Day 25

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

Day 25 — Redacted

March 10, 2016

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March 10, 2016 Day 25 — Redacted

1 Thursday, 10 March 2016

2 (10.30 am)

3 MR LORD: May it please your Lordship.

4 MR JUSTICE HILDYARD: Yes, good morning.

5 MR LORD: May I call Ms Kosova, please. If she could be

6 sworn in.

7 My Lord, I think Dr Arkhangelsky is present. The

8 audio feed is working but the video is not, as things

9 stand. Again, we are trying to see what can be done,

10 but Dr Arkhangelsky, I think, can hear what’s going on.

11 MR JUSTICE HILDYARD: I see. So that’s not real time, as it

12 were? That is just a photo, is it?

13 MR LORD: I think that’s right, my Lord.

14 MR ARKHANGELSKY: All is well. Everything is working fine.

15 MR LORD: All is well. Thank you, Dr Arkhangelsky.

16 MS TATIANA EVGENIEVNA KOSOVA (Affirmed)

17 (All questions and answers interpreted except where

18 otherwise indicated).

19 MR JUSTICE HILDYARD: Do sit down. You should have some

20 water. You will be asked some questions.

21 Mr Lord, I won’t point fingers at anyone, whilst the

22 witness is being sworn in, I would like you to convey to

23 those around you, and I would like to convey to everyone

24 else in court, that it is not appropriate just to walk

25 around. It is meant to be a formal, important moment.

1 I think, four corrections that you would like to make to

2 your witness statement; is that right?

3 A. Yes.

4 Q. And have you read your witness statement, as so

5 corrected, recently?

6 A. Yes, I have.

7 Q. And can you confirm on oath to his Lordship today that

8 the contents of it are true to the best of your

9 knowledge and belief?

10 A. Yes, the content of my witness statement is true to

11 the best of my knowledge.

12 MR LORD: Thank you.

13 Cross-examination by MR STROILOV

14 MR STROILOV: Good morning, Mrs Kosova. Did you have any

15 training for this cross-examination?

16 A. Apart from the training with Bond Solon, I did not have

17 any other one.

18 Q. Thank you. Can we look at {D126/2007/1} on the first

19 screen, and the Russian version is at page 4 of the same

20 tab {D126/2007/4}.

21 Mrs Kosova, this appears to be a settlement

22 agreement between the Bank and Scandinavia Insurance,

23 isn’t it, in July 2009? Do you recognise it?

24 A. I’m very sorry, I do not — I, for some reason, didn’t

25 hear the Russian translation.

1

1 MR LORD: Yes, sorry my Lord, I apologise for that and

2 I will make sure it doesn’t happen again.

3 MR JUSTICE HILDYARD: Yes.

4 Examination-in-chief by MR LORD

5 MR LORD: Ms Kosova, could you give his Lordship your full

6 name and address, please?

7 A. Tatiana Kosova, Malookhtinsky Prospekt, 64A

8 St Petersburg.

9 Q. Ms Kosova, please could you look in the bundle in front

10 of you and find a page that has {B1/3/29} on it, in

11 the bottom right-hand corner, and for his Lordship it is

12 {B1/3/1} in English, where, Ms Kosova, you should find

13 your witness statement, given in English, for this

14 trial; can you see that?

15 If you would be kind enough, please, to go to page

16 {B1/3/54}, you should find a page with your signature

17 on, and the date of 28 August 2015, and the English is

18 at {B1/3/22}. Do you have that?

19 A. Yes, I do.

20 Q. And can you confirm that that is your witness statement

21 that you have given in these proceedings, please?

22 A. Yes, this is my witness statement.

23 Q. Thank you. Ms Kosova, could you turn onto {B1/3/60},

24 please, and the English translation is at {B1/3/28.1},

25 where, Ms Kosova, you ought to find a schedule of,

3

1 Q. Is there something technical that can be sorted out?

2 A. Yes, I can hear the interpreter now.

3 Q. Right, so do you recognise this agreement, Mrs Kosova?

4 If we could perhaps scroll down one page.

5 {D126/2007/5}, {D126/2007/2}. That seems to be an out

6 of court settlement between Bank of St Petersburg and

7 Scandinavia Insurance on the realisation of pledged

8 assets; does that sound right, Ms Kosova?

9 A. From what I can say from the text, that is the agreement

10 between the Bank and Scandinavia Insurance Company, the

11 text of the agreement, because there are no signatures

12 here.

13 Q. Do you recall that agreement being entered into?

14 A. I personally was not involved in the process, therefore

15 it is difficult for me to recollect. I would be able to

16 recollect and have a look at the documents and see what

17 the situation was.

18 Q. Now, I expect you are broadly aware of how the process

19 of realisation of pledges went in this case. Are you

20 aware of that, generally speaking?

21 A. Generally speaking, yes.

22 Q. So are you aware that Scan assets were sold at purported

23 public auction towards the end of 2009?

24 A. I know that the assets of Scan Insurance company were

25 sold at a public sale, public auction.

2 4
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March 10, 2016 Day 25 — Redacted

1 Q. And that was on the basis of an agreement between the

2 Bank and Scan, wasn’t it?

3 A. Since the enforcement was done out of court,

4 an agreement should have been entered into.

5 Q. And does what you see on the screen look like that

6 agreement?

7 A. Based on the text, this is an agreement about

8 enforcement out of court.

9 Q. And who, on the Bank’s side, was responsible for

10 preparation of that agreement? (Pause).

11 Well, don’t look at the text, we can do it

12 ourselves. To your recollection, who was working on

13 that on the Bank’s side?

14 A. Now I cannot recall who was involved, who was working on

15 that.

16 Q. What was your position in the Bank in 2009?

17 A. In 2009 I was a director for legal department of

18 the Bank.

19 Q. And were you not the adviser to Irina Malysheva at that

20 time?

21 A. Not at that time, I was not adviser, I had a different

22 position.

23 Q. Now, the difficulty, Mrs Kosova, is that whenever I’m

24 trying to ask questions about this auction, all

25 witnesses, until now, have been telling me they were not

1 surprising that the head of the legal department of

2 the Bank is not involved in its preparation?

3 A. I am not surprised by that question that the head of

4 the legal department was not involved with the specific

5 agreement, because the head of the department had plenty

6 of issues of administrative nature, and other matters

7 that needed control of the director of the legal

8 department.

9 Business departments were involved with that type of

10 agreement, however, the lawyers that reported to me may

11 only have checked such agreements with regard to their

12 compliance with the law.

13 Q. Were you involved in realisation of Scan assets towards

14 the end of 2009 at all?

15 A. The process of Scan assets realisation, it’s not

16 something I was involved in at all.

17 Q. What about the assets of LPK Scandinavia?

18 A. With regard to their sale of the LPK Scandinavia assets,

19 it’s — again, the process is not something I was

20 involved in.

21 Q. What about the realisation of the assets of

22 Western Terminal?

23 A. The same answer, sir: I was not involved in their

24 realisation.

25 Q. I understand that you currently have overall

5 7
1 involved. So any idea who was working on this in 1 responsibility for the conduct of this litigation on
2 the Bank? Could that be Mrs Malysheva? 2 behalf of the Bank; is that correct?
3 A. I wouldn’t be able to say. I have no idea. 3 A. Yes, I am involved in the conduct of this litigation on
4 MR JUSTICE HILDYARD: When did you cease to be the adviser 4 behalf of the Bank as an internal lawyer, as an in-house
5 to Mrs Malysheva? 5 lawyer.
6 A. I became the adviser of Mrs — I assumed the position of 6 Q. And since what time do you perform that role?
7 the deputy — adviser of the ex-deputy chairman of 7 A. I think that that would be from the summer of 2013.
8 the management board, and to work with Mrs Malysheva in 8 Q. I understand — obviously you are a lawyer so you will
9 mid-2013 after I left the position as director of 9 know in broad terms about the legal privilege, I want to
10 the legal department, and from mid-2013 until early 2015 10 be careful that I don’t transgress into any privileged
11 I worked with Mrs Malysheva. 11 information, so you will be careful and my learned
12 MR STROILOV: So just to continue from my Lord’s questions, 12 friend will listen carefully.
13 so when did you stop working for Mrs Malysheva and why? 13 You were already performing this role at the time
14 A. I would like to say one more time that I had a position, 14 witness statements were exchanged in August 2015?
15 and currently hold a position of adviser of a deputy 15 A. Yes, in August I was already performing that role.
16 chairman of the management board. Prior to February, as 16 Q. And presumably a view was taken that you were the most
17 far as I recall, prior to February 2015, I worked with 17 suitable witness to give evidence about realisation of
18 Mrs Malysheva, and after she was dismissed from the 18 pledges?
19 Bank, after she left the position, I worked with 19 MR LORD: Sorry, my Lord, I am not sure that that’s probably
20 a different deputy chairman of the management board. 20 a question this witness can answer without going into
21 Q. So your position didn’t change, actually; it is just 21 privileged matters.
22 that Mrs Malysheva was replaced with Mrs Mironova; is 22 MR JUSTICE HILDYARD: I think that’s probably right —
23 that the correct understanding? 23 MR LORD: It’s probably just the wrong side of the line,
24 A. Yes. That is correct. My position did not change. 24 I think, I am afraid.
25 Q. Right. Well, looking back at this agreement, isn’t it 25 MR JUSTICE HILDYARD: — Mr Stroilov, because the decision
6 8
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1 who to call and who not to call is, essentially,

2 a litigation decision which would involve discussion,

3 but — privileged discussion.

4 MR STROILOV: Yes, I beg your pardon, I accept it —

5 MR JUSTICE HILDYARD: I mean, it’s a narrow one, but I think

6 it may be that her appearance speaks for itself.

7 MR STROILOV: Yes. (Pause).

8 Can we look at {D128/2016/1}.

9 MR JUSTICE HILDYARD: Just before you go there, my own view,

10 but subject to correction, would be that you are

11 entitled to ask questions as to why Mrs Malysheva is not

12 here.

13 MR STROILOV: Yes. Thank you, my Lord. I will think about

14 this.

15 MR JUSTICE HILDYARD: Yes, you think about that and Mr Lord

16 can think about that.

17 MR STROILOV: It is a bit of a minefield, isn’t it, so

18 I will think about that carefully and may get back to

19 it.

20 MR JUSTICE HILDYARD: Yes.

21 MR STROILOV: Now, Mrs Kosova, does this agreement look

22 familiar to you? {D128/2060/1}, {D128/2060/4}.

23 A. I have seen this agreement only in the case materials

24 and I have not seen it — I do not recall it prior to

25 that.

1 totality of the assets or not all the assets.

2 MR JUSTICE HILDYARD: Are you able to tell me who was

3 responsible for this agreement within the Bank?

4 A. My Lord, I think that at the Bank it was very unlikely

5 that there was a person who was responsible for drafting

6 this agreement because the agreement is between the

7 Western Terminal and some company named Gunard

8 Enterprises Limited.

9 MR STROILOV: Right, well let’s go through the terms. Can

10 you see clause 1.3. So you can see that the term of

11 the lease agreement is 49 years from the date of state

12 registration; can you see that?

13 A. Yes, I can.

14 Q. And in clause 2.1.1 you see that the property is to be

15 transferred to the lessee’s possession no later than in

16 three days from the date of the agreement; you can see

17 that?

18 A. Yes.

19 Q. And the date of the agreement, as you see on the top, is

20 20 August 2009, isn’t it?

21 A. In the text it does, indeed, contain the date of

22 20 August 2009. However, the agreement has to be

23 confirmed by signatures when it has been entered into.

24 Q. And if we could scroll down one page {D128/2060/2},

25 {D128/2060/5}, you can see in clause 3.1 that the rent

9

1 Q. Right. Since you have indicated you have seen it in

2 the materials, do we need to go through the terms or do

3 you remember them well?

4 A. No, I do not recall the terms. I did not read into

5 them.

6 Q. Yes. But you can see that this is a lease agreement

7 between Western Terminal and the company called Gunard

8 Enterprises Limited, dated 20 August 2009; you can see

9 that?

10 A. Yes.

11 Q. And then if you can scan-read through clause 1, you can

12 see that it is a lease for — I think for all physical

13 real estate assets of Western Terminal, isn’t it?

14 A. I can see that this is a lease agreement for a number of

15 property items.

16 Q. Yes, well surely, Mrs Kosova, if you are responsible for

17 conduct of litigation on the Bank’s side, you will know

18 whether this covers all the assets of Western Terminal

19 or not, won’t you?

20 A. I wouldn’t be able to say whether it covers all the

21 assets of the Western Terminal. During the period of

22 the proceedings I first and foremost talked to

23 the external counsel, external lawyers, and the study of

24 the essence of this particular agreement was not part of

25 my task, to verify whether the assets constitute the

11

1 payments are $20,000 per month including VAT; do you see

2 that?

3 A. Yes, I can see that.

4 Q. And then clause 3.3, you see that the rent is to be

5 paid:

6 » … for the entire period of lease not later than

7 the last day of the term under this Agreement…»

8 So that will be in 49 years’ time; can you see that?

9 A. Yes, I can see that.

10 Q. And in clause 5.2, you see a provision for extension of

11 the lease by consent, unless notice is given it is

12 extended automatically; you can see that?

13 A. Yes, I can see that.

14 Q. And then in clause 5.3 you can see the provision for

15 termination by consent. Well, not necessarily by

16 consent, but on the basis of a claim.

17 A. Yes, it may be terminated at the request of the lessor,

18 but it would require a court judgment based on the

19 provisions of Russian statute.

20 Q. Are these commercial terms?

21 A. These are the terms that are set out by statute for this

22 kind of contract, for this kind of nominate contract.

23 If I understand your question correctly. Is your

24 question with respect to 5.3, sir?

25 Q. No, I am talking about the terms of the lease generally.

10 12
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March 10, 2016 Day 25 — Redacted

1 These terms are utterly uncommercial, aren’t they?

2 A. Now, if you are referring to all the terms and

3 conditions that you have just listed, then I would say

4 that this is not a point of law, and I am not a business

5 person, I am just a lawyer, so I cannot sit in judgment

6 as to whether these terms and conditions are or are not

7 commercial.

8 Q. As a lawyer, Mrs Kosova, don’t you recognise a dodgy

9 contract when you see one?

10 A. As a lawyer, again, it’s very difficult to judge as to

11 whether the contract is or is not dodgy. A lawyer can

12 look at the legal provisions of a contract, but a lawyer

13 cannot judge the commercial terms of the contract.

14 Therefore, again, I would not like to sit in judgment

15 over the dodginess or otherwise of a contract.

16 MR JUSTICE HILDYARD: I think what is being put to you is

17 that it is very difficult for a lawyer to determine

18 whether full value is being achieved, but it is not

19 difficult for a lawyer if the terms so radically depart

20 from any semblance of commerciality that it looks dodgy;

21 that’s what’s being put to you.

22 A. Well, because when I read a contract, I read it mainly

23 as a lawyer, from a legal point of view, in terms of the

24 compliance of a contract with statutory provisions, as

25 opposed to some market-driven considerations. When

1 director of the litigation and arbitration department

2 within the directorate of which I was chief, in my

3 capacity as general counsel.

4 Q. So is it your evidence that the matter was referred to

5 Mrs Talmakayeva for legal advice, but not to you?

6 A. This document was signed by Mrs Talmakayeva. Obviously

7 the legal department of the Bank is a very large unit.

8 Everyone is in charge of their own functions and

9 Mrs Talmakayeva was in charge of these matters, and she

10 was also in charge of signing off on, or expressing her

11 consent with regard to this information memorandum.

12 Q. Now, I think you have given evidence that at that time

13 you — or in that period essentially you attended

14 management board meetings to advise on legal issues. Is

15 that a correct reading of your statement?

16 A. Yes, that is correct. At that time I did take part in

17 the meetings of the management board. I was not

18 a member of the board, but I did attend meetings of

19 the board.

20 Q. Now, if we could go to {D122/1943/0.1}, and just

21 {D122/1943/1} on the other screen, please.

22 Now, Mrs Kosova, do you recall this decision of

23 the management board?

24 A. I saw this extract in the case materials. Having said

25 that, I do not recall any details of any discussion of

13 15

1 I read this contract, my Lord, I may not have the

2 entirety of the information with respect to the various

3 market conditions that might otherwise govern

4 transactions such as these, because I have not been

5 involved in those.

6 Q. Would you accept that the effect of the pledge being

7 encumbered with this kind of lease would be a very

8 dramatic reduction in value; do you accept that?

9 A. Well, once again, speaking as a lawyer, this is not

10 something that I would be happy to assert. This may be

11 the case.

12 Q. Can we look at {D134/2202/1}, let’s try page 1. If you

13 could try page 2, {D134/2202/2}, on the other screen.

14 Now, Mrs Kosova, can you see the handwritten — have

15 you seen this note previously? Haven’t you?

16 A. I have seen this memorandum in the case files.

17 Q. Can you read the handwritten text at the bottom of the

18 Russian version.

19 A. Yes, I can:

20 «The risks need to be taken to take into

21 consideration that are associated with a reduction in

22 the auction sale price due to the encumbrance in

23 the form of a long-term lease.»

24 Q. And whose signature is there?

25 A. This is the signature of Irina Talmakayeva, who is

1 this matter by the management board.

2 Q. Right, Mrs Kosova. Wasn’t the purpose of this proposed

3 transaction, wasn’t the purpose of it to defeat a

4 possible Russian judgment under OMG’s claim expected

5 around that time?

6 A. I am not sure I understand which proceedings Mr Stroilov

7 is referring to and what claims could have been

8 defeated, as you said, on the basis of this. If you

9 could be more specific, sir, that would be greatly

10 appreciated?

11 Q. Well, there were proceedings at that time brought by

12 Mrs Arkhangelskaya and by an OMG company called Bissonia

13 to set aside the transfers of Western Terminal shares to

14 companies nominated by the Bank; do you recall that?

15 A. Sitting here today, I do know that such proceedings were

16 actually initiated and I know that Mr Arkhangelsky and

17 Mrs Arkhangelsky were challenging quite a few things.

18 Having said that, at that point in time I was not

19 involved in those proceedings and I am not aware of the

20 gist or the details thereof.

21 Q. Don’t you recall any discussion at the management board

22 meeting about the dangers of the repo transfers being

23 reversed, as it is, by Russian courts?

24 A. I do not recall any such discussion of the repo

25 transaction.

14 16
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March 10, 2016 Day 25 — Redacted

1 Q. Now, coming back to what you said a little earlier, do

2 I understand correctly that you have no knowledge of

3 your own about the realisation of any part of Onega

4 Terminal, whether the part owned by Scan or the part

5 owned by LPK Scandinavia? You were not involved in

6 either, were you?

7 A. I was not involved in the realisation of either item of

8 property.

9 Q. And you can’t name to the court anyone who was involved

10 on the Bank’s side, can you?

11 A. So far as I can recall, the client monitoring

12 directorate, at that time headed by Kristina Mironova,

13 had overall oversight of these proceedings because they

14 were in charge of the recovery and the enforcement with

15 respect to the debts owed to the Bank.

16 So I would presume that they might have some

17 information about that.

18 Q. And just to be — I beg your pardon, there will be

19 a small pause while I find the document. (Pause).

20 Could we have a look at {D149/2474/1}, and

21 {D149/2474/10} on the other screen.

22 Now, as you can see, that’s an agreement on the

23 assignment of rights to a company called Mercury,

24 assignment of the Bank’s rights as the creditor, and one

25 of the loan agreements, to a company called Mercury. Do

1 Q. Approximately, throughout your career in the Bank, how

2 many times, on the whole, will you be in touch with

3 Renord lawyers on any matters arising?

4 A. It’s really hard to say. It’s difficult to recollect.

5 It may have been once, maybe twice. It was really,

6 really seldom.

7 Q. Right. On these one or two occasions would it be with

8 Ms Goncharuk that you would be communicating?

9 A. I do recall very clearly once communicating with

10 Elena Goncharuk. There may have been one instance where

11 I was in touch with Svetlana Guz who was also a lawyer

12 with Renord. Again, speaking from memory, I’m not aware

13 of the structure of their legal department, and that’s

14 about it.

15 Q. And was this on either of those occasions about former

16 OMG assets?

17 A. No. We discussed a totally different matter with

18 Elena Goncharuk, so it was something unrelated. Those

19 were some documents that had nothing to do with OMG

20 assets or OMG related matters.

21 Now, with respect to Svetlana Guz, we discussed one

22 of the vessels or, to be more exact, it was actually the

23 Tosno, a vessel that had been auctioned off in Estonia,

24 and we were involved in protracted negotiation with

25 someone else who was laying a claim to the proceeds of

17 19

1 you recall anything about this agreement?

2 A. I first saw this agreement in the case materials and

3 I do not recall anything about the period of time

4 involved here because at that time I was not part of the

5 proceedings.

6 Q. All right. Now, throughout that period, did you have,

7 or were you involved in any discussions with the legal

8 department of Renord about the process of realisation?

