil in the 27 June or 4 July.
7 I think it is likely to be 4 July, because I imagine
8 that your written submissions may be quite substantial
9 and I will need to make quite a few references in
10 accordance with the copious footnotes which I weakly
11 anticipate.
12 I’m hoping that my bundles have over the course of
13 time as regards the D bundles been supplemented by the
14 documents to which reference has been made, but that is
15 a matter which can be ongoing, with apologies and thanks
16 to all concerned, and I think that in that way you will
17 all have enough time and so will I.
18 MR STROILOV: I am grateful, my Lord.
19 I’m not sure — from memory I’m trying to check, the
20 beginning of July might be difficult for me.
21 MR JUSTICE HILDYARD: The 4 July?
22 MR STROILOV: The first week of July might be difficult for
23 me in terms of attendance. The last week of June is
24 something I would prefer. I am speaking from memory,
25 I am not properly checking the diary.
Magnum services provided by Opus2 International Ltd +44 (0)20 3008 5900
www.opus2international.com
135 :1
Bank St Petersburg v Vitaly Day 40
Arkhangelsky [Master]
MR JUSTICE HILDYARD: Perhaps you could correspond and
let
2 me know. I will need a full undisturbed working week at
3 the least. That is because I think it will take me
4 a bit of time to read it, but my experience has been
5 that when you have to cross-refer to numerous exhibits
6 and work out where the witnesses spoke to them for
7 yourself, that that is a very laborious task and so
8 I feel some anxiety whether a week would be sufficient.
9 MR STROILOV: Yes, my Lord.
10 MR JUSTICE HILDYARD: It seems a long time, but it quickly
11 goes.
12 MR STROILOV: Yes.
13 MR JUSTICE HILDYARD: Yes.
14 MR BIRT: We will wait to liaise with Mr Stroilov about his
15 availability for oral closings and that will, to some
16 extent, inform that. If it comes down to wanting to do
17 it starting on 27 June, we could —
18 MR JUSTICE HILDYARD: I think you would have accelerate the
19 arrival of the written stuff.
20 MR BIRT: We would have to make sure that they were not
21 served on 17 June, but at least by 6.00 pm on the
22 following evening, if my Lord was still in court on the
23 Thursday —
24 MR JUSTICE HILDYARD: I think I would probably accelerate by
25 slightly less than a week, because although I will have
136 :1 a CMC, I can do evening reading time, so I would
2 probably accelerate. I really do think that one week
3 would be stretching it, and I would like some reading
4 time to do them justice.
5 MR BIRT: My Lord, yes. Well, we will wait to liaise with
6 Mr Stroilov about his date for the oral closings, then
7 on that basis, and then come back to my Lord about the
8 date for the written closings in the light of that, and
9 whether that would be the week before the 17th, which
10 would be the —
11 MR JUSTICE HILDYARD: And you can update me more fully
on
12 3 May, which is not that far away.
13 MR BIRT: My Lord, no. And it may be that if Mr Stroilov is
14 not going to come at all for the Russian lawyers, this
15 might be an aspect on which he can provide very short
16 instructions to Mr Milner so we don’t have the
17 unfortunate issue of we being here on 3 May to discuss
18 that and nobody with the information on the other side.
19 There must be a workable way of dealing with it,
20 my Lord, is what I am saying.
21 MR STROILOV: We will do our best.
22 MR JUSTICE HILDYARD: Please continue to cooperate
between
23 yourselves and give us as much clear guidance as you
24 possibly can for all the reasons which are obvious and
25 which we have discussed. Very good. Well, 40 days and
Magnum services provided by Opus2 International Ltd +44 (0)20 3008 5900
www.opus2international.com
Bank St Petersburg v Vitaly Day 40
Arkhangelsky [Master]
137 :1 40 nights, really, but more to come.
2 MR BIRT: My Lord, I say this simply by way of in a sense
3 reminder to Mr Stroilov and the defendants, though for
4 your Lordship’s note as well that there are one or two
5 points which are outstanding and we anticipate coming in
6 the near future. One of them is subject to an order
7 my Lord made which hasn’t yet fallen due, so this is not
8 something they are in breach of, but it is the case that
9 the defendants’ statement of case is going to be nicely
10 tidied up with the right underlining and strike-out.
11 MR JUSTICE HILDYARD: Yes, by 27 April.
12 MR BIRT: I had written down the 29th.
13 MR JUSTICE HILDYARD: Oh, 29th, very good.
14 MR BIRT: In any event, that is still some time off, but
15 I hope my Lord doesn’t mind me just mentioning that for
16 the transcript.
17 Secondly, the Wednesday before Easter, one of the
18 points on our housekeeping menu was the documents held
19 by Mr Nazarov that had been made available, and we left
20 it on that occasion, not pressing for an order, but that
21 Mr Stroilov was going to come up with a proposal for how
22 he would see those being dealt at least to some extent
23 and I think we had proffered some potentially sensible
24 ways of his trying to cut through it, whether that be by
25 way of sampling or anyway, some sort of proposal. We
138 :1 haven’t had anything on that yet and Mr Stroilov has
2 been busy cross-examining, we haven’t wanted to push,
3 but it seems to us that that might be something that
4 with a little bit of the pressure off, I underline
5 «little», of course, there might be a proposal that
6 comes and we can just sensibly consider it.
7 Again, my Lord, we haven’t sought to go over the top
8 on this, but we do think and I think my Lord endorsed
9 this last time, that the defendants can’t just sort of
10 shut their eyes to the two crates of documents in the
11 corner. There just needs to be a sensible proposal for
12 working out what to do, and that is simply what we ask.
13 MR STROILOV: I agree, and I keep that in mind and I intend
14 to send some samples. What I mean to do is really to
15 take some more or less random documents, let’s say,
16 every 40th document, then I can review and disclose and
17 then we decide how we —
18 MR JUSTICE HILDYARD: I leave it to you how you do it, but
19 after a little pause for breath, I think you must get on
20 with this. It won’t get any better as a task.
21 MR STROILOV: Absolutely, yes, my Lord.
22 MR BIRT: I won’t not run through them all in court,
23 particularly with the hour it is. There are one or two
24 items of correspondence outstanding. There is one, for
25 example, in relation to further proceedings that we had
Magnum services provided by Opus2 International Ltd +44 (0)20 3008 5900
www.opus2international.com
Bank St Petersburg v Vitaly Day 40
Arkhangelsky [Master]
139 :1 picked up from Russian court websites that Vbank had
2 taken against Mr Arkhangelsky and his companies that we
3 just asked about, and there seem to be some recent
4 judgments and we await a response on that. We haven’t
5 teed that up to bring it before my Lord in any more
6 formal way but it is out there and we hope to receive a
7 response shortly.
8 My Lord, I think that completes the only things that
9 I had on a list to mention to my Lord today.
10 MR JUSTICE HILDYARD: Yes. There was one small point which
11 was in the course of your examination or
12 cross-examination of Mr Savelyev, Mr Stroilov, you were
13 dissuaded from going into the answers to the further and
14 better information that had been provided on the footing
15 that it had been — the answers had been provided only
16 by the Bank. I received correspondence I think last
17 week, possibly the week before, to the effect that
18 Mr Savelyev has confirmed or would be willing to
19 confirm, at any rate, that the answers given are, so far
20 as he is concerned, accurate also.
21 Do you want to say anything about that? Is that
22 something which caused you concern in that you might
23 have asked some more questions or anything else?
24 MR STROILOV: No, my Lord, I think it doesn’t, and obviously
25 what he says about it is — well, is what he says.
140 :1 I reserve the right to make such closing submissions
2 about it as I will, but other than that, no, I’m not
3 asking to get —
4 MR JUSTICE HILDYARD: The only reason I ask is when I was
5 re-reading the transcript I saw that you sort of leapt
6 off it because we all suddenly spotted that it was only
7 the Bank that in fact had given the answers, but as long
8 as you are content.
9 MR STROILOV: I am grateful, my Lord, I am grateful for
10 raising it, but it is not the end of the world.
11 MR JUSTICE HILDYARD: Good. Is that it?
12 MR STROILOV: I think it is.
13 MR BIRT: My Lord, I hesitate to say, I think it is.
14 MR JUSTICE HILDYARD: Well, I shall miss you, naturally.
15 I am very grateful also to the court staff who have had
16 to put up with a more flexible timetabling than
17 otherwise more usually is the case, and I shall see you
18 on 3 May, generically, not you, Mr Stroilov, but of
19 course, if you are to handle Professor Gladyshev, I will
20 see you then also.
21 MR BIRT: I think 3 May will be Professor Maggs, my Lord.
22 MR JUSTICE HILDYARD: The first one, yes.
23 MR BIRT: And I don’t when your Lordship wants to sit, shall
24 we work to 10.30 for tradition’s sake, unless we hear
25 otherwise from Mr Milner, who thinks he might be longer.
Magnum services provided by Opus2 International Ltd +44 (0)20 3008 5900
www.opus2international.com
Bank St Petersburg v Vitaly Day 40
Arkhangelsky [Master]
141 :1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
16
17
18
19
20
21
22
23
24
142 :1
2
3
4
5
6
7
8
9
10
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
MR JUSTICE HILDYARD: Yes, I think you are quite right, we will revert to tradition, 10.30, and my preference would be, given the nature of the evidence, to sit 10.30 to
4.15 or 4.30 and so when counsel are working out how many days they need, they should bear that in mind, rather than the longer days.
MR BIRT: We all have happy memories of Mr Milner’s cross-examination of last week, where we had
a commendably short day, so we don’t know whether it will repeat itself.
MR JUSTICE HILDYARD: Yes, well, he has a proud record to uphold. Very good. Okay, have a good break from the case.
(4.30 pm)
(The hearing adjourned until 10.30 am on Tuesday, 3 May 2016)
INDEX
PAGE
MS ELENA VLADIMIROVNA YATVETSKY …………………. 1
(Continued)
Cross-examination by MR STROILOV (Continued) ……… 1
Re-examination by MR BIRT …………………….. 72
Questions by MR JUSTICE HILDYARD ……………….. 80
Further cross-examination by MR STROILOV …………96
Further re-examination by MR BIRT ………………. 97
Housekeeping ………………………………… 100
Magnum services provided by Opus2 International Ltd +44 (0)20 3008 5900
www.opus2international.com
Bank St Petersburg v Vitaly Day 40
Arkhangelsky [Master]
0
143 :1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
Magnum services provided by Opus2 International Ltd +44 (0)20 3008 5900
www.opus2international.com
A
abbreviation62:21 absence ( 2 ) 82:10
95:13 absent95:14 absolutely ( 8 ) 4:12
5:14 10:13 78:17 120:10 122:20 133:6 138:21
abuse ( 2 ) 68:19 68:19 abused68:17 accelerate ( 4 ) 132:16
135:18 135:24 136:2 accept ( 6 ) 13:5 15:16
39:17 92:3 111:17 133:6
acceptable ( 2 ) 90:21 97:23
accidents69:6 accommodated127:21 accordance ( 2 ) 9:7
134:10
according ( 3 ) 4:2 18:6 77:18
account ( 16 ) 64:19 77:4 85:12 102:6 104:11 105:14 105:18 105:20 106:3 112:24 114:1 114:2 115:20 117:11 117:11 131:22
accounts38:6 accurate ( 5 ) 30:15
69:4 71:22 96:18 139:20
acquainted ( 3 ) 25:16 26:23 55:18
acquire ( 5 ) 22:7 28:5 69:22 94:1 94:4 acquired ( 20 ) 20:20 21:11 22:11 22:24 27:14 27:16 27:19
27:22 28:3 28:7 28:16 30:16 32:3 32:15 77:5 77:13 77:24 79:16 86:20 98:5
acquiring ( 2 ) 26:11 79:13
acquisition ( 3 ) 23:1 90:7 97:14
across ( 2 ) 6:25 7:22 acted ( 3 ) 45:17 94:21
95:6
acting ( 2 ) 56:3 70:4 actions86:14 activities15:25 activity ( 2 ) 81:3 81:22 acts ( 2 ) 52:25 61:4 actual ( 4 ) 1:15 37:7
60:3 109:5 acutely133:22 added ( 2 ) 104:25
106:11
address ( 37 ) 12:9 12:10 12:13 12:18 18:1 24:24 33:24 34:4 34:10 34:11 34:17 34:25 35:10 35:10 35:15 35:19 36:10 36:16 36:16 36:18 36:20 36:21 36:22 36:24 36:25 38:1 38:3 38:7 38:13 38:19 39:6 39:21 42:4 45:6 45:6 46:10 47:16
adjourn133:18 adjourned141:15 adjournment55:9
ADK35:18
admit ( 2 ) 37:20 37:22 admitted39:4 adopt102:10 adopted96:11 advance ( 2 ) 112:25
124:14 advantage112:19 advised125:2 adviser86:4
affect ( 2 ) 114:3 120:25 affidavit ( 5 ) 103:9
103:13 103:21 104:6 104:9
affiliate ( 4 ) 38:22 38:25 39:7 39:10
affirm117:16 afford90:3
afraid ( 5 ) 8:7 10:16 29:20 61:19 124:22
after ( 19 ) 5:5 5:5 22:1 22:21 27:15 38:6 60:2 60:5 69:7 78:11 85:21 85:23 86:2 96:14 106:7 115:24 121:2 126:22 138:19
afterthought69:15 again ( 42 ) 8:3 9:17 11:3 13:13 24:20 24:22 24:24 27:5
28:22 29:18 29:20 34:4 34:17 35:5 35:6 35:15 35:19 42:13 42:21 45:6 46:19 48:9 59:5 59:17 61:19 64:2 65:19 74:13 75:25 76:14 102:7 102:20 102:22 107:5 108:19 112:25 114:5 115:9 116:7 124:8 124:24 138:7
against ( 7 ) 91:6 105:17 106:14 108:25 109:14 129:7 139:2
Agency ( 5 ) 24:16 25:21 26:1 40:6 87:23
agenda45:15
agent ( 3 ) 82:4 82:23 83:2
ago ( 4 ) 21:23 59:2 59:4 61:8
