Day 15

(1) Bank St Petersburg PJSC (2) Alexander Savelyev v (1) Vitaly Arkhangelsky (2) Julia Arkhangelskaya (3) Oslo Marine Group Ports
LLC

Day 15

February 23, 2016

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February 23, 2016 Day 15

1 Tuesday, 23 February 2016

2 (10.00 am)

3 MR JUSTICE HILDYARD: Good morning.

4 MR ARKHANGELSKY: Good morning.

5 MR LORD: May it please your Lordship.

6 MR VITALY DMITRIEVICH ARKHANGELSKY (continued)

7 Cross-examination by MR LORD (continued)

8 MR LORD: Dr Arkhangelsky, I would like to ask you some

9 questions, if I may, about the meetings you had towards

10 the end of 2008 with Bank of St Petersburg.

11 A. Yes. And just a small comment before. Your Lordship,

12 I found names of EBRD meeting and contact person, so

13 I asked Magnum to upload the document, so in case you

14 have a chance, a time, to give me a minute to tell about

15 that, I would be happy to do this.

16 MR JUSTICE HILDYARD: This was the boy named Sue?

17 A. Yes, because I’m sorry, I’m not familiar —

18 MR JUSTICE HILDYARD: No, that’s fine.

19 A. — with international names, and it’s eight years, or

20 seven years.

21 MR JUSTICE HILDYARD: That’s all right.

22 A. But I found the names and —

23 MR JUSTICE HILDYARD: It was a man, was it?

24 A. It was a man, and his name was Varel Freeman. He was

25 the second person in the Bank, so he was the First Vice

1 we’d been cooperating with EBRD office in Moscow, and

2 office in St Petersburg, there were quite a number of

3 Russian staff there also.

4 But the most important meeting was with

5 Varel Freeman. He was, I think, coordinating transport

6 department and he was personally aware of the project,

7 and so he was personally interested, and the final step

8 was a meeting with Thomas Mirow, who is President of

9 the Bank.

10 MR JUSTICE HILDYARD: Thank you.

11 A. Thank you.

12 MR LORD: Dr Arkhangelsky, in 2008, leading up to the end

13 of November.

14 A. Yes.

15 Q. OMG had been engaged in trying to raise a substantial

16 amount of finance, hadn’t they?

17 A. Yes. October, November, December and until March, we’ve

18 been really heavily involved in these things.

19 Q. And that included trying to raise US $300 million with

20 Oxus’ help in relation to Western Terminal?

21 A. Yes.

22 Q. And €150 million through EBRD in relation to Vyborg

23 Port?

24 A. Yes.

25 Q. And US $150 million through KIT Finance in relation

1 3

1 President, Varel Freeman, so it is page {D197/2943/1}.

2 Maybe we can have it just on the screen because it

3 is a chart of the Bank. Page 88. {D197/2943/88}.

4 MR JUSTICE HILDYARD: Is that the document you expected?

5 A. 88. No, it’s page 86 and we need 88. Yes.

6 So, you see on the left-hand side, second line,

7 «First Vice President, Varel Freeman». He is

8 a big-faced, nice, I think American man, and we had

9 a good dinner and we had a lot of discussions. He was

10 coming to visit me in St Petersburg.

11 You see also the President of EBRD, Mr Thomas Mirow.

12 So I met — I came to visit him in Frankfurt

13 in December 2008, and this meeting was organised

14 together with Mr Preksin, Vice President of Russian Bank

15 Associations, as well as I was accompanied by the

16 Russian Ambassador to Germany. So I met both of these

17 people.

18 I don’t remember how Sue Barrett was looking, and

19 definitely I had a meeting with her as she was the head

20 of the team, but my contact person in the Bank, she was

21 a senior banker on transport and shipping, and her name

22 was Rasti Lai Chan, but she is not on this.

23 MR JUSTICE HILDYARD: She is under Infrastructure:

24 Transport.

25 A. I think so, yes, but she was located in London, but also

1 to —

2 A. Yes.

3 Q. — P&Ls to do with Vyborg Port?

4 A. Yes, yes.

5 Q. So that’s a total of approximately half a billion

6 US dollars, isn’t it?

7 A. Yes.

8 Q. And the purpose of OMG in that substantial refinancing

9 was to refinance, or restructure, its loans, wasn’t it?

10 A. Restructure loans, as well as get financing for further

11 development of the terminals.

12 Q. And in September 2008, there was the much-publicised

13 collapse of Lehman Brothers, wasn’t there?

14 A. Yes, by the end of September, yes.

15 Q. I think it was 15 September —

16 A. 19 September, yes. I remember this day, you know, for

17 the rest of my life.

18 Q. And in October 2008, it looks as if OMG took advantage

19 of a loan from or involving Tekno in order to meet

20 its October payments to Bank of St Petersburg.

21 A. It might be, but I was not a party of that.

22 Q. I understand.

23 A. I discussed that yesterday with you.

24 Q. And I think I suggested to you that OMG was in

25 a terrible financial situation —

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1 A. Absolutely not.

2 Q. — by November 2008?

3 A. Absolutely not.

4 Q. And it was already, by that stage, unable to pay its

5 debts as they fell due?

6 A. Absolutely not.

7 Q. And Vyborg Shipping was on the brink of collapse?

8 A. Not.

9 Q. And the first Vyborg ship was arrested in the early part

10 of December 2008?

11 A. I think it was something like middle of December, yes.

12 Q. For non-payment of various — was it bunkering charges?

13 A. I don’t remember exactly, but something like that, yes.

14 Q. I want to ask you, please, about the meetings you had

15 with BSP in that context at the end of 2008. You know

16 the Bank’s case, which is that there was a meeting on

17 28 November 2008 between you and Mr Savelyev.

18 A. No, I had a lot of meetings with Mr Savelyev during

19 the time of my cooperation with the Bank, but there were

20 no meetings at the end of November.

21 Q. Mr Savelyev thinks that he met you probably only on

22 a couple of occasions, once in November —

23 A. No, he’d been heavily —

24 Q. Sorry, can I just finish —

25 A. — involved in discussions with me during the

1 A. Yes. I just want to tell that while preparing my

2 16th witness statement, I’ve been speaking with Mr — my

3 counsel at that time, sorry, I lost the name. So I had

4 only one Russian-speaking counsel, sorry.

5 Q. Was it Mr Milner?

6 A. Milner, sorry, sorry.

7 Q. I’m reluctant to identify someone here, but if that

8 helps?

9 A. Sorry, sorry, sorry I lost the name.

10 Q. That’s all right.

11 A. So, Mr Milner, he’s perfectly speaking Russian language,

12 so whilst preparing this 16th witness statement, I had

13 all the discussions with him in Russian language, and

14 then he was, together with me, putting it on the

15 computer. So we’ve been really pressed by time, and

16 because he was coming to see me in Nice and we spent

17 something like two or three days in preparation of that.

18 So I think he was writing rather in a hurry, and we

19 could be missing something, but we were doing it as from

20 my memory from that time.

21 Q. And Mr Belykh gives some evidence about this meeting;

22 whether it was November or early December we will come

23 onto.

24 Would you be kind enough, please, to go to {B1/6/8},

25 please, of the witness bundle. Can you see that,

5 7

1 cooperation of the Bank.

2 MR JUSTICE HILDYARD: Please wait for the question, then

3 answer it, otherwise I get confused and so does the

4 transcript as to who is talking, and Mr Lord does not

5 ask the question that he wants you to answer and you may

6 give a wrong response because you have assumed the wrong

7 question.

8 A. Okay, sorry.

9 MR LORD: Sorry, Dr Arkhangelsky.

10 Mr Savelyev thinks that he met you probably only

11 a couple of occasions, once in November 2008, and once

12 at the end of December 2008.

13 A. Not true.

14 Q. And I think that your evidence is that there was

15 no November 2008 meeting with Mr Savelyev, but you met

16 him in the early part of December 2008; is that right?

17 A. Yes, something around the middle of December, yes.

18 Q. And I have asked you already about your first BVI

19 affidavit, where the reference to discussing the

20 personal loan in general terms with Mr Savelyev

21 featured; do you remember I asked you some questions

22 about that?

23 A. Yes, of course.

24 Q. And that line was omitted from your 16th witness

25 statement for this trial, wasn’t it?

1 Dr Arkhangelsky?

2 A. Which number?

3 Q. It’s from paragraph 34.

4 A. Yes.

5 Q. I wonder if you could just read, please, from

6 paragraph 34 to the end of paragraph 39.

7 A. Yes, yes.

8 Q. Thank you, Dr Arkhangelsky. (Pause)

9 A. So it’s which statement? It’s my statement, or …

10 Q. If you could just read those paragraphs to see what

11 Mr Belykh says, and then I will ask you some questions.

12 A. Okay, it’s Belykh. Okay. (Pause)

13 Yes, I went to 37.

14 Q. And down to 39, is that all right, could you just read

15 on?

16 A. If I see that.

17 Q. Oh yes, sorry. It is on the next page. Sorry.

18 {B1/6/9}. (Pause)

19 A. I think all these paragraphs are completely untrue and

20 it’s misleading of the court by Mr Belykh.

21 Q. Right. And I wonder, could you look at paragraph 36 in

22 particular; sorry to take you back.

23 A. Yes.

24 Q. That’s {B1/6/8}. I would like to ask you, I think,

25 about some points that Mr Belykh gives evidence on in

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1 that paragraph 36.

2 A. Yes.

3 Q. Can you see what he says there? He says that he —

4 MR JUSTICE HILDYARD: Can we go one page back, please.

5 MR LORD: Sorry. I think it is on the left-hand side.

6 MR JUSTICE HILDYARD: Oh, so sorry. I’m so sorry.

7 MR LORD: That is all right, my Lord.

8 May we have both pages.

9 MR JUSTICE HILDYARD: Do move the other one forward. I was

10 being silly.

11 MR LORD: Dr Arkhangelsky, in paragraph 36 Mr Belykh gives

12 evidence that he got an e-mail from OMG’s finance

13 director, Mr Berezin:

14 » … attaching an unsigned letter from [you]

15 seeking the restructuring of OMG’s debts.»

16 He exhibits a copy of that e-mail at {D98/1260/1}.

17 A. Yes.

18 Q. He goes on to note that:

19 «A copy of the e-mail is at {D98/1260/1}, and a copy

20 of the letter is at …»

21 And then he refers to {D98/1261/1}. We will come to

22 those in a second —

23 A. I really like that he remembered that I was in a suit

24 and a tie, because normally I was coming nude to

25 the Bank, but on that particular occasion I was in

1 A. Yes.

2 Q. You can see the date 28 November 2008 both for the

3 letter and the e-mail?

4 Can you see that?

5 A. Yes.

6 Q. That looks as if it was a Friday?

7 A. Yes.

8 Q. And it is right, isn’t it, that OMG’s interest payments

9 fell at the end of the calendar months?

10 A. Yes, I think so. I think for different loans they were

11 different dates, so I think that not all the loans had

12 the same date at the end of the month, so different

13 dates.

14 Q. I suggest, Dr Arkhangelsky, that Mr Belykh is right, and

15 that what happened on 28 November 2008 is that this

16 letter was e-mailed to Bank of St Petersburg, addressed

17 to Mr Savelyev, in order to initiate a request for

18 restructuring, which you were going to discuss with him

19 later that day?

20 A. Maybe, but I don’t remember this letter. And actually

21 e-mail seems to be quite strange, because normally —

22 Mr Belykh was a quite high position person in the Bank,

23 so you would not send him just an empty e-mail with

24 attachment. So normally it have to be some accompanied

25 letter, so which is a bit also strange for me.

9 11

1 a tie, so that’s really funny.

2 Q. He says:

3 «I note that the e-mail is dated 28 November 2008,

4 which suggests that was the date of the meeting. Before

5 the meeting with Mr Savelyev, Mr Arkhangelsky came to my

6 office. I recall that Mr Arkhangelsky was wearing

7 a suit and tie. He brought a signed copy of the letter

8 I had received by e-mail with him.»

9 Could we look at {D98/1260/1} for a minute, please.

10 A. By the way, I never — if I see this e-mail, I see that

11 I never had such an e-mail, which is a bit strange. So,

12 anyway, a copy of this e-mail has never been sent to me.

13 You see «Archangelsky». It’s a different name.

14 Q. Do you want to look at the —

15 A. Ah, okay, it’s a different translation.

16 Q. Can we have the Russian up at the same time?

17 {D98/1260/22}. Does that same point apply to

18 the Russian?

19 A. No, I think it’s a bad translation.

20 Q. The e-mail looks as if it is from Mr Berezin, to

21 Mr Belykh, and to you, subject, «Letter to AV Savelyev»,

22 and there is an attachment, «To AV Savelyev.doc».

23 Do you see that?

24 A. Yes.

25 Q. And then the attachment is at {D/98/1261/1}.

1 Q. I suggest that you did meet with Mr Savelyev —

2 A. No.

3 Q. — on 28 November 2008?

4 A. No, no, and I can explain you why I believe that it’s

5 not true, because normally Mr Belykh, he was sitting

6 several floors below Mr Savelyev, so Mr Belykh was not

7 allowed just to enter to Savelyev because of

8 the hierarchy in the Bank. So normally the procedure

9 would be that either I would go myself to Mr Savelyev’s

10 office, and you know, it is a lot of security and

11 bodyguards and special security regime, so I had to show

12 my passport.

13 By the way, claimants have not disclosed these

14 documents, because in the Bank you have at least two

15 levels of strong security. On the first level you have

16 to show your passport and then they give you an entrance

17 permission to the building of the Bank. Then on the

18 floor of Mr Savelyev, there is a policeman sitting whom

19 you also have to show the passport and he also give you

20 permission to enter the floor.

21 So it had to be at least two levels of control, then

22 a video recording at every level, and normally either

23 I would go through all these processes and go directly

24 to Mr Savelyev, or I go to Mr Belykh and he would bring

25 me to Mr Guz, and only Mr Guz, he was allowed to go to

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February 23, 2016 Day 15

1 Savelyev office. So he would be accompanying me to 1 A. No, it’s not true, because Mr Savelyev, he’s a quite
2 Mr Savelyev. 2 communicative person. The second thing is that he is
3 So that is what is written here, so it is absolutely 3 from my university, so we know each other from
4 against the standard banking practices, and absolutely 4 university time —
5 not confirmed, even by these entrance permissions, 5 Q. Sorry, I said Mr Belykh. Sorry, I do apologise.
6 because I think in the Bank they have been taking 6 A. Yes, and I am speaking —
7 care — big care about Mr Savelyev’s security, and 7 Q. Maybe I misspoke. I thought — I hoped I said
8 control who is allowed to come and who is not. 8 Mr Belykh.
9 Q. At that meeting on 28 November 2008 with Mr Savelyev, 9 A. No, no, Belykh, yes, I think so, yes.
10 you agreed that Bank of St Petersburg would make 10 Q. And you are asking about Mr Savelyev?
11 a personal loan to you of 130 million — 11 A. No, Belykh. Belykh. I’m speaking about Belykh also,
12 A. No, I had not met Mr Savelyev on that day. 12 yes.
13 Q. Sorry, may I finish the question, Dr Arkhangelsky? 13 Q. Sorry.
14 A. Yes. 14 A. So we’ve been quite friendly with Mr Belykh. If you
15 Q. You agreed that Bank of St Petersburg would make 15 notice, he love to speak because he is an ex-teacher of
16 a personal loan to you to allow the OMG companies to 16 scientific communism or something like that, so every
17 meet their November payments owed to 17 meeting with him normally lasts up to two hours, and we
18 Bank of St Petersburg? 18 went to the restaurants many times, and the
19 A. Me, not. I have not met Mr Savelyev by that date. 19 Bank of St Petersburg head office was on my way from
20 Q. And the reason that you wanted that personal loan was 20 home to our offices, so for me it was quite normal just
21 because otherwise the OMG companies would default at the 21 to pass through the Bank office, especially in
22 end of November — 22 the morning, and have a cup of coffee with Mr Belykh or
23 A. I didn’t want — 23 some of his colleagues, especially from foreign
24 Q. Sorry, Dr Arkhangelsky, please, can you let me finish 24 financing department, I think Alexei Smirnov and —
25 the question? 25 Alexei — something, I don’t remember the name.
13 15

1 The reason that you wanted the personal loan at that

2 point was in order to avoid the OMG companies otherwise

3 defaulting on their payments under the debts owed to

4 Bank of St Petersburg at the end of November 2008.

5 A. No.

6 Q. And had Bank of St Petersburg not helped you by making

7 this personal loan, OMG would, in fact, have been in

8 default with its loans with Bank of St Petersburg as at

9 the end of November 2008.

10 A. No, I don’t think so.

11 Q. Can you be shown your witness statement, please,

12 number 16, at {C1/1/33}. You give some evidence,

13 starting at about paragraph 129, of discussions you had

14 with the Bank. You say in paragraph 129 you had various

15 meetings, and you say you:

16 » … used to have meetings with the Bank roughly

17 twice a week … Most of these meetings were with

18 Mr Belykh but I also met from time to time with Mr Guz

19 and Mr Savelyev.»

20 Do you see that?

21 A. Yes.

22 Q. Mr Belykh thinks that he met you round about quarterly,

23 up until November 2008, when he did have more frequent

24 meetings with you, once OMG’s financial difficulties

25 were being discussed with the Bank?

1 So it means that I had rather frequent, friendly

2 meetings with Mr Belykh, either on the way to my office

3 or on the way back home from the office. So it was

4 quite frequent.

5 Q. And I think Mr Guz thinks that he probably met you about

6 four or five times in total; would that be about right?

7 A. No, I think it was much more.

8 Q. If you could look in your witness statement, please,

9 paragraphs 129 to 132. {C1/1/33} {C1/1/34}.

10 At 129 you say you attended a meeting with

11 Mr Savelyev at the bank’s offices. I think your

12 evidence is that that meeting was in the early part

13 of December 2008, isn’t it?

14 A. In December we had two meetings, yes.

15 Q. Yes, and one of them was in the early part of December?

16 A. Something like round about 10th, roughly, 10 December.

17 Q. Round about the 10th. Dr Arkhangelsky, I suggest you

18 are mistaken about that and that the meetings were at

19 the end of November and the end of December?

20 A. Absolutely not.

21 Q. If you look at paragraph 133 on {C1/1/34} you say

22 this —

23 A. Which paragraph?

24 Q. Paragraph 133. You say this:

25 «I was also confident that I would succeed in

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February 23, 2016 Day 15

1 securing refinancing…»

2 Can you see that?

3 A. Yes.

4 Q. And if you read on, please, to yourself, that paragraph.

5 A. Absolutely, yes, I believe in that.

6 Q. And I suggest, Dr Arkhangelsky, that there would have

7 been no basis for you to have that confidence as at that

8 time in view of the status of your refinancing attempts

9 with BNP Paribas, EBRD and KIT Finance?

10 A. Absolutely not, because just a few days before my

11 meeting with Mr Savelyev in the middle of December,

12 I met the President of EBRD, and he confirmed me that

13 it’s EBRD, just a very big bureaucratic structure, but

14 most of the questions been solved and it’s just

15 a question of their homework and back office work. So

16 by that time I was even stronger confident, after the

17 meeting with Mr Mirow.

18 Q. And if you look at paragraph 134, Dr Arkhangelsky, you

19 are talking there about the alleged meeting in

20 early December, on your case; can you see your evidence

21 at 134?

22 A. Yes.

23 Q. Can you see the second to last sentence; you say:

24 «Accordingly, Mr Savelyev indicated he was, in

25 principle, prepared to agree to a moratorium for six

1 definitely everybody had absolutely the same assumptions

2 and same discussions, and definitely we were interested

3 to share — you know, we were not interested that we get

4 worser conditions than, let’s say, the neighbour sitting

5 in the waiting room.

6 And I am actually quite surprised that, having all

7 these meetings, all this recording of these meetings,

8 because normally Savelyev had, I think, in this waiting

9 room, at least two assistant secretaries and three

10 bodyguards always waiting, so I’m quite surprised that

11 they haven’t done any statements, no any recording of

12 his diaries and so on. That’s really surprising to me

13 because it’s considered to be a huge bank with well

14 established corporate governance and recording of all

15 these meetings. So none of these documents have been

16 disclosed, which is absolutely —

17 MR JUSTICE HILDYARD: Were you ever told —

18 A. Sorry?

19 MR JUSTICE HILDYARD: Were you ever told, Dr Arkhangelsky,

20 that the meetings were recorded?

21 A. No, I mean, he had at least two secretaries and they

22 recorded that —

23 MR JUSTICE HILDYARD: They took notes?

24 A. They were taking notes, and the most important

25 appointments, because, you know, it was quite normal

17 19

1 months to allow the group companies’ cash flow to

2 improve to the point at which they could resume making

3 interest payments.»

4 Can you see that?

5 A. Yes, absolutely.

6 Q. I suggest, Dr Arkhangelsky, that you are wrong to say

7 that and there was no such meeting in early December and

8 there was no such agreement for a six-month moratorium?

9 A. Absolutely not, and I can confirm that, you know,

10 your Lordship, that that time it was the most dangerous

11 and difficult time for every company in the market. So

12 I well remember this meeting in the middle of December,

13 because Mr Savelyev, he has kind of waiting room, like

14 half of this room, and in that room it was not only me

15 waiting but it was directors or owners of at least five

16 to maybe seven major local companies who also had loans

17 with the Bank, and definitely we were knowing each other

18 and shaking hands and so on, and everybody had

19 absolutely the same troubles. I remember it was the

20 companies who were selling meat and some other transport

21 companies, as far as I remember, and we were sitting

22 some, speaking to each other, and discussing absolutely

23 the same. So we definitely were interested at that time

24 to share how each of us would struggle with this problem

25 with the Bank, because everybody had this problem and

1 practice, for example, I could agree that I come, for

2 example, 11.00, but then my secretary or myself get

3 a phone call and they told me that he is going to

4 the local government or another meeting, or he has

5 changed the plans. So they were rescheduling,

6 rescheduling, rescheduling, and, as I said, normally in

7 his waiting room you had five, seven people sitting, so

8 you couldn’t make all these logistics unless you have

9 a proper, you know, timetable and proper, you know,

10 changes and, you know, he was travelling a lot,

11 schedules, meetings with the government officials and so

12 on.

13 It’s hard to believe that they have not had any of

14 this, and it’s hard to believe that Mr Savelyev himself

15 was remembering each and every step, so he had to have

16 such notes and, let’s say, references, which he had to

17 send to his employees.

18 And as far as I understood, in his witness

19 statements he is claiming that he doesn’t remember

20 anything, and he doesn’t have any memory. So this only

21 confirms me that he had to have some notes taken, so

22 that’s for sure.

23 MR LORD: Shall we look at the document record here,

24 Dr Arkhangelsky, which I think you are obviously quite

25 keen to go to?

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1 A. Yes.

2 Q. I wonder if you could be shown Ms Blinova’s witness

3 statement in this respect before I show you the

4 documents, and that’s at {B2/9/13}, paragraph 75.

5 I wonder if you could read that though yourself,

6 Dr Arkhangelsky.

7 A. 75, yes.

8 Q. And then confirm when you have done so, please. (Pause)

9 A. Yes.

10 Q. And you can see what Ms Blinova has given evidence of

11 already.

12 A. Yes.

13 Q. She has given evidence that Ms Kirikova of OMG had

14 drafted letters on behalf of OMG asking for various

15 extensions of loans; can you see that?

16 A. Yes.

17 Q. And that those were sent to Ms Blinova and she then

18 attached them to an e-mail; can you see that?

19 A. Yes.

20 Q. Those were draft letters from you to Mr Savelyev?

21 A. Yes, maybe.

22 Q. So you don’t have any reason to challenge —

23 A. I don’t remember that. No, I don’t remember that.

24 Q. No.

25 A. No. Ms Kirikova was absolutely a low level specialist.

1 A. Yes, yes, yes.

2 Q. You have no reason to dispute you received the e-mail?

3 A. No, I receiving hundreds of e-mails, what we discussed

4 with you, so I wasn’t going through all this.

5 Q. And you can see that the first paragraph — well, you

6 can see the subject. It says, «Repayments

7 in December 2008»; can you see that?

8 A. Yes.

9 Q. And Ms Blinova has set out in this e-mail a list of

10 the amounts due from OMG to Bank of St Petersburg at the

11 end of December 2008, hasn’t she?

12 A. Yes.

13 Q. And there is a list of repayments there, including the

14 loan to you of RUB 130 million, isn’t there?

15 A. Yes.

16 Q. Can you see at the foot of the page —

17 A. Yes.

18 Q. — there are three attachments?

19 A. Yes.

20 Q. Which Ms Blinova has given evidence were letters

21 prepared by Ms Kirikova of OMG, to be sent to

22 Mr Savelyev asking for extensions of time.

23 A. But if it’s prepared by Ms Kirikova, I cannot understand

24 why it is sent by Blinova back to Kirikova, so it is

25 a bit strange.

21 23

1 As far as I remember they were friendly with Ms Blinova,

2 so it’s two girls. Two young girls.

3 Q. Why would that make a difference to Ms Blinova’s

4 recollection?

5 A. No, it doesn’t make a difference. I mean that they

6 could have some informal correspondence on a friendly

7 basis.

8 Q. But it wouldn’t invalidate it, would it?

9 A. Sorry?

10 Q. It wouldn’t invalidate the conversation so far as the

11 business was concerned?

12 A. No, no, no.

13 Q. I wonder if you could be shown those documents, please.

14 {D104/1429/1}.

15 A. Can I have it in Russian, please?

16 Q. Certainly, yes. It’s at {D104/1429/1}, and the Russian

17 is at {D104/1429/2}. Hopefully we can have them both up

18 on the screens at the same time.

19 A. Yes.

20 Q. You can see that that is an e-mail from Ms Blinova on

21 19 December 2008; can you see it is to Mr Berezin,

22 Ms Kirikova, Alexey Kokorin?

23 A. Yes.

24 Q. And also it seems to be copied to you, Mr Arkhangelsky,

25 doesn’t it?

1 Q. If we go — on the Russian, you can see that there are

2 three icons; it looks like they are three attachments?

3 A. Yes.

4 Q. Then the letters themselves start at {D104/1429/4}, and

5 in the Russian it is at {D104/1429/5}, that’s the first

6 letter; can you see that?

7 A. Yes.

8 Q. It looks as if it is a letter which OMG wished to send

9 from you to Mr Savelyev; do you see that?

10 A. You see, if it is prepared in our office, we had rather

11 strong corporate guidelines, so then it would be on the

12 company letterhead and so I don’t — I’m arguing that

13 it’s not prepared by anybody in our office.

14 We had rather strong regulation that any letters

15 going out of our office, official letters have to be on

16 the company letterhead with all the names and so on.

17 Q. Yes. Ms Blinova, in her witness statement, she explains

18 that these were draft letters.

19 A. No, but it doesn’t matter because we haven’t had these

20 letterheads in the printed versions, so all the drafts

21 had to come on the letterhead, so …

22 Q. Is it your evidence that Bank of St Petersburg have made

23 up these documents?

24 A. I think so, yes. It looks like this from what you show

25 me. First of all, because it’s been sent by Ms Blinova

22 24
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1 to Kirikova, so it is produced by Ms Blinova, sent to

2 us.

3 MR JUSTICE HILDYARD: I think what’s being put to you is

4 that this draft at {D104/1429/5} in the Russian was

5 prepared by either Ms Blinova or Ms Kokorin and sent to

6 you with a view to you changing the draft into the final

7 letter and then signing it.

8 MR LORD: Yes. I’m sorry, my Lord —

9 A. Maybe, yes. I may assume that it’s been done — this

10 draft has been done by the Bank of St Petersburg and

11 sent to the people in the office. I may assume that,

12 but I don’t remember that for sure.

13 MR LORD: No, but Ms Blinova explains that the drafts had

14 originally come in from Ms Kirikova —

15 A. But do you have any confirmation on that? Do you have

16 any evidence?

17 MR JUSTICE HILDYARD: Wait for the question, please.

18 MR LORD: — from Ms Kirikova and that she corrected certain

19 details about the loan agreements and then she sent them

20 back out —

21 A. Sorry, who corrected what?

22 Q. Ms Blinova explained — I showed you paragraph 75. Go

23 back to paragraph 75, please, {B2/9/13}. I will stand

24 corrected, and I will retract this if it is wrong, but

25 I don’t think Ms Blinova was said to be wrong in her

1 A. — but it was drafted and prepared by the

2 Bank of St Petersburg. That’s what I’m thinking here.

3 Q. Right.

4 A. And I think that the statement in point 75 is not

5 reliable, because it could not be like that. We were

6 preparing internal bank documents for the bank, which is

7 really strange.

8 Q. And if we look at the attachments to this e-mail,

9 {D104/1429/4}, {D104/1429/5}, the loan referred to there

10 is the second Onega loan; right? From the number?

11 A. Yes, I believe you, yes.

12 Q. And from the face of this draft letter, OMG at this time

13 wanted an extension of the loan for a period of

14 one year; can you see that in the second paragraph?

15 A. Yes, in the draft prepared by the Bank of St Petersburg

16 we can see that, yes.

17 Q. And if you go to {D104/1429/6}, and {D104/1429/7} in

18 the Russian, this is a draft letter said to be from you

19 to Mr Savelyev, asking for an extension of one year for

20 the 2007 LPK Scan loan; can you see that?

21 A. Yes.

22 Q. And if we go to {D104/1429/8}, there is a request to

23 extend —

24 A. Your Lordship, I think it is a very dangerous thing

25 when, on the documents which are shown to you, it is not

25

1 evidence in paragraph 75. I will check, double-check,

2 but I don’t think it was said that she was —

3 A. I’ll just read it again, this paragraph.

4 Q. That’s all right. (Pause)

5 A. It looks very strange because if she claimed that

6 Ms Kirikova was the person responsible for the loans and

7 if she was responsible for the loans she had to know the

8 numbers of the loans and so on, so we haven’t had that

9 much numbers of the loans, so — and this looks very

10 strange to me, and as far as I understand, you don’t

11 attach as an evidence that these drafts had been sent by

12 Ms Kirikova to Ms Blinova. So you don’t have this

13 evidence.

14 Q. No, I think we only have the —

15 A. Okay, so it’s just hearsay, yes.

16 Q. But, Dr Arkhangelsky —

17 A. That looks very strange to me.

18 Q. Well, can you assume — I know you dispute the

19 authenticity of these documents, but can you just for

20 one minute assume that the court finds that they are

21 genuine documents, just —

22 A. No, I don’t — I don’t — I’m not disagreeing with you

23 that these are authentic documents; I’m just disagreeing

24 that it was prepared by Ms Kirikova —

25 Q. I see.

27

1 clearly written if it is a draft or if it is a finally

2 signed and stamped and numbered. So I just want to make

3 sure that you understand that it’s — now we are

4 discussing drafts, even if they claim that these drafts

5 at some point had to be signed by me, maybe, but never

6 been signed, I think. But it’s important that these

7 drafts which they claim to be signed by me been prepared

8 by the Bank of St Petersburg. So …

9 MR JUSTICE HILDYARD: My understanding, and both of you must

10 correct me if I have simply lost the thread, is that

11 these drafts were attached to an e-mail, having been

12 prepared either by Ms Blinova or Ms Kokorin or

13 a collaboration of the two —

14 MR LORD: Ms Kirikova, I think it would be.

15 A. No, no, Blinova attached to the letter — this

16 particular attached to Ms Blinova.

17 MR JUSTICE HILDYARD: It doesn’t seem to me to matter at the

18 moment, but … And they were sent, amongst other

19 things, to you, with a view to you, if this is what you

20 wanted, as the Bank supposed you did, signing them and

21 putting them on your company’s headed notepaper.

22 A. Yes, nearly, but —

23 MR JUSTICE HILDYARD: They are drafts. It’s not suggested

24 that they are not drafts. They are drafts, as

25 I understand it —

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1 A. Yes, absolutely. 1 about the early December meeting and the fact of any
2 MR JUSTICE HILDYARD: — prepared by the Bank. 2 agreement by Mr Savelyev to a six-month moratorium.
3 A. Yes, absolutely, but only small correction: that it 3 A. Absolutely not.
4 was — I was receiving this in the copy, so it was sent 4 Q. I’m going to ask you now, please, about the meeting
5 to my low level employees, I think in the way of their 5 later in December 2008, which you agree did take place,
6 discussions between — 6 don’t you?
7 MR JUSTICE HILDYARD: You tell me you have received many, 7 A. Absolutely.
8 many e-mails. 8 Q. Your witness statement picks it up, I think, at about
9 A. Yes, yes. 9 paragraph 135 on {C1/1/35}. Your witness statement
10 MR JUSTICE HILDYARD: And you do not recall receiving this 10 refers to the meeting with Mr Savelyev at the end
11 e-mail or its attachments; you have told me that, yes. 11 of December 2008.
12 A. Yes, absolutely, absolutely. 12 A. Which paragraph are you reading?
13 MR JUSTICE HILDYARD: Yes. 13 Q. Sorry, paragraph 135.
14 A. As I said, I was receiving — you see, normally I would 14 A. Yes.
15 read in priority letters or e-mails which is addressed 15 Q. Do you want to read that to yourself, just to remind
16 directly to me, so when they are addressed to my office 16 yourself of the context for these questions? (Pause)
17 employees and I am just put in the copy, so I would 17 A. Yes.
18 normally read these only in case there are some troubles 18 Q. And your witness statement doesn’t make any mention,
19 or any telephone calls or any enquiries to do this. 19 does it, of any previous discussions that you may have
20 MR JUSTICE HILDYARD: All right. 20 had with the Bank before that meeting in relation to
21 A. And in this particular case, and in quite a number of 21 restructuring, repos, that sort of thing, does it?
22 cases discussed last week, I always been in copy, and it 22 A. We had a lot of discussions with — I had a lot of
23 was a must in the office, just to allow me afterwards to 23 discussions with employees on different levels of
24 trace everything, just to be in the copies, to 24 the Bank, because I thought that any decision, whatever
25 understand that something is going on in case I need 25 decision Mr Savelyev makes, have to be prepared anyway
29 31

1 that.

2 MR LORD: And, Dr Arkhangelsky, I think you have accepted

3 that you may well have got the e-mail; I think you said

4 earlier today that you may have received the e-mail?

5 A. Of course, if I am in copy, it was coming to my post

6 box, absolutely, yes.

7 Q. You see, Dr Arkhangelsky, if you are right that

8 Mr Savelyev had already, by this stage, at

9 an early December meeting, agreed to some sort of

10 six-month moratorium, you would have expected that you

11 would record that in some sort of response to this

12 e-mail from the Bank; in other words, you would go back

13 and say: hang on a minute, I have agreed with

14 Mr Savelyev that we don’t have to pay for six more

15 months. And there is no evidence of that here, is

16 there, Dr Arkhangelsky?

17 A. No, I don’t think so, because normally it would be

18 Mr Savelyev who would be giving instructions to his

19 employees, so it’s no value for me to give this — to —

20 you understand that Ms Blinova was the most lowest

21 employee in the Bank, so she had to get instructions of

22 doing anything from her management and not from me,

23 because I am not her boss to tell her what and how to

24 do.

25 Q. Well, I suggest, Dr Arkhangelsky, that you are wrong

1 by his employees. So I was trying to check and

2 understand what is going on in the Bank, and try to

3 suggest different options.

4 Q. Could you be shown {D99/1315/1}, please.

5 A. Can I have the Russian version, please?

6 Q. Yes, certainly. Sorry, Dr Arkhangelsky, I am just

7 turning another document up. Yes, I will give you the

8 reference. It is {D99/1315/2}, I would imagine. I will

9 double-check.

10 A. No, no, I have it, thank you.

11 Q. Yes, it is —

12 A. I have it, thank you.

13 Q. Do you have it there? Do you have that,

14 Dr Arkhangelsky?

15 A. Yes, yes, yes, yes, yes.

16 Q. It looks like you had an e-mail exchange with

17 Ms Borisova on 8 December 2008; can you see that?

18 A. Yes, Anna Borisova.

19 Q. And she said to you on that day in the e-mail:

20 «Will you already have arrived in St Petersburg on

21 Friday, 5 December 2008? We have some matters to

22 discuss and at the same [time] I would like to introduce

23 you to Kristina Mironova, our new Deputy Director on

24 economic matters.»

25 A. Yes.

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1 Q. «If it’s possible for you, we would like to come and see

2 you.»

3 Can you see that?

4 A. Yes.

5 Q. And you said in response:

6 «How about today at noon or 1.00 pm.»

7 A. Yes, I sent the reply in three days, something like

8 that, yes.

9 Q. So, do you think it is possible that you did meet

10 Ms Mironova in early December 2008?

11 A. Yes, but I’m not sure if it was in my office or her

12 office, most probably, yes, I met her. And since that

13 time I was meeting on something like every second day.

14 Q. And what sort of things were you talking about on every

15 second day?

16 A. I was — as long as she was coming as a new person to

17 lead the Investrbank office, so I had to brief her on

18 all our businesses, on all the companies and so on,

19 because she was a completely new person in that office

20 and we had to discuss a lot of things. I had to tell

21 her all the summary of the story of my cooperation with

22 the Bank for the last three years.

23 Q. I’m going to ask you now about the December meeting

24 itself, please, or the late December meeting, and your

25 witness statement I think describes it, as I said, from

1 working well, because we had — the major problem

2 started with Vyborg Shipping Company because of

3 non-payment of the clients, and I think it was on all

4 businesses, on insurance side, on everything.

5 So in the crisis time, the major risk management or

6 cash flow management point, not to pay to your contract

7 counterparty.

8 Q. And you wanted to discuss with Bank of St Petersburg the

9 possibility of further extending OMG’s debts so that OMG

10 would not default at the end of December 2008?

11 A. Yes, we were in Christmas time and I was absolutely

12 clearly told by Belykh, Guz, Mironova and others that

13 it’s not we who would have problems, but it would be the

14 Bank who would have terrible problems with the

15 reserving, and they were very much concerned about this

16 reserving, so they were claiming that we create them

17 difficulties. So because of us, they would have

18 a problem with Central Bank.

19 So it was actually a two-sides problem. So for me,

20 you know, non-payment of interest, yes, it might cause,

21 later on, in three, four, five, six months, any court

22 investigations and so — court discussions, so that they

23 could claim that I have to pay and repay, pay and repay

24 loans and so on.

25 But for them, it was immediate trouble with the

33 35

1 paragraph 135; can you see that?

2 A. Not yet.

3 Q. 135 and onwards. {C1/1/35}.

4 A. Yes.

5 Q. And you describe what you claim happened that meeting;

6 all right?

7 A. Yes.

8 Q. Now, the context for this meeting, Dr Arkhangelsky, was

9 that OMG were going to default on their loans with

10 Bank of St Petersburg at the end of December 2008 as

11 matters then stood, weren’t they?

12 A. Yes.

13 Q. When you met Mr Savelyev, you told him that OMG were

14 suffering short term liquidity or cash flow problems,

15 didn’t you?

16 A. I was aware that the group is financially stable and

17 well developing, and because of the economic crisis, we

18 had short term problems, yes.

19 Q. And you referred, didn’t you, in particular to

20 an alleged significant payment for timber owed to you

21 from a Finnish customer, or customers, for about

22 RUB 300 million?

23 A. I’m not sure exactly if I remember that, but we had

24 a lot of clients who had to pay us quite substantial

25 money, and I had a dream that Vyborg Shipping would be

1 Central Bank and their accountancy. So for them, it was

2 much more stronger problem than with me.

3 And the most important, that by that time the

4 Bank of St Petersburg faced that bank had problems with

5 all the clients, and my share in their portfolio was

6 about 4 per cent of their whole loan portfolio. So for

7 them, default on 4 per cent of their loans was nearly —

8 they could lose their licence, so they can cease their

9 operations.

10 So for me it was just technical non-payment, and

11 it’s arbitration and so on. But for them it could cause

12 immediate cease of the operation for them as a bank. So

13 for them it was immediate trouble.

14 Q. So you felt, going into that meeting, that OMG were in

15 the stronger bargaining position because the fact that

16 OMG were —

17 A. No, no —

18 Q. Can I finish the question?

19 A. Yes, please.

20 Q. The fact that OMG were going to default at the end of

21 the month was a problem for Bank of St Petersburg rather

22 than OMG; is that your evidence?

23 A. No, I’m — what I am saying, that, you know, I used to

24 be liable for all my steps and all my behaviour. Of

25 course, my target was to find acceptable solution, and

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1 to find a way how to solve problems of short term

2 non-payment by the group, as well as I didn’t want to

3 spoil the relations with the Bank, because I was

4 understanding that, for them, if they make these

5 reserves, it would not be a short term problem, because

6 then they would have to make all these reservations for

7 years to come. So it’s not just — if I don’t pay once,

8 then a whole 4 per cent of their loan portfolio would be

9 considered as a bad debt or toxic debt, and then it

10 would be considered like this forever. So that’s why

11 I wanted to find a solution and I was really flexible,

12 and I want to be liable for my behaviour and for the

13 situation, that’s for sure.

14 Q. And the discussion was really about

15 Bank of St Petersburg helping OMG by extending certain

16 loans so that OMG would not default at the end

17 of December 2008; that was the discussion you had,

18 wasn’t it?

19 A. The discussion was definitely to make a moratorium and

20 prolong the debt, on one side, and the reasons for doing

21 this was not only to recreate the stability of OMG

22 group, but also to help to the Bank in safe way solve

23 their reserving problems because, as I said, my

24 estimation that by that time, more than 80 per cent of

25 all their debt portfolio were in the same trouble. So

1 Q. Now, that would be about March 2009, wouldn’t it,

2 Dr Arkhangelsky; spring?

3 A. Spring in St Petersburg comes in the middle of April,

4 end of April. In St Petersburg we have ice — normally

5 in shipping, spring considered from 8 May, when the ice

6 on the rivers and water disappears. So normally the

7 vacation starts 8 May.

8 Q. So was it the case that in that meeting with the Bank at

9 the end of December 2008, you told the Bank that you had

10 these short term liquidity difficulties, and the winter

11 was going to make that worse, but you hoped to be back

12 on track by the spring of 2009?

13 A. Yes.

14 Q. Was that what —

15 A. We discussed that, yes, absolutely.

16 Q. And that’s what you told them, wasn’t it?

17 A. Yes, and they confirmed that because Mr Savelyev told me

18 that he had absolutely the same discussions with

19 everybody, and I know what they were discussing because

20 we were sharing, because St Petersburg is not that big

21 a city, and I was personally knowing, you know, major

22 businessmen in the city. So definitely we had a glass

23 of beer, whatever, or wine, and discussing how to cope

24 with these troubles, because nobody in Russia were

25 understanding or expecting global economic crisis that

37 39

1 80 per cent.

2 Q. Can I ask you to look in your witness statement, please,

3 to where you explain OMG’s financial position at that

4 time? It’s at paragraph 124 at {C1/1/31}, please, where

5 you say this:

6 «By late November 2008, with the credit crisis

7 worsening, I anticipated that short term liquidity

8 difficulties at the Group would in all likelihood result

9 in the Group companies being unable to make interest

10 payments due to the Bank in accordance with the loan

11 agreements for the month ending 31 December 2008 and

12 subsequent months.» {C1/1/32}

13 Then you give two principal reasons: first, the

14 financial crisis, with its effect on the group’s

15 business; and, second, the group’s cash flow in

16 the winter months being weaker; can you see that?

17 A. Absolutely, yes.

18 Q. Then you talk about other banks, and then in

19 paragraph 127 you say this, halfway down:

20 «On the basis of the Group’s cash flow forecasts

21 I did not anticipate that the Group would be in

22 a position to resume servicing the loans until the

23 spring of 2009 at the earliest.»

24 Do you see that?

25 A. Absolutely.

1 time. Especially considering that Mr Putin was telling

2 that the global economic crisis is all around the world

3 but we don’t have crisis in Russia. That was officially

4 said: that we don’t have crisis.

5 Q. And the discussion with Mr Savelyev, I suggest, was that

6 the Bank was willing, in those circumstances, in

7 principle, to give OMG some extra time?

8 A. Yes, we agreed and discussed the moratorium, yes.

9 Q. And that the details as to the specific extensions were

10 left to be worked out afterwards with the involvement of

11 lawyers, weren’t they?

12 A. No. Generally we agreed, so we shaked our hands, even

13 under this pressure, and then — I don’t think it’s

14 lawyers, it’s one of his most confident bank employees,

15 Ms Malysheva, who was drafting that. So she had to make

16 a final paperwork.

17 Q. And you agreed, didn’t you, that certain repo agreements

18 would be entered into by way of further collateral for

19 this understanding that you had come to with

20 Mr Savelyev?

21 A. I’d been pressed to sign these repo contracts, yes. And

22 by the way, it actually hasn’t been discussed in

23 the process. So it was two sides contract signed. So

24 not only me selling this, but also me buying the shares

25 back, and I signed both of them. But I’ve been returned

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1 only one copy. So normal agreement would be that I get

2 both sides contract, so that I can get my shares back in

3 any moment I wanted. So — but I signed myself both

4 sides agreements, but afterwards I got back only selling

5 agreements, and not buy-back agreements, which is quite

6 unusual, because I was signing both versions.

7 Q. But you do agree, don’t you, that you entered into some

8 repurchase agreements to give the Bank of St Petersburg

9 further security in relation to loans by OMG?

10 A. Yes.

11 Q. And Bank of St Petersburg was giving, or was proposing

12 to give, OMG some further time on various loans, wasn’t

13 it?

14 A. They were proposing, and it was agreed, that we have

15 a moratorium up to the end of June 2009, yes, on all the

16 loans.

17 Q. And that was something that Bank of St Petersburg were

18 not legally required to do, were they? They weren’t

19 legally required to extend OMG’s loans, were they?

20 A. It was the subject of our negotiations and agreements.

21 Q. That wasn’t the question. Without any extension from

22 Bank of St Petersburg, Bank of St Petersburg could have

23 enforced default procedures, couldn’t they, at the end

24 of the month?

25 A. No, because in Russia, if your Lordship is aware, you

1 So I’ve been open to the Bank not to create problems

2 for them because the Bank was rather weak compared to —

3 whole portfolio was defaulting, and I thought that this,

4 my behaviour, would only help to improve relations. And

5 absolutely the same was the case with V-Bank, because

6 everybody understood that it’s — the default at that

7 time, it’s not a problem for the client. It’s major the

8 problem for the Bank, because Russian banks are weak

9 banks and they were not able to — in case most of the

10 loans are defaulting, they were not able to have all

11 these reserves in place by the end of the year.

12 Q. I suggest that at that meeting there were no threats

13 made against you.

14 A. No, it was a really terrible meeting, and your Lordship

15 would understand that when you have three bodyguards

16 with this person, with the gangs and so on, so you

17 understand that he’s a serious man and he has

18 a reputation. So I would take any his word as

19 a valuable one and would not be arguing that. So he

20 definitely been considered and still considered to be

21 one of the most wealthy and influential persons in

22 the area, that’s for sure.

23 Q. But it sounds from one of your last answers as if you

24 thought you held a stronger position; you thought it was

25 the Bank’s problem. Is that what you told him?

41

1 cannot do any enforcement. So the first step for the

2 Bank would be to go to the arbitration court. Normally,

3 before you start this, I mean before the first court

4 sitting, it would take minimum three months, minimum

5 three months for the first sitting, and then the

6 proceedings before any enforcement, I think would have

7 taken between 6 and 12 months minimum.

8 So theoretically speaking, for me it was much more

9 interesting that I don’t pay these loans at the end of

10 the year, they go to the court, start the proceedings,

11 and then I have one and a half years for the first stage

12 of the court, and then I have a Court of Appeal, which

13 is one more year.

14 So theoretically for them, absolutely minimum is

15 two years to get the court decision which would allow

16 them for enforcement proceedings, and that would really

17 help me, and I could get refinancing by that time, or

18 find any other player.

19 But I, instead of going in any litigations, I agreed

20 that I open all my business, give them all my business,

21 just to save their licence and save the Bank. Actually

22 what I should say, that I saved the

23 Bank of St Petersburg from ceasing their operation,

24 because they have not had the resources to pay for their

25 reserving. So that’s what I am telling.

43

1 A. But I have my life and my family, that’s the key issue

2 for me.

3 Q. Can you go to paragraph 138 please, of your —

4 A. Can we have a short break, please?

5 Q. No, I’ve got some more questions, I’m sorry,

6 Mr Arkhangelsky —

7 MR JUSTICE HILDYARD: Well, Mr Lord, we are going to have

8 a break soon, are we not? If the witness needs a break,

9 we will have a break for ten minutes.

10 (11.03 am)

11 (A short break)

12 (11.13 am)

13 MR LORD: Dr Arkhangelsky, could you please look at

14 paragraph 139 of your statement at {C1/1/35}. You see

15 what you say at the beginning of that paragraph:

16 «The deadline which Mr Savelyev imposed for the

17 grant of the security was 30 December 2008…»

18 Can you see that?

19 A. Yes.

20 Q. Then you go on to say: {C1/1/36}

21 «We therefore had to rush to complete and sign the

22 relevant documentation in time.»

23 It is right, isn’t it, Dr Arkhangelsky, that the

24 deadline and the rush came from the fact that, unless

25 there was some restructuring, OMG would default by the

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1 end of December 2008?

2 A. Yes, because — the reason for that was that the Bank

3 had to make reserves by the end of the year. So that’s

4 for the close — in Russia, the closing date for the

5 balance sheet is 31 December for financial

6 organisations.

7 Q. And that would mean that if there wasn’t

8 a restructuring, OMG would be in default by the end of

9 the year, wouldn’t they?

10 A. It would be default on some particular loans and it

11 would be huge troubles for the Bank in respect of

12 reserving, because OMG’s share in the Bank portfolio was

13 4 per cent, so it’s — we’ve been the major client of

14 the Bank.

15 Q. Could you go to paragraph 140, please, of your witness

16 statement, on {C1/1/36}, where you refer to signing the

17 memorandum in the office of Mrs Malysheva on

18 30 December 2008?

19 A. Yes.

20 Q. So you signed the memorandum about five days after the

21 meeting itself, didn’t you?

22 A. Yes.

23 Q. And you say this:

24 «As I have said, everything was done in a rush and

25 I did not take legal advice on the Memorandum, nor can

1 Q. Well, if you go to page {D105/1454/0.2}, there is

2 a reference there to memorandum, isn’t there?

3 A. Yes, it is a reference to the memorandum, yes. But can

4 we see the Russian …

5 Q. And I think Ms —

6 A. Sorry, can I see the Russian version of that first,

7 because I am not sure that that was attached.

8 Q. It’s at {D105/1454/1}.

9 A. No, I cannot see it.

10 Q. The only point I want to make, Dr Arkhangelsky, is it

11 looks as if your lawyers were involved in the process of

12 drawing up agreements between the 25 December meeting

13 and 30 December; do you agree?

14 A. No, what I see in this letter, that there was no any

15 memorandum attached. It was mentioned that this

16 memorandum have to be done, but there were no any form

17 of the memorandum attached, so it means that my lawyers

18 have not had a chance to see that and have not had the

19 chance to discuss that.

20 I’ve been told that I should have full confidence to

21 the Bank and accept everything what they are offering,

22 otherwise I would have personal troubles.

23 Q. Dr Arkhangelsky, do you think maybe that this

24 attachment, the memorandum, was taken out of this

25 document —

45 47

1 I even recall checking the terms of the document.»

2 A. Absolutely.

3 Q. Are you sure that you didn’t take any legal advice on

4 the memorandum?

5 A. I’m sure.

6 Q. Even though you had a period of five days between the

7 meeting itself and signing the document on —

8 A. I had not had my —

9 Q. Sorry, could I finish the question, please?

10 — and signing the document on 30 December 2008?

11 A. I got the final version of memorandum in the office of

12 Malysheva and I signed it in her presence, so that’s how

13 could I get this. So I have been told that I had to

14 finish this the same day, the same time, in her office.

15 Q. Can you be shown, please, {D105/1454/0.1}.

16 A. I think we discussed that on the first day.

17 Q. This is one of the e-mails I think that you exhibited in

18 the BVI.

19 A. Yes.

20 Q. The reason I want to show it to you is because it looks

21 as if, on 29 November 2008, Ms Stalevskaya sent out to

22 Mr Vasiliev, and another one of your lawyers, various

23 draft agreements; that’s right, isn’t it?

24 A. But as far as I understood there was no any memorandum

25 attached to it.

1 A. No, I don’t think so.

2 Q. — when it was exhibited by you in the BVI?

3 A. No, I don’t think so, because what is it — I read the

4 text; it’s not — in Russian text, it’s not mentioned

5 that memorandum is attached. It’s what is written here

6 I can write — I can read:

7 «It is necessary to make separate agreements.»

8 So you cannot see the memorandum attached. I agree

9 that this, your crying witness, Mrs Stalevskaya, funny

10 crying witness, she understood what kind of contracts or

11 agreements had to be done, but which date — can I have

12 a previous page, please, Russian version.

13 {D105/1454/1} Can I have page — but what I should

14 confirm from this e-mail that by the end of the day, on

15 Monday, 29 December, no any draft of the memorandum

16 existed yet, so that’s what confirms this e-mail.

17 So they are not suggesting any terms or conditions

18 of the memorandum, but they say that by the end of

19 the year, memorandum have to be done, but indeed they

20 were attaching some other documents which doesn’t relate

21 to the memorandum.

22 Q. Ms Stalevskaya has given evidence that Mr Vasiliev

23 brought back —

24 A. Sorry, she given it before she started to cry or just

25 after?

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1 MR JUSTICE HILDYARD: What is the relevance of that?

2 A. No, it’s quite important, because it shows her mood for

3 that moment.

4 MR JUSTICE HILDYARD: Let us focus on the question.

5 Could you repeat the question?

6 MR LORD: Certainly.

7 Ms Stalevskaya has given evidence that Mr Vasiliev,

8 your lawyer, brought back the memorandum, signed, or

9 seemingly signed, by you.

10 A. Yes.

11 Q. In other words you signed it —

12 A. Yes, she is a very reliable witness, especially she

13 given very reliable witness statements in the police

14 office, but it’s not true, as quite most of things she

15 was telling. So I signed the memorandum in the office

16 of Madame Malysheva.

17 Q. I want to ask you about the memorandum itself, please.

18 Could we go to {D107/1537/1}.

19 A. The Russian version, please. {D107/1537/3}.

20 Q. Can you see that document, Dr Arkhangelsky?

21 A. Yes.

22 Q. It’s a two-page document, isn’t it?

23 A. It’s a three-page document because the first page attach

24 signatures, or it’s the backside of the memorandum,

25 signed by Stalevskaya and Malysheva.

1 I signed that in the office of Madame Malysheva.

2 Q. It’s a bit unlikely, isn’t it, that you would have taken

3 a stamp with you to the office?

4 A. No, why not, I was coming to an important event,

5 which — we had to finalise the deal the same day by the

6 end of the year.

7 Q. Yes, and could we go back to {D196/2938/0.1}, please,

8 because you will see that at 2939, {D196/2939/0.1}, the

9 document is headed «Memorandum» and the document —

10 A. Sorry, I can’t see.

11 Q. That’s all right. There is another document at

12 {D196/2938/0.1}, if we could have the Russian up as

13 well, please. {D196/2938/1} I think.

14 That version is headed «Agreement», isn’t it?

15 A. Yes.

16 Q. So it looks, doesn’t it, Dr Arkhangelsky, as if there

17 has been a change from «Agreement», to «Memorandum»?

18 A. As far as I understand, that’s what you discussed, or

19 which has been discussed with Madame Stalevskaya a week

20 ago, and I think it was the Bank who was creating these

21 documents, and I think it’s coming from the Bank’s

22 disclosure of their internal documentation, yes?

23 Q. Yes.

24 A. So it’s Bank’s internal drafts, so I assume there were

25 some internal discussions in the Bank, how and what to

49

1 Q. But the body of the document, if you like the text, is

2 on two pages?

3 A. The text on the two pages, but the fact that the third

4 page was signed by Stalevskaya and Malysheva, it’s quite

5 important. So it shows who and when and how produced

6 that document.

7 Q. I am just finding a document. Sorry, Dr Arkhangelsky.

8 A. No problem, take your time. (Pause)

9 Q. Can we have {D196/2939/0.1}, please. Could you scroll

10 down so we can see that.

11 Scroll down, please?

12 A. Is it a draft, or what is it?

13 Q. If you scroll on, please {D196/2939/0.2}. And again.

14 {D196/2939/1}. And the Russian. Stop on page 2.

15 {D196/2939/2}.

16 A. Yes.

17 Q. There is a copy of the memorandum with just your

18 signature and a seal on that the Bank have. So are you

19 sure that you didn’t sign and seal it away from the Bank

20 and have Mr Vasiliev return it to the Bank for them to

21 sign?

22 A. I signed this document in the office of

23 Madame Malysheva. I am not sure who and when put

24 a stamp of the group, which I may assume that I have not

25 had a stamp, or maybe I’ve taken the stamp with me. But

51

1 do, and I was not, definitely, party of that discussion.

2 And I think Madame Stalevskaya given to the court some

3 explanations what was going on while she was preparing

4 this document.

5 Q. And if you could go back to {D107/1537/1}, please, which

6 is the memorandum itself. This document was meant to

7 record an understanding that you had reached with the

8 Bank in principle as to certain things that were then

9 going to be contractually agreed with lawyers’

10 involvement; is that right? {D107/1537/3}

11 A. This document has been prepared by the

12 Bank of St Petersburg. I have not had a chance even to

13 discuss that. I have been told that I have to sign it.

14 It was their understanding of the agreement by that

15 time. I haven’t had time to check. I haven’t had the

16 possibility to get lawyers’ advice, and under the

17 personal threat, threat for my family, I had to sign

18 this in the office of Mrs Malysheva.

19 Q. I suggest, Dr Arkhangelsky, that you in fact signed it

20 some four or five days later, having had advice from

21 Mr Vasiliev.

22 A. You mean I signed it in the beginning of 2009?

23 Q. No, the meeting was on 25 December 2008, and you signed

24 that document —

25 A. But what you just shown, that by 29 December 2009, there

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1 were no any memorandum yet, so it has been — a final

2 version of the document been drafted and prepared

3 30 December, and I haven’t had a chance to get any legal

4 advice, and I signed it in the office of Malysheva

5 because that was almost last day of the year, and I had

6 a deadline by 30 December, because normally 31 December,

7 nobody works in Russia.

8 Q. Are you saying, Dr Arkhangelsky, are you saying that the

9 meeting took place on 30 December?

10 A. With Mrs Malysheva, yes, in her office.

11 Q. Was that a meeting that happened immediately after your

12 meeting with Mr Savelyev?

13 A. No, no, no, no, no it was another meeting, so I came to

14 her and signed these documents.

15 Q. On 30 December?

16 A. Yes.

17 Q. So some five days after the meeting with Mr Savelyev?

18 A. Yes.

19 Q. And your evidence is that you had no chance — you had

20 no opportunity over those five days to take any legal

21 advice?