9 A. No, I was not involved in that.

10 Q. Well, generally speaking, are you in touch from time to

11 time with the legal department of Renord, with your

12 opposite numbers at Renord-Invest?

13 A. I would not describe this as being in contact from time

14 to time. For all practical purposes, we are not in

15 touch. There may have been some on and off matters

16 related to some advice or consultancy, but this is not

17 something that I could recall, sitting here today.

18 Q. Do you know what were the names of people who were in

19 charge of the legal department of Renord over the past

20 five years?

21 A. I cannot tell you who was the chief of their legal

22 department or not. I am not aware of their structure.

23 I know Elena Goncharuk. I knew that she was a lawyer,

24 but I do not know really whether she was the general

25 lawyer, the top counsel or not.

1 the sale, I think it was either the port of Tallinn or

2 the shipyards of Tallinn. Again, I’m not sure exactly

3 which one it was, and at that time we did seek advice

4 from Renord with respect to that particular matter.

5 Q. So your consultancy, Renord, was not involved as

6 a corporation, it was a pure consultancy service on what

7 you should do; is that a correct understanding?

8 A. So far as I can recall, they assisted in conducting

9 negotiations, seeking to reach a settlement with respect

10 to the claims laid by the port of Tallinn.

11 Q. Do you recall ever discussing Western Terminal with

12 Svetlana Guz?

13 A. I do not recall the two of us discussing that matter,

14 no.

15 Q. My Lord, with many apologies, I will have to hand up

16 a document which is only in Russian, and which is not on

17 Magnum. I am afraid that’s the difficulty of preparing

18 in haste, because I only located it last night.

19 So one for my learned friends, one for the witness,

20 one for the translators, and I think my Lord doesn’t

21 need it, but for the record, I will just give the

22 disclosure reference, that’s RPC 300000069, and I am

23 afraid it’s only in Russian. I will ask the witness to

24 read the material parts.

25 So if you go to — actually to the second page, then

18 20
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March 10, 2016 Day 25 — Redacted

1 near the bottom you see what appears to be the beginning

2 of an e-mail from Ms Guz to you, dated 2 September 2011

3 at 17.05; can you see that?

4 A. Yes, I can see this.

5 Q. Yes. And if you go over the page, and I am terribly

6 sorry to exploit you like that, you know the

7 circumstances of this trial are unusual, would you mind

8 reading this e-mail out so that it is translated for the

9 record, the text of the e-mail?

10 A. «Hello Tatiana, Evgeny has mentioned that you need some

11 information with respect to property items sitting on

12 the plot of land with respect to Western Terminal that

13 have been pledged as collateral to the Bank. I am

14 attaching the following information. It’s a plot of

15 land with a surface area of [blah, blah, blah]

16 …address [blah, blah, blah]… cadastral number [blah,

17 blah, blah]. The plot of land includes

18 an administrative and amenity building, not included

19 into the cadastral register, therefore, these data will

20 not be found in the register of property items either.

21 Number 2 checkpoint, which was not included in the

22 cadastral register, therefore the details will not

23 appear in the register either. Berth number SV-15,

24 cadastral number… [which is indicated here which

25 I will not read out], rights of ownership, registration

1 Renord, apparently.

2 Q. Thank you. Couldn’t it be Evgeny Kolpachkov, the deputy

3 of Mrs Mironova?

4 A. It would be difficult for me to say. I do not recall

5 that situation.

6 Q. And, again, if you could now go back to the first page

7 of that clip I handed up, you can see your response to

8 Mrs Guz whereby you forward to her, apparently, the

9 opinion of someone called Ekatarina Leontyeva who is

10 apparently a lawyer from your department; is that the

11 correct reading?

12 A. Yes. Yes, she’s a lawyer, yes. She’s a lawyer of my

13 department from the Bank.

14 Q. And so she indicates that in her opinion, the mortgage

15 would cover the objects 5 and 6, so that’s two railway

16 tracks, or the mortgage can be extended to include these

17 two railway tracks; is that your reading of her opinion?

18 If you compare page 1 with page 3, she says — I’m

19 terribly sorry to exploit you like that, but perhaps if

20 you could read the text, just for the record, the text

21 of Mrs Leontyeva’s e-mail which you forwarded to Ms Guz.

22 A. I’m not sure that Ekatarina Leontyeva’s comments pertain

23 to this e-mail that was provided from Mrs Guz. However,

24 if we consider that to be the case, then the items

25 number 5 and 6 are the railway track, continuation of

21 23
1 certificate dated 9 December 2004. Berth number SV-16M 1 the Roslyak spur, the cadastral number is stated, the
2 (used for handling metals) …[it indicates the 2 address is stated.
3 cadastral number, which I will not read out] conjoined 3 Q. Sorry, Ms Kosova, I am keen to avoid confusion and it is
4 with a plot of land (property registration number) dated 4 entirely my fault because I haven’t obtained
5 23 November 2014 as per the ownership certificate. 5 a translation, I just didn’t have time for that. If you
6 Railway track (continuation of the Roslyakovskiy spur) 6 don’t mind just reading the text of that second e-mail,
7 …[it also indicates the cadastral number, which I am 7 which is, for the record, that’s Mrs Leontyeva’s e-mail
8 not reading out], address, the City of St Petersburg, 8 to you of 5 September 2011 at 11.13. Then if you could
9 Korabelnaya Street, building number 6, subbuilding ITCH 9 just read the text at the bottom of page 1 and then at
10 (ownership registration certificate dated 9 June 2009) 10 the top of page 2, just so that we have the record. I’m
11 re-issued or copy. Railway track… [it indicates the 11 sorry about that.
12 cadastral number, which I am not reading out], address, 12 A. «Based on the information submitted, the property items
13 City of St Petersburg, Korabelnaya Street, building 13 to which the mortgage could be extended under the law —
14 number 6, subbuilding ISH. Ownership registration 14 are the property items under item 5, 6. We would be
15 certificate dated 9 June 2009 (re-issued). By way of 15 able to make an unequivocal conclusion with regard to
16 additional information, please be aware that we will not 16 presence or absence of mortgage for the benefit of
17 be able to pledge berth SV-16 in addition to all these 17 the Bank only having requested extracts from the
18 today because it has been attached by the bailiff as 18 register for these property items. With regard to
19 part of the enforcement proceedings. Sincerely yours, 19 the property item stated in item 4, it is not clear
20 Svetlana Guz.» 20 whether that item is situated on the land plots pledged
21 Q. Thank you very much and sorry I have to exploit you like 21 to the Bank. It says in the information that this berth
22 that. 22 ‘is connected to the land plot’. The structure of
23 Now, who do you take the reference to Evgeny to be? 23 the cadastral number of the property item and the land
24 Who is that? Who is Evgeny? 24 plot do not coincide. The entry with regard to that
25 A. Presumably that was Evgeny Kalinin, the employee of 25 property item is made in the register in 2004, ie prior
22 24
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1 to the mortgage agreement being concluded (2008), and,

2 accordingly, based on the general rule, when the

3 mortgage was registered, the registration body should

4 have covered the property item stated in item 4 by the

5 mortgage, should that property item be located on the

6 land plot that was being pledged to the Bank.»

7 Q. Thank you very much. So it appears that what is being

8 discussed here is the fact that not all real estate on

9 Western Terminal had been pledged, and the opinion of

10 your department was that, subject to checking the

11 official record, the railway tracks may be considered to

12 be part of the pledge, but berth 316 may be more

13 problematic; is that your understanding of this change?

14 A. I do not recall the situation, but based on this e-mail,

15 I could conclude that a request was sent to the Bank,

16 possibly from Renord, with regard to what property items

17 were pledged to the Bank, ie what property items were

18 covered by the mortgage.

19 Based on the e-mail, I asked my employee to check

20 the information against the documents as to which

21 property items were covered by the Bank’s mortgage, and

22 based on the response, the situation was these property

23 items are quite complex.

24 Q. Yes, so does this awaken any recollections on your part?

25 Do you now recall having read this e-mail, do you recall

1 sales of the pledged property did take place. I mean,

2 selling the pledged assets of Western Terminal.

3 Q. Do you recall the fact that having brought these

4 proceedings against Western Terminal, Sevzapalians then

5 transferred the shareholding in Western Terminal to

6 a company called Altriwa Limited in Cyprus; does this

7 ring any bells?

8 A. No. I do not recall these events. I was not involved

9 in this process.

10 Q. Can we look at {D161/2712/0.1}, and next page, which is

11 plain page {D161/2712/1} on the other screen. This

12 seems to be an e-mail dated 3 September 2012, from

13 Mr Daneikin to you?

14 A. Yes, this is an e-mail from Mr Daneikin sent to me.

15 Q. Doesn’t it look like a response to some enquiry from you

16 about what Altriwa Limited is?

17 A. It does look like it. Apparently I must have asked

18 Mr Daneikin, who was then my deputy. I asked him

19 a question related to this company. As far as I recall,

20 again, based on the subject, that must have been

21 connected with the external lawyers’ request. With

22 regard to the companies, apparently it was the companies

23 belonging to Mr Arkhangelsky.

24 Q. What do you mean «external lawyers’ request»; can you

25 explain that further?

25 27

1 any such discussions at the time, Mrs Kosova?

2 A. There were no discussions and, based on this e-mail,

3 that was a request for information, and it’s difficult

4 for me now to say who sent the request, and Svetlana Guz

5 has sent the updated list concerning the property items.

6 Apparently these were the items that the request was

7 about. This is the way I read it.

8 Q. Mrs Kosova, in the light of the document you have just

9 seen, do you want to revise any of the evidence you have

10 given this morning?

11 A. No.

12 Q. Do you know anything about enforcement proceedings

13 brought by Sevzapalians against Western Terminal in

14 early 2011?

15 A. No, I know nothing about court proceedings to which the

16 Bank was not a party of.

17 Q. Do you recall any public auction towards the end of

18 2011? So that’s a sale of Western Terminal assets,

19 subject to the pledge to the Bank, pursuant to

20 Sevzapalians’ claim, if that makes sense; do you recall

21 anything about that?

22 A. Since I have no information about Sevzapalians’ claim,

23 I didn’t know anything about it at that point in time,

24 and to link auctions, I am not able to link auctions

25 with this claim. I recall that there were some public

1 A. I mean the external lawyers that were not the Bank’s

2 employees, but were instructed to provide services under

3 agreements.

4 MR JUSTICE HILDYARD: Can you help us with the heading, the

5 subject heading «Coordination of expenses re the second

6 exequatur case»; what’s that about?

7 A. Most likely this is about a coordination of expenses …

8 the second exequatur case was in Bulgaria and,

9 accordingly, the subject might have pertained to

10 coordinating expenses with regard to one of the cases

11 being heard in Bulgaria which was led by external

12 lawyers.

13 However, based on the text of the letter, the names

14 of the companies and the fact that the response with

15 regard to VSK and SO Scandinavia, it apparently not

16 related to Bulgaria in any way, so apparently that is

17 some correspondence. The correspondence must have moved

18 on to another subject, and the names of the subject from

19 the original letter must have stayed the same.

20 MR STROILOV: Now, could we have a look at {D149/2487.1/1},

21 and {D149/2487.1/4} on the other screen.

22 Now, Mrs Kosova, do you, by any chance, recognise

23 the handwriting at the top and the signature?

24 A. Unfortunately not.

25 Q. Okay.

26 28
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1 If you could just scan read through this document,

2 do you recall — I think the first page, actually, it

3 sets out the background and what it is about. Do you

4 recall these proceedings? We can scroll down if that

5 helps, to try and refresh your recollections. Just say

6 if you would like it scrolled down. {D149/2487.1/5}.

7 And the English version too, if you have scrolled it

8 down, then scroll down the English version too

9 {D149/2487.1/2}. There isn’t a lot of it to read

10 because it just sets out the provisions of Russian law.

11 Don’t worry about provisions of Russian law, I’m

12 sure you know all about them. If you could just scroll

13 down one more page to see what the bailiff wants.

14 {D149/2487.1/6}, {D149/2487.1/3}. So as you can see, so

15 the position is the assets are pledged to the Bank and

16 simultaneously there is an enforcement claim against

17 Western Terminal against its own parent company,

18 Sevzapalians. So they want to enforce against those

19 assets and they need the Bank’s consent to have this

20 enforcement, subject to the pledge to the Bank, but to

21 have the assets realised with the encumbrance being

22 preserved; is that your understanding of the position?

23 A. I understand that that is the bailiff’s request to

24 the Bank, asking for consent to enforce the pledge, the

25 collateral owned by Western Terminal and pledged to

1 being the member of the major credit committee, had to

2 take part in the meeting when that issue was being

3 debated.

4 Q. Yes. Well, do you recall debating that issue with the

5 big credit committee?

6 A. I do not recall the debate or discussion at this point

7 in time. That happened a long time ago. Firstly —

8 that’s firstly.

9 Secondly, since based on the legal risk perspective

10 there were no issues here, possibly I was not — I do

11 not recall that issue for that reason, because it was

12 quite straightforward, and I did not focus my attention

13 on it at that point in time.

14 MR LORD: My Lord, is it being suggested that this big

15 credit committee is dealing with the same consent in

16 issue as was just shown to the witness previously,

17 I just want to be clear about that? I don’t want

18 Mr Stroilov to go astray here.

19 MR JUSTICE HILDYARD: Sorry, you are right to clarify.

20 I had assumed yes.

21 MR LORD: I am told — I don’t want to prejudge things,

22 I want to give Mr Stroilov a chance, I don’t want to

23 interrupt his cross-examination, but his questions

24 proceeded on the basis that this BKK resolution and

25 signatories are pertaining to the same consent and same

29 31
1 the Bank of St Petersburg. 1 proceedings. I am just wanting to check that, because
2 Q. Do you recall anything about that? 2 I am not sure that that’s right.
3 A. I do not recall this document, since I was not directly 3 MR STROILOV: I beg your pardon, let me double-check.
4 involved in this matter. 4 That’s what I meant, but now I want to check that I am
5 Q. Are you sure you were not involved? 5 not mistaken about it.
6 A. Of course I am sure. 6 MR JUSTICE HILDYARD: This might be a reasonable time for
7 Q. Can we go to {D149/2493.1/0.1}, and I think it’s — 7 a break, unless that interrupts you at a bad time?
8 something is wrong with my Magnum, but I think it is the 8 MR STROILOV: No, I think we have to have a break anyway at
9 next page on the other screen, that’s what I need 9 some point, so now seems to be a good time, yes,
10 {D149/2493.1/1}. So that seems to be the decision of 10 my Lord.
11 the big credit committee, dated 29 August, whereby the 11 MR JUSTICE HILDYARD: Very good.
12 Bank consents to the bailiff’s request, consents to that 12 (11.58 am)
13 sale being carried out. 13 (A short break)
14 As you can see, if you look at the committee members 14 (12.10 pm)
15 with a casting vote section, the third signature from 15 MR STROILOV: May it please your Lordship. I am, indeed,
16 the bottom, the third name from the bottom, at least, 16 proceeding on the basis that this is the same set of
17 seems to be yours, and there is a signature. Does that 17 proceedings. That’s my understanding. If my learned
18 remind you anything? 18 friends want to correct that, they can do so in
19 A. This document is an approval page for the issue 19 re-examination.
20 discussed in the meeting of the major credit committee. 20 MR JUSTICE HILDYARD: Thank you.
21 As can be seen from this approval page, the department 21 MR STROILOV: Could we go to the witness statement of
22 that prepared the issue is named as directorate of 22 Mr Smirnov, which is at {B2/12/9}, I need paragraph 53
23 client monitoring. Thus, it was prepared by the client 23 in both versions, so if it is not too much trouble to
24 monitoring department, a directorate. It was then 24 find the Russian version of paragraph 53 without me
25 tabled at the major credit committee meeting and I, 25 going off my … {B2/12/25}. If it is possible really
30 32
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1 to half scroll down to the next page so we have the

2 whole of paragraph 53 on both pages {B2/12/26}. If we

3 could do the same thing for the English version.

4 I think for the English version I have all the material

5 parts, so it’s all right.

6 Now, Mrs Kosova, if you could remind yourself of

7 paragraph 53 of Mr Smirnov’s witness statement, where he

8 explains Renord-Invest’s role in these events. Is this

9 consistent with your knowledge and belief that at some

10 point, Renord-Invest became interested in acquiring the

11 assets as opposed to holding them on behalf of the Bank?

12 A. Because I was not involved in this, I really have no

13 information as to what went through Renord-Invest’s

14 mind, and all I know is whatever I can glean from the

15 case materials.

16 Q. But it is logical, then, that if Renord-Invest became

17 interested in acquiring Western Terminal, let’s say,

18 then it would be a bit of a problem if some of

19 the assets were pledged to the Bank but some others were

20 not pledged; can you see the problem?

21 A. Because I’m not completely up to speed on this, it’s

22 very difficult to say yes or no. Maybe, just maybe some

23 difficulties may have arisen but, again, this is

24 something that is up to Renord-Invest and up to their

25 risk assessment.

1 was to initiate collusive proceedings between

2 Sevzapalians and its own subsidiary, Western Terminal,

3 then to arrange for a purported public auction to take

4 place so that a third Renord company buys all these

5 assets subject to the pledge to the Bank? Does that

6 look like a scheme which they implemented?

7 A. There is really nothing I can offer by way of comment.

8 First of all, I am not aware of any «schemes» that may

9 or may not have been implemented; secondly, I do not

10 really understand why it would be of any interest, or

11 why it would be attractive to purchase assets that had

12 been encumbered, and for that, on top of that, one would

13 have to enter into a fraudulent transaction. I really

14 don’t see the point.

15 Q. What I suggest is that by that time it had been agreed

16 between Renord and the Bank that the assets should end

17 up in the hands of Renord.

18 A. I know nothing about any such agreements. I have no

19 information to that effect.

20 Q. Were you aware at that time that Sevzapalians and

21 Western Terminal LLC were controlled by the same people?

22 A. No, I was not aware of this. I was not aware of

23 the companies, I was not aware of who controlled those

24 companies.

25 Q. So when you saw documents and were asked to provide

33 35

1 MR JUSTICE HILDYARD: I think what’s been put to you is if A

2 wants to buy from B an asset but B doesn’t have the

3 whole of the asset, A has a bit of a problem; is that

4 right?

5 MR STROILOV: Yes, my Lord, quite.

6 MR JUSTICE HILDYARD: It’s a general point. Do you think it

7 is a problem?

8 A. Well, obviously if someone does not own something then

9 it might be an uphill battle trying to buy that from

10 him.

11 MR JUSTICE HILDYARD: Yes.

12 MR STROILOV: Isn’t that the problem which you discussed

13 with Ms Guz in the e-mails we have seen half an hour

14 ago? That is to say, one berth is pledged to the Bank

15 so there is no problem, that can be sold at a public

16 auction, but the other one is not pledged, and so how

17 can you extend the pledge to have the terminal sold as

18 a whole; can you see the problem? Isn’t that what you

19 are discussing with Ms Guz?

20 A. No. Not at all. At that time, I was not dealing with

21 these issues or problems. No one discussed any matters

22 with me as to how something can be bought, how those

23 properties can be purchased, or what stood in the way of

24 being able to purchase them. No, not at all.

25 Q. And isn’t it the case that the solution found by Renord

1 various consents as part of the big credit committee in

2 relation to the court proceedings between Sevzapalians

3 and Western Terminal, you thought these were genuine

4 proceedings between two independent companies; is that

5 what you are saying?

6 A. I do not recall at all the BKK holding any discussions

7 about a dispute between Western Terminal and

8 Sevzapalians. I have no recollection of that. What

9 they discussed was a consent that was to be given by the

10 Bank because the properties had been pledged as

11 collateral to the Bank and, consequently, in order to

12 answer the request that was received from the bailiffs,

13 we had — the credit committee had to discuss that, and

14 that’s what the credit committee was discussing.

15 Q. Now, are you aware of the fact that at one point a plot

16 of land belonging to Western Terminal LLC was

17 transferred to a company called Mercury? That is the

18 plot of land at Selezneva Volost, Pridorozhneo.

19 A. No, I know nothing about that plot of land.

20 Q. Was any credit given for the value of that plot of land

21 as part of the recovery process? What I mean is, were

22 OMG loans reduced after the plot of land was realised?

23 Were the pledges — was the indebtedness reduced for the

24 corresponding amount?