agree ( 5 ) 18:9 42:5 57:9 119:22 138:13
agreed ( 5 ) 53:20 81:22 115:8 118:18 119:13
agreement ( 24 ) 2:2 21:18 28:4 28:12 41:13 56:1 56:2 56:10 56:22 58:1 58:2 58:4 58:5 58:17 76:25 79:6 79:11 81:20 82:1 82:2 82:9 86:18 87:24 118:14
agreements ( 11 ) 1:17 2:8 2:12 2:15 19:14 23:24 53:17 68:11 68:15 71:13 80:20
ahead80:9 aim129:2
Aleksandr47:18 Aleksei ( 2 ) 44:16
50:23
Alexander ( 2 ) 44:22 52:22
alive65:5 allegedly ( 3 ) 14:6
27:22 56:11 allow108:6 allowance112:20 allowed ( 2 ) 20:18
98:14 allowing108:25
almost124:12
along ( 3 ) 50:14 102:15 106:21
alphabetically11:8 already ( 5 ) 18:2 29:16
36:12 69:4 119:13 also ( 56 ) 4:5 7:4 8:19
14:23 15:6 15:9 15:17 17:15 19:8 19:21 21:3 22:22 25:5 26:6 27:7 39:6 45:7 47:15 47:25 49:5 49:9 49:15 50:3 50:10 51:18 51:24 52:1 52:4 52:11 52:15 57:1 57:3 59:15 66:14 69:19 76:6 76:10 77:6 78:7 83:22 86:20 88:5 91:24 95:7 103:14 112:15 116:25 117:15 121:1 126:21 127:18 129:21 133:12 139:20 140:15 140:20
alter111:2 although ( 6 ) 21:1
25:21 56:15 128:14 128:22 135:25
altogether77:13 Altriwa ( 4 ) 91:13 91:17
91:24 99:11 always ( 5 ) 31:8 66:8
69:19 70:10 95:16 among18:5 amongst85:11 amount ( 10 ) 37:10
58:16 88:19 95:19 98:10 103:2 117:13 118:2 118:3 118:5
amounts ( 5 ) 103:10 112:5 114:16 117:15 118:6
ancillary73:11
and/or ( 4 ) 70:18 70:23 71:16 120:21
Andre52:21 Andreevskiy7:23 Andrei ( 2 ) 25:10 62:2 another ( 24 ) 7:9 7:23
18:15 19:24 21:3 29:15 40:12 41:10 41:13 41:17 43:5 49:8 50:13 51:22 59:14 73:21 74:1 74:4 74:9 77:16 93:5 110:12 121:19 128:7
answer ( 36 ) 6:24 11:21 16:15 19:4 19:25 21:5 31:4 61:12 63:22 65:2 73:11 73:20 74:6 74:17 75:19 75:22 76:23 78:17 80:3 85:14 86:7 87:10 89:10 89:21 90:8 91:24 92:11 93:19 93:24 96:8 98:2 98:22 110:6 111:9 111:24 114:8
answered97:15 answering ( 2 ) 40:23
122:6
answers ( 7 ) 1:7 82:20 111:11 139:13 139:15 139:19 140:7
anticipate ( 4 ) 121:12 124:15 134:11 137:5
anticipation123:24 anxiety135:8 anymore ( 2 ) 8:24
108:3
anything ( 23 ) 34:14 34:19 34:20 35:12 35:13 41:3 51:3 51:4
52:7 52:11 52:13 52:17 81:19 83:4 84:17 87:14 98:1 98:25 100:17 108:13 138:1 139:21 139:23
anyway ( 6 ) 91:4 112:1 125:17 131:16 132:3 137:25
apart ( 2 ) 37:22 38:17 apartment ( 3 ) 24:25
34:18 104:22
Apologies ( 3 ) 80:9 85:25 134:15 apologise ( 5 ) 6:12 58:21 60:11 64:1
108:24
apparently ( 3 ) 46:17 62:6 101:18
appear ( 2 ) 54:12 102:13
appears ( 17 ) 1:22 4:18 4:19 8:13 10:25 11:11 27:6 40:21 46:19 52:20 62:7 62:25 63:2 64:22 65:20 79:7 103:4
application ( 2 ) 107:16 111:25
apply91:6 appreciate ( 4 ) 45:22
107:7 107:23 111:1 appreciation ( 4 ) 82:21 82:21 86:3 114:22
approach ( 2 ) 96:12 102:11
approached ( 2 ) 14:7 40:17
appropriate ( 3 ) 105:14 105:22 105:25
April ( 10 ) 1:1 2:8 2:13 2:16 4:8 4:23 4:23 5:5 5:20 137:11
archived38:8 area42:23
aren’t ( 3 )16:11 54:8 57:8
arguing2:14 argument ( 2 ) 130:22
131:21 arise102:16 arisen100:5
arising ( 2 ) 72:22 97:5
Arkhangelsky ( 22 )
3:19 75:23 76:9 77:5 77:12 77:24 78:23 80:21 80:25 81:8 81:11 81:16 81:18 82:13 82:16 100:22 101:18 108:19 114:23 120:16 126:14 139:2
Arkhangelsky’s ( 2 )
75:10 78:5
Arkhangelskys82:9 around ( 8 ) 3:19 16:19
17:9 29:1 43:11 59:7 72:8 92:19
arrange87:17 arranged ( 2 ) 11:8
87:22
arrangement ( 7 ) 20:13 21:13 21:17 67:15 67:19 96:20 107:23 arrangements ( 9 ) 3:2
20:6 20:7 20:11 51:15 80:19 95:2 103:16 122:25
arrival135:19
article ( 5 ) 40:5 43:5 43:25 44:3 61:8
ask ( 30 ) 1:9 5:18 12:3 12:20 14:1 16:11
19:11 24:15 29:17 29:21 40:14 45:18 45:23 50:21 58:22 73:2 74:19 76:13 85:6 86:23 87:2 92:14 101:20 102:7 104:1 121:25 128:2 130:21 138:12 140:4
askance110:14 asked ( 37 ) 5:15 7:2
16:2 16:3 17:16 17:17 17:17 18:20 21:10 30:19 30:25 49:14 61:10 67:5 72:23 73:4 73:15 73:16 75:14 75:16 76:6 78:11 78:13 78:25 82:24 85:1 85:5 87:5 88:24 89:19 91:13 93:17 97:8 109:10 125:9 139:3 139:23
asking ( 11 ) 27:9 76:16 78:9 83:17 85:19 97:10 97:11 106:1 111:2 111:16 140:3
aspect136:15 aspects ( 2 ) 100:6
104:4 assertion11:11
Asset ( 13 ) 26:1 84:23 90:14 93:3 94:1 94:5 96:22 96:22 96:23 96:24 98:7 98:9 104:10
assets ( 50 ) 14:6 14:7 18:23 24:15 25:21 26:12 26:12 27:17 27:23 28:3 31:16 31:16 56:20 56:21 66:25 67:8 67:11 68:3 69:3 69:7 69:11 69:18 69:22 70:6 70:10 70:15 72:25 73:8 73:8 73:12 77:16 78:12 78:14 78:20 78:24 85:7 85:13 86:5 86:11 86:18 87:14 89:5 89:25 90:10 92:24 93:12 93:20 94:10 97:16 98:15
assigned92:7 assignment76:18 assist ( 3 ) 84:5 108:20
121:21 assisting107:5
assists ( 2 ) 99:6 122:13 associate120:11 associated33:12 assume ( 3 ) 83:22 93:7
121:23
assumed ( 4 ) 6:20 7:1 7:18 21:7
assumptions36:4 assurance103:1 attached106:6 attendance ( 2 ) 100:1
134:23
attending ( 2 ) 124:18 124:19
attention ( 6 ) 30:24 33:14 61:25 106:9 126:19 128:25
attitude111:18 auction ( 31 ) 20:16
20:24 21:7 21:8 21:9 22:1 27:15 27:17 28:2 28:3 28:5 28:17 69:25 70:1 72:25 77:4 78:12 78:15 78:19 79:15 85:23 86:10 86:12 86:16 90:11 90:17
92:8 92:11 97:16 97:20 98:5
auctions ( 4 ) 85:24 86:2 86:17 86:19
August39:14 authorised ( 4 ) 101:22
102:8 114:17 114:17 availability ( 2 ) 131:20
135:15
available ( 4 ) 110:4 128:10 128:14 137:19
average98:6
AVK ( 2 ) 50:11 59:1 avoid ( 3 ) 91:2 121:22
123:4 avoided3:15 await139:4
aware ( 9 ) 17:8 17:11 20:5 20:7 26:15 38:4 62:8 67:21 133:22
away ( 4 ) 57:12 57:15 133:25 136:12
awkward116:1
B
B2/12/148:18
B2/12/1848:22
B2/12/348:20
B2/12/450:2
back ( 24 ) 8:2 19:17 19:18 26:5 29:2 63:23 77:22 80:17 100:1 101:25 109:17 111:11 115:8 116:6 116:13 118:20 119:11 120:17 123:8 125:3 127:22 128:11 131:24 136:7
backbone50:14 backdated ( 2 ) 4:8 4:19 background105:17 balance ( 8 ) 77:14
77:25 90:15 90:20 90:21 91:1 97:23 98:16
Baltic ( 4 ) 62:22 63:2 63:24 65:17
BALTIC-SERVIS ( 2 )
79:8 79:14
Baltstar ( 4 ) 43:19 43:20 44:12 44:15
Bank ( 132 ) 12:11 12:16 13:6 13:8 14:23 14:25 15:1 15:6 15:16 15:20 15:22 16:18 16:25 17:9 17:14 25:15 26:8 26:17 27:1 27:8 27:8 31:8 34:21 35:11 35:23 36:8 36:10 37:2 37:4 37:23 38:22 39:5 39:8 39:12 42:16 42:19 43:2 45:10 48:25 49:5 49:10 49:12 49:16 49:18 49:19 49:25 50:4 50:7 50:8 50:10 50:17 50:19 51:7 51:9 51:14 52:1 53:13 66:22 67:1 67:4 67:8 67:16 67:16 68:3 68:5 68:6 68:19 68:20 68:23 69:10 69:11 70:5 70:9 70:13 70:13 70:18 70:23 71:5 71:9 71:16 71:20 71:20 71:23 76:19 80:21 81:7 81:11 81:13 81:18 82:5 82:9 82:15 82:17 82:23 83:5 83:9 83:16 84:7
Magnum services provided by Opus2 International Ltd +44 (0)20 3008 5900
www.opus2international.com
84:12 84:18 84:21 86:6 86:18 87:7 87:12 87:15 87:17 87:23 90:12 90:23 90:25 92:6 94:21 94:21 94:24 94:24 94:25 94:25 95:2 95:2 95:9 96:6 97:25 98:7 98:24 101:15 104:10 112:24 115:17 119:5 139:16 140:7
Bank’s ( 22 )16:13 17:19 17:22 25:18 26:2 27:2 37:15 38:19 42:12 45:6 52:10 66:22 68:18 69:16 70:18 70:23 71:17 83:2 83:7 83:9 96:6 96:14
banking16:19
banks ( 3 ) 109:4 111:5 117:17
Banofo ( 3 ) 62:7 62:15 63:20
Barrister ( 7 ) 53:4 53:10 53:14 53:24 56:25 57:6 57:9
based ( 8 ) 25:6 25:7 36:4 68:1 75:19 77:3 129:22 129:23
basic117:4 Basically3:12
basis ( 10 ) 48:8 53:12 61:7 75:17 76:25 87:6 87:8 102:5 116:15 136:7
basket31:8 bear141:5
bearing ( 2 ) 79:6 105:9 became ( 7 ) 32:5 46:17 67:12 69:17 86:20
92:21 98:6 become ( 2 ) 89:11
96:22 becomes89:7 becoming107:8
before ( 29 ) 3:25 29:14 46:23 55:2 78:22 83:24 95:3 100:8 101:4 104:21 105:11 113:21 116:10 116:12 117:21 118:17 120:6 128:23 129:12 129:14 130:9 130:23 131:10 132:10 132:15 136:9 137:17 139:5 139:17
beg ( 5 ) 6:2 6:6 15:3 46:11 61:21
begin ( 2 ) 39:24 87:1 beginning ( 7 ) 39:14 46:16 94:12 103:8
103:17 131:6 134:20 begun132:12
behalf ( 17 ) 11:25 24:4 24:5 52:25 53:2 63:16 64:25 65:9 65:23 65:24 66:7 70:5 71:4 71:16 75:15 84:21 104:14
behalves119:18 behind ( 3 ) 57:7 125:16
127:4
believe ( 17 ) 7:12 11:11 15:19 23:3 53:17 53:22 54:21 61:16 63:18 65:2 65:9 66:17 67:18 87:19 87:21 94:6 114:8
believed ( 4 ) 3:1 3:24 20:12 20:16
bells62:23
belong42:19 belonged ( 7 ) 8:1 10:3
21:6 22:4 45:16 66:8 66:19
belongs45:12 below30:22 beneficial ( 4 ) 11:12
45:19 57:17 64:16 beneficially ( 3 ) 11:24
70:17 70:23 beneficiary64:16 benefit ( 6 ) 87:22 88:8
90:7 97:13 111:5 120:9
Benz37:8
best ( 7 ) 24:21 32:13 63:24 74:11 107:25 122:20 136:21
better ( 11 ) 8:7 13:16 32:20 53:23 59:23 69:16 114:5 121:4 127:21 138:20 139:14
between ( 42 ) 2:12 2:13 8:16 10:7 15:22 17:20 19:13 19:14 19:22 20:4 20:7 20:13 21:14 22:7 23:23 31:3 31:25 32:7 47:19 50:19 50:20 51:25 52:8 53:18 63:3 63:5 64:10 67:22 68:4 68:11 79:7 80:20 82:9 84:12 84:15 87:12 118:22 119:6 120:23 125:10 126:6 136:22
beyond120:11
BFK34:20
Bidault ( 3 ) 103:9 103:21 104:15
Bidault’s ( 2 )104:8 113:5
bidder ( 2 ) 73:1 78:13 big ( 5 ) 23:3 23:3 36:12
41:25 55:12
BIRT ( 88 ) 59:13 59:18 72:3 72:4 72:16 72:21 79:21 80:2 80:6 80:10 85:17 85:23 85:25 97:4 97:5 99:3 99:6 99:9 99:16 99:18 100:3 100:5 100:16 100:25 101:3 101:8 101:12 109:23 112:8 115:4 115:10 115:11 115:23 116:4 117:8 117:12 117:23 118:1 118:5 118:11 118:13 119:3 119:6 119:11 119:13 119:25 120:3 120:8 120:15 120:23 121:7 121:10 123:6 123:12 123:19 124:17 125:1 125:7 125:12 125:15 125:21 126:4 126:9 126:13 126:18 128:11 128:13 128:21 129:4 131:12 131:24 132:6 132:18 132:22 135:14 135:20 136:5 136:13 137:2 137:12 137:14 138:22 140:13 140:21 140:23 141:7 142:6 142:9
bit ( 11 ) 60:3 72:13 78:25 80:12 103:5 121:25 123:15 127:18 131:17 135:4 138:4
bits64:3 Board51:19 body23:21
Bolshaya43:21
booked119:16
books ( 3 ) 77:14 77:24 93:3
borrow106:17 borrower ( 2 ) 50:20
68:21
both ( 18 ) 9:17 22:4 25:23 33:5 43:7 54:7 64:17 88:21 89:21 93:8 93:10 105:25 119:1 120:10 121:12 127:7 129:17 133:1
bottom ( 8 ) 6:15 7:7 11:6 25:10 59:25 64:7 67:16 128:21
bought ( 5 ) 21:24 40:9 40:10 75:24 76:1 bound ( 2 ) 84:4 84:6 Boyarin ( 5 ) 5:16 6:12
6:22 6:25 7:8 brave133:14 breach137:8
break ( 12 ) 28:24 29:2 29:11 54:25 55:3 72:11 72:19 100:8 100:9 101:5 118:21 141:12
breakdown ( 4 ) 103:12 105:14 105:25 113:6
breath138:19 briefly99:13 brilliant120:11 bring139:5 bringing108:14 brings4:1 Brodestskaya49:19 brother ( 2 ) 52:22 62:3 brought104:1
BSP ( 4 ) 26:14 38:1 38:7 38:12
BSPB ( 6 ) 34:17 34:19 34:20 35:4 35:7 35:9
BTK ( 5 ) 62:21 62:24 62:24 63:8 63:14
buffer127:17 build127:16
building ( 6 ) 42:12 77:2 77:5 77:6 77:9 77:19
buildings ( 4 ) 42:16 42:18 43:14 79:14 built ( 3 ) 42:16 67:24
77:21
bundles ( 4 ) 125:17 133:11 134:12 134:13
burden89:24 burdens105:9 business ( 67 ) 8:16
9:14 10:12 12:7 14:25 16:19 16:20 16:23 18:12 24:14 25:3 25:7 35:25 36:13 36:14 38:9 39:9 40:6 40:7 41:6 41:21 41:22 42:20 46:2 47:1 47:3 47:4 48:11 48:15 50:14 50:17 53:11 54:3 55:12 55:14 55:15 55:16 56:15 56:20 57:10 57:13 57:20 57:21 57:22 57:23 60:23 61:1 61:5 61:14 61:15 61:17 65:4 66:8 66:11 66:19 68:8 68:9 70:25 71:23 94:2 94:2 94:3 94:8 94:9 94:9 94:10 96:23
businesses ( 7 ) 17:3 17:9 36:8 36:10 53:1 53:2 71:16
busy ( 2 ) 133:24 138:2
buy ( 4 ) 51:16 69:24 70:15 81:1
buyer ( 2 ) 14:6 69:20 buyers69:12
C
calculation129:6 calibrated131:19
call ( 6 ) 1:20 40:19 41:6 41:8 124:19 127:17
called ( 48 ) 5:16 7:7 7:23 10:6 10:19 12:3 14:4 15:9 22:18 22:23 24:15 25:10 26:5 26:18 33:23 34:3 34:17 35:5 35:14 37:23 38:2 38:18 39:12 40:6 43:19 44:24 45:8 45:25 46:1 46:4 46:12 47:16 47:23 47:24 50:23 51:2 51:19 52:1 52:5 52:12 52:16 52:21 54:4 61:23 62:7 62:18 77:14 77:25
calls40:23
cannot ( 10 ) 7:2 17:11 34:23 44:9 60:15 61:12 63:22 65:2 68:19 87:10
capable ( 3 ) 98:21 118:23 126:24
capacity53:8
capital ( 7 ) 7:8 9:6 11:5 35:6 45:2 62:19 77:18
car ( 2 ) 38:13 47:2 care ( 3 ) 45:16 45:17
91:4
carry ( 2 ) 100:11 107:9 carved126:6
cases ( 3 ) 3:13 36:5 58:13
cash ( 12 ) 28:15 28:15 37:5 37:6 37:6 37:11 37:22 38:12 38:15 38:21 38:25 39:11
categories ( 2 ) 117:14 118:6
caused ( 2 ) 111:8 139:22
cent ( 4 ) 7:11 11:3 11:21 26:17
central39:5
centre ( 13 ) 23:4 25:4 25:7 31:10 31:11 31:12 32:10 36:13 39:9 41:6 42:20 48:11 48:16
centres ( 2 ) 32:6 36:15
CEO ( 3 ) 49:12 59:1 62:2
CEOs ( 2 ) 5:6 5:9 certain ( 21 ) 12:15
14:22 22:6 22:21 23:8 32:12 40:9 44:6 44:7 51:14 51:15 63:17 65:6 69:7 80:20 80:23 84:21 92:21 95:19 101:5 103:20
certainty ( 4 ) 11:21 44:1 44:1 44:1
cetera ( 2 ) 81:23 133:25
chance ( 3 ) 76:4 91:9 106:19
change ( 10 ) 2:24 5:4 5:6 5:8 11:15 14:10 65:18 96:15 119:20 123:24
changed ( 4 ) 5:10 30:8 57:22 80:11
changes ( 5 ) 6:16 10:24 25:9 29:24 30:25
changing ( 2 ) 50:12 120:2
chaotic72:10 charged58:10 chase105:10
check ( 2 ) 8:4 134:19 checked26:12 checking ( 5 ) 19:10
83:9 96:6 117:24 134:25
chief ( 2 ) 49:4 49:9 choice ( 3 ) 102:15 107:13 114:14
choose66:3 Christian47:5 chronologically ( 2 )
1:22 2:7 chronology4:18 circle125:10 circumstances ( 6 )
51:15 56:23 107:25 108:8 109:18 122:19
city ( 5 ) 48:14 92:17 92:19 92:23 93:13 claimants ( 5 ) 10:22 39:3 103:23 104:16
108:23 claimants’11:11 clarify ( 2 ) 17:21 70:19 clause ( 3 ) 56:10 75:2
79:18
clear ( 19 ) 25:24 35:21 64:15 76:5 85:19 86:5 87:15 92:22 93:5 98:7 101:8 107:2 110:19 116:4 116:5 116:12 117:22 125:18 136:23
clearer99:5
clearly ( 3 ) 4:25 39:2 94:6
clerk ( 3 ) 125:9 126:13 127:23
clerk’s128:22 client ( 4 ) 31:5 31:5
38:4 111:21 clients37:8 clinching131:21 close ( 4 ) 32:13 41:4
41:24 122:17 closed ( 3 ) 38:7 54:8
54:11
closely ( 2 ) 5:1 35:22 closer ( 2 ) 29:7 55:2 Closing ( 10 ) 32:14
100:18 120:20 120:22 121:13 125:23 126:16 130:12 130:20 140:1