22 A. I’ve not seen, I have not been shown such document

23 before that time. So I came to the office of Malysheva,

24 I’ve been given this document, I’ve been told that,

25 based on my agreement with Mr Savelyev, I have to sign

1 MR JUSTICE HILDYARD: Is it the Bank’s case that this was

2 not legally effective before the end of the year?

3 MR LORD: Well, it wasn’t a legally binding contract.

4 MR JUSTICE HILDYARD: Is it its case that it was not legally

5 effective before the end of the year, because that would

6 have very serious reserving problems.

7 MR LORD: It’s not legally — the memorandum in itself

8 wasn’t —

9 MR JUSTICE HILDYARD: It may have called for further

10 elaboration, but I just wondered whether your case is

11 that there was no settled account by the end of

12 the year.

13 MR LORD: No, our case is that this wasn’t a binding

14 contract.

15 MR JUSTICE HILDYARD: All right.

16 MR LORD: My Lord, then, various extension agreements were

17 drawn up at that time.

18 MR JUSTICE HILDYARD: The reason I am asking, and you can

19 take some time to think about it if you like, but the

20 basis, the premise you are inviting the witness to

21 accept is that this was an agreement in principle, if

22 you like, but not a binding agreement.

23 MR LORD: Yes.

24 MR JUSTICE HILDYARD: And my question to you is whether that

25 is really right, given that banks ordinarily are anxious

53 55

1 that.

2 If I don’t want to sign that, she said me, I have to

3 address any enquiries to Mr Savelyev. So she said that

4 she was not in position to discuss anything in respect

5 to these documents.

6 Q. Dr Arkhangelsky, I suggest that what happened was that

7 the memorandum was signed by you and then brought back

8 to the Bank by Mr Vasiliev.

9 A. Absolutely not. He brought to the Bank these agreements

10 with the initial purchasers, that’s true, yes, but not

11 memorandum.

12 Q. And it is right, isn’t it, that the memorandum wasn’t

13 meant to be a legally binding agreement?

14 A. You see, by that time I was not really thinking about

15 that.

16 Q. No.

17 A. I had a personal threat, I was really afraid, I was

18 knowing the reputation of Mr Savelyev, and I wanted, you

19 know, to close the year, you know, and fulfil all the

20 obligations and just to have a silent ten days of

21 holidays, Russian holidays.

22 Q. And that’s why it was headed «Memorandum» and not

23 «Agreement», isn’t it?

24 A. I haven’t had a chance to discuss it with anybody, so

25 that’s how it was created and prepared by the Bank.

1 by the end of the year, on their own account, to ensure

2 a settled account, because otherwise they would not be

3 able to proceed and draw up their accounts, lest the

4 agreement is never finalised.

5 So I wondered whether the premise on which you are

6 asking this witness these questions is actually what the

7 Bank did internally. If it is, it is. If it isn’t, you

8 need to go carefully.

9 MR LORD: I will take instruction, my Lord.

10 MR JUSTICE HILDYARD: Yes.

11 MR LORD: I will come back to it, if I may?

12 MR JUSTICE HILDYARD: Yes, of course.

13 MR LORD: Dr Arkhangelsky, the memorandum is said to be

14 entered into by Group Oslo Marine, the group, in

15 the person of you?

16 A. Yes.

17 Q. There was no one legal entity known as the group, was

18 there?

19 A. No.

20 Q. There were a series of companies?

21 A. No, no, and the Bank was well aware about that. So it’s

22 the Bank who created this document and it’s the Bank who

23 decided to call all the entities in my group by this

24 name, and they suggested, yes, that I’ll sign on their

25 behalf.

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1 So the Bank lawyers was fully aware of the group

2 structure, and based on the group structure, they made

3 this memorandum.

4 Q. And you didn’t enter into this memorandum on behalf of

5 yourself personally, did you?

6 A. No, because what is written here, that it’s Group Oslo

7 Marine, and they are referring to the group of

8 the companies, and not to me as a private person.

9 Q. And the memorandum —

10 A. And theoretically, I could not even sign it as a private

11 person unless I have my wife’s consent on that. So it’s

12 absolutely impossible to make a suggestion that

13 I made — signed this memorandum meaning as a private

14 person.

15 Q. And the memorandum records that certain companies,

16 special companies, purchasers will purchase shares in

17 Western Terminal and Scandinavia Insurance, doesn’t it?

18 A. Yes, and —

19 Q. And those —

20 A. — I’ve been told by the Bank of St Petersburg, by

21 Malysheva especially, and Savelyev, all these special

22 purchases, they are completely companies of the Bank.

23 So I’ve been absolutely aware that it’s the Bank who

24 become the owner of the companies.

25 Q. So there was no — you were not — the Bank didn’t lead

1 A. No, it was our agreement with Mr Savelyev. So it was

2 a subject that — so the fact that I was giving all my

3 major assets to the Bank, they were subject to

4 the moratorium, that’s for sure. Otherwise this

5 transaction have not had any sense at all. Unless to

6 save the Bank from the Central Bank requirements.

7 Q. And at that late December meeting, the Bank indicated to

8 you that they were potentially prepared to extend

9 various dates for payments that were falling due at the

10 end of the month, but they weren’t going to agree

11 a general moratorium of any sort?

12 A. No, no, that was agreed. That was agreed. Otherwise

13 this memorandum, or this transaction, doesn’t have any

14 sense at all.

15 Q. Well, it would, Dr Arkhangelsky, because it would still

16 give you — it would still give you some breathing

17 space, wouldn’t it, if you had short term difficulties?

18 It would still give you a time in which to resolve some

19 short term problems, wouldn’t it?

20 A. Absolutely not. Absolutely not.

21 Q. Why not?

22 A. Because I just explained to his Lordship that I had two

23 options: either to agree with the Bank, or start a war

24 with the Bank. If I start the war with the Bank, it

25 would require from the Bank at least two years of active

57

1 you to think — well, you understood, did you, that the

2 purpose of this arrangement was to benefit the Bank?

3 A. Absolutely. So, and I was completely sure —

4 Q. I’m sorry, just to be clear about that: and not the

5 purchasers, but the Bank?

6 A. Okay, can you repeat the question, just …?

7 Q. Your understanding of this arrangement was that it was

8 to benefit Bank of St Petersburg?

9 A. So I was absolutely sure that the Bank of St Petersburg

10 would become the owner of all the group companies, for

11 sure, yes.

12 Q. And it was in order to provide further security for the

13 Bank of St Petersburg, wasn’t it?

14 A. Yes, that’s what I’ve been told.

15 Q. And it’s right, isn’t it, that this memorandum doesn’t

16 record any six-month moratorium?

17 A. I haven’t had a chance to argue any points there, so

18 what’s Bank created, so that’s I signed it, and I had —

19 I’d been told by Malysheva if I want to change anything,

20 first of all we don’t have time, and second I have to

21 address anything to Mr Savelyev. I had no any chance to

22 argue, and had to sign that.

23 Q. I suggest, Dr Arkhangelsky, that this memorandum

24 recorded, this memorandum shows, that the Bank never

25 agreed to give you a six-month moratorium, did they?

59

1 struggle in the courts before they would be able to

2 start any proceeding, any enforcement, and two years’

3 time was more than enough to get financing, or

4 refinancing or so on.

5 Is this point, your Lordship, clear or not, because

6 I’m trying to discuss some specific of Russian legal

7 system and the court system.

8 Q. So you thought you could take — basically, if the Bank

9 sought to enforce the loans, you thought that you could

10 frustrate them for two years, probably?

11 A. No, no, it’s not me to frustrate, because it’s normal

12 practice in Russia, before you go to the court, you have

13 a pre-court — necessity to settle pre-court actions.

14 So there are — I think you have one or two or three

15 months altogether. So before the first sitting of

16 the court, I think it would be half a year at least.

17 And then you have a procedure, then documents to be

18 supplied and so on.

19 So the formal process in Russia for the two levels

20 of the court would take roughly two years, and only then

21 a bank would be able to apply for enforcement, because

22 it’s — I think it’s the same in the UK; that you cannot

23 just — if you owe money to the Bank, you cannot just

24 take the profits here and get it, so you have to go to

25 the court, prove everything and only then get

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1 an enforcement document and go to the enforcement

2 officer, and then enforcement would take at least, let’s

3 say, three, four, five, six months. So altogether

4 minimum period is two and a half years before any

5 enforcement could take place.

6 Q. Dr Arkhangelsky —

7 A. But by that time, the Bank would be already in

8 the bankruptcy because they have not had money for the

9 reserving.

10 Q. Dr Arkhangelsky, that timescale you are describing

11 proceeds on the basis that the borrower is not

12 consenting to the Bank’s realisation of the security,

13 isn’t it?

14 A. I don’t know any borrower who would be consenting unless

15 they have good reasons, consenting to the reservation of

16 the assets.

17 Q. Why not?

18 A. Because. It’s a standard market practice. At least in

19 Russia.

20 Q. Well, a standard market practice, what, when you haven’t

21 paid your debts, not to agree that the lender can

22 enforce the security you have agreed to provide for the

23 debt; is that your evidence?

24 A. It’s a question for the court to decide, and the court

25 has a practice and the court has a formal procedure, and

1 end of December, to try to find a solution in which it

2 would be good as for Bank in respect to their reserves,

3 considering their weak financial status, as well as for

4 the group to keep connections and relations with the

5 Bank of St Petersburg.

6 Q. But let’s assume that the Bank of St Petersburg had not

7 wanted to extend the OMG loans —

8 A. Yes.

9 Q. — at that December meeting. Would your likely position

10 have been that you would consent to enforcement

11 proceedings by Bank of St Petersburg, or seek to resist

12 them?

13 A. I have not been even thinking about this possibility.

14 So I had a very good relations by that time with the

15 Bank of St Petersburg, and I thought that we would be

16 able to find a joint, acceptable solution the same way

17 as we found, for example, with V-Bank.

18 So I didn’t want to start any long-lasting trials or

19 so on, so I just wanted to find a solution which could

20 be acceptable and commercial, and definitely this type

21 of arrangement been done not on the commercial basis,

22 but on the personal threat.

23 Q. Do you think you may have given Bank of St Petersburg

24 cause to be concerned at that time, late December 2008,

25 that if OMG did default, OMG group, or OMG companies,

61

1 each procedure takes time. So any argumentation could

2 only be settled in the court and agreed in the court,

3 and you’ve probably seen quite a number of cases, not

4 only in Russia, but in UK, when — I think the

5 High Court in UK made — recently made a decision that,

6 for example, some debt to be paid but not the interest

7 on that. So I think it was a quite recent decision. So

8 in respect to the loans in Russia.

9 So it’s always, because in Russia — and I think in

10 our contracts it was the same: the court decides not

11 only the debt itself, but any additional interests, like

12 fines and so on. So that’s for the court to decide the

13 final volume to be collected, and the distribution.

14 What to be sold or agreed, and the court gives

15 a possibility for discussions, so negotiations and so

16 on.

17 It’s the Russian State which has — the State has

18 own rules for any enforcement of any debts.

19 Q. So would it be your evidence that at the time of that

20 late December meeting, you would have had no intention

21 of cooperating with Bank of St Petersburg if they had

22 sought to enforce their security upon a default by

23 an OMG company?

24 A. Absolutely not. It was me who was approaching

25 Bank of St Petersburg in the middle of December, at the

63

1 would resist any attempt by the Bank to enforce its

2 security rights?

3 A. No, I don’t think so.

4 Q. No. Because that sort of concern would be a reason why

5 a bank might want a repurchase agreement of the sort we

6 see here, wouldn’t it, Dr Arkhangelsky?

7 A. No, I don’t think so. As I said, we had a very friendly

8 and good relations with most of the key persons in

9 the Bank, and unless the fact that Savelyev been so

10 aggressive, all other things been quite usual and

11 normal.

12 Q. I’m going to ask you about some documents which I will

13 submit are inconsistent with your evidence that you

14 agreed a six-month moratorium with the Bank as at the

15 25 December 2008 meeting; all right?

16 A. Yes, please.

17 Q. I want to go, please, to some letters. Could we have

18 {D116/1716/1}, please, and the Russian as well.

19 {D116/1716/2}. These are letters from the defendants’

20 disclosure, Dr Arkhangelsky.

21 A. Yes.

22 Q. I assume that there is no issue about the authenticity

23 or your signing, or, rather, your —

24 A. No, it’s my letter and I had the meetings with the head

25 of the committee in the State Parliament, Mr Fyodorov,

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1 yes. I know him personally.

2 Q. Could you tell his Lordship again, who is Mr Fyodorov?

3 A. Mr Fyodorov, he is a member of Russian Lower Chamber Of

4 Parliament and he is a chairman of the Committee on

5 Economic Policy and Entrepreneurship of that chamber.

6 Q. And I think you just said that you were on good terms

7 with him?

8 A. I’ve been assisting him, I’ve been a member of

9 the commission in Federal Parliament as an economist

10 adviser to him, so I had several times participated in

11 the sittings of this committee, as an expert,

12 a qualified expert, and I had three or four meetings

13 with him in Moscow in the Federal Parliament discussing

14 the local business, because he was a member of

15 the parliament from, as far as I remember, from our

16 area. And he was considered to be a local member of

17 the parliament.

18 Q. And you were an adviser to him, weren’t you?

19 A. I’ve been adviser to that committee. So I’ve been

20 a member of the scientific or advisory committee to that

21 committee of the parliament.

22 Q. And how long did you continue to act in that role?

23 A. As I said, I have been participating several times in

24 the sittings and it’s up to the parliament to include or

25 exclude people from the advisory board.

1 tenders that have been won and the official resolutions

2 of the Government of St Petersburg and Leningrad

3 Region.»

4 A. Yes.

5 Q. «The group employees approximately 700 people.»

6 A. Yes.

7 MR LORD: Now, my Lord, I’m going to ask a question about

8 that first sentence and I don’t want to ask it before

9 any appropriate warnings have been given. Or I could

10 ask the question, if you like, and then your Lordship

11 could consider.

12 Mr Arkhangelsky, could I answer a question, but

13 don’t answer it, please, until his Lordship has

14 considered the matter.

15 When you said that:

16 «Most of the Group’s companies are the regular

17 partners of numerous state structures on the basis of

18 tenders that have been won and the official resolutions

19 of the Government of St Petersburg and Leningrad

20 Region.»

21 What did you mean by that? What is that partnership

22 and what are you there talking about?

23 A. Yes —

24 MR JUSTICE HILDYARD: Now, Dr Arkhangelsky, the reason

25 Mr Lord has, as it were, prompted a caution, is lest the

65 67

1 Q. So how late did you perform that role? When was the

2 last time you did something like that?

3 A. I think it was round about March 2009. I don’t think

4 I’ve been in Moscow after that time.

5 Q. So in March 2009, you were playing that role in relation

6 to that committee?

7 A. Yes.

8 Q. You were on good enough terms with Mr Fyodorov that you

9 were able to write to him in these terms, weren’t you?

10 A. Yes, I was able to write in these terms to anybody.

11 Q. And it looks as if you had a meeting on 26 March 2009?

12 A. Yes.

13 Q. Was that just with him, or was that with the committee?

14 A. I think with him, and some of his advisers, assistants,

15 so every member of the parliament having a couple of —

16 at least a couple of personal, what you call, assistants

17 or supporters or whatever.

18 Q. You can see what you said in that letter, and could you

19 just remind yourself, please, of the contents of

20 the letter? (Pause)

21 A. Yes.

22 Q. Can you see at the end of the first big paragraph you

23 say: {D116/1716/1}

24 «Most of the Group’s companies are the regular

25 partners of numerous state structures on the basis of

1 nature of those state arrangements involve — how can

2 I put this? It is much the same problem as arose

3 previously, as to the nature of the payments made.

4 A. I understand, it is nothing in common with what we

5 discussed. I understand what you mean. I don’t want

6 just to waste your time on this point.

7 So, first of all, I’ve been a member of — being one

8 of the major businessmen in the area, I mean of

9 St Petersburg and Leningrad region, I’ve been a member

10 of many, many different advisory or consultancy or,

11 let’s say, public organisations who’ve been expected to

12 give an advice or discuss any laws and so on. So

13 I always been participating in many, many, many

14 occasions including different conferences, official

15 events and so on. So it means that I’ve been well aware

16 of quite a number of governmental organisations.

17 I’ve been — in Russia, each and every member of

18 the local parliament has also kind of — you call it

19 «supporter», so it’s an official position; you don’t get

20 salary, but you are allowed to participate in the local

21 parliament sittings and hearings and so on.

22 So I’ve been a personal assistant or, let’s say,

23 adviser to ex-head of Leningrad region parliament,

24 Mr Klimov, he was a quite well established man and

25 famous parliamentary; and I’ve been an adviser, personal

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1 adviser, to Mr Lopatnikov, who was at that time

2 also head of one of the committees in Leningrad — in

3 St Petersburg regional parliament. So I’ve

4 been participating in quite a number of events there.

5 Especially Insurance Company, they were taking part

6 in many, many different tenders, for example insuring

7 cars of the local, for example, Nevsky region of

8 St Petersburg; we were insuring cars of politicians and,

9 let’s say, local administrations and so on.

10 So we’ve been, you know, using all the opportunities

11 to take part in different events and get businesses.

12 That’s how it worked.

13 MR LORD: And which OMG companies are you referring to

14 there? You say «most of» them?

15 A. For example, I can give you several examples.

16 Vyborg Port won a tender with the Vyborg City

17 administration, or Vyborg Government administration. So

18 Vyborg Port was importing coal for the City of Vyborg

19 and the local people for lower rates, just doing a kind

20 of social programme. So Vyborg Port was supplying City

21 of Vyborg with coal, so it was a tender, we’d been paid

22 by the local authorities.

23 As I said, Insurance Company Scandinavia been

24 insuring cars and some liability insurance issues for

25 companies or organisations considered to be state

1 MR JUSTICE HILDYARD: It’s the same issue.

2 A. No, no, I have not.

3 MR LORD: Dr Arkhangelsky, generally, if you don’t want to

4 answer a question —

5 A. No, no, no, I want to answer the question.

6 Q. I know, but generally, if you don’t want to answer

7 a question of mine because you are worried about the

8 answer, always just tell his Lordship first, all right?

9 Sorry, do you want to answer the question: did you

10 have to — did you make any payments —

11 A. No.

12 Q. No.

13 So it is right, isn’t it, Dr Arkhangelsky, that it

14 was perfectly possible for you to do business in Russia

15 on behalf of OMG with state bodies without having to

16 make any corrupt payments to any officials?

17 A. I would say it’s possible if you make it in very small

18 volumes, like you may understand that, let’s say,

19 liability insurance of the cars, it’s €100 per year, so

20 it’s nothing.

21 So, you know, in Russia, it’s a special state: on

22 the small issues, it’s possible; on the big issues,

23 Mr Lord, you cannot suggest that you can do any

24 business, for example, with Gazprom, unless you pay them

25 money.

69 71
1 organisations, like, for example, we had a client, 1 Q. No, but to go back to what you were telling Mr Fyodorov,
2 Nevsky region local administration. 2 the member of the Duma, when you are saying that:
3 Oslo Marine Group have been heavily supporting, from 3 «Most of the Group’s companies are the regular
4 our internal resources, schools, orphans, kids’ 4 partners of numerous state structures on the basis of
5 hospitals in St Petersburg and Leningrad region, so 5 tenders that have been won and official resolutions of
6 we’ve been supplying medical equipment and so on. So 6 the Government of St Petersburg and Leningrad Region.»
7 that was — we’ve been supplying cars for the fire 7 A. Yes.
8 brigade in St Petersburg; we’ve been supplying cars — 8 Q. I’m asking you whether any of those partnerships or
9 like kind of social programme, supplying cars to 9 winning tenders were secured on the basis of corrupt
10 the local police office and so on. 10 payments —
11 So that’s been well accepted by the regional 11 A. No, and majority —
12 administration, and especially we done a lot in Vyborg 12 Q. — and, therefore —
13 because Vyborg Port was the major company in the area, 13 A. Sorry, can I just finish —
14 so any help to the local authorities — I mean local 14 Q. Thank you, thank you very much.
15 hospitals, schools and so on, was well considered, 15 A. — and majority of this cooperation comes from our
16 especially by employees, because they’ve been well 16 support to the local authorities, so business wise, as
17 treated in that organisations. 17 most of the business for the group was transport, so it
18 Q. Dr Arkhangelsky, did you, in order to secure those 18 was not really connected to any state organisation.
19 partnerships with state structures, and to win the 19 It’s generally we had foreign counterparties and Russian
20 tenders, did you make corrupt payments to — don’t 20 receivers of the goods.
21 answer before I finish the question — corrupt payments 21 So we haven’t — I should say that I may be dreaming
22 to state officials — don’t answer. 22 to have such kind of cooperation with Gazprom or
23 A. No — 23 anything, but I haven’t had the chance to do this.
24 Q. No, don’t answer, unless your Lordship wishes to … 24 Q. Dr Arkhangelsky, you know why I am asking you this.
25 I don’t want to get — 25 I think you have now admitted that you do not need —
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1 you do not need — to bribe Russian officials in order 1 contribution to the wider community. That is all that
2 to do business in Russia; you accept that. 2 I have got from that.
3 MR JUSTICE HILDYARD: He hasn’t admitted that at all, 3 Now, do you wish to press more than that?
4 Mr Lord, and I’m not sure where this is going or what 4 MR LORD: No, my Lord.
5 extravagant proposition we are really going for. 5 MR JUSTICE HILDYARD: No, fine.
6 Is it your case that it is never necessary — 6 MR LORD: I was content with the answer, I was content with
7 I won’t put it personally — that Russian business is 7 the answer that you can do business in that way, as
8 never something which has to be secured by the payment 8 your Lordship will have seen from the questioning.
9 of bribes? 9 MR JUSTICE HILDYARD: Right.
10 MR LORD: No, my Lord, but your Lordship will see the points 10 MR LORD: I am not trying to press on to get further —
11 that are raised by the defendants. 11 I think we are at cross purposes.
12 MR JUSTICE HILDYARD: Yes. 12 MR JUSTICE HILDYARD: It is very anxious-making, both for
13 MR LORD: And, sorry, my Lord, your Lordship is going to 13 the witness, and, for that matter, for myself, that —
14 potentially have to decide. It’s not on my case; I’m 14 there are residual concerns that in some way, this
15 not running a case on that. I am meeting a case, as 15 matter is being pressed, and I just ask you to bear that
16 I understand it, from the defendants to do with these 16 in mind.
17 sorts of matters. I’m meeting … 17 MR LORD: Well, my Lord, the concern here, the concern here
18 So it’s not that I am running — I am not running 18 is, lest it be said in this case by Dr Arkhangelsky that
19 a positive case. 19 making the sort of payments that were discussed on
20 MR JUSTICE HILDYARD: What you put to the witness was: 20 Wednesday has to be done for all the sorts of business
21 «You have now admitted that you do not need to bribe 21 that his companies did. That’s the reason I am asking
22 Russian officials in order to do business in Russia; you 22 these questions: no more, no less. If that’s not going
23 accept that.» 23 to be suggested, then that’s one thing. If it is going
24 MR LORD: Can I — 24 to be suggested that, in order to do the sort of
25 MR JUSTICE HILDYARD: That is a very broad — that seems to 25 business that various OMG companies did, those types of
73 75

1 assume that Russian officials are beyond bribery in

2 every instance and that you never, in order to do

3 business in Russia, even bribe them. That is a very,

4 very broad proposition.

5 MR LORD: Sorry, my Lord, I didn’t mean to put it in

6 quite —

7 MR JUSTICE HILDYARD: In a very sensitive area, that is what

8 you have put.

9 MR LORD: My Lord, I put the point that it is possible, it

10 is possible to do business of the sort that

11 Dr Arkhangelsky was doing without corrupt payments, that

12 was the question I put at [draft transcript] line 13 on

13 page 69. That was how I meant to put it.

14 MR JUSTICE HILDYARD: Could you show me? Page?

15 MR LORD: Page 69, line 13 [draft transcript]. That’s the

16 point I will confine my question to. I think I’ve got

17 the answer.

18 MR JUSTICE HILDYARD: The answer that I think you have is

19 that in the case of this letter and the cooperation

20 between Dr Arkhangelsky’s companies and Mr Fyodorov and

21 the state entities, on which he sought to rely as

22 a means of persuading them to assist him, was the help

23 that he had through his companies given, for example to

24 assist in the provision of some transport and other

25 facilities, as part of a responsible company’s

1 payments have to be made, then that is the context for

2 my putting some of these questions.

3 And I don’t know what will be said in closing; all

4 I do know is that a lot has been made by the defendants

5 in this case as to corruption. That is all. I don’t

6 know yet what will be said at the end of this case on

7 that front, but that is the context and the purpose

8 behind these questions.

9 MR JUSTICE HILDYARD: Well, my understanding of the previous

10 answers, in a nutshell, is that for doing certain sorts

11 of business at certain levels in Russia, consultancy

12 agreements, if you wish to call them that, are the norm,

13 and there we are.

14 A. Yes, but — absolutely. But as I said, I think it’s

15 a positive side of business I was running, so that we

16 were dealing with international clients in abroad as

17 well as, actually, our most of clients in Russia, they

18 were also subsidiaries of international companies. So,

19 actually, transport business is considered to be one of

20 the most, let’s say, independent for any influence from

21 the governmental organisations.

22 So, for example, for Onega Terminal, we were doing

23 the business with Mann Lines, bringing cars from

24 Sunderland, and then these cars we were delivering to

25 dealers of foreign car producers.

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1 So I should say that I was lucky enough not to have

2 any — much crossings with any official organisations,

3 or Russian corrupted people. So …

4 MR JUSTICE HILDYARD: Is that enough for your purposes?

5 MR LORD: Yes, my Lord, but I do want your Lordship to

6 appreciate the purpose of the questions. I hope that

7 has been made quite clear. That it’s not — it’s in

8 response to what I anticipate may be a case made against

9 me.

10 We will see what happens in closing. It’s not

11 designed for any other purpose, and it may be that no

12 suggestion of the sort that I was concerned about was

13 going to be made and will be made; in other words one

14 distinguishes between — you can properly distinguish

15 between different sorts of activities and payments in

16 Russia. That’s the point this is tending to, and in my

17 submission, that was a proper question to put.

18 Dr Arkhangelsky, can you please go back to

19 {D116/1716/1}, which is your letter to Mr Fyodorov.

20 A. Yes.

21 Q. You refer in the third paragraph to an anti-crisis

22 programme that the group was implementing; can you see

23 that?

24 A. Yes.

25 Q. What did that comprise?

1 Q. If you are right, and the Bank of St Petersburg had

2 agreed a six-month extension or moratorium

3 until June 2009 —

4 A. Yes.

5 Q. — can you explain why you didn’t refer to that in your

6 letter to Mr Fyodorov?

7 A. Because it was a quite wide letter and he didn’t need to

8 come deep in detail. So Mr Fyodorov is quite well

9 established politician by that time, and I think he was

10 personally knowing Mr Savelyev and others. So as long

11 as he was a head of — or a member of the federal

12 commission on restructuring and supporting of the

13 business in the crisis, so the only target — by the way

14 the only target of this letter to Mr Fyodorov was just

15 to create an official enquiry to him, because I thought

16 that he may discuss it with some other people, but as

17 a bureaucrat and politician, that if I don’t make such

18 enquiry, it could be considered by the third party that

19 he is a corrupted politician and so on.

20 So he needed formal approach from me to allow him to

21 continue discussions on my behalf, or on behalf of

22 the group.

23 Q. And it is right, isn’t it, that we can see from this

24 letter that you had good political connections as at

25 late March 2009 within Russia?

77 79

1 A. Discussions with different banks. Increasing efficiency

2 of the management and so on, so it has been quite wide

3 measures.

4 Q. And —

5 A. And the second sentence you can read; that we are trying

6 to find who and how to sell, and in fact I believe I was

7 referring especially to our suggestion that we would

8 sell some of the assets to the Bank of St Petersburg.

9 That was exactly the same time as the letter discussed

10 yesterday.

11 Q. You can see in the final paragraph on that page —

12 A. Yes.

13 Q. — you say this:

14 «In connection with the difficulty of

15 the negotiations between the enterprises of OMG Group

16 and the main bank lenders Bank of St Petersburg … and

17 VTB Bank … regarding current debt issues, we would be

18 grateful if you could assist us with this process

19 regarding an extension in the existing loan agreements

20 and the provision of a grace period on the payment of

21 interest…»

22 Can you see that?

23 A. Yes.

24 Q. And you wrote this on 27 March 2009.

25 A. Yes.

1 A. Mr Fyodorov, as I said, he was our local member of

2 the parliament. So it’s quite normal that the local

3 member of the parliament would speak or come to know

4 biggest local companies. So everybody were aware that

5 the value of Oslo Marine Group by that time was about

6 €1 billion, and we were really the biggest private local

7 company. So that was well established, well understood

8 by everybody, and so people were quite happy, at least

9 to meet. I cannot say that they were happy to help, but

10 they were in position to meet me.

11 Q. But if you thought that the Bank of St Petersburg by the

12 end of March had gone back on an agreement to give you

13 a moratorium until June of 2009, surely you would have

14 said that to Mr Fyodorov so that he could take up the

15 issue with Bank of St Petersburg?

16 A. No, I don’t think so. The politician of such level,

17 they would not ever come into the deep details. So —

18 and by that time I was already concerned that

19 Mr Savelyev was avoiding meetings with me, so I thought

20 that referring to the big guys would help me to

21 re-establish the contact, because since December 2009,

22 I couldn’t meet Savelyev and I was very much

23 disappointed on that. So that was not normal, so can

24 you imagine that I given all my assets to the reliable

25 banker and suddenly I understand that the banker is not

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1 replying to me, so not making any meetings, not even

2 speaking on the phone.

3 So I was really concerned that something is going

4 on.

5 Q. Isn’t the real reason why you didn’t make any reference

6 to a six-month moratorium until June 2009 in this letter

7 because the Bank had never agreed to anything like that?

8 A. No, that’s not true.

9 Q. It looks from this letter as if you were having some

10 problems getting extensions from VTB Bank at this time;

11 is that right?

12 A. No, I don’t think so, but I just wanted, you know, to

13 use Mr Fyodorov for multiple occasions in case we may

14 have such troubles. All the troubles I started to have

15 only after the raider attack of

16 the Bank of St Petersburg.

17 Q. Could you please be shown {D120/1854/1}, and if you have

18 {D120/1854/3}, it’s the Russian.

19 A. Yes.

20 Q. Can you tell his Lordship who this letter was sent by?

21 A. Can I see the second page first? {D120/1854/4}

22 Q. It is the Deputy Governor of St Petersburg, wasn’t it?

23 A. Okay, Mr Oseyevsky, yes, I can say. So, Mr Oseyevsky

24 was a Vice Governor of St Petersburg and he was

25 considered, and it’s officially understood from the

1 businesses in the area, and there were no any by that

2 time yet big scandals around the troubles with the

3 Bank of St Petersburg. So I think this letter is

4 a reply to my letter sent something like two months or

5 one month before that. So I sent initial letter —

6 I think there should be some reference to my letter,

7 I cannot see it here, but I sent one or two months

8 before. Normally in Russia, bureaucrats react in one

9 month. So the minimum, normal reaction time is one

10 month.

11 Q. And —

12 A. And, as you see on the second page, the letter has been

13 prepared by the head of the industrial committee of

14 the regional government, Mr Fiveisky, who is a quite

15 famous local bureaucrat, and he made an inspection

16 and investigation of our projects, so by that time he

17 was understanding that our business, my business,

18 OMG business, is really good, reliable and strong, and

19 big, and any troubles would create problems for the

20 St Petersburg City.

21 So he drafted this letter and on the second page you

22 can see that it’s him who drafted that, who came to know

23 the case, and Mr Oseyevsky just signed that.

24 Q. Again, if you look at the second page {D120/1854/2}, you

25 can see there is a request to extend the loan periods

81

1 Russian media, that he was considered as a chief

2 personal economist and treasurer of Mrs Matvienko. So

3 from my understanding, considering that Mr Savelyev was

4 just a nominee in the Bank and the Bank belongs to

5 Mrs Matvienko, so I was completely sure that this person

6 in the Matvienko hierarchy, he’s controlling Savelyev.

7 So that’s why I sent a letter to his staff, to his local

8 staff.

9 I have not had the chance to meet him, but his local

10 staff, like head of industrial committee of the regional

11 government of St Petersburg, they made an investigation

12 and they suggested to Mr Oseyevsky, who considered to be

13 a personal treasurer of Mrs Matvienko, to write this

14 letter to the Bank.

15 But I think it’s just a kind of game showing that

16 not real connection between the government and Savelyev,

17 and as far as I understood, Savelyev, he was not even

18 reacting on this letter.

19 Q. Well, a number of things. This shows, doesn’t it,

20 again, Dr Arkhangelsky, that as at end of April 2009,

21 30 April 2009, you seemed to have some quite good

22 political connections within the St Petersburg area,

23 didn’t you?

24 A. I had good connections everywhere, because my business

25 was considered to be one of the major industrial

83

1 and provide a grace period on the payment of interest;

2 can you see that, last sentence?

3 A. Yes.

4 Q. And it is dated 30 April 2009?

5 A. Yes.

6 Q. And again I suggest, Dr Arkhangelsky, that if

7 Bank of St Petersburg had agreed the six-month

8 moratorium you are claiming it did, up to the end

9 of June 2009, that would have been something that would

10 have appeared in this letter in all likelihood?

11 A. No, I don’t think so, because he was not deep in that,

12 but what is important: that we agreed this moratorium,

13 but the Bank of St Petersburg already, I think, in

14 the beginning of March, stopped following this

15 moratorium, stopped replying to my enquiries, and so

16 after they got my assets in, whatever, beginning

17 of March, they started to play their own games,

18 considering that they are since that time full owners of

19 all my businesses, and I am just garbage, which doesn’t

20 allow them to live in silence and just create troubles,

21 writing different letters and so on.

22 Q. Going back to the agreements that were reached at the

23 end of December, it’s right, isn’t it, that

24 OMG companies entered into a series of additional

25 agreements shortly after the meeting you had with

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1 Mr Savelyev in which various extensions to various loan

2 agreements and other related contracts were recorded?

3 A. As far as I understand, most of the agreements been done

4 in January, and I think what is Mrs Volodina was saying,

5 so they haven’t had time and opportunity to make it

6 before new year, so that they made them afterwards, and

7 backdated. And I agree that it was a kind of agreement

8 of them that they backdate that because they were not

9 able to do it by the end of the year.

10 Q. And if we look at the first PetroLes loan in

11 the additional agreement, please, at {D106/1488/1},

12 {D106/1488/3}.

13 A. Yes, and the stamp here, you can see that it’s probably

14 been signed 28 January 2009, but referring to

15 29 December. And what is important that in this

16 translation —

17 Q. Sorry, Dr Arkhangelsky, can I just ask the question —

18 A. No, I just want to show to his Lordship that not

19 everything from the Russian version translated to

20 the English version. For example, such things like the

21 stamps and recording are quite important and they are

22 not in the translation.

23 Q. Dr Arkhangelsky, in relation to the first PetroLes loan,

24 there was no agreement, was there, to put back the date

25 for payment under it to the end of June 2009?

1 I signed memorandum — and I signed memorandum

2 30 December — so only after that they were prepared to

3 do this as a kind of consequence of the signing

4 memorandum by me.

5 Q. And who did sign it on behalf of OMG? You have that at

6 {D106/1488/4}. Who signed it, please, and affixed the

7 seal? Is that Mr Shevelev?

8 A. It’s written that it has to be Shevelev, but I don’t

9 know who done that. And it’s actually surprising that

10 on the end of the page, you don’t have his signature.

11 Q. And, Dr Arkhangelsky, this is not — this agreement we

12 now see here, this is not one of the agreements that you

13 challenge the authenticity —

14 A. I don’t know. I don’t know.

15 Q. Sorry, Dr Arkhangelsky, may I finish the question for

16 the transcript. This is not one of the agreements the

17 authenticity of which you challenge in these

18 proceedings, is it?

19 A. I don’t know.

20 Q. Could we have the second PetroLes loan, please,

21 {D106/1510/1}. The same question, Dr Arkhangelsky: the

22 second PetroLes loan was going to fall due for repayment

23 in March 2009. This additional agreement,

24 dated December 2008, does not contain any extension of

25 the second PetroLes loan until the end of June 2009,

85 87

1 A. No, for all the contracts it was an agreement to

2 postpone it until the end of June.

3 Q. But the additional agreement we see here did not include

4 any provision that the date for payment under this first

5 PetroLes loan was going to be put back until the end

6 of June 2009, did it?

7 A. I’m not a party of this contract.

8 Q. That wasn’t the question, Dr Arkhangelsky. The question

9 was whether this agreement did or did not include

10 a provision putting back the date for payment of

11 interest or capital to the end of June 2009?

12 A. It had to be like this.

13 Q. No, Dr Arkhangelsky. Does this agreement have that

14 provision in or not: yes or no?

15 A. It had to be done, but I am not sure, first of all, of

16 the authenticity of this document. I was not a party of

17 this document and I was not controlling who and how

18 signed this document.

19 Q. Who —

20 A. But for me, for my business, there were no any purpose

21 to transfer all my shares in all my companies to

22 the Bank unless all these agreements were done in

23 the proper way, and it has been agreed with Volodina and

24 others, that considering the fact that they were not

25 prepared to make any additions or addendums before

1 does it? {D106/1510/3}

2 A. I maybe should explain to his Lordship that Mr Shevelev,

3 who signed — who considering to be signing this

4 agreement, he was really one of our group employees who

5 was doing this business, and Colonel Levitskaya, she put

6 him in the prison, I think for something like almost

7 ten days, and after this imprisonment he completely

8 changed his mind, because for young boy to spend

9 ten days or something like that in the prison under

10 strong pressure, so he become comparatively mad after

11 that.

12 So before he was quite normal, but what’s happened

13 afterwards, so you can’t really understand sometimes

14 what could happen.

15 So he been under big pressure by Levitskaya, and he

16 was really very much afraid that her constant contacts

17 with him would bring to his further imprisonment.

18 When he was imprisoned, the only question she asked

19 him, that she wanted him to give an evidence against me.

20 So I should say that this person is absolutely under the

21 control of the Bank, and specially Levitskaya, because

22 he is afraid of that.

23 Q. And are you saying that that happened before or after he

24 seems to have signed this agreement on behalf of the OMG

25 company?

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1 A. His imprisonment was before that, but since the time of

2 imprisonment and constant pressure, so he was something

3 like on a weekly basis called to Levitskaya’s office.

4 So he was considered by Levitskaya was one of my close

5 advisers or assistants, and that’s why putting the

6 pressure on him, she was considering that she — first

7 of all she would get reliable evidences that I’m

8 a criminal, and that putting the pressure on him, she

9 was considering that it would help to her and the Bank

10 to something. So I would not say that he’s a reliable

11 person in respect to signing the final documents.

12 Definitely, agreement with the Bank was that all the

13 loans are prolonged, so it would be completely stupid of

14 me to make an agreement or memorandum unless I know that

15 all the problems are solved, otherwise I cannot see any

16 reasons for giving all my businesses to the Bank.

17 Q. Could you be shown the first Vyborg loan additional

18 agreement, please, {D106/1489/1}. And, Dr Arkhangelsky,

19 again, could you just please confirm for the

20 transcript —

21 A. Can I just see it first?

22 Q. Yes, of course.

23 A. Yes, I can just confirm for the transcript that it’s

24 a very — again, very strange document; that there is

25 a stamp of the Bank of St Petersburg telling that —

1 signed, but what I can see from the exact copy you are

2 showing me, that’s not the copy that’s been signed and

3 lodged in the Bank; otherwise it would have number,

4 date, and number of the pages. So what I assume, that

5 this document been created or recreated afterwards, and

6 not in the time we are discussing.

7 Q. Could you be shown, please, a second — do you agree

8 that the first Vyborg loan, that this additional

9 agreement for the first Vyborg loan, again, has the

10 first Vyborg loan falling due to be repaid

11 in March 2009; do you agree with that?

12 A. In this particular copy, which I am not able to rely on

13 which, if it is original or not, it’s written like this.

14 But in my agreement with Mr Savelyev and the Bank, it

15 was that everything have to be prolonged by the end

16 of June.

17 Q. Could you look at the second Vyborg loan additional

18 agreement, please, {D106/1490/1}.

19 It is in the contracts bundle, my Lord, it is the

20 second Vyborg loan. {D106/1490/1}.

21 A. It’s, again, very interesting document —

22 Q. And it’s behind divider 17.

23 A. It’s the same story with the stamp, so it means that

24 this document never been filed in the Bank, it’s just

25 a stamp, no number, date, no number of the pages, so

89 91

1 I mean in Russian version {D106/1489/3} — that this

2 document has been received by the Bank, but they don’t

3 say any date, how many pages, and so on. So I don’t

4 think that that’s the document which been done in

5 the proper timing, and this is very unusual, so it’s not

6 considered to be any official document.

7 Q. And it appears to be —

8 A. And again, you don’t see that in translation, so again,

9 it’s a misleading of the court.

10 Q. And it appears to be signed by Ms Krygina, doesn’t it?

11 A. Yes, Ms Krygina been cooperating heavily with the

12 Bank of St Petersburg in these proceedings.

13 MR JUSTICE HILDYARD: Where is that?

14 MR LORD: Sorry, my Lord, it is the second page,

15 {D106/1489/2}. That is the translation on the

16 right-hand side, General Director, Vyborg Shipping —

17 sorry, my Lord, and then over the page at {D106/1489/4},

18 you have the Russian, so you get a better sense of

19 the sealing and signing, obviously, from the Russian,

20 and the translation just has the reference, if you like,

21 to who signed.

22 But, Dr Arkhangelsky, you are not suggesting, are

23 you, that — well, I am sorry.

24 Have you —

25 A. I am suggesting that definitely some agreement has been

1 what I assume, that it’s a handmade at some later stage

2 done by the Bank. {D106/1490/3}

3 Q. It looks, doesn’t it, as if this has been signed by

4 Ms Krygina as well; do you agree?

5 A. Yes, I agreed that this version has been signed by

6 Krygina, who has been heavily cooperating with the Bank,

7 but I assume, and I suggest to the court that this

8 particular document has been never in the proper time

9 filed with the Bank, because if you see — can I show to

10 his Lordship the first page, please, of the Russian

11 version? {D106/1490/3}

12 Your Lordship, can you probably see on my screen

13 that there is a stamp here (indicates), and on this

14 stamp there have to be the number. It is a stamp that

15 it’s received by Bank of St Petersburg, or even outgoing

16 or something like that, but it should be a number, date

17 and number of the pages included.

18 So on original documents they shown, normally it —

19 on both documents which been original, they have a stamp

20 and they have a date and it is filed with the Bank.

21 So what I suggest, that it doesn’t — this document

22 probably been created or recreated afterwards for the

23 course of this or any other proceedings. Most probably

24 proceedings in France or Bulgaria or whatever.

25 MR JUSTICE HILDYARD: For the benefit of the transcript,

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1 what is being stated by the witness is that there is, at

2 the foot of the page in the Russian version,

3 a rectangular box which includes provision for the

4 document to be stamped as having been received, it would

5 appear, on certain dates, and possibly otherwise

6 identified for the Bank’s records. That rectangular

7 box, in this copy, at any rate, of this document,

8 appears not to have been completed.

9 A. And the same relates to the previous document, to

10 the previous loan which has been shown. {D106/1489/3}

11 MR JUSTICE HILDYARD: Thank you.

12 A. What is really makes me fear that you don’t have any

13 reference to that in the translation, so I think it’s

14 probably done on purpose to —

15 MR JUSTICE HILDYARD: I am sure not, Dr Arkhangelsky.

16 I think one must not suppose that people are always

17 conspiring against you. It may just be that —

18 A. No, no, no, but why don’t you have these in

19 the translations?

20 MR JUSTICE HILDYARD: You have brought to my attention your

21 point. I think that that is sufficient for my purpose.

22 MR LORD: Can I show you the third Vyborg additional

23 agreement, please, Dr Arkhangelsky, at {D106/1491/1}.

24 {D106/1491/3}. And again, if you look at the

25 signature —

1 Q. And you said there, you:

2 «… discussed how the Group’s and the Bank’s …

3 lawyers would execute the necessary documentation

4 regarding the transfers of the shares.»

5 Do you see that?

6 A. Yes.

7 Q. And then if you look on down, you can see over the page,

8 {C1/1/39}, in paragraphs 150 to 151, it looks as if

9 there was certainly some involvement by your lawyers in

10 relation at least to the repo agreements; is that right?

11 A. Yes, very minor engagement of my lawyers, because it —

12 we had to sign all the documents produced by the Bank.

13 We were not able to argue. Definitely my lawyers had to

14 check all the company details on our side, but that’s

15 the very limited involvement, and considering that we

16 are speaking about a rather big number of contracts and

17 it was the most hectic time of the year, when — end of

18 the year, so lawyers definitely been busy.

19 So what I should say, that definitely

20 Mr Yaroslav Vasiliev was the contact person for the Bank

21 lawyers, but we haven’t had any involvement in drafting

22 or finalising documents.

23 Q. Could you be shown {D112/1622/1} and also {D112/1622/2},

24 please, the Russian. This looks to be a letter from

25 Mr Shevelev, who I think signed the PetroLes additional

93 95

1 A. Yes, again the same story with the stamp. So, just for

2 the transcript, I want to be sure that it’s again

3 misleading in translation.

4 Q. All right. So Dr Arkhangelsky, it is right, isn’t it,

5 that I think you accept that your lawyers were involved

6 in the process of entering into additional agreements

7 around that time, just after the meeting?

8 A. In some of them, yes. I don’t know exactly how the

9 procedure was organised.

10 Q. You see, if you could be shown — and your lawyers would

11 be likely, wouldn’t they, Dr Arkhangelsky, you would

12 expect them to establish what agreements had been

13 reached on behalf of OMG companies before they signed

14 off on variation agreements or extension agreements?

15 A. I don’t think for these minor things the lawyers would

16 be involved, so I think it’s a case for each and every

17 particular director, and their relations with the Bank,

18 so they’ve been told by me that everything should be

19 prolonged, and we solved all the problems with the Bank

20 of St Petersburg, so they now just have to finalise all

21 the paperwork.

22 Q. But if you look in your witness statement, please, at

23 {C1/1/38}, paragraph 147, you can see what you have said

24 there is that —

25 A. Yes, I confirm what I said.

1 agreement that I took you to?

2 A. Yes.

3 Q. And he appears to be writing on 24 February 2009 to

4 the Bank of St Petersburg, asking for an extension of

5 time from March to June 2009; can you see?

6 A. Yes.

7 Q. And, Dr Arkhangelsky, doesn’t that suggest that there

8 had been no prior agreement that there would be

9 an extension until June 2009 for the first PetroLes

10 loan?

11 A. No, that doesn’t suggest that. I think if and when

12 Mr Shevelev signed such letter, the only requirement was

13 that Bank of St Petersburg is fulfilling their

14 obligations for reserving, and to make a necessary

15 paperwork for reservation purposes, they would ask some

16 additional documents to be put in the file. And again,

17 it’s very strange that you don’t have any incoming

18 numbers and so on. So I’m not really sure that this

19 document has been filed with the Bank, because normally

20 any document filed with the Bank should have a stamp and

21 date that they received it and started to treat it.

22 So I’m not sure — I very much doubt about when and

23 how and who created this particular document.

24 Q. Dr Arkhangelsky, we are checking, but we think that

25 Mr Stroilov confirmed at the beginning of January that

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1 the veracity of —

2 A. Can you please show me who and what contract?

3 Q. Yes, it’s {I20/23/17}. There were some questions about

4 an amendment to the pleading, and on {I20/23/17} there

5 is a letter of 8 January 2016 from you, Mr Arkhangelsky,

6 signed at {I20/23/22}, for the transcript.

7 A. Yes.

8 Q. And on {I20/23/17} at (d) you said this, in that letter:

9 «The amendments narrow down our case on the

10 Moratorium. Some of the alternatives pleaded previously

11 have been removed, in the light of the disclosure given

12 by your clients. For example, we no longer question the

13 veracity of the addenda to the loan agreements which

14 your clients rely on.»

15 Can you see that?

16 A. Yes, I’m sorry, which —

17 Q. It’s your letter?

18 A. Where are you, the last sentence which you read?

19 Q. It’s the one in (d) at the foot of the page.

20 A. (d), okay.

21 Q. And it goes over the page {I20/23/18}.

22 A. Your Lordship, I’m not really a specialist in what does

23 it mean, pleadings, or whatever, closings, or whatever,

24 so I’m not sure that I would be able to give a

25 professional reply to any questions in respect to

1 A. Yes.

2 Q. And I think, although I will check, and I stand to be

3 corrected, that this was one of the bases upon which the

4 Bank agreed to certain amendments being made, for the

5 record. {I20/26/57.28}

6 Can I go, please — I have to move on. Sorry,

7 Dr Arkhangelsky. Can I just show you some other

8 documents, please. Can I show you {D112/1621/0.1}, and

9 {D112/1621/1} is the Russian.

10 This relates to the second PetroLes loan and as you

11 can see from the {D112/1621/1} entry, it looks to be

12 a letter from Mr Shevelev, asking for an extension

13 until June 2009; do you see that?

14 A. Yes, it’s the same letter, looks like it’s never been

15 lodged with the Bank, so it’s created somehow for some

16 purpose, but you don’t have any incoming stamp and you

17 cannot see that the Bank pleaded or considered this

18 document in their internal routine.

19 Q. Dr Arkhangelsky, were you — sorry. Have you satisfied

20 yourself that the latest version of the amended defence

21 and counterclaim, which you rely upon —

22 A. Yes.

23 Q. Are you happy that the contents of that are true?

24 A. Yes, of course.

25 Q. Because I don’t think we’ve received a version verified

97

1 the speciality of this document.

2 Q. Is it right that you are going back on what you said in

3 that letter?

4 A. No, no, no, I don’t go back, but I cannot understand

5 what’s your question.

6 But what I’m telling, that I’m not — me personally,

7 I’m not making difference in between different types of

8 the documents in the proceedings, as long as I’m not

9 specialist in which document having which importance and

10 at which stage.

11 MR JUSTICE HILDYARD: Was this letter prepared for you,

12 then?

13 A. Definitely done by Mr Stroilov, of course, yes.

14 Definitely I read it, it looks very logic but, you know,

15 I am not able to come in deep details on that.

16 You know, for me, it’s — most of the discussions in

17 respect of the pleadings a bit special. Unusual,

18 I should say.

19 MR LORD: Yes, if we look at {I20/26/57.28}, there is

20 an extract from the draft pleadings, Dr Arkhangelsky,

21 that was put forward on your behalf.

22 A. Yes.

23 Q. You can see in paragraph 118 certain pleaded allegations

24 have been struck out; do you see that, the first four

25 and a half lines?

99

1 by a statement of truth yet.

2 A. I don’t know.

3 Q. Right. Could you be shown, please, {D115/1674/1}. You

4 can see at {D115/1674/2} it appears to be a letter, if

5 the translation is right, on OMG letterhead from

6 Vyborg Shipping Company; does that look like the

7 Vyborg Shipping Company notepaper?

8 A. Yes, but again you don’t have any stamp showing that

9 this document ever been received in due time by the

10 Bank of St Petersburg, which is very unusual, because

11 the normal routine of the Bank should include the

12 incoming number and the day they received the document,

13 and normally it also would be the name of

14 the responsible person who have to take care about this

15 letter. So I also doubt when and how and who produced

16 this document and for which purposes.

17 Q. And the letter asks for extensions, doesn’t it, of

18 the first three Vyborg loans, until 28 June 2009?

19 A. Yes.

20 Q. And so as at 19 March 2009, it looks, doesn’t it, from

21 this letter, as if Vyborg Shipping Company did not think

22 that there was an existing agreement with

23 Bank of St Petersburg to defer all payments until the

24 end of June 2009?

25 A. Based on this document I cannot say this, because

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1 I believe that this document definitely not been created

2 19 March 2009, considering the fact that the Bank never

3 received this letter.

4 MR JUSTICE HILDYARD: You see, Dr Arkhangelsky, I do

5 apologise for interrupting once more, but I am unclear

6 what your case is in this regard. I do not know whether

7 what you are saying is that these letters, accepting

8 them at face value and accepting them to be authentic,

9 are not inconsistent with the moratorium you say you

10 agreed. That’s one possible case. Or is your case that

11 these letters are not authentic, contrived, and whatever

12 they may say, are therefore not relevant to the issue as

13 to whether there was or wasn’t a moratorium agreed.

14 Which is it?

15 A. You see, your Lordship, I cannot judge myself, so first

16 of all, I believe that the moratorium been agreed;

17 second, what I see from that particular document, this

18 is not the document based on the standard Russian

19 bureaucratic practice. So if anybody send a letter to

20 the Bank, it have to be stamped.

21 So what I see here is the very bad quality of

22 the document; they claimed that it’s the original

23 document. I don’t know. I don’t know. It’s not me who

24 signed that. So I may assume that it could be some such

25 document, but normally it would be a stamp and date the

1 Q. No, all right.

2 A. Can you explain me, or to his Lordship, what was the

3 target: to give the assets of value of €500 million and

4 not secured at, whatever, €5 million or €10 million or

5 €15 million prolonged for half a year? So that’s

6 absolutely illogical. It’s absolutely impossible.

7 Q. And, Dr Arkhangelsky, I suggest that you did sign or

8 authorise amendments to the personal and Scan guarantees

9 for the first Onega loan at this time?

10 A. Absolutely not.

11 Q. The first Vyborg loan?

12 A. Guarantees for first Vyborg loan?

13 Q. Yes.

14 A. No.

15 Q. But there are agreements which refer to the first Vyborg

16 loan, personal guarantee and Scan guarantee, which I am

17 submitting to you, you signed or authorised?

18 A. No.

19 Q. And the second —

20 A. You know that in the Russian proceedings, your clients

21 made many, many different signature expertises, and all

22 the Russian proceedings definitely shown by two or three

23 experts on the same signature that it’s definitely not

24 my signature.

25 Q. Well, can we have {D106/1499/1}, please. And the

101 103

1 Bank received that and, as I said, the person

2 responsible would take care.

3 My understanding, and strong belief, that the

4 agreement was that all — you know, it’s the standard

5 personal logic. If I given all my assets to the Bank in

6 exchange to the prolongation of the loan, so each and

7 every loan should be prolonged by the date agreed, and

8 this manipulation and insinuation that if, whatever,

9 from 25 loans, three were not prolonged, or two were not

10 prolonged, where is the logic? I cannot understand

11 that.

12 So I may assume that some of my employees were not

13 good enough, so maybe they were misled by the court at

14 that time, or they were simply stupid. But I absolutely

15 believe that the moratorium been existing, otherwise

16 I would not sign — I would not sell to the Bank my

17 companies for zero value.

18 MR LORD: Dr Arkhangelsky, the agreements, the additional

19 agreements look as if certain loans were still going to

20 fall due in March 2009?

21 A. It’s not possible.

22 Q. And that’s why I’ve taken you to some of those

23 documents?

24 A. It’s not possible like this. It’s not possible like

25 this.

1 Russian version as well, please {D106/1499/2}. This is

2 an additional agreement, 29 December 2008, which looks

3 on the face to have been signed by you, Dr Arkhangelsky.

4 A. No, but it’s not signed by me, and you know that in

5 Russian proceedings, I think this document been

6 considered to be a forged document.

7 Q. Well, I’m suggesting to you that you signed this or you

8 authorised it to be signed.

9 A. No, not me, not — I hadn’t had — I never, ever had any

10 practice authorise anybody to sign on my behalf, because

11 in Russia, either you have to sign it — I think,

12 your Lordship, it’s quite an important insinuation.

13 Based on the Russian standard practice, either you sign

14 the document yourself, or you issue the power of

15 attorney for anybody or notary or lawyer or company, to

16 represent me and sign on my behalf.

17 But then in this case, a reference to the power of

18 attorney to be stated.

19 Q. Could we have {D106/1504/1}, please, the same point.

20 This is an additional agreement to the Scan guarantee

21 for the first Onega loan, December 29, 2008, it looks to

22 be signed by you. I am suggesting that you did sign or

23 authorise the signing of this document.

24 A. No, I haven’t signed this document and I haven’t

25 authorised anybody to sign this document.

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1 Q. Same point in relation to {D106/1496/1}. This is in

2 relation to the first Vyborg loan. This looks to be

3 an additional agreement in relation to the personal

4 guarantee given by you to secure the first Vyborg

5 loan —

6 A. No, and if your Lordship sees the Russian version, it

7 looks like somebody made it on the hands — under the

8 table, this signature. And again, I’m referring to

9 the stamp.

10 So on some documents, stamps are existing and they

11 are stating the numbers, and on most of the documents,

12 which are claimed to be authentic, you don’t have the

13 numbering and dates and number of the pages.

14 So I definitely say that this particular document —

15 and I can see that the signature on the Russian version

16 is not even somehow similar to my signature. It’s like

17 a third or fourth person already created that.

18 So the Bank people were not smart enough to have at

19 least the same signature on the same documents.

20 Q. Can we see {D106/1500/1}, please. This is the

21 additional agreement to the Scan guarantee for the first

22 Vyborg loan. Again, I suggest, Dr Arkhangelsky —

23 A. I first have to see that.

24 Q. — that you signed or authorised the signing of it.

25 A. No, I have not signed that. That’s again the case with

1 MR LORD: Those are the additional agreements to

2 the personal guarantees and to the personal loan.

3 MR JUSTICE HILDYARD: Mm.

4 MR LORD: So there are six of those and there is one

5 personal loan, so there are seven that were positively

6 denied.

7 There are a series of additional agreements to

8 the Scan guarantee that don’t feature in the 28, and I’m

9 not quite sure whether they are just not admitted or

10 what.

11 A. Your Lordship, what is —

12 MR LORD: Sorry, Dr Arkhangelsky, may I finish?

13 Those were the question marks in the schedule; does

14 your Lordship recollect the schedules? The «N», «E» and

15 «?», and the Scan had the question marks.

16 I am just putting to this witness — if your

17 Lordship feels I have put enough, I don’t need to put

18 all these documents, then I will move on and save time.

19 I am in your Lordship’s hands.

20 MR JUSTICE HILDYARD: Well, I think —

21 A. Your Lordship, can I just ask a small question? It is

22 extremely important to know, especially speaking about

23 this particular document discussed over the last five or

24 ten minutes, that the Bank of St Petersburg discussed

25 these documents in the Russian courts, and in — for

105

1 the stamps by the Bank, so it’s really strange.

2 Q. Could we have {D106/1497/1}, please. This is the

3 additional agreement in relation to the personal

4 guarantee given by you in relation to the second Vyborg

5 loan. December 29, 2008 is the date of the agreement,

6 and, again, I suggest that you did sign or authorise the

7 signing of this agreement.