25 A. I was not involved in the realisation of any plots of

34 36
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1 land and, therefore, there is nothing I can tell the 1 ongoing legal claims from OMG in the Arbitrazh courts.
2 court about any specific realisations or any sales. 2 It seems very likely that your view on the legality of
3 What I can say, and I can say this very clearly, and 3 such an act was required, and that’s why you were at the
4 that is that if something was disposed of by way of 4 meeting; don’t you recall any discussion on that?
5 pledged collateral to recover some of the liabilities 5 I mean, be careful, you may want to assert
6 outstanding under a loan agreement, then obviously the 6 privilege, it just occurred to me, if there was legal
7 amount of the loan was reduced. 7 advice, if there was previous legal advice given, but
8 Q. But surely, Mrs Kosova, you are giving evidence to this 8 I think I am entitled to ask you whether you recall that
9 court in your witness statement which purports to set 9 problem being discussed, and, indeed, whether you recall
10 out the complete picture of recoveries that the Bank 10 being asked to give a view.
11 made under its loans to OMG; isn’t that a correct 11 A. Since that happened a long time ago, of course I have no
12 understanding of the purpose of your evidence? 12 recollection with regard to this meeting, but having
13 A. I am setting out the picture relating to the various 13 looked at the document, one could assert that I was
14 proceedings, court actions that I had been involved in 14 present at the meeting, and such a board meeting was
15 in my capacity as the general counsel, of which I had 15 held, and the matter was considered with regard to
16 oversight. 16 Bank’s approval, the Bank being the pledgee, for the
17 Having said that, so far as the realisation or the 17 disposal of a number of property items.
18 sale of assets were concerned, I did not play any role 18 That would be the whole extent with regard to my
19 in those, so there is really nothing I can say about 19 approval or otherwise, being a lawyer, that was
20 that. 20 requested by the Bank, I don’t think I was issuing any
21 Q. Now, if we could go back for a moment to — I am sorry, 21 opinion. That was simply a matter of the legal risks.
22 I am going to be slow. I have … (Pause) 22 There were no legal risks, since the pledge was being
23 Now, if we could go to {D122/1943.3/0.1}, and 23 preserved. Nothing would happen to the Bank’s rights,
24 I think it is {D122/1943.3/1} on the other screen. 24 they were not lost. So that was the whole matter, to
25 So this seems to be the minutes of the management 25 me. That was the whole question put to me as a lawyer,

37

1 board meeting on 17 June 2009, isn’t that right?

2 A. Yes.

3 Q. And, as you can see, consistently with what you

4 explained to his Lordship about your attendance, you are

5 recorded as someone being invited to the meeting, as

6 opposed to members of management board?

7 A. Yes, that is correct.

8 Q. And if we could scroll down two pages, I think, on both.

9 This is just the agenda but then there are substantive

10 decisions. If we could scroll down another page, and

11 then one more in Russian, and then in English scroll

12 down one page {D122/1943.3/5}, {D122/1943.3/0.3}.

13 So that’s the decision I asked you about earlier,

14 about what seemed to be the suggestion to transfer

15 Western Terminal assets to SKIF on 17 June 2009.

16 Do you recall anything about management board

17 discussion on that?

18 A. No, I am afraid I do not.

19 Q. And if we could scroll down one more page, you can see

20 that there is a similar proposal to transfer

21 Scandinavia Insurance assets to Naziya company.

22 A. Yes, I can see that.

23 Q. Mrs Kosova, we have been told, and several witnesses

24 have given evidence to the effect, that the purpose of

25 these decisions was to protect the assets from the then

39

1 I think.

2 MR JUSTICE HILDYARD: So sorry, I need to understand.

3 You think that the question was raised with you, but

4 you reckon that there was no particular legal problem;

5 is that what you are saying? Or are you saying you

6 can’t really remember whether or not you were asked to

7 advise, nor whether you did advise? Which is it?

8 A. Currently I cannot recall whether I was given advice and

9 whether the board members requested such advice.

10 However, if I could have given anything, any advice,

11 that would have been on the matter of legal risks rather

12 than giving approval as to the disposal of the property

13 items.

14 MR STROILOV: So is it the case that, in fact, you have no

15 personal knowledge of really any stage in the process of

16 realisation of assets?

17 A. I have personal knowledge about how the process of court

18 proceedings was happening, and enforcement of pledge,

19 enforcement of the debt, so that’s been in the court

20 proceedings. This is exactly what the Bank’s lawyers

21 were involved in, but the actual sale, how everything

22 was sold, I have no such recollection. I was not

23 involved in the process.

24 MR JUSTICE HILDYARD: And so far as you were aware, no one

25 in your department was either; is that right?

38 40
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1 A. Yes.

2 MR STROILOV: Right. (Pause).

3 Apologies, my Lord, it is going to be with some

4 pauses, simply because I had to prepare in a rush.

5 (Pause)

6 I’m sorry to ask a technical question in court, can

7 the hyperlinks in the witness statement — I think they

8 have been restored now, there was a problem with it.

9 My Lord, I wonder if it might be more efficient to

10 have an early lunch break and perhaps a slightly longer

11 one. Actually, given the indications as to the scope of

12 this witness’s knowledge, I think there is a hope of

13 finishing today, but I would rather need some time to

14 tighten the questioning. So I wonder if, really, having

15 a break until something like 1.50 might be a good idea.

16 I think in the round it is going to save time.

17 I am a little taken off course by the revelation

18 that this witness doesn’t have a lot of recollection on

19 a number of things I am interested in.

20 MR JUSTICE HILDYARD: Yes. Very well. 1.50 pm.

21 Ms Kosova, as you probably know, but as is very

22 important, you must not discuss this case with anyone at

23 all in any way for so long as you are in the witness box

24 and until you are released.

25 MR LORD: My Lord, sorry to … it doesn’t need to detain

1 point.

2 MR JUSTICE HILDYARD: Are you floating the notion that

3 I should read it over the short adjournment?

4 MR LORD: I was floating it, but I don’t want to get ahead

5 of myself. I was mindful that it might be the better

6 approach to see if we can resolve a satisfactory

7 approach for all parties to have sight of the material

8 and for that to be laid in place before anybody looks at

9 it. That was something I wanted to preserve so that we

10 don’t make any sort of false step here, as it were.

11 MR JUSTICE HILDYARD: I see. So the position is it is

12 there, you were minded that I should look at it, but on

13 reflection, you think it might be capable of being

14 agreed and, therefore, until then, you don’t want me to

15 look at it?

16 MR LORD: Exactly, it is here for your Lordship, it is here

17 for Mr Stroilov, but since Mr Stroilov doesn’t want to

18 see it yet, I don’t want to put anyone in an awkward

19 position.

20 MR JUSTICE HILDYARD: Obviously, for so long as there is any

21 prospect of some arrangement being made which enables

22 Mr Stroilov and the Arkhangelskys to see it at the same

23 time I do, I would prefer to defer looking at it until

24 then.

25 If there comes a time when the position of

41

1 Ms Kosova. Can I just flag up one point for

2 your Lordship’s consideration, which is the question of

3 Professor Hall’s report.

4 MR JUSTICE HILDYARD: Yes.

5 MR LORD: I know we are in public and I don’t want to

6 trespass into Mr Stroilov’s review time, so I am not

7 suggesting we deal with it now, but I am in a position,

8 I would like to deal with that point today and

9 I have a file of documents with the report and annexes,

10 and the inter partes exchanges about the same, and I am

11 in your Lordship’s hands about how to deal with that.

12 I don’t want to get ahead of myself and start talking

13 about things before we have established the basis upon

14 which they are to be received by your Lordship and maybe

15 the defendants, but I thought I should just flag that

16 up. I have a little bundle here.

17 MR JUSTICE HILDYARD: Is that the bundle which Mr Stroilov

18 and the Arkhangelskys have preferred not to see?

19 MR LORD: Exactly. So there will have to be a bit of

20 a debate about how that is to be addressed, but I am not

21 suggesting we cut into Mr Stroilov’s lunchtime

22 preparation, but it would, in my submission, be

23 appropriate to deal with it today, so if time could be

24 found today to deal with it. It probably wouldn’t take

25 more than, I hope, 10 or 15 minutes to resolve the

43

1 Mr Stroilov and the Arkhangelskys is confirmed, that’s

2 to say they do not wish to look at it under the terms

3 offered, then you will just simply have to — we will

4 simply have to discuss how I am to see it in all

5 fairness if the other side don’t.

6 MR LORD: Yes, I think that’s where we’ve got to, my Lord,

7 so I think we will have to have a debate about how we

8 try to move on from that impasse, and what steps, if

9 any, steps and precautions and orders need to be made in

10 order that this material can effectively be served and

11 we can make submissions on it and so on in the ordinary

12 way.

13 MR JUSTICE HILDYARD: Exactly. I mean, having asked for it

14 and it having also impliedly asked for by

15 Mr Arkhangelsky, at least in terms of a report, I should

16 be sorry not to see it.

17 MR LORD: My Lord, I would respectfully submit that that

18 isn’t really an option, that certainly my clients are

19 entitled to adduce this and serve it, I am afraid. So

20 we have to find a satisfactory mechanism to protect

21 confidentiality, for your Lordship’s satisfaction,

22 really, in the end, but that this material will be

23 served and relied upon inter partes is, in my

24 submission, not really negotiable, I am afraid, so we

25 will have find a way of trying to get to a satisfactory

42 44
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1 position where that can happen. 1 the expert report of Mr Millard, aren’t you?
2 MR JUSTICE HILDYARD: Yes. Well, Mr Stroilov, you are 2 A. Not yet.
3 probably focusing on reorganising your cross-examination 3 Q. No, I mean from your work conducting this litigation.
4 in the light of the replies this morning, and you wish 4 Obviously you were responsible for conducting the
5 a bit of time, and I understand that. Is 1.50 all right 5 litigation on the part of the Bank, so presumably you
6 or do you want to put it back to 1.55? 6 are aware of the expert report of Mr Millard.
7 MR STROILOV: If we could make it 1.55, then that would 7 A. I know that it does exist.
8 help, my Lord. 8 Q. Presumably you are also aware — you were aware at the
9 MR JUSTICE HILDYARD: All right. 1.55 pm, then. 9 time Mr Millard was instructed, were you not?
10 (12.41 pm) 10 A. With regard to the time period, no, I am not sure that
11 (The Luncheon Adjournment) 11 I recall when that happened, when he was instructed.
12 (1.55 pm) 12 I did not follow these parts of the proceedings.
13 MR STROILOV: May it please your Lordship. I think I have 13 Q. All right. Well, I simply wondered whether you could
14 to give you a warning that on top of all other troubles, 14 shed any light on it. If you see — this is a page from
15 as our luck would have it, there has been a technical 15 Mr Millard’s expert report where he explains what
16 problem with Mrs Kosova’s witness statement on Magnum, 16 documents were provided to him in terms of legal tenure,
17 and as a result of fixing that problem, all my notes 17 and at the end of that list in the — well, the first
18 were jeopardised, and that’s not helpful in 18 bullet point list at the top of the page, you can see
19 the circumstances. 19 the reference to the lease agreement dated
20 I will see how it goes and I will do my best to 20 20 August 2009 between Western Terminal and Gunard
21 finish today, but it may be that I will ask to finish 21 Enterprises. I don’t know whether your English is good
22 early and continue tomorrow, really, because you can’t 22 enough to see that, but hopefully it will be translated
23 have me looking for a document for half an hour. 23 to you, what I am talking about.
24 MR JUSTICE HILDYARD: I’m sorry, they have been sort of 24 A. Unfortunately my English is not very good. It’s
25 wiped out, have they? 25 difficult for me to read a document which is in English.
45 47

1 MR STROILOV: They have been moved to completely different

2 parts of the statement so that it is impossible to —

3 MR JUSTICE HILDYARD: To correlate them.

4 MR STROILOV: Yes.

5 MR JUSTICE HILDYARD: Is there any way of going back to

6 the original. I am sorry to ask such a probably silly

7 question.

8 MR STROILOV: I am told the simplest way is for me to do it

9 again really, rather than — there is no technical way

10 of doing it. I will see, it may be that I will manage,

11 nonetheless, but —

12 MR JUSTICE HILDYARD: Well, keep me informed.

13 MR STROILOV: I will let you know. It may be, with

14 apologies, I will have to ask for an additional space

15 tomorrow morning without really getting to 4.00, I am

16 afraid, because it’s simply not practical for me.

17 MR JUSTICE HILDYARD: Do the best you can, and if it is

18 insuperable, let me know.

19 MR STROILOV: Mrs Kosova, sorry about this. May I just come

20 back briefly to an issue which I touched upon earlier

21 this morning. If we could have a look at the expert

22 report of Mr Millard, who is your valuation expert,

23 obviously. That will be at {E6/53/44}, that’s the

24 relevant bit.

25 I assume, generally speaking, you are familiar with

1 Q. But you see the point: one of the documents provided to

2 Mr Millard was the lease agreement between

3 Western Terminal and Gunard we’ve looked at this

4 morning; do you understand that?

5 A. Yes. I did see the agreement. That I did.

6 Q. And so what Mr Millard says about that is at the bottom

7 of the page. Let me read this for you and it will be

8 translated into Russian:

9 «We have been provided with a copy of the lease

10 agreement dated 20 August 2009, stating the Property had

11 been leased to Gunard Enterprises Limited for a 49-year

12 period, with a monthly rent of US $20,000. We have not

13 taken this encumbrance into account for the purpose of

14 valuation of the property as at September 2012, since we

15 have not been provided with sufficient data about the

16 registration status of this lease as well as the

17 information about the presence or absence of

18 the affiliation between Western Terminal LLC and Gunard

19 Enterprises Limited.»

20 So has this been translated to you?

21 A. Yes. Yes it has been translated.

22 Q. Well, so it appears, Mrs Kosova, that when Mr Millard

23 was instructed, he was given a copy of the lease

24 agreement, but there is no reference to his being told,

25 as part of his instructions, that the lease agreement

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1 has not come into force. So it was left to him to look

2 at it and see and form his own opinion as to whether he

3 should take it into account. Is that a correct

4 understanding of his instructions?

5 A. I am afraid I cannot provide any clarification with

6 respect to the instruction of Mr Millard because I had

7 no involvement on this.

8 Q. So I obviously cannot go behind the curtain of privilege

9 and find out who was involved, but whoever was involved

10 on behalf of the Bank, Mrs Kosova, the Bank attempted to

11 mislead its own expert into thinking the value of that

12 property to be much lower than it in fact was; do you

13 accept that?

14 A. Well, because I did not take any part in either the

15 instruction of Mr Millard or in the negotiations it

16 would be very difficult for me to provide any comment.

17 However, I am certain that the Bank’s lawyers did not

18 try to mislead anyone. I do not believe that that would

19 actually have worked to anyone’s benefit.

20 MR JUSTICE HILDYARD: You are, of course, entitled to

21 the instructions to the expert.

22 MR STROILOV: I think I am.

23 MR JUSTICE HILDYARD: Presumably they have been disclosed.

24 MR STROILOV: I am, and I haven’t seen any — that’s why

25 I put it to the witness that I haven’t seen any

1 have to go by the English text, which may slow things

2 down a little.

3 But you do recall what the request for further

4 information was about, don’t you?

5 A. So far as I can recall, they raised questions with

6 respect to the various companies involved.

7 Q. That’s right, and if we go to page 2, so you will see

8 that this relates to the averment in your particulars of

9 claim to the effect that:

10 «The original purchasers were not owned and/or

11 controlled by the Bank or Mr Savelyev but were companies

12 controlled by well established clients of the Bank who

13 were prepared to assist the Bank in ensuring that its

14 security was effective, namely Mr Mikhail Smirnov and

15 Mr Leonid Zelyenov.»

16 In response to that, our side, Mr Arkhangelsky’s

17 lawyers ask you for information in these terms:

18 «Please state, with respect to each of the Original

19 Purchasers:

20 «(a) whether it is alleged to have been controlled

21 by Mr Smirnov or by Mr Zelyenov, or both;

22 «(b) whether it is alleged to have been owned by

23 Mr Smirnov and/or Mr Zelyenov, or only controlled by

24 them; and

25 «(c) precisely how it is alleged to have been owned

49 51

1 indication that the expert was asked to ignore this.

2 Again, I stand to be corrected if I overlooked anything,

3 you know in what circumstances I work, but …

4 MR JUSTICE HILDYARD: That’s all right.

5 MR STROILOV: Now, if we could go to {A1/6/1}. That is

6 a part of the Bank’s pleadings called «Response to

7 request for further information», and if we go to page

8 {A1/6/9}, you can see that it is dated 10 June 2015, it

9 is signed by my learned friends and it is dated

10 10 June 2015, and it is verified by a statement of truth

11 from you. Can you see that?

12 A. Yes, I can see this.

13 Q. Now, Mrs Kosova, is there a Russian version of this

14 document?

15 A. I think there is.

16 Q. I think there is no need to think about it. Presumably

17 if you signed the statement of truth, you have read it,

18 haven’t you?

19 A. Yes, definitely. I did read it.

20 Q. So have you read the Russian translation of this

21 document, or how was it done?

22 A. I cannot tell you exactly but I definitely did read the

23 text in Russian.

24 Q. Right. Well I stand to be corrected if I am wrong.

25 I don’t think it was ever served or disclosed, so I will

1 and/or controlled by Mr Smirnov and/or Mr Zelyenov, as

2 the case may be.»

3 If we could now scroll down you see the list of

4 original purchasers, then there is an explanation about

5 the Renord Group and what it is. I am not going to ask

6 you on that for the moment.

7 Then if we scroll down further, I want to have

8 a look at the details of specific companies, so that

9 will start at page 5. So in relation to the original

10 purchaser of Western Terminal, that’s Sevzapalians, you

11 state that it was:

12 «… part of the Renord-Invest group and was

13 ultimately beneficially owned and controlled by

14 Mr Smirnov. As far as the Bank has currently been able

15 to ascertain, its direct 100 per cent shareholder

16 appears to have been Havana Trading Limited. It was not

17 owned or controlled by Mr Zelyenov.»

18 So is it your understanding that Mr Smirnov owns and

19 controls Sevzapalians through an offshore vehicle called

20 Havana Trading Limited; is that your understanding?

21 A. Yes, this is the case.

22 Q. Now, then in subparagraph 2, you have this response in

23 relation to Agentstvo Po Upravleniyu Aktivami, Asset

24 Management Agency. It is explained that — I will

25 summarise it in my own words. I will be corrected if my

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1 learned friends think it is an unfair or incomplete

2 summary. What is averred here is that Mr Zelyenov

3 beneficially owns Assets Management Agency through

4 a nominee called Mr Andrey Romashov; is that your

5 understanding as well?

6 A. Yes, that’s correct.

7 Q. And Mr Romashov works for the Bank, doesn’t he?

8 A. At this point in time he is employed by the Bank, yes.

9 Q. And since what time is he employed by the Bank?

10 A. I do not recall the exact date of his entering duty, but

11 I believe that he has been employed by the Bank over the

12 past 12, maybe 18 months.

13 Q. Right. If we now look at subparagraph 3, what is

14 averred here is that the company called Akva-Ladoga is

15 beneficially owned and controlled by Mr Smirnov through

16 two nominees: Svetlana Komarova and someone called

17 Ms Vasilyeva. Just confirm that is your understanding

18 as well.

19 A. Yes, this is the case.

20 Q. And then in subparagraph 4, you can see that the company

21 called Medinvest is alleged to be part of Renord-Invest

22 group, and to be beneficially owned and controlled by

23 Mr Smirnov through, I think it is an offshore company

24 called Datadot Technology.

25 A. Yes. This is true.

1 Then if we scroll down a further page {A1/6/8},

2 again there is — if we just go through the

3 subparagraphs quickly, so Aneks-Finance is averred to be

4 beneficially owned by Mr Smirnov through different

5 nominees and offshore vehicles, and I think on one

6 occasion, a Russian company, that is Renord-Invest, IC

7 Renord-Invest. So the nominees are said to be

8 Mr Gavrilov, Mr Paranich, Mr Vokovlev — I wonder if

9 this is is Yakovlev(?) actually — Lesvik Investments

10 which is an offshore vehicle, Orion Invest and

11 Renord-Invest. All of these entities and individuals

12 are said to be direct shareholders.

13 Then you say that Dom Na Maloy Moyke is beneficially

14 owned by Mr Smirnov through St Petersburg development,

15 or Razvitie Sankt-Peterburga. Then it is said that

16 Khortitsa is beneficially owned by Mr Smirnov through a

17 nominee named Ms Goncharuk.

18 Then Naziya is said to be part of Renord Group and

19 beneficially owned by Mr Smirnov through Graham-Bell.

20 Then there are explanations about — well,

21 Sevzapalians, obviously, we’ve discussed already, and

22 there is an explanation about SKIF to the effect that

23 Mr Sklyarevsky is the direct shareholder of SKIF.

24 So all that is true to the best of your knowledge

25 and belief, isn’t it?

53 55

1 Q. Then in subparagraph 5, it is averred that Gelios is

2 owned by Mr Zelyenov directly, and then if we could

3 scroll down {A1/6/6} you can see in subparagraph 6 that

4 the company called Graham-Bell is beneficially owned by

5 Mr Smirnov through nominees, Mr Donov and Mr Loskutov.

6 Presumably you believe that to be correct?

7 A. Yes.

8 Q. And then there is a further averment about

9 Severo-Zapadnaya being part of the Renord Group, and

10 beneficially owned by Mr Smirnov, it is averred, but the

11 direct shareholders are someone else. It is

12 Sevzapalians and a company called InVestCom; do you see

13 that?

