(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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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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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
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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:
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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.»
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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
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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
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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
Opus 2 International transcripts@opus2.com
Official Court Reporters +44 (0)20 3008 5900
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
Official Court Reporters +44 (0)20 3008 5900
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
Opus 2 International transcripts@opus2.com
Official Court Reporters +44 (0)20 3008 5900
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
Official Court Reporters +44 (0)20 3008 5900
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
Official Court Reporters +44 (0)20 3008 5900
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
Official Court Reporters +44 (0)20 3008 5900