8 A. Absolutely not. I confirm that the document

9 {D106/1497/2}, again it’s not authentic document, and

10 having — keeping a stamp, again, with this no numbering

11 and so on. So it just shows that it’s an artificial

12 document, and again we have a problem with the

13 translation. So in the translated documents you have

14 not — you don’t have a translation of this stamp.

15 MR JUSTICE HILDYARD: So sorry to ask; were these challenged

16 documents?

17 A. Absolutely.

18 MR JUSTICE HILDYARD: And were they examined by the experts?

19 MR LORD: My Lord, some were. For your Lordship’s note —

20 MR JUSTICE HILDYARD: You can do it in your own time and

21 give it to me by a list.

22 MR LORD: It is important, my Lord, because some of them —

23 and I have the references. Some of them were denied,

24 and they are in the schedule of 28, that are denied.

25 MR JUSTICE HILDYARD: Mm.

107

1 most of these documents, they were appointed by the

2 Russian courts two or three different experts, and all

3 of them strongly confirmed that none of these documents

4 signed by me. And the Bank is well aware that this has

5 been discussed.

6 Can you imagine that first time expert says:

7 definitely not my signature; second time they ask to

8 the court to make a second examination of the same

9 document: it’s not my signature. And I think by the

10 third examination they managed, I don’t know by which

11 reasons, to find an expert who would say that he cannot

12 understand if it’s mine or not. So …

13 And they know that this been challenged and they

14 know that this been discussed, and they know that the

15 most of the Russian experts in the proceedings run by

16 them strongly confirmed that it’s not been signed by me.

17 MR JUSTICE HILDYARD: Yes, the thing is that I can only

18 really deal with evidence in these proceedings and

19 I can’t remember whether the Russian evidence is any

20 part of these proceedings, but —

21 A. We’ve been filing — we’ve been filing some translations

22 in the beginning, yes.

23 MR LORD: And there was an issue, because in the Russian

24 proceedings, our understanding is that Dr Arkhangelsky

25 gave his signatures, that the comparators were produced

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1 by Dr Arkhangelsky for the expert for that purpose,

2 which is not, with respect, how it is normally done.

3 You don’t normally produce your signature for the

4 exercise; you normally find a comparator that is

5 authenticated that pre-exists and could not be in any

6 way —

7 MR JUSTICE HILDYARD: Yes.

8 A. No, no, it’s Russian —

9 MR JUSTICE HILDYARD: Please don’t interrupt —

10 A. It’s standard Russian requirement, so I given

11 a signature in the presence of the notary —

12 MR JUSTICE HILDYARD: Yes.

13 A. — and they confirmed that. So that’s what’s required

14 by the Russian court.

15 MR JUSTICE HILDYARD: I think in answer to your question,

16 Mr Lord, I don’t know how many documents we go through.

17 MR LORD: Six or seven or eight more?

18 MR JUSTICE HILDYARD: But I think you had better go through

19 them, in order that they should be on the record.

20 MR LORD: All right.

21 I’m sorry to take time, Dr Arkhangelsky.

22 MR JUSTICE HILDYARD: It’s all right.

23 MR LORD: And I will try to get a schedule for your Lordship

24 and for the witness as well.

25 A. I’m a bit tired. If maybe we can have a break, because

1 court — with the Bank.

2 Q. Dr Arkhangelsky, so you are suggesting the Bank has

3 forged this document, has put on its normal stamp, but

4 has forgotten to fill it in, and therefore when they are

5 forging — if I just understand your case, that is what

6 you are saying? That they went to all this —

7 A. No, I don’t know, what I am —

8 Q. Sorry, Dr Arkhangelsky, may I finish?

9 They went to the length of forging what we see at

10 {D106/1501/2}. They forged that whole document or

11 fabricated it, and you are alighting upon the fact that

12 they haven’t filled in their standard box. I just want

13 to be clear about that. Is that what your positive case

14 is; to say that —

15 A. No, what I tell is that in the documents you are showing

16 to me, it’s not clear if these documents been in

17 the Bank files ever, or it’s just been created for the

18 purposes of these proceedings, or maybe other

19 proceedings like in France or BVI or Bulgaria or Cyprus.

20 MR JUSTICE HILDYARD: I think what’s being put to you is

21 that, having gone to the trouble of forging your

22 signature, which is what you say they did, it is curious

23 that they didn’t take the further and easier step of

24 completing the rectangular box. That’s what’s being put

25 to you, I think, isn’t it, Mr Lord?

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1 it is one and a half hours.

2 MR JUSTICE HILDYARD: Normally I’m most sympathetic, as you

3 know from the previous occasion, but for the next

4 five minutes, we are going to go through a process which

5 is, to some extent, for the sake of good order, which is

6 simply to go through and make quite sure whether you

7 contest the document and say it is not your signature,

8 or whether you accept the document and say that it is

9 your signature. In those circumstances, I think it’s

10 possibly not the most gripping part of the proceedings,

11 but we had better do it and get it done.

12 A. Thank you.

13 MR LORD: Can we have {D106/1501/1}, please.

14 Dr Arkhangelsky, this looks to be an additional

15 agreement in relation to the Scan guarantee for the

16 second Vyborg loan, the additional agreement

17 of December 292008.

18 The same question, or same point to you: that this

19 is an additional agreement that you signed or

20 authorised? {D106/1501/2}

21 A. No, I have not signed this document, I have not

22 authorised this document, and again, I am concerned

23 about the translation of the document. So the English

24 translation doesn’t include stamp, which is empty, which

25 means that this document has never been filed with the

1 A. I don’t know, I don’t know.

2 MR LORD: It is, yes.

3 A. I don’t know.

4 Q. Dr Arkhangelsky, there is an awful lot of work to forge

5 this document, isn’t there, really? All the text and

6 all the seals and all the signatures —

7 A. But, your Lordship, what I can see surely, that they

8 really undertaken this enormous volume of work to forge

9 so many documents which been — actually been confirmed

10 by Ms Blinova on her cross-examination.

11 But what is funny, and not understandable for me,

12 that my signature on most documents looks very much

13 different, and in some documents, which couldn’t be

14 understood by the experts — I mean English experts, and

15 they were actually discussing this point, that on some

16 documents which comprise five or six pages, you can

17 clearly see that on different pages on the same

18 document, the signature considered to be mine, very much

19 different. So it means that it’s at least done by the

20 different hand.

21 What I assume, and what I really think, because of

22 course I’ve been thinking a lot about that, so each and

23 every document been done by different people in

24 different time and that’s only that supports the

25 position that they have not even had a smart people who

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1 was doing this.

2 Q. And your case must be that the signature of Ms Butakova

3 has also been forged; is that correct?

4 A. I don’t know. I cannot say for her because she been

5 living in Russia under enormous pressure, under the

6 control of Colonel Levitskaya, and I would not be

7 suggesting anything on that. But I would not be

8 surprised if she been under the pressure. If it’s her

9 signature.

10 Q. Could you please be shown {D106/1498/1}.

11 A. I have not been speaking to Ms Butakova since June 2009,

12 so I don’t know what’s happened and I haven’t been

13 trying to trace her biography.

14 Q. This is an additional agreement, 29 December 2008, to

15 the third Vyborg loan. Again, looks to have been signed

16 by or on behalf of you, Dr Arkhangelsky. Can I suggest

17 that that is what happened?

18 A. No, it’s — this document never been signed by me

19 {D106/1498/2}, and again the problem with the

20 translation, that the English translation doesn’t have

21 the translation of the stamp, and on the Russian version

22 you don’t have this stamp to be filled. So it means

23 that it’s never been properly filed with the Bank.

24 Q. And could you be shown {D106/1502/1}, please

25 {D106/1502/2}. This is the additional agreement to

1 Q. I just would like to establish for his Lordship’s

2 benefit what the basis is that you rely upon to make the

3 allegation that this document has been forged or

4 fabricated by Bank of St Petersburg.

5 A. No, it’s not the stamp. I just say that the stamp is

6 one more reasons to say that it’s not clear when and how

7 it was lodged with the Bank. But what I can see, that

8 it’s — this signature here is not even similar to one

9 of mine, first of all. And second of all, I know that

10 in Russian proceedings, a reliable and serious expert

11 employed by the court of Russia told that it’s

12 definitely not me who signed any of such documents.

13 Q. Could you —

14 A. From my point of view, this stamp is just a confirmation

15 that — I assume, your Lordship, that the Bank should

16 have some rather — some book where they put all the

17 numbers of all the documents. So it’s not that easy,

18 I assume, in that book, to include one more paper and

19 get one more number. So that’s the reason. So they

20 simply could not —

21 MR JUSTICE HILDYARD: How many more documents have we got?

22 MR LORD: About another six or seven? Shall I try and

23 finish them?

24 MR JUSTICE HILDYARD: Dr Arkhangelsky, just to speed up the

25 process, my understanding, as regards this document and

113

1 the Scan guarantee for the third Vyborg loan. Again,

2 Dr Arkhangelsky, these are documents that, when I asked

3 you about them last week — do you remember when you

4 looked at this document, when the question of

5 comparators for handwriting was being considered, you

6 put a question mark against the various Scan additional

7 agreements, Scan guarantee agreements; do you remember

8 that?

9 A. Yes.

10 Q. Which connoted that you weren’t sure whether a genuine

11 agreement —

12 A. No, I’m sure, now when I see the signatures, so I see

13 that it’s not my signature for sure. It’s again

14 a question of translation and you don’t have

15 a translation of the stamp, and the stamp in the Russian

16 version is not filled in with the dates and so on. So

17 it’s definitely and clearly not a document I ever

18 signed.

19 Q. Dr Arkhangelsky, is that your considered — your

20 considered belief on oath, that the fact that the box is

21 empty is a basis for alleging forgery in relation to

22 this document, against Bank of St Petersburg? Is that

23 the basis that you are pointing to?

24 A. Sorry, can you repeat that? I didn’t understand the

25 question.

115

1 the other documents that we’ve seen, is that your point

2 is that that signature does not, in your view, look like

3 yours.

4 A. Absolutely.

5 MR JUSTICE HILDYARD: And is different from other signatures

6 we have seen, which you think —

7 A. Yes.

8 MR JUSTICE HILDYARD: — are yours. You deny signing the

9 relevant agreement.

10 A. Yes.

11 MR JUSTICE HILDYARD: You point to the empty box as further

12 supporting your contention that these documents are not

13 authentic. You do not know whether the second signature

14 underneath yours is authentic or not.

15 A. Yes.

16 MR JUSTICE HILDYARD: But you say that, if authentic, it’s

17 because the relevant signature may have been under

18 considerable pressure.

19 A. Yes.

20 MR JUSTICE HILDYARD: Those are your responses. You make

21 the further point —

22 A. And one more — and one —

23 MR JUSTICE HILDYARD: — which I don’t think carries it much

24 forward, but you insist on each time, which is that

25 English translation does not reflect the box or the fact

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1 that it is not included.

2 A. Yes. Yes. Yes.

3 MR JUSTICE HILDYARD: That is what I am going to call your

4 response to these documents.

5 Now, when we go through the remaining five, six or

6 seven, if you have any additional point to that —

7 A. No.

8 MR JUSTICE HILDYARD: — please say, or if it is not

9 a document to which you take one or more of those

10 exceptions, please say. But otherwise, just confirm

11 that your point remains the same, so that we can get

12 this done in the last dying embers of the morning.

13 MR LORD: Thank you, my Lord.

14 Sorry, Dr Arkhangelsky, just bear with me. Sorry

15 about this. {D106/1580/1}, {D106/1508/2}, which is the

16 additional agreement to the personal guarantee for

17 the fourth Vyborg loan. The same point I’m putting to

18 you: that you did sign or authorise this.

19 A. No.

20 MR JUSTICE HILDYARD: And you wish to make the same points

21 as before?

22 A. Same points as your Lordship just given, yes.

23 MR JUSTICE HILDYARD: Okay, next one.

24 MR LORD: {D106/1503/2}, which is the English, and I think

25 {D106/1503/2} is the Russian.

1 a stamp, it’s having a date.

2 MR JUSTICE HILDYARD: Right.

3 A. It’s not my signature, but what is exciting here that

4 it’s one and a half months later backdating, so that’s

5 absolutely backdating, even in case — whatever case it

6 is.

7 MR JUSTICE HILDYARD: In the box, the rectangular box, which

8 in this document is completed, what is the last line?

9 What does that mean in —

10 A. Number of pages. So first line in the box — it’s the

11 name of the Bank.

12 MR JUSTICE HILDYARD: Yes.

13 A. The second is the number.

14 MR LORD: My Lord, sorry to interrupt —

15 A. Then the date and number of the pages.

16 MR LORD: It might be my fault. I think it’s my fault.

17 I think in the O one there are better copies of these.

18 It is my fault entirely, and I apologise for wasting

19 time. I think there may be better copies of these

20 copies.

21 MR JUSTICE HILDYARD: I’m sorry.

22 MR LORD: It is my fault, my Lord, for going through it too

23 quickly — in the O file on Magnum from the handwriting

24 comparator exercise, some of these documents.

25 MR JUSTICE HILDYARD: I see.

117 119

1 A. It’s not signed by me and the same points as

2 your Lordship said.

3 MR JUSTICE HILDYARD: Same points. Right, next one.

4 MR LORD: {D107/1540/1} personal guarantee to the LPK Scan

5 loan, 2008.

6 A. Sorry, I cannot see that yet.

7 Q. Sorry, did I do 1503? Have I done that?

8 Yes, {D106/1503/1} is the Scan guarantee or the

9 additional agreement to the Scan guarantee in relation

10 to the fourth Vyborg loan. And the next one is

11 {D107/1540/1}.

12 MR JUSTICE HILDYARD: The same point for that?

13 A. Yes, same points.

14 MR JUSTICE HILDYARD: Yes.

15 MR LORD: Then the amendment to the personal loan, could you

16 be shown {D106/1494/1}; {D106/1494/2} is the Russian.

17 A. And for this document one additional point; that it’s my

18 wrong address in two places.

19 MR JUSTICE HILDYARD: An additional point, but also there’s

20 no box on this.

21 A. And no box here, yes, which is also unusual. No, it’s

22 generally unusual. Generally incorrect.

23 MR JUSTICE HILDYARD: Next one?

24 MR LORD: Have we had {D106/1494/1}, {D106/1494/4}?

25 A. Oh, this is a much better document. It’s having

1 MR LORD: And I think some of the stamps do come out more

2 faintly, therefore it is entirely my fault that I may

3 have to put them again to this witness. I do apologise,

4 because it may be that there are boxes and they are

5 rather faint —

6 MR JUSTICE HILDYARD: Why don’t you assemble those and we

7 will meet at 2.00 pm and we will go through those first

8 off.

9 MR LORD: I am sorry about that and I apologise.

10 Dr Arkhangelsky, if I have wasted your time, I do

11 I apologise for that.

12 MR JUSTICE HILDYARD: Shall we meet at 2.00?

13 Just a couple of points. One is that as we go

14 through the special bundles that you have prepared for

15 me, there are various documents which you have referred

16 to and which are important, but which are not within

17 them; I’m assuming that you will provide either

18 a supplemental bundle or you will filter in to the

19 existing bundle, and you will let me know which one you

20 do and how I am to identify them.

21 The other thing is, on this coming Friday, I have

22 a train at 5.00 pm, which would mean I had to leave at

23 3.45, which would mean that in order to give you the

24 full time I have promised you, I think we would have to

25 start earlier in the morning. I leave that with you to

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1 check that that’s possible with Mrs Arkhangelskaya.

2 A. She already — your Lordship, she already bought the

3 ticket, so she arrives in the afternoon on Thursday —

4 MR JUSTICE HILDYARD: On Thursday.

5 A. Late afternoon, so theoretically you can start — just

6 tell us in advance, just for safety reasons.

7 MR JUSTICE HILDYARD: Thank you. Very good.

8 2.00 pm, then.

9 (1.05 pm)

10 (The Luncheon Adjournment)

11 (2.00 pm)

12 MR LORD: May it please your Lordship. I was going through

13 the list of documents. It might be better off if

14 I finish off in D, as I have started with D.

15 MR JUSTICE HILDYARD: Okay.

16 MR LORD: I think I need to check overnight the O, because

17 there are certain of these documents where forgery was

18 alleged. They have been looked at by the handwriting

19 expert. So not all documents I have previously been

20 reading out had previously been positively said to have

21 been forged. Some were in the Scan guarantee question

22 mark category. So certain of these documents have gone

23 to the experts, handwriting, for that consideration, and

24 therefore they are in another file.

25 But rather than take too much time up today, can

1 after the date.

2 So I suggest that this document at least produced

3 not earlier than 11 March 2009.

4 And I think it’s the fourth already, or fifth,

5 variation of my signature.

6 MR LORD: My Lord, my understanding is that that is

7 an internal bank stamp, but given the importance it has

8 attained, I will check on that overnight, if I may?

9 MR JUSTICE HILDYARD: Yes.

10 MR LORD: Could you be shown, please {D106/1507/1},

11 {D106/1507/2}. Dr Arkhangelsky, can I suggest to you

12 that that is an additional agreement in relation to

13 the Scan guarantee for the personal loan?

14 A. No, and all the comments as to the previous one, only

15 mentioning that there is some date on this stamp and

16 that it’s dated — you cannot see clearly — something

17 like 3 or 9 February 2009. So one and a half months

18 after the date which is on the top of the document.

19 MR JUSTICE HILDYARD: It looks as if on that document,

20 though not on all of them, there is a seal, but it may

21 be that on the others there is a seal but it does not

22 emerge?

23 MR LORD: Yes, I am going to check overnight, my Lord.

24 I think your Lordship is right. I don’t want to say

25 anything before I’ve checked on my references and

121 123

1 I finish off in the D and then check overnight whether

2 or not — how any of the O bundle references differ in

3 terms of having a stamp on, and then do a schedule,

4 perhaps, and file that with your Lordship tomorrow. And

5 if a points needs to be put to Dr Arkhangelsky, if he

6 needs to be asked to have another look at a document in

7 that light, perhaps we could do it that way to save

8 time, if that is all right with your Lordship, and,

9 obviously, Dr Arkhangelsky, to an extent.

10 MR JUSTICE HILDYARD: All right. Anyway, you don’t want to

11 do that now.

12 MR LORD: No, because I think I’m going to end up having two

13 different runs, as it were, and I don’t want to cut

14 across the line, really.

15 MR JUSTICE HILDYARD: Okay.

16 MR LORD: Thank you, my Lord.

17 Sorry, Dr Arkhangelsky. Can I please show you

18 {D106/1495/1}, {D106/1495/2} is the Russian. That looks

19 like it is an additional agreement signed by you in

20 relation to the personal loan.

21 A. No, it’s not my signature, first of all. All what

22 mentioned before, and I bring the attention of the court

23 that in this document it’s stated that it came to

24 the Bank 11 March 2009, while the major date on the

25 document is 29 December. So it’s two and a half months

1 documents, and I want to be fair to your Lordship.

2 MR JUSTICE HILDYARD: I am just pointing it out for the

3 record, amongst other things, so as to remind me.

4 MR LORD: Yes, of course.

5 A. Normally in Russia the stamps are kept by the chief

6 accountant, so normally it’s the chief accountant who’s

7 taking care about the stamp of the company.

8 Q. Could you be shown {D50/877/1}. Sorry, Dr Arkhangelsky,

9 but there are a couple of additional agreements that

10 I think you deny in relation to the first Onega loan,

11 which I should have put to you earlier.

12 Do you see that, {D50/877/1} and {D50/877/2}?

13 A. Not yet. Yes.

14 Q. {D50/877/4}, has that come up?

15 A. Yes.

16 Q. I suggest to you that that is an additional agreement —

17 can you see that?

18 A. This document is dated 27 June 2008.

19 Q. Yes, and the reason I’m putting it to you is that in

20 your list of 28 documents that you deny the authenticity

21 of, one of the relevant documents is this one here; in

22 other words, it is an earlier additional agreement in

23 relation to the first Onega loan. That additional

24 agreement was entered into in June 2008, and in your

25 list of disputed contracts, or agreements, you have

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1 listed this document. So that’s why I’m putting it to

2 you.

3 A. Yes, I confirm that it’s not my — not a document

4 I signed. And most of the comments — and your Lordship

5 may see that in this stamp, at least, it’s dated

6 30 June, while the document is 27 June, but the stamp

7 exists. I mean the Bank’s stamp and number. But,

8 again, you don’t see that on translation.

9 Q. I suggest this is a document that you signed or

10 authorised, Dr Arkhangelsky?

11 A. No.

12 Q. And that stamp — you are not suggesting, are you, that

13 the conspiracy in the Bank started back at the date of

14 that stamp, are you?

15 A. I don’t know. I don’t know when this stamp been put

16 there.

17 Q. Could you be shown {D74/1090/1}, please, which is

18 another additional agreement in relation to the first

19 Onega loan.

20 A. I cannot see it yet.

21 Q. Yes, can you see that? And then it is page

22 {D74/1090/4}. Again, I suggest that’s a document that

23 you signed or authorised, Dr Arkhangelsky?

24 A. No, I have not signed this document. Again, it’s

25 inconsistency between the stamp and the date, and also

1 that two employees, including mentioned yesterday,

2 Madame Saltykova, and Shevelev, they were arrested.

3 Saltykova spent, I think, three days in the prison,

4 Shevelev spent seven or, whatever, ten days in

5 the prison, and Mr Belykh, he was a bit concerned about

6 this news, and he said that I had to tell him early

7 about this problems because Savelyev, having proper

8 connections to the police, as long as they are not only

9 personal relations but that most of policemen in

10 St Petersburg are clients of the Bank also, which was

11 a key point there also mentioned by Belykh.

12 So Belykh organised me a meeting with Savelyev, so

13 I arrived late night from Bulgaria with kids, and next

14 early morning, I went to office of Savelyev. So and

15 then he called to Piotrovsky and suddenly, nearly all

16 the problems disappeared.

17 Q. Could you be shown, please, transcript {Day4/50:3-15}.

18 You will see that Mr Stroilov put some points to

19 Mr Belykh when he was in the witness box. You can see

20 at line 3 it was suggested to Mr Belykh that he

21 suggested to you that you should go to Mr Savelyev and

22 ask for protection from the police. Mr Belykh said:

23 «Answer: No, I don’t remember that. I don’t think

24 that that could be the case.»

25 A. Yes.

125 127
1 inconsistency with my address. And I haven’t signed 1 Q. Then Mr Belykh was asked:
2 this document. 2 «Question: Do you recall organising a meeting
3 Q. Dr Arkhangelsky, could I ask you to go to your 19th 3 between Mr Arkhangelsky and Mr Savelyev in the end of
4 witness statement, please, {C1/9/3}, paragraph 13. 4 summer or — well, at any point in 2007?»
5 I think I put it to you that you are wrong to say you 5 Then Mr Belykh says:
6 had this number of meetings with Mr Savelyev, and that 6 «Answer: That’s definitely not the case.»
7 he thinks he had, probably, two meetings with you? 7 Can you see what he then says?
8 A. No, I had a lot of meetings with him and you know that 8 A. Yes.
9 I am stating that in one of — during one of 9 Q. Would you read that?
10 the meetings, Mr Savelyev in my presence was making 10 A. Yes, that’s a really deceive statement by Mr Belykh.
11 a phone call on his mobile to Mr Piotrovsky, so we have 11 Q. Then in paragraph 16 on {C1/9/4}, you say that Mr Belykh
12 a long lasting history of relations between me and 12 suggested you should obtain letters from state
13 Mr Savelyev and I have been frequent visitor to his 13 officials; can you see that?
14 office, and his secretaries were well aware about me, so 14 A. Yes.
15 I’ve been their well established guest. 15 Q. That was put to Mr Belykh on Day 4 at page 52, if
16 Q. Could you be shown, please, {C1/9/4}, paragraph 15 of 16 I could have the transcript up, please. At {Day4/52:7}
17 your 19th witness statement, where you give some 17 Mr Stroilov suggested to Mr Belykh that Mr Belykh told
18 evidence about what you allege Mr Belykh to have said. 18 you, Dr Arkhangelsky:
19 A. Yes. 19 «Question: … it might help to obtain
20 Q. Mr Belykh was asked about this, and he said that he 20 restructuring if he had some support from state
21 didn’t think that that was likely to be true, that he 21 authorities …»
22 would make that suggestion. 22 Can you see that, what he says there, lines 7 to 12;
23 A. No, it’s not right. So my point is that I and my wife 23 can you see that? {Day4/52:7-12}
24 and the kids, we were in Bulgaria and it was a big 24 A. Yes.
25 reporting in Russian press about raid, and I mentioned 25 Q. And it was suggested to Mr Belykh that he had said to
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1 you, or he had suggested you «bring some comfort letters

2 from official figures»; can you see that?

3 A. Yes.

4 Q. And Mr Belykh’s answer at line 13: {Day4/52:13}

5 «Answer: Well, I think that these types of letters

6 are useful in a way that they bring some better feeling,

7 but definitely they do not influence any decision of

8 the Bank.»

9 Do you see that?

10 A. Yes.

11 Q. Then it was put to him that it was Mr Belykh’s idea to

12 get those letters?

13 A. Yes, of course.

14 Q. At line 20 he said: {Day4/52:20}

15 «Answer: I don’t think so.»

16 At line 22 he said: {Day4/52:22}

17 «Answer: I think that Mr Arkhangelsky had enough

18 connections with authorities to produce these things

19 himself.»

20 Can you see that?

21 A. Yes.

22 Q. And it’s right, isn’t it, Dr Arkhangelsky, that you did

23 have good connections with various state officials and

24 politicians at all material times?

25 A. Oslo Marine Group was one of the biggest privately owned

1 A. Yes, and I said that it’s a bit surprising to me

2 because —

3 Q. Yes, I know you said —

4 A. — normally when you write to the bank —

5 Q. Sorry, Dr Arkhangelsky, can you just wait for the

6 question —

7 A. — that it should be some accompany letter.

8 Q. Yes. If I could just, maybe, get to the question.

9 I took you to the letter at {D98/1261/1}, and it is

10 {D98/1261/2} in the Russian; do you agree that this is

11 a letter that you wrote to Mr Savelyev, or that you were

12 intending to send to Mr Savelyev at that time?

13 A. I think it’s a draft of the letter prepared by

14 Mr Berezin and sent to Mr Belykh. I don’t remember if

15 I signed that or not, definitely there were some

16 discussions, I don’t remember in which particular form;

17 but do you have any letters signed by me and not just

18 a draft?

19 Q. I don’t think I do.

20 A. So it means that the Bank never received any letter and

21 don’t have it in the records.

22 Q. But, Dr Arkhangelsky, assuming that this was an e-mail

23 from Mr Berezin to the Bank —

24 A. Not to the Bank, but to Mr Belykh in the Bank, yes.

25 Q. And assume that this was the attachment to that e-mail?

129 131

1 companies in the area, so the total value of the company

2 at that time was €1 billion, so I had the chance to

3 write a letter, make an appointment and meet people.

4 That’s for sure.

5 I don’t think that I can say that I had any

6 influence, so I just had a possibility, at least, to

7 meet, and Mr Lukyanov was not the key person, so he was

8 a deputy, it was another key person there, but I hadn’t

9 had the chance to meet the key person, so it was enough

10 for me to meet the deputy of the north western region

11 representative of the President of the Russian

12 Federation. So while —

13 Q. I’m going to ask you now about — sorry.

14 A. — I used the advice of Mr Belykh, I made necessary

15 appointments and I managed to meet these people and

16 written letters to them and I got some replies.

17 Q. I’m going to ask you now about the repo agreements,

18 Dr Arkhangelsky, please.

19 A. Yes.

20 Q. I wonder, could you be shown {D98/1261/1}, please.

21 {D98/1261/2}. If we could have {D98/1260/1} first,

22 because we get the cover e-mail.

23 A. Yes, I think we discussed it today, this morning, yes?

24 Q. That’s right. This is an e-mail from Mr Berezin to

25 Mr Belykh.

1 A. Yes.

2 Q. It looks as if there was certainly some idea at that

3 time that you would approach the Bank to make various

4 suggestions for some restructuring; do you agree?

5 A. Yes, we had a lot of discussions with Bank on different

6 levels on different occasions and on different subjects,

7 yes. We had a lot of discussions.

8 Q. And if you look at this letter, you can see that you

9 suggested some refinancing proposals, and what I’m

10 interested in, Dr Arkhangelsky, is what is in the last

11 sentence of this letter.

12 A. Yes.

13 Q. Where you said — or in this draft, anyway, it finishes

14 as follows:

15 «In addition, I offer as collateral 75 per cent of

16 the shares of Vyborg Shipping Company, LLC.»

17 A. Yes.

18 Q. Now, do you recollect, Dr Arkhangelsky, that at around

19 the time at the end of November 2008, you were

20 considering, at the very least, offering 75 per cent of

21 the shares of Vyborg Shipping to the Bank by way of

22 collateral?

23 A. Yes, maybe. As I said, we had a lot of different

24 discussions. We were trying to test any options.

25 Q. And would that have been — when you thought about that,

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1 or when you made that — do you accept that — I’ll ask

2 it a different way.

3 Was your idea that it would be a repurchase

4 arrangement, so you would sell the shares and then you

5 would buy them back if things worked out?

6 A. No, I don’t think so.

7 Q. So you were going to make an absolute transfer of

8 75 per cent of the shares of Vyborg Shipping, forever

9 more, whatever happened?

10 A. No. We were planning, as far as I understood, just to

11 make a mortgage of 75 per cent shares. So what is

12 written here, it’s like a collateral.

13 You cannot find in the draft of this letter — I’m

14 not really sure if this letter ever been sent to

15 the Bank in its official way. I assume it only relates

16 to internal discussions between Mr Berezin and Belykh,

17 and I think it was just discussion of some collateral.

18 No any transaction ever been discussed.

19 Q. Could you be shown {Day12/85:1}, please, of

20 the transcript? This was your evidence,

21 Dr Arkhangelsky, on Day 12. Can you see at line 1 — if

22 we go back to the previous page we can pick it up at

23 page 84. {Day12/84:20} I was asking you about the

24 exchanges you may have had with Mr Savelyev at this

25 meeting. You said in line 23:

1 A. I don’t know. I don’t remember.

2 Q. Could you be shown, please, {D105/1447/1}. Could we

3 have on the —

4 A. I like the translation of the name of the Bank. It’s

5 written «Incestbank»; what do you mean by such

6 a translation? Under the — in the signature of

7 Mironova, you call — for some reasons you call the

8 Bank of St Petersburg «Incestbank»; is it because

9 Mironova is the mistress of Mr Savelyev?

10 Q. I think these are from your disclosure, Mr Arkhangelsky?

11 A. No, definitely I haven’t been doing these translations.

12 Q. At number 30 of your disclosure, I am told. Do you want

13 to revise that last answer —

14 A. No, I don’t, no. I don’t know who done this

15 translation.

16 Q. It looks, doesn’t it, from this document, as if there

17 was an e-mail on 22 December 2008 from Ms Mironova to

18 Mr Berezin, copied to you?

19 A. Yes.

20 Q. In which there was a reference to a sale and purchase

21 agreement of shares; can you see that?

22 A. Yes.

23 Q. And then there were some attachments.

24 A. Yes.

25 Q. Perhaps we can scroll down these documents, and perhaps

133

1 «Answer: I discussed many, many different issues

2 with Savelyev, so we had quite productive meetings, and

3 I had to search … some solutions he had been offering

4 to other clients and so on.

5 «So, you know, we’ve been discussing many, many

6 issues and I sent letters to the Bank with some

7 solutions, like a purchase of the share, for example, in

8 Vyborg Shipping Company and so on.»

9 A. Yes, but I think it was you telling me that this was

10 signed and sent, so I’m not — as I said now, I’m not

11 sure if it’s been signed and filed with the Bank.

12 I think definitely my financial director, Mr Berezin,

13 had some discussions with Belykh, and maybe some others

14 in the Bank, but I am not sure if such — the letter in

15 such a form ever been filed with the Bank.

16 Q. You see, it looks, Dr Arkhangelsky, as if the suggestion

17 that you might transfer shares to Bank of St Petersburg

18 by way of security may have been something that was

19 first suggested, at least in relation to these

20 Vyborg Shipping shares, by you, towards the end

21 of November 2008?

22 A. No, I don’t remember that.

23 Q. Is that right?

24 A. No, I don’t think so.

25 Q. Might it have been right?

135

1 we can see what’s attached, please, and have the Russian

2 as well. {D105/1447/3}, {D105/1447/4} That’s

3 a securities and purchase agreement. Scroll on.

4 {D105/1447/7}. Keep going. {D105/1447/5}. Keep going.

5 {D105/1447/8}. I think that may be the end of

6 the document. {D105/1447/6}.

7 Yes, you can see the attachments. The first

8 attachment is the securities purchase agreement.

9 {D105/1447/3}.

10 So, Dr Arkhangelsky, it looks, doesn’t it, as if

11 there was some exchange between you and

12 Bank of St Petersburg before the meeting with

13 Mr Savelyev on 25 December, concerning the idea of

14 a share purchase agreement of some sort?

15 A. In fact, 22 December, Mrs Mironova sent a letter where

16 she attached one of the examples of the possible

17 transactions. So I am clearly remember she hasn’t had

18 anything in mind by that time. So she sent this

19 securities sale and purchase agreement because I think

20 it was in the files of the Bank, but there was no any

21 suggestion what and how to be so — that was just one of

22 the examples. And, to be clear, in Oslo Marine Group we

23 haven’t had any shares or anything which could be

24 bought. We had a participation. So we haven’t had any

25 securities. We had only limited liability companies, so

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1 for sure it was not relating to us in any respect. It

2 was just as an example.

3 But what is interesting in that suggestion, they

4 initially, I think, at least thought that it should be

5 a multi-party — multi-lateral agreement, and if you see

6 in the signature area, it’s at least three signatures

7 there. {D105/1447/5} {D105/1447/8}.

8 You can see, at least in their plans, they were

9 planning to have three participants at least.

10 Q. Could you be shown {C1/1/35}, please?

11 A. Sorry, would you be asking any questions in respect to

12 that?

13 Q. No.

14 A. So just for fun? You were showing it just for fun?

15 Q. I’m going to ask you a question about that document in

16 the light of your answer in the — in paragraph 136 of

17 your witness statement, the 16th witness statement, you

18 say:

19 «The demand for the transfer of the shares …»

20 That’s at the meeting with Mr Savelyev at the end

21 of December?

22 A. Yes, yes.

23 Q. «… came as a shock.»

24 A. Yes.

25 Q. Do you want to reconsider that evidence —

1 time, and I definitely had quite a number of discussions

2 with the head of the lending department in that office,

3 Mrs Borisova.

4 Q. Could you be shown —

5 A. For me it is actually quite surprising that the Bank

6 have not brought Borisova, who was a key person, at

7 least producing the documents at the level of

8 the office, and they have not brought her as a witness

9 here, which is really surprising.

10 Q. Could you be shown {B1/4/12}, please, paragraph 59 of

11 Ms Mironova’s witness statement, where she gives

12 evidence of telephone conversations she had with you and

13 Mr Berezin, discussing a repo arrangement.

14 A. Which?

15 Q. Paragraph 59. She’s explaining in paragraph 59 that in

16 the build-up to the 25 December meeting with

17 Mr Savelyev, she had some conversations with you and

18 Mr Berezin on the phone, discussing a potential repo

19 arrangement for the shares in Western Terminal and

20 Scan Insurance.

21 A. Maybe she discussed it with Berezin, but no any

22 conference calls for sure, because in Russia at that

23 time we haven’t had such a technology of the

24 conference — I’m not sure what she’s referring to, if

25 it’s a conference call or private discussions with each

137 139
1 A. No. 1 of us. So I don’t remember that I have ever been
2 Q. — in the light of that e-mail — 2 discussing it with her. But for sure, we never, ever
3 A. No. 3 had any conference calls on that.
4 Q. — from Ms Mironova — 4 And it would be really strange for me to discuss
5 A. No. 5 anything with her by telephone, because at least twice
6 Q. — that certainly looks as if it is sending out share 6 a day I’ve been passing her office and, you know, if
7 purchase agreements to you before the meeting? 7 I want to speak to the Bank, or, especially, you know,
8 A. In our group, we haven’t got any shares, so it was only 8 discussing quite an important issue for me, I would stop
9 liability companies and she sent some of the examples 9 in on the way and meet her and discuss that because, you
10 she had in her computer and actually I discussed it with 10 know, it’s — any repo, whatever, transactions, consider
11 her afterwards and she said it was just — just to give 11 that you have to make a picture as to whom and what and
12 an idea, and that’s it. And she well understood that 12 so on, so I don’t think that that’s true.
13 that type of the contract could not in any respect 13 Q. And she explains in that witness statement by reference
14 relate to us because we have not had open stock 14 to the exhibit that I have just taken you to
15 companies with the shares. 15 {D105/1447/1} that she sent you a pro forma share
16 Q. And do you accept that there had been some discussion 16 purchase agreement?
17 about some repo agreements before the 25 December 17 A. It was just an example of something, but — which for
18 meeting with Mr Savelyev? 18 sure she understood — she were aware that that would
19 A. Not really. Not really. I don’t think so. 19 not be possible to realise in the group of
20 Q. With Ms Mironova? 20 Oslo Marine Group.
21 A. I don’t think so. 21 Q. You gave an answer earlier this afternoon, I think, that
22 Q. But possibly? 22 perhaps it would just be a mortgage of the shares. But
23 A. No, I don’t think so. I haven’t had any close relations 23 if it would be a mortgage of the shares, it wouldn’t be
24 to her, so she’s been quite a new person, so she came — 24 a share purchase agreement — that wouldn’t be the right
25 I came to know her just a couple of weeks before that 25 contract, would it, for a mortgage?
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1 A. No, but what she sent, it was a share agreement. In the

2 Group Oslo Marine we had only limited liability

3 companies, so we hadn’t had any shares in any of

4 the companies, so a priori it’s not possible, and she

5 was completely aware about that.

6 Q. If Ms Mironova is right, and you did discuss a possible

7 rearrangement of the Western Terminal Scan shares before

8 the 25 December meeting, it wouldn’t have come as

9 a shock when it was discussed at the meeting, would it?

10 A. I think she is not right and we haven’t had the

11 discussions with her.

12 Q. Since she sent this e-mail to you on 22 December 2008,

13 and assuming that that was sent out to you, you would

14 have had a few days, wouldn’t you, before the meeting on

15 the 25th, to discuss the matter with your advisers?

16 A. Yes, but I had a chance to ask her, I’ve been speaking

17 to her, and I told her — I had a meeting with her more

18 or less on a regular basis, and I told her that this

19 type of the share purchase agreement absolutely not

20 relates to our case; and she said, okay, it was just

21 an example, and the further documents would be produced

22 in Mrs Malysheva office, or lawyer’s office of the Bank.

23 Because Mironova confirmed me that she is not a lawyer

24 and she just had some ideas in her head which she wanted

25 to show.

1 Q. If you look at {D106/1530/1} you see the contract price

2 in 3.1: RUB 9,900?

3 A. Yes.

4 Q. And you can see from clause 1 that OMGP is selling

5 99 per cent of its shares in Western Terminal to

6 Sevzapalians, isn’t it?

7 A. Sevzapalians, yes.

8 Q. For RUB 9,900?

9 A. Yes.

10 Q. If you go onto the provisional share purchase agreement,

11 so, if you like, the second and third agreements in this

12 chain, in other words the agreements that record the

13 potential buy-back of the shares —

14 A. Which also been signed by me, I believe, yes. Can you

15 show it?

16 Q. They have. {D106/1530/7}, and it is {D106/1530/9} in

17 the Russian; can you see that?

18 A. Yes.

19 Q. Which you have signed, haven’t you?

20 A. It’s buy-back, yes?

21 Q. Yes.

22 A. Yes.

23 Q. There is an agreement, paragraph 2.1:

24 «Subject to the terms, price and conditions provided

25 herein, the parties …»?

141 143

1 Q. And if we could look at the repurchase agreements

2 themselves, the one for Western Terminal was at

3 {D106/1530/1}. And there were a series of agreements,

4 weren’t they? There were three different agreements.

5 There was the original sale agreement —

6 A. Can I see the Russian version of what you show?

7 Q. Yes. The Russian version is at {D106/1530/4}.

8 A. Is it a final agreement, or draft? Because in

9 the Russian version you don’t have dates …

10 Q. From {D106/1530/5}, it looks as if that’s been signed by

11 you, and sealed on behalf of OMG Ports, doesn’t it?

12 A. Okay. Okay.

13 Q. You are not challenging that you entered into the

14 repurchase agreements, are you, Dr —

15 A. No, I’m just wondering, because you are always showing

16 me drafts and starting discussing that.

17 Q. But you accept, don’t you, Dr Arkhangelsky, that you

18 entered into these repurchase agreements?

19 A. Of course, yes, I sold the shares in my companies, yes.

20 Q. And one of your complaints is that the consideration was

21 only nominal consideration, isn’t it? Wasn’t that one

22 of your complaints?

23 A. Absolutely, because it was a must for me to sign all

24 these contracts, which I have been told by Savelyev

25 under threat.

1 A. Could I see page 1, I think. {D106/1530/1}

2 Q. The simple point, Dr Arkhangelsky, is that in

3 the related purchase agreements, in other words in

4 the two agreements that related to the potential

5 buy-back of the shares by OMGP from Sevzapalians —

6 A. Yes.

7 Q. — the buy-back price was the same RUB 9,900, wasn’t it?

8 A. Absolutely, yes.

9 Q. So, given that this was meant to be a repo

10 arrangement —

11 A. Yes.

12 Q. — there was nothing suspicious or sinister, was there,

13 about having nominal consideration for the sale and

14 buy-back, because it was going to be the same price?

15 A. «Sinister»; what does it mean?

16 Q. I think you’ve suggested that because the original sale

17 was at phenomenal consideration —

18 A. Yes.

19 Q. — that that looks suspicious?

20 A. Why, because the agreement with the Bank — I simply

21 don’t understand the question.

22 Q. Sorry, Dr Arkhangelsky, I’m not making it clear. I’m

23 not making it clear.

24 The idea behind this security arrangement was that

25 the shares would be sold to the Bank and then they would

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1 be bought back from the Bank if OMG, or the relevant OMG

2 companies, kept to all their obligations; that’s right,

3 isn’t it?

4 A. But that’s not written this contract first, and do you

5 suggest that Sevzapalians — I think you rejected that

6 it’s — now you suggest that it’s the Bank; yes?

7 So the agreement was, based on the memorandum, the

8 agreement was that we sell shares to

9 the Bank of St Petersburg. Now are you suggesting that

10 this is a contract with the Bank of St Petersburg?

11 Q. No, no, Dr Arkhangelsky —

12 A. No, no, I got the feeling that you say Sevzapalians is

13 the Bank.

14 Q. No, you are twisting my question. It’s a simple point,

15 Dr Arkhangelsky: you have complained about the

16 consideration paid in relation to the share purchase

17 agreement, to the repo agreements.

18 A. No, I don’t understand the question; can you make it

19 clear?

20 Q. You have complained in this case that the sale of

21 the shares —

22 A. Yes.

23 Q. — by OMGP —

24 A. Yes.

25 Q. — was at a gross undervalue?

1 Sevzapalians; actually it is the Bank.

2 That’s the point that was being made.

3 MR LORD: Sorry, Dr Arkhangelsky, I don’t accept that. The

4 point I was focusing on was that this repo arrangement

5 was entered into to provide extra security to and for

6 Bank of St Petersburg, wasn’t it?

7 A. This repo arrangement was done based on the memorandum,

8 and what is written in the memorandum, that the shares

9 would be as additional security to the Bank. And this

10 particular contract done under the pressure, and this

11 particular contract doesn’t assume any other

12 liabilities. So all the things discussed in

13 the memorandum. And I strongly believe, and still, and

14 before, that Sevzapalians is a kind of subsidiary, or

15 part of the Bank of St Petersburg.

16 Q. And the idea behind the repurchase agreement was that

17 OMG — OMGP would be able to buy-back the shares?

18 A. It’s not what I’ve been told that time. So what I’ve

19 been told that time, that I signed the contract on both

20 sides, and then it’s just the security which hold on the

21 account of the Bank.

22 Q. If you go in your witness statement at {C1/1/38}, to

23 paragraph 148, you refer to the original purchase

24 agreements for these shares in Western Terminal and

25 Scan Insurance, but you don’t go on to address the fact

145 147

1 A. Absolutely, and I’m still confirming that.

2 Q. And the point I’m asking you to consider is, the same

3 consideration was going to be paid by OMGP to get the

4 shares back.

5 A. Absolutely. Yes. Because the sense of the repo

6 agreement is that we give — I think based on the

7 Russian tax law, you cannot sell shares lower than, say,

8 the pricing statutory arrangements. So we sold it — if

9 we sell it cheaper, then the company had to reduce the

10 capital, and if you sell it more expensive, then you

11 have a profit tax.

12 So we sold it as a repo arrangement at the nominal

13 price, and it was the plan that we get it back.

14 MR JUSTICE HILDYARD: I think a confusion has crept in —

15 MR LORD: I am putting it badly, I am sure it is my fault.

16 MR JUSTICE HILDYARD: Because if you look at the transcript,

17 and this is what Dr Arkhangelsky was picking you up on,

18 you said, line 25 at page 138 [draft transcript]:that:

19 «Question: The idea behind this security

20 arrangement was that the shares would be sold to the

21 Bank and then they would be bought back from the Bank if

22 OMG, or the relevant OMG companies, kept to all their

23 obligations …» {Day15/144:24}

24 And I think I discerned that Dr Arkhangelsky was

25 saying: ah, you now accept that it looks like

1 that there was also a potential repurchase of those

2 shares from the original purchasers, do you?

3 A. Sorry? Sorry?

4 Q. Dr Arkhangelsky, I’m not putting it very well. Any

5 potential complaint about the consideration paid under

6 the repo arrangements falls away, doesn’t it, when you

7 consider that the sale and the repurchase were going to

8 be for the same consideration?

9 A. No, it was the same price, but I don’t understand what

10 you want to —

11 Q. Well, I have put it and I’m going to move on.

12 MR JUSTICE HILDYARD: What is being put to you is, given

13 that you had the right to repurchase from whoever it was

14 that had purchased your shares for the same price as

15 they had purchased them, what did it matter to you who

16 the purchaser was?

17 MR LORD: Or what the price was? Because it was going to

18 be — you were going to get them back for the same

19 price. It was a nominal price because they were being

20 sold as security, and if you stuck to your obligations,

21 they were going to come back to you at the same price,

22 weren’t they? The price it was just a nominal price.

23 A. But it was not a question even discussed so we got it as

24 it is. So we go these contracts, I had to sign them,

25 and that’s it. So it was not even in any respect

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1 discussed, so I can’t understand. 1 be. So what I’ve been told by Mrs Malysheva, that as
2 All — both sides’ agreement been prepared by 2 long as I discussed everything with Savelyev, I would
3 Ms Stalevskaya, sent to us, and we just had to print it 3 get necessary set of documents which I would have to
4 and sign that. 4 sign.
5 MR JUSTICE HILDYARD: Can I ask you a question about 148, 5 So never, ever any discussions what are the status
6 while I remember it, and read 147; this is in your 6 of this, what we call here, original purchases. Who are
7 witness statement 16. 7 the directors? I never, ever seen, or never, ever been
8 A. 147. 8 introduced, never, ever been explained who are they, and
9 MR JUSTICE HILDYARD: It’s at page {C1/1/38}. Can I just 9 never met them personally.
10 make sure that I understand your evidence. 10 So it has been told to me that this is the Bank, so
11 A. Yes. 11 this is the Bank subsidiaries or something like that, so
12 MR JUSTICE HILDYARD: My understanding so far — but you 12 when signing the documents I had to have a full feeling
13 must correct it if it is wrong — is that you knew that 13 that I signed the documents with the Bank.
14 the purchasers under the repo agreement would be the 14 MR JUSTICE HILDYARD: But did you know at that time that the
15 companies that you referred to in subparagraphs (1) and 15 named purchasers were other than the Bank?
16 (2) of paragraph 148; however, you assumed that they 16 A. No.
17 were owned by or under the exclusive and complete 17 MR JUSTICE HILDYARD: You didn’t?
18 control of, the Bank? 18 A. No. No. No. Because the process was that in a few
19 A. Not exactly. 19 days, we got by e-mail set — you know, like this — of
20 MR JUSTICE HILDYARD: Right. 20 contracts, and then definitely all these purchases has
21 A. What I want to confirm is that, you know, after the 21 been mentioned, but I’ve been told that this is the Bank
22 meeting with Savelyev, this, whatever, 25 December 22 companies and I have to sign it because the Bank wants
23 meeting, I’ve been brought, I think by Ms Mironova, to 23 to do it like this.
24 office of Mrs Malysheva. So it is more or less the same 24 MR JUSTICE HILDYARD: When did you find out that the named,
25 building, but we had to leave the building and go from 25 the nominal purchasers, would not be the Bank but the
149 151

1 a different entrance.

2 So at that moment I’ve been introduced to

3 Mrs Malysheva; I’ve been told that she is a key person

4 on behalf of Mr Savelyev to —

5 MR JUSTICE HILDYARD: Had you not met Mrs Malysheva at that

6 stage?

7 A. So I’ve been introduced to her for the first time.

8 MR JUSTICE HILDYARD: This was your first meeting with

9 Mrs Malysheva?

10 A. Yes, yes.

11 MR JUSTICE HILDYARD: Right.

12 A. This meeting was something like five, ten minutes,

13 something like that.

14 MR JUSTICE HILDYARD: Right, okay.

15 A. So she called Madame — Mrs Stalevskaya, so she kind of

16 shown me that she has a lawyer, in-house lawyer, who

17 would do her papers.

18 MR JUSTICE HILDYARD: Yes.

19 A. So she told me something like that, that: just a few

20 minutes ago I got a phone call from Savelyev. So he

21 told her what and how to do and she said that we will —

22 I mean they will, Malysheva and Stalevskaya, would

23 prepare the document, but we have not discussed anything

24 in details.

25 So I hadn’t had even any idea who and how it would

1 six companies named?

2 A. I think then Mrs Stalevskaya sent us drafts of

3 the contracts. You’ve shown me this e-mail.

4 MR JUSTICE HILDYARD: I see. On the 30th, you say?

5 A. No, I think it was 29th, yes?

6 MR JUSTICE HILDYARD: 29th.

7 A. 30th, I came to office of Malysheva to sign the

8 memorandum, and actually, formally speaking, first step

9 had to be to sign memorandum, so both sides agreed that,

10 and only that. After that, all other contracts to be

11 signed. And then —

12 MR JUSTICE HILDYARD: Was that your understanding or did

13 they insist on that?

14 A. They insisted on that, so they said: this is the Bank

15 companies. So I haven’t even had any idea that it could

16 be any third party, you know — again, where is the

17 sense? If Bank wants security, the Bank gets security.

18 MR JUSTICE HILDYARD: I understand that. I rather

19 interrupted you, but just to ask it again: you explained

20 to me that there was a prescribed sequence and that the

21 memorandum was to be signed before the repo arrangements

22 were signed.

23 A. Yes.

24 MR JUSTICE HILDYARD: Was that specifically discussed and,

25 if so, who prescribed that sequence?

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1 A. No, let’s put it this way: you know, it was rush days

2 prior to Christmas, so everybody in Russia drunk and too

3 busy, and the major concern by Malysheva was that

4 I have, in any respect, signed this memorandum before,

5 let’s say, 31 December. So I think that then they could

6 close their accounts of the Bank knowing what’s it —

7 because, and that’s quite important, that even if

8 I signed these contracts in respect to repo

9 arrangements, in Russia it doesn’t have sense or any

10 legal validity before it’s registered by the State, by

11 the tax authorities.

12 So considering the fact that tax authorities are

13 closing around 25, I think, December, so they were able

14 to file these changes of ownership only around, I think,

15 15 January. So for them it was just a set of recycled

16 paper before they registered it in the tax authorities.

17 So …

18 MR JUSTICE HILDYARD: I’m going to relinquish the reins to

19 Mr Lord, but I have just one more.

20 What I was asking: you tell me that someone required

21 the memorandum to be signed?

22 A. Yes.

23 MR JUSTICE HILDYARD: Before, even if only momentarily

24 before, the share purchase and repurchase agreements

25 were signed; are you sure about that and, if so, can you

1 Can you see that?

2 A. Yes.

3 Q. And then:

4 «The agreements were e-mailed to the Group’s

5 in-house lawyer, Yaroslav Vasilev, by Mrs Stalevskaya of

6 the Bank on 30 December 2008.»

7 A. Yes, something like that, yes.

8 Q. I’ll just read it and then I’ll ask a question:

9 «I received a call from the Bank complaining that

10 Mr Vasiliev was too slow in getting the documents

11 completed. Nevertheless, that same day, I signed the

12 agreements on behalf of OMGP (in respect of Western

13 Terminal) and GOM (in respect of Scan).

14 «151. On 31 December 2008, Mr Vasiliev personally

15 returned the signed contracts to the Bank and delivered

16 them into the hand of Mrs Stalevskaya.»

17 Now, it is clear, isn’t it, Dr Arkhangelsky, that

18 before you signed any of these repurchase agreements,

19 you knew who the original purchasers were going to be,

20 didn’t you? You knew that they were going to be

21 original purchasers that had a different name to the

22 Bank?

23 A. What I just said, that 30 December, I jumped into

24 Malysheva’s office, signed this memorandum, I think it

25 was probably, as far as I remember, on my way to

153

1 give me any detail about it?

2 A. No, no, what I should say is that for Mrs Malysheva, who

3 was the key person, that was important that she gets

4 that first in any respect.

5 MR JUSTICE HILDYARD: Okay. All right.

6 A. And I think she was not really taking care about other

7 things. I think she had to report to Mr Savelyev and to

8 the counsel of the Bank that this is done, so they can

9 close 2008 balance sheet of the Bank.

10 MR LORD: Dr Arkhangelsky, if you look at your witness

11 statement at {C1/1/38} and picking it up at

12 paragraph 148, about which his Lordship has just asked

13 you some questions, you explain that:

14 » … the Bank prepared the necessary documents to

15 effect the transfers to the purchaser companies. I did

16 not know who owned or controlled these companies, but

17 I assumed that it was the Bank…»

18 Can you see that?

19 A. Yes, sure, sure, what I just told.

20 Q. Then you set out the deal, Sevzapalians, and then there

21 were six purchasers for Scan Insurance, weren’t there?

22 A. Yes, I think so, yes.

23 Q. Over the page, paragraph 149 {C1/1/39}:

24 «Separate agreements were prepared for each

25 purchasing company.»

155

1 the office in the morning, and then I came — we had

2 a kind of daily meeting with the staff, and I suddenly

3 got on my mobile phone a telephone call from Malysheva.

4 She was very nervous and asking: okay, you signed that,

5 but I also need the rest of the documents, and this is

6 stupid Vasiliev, he is not doing anything.

7 I said that I would take care about that and I tell

8 him that I need to speed it up, and more or less in

9 the same moment he brought me a huge set of documents.

10 You know, it was kind of daily meeting, I had

11 20 directors of the company sitting, and I haven’t —

12 I just been signing the big set because it was a must

13 for us because, anyway, I had already signed the

14 memorandum.

15 Q. Could you show —

16 A. So I was not really thinking who are they and what for,

17 because I’d been told that that would be the Bank —

18 done in the Bank’s interest.

19 Q. But can you be shown {D105/1454/0.1}, please. This is

20 the e-mail I have taken you to already, which I think

21 you attached to BVI affidavits of yours?

22 A. Yes.

23 Q. And you see entry number 2, Ms Stalevskaya sent to

24 Mr Vasiliev on 29 December 2008 drafts of various repo

25 agreements?

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1 A. Yes, we discussed that this morning, yes.

2 Q. Well, follow it carefully, Dr Arkhangelsky. Do you

3 agree that it look as if your lawyers had drafts of

4 these repo agreements on 29 December 2008 at the latest?

5 A. I should say that normally in Russia office hours are

6 closed around — in between 5.00 and 6.00, so I should

7 say I’m nearly sure that Mr Vasiliev was not reading —

8 even if he got these e-mails, he was not reading these

9 e-mails before 30 December.

10 Q. But, Dr Arkhangelsky, everyone was rushing around to try

11 and get these done in time, weren’t they? There was

12 real haste —

13 A. Not really. People in the office, they were not that

14 much interested. So that was my personal interest

15 because I had a personal obligation and threat from

16 Savelyev.

17 Q. So you weren’t concerned about the — well, can

18 I just — your lawyers seemed to have drafts of these

19 agreements before — well, obviously before you signed

20 them; do you agree?

21 A. Yes, they have definitely had a look, of course, yes.

22 They — at least, they printed them.

23 Q. And if you have a look at the repurchase agreement

24 itself. Let’s just take the Western Terminal one.

25 {D106/1530/1}, and it is {D106/1530/4} in the Russian.

1 complaint in Russian authorities about the raid on our

2 company. So that was the first time when we came to

3 know who owned, who was managing, which addresses and so

4 on.

5 So we collected all this information in

6 the beginning of May 2009.

7 Q. The point I am making, Dr Arkhangelsky, is that the fact

8 that you were going to — the fact that the contract was

9 going to be with Sevzapalians was not kept secret from

10 you, was it?

11 A. No.

12 Q. It was on the face of the —

13 A. No, not secret, no. We’d been told by the Bank that

14 it’s the Bank, so this is the Bank and based — and

15 Malysheva told me many, many times that I agreed

16 everything with Savelyev, so it means me, it’s me who

17 agreed everything with Savelyev. She was doing only

18 technical work, so I should have a full confidence to

19 what she produced and sign, because this is the Bank.

20 Q. Did you not ask, did you not say, or query and say: why

21 is the original purchaser Sevzapalians —

22 A. And yes, of course, of course I asked —

23 Q. — and not — hang on, don’t interrupt —

24 A. — and she replied that was Mr Savelyev who told that

25 that should be like this. So I discussed it many times

157 159

1 The original purchaser for Western Terminal shares was

2 going to be Sevzapalians Limited Liability Company,

3 wasn’t it?

4 A. Yes, I think so, yes.

5 Q. And the repurchase agreement for Western Terminal shares

6 said on its face who the original purchaser was going to

7 be, didn’t it?

8 A. Yes, absolutely, yes.

9 Q. And it gave company details for Sevzapalians, didn’t it?

10 A. Yes, sure.

11 Q. And Sevzapalians Limited would have been on the

12 companies register, wouldn’t it?

13 A. Yes, absolutely.

14 Q. And your lawyers could have checked who —

15 A. No, definitely not.

16 Q. Can I finish the question, Dr Arkhangelsky?

17 A. Yes.

18 Q. Your lawyers had the opportunity to check, didn’t they;

19 if there was any concern as to the identity of

20 Sevzapalians, your lawyers could check who owned and/or

21 controlled that company by looking at the register?