closings ( 15 ) 126:7 127:6 127:11 127:25 129:13 129:15 129:19 130:2 130:13 130:15 131:4 134:4 135:15 136:6 136:8
CMC ( 4 ) 128:15 128:17 128:23 136:1
co-investor12:6 co-owned ( 3 ) 13:6
24:6 53:8 co-owner ( 2 ) 34:16
43:19
CoFrance ( 2 ) 104:25 105:2
coincidence ( 6 ) 5:12 33:16 33:18 33:23 36:9 42:17
coincides33:17
collect42:8 collective ( 2 ) 70:16
70:22 column34:10 columns35:3
come ( 23 ) 6:25 8:2 21:8 26:5 37:9 63:23 101:25 102:12 107:24 111:9 115:7 116:13 118:13 118:20 120:17 121:7 124:5 130:12 134:4 136:7 136:14 137:1 137:21
comes ( 2 ) 135:16 138:6
comfort109:8 coming ( 8 ) 102:17
105:2 116:6 119:2 119:11 128:11 129:25 137:5
commencing130:17 commendably141:9 comment ( 5 ) 17:11 27:11 44:9 60:14
127:9
commercial ( 5 ) 23:1 68:25 69:1 69:21 75:20
commit ( 2 ) 81:2 113:15
commitment ( 3 )
111:22 112:3 134:2 commitments ( 2 )
127:19 129:24 committed80:25 commodity ( 3 ) 26:21
27:20 32:16 common50:11 companies ( 61 ) 2:18
3:10 4:16 7:3 7:8 7:19 10:1 14:17 16:3 16:17 16:24 18:5 19:6 19:23 19:25 20:1 20:5 22:3 22:8 22:9 24:11 25:4 26:20 30:11 32:5 32:7 33:12 35:22 36:13 36:19 40:11 51:1 54:4 54:6 54:8 54:20 57:8 57:9 62:21 62:24 63:14 66:22 67:1 67:3 67:6 67:13 67:25 70:17 70:22 71:4 71:8 77:16 81:1 93:8 93:10 94:13 94:17 94:20 96:5 96:16 139:2
company ( 210 ) 3:14 5:16 6:25 7:13 7:14 7:16 7:22 7:23 7:24 7:25 8:3 8:14 8:16 8:19 9:9 9:11 9:25 10:2 10:6 10:13 10:19 10:22 11:14 11:18 11:19 11:22 12:2 12:3 12:4 12:5 12:7 12:9 12:13 12:16 12:21 13:5 13:7 13:9 13:9 13:10 14:4 14:5 15:7 15:8 15:9 15:14 15:18 15:19 15:21 15:23 15:24 16:12 16:20 16:20 16:21 17:14 17:18 17:24 18:1 18:7 18:8 18:10 18:11 18:22 18:23 19:24 20:17 20:20 21:2 21:4 21:11 21:11 21:16 21:24 22:2 22:14 22:17 22:17 22:19 22:23 23:9 23:12 24:14 24:15 24:16 24:17 25:6
Magnum services provided by Opus2 International Ltd +44 (0)20 3008 5900
www.opus2international.com
26:2 26:3 26:4 26:5 conferences ( 3 ) 2:17 corporate ( 3 ) 25:14 D10/225/1 ( 2 ) 58:21 Day39/6576:15
26:11 26:19 27:19 4:1 4:24 49:2 81:19 59:6 Day39/6676:15
27:23 28:2 28:3 28:6 confident ( 3 ) 29:5 29:6 correct ( 22 ) 2:1 2:10 D10/225/359:3 Day39/7586:24
28:7 28:10 30:3 30:7 127:7 2:19 2:20 2:24 3:11 D112/1631 ( 4 ) 1:20 Day39/7875:13
30:12 30:13 30:17 confirm ( 6 ) 21:1 26:10 4:2 8:21 12:6 12:7 1:21 2:4 2:9 days ( 15 ) 2:13 3:25
31:13 31:13 32:12 58:12 63:7 101:23 16:15 21:19 21:21 D143/2396/039:23 4:3 94:22 95:9 109:17
32:14 32:15 33:23 139:19 23:14 38:1 49:2 50:18 D143/2396/140:1 123:14 128:6 128:8
34:3 34:11 34:16 confirmed ( 2 ) 120:16 54:9 68:8 71:25 98:1 D154/2588/074:20 128:9 128:22 132:3
34:21 35:1 35:5 35:14 139:18 108:22 D154/2588/174:22 136:25 141:5 141:6
36:16 36:18 36:23 confirming ( 2 ) 104:8 corrected ( 2 ) 85:20 D176-D191/2918 ( 24 ) deadline ( 2 ) 113:22
36:25 39:18 39:20 104:9 86:25 6:11 7:6 7:10 8:6 8:10 127:4
40:22 41:4 41:7 41:10 conflict ( 2 ) 70:7 70:9 correctly ( 7 ) 10:2 21:5 8:12 9:18 10:20 11:2 deal ( 7 ) 3:17 23:1
41:11 41:12 41:15 confused ( 3 ) 86:11 22:21 26:25 49:1 57:1 11:7 13:14 13:20 14:3 31:17 31:19 78:2
43:17 43:18 43:19 88:21 98:3 61:16 24:23 25:19 29:18 115:3 133:10
44:15 44:24 44:24 confusion85:17 correspond135:1 29:23 61:20 61:22 dealer ( 2 ) 47:2 47:2
45:5 45:8 45:9 45:24 conjunction129:12 correspondence ( 4 ) 62:12 62:18 64:1 64:7 dealing ( 4 ) 3:22 4:10
46:4 46:9 46:18 46:22 connected ( 6 ) 5:1 42:8 109:2 138:24 64:9 66:25 136:19
46:24 47:16 48:10 34:21 35:22 36:8 139:16 D197/2966/143:3 deals ( 3 ) 31:19 61:2
50:9 50:11 50:13 51:2 43:20 50:7 cost ( 2 ) 76:24 120:18 D197/2966/243:8 113:24
51:3 51:4 51:6 51:17 connection ( 6 ) 6:3 costs98:20 D197/2966/343:4 dealt ( 2 ) 115:14 137:22
51:18 51:20 51:22 23:9 23:11 23:15 couldn’t ( 4 )10:10 D197/2966/443:8 debate ( 2 ) 37:12 37:17
52:3 52:4 52:7 52:12 91:22 91:22 94:12 124:2 128:8 D199/2993/18:8 debated129:8
52:13 52:16 52:18 consent102:8 counsel ( 2 ) 131:20 D199/2993/28:10 debt ( 9 ) 81:18 87:5
52:23 53:10 54:12 consequence82:24 141:4 D199/2993/39:18 87:7 88:8 88:11 88:14
54:14 56:8 56:9 61:23 consequences ( 6 ) counsel’s ( 2 )101:16 D206/3013/144:14 88:16 88:18 88:19
61:23 62:2 62:6 62:6 90:19 91:2 96:24 102:7 D206/3013/444:19 debtor68:21
62:7 62:8 62:9 62:13 97:22 113:25 114:9 countries68:10 D206/3018/144:15 debts81:13
62:19 62:22 63:2 consider138:6 couple ( 4 ) 6:14 45:23 D206/3018/444:20 December ( 2 ) 38:3
63:11 63:15 63:20 considerable ( 2 ) 67:11 58:23 132:3 D206/3039/146:9 74:24
63:22 63:24 64:11 124:11 course ( 18 ) 38:9 55:1 D206/3039/446:14 decent60:12
65:12 65:17 68:2 consideration ( 4 ) 95:8 98:3 99:2 102:13 D206/3039/747:9 decide ( 3 ) 94:8 130:21
68:5 68:25 69:1 69:21 65:13 65:14 67:15 107:22 108:9 115:10 D207/3040/146:7 138:17
77:14 77:25 78:5 133:19 116:14 123:3 126:25 D207/3040/446:14 decided ( 5 ) 57:20
86:17 91:14 91:17 considerations89:17 127:12 130:21 134:12 D207/3040/547:12 87:11 96:9 96:19
91:19 91:21 93:1 93:5 considered96:16 138:5 139:11 140:19 D207/3040/6 ( 2 ) 47:8 131:3
93:5 93:6 95:15 considering ( 2 ) 78:18 courts ( 2 ) 58:12 110:8 47:13 decision ( 2 ) 57:19
company’s54:17 90:1 cover ( 3 ) 68:5 101:16 D207/3040/747:21 70:14
compare64:14 consistent ( 3 ) 19:12 113:13 D207/3056/113:17 decisions54:2
comparing68:9 31:24 43:22 covered ( 4 ) 99:12 D207/3056/214:12 dedicated96:25
complete ( 2 ) 33:22 constant119:20 119:21 133:9 133:10 D207/3056/314:13 deductions114:19
133:17 Constantine49:8 covering98:21 D25&26/461/079:22 default ( 3 ) 130:20
completed4:23 constitute114:21 crates138:10 D25&D26/461/079:4 131:3 132:19
completely ( 3 ) 19:4 constraint111:10 created31:18 D25&D26/461/30279:2 defendants ( 15 )
19:7 91:8 construction61:17 creates50:13 D35/570 ( 2 ) 55:19 101:10 102:2 103:15
completeness50:1 Consulting40:6 creditor ( 2 ) 50:20 55:20 103:22 104:5 104:14
completes139:8 contained80:23 68:20 damage93:12 104:16 105:9 106:2
completion ( 2 ) 124:9 contemplate108:7 creep85:18 dare131:15 107:11 115:11 121:12
126:22 content ( 2 ) 119:7 creeps133:25 database8:7 127:3 137:3 138:9
complex ( 2 ) 42:15 140:8 criteria104:7 date ( 21 ) 36:2 58:7 defendants’ ( 2 )102:25
43:14 contesting2:15 criticise ( 2 ) 127:1 59:2 59:4 60:16 74:23 137:9
complexities133:13 context ( 15 ) 17:14 129:23 79:6 102:15 105:11 deficiency110:25
compliance116:25 18:19 20:15 20:22 criticised ( 2 ) 108:14 108:24 116:17 121:5 definition113:13
complicated121:15 20:23 76:4 78:2 83:23 109:16 126:1 127:5 127:6 degree ( 2 ) 44:6 107:10
complied ( 9 ) 4:15 95:7 95:8 102:17 criticising108:13 130:3 130:8 130:24 delay ( 7 ) 101:15
81:11 81:12 108:22 108:5 125:8 127:2 criticism ( 2 ) 109:17 130:24 136:6 136:8 108:25 109:4 109:17
109:3 110:11 110:22 129:17 111:13 dated ( 5 ) 1:17 1:24 2:8 111:6 111:15 133:3
113:19 117:7 continue ( 4 ) 41:14 cropped103:7 2:12 6:17 delayed ( 2 ) 109:5
comply ( 2 ) 106:2 92:22 123:22 136:22 Cross-examination ( 9 ) dates ( 6 ) 2:15 5:11 133:22
109:20 Continued ( 5 ) 1:5 1:6 1:6 18:16 96:1 102:4 5:12 125:22 126:15 Delevoy58:25
computer60:23 92:12 142:4 142:5 107:6 139:12 141:8 128:10 deliberately103:3
concern ( 2 ) 84:23 continues36:25 142:5 142:8 daughter ( 5 ) 44:22 demonstrate112:10
139:22 contract ( 7 ) 1:24 55:24 cross-examine ( 2 ) 51:7 51:16 51:25 52:9 deny26:10
concerned ( 12 ) 2:2 58:9 58:16 75:19 123:13 124:18 Day ( 17 ) 16:1 18:14 department ( 3 ) 3:4 3:5
5:2 21:16 38:11 48:12 75:20 92:18 cross-examined123:10 18:15 19:17 20:22 39:8
88:16 90:12 92:20 contracts ( 3 ) 90:23 cross-examining138:2 30:20 73:3 75:11 departments39:5
111:5 118:24 134:16 97:25 98:24 cross-refer135:5 76:14 78:8 85:3 85:5 dependent50:16
139:20 contrary ( 2 ) 53:4 53:5 crossed112:13 88:5 88:23 91:11 deputy ( 4 ) 49:4 49:8
concerns ( 4 ) 40:9 contrasted99:15 currency37:10 123:25 141:9 95:18 95:18
107:21 108:16 115:5 control ( 2 ) 8:15 51:14 current130:13 Day22/9818:17 describe ( 2 ) 26:1
concluded68:15 controlled8:14 currently ( 2 ) 115:17 Day22/9919:2 83:22
concludes99:24 controlling ( 2 ) 7:21 130:6 Day23/1919:18 described ( 6 ) 10:21
conclusion ( 2 ) 48:8 15:15 cut137:24 Day23/4016:2 21:14 35:2 35:6 35:9
113:17 convenience31:3 Cyprus ( 5 ) 44:24 91:14 Day23/4730:21 38:16
condition ( 3 ) 65:3 65:6 convenient ( 2 ) 39:25 91:17 91:21 93:1 Day38/115/593:16 describes ( 3 ) 12:5
96:9 72:12 Day38/151 ( 2 ) 73:4 38:16 48:23
conditional116:24 conversation120:23 D 91:12 description ( 2 ) 18:9
conditions81:8 cooperate136:22 Day38/15273:5 32:4
conducted ( 3 ) 69:25 copious134:10 Day39/3420:22 desk ( 5 ) 38:12 38:15
D10/21732:20
78:19 90:12 copy ( 4 ) 32:21 33:4 Day39/3520:25 38:21 38:25 39:11
conducts53:11 79:24 128:2 D10/225/0 ( 4 ) 58:20 Day39/4178:8 destroyed38:9
corner138:11 59:3 59:5 59:21 Day39/588:23
Magnum services provided by Opus2 International Ltd +44 (0)20 3008 5900
www.opus2international.com
detail ( 3 ) 65:8 105:11 129:12
detailed106:9
details ( 4 ) 3:17 105:13 109:22 111:23
determining93:25 develop ( 2 ) 16:22 17:8 developing16:19 development9:2 device51:13 devote126:19 devoted128:19 diary134:25 dictate70:13 difference ( 2 ) 90:15
131:17
different ( 20 ) 8:7 12:19 12:23 12:24 18:1 22:4 22:7 31:12 31:25 32:6 34:12 34:25 39:22 40:21 63:17 74:13 75:6 78:2 91:8 93:20
differently ( 2 ) 6:4 89:14
difficult ( 6 ) 107:5 107:9 110:12 123:1 134:20 134:22
difficulties121:1 difficulty ( 5 ) 29:1
40:24 110:24 121:20 124:13
diminishes131:15 direct ( 2 ) 110:22
133:16 directions ( 2 ) 82:4
133:20 directly65:20
director ( 32 ) 3:10 6:17 6:22 7:19 7:21 10:25 18:24 23:7 25:11 27:2 30:1 30:2 30:17 34:16 35:3 35:7 35:9 44:16 46:12 46:16 46:18 49:2 51:2 51:11 51:18 52:3 52:4 52:16 52:23 53:4 56:4 64:4
directorate ( 3 ) 27:3 39:13 49:3
directors ( 4 ) 5:8 5:20 46:15 51:19
Direktorov51:19 disadvantages131:9 disagree ( 2 ) 16:7 97:2 discharge ( 2 ) 103:24
105:7
discharged ( 2 ) 106:14 107:15
disclose138:16 disclosed55:21 discrepancy17:20 discrete107:24 discretion ( 5 ) 56:20
56:22 58:3 58:18 82:25
discuss ( 3 ) 112:9 130:13 136:17 discussed136:25
discussion ( 3 ) 38:10 100:19 125:24
dispute67:14 disruption125:13 dissuaded139:13 distinction39:2 distributed51:24 document ( 7 ) 29:14
36:17 44:4 68:12 74:20 79:5 138:16
documentary ( 9 )
67:19 71:2 71:5 71:7 71:10 103:23 104:16 105:7 105:10
documented84:13 66:1 95:14 106:8 essentially ( 6 ) 17:17
documents ( 12 ) 1:15 118:20 121:12 126:6 18:21 33:15 53:20
18:24 19:10 38:8 129:12 130:23 130:24 63:20 116:22
38:10 72:7 74:13 element ( 3 ) 19:1 58:10 establish ( 2 ) 56:19
104:10 134:14 137:18 58:13 58:17
138:10 138:15 elements ( 3 ) 16:5 established76:25
does ( 26 ) 1:17 1:24 58:23 62:1 establishing92:18
2:8 4:25 8:15 12:21 ELENA ( 3 ) 1:5 48:1 estate ( 2 ) 27:16 28:9
13:2 17:7 20:10 29:4 142:3 estimates ( 2 ) 126:25
32:2 42:19 46:10 50:5 else ( 13 ) 11:25 23:18 133:8
54:14 57:5 57:15 27:17 28:10 54:11 euro114:3
62:22 92:25 105:11 71:12 83:4 98:25 euros ( 3 ) 103:2 103:18
105:24 106:10 107:21 100:17 114:12 122:11 105:1
111:9 115:3 115:4 123:17 139:23 even ( 12 ) 13:24 46:25
doing ( 5 ) 85:11 116:15 email ( 10 ) 100:21 56:20 56:20 80:22
116:16 121:20 122:2 100:21 101:9 101:12 83:23 92:12 108:7
dollars57:14 101:14 101:17 106:6 132:3 132:10 132:15
Dom ( 3 ) 7:11 7:12 7:14 107:4 128:2 128:22 133:5
done ( 13 ) 80:10 95:3 emphasise108:4 evening ( 3 ) 120:6
107:25 109:6 109:9 empire94:13 135:22 136:1
112:1 112:1 112:1 employee ( 6 ) 30:5 event ( 6 ) 121:5 125:11
115:25 120:1 128:3 49:5 49:9 49:15 49:19 130:9 130:24 131:3
129:6 134:4 56:6 137:14
dotted112:13 employees ( 5 ) 24:9 ever ( 5 ) 9:8 49:24 70:8
double-checked96:10 50:7 67:24 71:3 71:8 74:18 95:3
doubt ( 3 ) 9:12 102:14 empty27:15 every ( 3 ) 95:18 120:6
128:23 encourage108:7 138:16
doubting112:11 end ( 9 ) 19:3 69:20 everybody ( 3 ) 111:21
down ( 44 ) 7:4 7:9 8:9 79:13 120:22 123:1 119:21 130:4
9:17 10:23 11:1 11:6 126:15 131:5 131:10 everybody’s111:14
13:18 13:19 14:2 140:10 everyone ( 2 ) 108:1
14:11 20:25 25:19 ended129:13 124:6
29:22 32:13 32:14 ending29:22 everything ( 4 ) 37:18
37:15 38:5 43:7 43:15 endorsed138:8 67:24 84:5 96:10
44:17 45:3 46:11 enforceable58:9 everywhere54:10
46:13 47:7 47:9 47:13 enforcement ( 4 ) 89:7 Evgenevich ( 2 ) 47:6
47:17 47:20 50:1 59:3 89:11 89:23 92:1 47:24
62:11 62:17 64:8 72:9 engaged ( 2 ) 57:22 Evgenevna48:1
74:25 79:20 97:17 61:16 Evgeni47:23
106:25 107:11 123:20 English ( 25 ) 2:3 8:9 evidence ( 48 ) 7:15
129:18 135:16 137:12 8:11 10:15 13:18 7:17 9:24 11:16 11:25
downside109:1 13:25 14:2 24:20 15:13 16:5 17:20
draconian112:2 28:22 29:20 32:19 21:19 21:22 21:23
draft ( 4 ) 56:2 97:6 33:3 33:6 33:8 43:9 27:21 27:25 28:8
97:15 106:5 44:13 47:10 47:13 41:1 53:16 63:2 64:15
drafting ( 5 ) 101:24 47:20 48:20 59:20 65:25 69:19 71:2 71:6
102:22 106:15 106:20 65:18 74:21 79:3 71:7 71:10 72:24 75:7
117:3 79:22 75:9 76:8 76:10 80:14
draw ( 2 ) 33:14 61:25 enough ( 4 ) 72:14 85:15 86:3 87:2 89:14
drawn ( 2 ) 30:24 39:2 132:2 132:11 134:17 100:23 104:17 105:7
Druzya ( 3 ) 51:2 51:5 ensure ( 4 ) 67:7 89:5 110:3 113:5 123:9
51:23 111:10 111:25 123:12 124:10 126:23
due137:7 ensured23:25 130:22 131:4 133:12
during ( 3 ) 118:21 entail90:13 133:17 141:3
126:24 133:18 entailed ( 3 ) 90:23 Evolution ( 2 ) 34:3 34:7
duty ( 2 ) 108:5 108:6 97:25 98:24 Evolutsiya34:4
dwelling104:23 entails90:9 exact ( 5 ) 14:18 37:21
entered57:21 37:24 90:14 126:1
E entire ( 2 ) 73:8 88:18 exactly ( 7 ) 24:8 28:6
entirely ( 3 ) 86:5 49:7 87:10 88:3