14 A. Yes, I can see this.

15 Q. Then there is a similar request in relation to

16 the subsequent purchasers, except that the Bank averred

17 that they are variously owned by Mr Smirnov or

18 Mr Sklyarevsky ultimately, and there is a similar

19 request for a clarification, which of the companies are

20 owned by each of these individuals, and in what way, so

21 if you follow that.

22 So if we could scroll down one page {A1/6/7},

23 I think — yes, in paragraph 7, just in fairness, it is

24 mentioned that SKIF was part of Mr Sklyarevsky’s group

25 of companies.

1 A. So far as I know, yes.

2 Q. Right.

3 So you agree that the majority of those companies

4 are not owned by either Mr Smirnov or Mr Zelyenov

5 directly — well, especially Renord companies — they

6 are owned through nominees or through offshore vehicles;

7 is that a fair statement?

8 A. Looks like it is.

9 Q. If we could now go to {A1/1/1}.

10 MR JUSTICE HILDYARD: Can I just remind myself, you

11 confirmed this on 10 June 2015 as adviser to the deputy

12 chairman. Who was deputy chairman at that time?

13 A. In June 2015 it was Kristina Mironova.

14 MR JUSTICE HILDYARD: Thank you.

15 MR STROILOV: These are re-amended particulars of claim, as

16 you can see, so that’s your claim, the Bank’s claim.

17 Now, if we go to page 19, I don’t think it is

18 necessary to set out the context in any great detail,

19 unless I am challenged to do that. Perhaps I will —

20 this concerns the claim previously made by

21 Mr Arkhangelsky in BVI. I understand the Bank complains

22 that these allegations made by Mr Arkhangelsky were

23 untrue. I am sure you are well aware of that.

24 So if you can look at paragraph 69, or rather listen

25 to my reading of it:

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1 «Further it is to be inferred that Mr Arkhangelsky

2 was aware of the true ownership, business and date of

3 incorporation of the Original Purchasers and Subsequent

4 Purchasers, as these are matters of public record.»

5 So, Mrs Kosova, I think it wasn’t you, it was

6 Mr Balandin who signed the statement of truth under

7 these pleadings; is that correct?

8 A. That is correct.

9 Q. But now that you are responsible for the litigation on

10 behalf of the Bank, do you accept that this averment is

11 untrue: The true ownership of original and subsequent

12 purchasers is not a matter of public record? (Pause)

13 A. I think it is in the public domain, after all.

14 Q. How? If I go to public records, I will see names of

15 nominees and offshore companies, but never Mr Smirnov.

16 So how is it available in the public record? (Pause)

17 A. The way I understand it, there are databases where you

18 can figure out who the owners of the companies are, and

19 this is part of the public domain, so I presume that

20 this information is publicly available.

21 MR JUSTICE HILDYARD: I think you are being asked where.

22 A. Well, for instance, I know SPARK, the agency which does

23 provide information about the owners, the holders of

24 shares in companies.

25 MR STROILOV: But wouldn’t SPARK provide you with names of

1 Ms Kosova?

2 A. Well, I can give it a try, but once again, I’ve never

3 worked with SPARK. I have not been a very good user of

4 that portal.

5 MR STROILOV: Do you sincerely believe that beneficial

6 ownership of companies held through nominees and

7 offshore entities is a matter of public record? Upon

8 your oath, do you really believe that?

9 A. Because I have not been professionally dealing with

10 this, I cannot make any assertions to this effect.

11 I cannot say that you can always see who the ultimate

12 beneficial owners are, so this is what I guess I can

13 say.

14 MR STROILOV: I will move on, with your permission.

15 MR JUSTICE HILDYARD: You think there are some occasions

16 from some record that you can identify the beneficial

17 ownership as a matter of public record, do you? Could

18 you think very carefully about that, please?

19 A. I believe that an entry with respect to the UBO,

20 ultimate beneficial owner of the company, is not

21 something that you can find in the register. Therefore,

22 one cannot say with certainty that such and such person

23 or entity is the final beneficial owner. So that would

24 be difficult to do.

25 So from the register, from the share register, you

57 59

1 nominees and offshore vehicles, which you have listed in

2 your response to the request for further information as

3 nominees?

4 A. It’s hard to say. As a lawyer I’ve never worked with

5 SPARK, I’ve never used it. I just know that it exists

6 and I know that information can be downloaded from that

7 portal. Now, with respect to the response, that was

8 prepared on the basis of the various requests for

9 information that had been received from the companies

10 themselves.

11 MR JUSTICE HILDYARD: But presumably you have due diligence

12 in your bank, which would be partly the responsibility

13 of the legal department? In conducting due diligence,

14 is there any source to establish the true owners of

15 the company behind the record ownership? Do you know?

16 A. When we ask for documentation regarding ownership

17 structure to be provided, we see the information

18 contained in the share register, ie the registered

19 shareholders, that’s what we see.

20 Q. Would you like — I’m sorry, I will, in a way, give

21 control to you. Would you like to go to the SPARK

22 database and see the profiles of these companies to

23 check if the beneficial owners are there? Would you

24 like to go there now?

25 MR JUSTICE HILDYARD: Do you think they are there,

1 cannot deduce this information because this is not

2 something which is entered into the share register.

3 MR JUSTICE HILDYARD: That’s the share register. Is there

4 any public record from which you can identify what you

5 have described as the UBO?

6 A. I don’t think so.

7 MR STROILOV: Should I move on, my Lord?

8 Now, I do apologise, I think the next question will

9 be rather lengthy, because I want to look at a number of

10 points made in your statement before asking the actual

11 question. If you could go to Mrs Kosova’s statement at

12 {B1/3/7}, which is in English, and I think the Russian

13 version of that element will be somewhere in the region

14 of {B1/3/37}, if we could try. I’m looking at

15 paragraph 39. {B1/3/36}.

16 I’m just going through what you say about buyers of

17 former OMG assets in different parts of your statement.

18 So in paragraph 39 you say about Farah Marine Company,

19 and Lubeca Marine company, that these companies have no

20 connection with the Bank.

21 Then if we go further to paragraph 54 in both

22 versions {B1/3/9}, {B1/3/38}. There, again, about the

23 company called Andria Shipping Limited, you say it has

24 no connection with the Bank; you can see that, can’t

25 you?

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1 A. Yes. 1 out by the court bailiffs service.
2 Q. Then in relation to — if you could now scroll down one 2 Q. Yes, and that’s why I’m wondering, because you said —
3 page to paragraph 59 in both versions {B1/3/10}, 3 just before lunch you said:
4 {B1/3/39}. In 59.1 you say about BarD LLC and 4 «I was only involved in enforcement proceedings
5 Stimul LLC: 5 which went through courts.»
6 «These companies are not owned or controlled by the 6 So I would rather think that that auction falls into
7 Bank.» 7 that category, doesn’t it?
8 Then if you scroll down to paragraph 77, so I think 8 A. The actual sale, certain entities are dealing with it,
9 scroll down two pages on both versions, if I am not 9 and the Bank has the proceedings with regard to
10 mistaken {B1/3/12}, {B1/3/42}. Paragraph 77 you say 10 enforcement of debt, and the court proceedings with
11 about Kegel Shipping Corporation, it has no connection 11 regard to obtaining court judgment, then the Bank gets
12 with the Bank. 12 the enforcement letters and produces them to the court
13 Then if we scroll down further, I think further two 13 bailiff service, and the further actions and steps are
14 pages, if I am not mistaken, paragraph 88 {B1/3/14}, 14 carried out by the court bailiffs service, and neither
15 {B1/3/44}. In the Russian version if you could scroll 15 myself nor my employees organised the auction and this
16 down one page again {B1/3/45}. Yes, that’s fine. So at 16 sale.
17 the end of paragraph 88 you say Kontur is not owned or 17 Q. I understand that. Now, were you involved in this sale
18 controlled by the Bank. 18 of Pravdy Street office?
19 Then if you scroll down to paragraph 118 at 19 A. No.
20 {B1/3/19}, and in the Russian version I think it will be 20 Q. Were you involved in the sale of the apartment at
21 {B1/3/50}. That’s page 19 in the English version. 21 Kharkovskaya?
22 Again, at the end of paragraph 118 you say: 22 A. No. As far as I recall, all of that was done by the
23 «Neither Solo nor Kiperort are owned or controlled 23 court bailiffs service.
24 by the Bank.» 24 Q. Now, I mean as within the Bank, you said you were
25 So, Mrs Kosova, these assertions have been rather 25 involved in enforcement proceedings. So up to the point
61 63

1 carefully worded, haven’t they?

2 A. They are worded based on my vision of the situation, the

3 way I see the situation.

4 Q. Do you accept that, with the exception of the three

5 vessels, all other real estate was sold to connected

6 parties?

7 A. Sir, when you are saying «connected parties», could you

8 please clarify your question? Connected to whom?

9 Q. Connected to the Bank.

10 A. No, this is not true.

11 Q. Were you involved in the Bank’s claim against

12 VECTOR Invest personally?

13 A. I personally was not involved in this. My employees did

14 that, and the Bank did have such a claim against VECTOR

15 with regard to enforcement of the pledged assets.

16 Q. Do you have personal knowledge about that claim?

17 A. I have personal knowledge that such a claim was indeed

18 filed, and the court judgment was obtained. The

19 situation is known to me.

20 Q. And we will come back to that.

21 Were you involved in the auction sale of

22 Western Terminal assets to Kontur? I mean personally

23 involved.

24 A. No. I was not involved in the auction sale, not

25 personally. As far as I recall, the auction was carried

1 when you give it to the bailiffs as it is, were you

2 involved personally? Do you have personal knowledge

3 about these sales?

4 A. At that point in time, I had information about the fact

5 that enforcement proceedings have commenced; that the

6 bailiffs are organising such and such sales. Naturally

7 we were receiving such information.

8 Q. Now, I think I’m formulating my questions poorly, I am

9 sorry about that, Mrs Kosova. What I mean is, clearly

10 there will be someone in the Bank who follows the

11 enforcement proceedings and sees how it goes, and is

12 responsible for seeing that Bank’s interests are

13 observed as part of the enforcement. So in relation to

14 these auctions, was it you or was it someone else?

15 A. I had that information as the head of the legal

16 department, but the actual court proceedings and

17 interaction with the bailiff service was dealt with by

18 my deputy and by my employees.

19 Q. Any particular reason? And I hope everyone lessons

20 carefully, because I’m slightly on shaky ground. Is

21 there any particular reason why people who were dealing

22 with bailiffs on behalf of the Bank, why they are not

23 giving evidence?

24 A. As far as I understand, the information with regard to

25 these court proceedings and the enforcement proceedings,

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1 I have that information on the grounds that I had 1 MR JUSTICE HILDYARD: You mustn’t be such an optimist,
2 an opportunity to have that information then, and to 2 Mr Stroilov. We will reconvene, I hope.
3 restore it now based on the documents. 3 (2.46 pm)
4 Q. Were you involved in the realisation of chattels in 4 (A short break)
5 Mr and Mrs Arkhangelsky’s — from Mr and 5 (2.51 pm)
6 Mrs Arkhangelskys’ apartment, the realisation of 6 MR STROILOV: I don’t know, my Lord, if that counts as
7 chattels which you refer? 7 a shorthand writers’ break.
8 A. That also was done by the court bailiffs service and we 8 MR JUSTICE HILDYARD: No, I think that was force majeure.
9 had the document confirming that. 9 We will have another one at some point.
10 Q. But who was liaising with the bailiffs on behalf of 10 MR STROILOV: Now, Mrs Kosova, if we could look at
11 the Bank? That’s what I am … 11 paragraph 18 of your statement at page 4, and again,
12 A. Submitting the documents, submitting the letter of 12 I think the Russian paragraph 18 will be somewhere
13 enforcement in order to commence enforcement 13 around 34 or that is my calculation, if it could be
14 proceedings, some other documents that were required, 14 found. {B1/1/4}, {B1/3/32}. The Russian version is
15 should such need would arise, that was done by my 15 right. If you could scroll down the English version for
16 employees. Now I am not able to recall their names. 16 one page {B1/1/5}. Now, what I would like to draw your
17 There was my deputy, who was overseeing these matters. 17 attention to is paragraph 18, where you say:
18 He was responsible for these matters before me. There 18 «In my role as a director of the legal department
19 were other employees that could have taken the letter of 19 for the Bank I was responsible for supervising all —»
20 enforcement to perform some physical conduct with the 20 MR LORD: I am sorry, my Lord. Is that the right statement,
21 service of the court bailiffs within the enforcement 21 Mr Stroilov? Do you want that on the screen; is that
22 proceedings. 22 the right one?
23 MR JUSTICE HILDYARD: Is there any opportunity, in 23 MR STROILOV: Yes, I think the English is incorrect. I’m
24 the context of a public judicial sale through the 24 grateful.
25 bailiffs, for a person in the position of the Bank to 25 MR JUSTICE HILDYARD: Thank you very much.
65 67

1 stipulate a reserve price different from the statutory

2 reserve price, or does it happen all automatically?

3 A. The price was determined based on the market value, as

4 far as I recall. The valuation was always carried out

5 by the bailiff, the valuation of the market value, and

6 the sales were organised accordingly, taking that

7 documentation into account.

8 MR JUSTICE HILDYARD: And was the reserve always 80 per cent

9 of the market value established by the bailiff? If you

10 don’t know, just tell me.

11 A. With regard to 80 per cent, my Lord, the question would

12 be with regard to establishing the initial sale price by

13 the court. When the initial sale value is being

14 determined, the court would take a market valuation and

15 set it, and that’s in the event of the pledged property.

16 When the pledged property is sold, then the court would

17 set the initial sale price based on 80 per cent of the

18 market price.

19 (Fire alarm sounds)

20 MR JUSTICE HILDYARD: Well, of course it could be a real

21 fire, but we often have these drills. We had better do

22 as we are instructed and it may be if it is a drill it

23 will take half an hour or so, I am afraid.

24 MR STROILOV: If all my bundles burn, my Lord, I don’t know

25 what I will do.

1 MR STROILOV: Paragraph 18 where you explain that you were

2 responsible for supervising of the legal proceedings

3 {B1/3/4}, and then in paragraph 19 you explain, and we

4 will need to scroll down the Russian version {B1/3/33}.

5 You explain:

6 «It was important that all enforcement proceedings

7 (including the sale of any securities) be carried out in

8 accordance with the applicable laws and procedures, and

9 that the Bank be in a position to recover as much as

10 possible from those proceedings in order to reduce the

11 amount of debt owed.»

12 Then if we could now get to paragraph 23, so the

13 English version should go one page down {B1/3/5}, it

14 says:

15 «The Bank has taken all steps to maximise the

16 realisation of the security given to it by the OMG

17 companies in order to recover as much as possible in

18 respect of the sums owed to the Bank.»

19 Mrs Kosova, you quite rightly emphasise the obvious

20 axiom that it is important to recover as much as

21 possible. It was my impression from your witness

22 statement you say that that it was your job to ensure

23 that happens. From your evidence today, it looks like

24 it wasn’t, and you know virtually nothing about these

25 efforts. Can you explain further: was it your

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1 responsibility to ensure that the Bank recovers as much 1 enforcement, the actual procedure of enforcement was
2 as possible? 2 done by the bailiffs. The Bank would only receive
3 A. As I say in my witness statement, I oversee the court 3 information from them.
4 proceedings, court enforcement proceedings. I made sure 4 MR STROILOV: May I, my Lord?
5 that all the procedures were in compliance from the 5 MR JUSTICE HILDYARD: Yes, I am sorry.
6 legal perspective, in order to obtain a decision which 6 MR STROILOV: Yes. Assuming that the bailiffs set out the
7 is as competent as possible; and also within the 7 price which is too low, the Bank has a right to go back
8 existing procedures, within the enforcement proceedings, 8 to court and to object; yes or no?
9 also to control the procedure — to oversee the 9 A. No, this is not the case. The bailiffs act within the
10 procedure. 10 law. All the procedures are regimented for them and
11 However, that control, the overseeing function, can 11 described in the law. They receive all the valuations
12 be done by us in our capacity of lawyers based on the 12 that would be necessary with regard to the market value
13 information we receive from the federal bailiffs 13 and they act within their procedures. The Bank cannot
14 service, and the Bank cannot impact the actions of 14 impact this in any way.
15 the federal bailiffs in any way, but they act within the 15 Q. So you say — so assuming the bailiff, whoever it is,
16 law in any way, and they act within the procedures that 16 told you that Western Terminal is going to be sold for
17 they have. So describing my steps in that particular 17 RUB 1 million, the Bank can do nothing about that; is
18 way, this is what I meant. 18 that what you are saying?
19 Q. So the Bank was a party to each of the enforcement 19 A. No. My case is that the reserve price, the initial sale
20 proceedings, was it not? 20 price within the framework of the auction is set out in
21 A. The Bank took part in the court proceedings with regard 21 statute, and it is set by the court.
22 to enforcement of the debt in all the instances of court 22 A bailiff cannot just say: I want to sell this off
23 hearings. Then the Bank was serving letters of 23 for 1 million and does the Bank agree or not? This is
24 enforcement to the federal bailiffs service, and was 24 not the way it works.
25 obtaining the resolutions and documents from the bailiff 25 Q. What do you mean set out in statute? You mean it’s set
69 71

1 service, and they would directly carry out the procedure

2 of the sales, of the auctions.

3 Q. Mrs Kosova, I asked you: the Bank was a party to all

4 enforcement proceedings, was it not? Is that a yes?

5 A. Sir, could you please clarify, how do you mean by

6 «a party», when you say the words «the Bank was

7 a party»? The Bank was filing claims, the Bank was

8 producing letters of enforcement.

9 Q. That’s right. If there are proceedings in court, there

10 are persons and entities known as parties; I don’t know

11 if anything has been lost in translation, but I presume

12 you are familiar with the concept of a party to

13 the proceedings?

14 A. Of course I am familiar with that. Of course the Bank

15 was a party to the proceedings in the court proceedings

16 with regard to enforcement of debt, and when the pledges

17 were enforced, there was an enforcement against the

18 pledged assets.

19 MR JUSTICE HILDYARD: I assume the position was that the

20 Bank had to demonstrate its right to enforcement but the

21 process of enforcement was, in a case that the court

22 ordered or supervised the process, done by the bailiffs;

23 is that right?

24 A. The process, the actual process of sale after the Bank

25 would obtain a court judgment and the letter of

1 out in statute as 80 per cent of the market value; isn’t

2 that so? Yes or no?

3 A. With respect to pledges and collateral, yes, that’s the

4 case.

5 So it’s either the amount set out in the mortgage

6 contract, or it’s 80 per cent of the market value.

7 Either/or.

8 Q. And the market value is determined by the court, is it

9 not?

10 A. The market value is determined by an independent valuer

11 who files a report with the court with respect to

12 the market value of the property.

13 Q. And supposing the Bank thinks that the valuer has

14 undervalued the property, are you telling the court that

15 the Bank can do nothing about it? It has to go by the

16 price determined by that valuer?

17 A. When the court sets the reserve or the initial sale

18 price, the parties have the right to agree or disagree

19 with the valuation report filed by either party. Now,

20 if there is a disagreement between the parties in terms

21 of how they look at this, or maybe they bring different

22 valuation reports, which is theoretically possible, then

23 a court may instruct a third valuer, a third valuation,

24 in case there is a dispute. So there will be a third

25 independent valuation filed with the court.

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1 MR STROILOV: Thank you.

2 My Lord, if we are to have a short break, now,

3 I think, is the moment.

4 MR JUSTICE HILDYARD: Very well. Back at about 3.15 pm.

5 (3.03 pm)

6 (A short break)

7 (3.15 pm)

8 MR STROILOV: May it please your Lordship. I think by way

9 of update, I’m afraid I won’t be able to finish today.

10 I will reach a point when I will really need to go back

11 and do some further preparation. I am sorry about that,

12 but everything was against me, technology and time and

13 everything.

14 MR JUSTICE HILDYARD: Let’s see how we go.

15 MR STROILOV: Yes, I can make some progress.

16 Mrs Kosova, now I would like to ask you about the

17 Bank’s claim against VECTOR Invest, if I may. I think

18 you said you were overseeing that, weren’t you?

19 A. Yes, I am aware and I do recall that proceedings were

20 initiated because VECTOR did own the assets at that

21 time, and therefore the Bank sought to enforce the

22 pledge.

23 Q. Yes. VECTOR is one of the companies in Renord Group,

24 isn’t it?

25 A. Yes. At this point in time, I am aware of this.

1 realise the assets at that time. I am not suggesting

2 you were, but there were people in the Bank and in

3 Renord who were working together on that.

4 A. Possibly so. I simply do not have that information

5 available to me. I cannot confirm this, because at that

6 time I had nothing to do with this.

7 MR JUSTICE HILDYARD: Can we split that down a bit. You say

8 that on matters involving legal proceedings in this

9 connection, you were responsible for their supervision.