22 A. No, that was not a practice. We never done that. The

23 first time we tried to collect information about the

24 purchases of the first and the second level, in

25 the beginning of May 2009, then we filed a criminal

1 and we discussed it during this examination already

2 several times. That was a strong pressure from

3 Malysheva, so if I disagree with anything, I should

4 schedule a meeting with Savelyev and discuss it with

5 him.

6 MR JUSTICE HILDYARD: Dr Arkhangelsky, I have asked you

7 before, but I do emphasise to you my requirement not to

8 butt in when you are being asked a question until the

9 question is finished.

10 A. Sorry.

11 MR JUSTICE HILDYARD: I know that you are anxious to put

12 your case, and that is understandable, but in order that

13 there should be an orderly process, you must wait for

14 the question to finish.

15 A. Sorry.

16 MR JUSTICE HILDYARD: Thank you.

17 MR LORD: Dr Arkhangelsky, was there no discussion involving

18 you at the time as to why Bank of St Petersburg were

19 suggesting that the original purchasers should be these

20 other companies?

21 A. Yes, of course.

22 Q. And what did they tell you?

23 A. Because that — she told me that it’s Mr Savelyev who

24 said that these are arrangements, and if I don’t agree

25 with that, I have to go and address any issues to

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1 Savelyev. So she been told that it’s the Bank

2 companies, and I have to sign it because I agreed

3 everything with Savelyev, and if I have any doubts,

4 I have to address any doubts — schedule a meeting with

5 Savelyev and address doubts with Savelyev. But

6 I haven’t had time to do this, because it was

7 30 December.

8 So I’ve been completely told that all these initial

9 purchases are belonging to the Bank.

10 And by the way, your Lordship, I never, ever been

11 told that it would be a second level of purchasers. So

12 I came to know that they resold the shares only after we

13 filed complaint with the criminal office in the first

14 days of May.

15 Q. Could I ask you, please, about some other restructuring

16 that you agreed in relation to your companies, not to do

17 with Bank of St Petersburg, but V-Bank.

18 Could you be shown {H1/11/1}, please. This is

19 a statement of Mr Vasiliev in these proceedings on your

20 behalf.

21 A. Yes.

22 Q. Can you see paragraph 6, Mr Vasiliev says this:

23 «Rusiv LLC was part of Oslo Marine Group holding

24 until August 2010. It was transferred into the

25 ownership of Vozrozhdenie Bank within the framework of

1 A. Yes.

2 Q. And it’s the second to last paragraph, where he talks

3 about the bank managing the mortgages for a certain

4 period of time until he took them back on.

5 A. You mean in June?

6 Q. Yes. Are you sure that the arrangements with V-Bank,

7 with the shares that you have described this afternoon,

8 are you sure that those weren’t also repurchase

9 agreements?

10 A. No.

11 MR JUSTICE HILDYARD: No, they weren’t?

12 A. No, no, no. That —

13 MR JUSTICE HILDYARD: Is your answer: no, they weren’t?

14 Thank you.

15 A. As I said, once again, by selling the shares in these

16 companies, we seriously reduced a volume of loans to

17 Vyborg Port. So that was a kind of agreement with

18 V-Bank. So they prolonged the loans but, you know, we

19 had to pay interest and so on, so by selling a few

20 buildings to them, we reduced a total —

21 MR JUSTICE HILDYARD: They were out and out sales; they

22 weren’t sales by way of security or anything else? They

23 were sales?

24 A. No, they were normal, commercial sales, but the

25 condition there was that I would still be director of

161

1 restructuring of loans of Vyborg Port and to ensure the

2 further financing of Rusiv LLC, since it was necessary

3 to finalise the construction of the business centre…»

4 A. Yes.

5 Q. So it’s right, Dr Arkhangelsky, isn’t it, that you, on

6 behalf of OMG, were prepared to transfer ownership of

7 this company, Rusiv LLC, to V-Bank?

8 A. I have not transferred shares. I sold shares, so by

9 doing this, reduced the volume of loans, so that was

10 absolutely commercial transaction. Rusiv had

11 a building —

12 Q. Oh, I see.

13 A. — and I sold that to the Bank. And I sold not only

14 Rusiv, but there were two or three other companies

15 and —

16 Q. Novy Gorod, was that one?

17 A. Novy Gorod, and it was also real estate at

18 Novosaratovka, and something like that. So I don’t

19 remember all the details or transactions, but by that

20 time it’s helped to reduce volume of loans towards the

21 V-Bank.

22 Q. Could you be shown {D145/2424.1/1}, please. I think

23 I showed you this yesterday, it was Mr Ameli’s note —

24 A. Yes.

25 Q. — of his meeting with Mr Novikov of V-Bank.

163

1 that companies.

2 MR JUSTICE HILDYARD: I see.

3 A. And even living in Nice, I was managing the ongoing

4 construction there, so that was their requirement. So

5 they kept me really busy, which I’m happy, and I was

6 receiving quite a good salary at that time for that.

7 MR LORD: Could I ask you, please, to go to {C1/1/39} and

8 paragraph 153 of your witness statement. I’m going to

9 ask you now about the events of early 2009, building up

10 to the spring.

11 A. 1 …?

12 Q. 153, Dr Arkhangelsky.

13 A. Yes.

14 Q. You say there:

15 «After the shares had been transferred [so that’s

16 after early January 2009] I continued to look for

17 additional funding for the Group which would allow it to

18 repay its obligations to the Bank…»

19 Can you see that?

20 A. Yes.

21 Q. It’s right, isn’t it, that you didn’t obtain any

22 additional funding in the event?

23 A. Yes, it’s right, yes. You know, we discussed it for

24 several days already.

25 Q. And it is right, isn’t it, that from about the spring of

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1 2009 you began to obstruct the Bank in relation to its

2 rights in relation to the debts with OMG?

3 A. Absolutely not. I think what you wanted to say, the

4 Bank tried to obstruct me and violate the memorandum

5 signed. That’s for sure that’s my case.

6 Q. Could you be shown {D115/1703/1}, please. Ms Blinova

7 e-mailed you on 26 March 2009. In the first paragraph

8 she advised you that the Bank had not agreed to extend

9 various loans; can you see that?

10 A. Yes.

11 Q. She told you that. In the second paragraph she informed

12 you that:

13 «… the registration of the mortgage for the real

14 estate of … [Western Terminal] was a condition for the

15 prolongation of your personal credit in the amount of

16 RUB 130 million … DV Vinarsky refuses to sign the

17 mortgage agreement. We urgently recommend that you

18 assist us in signing this agreement, because if it is

19 not signed, the Bank will have the right to carry out

20 the early recovery of your personal credit in the amount

21 of RUB 130 million.»

22 Can you see that?

23 A. Yes, I think it’s a very misleading e-mail and I think

24 it’s part of the game, on raiding game, in which Blinova

25 seems to be quite actively involved already at that

1 Q. And do you agree that if OMG did not pay back the loans

2 on time, OMG would then be in default under the

3 particular loan agreement?

4 A. Yes, that’s normal. If anybody not paying a loan, it’s

5 a default, absolutely.

6 Q. And it would follow, wouldn’t it, that

7 Bank of St Petersburg would, in those circumstances,

8 have the right to seek to realise the security that it

9 had had, safeguarding that particular loan?

10 A. For that particular loan, yes, for any particular loan,

11 yes.

12 But they violated memorandum, which was really

13 surprising for me at that time, and I couldn’t

14 understand, actually, what was going on.

15 Q. Could you be shown, please, {B1/4/24}, which is

16 Ms Mironova’s witness statement?

17 A. Is it in BVI proceedings or here?

18 Q. It’s in these proceedings.

19 A. Okay.

20 Q. Can you look at paragraph 110 to 111?

21 A. Yes.

22 Q. Ms Mironova records that the management board decided on

23 4 March 2009 to refuse to extend the first PetroLes

24 loan; can you see that?

25 A. Yes.

165

1 time.

2 Q. So, are you suggesting that Mr Vinarsky was not failing

3 to sign the mortgage agreement referred to here? Are

4 you saying that she has made it up?

5 A. No, he was not signing any agreement because there were

6 not any personal loans, that’s for sure. Vinarsky, by

7 the way, even if he started at some stage work for the

8 Bank, he is a lawyer, he been head of the legal

9 department of the tax authorities of St Petersburg, or

10 something like that, so he’s been clearly understanding

11 that he’s not able to sign any mortgage unless there is

12 a valid contract.

13 Q. It’s right, isn’t it, Dr Arkhangelsky, that when the

14 Bank refused to extend the PetroLes loans, they fell due

15 for payment in March 2009?

16 A. Sorry?

17 Q. It’s right, isn’t it, that Bank of St Petersburg refused

18 to extend the first and second PetroLes loans?

19 A. Yes, and by doing this I understood that they violated

20 memorandum agreement signed with them. So that’s — the

21 due date of the violation of any agreements with the

22 Bank.

23 Q. So as a result, the PetroLes loans were going to fall

24 due for repayment in March 2009, weren’t they?

25 A. Yes.

167

1 Q. And then in —

2 A. But I’m sorry, if I’m mistaken, I think she is not

3 correct because I think it was in your disclosure that

4 they initially agreed that and then suddenly it was

5 another document.

6 Q. No, I think the management board — I think lower boards

7 agreed to extend, pushing it —

8 A. Sorry, who agreed? I think it’s —

9 Q. Sorry, Dr Arkhangelsky, I’m going to just ask the

10 questions, I am afraid. You can pick this up in

11 re-examination, I really have got to put my questions.

12 The management board of BSP refused to extend the

13 first PetroLes loan; can you see?

14 A. Yes.

15 Q. And as a result the first PetroLes loan fell due to be

16 repaid, didn’t it?

17 A. Yes.

18 Q. It was paragraph 111 I really wanted to show you,

19 please. Do you see paragraph 112, Ms Mironova states

20 when the first PetroLes loan would therefore have become

21 due in full, that’s on 5 March 2009. So you see what

22 she’s saying there. On 4 March 2009, BSP’s management

23 board refused the request to extend the first PetroLes

24 loan. That would then fall due on the 5th, and she says

25 in paragraph 111:

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1 «I called Mr Arkhangelsky on the same day [so that

2 is, I think, 4 March 2009] at around 6 pm or 7 pm,

3 during my drive home. I remember the conversation

4 because it was quite emotional, with accusations and

5 insults from him; I pulled over and stopped my car, and

6 recall that it was a difficult discussion. He did not

7 make personal accusations, but he was quite unhappy with

8 the decision. In response, I asked him about the arrest

9 of one of Vyborg Shipping’s vessels and the failure to

10 pay turnover into OMG’s accounts with the Bank.

11 He refused to discuss this.»

12 Now, Ms Mironova is right, isn’t she, in that

13 paragraph, when she describes what —

14 A. No, it’s completely not true. I think the dates —

15 I think I was in Switzerland participating in

16 the conference and I don’t think that I would be even

17 able to reply — even if anybody called me, I would not

18 be able to reply to that.

19 Q. So is it your evidence that you did not speak to

20 Ms Mironova on the telephone on or around 4 March 2009?

21 A. Yes, absolutely.

22 Q. Did she call you at any other time around that date to

23 tell you the decision of the management board —

24 A. No.

25 Q. — on 4 March —

1 the refusal by the Bank to extend the first PetroLes

2 loan; can you see that in paragraph 157?

3 A. Yes.

4 Q. Then over the page at 158, that’s {C1/1/41} —

5 A. Yes.

6 Q. — you say this:

7 «Similarly, at around the same time the Bank also

8 refused an application submitted by Ms Krygina of

9 Vyborg Shipping on 19 March 2009, requesting

10 a prolongation of the first, second and third Vyborg

11 Shipping loans by one year and the postponement of

12 interest until 28 June 2009.»

13 Can you see that? Can you see that evidence of

14 yours, Dr Arkhangelsky?

15 A. Yes?

16 Q. Can his Lordship take it that you were aware that at or

17 around 19 March 2009 that the Bank had refused to extend

18 the second PetroLes loan as well? At or around that

19 time?

20 A. Sorry, when?

21 Q. Well, around that time.

22 A. You mean 19 March?

23 Q. Around that time, yes.

24 A. By knowing the fact that the Bank rejected first

25 PetroLes loan, I clearly understood that the Bank is

169

1 A. No. No. We hadn’t had any personal contacts, good

2 personal contact here, so when you see her you would

3 understand that she is rather strange and ambitious

4 person, young and ambitious person. So, you know, she’s

5 not my style of people I want to speak to, and not

6 sympathetic to that type of people.

7 And for me, her, she was a rather low level of

8 people, so — I mean in the Bank, so she was not even

9 a head of the Investrbank department, but she was under

10 that.

11 So I assume that it had to be in case such a phone

12 call could be — it should be at least Mr Belykh who was

13 participating in all this management board, or

14 Mr Platonov, who was the head of Investrbank by that

15 time. So I had a rather good relationship with

16 Mr Platonov, I had been knowing him from different

17 banks, we had a beer together from time to time. So

18 I think in case such a big trouble occurred, he would be

19 definitely telling me or Mr Belykh. So I don’t think

20 that Ms Mironova is really telling the truth,

21 considering how active she was participating in BVI and

22 these proceedings. I think she’s really following her

23 personal interests in this.

24 Q. If we go in your witness statement, please, at

25 {C1/1/40}, at paragraph 157 you give some evidence about

171

1 violating memorandum. So for that time I understood

2 that something is going wrong, and I simply was thinking

3 what and how should we do if they violated memorandum,

4 so what kind of legal measures I can undertake, and

5 I think shortly after we filed with the Arbitration

6 Court of St Petersburg a claim to return shares in

7 the companies.

8 Q. Could you please be shown {D115/1702/1}.

9 A. I’m sorry, could we have a short break, please?

10 MR JUSTICE HILDYARD: Very well. Yes.

11 (3.14 pm)

12 (A short break)

13 (3.23 pm)

14 MR LORD: Dr Arkhangelsky, if you could please be shown

15 {D115/1702/1}, and the Russian is up on screen at

16 {D115/1702/3}, Bank of St Petersburg notified you,

17 didn’t they, on 25 March 2009 of the default under the

18 first PetroLes loan; isn’t that right?

19 A. Most probably, yes. I don’t know if this letter been

20 ever received, but if you have any confirmation it was

21 received, I can confirm that, yes.

22 Q. And {D116/1715/1} is the English and {D116/1715/2} is

23 the Russian, Ms Blinova e-mailed you on 27 March 2009,

24 subject «Delay in repayment from PetroLes LLC and

25 Vyborg Shipping Company LLC».

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1 A. I think this we just discussed 15 minutes ago. Yes,

2 it’s the same.

3 Q. And you accept that it’s likely that you received that

4 e-mail on that day?

5 A. Yes, I think so, yes.

6 Q. So you would have been aware no later than 27 March 2009

7 that Bank of St Petersburg was seeking to enforce

8 certain defaults in relation to OMG loans?

9 A. Yes, absolutely. I’ve been aware about that two or

10 three weeks before that, when they violated the

11 memorandum and not continued the first PetroLes loan.

12 Q. Could you be shown {D117/1737/1}, please. This is

13 1 April 2009 where Ms Blinova sent out to you

14 notifications of demands; can you see that? I’ve taken

15 you to that before, I think. {D117/1737/4}

16 A. Yes, what’s the question, sorry?

17 Q. Just to confirm that on 1 April 2009 you received this

18 e-mail and these notifications from the Bank?

19 A. Yes, it was sent to me 1 April, yes.

20 Q. And D11 —

21 A. And as far as I understood and what we discussed, that

22 attached there were some drafts of the documents which

23 were never, ever sent to me in the formal and signed

24 form, and so on.

25 Q. I’m going to ask you now, Dr Arkhangelsky, about the

1 Q. And one of the conditions under the repo arrangement

2 relating to Western Terminal was that the OMG company

3 strictly complied with its obligations, wasn’t it?

4 A. Absolutely, and bank comply with the moratorium

5 agreement. So it was two sides arrangements.

6 Q. And by 30 March 2009, there had been default, hadn’t

7 there, on the part of certain OMG companies?

8 A. Yes, it was a default on the Bank to fulfil the

9 memorandum, yes, and they violated memorandum. But

10 I was not, really, by that time understanding what is

11 going on, because I was sure that we agreed everything

12 with Savelyev and it might be some technical mistakes on

13 the Bank’s side. That’s why I written a number of

14 letters to Savelyev asking him to have a meeting, and

15 there were scheduled a couple of meetings, but they were

16 cancelled by the Savelyev secretaries in the last

17 moment. So I still wanted to have a meeting and discuss

18 how can he violate the agreement which has been signed

19 and agreed at the end of the year.

20 Q. But if the Bank is right, then by 30 March 2009 there

21 had been a breach of the arrangement — of the repo

22 arrangement on the part of an OMG company — group

23 company, hadn’t there?

24 A. No. The first breach was by the Bank by not fulfilling

25 the moratorium, and all the agreements made at the end

173 175

1 Morskoy loan.

2 A. Yes please.

3 Q. And, again, if there are any questions you don’t want to

4 answer, please just indicate and his Lordship can

5 consider the position.

6 On 30 March 2009 a loan agreement was entered into

7 between Morskoy Bank as the lender —

8 A. Yes.

9 Q. — and Western Terminal as borrower; isn’t that right?

10 A. Yes.

11 Q. And the loan agreement was entered into on behalf of

12 Western Terminal by Mr Vinarsky; is that right?

13 A. Yes.

14 Q. What was the — by 30 March, or as at 30 March 2009 —

15 A. Yes.

16 Q. — the 99 per cent shareholder in Western Terminal was

17 Sevzapalians, wasn’t it?

18 A. Yes. But based on the memorandum signed and agreed with

19 the Bank and Savelyev that they would not intervene in

20 any daily business, first of all. They would not

21 intervene in the control of the terminals, and it was

22 clearly stated to me that this transaction is only

23 additional security, and they would not intervene and

24 would not imply any limitations on my property rights in

25 respect to these shares — I mean companies.

1 of December.

2 Q. Given that Western Terminal was, as at 30 March 2009,

3 99 per cent owned by Sevzapalians, what was the basis

4 upon which you and Mr Vinarsky thought that you could

5 take out this loan by Western Terminal from

6 Morskoy Bank?

7 A. Because based on the memorandum it was just a repo

8 arrangement and I had a full control of any transactions

9 and daily business of Western Terminal.

10 Q. Could you be shown your affidavit, please, in the BVI,

11 at {M1/20/67}.

12 A. Which paragraph?

13 Q. Paragraphs 215 to 218. It’s in M1.

14 Does your Lordship have a hard copy of M1?

15 MR JUSTICE HILDYARD: I’m not sure I have. It’s all right,

16 I can look at it on the screen.

17 MR LORD: Sorry, my Lord.

18 I am not sure the witness is using the hard copy,

19 my Lord, so we might … (Handed).

20 MR JUSTICE HILDYARD: Okay, thank you.

21 MR LORD: It is behind divider 20.

22 Dr Arkhangelsky, paragraph —

23 A. I’m just reading. Till 18, yes?

24 Q. 215 to 218, yes please. (Pause).

25 In 215 you refer to the claim you made by the

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1 Russian authorities.

2 A. Yes, yes, yes, yes, I completely confirm that everything

3 is true and confirming what I just told you a few

4 minutes before.

5 Q. And in paragraph 215 you say this in the second to last

6 sentence:

7 «To obtain the loan, Western Terminal had to show

8 that it had shareholder approval.»

9 Can you see that?

10 A. Yes.

11 Q. So you accept, don’t you, that Western Terminal had to

12 show shareholder approval to get this Morskoy Bank loan?

13 A. Yes.

14 Q. And the 99 per cent shareholder at that time was

15 Sevzapalians, wasn’t it?

16 A. It — Sevzapalians had a 99 per cent in the repo

17 arrangement, yes.

18 Q. And it was the 99 per cent shareholder —

19 A. I was considering myself as a 100 per cent shareholder,

20 and the court of — Arbitration Court of St Petersburg

21 in the first and second level, during 2009 and 2010,

22 considered the transactions of transferring the shares

23 as illegal and returned the shares to myself. Unless

24 Matvienko called to the head of the third level of

25 the court and asked to cancel these decisions, I would

1 the loan on behalf of Western Terminal from

2 Morskoy Bank, you then transferred, or those funds were

3 then transferred to another OMGP company?

4 A. No. Completely not. Can I, your Lordship, just explain

5 the reason for this transaction? One of the group

6 companies, I think it was LPK, had issued promissory

7 notes to Morskoy Bank in middle or end of 2008. So it

8 was non secured loan in the volume something like

9 RUB 60 million, whatever. So one of the group companies

10 in middle or end 2008 got from Morskoy Bank non secured

11 loans, so nowhere any mortgages or something like that.

12 And then at the end of March it was a due date, and

13 it was an agreement with Morskoy Bank that

14 we transferred this loan from the group — from non

15 secured loan to LPK to a secured loan. So my wife, she

16 owned a big piece of land in the Leningrad region, so

17 she given a mortgage to Morskoy Bank. Morskoy Bank

18 issued the loan to Western Terminal, because that was

19 the only one company who could take this loan at that

20 time from the Bank, and the whole amount of this money

21 had been transferred through LPK back to Morskoy Bank to

22 recover that loan.

23 So, in fact, Morskoy Bank got a change from one

24 category of loan to another, no any single rouble been,

25 let’s say, extracted, or what the Bank claimed misused,

177 179

1 still be owner of the shares. So Russian courts on two

2 levels accepted that the transaction was illegal.

3 Q. But is it right that you — that, in effect, you

4 represented to Morskoy Bank that Western Terminal

5 shareholders had approved this loan from Morskoy Bank to

6 Western Terminal?

7 A. Sorry, can you repeat, please?

8 Q. Did you represent to Morskoy Bank in order to get this

9 loan that the Western Terminal shareholders had approved

10 the loan?

11 A. I given them approval, yes, because I was then

12 a shareholder, 100 per cent shareholder, yes, and they

13 were completely aware of the structure of the

14 transaction and the deal with the Bank of St Petersburg.

15 Q. And if you look at paragraph 217, you explain a bit more

16 about this Morskoy Bank transaction. You say:

17 «We had not sold Western Terminal but entered into

18 what we had been promised was a temporary security

19 arrangement. Therefore, my understanding was that we

20 were entitled to continue trading in the ordinary course

21 of business. There was, therefore, nothing wrong or

22 suspicious in one group company obtaining a loan and

23 then using those funds for an inter-group loan.»

24 A. Absolutely.

25 Q. So can his Lordship take it that once you had obtained

1 and the Bank got very good security because they got

2 a very valuable piece of land as a security, which

3 I understood afterwards became the property of

4 the Bank of St Petersburg.

5 Q. What was the commercial benefit to Western Terminal of

6 making — of transferring the Morskoy loan funds to

7 another company?

8 A. It was a commercial interest of the group and relations

9 with the Bank.

10 Q. What was the interest — what was the commercial benefit

11 to the Western Terminal company of having the money it

12 had borrowed from Morskoy Bank —

13 A. It was a commercial —

14 Q. Sorry, Dr, I am going to finish the question —

15 transferred to another entity?

16 A. For me, as long as I was the owner of the whole group,

17 and for all the companies in the group, I was thinking

18 and considering benefits of the group itself as a whole

19 group, and that’s why quite a number of transactions

20 inside the group was done in the interests of the whole

21 group.

22 Q. So you can’t identify any commercial benefit for Western

23 Terminal company in relation to that particular transfer

24 out of money — let me finish the question — borrowed

25 from Morskoy Bank?

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1 A. Single company in the group cannot be considered and

2 cannot considered to have separate interests from the

3 group which owned by the same person.

4 Q. It was actually to the detriment of Western Terminal —

5 A. Sorry?

6 Q. It was actually to the disadvantage or damage of Western

7 Terminal that monies it had borrowed from Morskoy Bank

8 were transferred out from Western Terminal?

9 A. Absolutely not.

10 Q. What was the benefit that it got?

11 A. It’s got interest from LPK, because Western Terminal

12 given a loan to LPK to recover that loan, and it was

13 paid loan and it was on commercial conditions.

14 Q. Can you look, please, at {D107/1537/2}, and it is

15 {D107/1537/4} in the Russian, which is the second page

16 of the memorandum in December 2008, which you accept you

17 signed. Can you see paragraph 4?

18 A. Yes.

19 Q. «The sellers and the management of the companies on sale

20 undertake …»

21 Can you see the third bullet point?

22 A. Yes.

23 Q. «Not to worsen in any other way the material and

24 financial situation of the companies.»

25 A. No, but it was not like this. So I don’t accept that

1 Q. And that it — what you were doing was taking money out

2 of Western Terminal at a point when you should not have

3 been doing so.

4 A. Absolutely not.

5 Q. And I put to you that that was not an honest thing for

6 you to have done.

7 A. Absolutely not.

8 MR JUSTICE HILDYARD: Are you suggesting that the loan from

9 Western Terminal to LPK was, in terms of its stated

10 terms, uncommercial?

11 MR LORD: I don’t know about the arrangement, my Lord.

12 A. No, no, no, it’s not true, because you approached the

13 court of St Petersburg and so — and you — Western

14 Terminal, your Lordship, that’s quite an important

15 point. The Bank of St Petersburg, through Sevzapalians

16 and Western Terminal, they went in the court of

17 St Petersburg, they made a claim in the Arbitration

18 Court of St Petersburg from Western Terminal to LPK to

19 collect this RUB 60 million, they won the court finally,

20 so they should have all the formal commercial conditions

21 of that, and by doing that they put — they sold land

22 owned by LPK.

23 So the big piece of land, so it was a major part of

24 Onega Terminal, so the Bank of St Petersburg sold from

25 the auction, through their enforcement officers, they

181 183

1 any my steps been related to that destination.

2 Q. Well, I suggest, Dr Arkhangelsky, that what you have

3 just described did worsen Western Terminal.

4 A. Absolutely not. You don’t have any basis or evidence

5 about that.

6 Q. And that the 99 per cent shareholder being Sevzapalians,

7 you should not have been borrowing money on behalf of

8 Western Terminal without the approval of Sevzapalians.

9 A. Absolutely not.

10 Q. And that is all the more so in circumstances when, by

11 the time you took out the loan from Morskoy Bank, there

12 had been default on the part of OMG.

13 A. Absolutely not. It was a default on the part of

14 the Bank.

15 Q. So that by that stage OMG was in breach of

16 the memorandum in the sense that the condition of

17 compliance with the loan obligations had been breached,

18 hadn’t it?

19 A. Absolutely not, because it was the Bank who breached the

20 memorandum while not following the memorandum and all

21 the conditions of the memorandum.

22 Q. And I suggest, Dr Arkhangelsky, that that was a wrongful

23 thing for you to have done, to take out this loan from

24 Morskoy Bank.

25 A. Absolutely not.

1 sold this so they got much higher recovery afterwards,

2 and they know that that was a commercial loan and the

3 fact that they applied to the Arbitration Court of

4 St Petersburg just confirms that they were referring to

5 the commercial loan in between Western Terminal and LPK.

6 Q. Dr Arkhangelsky, have you set out your explanation for

7 the commercial purpose of this Morskoy loan? Have you

8 set that out somewhere in writing before today?

9 A. I never been asked about that.

10 Q. Can I ask you, please, to look at {D138/2317/1}.

11 A. So, just for avoidance of doubt, I just want to confirm

12 that for the Bank of St Petersburg and for Western

13 Terminal, finally this transaction became extremely

14 profitable while they got assets which costed, whatever,

15 50 million from — paid RUB 60 million, they got

16 something like €100 million afterwards. So that was

17 enormously successful.

18 MR JUSTICE HILDYARD: Was the loan between Western Terminal

19 and LPK secured?

20 A. No, normally in between companies in the group you don’t

21 have a security.

22 MR JUSTICE HILDYARD: It wasn’t secured?

23 A. No, it should not be.

24 MR JUSTICE HILDYARD: It did not carry, you tell me, a rate

25 of interest?

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1 A. Rate of interest, yes. Yes, so I think, based on the

2 Russian —

3 MR JUSTICE HILDYARD: Was it repayable on demand, or what

4 were its terms?

5 A. I don’t remember that. You know, what was important is

6 that Russian tax authorities are not allowing companies

7 to sign loan agreements which are not on commercial

8 terms. So that’s the — you know, then they make a tax

9 inspection, that’s the key issue, and I’m absolutely

10 sure that was on commercial terms and profitable for

11 Western Terminal, that’s for sure.

12 MR LORD: Could you be shown {D138/2317/1}, please, and

13 {D138/2317/5}.

14 A. I cannot read Russian language; do you have a better

15 copy of that?

16 Q. {D138/2317/1}. No, I think it is from your exhibit in

17 the BVI, I think, because if you look at the English

18 version you can see there is a certified translation

19 from Ms Bidault.

20 A. No, I’m just wondering if you have a better copy.

21 Q. I’m afraid I don’t at the moment. I am sorry about

22 that.

23 This is a judgment in one of the Russian proceedings

24 on 2 June 2010; can you see that?

25 A. Yes. I think it’s the claim from Vinarsky to Western

1 Can you see that?

2 A. Yes.

3 Q. So the Kirovsky District Court in March 2010 seems to

4 have upheld the complaint by Mr Vinarsky, hasn’t it?

5 A. Yes, it’s confirmed that your clients, they illegally

6 changed him. So it means that the court of Kirovsky

7 region court, as well as the second level of the court,

8 confirmed that it was illegal employment of Mr Vinarsky

9 by the Bank of St Petersburg, for sure.

10 Q. And then it goes on to say:

11 «In the cassation claim [Western] Terminal requests

12 to quash the contentious decision and considers it as

13 ungrounded and contrary to substantial and procedural

14 law; it asks for a new decision rejecting the claim.

15 «Having studied the case file and discussed the

16 arguments of the cassation claim, the Court chamber

17 finds it well-grounded.»

18 Do you see that?

19 A. Yes.

20 Q. If you go over the page, please, to {D138/2317/2},

21 {D138/2317/6}, you can see that the Court of Cassation

22 sets out some of its reasoning.

23 A. Which paragraph you want me to read?

24 Q. It’s the third paragraph where the Cassation Court says

25 this:

185

1 Terminal; yes?

2 Q. Yes, for him to be reinstated, I think, as director

3 general.

4 A. Yes. Yes.

5 Q. And I will invite his Lordship to read this in due

6 course, but it is for the court’s note I flag that up.

7 You can see from this judgment —

8 A. So it’s the first level court, as I understood; yes?

9 Q. Yes.

10 A. Or not. No, second level —

11 Q. I think it’s the … (Pause)

12 MR JUSTICE HILDYARD: It says, «In the cassation claim …»,

13 which is usually on appeal, isn’t it?

14 MR LORD: I think it’s an appeal, isn’t it? I think it’s

15 an appeal decision, and you can see the first page,

16 {D138/2317/1}, you can see:

17 «Established that:»

18 It records the background:

19 «By decision of Kirovsky District Court of March 30,

20 2010, the dismissal of Vinarsky … from the position of

21 [Western] Terminal LLC’s General Director was considered

22 unlawful, he was reinstated in his employment as from

23 June 20, 2009. The court obliged [Western] Terminal to

24 pay him the average salary for the period of forced

25 absence in the amount of RUB 960,000.»

187

1 «The first instance court concluded that the

2 requirements to the procedure of termination of the

3 powers of the General Director were not met. The court

4 had a doubt concerning the fact of the general meeting

5 of April 7, 2009, since the evidence in this case

6 contains information about different dates of this

7 meeting, and ‘Oslo Marine Group Ports’ …

8 representative, owning a 1 per cent share in

9 the Company’s share capital, did not attend the meeting

10 on April 7, 2009, and this Company argued that it had

11 not been informed of this meeting.»

12 A. Yes, absolutely.

13 Q. So it looks as if a complaint had been made, upheld at

14 first instance, that the 1 per cent shareholding in

15 Western Terminal had not attended the relevant meeting,

16 and that that had invalidated the decision to remove

17 Mr Vinarsky as general director.

18 A. I don’t remember the grounding. I haven’t been party of

19 this, so I would not be discussing legal grounds of

20 these decisions.

21 Q. And, for his Lordship’s note, who was the 1 per cent

22 shareholder that was being referred to there? Who held

23 the remaining 1 per cent share in Western Terminal?

24 A. What is written here is Oslo Marine Group Ports.

25 Your Lordship, it would be probably interesting for

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1 yourself that afterwards, I think a couple of years

2 after, we came to know that Sevzapalians brought

3 a person — actually, we found it in the criminal case

4 of Colonel Levitskaya, that at that particular meeting

5 it was a person who brought artificial power of attorney

6 for that particular meeting, and he said that he is

7 representing Oslo Marine Group Ports, and he’d been

8 heavily asked by Levitskaya if, and how what he has done

9 so, and his reply was that, so he’s a regular peasant

10 and he doesn’t know that the Bank of St Petersburg is

11 existing, I never been at this meeting and so on. So it

12 was quite a number of interesting, helpful findings by

13 Colonel Levitskaya in this case.

14 So it means that Sevzapalians brought somebody, or

15 at least brought his passport for that meeting, and they

16 made an artificial power of attorney and so on. So but

17 this question has been heavily asked by

18 Colonel Levitskaya and they had some real troubles in

19 their life.

20 Q. You see, in the next paragraph, which begins:

21 «However, the head of a limited liability

22 company …»

23 You can see that the Court of Cassation went on to

24 deal with the question of whether a 1 per cent

25 shareholder was able to dispute a decision in these

1 Q. And you are not suggesting, are you, that Morskoy Bank

2 was in league with Bank of St Petersburg?

3 A. Of course they been in afterwards, yes.

4 Q. Afterwards. But not in March 2010?

5 A. No, no: in the March 2010, yes. I can explain to

6 your Lordship that initial claim on this particular

7 subject been filed, I think beginning of August 2009, so

8 I don’t remember the name of the director of Western

9 Terminal, Sevzapalians, who filed it with the Piotrovsky

10 directly, which is quite unusual, so they filed this

11 claim first, then Levitskaya started to work, and they

12 put enormous pressure on people in Morskoy Bank.

13 So they actually proved to Morskoy Bank that

14 Morskoy Bank have to file an application. So it means

15 something like ten months later, after the claim done by

16 Sevzapalians or Western Terminal to Levitskaya, they

17 pressed so much on Morskoy Bank that Morskoy Bank also

18 filed the claim. So initial claim was done on behalf of

19 the Bank of St Petersburg, and then after the pressure

20 by Levitskaya to Morskoy Bank people, they filed their

21 own claim.

22 Q. If you go to {D137/2282/2} —

23 A. And I think they also pressed Morskoy Bank to sell this

24 loan to the Bank of St Petersburg. So in or around 10

25 or 11, Morskoy Bank sold all the story to the

189

1 circumstances; can you see that?

2 A. I think by that time already all the courts in

3 St Petersburg and in the area have been aware that I am

4 a criminal and I am an illegal person in Russia, so you

5 probably better speak to — ask Mr Nazarov next week

6 about the genuine rules for all the judges in the area

7 in which favour to make a decision. So in Russia it

8 works like this: that judges are told whom to support.

9 Q. You said a few minutes ago in answer to his Lordship’s

10 questions, I think, or maybe mine, that the Morskoy loan

11 was provided for Western Terminal to make various

12 payments to LPK in relation to loan arrangements between

13 those two companies?

14 A. Yes, I think so.

15 Q. Is that right?

16 A. Yes, I think so.

17 Q. I wonder, could you be shown {D137/2282/1}, please.

18 A. May I have a Russian version, please?

19 Q. Yes, I am afraid it’s not a very good copy, I am afraid,

20 it is {D137/2282/7}. I hope that comes out.

21 If you go to the second page, {D137/2282/2},

22 {D137/2282/9}, you will see that it’s on the letterhead

23 of Morskoy Bank. Is Morskoy Bank the maritime bank that

24 you referred to earlier in your evidence?

25 A. Yes.

191

1 Bank of St Petersburg, and actually the

2 Bank of St Petersburg really benefited out of this

3 transaction.

4 Q. You can see that it’s an application on initiation of

5 criminal proceedings by Morskoy Bank, they are the

6 applicant, and if you look at paragraph 1, you can

7 see — can you see —

8 A. Yes.

9 Q. — what the reference is there? Then if you go, please,

10 to {D137/2282/3}, you can see the reference to the 2009

11 loan agreements; can you see —

12 A. Yes.

13 Q. — 27 March 2009, what it says there? Then on

14 30 March —

15 A. So sorry, can I just have, once again, the first page

16 {D137/2282/1}. Can I just have first page — no, no,

17 I mean next one.

18 MR JUSTICE HILDYARD: In the Russian?

19 A. No, Russian you cannot read it. {D137/2282/2}.

20 (Pause).

21 Yes, okay, now we can go to the second page.

22 {D137/2282/3}

23 MR LORD: I’m just looking at the entry for 30 March 2009,

24 the reference to:

25 «A loan agreement … »

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1 A. Yes, yes.

2 Q. «… between the Applicant as a Lender and … ‘Western

3 Terminal’ as a Borrower for the working capital

4 financing, including conducting current production

5 activity and berth repair works.»

6 A. Yes.

7 Q. Was that the basis upon which the Western Terminal loan

8 from Morskoy Bank was sought?

9 A. Yes, I think so, yes. They are referring to

10 the application.

11 Q. But it was to provide Western Terminal with working

12 capital, was it?

13 A. Not in fact, because it was a refinancing of the

14 previous loan, I think given to LPK. So Morskoy Bank

15 could not issue the loan for the purposes of

16 refinancing, otherwise they would face big trouble in

17 their own reserving.

18 So they suggested that we get the loan based on

19 these conditions, and after that we refinance the

20 previous loan. So they were well aware, and that was

21 their requirement to put this in the application.

22 Q. So you accept that the loan agreement referred to

23 the loan being for Western Terminal’s working capital?

24 A. Yes, it’s what they’re saying. Yes, of course, yes; and

25 that was their suggestion, that was Morskoy Bank who

1 the Leningrad region.

2 MR JUSTICE HILDYARD: I see. So they wanted to turn

3 unsecured into secured.

4 A. Absolutely.

5 MR JUSTICE HILDYARD: They couldn’t do that under bank

6 regulation —

7 A. Absolutely.

8 MR JUSTICE HILDYARD: — so they dictated to you what the

9 term of the loan should appear to be; that they knew

10 what was going to happen?

11 A. Absolutely, yes.

12 MR JUSTICE HILDYARD: That is your evidence?

13 A. Yes. And this evidence in this way been discussed in

14 the criminal or in the extradition proceedings and in

15 all other proceedings everywhere, so it’s the same case,

16 absolutely. Especially it was widely discussed during

17 the extradition proceedings.

18 MR LORD: Could you be shown, please, {D110/1566/1}, please,

19 and the Russian is at {D110/1566/2}. It looks,

20 Dr Arkhangelsky, as if on 19 January 2009 Mr Belykh

21 e-mailed you saying it is necessary to meet; can you see

22 that?

23 A. Yes.

24 Q. And you replied, basically putting him off. You say —

25 A. No, no, I cannot agree with that. So he was sending me

193 195

1 suggested that.

2 Q. And the inter-company transfer that you referred to

3 earlier was not in relation to working capital, was it?

4 A. No.

5 Q. No. I’m going to ask you, please —

6 MR JUSTICE HILDYARD: Do you understand what’s been put to

7 you there, Dr Arkhangelsky? That you obtained the loan

8 on the footing that it would be used for Western

9 Terminal, but you used the proceeds of the loan for

10 another purpose.

11 A. Yes, but that was a condition by Morskoy Bank, because

12 it was Morskoy Bank who was running refinancing, so two

13 companies in the group and they wanted to refinance loan

14 given to LPK which was not secured, but they said: okay,

15 we can issue the loan only to Western Terminal. They

16 were not allowed by the Central Bank regulation to issue

17 the loan to refinance another loan. Then it would be

18 a terrible problem for them from the reservation point

19 of view.

20 So they insisted that we put an application, the

21 purposes which just described, but everybody involved,

22 they were well aware what is the reason and what is the

23 purpose of that, and they got a big and quality

24 mortgage, which was not mortgaged before and which

25 belonged to my wife, it’s a big piece of land in

1 a letter, 19 January. So it’s something like first

2 working days of the new year, because normally in Russia

3 we have public holidays up to 12 January, and as far as

4 I remember, that particular week, I think I had — I’ve

5 been in Paris or London, and around that time I had

6 a meeting with BNP Paribas and so on.

7 So 19 January I said that I am currently extremely

8 busy and would be happy to speak to him in around

9 two weeks’ time, so which is quite normal, considering

10 my active travelling.

11 Q. Could you be shown {D117/1763/1}, please, and

12 {D117/1763/2} in the Russian. Mr Belykh looks as if he

13 tried again on 7 April 2009 to make contact with you.

14 Can you see? It looks like he e-mailed you to say:

15 «Vitaly, it would not be bad to get together and

16 talk, but just not about Calamari. Sincerely,

17 A. Belykh.»

18 A. Not Calamari, but Kalmar. Kalmar is — it’s

19 a reference, it’s reachstackers, because by that time we

20 bought these huge, expensive, I think it is at least

21 €0.5 million, €1 million costed reachstacker for Western

22 Terminal, and we sent copies of — pictures of how it

23 works in Western Terminal. And my reply was —

24 actually, in fact, it was also referring to our phone

25 correspondence; that before any discussions with Belykh,

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1 I wanted to have a meeting with Savelyev to understand

2 what is going on.

3 Q. Sorry, Dr Arkhangelsky, will you wait for the question.

4 It is right, isn’t it, that Mr Belykh was trying to meet

5 with you on 7 April 2009?

6 A. He was suggesting me a meeting, yes, but my —

7 Q. And he had been your — he had been one of your contacts

8 at Bank of St Petersburg, hadn’t he?

9 A. Yes, among 20 other people, yes, he was one of many,

10 many people.

11 Q. And it looks as if he was sort of reaching out to you

12 here to see if you and he should have a chat about

13 things.

14 A. Yes, of course. I could meet him if I had time but I’ve

15 been busy that time and, as I said, and what I explained

16 him in our phone conversation after this e-mail, that

17 first my target is to meet Savelyev and understand what

18 is going on; because definitely in the Bank the only

19 person who makes the final decision is Mr Savelyev, and

20 by that time, by 7 April, I had several appointments

21 with Savelyev which all of them been cancelled by his

22 secretaries. So that’s why I’ve been very much

23 disappointed and I thought that at that stage no value

24 to meet Belykh, because I wanted to have a meeting with

25 Savelyev.

1 twice a week or three times a week. So we had

2 cooperation with them, but nobody in the Bank by that

3 time was able to explain me what is going on. So

4 I wanted to have a chat with Savelyev, because everybody

5 shows that he is the only decision maker there.

6 Q. And could you be shown {D122/1929/1}, please;

7 {D122/1929/2} is the Russian.

8 A. Yes.

9 Q. This is an e-mail from you dated 9 June 2009 —

10 A. Yes, I —

11 Q. — to Mr Berezin and others?

12 A. It’s my first days of emigration.

13 Q. And you say this:

14 «Colleagues …»

15 I ask that you not force events, drag communications

16 out to the maximum with them, we didn’t manage to,

17 forgot, we got only a portion and as for all the rest,

18 we will provide later:

19 «We don’t need to spur this along! I, Olga

20 Leonidovna, do not understand your haste.»

21 Do you have that?

22 A. Yes, that was my reply to, I think it’s Olga Krygina, so

23 I was really very much disappointed that just two days

24 after I emigrated, she started in full force work in the

25 interests of the Bank of St Petersburg. So I was very

197 199

1 Q. Dr Arkhangelsky, what would have been the harm in

2 meeting with Mr Belykh, because you could have at least

3 asked him what was going on. If you really did think

4 that the Bank were after you, why wouldn’t you meet

5 Mr Belykh and say: what’s going on, Mr Belykh, what’s

6 happening here?

7 A. First of all it’s my schedule, so we’ve been having with

8 him quite a number of phone conversations, and

9 rescheduled one more meeting in the most hectic time

10 when I was not understanding what was going on. So

11 I thought that at that particular time to meet one more

12 people, it’s no value. I really wanted, and I made

13 quite a number of serious efforts, to schedule

14 a meeting, or reschedule the meeting, and have

15 an appointment with Savelyev; and by that time, I had

16 also very active travelling to Moscow, so I had quite

17 a number of several day trips to speak to the major

18 banks there, also just trying to find any solution for

19 the problems with the Bank of St Petersburg.

20 Q. Was it, Dr Arkhangelsky, that by this stage, even as

21 early as 7 April 2009, you were set on a course of

22 confrontation with Bank of St Petersburg?

23 A. No. Of course, I had a negative emotions, but I’ve been

24 visiting Bank of St Petersburg, I mean a local office

25 with whom we’ve been working, Investrbank, more or less

1 much disappointed. I was not sure what is really going

2 on. I wanted to get an advice from, let’s say, local

3 people, because I’ve been told that this is police and

4 so on, so I just wanted to slow down and understand what

5 is really going on in Russia, and it was the most —

6 first most difficult days of my emigration from the

7 country.

8 Q. Isn’t it right, Dr Arkhangelsky, that it was you who

9 avoided meeting with Bank of St Petersburg —

10 A. Absolutely not.

11 Q. — over those months in 2009?

12 A. Absolutely not. That was me who was writing the

13 letters, and you have it as an evidences in this case.

14 I sent quite a number of official letters to Savelyev

15 asking for his audience, and they were

16 scheduling meeting and suddenly a few hours before, they

17 were cancelling these meetings.

18 So I assume that Mr Savelyev made his own decisions

19 and he didn’t want to meet me, and he didn’t want to

20 have any discussions, because he got very valuable

21 assets in his hands.

22 Q. Can you go to — I want to ask you, please, about

23 {D115/1697/1}, and {D115/1697/3} in the Russian. This

24 is an e-mail of 24 March 2009 from Olga Krygina to you

25 and others, including Mr Vasiliev; can you see that?

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1 A. Yes. 1 Bank and knowing quite a number of people there.
2 Q. And Ms Krygina seems to be telling you and the other 2 Q. Could you be shown {D121/1893/1}, please, and the
3 e-mail recipients of the obligations on OMG to inform 3 Russian is at {D121/1893/2}. It looks like Ms Krygina
4 Bank of St Petersburg about the arrest of various 4 has sent you, or forwarded you, something off the
5 vessels, which were security for BSP loans. 5 internet. There is a link there and you can see —
6 A. Yes. 6 A. Do you have a print of the link?
7 Q. That’s right, isn’t it? 7 Q. {D121/1893/3}. I think that may be the link. Do you
8 A. Yes, and I think we sent a big letter to 8 see that?
9 Bank of St Petersburg shortly after, with the 9 A. Yes.
10 explanation what was going on. 10 Q. It is an extract from BBC news:
11 Q. Could we see, please {D117/1756/1}. Is that the letter 11 «Russian ship impounded in UK port.»
12 you are referring to? The Russian is at {D117/1756/2}. 12 Do you see that?
13 A. Yes, I think so. I think it’s a letter been done by 13 A. Yes.
14 in-house lawyers or Mrs Krygina, and I signed that and 14 Q. «A Russian ship and its 12 crew have been marooned in
15 we sent it to the Bank, yes. 15 Bristol port for two months, the ship’s agent has said.
16 Q. The Bank’s evidence is that it didn’t learn of 16 «The OMG Kolpino was impounded at Avonmouth Docks
17 the arrest of the first ship, the Tosno, until some time 17 because its St Petersburg-based owner, Oslo Marine
18 in about February 2009, and the arrest of that vessel 18 Group, has outstanding debts.»
19 happened on 11 December 2008, didn’t it, 19 A. Yes.
20 Dr Arkhangelsky? 20 Q. «A second OMG vessel was also being held at La Pallice
21 A. I don’t remember this information. Yes, if you are 21 in France, it emerged.
22 saying like this, yes. 22 «OMG Kolpino’s agent, Michael Tree, said: ‘The crew
23 Q. And do you agree that OMG, or, really, Vyborg Shipping, 23 are waiting to be paid. They have food and water. One
24 should have notified Bank of St Petersburg as soon as 24 or two of them have ventured out into Bristol.’
25 the Tosno was arrested in December 2008 — 25 «He added: ‘What’s likely to happen is the courts
201 203

1 A. No —

2 Q. — because the Tosno was security for a loan by the

3 Bank?

4 A. I think they got all this information on due dates,

5 necessary dates, yes.

6 Q. Can you point to any written communication where OMG

7 notify Bank of St Petersburg of the arrest of the Tosno,

8 prior to — prior to — this letter we are now looking

9 at?

10 A. Yes, I think it was — there was such documents, but

11 I don’t have it in my hands. As you know, I lost all

12 the documents when I emigrated, and definitely I was not

13 taking care about files of Vyborg Shipping. So as far

14 as I understood, all the documents from Vyborg Shipping

15 have been delivered to the Bank of St Petersburg, so you

16 should have this, and I think — I don’t know for which

17 particular reason you don’t disclose these documents in

18 these proceedings.

19 Q. You didn’t, Dr Arkhangelsky, did you, inform Mr Savelyev

20 in your December 25, 2008 meeting of the arrests of, or,

21 rather, the arrest of the Tosno?

22 A. I don’t remember that, but I assume that people in

23 the Bank been well informed, considering that we were

24 normally fulfilling all the obligations, and especially

25 Mrs Krygina, who was directly communicating with the

1 will make an order which will allow the ship to be sold

2 so the creditors can be paid.

3 «‘When the crew are paid, they will be able to get

4 tickets home and will be repatriated’.»

5 Then:

6 «He said the debts related to unpaid fuel costs from

7 a previous voyage’.»

8 Can you see that?

9 A. Yes.

10 Q. Then there are some pictures. If you could you scroll

11 down, please, to {D121/1893/4}, you can see there are

12 some pictures of OMG Kolpino.

13 A. Yes.

14 Q. Do you know the nationality of those crew? Were those

15 crew mainly Russian seamen?

16 A. I don’t know.

17 Q. It looks as if those crew had been left in England for

18 two months because they didn’t have any wages to pay for

19 their return travel, doesn’t it?

20 A. No, I don’t think so. Normally, if the person is

21 staying on board, I mean if a crew member, so for each

22 and every day a person stays on board, it’s the costs of

23 the shipowner. So that’s why knowing that the vessel

24 had been arrested, everybody offered to go home and so

25 on. So I think it was their own decision, so they were

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1 trying to manipulate us, because the longer time they

2 sleep on board, the more money they get. So for them it

3 was better to stay on board. So they started to

4 manipulate us, and I think — I thought that it’s

5 Mrs Krygina, director of the company, she should take

6 care about that and I was absolutely sure that they have

7 to go home instead of trying to manipulate with us.

8 Q. So it follows from that answer — well, actually, could

9 you see {D121/1893/1}, and it is {D121/1893/2} in

10 the Russian, because you responded to Ms Krygina when

11 she sent you that internet link on 19 May 2009, and you

12 seemed to say this:

13 «Then let them go home … beasts …»

14 A. Yes, I’ve been quite — I had quite negative emotions,

15 because I believed that if they’ve been offered to go

16 home and they have not done that and they tried to

17 manipulate and make so big publicity, so that’s why

18 I had negative emotions.

19 Q. So you didn’t have any sympathy at all for these seamen?

20 A. No, I — we had rather good relations with Ms Krygina so

21 it should be considered like a joke in our

22 correspondence with her, so she was — you know, she

23 always — by the way, if you see other documents

24 disclosed by her, so she uses herself a lot of slang,

25 which normally a female would never, ever even been

1 A. Yes.

2 Q. You can see what she says.

3 A. Yes.

4 Q. She describes the arrest of certain ships and the

5 status, and the ones in England and ones in France and

6 ones in, I think, Estonia?

7 A. Yes, just a few days before my emigration, that was

8 dates of complete mess, and I was very much disappointed

9 that Ms Krygina was misleading me, so I thought that

10 in first instance I had to know all this information

11 from her hands and first of all, but she’s telling she

12 got herself information from the third parties, like ITF

13 and some others, and my interest was just that before

14 I make any decisions or have any discussions with the

15 Bank or anybody else, that first of all, as the owner of

16 the vessel, that I should know everything myself, and

17 that was my instructions for the preparation of

18 the meeting with the other employees of that particular

19 company in — I think in a few days afterwards.

20 Q. Could you be shown, please, your witness statement,

21 {C1/1/44}, paragraph 170.

22 A. Sorry, which number?

23 Q. Paragraph 170. You suggest there that Mr Vinarsky:

24 «… had been compensated by the Bank and did not

25 intend to pursue the claim any further.»

205 207

1 knowing about. So she’s a — can you imagine, 35 years

2 old, like this woman who been — who managed to become

3 a captain, so managing a big team of men on board. So

4 she’s really a personality.

5 Q. And according to that BBC report, the seamen didn’t have

6 the money to buy their homeward —

7 A. No, I think Ms Krygina at least had this money to import

8 them back to their countries.

9 Q. Could you be shown {D121/1906/1}, please. {D121/1906/3}

10 Ms Krygina has e-mailed you on 26 May 2009, and the

11 subject is:

12 «Meeting on ALL questions of VSC [that’s

13 Vyborg Shipping Company, I think] on Wednesday,

14 3.00 pm.»

15 Ms Krygina wrote: Good day to all. Then she was

16 giving the recipients of the e-mail some information

17 about the English court’s decision in relation to one of

18 the ships; can you see that?

19 A. So you are referring to …

20 Q. Yes, Ms Krygina has sent an e-mail, I think, here,

21 giving the e-mail recipients an update on the arrested

22 ships, hasn’t she; do you see that?

23 A. Yes.

24 Q. And she has dealt with the different ships, and their

25 status.

1 You say —

2 A. Yes, yes. I’m referring to Mrs Abarina, yes.

3 Q. «Mrs Abarina informed me …»

4 That’s not right, is it? That’s not true?

5 A. Why not true? It’s true. Everything I’m saying, I’m

6 telling, is absolutely true.

7 Q. Could we have {C1/1/45}, please. You give some evidence

8 in paragraph 174 about Mr Sklyarevsky; can you see that?

9 A. 174?

10 Q. Yes; can you see that?

11 A. Yes.

12 Q. And are you quite sure of the accuracy of this

13 paragraph?

14 A. Absolutely. I’m sure in accuracy of all my statements

15 I ever done, just for the avoidance of doubt. I’m

16 strongly controlled what I am telling, especially in

17 writing, and especially these proceedings.

18 Q. It’s right, isn’t it, that from about May 2009, you

19 commenced or caused to be commenced a series of

20 proceedings in the Russian courts; isn’t that right?

21 A. Sorry?

22 Q. From about May 2009, you basically instigated a series

23 of proceedings in the Russian courts, didn’t you?

24 A. You mean, it’s me who started that, yes?

25 Q. Yes.

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1 A. Sure, sure. And it’s not only in the courts. At the

2 beginning of May I filed the criminal complaints and

3 Mr Vinarsky also filed the criminal complaints, yes, for

4 sure.

5 Q. And in {M1/20/27} you set out a list of them, I think at

6 paragraph 76?

7 A. You are referring to BVI proceedings, I presume, yes?

8 Q. Yes, that’s right, you set out a list of proceedings

9 that I think you had a hand in initiating around that

10 time?

11 A. Yes, it was widely discussed in the Russian press also.

12 Because everyone — it was quite funny that the media

13 taken it that we are divorcing with my wife and the

14 media shown it as a divorce case that my wife was

15 starting formally in most of the proceedings, so it has

16 been quite a funny development in the media.

17 Q. Could you be shown {C1/1/46}, please, paragraph 176,

18 because I think you are referring back to some of these

19 claims in your evidence in this trial?

20 A. Yes, what I just told you.

21 Q. Yes, I understand. If we could go, please, to

22 {D122/1954/1}, {D122/1954/5}, you can see this appears

23 to be a judgment of one of the Russian courts; do you

24 see that?

25 A. Of course, yes. Can I see the second page, please?

1 Q. Yes?

2 A. — whatever, Sevzapalians.

3 Q. So this Russian court upheld at least some of your

4 wife’s complaints?

5 A. I think most of them.

6 Q. Yes, all right, on the basis that this was effectively

7 a disguised gift; wasn’t that what they found?

8 A. Maybe, I have not been deep in the —

9 Q. I understand.

10 A. — in the judgment itself, so I’ve been completely

11 following the Russian lawyer’s advice who was doing

12 this.

13 Q. But if you look at the third page, {D122/1954/3}, the

14 fourth paragraph that says:

15 «At the same time, it follows …»

16 A. Sorry, sorry, sorry. Fourth paragraph?

17 Q. Yes. You can see that in this judgment, the court

18 records the discrepancy between the RUB 1.069 billion

19 which Western Terminal — sorry, which was paid —

20 A. No, sorry, I can’t see that. Ah, second paragraph, yes.

21 Q. The court is recording here the discrepancy between the

22 price paid by OMGP to Premina Limited for Western

23 Terminal, which was RUB 1.069 billion, which we talked

24 about on Wednesday on the one hand, and the price of

25 RUB 9,900 which was paid for the transfer of those

209

1 Q. Of course you may. {D122/1954/2} {D122/1954/6}

2 A. Or maybe — I need to see the last, probably.

3 {D122/1954/4} {D122/1954/8}.

4 Q. Dr Arkhangelsky, I will ask his Lordship to look at this

5 judgment in its entirety in due course and in our

6 closing submissions, but the only point I want you to

7 address for the purpose of these questions is this,

8 really: this court of arbitration, it actually upheld at

9 least certain of the claims made by your wife, didn’t

10 it?

11 A. Aah …

12 Q. {D122/1954/1}.

13 A. Yes, as far as I understood, it was my wife who making

14 the claim.

15 Q. Yes.

16 A. And court accepted that claim, yes, and it’s quite

17 interesting, your Lordship, that 20 June, police

18 officers and riot police taking over control of Western

19 Terminal. So they decided not to wait two days, three

20 days for this decision, because this decision, if you

21 read the end of this, so this returned the shares in

22 Western Terminal to my family. So this decision

23 confirms that the shares — that the transaction was not

24 commercial transaction and the shares to be returned,

25 and RUB 9,000 to be paid back to —

211

1 shares to Sevzapalians; that’s right, isn’t it?

2 A. No, I’m not sure.

3 Q. Well, if you look further on down, you can see the

4 court’s judgment, and you see halfway down, it says:

5 «The share of 99 per cent with the par value of

6 RUB 9,900 has been sold at the price which is

7 considerably lower than the purchase price.»

8 Can you see that?

9 A. Yes.

10 Q. Then two paragraphs down:

11 «It follows from all the above circumstances that

12 the sale of the above assets has been carried out in

13 breach of the interests of ‘Oslo Marine Group Ports’

14 LLC.»

15 Can you see that?

16 A. I’m sorry, can I have back my page, I cannot see the

17 other page now. (Pause) {D122/1954/7}

18 Yes, but I cannot understand what is it about and

19 what it’s for, yes.