118:11 132:19 115:19 128:13
earlier ( 7 ) 18:3 37:19
entities ( 5 ) 25:7 31:6 examination139:11
44:17 54:25 55:1 31:9 31:25 57:7 example ( 6 ) 31:19
132:1 132:7 entity81:3 69:24 81:23 105:3
early ( 4 ) 4:8 49:3 104:3 entrepreneur47:1 130:7 138:25
130:8 entries ( 2 ) 33:14 61:19 exceed112:16
earnestly134:1 entrusted ( 3 ) 67:8 excellent119:22
easier ( 2 ) 30:23 32:19 67:10 68:3 except ( 4 ) 1:7 84:17
easiest29:1 entry ( 2 ) 6:17 65:16 91:22 108:3
easily ( 2 ) 30:14 124:1 envisaged ( 2 ) 112:18 exception3:13
Easter137:17 112:19 exceptional108:4
economic ( 2 ) 81:2 envisaging ( 2 ) 87:16 exceptions50:6
81:21 108:5 excessively112:2
effect ( 4 ) 80:16 117:21 eponymous41:12 exchange58:14
129:3 139:17 equally110:19 excused27:5
effective109:12 equipment125:16 exercise ( 2 ) 112:6
effectively ( 5 ) 18:23 especially ( 7 ) 26:16 112:7
19:10 89:4 108:20 33:20 58:1 77:3 exercising51:13
134:3 111:21 119:19 121:16 exhibiting104:10
either ( 15 ) 18:4 30:7 exhibits135:5
34:6 37:9 49:3 62:1 exist ( 2 ) 15:23 68:13
Magnum services provided by Opus2 International Ltd +44 (0)20 3008 5900
www.opus2international.com
existed56:2 existence ( 2 ) 13:11
101:20 existing57:24 exit57:21 exiting57:10
expect ( 2 ) 74:21 118:9 expectation121:15 expected94:12 expecting124:5 expects ( 3 ) 110:13
110:22 110:24 expenditure ( 4 ) 77:11
103:20 108:24 110:2 expenses ( 10 ) 102:24
102:25 103:24 104:23 104:24 112:14 114:2 114:20 118:10 118:10
expensive32:14 experience ( 3 ) 60:22
129:22 135:4 expert ( 2 ) 124:10
133:17
experts ( 6 ) 102:4 107:6 112:8 120:18 125:6 125:7
explain ( 2 ) 89:16 126:10
explained ( 11 ) 18:21 43:13 51:12 67:25 88:5 88:7 89:13 96:2 110:25 119:13 127:23
explaining31:23 explains ( 2 ) 38:11 89:3 explanation ( 4 ) 24:10
43:17 66:6 103:14 express94:6 expressed108:16 expressing84:23 expressly101:21 extended112:17 extension117:6 extent ( 5 ) 8:15 58:9
81:10 135:16 137:22 extinguished81:15 extra ( 3 ) 29:3 33:4
128:6 extraordinarily120:7 extraordinary120:5 extremely122:18 eyes138:10
F
facilities98:5 factors131:20 factual110:6
fail ( 2 ) 12:25 22:12 failure110:18
fair ( 4 ) 19:9 78:17 89:8 96:7
fairly ( 5 ) 13:10 55:12 55:15 68:10 118:8
fairness25:22 faith70:4 fallback131:2 fallen137:7 familiar ( 3 ) 46:22
55:24 56:1 familiarity ( 3 ) 122:17
131:14 131:14 family ( 4 ) 45:13 48:1
48:4 53:1
far ( 32 ) 2:1 3:15 5:1 13:4 16:24 21:16 26:4 32:1 37:4 40:21 42:3 42:18 46:3 53:12 56:14 57:20 60:25 61:5 68:22 73:20 80:21 83:8 84:12
88:16 90:12 92:19 101:23 107:14 118:23 133:11 136:12 139:19
fault ( 2 ) 113:4 132:14 favour68:23 feared101:19 February ( 10 ) 29:25
103:8 103:17 104:3 104:3 104:21 106:3 107:18 109:21 111:11
Federation ( 3 ) 57:25 58:6 58:12
Fedorenko ( 3 ) 49:23 49:24 50:3
feel ( 4 ) 94:14 132:15 133:6 135:8
feels ( 2 ) 18:18 33:6 fees ( 3 ) 101:16 102:7
104:22 feet106:15
felt ( 2 ) 84:4 92:14 few ( 10 ) 21:23 29:17
34:13 50:22 61:19 62:13 72:4 72:22 119:19 134:9
figure ( 2 ) 76:17 114:15 figures14:19
fills113:7 final45:18 finalised ( 2 ) 42:5
126:1
finally ( 2 ) 28:2 93:25 Finance49:2 finances108:6 financial ( 12 ) 23:7
31:10 31:11 31:12 32:6 32:10 39:12 90:2 90:20 90:20 90:24 97:23
Finans ( 6 ) 33:24 34:6 46:4 46:9 46:22 47:15
find ( 13 ) 11:8 11:8 13:15 24:24 28:22 47:15 47:16 47:18 59:6 65:19 69:20 85:2 121:20
fine55:6 finish55:1
finished ( 2 ) 16:8 41:25 firm ( 4 ) 111:19 111:22
112:3 134:1
Firma ( 2 ) 9:19 11:9 first ( 28 ) 1:16 1:22
5:7 13:22 25:24 41:7 43:24 46:21 56:14 56:18 60:7 63:25 66:19 76:13 77:22 80:13 81:24 82:22 83:3 83:23 84:16 96:3 101:15 102:9 108:15 123:8 134:22 140:22
Firstly6:15
fit ( 2 ) 110:21 124:1 five ( 3 ) 1:14 29:3 72:14 five-minute72:11 fix121:5
fixed ( 2 ) 127:10 127:11 flexible140:16 focus106:8 focusing43:6
follow ( 2 ) 27:25 91:3 followed ( 2 ) 108:6
123:12
following ( 3 ) 122:14 128:17 135:22
follows ( 2 ) 4:25 57:5 footing ( 3 ) 124:9
128:19 139:14 footnotes134:10 force ( 2 ) 69:6 81:17 forced93:25
forcing ( 2 ) 94:4 130:7 forego ( 2 ) 88:7 88:11 forfeited38:7 forgave88:18 forgive88:13 formal139:6 formed60:25
former ( 16 ) 15:10 35:3 35:9 36:5 36:5 36:6 36:10 41:20 43:6 48:24 49:5 49:9 49:15 49:19 50:7 52:2
formerly75:8 formidable107:15 forth16:21 forthcoming ( 2 ) 112:7
130:1 fortnight130:18 Forward ( 5 ) 35:6
111:15 116:20 119:6 132:19
forwarded126:13 forwarding100:21 found ( 6 ) 15:4 15:4
59:9 60:3 60:6 109:11 foundation95:5 founding36:17
four ( 3 ) 2:11 80:15 95:24
framework22:24 Frankly86:10
free ( 6 ) 58:3 58:17 86:5 87:15 100:12 132:15
freely ( 2 ) 30:9 30:10 freezing ( 7 ) 101:1
101:20 108:11 109:1 114:18 115:17 116:22
French ( 2 ) 117:17 119:4
frequently37:9 Friday ( 10 ) 8:18 18:8
19:21 75:7 76:6 123:15 123:16 123:18 123:20 126:20
friend’s108:12 Friends51:5 friendship ( 2 ) 84:8
84:10 front131:11
Fuel ( 4 ) 62:22 63:2 63:24 65:17
fulfil80:25 fulfilling104:6
full ( 8 ) 13:24 33:16 65:14 90:14 126:19 128:24 130:14 135:2
fully ( 4 ) 91:3 115:14 117:18 136:11
function ( 2 ) 53:3 82:7 functioning108:18 funds ( 8 ) 101:1 102:16
103:9 105:12 105:20 115:16 115:21 117:1
furnish103:23 furnished ( 2 ) 103:8
105:13
further ( 31 ) 11:1 11:7 14:2 21:11 42:4 47:17 56:17 68:5 72:2 72:22 88:4 96:1 97:4 102:6 103:2 105:5 105:12 105:15 105:18 105:21 106:10 109:1 109:4 110:9 114:19 116:24 133:20 138:25 139:13 142:8 142:9
furthermore36:14 future ( 2 ) 112:14 137:6
G
gain ( 2 ) 130:8 132:8
Gambit52:12 gap113:13
gave ( 8 ) 15:13 21:22 69:10 72:24 75:7 75:9 76:8 76:10
Gavrilov30:4
Gelios ( 4 ) 10:19 11:12 11:19 11:22
Gen103:2
general ( 34 ) 5:7 5:8 6:18 6:22 7:19 7:21 10:25 16:16 25:11 30:1 30:3 30:17 32:4 34:16 35:3 35:7 44:16 46:12 46:16 46:18 50:6 51:2 51:12 51:18 52:3 52:4 52:23 53:4 56:4 64:4 68:20 80:13 95:15 125:25
Generally114:8 generals3:10 generated ( 2 ) 70:11
98:18 generically140:18 gentleman ( 6 ) 25:10
26:18 46:1 50:22 52:1 52:21
gentlemen47:22 get ( 15 ) 18:19 54:1
72:12 82:14 88:8 95:11 115:24 125:18 125:18 128:24 130:3 130:6 138:19 138:20 140:3
getting ( 3 ) 6:9 132:1 133:23
gift ( 5 ) 58:4 58:11 58:11 58:13 58:16
give ( 16 ) 11:21 13:22 32:18 32:24 60:15 69:24 76:4 91:9 94:14 95:23 110:9 111:11 113:21 117:15 133:20 136:23
given ( 29 ) 3:9 3:20 3:25 4:3 4:19 9:24 27:21 33:3 39:8 40:3 40:23 68:2 69:11 77:9 79:21 81:20 84:2 110:11 111:12 121:1 124:14 129:21 131:22 132:11 133:4 133:12 139:19 140:7 141:3
gives ( 2 ) 33:10 57:14 giving ( 2 ) 57:12 99:10 glad128:3
Gladyshev ( 3 ) 123:12 124:20 140:19
glance ( 2 ) 74:25 75:1 goal70:10
gone78:15
good ( 20 ) 1:3 1:4 1:9 28:23 33:8 55:3 70:4 99:20 99:20 99:22 100:1 100:12 113:23 124:16 125:4 136:25 137:13 140:11 141:12 141:12
graduation ( 2 ) 60:2 60:5
granted114:18 granting110:12 grateful ( 14 ) 2:7 59:22
99:6 99:16 100:3 107:20 119:9 120:2
125:1 128:3 134:18 140:9 140:9 140:15 great ( 5 ) 67:13 78:2
107:16 111:20 133:10 greater65:8 greatly109:5
ground ( 3 ) 87:13 117:3 133:10
group ( 6 ) 24:11 31:8 46:5 50:12 63:3 94:13
groups ( 2 ) 31:15 32:5 guarantee90:13 guarantees ( 4 ) 90:23
90:25 97:25 98:25 guarantor ( 7 ) 67:7
80:16 80:18 83:4 94:21 95:1 95:6
Gubko ( 2 ) 49:5 50:3 guess24:17 guessing ( 4 ) 109:25
110:1 110:2 110:7 guidance136:23 Guideh ( 10 ) 12:20
12:22 13:1 13:2 13:5 14:21 15:7 15:21 15:23 18:7
Guz ( 3 ) 3:7 49:12 50:8
Guz’s3:5
H
H2/37/3104:19 habitually52:25 half75:22 hampered101:19 handed ( 4 ) 32:21
54:22 81:15 98:14 handle140:19
hands ( 3 ) 30:8 65:12 114:22
Hang ( 2 ) 28:1 28:1 happened ( 8 ) 4:6 8:22
23:17 28:6 28:18 31:2 42:12 86:19
happens ( 3 ) 50:15 68:8 82:5
happier133:5
happy ( 2 ) 132:7 141:7 hard ( 3 ) 4:10 37:10
79:24 hardware60:23 haul99:24 havoc90:2 heading130:1 headline ( 2 ) 114:3
114:15
hear ( 6 ) 59:16 106:25 108:16 119:17 131:7 140:24
heard78:1 hearing ( 3 ) 17:16
59:17 141:15 hearings ( 4 ) 96:25
97:1 127:20 129:25 heat92:19 heavy128:23
held ( 13 ) 21:10 24:3 26:12 38:8 63:11 65:9 66:6 66:14 81:14 82:22 96:5 115:16 137:18
help ( 5 ) 33:1 69:11 84:2 84:25 91:9
helpful ( 7 ) 59:13 59:19 106:23 106:25 120:7 123:6 126:9
helpfully126:13 here ( 24 ) 11:8 11:9
17:13 31:23 33:15 34:9 37:14 44:7 44:12
47:6 47:15 52:6 61:10 65:16 70:9 78:9 79:13 81:3 87:10 97:8 102:2 116:18 119:19 136:17
hesitant122:9 hesitate140:13
high ( 2 ) 33:18 118:8 higher74:15 highest70:14 HILDYARD ( 155 ) 1:3
5:18 5:22 6:1 6:8 27:9 28:13 28:18 29:4 29:9 55:5 55:7 58:8 59:16 59:22 59:24 60:16 60:18 61:14 72:14 79:20 79:25 80:8 80:9 81:24 82:19 83:3 83:12 83:21 84:4 84:9 84:16 85:1 85:21 85:24 86:1 86:13 86:22 87:20 87:25 88:2 88:11 88:15 88:21 91:3 92:25 93:4 93:14 94:11 94:19 94:25 95:5 95:11 95:17 95:22 95:25 99:4 99:8 99:14 99:17 99:20 100:4 100:11 100:24 101:2 101:7 101:11 107:2 107:14 108:2 109:20 109:24 110:8 110:18 111:8 111:16 112:23 113:2 113:9 113:11 113:23 114:7 114:13 115:2 115:6 115:21 116:3 117:4 117:9 117:13 117:25 118:4 118:8 118:12 118:19 119:4 119:7 119:10 119:12 119:24 120:4 120:13 120:20 120:25 121:9 121:25 122:4 122:6 122:13 122:21 123:5 123:11 123:16 123:21 124:8 124:16 124:24 125:6 125:8 125:13 125:20 125:25 126:5 126:12 126:17 128:1 128:12 128:16 129:3 131:7 131:13 132:5 132:10 132:21 132:23 133:9 134:21 135:1 135:10 135:13 135:18 135:24 136:11 136:22 137:11 137:13 138:18 139:10 140:4 140:11 140:14 140:22 141:1 141:11 142:7
himself ( 8 ) 24:2 48:24 71:15 82:13 82:14 93:25 94:8 96:10 historic ( 5 ) 9:16 11:2 14:24 46:15 47:14
historical ( 2 ) 91:22 111:23
history ( 7 ) 6:16 10:24 14:11 25:9 29:23 36:8 65:18
hold ( 14 ) 13:2 23:18 53:1 54:21 64:25 65:7 67:1 67:24 71:3 81:9 84:17 84:20 92:13 113:11
holder66:4 holding ( 14 ) 11:19
27:8 51:8 57:11 57:12 57:19 58:4 63:8 64:12 64:13 65:19 71:16 75:15 83:5
holdings56:19
holds ( 2 ) 51:22 81:3 home ( 2 ) 125:3 125:4 homework ( 2 ) 80:10
115:1
honest ( 5 ) 48:8 49:14 68:16 68:17 92:8
hope ( 13 ) 28:22 28:24 39:24 91:11 93:7 118:22 118:24 121:22 122:10 123:3 132:10 137:15 139:6
Hopefully ( 3 ) 6:3 6:5 40:4
hoping134:12 hospital23:4
hostage ( 7 ) 83:24 84:1 84:19 94:21 94:24 94:25 95:7
hour ( 2 ) 123:20 138:23
House70:1
Housekeeping ( 4 )
100:2 113:17 137:18 142:10
However ( 8 ) 4:5 12:15 20:10 39:21 63:17 84:24 95:20 98:20
huge ( 3 ) 39:9 42:20 81:22
hundreds57:14
I
i’s112:12
I18&19/18/4137:16
I8&19/18/4037:14 idea ( 8 ) 7:22 10:5
16:16 16:19 46:6 55:3 66:2 66:5
ideas16:22 identical12:10 identification ( 2 )
117:10 118:1 identified66:16 identifies6:4 Identify ( 2 ) 117:13
132:13
IFK ( 4 ) 34:17 34:19 35:7 35:9
Igor ( 3 ) 62:14 64:23 66:13
imagination124:5 imagine ( 4 ) 32:22
106:20 122:14 134:7 imagined91:5 immediate112:4 immediately128:23 imperfect107:23 implications96:23 important ( 9 ) 7:21
36:7 45:21 68:13 68:14 93:11 121:5 122:18 127:6
impossible ( 2 ) 61:6 90:24
impression60:25 impressive120:7 in-house86:4 included ( 4 ) 77:7
104:8 104:18 104:20 including ( 4 ) 25:7
126:14 127:20 131:20
Income ( 5 ) 88:10 88:11 88:19 104:20 105:3
inconsistent89:18 increasingly107:9 incurred ( 2 ) 89:25
98:20
independent ( 9 ) 24:13 30:11 47:1 54:3 61:1
70:25 82:7 82:25 91:20
independently ( 3 ) 54:1 54:2 57:18
INDEX142:1 indicate ( 3 ) 20:3
121:10 121:11 indicated ( 10 ) 1:8 8:18
18:8 19:8 19:21 20:12 20:16 107:4 123:14 128:9
indication126:1 indicatively94:17 indirect11:13 indulgence110:10 inevitable131:16 inform ( 2 ) 108:23
135:16
information ( 16 ) 13:23 44:7 44:8 82:15 83:18 103:5 109:13 109:15 113:12 113:13 116:24 117:1 117:20 118:16 136:18 139:14
informed41:22
initial ( 2 ) 56:16 115:9 initially ( 4 ) 18:13 28:4
42:1 42:3
initiated ( 2 ) 31:18 36:1 insignificant27:19 installed125:14 instance51:1
instruct ( 2 ) 102:2 107:12
instructed ( 3 ) 108:17 108:21 122:23
instruction53:15 instructions ( 22 )
18:25 30:18 54:2 83:5 83:7 83:12 83:13 84:18 96:5 96:7 96:14 96:17 106:9 106:19 110:2 110:7 111:17 113:21 114:5 115:7 118:15 136:16
insuperable110:24 Insurance ( 19 ) 4:13
5:5 12:20 15:23 15:24 16:21 67:2 75:9 76:8 78:10 79:8 79:13 85:12 86:17 112:22 114:4 114:10 114:11 114:23
intend138:13 intended42:14 intention133:19 interest ( 8 ) 9:9 11:13
12:22 48:7 60:22 66:14 70:7 70:9 interested ( 10 ) 17:5 19:1 23:21 45:20
48:19 69:2 69:7 69:17 69:21 70:6
interests ( 6 ) 53:14 53:25 81:10 84:21 86:6 111:14
interfere81:2 interpreted1:7 INTERPRETER14:14 interpreters ( 5 ) 119:14
119:23 121:13 121:14 121:23
interrelations41:2 interrupt128:1 interruption129:19 intertwined48:14 interview ( 3 ) 58:24
58:25 60:21
into ( 12 ) 14:14 36:17 56:15 64:19 77:3 79:1
112:24 114:1 114:2 118:7 131:22 139:13
intriguingly34:25 introduction90:5 inuring87:15 invariably86:15 Invest ( 22 ) 89:5 89:6
89:10 90:5 90:6 90:8 90:16 90:19 90:22 90:25 91:5 97:9 97:12 97:14 97:19 97:22 97:24 98:15 98:17 98:20 98:23 99:2
investing56:15 investment ( 10 ) 27:3
31:15 49:9 56:17 60:22 61:3 77:18 77:21 78:25 90:1
Investments ( 3 ) 62:7 62:16 93:17
invited82:12 inviting53:22 invoices106:14 involve95:9
involved ( 8 ) 2:22 2:24 9:13 17:2 46:20 63:18 65:4 69:5
involvement11:16 involves72:6 involving86:14 irrelevant ( 4 ) 4:12
48:10 48:13 48:15
Ispolkomskaya ( 18 )
24:25 33:24 34:5 34:18 35:15 35:19 36:11 36:12 36:22 37:1 37:3 37:5 37:25 38:23 39:21 42:6 42:11 46:10
issues ( 2 ) 16:17 130:23
it’s31:14
items ( 5 ) 79:9 79:10 104:15 104:20 138:24
its ( 31 ) 11:9 22:20 23:12 24:9 26:17 33:24 35:15 37:2 38:7 44:16 50:17 51:11 51:24 56:3 57:25 58:6 66:22 69:3 70:6 81:20 83:12 90:22 92:22 93:3 97:24 98:16 102:17 110:13 110:22 113:16 117:21