10 Was the Bank consulting or acting with Renord in respect

11 of any matters relating to enforcement in respect of

12 these assets which involved legal proceedings? That’s

13 one point. What’s the answer to that?

14 A. I am not aware of the Bank having communicated with

15 Renord in terms of judicial proceedings.

16 MR JUSTICE HILDYARD: Then there were other processes not

17 involving bailiff sales, as I understand it; were you

18 aware of or involved in any communications with Renord

19 with respect to those sorts of sales, or realisations?

20 A. No, I played no part in this at all, and I have no

21 information to the effect that the Bank was

22 communicating with Renord either.

23 MR JUSTICE HILDYARD: Yes, sorry, Mr Stroilov.

24 MR STROILOV: Now, Mrs Kosova, initially you gave evidence

25 that the public auction in relation to Mr Arkhangelsky’s

73 75

1 Q. So the Bank and Renord were obviously working together

2 on realisation of assets at the time, were they not?

3 A. I would not draw that conclusion because I had oversight

4 and I had information with respect to the course of

5 the various proceedings. I did not conduct them

6 personally, and obviously I was aware of the enforcement

7 and execution proceedings after the hearings so I am not

8 sure I would draw that conclusion.

9 My understanding is that the sale went through,

10 a public sale that was organised by the court bailiff

11 service, therefore I do not believe it would be

12 appropriate to say that it was something that was done

13 by the Bank together with Renord.

14 Q. No, what I mean is that we know from the evidence given

15 by your side in this case, that generally speaking, the

16 Bank and Renord were working together to realise the

17 assets; do you accept that?

18 A. Well, because at that point in time I was not

19 communicating with Renord, it would be difficult to

20 offer any comment. I know how judicial enforcement is

21 conducted. I know that the public sale was being

22 organised by the court bailiffs, but at that time, I was

23 not part of any dealings with Renord.

24 Q. But do you accept that other people at the Bank were

25 talking to Renord and working together with Renord to

1 apartment at Kharkovskaya took place on 20 October 2011,

2 didn’t you? I am looking at paragraph 63 of your

3 statement on page 10, if we could have that on the

4 screen {B1/3/10}. If you could find paragraph 63 in

5 the Russian version {B1/3/40}, so that Mrs Kosova knows

6 what I am talking about.

7 You have now changed that, haven’t you, so that

8 instead of the public auction, you now refer to the act

9 of transfer dated 20 October 2011. You have changed

10 that last night.

11 A. Yes, I double-checked the documents and I saw that on

12 20 October a handover certificate was signed with a view

13 to conducting the public sale.

14 Q. Was there a public auction for that flat, to your

15 knowledge?

16 A. Yes. The public sale did take place, but it was not on

17 20 October 2011; it was later than that.

18 Q. And were you satisfied that the sale took place at

19 a market price?

20 A. Definitely, yes.

21 Q. So how did you satisfy yourself of that? What steps did

22 you take to satisfy yourself of that?

23 A. So far as I can recall, from the public sale documents,

24 and once again, the public sale was organised by the

25 bailiffs, there was a provision to the effect that

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1 a market value had been determined, and based on that

2 market value, the initial sale price, or the reserve

3 price, was set.

4 Q. Apart from that, obviously valuers sometimes disagree

5 with each other, and may be mistaken. Apart from that,

6 did you just take any valuation report as is or did you

7 do any independent verification?

8 A. Well, in this particular instance there was nothing the

9 Bank could do to bring any influence to bear at all on

10 this. It could not influence whatever decisions or

11 steps the bailiffs were taking, because that was part of

12 the enforcement proceedings. The public sale was

13 conducted within the framework of the enforcement

14 proceedings as per the provisions of the statute, and

15 when I say statute, I mean enforcement proceedings law.

16 Q. Isn’t it the case that the starting price at the auction

17 was RUB 10 million?

18 A. As I can see from my witness statement, it refers to

19 11 million.

20 Q. Right, and it was sold at one step above the starting

21 price, wasn’t it, judging by the figures, looking at

22 your paragraphs 62 and 63, it appears to be sold one

23 step above the starting price; does that look right?

24 A. It does, yes.

25 Q. And that was in December 2011, was it not?

1 there is a phone Panasonic RUB 50; refrigerator, RUB

2 1,000. If you could scroll down both pages

3 {D150/2510/0.2}, {D150/2510/2}, and go through the list

4 just to remind yourself.

5 Have you gone through the list?

6 A. Yes, yes.

7 Q. So will you just tell his Lordship on oath, do you

8 believe these to be market values?

9 A. Yes, I do believe so.

10 Q. Thank you.

11 A. I have no reasons not to trust the federal bailiffs

12 service.

13 Q. Thank you.

14 Now, going back to VECTOR Invest settlement and to

15 VECTOR Invest claim and then settlement of that claim.

16 Mrs Kosova, isn’t it the case that the Bank and Renord

17 had agreed that such a claim must be brought?

18 A. I have no knowledge of this. I don’t know about any

19 agreements.

20 Q. These were collusive proceedings, were they not?

21 A. I wouldn’t be able to say that. I don’t possess such

22 information.

23 Q. Now, if we could look at the settlement agreement

24 between the Bank and VECTOR Invest, which is a Renord

25 company. So if you could go to {D161/2708/1} on one

77 79

1 A. Yes.

2 Q. And in 2013, the same apartment was on the market for

3 RUB 25 million; isn’t that so?

4 A. I have no knowledge of this.

5 Q. Who is Mr Vadim Serykh?

6 A. I do not know that.

7 Q. Who the apartment was sold to?

8 THE INTERPRETER: I’m so sorry, Mr Stroilov, could you

9 repeat the question, please? Whose apartment?

10 MR STROILOV: Who did you sell the apartment to, or did the

11 bailiffs sell the apartment to? Who bought it?

12 A. I have no recollection of that at this point in time.

13 (Pause).

14 Q. Okay, let’s move on.

15 Now, could we look at {D150/2510/1} on one screen,

16 and {D150/2510/0.1} on the other.

17 So that relates to the sale of chattels, does it

18 not?

19 A. Yes.

20 Q. So do you recall seeing this act at the time?

21 A. It is quite possible that I have seen it, but now it’s

22 difficult for me to recollect.

23 Q. Now, if you could just look through the list of chattels

24 there, and look at prices in the right columns. Kitchen

25 furniture is six sections, RUB 10,000; gas boiler, 300;

1 screen, {D161/2708/0.1} on the other.

2 So that is the out of court, or purports to be the

3 out of court settlement between the Bank and

4 VECTOR Invest, isn’t that right?

5 A. That is the settlement agreement within the court

6 procedure that was entered into within the court

7 procedure.

8 Q. Yes, and that’s dated 20 August 2012, and that relates

9 to the recovery of the Bank’s pledge of Western Terminal

10 assets, as you can see at the bottom of the page; isn’t

11 that right? Is that right, Mrs Kosova?

12 A. Yes.

13 Q. And then if we could scroll down one page, you can see

14 in paragraph 1 that the agreed price of the asset was

15 1.209 billion and something, so you can see that.

16 At the time did you believe that to be the market

17 price?

18 A. As far as I understand that is the amount of debt as of

19 that moment in time.

20 Q. You can see:

21 «… the respondent shall pay the claimant money in

22 the amount of [1.2 billion].»

23 You can see that in paragraph 1, don’t you?

24 A. Yes, I can see that, as far as I understand.

25 Q. Yes.

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1 A. That is the amount of the liability before the Bank at

2 that point in time.

3 Q. But that was what the Bank would get for the assets, so

4 did you believe that to be the market price, below

5 market price, above market price, in relation to

6 the market value? Surely if your responsibility was to,

7 as you told the court in your witness statement, to

8 ensure maximum recovery, that’s a question you had to

9 address every time you saw a figure?

10 A. Certainly, but with regard to the amount of debt, the

11 information came to us from other bank departments

12 because we didn’t keep track of the debt. So in any

13 case, when court proceedings were going on, we had the

14 calculation of the value. We always received that.

15 Q. Mrs Kosova, at the time, well, presumably as the head of

16 the legal department, you reviewed this agreement before

17 it was signed, didn’t you?

18 A. Most likely, of course, I read it, although someone else

19 signed it, it wasn’t me.

20 Q. So were you satisfied at the time that this is

21 the market price and no higher recovery is possible?

22 A. I don’t think I was able or entitled to value, because

23 calculation of the value and calculation of the debt and

24 acceptable value for the payment was within the remit of

25 other departments. Lawyers did not perform any

1 thought they would pay, the week after they actually

2 don’t pay? Are you aware of any explanation given by

3 Renord at the time?

4 A. No, I was not.

5 Q. Are you aware of any marketing steps taken either by the

6 Bank or by Renord during that week or before to try and

7 sell the property for that price or a higher price?

8 A. I don’t know about any specific marketing steps, but in

9 principle I recall that that property, it took a while

10 to sell that property.

11 Q. So what steps are you aware of in terms of trying to

12 sell that property?

13 A. I don’t know about any specific steps because I wasn’t

14 involved in this process.

15 Q. So you don’t know how long it took to sell the property

16 because you don’t know when anyone started to sell the

17 property, or whether anyone started to sell the

18 property; would that be a fair reading of what you have

19 just said?

20 A. I don’t know about any specific steps, so it’s difficult

21 for me to judge about the procedure.

22 Q. That’s all right.

23 Now, I put it to you, Mrs Kosova, that there was no

24 intention to implement this agreement, was there?

25 A. No, I disagree.

81 83

1 calculations and did not evaluate the value.

2 Q. Right. If we go down one paragraph, you can see that

3 VECTOR under this agreement is obliged to pay by

4 28 August 2012. So the agreement has come to 20 August;

5 they are given one week.

6 A. Yes, I can see that.

7 Q. So was it intended at the time the agreement was signed,

8 that the money would be paid and the pledge released?

9 I think it is, if you look at paragraph 3, the

10 consideration for this money is the assignment of

11 rights, effectively.

12 So did you believe at the time that the agreement

13 would be implemented?

14 A. Yes. I did believe so. We had no other information.

15 Q. And who was actually talking to Renord? Who was

16 negotiating with Renord on this agreement? Was it

17 Mrs Malysheva?

18 A. I don’t know.

19 Q. And then, as I understand it, 28 August came and Renord

20 didn’t pay; is that what happened?

21 A. As far as I understand, yes. The money wasn’t paid and

22 then the matter was transferred to the federal bailiffs

23 service in order to set up the sale.

24 Q. I will come to that. So are you aware of Renord giving

25 to the Bank any explanation why the week before they

1 Q. The reason why these collusive proceedings were

2 necessary and this agreement was necessary was precisely

3 to enable the Bank to say: we were not the ones who

4 determined the price, this was the bailiffs, this was

5 out of our control. Do you see what I mean?

6 A. I understand what you are saying, sir, yes.

7 Q. The property was sold to a connected party to Renord,

8 but if you did it by agreement — «you» meaning the

9 Bank — you would be responsible for the fairness of

10 the price, wouldn’t you?

11 A. Sir, I don’t quite understand what you are saying.

12 Q. I mean if you agreed to assign the rights for — as in

13 that agreement I have shown you earlier with Mercury,

14 you assign the pledge at 3 per cent of the loan, and

15 then later you can be criticised for doing it rather

16 cheaply. Can you see the logic?

17 A. It’s not about assignment here, sir. That is a matter

18 of enforcement, and entering into an agreement,

19 a settlement agreement in court with regard to terms and

20 the amount, and if the amount has been repaid, then the

21 pledge is discontinued, the right to pledge is

22 discontinued. If the amount is not returned or paid

23 then the Bank can, via the official procedures, via the

24 federal bailiffs service, can put that property up for

25 sale. This is what the agreement is about. I don’t

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1 know what 3 per cent is being discussed, or what was the

2 percentage figure.

3 Q. What I mean is the purpose of that is to generate

4 a fictitious auction with a stamp of approval of

5 judicial proceedings, whereas in fact the proceedings

6 are collusive, the Bank and Renord are working together,

7 the pledge is sold at gross undervalue to yourselves,

8 effectively; what do you say to that?

9 A. I disagree, sir. All the more so that the price was set

10 based on the market value valuation, as far as I recall,

11 and the procedure was carried out by the federal

12 bailiffs service, by the sale via an open sale, public

13 sale.

14 MR STROILOV: My Lord, I do think I have to continue

15 tomorrow, not for very long, I don’t think it will be

16 more than an hour, but I am not ready to finish today.

17 I do apologise. I was anxious, as you will recall,

18 about doing it so soon, but I think we will have a very

19 short day tomorrow.

20 MR JUSTICE HILDYARD: Right.

21 We have to pause now until tomorrow, I’m sorry about

22 that. We will discuss when we start tomorrow, but the

23 good news is it will be a short day tomorrow and then

24 you will be free to go.

25 As before, and it is very important, this, you must

1 first?

2 MR LORD: Certainly.

3 MR BIRT: The public stuff might be me, my Lord.

4 MR JUSTICE HILDYARD: Right.

5 MR BIRT: There is a list of outstanding points and it may

6 be that my Lord wants to deal with some of them tomorrow

7 rather than at the end of today.

8 MR JUSTICE HILDYARD: Right.

9 MR BIRT: If I just give you the heads up, your Lordship can

10 give some directions as to when you want to deal with

11 them.

12 MR JUSTICE HILDYARD: Yes.

13 MR BIRT: The first point that probably needs to be grappled

14 with sooner rather than later is the question of the

15 disclosure of Mrs Malysheva’s employment contract and

16 related documentation.

17 MR JUSTICE HILDYARD: Ah, yes.

18 MR BIRT: Your Lordship may remember, I think maybe on

19 Friday or on Monday, I can’t remember which day it was

20 now, we had a debate and it was left that we were going

21 to hear back from the defendants as to whether there’s

22 some principled basis for objecting to our scheme. We

23 haven’t heard anything about that. Actually, I think it

24 was before your Lordship on Friday and you were hoping,

25 my Lord, to deal with it on Monday this week.

85 87

1 not discuss this case, the evidence you have given, or

2 anything to do with this case with anyone at all whilst

3 you are in the witness box. Thank you.

4 A. Thank you, my Lord.

5 (The witness withdrew)

6 Housekeeping

7 MR JUSTICE HILDYARD: Right. What time tomorrow?

8 MR STROILOV: Whatever is anyone’s preference. I am happy

9 with 10.00 or 10.30, or 9.30 or whatever is — I am

10 quite neutral on that.

11 MR JUSTICE HILDYARD: You reckon you will be an hour, do

12 you?

13 MR STROILOV: I think an hour, worst case scenario, an hour

14 and a half.

15 MR JUSTICE HILDYARD: And what other business do we have to

16 do tomorrow?

17 MR LORD: My Lord, we have some business to do today, we

18 have some business to transact today, we have two things

19 that I think do need to be done today and there is now

20 a little slot that will enable us to get it done,

21 hopefully.

22 MR JUSTICE HILDYARD: Right. Is it public stuff?

23 MR LORD: I’m not sure. A bit of both, I think. Certainly

24 some private and some public.

25 MR JUSTICE HILDYARD: Okay. Shall we do the public stuff

1 MR JUSTICE HILDYARD: Yes, I was, yes.

2 MR BIRT: But obviously the way the court days have fallen,

3 the convenient slot hasn’t arisen —

4 MR JUSTICE HILDYARD: No.

5 MR BIRT: — but I would suggest that that should probably

6 be dealt with either now or at the latest tomorrow so

7 that it can be cleared out of the way before any other

8 witnesses come who might be asked about it, my Lord.

9 That’s probably the point of substance.

10 The other points which at some point need to be

11 cleared away as well, my Lord, are the question of when

12 the defendants are going to produced the underlined and

13 striked-out pleading. I think my Lord will remember you

14 were promised a date for that last Friday and then said

15 you really needed that date on Monday, and again,

16 perhaps the convenient moment hasn’t yet arisen but we

17 still haven’t had that date which means that the order

18 is still with your Lordship and we haven’t got a firm

19 date for production of our responsive pleading.

20 MR JUSTICE HILDYARD: But the amended pleading, albeit

21 without the genesis of it in marked-up version, has been

22 signed, has it?

23 MR BIRT: I think we finally got a copy with signatures on,

24 what might be regarded as the pleading, was on Monday.

25 It is a slightly odd version in that it contains some

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1 things in Word tracked changes with a lot of paragraph 1 MR BIRT: — but I was leaving that over, because I think
2 numbers with a line through them but in terms of 2 a private session has to come first, and Mr Lord is
3 the text, it’s something that we can work with, although 3 going to deal with that.
4 what we are trying to do for our own benefit is to try 4 MR JUSTICE HILDYARD: Yes.
5 and reconstruct what’s new and what’s old so that we can 5 Well, Mr Stroilov, what do you say about all this?
6 plead to the right bits, but that is taking a bit longer 6 I mean, we have to get these things done at some point.
7 than we had anticipated because we don’t have the Word 7 I mean, to some extent, the Malysheva employment
8 documents. 8 contract one might think you would be interested in
9 The short point is, we will be able to do ours, if 9 getting it sooner rather than later.
10 necessary, before we get Mr Stroilov’s properly 10 MR STROILOV: I can address you on that now, if necessary?
11 formulated version, but it’s not quite ready yet. 11 MR JUSTICE HILDYARD: Mm.
12 MR JUSTICE HILDYARD: Yes. 12 MR STROILOV: Essentially we simply don’t accept that there
13 MR BIRT: There was also the signed protocol of Mr Stroilov 13 is any confidentiality problem. If you have that bundle
14 acting as the defendants’ representative in these 14 with you on that, I have just a clip which may be what
15 proceedings. 15 you have, of correspondence.
16 MR JUSTICE HILDYARD: Mm hmm. 16 MR JUSTICE HILDYARD: I can’t remember where I put it. Yes.
17 MR BIRT: We received on an e-mail a copy of the draft that 17 MR STROILOV: And if you look at the — what I have got is
18 had been in play for some weeks. We received an e-mail 18 the section behind this pinkish piece of paper.
19 of that with Mr and Mrs Arkhangelsky having signed it. 19 MR JUSTICE HILDYARD: I have a nice, neat file; do you have
20 I don’t know whether that made its way through to 20 that?
21 your Lordship from them. We haven’t seen a copy which 21 MR STROILOV: I think I have it less nice and neat, but in
22 also has Mr Stroilov signing it and as far as I know 22 substance it’s the same.
23 that hasn’t been handed up by them to your Lordship, and 23 MR JUSTICE HILDYARD: Mine is prettier but to the same
24 I think you wanted to consider with them whether 24 effect, is it?
25 anything should be incorporated in it relating to 25 MR STROILOV: Yes. So I am looking at the letter from RPC
89 91

1 talking to the press and so on. So in a sense that’s

2 for Mr Stroilov to speak to you, but it is simply on my

3 list at the moment.

4 MR JUSTICE HILDYARD: Yes.

5 MR BIRT: There was also the question which my Lord left

6 with Mr Stroilov during, or rather at the end of, the

7 cross-examination of Mr Nazarov, which is what was the

8 proposal for his review along with the Arkhangelskys of

9 Mr Nazarov’s boxes of documents. So we are sort of

10 waiting for the proposal about how those are going to be

11 dealt with, my Lord.

12 I think, unless I have missed anything, those were

13 the things on my list, my Lord. It may be that some of

14 these can be easily dealt with tomorrow or today,

15 my Lord. We are happy to deal with any of them now, if

16 that assists your Lordship.

17 MR JUSTICE HILDYARD: What I was grubbing about for, and

18 I can’t find it immediately which is silly, is the

19 timetable, although I know that possibly our next item

20 of business may also affect that, but …

21 MR BIRT: My Lord, yes, the other two items in this

22 category — my Lord is quite right — the first question

23 is Professor Hall’s report and how that relates to

24 Mr Smirnov, and then in turn, the timetable —

25 MR JUSTICE HILDYARD: Yes.

1 15 February 2016.

2 MR JUSTICE HILDYARD: 4 February?

3 MR STROILOV: 15 February.

4 MR JUSTICE HILDYARD: As you can tell, I haven’t reminded

5 myself of this. Yes, I have it, yes.

6 MR STROILOV: And that letter, that actually very fairly,

7 I think — is it that letter or some other letter? But

8 it very fairly refers, if you go over the page there are

9 extracts from the federal law on personal data.

10 MR JUSTICE HILDYARD: Oh yes.

11 MR STROILOV: And article 6 in the middle of the page,

12 subparagraph 3, there is an exception to data being:

13 «…processed for the purpose of exercising justice,

14 pursuant to a court judgment, a decision of another body

15 or official which has to be enforced according to

16 the legislation of the Russian Federation on execution

17 proceedings.»

18 Well, on the face of it, a foreign court process

19 falls into this, especially since the time the Bank

20 agreed to this jurisdiction, Mrs Malysheva was there

21 and…

22 So it isn’t shown, really, that there is any

23 obstacle to that.