20 Q. It looks as if — and if you go to the decision at —

21 A. No, you are referring to the paragraph second, yes, so

22 you tried to establish something on these figures. Ask

23 me, please, what you want to establish.

24 Q. This court decision seems to be, at least in part, based

25 on the difference between the purchase price of

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1 RUB 1 billion —

2 A. Yes.

3 Q. — paid on the one hand when OMGP acquired Western

4 Terminal, and the price of RUB 9,900, which OMGP

5 received when it sold those shares, or 99 per cent of

6 the shares, to Sevzapalians.

7 A. Yes, but what’s the question?

8 Q. It’s coming, Dr Arkhangelsky. We just have to build up

9 to it and just establish some of the content of this

10 judgment.

11 This is the point, Dr Arkhangelsky: I don’t think

12 that in this judgment there’s any record of the court

13 being told that there was an agreement not just that the

14 Western Terminal shares would be sold to Sevzapalians

15 for RUB 9,900, but also that they would potentially be

16 transferred back to OMGP for RUB 9,900; in other

17 words — I think you know the point — in other words,

18 this judgment looks as if the court was proceeding on

19 the basis that RUB9,900 was the purchase price paid for

20 the Western Terminal shares without any idea that those

21 shares might be transferred back to OMG for the same

22 price?

23 A. Maybe. Maybe. I have not seen the application to

24 the court.

25 Q. Can you explain — would you have discussed — this is

1 time, but rather it was a sale with a prospective sale

2 back for the same price?

3 A. No.

4 Q. Did you agree that —

5 A. No, and I can explain you why. In their application to

6 the court, Sevzapalians, or whatever, who is the party

7 here, they have not used this argument, so they were

8 trying to prove that that was a normal transaction.

9 They brought in the court valuation of the shares, that

10 the valuation of the shares was something like not even

11 9,000, but RUB5,000, from a well established valuation

12 company from St Petersburg, what they said.

13 So they were not telling to the court that it was

14 any transaction of a repo type, but they were just

15 claiming in the court that that was the fair price of

16 RUB5,000 for these shares.

17 So they were claiming in the court that they paid

18 even more, let’s say 9,000, they paid more than it was

19 the real market price. So that was the argumentation of

20 the Bank in that proceedings, as far as I remember.

21 Q. Can I just show you one more document, I think,

22 Dr Arkhangelsky, in this section. Could you be shown

23 {I20/21/25.1}, please.

24 Sorry, {I20/21/4}. Sorry, it is my fault. This is

25 a letter that was written by RPC to you and

213 215

1 obviously your wife’s application, but were you involved

2 in —

3 A. Absolutely not. Not me, not my wife, because it was our

4 lawyers, especially Nikolai Erokhin who was quite a well

5 established advocate at that time, so we had a target.

6 Considering the fact that the Bank violated the

7 memorandum, so we had a target to return everything to

8 the initial stage. So definitely he been …

9 As far as I understood, at the same time, and what

10 I think is actually written in my witness statement,

11 that we made several claims on different bases, because

12 we were not aware on which basis the court would accept

13 our position, so we made several claims on the same

14 subject, but we made it on different bases, because in

15 the Russian courts, the court may reject a claim on one

16 basis but can accept it on another basis, but you have

17 to make separate applications.

18 So it was Mr Erokhin who had a full power of

19 attorney to apply in the court and represent me and my

20 wife in the court.

21 Q. Do you agree that it would have been relevant for this

22 court to have been made aware of the fact that the

23 RUB 9,900 that was paid for the Western Terminal shares

24 was part of a sale and repurchase arrangement? In other

25 words, it wasn’t an absolute sale of the shares for all

1 Mrs Arkhangelskaya on 31 December 2015; can you see

2 that?

3 A. Yes.

4 Q. And it enclosed a copy of a decision with English

5 translation of the Arbitrazh Court of the Lipetsk

6 region; do you see that?

7 A. I’m not sure if I seen this letter, at least definitely

8 not on the Christmas Eve.

9 Q. I don’t think, Dr Arkhangelsky, RPC have received any

10 reply to this letter from you or your wife?

11 A. I’m not really sure if I was reading this letter because

12 I don’t remember that. It’s not definitely best time to

13 supply documentation, on the New Year Eve.

14 Q. You see, the point that was being made in this letter

15 was that it appeared from a search of some publicly

16 accessible records —

17 A. Yes.

18 Q. — that there were a number of other sets of proceedings

19 involving you —

20 A. Yes.

21 Q. — and banks other than Bank of St Petersburg?

22 A. Yes. After I left the country, it was a total collapse

23 of everything, yes, for sure. But I think I was not

24 a party, or I was not a real party of anything, because

25 I was not able to be represented, so I haven’t been

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1 receiving any documents and so on.

2 Q. And if we go to {I20/21/5.46}, and {I20/21/5.48} in

3 the Russian, you can see there is an extract from this

4 Arbitrazh Court of Lipetsk Region judgment, and I think

5 only part of the judgment has been translated, but

6 I think all of it is in the Russian.

7 So I think you have the full Russian version but

8 only the relevant extracts have been translated into

9 English for his Lordship.

10 A. I’m not sure I every been informed or ever seen any

11 judgments, and I’m absolutely sure that I never, ever

12 been any party of these proceedings.

13 So, for your Lordship, Lipetsk is the city something

14 like 1,000 or 2,000 kilometres from St Petersburg, or

15 whatever, 500 kilometres from Moscow. So it’s the wild

16 countryside of Russia and I’ve never been party to any

17 proceedings there myself knowingly.

18 Q. But if you look at that judgment, you can see that it

19 appears to concern a case brought by Lipetskcombank,

20 a bank for social development and construction. Can you

21 see that?

22 A. Maybe, yes, yes.

23 Q. Against Scandinavia Leasing Company?

24 A. Yes, maybe.

25 Q. And that’s one of the OMG group companies, isn’t it?

1 Q. It might be the next page, sorry about that.

2 A. Which paragraph are you referring to?

3 Q. Sorry?

4 A. Sorry, your Lordship, can we have a short break, or,

5 when we finish today?

6 Q. I’ve nearly finished my Lord?

7 A. Today is the major Russian holiday. Public holiday.

8 Every Russian has to be completely drunk by that time.

9 MR JUSTICE HILDYARD: Right. I’m sorry that I’ve delayed

10 you.

11 A. So it’s a Man Day, or Red Army Day today.

12 MR JUSTICE HILDYARD: Right.

13 A. So we have to start celebrating that already.

14 MR LORD: Sorry, Dr Arkhangelsky, it’s page 3, I think it is

15 the third paragraph, {I20/20/5.50}, the third paragraph,

16 I think you can see the reference to 22 to 24 there?

17 A. Yes.

18 Q. Does that not refer to a personal guarantee from you?

19 A. Yes, it refers to something, yes, but I have not been

20 a party to this and I cannot really comment on that,

21 I don’t know. I haven’t seen any documentation in

22 respect to these proceedings.

23 Q. But you would agree that from the face of this judgment,

24 it looks as if you did give a guarantee —

25 A. No, I don’t think so, I don’t —

217 219

1 A. Yes, I think at that time Mr Vinarsky was a director of

2 this company, so since, I think, October

3 or November 2009, and at that time Mr Vinarsky was

4 running a leasing company.

5 Q. And you are not suggesting, are you, that this bank was

6 in league with Bank of St Petersburg?

7 A. I may not exclude that. So it’s a quite small regional

8 bank and — I don’t know, I have not been a party to

9 these proceedings, so I don’t know anything about that.

10 Q. But if you look at the judgment, you see it concerns

11 a loan agreement or facility agreement,

12 dated 29 March 2007, between Lipetskcombank and

13 Scandinavia Leasing Company. And if you look a bit

14 further on down {I20/21/5.47} there is reference as

15 follows:

16 «Additionally, Contract of Guarantee … was entered

17 into between the Bank and VD Arkhangelsky

18 (case file pages 22-24).»

19 Can you see that?

20 A. Can I have the second page, please? {I20/21/5.47}

21 {I20/21/5.49} And which paragraph are you referring to?

22 Q. Sorry, Dr Arkhangelsky, can you not see reference to

23 a paragraph which says — maybe it’s the next page?

24 A. Yes, next page, because it’s a short one, yes.

25 {I20/21/5.50}

1 Q. — to secure — to secure a Scandinavia Leasing Company

2 loan?

3 A. No, I don’t think so.

4 Q. If you go back, please, to {I20/21/4}, you can see in

5 this letter was set out a number of other internet

6 references that seemed to identify proceedings in

7 Russia; can you see that?

8 A. Yes, maybe, but as I said, I had not been party to any

9 of those proceedings, so I don’t know anything about

10 them, I never been told about them, I never been

11 informed about them, and if you see — tell me that any

12 decisions was made, never, ever any decisions been

13 enforced.

14 Q. To the best of your knowledge, did LPK Scandinavia enter

15 into a loan with OJSC VTB Bank?

16 A. Most probably, yes, but I don’t remember that.

17 Q. And you are not suggesting that VTB Bank is conspiring

18 with the Bank of St Petersburg, are you?

19 A. Why not? Everything is possible. Considering this huge

20 influence of Bank of St Petersburg in the area, and

21 especially people like Matvienko and Savelyev, and the

22 influence of Levitskaya everywhere in the city, so

23 everything is possible.

24 Q. So if I put to you that these entries on that page,

25 {I20/21/4}, and {I20/21/5}, that these entries suggest

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1 that you are involved, or have been involved, in some

2 ten other sets of proceedings, other than

3 Bank of St Petersburg, involving other banks, what would

4 you say to that?

5 A. It might be like this, but I have not been a party to

6 that. I haven’t been — knowingly been a party to that.

7 Q. And it is likely —

8 A. If you are referring that it’s ex parte hearings, it

9 might be, but I’ve never been informed about them.

10 Q. And it looks, doesn’t it, from these entries as if quite

11 a number of other banks have been suing upon loans, and

12 since you are a party, that would be because you have

13 given a personal guarantee, wouldn’t it?

14 A. No, I don’t think so.

15 Q. Can you give any other explanation for these internet

16 entries? Can you give any —

17 A. No, I don’t know, because I never, ever, personally,

18 knowingly, been a party to that. I never, ever been

19 informed about any of these proceedings.

20 Q. For the court’s record, it is {I20/21/5.1}, through to

21 {I20/21/5.45}.

22 Yes, sorry, when I say «from the internet», it is

23 from the Russian court’s official website, I think. It

24 is in the letter.

25 So, in other words, only certain — I think you can

1 A. Companies, surely — I assume that companies being part

2 of loan agreements, it might be, especially Leasing

3 Company. I think most probably in most of these cases

4 it’s referring to Leasing Company, because the idea of

5 the leasing company was that it was running quite

6 a number of loans in respect to their clients; for

7 example, if anybody want to buy a bus or whatever, they

8 come to the leasing company and the leasing company get

9 a loan for this particular client for this particular

10 transaction.

11 So Leasing Company had relations with, I think, at

12 least 20 banks, and proceedings with — and the name

13 here referring to, it’s Mr Kukushkin, so he was

14 a director of Leasing Company, and I may assume that he

15 was giving personal guarantees, that’s what definitely

16 I heard, and it — but it was running like

17 a self-profitable centre, leasing company, so he was

18 personally interested in the return on the investments

19 there. So — but me personally, I’m not sure if I —

20 and I don’t understand why I am there, but it’s up to

21 you to give an evidence.

22 Q. Is the most likely explanation that you would have given

23 a personal guarantee?

24 A. Absolutely not, no, I never given personal guarantees.

25 And, you know, if I give a personal guarantee, it should

221 223

1 get certain material from the Russian court’s official

2 website. Sorry, it is my fault. Yes, if you look in

3 the second paragraph of the letter, you can see that

4 these are all entries from the Russian court’s official

5 website, and you can see the reference there so it can

6 be checked. {I20/21/4}

7 Dr Arkhangelsky, you have no reason to doubt the

8 accuracy of these website entries, have you?

9 A. No, I don’t have any reasons, no.

10 Q. Can you give his Lordship any explanation for why you

11 appear to be party to some ten other sets of what appear

12 to be bank proceedings?

13 A. No, I don’t know. I have not been party to that. What

14 is mostly important is that I never, ever been informed

15 about this, so I mean that considering it’s against me

16 personally, it have to be some, at least information on

17 my side, and everybody knows my address and everybody

18 knows how to proceed, because my name is too well known

19 in St Petersburg, and in case people want to get any not

20 ex parte decision, they would be informing me about

21 that.

22 MR JUSTICE HILDYARD: There are two levels to this, aren’t

23 there? The first is whether you or any of your

24 companies borrowed from any of these banks, and the

25 second is whether you were sued.

1 be, anyway, my wife be stated as a party, because in all

2 the proceedings where they claim it was a personal

3 guarantee, always spouse have to be checked by the

4 court.

5 But that’s not the case, as far as I understand,

6 based on what you have shown here.

7 MR LORD: My Lord, I’m sorry to have overrun a bit, but that

8 would be a convenient point if it’s convenient for your

9 Lordship.

10 Housekeeping

11 MR JUSTICE HILDYARD: Tell me about timing.

12 MR LORD: I’m going to need a fair amount of tomorrow,

13 my Lord, with your Lordship’s permission. Probably most

14 of tomorrow.

15 MR JUSTICE HILDYARD: Right. Dr Arkhangelsky, what are your

16 travel plans? You are staying on until Thursday, are

17 you?

18 MR ARKHANGELSKY: No, no, I’m leaving tomorrow, so

19 I definitely want to leave as early as possible. We

20 have a big family problem that my wife got terribly

21 cold, so I have to, just to make it possible for her to

22 travel on Thursday, I need just to replace her as early

23 as possible on her duties, because she’s laying in bed.

24 So I would suggest if —

25 MR JUSTICE HILDYARD: You don’t have a fixed ticket? You

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1 can go any time tomorrow?

2 MR ARKHANGELSKY: I have a flexible ticket, yes.

3 MR JUSTICE HILDYARD: A flexible ticket.

4 So do we want to start early tomorrow?

5 MR LORD: If we start early and maybe structure the breaks

6 differently so we can get through a fair amount of time

7 but still let Dr Arkhangelsky go, if that makes sense.

8 If we started at, let’s say, 9.00, and we had breaks

9 every hour, hour and a quarter, and tried to get through

10 things by early afternoon; I think it was originally

11 planned to finish by lunchtime, I think.

12 MR JUSTICE HILDYARD: So you wish to start at 9.00 tomorrow?

13 MR LORD: If possible, just to make sure I get finished.

14 MR ARKHANGELSKY: Maybe 9.30 if possible?

15 MR JUSTICE HILDYARD: Do you have any objections?

16 MR ARKHANGELSKY: 9.30 if possible.

17 MR JUSTICE HILDYARD: We will start at 9.30 tomorrow.

18 I think that will be quite a hefty day anyway, so

19 9.30 am.

20 I am still puzzling over the question of the privacy

21 matters. My initial inclination, if I may say so, is

22 that the court record should probably reflect things as

23 they happened; that’s to say that there were proceedings

24 in private, but I think I may have to cover this in

25 a judgment setting out what I think is an explanation,

1 That is partly because I take very seriously the

2 point that although the fact that we are in private in

3 no way lessens the obligation of all concerned to speak

4 correctly, nevertheless there is a different atmosphere,

5 if you like, in the context of private hearings, which

6 I am loath to undermine.

7 MR LORD: I am grateful, my Lord.

8 MR JUSTICE HILDYARD: Yes.

9 MR BIRT: Simply the administrative matter of there being

10 a signed permission from your Lordship for the audio.

11 MR JUSTICE HILDYARD: Ah, yes.

12 MR BIRT: We are quite happy to deal with them, we can pass

13 them to Mr Trout for your Lordship to look at outside of

14 court. We have not passed a copy to Mr Arkhangelsky

15 because he is giving evidence, and I am not sure whether

16 he would be interested in any event in just seeing the

17 terms on which your Lordship had given permission, but

18 we you can do so.

19 MR ARKHANGELSKY: Sorry, I didn’t understand.

20 MR JUSTICE HILDYARD: These are permissions to enable the

21 release of the Russian translations.

22 MR ARKHANGELSKY: Okay, what’s discussed yesterday

23 afternoon.

24 MR JUSTICE HILDYARD: So it’s what you wanted, really.

25 I will have a look at it, and if I am in any doubt

225 227

1 so that the question of any curiosities or uncertainties

2 of people looking thereafter are dealt with in

3 a judgment in which, because there is no objection,

4 I may simply attach exchanges; do you see what I mean?

5 What I am anxious to do is to preserve the integrity

6 of the history of the matter, which is that they were in

7 private, but I do not wish to deprive Dr Arkhangelsky of

8 the ability to set the matter in context. So I am just

9 puzzling how I do that.

10 I will let you know whether the transcript can be

11 issued on that footing tomorrow morning; I think that

12 may be the quickest.

13 Do you understand? I will just explain it a bit

14 more clearly, Dr Arkhangelsky.

15 The fact is that various matters were, in historical

16 fact, dealt with in private. My present inclination,

17 though I do not pretend I have found this rather odd

18 point easy, is to continue to mark them as in private,

19 but I will at some subsequent time give a judgment or

20 ruling, explaining how it was that it came to be that

21 the matters which were in issue were made public, and in

22 that judgment or ruling, I will give an explanation of

23 my approach, and to that end I may, or may not, include

24 parts from the private transcript, explaining why that

25 is so.

1 I will …

2 MR BIRT: Discuss it in the morning.

3 MR JUSTICE HILDYARD: Yes.

4 Mr Lord, can I ask you one thing on the question of

5 privacy. It is something I should know. When somebody

6 makes an ex parte application, say for a freezing

7 injunction, and it is in private, at the inter partes

8 hearing, what happens to the private?

9 MR ARKHANGELSKY: Are you asking about Russian or English

10 proceedings?

11 MR JUSTICE HILDYARD: No, in English proceedings; otherwise

12 I would have asked you.

13 MR LORD: Does your Lordship means what happens in terms of

14 disseminating the upshot of the private hearing?

15 MR JUSTICE HILDYARD: Well, there will be a judgment at the

16 end of it, however short, but what about the process

17 which happened in private; is the privacy just

18 automatically opened up?

19 MR LORD: Do you mean at the inter partes hearing?

20 MR JUSTICE HILDYARD: Yes.

21 MR LORD: I’m not sure, my Lord.

22 MR JUSTICE HILDYARD: It’s a silly point. Will you have

23 think about it? I think probably it is, but I just

24 don’t know.

25 MR LORD: My Lord, yes, I would need to check on it, if

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1 I may. I would need to think about.

2 MR JUSTICE HILDYARD: Ordinarily, in case it helps — and

3 I’m sorry to talk across you, Dr Arkhangelsky.

4 MR ARKHANGELSKY: No, no.

5 MR JUSTICE HILDYARD: It’s a detail of English procedure.

6 Ordinarily I require the party against whom

7 an injunction has been granted not only to be provided

8 with my ruling, but also to be provided with a note of

9 what transpired and the evidence on which the court made

10 reliance. That seems to suggest that the private

11 matters can afterwards, as it were, easily be opened up

12 in that way, but it just suddenly occurred to me that

13 I didn’t really know what the answer was.

14 So if any of you has a thought, I would be obliged.

15 Are we going to be all right for Friday? The powers

16 that be, including my travel arrangements, onward travel

17 arrangements once I return to London on Friday, are all

18 premised on my getting this 5.01 train. I would very

19 much prefer to do that. Are we going to be able to do

20 that if we start early on the Friday?

21 MR LORD: I think we are, my Lord. If we could start

22 potentially at 9.30 or 9.45, I think we should safely

23 conclude in time for your Lordship to get there.

24 MR JUSTICE HILDYARD: I think I would have to leave no later

25 than 3.45, therefore we would have to start, subject to

1 MR JUSTICE HILDYARD: Because that’s what Mr Lord’s estimate

2 was. I think he is saying that he does not feel able to

3 promise that any longer, and we may, therefore, go into

4 the afternoon.

5 I want you, once he has finished, to have a chance

6 to give me your nine points and any further points which

7 have occurred to you —

8 MR ARKHANGELSKY: So four more.

9 MR JUSTICE HILDYARD: — and one or two other points which

10 I may well ask you, and I then will give you, I would

11 propose — I want there to be a little bit of a gap

12 after your cross-examination and before you give me the

13 13 points and anything else, for you to look at

14 tomorrow’s — you won’t be able to look at the

15 transcript, but to think about tomorrow’s examination,

16 in case there is anything you wish to raise.

17 MR ARKHANGELSKY: And, your Lordship, it is very important,

18 definitely while I’m here, that we spend 15 to

19 20 minutes on the video, which I think is

20 self-explanatory, and I think you must see that, you

21 know, to get the feeling of what was going on and how it

22 was looking and so on.

23 MR JUSTICE HILDYARD: Yes.

24 MR ARKHANGELSKY: So I need up to 20 minutes for that.

25 MR JUSTICE HILDYARD: When are we going to fit the video in?

229 231
1 Mrs Arkhangelskaya’s — 1 MR LORD: If your Lordship is prepared to watch it out of
2 MR ARKHANGELSKY: She is coming on Thursday, but as long as 2 court, your Lordship can see it on Magnum.
3 she is having high temperature right now, so her wish 3 MR JUSTICE HILDYARD: It is an embarrassment to tell you
4 was maybe skip the lunch break, but start a bit, 4 that for reasons best known to Her Majesty’s Court
5 maybe — you know, not at 9.00 definitely, because she 5 Service, we are unable to access through our
6 would not be in that good shape in the early morning. 6 computers — and this has been a source of pain and
7 9.45 would be really good. 7 grief to Richard and I over the past week. Despite
8 MR JUSTICE HILDYARD: Well, though I’m terrified myself of 8 every effort, we simply can’t do it, so I will have to
9 the powers that be, nevertheless, if there were some 9 watch it — it looks to me, recanting on my previous
10 insuperable reason why I couldn’t meet those, I would 10 thing — I think we had better meet at 9.00 tomorrow
11 like to know as soon as possible. I will let you have 11 because I think we just have too full a day, and I think
12 a think about that overnight, Mr Lord. 12 we are better to start early and give ourselves a little
13 MR LORD: As far as I’m concerned, if we started at 9.30 or 13 bit more leeway for breaks and that kind of thing.
14 9.45, we should, I think, finish in good time; good time 14 I am so sorry to impose on everybody, but I think
15 for your Lordship to get that train. 15 that we’d best do that.
16 MR JUSTICE HILDYARD: Good. 16 MR ARKHANGELSKY: It is very important for me that you
17 MR ARKHANGELSKY: But, your Lordship, yesterday you 17 accommodate time tomorrow, let’s say around 20 minutes,
18 mentioned that it might be, let’s say, we still continue 18 for movies, because it is a key issue, I think.
19 with me on Thursday. So, but is it possible today to 19 MR JUSTICE HILDYARD: Yes, it may be that over the
20 know if we finish tomorrow, or it should be one more day 20 lunchtime, I can have half an hour here, on these
21 further? 21 machines.
22 MR JUSTICE HILDYARD: The reason for that was twofold: one 22 MR ARKHANGELSKY: I would suggest, you know —
23 is, I expected your cross-examination to finish before 23 MR JUSTICE HILDYARD: Do you need to guide me through the
24 lunch tomorrow. 24 video?
25 MR ARKHANGELSKY: Tomorrow, yes. 25 MR ARKHANGELSKY: I think I need to guide you and the people
230 232
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1 there through. I probably would want to make some

2 comments for the record, then the movie, having voice

3 behind, which I think it also would be good for the

4 transcript, so — no, I think it should be —

5 MR JUSTICE HILDYARD: Is there anything to be said, Mr Lord,

6 for starting with the video at 9.00?

7 MR ARKHANGELSKY: I think that would be a good idea.

8 MR JUSTICE HILDYARD: Does that interrupt you? Are you at

9 the end of this line?

10 MR LORD: I am, my Lord, but I would prefer to try to finish

11 as quickly as I can. I will go back over my notes and

12 see how I can pare them down and I would like to finish

13 my cross-examination if I possibly could.

14 I will still aim — if we started early, it is

15 possible we could have three decent sessions before

16 round about lunchtime, if you follow me. If we start at

17 9.00, not 10.30, it is possible to do three hour and

18 a quarter sessions and still finish by round about

19 lunchtime, to free up, I would hope, the second half of

20 the day for other matters. That’s what I’m going to try

21 to do, so I haven’t — as far as I can, I’m finishing

22 round about Wednesday lunchtime.

23 MR JUSTICE HILDYARD: Well, I want you to try and finish

24 by — having given you the extra hour and a half, which

25 is what it really amounts to, slightly less because of

1 MR JUSTICE HILDYARD: Yes, but thereafter I shall give

2 Dr Arkhangelsky the time I’ve indicated to settle

3 himself to add to his list presently of 13, and for

4 myself to ask any questions. So I am afraid tomorrow

5 will be a long day.

6 In terms of your planning, and with apologies.

7 MR ARKHANGELSKY: It’s not a problem, my Lord.

8 MR JUSTICE HILDYARD: I think you would be lucky to get away

9 much before quite late in the evening tomorrow, so I am

10 sorry that is grim news, but I think that is realistic.

11 MR LORD: My Lord, can I just hand up, and one to

12 Dr Arkhangelsky, there are quite a number of letters

13 disclosed by the defendants to or from, or concerning,

14 Russian officials. (Handed)

15 I am going to ask some questions about them

16 tomorrow, but I don’t want to take up too much time on

17 it, and I’ve tried to assist by scheduling the letters

18 that appear in the bundles so that the court and

19 Dr Arkhangelsky has a record of those. I don’t think

20 I need to go to all of them; I just need to go to a few.

21 But it is designed to try to short-circuit things, if

22 that helps.

23 MR JUSTICE HILDYARD: Do you happen to know whether these

24 are in these special files?

25 MR LORD: I think most should be but they won’t all be,

233 235

1 breaks, I want you to try and finish by lunchtime.

2 MR ARKHANGELSKY: I think initially Wednesday was not

3 planned at all, so …

4 MR JUSTICE HILDYARD: Hm?

5 MR ARKHANGELSKY: I think initially Wednesday was not

6 planned at all so it’s an additional half a day.

7 MR JUSTICE HILDYARD: That may be, but there we are.

8 MR ARKHANGELSKY: No, no, no, it’s okay.

9 MR STROILOV: And it is very valuable to have you here. So

10 I will ask Mr Lord, with a certain amount of

11 encouragement, if I can put it that way, to try and

12 finish by 1.00 pm.

13 If you are half an hour adrift, well, you are half

14 an hour adrift, but that’s what I want you to do.

15 MR LORD: I will do that, but it will obviously need — it

16 will need a certain engagement in terms of the Q & A.

17 But I will endeavour to do that. Obviously I will try

18 and move things as fast as I am able to with my

19 questioning.

20 MR JUSTICE HILDYARD: Yes, and then I want to make good time

21 to allow Dr Arkhangelsky to steer us through, including

22 you, the videos, and if there are questions which arise

23 from that, I will let you ask them after that, Mr Lord.

24 But thereafter —

25 MR ARKHANGELSKY: I think it is quite important, yes.

1 I think, my Lord, because I think some of them were

2 referred to in our opening. If your Lordship has our —

3 they should be, because …

4 MR ARKHANGELSKY: It’s not really difficult reading because

5 most of these letters are copying and pasting, so it’s

6 just more or less the same letter but simply addressed

7 to different persons, so don’t worry.

8 MR LORD: I think, because they were referred to in our

9 opening, I think most of them should be, but probably

10 not all of them.

11 MR JUSTICE HILDYARD: I’m just wondering, are you politely

12 asking me to try and read these before we start

13 tomorrow?

14 MR LORD: That would assist, my Lord, yes. I think it

15 probably would, because there is a flavour that comes

16 out from them and obviously there are some recurring

17 themes, and that would then, I think, save time.

18 MR JUSTICE HILDYARD: What I propose to do because of this

19 infuriating inability to access Magnum, is to have

20 a little bit of a break now, say 10 minutes, and then to

21 come in here and scrounge around in your bundles, if

22 I may, and read these.

23 MR LORD: Yes. I think, unfortunately, the first three may

24 not be, but I think from the fourth entry most of them

25 should be in.

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1 MR JUSTICE HILDYARD: In these ones? 1 I can take matters more quickly.
2 MR LORD: I think so, yes. 2 MR ARKHANGELSKY: Sorry, tomorrow is 9.00 or 9.30?
3 MR JUSTICE HILDYARD: But you don’t mind me scrounging 3 MR JUSTICE HILDYARD: 9.00, I am afraid.
4 around in these bundles in case I can’t find them in 4 MR ARKHANGELSKY: No, no, it’s okay, just —
5 those bundles? 5 MR JUSTICE HILDYARD: Because I think we have identified
6 MR LORD: No. 6 that in order to ensure you don’t leave too late,
7 MR JUSTICE HILDYARD: You have under your care and attention 7 we have to start rather earlier.
8 supplementing these bundles to take into account in some 8 Thank you very much.
9 different coloured page all the documents which you have 9 (5.00 pm)
10 referred to and which are not presently in those 10 (The court adjourned until 9.00 am on
11 documents, of which there have been quite a few this 11 Wednesday, 24 February 2016)
12 afternoon? 12
13 MR LORD: Yes, I will have to think about when that is to be 13
14 done. Does your Lordship … 14
15 MR JUSTICE HILDYARD: It can be done when we return to 15
16 London, as being easier. But I would quite like to have 16
17 a different colour page just so that I know that they 17
18 are entries and I know that the reason that they have 18
19 been put in is because of the events in Paris. 19
20 MR LORD: That might need to await London, I am afraid, 20
21 my Lord. 21
22 MR JUSTICE HILDYARD: That’s fine. 22
23 MR LORD: When, obviously, we are back and able to have 23
24 greater back-up. 24
25 MR JUSTICE HILDYARD: Yes. No, absolutely, it’s just trying 25
237 239

1 to keep it …

2 MR LORD: I understand. Would your Lordship like to have

3 access to a laptop that would be able to access Magnum,

4 one of our laptops, so that your Lordship could work in

5 your Lordship’s chamber here rather than in court?

6 MR JUSTICE HILDYARD: That’s extremely kind of you. I will

7 come in and read them here when we have done. The

8 problem is, I don’t know whether your laptop which you

9 are offering me, or some spare laptop, would be able to

10 connect to the Magnum system even on a non secure line,

11 which the hotel’s line is.

12 MR LORD: We would have to check on that, my Lord, I’m not

13 sure.

14 MR JUSTICE HILDYARD: Well, I will have ten minutes and then

15 either — I could, presumably, do it on this laptop,

16 couldn’t I?

17 MR BIRT: I think if they keep it connected.

18 MR JUSTICE HILDYARD: I’m sorry to go on about this. If you

19 keep this connected, I will come back in ten minutes and

20 I will read through these various documents. That seems

21 to me the easiest. If I haven’t finished, I will come

22 in at 8.45 am and give it another go if I am not really

23 taking it in.

24 MR LORD: I am very grateful to your Lordship for doing that

25 and it will, I think, speed up tomorrow, because I think

238

1 INDEX
2 PAGE
3 MR VITALY DMITRIEVICH ARKHANGELSKY ……………….1 (continued)

4 Cross-examination by MR LORD (continued) ……1

5 Housekeeping …………………………………224

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

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241

February 23, 2016 Day 15

A

Aah (1) 210:11 Abarina (2) 208:2,3 ability (1) 226:8

able (29) 43:9,10 56:3 60:1,21 63:16 66:9 66:10 85:9 91:12 95:13 97:24 98:15 147:17 153:13 166:11 169:17,18 189:25 199:3 204:3 216:25 229:19 231:2,14 234:18 237:23 238:3,9

abroad (1) 76:16 absence (1) 186:25 absolute (2) 133:7

214:25 absolutely (85) 5:1,3

5:6 13:3,4 16:20 17:5,10 18:5,9,19 18:22 19:1,16 21:25 29:1,3,12,12 30:6 31:3,7 35:11 38:17,25 39:15,18 42:14 43:5 46:2 54:9 57:12,23 58:3 58:9 59:20,20 62:24 76:14 88:20 102:14 103:6,6,10 106:8,17 116:4 119:5 141:19 142:23 144:8 146:1 146:5 158:8,13 162:10 165:3 167:5 169:21 173:9 175:4 178:24 181:9 182:4 182:9,13,19,25 183:4,7 185:9 188:12 195:4,7,11 195:16 200:10,12 205:6 208:6,14 214:3 217:11 223:24 237:25

accept (18) 47:21 55:21 73:2,23 94:5 110:8 133:1 138:16 142:17 146:25 147:3 173:3 177:11 181:16,25 193:22 214:12,16

acceptable (3) 36:25 63:16,20

accepted (4) 30:2 70:11 178:2 210:16

accepting (2) 101:7,8 access (4) 232:5

236:19 238:3,3 accessible (1) 216:16 accommodate (1)

232:17 accompanied (2) 2:15

11:24

accompany (1) 131:7 accompanying (1)

13:1

account (5) 55:11 56:1,2 147:21 237:8

accountancy (1) 36:1 accountant (2) 124:6

124:6 accounts (3) 56:3

153:6 169:10

accuracy (3) 208:12

208:14 222:8

accusations (2) 169:4

169:7

acquired (1) 213:3 agent (2) 203:15,22 211:20 227:11 93:8 96:3 100:4 82:20 84:6 85:17 122:6 126:20 128:1
act (1) 65:22 aggressive (1) 64:10 aim (1) 233:14 209:22 217:19 85:23 86:8,13 154:12 159:22
actions (1) 60:13 ago (4) 51:20 150:20 Alexei (2) 15:24,25 applicant (2) 192:6 87:11,15,21 89:18 160:6,8 169:8
active (4) 59:25 173:1 190:9 Alexey (1) 22:22 193:2 90:22 93:15,23 177:25 184:9 189:8
170:21 196:10 agree (24) 17:25 20:1 alighting (1) 111:11 application (10) 171:8 94:4,11 96:7,24 189:17 198:3
198:16 31:5 41:7 47:13 allegation (1) 115:3 191:14 192:4 97:5 98:20 99:7,19 228:12
actively (1) 165:25 48:8 59:10,23 allegations (1) 98:23 193:10,21 194:20 101:4 102:18 103:7 asking (20) 15:10
activities (1) 77:15 61:21 85:7 91:7,11 allege (1) 126:18 213:23 214:1 215:5 104:3 105:22 21:14 23:22 27:19
activity (1) 193:5 92:4 131:10 132:4 alleged (3) 17:19 228:6 107:12 108:24 55:18 56:6 72:8,24
add (1) 235:3 157:3,20 160:24 34:20 121:18 applications (1) 109:1,21 110:14 75:21 96:4 99:12
added (1) 203:25 167:1 195:25 alleging (1) 114:21 214:17 111:2,8 112:4 133:23 137:11
addenda (1) 97:13 201:23 214:21 allow (9) 13:16 18:1 applied (1) 184:3 113:16 114:2,19 146:2 153:20 156:4
addendums (1) 86:25 215:4 219:23 29:23 42:15 79:20 apply (3) 10:17 60:21 115:24 117:14 175:14 200:15
addition (1) 132:15 agreed (40) 13:10,15 84:20 164:17 204:1 214:19 120:10 122:5,9,17 228:9 236:12
additional (43) 62:11 30:9,13 40:8,12,17 234:21 appointed (1) 108:1 123:11 124:8 asks (2) 100:17
84:24 85:11 86:3 41:14 42:19 52:9 allowed (5) 12:7,25 appointment (2) 125:10,23 126:3 187:14
87:23 89:17 91:8 58:25 59:12,12 13:8 68:20 194:16 130:3 198:15 128:3,18 129:17,22 assemble (1) 120:6
91:17 93:22 94:6 61:22 62:2,14 allowing (1) 185:6 appointments (3) 130:18 131:5,22 assets (10) 59:3 61:16
95:25 96:16 102:18 64:14 79:2 81:7 alternatives (1) 97:10 19:25 130:15 132:10,18 133:21 78:8 80:24 84:16
104:2,20 105:3,21 84:7,12 86:23 92:5 altogether (2) 60:15 197:20 134:16 135:10 102:5 103:3 184:14
106:3 107:1,7 99:4 101:10,13,16 61:3 appreciate (1) 77:6 136:10 142:17 200:21 212:12
110:14,16,19 102:7 152:9 159:15 Ambassador (1) 2:16 approach (3) 79:20 144:2,22 145:11,15 assist (6) 74:22,24
113:14,25 114:6 159:17 161:2,16 ambitious (2) 170:3,4 132:3 226:23 146:17,24 147:3 78:18 165:18
117:6,16 118:9,17 165:8 168:4,7,8 Ameli’s (1) 162:23 approached (1) 148:4 154:10 235:17 236:14
118:19 122:19 174:18 175:11,19 amended (1) 99:20 183:12 155:17 157:2,10 assistant (2) 19:9
123:12 124:9,16,22 agreement (101) 18:8 amendment (2) 97:4 approaching (1) 62:24 158:16 159:7 160:6 68:22
124:23 125:18 31:2 41:1 51:14,17 118:15 appropriate (1) 67:9 160:17 162:5 assistants (3) 66:14
147:9 164:17,22 52:14 53:25 54:13 amendments (3) 97:9 approval (4) 177:8,12 164:12 166:13 66:16 89:5
174:23 234:6 54:23 55:21,22 99:4 103:8 178:11 182:8 168:9 169:1 171:14 assisting (1) 65:8
Additionally (1) 56:4 59:1 64:5 American (1) 2:8 approved (2) 178:5,9 172:14 173:25 Associations (1) 2:15
218:16 80:12 85:7,11,24 amount (8) 3:16 approximately (2) 4:5 176:22 182:2,22 assume (25) 25:9,11
additions (1) 86:25 86:1,3,9,13 87:11 165:15,20 179:20 67:5 184:6 194:7 195:20 26:18,20 50:24
address (10) 54:3 87:23 88:4,24 186:25 224:12 April (14) 39:3,4 82:20 197:3 198:1,20 51:24 63:6 64:22
58:21 118:18 126:1 89:12,14,18 90:25 225:6 234:10 82:21 84:4 173:13 200:8 201:20 74:1 91:4 92:1,7
147:25 160:25 91:9,14,18 93:23 amounts (2) 23:10 173:17,19 188:5,10 202:19 210:4 213:8 101:24 102:12
161:4,5 210:7 96:1,8 100:22 233:25 196:13 197:5,20 213:11 215:22 112:21 115:15,18
222:17 102:4 104:2,20 and/or (1) 158:20 198:21 216:9 218:17,22 131:25 133:15
addressed (4) 11:16 105:3,21 106:3,5,7 Anna (1) 32:18 arbitration (7) 36:11 219:14 222:7 147:11 170:11
29:15,16 236:6 110:15,16,19 answer (32) 6:3,5 42:2 172:5 177:20 224:15,18 225:2,7 200:18 202:22
addresses (1) 159:3 113:14,25 114:11 67:12,13 70:21,22 183:17 184:3 210:8 225:14,16 226:7,14 223:1,14
adjourned (1) 239:10 116:9 117:16 118:9 70:24 71:4,5,6,8,9 Arbitrazh (2) 216:5 227:14,19,22 228:9 assumed (3) 6:6
Adjournment (1) 122:19 123:12 74:17,18 75:6,7 217:4 229:3,4 230:2,17 149:16 154:17
121:10 124:16,22,24 109:15 127:23 Archangelsky (1) 230:25 231:8,17,24 assuming (3) 120:17
administration (4) 125:18 135:21 128:6 129:4,5,15 10:13 232:16,22,25 233:7 131:22 141:13
69:17,17 70:2,12 136:3,8,14,19 129:17 134:1 area (12) 43:22 65:16 234:2,5,8,21,25 assumptions (1) 19:1
administrations (1) 137:5 140:16,24 135:13 137:16 68:8 70:13 74:7 235:2,7,12,19 atmosphere (1) 227:4
69:9 141:1,19 142:5,8 140:21 163:13 82:22 83:1 130:1 236:4 239:2,4 attach (3) 26:11 49:23
administrative (1) 143:10,23 144:20 174:4 190:9 205:8 137:6 190:3,6 240:3 226:4
227:9 145:7,8,17 146:6 229:13 220:20 Arkhangelsky’s (1) attached (14) 21:18
admitted (4) 72:25 147:16 149:2,14 answers (2) 43:23 argue (3) 58:17,22 74:20 28:11,15,16 46:25
73:3,21 107:9 157:23 158:5 76:10 95:13 Army (1) 219:11 47:7,15,17 48:5,8
adrift (2) 234:13,14 163:17 165:17,18 anti-crisis (1) 77:21 argued (1) 188:10 arose (1) 68:2 136:1,16 156:21
advance (1) 121:6 166:3,5,20 167:3 anticipate (2) 38:21 arguing (2) 24:12 arrangement (20) 173:22
advantage (1) 4:18 174:6,11 175:5,18 77:8 43:19 58:2,7 63:21 133:4 attaching (2) 9:14
advice (10) 45:25 46:3 179:13 192:25 anticipated (1) 38:7 argument (1) 215:7 139:13,19 144:10 48:20
52:16,20 53:4,21 193:22 213:13 anxious (3) 55:25 argumentation (2) 144:24 146:12,20 attachment (6) 10:22
68:12 130:14 200:2 218:11,11 160:11 226:5 62:1 215:19 147:4,7 175:1,21 10:25 11:24 47:24
211:11 agreements (66) anxious-making (1) arguments (1) 187:16 175:22 176:8 131:25 136:8
advised (1) 165:8 25:19 38:11 40:17 75:12 Arkhangelskaya (2) 177:17 178:19 attachments (6) 23:18
adviser (6) 65:10,18 41:4,5,5,8,20 46:23 anybody (11) 24:13 121:1 216:1 183:11 214:24 24:2 27:8 29:11
65:19 68:23,25 47:12 48:7,11 54:9 54:24 66:10 101:19 Arkhangelskaya’s (1) arrangements (11) 135:23 136:7
69:1 55:16 76:12 78:19 104:10,15,25 167:4 230:1 68:1 146:8 148:6 attack (1) 81:15
advisers (3) 66:14 84:22,25 85:2,3 169:17 207:15 Arkhangelsky (201) 152:21 153:9 attained (1) 123:8
89:5 141:15 86:22 87:12,16 223:7 1:4,6,8 3:12 6:9 8:1 160:24 163:6 175:5 attempt (1) 64:1
advisory (3) 65:20,25 94:6,12,14,14 anyway (7) 10:12 8:8 9:11 10:5,6 190:12 229:16,17 attempts (1) 17:8
68:10 95:10 97:13 102:18 31:25 122:10 11:14 13:13,24 arrest (7) 169:8 201:4 attend (1) 188:9
advocate (1) 214:5 102:19 103:15 132:13 156:13 16:17 17:6,18 18:6 201:17,18 202:7,21 attended (2) 16:10
affidavit (2) 6:19 107:1,7 114:7,7 224:1 225:18 19:19 20:24 21:6 207:4 188:15
176:10 124:9,25 130:17 apologies (1) 235:6 22:24 26:16 30:2,7 arrested (5) 5:9 127:2 attention (3) 93:20
affidavits (1) 156:21 138:7,17 142:1,3,4 apologise (6) 15:5 30:16,25 32:6,14 201:25 204:24 122:22 237:7
affixed (1) 87:6 142:14,18 143:11 101:5 119:18 120:3 34:8 39:2 44:6,13 206:21 attorney (5) 104:15
afraid (10) 54:17 143:12 144:3,4 120:9,11 44:23 47:10,23 arrests (1) 202:20 104:18 189:5,16
88:16,22 168:10 145:17 147:24 appeal (4) 42:12 49:20 50:7 51:16 arrived (2) 32:20 214:19
185:21 190:19,19 153:24 154:24 186:13,14,15 52:19 53:8 54:6 127:13 auction (1) 183:25
235:4 237:20 239:3 155:4,12,18 156:25 appear (5) 93:5 195:9 56:13 58:23 59:15 arrives (1) 121:3 audience (1) 200:15
afternoon (8) 121:3,5 157:4,19 163:9 222:11,11 235:18 61:6,10 64:6,20 artificial (3) 106:11 audio (1) 227:10
140:21 163:7 166:21 175:25 appeared (2) 84:10 67:12,24 70:18 189:5,16 August (2) 161:24
225:10 227:23 185:7 192:11 223:2 216:15 71:3,13 72:24 asked (19) 1:13 6:18 191:7
231:4 237:12 ah (4) 10:15 146:25 appears (7) 90:7,10 74:11 75:18 77:18 6:21 88:18 114:2 authentic (8) 26:23

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242

February 23, 2016 Day 15

101:8,11 105:12 106:9 116:13,14,16

authenticated (1)

109:5 authenticity (6) 26:19

64:22 86:16 87:13 87:17 124:20

authorise (5) 103:8 104:10,23 106:6 117:18

authorised (8) 103:17 104:8,25 105:24 110:20,22 125:10 125:23

authorities (12) 69:22 70:14 72:16 128:21 129:18 153:11,12 153:16 159:1 166:9 177:1 185:6

automatically (1)

228:18

AV (2) 10:21,22 average (1) 186:24 avoid (1) 14:2 avoidance (2) 184:11

208:15 avoided (1) 200:9 avoiding (1) 80:19

Avonmouth (1)

203:16 await (1) 237:20

aware (21) 3:6 34:16 41:25 56:21 57:1 57:23 68:15 80:4 108:4 126:14 140:18 141:5 171:16 173:6,9 178:13 190:3 193:20 194:22 214:12,22

awful (1) 112:4

B

B1/4/12 (1) 139:10 B1/4/24 (1) 167:15 B1/6/8 (2) 7:24 8:24 B1/6/9 (1) 8:18 B2/9/13 (2) 21:4

25:23

back (50) 8:22 9:4 16:3 17:15 23:24 25:20,23 30:12 39:11 40:25 41:2,4 48:23 49:8 51:7 52:5 54:7 56:11 72:1 77:18 80:12 84:22 85:24 86:5 86:10 98:2,4 125:13 133:5,22 145:1 146:4,13,21 148:18,21 163:4 167:1 179:21 206:8 209:18 210:25 212:16 213:16,21 215:2 220:4 233:11 237:23 238:19

back-up (1) 237:24 backdate (1) 85:8 backdated (1) 85:7 backdating (2) 119:4,5 background (1)

186:18 backside (1) 49:24 bad (4) 10:19 37:9

101:21 196:15 badly (1) 146:15 balance (2) 45:5 154:9 bank (382) 1:10,25

2:3,14,20 3:9 4:20 182:24 183:15,24 114:20 25:22,25 26:12
5:19 6:1 9:25 11:16 184:12 187:9 believe (11) 12:4 17:5 28:12,15,16 30:20
11:22 12:8,14,17 189:10 190:23,23 20:13,14 27:11 112:10 165:6,24
13:6,10,15,18 14:4 190:23 191:1,2,12 78:6 101:1,16 172:23 173:13
14:6,8,14,16,25 191:13,14,17,17,19 102:15 143:14 Blinova’s (2) 21:2 22:3
15:19,21 18:17,25 191:20,23,24,25 147:13 BNP (2) 17:9 196:6
19:13 23:10 24:22 192:1,2,5 193:8,14 believed (1) 205:15 board (12) 65:25
25:10 27:2,6,6,15 193:25 194:11,12 belonged (1) 194:25 167:22 168:6,12,23
28:8,20 29:2 30:12 194:16 195:5 197:8 belonging (1) 161:9 169:23 170:13
30:21 31:20,24 197:18 198:4,19,22 belongs (1) 82:4 204:21,22 205:2,3
32:2 33:22 34:10 198:24 199:2,25 Belykh (57) 7:21 8:11 206:3
35:8,14,18 36:1,4,4 200:9 201:4,9,15 8:12,20,25 9:11 boards (1) 168:6
36:12,21 37:3,15 201:24 202:3,7,15 10:21 11:14,22 bodies (1) 71:15
37:22 38:10 39:8,9 202:23 203:1 12:5,6,24 14:18,22 body (1) 50:1
40:6,14 41:8,11,17 207:15,24 214:6 15:5,8,9,11,11,11 bodyguards (3) 12:11
41:22,22 42:2,21 215:20 216:21 15:14,22 16:2 19:10 43:15
42:23 43:1,2,8 45:2 217:20 218:5,6,8 35:12 126:18,20 book (2) 115:16,18
45:11,12,14 47:21 218:17 220:15,17 127:5,11,12,19,20 Borisova (4) 32:17,18
50:18,19,20 51:20 220:18,20 221:3 127:22 128:1,5,10 139:3,6
51:25 52:8,12 54:8 222:12 128:11,15,17,17,25 borrowed (4) 180:12
54:9,25 56:7,21,22 bank’s (13) 5:16 16:11 130:14,25 131:14 180:24 181:7
56:22 57:1,20,22 43:25 51:21,24 131:24 133:16 222:24
57:23,25 58:2,5,8,9 55:1 61:12 93:6 134:13 170:12,19 borrower (4) 61:11,14
58:13,18,24 59:3,6 95:2 125:7 156:18 195:20 196:12,17 174:9 193:3
59:6,7,23,24,24,25 175:13 201:16 196:25 197:4,24 borrowing (1) 182:7
60:8,21,23 61:7 banker (3) 2:21 80:25 198:2,5,5 boss (1) 30:23
62:21,25 63:2,5,6 80:25 Belykh’s (2) 129:4,11 bought (5) 121:2
63:11,15,23 64:1,5 banking (1) 13:4 benefit (8) 58:2,8 136:24 145:1
64:9,14 78:8,16,16 bankruptcy (1) 61:8 92:25 115:2 180:5 146:21 196:20
78:17 79:1 80:11 banks (12) 38:18 43:8 180:10,22 181:10 box (14) 30:6 93:3,7
80:15 81:7,10,16 43:9 55:25 78:1 benefited (1) 192:2 111:12,24 114:20
82:4,4,14 83:3 84:7 170:17 198:18 benefits (1) 180:18 116:11,25 118:20
84:13 86:22 88:21 216:21 221:3,11 Berezin (13) 9:13 118:21 119:7,7,10
89:9,12,16,25 90:2 222:24 223:12 10:20 22:21 130:24 127:19
90:12 91:3,14,24 bargaining (1) 36:15 131:14,23 133:16 boxes (1) 120:4
92:2,6,9,15,20 Barrett (1) 2:18 134:12 135:18 boy (2) 1:16 88:8
94:17,19 95:12,20 based (15) 53:25 57:2 139:13,18,21 breach (4) 175:21,24
96:4,13,19,20 99:4 100:25 101:18 199:11 182:15 212:13
99:15,17 100:10,11 104:13 145:7 146:6 berth (1) 193:5 breached (2) 182:17
100:23 101:2,20 147:7 159:14 best (4) 216:12 182:19
102:1,5,16 105:18 174:18 176:7 185:1 220:14 232:4,15 break (11) 44:4,8,8,9
106:1 107:24 108:4 193:18 212:24 better (14) 90:18 44:11 109:25 172:9
111:1,2,17 113:23 224:6 109:18 110:11 172:12 219:4 230:4
114:22 115:4,7,15 bases (3) 99:3 214:11 118:25 119:17,19 236:20
119:11 122:24 214:14 121:13 129:6 breaks (4) 225:5,8
123:7 125:13 basically (3) 60:8 185:14,20 190:5 232:13 234:1
127:10 129:8 131:4 195:24 208:22 205:3 232:10,12 breathing (1) 59:16
131:20,23,24,24 basis (23) 17:7 22:7 beyond (1) 74:1 bribe (3) 73:1,21 74:3
132:3,5,21 133:15 38:20 55:20 61:11 Bidault (1) 185:19 bribery (1) 74:1
134:6,11,14,15,17 63:21 66:25 67:17 big (22) 13:7 17:13 bribes (1) 73:9
135:4,8 136:12,20 72:4,9 89:3 114:21 39:20 66:22 71:22 brief (1) 33:17
139:5 140:7 141:22 114:23 115:2 80:20 83:2,19 brigade (1) 70:8
144:20,25 145:1,6 141:18 176:3 182:4 88:15 95:16 126:24 bring (5) 12:24 88:17
145:9,10,13 146:21 193:7 211:6 213:19 156:12 170:18 122:22 129:1,6
146:21 147:1,6,9 214:12,16,16 179:16 183:23 bringing (1) 76:23
147:15,21 149:18 BBC (2) 203:10 206:5 193:16 194:23,25 brink (1) 5:7
151:10,11,13,15,21 bear (2) 75:15 117:14 201:8 205:17 206:3 Bristol (1) 203:15
151:22,25 152:14 beasts (1) 205:13 224:20 Bristol.’ (1) 203:24
152:17,17 153:6 bed (1) 224:23 big-faced (1) 2:8 broad (2) 73:25 74:4
154:8,9,14,17 beer (2) 39:23 170:17 biggest (3) 80:4,6 Brothers (1) 4:13
155:6,9,15,22 began (1) 165:1 129:25 brought (16) 10:7
156:17 159:13,14 beginning (10) 44:15 billion (6) 4:5 80:6 48:23 49:8 54:7,9
159:14,19 160:18 52:22 84:14,16 130:2 211:18,23 93:20 139:6,8
161:1,9,17,25 96:25 108:22 213:1 149:23 156:9 189:2
162:13 163:3 158:25 159:6 191:7 binding (4) 54:13 55:3 189:5,14,15 215:9
164:18 165:1,4,8 209:2 55:13,22 217:19
165:19 166:8,14,17 begins (1) 189:20 biography (1) 113:13 BSP (3) 5:15 168:12
166:22 167:7 behalf (22) 21:14 BIRT (4) 227:9,12 201:5
169:10 170:8 171:1 56:25 57:4 71:15 228:2 238:17 BSP’s (1) 168:22
171:7,17,24,25 79:21,21 87:5 bit (16) 10:11 11:25 build (1) 213:8
172:16 173:7,18 88:24 94:13 98:21 23:25 51:2 98:17 build-up (1) 139:16
174:7,19 175:4,8 104:10,16 113:16 109:25 127:5 131:1 building (5) 12:17
175:20,24 176:6 142:11 150:4 178:15 218:13 149:25,25 162:11
177:12 178:4,5,8 155:12 161:20 224:7 226:13 230:4 164:9
178:14,16 179:2,7 162:6 174:11 179:1 231:11 232:13 buildings (1) 163:20
179:10,13,17,17,20 182:7 191:18 236:20 Bulgaria (4) 92:24
179:21,23,25 180:1 behaviour (3) 36:24 Blinova (24) 21:10,17 111:19 126:24
180:4,9,12,25 37:12 43:4 22:1,20 23:9,20,24 127:13
181:7 182:11,14,19 belief (2) 102:3 24:17,25 25:1,5,13 bullet (1) 181:21

bundle (5) 7:25 91:19 120:18,19 122:2
bundles (6) 120:14 235:18 236:21 237:4,5,8

bunkering (1) 5:12 bureaucrat (2) 79:17

83:15 bureaucratic (2) 17:13

101:19 bureaucrats (1) 83:8 bus (1) 223:7 business (32) 22:11

38:15 42:20,20 65:14 71:14,24 72:16,17 73:2,7,22 74:3,10 75:7,20,25 76:11,15,19,23 79:13 82:24 83:17 83:17,18 86:20 88:5 162:3 174:20 176:9 178:21

businesses (6) 33:18 35:4 69:11 83:1 84:19 89:16

businessmen (2)

39:22 68:8

busy (5) 95:18 153:3 164:5 196:8 197:15

Butakova (2) 113:2,11 butt (1) 160:8

buy (3) 133:5 206:6 223:7

buy-back (7) 41:5 143:13,20 144:5,7 144:14 147:17

buying (1) 40:24

BVI (10) 6:18 46:18 48:2 111:19 156:21 167:17 170:21 176:10 185:17 209:7

C

C1/1/31 (1) 38:4

C1/1/32 (1) 38:12 C1/1/33 (2) 14:12
16:9

C1/1/34 (2) 16:9,21 C1/1/35 (4) 31:9 34:3

44:14 137:10

C1/1/36 (2) 44:20 45:16

C1/1/38 (4) 94:23 147:22 149:9 154:11

C1/1/39 (3) 95:8 154:23 164:7

C1/1/40 (1) 170:25 C1/1/41 (1) 171:4 C1/1/44 (1) 207:21 C1/1/45 (1) 208:7 C1/1/46 (1) 209:17 C1/9/3 (1) 126:4 C1/9/4 (2) 126:16

128:11

Calamari (2) 196:16 196:18

calendar (1) 11:9 call (16) 20:3 56:23

66:16 68:18 76:12 117:3 126:11 135:7 135:7 139:25 150:20 151:6 155:9 156:3 169:22 170:12

called (7) 55:9 89:3 127:15 150:15

169:1,17 177:24 calls (3) 29:19 139:22

140:3

cancel (1) 177:25 cancelled (2) 175:16

197:21 cancelling (1) 200:17 capital (7) 86:11

146:10 188:9 193:3 193:12,23 194:3

captain (1) 206:3 car (2) 76:25 169:5 care (10) 13:7,7

100:14 102:2 124:7 154:6 156:7 202:13 205:6 237:7

carefully (2) 56:8

157:2

carried (1) 212:12 carries (1) 116:23 carry (2) 165:19

184:24

cars (9) 69:7,8,24 70:7 70:8,9 71:19 76:23 76:24

case (59) 1:13 5:16 17:20 29:18,21,25 39:8 43:5,9 55:1,4 55:10,13 73:6,14 73:15,15,19 74:19 75:18 76:5,6 77:8 81:13 83:23 94:16 97:9 101:6,10,10 104:17 105:25 111:5,13 113:2 119:5,5 127:24 128:6 141:20 145:20 160:12 165:5 170:11,18 187:15 188:5 189:3 189:13 195:15 200:13 209:14 217:19 218:18 222:19 224:5 229:2 231:16 237:4

cases (3) 29:22 62:3 223:3

cash (5) 18:1 34:14 35:6 38:15,20 cassation (6) 186:12 187:11,16,21,24

189:23 category (2) 121:22

179:24

cause (3) 35:20 36:11 63:24

caused (1) 208:19 caution (1) 67:25 cease (2) 36:8,12 ceasing (1) 42:23 celebrating (1) 219:13 cent (26) 36:6,7 37:8

37:24 38:1 45:13 132:15,20 133:8,11 143:5 174:16 176:3 177:14,16,18,19 178:12 182:6 188:8 188:14,21,23 189:24 212:5 213:5

Central (4) 35:18 36:1 59:6 194:16

centre (2) 162:3 223:17

certain (22) 25:18 37:15 40:17 52:8 57:15 76:10,11 93:5 98:23 99:4 102:19 121:17,22 163:3 173:8 175:7

Opus 2 International transcripts@opus2.com
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243
February 23, 2016 Day 15

207:4 210:9 221:25 174:22 226:14 community (1) 75:1 comply (1) 175:4 consideration (9) 158:21 208:16 92:7 102:13 108:8