itself ( 2 ) 6:4 141:10
J
J1/26/1104:2
J1/26/2104:8
J1/26/3104:12
January6:17 job6:22
jobs ( 2 ) 50:12 51:17 joint ( 11 ) 8:16 9:14
10:7 15:22 18:11 47:2 47:3 52:8 54:8 54:11 92:17
journalists ( 2 ) 40:17 40:20
journey100:1 judging ( 3 ) 7:19 9:1
60:21 judgments139:4 judicial ( 2 ) 57:25 58:7
July ( 8 ) 130:19 131:6 131:10 134:6 134:7 134:20 134:21 134:22
jumped72:8
Magnum services provided by Opus2 International Ltd +44 (0)20 3008 5900
www.opus2international.com
June ( 16 ) 30:1 30:6 126:20 127:24 128:14 128:24 129:8 130:2 130:17 131:5 132:4 134:5 134:6 134:23 135:17 135:21
Junior ( 2 ) 66:3 66:6
K
Kalinin ( 11 ) 23:6 23:8 23:14 24:3 49:15 49:17 50:5 75:15 95:14 95:15 95:21
Kartoteka13:15 keen123:17
keep ( 4 ) 47:11 119:21 126:7 138:13
kept ( 3 ) 54:16 54:19 103:25
Khortitsa ( 14 ) 1:23 22:9 22:11 29:16 29:19 29:24 30:8 30:15 31:17 31:20 32:3 40:12 40:23 44:3
kind ( 14 ) 3:16 10:2 10:12 20:13 21:13 23:20 37:6 43:10 51:11 61:17 68:22 87:21 87:23 110:6
Kiperort ( 2 ) 21:1 86:14 knew ( 2 ) 4:6 49:11 know ( 119 ) 1:19 3:22
6:24 7:2 7:16 7:25 8:24 9:14 11:22 11:23 11:24 12:13 12:15 13:4 13:7 13:8 17:23 18:11 19:14 24:16 24:18 25:16 26:4 26:10 26:19 26:22 26:24 27:14 32:11 34:6 34:19 34:20 34:23 35:12 35:13 35:24 35:24 36:19 37:4 38:21 38:21 39:7 39:10 39:10 39:16 42:3 42:19 42:25 43:24 46:23 48:5 49:7 49:14 49:17 49:22 49:24 50:23 51:3 51:4 51:19 52:6 52:7 52:11 52:13 52:17 53:18 53:24 55:17 55:25 56:2 56:14 56:23 57:20 59:13 59:14 59:19 61:1 61:5 61:16 61:23 63:22 64:5 65:15 65:22 66:18 66:18 71:15 72:11 74:1 79:10 80:13 80:21 84:8 84:12 94:13 94:16 94:17 96:11 96:13 99:6 100:8 101:13 106:24 112:16 114:15 115:15 117:2 118:15 119:2 119:18 122:24 124:4 124:19 124:20 124:24 126:21 129:20 135:2 141:9
knowing ( 2 ) 130:4 130:5
knowledge ( 13 ) 4:2 7:24 9:8 9:11 12:1 12:21 13:3 19:12 44:10 47:4 49:1 65:13 94:20
known ( 2 ) 13:10 15:8 knows ( 3 ) 59:15
120:15 124:20
Kolmakov ( 5 ) 49:21
49:22 50:3 56:4 56:6
Komavtoservis10:7
Komavtotrans ( 4 ) 9:19
10:8 11:9 11:14
Komavtotrans’9:20
Kompania45:5
Konstantin6:18
Kontur ( 9 ) 62:22 62:22
62:24 62:24 63:15
63:15 66:15 66:15
66:18
Korneev ( 7 ) 63:4 63:6
64:5 64:12 64:20 66:9
66:10
Korneev’s63:9
L
laborious135:7 ladies47:25
land ( 15 ) 27:24 75:7 75:15 75:17 75:24 76:7 76:10 76:11 76:21 77:1 77:7 77:8 77:15 78:9 87:4
landlord ( 5 ) 41:9 43:1 43:23 45:17 45:24
landlords45:24 languages120:10 large ( 9 ) 25:5 25:6
37:10 43:10 55:14 55:15 55:16 56:21 107:10
largely122:15
last ( 20 ) 5:15 14:5 20:12 21:22 72:24 73:3 95:8 102:11 108:3 116:7 119:16 119:19 120:16 123:19 126:15 129:9 134:23 138:9 139:16 141:8
late55:21
later ( 10 ) 3:7 5:5 25:24 77:15 80:23 102:15 110:14 116:17 118:25 126:2
latest2:7 latter131:15
lawful ( 4 ) 83:10 83:13 92:8 96:7
lawyer ( 2 ) 40:25 85:6 lawyers ( 6 ) 3:2 4:7
25:18 37:15 107:24 136:14
leapt140:5 learnt3:20 lease38:7
Leasing ( 12 ) 12:4 12:5 12:7 12:9 12:13 12:15 16:12 16:20 17:18 18:1 18:7 77:7
least ( 19 ) 13:15 15:1 20:2 39:5 39:17 44:5 74:7 82:3 82:22 83:15 84:16 126:22 128:18 130:17 130:19 131:1 135:3 135:21 137:22
leave ( 5 ) 57:20 103:13 107:13 125:18 138:18
left ( 3 ) 35:3 100:14 137:19
legal ( 17 ) 3:4 12:18 24:24 25:6 31:6 31:9 33:24 34:4 34:17 35:15 36:10 42:3 71:11 84:10 84:13 86:4 87:13
Legally86:18
legislation ( 3 ) 4:16 57:24 68:10
lend ( 3 ) 19:23 20:1 20:5
lengthy16:6 lent18:23
less ( 4 ) 58:10 114:16 135:25 138:15
Lestovkin ( 6 ) 8:17 9:14 18:12 30:2 30:16 31:21
let ( 6 ) 19:19 37:13 37:23 118:15 122:24 135:1
letter ( 2 ) 37:14 37:19 level118:8 liabilities4:17 liability89:24
liaise ( 3 ) 125:9 135:14 136:5
liasing125:19 liberty117:16 licence103:19
life ( 5 ) 103:1 107:8 112:21 114:10 114:11
light ( 4 ) 11:14 80:23 83:1 136:8
like ( 21 ) 11:17 15:4 16:4 29:17 30:7 34:21 41:1 41:15 48:21 50:5 50:21 69:24 70:19 94:16 106:15 107:9 119:24 125:25 129:11 132:18 136:3
likely ( 11 ) 21:8 22:15 33:19 48:3 48:5 48:6 53:13 70:1 110:3 124:10 134:7
limb117:22
limit ( 2 ) 112:16 113:7 limited ( 8 ) 4:16 4:17
44:25 68:4 78:5 91:13 91:17 91:24
line ( 36 ) 16:11 19:3 19:18 21:2 24:24 30:25 33:23 34:2 34:3 34:15 34:24 35:7 35:14 35:18 67:16 73:17 73:23 75:3 75:4 75:16 76:16 78:11 85:4 87:1 88:24 89:15 89:20 91:15 93:18 93:22 97:15 97:17 97:21 98:22 106:21 128:21
lines ( 4 ) 43:10 77:22 102:15 132:14
link108:17 linked44:3
list ( 9 ) 8:12 9:1 9:16 11:2 14:24 46:15 47:14 129:10 139:9
lists73:22 literally77:4
little ( 14 ) 47:17 50:21 61:20 80:11 86:10 103:5 121:25 127:1 127:16 127:18 131:17 138:4 138:5 138:19
living ( 4 ) 102:25 112:14 118:9 118:10
LLC ( 21 ) 10:19 26:5 34:2 34:4 34:17 35:1 35:4 35:7 35:8 35:9 35:14 35:18 53:4 56:3 56:24 56:25 64:10 66:15 66:15 79:8 79:8
loan ( 5 ) 28:12 28:13 28:18 28:19 92:6 located ( 5 ) 25:4 34:7 34:12 37:4 39:20
location12:19 Loginov46:13 logistical ( 3 ) 29:1
101:4 111:6 logistics100:19
Lokai ( 14 ) 26:18 26:22 26:23 33:11 33:20 34:16 35:2 35:8 35:21 35:24 44:25 46:17 47:3 47:15
long ( 13 ) 13:6 14:19 37:17 47:14 61:8 99:23 105:21 107:8 107:21 110:5 111:17 135:10 140:7
long-standing84:8 longer ( 7 ) 29:8 32:12
66:10 124:6 133:22 140:25 141:6
look ( 47 ) 1:18 1:24 2:5 2:8 6:10 6:15 8:3 8:12 9:16 12:8 13:12 14:10 19:2 20:21 24:24 25:9 29:15 34:13 34:14 35:10 43:3 44:11 45:1 46:7 48:3 48:5 48:17 50:5 56:10 62:25 63:24 65:17 68:20 69:18 73:2 73:5 75:11 75:16 76:13 78:20 79:18 83:1 92:8 97:6 104:19 113:5 134:6
looked ( 2 ) 2:11 42:21 looking ( 12 ) 16:10
20:23 33:22 35:25 48:9 59:11 65:16 65:18 78:20 79:11 94:23 115:6
looks ( 4 ) 30:7 48:6 59:23 110:14
Lord’s ( 8 )96:3 97:5 99:7 99:10 105:6 116:10 128:21 129:20
Lordship ( 20 ) 29:8 29:13 32:22 32:24 37:15 55:11 59:25 67:25 80:7 99:10 100:8 107:6 107:21 113:3 113:21 125:22 126:10 133:2 133:6 140:23
Lordship’s ( 4 )106:2 126:13 127:23 137:4
losses ( 3 ) 90:6 91:6 97:13
lost17:23
lot ( 12 ) 13:22 25:6 29:21 30:8 59:23 67:17 74:4 107:13 109:2 109:3 124:6 133:12
low69:23 lowest69:25
LPK ( 3 ) 76:11 76:21 77:1
Ltd62:7
lunch ( 3 ) 29:2 29:7 54:25
M
machine ( 2 ) 37:6 58:22
mad24:22
Madame113:5 Maggs ( 2 ) 124:18
140:21
Maggs’123:9 Magnum ( 4 ) 32:18
59:20 101:13 121:17
main ( 2 ) 62:6 101:6 maintains81:4
major ( 2 ) 31:5 57:13 majority3:13
makes ( 2 ) 10:11 27:8 making ( 3 ) 21:17 27:6
111:24
Malaya ( 6 ) 35:8 35:12 35:13 43:18 45:5 47:16
Maleev ( 13 ) 44:16 50:25 51:11 52:2 52:11 52:15 52:22 52:25 53:6 53:10 53:18 53:21 53:24
Maleev’s51:17
Maleeva50:23 Maloi ( 3 ) 7:12 7:12
7:14
Malookhtinsky ( 14 )
12:11 16:14 35:11 41:18 41:19 42:1 42:7 42:9 42:18 43:1 43:23 45:7 47:17 64:11
Malyshev ( 21 ) 55:17 55:22 56:14 57:6 57:10 57:18 60:21 61:1 61:3 61:5 61:16 62:14 63:11 64:24 64:25 65:6 65:19 66:3 66:6 66:14 71:19
Malyshev’s ( 3 )56:11 60:14 65:11
Malysheva ( 13 ) 59:1 59:9 61:3 61:10 61:12 62:14 67:5 67:18 68:23 84:2 84:7 84:15 84:25
manage ( 2 ) 33:9 53:1 managed ( 8 ) 24:2 30:9
30:10 30:17 31:9 38:6 42:5 45:25
management ( 32 ) 2:18 2:23 2:25 4:24 8:3 8:14 9:9 9:10 11:13 11:18 18:8 18:11 24:16 25:21 26:1 27:7 30:3 30:12 30:13 36:23 36:25 39:18 39:20 40:22 41:4 41:7 41:15 43:17 45:5 48:23 50:9 96:16
manager ( 7 ) 6:16 10:24 25:9 29:24 30:25 48:24 54:23
managerial50:25 managers ( 11 ) 6:19
24:7 36:10 50:12 51:7 51:16 51:25 70:18 70:24 71:17 71:20
manages53:25 managing ( 2 ) 16:20
35:21
many ( 10 ) 25:4 31:6 41:5 48:14 71:12 93:19 94:14 115:23 125:13 141:5
March ( 11 ) 1:17 1:24 2:13 3:19 4:1 4:20 4:20 30:2 30:4 55:22 57:2
Marine ( 2 ) 68:22 69:6 Maritime ( 2 ) 81:6
83:16
market ( 10 ) 26:21 39:12 56:12 70:3 76:7 76:21 76:25 77:3 78:16 78:17
match46:10 matches45:6 material132:8
matter ( 13 ) 74:24 82:7 82:25 103:7 107:22 109:15 110:20 110:21 118:23 119:1 128:16 133:18 134:15
matters ( 7 ) 101:4 107:17 111:6 112:15 113:17 132:17 134:5
Matvienko10:8 maximise70:5 maximum ( 2 ) 70:11
70:12
Maybe ( 11 ) 31:21 47:2 47:3 72:16 75:24 78:22 82:19 91:7 101:8 105:1 130:8
mean ( 21 ) 3:5 17:21 20:10 21:22 32:4 66:25 67:10 67:12 80:18 83:12 83:13 83:25 88:12 94:24 95:4 100:12 125:15 128:7 131:7 132:10 138:14
meaning ( 2 ) 7:8 27:22 means17:25
meant ( 7 ) 17:13 18:3 42:24 78:1 81:9 84:1 118:2
meantime119:5 medical23:4 Medinvest ( 6 ) 1:23
22:18 22:20 22:23 23:2 31:19
meet ( 2 ) 127:8 130:5 meeting ( 5 ) 3:9 3:9 4:4
5:8 82:11
meetings ( 2 ) 5:6 5:19 megalomaniac122:12 members ( 2 ) 48:4
52:25 memorandum ( 6 )
80:22 80:22 80:24 81:9 81:12 81:17
memories141:7 memory ( 9 ) 12:25
22:12 23:6 73:12 74:6 75:25 78:18 134:19 134:24
men133:24 mental16:8 mention ( 3 ) 64:2
103:15 139:9 mentioned ( 11 ) 14:5
14:21 17:15 18:3 20:20 36:12 44:12 44:17 50:22 52:5 69:5
mentioning137:15 menu137:18
Mercedes ( 2 ) 25:5 37:8
Mercury ( 4 ) 18:20 18:21 19:9 76:19
merely82:4 Meridian75:18 meters92:19 microphone14:14 middle ( 6 ) 37:16 43:11
49:3 59:7 60:7 132:3 might ( 25 ) 55:3 66:3
72:10 72:11 83:14 84:9 94:14 96:4 103:4 106:10 108:19 109:16 114:3 126:10 127:17 131:1 132:8 132:16 134:20 134:22 136:15 138:3 138:5 139:22 140:25
migration32:5 Mikhail62:3 Mikhailovich47:23
Magnum services provided by Opus2 International Ltd +44 (0)20 3008 5900
www.opus2international.com
million ( 28 ) 73:13 must ( 9 ) 28:12 41:6 newspaper ( 2 ) 40:7
73:14 74:15 75:22 53:17 75:12 76:3 58:25
75:24 75:24 76:2 122:24 129:6 136:19 next ( 9 ) 33:18 34:24
76:17 76:20 76:23 138:19 35:5 43:16 104:7
77:6 77:11 77:13 myself ( 8 ) 31:4 44:5 113:10 119:11 125:11
77:17 78:21 78:24 61:11 88:22 94:6 125:21
79:17 80:1 90:14 119:25 120:11 121:20 Nice104:22
90:16 90:16 97:18 nicely137:9
97:19 98:6 98:11 N night ( 2 ) 99:20 99:21
98:11 98:18 98:18 nights137:1
millions57:14 nobody ( 2 ) 21:8
name ( 13 ) 22:19 22:20
Milner ( 15 ) 100:22 136:18
102:3 102:13 105:18 33:11 33:19 33:20 nominal ( 12 ) 9:7 22:15
107:12 107:19 109:7 35:1 46:24 47:5 47:22 23:20 28:8 32:15
116:5 116:15 119:1 62:9 70:17 70:22 78:4 53:10 56:21 57:3 57:5
123:10 124:5 124:17 named18:7 65:13 66:3 67:12
136:16 140:25 namely102:10 nominee ( 13 ) 11:19
Milner’s ( 4 )102:10 names ( 2 ) 98:3 104:6 23:18 26:6 53:6 53:7
117:11 123:24 141:7 narrower133:23 53:21 53:21 53:24
mind ( 9 ) 29:15 80:5 narrows131:9 57:16 61:4 61:4 71:15
100:14 100:16 105:9 natural133:1 71:19
126:8 137:15 138:13 Naturally ( 2 ) 118:19 nominees ( 2 ) 57:8
141:5 140:14 70:24
minded122:23 nature ( 2 ) 106:20 non-complied82:16
mine107:11 141:3 non-public54:14
minimum ( 2 ) 86:16 Nazarov137:19 non-Withers118:3
125:13 near ( 2 ) 123:1 137:6 nor ( 2 ) 26:10 122:22
minister ( 2 ) 43:6 52:2 nears113:16 normal ( 2 ) 81:21 109:9
minor ( 2 ) 110:16 necessarily ( 3 ) 34:23 normally ( 2 ) 86:14
110:20 36:17 118:17 124:7
minus ( 4 ) 90:16 97:18 necessary ( 5 ) 1:16 note ( 4 ) 16:8 126:23
98:11 98:18 12:8 102:21 111:7 129:23 137:4
minutes ( 6 ) 20:23 123:22 noted102:1
21:23 28:24 29:3 29:9 need ( 26 ) 8:4 13:12 notes72:9
72:14 14:11 20:15 31:14 nothing ( 11 ) 7:1 8:8
miracle119:25 31:21 32:22 32:23 10:14 11:17 13:16
misled85:3 33:2 38:14 41:23 22:15 27:17 28:10
miss140:14 103:12 110:5 110:7 28:14 91:25 114:12
misspoke ( 2 ) 76:1 112:8 113:20 115:9 notice ( 5 ) 3:9 3:20
76:2 123:14 124:10 126:22 72:7 108:14 124:14
mistake79:12 127:6 127:10 127:13 noticed59:14
mistaken ( 4 ) 26:1 27:1 134:9 135:2 141:5 notices ( 10 ) 3:16 3:18
45:11 73:18 needed ( 6 ) 21:8 32:12 3:23 3:25 4:3 4:8 4:11
mistranslated94:7 41:24 67:1 81:19 4:11 4:19 4:20
misunderstood82:19 83:19 notification ( 2 ) 3:15
Mizeks44:24 needs ( 7 ) 32:15 109:6 4:15
Modul ( 2 ) 14:4 14:8 112:12 113:10 115:14 notorious133:7
Moike ( 3 ) 7:12 7:12 124:6 138:11 notwithstanding ( 2 )
7:14 Nefte-Oil ( 17 ) 73:1 111:19 123:23
moment ( 8 ) 28:23 73:9 88:6 89:5 89:6 November ( 3 ) 38:3
41:10 46:12 47:10 89:22 89:25 90:10 62:15 79:7
108:2 121:16 121:22 97:9 97:16 98:4 98:10 number ( 22 ) 12:24
122:21 98:12 98:13 98:13 14:17 15:24 17:8
Monday1:1 98:14 99:2 22:3 23:5 33:12 33:17
money ( 9 ) 28:11 37:10 Nefte-Oil’s90:1 35:22 36:9 36:13
76:18 87:3 87:6 negative ( 6 ) 90:20 40:23 51:1 57:23
110:10 115:20 117:19 90:20 90:24 90:25 57:24 63:18 66:21
119:2 97:22 98:16 72:6 79:9 101:3 104:6
monies ( 5 ) 88:1 neglecting107:7 115:13
105:15 112:10 112:15 negotiated42:25 numbered101:14
117:19 neither26:10 numbers41:5
monthly105:3 neutrality81:4 numerous135:5
months ( 4 ) 62:13 Neva ( 6 ) 61:23 63:7
63:12 110:14 133:4 63:15 64:13 64:17 O
moral84:10 64:23
Moreover ( 3 ) 39:3 48:9 never ( 12 ) 7:22 9:10
o’clock ( 2 )106:8 120:6
61:6 9:13 9:14 49:11 49:11
morning ( 8 ) 1:3 1:4 1:9 49:14 49:17 57:21 obeyed110:14
100:21 101:9 106:8 68:1 68:17 132:12 object ( 3 ) 101:24
123:18 123:20 nevertheless ( 5 ) 28:7 102:17 102:20
Morskoy92:6 68:1 82:15 111:14 obligation ( 4 ) 84:6
Moscow ( 5 ) 10:2 10:12 131:21 84:10 85:8 93:6
41:10 45:10 52:10 Nevskaya ( 26 ) 8:2 obligations ( 5 ) 80:25
mother66:7 8:13 8:19 8:22 9:9 81:12 81:14 82:17
move ( 8 ) 27:12 41:23 9:10 11:13 11:16 84:24
41:24 42:2 42:13 11:18 18:7 18:9 18:11 obtain90:25
42:14 42:22 42:24 23:10 23:16 23:22 obtained ( 2 ) 90:7
moved42:13 30:3 30:12 30:13 97:13
moves ( 2 ) 50:13 50:14 36:23 36:25 39:17 obtaining ( 3 ) 90:23
moving ( 2 ) 42:21 39:20 40:22 41:4 41:7 97:25 98:24
116:12 41:15
Magnum services provided by Opus2 International Ltd +44 (0)20 3008 5900
www.opus2international.com
obvious ( 2 ) 110:9 136:24