24 Secondly, it is very likely that, as Mr Arkhangelsky

25 pointed out the other day, for an open joint-stock

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1 company, top executive’s remuneration, it would be very

2 odd if it was as confidential as we are led to believe.

3 Of course, on our side, well, I think we have had

4 an occasion to raise this recently on another issue.

5 Entering any confidentiality club is quite a risk, well

6 for litigants in person. If anything goes wrong, well,

7 we will say we didn’t do that and everyone will be

8 sceptical: well, if it isn’t you, everyone else is

9 respectable here so it must have been you.

10 So, on the whole, and I think to reiterate my point,

11 well, it should have been disclosed long ago, these are

12 disclosable documents, and I simply don’t see why we

13 should forego any of our rights to disclosure and be

14 bargaining over this. It is disclosable, it must be

15 done.

16 If they choose not to do that, well, they have

17 chosen not to do that and we will be inviting inferences

18 that what they are hiding is the most terrible things

19 imaginable.

20 MR JUSTICE HILDYARD: There are two levels of this, aren’t

21 there? There are the figures and then there are other

22 matters such as passports, and that kind of thing. Why

23 do you need contact details or identification details?

24 MR STROILOV: We don’t. We don’t. Let them be redacted.

25 I don’t mind that.

1 are not that terribly keen about it —

2 MR JUSTICE HILDYARD: You are not bothered?

3 MR STROILOV: — simply because firstly, we have to

4 prioritise, and as far as we are concerned the

5 disclosure battles are by and large over because we have

6 to focus on cross-examination now, we can’t keep

7 fighting for disclosure.

8 Secondly, in Russia, frankly, anything can be

9 written in the contract, especially in employment,

10 really, whereas the real terms may be very different, so

11 we are not — we are kind of in advance we are already

12 sceptical of whatever we will see there.

13 So we are not — really we are not dying for this,

14 well, we are not prepared to fight and die for this.

15 Clearly it should be disclosed, it’s an obligation. If

16 they don’t disclose, in a way we are happy that we can

17 criticise them for breaching disclosure obligation in

18 relation to some of the most important matters in this

19 case. That’s our position.

20 But what we are not prepared to do is, really, to

21 get into some kind of compromise which is totally

22 unorthodox and risky for us because we are litigants in

23 person.

24 MR JUSTICE HILDYARD: All right?

25 MR STROILOV: Yes, my Lord, that’s what I’ve got to say on

93 95

1 MR JUSTICE HILDYARD: You are content that those should be

2 redacted?

3 MR STROILOV: It should be normal disclosure principles.

4 MR JUSTICE HILDYARD: I know, but here we are and we just

5 sort of have to get this document up and running or not

6 as the case may be. I don’t want to say normal

7 disclosure principles and for there then to be

8 a disagreement as to what they are. So I would rather

9 sort of make sure we are ad idem as to what the form of

10 the document or documents —

11 MR STROILOV: We don’t object to redactions of contact

12 details or passport data. I think it must be somewhere

13 in the existing disclosure already anyway, but no, we

14 don’t object to that, we are not going to fight on that.

15 MR JUSTICE HILDYARD: It’s the substantive terms under which

16 she left the Bank in which you are interested, and the

17 figures?

18 MR STROILOV: Yes, again, as your Lordship will recall, we

19 were not the ones who raised it, really.

20 MR JUSTICE HILDYARD: That was my fault. I raised that.

21 MR STROILOV: Yes, we really —

22 MR JUSTICE HILDYARD: I assume if you are not interested in

23 it, that can go by the board. If you are interested in

24 it, well …

25 MR STROILOV: Well, I think it is interesting. Again, we

1 this.

2 MR BIRT: My Lord, first of all, an apology. As I opened

3 the bundle that I handed up to your Lordship the other

4 day, having not checked it before I opened it, I am

5 afraid the letter dated 15 February 2016, which is

6 behind tab 2, has, as one might tell from the end of

7 the page, there is no signature. It had two pages to

8 it, and I apologise that page 2 appears to have been

9 missed out from the bundle.

10 MR JUSTICE HILDYARD: Is it important?

11 MR BIRT: I have asked somebody to go and get it. Well, it

12 all depends where Mr Stroilov wants to take this.

13 I will be able to hand it up to my Lord in a second.

14 One of the points Mr Stroilov made, he started off by

15 saying that if you look at article 6.3 of the Labour

16 Code, which is extracted in the schedule to the letter,

17 he says that that would provide the answer under Russian

18 law anyway, which is that personal data are to be

19 processed for the purpose of exercising justice, and so

20 on, and this is actually a point addressed in the top

21 paragraph on the second page of the letter.

22 MR JUSTICE HILDYARD: Ah, right.

23 MR BIRT: Which obviously was part of the letter that was

24 sent to Mr Stroilov and the defendants, and for reasons

25 that I can’t explain it is not in the copy in

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1 the bundle.

2 MR STROILOV: If I may interrupt, in my copy it is just

3 after the extract from the law, so if you go a little

4 further, 67, I think, just after.

5 MR JUSTICE HILDYARD: You are quite right, thank you.

6 MR BIRT: The pages have been jumbled up. Then I was wrong

7 to apologise for its absence, but I should have been

8 apologising that it was wrong page numbering.

9 MR JUSTICE HILDYARD: Okay.

10 MR BIRT: In any event, one can see, my Lord, the paragraph

11 at the top of the page, as we thought about this in

12 advance and although article 6.3 of the Labour Code does

13 relate to the:

14 «… processing of documents for the purpose of

15 exercising judgment, pursuant to a court judgment, or to

16 a decision of a body or official which can be enforced

17 under legislation of the Russian Federation.»

18 Those looking into this point from the perspective

19 of Russian law on this side of the case quite frankly

20 recognise that, but it is not entirely clear whether

21 that would apply to disclosure pursuant to an order of

22 the English court, which may well not be something

23 enforceable under the legislation of the Russian

24 Federation.

25 So, in a sense, we say there is a potential

1 Mr Arkhangelsky’s Facebook page, on his company’s page,

2 CoFrance, and its various associated companies, even

3 before one gets to arguments about who or what puts

4 things in the wider press.

5 But we know, and my Lord has seen various things

6 posted with hashtags of witnesses, both those who have

7 already come to court and those who are still to come to

8 court, seeking to attract attention, and it is

9 a legitimate concern in this case that this sort of

10 information, if it is not controlled, may quite easily

11 be used for what we would say is an illegitimate purpose

12 in the public domain.

13 We are, of course, keen to supply this information

14 to your Lordship and to the defendants for the purposes

15 of these proceedings, but it is an absolutely legitimate

16 and fair concern on our part to see that it is not

17 misused. There is a legitimate and fair concern that

18 its provision may well breach data protection laws in

19 the Russian Federation, and it is entirely within the

20 discretion of the court to lend its assistance to

21 a balancing act, if I can put it like that, so that the

22 information is available for use in these proceedings,

23 which, after all, is the purpose of the disclosure

24 rules, but not putting a party in a position where it

25 risks breach of a foreign law and this isn’t a case

97 99

1 exception here but it is far from clear that it would

2 apply, and that is one of the things which led to

3 the proposal for the practical solution.

4 If I can just go back to where we started, really,

5 whether or not these documents would fall within the

6 test for disclosure and would normally fall to be

7 disclosed, I have said before we don’t accept that is

8 the case but we will proceed on that basis for this

9 purpose. In a sense it doesn’t advance anything whether

10 or not it falls within the test for standard disclosure.

11 If it did, well, it is disclosable, but the question of

12 inspection is something different and there’s always

13 a discretion in the court as to whether to permit

14 inspection or permit inspection on terms to allow

15 a redaction of irrelevant or confidential material.

16 So, my Lord, you see, approaching this from the

17 question: is this disclosable or not, is not really the

18 right approach. What we are recognising is that we are

19 prepared, quite prepared, to allow your Lordship and

20 Mr Stroilov and the defendants to see a copy of this,

21 and to use it in these proceedings, but there are

22 legitimate concerns, based on potential breach of

23 Russian law, which we are anxious to see reflected in

24 some way, and particularly in this case, where there

25 have been, as my Lord knows, a number of publications on

1 where we are saying: we are not going to disclose it

2 because of a breach of a foreign law, we are not saying

3 that. What we are saying is we are prepared to, and

4 there may be a risk, but we are prepared to. But that

5 risk should be, as much as it can be, ameliorated, and

6 there is, we say, no downside to the defendants in

7 agreeing to the proposal we have put forward.

8 MR JUSTICE HILDYARD: Well, they say there is because of

9 the worry that they don’t have the reassurance of the

10 assumptions that people make when documents are

11 entrusted to professional people such as yourselves.

12 They say they are not so interested in these documents

13 that they want to run the risk that someone, over whom

14 they have no control at all, leaks something which is,

15 they think, not that material, but then makes a great

16 song and dance about it on the footing that they have

17 broken confidentiality, that’s what they are saying.

18 MR BIRT: If I understand it, it seems to be premised on

19 some suspicion or prediction that that somebody on this

20 side of the court is going to try and fit them up, if

21 I can put it like that.

22 MR JUSTICE HILDYARD: Not you.

23 MR BIRT: I would hope not me personally, although

24 allegations have been put in this case.

25 MR JUSTICE HILDYARD: I am agnostic as to what happens.

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1 MR BIRT: But one can’t, we would say, proceed on the basis

2 that people are going to breach the rules.

3 MR JUSTICE HILDYARD: Not you.

4 MR BIRT: Not me or not anybody. There is no basis —

5 MR JUSTICE HILDYARD: I don’t know. I don’t know, Mr Birt,

6 what happens in Russia. I am not going to make

7 a decision one way or the other, but I can quite see

8 that it would be presumptuous and parochial of me to

9 assume that the conduct of people in Russia is the same

10 as it is here.

11 MR BIRT: My Lord, we say there is no reason for

12 your Lordship to presume or even to suspect that those

13 who are acting for the Bank or working in the Bank will

14 act anything than otherwise in a perfectly proper way.

15 MR JUSTICE HILDYARD: None at all, and no one acting for the

16 Bank.

17 MR BIRT: Or the Bank. Or acting for the Bank by way of

18 legal representation or employment.

19 MR JUSTICE HILDYARD: Or the Bank, possibly.

20 MR BIRT: And the question of should a confidentiality ring

21 be imposed arises in quite a lot of litigation.

22 MR JUSTICE HILDYARD: It does, but this is a very odd

23 situation. I am not saying that anyone, the Bank, its

24 advisers in these proceedings, is going to do anything

25 that I wouldn’t expect to be compliant with the rules,

1 cross.

2 MR JUSTICE HILDYARD: Might want to biff you.

3 MR BIRT: Might want to, because we are revealing

4 information that according to the relevant Russian law

5 which —

6 MR JUSTICE HILDYARD: That’s a fair point, but let’s look

7 and see whether a confidentiality ring is really

8 appropriate, provided it doesn’t — the disclosure

9 doesn’t extend to personal details, which might expose

10 Mrs Malysheva to inappropriate hassle, being

11 inappropriately hassled for no appropriate reason.

12 The fact is that there is no doubt, and it is common

13 ground between you, that were these proceedings taking

14 place in Russia there would be no problem about this

15 whatsoever, the article 8 or whatever it is would be

16 directly applicable and Mrs Malysheva might huff and

17 puff, but there we are, if the court thinks it’s

18 necessary, the court does it and that’s a defence; yes?

19 MR BIRT: My Lord, as I understand, that is right. If

20 a Russian court is to order —

21 MR JUSTICE HILDYARD: No one is suggesting other, and as

22 I say, that appears to be common ground.

23 The Bank has chosen to litigate in these proceedings

24 and to obtain the advantages of litigating in these

25 proceedings, including a whole series of advantages,

101 103

1 but I don’t say anything by way of finding, simply

2 hypothetical: supposing Mrs Malysheva was very cross

3 that her details had been revealed.

4 MR BIRT: Yes.

5 MR JUSTICE HILDYARD: Supposing she is a bit cross, perhaps,

6 with the Bank generally, I don’t know, one of

7 the reasons why I want to see this agreement.

8 MR BIRT: Yes.

9 MR JUSTICE HILDYARD: And supposing that she decided that

10 one avenue might be to let it be known that facts had

11 become known in breach of the Russian law, and that the

12 only person, bearing in mind the reliability of the Bank

13 and its advisers, who could possibly have made that

14 available, was Mr Stroilov, or Mr Arkhangelsky. That is

15 the fear that they have.

16 MR BIRT: Well, with respect, my Lord, and with the greatest

17 respect, it is a slightly — well, I was going to say

18 far-fetched. I don’t think I shrink from that idea that

19 that might happen. If, on that hypothesis,

20 Mrs Malysheva is in a bait with the Bank it is hard to

21 see why she shouldn’t do anything other than blame the

22 Bank for doing this. In fact, putting the

23 confidentiality ring in place is for the reason that

24 there is a concern that Mrs Malysheva, or the regulator,

25 or some other governing body in Russia, might well be

1 such as freezing orders and cross-examination and

2 interlocutory process, which it didn’t have a prayer of

3 getting in Russia, and it has abandoned proceedings, in

4 effect, in Russia in order to do so.

5 Now, it is somewhat disconcerting to me that there

6 should be real concern in this regard in that factual

7 context.

8 MR BIRT: My Lord, the history, in a sense, my Lord has

9 presented a slightly one-sided view of it, but I don’t

10 want to go back over that today.

11 We say it shouldn’t be disconcerting to

12 your Lordship; we are quite prepared to show this

13 agreement to you in its full, save for redaction,

14 I think, of the personal telephone number, about which

15 no real objection is taken. What is really at issue

16 here is the remuneration of Mrs Malysheva and the

17 figures in the resignation memorandum.

18 MR JUSTICE HILDYARD: Can I ask about that? In England, and

19 under IFRS accounting, which I think the

20 Bank of St Petersburg has adopted for some time, one

21 would expect cessation payments to be recorded. Are

22 they recorded or not?

23 MR BIRT: Recorded in some publicly available documentation?

24 MR JUSTICE HILDYARD: Yes, in the accounts?

25 MR BIRT: My understanding is that they are not, my Lord.

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1 I did …

2 MR JUSTICE HILDYARD: Are these things — I know nothing

3 about Russian law…

4 MR BIRT: Mr Arkhangelsky raised a point the other day, and

5 I did make a note of it, so forgive me, my Lord, just

6 for checking it.

7 MR JUSTICE HILDYARD: I mean, she was pretty high up in

8 the Bank.

9 MR BIRT: Yes, in terms of the financial information,

10 Mr Arkhangelsky did suggest, your Lordship is quite

11 right, last week that her remuneration would have been

12 available in the annual reports, for example.

13 MR JUSTICE HILDYARD: I had forgotten that, yes.

14 MR BIRT: I checked that. I am instructed that is not the

15 case. Publicly available reports from the Bank do show

16 the amount of payments to the individuals on particular

17 bodies, but on a collective basis. So, for example, in

18 a particular year, amount X was paid to all of

19 the individuals on the management board, but on

20 an aggregate sum basis. So you can’t tell from that

21 what Mrs Malysheva, for example, was paid individually,

22 and the reason is because the Bank cannot publicly

23 disclose her salary because of the very data protection

24 laws that we are concerned about in this case, my Lord.

25 So that point was checked out.

1 And I think (iv) may be relevant as well:

2 «The Labour contract with the CEO of a company

3 contains personal data of the employee ie his wages,

4 amount of salary. So the Labour contract could only be

5 produced by the company to the applicant or its

6 shareholders with the consent of the employee who is

7 party to this contract. There is no consent there, thus

8 the labour contract could not be given to

9 the applicants.»

10 So, my Lord, it is obviously rulings like that which

11 have sort of informed those taking a view on this side

12 of the court as to whether or not this disclosure may

13 put them in peril of breach of the relevant provisions.

14 This is what we set out in relation to Russian law.

15 We take it that this is accepted. We have had nothing,

16 or at least not challenged, if I can put it like that.

17 So we do suggest that one should proceed on the basis

18 that our understanding is correct, as we have set out in

19 those sort of digests of the cases, and the summary in

20 the letter.

21 So, my Lord, there are various ways in which the

22 court, we say, should be able to help in this respect.

23 Now, whether — we have set out having a formal

24 confidentiality club undertaking, there are other

25 provisions that the court may seek to use, for example,

105 107
1 I think another point — 1 and there is obviously already in place a collateral
2 MR JUSTICE HILDYARD: So the data protection laws prevent 2 undertaking to use information only for the purpose of
3 high ups’ salaries being revealed in the accounts, do 3 these proceedings, in a sense one may ask, rhetorically,
4 they? 4 why isn’t that good enough? And to that we say: well,
5 MR BIRT: My Lord, that’s what I am told is the case, and 5 there are two points, really, one is that in these
6 the digest in the letter — 6 proceedings one does have a concern about material being
7 MR JUSTICE HILDYARD: That does seem rather surprising in 7 put into the public domain, but also; two, if this is
8 terms of a publicly held company, but there we are. 8 going to be put to a witness, we are simply then just
9 MR BIRT: The digest in the letter attached to the RPC 9 postponing the day when one has to consider it, because
10 letter under item 2 of the schedule, so this is behind 10 if that is in open court then the collateral undertaking
11 tab 2, there was some summaries of some of the relevant 11 goes. So what we would be suggesting is that one should
12 case law. 12 grasp that now, and under the relevant provisions of
13 MR JUSTICE HILDYARD: Right. 13 the CPR, I think it is 31.22, there is a provision which
14 MR BIRT: And if one looks at (iii) and (iv) — 14 allows the court to disapply the exception to
15 MR JUSTICE HILDYARD: Where are you looking? I see, ruling 15 the collateral, to the implied undertaking. In other
16 by the Arbitrazh court. 16 words, a document that was disclosed in
17 MR BIRT: Yes, so: 17 the proceedings —
18 «Payrolls which contain information on wages, 18 MR JUSTICE HILDYARD: Keep it as if it had not been referred
19 bonuses and other payments to members of the board of a 19 to in open court?
20 joint-stock company, its CEO, deputies, heads of 20 MR BIRT: My Lord, yes. Exactly so. If that assists in
21 departments and divisions, are counted as personal data 21 dealing with the defendants’ concern about having to
22 of employees and due to article 88.2 of the Labour Code 22 sign up formally to some confidentiality ring, that is
23 of the Russian Federation, employers are restricted from 23 a direction the court could make which may go some way
24 disclosing the personal data of the employee to a third 24 to helping both parties, if I can put it like that,
25 party without its written consent.» 25 my Lord.
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1 So we do suggest that it would be fair to try and

2 find a solution here. I think the only bits of

3 information that we are concerned about are the

4 financial information, which I have addressed and which

5 we are happy to disclose, but subject to some

6 restriction on further disclosure or publication, and we

7 do say, my Lord, it is slightly difficult to see what

8 legitimate interest there could be for putting it into

9 the wider public domain.

10 MR JUSTICE HILDYARD: Do you mean passports and all that

11 kind of stuff?

12 MR BIRT: There are two different types of information: one

13 is the financial information, which the Bank is content

14 to share with the parties and the court, subject to

15 restriction on wider use, if I can put it like that;

16 second, there is more personal information which we say

17 is in any event irrelevant, such as her personal

18 telephone number.

19 MR JUSTICE HILDYARD: Yes.

20 MR BIRT: Other information such as passport number,

21 following something Mr Stroilov or Mr Arkhangelsky said

22 last week, somebody did do a check to see if the

23 passport number was revealed on some other document, and

24 I think it is on one of the Colonel Levitskaya

25 interviews, albeit in a semi legible form. Well, there

1 account.

2 MR BIRT: My Lord, yes. Can I put down one marker, or make

3 one submission on something Mr Stroilov said?

4 MR JUSTICE HILDYARD: Yes.

5 MR BIRT: I think his position was: we are quite happy if

6 they don’t show you the figures, because we will then be

7 able to draw adverse inferences.

8 My Lord, I think I should make it plain that he just

9 won’t be able to, we have tendered it. It can’t be a

10 basis for drawing an adverse inference against us that

11 we have simply asked your Lordship to protect our

12 position under Russian law in the face of which he has

13 decided to back off, hoping that he can do better on

14 adverse inference than the terms of the document itself

15 that we are happy to share with your Lordship, and

16 indeed with him, and the Arkhangelskys.

17 With respect, that doesn’t go anywhere. If they

18 decide: we are not interested, that’s one thing. What

19 they can’t say is: we are not interested, but we are

20 going to have an adverse inference later. That would be

21 to turn the rules slightly upside down, my Lord.

22 Unless there’s anything else I can help you with,

23 my Lord.