222:1 234:10,16 client (4) 43:7 45:13 companies (69) 13:16 comprise (2) 77:25 121:23 142:20,21 controlling (2) 82:6 109:14 111:1
certainly (6) 22:16 70:1 223:9 13:21 14:2 18:16 112:16 144:13,17 145:16 86:17 115:11 122:22
32:6 49:6 95:9 clients (12) 34:24 35:3 18:20,21 33:18 computer (2) 7:15 146:3 148:5,8 convenient (2) 224:8 172:6 177:20,20,25
132:2 138:6 36:5 76:16,17 38:9 56:20 57:8,15 138:10 considered (29) 19:13 224:8 183:13,16,18,19
certified (1) 185:18 97:12,14 103:20 57:16,22,24 58:10 computers (1) 232:6 37:9,10 39:5 43:20 conversation (3) 184:3 186:8,19,23
chain (1) 143:12 127:10 134:4 187:5 63:25 66:24 67:16 concern (6) 64:4 43:20 65:16 67:14 22:10 169:3 197:16 187:3,6,7,7,16,21
chairman (1) 65:4 223:6 69:13,25 72:3 75:17,17 153:3 69:25 70:15 76:19 conversations (3) 187:24 188:1,3
challenge (3) 21:22 close (6) 45:4 54:19 74:20,23 75:21,25 158:19 217:19 79:18 81:25 82:1 139:12,17 198:8 189:23 210:8,16
87:13,17 89:4 138:23 153:6 76:18 80:4 84:24 concerned (11) 22:11 82:12,25 89:4 90:6 cooperating (4) 3:1 211:3,17,21 212:24
challenged (2) 106:15 154:9 86:21 94:13 102:17 35:15 63:24 77:12 99:17 104:6 112:18 62:21 90:11 92:6 213:12,18,24
108:13 closed (1) 157:6 130:1 136:25 138:9 80:18 81:3 110:22 114:5,19,20 177:22 cooperation (7) 5:19 214:12,15,19,20,22
challenging (1) 142:13 closing (5) 45:4 76:3 138:15 141:3,4 127:5 157:17 227:3 181:1,2 186:21 6:1 33:21 72:15,22 215:6,9,13,15,17
chamber (4) 65:3,5 77:10 153:13 210:6 142:19 145:2 230:13 205:21 74:19 199:2 216:5 217:4 224:4
187:16 238:5 closings (1) 97:23 146:22 149:15 concerning (3) 136:13 considering (20) 40:1 coordinating (1) 3:5 225:22 227:14
Chan (1) 2:22 coal (2) 69:18,21 151:22 152:1,15 188:4 235:13 63:3 82:3 84:18 cope (1) 39:23 229:9 232:2,4
chance (15) 1:14 coffee (1) 15:22 154:15,16 158:12 concerns (2) 75:14 86:24 88:3 89:6,9 copied (2) 22:24 235:18 238:5
47:18,19 52:12 cold (1) 224:21 160:20 161:2,16 218:10 95:15 101:2 132:20 135:18 239:10
53:3,19 54:24 collaboration (1) 162:14 163:16 conclude (1) 229:23 153:12 170:21 copies (5) 29:24 court’s (7) 186:6
58:17,21 72:23 28:13 164:1 172:7 174:25 concluded (1) 188:1 177:19 180:18 119:17,19,20 206:17 212:4
82:9 130:2,9 collapse (3) 4:13 5:7 175:7 179:6,9 condition (4) 163:25 196:9 202:23 214:6 196:22 221:20,23 222:1,4
141:16 231:5 216:22 180:17 181:19,24 165:14 182:16 220:19 222:15 copy (22) 9:16,19,19 courts (11) 60:1
change (3) 51:17 collateral (5) 40:18 184:20 185:6 194:11 considers (1) 187:12 10:7,12 29:4,17,22 107:25 108:2 178:1
58:19 179:23 132:15,22 133:12 190:13 194:13 conditions (8) 19:4 conspiracy (1) 125:13 30:5 41:1 50:17 190:2 203:25
changed (3) 20:5 88:8 133:17 217:25 222:24 48:17 143:24 175:1 conspiring (2) 93:17 91:1,2,12 93:7 208:20,23 209:1,23
187:6 colleagues (2) 15:23 223:1,1 181:13 182:21 220:17 176:14,18 185:15 214:15
changes (2) 20:10 199:14 companies’ (1) 18:1 183:20 193:19 constant (2) 88:16 185:20 190:19 cover (2) 130:22
153:14 collect (2) 158:23 company (57) 18:11 conducting (1) 193:4 89:2 216:4 227:14 225:24
changing (1) 25:6 183:19 24:12,16 35:2 conference (5) 139:22 construction (3) 162:3 copying (1) 236:5 create (5) 35:16 43:1
charges (1) 5:12 collected (2) 62:13 62:23 69:5,23 139:24,25 140:3 164:4 217:20 corporate (2) 19:14 79:15 83:19 84:20
chart (1) 2:3 159:5 70:13 80:7 88:25 169:16 consultancy (2) 68:10 24:11 created (10) 54:25
chat (2) 197:12 199:4 Colonel (5) 88:5 113:6 95:14 100:6,7,21 conferences (1) 68:14 76:11 correct (4) 28:10 56:22 58:18 91:5
cheaper (1) 146:9 189:4,13,18 104:15 124:7 130:1 confidence (3) 17:7 contact (6) 1:12 2:20 113:3 149:13 168:3 92:22 96:23 99:15
check (14) 26:1 32:1 colour (1) 237:17 132:16 134:8 146:9 47:20 159:18 80:21 95:20 170:2 corrected (4) 25:18,21 101:1 105:17
52:15 95:14 99:2 coloured (1) 237:9 154:25 156:11 confident (3) 16:25 196:13 25:24 99:3 111:17
121:1,16 122:1 come (23) 7:22 9:21 158:2,9,21 159:2 17:16 40:14 contacts (3) 88:16 correction (1) 29:3 creating (1) 51:20
123:8,23 158:18,20 13:8 20:1 24:21 162:7 172:25 175:2 confine (1) 74:16 170:1 197:7 correctly (1) 227:4 credit (3) 38:6 165:15
228:25 238:12 25:14 33:1 37:7 175:22,23 178:22 confirm (14) 18:9 21:8 contain (1) 87:24 correspondence (3) 165:20
checked (4) 123:25 40:19 56:11 79:8 179:3,19 180:7,11 48:14 89:19,23 contains (1) 188:6 22:6 196:25 205:22 creditors (1) 204:2
158:14 222:6 224:3 80:3,17 98:15 180:23 181:1 94:25 106:8 117:10 content (3) 75:6,6 corrupt (5) 70:20,21 crept (1) 146:14
checking (2) 46:1 120:1 124:14 141:8 188:10 189:22 125:3 149:21 213:9 71:16 72:9 74:11 crew (7) 203:14,22
96:24 148:21 223:8 205:5 206:13 172:21 173:17 contention (1) 116:12 corrupted (2) 77:3 204:3,14,15,17,21
chief (3) 82:1 124:5,6 236:21 238:7,19,21 207:19 215:12 177:2 184:11 contentious (1) 79:19 criminal (9) 89:8
Christmas (3) 35:11 comes (4) 39:3 72:15 217:23 218:2,4,13 confirmation (3) 187:12 corruption (1) 76:5 158:25 161:13
153:2 216:8 190:20 236:15 220:1 223:3,4,5,8,8 25:15 115:14 contents (2) 66:19 costed (2) 184:14 189:3 190:4 192:5
circumstances (6) comfort (1) 129:1 223:11,14,17 172:20 99:23 196:21 195:14 209:2,3
40:6 110:9 167:7 coming (10) 2:10 7:16 company’s (3) 28:21 confirmed (11) 13:5 contest (1) 110:7 costs (2) 204:6,22 crisis (9) 34:17 35:5
182:10 190:1 9:24 30:5 33:16 74:25 188:9 17:12 39:17 96:25 context (7) 5:15 31:16 counsel (3) 7:3,4 38:6,14 39:25 40:2
212:11 51:4,21 120:21 comparatively (1) 108:3,16 109:13 34:8 76:1,7 226:8 154:8 40:3,4 79:13
city (8) 39:21,22 69:16 213:8 230:2 88:10 112:9 141:23 187:5 227:5 counterclaim (1) cross (1) 75:11
69:18,20 83:20 commenced (2) comparator (2) 109:4 187:8 continue (5) 65:22 99:21 cross-examination (6)
217:13 220:22 208:19,19 119:24 confirming (2) 146:1 79:21 178:20 counterparties (1) 1:7 112:10 230:23
claim (23) 28:4,7 34:5 comment (2) 1:11 comparators (2) 177:3 226:18 230:18 72:19 231:12 233:13
35:23 172:6 176:25 219:20 108:25 114:5 confirms (4) 20:21 continued (6) 1:6,7 counterparty (1) 35:7 240:4
183:17 185:25 comments (3) 123:14 compared (1) 43:2 48:16 184:4 210:23 164:16 173:11 countries (1) 206:8 crossings (1) 77:2
186:12 187:11,14 125:4 233:2 compensated (1) confrontation (1) 240:3,4 country (2) 200:7 cry (1) 48:24
187:16 191:6,11,15 commercial (17) 207:24 198:22 contract (18) 35:6 216:22 crying (2) 48:9,10
191:18,18,21 63:20,21 162:10 complained (2) confused (1) 6:3 40:23 41:2 55:3,14 countryside (1) cup (1) 15:22
207:25 210:14,16 163:24 180:5,8,10 145:15,20 confusion (1) 146:14 86:7 97:2 138:13 217:16 curiosities (1) 226:1
214:15 224:2 180:13,22 181:13 complaining (1) 155:9 connect (1) 238:10 140:25 143:1 145:4 couple (9) 5:22 6:11 curious (1) 111:22
claimants (1) 12:13 183:20 184:2,5,7 complaint (5) 148:5 connected (3) 72:18 145:10 147:10,11 66:15,16 120:13 current (2) 78:17
claimed (4) 26:5 185:7,10 210:24 159:1 161:13 187:4 238:17,19 147:19 159:8 124:9 138:25 193:4
101:22 105:12 commission (2) 65:9 188:13 connection (2) 78:14 166:12 218:16 175:15 189:1 currently (1) 196:7
179:25 79:12 complaints (5) 142:20 82:16 contracts (15) 40:21 course (26) 6:23 30:5 customer (1) 34:21
claiming (5) 20:19 committee (10) 64:25 142:22 209:2,3 connections (7) 63:4 48:10 62:10 85:2 36:25 56:12 89:22 customers (1) 34:21
35:16 84:8 215:15 65:4,11,19,20,21 211:4 79:24 82:22,24 86:1 91:19 95:16 92:23 98:13 99:24 cut (1) 122:13
215:17 66:6,13 82:10 complete (3) 44:21 127:8 129:18,23 124:25 142:24 112:22 124:4 Cyprus (1) 111:19
claims (4) 209:19 83:13 149:17 207:8 connoted (1) 114:10 148:24 151:20 129:13 142:19
210:9 214:11,13 committees (1) 69:2 completed (3) 93:8 consent (2) 57:11 152:3,10 153:8 157:21 159:22,22 D
clause (1) 143:4 common (1) 68:4 119:8 155:11 63:10 155:15 160:21 178:20 d (6) 97:8,19,20
clear (11) 58:4 60:5 communicating (1) completely (15) 8:19 consenting (3) 61:12 contractually (1) 52:9 186:6 191:3 193:24
121:14,14 122:1
77:7 111:13,16 202:25 33:19 57:22 58:3 61:14,15 contrary (1) 187:13 197:14 198:21,23
D/98/1261/1 (1)
115:6 136:22 communication (1) 82:5 88:7 89:13 consequence (1) 87:3 contribution (1) 75:1 209:25 210:1,5
10:25
144:22,23 145:19 202:6 141:5 161:8 169:14 consider (5) 67:11 contrived (1) 101:11 court (85) 8:20 26:20
D104/1429/1 (2)
155:17 communications (1) 177:2 178:13 179:4 140:10 146:2 148:7 control (8) 12:21 13:8 35:21,22 42:2,3,10
22:14,16
clearly (10) 28:1 35:12 199:15 211:10 219:8 174:5 88:21 113:6 149:18 42:12,12,15 52:2
D104/1429/2 (1)
112:17 114:17 communicative (1) completing (1) 111:24 considerable (1) 174:21 176:8 60:7,12,16,20,25
22:17
123:16 136:17 15:2 compliance (1) 182:17 116:18 210:18 61:24,24,25 62:2,2
D104/1429/4 (2) 24:4
166:10 171:25 communism (1) 15:16 complied (1) 175:3 considerably (1) 212:7 controlled (3) 154:16 62:5,10,12,14 90:9

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244
February 23, 2016 Day 15

27:9 110:20 111:10 173:12 D196/2939/0.2 (1) 52:20 53:17,20 63:25 167:2,5 122:13 132:5,6,6

D104/1429/5 (3) 24:5 D106/1502/1 (1) D117/1737/4 (1) 50:13 54:20 88:7,9 127:3 172:17 175:6,8 132:23 133:2 134:1
25:4 27:9 113:24 173:15 D196/2939/1 (1) 127:4 141:14 182:12,13 142:4 150:1 155:21
D104/1429/6 (1) D106/1502/2 (1) D117/1756/1 (1) 50:14 151:19 153:1 defaulting (3) 14:3 170:16 188:6
27:17 113:25 201:11 D196/2939/2 (1) 161:14 164:24 43:3,10 206:24 214:11,14
D104/1429/7 (1) D106/1503/1 (1) D117/1756/2 (1) 50:15 196:2 199:12,23 defaults (1) 173:8 227:4 236:7 237:9
27:17 118:8 201:12 D197/2943/1 (1) 2:1 200:6 207:7,19 defence (1) 99:20 237:17
D104/1429/8 (1) D106/1503/2 (2) D117/1763/1 (1) D197/2943/88 (1) 2:3 210:19,20 defendants (4) 73:11 differently (1) 225:6
27:22 117:24,25 196:11 D50/877/1 (2) 124:8 deadline (3) 44:16,24 73:16 76:4 235:13 difficult (4) 18:11
D105/1447/1 (2) D106/1504/1 (1) D117/1763/2 (1) 124:12 53:6 defendants’ (1) 64:19 169:6 200:6 236:4
135:2 140:15 104:19 196:12 D50/877/2 (1) 124:12 deal (6) 51:5 108:18 defer (1) 100:23 difficulties (5) 14:24
D105/1447/3 (2) D106/1507/1 (1) D120/1854/1 (1) D50/877/4 (1) 124:14 154:20 178:14 definitely (43) 2:19 35:17 38:8 39:10
136:2,9 123:10 81:17 D74/1090/1 (1) 189:24 227:12 18:17,23 19:1,2 59:17
D105/1447/4 (1) D106/1507/2 (1) D120/1854/2 (1) 125:17 dealers (1) 76:25 37:19 39:22 43:20 difficulty (1) 78:14
136:2 123:11 83:24 D74/1090/4 (1) dealing (1) 76:16 52:1 63:20 89:12 dinner (1) 2:9
D105/1447/5 (2) D106/1508/2 (1) D120/1854/3 (1) 125:22 dealt (3) 206:24 226:2 90:25 95:13,18,19 directly (4) 12:23
136:4 137:7 117:15 81:18 D98/1260/1 (4) 9:16 226:16 98:13,14 101:1 29:16 191:10
D105/1447/6 (1) D106/1510/1 (1) D120/1854/4 (1) 9:19 10:9 130:21 debt (8) 37:9,9,20,25 103:22,23 105:14 202:25
136:6 87:21 81:21 D98/1260/22 (1) 61:23 62:6,11 108:7 114:17 director (14) 9:13
D105/1447/7 (1) D106/1510/3 (1) 88:1 D121/1893/1 (2) 10:17 78:17 115:12 128:6 129:7 32:23 90:16 94:17
136:4 D106/1530/1 (4) 203:2 205:9 D98/1261/1 (3) 9:21 debts (9) 5:5 9:15 131:15 134:12 134:12 163:25
D105/1447/8 (2) 142:3 143:1 144:1 D121/1893/2 (2) 130:20 131:9 14:3 35:9 61:21 135:11 139:1 186:2,21 188:3,17
136:5 137:7 157:25 203:3 205:9 D98/1261/2 (2) 62:18 165:2 203:18 151:20 157:21 191:8 205:5 218:1
D105/1454/0.1 (2) D106/1530/4 (2) D121/1893/3 (1) 130:21 131:10 204:6 158:15 170:19 223:14
46:15 156:19 142:7 157:25 203:7 D99/1315/1 (1) 32:4 deceive (1) 128:10 197:18 202:12 directors (3) 18:15
D105/1454/0.2 (1) D106/1530/5 (1) D121/1893/4 (1) D99/1315/2 (1) 32:8 December (91) 2:13 214:8 216:7,12 151:7 156:11
47:1 142:10 204:11 daily (4) 156:2,10 3:17 5:10,11 6:12 223:15 224:19 disadvantage (1)
D105/1454/1 (2) 47:8 D106/1530/7 (1) D121/1906/1 (1) 174:20 176:9 6:16,17 7:22 16:13 230:5 231:18 181:6
48:13 143:16 206:9 damage (1) 181:6 16:14,15,16,19 Delay (1) 172:24 disagree (1) 160:3
D106/1488/1 (1) D106/1530/9 (1) D121/1906/3 (1) dangerous (2) 18:10 17:11,20 18:7,12 delayed (1) 219:9 disagreeing (2) 26:22
85:11 143:16 206:9 27:24 22:21 23:7,11 30:9 delivered (2) 155:15 26:23
D106/1488/3 (1) D106/1580/1 (1) D122/1929/1 (1) date (29) 10:4 11:2,12 31:1,5,11 32:17,21 202:15 disappeared (1)
85:12 117:15 199:6 13:19 45:4 48:11 33:10,23,24 34:10 delivering (1) 76:24 127:16
D106/1488/4 (1) 87:6 D107/1537/1 (2) D122/1929/2 (1) 85:24 86:4,10 90:3 35:10 37:17 38:11 demand (2) 137:19 disappears (1) 39:6
D106/1489/1 (1) 49:18 52:5 199:7 91:4,25 92:16,20 39:9 44:17 45:1,5 185:3 disappointed (5)
89:18 D107/1537/2 (1) D122/1954/1 (2) 96:21 101:25 102:7 45:18 46:10 47:12 demands (1) 173:14 80:23 197:23
D106/1489/2 (1) 181:14 209:22 210:12 106:5 119:1,15 47:13 48:15 52:23 denied (3) 106:23,24 199:23 200:1 207:8
90:15 D107/1537/3 (2) D122/1954/2 (1) 122:24 123:1,15,18 52:25 53:3,6,6,9,15 107:6 discerned (1) 146:24
D106/1489/3 (2) 90:1 49:19 52:10 210:1 125:13,25 166:21 59:7 62:20,25 63:1 deny (3) 116:8 124:10 disclose (1) 202:17
93:10 D107/1537/4 (1) D122/1954/3 (1) 169:22 179:12 63:9,24 64:15 124:20 disclosed (4) 12:13
D106/1489/4 (1) 181:15 211:13 dated (8) 10:3 84:4 80:21 84:23 85:15 department (5) 3:6 19:16 205:24
90:17 D107/1540/1 (2) D122/1954/4 (1) 87:24 123:16 87:2,24 104:2,21 15:24 139:2 166:9 235:13
D106/1490/1 (2) 118:4,11 210:3 124:18 125:5 199:9 106:5 110:17 170:9 disclosure (6) 51:22
91:18,20 D11 (1) 173:20 D122/1954/5 (1) 218:12 113:14 122:25 deprive (1) 226:7 64:20 97:11 135:10
D106/1490/3 (2) 92:2 D110/1566/1 (1) 209:22 dates (12) 11:11,13 135:17 136:13,15 deputy (4) 32:23 135:12 168:3
92:11 195:18 D122/1954/6 (1) 59:9 93:5 105:13 137:21 138:17 81:22 130:8,10 discrepancy (2)
D106/1491/1 (1) D110/1566/2 (1) 210:1 114:16 142:9 139:16 141:8,12 describe (1) 34:5 211:18,21
93:23 195:19 D122/1954/7 (1) 169:14 188:6 202:4 149:22 153:5,13 described (3) 163:7 discuss (19) 11:18
D106/1491/3 (1) D112/1621/0.1 (1) 212:17 202:5 207:8 155:6,14,23 156:24 182:3 194:21 32:22 33:20 35:8
93:24 99:8 D122/1954/8 (1) day (29) 4:16 11:19 157:4,9 161:7 describes (3) 33:25 47:19 52:13 54:4
D106/1494/1 (2) D112/1621/1 (2) 99:9 210:3 13:12 32:19 33:13 176:1 181:16 169:13 207:4 54:24 60:6 68:12
118:16,24 99:11 D137/2282/1 (2) 33:15 46:14,16 201:19,25 202:20 describing (1) 61:10 79:16 140:4,9
D106/1494/2 (1) D112/1622/1 (1) 190:17 192:16 48:14 51:5 53:5 216:1 designed (2) 77:11 141:6,15 160:4
118:16 95:23 D137/2282/2 (3) 100:12 128:15 decent (1) 233:15 235:21 169:11 175:17
D106/1494/4 (1) D112/1622/2 (1) 190:21 191:22 133:21 140:6 decide (3) 61:24 Despite (1) 232:7 228:2
118:24 95:23 192:19 155:11 169:1 173:4 62:12 73:14 destination (1) 182:1 discussed (42) 4:23
D106/1495/1 (1) D115/1674/1 (1) D137/2282/3 (2) 198:17 204:22 decided (3) 56:23 detail (3) 79:8 154:1 14:25 23:3 29:22
122:18 100:3 192:10,22 206:15 219:11,11 167:22 210:19 229:5 39:15 40:8,22
D106/1495/2 (1) D115/1674/2 (1) D137/2282/7 (1) 225:18 230:20 decides (1) 62:10 details (8) 25:19 40:9 46:16 51:18,19
122:18 100:4 190:20 232:11 233:20 decision (26) 31:24,25 80:17 95:14 98:15 68:5 75:19 78:9
D106/1496/1 (1) D115/1697/1 (1) D137/2282/9 (1) 234:6 235:5 42:15 62:5,7 129:7 150:24 158:9 95:2 107:23,24
105:1 200:23 190:22 Day12/84:20 (1) 169:8,23 186:15,19 162:19 108:5,14 130:23
D106/1497/1 (1) D115/1697/3 (1) D138/2317/1 (4) 133:23 187:12,14 188:16 detriment (1) 181:4 133:18 134:1
106:2 200:23 184:10 185:12,16 Day12/85:1 (1) 189:25 190:7 developing (1) 34:17 138:10 139:21
D106/1497/2 (1) D115/1702/1 (2) 186:16 133:19 197:19 199:5 development (3) 4:11 141:9 147:12
106:9 172:8,15 D138/2317/2 (1) Day15/144:24 (1) 204:25 206:17 209:16 217:20 148:23 149:1
D106/1498/1 (1) D115/1702/3 (1) 187:20 146:23 210:20,20,22 diaries (1) 19:12 150:23 151:2
113:10 172:16 D138/2317/5 (1) Day4/50:3-15 (1) 212:20,24 216:4 dictated (1) 195:8 152:24 157:1
D106/1498/2 (1) D115/1703/1 (1) 185:13 127:17 222:20 differ (1) 122:2 159:25 160:1
113:19 165:6 D138/2317/6 (1) Day4/52:13 (1) 129:4 decisions (6) 177:25 difference (4) 22:3,5 164:23 173:1,21
D106/1499/1 (1) D116/1715/1 (1) 187:21 Day4/52:20 (1) 188:20 200:18 98:7 212:25 187:15 195:13,16
103:25 172:22 D145/2424.1/1 (1) 129:14 207:14 220:12,12 different (43) 10:13 209:11 213:25
D106/1499/2 (1) D116/1715/2 (1) 162:22 Day4/52:22 (1) deep (5) 79:8 80:17 10:15 11:10,11,12 227:22
104:1 172:22 D196/2938/0.1 (2) 129:16 84:11 98:15 211:8 31:23 32:3 68:10 discussing (15) 6:19
D106/1500/1 (1) D116/1716/1 (3) 51:7,12 Day4/52:7 (1) 128:16 default (21) 13:21 68:14 69:6,11 18:22 28:4 39:19
105:20 64:18 66:23 77:19 D196/2938/1 (1) Day4/52:7-12 (1) 14:8 34:9 35:10 77:15 78:1 84:21 39:23 65:13 91:6
D106/1501/1 (1) D116/1716/2 (1) 51:13 128:23 36:7,20 37:16 98:7 103:21 108:2 112:15 134:5
110:13 64:19 D196/2939/0.1 (2) days (26) 7:17 17:10 41:23 43:6 44:25 112:13,17,19,20,23 139:13,18 140:2,8
D106/1501/2 (2) D117/1737/1 (1) 50:9 51:8 33:7 45:20 46:6 45:8,10 62:22 112:24 116:5 142:16 188:19

Opus 2 International transcripts@opus2.com
Official Court Reporters +44 (0)20 3008 5900

245

February 23, 2016 Day 15

discussion (9) 37:14 109:16 111:15,16
37:17,19 40:5 52:1 112:9,12,13,16
133:17 138:16 114:2 115:12,17,21
160:17 169:6 116:1,12 117:4
discussions (29) 2:9 119:24 120:15
5:25 7:13 14:13 121:13,17,19,22
19:2 29:6 31:19,22 124:1,20,21 135:25
31:23 35:22 39:18 139:7 141:21 151:3
51:25 62:15 78:1 151:12,13 154:14
79:21 98:16 131:16 155:10 156:5,9
132:5,7,24 133:16 173:22 202:10,12
134:13 139:1,25 202:14,17 205:23
141:11 151:5 217:1 237:9,11
196:25 200:20 238:20
207:14 doing (19) 7:19 30:22
disguised (1) 211:7 37:20 69:19 74:11
dismissal (1) 186:20 76:10,22 88:5
dispute (3) 23:2 26:18 113:1 135:11 156:6
189:25 159:17 162:9
disputed (1) 124:25 166:19 183:1,3,21
disseminating (1) 211:11 238:24
228:14 dollars (1) 4:6
distinguish (1) 77:14 double-check (2) 26:1
distinguishes (1) 32:9
77:14 doubt (7) 96:22
distribution (1) 62:13 100:15 184:11
District (2) 186:19 188:4 208:15 222:7
187:3 227:25
divider (2) 91:22 doubts (3) 161:3,4,5
176:21 Dr (163) 1:8 3:12 6:9
divorce (1) 209:14 8:1,8 9:11 11:14
divorcing (1) 209:13 13:13,24 16:17
DMITRIEVICH (2) 1:6 17:6,18 18:6 19:19
240:3 20:24 21:6 26:16
Docks (1) 203:16 30:2,7,16,25 32:6
document (111) 1:13 32:14 34:8 39:2
2:4 20:23 32:7 46:1 44:13,23 47:10,23
46:7,10 47:25 49:20 50:7 51:16
49:20,22,23 50:1,6 52:19 53:8 54:6
50:7,22 51:9,9,11 56:13 58:23 59:15
52:4,6,11,24 53:2 61:6,10 64:6,20
53:22,24 56:22 67:24 70:18 71:3
61:1 86:16,17,18 71:13 72:24 74:11
89:24 90:2,4,6 91:5 74:20 75:18 77:18
91:21,24 92:8,21 82:20 84:6 85:17
93:4,7,9 96:19,20 85:23 86:8,13
96:23 98:1,9 99:18 87:11,15,21 89:18
100:9,12,16,25 90:22 93:15,23
101:1,17,18,22,23 94:4,11 96:7,24
101:25 104:5,6,14 98:20 99:7,19
104:23,24,25 101:4 102:18 103:7
105:14 106:8,9,12 104:3 105:22
107:23 108:9 110:7 107:12 108:24
110:8,21,22,23,25 109:1,21 110:14
111:3,10 112:5,18 111:2,8 112:4
112:23 113:18 113:16 114:2,19
114:4,17,22 115:3 115:24 117:14
115:25 117:9 120:10 122:5,9,17
118:17,25 119:8 123:11 124:8
122:6,23,25 123:2 125:10,23 126:3
123:18,19 124:18 128:18 129:22
125:1,3,6,9,22,24 130:18 131:5,22
126:2 135:16 136:6 132:10,18 133:21
137:15 150:23 134:16 136:10
168:5 215:21 142:14,17 144:2,22
documentation (5) 145:11,15 146:17
44:22 51:22 95:3 146:24 147:3 148:4
216:13 219:21 154:10 155:17
documents (77) 12:14 157:2,10 158:16
19:15 21:4 22:13 159:7 160:6,17
24:23 26:19,21,23 162:5 164:12
27:6,25 48:20 166:13 168:9
51:21 53:14 54:5 171:14 172:14
60:17 64:12 89:11 173:25 176:22
92:18,19 95:12,22 180:14 182:2,22
96:16 98:8 99:8 184:6 194:7 195:20
102:23 105:10,11 197:3 198:1,20
105:19 106:13,16 200:8 201:20
107:18,25 108:1,3 202:19 210:4 213:8

213:11 215:22 216:9 218:22 219:14 222:7 224:15 225:7 226:7 226:14 229:3 234:21 235:2,12,19
draft (21) 21:20 24:18 25:4,6,10 27:12,15 27:18 28:1 46:23 48:15 50:12 74:12 74:15 98:20 131:13 131:18 132:13 133:13 142:8 146:18

drafted (5) 21:14 27:1 53:2 83:21,22

drafting (2) 40:15 95:21

drafts (17) 24:20 25:13 26:11 28:4,4 28:7,11,23,24,24 51:24 142:16 152:2 156:24 157:3,18 173:22

drag (1) 199:15 draw (1) 56:3 drawing (1) 47:12 drawn (1) 55:17 dream (1) 34:25 dreaming (1) 72:21 drive (1) 169:3 drunk (2) 153:2 219:8 due (18) 5:5 23:10

38:10 59:9 87:22 91:10 100:9 102:20 166:14,21,24 168:15,21,24 179:12 186:5 202:4 210:5

Duma (1) 72:2 duties (1) 224:23

DV (1) 165:16 dying (1) 117:12

E

E (1) 107:14

e-mail (46) 9:12,16,19 10:3,8,10,11,12,20 11:3,21,23 21:18 22:20 23:2,9 27:8 28:11 29:11 30:3,4 30:12 32:16,19 48:14,16 130:22,24 131:22,25 135:17 138:2 141:12 151:19 152:3 156:20 165:23 173:4,18 197:16 199:9 200:24 201:3 206:16,20,21

e-mailed (7) 11:16 155:4 165:7 172:23 195:21 196:14 206:10

e-mails (6) 23:3 29:8 29:15 46:17 157:8 157:9

earlier (9) 30:4 120:25 123:3 124:11,22 140:21 190:24 194:3 239:7

earliest (1) 38:23 early (25) 5:9 6:16 7:22 16:12,15

17:20 18:7 30:9 31:1 33:10 127:6 127:14 164:9,16 165:20 198:21

224:19,22 225:4,5 216:4 217:9 228:9 64:13 88:19 108:18
225:10 229:20 228:11 229:5 108:19 126:18
230:6 232:12 enormous (3) 112:8 133:20 137:25
233:14 113:5 191:12 139:12 149:10
easier (2) 111:23 enormously (1) 169:19 170:25
237:16 184:17 171:13 182:4 188:5
easiest (1) 238:21 enquiries (3) 29:19 190:24 195:12,13
easily (1) 229:11 54:3 84:15 201:16 208:7
easy (2) 115:17 enquiry (2) 79:15,18 209:19 223:21
226:18 ensure (3) 56:1 162:1 227:15 229:9
EBRD (7) 1:12 2:11 3:1 239:6 evidences (2) 89:7
3:22 17:9,12,13 enter (4) 12:7,20 57:4 200:13
economic (5) 32:24 220:14 ex (3) 221:8 222:20
34:17 39:25 40:2 entered (12) 40:18 228:6
65:5 41:7 56:14 84:24 ex-head (1) 68:23
economist (2) 65:9 124:24 142:13,18 ex-teacher (1) 15:15
82:2 147:5 174:6,11 exact (1) 91:1
effect (3) 38:14 178:17 218:16 exactly (5) 5:13 34:23
154:15 178:3 entering (1) 94:6 78:9 94:8 149:19
effective (2) 55:2,5 enterprises (1) 78:15 examination (4) 108:8
effectively (1) 211:6 entirely (2) 119:18 108:10 160:1
efficiency (1) 78:1 120:2 231:15
effort (1) 232:8 entirety (1) 210:5 examined (1) 106:18
efforts (1) 198:13 entities (2) 56:23 example (18) 20:1,2
eight (2) 1:19 109:17 74:21 62:6 63:17 69:6,7
either (10) 12:9,22 entitled (1) 178:20 69:15 70:1 71:24
16:2 25:5 28:12 entity (2) 56:17 74:23 76:22 85:20
59:23 104:11,13 180:15 97:12 134:7 137:2
120:17 238:15 entrance (3) 12:16 140:17 141:21
elaboration (1) 55:10 13:5 150:1 223:7
embarrassment (1) Entrepreneurship (1) examples (4) 69:15
232:3 65:5 136:16,22 138:9
embers (1) 117:12 entries (7) 220:24,25 exceptions (1) 117:10
emerge (1) 123:22 221:10,16 222:4,8 exchange (3) 32:16
emerged (1) 203:21 237:18 102:6 136:11
emigrated (2) 199:24 entry (4) 99:11 156:23 exchanges (2) 133:24
202:12 192:23 236:24 226:4
emigration (3) 199:12 equipment (1) 70:6 exciting (1) 119:3
200:6 207:7 Erokhin (2) 214:4,18 exclude (2) 65:25
emotional (1) 169:4 especially (18) 15:21 218:7
emotions (3) 198:23 15:23 40:1 49:12 exclusive (1) 149:17
205:14,18 57:21 69:5 70:12 execute (1) 95:3
emphasise (1) 160:7 70:16 78:7 107:22 exercise (2) 109:4
employed (1) 115:11 140:7 195:16 119:24
employee (1) 30:21 202:24 208:16,17 exhibit (2) 140:14
employees (13) 20:17 214:4 220:21 223:2 185:16
29:5,17 30:19 establish (5) 94:12 exhibited (2) 46:17
31:23 32:1 40:14 115:1 212:22,23 48:2
67:5 70:16 88:4 213:9 exhibits (1) 9:16
102:12 127:1 established (8) 19:14 existed (1) 48:16
207:18 68:24 79:9 80:7 existing (6) 78:19
employment (2) 126:15 186:17 100:22 102:15
186:22 187:8 214:5 215:11 105:10 120:19
empty (4) 11:23 estate (2) 162:17 189:11
110:24 114:21 165:14 exists (1) 125:7
116:11 estimate (1) 231:1 expect (1) 94:12
enable (1) 227:20 estimation (1) 37:24 expected (4) 2:4
enclosed (1) 216:4 Estonia (1) 207:6 30:10 68:11 230:23
encouragement (1) Eve (2) 216:8,13 expecting (1) 39:25
234:11 evening (1) 235:9 expensive (2) 146:10
endeavour (1) 234:17 event (3) 51:4 164:22 196:20
enforce (5) 60:9 61:22 227:16 expert (7) 65:11,12
62:22 64:1 173:7 events (6) 68:15 69:4 108:6,11 109:1
enforced (2) 41:23 69:11 164:9 199:15 115:10 121:19
220:13 237:19 expertises (1) 103:21
enforcement (12) everybody (14) 18:18 experts (7) 103:23
42:1,6,16 60:2,21 18:25 19:1 39:19 106:18 108:2,15
61:1,1,2,5 62:18 43:6 80:4,8 153:2 112:14,14 121:23
63:10 183:25 194:21 199:4 explain (13) 12:4 38:3
engaged (1) 3:15 204:24 222:17,17 79:5 88:2 103:2
engagement (2) 95:11 232:14 154:13 178:15
234:16 evidence (45) 6:14 179:4 191:5 199:3
England (2) 204:17 7:21 8:25 9:12 213:25 215:5
207:5 14:12 16:12 17:20 226:13
English (14) 85:20 21:10,13 23:20 explained (5) 25:22
110:23 112:14 24:22 25:16 26:1 59:22 151:8 152:19
113:20 116:25 26:11,13 30:15 197:15
117:24 172:22 36:22 48:22 49:7 explaining (3) 139:15
185:17 206:17 53:19 61:23 62:19 226:20,24

explains (3) 24:17

25:13 140:13 explanation (7) 184:6

201:10 221:15 222:10 223:22 225:25 226:22 explanations (1) 52:3

extend (14) 27:23 41:19 59:8 63:7 83:25 165:8 166:14 166:18 167:23 168:7,12,23 171:1 171:17

extending (2) 35:9 37:15

extension (11) 27:13 27:19 41:21 55:16 78:19 79:2 87:24 94:14 96:4,9 99:12

extensions (6) 21:15 23:22 40:9 81:10 85:1 100:17

extent (2) 110:5 122:9 extra (3) 40:7 147:5

233:24 extract (3) 98:20

203:10 217:3 extracted (1) 179:25 extracts (1) 217:8 extradition (2) 195:14

195:17 extravagant (1) 73:5 extremely (4) 107:22

184:13 196:7 238:6

F

fabricated (2) 111:11 115:4
face (7) 27:12 101:8 104:3 158:6 159:12 193:16 219:23

faced (1) 36:4 facilities (1) 74:25 facility (1) 218:11 fact (31) 14:7 31:1

36:15,20 44:24 50:3 52:19 59:2 64:9 78:6 86:24 101:2 111:11 114:20 116:25 136:15 147:25 153:12 159:7,8 171:24 179:23 184:3 188:4 193:13 196:24 214:6,22 226:15,16 227:2

failing (1) 166:2 failure (1) 169:9 faint (1) 120:5 faintly (1) 120:2 fair (4) 124:1 215:15

224:12 225:6 fall (4) 87:22 102:20

166:23 168:24 falling (2) 59:9 91:10 falls (1) 148:6 familiar (1) 1:17 family (4) 44:1 52:17

210:22 224:20 famous (2) 68:25

83:15

far (22) 18:21 20:18 22:1,10 26:10 46:24 51:18 65:15 82:17 85:3 133:10 149:12 155:25 173:21 196:3 202:13 210:13

Opus 2 International transcripts@opus2.com
Official Court Reporters +44 (0)20 3008 5900

246

February 23, 2016 Day 15

214:9 215:20 224:5 13:24 36:18 46:9 foot (3) 23:16 93:2
230:13 233:21 46:14 70:21 72:13 97:19
fast (1) 234:18 87:15 107:12 111:8 footing (2) 194:8
fault (8) 119:16,16,18 115:23 121:14 226:11
119:22 120:2 122:1 158:16 force (2) 199:15,24
146:15 215:24 160:14 180:14,24 forced (1) 186:24
222:2 219:5 225:11 forecasts (1) 38:20
favour (1) 190:7 230:14,20,23 foreign (3) 15:23
fear (1) 93:12 233:10,12,18,23 72:19 76:25
feature (1) 107:8 234:1,12 forever (2) 37:10
featured (1) 6:21 finished (5) 160:9 133:8
February (5) 1:1 96:3 219:6 225:13 231:5 forge (2) 112:4,8
123:17 201:18 238:21 forged (6) 104:6 111:3
239:11 finishes (1) 132:13 111:10 113:3 115:3
federal (3) 65:9,13 finishing (1) 233:21 121:21
79:11 Finnish (1) 34:21 forgery (2) 114:21
Federation (1) 130:12 fire (1) 70:7 121:17
feel (1) 231:2 first (100) 1:25 2:7 5:9 forging (3) 111:5,9,21
feeling (4) 129:6 6:18 12:15 23:5 forgot (1) 199:17
145:12 151:12 24:5,25 38:13 42:1 forgotten (1) 111:4
231:21 42:3,5,11 46:16 form (4) 47:16 131:16
feels (1) 107:17 47:6 49:23 58:20 134:15 173:24
fell (4) 5:5 11:9 60:15 66:22 67:8 forma (1) 140:15
166:14 168:15 68:7 71:8 81:21 formal (5) 60:19 61:25
felt (1) 36:14 85:10,23 86:4,15 79:20 173:23
female (1) 205:25 89:6,17,21 91:8,9 183:20
fifth (1) 123:4 91:10 92:10 96:9 formally (2) 152:8
figures (2) 129:2 98:24 100:18 209:15
212:22 101:15 103:9,11,12 forward (3) 9:9 98:21
file (8) 96:16 119:23 103:15 104:21 116:24
121:24 122:4 105:2,4,21,23 forwarded (1) 203:4
153:14 187:15 108:6 115:9 119:10 found (6) 1:12,22
191:14 218:18 120:7 122:21 63:17 189:3 211:7
filed (19) 91:24 92:9 124:10,23 125:18 226:17
92:20 96:19,20 130:21 134:19 four (7) 16:6 35:21
110:25 113:23 136:7 145:4 150:7 52:20 61:3 65:12
134:11,15 158:25 150:8 152:8 154:4 98:24 231:8
161:13 172:5 191:7 158:23,24 159:2 fourth (7) 105:17
191:9,10,18,20 161:13 165:7 117:17 118:10
209:2,3 166:18 167:23 123:4 211:14,16
files (4) 111:17 136:20 168:13,15,20,23 236:24
202:13 235:24 171:1,10,24 172:18 framework (1) 161:25
filing (2) 108:21,21 173:11 174:20 France (4) 92:24
fill (1) 111:4 175:24 177:21 111:19 203:21
filled (3) 111:12 186:8,15 188:1,14 207:5
113:22 114:16 191:11 192:15,16 Frankfurt (1) 2:12
filter (1) 120:18 196:1 197:17 198:7 free (1) 233:19
final (10) 3:7 25:6 199:12 200:6 Freeman (4) 1:24 2:1
40:16 46:11 53:1 201:17 207:10,11 2:7 3:5
62:13 78:11 89:11 207:15 222:23 freezing (1) 228:6
142:8 197:19 236:23 frequent (4) 14:23
finalise (3) 51:5 94:20 fit (1) 231:25 16:1,4 126:13
162:3 five (15) 16:6 18:15 Friday (6) 11:6 32:21
finalised (1) 56:4 20:7 35:21 45:20 120:21 229:15,17
finalising (1) 95:22 46:6 52:20 53:17 229:20
finally (3) 28:1 183:19 53:20 61:3 107:23 friendly (5) 15:14 16:1
184:13 110:4 112:16 117:5 22:1,6 64:7
finance (4) 3:16,25 150:12 front (1) 76:7
9:12 17:9 Fiveisky (1) 83:14 frustrate (2) 60:10,11
financial (8) 4:25 fixed (1) 224:25 fuel (1) 204:6
14:24 38:3,14 45:5 flag (1) 186:6 fulfil (2) 54:19 175:8
63:3 134:12 181:24 flavour (1) 236:15 fulfilling (3) 96:13
financially (1) 34:16 flexible (3) 37:11 175:24 202:24
financing (5) 4:10 225:2,3 full (11) 47:20 84:18
15:24 60:3 162:2 floor (2) 12:18,20 120:24 151:12
193:4 floors (1) 12:6 159:18 168:21
find (14) 36:25 37:1 flow (5) 18:1 34:14 176:8 199:24
37:11 42:18 63:1 35:6 38:15,20 214:18 217:7
63:16,19 78:6 focus (1) 49:4 232:11
108:11 109:4 focusing (1) 147:4 fully (1) 57:1
133:13 151:24 follow (3) 157:2 167:6 fun (2) 137:14,14
198:18 237:4 233:16 funding (2) 164:17,22
finding (1) 50:7 following (4) 84:14 funds (3) 178:23
findings (1) 189:12 170:22 182:20 179:2 180:6
finds (2) 26:20 187:17 211:11 funny (5) 10:1 48:9
fine (3) 1:18 75:5 follows (5) 132:14 112:11 209:12,16
237:22 205:8 211:15 further (19) 4:10 35:9
fines (1) 62:12 212:11 218:15 40:18 41:9,12 55:9
finish (29) 5:24 13:13 food (1) 203:23 58:12 75:10 88:17

111:23 116:11,21 141:21 162:2 207:25 212:3 218:14 230:21 231:6
Fyodorov (13) 64:25 65:2,3 66:8 72:1 74:20 77:19 79:6,8 79:14 80:1,14 81:13

G

game (3) 82:15 165:24,24 games (1) 84:17 gangs (1) 43:16 gap (1) 231:11 garbage (1) 84:19 Gazprom (2) 71:24

72:22

general (8) 6:20 59:11 90:16 186:3,21 188:3,4,17

generally (6) 40:12 71:3,6 72:19 118:22,22

genuine (3) 26:21

114:10 190:6

Germany (1) 2:16 getting (3) 81:10 155:10 229:18

gift (1) 211:7 girls (2) 22:2,2 give (44) 1:14 6:6

12:16,19 14:12 30:19 32:7 38:13 40:7 41:8,12 42:20 58:25 59:16,16,18 68:12 69:15 80:12 88:19 97:24 103:3 106:21 120:23 126:17 138:11 146:6 154:1 170:25 208:7 219:24 221:15,16 222:10 223:21,25 226:19 226:22 231:6,10,12 232:12 235:1 238:22

given (34) 21:10,13 23:20 48:22,24 49:7,13 52:2 53:24 55:25 63:23 67:9 74:23 80:24 97:11 102:5 105:4 106:4 109:10 117:22 123:7 144:9 148:12 176:2 178:11 179:17 181:12 193:14 194:14 221:13 223:22,24 227:17 233:24

gives (5) 7:21 8:25 9:11 62:14 139:11

giving (8) 30:18 41:11 59:2 89:16 206:16 206:21 223:15 227:15

glass (1) 39:22 global (2) 39:25 40:2 go (71) 7:24 9:4 12:9

12:23,23,24,25 20:25 24:1 25:22 27:17,22 30:12 42:2,10 44:3,20 45:15 47:1 49:18 51:7 52:5 56:8 60:12,24 61:1

64:17 72:1 77:18 98:4 99:6 109:16 109:18 110:4,6 117:5 120:7,13 126:3 127:21 133:22 143:10 147:22,25 148:24 149:25 160:25 164:7 170:24 187:20 190:21 191:22 192:9,21 200:22 204:24 205:7,13,15 209:21 212:20 217:2 220:4 225:1,7 231:3 233:11 235:20,20 238:18,22

goes (3) 9:18 97:21 187:10

going (83) 11:18 20:3 23:4 24:15 29:25 31:4 32:2 33:23 34:9 36:14,20 39:11 42:19 44:7 52:3,9 59:10 64:12 67:7 73:4,5,13 75:22,23 77:13 81:3 84:22 86:5 87:22 98:2 102:19 110:4 117:3 119:22 121:12 122:12 123:23 130:13,17 133:7 136:4,4 137:15 144:14 146:3 148:7,11,17 148:18,21 153:18 155:19,20 158:2,6 159:8,9 164:8 166:23 167:14 168:9 172:2 173:25 175:11 180:14 194:5 195:10 197:2 197:18 198:3,5,10 199:3 200:1,5 201:10 224:12 229:15,19 231:21 231:25 233:20 235:15

GOM (1) 155:13 good (32) 1:3,4 2:9

61:15 63:2,14 64:8 65:6 66:8 79:24 82:21,24 83:18 102:13 110:5 121:7 129:23 164:6 170:1 170:15 180:1 190:19 205:20 206:15 230:6,7,14 230:14,16 233:3,7 234:20

goods (1) 72:20

Gorod (2) 162:16,17 governance (1) 19:14 government (9) 20:4 20:11 67:2,19

69:17 72:6 82:11 82:16 83:14

governmental (2)

68:16 76:21

Governor (2) 81:22,24 grace (2) 78:20 84:1 grant (1) 44:17 granted (1) 229:7 grateful (3) 78:18

227:7 238:24 greater (1) 237:24 grief (1) 232:7 grim (1) 235:10 gripping (1) 110:10

gross (1) 145:25 grounding (1) 188:18 grounds (1) 188:19 group (57) 18:1 34:16

37:2,22 38:8,9,21 50:24 56:14,14,17 56:23 57:1,2,6,7 58:10 63:4,25 67:5 70:3 72:17 77:22 78:15 79:22 80:5 88:4 129:25 136:22 138:8 140:19,20 141:2 161:23 164:17 175:22 178:22 179:5,9,14 180:8,16,17,18,19 180:20,21 181:1,3 184:20 188:7,24 189:7 194:13 203:18 212:13 217:25

group’s (8) 38:14,15 38:20 66:24 67:16 72:3 95:2 155:4

guarantee (23) 103:16 103:16 104:20 105:4,21 106:4 107:8 110:15 114:1 114:7 117:16 118:4 118:8,9 121:21 123:13 218:16 219:18,24 221:13 223:23,25 224:3

guarantees (5) 103:8 103:12 107:2 223:15,24

guest (1) 126:15 guide (2) 232:23,25 guidelines (1) 24:11 guys (1) 80:20

Guz (5) 12:25,25

14:18 16:5 35:12

H

H1/11/1 (1) 161:18 half (17) 4:5 18:14 42:11 60:16 61:4

98:25 103:5 110:1 119:4 122:25 123:17 232:20 233:19,24 234:6,13 234:13

halfway (2) 38:19 212:4

hand (6) 112:20 155:16 209:9 211:24 213:3 235:11

Handed (2) 176:19 235:14

handmade (1) 92:1 hands (7) 18:18 40:12

105:7 107:19 200:21 202:11 207:11

handwriting (4) 114:5 119:23 121:18,23 hang (2) 30:13 159:23

happen (4) 88:14 195:10 203:25 235:23

happened (12) 11:15 34:5 53:11 54:6 88:12,23 113:12,17 133:9 201:19 225:23 228:17

happening (1) 198:6 happens (3) 77:10

228:8,13

happy (7) 1:15 80:8,9 99:23 164:5 196:8 227:12

hard (4) 20:13,14 176:14,18

harm (1) 198:1 haste (2) 157:12

199:20

head (14) 2:19 15:19 64:24 69:2 79:11 82:10 83:13 139:2 141:24 166:8 170:9 170:14 177:24 189:21

headed (4) 28:21 51:9 51:14 54:22

heard (1) 223:16 hearing (3) 228:8,14

228:19 hearings (3) 68:21

221:8 227:5 hearsay (1) 26:15 heavily (7) 3:18 5:23

70:3 90:11 92:6 189:8,17

hectic (2) 95:17 198:9 hefty (1) 225:18

held (3) 43:24 188:22 203:20

help (10) 3:20 37:22 42:17 43:4 70:14 74:22 80:9,20 89:9 128:19

helped (2) 14:6 162:20

helpful (1) 189:12 helping (1) 37:15 helps (3) 7:8 229:2

235:22 hierarchy (2) 12:8

82:6

high (3) 11:22 62:5 230:3

higher (1) 184:1 HILDYARD (203) 1:3

1:16,18,21,23 2:4 2:23 3:10 6:2 9:4,6 9:9 19:17,19,23 25:3,17 28:9,17,23 29:2,7,10,13,20 44:7 49:1,4 55:1,4 55:9,15,18,24 56:10,12 67:24 71:1 73:3,12,20,25 74:7,14,18 75:5,9 75:12 76:9 77:4 90:13 92:25 93:11 93:15,20 98:11 101:4 106:15,18,20 106:25 107:3,20 108:17 109:7,9,12 109:15,18,22 110:2 111:20 115:21,24 116:5,8,11,16,20 116:23 117:3,8,20 117:23 118:3,12,14 118:19,23 119:2,7 119:12,21,25 120:6 120:12 121:4,7,15 122:10,15 123:9,19 124:2 146:14,16 148:12 149:5,9,12 149:20 150:5,8,11 150:14,18 151:14 151:17,24 152:4,6 152:12,18,24 153:18,23 154:5 160:6,11,16 163:11

Opus 2 International transcripts@opus2.com
Official Court Reporters +44 (0)20 3008 5900

247

February 23, 2016 Day 15

163:13,21 164:2 ice (2) 39:4,5 59:7 235:2 189:12 210:17 June (27) 41:15 79:3 kids’ (1) 70:4
172:10 176:15,20 icons (1) 24:2 indicates (1) 92:13 interests (6) 62:11 80:13 81:6 84:9 kilometres (2) 217:14
183:8 184:18,22,24 idea (13) 129:11 industrial (3) 82:10,25 170:23 180:20 85:25 86:2,6,11 217:15
185:3 186:12 132:2 133:3 136:13 83:13 181:2 199:25 87:25 91:16 96:5,9 kind (18) 7:24 18:13
192:18 194:6 195:2 138:12 144:24 influence (5) 76:20 212:13 99:13 100:18,24 48:10 68:18 69:19
195:5,8,12 219:9 146:19 147:16 129:7 130:6 220:20 internal (8) 27:6 51:22 113:11 124:18,24 70:9 72:22 82:15
219:12 222:22 150:25 152:15 220:22 51:24,25 70:4 125:6,6 163:5 85:7 87:3 147:14
224:11,15,25 225:3 213:20 223:4 233:7 influential (1) 43:21 99:18 123:7 133:16 171:12 185:24 150:15 156:2,10
225:12,15,17 227:8 ideas (1) 141:24 inform (2) 201:3 internally (1) 56:7 186:23 199:9 163:17 172:4
227:11,20,24 228:3 identified (2) 93:6 202:19 international (3) 1:19 210:17 232:13 238:6
228:11,15,20,22 239:5 informal (1) 22:6 76:16,18 JUSTICE (203) 1:3,16 Kirikova (13) 21:13,25
229:2,5,24 230:8 identify (4) 7:7 120:20 information (9) internet (5) 203:5 1:18,21,23 2:4,23 22:22 23:21,23,24
230:16,22 231:1,9 180:22 220:6 158:23 159:5 188:6 205:11 220:5 3:10 6:2 9:4,6,9 25:1,14,18 26:6,12
231:23,25 232:3,19 identity (1) 158:19 201:21 202:4 221:15,22 19:17,19,23 25:3 26:24 28:14
232:23 233:5,8,23 illegal (4) 177:23 206:16 207:10,12 interrupt (4) 109:9 25:17 28:9,17,23 Kirovsky (3) 186:19
234:4,7,20 235:1,8 178:2 187:8 190:4 222:16 119:14 159:23 29:2,7,10,13,20 187:3,6
235:23 236:11,18 illegally (1) 187:5 informed (9) 165:11 233:8 44:7 49:1,4 55:1,4 KIT (2) 3:25 17:9
237:1,3,7,15,22,25 illogical (1) 103:6 188:11 202:23 interrupted (1) 55:9,15,18,24 Klimov (1) 68:24
238:6,14,18 239:3 imagine (4) 32:8 208:3 217:10 152:19 56:10,12 67:24 knew (4) 149:13
239:5 80:24 108:6 206:1 220:11 221:9,19 interrupting (1) 101:5 71:1 73:3,12,20,25 155:19,20 195:9
historical (1) 226:15 immediate (3) 35:25 222:14 intervene (3) 174:19 74:7,14,18 75:5,9 know (120) 4:16 5:15
history (2) 126:12 36:12,13 informing (1) 222:20 174:21,23 75:12 76:9 77:4 12:10 15:3 18:9
226:6 immediately (1) 53:11 Infrastructure (1) 2:23 introduce (1) 32:22 90:13 92:25 93:11 19:3,25 20:9,9,10
Hm (1) 234:4 implementing (1) infuriating (1) 236:19 introduced (3) 150:2 93:15,20 98:11 26:7,18 35:20
hold (1) 147:20 77:22 initial (7) 54:10 83:5 150:7 151:8 101:4 106:15,18,20 36:23 39:19,21
holding (1) 161:23 imply (1) 174:24 161:8 191:6,18 invalidate (2) 22:8,10 106:25 107:3,20 54:19,19 61:14
holiday (2) 219:7,7 import (1) 206:7 214:8 225:21 invalidated (1) 188:16 108:17 109:7,9,12 65:1 69:10 71:6,21
holidays (3) 54:21,21 importance (2) 98:9 initially (4) 137:4 investigation (2) 109:15,18,22 110:2 72:24 76:3,4,6 80:3
196:3 123:7 168:4 234:2,5 82:11 83:16 111:20 115:21,24 81:12 83:22 87:9
home (8) 15:20 16:3 important (23) 3:4 initiate (1) 11:17 investigations (1) 116:5,8,11,16,20 87:14,14,19 89:14
169:3 204:4,24 19:24 28:6 36:3 initiating (1) 209:9 35:22 116:23 117:3,8,20 94:8 98:14,16
205:7,13,16 49:2 50:5 51:4 initiation (1) 192:4 investments (1) 117:23 118:3,12,14 100:2 101:6,23,23
homeward (1) 206:6 84:12 85:15,21 injunction (2) 228:7 223:18 118:19,23 119:2,7 102:4 103:20 104:4
homework (1) 17:15 104:12 106:22 229:7 Investrbank (4) 33:17 119:12,21,25 120:6 107:22 108:10,13
honest (1) 183:5 107:22 120:16 inside (1) 180:20 170:9,14 198:25 120:12 121:4,7,15 108:14,14 109:16
hope (3) 77:6 190:20 140:8 153:7 154:3 insinuation (2) 102:8 invite (1) 186:5 122:10,15 123:9,19 110:3 111:7 112:1
233:19 183:14 185:5 104:12 inviting (1) 55:20 124:2 146:14,16 112:1,3 113:4,12
hoped (2) 15:7 39:11 222:14 231:17 insist (2) 116:24 involve (1) 68:1 148:12 149:5,9,12 115:9 116:13
Hopefully (1) 22:17 232:16 234:25 152:13 involved (10) 3:18 149:20 150:5,8,11 120:19 125:15,15
hospitals (2) 70:5,15 importing (1) 69:18 insisted (2) 152:14 5:25 47:11 94:5,16 150:14,18 151:14 126:8 131:3 134:5
hotel’s (1) 238:11 impose (1) 232:14 194:20 165:25 194:21 151:17,24 152:4,6 135:1,14 138:25
hour (7) 225:9,9 imposed (1) 44:16 inspection (2) 83:15 214:1 221:1,1 152:12,18,24 140:6,7,10 149:21
232:20 233:17,24 impossible (2) 57:12 185:9 involvement (5) 40:10 153:18,23 154:5 151:14,19 152:16
234:13,14 103:6 instance (4) 74:2 52:10 95:9,15,21 160:6,11,16 163:11 153:1 154:16
hours (4) 15:17 110:1 impounded (2) 188:1,14 207:10 involving (4) 4:19 163:13,21 164:2 156:10 159:3
157:5 200:16 203:11,16 instigated (1) 208:22 160:17 216:19 172:10 176:15,20 160:11 161:12
Housekeeping (2) imprisoned (1) 88:18 instruction (1) 56:9 221:3 183:8 184:18,22,24 163:18 164:23
224:10 240:5 imprisonment (4) instructions (3) 30:18 issue (14) 44:1 64:22 185:3 186:12 170:4 172:19
huge (5) 19:13 45:11 88:7,17 89:1,2 30:21 207:17 71:1 80:15 101:12 192:18 194:6 195:2 183:11 184:2 185:5
156:9 196:20 improve (2) 18:2 43:4 insults (1) 169:5 104:14 108:23 195:5,8,12 219:9 185:8 189:2,10
220:19 in-house (3) 150:16 insuperable (1) 140:8 185:9 193:15 219:12 222:22 202:11,16 204:14
hundreds (1) 23:3 155:5 201:14 230:10 194:15,16 226:21 224:11,15,25 225:3 204:16 205:22
hurry (1) 7:18 inability (1) 236:19 insurance (9) 35:4 232:18 225:12,15,17 227:8 207:10,16 213:17
Incestbank (2) 135:5,8 57:17 69:5,23,24 issued (3) 179:6,18 227:11,20,24 228:3 218:8,9 219:21
I inclination (2) 225:21 71:19 139:20 226:11 228:11,15,20,22 220:9 221:17
I20/20/5.50 (1) 226:16 147:25 154:21 issues (7) 69:24 71:22 229:2,5,24 230:8 222:13 223:25
include (7) 65:24 86:3 insuring (3) 69:6,8,24 71:22 78:17 134:1 230:16,22 231:1,9 226:10 228:5,24
219:15
86:9 100:11 110:24 integrity (1) 226:5 134:6 160:25 231:23,25 232:3,19 229:13 230:5,11,20
I20/21/25.1 (1)
115:18 226:23 intend (1) 207:25 ITF (1) 207:12 232:23 233:5,8,23 231:21 232:22
215:23
included (3) 3:19 intending (1) 131:12 234:4,7,20 235:1,8 235:23 237:17,18
I20/21/4 (4) 215:24
92:17 117:1 intention (1) 62:20 J 235:23 236:11,18 238:8
220:4,25 222:6
includes (1) 93:3 inter (2) 228:7,19 237:1,3,7,15,22,25 knowing (10) 18:17
I20/21/5 (1) 220:25 January (10) 85:4,14
including (7) 23:13 inter-company (1) 238:6,14,18 239:3 39:21 54:18 79:10
I20/21/5.1 (1) 221:20 96:25 97:5 153:15
68:14 127:1 193:4 194:2 239:5 153:6 170:16
I20/21/5.45 (1) 164:16 195:20
200:25 229:16 inter-group (1) 178:23 171:24 203:1
221:21 196:1,3,7
234:21 interest (18) 11:8 18:3 K 204:23 206:1
I20/21/5.46 (1) 217:2 joint (1) 63:16
incoming (3) 96:17 35:20 38:9 62:6 knowingly (3) 217:17
I20/21/5.47 (2) joke (1) 205:21 Kalmar (2) 196:18,18
99:16 100:12 78:21 84:1 86:11 221:6,18
218:14,20 judge (1) 101:15 keen (1) 20:25
inconsistency (2) 156:18 157:14 knowledge (1) 220:14
I20/21/5.48 (1) 217:2 judges (2) 190:6,8 keep (6) 63:4 136:4,4
125:25 126:1 163:19 171:12 known (3) 56:17
I20/21/5.49 (1) judgment (20) 185:23 238:1,17,19
inconsistent (2) 64:13 180:8,10 181:11 222:18 232:4
218:21 186:7 209:23 210:5 keeping (1) 106:10
101:9 184:25 185:1 knows (2) 222:17,18
I20/21/5.50 (1) 211:10,17 212:4 kept (5) 124:5 145:2
incorrect (1) 118:22 207:13 Kokorin (3) 22:22 25:5
218:25 213:10,12,18 217:4 146:22 159:9 164:5
Increasing (1) 78:1 interested (8) 3:7 28:12
I20/23/17 (3) 97:3,4,8 217:5,18 218:10 key (11) 44:1 64:8
independent (1) 18:23 19:2,3 Kolpino (2) 203:16
I20/23/18 (1) 97:21 219:23 225:25 127:11 130:7,8,9
76:20 132:10 157:14 204:12
I20/23/22 (1) 97:6 226:3,19,22 228:15 139:6 150:3 154:3
INDEX (1) 240:1 223:18 227:16 Kolpino’s (1) 203:22
I20/26/57.28 (2) judgments (1) 217:11 185:9 232:18
indicate (1) 174:4 interesting (6) 42:9 Kristina (1) 32:23
98:19 99:5 jumped (1) 155:23 kids (2) 126:24 127:13
indicated (3) 17:24 91:21 137:3 188:25 Krygina (19) 90:10,11