obviously ( 34 ) 1:12 3:8 7:8 17:19 17:24 27:21 30:5 37:17 42:15 64:4 65:17 65:21 66:21 67:1 68:16 69:22 105:4 105:17 105:19 107:3 108:12 108:15 109:6 110:16 112:21 113:4 113:10 115:15 115:25 122:17 132:19 132:25 133:3 139:24
occasion ( 8 ) 18:22 40:11 94:23 102:11 103:16 108:9 127:10 137:20
occasionally42:8 occasions ( 3 ) 80:14
94:23 120:5 occupied130:9 occupies50:25 occupying41:14 occur121:6 occurrence50:11 offer27:12
offered ( 3 ) 66:21 67:3 86:18
office ( 38 ) 12:18 16:13 17:19 17:22 17:25 17:25 25:1 25:1 34:5 34:7 35:11 37:11 37:22 37:23 38:1 38:2 38:5 38:6 38:18 38:22 38:23 39:1 39:4 39:7 39:10 39:15 39:18 39:19 39:21 41:4 41:12 41:17 41:19 42:11 42:18 45:10 45:16 52:10
officer ( 2 ) 49:5 49:9 offices ( 10 ) 25:3 25:5 37:2 38:19 39:22
40:22 41:2 42:1 42:13 45:19
offshore ( 6 ) 62:8 62:9 62:15 64:24 65:12 91:21
often ( 4 ) 26:20 36:14 50:15 68:8
Ohta ( 5 ) 35:8 35:12 35:13 43:18 45:5
Oil ( 6 ) 61:23 63:7 63:15 64:13 64:17 64:23
oilfields ( 2 ) 40:9 40:10 Okay ( 6 ) 6:7 29:9
95:25 122:21 123:5 141:12
Okhta47:16
Oksana ( 2 ) 44:23 51:8
Olga43:20
Olimp ( 25 ) 25:1 33:24 34:6 34:7 37:23 38:18 38:24 39:15 39:21 41:2 41:5 41:9 41:11 41:16 41:21 41:25 42:4 45:24 45:25 46:4 46:9 46:22 46:25 47:15 48:7
Olimp’s47:5
Olymp38:2
OMG ( 5 ) 14:6 14:7 18:22 66:25 69:3
OMG’s38:5
OMGP102:2 omission110:17 once ( 15 ) 16:8 24:24
29:5 34:17 35:15 35:18 48:9 61:19
65:19 80:24 105:21 107:5 108:10 127:10 134:4
Onega ( 6 ) 27:24 76:7 76:11 76:22 78:10 78:20
ones78:20 ongoing ( 3 ) 31:14
105:5 134:15 onwards96:15
OOO ( 2 ) 78:4 78:5 opening127:4 operate32:9 operated ( 5 ) 38:2
38:12 39:6 39:13 39:14
operating ( 6 ) 17:25 36:20 36:21 38:19 49:4 95:12
operations ( 6 ) 18:4 39:13 90:22 94:10 97:24 98:23
opportunity106:7 optimistic133:8 option51:14 options3:12
oral ( 13 ) 71:13 84:14 120:22 121:13 122:6 122:14 130:13 130:20 130:22 131:4 131:4 135:15 136:6
order ( 45 ) 92:22 101:1 101:20 101:22 101:24 102:8 102:21 103:22 103:24 104:2 104:5 104:13 104:13 105:6 105:13 106:2 106:5 106:13 108:11 109:12 109:13 109:21 110:11 110:13 110:20 111:25 112:9 112:20 113:12 115:8 115:17 115:18 116:21 116:22 116:23 117:5 117:7 117:18 117:21 118:1 118:7 118:17 118:24 137:6 137:20
ordered ( 4 ) 101:17 111:23 113:18 113:18
orders ( 7 ) 60:15 106:17 109:2 110:13 110:22 112:17 114:18
ordinary ( 2 ) 38:9 112:24
Ordynka ( 6 ) 43:21 45:8 52:5 52:6 52:7 52:8
organise55:4 organised67:23 original ( 10 ) 1:10 4:22
5:22 81:25 82:1 96:4 112:17 112:20 127:4 131:23
originally ( 2 ) 8:19 114:18
Oslo ( 2 ) 68:22 69:6 other’s19:23 others34:13 otherwise ( 8 ) 1:8 50:7
100:13 122:24 123:23 130:9 140:17 140:25
ought ( 5 ) 101:4 103:5 105:12 105:13 116:4
ourselves ( 2 ) 28:9 120:23
outlined ( 2 ) 103:21 112:11
outrider126:2
outside ( 2 ) 69:12 74:9 outstanding ( 4 ) 87:5 87:7 137:5 138:24
over ( 12 ) 51:14 54:23 74:3 77:7 81:16 95:8 98:15 103:13 105:3 113:7 134:12 138:7
overflow131:22 overnight ( 2 ) 115:25
121:11 overreaching132:6 oversight ( 2 ) 23:21
23:24
own ( 32 ) 12:2 13:9 15:6 23:8 23:12 23:12 24:9 33:7 47:1 50:13 51:24 52:10 54:3 54:17 56:20 58:3 58:17 58:18 61:1 61:6 61:14 66:22 69:3 70:7 71:8 89:14 93:11 94:20 104:6 107:8 108:9 129:10
owned ( 35 ) 4:13 7:3 11:24 13:7 13:9 14:21 15:7 16:25 20:17 22:22 23:14 26:19 27:18 27:23 28:14 41:11 43:19 53:11 53:14 66:10 66:18 70:17 70:23 70:25 75:8 76:8 76:11 78:9 85:7 85:13 85:14 86:5 86:19 91:20 91:24
owner ( 12 ) 11:12 13:9 41:10 42:25 45:19 46:2 46:25 47:5 53:10 57:17 64:16 81:20
owners ( 6 ) 41:14 41:20 42:4 63:14 71:8 71:11
ownership ( 6 ) 13:24 30:9 63:1 63:3 63:5 64:23
owns ( 6 ) 7:8 7:9 45:9 45:21 48:12 48:15
P
pages ( 5 ) 7:4 44:18 76:14 78:8 88:22 paid ( 12 ) 9:5 28:9
65:13 75:10 76:18 81:13 90:16 97:20 105:18 109:8 109:9 115:24
paper ( 3 ) 32:19 40:3 68:12
parallel5:4 paraphrase19:9 pardon ( 5 ) 6:2 6:6 15:3
46:11 61:21 parent62:6
Paris104:23
part ( 18 ) 6:22 7:9 12:17 18:6 19:19 31:7 42:15 46:4 47:25 69:15 71:23 88:8 102:9 109:4 115:1 122:14 124:2 128:18
participant ( 2 ) 21:9 28:2
participate21:10 Participation ( 5 ) 7:7
11:5 21:6 45:1 62:19 particular ( 11 ) 3:14
40:24 45:20 48:11 48:15 56:1 58:1 83:10 94:5 110:23 127:3
particularly ( 8 ) 17:5 17:12 48:12 78:18 114:14 123:1 132:13 138:23
parties ( 8 ) 56:19 56:22 15:6 15:16 15:20 potentially ( 2 ) 129:7 problematic ( 7 ) 84:23
58:2 58:14 58:17 16:13 16:18 16:25 137:23 92:24 93:2 93:12
68:11 111:5 133:1 18:2 25:15 26:8 26:17 practical ( 4 ) 24:11 96:22 96:23 96:24
partner ( 3 ) 8:19 12:5 31:8 34:5 34:18 35:1 111:15 116:12 116:20 problems6:4
15:19 37:25 38:22 39:8 practice ( 6 ) 20:4 22:16 procedurally113:1
partners ( 4 ) 10:3 10:4 42:19 43:17 48:13 57:25 58:7 108:7 procedure ( 2 ) 3:15
14:25 15:17 48:25 50:10 51:9 129:20 4:15
parts117:5 58:25 95:9 pragmatic116:9 procedures81:19
party ( 6 ) 10:13 14:6 Petrograd ( 2 ) 12:17 precious109:6 proceedings ( 11 )
82:12 89:7 89:11 18:2 precise110:6 10:21 37:13 39:4
89:23 phone ( 2 ) 40:23 40:25 precisely ( 3 ) 68:14 55:22 69:17 89:7
pass ( 4 ) 31:2 57:17 photocopies28:25 92:7 94:24 89:11 89:23 91:18
57:19 75:18 pick115:13 prefer ( 3 ) 72:15 100:13 92:1 138:25
passage ( 2 ) 59:8 60:13 picked139:1 134:24 process ( 2 ) 4:21 4:23
passed ( 4 ) 30:12 56:24 picture95:11 preference141:2 processes ( 2 ) 5:1 5:3
64:23 65:11 piece68:12 prejudice132:20 processing102:19
passing ( 3 ) 32:7 40:24 pilot123:24 prejudiced133:3 produced116:23
131:15 place ( 8 ) 5:5 5:7 5:8 premises ( 15 ) 38:8 product ( 2 ) 114:23
past ( 5 ) 8:1 41:11 34:12 39:9 57:2 92:12 41:13 41:15 42:2 114:24
54:20 116:25 129:22 122:25 42:6 42:9 42:10 42:14 products114:1
patronymic47:5 plan130:4 42:15 45:14 45:20 professional ( 4 ) 53:12
Pause ( 2 ) 40:15 planned ( 2 ) 21:7 45:21 48:11 48:12 54:23 60:22 127:19
138:19 124:13 48:13 Professor ( 4 ) 123:9
Pavel30:4 planning56:16 prepare ( 2 ) 109:7 124:18 140:19 140:21
pay ( 3 ) 28:16 37:9 plans15:20 133:1 proffer16:15
98:12 Plaza43:18 prepared4:7 proffered137:23
payable104:21 pledge ( 2 ) 98:8 98:8 preparing121:21 profile ( 11 ) 6:12 8:4
paying ( 3 ) 37:10 67:14 plot ( 6 ) 75:17 77:1 prescribed112:17 10:18 12:9 13:13
81:18 77:7 77:8 77:15 87:4 present ( 10 ) 7:25 8:13 13:15 29:16 29:19
payment ( 10 ) 58:15 plough100:9 9:1 12:10 13:23 14:19 44:11 61:22 63:25
58:16 87:17 87:21 plus113:6 54:7 58:13 95:20 profiles66:13
104:14 104:20 105:2 pointing59:18 109:18 profit ( 5 ) 90:18 98:10
112:5 115:21 115:23 points ( 19 ) 29:17 presented ( 2 ) 83:20 98:12 98:18 98:21
payments ( 8 ) 104:17 100:5 100:25 101:6 91:18 profits91:7
104:24 105:1 105:5 102:22 104:9 106:18 presently114:15 progress ( 4 ) 109:1
105:25 117:10 117:14 106:20 106:21 106:24 press ( 2 ) 43:5 92:21 109:5 111:7 126:11
118:6 108:12 108:20 115:10 pressing137:20 project ( 13 ) 15:22 17:8
pencil ( 2 ) 130:17 134:6 115:13 116:7 116:17 pressure138:4 18:6 22:25 23:3 23:10
pending113:12 127:11 137:5 137:18 pressures111:20 23:11 23:15 23:22
people ( 5 ) 50:7 66:19 Pole-Stroy35:14 presumably ( 3 ) 6:21 23:25 31:14 52:20
66:20 71:11 133:25 policy ( 5 ) 103:1 103:19 42:24 85:10 92:17
people’s61:7 114:4 114:11 114:11 pretty ( 3 ) 29:6 113:7 projects ( 13 ) 15:21
per ( 4 ) 7:11 11:3 11:21 pompous110:19 124:23 17:2 19:25 20:1 23:12
26:17 pool ( 3 ) 90:6 91:6 previous ( 10 ) 22:20 23:17 24:1 24:1 31:7
perceive112:4 97:12 44:3 106:17 108:8 32:8 69:3 90:1 93:19
perfect ( 2 ) 13:16 68:11 Popov ( 5 ) 127:13 109:13 109:21 112:6 promise122:9
perfectly ( 2 ) 108:18 129:9 130:23 133:21 113:15 117:5 127:9 promised ( 2 ) 84:2
111:17 133:24 previously ( 12 ) 5:15 84:25
performed53:3 Popov/Steadman ( 2 ) 21:1 25:18 26:15 proof55:22
perhaps ( 31 ) 1:18 7:5 131:11 131:18 26:19 27:21 44:23 proper ( 5 ) 65:14 85:11
8:3 8:11 12:17 13:12 port ( 2 ) 94:1 94:8 50:22 88:2 102:5 103:24 111:7 114:21
24:20 28:23 29:2 29:8 Porter122:24 113:18 126:21 properly134:25
30:20 30:21 32:20 Ports68:22 price ( 32 ) 56:12 57:3 property ( 10 ) 27:16
38:24 48:17 50:24 Ports’69:6 57:5 58:1 58:3 58:9 28:16 45:12 48:7 77:1
63:15 63:24 70:19 position ( 17 ) 35:2 69:23 69:25 70:2 70:3 79:10 79:10 79:14
75:2 76:15 87:23 50:25 63:19 80:16 70:11 70:11 70:12 80:3 80:5
94:6 94:17 94:18 98:3 89:14 90:4 101:8 70:14 70:15 73:11 proportion105:19
101:19 109:11 109:16 104:10 106:23 111:3 73:13 73:19 75:10 proposal ( 4 ) 137:21
109:25 135:1 111:4 116:8 116:10 75:22 76:7 76:9 77:3 137:25 138:5 138:11
perimeter74:9 116:11 127:23 130:20 77:9 77:12 78:16 propose ( 2 ) 55:5
period ( 10 ) 14:22 20:2 131:3 78:17 78:21 79:19 133:15
22:6 26:16 27:3 65:6 possessed28:10 80:1 90:14 98:15 proposed ( 5 ) 102:5
66:14 69:7 83:11 possession54:17 principle ( 4 ) 50:19 102:12 105:15 106:4
105:2 possibility42:21 95:18 105:24 107:22 118:15
periods14:19 possible ( 16 ) 4:3 4:5 principled106:21 proposition32:14
permit51:16 4:7 4:9 7:18 7:20 8:24 prior ( 8 ) 3:8 4:4 27:18 prospective102:25
permitted103:18 14:7 15:5 23:22 25:25 38:15 41:21 77:4 prospects133:23
person ( 6 ) 21:17 37:7 64:21 69:23 91:1 78:19 78:23 Prospekt12:12
45:17 46:19 61:2 122:25 124:24 priorities57:22 protocol ( 4 ) 73:22
95:19 possibly ( 10 ) 22:22 privatisation77:10 74:23 74:25 75:3
personal ( 3 ) 61:7 49:11 49:20 61:4 62:5 privatised ( 2 ) 77:8 protocols ( 3 ) 73:16
106:8 118:9 63:11 87:4 108:18 77:15 73:21 74:8
personally ( 3 ) 2:22 136:24 139:17 prize131:25 proud141:11
3:18 26:12 postbox42:7 probability33:18 proved126:24
personnel119:20 postpone125:23 probable49:7 proves125:4
persons ( 2 ) 57:7 66:20 postponed116:14 probably ( 12 ) 28:25 provide ( 9 ) 17:11
persuasion124:11 postponement130:25 33:9 54:10 55:1 72:12 36:15 36:15 63:22
Peterburga40:12 postponing109:14 108:21 125:21 126:20 65:8 67:6 104:16
Petersburg ( 33 ) 12:4 Potapov25:22 128:8 129:18 135:24 109:22 136:15
12:10 12:11 12:17 potential ( 2 ) 14:5 136:2 provided ( 16 ) 37:7
13:6 13:8 14:23 15:1 129:21 problem ( 2 ) 6:3 106:22 86:7 103:6 103:13
Magnum services provided by Opus2 International Ltd +44 (0)20 3008 5900
www.opus2international.com
105:6 105:16 109:15 111:23 113:4 113:14 117:20 118:16 118:17 124:23 139:14 139:15
provides53:13 providing ( 2 ) 117:1
118:16
provision ( 5 ) 109:12 116:24 116:25 117:6 117:9
proximity5:12
public ( 3 ) 15:8 54:12 54:15
publicly ( 2 ) 13:8 15:7 published ( 3 ) 40:5
58:24 61:8
Pulkovo52:17 purchase ( 9 ) 1:17 2:12
37:9 58:2 58:5 75:10 77:12 79:9 82:1
purchased ( 7 ) 22:1 22:15 70:2 76:9 78:23 82:23 97:16
purchasers ( 7 ) 1:11 4:22 4:22 5:23 10:20 81:25 85:16
purchasers’96:4 purchases ( 2 ) 83:24
85:22 purchasing90:10 purported2:16 purpose ( 7 ) 89:4 89:4
91:10 92:5 92:7 92:14 119:16
purposes ( 7 ) 23:17 24:12 66:23 70:7 85:11 112:11 117:16
pursuant ( 8 ) 4:16 9:6 57:24 85:22 85:24 87:3 106:13 115:17
pursued70:10 push138:2 pushing107:11 puts ( 3 ) 17:10 32:6
92:4
putting ( 2 ) 27:12 52:24
Q
qualification16:16 qualities61:7 question ( 36 ) 5:19
6:24 16:12 17:17 19:21 20:16 21:3 27:9 31:2 45:15 64:24 65:2 73:8 73:18 73:24 74:11 75:17 75:20 76:20 78:14 80:13 82:5 82:20 85:1 86:7 86:8 87:6 88:25 89:2 89:16 91:8 91:16 92:3 93:23 96:3 97:11
questions ( 19 ) 1:7 45:23 61:11 72:2 72:4 72:22 73:5 73:15 75:14 80:7 80:8 87:1 95:23 97:5 99:7 99:11 122:15 139:23 142:7
quick104:19 quickly135:10 quite ( 48 ) 4:3 4:25
5:14 8:24 13:11 15:5 16:25 17:13 17:15 18:4 18:9 22:3 22:16 23:22 24:10 26:19 30:9 30:10 30:14 31:20 33:12 35:21 36:14 37:12 38:24 39:2 47:14 49:7 50:15 58:8 64:20 68:6 69:4
71:13 73:25 107:8 107:12 107:16 109:18 110:19 113:8 119:22 120:5 132:12 133:14 134:8 134:9 141:1
quotation ( 3 ) 37:21 37:24 59:9
quoting37:19
R
railway ( 5 ) 73:22 74:4 74:12 75:3 75:4
railways74:2
raise ( 3 ) 100:7 100:18 125:22
raised112:15 raising140:10 random138:15 ranging133:11 rate139:19
rather ( 13 ) 16:6 20:4 40:2 53:7 61:8 67:23 71:4 89:6 106:21 110:6 118:25 130:7 141:6
Razvitie40:11
RBK40:6 RBS128:16
Re-examination ( 5 )
72:3 72:5 97:4 142:6 142:9
re-examine124:19 re-examining99:9 re-reading140:5 reach ( 2 ) 20:25 95:16 reached ( 4 ) 12:25
19:14 53:18 82:11 reaching21:17
read ( 22 ) 16:4 19:19 21:23 37:13 37:21 37:24 40:14 40:15 40:16 59:25 60:11 60:13 60:19 91:4 99:13 127:25 128:8 128:14 129:11 129:18 132:2 135:4
readable40:4
reading ( 10 ) 16:9 73:6 92:18 126:16 126:19 129:14 130:7 130:14 136:1 136:3
real ( 3 ) 27:16 28:9 111:24
realisation ( 2 ) 103:1 113:25
realise69:11 realised ( 2 ) 87:3
103:19
reality ( 3 ) 44:9 61:2 111:4
realtime121:17 reappearance102:10 reason ( 9 ) 10:6 57:15
65:22 91:1 96:19 108:3 110:25 121:19 140:4
reasonable ( 2 ) 29:7 105:19
reasonably ( 2 ) 64:15 117:22
reasons ( 6 ) 17:3 66:16 88:6 110:9 129:7 136:24
reassessing80:11 recall ( 9 ) 9:25 20:14
31:17 31:20 32:2 32:2 36:19 40:17 73:21
recalls3:19 receive139:6
received139:16
recent ( 2 ) 68:10 139:3 recognise62:1 recollection ( 2 ) 74:11
74:16
record ( 9 ) 11:9 32:17 53:19 102:12 102:18 103:25 105:10 116:6 141:11
recorded ( 8 ) 7:11 25:11 25:20 25:23 29:24 29:25 34:15 62:20
recording6:17 records ( 2 ) 54:12
103:23 recovery70:5 reduce ( 2 ) 87:4 87:7 reduced9:21
refer ( 2 ) 115:7 118:20 reference ( 6 ) 24:22
32:18 56:3 99:10 131:19 134:14
references ( 5 ) 72:8 79:21 80:11 133:10 134:9
referred ( 4 ) 38:25 80:15 98:22 104:15
referring ( 6 ) 32:11 80:3 89:22 94:7 98:4 100:22
reflect ( 2 ) 112:9 117:5 reflected102:21 reflection89:19 reflects44:8
regard ( 7 ) 16:22 66:5 84:24 112:3 112:10 130:16 133:20
regarding ( 2 ) 23:24 84:13
regards ( 6 ) 112:6 112:7 112:14 114:14 117:21 134:13