24 MR JUSTICE HILDYARD: No, I’m going to think about this.

25 I may have made already a mountain out of a molehill.

109 111
1 we go. We don’t need to worry about that. I think it 1 I just don’t know. I need to recalibrate in light of
2 is the telephone number which we say should be redacted 2 what you have said and what Mr Stroilov has said and see
3 in any event — 3 if this is worth taking further. So I will park it for
4 MR JUSTICE HILDYARD: I am interested, if the interest is 4 the moment, but I am grateful to you.
5 pursued, I mean it is obviously relevant to me that this 5 MR BIRT: My Lord, yes. I should have drawn your Lordship’s
6 is (inaudible) thought because there is a balance 6 attention earlier, perhaps you should go in the letter
7 between breaching confidentiality and the centrality, or 7 to 31.22(2), which is, I think, the provision which
8 importance placed on the document, and that’s the 8 allows the court to, if you like, keep the undertaking
9 standard inspection balance which I have to perform. So 9 in place.
10 I think I have to recalibrate as regards the — I think 10 MR JUSTICE HILDYARD: 31.22 you referred me to.
11 it may be unfair to say lack of interest, but 11 MR BIRT: Yes, I was apologising for not having raised this
12 apparent — certainly, I couldn’t describe their 12 before 10 minutes ago.
13 interest in the document which Mr Stroilov has asserted 13 MR JUSTICE HILDYARD: Do you know the page, just by chance?
14 as being particularly great. 14 I mean, I think I have done it before, but I would like
15 MR BIRT: My Lord, it is an odd position to find them 15 to re-read it.
16 taking, in a sense, and one does detect, perhaps because 16 MR BIRT: If you have the White Book 2015, it’s page 1023.
17 we are now happy to disclose it, they suspect there are 17 MR JUSTICE HILDYARD: So it’s an «even where» power?
18 no skeletons in the closet and they are better backing 18 MR BIRT: My Lord, yes. My Lord has the power to keep it in
19 off it, I don’t know. 19 place even if it is read out in open court or read by
20 MR JUSTICE HILDYARD: I don’t know, all I am saying is all 20 your Lordship.
21 these things are a balance — 21 MR JUSTICE HILDYARD: Yes. Those points are clearly made
22 MR BIRT: My Lord, they are. 22 and I need to think where the right —
23 MR JUSTICE HILDYARD: — at this stage, because disclosure 23 MR STROILOV: If I may, just a very brief reply. That,
24 is one thing, but inspection, there’s always to some 24 really, is a complete answer to any confidentiality
25 extent a balance, so I will have to take that into 25 provisions. Then implied undertaking is clearly good
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1 enough. If, seeing what you see, you decide it should 1 MR STROILOV: I suppose, as I think your Lordship made the
2 be excluded from the general rule, and implied 2 point the other day, I think the most important thing in
3 undertaking should continue even though it has been 3 this agreement, we can see, it’s what is not there. Her
4 referred to in open court, you can order so, so what’s 4 assistance in these proceedings should have been part of
5 all the difficulty about? Let them disclose. It’s 5 that agreement, and it is not.
6 subject to implied undertaking, and then if it is 6 MR JUSTICE HILDYARD: Well, I have been wary of saying so in
7 referred to in open court, it can be taken there, the 7 case you want to put it, but that is one of my concerns,
8 whole problem. That’s all I have to say in reply. 8 yes.
9 MR JUSTICE HILDYARD: Well, there are some documents in 9 MR STROILOV: Yes, apart from that, the financial side of
10 a case which are ascribed a particular confidentiality, 10 it, well, I know it’s probably — I shouldn’t be — I’m
11 for whatever reason, including exposure under some 11 not proposing to give evidence, but I will just explain
12 criminal section in a foreign place where parties are 12 our position, both being Russian, we just happen to know
13 particularly keen to, as it were, focus the mind of 13 that in Russian employment, things are very often not
14 the people to whom they are supplied by making them sign 14 what they seem to be, and you have one figure on paper
15 on the dotted line. That does not mean that they doubt 15 and the other —
16 that you will do your best to observe the standard 16 MR JUSTICE HILDYARD: You have made that point.
17 provision; simply to emphasise the special 17 MR STROILOV: In that sense, in a way, it is a storm in
18 confidentiality attached, as I understand it. 18 the teacup.
19 MR BIRT: My Lord, yes, it is an underlining and focusing of 19 MR JUSTICE HILDYARD: It may be a storm in a teacup and
20 the mind in the circumstances. 20 I apologise for it.
21 MR JUSTICE HILDYARD: Yes. 21 MR STROILOV: But we still do say that they are in breach of
22 MR BIRT: And the point about just relying on the collateral 22 disclosure obligations, it should have been disclosed
23 undertaking, my Lord, in order to try and put the Bank 23 long ago. We do say that and that’s — well, yes,
24 in the best position to resist any proceedings in Russia 24 I take the point that we can’t really infer the most —
25 on this basis, the proposal was put forward so that we 25 I was half joking when I say infer the most serious
113 115

1 did disclose it under a court order, rather than just

2 voluntarily, and I would suggest that under the basis of

3 that court order would be the best way of continuing the

4 restriction, whether that be by reference to

5 a confidentiality undertaking or to your Lordship’s

6 exercise —

7 MR JUSTICE HILDYARD: You have to show that you did your

8 very best but were forced to do what you did by the

9 English court.

10 MR BIRT: Well, without making too much of it, we are trying

11 to put in place a way of defending oneself while doing

12 our best to help this court as much as we can, my Lord.

13 MR JUSTICE HILDYARD: Yes. I am sorry not to — I just want

14 to recalibrate.

15 Mr Stroilov, there was a point there which echos

16 something I have said to you, which is that there is

17 sometimes a tendency to think that the court can, as it

18 were, infer simply because it is unsure as to what the

19 position is, or because one side says it is rather odd

20 that something didn’t happen or wasn’t disclosed. That

21 isn’t really the basis on which inferences are drawn.

22 Inferences are drawn because the state of things, as it

23 were, compels a certain explanation, but it is

24 a pretty — inferences are not as lightly drawn as

25 I worry you may think.

1 thing I can think of, but cumulatively, the disclosure

2 deficiencies, they —

3 MR JUSTICE HILDYARD: I don’t mean that you are — I felt

4 obliged to echo the observation as much as to assist you

5 in case you were thinking that inferences were drawn

6 rather quicker than maybe …

7 MR STROILOV: Yes, quite, my Lord.

8 MR JUSTICE HILDYARD: Are we now in private?

9 MR LORD: My Lord, I think probably, although we are going

10 to deal with the question of Mr Smirnov, so that’s

11 probably appropriate.

12 MR JUSTICE HILDYARD: Yes. All right.

13 MR LORD: For the express reason that we are going to deal

14 with the potentially confidential medical matters.

15 MR JUSTICE HILDYARD: Right, we are moving into private

16 session because this relates to a matter which, at any

17 rate, I think is best kept confidential.

18 (Hearing in private)

19 [REDACTED]

20

21

22

23

24

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2 2
3 3
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10 10
11 11
12 12
13 13
14 14 (Hearing in open court)
15 15 MR JUSTICE HILDYARD: 10.30 am tomorrow?
16 16 MR BIRT: We will pick up the rest of the points that I read
17 17 out to your Lordship earlier tomorrow after the end of
18 18 Ms Kosova’s evidence, I imagine, my Lord, the dates for
19 19 pleadings and protocols and Mr —
20 20 MR JUSTICE HILDYARD: Yes, I think it would be better not to
21 21 interrupt the flow of her evidence any more tomorrow,
22 22 but once we have got to the end of it we will have some
23 23 time.
24 24 MR LORD: My Lord, the only issue is whether your Lordship
25 25 wants to make sure we finish by the short adjournment
125 127
1 [REDACTED] 1 tomorrow, for preparation, other efficiency reasons.
2 2 MR JUSTICE HILDYARD: Well, I would like that, and I heard
3 3 that Mr Stroilov said: an hour and a half, which would
4 4 take us to 12.15 pm with a break, in which case
5 5 we should be all right.
6 6 MR LORD: We have to resolve the private matter tomorrow,
7 7 that will need to be — timetabling for the rest of
8 8 the trial after Easter will have to be considered
9 9 tomorrow, there are the housekeeping matters and if we
10 10 have breaks and the collection of thought intervals,
11 11 I can see the time getting away from us.
12 12 It’s a matter for your Lordship and Mr Stroilov, but
13 13 I just flag up that point, that’s all.
14 14 MR JUSTICE HILDYARD: I don’t want it to become
15 15 an invariable habit to start early, and I am conscious
16 16 that Mr Stroilov has told me in the past that, as he
17 17 lives in Cambridge, 10.30 am is a difficulty, but if you
18 18 are staying up, as I slightly suspect you are anyway,
19 19 and if you are agreeable to 10.00 am, as I think I heard
20 20 you say you were, then let us start at 10.00 am to give
21 21 us that little extra so that you can be away earlier, as
22 22 I know you wish to be, because of Ms Mironova coming up.
23 23 MR STROILOV: Mr Savelyev is next.
24 24 MR LORD: And then Ms Mironova.
25 25 MR JUSTICE HILDYARD: Yes. So sorry, yes.
126 128
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1 MR LORD: My Lord, I would like to pick up timetabling and

2 the other matters tomorrow, so that we can start to lay

3 some plans for the conclusion of the trial.

4 MR JUSTICE HILDYARD: Yes.

5 MR LORD: We are coming up against some hard dates, my Lord.

6 There are issues about interpreters’ availability and so

7 on and there are some hard dates coming up and the

8 sooner we perhaps advert to those with your Lordship and

9 bearing the need for the court to have its courtroom

10 back and so on, it will perhaps be easier to deal with

11 it tomorrow.

12 MR JUSTICE HILDYARD: Irresistible pressure for 27 April is

13 about to be applied to me so I am assuming whatever

14 happens, we will be in a fallow period on 27 April.

15 MR LORD: My Lord, it will be a week earlier. We can’t get

16 interpreters after Tuesday 19 April. 19th April,

17 I think, is the last day we have Russian interpreters,

18 so we are going to …

19 MR JUSTICE HILDYARD: And on present — remind me when,

20 presently we think?

21 MR LORD: I think, my Lord, as luck would have it, on the

22 current timetable we finish on that day, as luck would

23 have it, with the last of the Russian law experts. So

24 we would respectfully submit that that’s what we should

25 be aiming for. There are issues with counsel

1 entitlement to decide how he wants to approach that.

2 That would mean that by Easter we had done those

3 witnesses.

4 After Easter we have Mr Smirnov. Your Lordship

5 kindly indicated a willingness to sit on the 4th. There

6 is obviously the Easter week, so you have a 10-day

7 break, in effect, then 4 April would normally be court

8 vacation, but your Lordship has indicated that

9 your Lordship would sit then. Your Lordship can see how

10 the timetable is currently planned. We are going to

11 suggest to your Lordship that that first week

12 after April be used for certain witnesses, and I will

13 pick that up tomorrow, once your Lordship has seen the

14 report, but on the 7th and 8th we deal with Millard and

15 Simonova.

16 MR JUSTICE HILDYARD: 7th and 8th. I have them 6th and 7th

17 for some reason.

18 MR LORD: Exactly, my Lord. Your Lordship will understand

19 tomorrow that we can use 4th and 5th for witness

20 evidence, the 6th will remain sort of a fallow day, or

21 an overspill, recovery day. The 7th and 8th, it’s been

22 agreed a day each for Millard and Simonova and in my

23 respectful submission, those are the valuation experts

24 and we should sort of build them in and get them done

25 when everyone has had 10 days off and time to plan notes

129 131
1 availability, there are issues with planning ahead, and 1 and pare notes and get Magnum references all ready, so
2 your Lordship will appreciate that those all need to be 2 we can have actually quite a good week, quite a solid
3 taken into account. 3 week starting 4 April and that will probably break the
4 We think that with the Easter vacation intervening, 4 back of the evidence in this case, in truth, because
5 there is a way in which we can get the matters finished 5 that would leave Mr Popov, and we will have to address
6 by — 6 whether or not he is required to attend, or whether his
7 MR JUSTICE HILDYARD: I have given you sort of a day and 7 evidence is going to be admitted by the defendants
8 a half of the Easter vacation, as I understand it; is 8 without having him called.
9 that right? 9 Your Lordship is not sitting, I think, on the 11th,
10 MR LORD: Yes, my Lord, if your Lordship has the timetable. 10 the afternoon of the 12th, and the 13th, as things
11 MR JUSTICE HILDYARD: Yes, I have got it, actually. 11 stood, I think, when we last looked at this because of
12 MR LORD: Your Lordship will see that we are going to finish 12 the RBS matter. That may have changed in light of
13 by the Easter vacation, we will be up to week 8, and we 13 your Lordship’s hearing this week, I am not sure whether
14 will have finished Ms Mironova. So we will have had 14 that is still the case.
15 Mr Savelyev next week, I think starting on Wednesday, 15 As we understand it, we are not going to sit on the
16 finishing, we suspect, Thursday, but Mr Stroilov thinks 16 11th. We are going to get Turetsky and Professor Guriev
17 maybe Friday. Then we are going to have Ms Mironova the 17 through on the Tuesday.
18 following week. Mr Stroilov is going to indicate, 18 MR JUSTICE HILDYARD: Mr Guriev, that’s the only day he can
19 I think, whether he wants to start on Monday the 21st, 19 do it?
20 or not, and your Lordship has kindly indicated 20 MR LORD: It is, my Lord, and we haven’t yet heard back from
21 preparedness to sit on Maundy Thursday, which is 21 Mr Stroilov, because Professor Guriev raised a personal
22 24 March, albeit that that is strictly speaking a court 22 concern about his own perceived conflict(?), and
23 vacation. I think for our part we would prefer to start 23 we haven’t actually heard back as to whether or not —
24 on the 21st and get it finished sooner, but that 24 sorry. (Pause)
25 obviously I think been left with Mr Stroilov’s 25 MR JUSTICE HILDYARD: Good news in case it helps, which is
130 132
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1 that the RBS matter, which I had to deal with on the 1 So I am sorry to have cut to an earlier chase, as it
2 11th and 12th, I have put it back. 2 were, this was going to be tomorrow, but that’s really
3 MR LORD: That is fantastic news, my Lord. That is the best 3 where we are, my Lord. But it is very welcome and we
4 news I have had for ages. 4 are very grateful to your Lordship for standing back the
5 MR JUSTICE HILDYARD: Well done, Richard. 5 RBS matter to free up those two and a half days in
6 MR LORD: Thank you, Mr Trout. Mr Trout saves the day. 6 week 11.
7 It sounds like a film, like a western. 7 MR JUSTICE HILDYARD: Yes, there will be a sting in the tail
8 MR JUSTICE HILDYARD: That will help, will it? 8 in that the RBS matter has been moved over to May, so
9 MR LORD: Well, it will help, because your Lordship will see 9 I will just have to work out exactly how we juggle
10 from the timetable that if we get back the 11th and 13th 10 those.
11 and the other half of the 12th, we are really on 11 MR LORD: I should say, my Lord, I have difficulty on
12 schedule, I think. I think we really are on track to be 12 23 May.
13 able to finish the evidence in this case by, hopefully, 13 MR JUSTICE HILDYARD: Your trial begins on 20-something of
14 the 19th. There is an issue as to whether — or maybe 14 May?
15 even earlier on that schedule. We would still suggest 15 MR LORD: 23 May, yes.
16 that Mr Millard and Ms Simonova, that we get them out of 16 MR JUSTICE HILDYARD: Yes. Well, I can’t pretend that
17 the way, that we use Easter to prepare for those two 17 I have it entirely straight in my mind what is happening
18 experts, ie I will prepare and obviously Mr Stroilov 18 on each day, but the punchline of we should complete
19 would have to prepare, and we can use the Easter ten 19 well within 19 April is good news.
20 days to prepare with that in mind, and then we can deal 20 MR LORD: I think we shall.
21 with what may be slightly less important witnesses, with 21 MR JUSTICE HILDYARD: Is there anything you want to say,
22 all due deference, in the great scheme of things, 22 Mr Stroilov?
23 important in their way but maybe not going to take up 23 MR STROILOV: Not necessarily, no. No, I don’t think so.
24 quite as much cross-examination time, or strain, as 24 Well, I mean, we will need to check, obviously it
25 things stand; namely Popov, Turetsky, Guriev if he is 25 has been proposed to reshuffle the experts a little, and
133 135
1 coming, Ms Yashkina, and then the Russian law experts, 1 I will need to check the availability of Ms Simonova.
2 Maggs and Gladyshev. 2 I don’t know — hopefully it is going to work with her.
3 We would, my Lord, hope that we may even finish it 3 MR LORD: Yes, and so Mr Stroilov understands, the idea
4 by the end of that week 11. There may be a chance to 4 really, my Lord, is that we do have the Easter vacation,
5 finish it by then. As I said, we haven’t got expert 5 we do have ten days when it can be expected both parties
6 Russian translators after the 19th. They are in very 6 prepare pretty thoroughly, at the very least, for the
7 short supply, we have been lucky to get them, they have 7 next sort of three or four witnesses.
8 been long booked, they are extremely hard to come by, 8 MR JUSTICE HILDYARD: That’s true, Mr Lord, but as I have
9 and we can’t get any more. We have scoured the 9 observed before and as I repeat now, there are two
10 landscape for them and we haven’t got any. So the 10 elements: one is prep time, but also there is gathering
11 Russian translation and audio feed to Nice is going to 11 thoughts and energy time. You are a seasoned campaigner
12 stop on 19 April. 12 and a professional. Mr Stroilov is doing very well but
13 My Lord, having kindly got back the 11th, 12th and 13 he is not a professional, even if he is becoming
14 13th, then we would think that we can probably get this 14 a seasoned campaigner, and I am anxious to ensure within
15 trial finished by, if not the end of week 11, the 15 reasonable limits that he has not only sufficient time
16 beginning of week 12. 16 but also sufficient breaks so that he can keep his mind
17 I think we agreed to have closing submissions about 17 attuned to each particular witness as they come up.
18 three weeks later, which by our reckoning would be the 18 MR LORD: I understand that, my Lord, but particularly now
19 week of May — it would mean we would be convening for 19 we have those two and a half days back —
20 oral closings, I think, the week of Monday, 16 May. 20 MR JUSTICE HILDYARD: It is good news.
21 I think that would allow enough of a break to allow 21 MR LORD: It is good news because, my Lord, even building in
22 Mr Stroilov his time that he asked for, and time for 22 that qualification, with the greatest of respect, we can
23 your Lordship to read the closings and then to have oral 23 finish this case by the end of 19 April, which would be
24 closings that week. So this trial would then finish at 24 the right thing to do.
25 the end of the week beginning Monday, 16 May. 25 MR JUSTICE HILDYARD: That I dearly hope so, and
134 136
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1 Mr Stroilov, you have heard all that. If you want to 1 produced that letter, didn’t they, saying that he was
2 see how that pans out and you have some comments to 2 not going to.
3 make, then of course I will. 3 MR LORD: Yes, so my Lord, that leaves the question of
4 MR STROILOV: Not really, not at the moment, my Lord. I’m 4 whether or not — Mr Stroilov said really he wasn’t sure
5 much more worried about the next two weeks. So once 5 he would have many questions for Mr Popov, so then the
6 I have survived that, I will begin to worry about after 6 question is does Mr Popov need to come? Do we have to
7 Easter. 7 have a slot for him or not?
8 MR JUSTICE HILDYARD: Yes. I can understand that, but you 8 Then the only other question, there is an issue
9 will have to give me a little bit of assistance as to 9 about the handwriting experts, and I appreciate
10 how it all is going to — 10 your Lordship may take a view about those.
11 MR STROILOV: I will check with our experts if any reason(?) 11 Then Professor Guriev, Mr Stroilov will be able to
12 works in terms of availability, but so far, I am not 12 tell the court, I am sure, tomorrow, whether
13 particularly worried about experts, because it’s only 13 Professor Guriev has resolved his private concern
14 half of the time that I have to cross-examine, and 14 sufficient to say he is not going to come because if he
15 that’s a relief, and hopefully the experts will be 15 is not coming we can put Mr Turetsky in a different
16 helping there cross-examining them — 16 slot, we can decide whether he has to come at all
17 MR JUSTICE HILDYARD: As I indicated, but this may be 17 because there is no rival expert coming, we can sort of
18 something to think about over the Easter vacation for 18 make some progress there, so we would hope we could do
19 me, I need to straighten out in my mind what the 19 that but we will see how we go, perhaps.
20 necessary premises of the business value claim are, 20 MR JUSTICE HILDYARD: All right. You will bear that in mind
21 since if they are not satisfied, then the expert 21 too, Mr Stroilov.
22 evidence on business value would, by definition, not be 22 MR STROILOV: I will, I don’t promise to get an answer by
23 relevant, as I understand it. 23 tomorrow, but I will …
24 MR STROILOV: Yes. 24 MR JUSTICE HILDYARD: But the Professor is aware that
25 MR LORD: Yes, my Lord. Your Lordship knows that the 25 neither you nor the Bank have a problem with him giving
137 139

1 business valuers go both to the Western Terminal value

2 and to Scandinavia Insurance business claim.