92:4,6 171:8 199:22 200:24 201:2,14 202:25 203:3 205:5,10,20 206:7,10,15,20 207:9
Kukushkin (1) 223:13

L

La (1) 203:20

Lai (1) 2:22

land (5) 179:16 180:2 183:21,23 194:25 language (3) 7:11,13

185:14

laptop (4) 238:3,8,9 238:15

laptops (1) 238:4 lasting (1) 126:12 lasts (1) 15:17

late (11) 33:24 38:6 59:7 62:20 63:24 66:1 79:25 121:5 127:13 235:9 239:6

latest (2) 99:20 157:4 law (2) 146:7 187:14 laws (1) 68:12 lawyer (7) 49:8

104:15 141:23 150:16,16 155:5 166:8

lawyer’s (2) 141:22 211:11

lawyers (22) 40:11,14 46:22 47:11,17 57:1 94:5,10,15 95:3,9,11,13,18,21 157:3,18 158:14,18 158:20 201:14 214:4

lawyers’ (2) 52:9,16 laying (1) 224:23 lead (2) 33:17 57:25 leading (1) 3:12 league (2) 191:2

218:6

learn (1) 201:16 leasing (12) 217:23

218:4,13 220:1 223:2,4,5,8,8,11,14 223:17

leave (6) 120:22,25 149:25 224:19 229:24 239:6 leaving (1) 224:18 leeway (1) 232:13 left (3) 40:10 204:17

216:22 left-hand (2) 2:6 9:5 legal (10) 45:25 46:3

53:3,20 56:17 60:6 153:10 166:8 172:4 188:19

legally (7) 41:18,19 54:13 55:2,3,4,7

Lehman (1) 4:13 lender (3) 61:21 174:7

193:2 lenders (1) 78:16 lending (1) 139:2 length (1) 111:9

Leningrad (9) 67:2,19 68:9,23 69:2 70:5 72:6 179:16 195:1

Leonidovna (1)

199:20 lessens (1) 227:3 lest (3) 56:3 67:25

Opus 2 International transcripts@opus2.com
Official Court Reporters +44 (0)20 3008 5900

248

February 23, 2016 Day 15

75:18 133:25 146:18 69:7,9,19,22 70:2 109:16,17,20,23
let’s (18) 19:4 20:16 233:9 238:10,11 70:10,14,14 72:16 110:13 111:25
61:2 63:6 68:11,22 lines (3) 76:23 98:25 80:1,2,4,6 82:7,9 112:2 115:22
69:9 71:18 76:20 128:22 83:15 198:24 200:2 117:13,13,24 118:4
153:1,5 157:24 link (4) 203:5,6,7 located (1) 2:25 118:15,24 119:14
179:25 200:2 205:11 lodged (3) 91:3 99:15 119:14,16,22,22
215:18 225:8 Lipetsk (3) 216:5 115:7 120:1,9 121:12,16
230:18 232:17 217:4,13 logic (3) 98:14 102:5 122:12,16,16 123:6
letter (80) 9:14,20 Lipetskcombank (2) 102:10 123:6,10,23,23
10:7,21 11:3,16,20 217:19 218:12 logistics (1) 20:8 124:4 146:15 147:3
11:25 24:6,8 25:7 liquidity (3) 34:14 London (5) 2:25 196:5 148:17 153:19
27:12,18 28:15 38:7 39:10 229:17 237:16,20 154:10 160:17
47:14 64:24 66:18 list (9) 23:9,13 106:21 long (10) 33:16 65:22 164:7 172:14
66:20 74:19 77:19 121:13 124:20,25 79:10 98:8 126:12 176:17,17,19,21
78:9 79:6,7,14,24 209:5,8 235:3 127:8 151:2 180:16 183:11,11 185:12
81:6,9,20 82:7,14 listed (1) 125:1 230:2 235:5 186:14 192:23
82:18 83:3,4,5,6,12 litigations (1) 42:19 long-lasting (1) 63:18 195:18 219:6,14
83:21 84:10 95:24 little (3) 231:11 longer (3) 97:12 205:1 224:7,7,12,13
96:12 97:5,8,17 232:12 236:20 231:3 225:5,13 227:7,7
98:3,11 99:12,14 live (1) 84:20 look (48) 8:21 10:9,14 228:4,13,19,21,21
100:4,15,17,21 living (2) 113:5 164:3 16:8,21 17:18 228:25,25 229:21
101:3,19 130:3 LLC (7) 132:16 161:23 20:23 27:8 38:2 229:21 230:12,13
131:7,9,11,13,20 162:2,7 172:24,25 44:13 83:24 85:10 232:1 233:5,10,10
132:8,11 133:13,14 212:14 91:17 93:24 94:22 234:10,15,23 235:7
134:14 136:15 LLC’s (1) 186:21 95:7 98:19 100:6 235:11,11,25 236:1
172:19 196:1 201:8 loan (133) 4:19 6:20 102:19 116:2 122:6 236:8,14,14,23
201:11,13 202:8 13:11,16,20 14:1,7 132:8 142:1 143:1 237:2,6,13,20,21
215:25 216:7,10,11 23:14 25:19 27:9 146:16 154:10 237:23 238:2,12,12
216:14 220:5 27:10,13,20 36:6 157:3,21,23 164:16 238:24 240:4
221:24 222:3 236:6 37:8 38:10 78:19 167:20 176:16 Lord’s (1) 231:1
letterhead (5) 24:12 83:25 85:1,10,23 178:15 181:14 Lordship (76) 1:5,11
24:16,21 100:5 86:5 87:20,22,25 184:10 185:17 18:10 27:24 41:25
190:22 89:17 91:8,9,10,17 192:6 210:4 211:13 43:14 59:22 60:5
letterheads (1) 24:20 91:20 93:10 96:10 212:3 217:18 65:2 67:10,13
letters (26) 21:14,20 97:13 99:10 102:6 218:10,13 222:2 70:24 71:8 73:10
23:20 24:4,14,15 102:7 103:9,11,12 227:13,25 231:13 73:13 75:8 77:5
24:18 29:15 64:17 103:16 104:21 231:14 81:20 85:18 88:2
64:19 84:21 101:7 105:2,5,22 106:5 looked (2) 114:4 92:10,12 97:22
101:11 128:12 107:2,5 110:16 121:18 101:15 103:2
129:1,5,12 130:16 113:15 114:1 looking (6) 2:18 104:12 105:6
131:17 134:6 117:17 118:5,10,15 158:21 192:23 107:11,14,17,21
175:14 200:13,14 122:20 123:13 202:8 226:2 231:22 109:23 112:7
235:12,17 236:5 124:10,23 125:19 looks (51) 4:18 10:20 115:15 117:22
level (14) 12:15,22 167:3,4,9,10,10,24 11:6 24:2,8,24 26:5 118:2 121:2,12
21:25 29:5 80:16 168:13,15,20,24 26:9,17 32:16 122:4,8 123:24
139:7 158:24 171:2,18,25 172:18 46:20 47:11 51:16 124:1 125:4 154:12
161:11 170:7 173:11 174:1,6,11 66:11 81:9 92:3 161:10 171:16
177:21,24 186:8,10 176:5 177:7,12 95:8,24 98:14 174:4 176:14
187:7 178:5,9,10,22,23 99:11,14 100:20 178:25 179:4
levels (8) 12:15,21 179:1,8,14,15,15 104:2,21 105:2,7 183:14 186:5
31:23 60:19 76:11 179:18,19,22,24 110:14 112:12 188:25 191:6 210:4
132:6 178:2 222:22 180:6 181:12,12,13 113:15 122:18 210:17 217:9,13
Levitskaya (13) 88:5 182:11,17,23 183:8 123:19 132:2 219:4 222:10 224:9
88:15,21 89:4 184:2,5,7,18 185:7 134:16 135:16 227:10,13,17
113:6 189:4,8,13 190:10,12 191:24 136:10 138:6 228:13 229:23
189:18 191:11,16 192:11,25 193:7,14 142:10 144:19 230:15,17 231:17
191:20 220:22 193:15,18,20,22,23 146:25 188:13 232:1,2 236:2
Levitskaya’s (1) 89:3 194:7,9,13,15,17 195:19 196:12,14 237:14 238:2,4,24
liabilities (1) 147:12 194:17 195:9 202:2 197:11 203:3 Lordship’s (7) 106:19
liability (7) 69:24 218:11 220:2,15 204:17 212:20 107:19 115:1
71:19 136:25 138:9 223:2,9 213:18 219:24 188:21 190:9
141:2 158:2 189:21 loans (47) 4:9,10 221:10 232:9 224:13 238:5
liable (2) 36:24 37:12 11:10,11 14:8 Lopatnikov (1) 69:1 lose (1) 36:8
licence (2) 36:8 42:21 18:16 21:15 26:6,7 Lord (168) 1:5,7,8 lost (4) 7:3,9 28:10
life (3) 4:17 44:1 26:8,9 34:9 35:24 3:12 6:4,9 9:5,7,7 202:11
189:19 36:7 37:16 38:22 9:11 20:23 25:8,8 lot (17) 2:9 5:18 12:10
light (4) 97:11 122:7 41:9,12,16,19 42:9 25:13,18 28:14 20:10 31:22,22
137:16 138:2 43:10 45:10 60:9 30:2 44:7,13 49:6 33:20 34:24 70:12
likelihood (2) 38:8 62:8 63:7 89:13 55:3,7,13,16,16,23 76:4 112:4,22
84:10 100:18 102:9,19 56:9,9,11,13 67:7,7 126:8 132:5,7,23
limitations (1) 174:24 162:1,9,20 163:16 67:25 69:13 71:3 205:24
limited (7) 95:15 163:18 165:9 166:6 71:23 73:4,10,10 love (1) 15:15
136:25 141:2 158:2 166:14,18,23 167:1 73:13,13,24 74:5,5 low (3) 21:25 29:5
158:11 189:21 171:11 173:8 74:9,9,15 75:4,4,6 170:7
211:22 179:11 201:5 75:10,17,17 77:5,5 lower (5) 65:3 69:19
line (17) 2:6 6:24 221:11 223:6 90:14,14,17 91:19 146:7 168:6 212:7
74:12,15 119:8,10 loath (1) 227:6 93:22 98:19 102:18 lowest (1) 30:20
122:14 127:20 local (24) 18:16 20:4 106:19,19,22,22 LPK (16) 27:20 118:4
129:4,14,16 133:21 65:14,16 68:18,20 107:1,4,12 108:23 179:6,15,21 181:11

181:12 183:9,18,22 184:5,19 190:12 193:14 194:14 220:14

lucky (2) 77:1 235:8

Lukyanov (1) 130:7 lunch (2) 230:4,24 Luncheon (1) 121:10 lunchtime (6) 225:11

232:20 233:16,19 233:22 234:1

M

M1 (2) 176:13,14

M1/20/27 (1) 209:5 M1/20/67 (1) 176:11 machines (1) 232:21 mad (1) 88:10 Madame (7) 49:16

50:23 51:1,19 52:2 127:2 150:15

Magnum (6) 1:13 119:23 232:2 236:19 238:3,10

main (1) 78:16 Majesty’s (1) 232:4 major (15) 18:16 35:1

35:5 39:21 43:7 45:13 59:3 68:8 70:13 82:25 122:24 153:3 183:23 198:17 219:7

majority (2) 72:11,15 maker (1) 199:5 making (11) 14:6 18:2

75:19 81:1 98:7 126:10 144:22,23 159:7 180:6 210:13

Malysheva (27) 40:15 45:17 46:12 49:16 49:25 50:4,23 51:1 52:18 53:4,10,23 57:21 58:19 141:22 149:24 150:3,5,9 150:22 151:1 152:7 153:3 154:2 156:3 159:15 160:3

Malysheva’s (1)

155:24

man (6) 1:23,24 2:8 43:17 68:24 219:11

manage (1) 199:16 managed (3) 108:10 130:15 206:2

management (11)

30:22 35:5,6 78:2 167:22 168:6,12,22 169:23 170:13 181:19

managing (4) 159:3 163:3 164:3 206:3

manipulate (4) 205:1 205:4,7,17

manipulation (1)

102:8

Mann (1) 76:23

March (49) 3:17 39:1

66:3,5,11 78:24 79:25 80:12 84:14 84:17 87:23 91:11 96:5 100:20 101:2 102:20 122:24 123:3 165:7 166:15 166:24 167:23 168:21,22 169:2,20 169:25 171:9,17,22 172:17,23 173:6 174:6,14,14 175:6

175:20 176:2 33:23,24 34:5,8
179:12 186:19 36:14 39:8 43:12
187:3 191:4,5 43:14 45:21 46:7
192:13,14,23 47:12 52:23 53:9
200:24 218:12 53:11,12,13,17
Marine (14) 56:14 59:7 62:20 63:9
57:7 70:3 80:5 64:15 66:11 73:15
129:25 136:22 73:17 84:25 94:7
140:20 141:2 127:12 128:2
161:23 188:7,24 133:25 136:12
189:7 203:17 137:20 138:7,18
212:13 139:16 141:8,9,14
maritime (1) 190:23 141:17 149:22,23
mark (3) 114:6 121:22 150:8,12 156:2,10
226:18 160:4 161:4 162:25
market (4) 18:11 175:14,17 188:4,7
61:18,20 215:19 188:9,11,15 189:4
marks (2) 107:13,15 189:6,11,15 196:6
marooned (1) 203:14 197:1,6,24 198:2,9
material (3) 129:24 198:14,14 200:9,16
181:23 222:1 202:20 206:12
matter (10) 24:19 207:18
28:17 67:14 75:13 meetings (27) 1:9
75:15 141:15 5:14,18,20 14:15
148:15 226:6,8 14:16,17,24 16:2
227:9 16:14,18 19:7,7,15
matters (10) 32:21,24 19:20 20:11 64:24
34:11 73:17 225:21 65:12 80:19 81:1
226:15,21 229:11 126:6,7,8,10 134:2
233:20 239:1 175:15 200:17
Matvienko (6) 82:2,5 member (14) 65:3,8
82:6,13 177:24 65:14,16,20 66:15
220:21 68:7,9,17 72:2
maximum (1) 199:16 79:11 80:1,3
mean (31) 19:21 22:5 204:21
42:3 45:7 52:22 memorandum (73)
67:21 68:5,8 70:14 45:17,20,25 46:4
74:5 90:1 97:23 46:11,24 47:2,3,15
112:14 119:9 47:16,17,24 48:5,8
120:22,23 125:7 48:15,18,19,21
135:5 144:15 49:8,15,17,24
150:22 163:5 170:8 50:17 51:9,17 52:6
171:22 174:25 53:1 54:7,11,12,22
192:17 198:24 55:7 56:13 57:3,4,9
204:21 208:24 57:13,15 58:15,23
222:15 226:4 58:24 59:13 87:1,1
228:19 87:4 89:14 145:7
meaning (1) 57:13 147:7,8,13 152:8,9
means (14) 16:1 152:21 153:4,21
47:17 68:15 74:22 155:24 156:14
91:23 110:25 165:4 166:20
112:19 113:22 167:12 172:1,3
131:20 159:16 173:11 174:18
187:6 189:14 175:9,9 176:7
191:14 228:13 181:16 182:16,20
meant (4) 52:6 54:13 182:20,21 214:7
74:13 144:9 memory (2) 7:20
measures (2) 78:3 20:20
172:4 men (1) 206:3
meat (1) 18:20 mention (1) 31:18
media (4) 82:1 209:12 mentioned (8) 47:15
209:14,16 48:4 122:22 126:25
medical (1) 70:6 127:1,11 151:21
meet (26) 4:19 12:1 230:18
13:17 33:9 80:9,10 mentioning (1)
80:22 82:9 120:7 123:15
120:12 130:3,7,9 mess (1) 207:8
130:10,15 140:9 met (16) 2:12,16 5:21
195:21 197:4,14,17 6:10,15 13:12,19
197:24 198:4,11 14:18,22 16:5
200:19 230:10 17:12 33:12 34:13
232:10 150:5 151:9 188:3
meeting (97) 1:12 Michael (1) 203:22
2:13,19 3:4,8 5:16 middle (8) 5:11 6:17
6:15 7:21 10:4,5 17:11 18:12 39:3
13:9 15:17 16:10 62:25 179:7,10
16:12 17:11,17,19 million (19) 3:19,22
18:7,12 20:4 30:9 3:25 13:11 23:14
31:1,4,10,20 33:13 34:22 103:3,4,4,5

Opus 2 International transcripts@opus2.com
Official Court Reporters +44 (0)20 3008 5900

249

February 23, 2016 Day 15

165:16,21 179:9 183:19 184:15,15 184:16 196:21,21

Milner (3) 7:5,6,11 mind (4) 75:16 88:8 136:18 237:3

mine (5) 71:7 108:12 112:18 115:9 190:10

minimum (6) 42:4,4,7 42:14 61:4 83:9 minor (2) 94:15 95:11 minute (4) 1:14 10:9

26:20 30:13 minutes (14) 44:9 107:24 110:4

150:12,20 173:1 177:4 190:9 231:19 231:24 232:17 236:20 238:14,19

Mironova (17) 32:23 33:10 35:12 135:7 135:9,17 136:15 138:4,20 141:6,23 149:23 167:22 168:19 169:12,20 170:20

Mironova’s (2) 139:11

167:16

Mirow (3) 2:11 3:8 17:17

misleading (5) 8:20 90:9 94:3 165:23 207:9

misled (1) 102:13 missing (1) 7:19 misspoke (1) 15:7 mistaken (2) 16:18

168:2

mistakes (1) 175:12 mistress (1) 135:9 misused (1) 179:25

Mm (2) 106:25 107:3 mobile (2) 126:11

156:3 moment (7) 28:18

41:3 49:3 150:2 156:9 175:17 185:21

momentarily (1)

153:23

Monday (1) 48:15 money (12) 34:25

60:23 61:8 71:25 179:20 180:11,24 182:7 183:1 205:2 206:6,7

monies (1) 181:7 month (8) 11:12

36:21 38:11 41:24 59:10 83:5,9,10

months (20) 11:9 18:1 30:15 35:21 38:12 38:16 42:4,5,7 60:15 61:3 83:4,7 119:4 122:25 123:17 191:15 200:11 203:15 204:18

mood (1) 49:2 moratorium (25)
17:25 18:8 30:10 31:2 37:19 40:8 41:15 58:16,25 59:4,11 64:14 79:2 80:13 81:6 84:8,12 84:15 97:10 101:9 101:13,16 102:15 175:4,25

morning (12) 1:3,4 15:22 117:12 120:25 127:14 130:23 156:1 157:1 226:11 228:2 230:6

Morskoy (41) 174:1,7 176:6 177:12 178:4 178:5,8,16 179:2,7 179:10,13,17,17,21 179:23 180:6,12,25 181:7 182:11,24 184:7 190:10,23,23 191:1,12,13,14,17 191:17,20,23,25 192:5 193:8,14,25 194:11,12

mortgage (10) 133:11 140:22,23,25 165:13,17 166:3,11 179:17 194:24

mortgaged (1) 194:24 mortgages (2) 163:3

179:11

Moscow (5) 3:1 65:13 66:4 198:16 217:15

move (5) 9:9 99:6 107:18 148:11 234:18

movie (1) 233:2 movies (1) 232:18 much-publicised (1)

4:12

multi-lateral (1) 137:5 multi-party (1) 137:5 multiple (1) 81:13

N

N (1) 107:14

name (14) 1:24 2:21 7:3,9 10:13 15:25 56:24 100:13 119:11 135:4 155:21 191:8 222:18 223:12

named (4) 1:16 151:15,24 152:1

names (4) 1:12,19,22 24:16

narrow (1) 97:9 nationality (1) 204:14 nature (2) 68:1,3 Nazarov (1) 190:5 nearly (5) 28:22 36:7

127:15 157:7 219:6 necessary (10) 48:7

73:6 95:3 96:14 130:14 151:3 154:14 162:2 195:21 202:5

necessity (1) 60:13 need (25) 2:5 29:25

56:8 72:25 73:1,21 79:7 107:17 121:16 156:5,8 199:19 210:2 224:12,22 228:25 229:1 231:24 232:23,25 234:15,16 235:20 235:20 237:20

needed (1) 79:20 needs (3) 44:8 122:5

122:6

negative (3) 198:23 205:14,18

negotiations (3) 41:20 62:15 78:15

neighbour (1) 19:4 nervous (1) 156:4

never (41) 10:10,11 10:12 28:5 56:4 58:24 73:6,8 74:2 81:7 91:24 92:8 99:14 101:2 104:9 110:25 113:18,23 131:20 140:2 151:5 151:7,7,8,9 158:22 161:10 173:23 184:9 189:11 205:25 217:11,16 220:10,10,12 221:9 221:17,18 222:14 223:24
nevertheless (3)

155:11 227:4 230:9

Nevsky (2) 69:7 70:2 new (8) 32:23 33:16 33:19 85:6 138:24

187:14 196:2 216:13

news (3) 127:6 203:10 235:10

nice (3) 2:8 7:16 164:3 night (1) 127:13 Nikolai (1) 214:4

nine (1) 231:6 nominal (6) 142:21

144:13 146:12 148:19,22 151:25

nominee (1) 82:4 non (4) 179:8,10,14

238:10 non-payment (5) 5:12

35:3,20 36:10 37:2 noon (1) 33:6

norm (1) 76:12 normal (15) 15:20

19:25 41:1 60:11 64:11 80:2,23 83:9 88:12 100:11 111:3 163:24 167:4 196:9 215:8

normally (34) 9:24 11:21,24 12:5,8,22 15:17 19:8 20:6 29:14,18 30:17 39:4,6 42:2 53:6 83:8 92:18 96:19 100:13 101:25 109:2,3,4 110:2 124:5,6 131:4 157:5 184:20 196:2 202:24 204:20 205:25

north (1) 130:10 notary (2) 104:15

109:11

note (7) 9:18 10:3 106:19 162:23 186:6 188:21 229:8

notepaper (2) 28:21 100:7

notes (6) 19:23,24 20:16,21 179:7 233:11

notice (1) 15:15 notifications (2)

173:14,18

notified (2) 172:16

201:24 notify (1) 202:7

November (25) 3:13 3:17 5:2,17,20,22 6:11,15 7:22 10:3 11:2,15 12:3 13:9 13:17,22 14:4,9,23 16:19 38:6 46:21 132:19 134:21

218:3

Novikov (1) 162:25

Novosaratovka (1)

162:18

Novy (2) 162:16,17 nude (1) 9:24 number (42) 3:2 8:2

14:12 27:10 29:21 62:3 68:16 69:4 82:19 91:3,4,25,25 92:14,16,17 95:16 100:12 105:13 115:19 119:10,13 119:15 125:7 126:6 135:12 139:1 156:23 175:13 180:19 189:12 198:8,13,17 200:14 203:1 207:22 216:18 220:5 221:11 223:6 235:12

numbered (1) 28:2 numbering (2) 105:13

106:10 numbers (5) 26:8,9

96:18 105:11 115:17

numerous (3) 66:25

67:17 72:4 nutshell (1) 76:10

O

O (4) 119:17,23 121:16 122:2 oath (1) 114:20

objection (1) 226:3 objections (1) 225:15 obligation (2) 157:15

227:3

obligations (10) 54:20 96:14 145:2 146:23 148:20 164:18 175:3 182:17 201:3 202:24

obliged (2) 186:23 229:14

obstruct (2) 165:1,4 obtain (4) 128:12,19 164:21 177:7 obtained (2) 178:25

194:7

obtaining (1) 178:22 obviously (9) 20:24

90:19 122:9 157:19 214:1 234:15,17 236:16 237:23

occasion (2) 9:25 110:3

occasions (5) 5:22 6:11 68:14 81:13 132:6

occurred (3) 170:18 229:12 231:7

October (4) 3:17 4:18 4:20 218:2

odd (1) 226:17 offer (1) 132:15 offered (2) 204:24

205:15 offering (4) 47:21

132:20 134:3 238:9 office (49) 3:1,2 10:6

12:10 13:1 15:19 15:21 16:2,3 17:15 24:10,13,15 25:11 29:16,23 33:11,12 33:17,19 45:17

46:11,14 49:14,15 183:24
50:22 51:1,3 52:18 ones (4) 207:5,5,6
53:4,10,23 70:10 237:1
89:3 126:14 127:14 ongoing (1) 164:3
139:2,8 140:6 onward (1) 229:16
141:22,22 149:24 onwards (1) 34:3
152:7 155:24 156:1 open (3) 42:20 43:1
157:5,13 161:13 138:14
198:24 opened (2) 228:18
officer (1) 61:2 229:11
officers (2) 183:25 opening (2) 236:2,9
210:18 operation (2) 36:12
offices (2) 15:20 16:11 42:23
official (15) 24:15 operations (1) 36:9
67:1,18 68:14,19 opportunities (1)
72:5 77:2 79:15 69:10
90:6 129:2 133:15 opportunity (3) 53:20
200:14 221:23 85:5 158:18
222:1,4 options (3) 32:3 59:23
officially (2) 40:3 132:24
81:25 order (16) 4:19 11:17
officials (9) 20:11 14:2 58:12 70:18
70:22 71:16 73:1 73:1,22 74:2 75:24
73:22 74:1 128:13 109:19 110:5
129:23 235:14 120:23 160:12
Oh (4) 8:17 9:6 178:8 204:1 239:6
118:25 162:12 orderly (1) 160:13
OJSC (1) 220:15 ordinarily (3) 55:25
okay (24) 6:8 8:12,12 229:2,6
10:15 26:15 58:6 ordinary (1) 178:20
81:23 97:20 117:23 organisation (1) 72:18
121:15 122:15 organisations (8) 45:6
141:20 142:12,12 68:11,16 69:25
150:14 154:5 156:4 70:1,17 76:21 77:2
167:19 176:20 organised (3) 2:13
192:21 194:14 94:9 127:12
227:22 234:8 239:4 organising (1) 128:2
old (1) 206:2 original (15) 91:13
Olga (3) 199:19,22 92:18,19 101:22
200:24 142:5 144:16
OMG (69) 3:15 4:8,18 147:23 148:2 151:6
4:24 13:16,21 14:2 155:19,21 158:1,6
14:7 21:13,14 159:21 160:19
23:10,21 24:8 originally (2) 25:14
27:12 34:9,13 35:9 225:10
36:14,16,20,22 orphans (1) 70:4
37:15,16,21 40:7 Oseyevsky (4) 81:23
41:9,12 44:25 45:8 81:23 82:12 83:23
62:23 63:7,25,25 Oslo (14) 56:14 57:6
63:25 69:13 71:15 70:3 80:5 129:25
75:25 78:15 83:18 136:22 140:20
84:24 87:5 88:24 141:2 161:23 188:7
94:13 100:5 142:11 188:24 189:7
145:1,1 146:22,22 203:17 212:13
147:17 162:6 165:2 outgoing (1) 92:15
167:1,2 173:8 outside (1) 227:13
175:2,7,22 182:12 outstanding (1)
182:15 201:3,23 203:18
202:6 203:16,20,22 overnight (5) 121:16
204:12 213:21 122:1 123:8,23
217:25 230:12
OMG’s (9) 9:12,15 overrun (1) 224:7
11:8 14:24 35:9 owe (1) 60:23
38:3 41:19 45:12 owed (3) 13:17 14:3
169:10 34:20
OMGP (11) 143:4 owned (9) 129:25
144:5 145:23 146:3 149:17 154:16
147:17 155:12 158:20 159:3 176:3
179:3 211:22 213:3 179:16 181:3
213:4,16 183:22
omitted (1) 6:24 owner (6) 57:24 58:10
once (11) 5:22 6:11 178:1 180:16
6:11 14:24 37:7 203:17 207:15
101:5 163:15 owners (2) 18:15
178:25 192:15 84:18
229:17 231:5 ownership (3) 153:14
Onega (8) 27:10 76:22 161:25 162:6
103:9 104:21 owning (1) 188:8
124:10,23 125:19 Oxus’ (1) 3:20

P

P&Ls (1) 4:3

page (57) 2:1,3,5 8:17 9:4 23:16 47:1 48:12,13 49:23 50:4,14 74:13,14 74:15 78:11 81:21 83:12,21,24 87:10 90:14,17 92:10 93:2 95:7 97:19,21 125:21 128:15 133:22,23 144:1 146:18 149:9 154:23 171:4 181:15 186:15 187:20 190:21 192:15,16,21 209:25 211:13 212:16,17 218:20 218:23,24 219:1,14 220:24 237:9,17 240:2

pages (13) 9:8 50:2,3 90:3 91:4,25 92:17 105:13 112:16,17 119:10,15 218:18

paid (20) 61:21 62:6 69:21 145:16 146:3 148:5 181:13 184:15 203:23 204:2,3 210:25 211:19,22,25 213:3 213:19 214:23 215:17,18

pain (1) 232:6 Pallice (1) 203:20 paper (2) 115:18

153:16 papers (1) 150:17

paperwork (3) 40:16 94:21 96:15

par (1) 212:5 paragraph (84) 8:3,6,6

8:21 9:1,11 14:13 14:14 16:21,23,24 17:4,18 21:4 23:5 25:22,23 26:1,3 27:14 31:9,12,13 34:1 38:4,19 44:3 44:14,15 45:15 66:22 77:21 78:11 94:23 98:23 126:4 126:16 128:11 137:16 139:10,15 139:15 143:23 147:23 149:16 154:12,23 161:22 163:2 164:8 165:7 165:11 167:20 168:18,19,25 169:13 170:25 171:2 176:12,22 177:5 178:15 181:17 187:23,24 189:20 192:6 207:21,23 208:8,13 209:6,17 211:14,16 211:20 212:21 218:21,23 219:2,15 219:15 222:3

paragraphs (6) 8:10 8:19 16:9 95:8 176:13 212:10

pare (1) 233:12 Paribas (2) 17:9 196:6

Paris (2) 196:5 237:19 parliament (15) 64:25 65:4,9,13,15,17,21

Opus 2 International transcripts@opus2.com
Official Court Reporters +44 (0)20 3008 5900

250
February 23, 2016 Day 15

65:24 66:15 68:18 71:10,16 72:10 70:5,8 72:6 78:8,16 22:13,15 25:17,23 politicians (2) 69:8 232:1 106:12 113:19

68:21,23 69:3 80:2 74:11 75:19 76:1 79:1 80:11,15 31:4 32:4,5 33:24 129:24 preparing (4) 7:1,12 194:18 224:20
80:3 77:15 100:23 81:16,22,24 82:11 36:19 38:2,4 44:3,4 port (10) 3:23 4:3 27:6 52:3 235:7 238:8
parliamentary (1) 190:12 82:22 83:3,20 84:7 44:13 45:15 46:9 69:16,18,20 70:13 prescribed (2) 152:20 problems (17) 34:14
68:25 peasant (1) 189:9 84:13 89:25 90:12 46:15 48:12 49:17 162:1 163:17 152:25 34:18 35:13,14
part (21) 5:9 6:16 people (31) 2:17 20:7 92:15 94:20 96:4 49:19 50:9,11,13 203:11,15 presence (3) 46:12 36:4 37:1,23 43:1
16:12,15 69:5,11 25:11 65:25 67:5 96:13 100:10,23 51:7,13 52:5 64:16 portfolio (6) 36:5,6 109:11 126:10 55:6 59:19 81:10
74:25 108:20 69:19 77:3 79:16 107:24 114:22 64:17,18 66:19 37:8,25 43:3 45:12 present (1) 226:16 83:19 89:15 94:19
110:10 147:15 80:8 93:16 105:18 115:4 127:10 67:13 77:18 81:17 portion (1) 199:17 presently (2) 235:3 127:7,16 198:19
161:23 165:24 112:23,25 130:3,15 134:17 135:8 85:11 87:6,20 Ports (3) 142:11 237:10 procedural (1) 187:13
175:7,22 182:12,13 157:13 170:5,6,8 136:12 145:9,10 89:18,19 91:7,18 188:24 189:7 preserve (1) 226:5 procedure (7) 12:8
183:23 212:24 191:12,20 197:9,10 147:6,15 160:18 92:10 93:23 94:22 Ports’ (2) 188:7 President (7) 2:1,7,11 60:17 61:25 62:1
214:24 217:5 223:1 198:12 200:3 161:17 166:9,17 95:24 97:2 99:6,8 212:13 2:14 3:8 17:12 94:9 188:2 229:5
parte (3) 221:8 222:20 202:22 203:1 167:7 172:6,16 100:3 103:25 104:1 position (13) 11:22 130:11 procedures (1) 41:23
228:6 220:21 222:19 173:7 177:20 104:19 105:20 36:15 38:3,22 press (4) 75:3,10 proceed (2) 56:3
partes (2) 228:7,19 226:2 232:25 178:14 180:4 106:2 109:9 110:13 43:24 54:4 63:9 126:25 209:11 222:18
participants (1) 137:9 perfectly (2) 7:11 183:13,15,17,18,24 113:10,24 117:8,10 68:19 80:10 112:25 pressed (5) 7:15 proceeding (2) 60:2
participate (1) 68:20 71:14 184:4,12 187:9 121:12 122:17 174:5 186:20 40:21 75:15 191:17 213:18
participated (1) 65:10 perform (1) 66:1 189:10 190:3 191:2 123:10 125:17 214:13 191:23 proceedings (52) 42:6
participating (6) 65:23 period (7) 27:13 46:6 191:19,24 192:1,2 126:4,16 127:17 positive (3) 73:19 pressure (13) 40:13 42:10,16 63:11
68:13 69:4 169:15 61:4 78:20 84:1 197:8 198:19,22,24 128:16 130:18,20 76:15 111:13 88:10,15 89:2,6,8 87:18 90:12 92:23
170:13,21 163:4 186:24 199:25 200:9 201:4 133:19 135:2 136:1 positively (2) 107:5 113:5,8 116:18 92:24 98:8 103:20
participation (1) periods (1) 83:25 201:9,24 202:7,15 137:10 139:10 121:20 147:10 160:2 103:22 104:5
136:24 permission (5) 12:17 215:12 216:21 156:19 161:15,18 possibility (5) 35:9 191:12,19 108:15,18,20,24
particular (30) 8:22 12:20 224:13 217:14 218:6 162:22 164:7 165:6 52:16 62:15 63:13 presumably (1) 110:10 111:18,19
9:25 28:16 29:21 227:10,17 220:18,20 221:3 167:15 168:19 130:6 238:15 115:10 161:19
34:19 45:10 91:12 permissions (2) 13:5 222:19 170:24 172:8,9,14 possible (28) 33:1,9 presume (1) 209:7 167:17,18 170:22
92:8 94:17 96:23 227:20 Petersburg-based (1) 173:12 174:2,4 71:14,17,22 74:9 pretend (1) 226:17 185:23 192:5
101:17 105:14 person (36) 1:12,25 203:17 176:10,24 178:7 74:10 101:10 previous (12) 31:19 195:14,15,17
107:23 131:16 2:20 11:22 15:2 PetroLes (23) 85:10 181:14 184:10 102:21,24,24 121:1 48:12 76:9 93:9,10 202:18 208:17,20
147:10,11 167:3,9 26:6 33:16,19 85:23 86:5 87:20 185:12 187:20 136:16 140:19 110:3 123:14 208:23 209:7,8,15
167:10,10 180:23 43:16 56:15 57:8 87:22,25 95:25 190:17,18 192:9 141:4,6 220:19,23 133:22 193:14,20 215:20 216:18
189:4,6 191:6 57:11,14 82:5 96:9 99:10 166:14 194:5 195:18,18 224:19,21,23 204:7 232:9 217:12,17 218:9
196:4 198:11 88:20 89:11 95:20 166:18,23 167:23 196:11 199:6 225:13,14,16 previously (4) 68:3 219:22 220:6,9
202:17 207:18 100:14 102:1 168:13,15,20,23 200:22 201:11 230:11,19 233:15 97:10 121:19,20 221:2,19 222:12
223:9,9 105:17 130:7,8,9 171:1,18,25 172:18 203:2 204:11 206:9 233:17 price (24) 143:1,24 223:12 224:2
parties (2) 143:25 138:24 139:6 150:3 172:24 173:11 207:20 208:7 possibly (4) 93:5 144:7,14 146:13 225:23 228:10,11
207:12 154:3 170:4,4 phenomenal (1) 209:17,21,25 110:10 138:22 148:9,14,17,19,19 proceeds (2) 61:11
partly (1) 227:1 181:3 189:3,5 144:17 212:23 215:23 233:13 148:21,22,22 194:9
partners (3) 66:25 190:4 197:19 phone (10) 20:3 81:2 218:20 220:4 post (1) 30:5 211:22,24 212:6,7 process (10) 40:23
67:17 72:4 204:20,22 126:11 139:18 pm (13) 33:6 120:7,22 postpone (1) 86:2 212:25 213:4,19,22 47:11 60:19 78:18
partnership (1) 67:21 personal (45) 6:20 150:20 156:3 121:8,9,11 169:2,2 postponement (1) 215:2,15,19 94:6 110:4 115:25
partnerships (2) 70:19 13:11,16,20 14:1,7 170:11 196:24 172:11,13 206:14 171:11 pricing (1) 146:8 151:18 160:13
72:8 47:22 52:17 54:17 197:16 198:8 234:12 239:9 potential (5) 139:18 principal (1) 38:13 228:16
parts (1) 226:24 63:22 66:16 68:22 pick (2) 133:22 168:10 point (49) 10:17 14:2 143:13 144:4 148:1 principle (4) 17:25 processes (1) 12:23
party (23) 4:21 52:1 68:25 82:2,13 picking (2) 146:17 18:2 27:4 28:5 35:6 148:5 40:7 52:8 55:21 produce (2) 109:3
79:18 86:7,16 102:5 103:8,16 154:11 47:10 60:5 68:6 potentially (4) 59:8 print (2) 149:3 203:6 129:18
152:16 188:18 105:3 106:3 107:2 picks (1) 31:8 74:9,16 77:16 73:14 213:15 printed (2) 24:20 produced (8) 25:1
215:6 216:24,24 107:2,5 117:16 picture (1) 140:11 93:21 104:19 105:1 229:22 157:22 50:5 95:12 100:15
217:12,16 218:8 118:4,15 122:20 pictures (3) 196:22 110:18 112:15 power (5) 104:14,17 prior (4) 96:8 153:2 108:25 123:2
219:20 220:8 221:5 123:13 127:9 204:10,12 115:14 116:1,11,21 189:5,16 214:18 202:8,8 141:21 159:19
221:6,12,18 222:11 157:14,15 165:15 piece (4) 179:16 180:2 117:6,11,17 118:12 powers (3) 188:3 priori (1) 141:4 producers (1) 76:25
222:13 224:1 229:6 165:20 166:6 169:7 183:23 194:25 118:17,19 126:23 229:15 230:9 priority (1) 29:15 producing (1) 139:7
pass (2) 15:21 227:12 170:1,2,23 219:18 Piotrovsky (3) 126:11 127:11 128:4 144:2 practice (9) 20:1 prison (4) 88:6,9 production (1) 193:4
passed (1) 227:14 221:13 223:15,23 127:15 191:9 145:14 146:2 147:2 60:12 61:18,20,25 127:3,5 productive (1) 134:2
passing (1) 140:6 223:24,25 224:2 place (4) 31:5 43:11 147:4 159:7 181:21 101:19 104:10,13 privacy (3) 225:20 professional (1) 97:25
passport (4) 12:12,16 personality (1) 206:4 53:9 61:5 183:2,15 194:18 158:22 228:5,17 profit (1) 146:11
12:19 189:15 personally (14) 3:6,7 places (1) 118:18 202:6 210:6 213:11 practices (1) 13:4 private (17) 57:8,10 profitable (2) 184:14
pasting (1) 236:5 39:21 57:5 65:1 plan (1) 146:13 213:17 216:14 pre-court (2) 60:13,13 57:13 80:6 139:25 185:10
Pause (12) 8:8,12,18 73:7 79:10 98:6 planned (3) 225:11 224:8 226:18 227:2 pre-exists (1) 109:5 225:24 226:7,16,18 profits (1) 60:24
21:8 26:4 31:16 151:9 155:14 234:3,6 228:22 prefer (2) 229:19 226:24 227:2,5 programme (3) 69:20
50:8 66:20 176:24 221:17 222:16 planning (3) 133:10 pointing (2) 114:23 233:10 228:7,8,14,17 70:9 77:22
186:11 192:20 223:18,19 137:9 235:6 124:2 Preksin (1) 2:14 229:10 project (1) 3:6
212:17 persons (3) 43:21 plans (3) 20:5 137:8 points (15) 8:25 58:17 Premina (1) 211:22 privately (1) 129:25 projects (1) 83:16
pay (15) 5:4 30:14 64:8 236:7 224:16 73:10 117:20,22 premise (2) 55:20 pro (1) 140:15 prolong (1) 37:20
34:24 35:6,23,23 persuading (1) 74:22 Platonov (2) 170:14 118:1,3,13 120:13 56:5 probably (25) 5:21 prolongation (3)
37:7 42:9,24 71:24 Petersburg (131) 1:10 170:16 122:5 127:18 231:6 premised (1) 229:18 6:10 16:5 33:12 102:6 165:15
163:19 167:1 2:10 3:2 4:20 11:16 play (1) 84:17 231:6,9,13 preparation (2) 7:17 60:10 62:3 85:13 171:10
169:10 186:24 13:10,15,18 14:4,6 player (1) 42:18 police (7) 49:13 70:10 207:17 92:12,22,23 93:14 prolonged (8) 89:13
204:18 14:8 15:19 23:10 playing (1) 66:5 127:8,22 200:3 prepare (1) 150:23 126:7 155:25 91:15 94:19 102:7
paying (1) 167:4 24:22 25:10 27:2 pleaded (3) 97:10 210:17,18 prepared (28) 17:25 172:19 188:25 102:9,10 103:5
payment (8) 34:20 27:15 28:8 32:20 98:23 99:17 policeman (1) 12:18 23:21,23 24:10,13 190:5 210:2 220:16 163:18
73:8 78:20 84:1 34:10 35:8 36:4,21 pleading (1) 97:4 policemen (1) 127:9 25:5 26:24 27:1,15 223:3 224:13 promise (1) 231:3
85:25 86:4,10 37:15 39:3,4,20 pleadings (3) 97:23 Policy (1) 65:5 28:7,12 29:2 31:25 225:22 228:23 promised (2) 120:24
166:15 41:8,11,17,22,22 98:17,20 politely (1) 236:11 52:11 53:2 54:25 233:1 236:9,15 178:18
payments (19) 4:20 42:23 52:12 57:20 please (131) 1:5 5:14 political (2) 79:24 59:8 83:13 86:25 problem (19) 18:24 promissory (1) 179:6
11:8 13:17 14:3 58:8,9,13 62:21,25 6:2 7:24,25 8:5 9:4 82:22 87:2 98:11 120:14 18:25 35:1,18,19 prompted (1) 67:25
18:3 38:10 59:9 63:5,6,11,15,23 10:9 13:24 14:11 politician (4) 79:9,17 131:13 149:2 36:2,21 37:5 43:7,8 proper (7) 20:9,9
68:3 70:20,21 67:2,19 68:9 69:3,8 16:8 17:4 21:8 79:19 80:16 154:14,24 162:6 43:25 50:8 68:2 77:17 86:23 90:5

Opus 2 International transcripts@opus2.com
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251

February 23, 2016 Day 15

92:8 127:7 properly (2) 77:14

113:23 property (2) 174:24

180:3 proposals (1) 132:9 propose (2) 231:11

236:18 proposing (2) 41:11

41:14 proposition (2) 73:5

74:4

prospective (1) 215:1 protection (1) 127:22 prove (2) 60:25 215:8 proved (1) 191:13 provide (7) 58:12

61:22 84:1 120:17 147:5 193:11 199:18

provided (4) 143:24

190:11 229:7,8 provision (6) 74:24 78:20 86:4,10,14

93:3

provisional (1) 143:10 public (4) 68:11 196:3

219:7 226:21 publicity (1) 205:17 publicly (1) 216:15 pulled (1) 169:5 purchase (19) 57:16

134:7 135:20 136:3 136:8,14,19 138:7 140:16,24 141:19 143:10 144:3 145:16 147:23 153:24 212:7,25 213:19

purchased (2) 148:14 148:15

purchaser (5) 148:16 154:15 158:1,6 159:21

purchasers (12) 54:10 57:16 58:5 148:2 149:14 151:15,25 154:21 155:19,21 160:19 161:11 purchases (5) 57:22 151:6,20 158:24

161:9

purchasing (1) 154:25 purpose (14) 4:8 58:2 76:7 77:6,11 86:20

93:14,21 99:16 109:1 184:7 194:10 194:23 210:7

purposes (7) 75:11 77:4 96:15 100:16 111:18 193:15 194:21

pursue (1) 207:25 pushing (1) 168:7 put (46) 25:3 29:17

50:23 68:2 73:7,20 74:5,8,9,12,13 77:17 85:24 86:5 88:5 96:16 98:21 107:17,17 111:3,20 111:24 114:6 115:16 120:3 122:5 124:11 125:15 126:5 127:18 128:15 129:11 148:11,12 153:1 160:11 168:11 183:5,21 191:12 193:21 194:6,20

220:24 234:11 223:5 225:18
237:19 227:12 234:25
Putin (1) 40:1 235:9,12 237:11,16
putting (13) 7:14
28:21 76:2 86:10 R
89:5,8 107:16 raid (2) 126:25 159:1
117:17 124:19
raider (1) 81:15
125:1 146:15 148:4
raiding (1) 165:24
195:24
raise (3) 3:15,19
puzzling (2) 225:20
231:16
226:9
raised (1) 73:11

Rasti (1) 2:22
Q
rate (3) 93:7 184:24
qualified (1) 65:12
185:1
quality (2) 101:21 rates (1) 69:19
194:23 re-establish (1) 80:21
quarter (2) 225:9 re-examination (1)
233:18 168:11
quarterly (1) 14:22 reached (3) 52:7
quash (1) 187:12 84:22 94:13
query (1) 159:20 reaching (1) 197:11
question (70) 6:2,5,7 reachstacker (1)
13:13,25 17:15 196:21
25:17 36:18 41:21 reachstackers (1)
46:9 49:4,5 55:24 196:19
58:6 61:24 67:7,10 react (1) 83:8
67:12 70:21 71:4,5 reacting (1) 82:18
71:7,9 74:12,16 reaction (1) 83:9
77:17 85:17 86:8,8 read (26) 8:5,10,14
87:15,21 88:18 17:4 21:5 26:3
97:12 98:5 107:13 29:15,18 31:15
107:15,21 109:15 48:3,6 78:5 97:18
110:18 114:4,6,14 98:14 128:9 149:6
114:25 121:21 155:8 185:14 186:5
128:2,19 131:6,8 187:23 192:19
137:15 144:21 210:21 236:12,22
145:14,18 146:19 238:7,20
148:23 149:5 155:8 reading (7) 31:12
158:16 160:8,9,14 121:20 157:7,8
173:16 180:14,24 176:23 216:11
189:17,24 197:3 236:4
213:7 225:20 226:1 real (8) 81:5 82:16
228:4 157:12 162:17
questioning (2) 75:8 165:13 189:18
234:19 215:19 216:24
questions (24) 1:9 realisation (1) 61:12
6:21 8:11 17:14 realise (2) 140:19
31:16 44:5 56:6 167:8
75:22 76:2,8 77:6 realistic (1) 235:10
97:3,25 137:11 really (63) 3:18 7:15
154:13 168:10,11 9:23 10:1 19:12
174:3 190:10 27:7 37:11,14
206:12 210:7 42:16 43:14 54:14
234:22 235:4,15 54:17 55:25 72:18
quickest (1) 226:12 73:5 80:6 81:3
quickly (3) 119:23 83:18 88:4,13,16
233:11 239:1 93:12 96:18 97:22
quite (74) 3:2 11:21 106:1 108:18 112:5
11:22 15:1,14,20 112:8,21 122:14
16:4 19:6,10,25 128:10 133:14
20:24 29:21 34:24 138:19,19 139:9
41:5 49:2,14 50:4 140:4 154:6 156:16
62:3,7 64:10 68:16 157:13 164:5
68:24 69:4 74:6 167:12 168:11,18
77:7 78:2 79:7,8 170:20,22 175:10
80:2,8 82:21 83:14 192:2 198:3,12
85:21 88:12 104:12 199:23 200:1,5
107:9 110:6 134:2 201:23 206:4 210:8
138:24 139:1,5 216:11 219:20
140:8 153:7 164:6 227:24 229:13
165:25 169:4,7 230:7 233:25 236:4
180:19 183:14 238:22
189:12 191:10 rearrangement (1)
196:9 198:8,13,16 141:7
200:14 203:1 reason (20) 13:20
205:14,14 208:12 14:1 21:22 23:2
209:12,16 210:16 45:2 46:20 55:18
214:4 218:7 221:10 64:4 67:24 75:21

81:5 115:19 124:19 188:22 190:24 43:4 63:4,14 64:8 report (2) 154:7 206:5
179:5 194:22 193:22 194:2 236:2 94:17 126:12 127:9 reporting (1) 126:25
202:17 222:7 236:8 237:10 138:23 180:8 repos (1) 31:21
230:10,22 237:18 referring (21) 57:7 205:20 223:11 represent (3) 104:16
reasoning (1) 187:22 69:13 78:7 80:20 relationship (1) 178:8 214:19
reasons (10) 37:20 85:14 105:8 139:24 170:15 representative (2)
38:13 61:15 89:16 184:4 193:9 196:24 release (1) 227:21 130:11 188:8
108:11 115:6 121:6 201:12 206:19 relevance (1) 49:1 represented (2) 178:4
135:7 222:9 232:4 208:2 209:7,18 relevant (10) 44:22 216:25
recall (5) 10:6 29:10 212:21 218:21 101:12 116:9,17 representing (1)
46:1 128:2 169:6 219:2 221:8 223:4 124:21 145:1 189:7
recanting (1) 232:9 223:13 146:22 188:15 repurchase (16) 41:8
received (21) 10:8 refers (3) 9:21 31:10 214:21 217:8 64:5 133:3 142:1
23:2 29:7 30:4 90:2 219:19 reliable (8) 27:5 49:12 142:14,18 147:16
92:15 93:4 96:21 refinance (4) 4:9 49:13 80:24 83:18 148:1,7,13 153:24
99:25 100:9,12 193:19 194:13,17 89:7,10 115:10 155:18 157:23
101:3 102:1 131:20 refinancing (9) 4:8 reliance (1) 229:10 158:5 163:8 214:24
155:9 172:20,21 17:1,8 42:17 60:4 relinquish (1) 153:18 reputation (2) 43:18
173:3,17 213:5 132:9 193:13,16 reluctant (1) 7:7 54:18
216:9 194:12 rely (5) 74:21 91:12 request (4) 11:17
receivers (1) 72:20 reflect (2) 116:25 97:14 99:21 115:2 27:22 83:25 168:23
receiving (6) 23:3 29:4 225:22 remaining (2) 117:5 requesting (1) 171:9
29:10,14 164:6 refusal (1) 171:1 188:23 requests (1) 187:11
217:1 refuse (1) 167:23 remains (1) 117:11 require (2) 59:25
recipients (3) 201:3 refused (7) 166:14,17 remember (39) 2:18 229:6
206:16,21 168:12,23 169:11 4:16 5:13 6:21 required (4) 41:18,19
recollect (2) 107:14 171:8,17 11:20 15:25 18:12 109:13 153:20
132:18 refuses (1) 165:16 18:19,21 20:19 requirement (5) 96:12
recollection (1) 22:4 regard (1) 101:6 21:23,23 22:1 109:10 160:7 164:4
recommend (1) regarding (3) 78:17,19 25:12 34:23 65:15 193:21
165:17 95:4 108:19 114:3,7 requirements (2) 59:6
reconsider (1) 137:25 regards (1) 115:25 127:23 131:14,16 188:2
record (13) 20:23 regime (1) 12:11 134:22 135:1 reschedule (1) 198:14
30:11 52:7 58:16 region (14) 67:3,20 136:17 140:1 149:6 rescheduled (1) 198:9
99:5 109:19 124:3 68:9,23 69:7 70:2,5 155:25 162:19 rescheduling (3) 20:5
143:12 213:12 72:6 130:10 179:16 169:3 185:5 188:18 20:6,6
221:20 225:22 187:7 195:1 216:6 191:8 196:4 201:21 reservation (3) 61:15
233:2 235:19 217:4 202:22 215:20 96:15 194:18
recorded (4) 19:20,22 regional (5) 69:3 216:12 220:16 reservations (1) 37:6
58:24 85:2 70:11 82:10 83:14 remembered (1) 9:23 reserves (4) 37:5
recording (6) 12:22 218:7 remembering (1) 43:11 45:3 63:2
19:7,11,14 85:21 register (2) 158:12,21 20:15 reserving (9) 35:15,16
211:21 registered (2) 153:10 remind (3) 31:15 37:23 42:25 45:12
records (7) 57:15 93:6 153:16 66:19 124:3 55:6 61:9 96:14
131:21 167:22 registration (1) remove (1) 188:16 193:17
186:18 211:18 165:13 removed (1) 97:11 residual (1) 75:14
216:16 regular (5) 66:24 repaid (2) 91:10 resist (2) 63:11 64:1
recover (2) 179:22 67:16 72:3 141:18 168:16 resold (1) 161:12
181:12 189:9 repair (1) 193:5 resolutions (3) 67:1
recovery (2) 165:20 regulation (3) 24:14 repatriated’ (1) 204:4 67:18 72:5
184:1 194:16 195:6 repay (3) 35:23,23 resolve (1) 59:18
recreate (1) 37:21 reins (1) 153:18 164:18 resources (2) 42:24
recreated (2) 91:5 reinstated (2) 186:2 repayable (1) 185:3 70:4
92:22 186:22 repayment (3) 87:22 respect (21) 21:3
rectangular (4) 93:3,6 reject (1) 214:15 166:24 172:24 45:11 54:4 62:8
111:24 119:7 rejected (2) 145:5 repayments (2) 23:6 63:2 89:11 97:25
recurring (1) 236:16 171:24 23:13 98:17 109:2 137:1
recycled (1) 153:15 rejecting (1) 187:14 repeat (4) 49:5 58:6 137:11 138:13
Red (1) 219:11 relate (2) 48:20 114:24 178:7 148:25 153:4,8
reduce (2) 146:9 138:14 replace (1) 224:22 154:4 155:12,13
162:20 related (5) 85:2 144:3 replied (2) 159:24 174:25 219:22
reduced (3) 162:9 144:4 182:1 204:6 195:24 223:6
163:16,20 relates (4) 93:9 99:10 replies (1) 130:16 responded (1) 205:10
refer (7) 45:16 77:21 133:15 141:20 reply (9) 33:7 83:4 response (6) 6:6
79:5 103:15 147:23 relating (2) 137:1 97:25 169:17,18 30:11 33:5 77:8
176:25 219:18 175:2 189:9 196:23 117:4 169:8
reference (19) 6:19 relation (31) 3:20,22 199:22 216:10 responses (1) 116:20
32:8 47:2,3 81:5 3:25 31:20 41:9 replying (2) 81:1 responsible (5) 26:6,7
83:6 90:20 93:13 66:5 85:23 95:10 84:15 74:25 100:14 102:2
104:17 135:20 105:1,2,3 106:3,4 repo (25) 40:17,21 rest (3) 4:17 156:5
140:13 192:9,10,24 110:15 114:21 95:10 130:17 199:17
196:19 218:14,22 118:9 122:20 138:17 139:13,18 restaurants (1) 15:18
219:16 222:5 123:12 124:10,23 140:10 144:9 restructure (2) 4:9,10
references (5) 20:16 125:18 134:19 145:17 146:5,12 restructuring (10)
106:23 122:2 145:16 161:16 147:4,7 148:6 9:15 11:18 31:21
123:25 220:6 165:1,2 173:8 149:14 152:21 44:25 45:8 79:12
referred (12) 27:9 180:23 190:12 153:8 156:24 157:4 128:20 132:4
34:19 120:15 194:3 206:17 175:1,21 176:7 161:15 162:1
149:15 166:3 relations (12) 37:3 177:16 215:14 result (3) 38:8 166:23