region ( 4 ) 33:19 42:22 47:19 51:10
regional10:20
register ( 9 ) 36:16 37:5 37:6 37:11 54:15 54:16 54:20 54:21 54:23
registered ( 6 ) 34:10 34:11 36:15 41:5 42:3 54:15
registers54:22 Registration5:6 regret107:4 regular20:4 relate112:5
related ( 8 ) 10:9 43:14 80:17 86:8 90:22 97:24 98:23 101:15 relates ( 3 ) 79:9 86:24
93:23
relating ( 7 ) 15:23 97:12 100:6 100:6 100:25 104:9 104:22
relation ( 20 ) 18:22 20:14 44:5 76:18 95:1 98:1 101:9 102:1 102:9 102:19 106:5 106:11 116:4 116:5 116:13 116:20 118:7 123:8 130:22 138:25
relations95:1 relationship ( 8 ) 19:13
31:24 50:18 50:20 82:12 82:13 92:23 93:12
relatively41:25 release115:18
released ( 3 ) 99:25 105:12 117:19
releasing117:18 relevance114:14 relevant ( 5 ) 19:19
58:23 61:25 64:3 114:4
reluctant110:9
remain ( 2 ) 41:13 41:16 remainder55:4 remained42:5 remaining ( 2 ) 73:25
74:12 remains114:11 remarkable67:22 remember ( 29 ) 3:16
3:17 10:2 10:12 20:19 21:5 22:14 22:21 26:25 31:18 31:19 40:19 41:23 46:3 46:24 49:1 57:1 63:14 67:5 74:7 77:2 83:16 86:13 97:9 103:7 103:17 104:4 104:18 127:2
remind ( 3 ) 85:2 103:15 121:2
reminder137:3 removal98:8
remove ( 2 ) 5:20 98:8 removed82:14 removing90:13 Renord ( 151 ) 3:2 3:4
4:7 4:20 5:2 6:19 6:23 7:13 7:14 7:16 7:24 7:25 8:1 8:14 9:3 9:4 10:14 13:1 13:2 14:7 14:17 14:19 14:21 14:24 15:20 15:22 18:12 19:13 20:4 20:14 20:18 21:2 21:4 21:15 22:1 22:4 22:7 22:11 22:17 23:21 24:4 24:5 24:8 24:9 24:11 24:14 26:11 27:22 28:11 28:13 28:20 30:5 30:13 30:16 31:11 32:9 34:8 36:20 36:22 39:17 39:20 40:11 40:25 41:17 41:19 48:23 50:6 50:16 50:19 53:8 55:12 55:23 56:6 56:8 56:9 56:13 62:9 63:4 63:8 63:16 63:20 64:22 65:1 65:9 65:24 66:1 66:3 66:21 67:3 67:9 67:11 67:12 67:23 68:3 68:5 68:6 68:17 68:19 68:21 68:25 69:2 69:17 69:22 69:24 70:4 70:16 70:21 70:25 71:3 71:7 71:8 71:11 71:23 75:15 81:1 81:3 81:9 81:13 81:19 82:3 82:7 82:10 82:11 82:14 82:21 82:22 83:7 83:8 83:13 83:22 84:12 84:17 85:14 86:4 86:19 86:21 87:15 87:22 91:24 93:5 93:5 93:6 93:8 93:10 93:17 93:19 94:4 94:13 95:12 95:12 96:5
Renord’s ( 12 )10:1 10:3 12:5 12:7 15:17 23:6 24:7 25:1 25:3 56:15 63:9 80:15
Renord-Invest ( 12 )
4:13 7:2 7:3 8:15 12:23 25:8 32:3 53:11 53:14 54:1 54:4 71:4
rent ( 2 ) 45:14 45:18 rental104:24 rented42:2
renting ( 2 ) 45:20 48:11 repaying28:19
repeat ( 7 ) 15:5 42:20 46:21 48:9 61:5 94:16 141:10
replace ( 2 ) 2:18 5:20 replacement2:22 replacing4:24
repo ( 6 ) 67:7 80:17 84:13 86:9 95:4 95:5
reported92:20 reporting95:20 reports129:11 represent102:3 representatives30:10 repurchase82:2 reputable40:7 requested99:25 require ( 6 ) 92:25 103:1
117:20 120:17 122:22 132:15
required ( 16 ) 103:10 104:5 109:13 109:22 111:11 112:6 119:14 121:1 121:4 121:14 121:24 128:9 130:19 130:23 131:4 132:14
requirement ( 2 ) 83:9 108:23
requirements ( 3 )
109:3 117:17 125:10 requiring ( 2 ) 121:12
130:24
reserve ( 2 ) 124:2 140:1
resides51:23 residual ( 3 ) 117:13
118:2 118:5 resolve6:3 resolved ( 2 ) 90:5
118:23 resourceful126:24 resources96:25 respect ( 7 ) 23:25
84:19 111:9 112:7 112:13 114:19 127:15
respectfully109:14 respective4:1 respectively ( 2 ) 2:17
59:6 respects101:6 response ( 3 ) 96:3
139:4 139:7 responsibility107:10 responsible95:19 restore4:18 restored6:9
result ( 3 ) 90:19 98:9 124:9
resulted98:17 results90:24 retain87:14
return ( 3 ) 100:20 128:6 133:17
returning100:22 reverse ( 2 ) 19:5
116:16 revert141:2 review ( 2 ) 133:16
138:16
revise ( 4 ) 11:15 11:15 41:1 41:3
Reynolds122:24 ridiculous61:9
rights ( 2 ) 77:7 92:6 ring62:23
rise95:23 road107:11 role80:15
Romashov ( 4 ) 25:10 25:14 25:16 25:22
room41:3
Roslyakovskiy ( 2 )
74:8 75:4 rostered134:5 roubles ( 22 ) 56:12
57:15 75:5 75:23 75:25 76:2 76:2 76:17 76:21 76:24 77:6 77:11 77:13 77:17 78:22 78:24 79:17 80:1 88:17 90:11 98:6 98:19
roughly ( 2 ) 51:10 94:17
round ( 2 ) 103:10 124:7 RUB ( 2 ) 73:9 73:13 rules117:3
run ( 4 ) 5:3 50:6 101:4 138:22
runs ( 2 ) 95:12 95:15 Russia ( 5 ) 26:20 33:21
40:10 54:10 68:9
Russian ( 62 ) 1:21 2:4 6:13 8:6 10:16 13:20 13:21 14:11 17:16 24:19 32:23 32:25 39:23 40:6 40:6 43:4 43:5 43:9 43:11 44:14 45:3 45:4 46:8 47:9 47:11 47:21 48:21 55:20 57:25 58:6 58:12 59:7 59:8 59:17 60:4 60:14 62:21 64:2 68:8 70:1 74:21 79:3 85:6 88:7 88:17 98:6 98:19 100:23 102:4 107:6 107:17 112:8 116:14 120:18 120:21 122:22 125:6 125:7 126:23 133:13 136:14 139:1
Rynok7:24
S
S-V-I-R ( 2 ) 78:6 78:7 safe ( 4 ) 72:16 119:4
121:23 130:2 safely13:19 safer129:2 sake140:24
sale ( 12 ) 14:7 20:24 73:13 75:19 75:20 75:22 79:9 80:1 87:3 92:25 98:9 98:13
sales ( 6 ) 57:5 58:2 58:5 90:12 90:13 98:17
same ( 32 ) 8:5 13:13 14:4 14:8 17:17 24:8 27:3 34:7 41:13 42:12 42:22 42:23 45:15 48:4 57:7 66:14 66:16 70:6 71:23 77:16 77:17 83:22 92:6 96:11 98:15 101:5 102:5 102:11 111:2 115:1 115:19 116:11
samples138:14 sampling137:25 Sankt40:12 Sankt-Peterburg24:25 satisfactory13:21
saved120:19
Savelev47:18
Saveleva44:23 Savelyev ( 16 ) 10:8
15:13 15:17 44:22 45:9 45:25 48:6 51:8 51:25 52:21 52:22 53:1 53:7 71:5 139:12 139:18
Savelyev’s ( 2 )45:12 52:9
Savelyeva ( 2 ) 43:20 51:8
saw ( 3 ) 50:24 86:14 140:5
saying ( 14 ) 5:11 5:13 17:21 32:1 46:23 76:20 76:23 78:14 82:6 93:24 115:19 115:24 124:6 136:20
Scan ( 4 ) 1:10 2:17 75:18 76:8
Scandinavia ( 8 ) 4:12 75:8 76:11 77:1 79:8 79:13 81:21 86:17
Scandinavian ( 3 ) 5:4 67:2 78:10
screen ( 15 ) 1:20 8:10 8:11 10:15 13:18 30:22 44:18 45:2 45:3 46:14 47:8 47:9 47:10 58:20 104:1
screens ( 2 ) 9:17 43:7 script40:3
scroll ( 34 ) 2:3 7:4 7:5 7:9 8:9 9:17 10:23 11:1 11:6 13:18 13:19 14:2 14:11 20:25 25:19 29:22 37:15 38:5 43:7 44:17 46:11 46:13 47:7 47:8 47:10 47:13 47:20 50:1 59:2 59:5 62:11 62:17 64:8 79:20
search ( 2 ) 33:11 36:1 second ( 9 ) 21:9 34:15 35:2 59:11 59:20
61:18 75:3 102:1 112:4
Secondly ( 2 ) 56:18 137:17
secretary25:14 section ( 6 ) 11:5 45:2
62:18 64:6 74:25 75:1 sections7:6 sectors93:21
secure ( 2 ) 117:18 130:2
secured115:16
see ( 89 ) 7:10 8:9 9:17 9:22 9:23 10:23 10:24 11:2 11:3 14:3 14:17 14:23 15:1 15:9 15:12 17:19 25:10 25:12 25:13 25:20 33:11 33:15 33:23 33:25 34:24 35:5 35:10 35:16 35:20 36:5 37:14 38:23 39:7 40:3 40:10 40:12 43:13 43:16 44:15 44:16 44:20 45:3 45:6 46:9 46:14 46:20 46:21 47:11 47:14 47:21 56:3 56:4 56:5 56:11 59:3 60:9 62:12 62:18 64:9 64:20 70:4 70:9 71:2 74:23 74:24 75:14 79:23 81:3 82:8 83:21 87:25 88:2 89:2 93:4 93:14 93:16
97:10 97:17 105:19 108:2 108:17 108:21 113:6 122:11 125:9 126:10 137:22 140:17 140:20
seek102:13 seeking116:16 seeks116:21
seem ( 9 ) 5:17 37:20 37:22 47:25 72:8 105:11 105:24 106:10 139:3
seemed ( 4 ) 129:13 129:17 130:1 131:1
seems ( 19 ) 2:7 10:1 12:1 14:19 20:3 25:22 30:11 38:15 40:5 50:2 52:9 62:3 63:7 68:4 87:15 127:5 127:22 135:10 138:3
seen ( 5 ) 44:12 52:5 80:24 86:2 95:8 sell ( 4 ) 31:16 32:13
70:10 96:15
selling ( 7 ) 31:13 41:21 41:22 55:25 57:11 57:12 98:7
send ( 2 ) 128:3 138:14 sending ( 2 ) 3:22 4:11 sense ( 6 ) 27:8 84:19
115:16 116:8 116:11 137:2
sensible ( 8 ) 100:7 103:11 105:14 127:16 130:16 131:2 137:23 138:11
sensibly138:6 sent ( 3 ) 3:16 3:18
118:18 separate ( 2 ) 74:4
116:25 sequence ( 3 ) 5:11
30:20 30:25
Serdyukov ( 4 ) 43:6 43:14 52:1 52:9
series105:5 serious127:25 serve104:5 served135:21 service ( 4 ) 36:15
119:23 125:2 125:19 services ( 2 ) 37:8 53:13 Sestroretsk27:24
set ( 4 ) 37:18 58:3 103:9 111:3
setting127:5
several ( 3 ) 33:14 51:7 51:25
Sevzapalians ( 10 )
88:13 88:17 91:11 91:19 92:12 92:16 92:22 93:1 93:2 93:11
Shall ( 6 ) 100:11 107:2 124:8 140:14 140:17 140:23
share ( 16 ) 1:16 2:11 7:7 9:6 9:7 9:21 11:5 13:2 14:21 31:16 45:1 45:8 57:11 62:19 63:8 65:11
shareholder ( 22 ) 2:16 4:24 5:6 7:11 11:4 14:4 15:11 18:24 23:7 23:20 25:21 26:6 26:7 26:9 26:14 26:16 26:17 52:12 53:3 62:13 62:20 67:12
shareholders ( 16 ) 5:4 5:9 5:23 8:13 9:2 9:16 9:19 11:3 14:24 25:23
Magnum services provided by Opus2 International Ltd +44 (0)20 3008 5900
www.opus2international.com
44:20 44:22 44:23 situation ( 6 ) 31:15 Solovev ( 4 ) 6:18 6:19 stake ( 7 ) 12:23 13:1
47:12 47:14 54:11 31:20 69:5 81:6 97:12 7:20 7:20 23:8 23:15 64:19 65:5
shareholders’ ( 5 )3:8 98:9 Solovyev49:8 65:7
5:7 5:19 54:16 64:6 situations19:5 solution ( 2 ) 90:21 stance116:9
shareholding ( 24 ) six ( 12 ) 1:12 1:14 2:8 97:23 stand ( 7 ) 85:20 102:14
8:22 9:2 9:5 11:10 43:10 129:3 129:4 somebody ( 2 ) 32:12 103:3 105:23 116:1
11:10 15:15 24:3 129:5 131:8 131:9 32:15 116:8 130:6
47:18 51:9 51:22 133:4 133:4 134:3 Somehow65:7 standing ( 3 ) 77:9
55:23 56:11 56:13 SKIF ( 20 ) 8:19 19:13 someone ( 5 ) 11:25 85:25 131:24
56:23 56:24 63:9 63:9 20:4 22:4 22:7 22:20 23:18 46:12 50:22 Stanislav64:5
64:10 64:25 65:19 22:23 23:7 23:9 24:2 71:12 start ( 3 ) 16:6 130:3
65:20 91:17 91:25 24:3 24:6 24:10 24:13 something ( 26 ) 2:5 6:5 130:3
92:5 30:12 31:11 32:9 6:6 8:5 16:7 17:4 29:3 started16:18
shareholdings56:21 77:15 77:25 78:2 38:18 48:21 51:10 starting ( 16 ) 16:10
shares ( 31 ) 1:10 1:13 SKIF’s8:22 51:11 55:2 58:14 16:11 30:5 30:25
4:14 4:21 9:10 12:24 skill107:16 74:14 74:15 79:15 37:16 43:8 43:11
13:9 15:6 27:8 51:24 skinny130:18 87:11 90:3 106:10 44:21 54:22 59:8 60:1
55:25 58:2 58:5 66:4 skip ( 2 ) 43:15 97:17 106:15 123:17 131:22 78:10 92:16 97:15
66:7 66:18 67:1 81:1 Skipping104:12 134:24 137:8 138:3 130:19 135:17
81:4 81:10 81:14 Sklyarevsky ( 32 ) 3:1 139:22 starts ( 7 ) 4:21 11:5
81:20 81:25 82:22 3:24 4:5 8:25 16:3 sometimes ( 4 ) 20:1 19:3 43:4 60:4 64:7
84:18 84:20 86:8 17:9 18:12 18:21 34:9 34:10 68:11 86:23
91:10 92:13 96:5 19:2 19:8 19:15 19:16 somewhere92:16 statement ( 10 ) 2:21
96:15 20:3 20:8 21:14 22:12 son ( 2 ) 52:2 62:14 38:17 48:18 48:19
sharing ( 2 ) 39:18 22:22 22:24 23:23 soon ( 4 ) 93:2 122:24 69:18 88:25 98:4
39:19 24:2 24:7 24:8 24:14 124:23 124:24 99:13 103:13 137:9
sheets98:16 29:25 30:16 30:19 sooner118:25 statements ( 2 ) 90:2
shell27:15 31:1 31:23 32:1 32:11 sort ( 12 ) 41:25 67:6 104:11
shop37:8 51:12 83:17 95:3 103:14 106:12 stay ( 3 ) 72:1 100:13
short ( 12 ) 28:23 29:11 Sklyarevsky’s18:15 116:23 118:9 119:25 125:17
33:3 55:9 72:19 Skylarevsky ( 2 ) 18:5 131:21 137:25 138:9 Steadman ( 5 ) 127:13
105:23 106:3 108:5 18:6 140:5 129:9 130:23 133:20
108:14 129:16 136:15 slightly ( 7 ) 54:25 60:4 sorted ( 2 ) 72:12 133:23
141:9 72:10 103:3 122:11 125:18 Steadman/Popov ( 2 )
shortly ( 4 ) 78:22 106:7 127:20 135:25 sorts85:12 126:2 132:13
121:8 139:7 slippage ( 2 ) 129:21 sought ( 4 ) 105:10 stealing128:5
should ( 14 ) 79:3 79:3 131:11 117:14 118:5 138:7 stepping127:22
92:14 100:18 102:16 small ( 9 ) 40:2 42:2 sound ( 3 ) 1:18 17:7 stick132:7
108:13 111:10 111:25 45:7 48:14 68:12 72:6 110:19 still ( 17 ) 5:23 13:13
112:9 113:18 117:18 101:3 115:13 139:10 sounds34:21 36:7 39:10 45:22
124:11 125:21 141:5 Smirnov ( 66 ) 8:17 Sovet51:19 45:23 59:1 59:11 65:4
show71:10 12:21 13:2 18:23 spare33:7 65:4 83:8 92:12 116:8
showed ( 2 ) 73:16 80:4 19:4 19:6 19:11 19:15 SPARK ( 9 ) 6:12 8:4 121:17 126:2 135:22
showing105:7 19:16 19:22 20:8 10:18 24:21 29:16 137:14
shown ( 5 ) 39:23 43:25 23:23 30:18 38:16 29:19 33:10 44:11 stock ( 2 ) 54:8 54:11
55:19 58:20 74:18 48:18 48:24 49:1 50:2 61:19 stop103:3
showroom ( 2 ) 25:5 50:11 53:5 53:7 53:15 SPB ( 4 ) 62:22 62:24 stopped17:2
38:13 53:18 53:25 53:25 63:15 66:15 straight100:9
shut138:10 55:23 57:19 62:2 62:3 speak ( 2 ) 14:14 19:23 Street ( 2 ) 37:5 42:6
side ( 7 ) 33:4 72:16 63:1 63:5 64:14 64:19 speaking ( 6 ) 73:12 stretch124:5
127:19 129:1 129:24 66:9 66:10 67:5 67:18 74:6 75:25 78:18 stretching136:3
130:12 136:18 68:24 69:2 69:5 69:17 114:8 134:24 strike-out137:10
sides127:7 69:19 70:2 70:12 special54:20 Stroilov ( 103 ) 1:3 1:4
sign38:23 70:14 71:1 71:12 specialist60:24 1:6 1:9 5:21 6:2 6:9
signed ( 2 ) 41:13 80:22 71:14 71:15 82:18 specific ( 2 ) 17:5 31:9 14:16 27:11 28:21
significant ( 2 ) 51:9 83:16 84:1 84:15 specifically ( 2 ) 67:4 29:6 29:13 54:24
67:8 84:22 87:12 87:14 114:17 55:6 55:11 58:19
signify29:4 87:16 89:3 89:10 specifications77:19 59:15 59:23 59:25
signing ( 2 ) 18:24 89:21 93:24 94:4 94:7 speculate61:6 60:17 60:20 61:18
19:10 95:14 95:15 96:9 spent ( 3 ) 94:22 105:15 72:1 72:23 73:6 73:15
silly5:18 Smirnov’s ( 4 )18:25 106:4 73:23 76:16 78:9 80:4
similar ( 6 ) 20:13 21:13 88:25 95:12 95:18 split ( 5 ) 63:3 63:5 85:19 92:2 95:24
53:13 94:22 103:11 smooth102:19 63:16 63:17 64:10 96:1 96:2 97:2 99:19
110:13 smoothly72:13 spoke135:6 100:17 107:1 107:3
similarity67:22 Soc103:2 spoken ( 4 ) 43:12 59:8 107:14 107:20 108:11
simple ( 2 ) 24:10 26:21 sold ( 19 ) 8:25 9:1 9:3 60:4 60:15 109:25 110:16 111:1
since ( 10 ) 17:12 33:7 13:1 31:21 41:12 spotted140:6 111:13 111:18 112:18
38:12 42:24 65:16 55:23 56:11 56:21 spread105:3 112:24 113:3 113:10
72:8 95:3 106:7 73:9 74:4 74:14 75:4 spur74:9 113:20 114:5 114:8
107:18 123:22 75:5 77:15 78:15 SPVs57:8 114:25 115:4 116:15
singular67:23 86:12 89:25 93:2 square125:10 116:23 118:14 119:8
sir14:15 solely ( 2 ) 30:18 37:8 staff ( 2 ) 50:14 140:15 119:9 120:9 120:13
Sistemnye15:10 solicitors115:23 stage ( 19 ) 55:21 56:16 120:15 121:10 121:14
sister49:12 Solo ( 20 ) 20:14 20:17 64:23 81:24 82:3 82:6 122:3 122:5 122:9
sit ( 5 ) 106:25 128:8 21:3 21:16 22:2 26:5 82:22 83:3 83:23 122:20 123:3 123:7
129:18 140:23 141:3 26:7 26:9 26:11 27:7 84:16 85:16 85:16 124:4 124:15 124:20
site18:2 27:14 28:11 28:13 86:15 96:4 96:4 103:6 124:22 126:14 126:21
sitting ( 2 ) 87:10 28:14 28:19 34:2 103:12 103:18 130:4 126:24 131:8 132:24
115:19 78:12 86:14 86:15 stages82:6 132:25 134:18 134:22
86:20 135:9 135:12 135:14
136:6 136:13 136:21
Magnum services provided by Opus2 International Ltd +44 (0)20 3008 5900
www.opus2international.com
137:3 137:21 138:1 138:13 138:21 139:12 139:24 140:9 140:12 140:18 142:5 142:8
Stroilov’s ( 3 )100:20 127:15 129:22
stuff135:19 sub61:4
subject ( 19 ) 19:19 74:24 79:15 82:1 82:4 83:5 83:7 84:18 85:8 96:6 100:16 101:24 113:24 115:9 115:18 123:15 127:11 133:16 137:6
subsequent ( 8 ) 1:11 4:22 56:17 82:6 83:24 85:16 85:21 98:17
subsequently ( 4 ) 8:23 12:25 17:1 39:3
subsidiary ( 7 ) 37:23 38:1 38:2 38:4 38:6 38:18 39:4
substantial134:8 substantially ( 2 ) 74:14
114:3 substituted62:16 success67:7 successful ( 2 ) 73:1
78:13 suddenly140:6 sufficient ( 3 ) 71:13
131:25 135:8 suggest ( 2 ) 54:24
60:20
suggested ( 2 ) 73:23 130:14
suggesting ( 6 ) 26:14 70:21 73:24 74:3 74:5 76:22
suggests63:19 suits32:8
sum ( 5 ) 24:6 103:18 103:20 105:21 114:3
summarise18:19 summary ( 2 ) 27:6 96:7 summer ( 2 ) 123:2
133:24
sums ( 5 ) 105:8 105:18 106:4 106:13 113:6 supplemented134:13
supply113:12 supported58:6 suppose ( 8 ) 14:9
18:18 33:7 65:10 110:2 114:25 129:4 131:24
supposed ( 2 ) 89:11 105:6
sure ( 26 ) 9:12 10:10 10:11 26:10 27:14 31:21 47:4 49:17 51:5 61:24 82:17 82:20 88:3 91:3 101:5 102:22 106:16 113:8 113:16 117:2 118:13 121:3 124:22 124:23 134:19 135:20
suspect19:15
SVIR ( 3 ) 78:4 78:4 78:5
System ( 4 ) 15:10 15:12 15:13 72:7
T
t’s112:13
tab ( 2 ) 8:5 13:13 table ( 6 ) 33:16 33:18
33:22 33:22 34:15 36:1
tables33:15
taken ( 8 ) 31:7 81:25 92:12 110:1 112:21 114:1 114:2 139:2
takes ( 4 ) 54:2 112:25 112:25 117:21
taking ( 3 ) 77:3 89:14 123:22
talk ( 6 ) 17:4 31:4 77:20 97:21 108:21 118:21 talking ( 11 ) 1:19 17:1 17:12 26:9 31:7 60:8
74:2 83:17 86:10 86:11 88:13
task ( 3 ) 107:15 135:7 138:20
tasks107:24
tax ( 14 ) 88:6 89:16 89:24 89:24 90:6 90:19 91:2 97:13 97:22 104:21 105:3 113:25 114:9 114:20
taxable88:19 taxed88:8
taxes ( 3 ) 98:12 104:22 104:25
taxpayer’s33:17 team48:23 teams120:2 technical ( 2 ) 36:4
77:18
Technologies ( 3 )
15:10 15:12 15:13 teed139:5
Tekhnologii15:10
Teknopark52:17 telephone40:19 term ( 2 ) 96:4 123:2
Terminal ( 23 ) 2:17 3:20 4:14 27:24 67:2 72:25 73:9 74:10 76:7 76:12 76:22 78:10 81:21 86:25 88:14 88:16 88:18 88:20 91:10 91:20 92:20 93:20 98:5
terms ( 15 ) 30:8 68:21 70:13 75:21 80:10 80:23 81:11 81:25 86:2 96:24 105:1 108:11 109:21 114:18 134:23
terribly72:11 territorially12:16 text ( 2 ) 59:7 60:10 thanks134:15
themselves ( 3 ) 37:20 54:21 81:2
thereabouts ( 3 ) 27:4 75:23 76:17
thereafter ( 3 ) 5:9 5:9 126:7
Therefore ( 4 ) 77:12 123:25 128:6 133:15
thing ( 13 ) 12:15 14:1 27:16 43:24 56:18 69:16 82:8 92:16 95:3 107:18 110:8 130:16 131:18
thinking ( 2 ) 130:11 130:13
thinks ( 2 ) 132:7 140:25
third ( 6 ) 10:13 14:5 35:3 102:24 111:5 117:21
though ( 3 ) 13:12 13:24 137:3
thought ( 9 ) 4:5 42:1 79:16 86:7 102:20
103:11 110:21 124:6 topics ( 2 ) 72:6 100:16 try ( 4 ) 2:6 4:18 69:22
130:18 total ( 3 ) 73:12 73:13 134:1
three ( 19 ) 44:18 62:20 78:21 trying ( 5 ) 45:14 70:5
66:19 74:13 80:15 totally ( 9 ) 10:13 18:1 106:23 134:19 137:24
94:22 95:9 95:24 24:13 27:15 48:10 Tsvelodubovo75:8
101:12 101:14 105:4 48:15 68:16 77:3 Tuesday141:16
117:4 123:14 126:22 91:20 turn ( 5 ) 51:23 74:20
127:15 127:18 129:22 tours ( 2 ) 108:5 108:6 79:2 81:9 99:24
129:25 133:14 TRACK ( 8 ) 56:3 56:8 two-128:15
three-day ( 2 ) 128:15 56:9 56:24 57:6 57:9 type35:24
128:17 74:8 74:12 types15:25
through ( 15 ) 11:14 tracks ( 2 ) 74:12 74:14
14:18 51:14 66:12 trade31:16 U
70:1 70:19 70:24 traded ( 4 ) 17:14 17:21
71:12 78:15 101:4 26:20 64:11
ultimate64:16
106:7 116:7 118:18 trading ( 5 ) 16:13 17:18
137:24 138:22 17:24 18:3 44:24 ultimately45:12
Thursday ( 4 ) 72:24 tradition141:2 unavoidable114:10
73:3 128:6 135:23 tradition’s140:24 unclear60:4
thus107:14 trail67:19 underline138:4
tidied ( 2 ) 102:23 tranches105:4 underlining137:10
137:10 transaction ( 8 ) 57:1 understand ( 35 ) 7:15
time ( 89 ) 5:23 12:24 65:3 67:7 84:13 84:14 16:24 17:13 17:15
13:6 14:20 14:22 86:9 95:4 95:5 18:4 32:1 32:10 35:25
15:1 17:8 20:2 21:5 transactions ( 5 ) 22:6 36:7 38:24 53:12 58:8
22:6 22:14 22:22 23:8 63:18 68:15 80:17 63:11 64:17 68:3 82:8
23:21 26:6 27:1 27:7 81:22 83:8 83:19 88:9 90:4
27:14 27:18 27:22 transcribers ( 2 ) 120:4 101:21 107:17 111:8
28:12 28:14 29:2 120:12 114:13 115:14 116:21
31:22 32:12 36:1 37:2 transcript ( 12 ) 16:1 117:17 117:23 118:11
37:4 37:7 41:20 41:24 19:20 20:15 20:19 118:25 119:15 121:18
51:23 59:1 59:2 61:8 73:2 73:17 77:22 123:9 124:17 131:18
63:17 65:4 65:7 65:11 88:23 97:7 120:6 understanding ( 6 )
69:8 70:6 70:12 77:10 137:16 140:5 31:24 43:22 65:23
77:17 79:16 80:9 transfer ( 17 ) 1:10 1:22 84:14 120:10 130:21
81:17 82:14 83:11 1:23 58:14 76:24 88:5 understood ( 8 ) 69:10
85:7 85:13 85:18 92:6 91:10 91:13 91:25 80:14 82:2 84:22
92:21 92:21 93:11 92:15 93:4 96:15 84:24 90:8 96:21
96:12 96:22 107:8 99:11 101:15 101:21 126:18
108:3 108:15 109:5 102:6 102:19 undertaken107:15
111:2 113:1 115:7 transferred ( 9 ) 28:11 undertaking106:12
116:7 117:7 118:21 28:15 41:6 41:8 undesirable109:18
119:16 120:17 123:15 65:5 86:9 88:1 91:16 undisturbed135:2
123:19 126:6 129:14 101:19 unduly110:19
130:6 130:14 131:9 transferring ( 4 ) 4:21 unfair18:19
132:2 132:11 133:1 31:13 89:4 92:5 unfortunate136:17
133:19 134:13 134:17 transfers1:12 unfortunately ( 2 ) 44:3
135:4 135:10 136:1 translate ( 3 ) 6:14 61:11
136:4 137:14 138:9 24:21 58:23 unit39:12
timeline111:19 translated16:4 unless ( 7 ) 18:18 27:11
times ( 5 ) 12:23 22:4 translating10:17 88:4 107:12 115:4
50:22 50:24 71:11 translation ( 11 ) 10:17 125:23 140:24
timescale118:15 17:23 28:22 32:20 unlike132:12
timetable ( 5 ) 113:15 58:22 59:14 59:20 unnecessary ( 2 ) 66:12
127:11 127:14 131:23 60:12 70:20 120:21 121:3
132:7 122:23 unreservedly68:6
timetables ( 2 ) 131:19 translations72:9 unusual19:22
132:24 translators120:12 update ( 2 ) 124:22
timetabling ( 2 ) 116:14 travel ( 2 ) 104:23 136:11
140:16 104:24 updated72:10
Timus ( 2 ) 64:10 64:17 treated119:22 uphold141:12
tobacco25:6 trial ( 3 ) 113:16 126:25 uploaded28:23
today ( 8 ) 63:5 63:16 132:12 Upravliajushaha45:4
87:11 94:11 94:12 tried ( 3 ) 69:20 84:23 urge ( 2 ) 108:25 109:14
116:9 116:10 139:9 119:21 urgency112:5
today’s97:7 trillion ( 2 ) 88:17 90:11 urgent115:15
together ( 2 ) 31:18 tripartite82:13 urgently41:23
104:25 trouble ( 2 ) 115:9 123:4 used ( 11 ) 15:24 19:6
told ( 19 ) 3:1 3:24 true ( 11 ) 24:13 37:11 26:7 28:1 50:9 50:10
15:14 21:6 21:9 45:9 44:5 44:7 58:10 71:22 52:16 93:20 105:8
53:5 53:6 57:16 69:2 83:18 84:20 89:19 117:2 130:3
101:17 102:24 106:13 89:21 96:21 usher33:1
118:9 123:19 123:23 truly ( 2 ) 80:18 108:4 using94:1
125:15 125:16 128:13 trust ( 5 ) 19:7 67:24 usual22:16
too ( 4 ) 37:17 125:20 68:4 68:18 68:19 usually ( 3 ) 50:14 56:18
130:18 133:7 trusted ( 6 ) 19:4 19:16 140:17
took ( 7 ) 5:5 5:7 5:8 24:8 67:16 67:18
57:1 57:18 70:14 68:23 V
116:7 trusts ( 2 ) 24:9 68:6
topic ( 4 ) 75:6 119:11 truth ( 3 ) 44:2 44:8 vacation128:5
121:7 125:21 70:16
Magnum services provided by Opus2 International Ltd +44 (0)20 3008 5900
www.opus2international.com
Vadim ( 2 ) 47:6 47:24
Valentinovich6:18 valuation78:19 value ( 16 ) 9:7 22:16
28:8 32:16 56:19 56:21 58:10 67:13 67:14 73:12 76:21 76:24 77:1 77:6 114:4 114:22
vantage100:12 variation116:22 various ( 13 ) 16:22
17:9 32:8 35:22 36:8 70:17 70:22 70:24 71:11 80:14 93:17 104:9 111:20
variously2:12 Vbank139:1 VECTOR ( 23 ) 88:6
89:5 89:6 89:10 90:5 90:6 90:8 90:16 90:19 90:22 90:25 91:5 97:9 97:12 97:14 97:19 97:22 97:24 98:15 98:17 98:20 98:23 99:2
vehicle ( 8 ) 15:15 27:7 51:6 51:13 62:8 62:15 63:7 64:24
venture ( 2 ) 10:7 52:8 verified ( 2 ) 44:8 82:18 verify ( 2 ) 44:13 83:18 verifying83:8
Verniye ( 3 ) 51:2 51:5 51:23
versa68:6
version ( 31 ) 1:21 2:3 2:4 6:13 8:6 13:25 14:2 14:12 24:19 24:20 29:20 32:19 32:23 32:25 33:3 33:7 39:24 40:4 43:4 43:9 43:9 44:13 44:14 46:8 47:13 47:20 47:21 48:20 48:21 55:20 64:2
vice68:6 vicinity41:24 video ( 2 ) 108:17
120:21
videolink ( 5 ) 120:17 121:13 121:15 121:23 122:22
Viktoriya48:1 violated81:8
vis ( 4 ) 81:13 81:13 82:17 82:17
Vladimir ( 2 ) 55:17 71:19
VLADIMIROVNA ( 2 )
1:5 142:3
Voitenkov ( 8 ) 46:1 46:2 46:15 46:24 47:6 47:22 47:23 47:24
Voitenkova ( 2 ) 48:1 48:2
Voitenkovs47:22 votes3:14
W
wait ( 5 ) 79:5 80:6 118:14 135:14 136:5
wanting ( 3 ) 87:1 129:18 135:16
wants ( 6 ) 33:6 99:12 100:9 100:17 125:23 140:23
warehouse94:9 warehousing94:2
way ( 32 ) 10:9 24:9 29:1 40:18 46:20 54:10 65:7 67:23 69:13 91:18 94:22 102:14 103:4 105:22 105:23 107:2 109:9 111:3 111:15 116:1 116:12 116:20 120:1 124:7 131:2 132:25 133:15 134:16 136:19 137:2 137:25 139:6
ways137:24 wayward127:1 weakly134:10 websites139:1 Wednesday137:17 week ( 37 ) 5:15 14:5
20:12 21:22 72:24 100:20 115:24 119:15 120:16 120:19 123:14 124:9 125:11 125:24 126:15 127:3 127:25 128:17 129:9 130:9 130:15 130:17 130:18 130:19 131:16 132:2 133:18 134:22 134:23 135:2 135:8 135:25 136:2 136:9 139:17 139:17 141:8
weekly112:19 weeks ( 16 ) 119:19
126:22 127:15 127:18 129:3 129:4 129:5 129:22 130:1 131:5 131:8 131:9 131:15 133:4 133:14 134:3
welcome133:3 weren’t ( 2 )22:5 93:8 Western ( 18 ) 2:17 3:20
4:14 67:2 72:25 73:9 74:10 81:21 86:25 88:14 88:16 88:18 88:20 91:10 91:20 92:20 93:20 98:5
whatever ( 3 ) 27:18 44:2 123:2
whatsoever60:23 Whereas ( 6 ) 44:2
58:15 58:16 61:3 91:16 109:5
whereby ( 3 ) 3:13 58:14 107:23
whilst93:15
whole ( 2 ) 36:13 126:25 whose53:21 widespread33:20 wife71:20 willing139:18
win28:5
winner ( 2 ) 86:15 86:20 wires125:14
wish ( 2 ) 88:4 110:18 withdraw96:20 withdrew100:15 Withers ( 15 ) 101:16
102:3 102:6 102:10 102:12 106:12 106:13 109:6 112:6 112:11 113:6 115:15 116:6 117:10 119:1
witness ( 11 ) 2:21 32:22 33:5 38:17 48:17 79:23 81:7 88:25 100:6 100:15 103:13
witnesses ( 2 ) 82:3 135:6
witnesses’104:24 won28:2
won’t ( 5 )107:12 115:18 118:17 138:20 138:22
wonder127:16 wondered ( 3 ) 49:11
130:15 131:25 wondering129:1 wording ( 2 ) 106:16
109:11
work ( 17 ) 7:1 7:22 16:18 31:15 31:15 50:9 50:10 60:8 85:10 95:19 109:8 109:9 115:11 120:12 127:7 135:6 140:24
workable136:19 worked ( 6 ) 26:25 31:5
31:6 49:17 49:24 50:4 working ( 11 ) 6:21
25:14 36:24 52:23 79:23 124:8 127:13 129:20 135:2 138:12 141:4
works54:10 workshop ( 3 ) 77:2
77:6 77:8
world ( 2 ) 91:18 140:10 worried131:17 worry6:8
worth57:14 wreaked90:2
writing ( 3 ) 68:1 115:8 124:23
written ( 32 ) 53:16 53:19 67:15 100:18 120:20 121:21 122:1 122:7 122:14 122:16 122:16 122:17 125:22 126:7 126:16 127:4 127:6 127:25 128:25 129:12 129:15 129:18 130:2 130:11 130:15 132:11 132:16 134:3 134:8 135:19 136:8 137:12
wrong ( 5 ) 60:25 86:25 87:18 87:20 91:7
Y
YATVETSKY ( 24 ) 1:5 1:9 10:18 25:25 27:11 30:6 32:23 33:2 33:6 33:10 39:25 52:24 55:12 58:22 58:24 60:2 60:20 69:14 72:22 80:6 96:2 97:8 99:12 142:3
year ( 3 ) 77:7 78:22 79:12
years ( 4 ) 23:5 71:12 77:4 78:23
yourself ( 3 ) 40:15 60:13 135:7
yourselves ( 2 ) 31:3 136:23
Z
Zelenko ( 6 ) 65:3 65:24 66:1 66:2 66:9 66:9
Zelyenov ( 24 ) 9:8 9:10 9:15 10:22 10:24 11:3 11:12 11:13 11:17 11:22 12:4 20:13 20:17 21:6 21:12 21:14 21:25 22:1 27:23 28:1 28:5 96:11 96:16 96:19
Zelyenov’s ( 5 )11:16 20:20 24:17 26:2 26:4
zone127:17 zoomed39:24
0
000 ( 14 ) 73:11 73:16 76:1 101:15 102:6 103:2 103:18 105:1 105:1 112:19 113:7 114:3 114:16 114:21
1
1/12:4 1/141:21
1/61:20
1/92:9
100 ( 5 ) 7:11 11:3 11:21 26:17 142:10
100% ( 6 ) 4:13 25:20 25:23 44:1 52:12 62:12
102 ( 2 ) 80:1 80:1
105 ( 2 ) 78:24 79:17 10th128:18 118310:16 13%26:7 14991:12 15%9:21
151 ( 2 ) 73:3 91:12
15374:3
15A33:24
161 ( 3 ) 73:9 73:11 73:16
17875:11
17th ( 2 ) 128:20 136:9 19th121:2
1T/118310:20 1T/118511:2 1T/118611:7 1T/128524:23 1T/128625:19 1T/154861:22 1T/154962:12 1T/155062:18 1T/155161:20 1T/190564:1 1T/190664:7 1T/190764:9 1T/21336:11 1T/21347:6 1T/21357:10 1T/21948:6 1T/21958:10 1T/21968:12 1T/21979:18 1T/304913:14 1T/305213:20 1T/305314:3 1T/349329:18 1T/349429:23
2
2/155:19 2/355:20
2001 ( 2 ) 25:23 38:3
2002 ( 3 ) 59:4 60:17 60:18
2005 ( 4 ) 11:10 26:8 79:7 79:13
2006 ( 6 ) 9:20 9:20 16:18 17:1 17:12 38:3
2007 ( 10 ) 11:4 17:1 20:2 22:12 26:8 27:4 29:25 30:15 32:2 49:3
2008 ( 9 ) 9:19 9:21 900 ( 2 ) 75:24 76:1
17:1 30:1 30:17 39:14 99% ( 2 ) 4:13 43:18
55:15 55:22 57:2 9th ( 2 ) 128:6 128:18
2009 ( 11 ) 1:17 2:16
6:17 10:25 11:10
25:11 26:15 30:2 30:4
30:6 46:16
2010 ( 5 ) 20:2 26:15
38:7 38:12 92:17
2011 ( 7 ) 23:6 39:14
54:22 62:13 62:15
74:24 85:20
2012 ( 3 ) 11:1 11:4
54:22
201346:17
2015 ( 2 ) 38:12 44:21
2016 ( 2 ) 1:1 141:16
20778:21
21%65:20
23%51:10
25%64:20
27%9:21
29th ( 2 ) 137:12 137:13
3
366 ( 3 ) 114:3 114:16 114:21
39/9285:5
3rd124:1
4
40th138:16
455 ( 4 ) 25:1 34:5 34:18 34:18
4th124:1
5
50% ( 7 ) 23:7 23:8 23:12 23:12 23:15 23:18 24:3
500 ( 3 ) 56:12 57:15 73:9
51%64:12
53635:11 5th124:1
6
64675:5
64A ( 4 ) 12:11 16:14 35:11 45:7
64B ( 5 ) 41:18 41:19 42:9 42:18 47:17
64V64:11
675 ( 5 ) 90:14 90:16 97:18 98:11 98:18
6th124:2
7
700 ( 3 ) 75:5 75:24 76:1 71/232:20 75% ( 5 ) 12:25 55:23
56:12 57:13 64:19 76% ( 2 ) 11:10 14:3
8
80%11:9
9
Magnum services provided by Opus2 International Ltd +44 (0)20 3008 5900
www.opus2international.com