Opus 2 International transcripts@opus2.com
Official Court Reporters +44 (0)20 3008 5900

252
February 23, 2016 Day 15

168:15 rush (4) 44:21,24 save (6) 42:21,21 59:6 172:15 176:16 66:18,22 73:10 23:21,24 24:25 132:16,21 133:4,8

resume (2) 18:2 38:22 45:24 153:1 107:18 122:7 screens (1) 22:18 77:10,22 78:11,22 25:1,5,11,19 26:11 133:11 134:17,20
retract (1) 25:24 rushing (1) 157:10 236:17 scroll (6) 50:9,11,13 79:23 81:21 83:7 28:18 29:4 33:7 135:21 136:23
return (7) 50:20 172:6 Rusiv (5) 161:23 162:2 saved (1) 42:22 135:25 136:3 83:12,22,25 84:2 46:21 81:20 82:7 137:19 138:8,15
204:19 214:7 162:7,10,14 Savelyev (109) 5:17 204:10 85:13 86:3 87:12 83:4,5,7 131:14 139:19 140:22,23
223:18 229:17 Russia (36) 39:24 40:3 5:18,21 6:10,15,20 scrounge (1) 236:21 89:15,21 90:8 91:1 133:14 134:6,10 141:3,7 142:19
237:15 41:25 45:4 53:7 10:5,21 11:17 12:1 scrounging (1) 237:3 92:9,12 94:10,23 136:15,18 138:9 143:5,13 144:5,25
returned (5) 40:25 60:12,19 61:19 12:6,7,18,24 13:1,2 seal (5) 50:18,19 87:7 95:5,7 96:5 97:15 140:15 141:1,12,13 145:8,21 146:4,7
155:15 177:23 62:4,8,9 68:17 13:9,12,19 14:19 123:20,21 98:23,24 99:11,13 149:3 152:2 156:23 146:20 147:8,17,24
210:21,24 71:14,21 73:2,22 15:1,10 16:11 sealed (1) 142:11 99:17 100:4 101:4 173:13,19,23 148:2,14 158:1,5
revise (1) 135:13 74:3 76:11,17 17:11,24 18:13 sealing (1) 90:19 101:15,17,21 196:22 200:14 161:12 162:8,8
Richard (1) 232:7 77:16 79:25 83:8 19:8 20:14 21:20 seals (1) 112:6 105:15,20,23 111:9 201:8,15 203:4 163:7,15 164:15
right (89) 1:21 6:16 104:11 113:5 23:22 24:9 27:19 seamen (3) 204:15 112:7,17 114:12,12 205:11 206:20 172:6 174:25
7:10 8:14,21 9:7 115:11 124:5 30:8,14,18 31:2,10 205:19 206:5 115:7 118:6 119:25 sentence (7) 17:23 177:22,23 178:1
11:8,14 16:6 26:4 139:22 153:2,9 31:25 34:13 39:17 search (2) 134:3 123:16 124:12,17 67:8 78:5 84:2 210:21,23,24 212:1
27:3,10 29:20 30:7 157:5 190:4,7 40:5,20 44:16 216:15 125:5,8,20,21 97:18 132:11 177:6 213:5,6,14,20,21
34:6 44:23 46:23 196:2 200:5 217:16 53:12,17,25 54:3 second (56) 1:25 2:6 127:18,19 128:7,13 separate (4) 48:7 214:23,25 215:9,10
51:11 52:10 54:12 220:7 54:18 57:21 58:21 9:22 15:2 17:23 128:22,23 129:2,9 154:24 181:2 215:16
55:15,25 58:15 Russian (116) 2:14,16 59:1 64:9 79:10 27:10,14 33:13,15 129:20 132:8 214:17 sharing (1) 39:20
64:15 71:8,13 75:9 3:3 7:11,13 10:16 80:19,22 82:3,6,16 38:15 58:20 78:5 133:21 134:16 September (4) 4:12 sheet (2) 45:5 154:9
79:1,23 81:11 10:18 22:15,16 82:17 85:1 91:14 81:21 83:12,21,24 135:21 136:1,7 4:14,15,16 Shevelev (8) 87:7,8
84:23 94:4,4 95:10 24:1,5 25:4 27:18 126:6,10,13 127:7 87:20,22,25 90:14 137:5,8 142:6 sequence (2) 152:20 88:2 95:25 96:12
98:2 100:3,5 103:1 32:5 43:8 47:4,6 127:12,14,21 128:3 91:7,17,20 99:10 143:1,4,17 144:1 152:25 99:12 127:2,4
109:20,22 118:3 48:4,12 49:19 131:11,12 133:24 101:17 103:19 152:4 154:18 155:1 series (6) 56:20 84:24 ship (5) 5:9 201:17
119:2 122:8,10 50:14 51:12 54:21 134:2 135:9 136:13 106:4 108:7,8 156:23 161:22 107:7 142:3 208:19 203:11,14 204:1
123:24 126:23 60:6 62:17 64:18 137:20 138:18 110:16 115:9 162:12 164:2,19 208:22 ship’s (1) 203:15
129:22 130:24 65:3 72:19 73:1,7 139:17 142:24 116:13 119:13 165:9,22 167:24 serious (4) 43:17 55:6 shipowner (1) 204:23
134:23,25 140:24 73:22 74:1 77:3 149:22 150:4,20 143:11 158:24 168:13,19,21 170:2 115:10 198:13 shipping (21) 2:21 5:7
141:6,10 145:2 81:18 82:1 85:19 151:2 154:7 157:16 161:11 163:2 171:2,13,13 173:14 seriously (2) 163:16 34:25 35:2 39:5
148:13 149:20 90:1,18,19 92:10 159:16,17,24 160:4 165:11 166:18 177:9 181:17,21 227:1 90:16 100:6,7,21
150:11,14 154:5 93:2 95:24 99:9 160:23 161:1,3,5,5 171:10,18 177:5,21 185:18,24 186:7,15 Service (1) 232:5 132:16,21 133:8
162:5 164:21,23,25 101:18 103:20,22 174:19 175:12,14 181:15 186:10 186:16 187:1,18,21 servicing (1) 38:22 134:8,20 171:9,11
165:19 166:13,17 104:1,5,13 105:6 175:16 197:1,17,19 187:7 190:21 189:20,23 190:1,22 sessions (2) 233:15,18 172:25 201:23
167:8 169:12 105:15 107:25 197:21,25 198:15 192:21 203:20 192:4,7,7,10,11 set (14) 23:9 151:3,19 202:13,14 206:13
172:18 174:9,12 108:2,15,19,23 199:4 200:14,18 209:25 211:20 195:2,21 196:14 153:15 154:20 Shipping’s (1) 169:9
175:20 176:15 109:8,10,14 113:21 202:19 220:21 212:21 218:20 197:12 200:25 156:9,12 184:6,8 ships (4) 206:18,22,24
178:3 190:15 197:4 114:15 115:10 Savelyev’s (2) 12:9 222:3,25 233:19 201:11 203:5,8,12 198:21 209:5,8 207:4
200:8 201:7 208:4 117:25 118:16 13:7 secret (2) 159:9,13 204:8,11 205:9,23 220:5 226:8 shock (2) 137:23
208:18,20 209:8 122:18 126:25 Savelyev.doc (1) secretaries (5) 19:9,21 206:18,22 207:2 sets (4) 187:22 216:18 141:9
211:6 212:1 219:9 130:11 131:10 10:22 126:14 175:16 208:8,10 209:22,24 221:2 222:11 short (15) 34:14,18
219:12 224:15 136:1 142:6,7,9 saying (16) 36:23 53:8 197:22 209:25 210:2 setting (1) 225:25 37:1,5 38:7 39:10
229:15 230:3 143:17 146:7 53:8 72:2 85:4 secretary (1) 20:2 211:17,20 212:3,4 settle (2) 60:13 235:2 44:4,11 59:17,19
right-hand (1) 90:16 157:25 159:1 88:23 101:7 111:6 section (1) 215:22 212:8,15,16 216:1 settled (3) 55:11 56:2 172:9,12 218:24
rights (3) 64:2 165:2 172:15,23 177:1 146:25 166:4 secure (5) 70:18 105:4 216:6,14 217:3,18 62:2 219:4 228:16
174:24 178:1 181:15 185:2 168:22 193:24 220:1,1 238:10 217:21 218:10,19 seven (8) 1:20 18:16 short-circuit (1)
riot (1) 210:18 185:6,14,23 190:18 195:21 201:22 secured (11) 72:9 218:22 219:16 20:7 107:5 109:17 235:21
risk (1) 35:5 192:18,19 195:19 208:5 231:2 73:8 103:4 179:8 220:4,7,11 222:3,5 115:22 117:6 127:4 shortly (3) 84:25
rivers (1) 39:6 196:12 199:7 says (18) 8:11 9:3,3 179:10,15,15 226:4 231:20 232:2 Sevzapalians (30) 172:5 201:9
role (3) 65:22 66:1,5 200:23 201:12 10:2 23:6 108:6 184:19,22 194:14 233:12 143:6,7 144:5 show (22) 12:11,16,19
room (6) 18:13,14,14 203:3,11,14 204:15 128:5,7,22 161:22 195:3 seeing (1) 227:16 145:5,12 147:1,14 21:3 24:24 46:20
19:5,9 20:7 205:10 208:20,23 168:24 186:12 securing (1) 17:1 seek (2) 63:11 167:8 154:20 158:2,9,11 74:14 85:18 92:9
rouble (1) 179:24 209:11,23 211:3,11 187:24 192:13 securities (4) 136:3,8 seeking (2) 9:15 173:7 158:20 159:9,21 93:22 97:2 99:7,8
roughly (3) 14:16 214:15 217:3,6,7 207:2 211:14 212:4 136:19,25 seemingly (1) 49:9 174:17 176:3 122:17 141:25
16:16 60:20 219:7,8 221:23 218:23 security (29) 12:10,11 seen (10) 53:22 62:3 177:15,16 182:6,8 142:6 143:15
round (7) 14:22 16:16 222:1,4 227:21 Scan (21) 27:20 103:8 12:15 13:7 41:9 75:8 116:1,6 151:7 183:15 189:2,14 156:15 168:18
16:17 66:3 233:16 228:9 235:14 103:16 104:20 44:17 58:12 61:12 213:23 216:7 191:9,16 211:2 177:7,12 215:21
233:18,22 Russian-speaking (1) 105:21 107:8,15 61:22 62:22 64:2 217:10 219:21 212:1 213:6,14 showed (2) 25:22
routine (2) 99:18 7:4 110:15 114:1,6,7 134:18 144:24 sees (1) 105:6 215:6 162:23
100:11 118:4,8,9 121:21 146:19 147:5,9,20 self-explanatory (1) shaked (1) 40:12 showing (6) 82:15
RPC (2) 215:25 216:9 S 123:13 139:20 148:20 152:17,17 231:20 shaking (1) 18:18 91:2 100:8 111:15
RUB (21) 23:14 34:22 safe (1) 37:22 141:7 147:25 163:22 167:8 self-profitable (1) shape (1) 230:6 137:14 142:15
143:2,8 144:7 154:21 155:13 174:23 178:18 223:17 share (18) 18:24 19:3 shown (54) 14:11
safeguarding (1)
165:16,21 179:9 scandals (1) 83:2 180:1,2 184:21 sell (9) 78:6,8 102:16 36:5 45:12 134:7 21:2 22:13 27:25
167:9
183:19 184:15 Scandinavia (6) 57:17 201:5 202:2 133:4 145:8 146:7 136:14 138:6 32:4 46:15 52:25
safely (1) 229:22
186:25 210:25 69:23 217:23 see (223) 2:6,11 7:16 146:9,10 191:23 140:15,24 141:1,19 53:22 81:17 89:17
safety (1) 121:6
211:18,23,25 212:6 218:13 220:1,14 7:25 8:10,16 9:3 sellers (1) 181:19 143:10 145:16 91:7 92:18 93:10
sake (1) 110:5
213:1,4,15,16 schedule (8) 106:24 10:10,10,13,23 selling (6) 18:20 40:24 153:24 188:8,9,23 94:10 95:23 100:3
salary (3) 68:20 164:6
214:23 107:13 109:23 11:2,4 14:20 17:2 41:4 143:4 163:15 212:5 103:22 113:10,24
186:24
RUB5,000 (2) 215:11 122:3 160:4 161:4 17:20,23 18:4 163:19 shareholder (11) 118:16 123:10
sale (13) 135:20
215:16 198:7,13 21:10,15,18 22:20 send (5) 11:23 20:17 174:16 177:8,12,14 124:8 125:17
136:19 142:5
RUB9,900 (1) 213:19 scheduled (1) 175:15 22:21 23:5,6,7,16 24:8 101:19 131:12 177:18,19 178:12 126:16 127:17
144:13,16 145:20
rules (2) 62:18 190:6 schedules (2) 20:11 24:1,6,9,10 26:25 sending (2) 138:6 178:12 182:6 130:20 133:19
148:7 181:19
ruling (3) 226:20,22 107:14 27:14,16,20 29:14 195:25 188:22 189:25 135:2 137:10 139:4
212:12 214:24,25
229:8 scheduling (2) 200:16 30:7 32:17 33:1,3 senior (1) 2:21 shareholders (2) 139:10 150:16
215:1,1
run (1) 108:15 235:17 34:1 38:16,24 sense (8) 59:5,14 178:5,9 152:3 156:19
sales (4) 163:21,22,23
running (8) 73:15,18 schools (2) 70:4,15 44:14,18 47:4,6,9 90:18 146:5 152:17 shareholding (1) 161:18 162:22
163:24
73:18 76:15 194:12 scientific (2) 15:16 47:14,18 48:8 153:9 182:16 225:7 188:14 165:6 167:15 172:8
Saltykova (2) 127:2,3
218:4 223:5,16 65:20 49:20 50:10 51:8 sensitive (1) 74:7 shares (64) 40:24 41:2 172:14 173:12
satisfied (1) 99:19
runs (1) 122:13 screen (4) 2:2 92:12 51:10 54:14 64:6 sent (43) 10:12 21:17 57:16 86:21 95:4 176:10 185:12

Opus 2 International transcripts@opus2.com
Official Court Reporters +44 (0)20 3008 5900

253

February 23, 2016 Day 15

190:17 195:18 106:7 116:8 151:12 87:15 90:14,17,23 63:5,6,11,15,23 191:11 199:24 stupid (3) 89:13
196:11 199:6 203:2 156:12 165:18 97:16 99:6,19 67:2,19 68:9 69:3,8 205:3 208:24 225:8 102:14 156:6
206:9 207:20 166:5 106:15 107:12 70:5,8 72:6 78:8,16 230:13 233:14 style (1) 170:5
209:14,17 215:22 silence (1) 84:20 109:21 111:8 79:1 80:11,15 starting (4) 14:13 subject (11) 10:21
224:6 silent (1) 54:20 114:24 117:14,14 81:16,22,24 82:11 142:16 209:15 23:6 41:20 59:2,3
shows (6) 49:2 50:5 silly (2) 9:10 228:22 118:6,7 119:14,21 82:22 83:3,20 84:7 233:6 143:24 172:24
58:24 82:19 106:11 similar (2) 105:16 120:9 122:17 124:8 84:13 89:25 90:12 starts (1) 39:7 191:7 206:11
199:5 115:8 130:13 131:5 92:15 94:20 96:4 state (18) 62:17,17 214:14 229:25
side (9) 2:6 9:5 35:4 Similarly (1) 171:7 137:11 144:22 96:13 100:10,23 64:25 66:25 67:17 subjects (1) 132:6
37:20 76:15 90:16 simple (2) 144:2 147:3 148:3,3 107:24 114:22 68:1 69:25 70:19 submission (1) 77:17
95:14 175:13 145:14 160:10,15 166:16 115:4 127:10 70:22 71:15,21 submissions (1) 210:6
222:17 simply (10) 28:10 168:2,8,9 171:20 134:17 135:8 72:4,18 74:21 submit (1) 64:13
sides (6) 40:23 41:2,4 102:14 110:6 172:9 173:16 136:12 145:9,10 128:12,20 129:23 submitted (1) 171:8
147:20 152:9 175:5 115:20 144:20 176:17 178:7 147:6,15 160:18 153:10 submitting (1) 103:17
sides’ (1) 149:2 172:2 226:4 227:9 180:14 181:5 161:17 166:9,17 stated (6) 93:1 104:18 subparagraphs (1)
sign (36) 40:21 44:21 232:8 236:6 185:21 192:15 167:7 172:6,16 122:23 174:22 149:15
50:19,21 52:13,17 Sincerely (1) 196:16 197:3 207:22 173:7 177:20 183:9 224:1 subsequent (2) 38:12
53:25 54:2 56:24 single (2) 179:24 208:21 211:16,16 178:14 180:4 statement (35) 6:25 226:19
57:10 58:22 87:5 181:1 211:16,19,20 183:13,15,17,18,24 7:2,12 8:9,9 14:11 subsidiaries (2) 76:18
95:12 102:16 103:7 sinister (2) 144:12,15 212:16 215:24,24 184:4,12 187:9 16:8 21:3 24:17 151:11
104:10,11,13,16,22 sitting (9) 12:5,18 218:22 219:1,3,4,9 189:10 190:3 191:2 27:4 31:8,9,18 subsidiary (1) 147:14
104:25 106:6 18:21 19:4 20:7 219:14 221:22 191:19,24 192:1,2 33:25 38:2 44:14 substantial (4) 3:15
117:18 142:23 42:4,5 60:15 222:2 224:7 227:19 197:8 198:19,22,24 45:16 94:22 100:1 4:8 34:24 187:13
148:24 149:4 151:4 156:11 229:3 232:14 199:25 200:9 201:4 126:4,17 128:10 succeed (1) 16:25
151:22 152:7,9 sittings (3) 65:11,24 235:10 238:18 201:9,24 202:7,15 137:17,17 139:11 successful (1) 184:17
159:19 161:2 68:21 239:2 203:17 215:12 140:13 147:22 suddenly (6) 80:25
165:16 166:3,11 situation (3) 4:25 sort (13) 30:9,11 216:21 217:14 149:7 154:11 127:15 156:2 168:4
185:7 37:13 181:24 31:21 33:14 59:11 218:6 220:18,20 161:19 164:8 200:16 229:12
signature (31) 50:18 six (11) 17:25 30:14 64:4,5 74:10 75:19 221:3 222:19 167:16 170:24 Sue (2) 1:16 2:18
87:10 93:25 103:21 35:21 61:3 107:4 75:24 77:12 136:14 stability (1) 37:21 207:20 214:10 sued (1) 222:25
103:23,24 105:8,15 109:17 112:16 197:11 stable (1) 34:16 statements (4) 19:11 suffering (1) 34:14
105:16,19 108:7,9 115:22 117:5 152:1 sorts (4) 73:17 75:20 staff (5) 3:3 82:7,8,10 20:19 49:13 208:14 sufficient (1) 93:21
109:3,11 110:7,9 154:21 76:10 77:15 156:2 states (1) 168:19 suggest (36) 11:14
111:22 112:12,18 six-month (9) 18:8 sought (4) 60:9 62:22 stage (11) 5:4 30:8 stating (2) 105:11 12:1 16:17 17:6
113:2,9 114:13 30:10 31:2 58:16 74:21 193:8 42:11 92:1 98:10 126:9 18:6 30:25 32:3
115:8 116:2,13,17 58:25 64:14 79:2 sounds (1) 43:23 150:6 166:7 182:15 status (5) 17:8 63:3 40:5 43:12 52:19
119:3 122:21 123:5 81:6 84:7 source (1) 232:6 197:23 198:20 151:5 206:25 207:5 54:6 58:23 71:23
135:6 137:6 skip (1) 230:4 space (1) 59:17 214:8 statutory (1) 146:8 84:6 92:7,21 96:7
signatures (6) 49:24 Sklyarevsky (1) 208:8 spare (1) 238:9 Stalevskaya (15) stay (1) 205:3 96:11 103:7 105:22
108:25 112:6 slang (1) 205:24 speak (9) 15:15 80:3 46:21 48:9,22 49:7 staying (2) 204:21 106:6 113:16 123:2
114:12 116:5 137:6 sleep (1) 205:2 140:7 169:19 170:5 49:25 50:4 51:19 224:16 123:11 124:16
signed (101) 10:7 28:2 slightly (1) 233:25 190:5 196:8 198:17 52:2 149:3 150:15 stays (1) 204:22 125:9,22 145:5,6
28:5,6,7 40:23,25 slow (2) 155:10 200:4 227:3 150:22 152:2 155:5 steer (1) 234:21 182:2,22 207:23
41:3 45:20 46:12 small (6) 1:11 29:3 speaking (12) 7:2,11 155:16 156:23 step (5) 3:7 20:15 220:25 224:24
49:8,9,11,15,25 71:17,22 107:21 15:6,11 18:22 42:8 stamp (41) 50:24,25 42:1 111:23 152:8 229:10 232:22
50:4,22 51:1 52:19 218:7 81:2 95:16 107:22 50:25 51:3 85:13 steps (2) 36:24 182:1 suggested (17) 4:24
52:22,23 53:4,14 smart (2) 105:18 113:11 141:16 89:25 91:23,25 stock (1) 138:14 28:23 56:24 75:23
54:7 57:13 58:18 112:25 152:8 92:13,14,14,19 stood (1) 34:11 75:24 82:12 127:20
83:23 85:14 86:18 Smirnov (1) 15:24 special (7) 12:11 94:1 96:20 99:16 stop (2) 50:14 140:8 127:21 128:12,17
87:1,1,6 88:3,24 social (3) 69:20 70:9 57:16,21 71:21 100:8 101:25 105:9 stopped (3) 84:14,15 128:25 129:1 132:9
90:10,21 91:1,2 217:20 98:17 120:14 106:10,14 110:24 169:5 134:19 144:16
92:3,5 94:13 95:25 sold (19) 62:14 235:24 111:3 113:21,22 story (4) 33:21 91:23 193:18 194:1
96:12 97:6 101:24 142:19 144:25 specialist (3) 21:25 114:15,15 115:5,5 94:1 191:25 suggesting (16) 48:17
103:17 104:3,4,7,8 146:8,12,20 148:20 97:22 98:9 115:14 119:1 122:3 strange (13) 10:11 90:22,25 104:7,22
104:22,24 105:24 162:8,13,13 178:17 speciality (1) 98:1 123:7,15 124:7 11:21,25 23:25 111:2 113:7 125:12
105:25 108:4,16 183:21,24 184:1 specially (1) 88:21 125:5,6,7,12,14,15 26:5,10,17 27:7 145:9 160:19 166:2
110:19,21 113:15 191:25 204:1 212:6 specific (2) 40:9 60:6 125:25 89:24 96:17 106:1 183:8 191:1 197:6
113:18 114:18 213:5,14 specifically (1) 152:24 stamped (3) 28:2 93:4 140:4 170:3 218:5 220:17
115:12 118:1 solution (6) 36:25 speed (3) 115:24 101:20 strictly (1) 175:3 suggestion (8) 57:12
122:19 125:4,9,23 37:11 63:1,16,19 156:8 238:25 stamps (5) 85:21 Stroilov (5) 96:25 77:12 78:7 126:22
125:24 126:1 198:18 spend (2) 88:8 231:18 105:10 106:1 120:1 98:13 127:18 134:16 136:21
131:15,17 134:10 solutions (2) 134:3,7 spent (3) 7:16 127:3,4 124:5 128:17 234:9 137:3 193:25
134:11 142:10 solve (2) 37:1,22 spoil (1) 37:3 stand (2) 25:23 99:2 strong (7) 12:15 24:11 suggestions (1) 132:4
143:14,19 147:19 solved (3) 17:14 89:15 spouse (1) 224:3 standard (8) 13:4 24:14 83:18 88:10 suggests (1) 10:4
151:13 152:11,21 94:19 spring (7) 38:23 39:2 61:18,20 101:18 102:3 160:2 suing (1) 221:11
152:22 153:4,8,21 somebody (3) 105:7 39:3,5,12 164:10 102:4 104:13 stronger (4) 17:16 suit (2) 9:23 10:7
153:25 155:11,15 189:14 228:5 164:25 109:10 111:12 36:2,15 43:24 summary (1) 33:21
155:18,24 156:4,13 soon (3) 44:8 201:24 spur (1) 199:19 start (22) 24:4 42:3,10 strongly (4) 108:3,16 summer (1) 128:4
157:19 165:5,19 230:11 St (132) 1:10 2:10 3:2 59:23,24 60:2 147:13 208:16 Sunderland (1) 76:24
166:20 173:23 sorry (109) 1:17 5:24 4:20 11:16 13:10 63:18 120:25 121:5 struck (1) 98:24 supplemental (1)
174:18 175:18 6:8,9 7:3,4,6,6,9,9 13:15,18 14:4,6,8 219:13 225:4,5,12 structure (5) 17:13 120:18
181:17 201:14 7:9 8:17,17,22 9:5 15:19 23:10 24:22 225:17 229:20,21 57:2,2 178:13 supplementing (1)
227:10 9:6,6 13:13,24 15:5 25:10 27:2,15 28:8 229:25 230:4 225:5 237:8
significant (1) 34:20 15:5,13 19:18 22:9 32:20 34:10 35:8 232:12 233:16 structures (4) 66:25 supplied (1) 60:18
signing (19) 25:7 25:8,21 31:13 32:6 36:4,21 37:15 39:3 236:12 239:7 67:17 70:19 72:4 supply (1) 216:13
28:20 41:6 45:16 44:5 46:9 47:6 39:4,20 41:8,11,17 started (15) 35:2 struggle (2) 18:24 supplying (5) 69:20
46:7,10 64:23 87:3 48:24 50:7 51:10 41:22,22 42:23 48:24 81:14 84:17 60:1 70:6,7,8,9
88:3 89:11 90:19 58:4 71:9 72:13 52:12 57:20 58:8,9 96:21 121:14 stuck (1) 148:20 support (3) 72:16
104:23 105:24 73:13 74:5 85:17 58:13 62:21,25 125:13 166:7 studied (1) 187:15 128:20 190:8

supporter (1) 68:19 supporters (1) 66:17 supporting (3) 70:3 79:12 116:12 supports (1) 112:24

suppose (1) 93:16 supposed (1) 28:20 sure (73) 20:22 25:12 28:3 33:11 34:23

37:13 43:22 46:3,5 47:7 50:19,23 58:3 58:9,11 59:4 73:4 82:5 86:15 93:15 94:2 96:18,22 97:24 107:9 110:6 114:10,12,13 130:4 133:14 134:11,14 137:1 139:22,24 140:2,18 146:15 149:10 153:25 154:19,19 157:7 158:10 163:6,8 165:5 166:6 175:11 176:15,18 185:10 185:11 187:9 200:1 205:6 208:12,14 209:1,1,4 212:2 216:7,11,23 217:10 217:11 223:19 225:13 227:15 228:21 238:13

surely (3) 80:13 112:7 223:1

surprised (3) 19:6,10 113:8

surprising (6) 19:12 87:9 131:1 139:5,9 167:13

suspicious (3) 144:12 144:19 178:22

Switzerland (1)

169:15 sympathetic (2) 110:2

170:6

sympathy (1) 205:19 system (3) 60:7,7

238:10

T

table (1) 105:8 take (35) 8:22 31:5
42:4 43:18 45:25 46:3 50:8 53:20 55:19 56:9 60:8,20 60:24 61:2,5 69:11 80:14 100:14 102:2 109:21 111:23 117:9 121:25 156:7 157:24 171:16 176:5 178:25 179:19 182:23 205:5 227:1 235:16 237:8 239:1

taken (10) 20:21 42:7 47:24 50:25 51:2 102:22 140:14 156:20 173:14 209:13

takes (1) 62:1

talk (3) 38:18 196:16 229:3

talked (1) 211:23 talking (4) 6:4 17:19

33:14 67:22 talks (1) 163:2

target (7) 36:25 79:13 79:14 103:3 197:17 214:5,7

Opus 2 International transcripts@opus2.com
Official Court Reporters +44 (0)20 3008 5900

254
February 23, 2016 Day 15

tax (8) 146:7,11 32:10,12 72:14,14 198:3 199:22 201:8 42:17 43:7 44:22 tomorrow’s (2) 235:17 51:18 68:4,5 71:18

153:11,12,16 166:9 93:11 110:12 201:13,13 202:4,10 46:14 50:8 52:15 231:14,15 trips (1) 198:17 73:16 80:25 85:3
185:6,8 117:13 121:7 202:16 203:7 52:15 53:23 54:14 top (1) 123:18 trouble (6) 35:25 88:13 98:4 102:10
team (2) 2:20 206:3 122:16 160:16 204:20,25 205:4 55:17,19 58:20 Tosno (5) 201:17,25 36:13 37:25 111:21 108:12 111:5
technical (3) 36:10 163:14 176:20 206:7,13,20 207:6 59:18 60:3 61:7 202:2,7,21 170:18 193:16 114:24 144:21
159:18 175:12 239:8 207:19 209:5,9,18 62:1,19 63:14,24 total (5) 4:5 16:6 troubles (11) 18:19 145:18 148:9 149:1
technology (1) 139:23 themes (1) 236:17 211:5 213:11,17 66:2,4 68:6 69:1 130:1 163:20 29:18 39:24 45:11 149:10 152:18
Tekno (1) 4:19 theoretically (4) 42:8 214:10 215:21 78:9 79:9 80:5,18 216:22 47:22 81:14,14 167:14 170:3 194:6
telephone (5) 29:19 42:14 57:10 121:5 216:9,23 217:4,6,7 81:10 83:2,9,16 toxic (1) 37:9 83:2,19 84:20 197:1,17 199:20
139:12 140:5 156:3 thing (11) 15:2 27:24 218:1,2 219:14,16 84:18 85:5 89:1 trace (2) 29:24 113:13 189:18 200:4 209:21 211:9
169:20 31:21 75:23 108:17 219:25 220:3 91:6 92:8 94:7 track (1) 39:12 Trout (1) 227:13 212:18 223:20
tell (19) 1:14 7:1 29:7 120:21 182:23 221:14,23,25 223:3 95:17 96:5 100:9 trading (1) 178:20 true (16) 6:13 12:5 224:5 226:13
30:23 33:20 65:2 183:5 228:4 232:10 223:11 225:10,11 102:14 103:9 train (3) 120:22 15:1 49:14 54:10 227:19 238:2
71:8 81:20 111:15 232:13 225:18,24,25 106:20 107:18 229:18 230:15 81:8 99:23 126:21 understandable (2)
121:6 127:6 153:20 things (20) 3:18 28:19 226:11 228:23,23 108:6,7 109:21 transaction (16) 59:5 140:12 169:14 112:11 160:12
156:7 160:22 33:14,20 49:14 229:1,21,22,24 112:24 116:24 59:13 133:18 177:3 183:12 208:4 understanding (20)
169:23 184:24 52:8 64:10 82:19 230:12,14 231:2,15 119:19 120:10,24 162:10 174:22 208:5,5,6 28:9 37:4 39:25
220:11 224:11 85:20 94:15 124:3 231:19,20 232:10 121:25 122:8 130:2 178:2,14,16 179:5 truth (2) 100:1 170:20 40:19 52:7,14 58:7
232:3 129:18 133:5 232:11,11,14,18,25 131:12 132:3,19 184:13 192:3 try (13) 32:2 63:1 76:9 82:3 83:17
telling (14) 40:1 42:25 147:12 154:7 233:3,4,7 234:2,5 136:18 139:1,23 210:23,24 215:8,14 109:23 115:22 102:3 108:24
49:15 72:1 89:25 197:13 225:10,22 234:25 235:8,10,19 147:18,19 150:7 223:10 157:10 233:10,20 115:25 123:6
98:6 134:9 170:19 234:18 235:21 235:25 236:1,1,8,9 151:14 157:11 transactions (6) 233:23 234:1,11,17 149:12 152:12
170:20 201:2 think (292) 2:8,25 3:5 236:14,17,23,24 158:23 159:2 136:17 140:10 235:21 236:12 166:10 175:10
207:11 208:6,16 4:15,24 5:11 6:14 237:2,13 238:17,25 160:18 161:6 162:19 176:8 trying (14) 3:15,19 178:19 198:10
215:13 7:18 8:19,24 9:5 238:25 239:5 162:20 163:4 164:6 177:22 180:19 32:1 60:6 75:10 understood (21)
temperature (1) 230:3 10:19 11:10,10,11 thinking (7) 27:2 166:1 167:2,13 transcript (18) 6:4 78:5 113:13 132:24 20:18 43:6 46:24
temporary (1) 178:18 13:6 14:10 15:9,24 54:14 63:13 112:22 169:22 170:15,17 74:12,15 87:16 197:4 198:18 205:1 48:10 58:1 80:7
ten (12) 44:9 54:20 16:5,7,11 19:8 156:16 172:2 170:17 171:7,19,21 89:20,23 92:25 205:7 215:8 237:25 81:25 82:17 112:14
88:7,9 107:24 20:24 24:24 25:3 180:17 171:23 172:1 94:2 97:6 127:17 Tuesday (1) 1:1 133:10 138:12
127:4 150:12 25:25 26:2,14 27:4 thinks (5) 5:21 6:10 175:10 177:14 128:16 133:20 turn (1) 195:2 140:18 166:19
191:15 221:2 27:24 28:6,14 29:5 14:22 16:5 126:7 179:20 182:11 146:16,18 226:10 turning (1) 32:7 171:25 172:1
222:11 238:14,19 30:2,3,17 31:8 33:9 third (18) 50:3 77:21 190:2 196:5,9,19 226:24 231:15 turnover (1) 169:10 173:21 180:3 186:8
tender (2) 69:16,21 33:25 35:3 40:13 79:18 93:22 105:17 197:14,15,20 198:9 233:4 twice (3) 14:17 140:5 202:14 210:13
tenders (6) 67:1,18 42:6 46:16,17 47:5 108:10 113:15 198:11,15 199:3 transfer (8) 86:21 199:1 214:9
69:6 70:20 72:5,9 47:23 48:1,3 51:13 114:1 143:11 201:17 205:1 133:7 134:17 twisting (1) 145:14 undertake (2) 172:4
tending (1) 77:16 51:20,21 52:2 152:16 171:10 209:10 211:15 137:19 162:6 two (49) 7:17 12:14 181:20
term (9) 34:14,18 55:19 58:1 60:14 177:24 181:21 214:5,9 215:1 180:23 194:2 12:21 15:17 16:14 undertaken (1) 112:8
37:1,5 38:7 39:10 60:16,22 62:4,7,9 187:24 207:12 216:12 218:1,3 211:25 19:9,21 22:2,2 undervalue (1) 145:25
59:17,19 195:9 63:23 64:3,7 65:6 211:13 219:15,15 219:8 225:1,6 transferred (11) 28:13 38:13 40:23 unfortunately (1)
Terminal (70) 3:20 66:3,3,14 72:25 Thomas (2) 2:11 3:8 226:19 229:23 161:24 162:8 42:15 50:2,3 59:22 236:23
57:17 76:22 139:19 74:16,18 75:11 thought (19) 15:7 230:14,14 232:17 164:15 179:2,3,14 59:25 60:2,10,14 ungrounded (1)
141:7 142:2 143:5 76:14 79:9 80:16 31:24 43:3,24,24 234:20 235:2,16 179:21 180:15 60:19,20 61:4 83:4 187:13
147:24 155:13 81:12 82:15 83:3,6 60:8,9 63:15 79:15 236:17 181:8 213:16,21 83:7 102:9 103:22 unhappy (1) 169:7
157:24 158:1,5 84:11,13 85:4 88:6 80:11,19 132:25 times (9) 15:18 16:6 transferring (2) 108:2 118:18 university (2) 15:3,4
165:14 174:9,12,16 90:4 93:13,16,21 137:4 176:4 197:23 65:10,23 129:24 177:22 180:6 122:12,25 126:7 unlawful (1) 186:22
175:2 176:2,5,9 94:5,15,16 95:25 198:11 205:4 207:9 159:15,25 160:2 transfers (2) 95:4 127:1 144:4 162:14 unpaid (1) 204:6
177:7,11 178:4,6,9 96:11,24 99:2,25 229:14 199:1 154:15 173:9 175:5 178:1 unsecured (1) 195:3
178:17 179:1,18 100:21 104:5,11 thread (1) 28:10 timescale (1) 61:10 translated (4) 85:19 190:13 194:12 unsigned (1) 9:14
180:5,11,23 181:4 107:20 108:9 threat (6) 52:17,17 timetable (1) 20:9 106:13 217:5,8 196:9 199:23 untrue (1) 8:19
181:7,8,11 182:3,8 109:15,18 110:9 54:17 63:22 142:25 timing (2) 90:5 224:11 translation (26) 10:15 203:15,24 204:18 unusual (7) 41:6 90:5
183:2,9,14,16,18 111:20,25 112:21 157:15 tired (1) 109:25 10:19 85:16,22 210:19 212:10 98:17 100:10
183:24 184:5,13,18 116:6,23 117:24 threats (1) 43:12 today (9) 30:4 33:6 90:8,15,20 93:13 222:22 231:9 118:21,22 191:10
185:11 186:1,21,23 119:16,17,19 120:1 three (29) 7:17 19:9 121:25 130:23 94:3 100:5 106:13 two-page (1) 49:22 update (1) 206:21
187:11 188:15,23 120:24 121:16 23:18 24:2,2 33:7 184:8 219:5,7,11 106:14 110:23,24 two-sides (1) 35:19 upheld (4) 187:4
190:11 191:9,16 122:12 123:4,24 33:22 35:21 42:4,5 230:19 113:20,20,21 twofold (1) 230:22 188:13 210:8 211:3
193:7,11 194:9,15 124:10 126:5,21 43:15 60:14 61:3 told (48) 19:17,19 114:14,15 116:25 type (5) 63:20 138:13 upload (1) 1:13
196:22,23 210:19 127:3,23 129:5,15 65:12 100:18 102:9 20:3 29:11 34:13 125:8 135:4,6,15 141:19 170:6 upshot (1) 228:14
210:22 211:19,23 129:17 130:5,23 103:22 108:2 127:3 35:12 39:9,16,17 185:18 216:5 215:14 urgently (1) 165:17
213:4,14,20 214:23 131:13,19 133:6,17 137:6,9 142:4 43:25 46:13 47:20 translations (4) 93:19 types (3) 75:25 98:7 use (1) 81:13
Terminal’ (1) 193:3 134:9,12,24 135:10 162:14 173:10 52:13 53:24 57:20 108:21 135:11 129:5 useful (1) 129:6
Terminal’s (1) 193:23 136:5,19 137:4 199:1 210:19 58:14,19 94:18 227:21 uses (1) 205:24
terminals (2) 4:11 138:19,21,23 233:15,17 236:23 115:11 128:17 transpired (1) 229:9 U usual (1) 64:10
174:21 140:12,21 141:10 three-page (1) 49:23 135:12 141:17,18 transport (7) 2:21,24 UK (4) 60:22 62:4,5 usually (1) 186:13
termination (1) 188:2 144:1,16 145:5 Thursday (6) 121:3,4 142:24 147:18,19 3:5 18:20 72:17
203:11
terms (18) 6:20 46:1 146:6,14,24 149:23 224:16,22 230:2,19 150:3,19,21 151:1 74:24 76:19 V
unable (3) 5:4 38:9
48:17 65:6 66:8,9 152:2,5 153:5,13 ticket (4) 121:3 151:10,21 154:19 travel (5) 204:19 V-Bank (8) 43:5 63:17
232:5
66:10 122:3 143:24 153:14 154:6,7,22 224:25 225:2,3 156:17 159:13,15 224:16,22 229:16
uncertainties (1) 161:17 162:7,21,25
183:9,10 185:4,8 155:24 156:20 tickets (1) 204:4 159:24 160:23 229:16
226:1 163:6,18
185:10 227:17 158:4 162:22 165:3 tie (3) 9:24 10:1,7 161:1,8,11 165:11 travelling (3) 20:10
unclear (1) 101:5 vacation (1) 39:7
228:13 234:16 165:23,23 168:2,3 Till (1) 176:23 177:3 190:8 200:3 196:10 198:16
uncommercial (1) valid (1) 166:12
235:6 168:6,6,8 169:2,14 timber (1) 34:20 209:20 213:13 treasurer (2) 82:2,13
183:10 validity (1) 153:10
terrible (4) 4:25 35:14 169:15,16 170:18 time (149) 1:14 5:19 220:10 treat (1) 96:21
undermine (1) 227:6 valuable (4) 43:19
43:14 194:18 170:19,22 172:5 7:3,15,20 10:16 tomorrow (20) 122:4 treated (1) 70:17
underneath (1) 180:2 200:20 234:9
terribly (1) 224:20 173:1,5,15 179:6 14:18,18 15:4 17:8 224:12,14,18 225:1 Tree (1) 203:22
116:14 valuation (3) 215:9,10
terrified (1) 230:8 185:1,16,17,25 17:16 18:10,11,23 225:4,12,17 226:11 trial (2) 6:25 209:19
understand (44) 4:22 215:11
test (1) 132:24 186:2,11,14,14 22:18 23:22 27:12 230:20,24,25 trials (1) 63:18
23:23 26:10 28:3 value (9) 30:19 80:5
text (5) 48:4,4 50:1,3 189:1 190:2,10,14 32:22 33:13 35:5 232:10,17 235:4,9 tried (7) 158:23 165:4
28:25 29:25 30:20 101:8 102:17 103:3
112:5 190:16 191:7,23 35:11 36:3 37:24 235:16 236:13 196:13 205:16
32:2 43:15,17 130:1 197:23
thank (16) 3:10,11 8:8 193:9,14 196:4,20 38:4 40:1,7 41:12 238:25 239:2 212:22 225:9

Opus 2 International transcripts@opus2.com
Official Court Reporters +44 (0)20 3008 5900

255

February 23, 2016 Day 15

198:12 212:5 Varel (4) 1:24 2:1,7

3:5

variation (2) 94:14 123:5

various (20) 5:12 14:14 21:14 41:12 46:22 55:16 59:9 75:25 85:1,1 114:6 120:15 129:23 132:3 156:24 165:9 190:11 201:4 226:15 238:20

Vasilev (1) 155:5

Vasiliev (15) 46:22

48:22 49:7 50:20 52:21 54:8 95:20 155:10,14 156:6,24 157:7 161:19,22 200:25

VD (1) 218:17 ventured (1) 203:24 veracity (2) 97:1,13 verified (1) 99:25 version (26) 32:5

46:11 47:6 48:12 49:19 51:14 53:2 85:19,20 90:1 92:5 92:11 93:2 99:20 99:25 104:1 105:6 105:15 113:21 114:16 142:6,7,9 185:18 190:18 217:7

versions (2) 24:20

41:6

vessel (4) 201:18 203:20 204:23 207:16

vessels (2) 169:9 201:5

Vice (4) 1:25 2:7,14 81:24

video (5) 12:22 231:19,25 232:24 233:6

videos (1) 234:22 view (6) 17:8 25:6

28:19 115:14 116:2 194:19

Vinarsky (14) 165:16 166:2,6 174:12 176:4 185:25 186:20 187:4,8 188:17 207:23 209:3 218:1,3

violate (2) 165:4

175:18 violated (6) 166:19

167:12 172:3 173:10 175:9 214:6

violating (1) 172:1 violation (1) 166:21 visit (2) 2:10,12 visiting (1) 198:24 visitor (1) 126:13 Vitaly (3) 1:6 196:15

240:3 voice (1) 233:2

Volodina (2) 85:4

86:23

volume (6) 62:13 112:8 162:9,20 163:16 179:8

volumes (1) 71:18 voyage’ (1) 204:7

Vozrozhdenie (1)

161:25

VSC (1) 206:12

VTB (4) 78:17 81:10 220:15,17
Vyborg (54) 3:22 4:3 5:7,9 34:25 35:2 69:16,16,17,18,18 69:20,21 70:12,13 89:17 90:16 91:8,9 91:10,17,20 93:22 100:6,7,18,21 103:11,12,15 105:2 105:4,22 106:4 110:16 113:15 114:1 117:17 118:10 132:16,21 133:8 134:8,20 162:1 163:17 169:9 171:9,10 172:25 201:23 202:13,14 206:13

W

wages (1) 204:18 wait (6) 6:2 25:17
131:5 160:13 197:3 210:19

waiting (7) 18:13,15 19:5,8,10 20:7 203:23

want (57) 5:14 7:1 10:14 13:23 28:2 31:15 37:2,12 46:20 47:10 49:17 54:2 58:19 63:18 64:5,17 67:8 68:5 70:25 71:3,5,6,9 77:5 85:18 94:2 111:12 122:10,13 123:24 124:1 135:12 137:25 140:7 148:10 149:21 170:5 174:3 184:11 187:23 200:19,19,22 210:6 212:23 222:19 223:7 224:19 225:4 231:5,11 233:1,23 234:1,14,20 235:16

wanted (25) 13:20 14:1 27:13 28:20 35:8 37:11 41:3 54:18 63:7,19 81:12 88:19 141:24 165:3 168:18 175:17 194:13 195:2 197:1,24 198:12 199:4 200:2 200:4 227:24

wants (3) 6:5 151:22 152:17

war (2) 59:23,24 warnings (1) 67:9 wasn’t (27) 4:9,13 6:25 23:4 37:18 39:16 41:12,21

45:7 54:12 55:3,8 55:13 58:13 81:22 86:8 101:13 142:21 144:7 147:6 158:3 174:17 175:3 177:15 184:22 211:7 214:25

waste (1) 68:6 wasted (1) 120:10 wasting (1) 119:18 watch (2) 232:1,9 water (2) 39:6 203:23 way (34) 10:10 12:13

15:19 16:2,3 29:5

37:1,22 40:18,22 63:16 75:7,14 79:13 86:23 109:6 122:7 129:6 132:21 133:2,15 134:18 140:9 153:1 155:25 161:10 163:22 166:7 181:23 195:13 205:23 227:3 229:12 234:11

we’ve (15) 3:17 7:15 15:14 45:13 69:10 70:6,7,8 99:25 108:21,21 116:1 134:5 198:7,25

weak (3) 43:2,8 63:3 weaker (1) 38:16 wealthy (1) 43:21 wearing (1) 10:6 website (4) 221:23

222:2,5,8

Wednesday (7) 75:20 206:13 211:24 233:22 234:2,5 239:11

week (9) 14:17 29:22 51:19 114:3 190:5 196:4 199:1,1 232:7

weekly (1) 89:3 weeks (2) 138:25

173:10 weeks’ (1) 196:9 well-grounded (1)

187:17

went (7) 8:13 15:18 111:6,9 127:14 183:16 189:23 weren’t (17) 34:11

40:11 41:18 59:10 65:18 66:9 114:10 142:4 148:22 154:21 157:11,17 163:8,11,13,22 166:24

western (71) 3:20 57:17 130:10 139:19 141:7 142:2 143:5 147:24 155:12 157:24 158:1,5 165:14 174:9,12,16 175:2 176:2,5,9 177:7,11 178:4,6,9,17 179:1 179:18 180:5,11,22 181:4,6,8,11 182:3 182:8 183:2,9,13 183:16,18 184:5,12 184:18 185:11,25 186:21,23 187:11 188:15,23 190:11 191:8,16 193:2,7 193:11,23 194:8,15 196:21,23 210:18 210:22 211:19,22 213:3,14,20 214:23

whilst (1) 7:12 who’ve (1) 68:11 wide (2) 78:2 79:7 widely (2) 195:16

209:11 wider (1) 75:1 wife (12) 126:23

179:15 194:25 209:13,14 210:9,13 214:3,20 216:10 224:1,20

wife’s (3) 57:11 211:4

214:1

wild (1) 217:15 willing (1) 40:6 win (1) 70:19 wine (1) 39:23 winning (1) 72:9

winter (2) 38:16 39:10 wise (1) 72:16

wish (7) 75:3 76:12 117:20 225:12 226:7 230:3 231:16

wished (1) 24:8 wishes (1) 70:24 witness (46) 6:24 7:2

7:12,25 14:11 16:8 20:18 21:2 24:17 31:8,9,18 33:25 38:2 44:8 45:15 48:9,10 49:12,13 55:20 56:6 73:20 75:13 93:1 94:22 107:16 109:24 120:3 126:4,17 127:19 137:17,17 139:8,11 140:13 147:22 149:7 154:10 164:8 167:16 170:24 176:18 207:20 214:10

woman (1) 206:2 won (5) 67:1,18 69:16

72:5 183:19 wonder (7) 8:5,21 21:2,5 22:13 130:20 190:17 wondered (2) 55:10

56:5

wondering (3) 142:15 185:20 236:11

word (1) 43:18 words (10) 30:12

49:11 77:13 124:22 143:12 144:3 213:17,17 214:25 221:25

work (8) 17:15 112:4 112:8 159:18 166:7 191:11 199:24 238:4

worked (3) 40:10 69:12 133:5 working (7) 35:1

193:3,11,23 194:3 196:2 198:25

works (4) 53:7 190:8 193:5 196:23

world (1) 40:2 worried (1) 71:7 worry (1) 236:7 worse (1) 39:11 worsen (2) 181:23

182:3 worsening (1) 38:7 worser (1) 19:4

wouldn’t (16) 22:8,10 39:1 45:9 59:17,19 64:6 94:11 140:23 140:24 141:8,14 158:12 167:6 198:4 221:13

write (6) 48:6 66:9,10 82:13 130:3 131:4 writing (6) 7:18 84:21 96:3 184:8 200:12

208:17

written (16) 13:3 28:1 48:5 57:6 87:8 91:13 130:16

133:12 135:5 145:4 147:8 175:13 188:24 202:6 214:10 215:25

wrong (11) 6:6,6 18:6 25:24,25 30:25 118:18 126:5 149:13 172:2 178:21

wrongful (1) 182:22 wrote (3) 78:24

131:11 206:15

X

Y

Yaroslav (2) 95:20

155:5

year (26) 27:14,19 42:10,13 43:11 45:3,9 48:19 51:6 53:5 54:19 55:2,5 55:12 56:1 60:16 71:19 85:6,9 95:17 95:18 103:5 171:11 175:19 196:2 216:13

years (12) 1:19,20 33:22 37:7 42:11 42:15 59:25 60:10 60:20 61:4 189:1 206:1

years’ (1) 60:2 yesterday (6) 4:23

78:10 127:1 162:23 227:22 230:17

young (3) 22:2 88:8 170:4

Z

zero (1) 102:17

0

0.5 (1) 196:21

1

1 (20) 80:6 130:2 133:21 143:4 144:1 149:15 164:11 173:13,17,19 188:8 188:14,21,23 189:24 192:6 196:21 213:1 240:3 240:4

1,000 (1) 217:14

1.00 (2) 33:6 234:12

1.05 (1) 121:9

1.069 (2) 211:18,23

10 (4) 16:16 103:4 191:24 236:20

10.00 (1) 1:2

10.30 (1) 233:17

100 (4) 71:19 177:19 178:12 184:16

10th (2) 16:16,17 11 (4) 122:24 123:3 191:25 201:19

11.00 (1) 20:2

11.03 (1) 44:10

11.13 (1) 44:12

110 (1) 167:20

111 (3) 167:20 168:18 168:25

112 (1) 168:19

118 (1) 98:23

12 (5) 42:7 128:22 133:21 196:3

203:14

124 (1) 38:4
127 (1) 38:19
129 (4) 14:13,14 16:9
16:10 13 (6) 74:12,15 126:4

129:4 231:13 235:3

130 (4) 13:11 23:14
165:16,21
132 (1) 16:9
133 (2) 16:21,24
134 (2) 17:18,21
135 (4) 31:9,13 34:1,3
136 (1) 137:16
138 (2) 44:3 146:18
139 (1) 44:14
140 (1) 45:15
147 (3) 94:23 149:6,8
148 (4) 147:23 149:5
149:16 154:12
149 (1) 154:23
15 (6) 4:15 103:5
126:16 153:15
173:1 231:18
150 (3) 3:22,25 95:8
1503 (1) 118:7
151 (2) 95:8 155:14
153 (2) 164:8,12
157 (2) 170:25 171:2
158 (1) 171:4
16 (3) 14:12 128:11 149:7

16th (4) 6:24 7:2,12
137:17
17 (1) 91:22
170 (2) 207:21,23
174 (2) 208:8,9
176 (1) 209:17
18 (1) 176:23
19 (11) 4:16 22:21
100:20 101:2 171:9 171:17,22 195:20 196:1,7 205:11

19th (2) 126:3,17

2

2 (4) 50:14 149:16 156:23 185:24
2,000 (1) 217:14

2.0 (4) 120:7,12 121:8,11
2.1 (1) 143:23

20 (10) 129:14 156:11 176:21 186:23 197:9 210:17 223:12 231:19,24 232:17

2007 (3) 27:20 128:4 218:12

2008 (67) 1:10 2:13 3:12 4:12,18 5:2,10 5:15,17 6:11,12,15 6:16 10:3 11:2,15 12:3 13:9 14:4,9,23 16:13 22:21 23:7 23:11 31:5,11 32:17,21 33:10 34:10 35:10 37:17 38:6,11 39:9 44:17 45:1,18 46:10,21 52:23 63:24 64:15 87:24 104:2,21 106:5 113:14 118:5 124:18,24 132:19 134:21 135:17 141:12 154:9 155:6 155:14 156:24 157:4 179:7,10

181:16 201:19,25 202:20

2009 (86) 38:23 39:1 39:12 41:15 52:22 52:25 66:3,5,11 78:24 79:3,25 80:13,21 81:6 82:20,21 84:4,9 85:14,25 86:6,11 87:23,25 91:11 96:3,5,9 99:13 100:18,20,24 101:2 102:20 113:11 122:24 123:3,17 158:25 159:6 164:9 164:16 165:1,7 166:15,24 167:23 168:21,22 169:2,20 171:9,12,17 172:17 172:23 173:6,13,17 174:6,14 175:6,20 176:2 177:21 186:23 188:5,10 191:7 192:10,13,23 195:20 196:13 197:5 198:21 199:9 200:11,24 201:18 205:11 206:10 208:18,22 218:3

2010 (7) 161:24 177:21 185:24 186:20 187:3 191:4 191:5

2015 (1) 216:1

2016 (3) 1:1 97:5 239:11

215 (4) 176:13,24,25 177:5

217 (1) 178:15

218 (2) 176:13,24

22 (5) 129:16 135:17 136:15 141:12 219:16

22-24 (1) 218:18

224 (1) 240:5

23 (2) 1:1 133:25

24 (4) 96:3 200:24 219:16 239:11

25 (13) 47:12 52:23 64:15 102:9 136:13 138:17 139:16 141:8 146:18 149:22 153:13 172:17 202:20

25th (1) 141:15

26 (3) 66:11 165:7 206:10

27 (6) 78:24 124:18 125:6 172:23 173:6 192:13

28 (12) 5:17 10:3 11:2 11:15 12:3 13:9 85:14 100:18 106:24 107:8 124:20 171:12

29 (12) 46:21 48:15 52:25 85:15 104:2 104:21 106:5 113:14 122:25 156:24 157:4 218:12

292008 (1) 110:17

2939 (1) 51:8 29th (2) 152:5,6

3

3 (3) 123:17 127:20 219:14

Opus 2 International transcripts@opus2.com
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256
February 23, 2016 Day 15

3.00 (1) 206:14 230:5 232:10 233:6
3.1 (1) 143:2 233:17 239:2,3,10
3.14 (1) 172:11 9.30 (7) 225:14,16,17
3.23 (1) 172:13 225:19 229:22
3.45 (2) 120:23 230:13 239:2
229:25 9.45 (3) 229:22 230:7
30 (26) 44:17 45:18 230:14
46:10 47:13 53:3,6 960,000 (1) 186:25
53:9,15 82:21 84:4 99 (9) 143:5 174:16
87:2 125:6 135:12 176:3 177:14,16,18
155:6,23 157:9 182:6 212:5 213:5
161:7 174:6,14,14
175:6,20 176:2
186:19 192:14,23
300 (2) 3:19 34:22
30th (2) 152:4,7
31 (6) 38:11 45:5 53:6
153:5 155:14 216:1
34 (2) 8:3,6
35 (1) 206:1
36 (3) 8:21 9:1,11
37 (1) 8:13
39 (2) 8:6,14

4

4 (11) 36:6,7 37:8 45:13 128:15 167:23 168:22 169:2,20,25 181:17

5

5 (3) 32:21 103:4 168:21
5.00 (3) 120:22 157:6
239:9
5.01 (1) 229:18
50 (1) 184:15

500 (2) 103:3 217:15
52 (1) 128:15
59 (3) 139:10,15,15
5th (1) 168:24

6

6 (3) 42:7 161:22 169:2
6.00 (1) 157:6

60 (3) 179:9 183:19 184:15

69 (2) 74:13,15

7

7 (8) 128:22 169:2 188:5,10 196:13 197:5,20 198:21
700 (1) 67:5

75 (10) 21:4,7 25:22 25:23 26:1 27:4 132:15,20 133:8,11

76 (1) 209:6

8

8 (4) 32:17 39:5,7 97:5
8.45 (1) 238:22

80 (2) 37:24 38:1

84 (1) 133:23

86 (1) 2:5

88 (3) 2:3,5,5

9

9 (2) 123:17 199:9

9,000 (3) 210:25 215:11,18

9,900 (9) 143:2,8 144:7 211:25 212:6 213:4,15,16 214:23

9.00 (9) 225:8,12

Opus 2 International transcripts@opus2.com
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