3 MR JUSTICE HILDYARD: Right.

4 MR LORD: And to Onega, there is an Onega business loss as

5 well, so it is a little difficult to see how they could

6 really be stood down in the entirety, and Ms Simonova,

7 it is fair for your Lordship to note, that she

8 approaches it very much from a business driven point of

9 view, I will put it as neutrally as I can, but she is

10 not coming at it perhaps from quite the same real estate

11 valuer type perspective as Mr Millard, so we would

12 respectively submit that it is most unlikely we are

13 going to be in a position where the court could fairly

14 say it doesn’t need to hear from Mr Popov (because

15 Ms Simonova is not coming), so we are unlikely to get to

16 that point, so it’s a question really of —

17 MR JUSTICE HILDYARD: You are quite right. I sometimes

18 conflate the two and there are different considerations

19 applicable to the various loans.

20 MR LORD: But, my Lord, we would hope that tomorrow we can

21 have — the question of whether or not the defendants

22 are going to call Mr Steadman, and we understand they

23 are not going to call him, but that is a matter they

24 could, I think, be expected to address tomorrow.

25 MR JUSTICE HILDYARD: I think they have said that they

1 his evidence, and so far as I am concerned, it is

2 a matter for him to look at the bit at the end of his

3 statement where he recognises his duty is to the court

4 and what that duty comprises, and for him simply to be

5 content that he is able to discharge that duty in light

6 of the circumstances which apply to him now.

7 MR STROILOV: Yes, my Lord, I will convey that. As well

8 I will, perhaps, draw his attention to this passage from

9 the transcript. I think you have put it very

10 succinctly.

11 MR JUSTICE HILDYARD: All right. Excellent. Well, I am not

12 really keeping to court hours, and I intend to in

13 the future, but we will meet at 10.00 am tomorrow.

14 MR LORD: Thank you, my Lord.

15 (5.03 pm)

16 (The court adjourned until 10.00 am on

17 Friday, 11 March 2016)

18

19

20

21

22

23

24

25

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March 10, 2016 Day 25 — Redacted

1 INDEX
2 PAGE
3 MS TATIANA EVGENIEVNA KOSOVA ……………………. 1
4 (Affirmed) ……………
Examination-in-chief by MR LORD 2
5 Cross-examination by MR STROILOV ………….. 3
6 Housekeeping …………………………………. 86
7 (Hearing in private) …………………………. 116
8 (Hearing in open court) ………………………. 127
9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

141

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142

March 10, 2016 Day 25 — Redacted

A

A1/1/1 (1) 56:9

A1/6/1 (1) 50:5

A1/6/6 (1) 54:3

A1/6/7 (1) 54:22

A1/6/8 (1) 55:1

A1/6/9 (1) 50:8 abandoned (1) 104:3 able (21) 4:15 6:3

10:20 11:2 22:17 24:15 26:24 34:24 52:14 65:16 73:9 79:21 81:22 89:9 96:13 107:22 111:7 111:9 133:13 139:11 140:5

absence (3) 24:16

48:17 97:7 absolutely (1) 99:15 accept (10) 9:4 14:6,8

49:13 57:10 62:4 74:17,24 91:12 98:7

acceptable (1) 81:24 accepted (1) 107:15 account (5) 48:13

49:3 66:7 111:1 130:3

accounting (1) 104:19 accounts (2) 104:24

106:3 achieved (1) 13:18

acquiring (2) 33:10,17 act (9) 39:3 69:15,16

71:9,13 76:8 78:20 99:21 101:14

acting (5) 75:10 89:14 101:13,15,17

actions (3) 37:14

63:13 69:14 actual (6) 40:21 60:10

63:8 64:16 70:24 71:1

ad (1) 94:9 addition (1) 22:17 additional (2) 22:16

46:14

address (9) 2:6 21:16 22:8,12 24:2 81:9 91:10 132:5 138:24

addressed (3) 42:20 96:20 109:4

adduce (1) 44:19 adjourned (1) 140:16 adjournment (3) 43:3

45:11 127:25

administrative (2) 7:6

21:18

admitted (1) 132:7 adopted (1) 104:20 advance (3) 95:11

97:12 98:9

advantages (2) 103:24

103:25

adverse (4) 111:7,10

111:14,20 advert (1) 129:8 advice (8) 15:5 18:16

20:3 39:7,7 40:8,9 40:10

advise (3) 15:14 40:7 40:7

adviser (7) 5:19,21 6:4 6:6,7,15 56:11

advisers (2) 101:24 102:13

affect (1) 90:20 affiliation (1) 48:18

Affirmed (2) 1:16 answers (1) 1:17 42:18 43:22 44:1
141:3 anticipated (1) 89:7 90:8 111:16
afraid (11) 8:24 20:17 anxious (3) 85:17 Arkhangelskys’ (1)
20:23 38:18 44:19 98:23 136:14 65:6
44:24 46:16 49:5 anybody (2) 43:8 arrange (1) 35:3
66:23 73:9 96:5 101:4 arrangement (1)
afternoon (1) 132:10 anyone’s (2) 49:19 43:21
agency (3) 52:24 53:3 86:8 article (5) 92:11 96:15
57:22 anyway (4) 32:8 94:13 97:12 103:15
agenda (1) 38:9 96:18 128:18 106:22
Agentstvo (1) 52:23 apart (4) 3:16 77:4,5 ascertain (1) 52:15
ages (1) 133:4 115:9 ascribed (1) 113:10
aggregate (1) 105:20 apartment (8) 63:20 aside (1) 16:13
agnostic (1) 100:25 65:6 76:1 78:2,7,9 asked (17) 1:20 25:19
ago (6) 31:7 34:14 78:10,11 27:17,18 35:25
39:11 93:11 112:12 apologies (3) 20:15 38:13 39:10 40:6
115:23 41:3 46:14 44:13,14 50:1
agree (3) 56:3 71:23 apologise (6) 2:1 60:8 57:21 70:3 88:8
72:18 85:17 96:8 97:7 96:11 111:11
agreeable (1) 128:19 115:20 134:22
agreed (8) 35:15 apologising (2) 97:8 asking (2) 29:24 60:10
43:14 79:17 80:14 112:11 assert (3) 14:10 39:5
84:12 92:20 131:22 apology (1) 96:2 39:13
134:17 apparent (1) 110:12 asserted (1) 110:13
agreeing (1) 100:7 apparently (8) 23:1,8 assertions (2) 59:10
agreement (56) 3:22 23:10 26:6 27:17 61:25
4:3,9,11,13 5:1,4,6 27:22 28:15,16 assessment (1) 33:25
5:7,10 6:25 7:5,10 appear (1) 21:23 asset (4) 34:2,3 52:23
9:21,23 10:6,14,24 appearance (1) 9:6 80:14
11:3,6,6,11,16,19 appears (8) 3:21 21:1 assets (43) 4:8,22,24
11:22 12:7 17:22 25:7 48:22 52:16 7:13,15,17,18,21
18:1,2 25:1 37:6 77:22 96:8 103:22 10:13,18,21,25
47:19 48:2,5,10,24 applicable (3) 68:8 11:1,1 19:16,20
48:25 79:23 80:5 103:16 138:19 26:18 27:2 29:15
81:16 82:3,4,7,12 applicant (1) 107:5 29:19,21 33:11,19
82:16 83:24 84:2,8 applicants (1) 107:9 35:5,11,16 37:18
84:13,18,19,25 applied (1) 129:13 38:15,21,25 40:16
102:7 104:13 115:3 apply (3) 97:21 98:2 53:3 60:17 62:15
115:5 140:6 62:22 70:18 73:20
agreements (5) 7:11 appreciate (2) 130:2 74:2,17 75:1,12
17:25 28:3 35:18 139:9 80:10 81:3
79:19 appreciated (1) 16:10 assign (2) 84:12,14
Ah (2) 87:17 96:22 approach (4) 43:6,7 assignment (4) 17:23
ahead (3) 42:12 43:4 98:18 131:1 17:24 82:10 84:17
130:1 approaches (1) 138:8 assist (2) 51:13 116:4
aiming (1) 129:25 approaching (1) 98:16 assistance (3) 99:20
Aktivami (1) 52:23 appropriate (6) 1:24 115:4 137:9
Akva-Ladoga (1) 53:14 42:23 74:12 103:8 assisted (1) 20:8
alarm (1) 66:19 103:11 116:11 assists (2) 90:16
albeit (3) 88:20 approval (6) 30:19,21 108:20
109:25 130:22 39:16,19 40:12 associated (2) 14:21
allegations (2) 56:22 85:4 99:2
100:24 Approximately (1) assume (4) 46:25
alleged (4) 51:20,22 19:1 70:19 94:22 101:9
51:25 53:21 April (10) 129:12,14 assumed (2) 6:6 31:20
allow (4) 98:14,19 129:16,16 131:7,12 assuming (3) 71:6,15
134:21,21 132:3 134:12 129:13
allows (2) 108:14 135:19 136:23 assumptions (1)
112:8 arbitration (1) 15:1 100:10
Altriwa (2) 27:6,16 Arbitrazh (2) 39:1 astray (1) 31:18
ameliorated (1) 100:5 106:16 attached (3) 22:18
amended (1) 88:20 area (1) 21:15 106:9 113:18
amenity (1) 21:18 arguments (1) 99:3 attaching (1) 21:14
amount (14) 36:24 arisen (3) 33:23 88:3 attempted (1) 49:10
37:7 68:11 72:5 88:16 attend (2) 15:18
80:18,22 81:1,10 arises (1) 101:21 132:6
84:20,20,22 105:16 arising (1) 19:3 attendance (1) 38:4
105:18 107:4 Arkhangelskaya (1) attended (1) 15:13
and/or (4) 51:10,23 16:12 attention (5) 31:12
52:1,1 Arkhangelsky (17) 1:7 67:17 99:8 112:6
Andrey (1) 53:4 1:10,14,15 16:16 140:8
Andria (1) 60:23 16:17 27:23 44:15 attract (1) 99:8
Aneks-Finance (1) 56:21,22 57:1 attractive (1) 35:11
55:3 89:19 92:24 102:14 attuned (1) 136:17
annexes (1) 42:9 105:4,10 109:21 auction (18) 4:23,25
annual (1) 105:12 Arkhangelsky’s (4) 5:24 14:22 26:17
answer (7) 7:23 8:20 51:16 65:5 75:25 34:16 35:3 62:21
36:12 75:13 96:17 99:1 62:24,25 63:6,15
112:24 139:22 Arkhangelskys (5) 71:20 75:25 76:8

76:14 77:16 85:4 auctioned (1) 19:23 auctions (4) 26:24,24

64:14 70:2 audio (2) 1:8 134:11

August (13) 2:17 8:14 8:15 10:8 11:20,22 30:11 47:20 48:10 80:8 82:4,4,19

automatically (2)

12:12 66:2 availability (4) 129:6

130:1 136:1 137:12 available (8) 57:16,20

75:5 99:22 102:14 104:23 105:12,15

avenue (1) 102:10 averment (3) 51:8 54:8 57:10

averred (6) 53:2,14 54:1,10,16 55:3

avoid (1) 24:3 awaken (1) 25:24 aware (29) 4:18,20,22

16:19 18:22 19:12 22:16 35:8,20,22 35:22,23 36:15 40:24 47:6,8,8 56:23 57:2 73:19 73:25 74:6 75:14 75:18 82:24 83:2,5 83:11 139:24

awkward (1) 43:18 axiom (1) 68:20

B

b (3) 34:2,2 51:22

B1/1/4 (1) 67:14 B1/1/5 (1) 67:16 B1/3/1 (1) 2:12 B1/3/10 (2) 61:3 76:4 B1/3/12 (1) 61:10 B1/3/14 (1) 61:14 B1/3/19 (1) 61:20 B1/3/22 (1) 2:18 B1/3/28.1 (1) 2:24 B1/3/29 (1) 2:10 B1/3/32 (1) 67:14 B1/3/33 (1) 68:4 B1/3/36 (1) 60:15 B1/3/37 (1) 60:14 B1/3/38 (1) 60:22 B1/3/39 (1) 61:4 B1/3/4 (1) 68:3 B1/3/40 (1) 76:5 B1/3/42 (1) 61:10 B1/3/44 (1) 61:15 B1/3/45 (1) 61:16 B1/3/5 (1) 68:13 B1/3/50 (1) 61:21 B1/3/54 (1) 2:16 B1/3/60 (1) 2:23 B1/3/7 (1) 60:12 B1/3/9 (1) 60:22 B2/12/25 (1) 32:25 B2/12/26 (1) 33:2 B2/12/9 (1) 32:22 back (26) 6:25 9:18

17:1 23:6 37:21 45:6 46:5,20 62:20 71:7 73:4,10 79:14 87:21 98:4 104:10 111:13 129:10 132:4,20,23 133:2 133:10 134:13 135:4 136:19

background (1) 29:3 backing (1) 110:18

bad (1) 32:7 bailiff (11) 22:18
29:13 63:13 64:17 66:5,9 69:25 71:15 71:22 74:10 75:17

bailiff’s (2) 29:23 30:12

bailiffs (27) 36:12 63:1,14,23 64:1,6 64:22 65:8,10,21 65:25 69:13,15,24 70:22 71:2,6,9 74:22 76:25 77:11 78:11 79:11 82:22 84:4,24 85:12

bait (1) 102:20 balance (4) 110:6,9,21

110:25 balancing (1) 99:21 Balandin (1) 57:6 bank (137) 3:22 4:6

4:10 5:2,16,18 6:2 6:19 7:2 8:2,4 11:3 11:4 15:7 16:14 17:15 19:1 21:13 23:13 24:17,21 25:6,15,17 26:16 26:19 29:15,20,24 30:1,12 33:11,19 34:14 35:5,16 36:10,11 37:10 39:16,20 47:5 49:10,10 51:11,12 51:13 52:14 53:7,8 53:9,11 54:16 56:21 57:10 58:12 60:20,24 61:7,12 61:18,24 62:9,14 63:9,11,24 64:10 64:22 65:11,25 67:19 68:9,15,18 69:1,14,19,21,23 70:3,6,7,7,14,20,24 71:2,7,13,17,23 72:13,15 73:21 74:1,13,16,24 75:2 75:10,14,21 77:9 79:16,24 80:3 81:1 81:3,11 82:25 83:6 84:3,9,23 85:6 92:19 94:16 101:13 101:13,16,17,17,19 101:23 102:6,12,20 102:22 103:23 104:20 105:8,15,22 109:13 113:23 139:25

Bank’s (18) 5:9,13 10:17 17:10,24 25:21 28:1 29:19 39:16,23 40:20 49:17 50:6 56:16 62:11 64:12 73:17 80:9

BarD (1) 61:4 bargaining (1) 93:14 based (19) 5:7 12:18

24:12 25:2,14,19 25:22 26:2 27:20 28:13 31:9 62:2 65:3 66:3,17 69:12 77:1 85:10 98:22

basis (18) 5:1 12:16 16:8 31:24 32:16 42:13 58:8 87:22 98:8 101:1,4 105:17,20 107:17 111:10 113:25 114:2,21

battle (1) 34:9 battles (1) 95:5 bear (2) 77:9 139:20 bearing (2) 102:12

129:9

becoming (1) 136:13 beg (3) 9:4 17:18 32:3 beginning (3) 21:1

134:16,25 begins (1) 135:13 behalf (7) 8:2,4 33:11

49:10 57:10 64:22 65:10

belief (3) 3:9 33:9 55:25

believe (14) 49:18 53:11 54:6 59:5,8 59:19 74:11 79:8,9 80:16 81:4 82:12 82:14 93:2

bells (1) 27:7 belonging (2) 27:23

36:16 beneficial (6) 58:23

59:5,12,16,20,23 beneficially (10) 52:13 53:3,15,22 54:4,10

55:4,13,16,19 benefit (3) 24:16

49:19 89:4 berth (6) 21:23 22:1

22:17 24:21 25:12 34:14

best (12) 3:8,11 45:20 46:17 55:24 113:16 113:24 114:3,8,12 116:17 133:3

better (5) 43:5 66:21 110:18 111:13 127:20

biff (1) 103:2

big (4) 30:11 31:5,14 36:1

billion (2) 80:15,22

Birt (56) 87:3,5,9,13 87:18 88:2,5,23 89:13,17 90:5,21 91:1 96:2,11,23 97:6,10 100:18,23 101:1,4,5,11,17,20 102:4,8,16 103:3 103:19 104:8,23,25 105:4,9,14 106:5,9 106:14,17 108:20 109:12,20 110:15 110:22 111:2,5 112:5,11,16,18 113:19,22 114:10 127:16

Bissonia (1) 16:12 bit (12) 9:17 33:18 34:3 42:19 45:5

46:24 75:7 86:23 89:6 102:5 137:9 140:2

bits (2) 89:6 109:2 BKK (2) 31:24 36:6 blah (9) 21:15,15,15

21:16,16,16,16,17

21:17

blame (1) 102:21 board (18) 6:8,16,20

15:14,17,18,19,23 16:1,21 38:1,6,16 39:14 40:9 94:23 105:19 106:19

bodies (1) 105:17 body (4) 25:3 92:14 97:16 102:25

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

143
March 10, 2016 Day 25 — Redacted

boiler (1) 78:25 carefully (5) 8:12 9:18 56:16,16,20 62:11 59:6 60:19 61:6 consents (3) 30:12,12 counsel (5) 10:23 15:3 D122/1943/0.1 (1)

Bond (1) 3:16 59:18 62:1 64:20 62:14,16,17 73:17 68:17 73:23 99:2 36:1 18:25 37:15 129:25 15:20
bonuses (1) 106:19 carried (6) 30:13 79:15,15,17 137:20 company (30) 4:10,24 consequently (1) counted (1) 106:21 D122/1943/1 (1)
Book (1) 112:16 62:25 63:14 66:4 138:2 10:7 11:7 16:12 36:11 counts (1) 67:6 15:21
booked (1) 134:8 68:7 85:11 claimant (1) 80:21 17:23,25 27:6,19 consider (3) 23:24 course (12) 30:6 D126/2007/1 (1) 3:18
bothered (1) 95:2 carry (1) 70:1 claims (4) 16:7 20:10 29:17 35:4 36:17 89:24 108:9 39:11 41:17 49:20 D126/2007/2 (1) 4:5
bottom (8) 2:11 14:17 case (49) 4:19 9:23 39:1 70:7 38:21 53:14,20,23 consideration (3) 66:20 70:14,14 D126/2007/4 (1) 3:20
21:1 24:9 30:16,16 14:11,16 15:24 clarification (2) 49:5 54:4,12 55:6 58:15 14:21 42:2 82:10 74:4 81:18 93:3 D126/2007/5 (1) 4:5
48:6 80:10 18:2 23:24 28:6,8 54:19 59:20 60:18,19,23 considerations (2) 99:13 137:3 D128/2016/1 (1) 9:8
bought (2) 34:22 33:15 34:25 40:14 clarify (3) 31:19 62:8 79:25 93:1 106:8 13:25 138:18 court (94) 1:24 4:6 5:3 D128/2060/1 (1) 9:22
78:11 41:22 52:2,21 70:5 106:20 107:2,5 considered (3) 25:11 5:8 12:18 17:9 D128/2060/2 (1)
box (2) 41:23 86:3 53:19 70:21 71:9 clause (7) 10:11 11:10 company’s (1) 99:1 39:15 128:8 26:15 36:2 37:2,9 11:24
boxes (1) 90:9 71:19 72:4,24 11:14,25 12:4,10 compare (1) 23:18 consistent (1) 33:9 37:14 40:17,19 D128/2060/4 (1) 9:22
breach (8) 98:22 74:15 77:16 79:16 12:14 compels (1) 114:23 consistently (1) 38:3 41:6 62:18 63:1,10 D128/2060/5 (1)
99:18,25 100:2 81:13 86:1,2,13 clear (4) 24:19 31:17 competent (1) 69:7 constitute (1) 10:25 63:11,12,14,23 11:25
101:2 102:11 94:6 95:19 97:19 97:20 98:1 complains (1) 56:21 consultancy (3) 18:16 64:16,25 65:8,21 D134/2202/1 (1)
107:13 115:21 98:8,24 99:9,25 cleared (2) 88:7,11 complete (3) 37:10 20:5,6 66:13,14,16 69:3,4 14:12
breaching (2) 95:17 100:24 105:15,24 clearly (6) 19:9 37:3 112:24 135:18 consulting (1) 75:10 69:21,22 70:9,15 D134/2202/2 (1)
110:7 106:5,12 113:10 64:9 95:15 112:21 completely (2) 33:21 contact (3) 18:13 70:21,25 71:8,21 14:13
break (13) 32:7,8,13 115:7 116:5 128:4 112:25 46:1 93:23 94:11 72:8,11,14,17,23 D149/2474/1 (1)
41:10,15 67:4,7 132:4,14,25 133:13 client (3) 17:11 30:23 complex (1) 25:23 contain (2) 11:21 72:25 74:10,22 17:20
73:2,6 128:4 131:7 136:23 30:23 compliance (3) 7:12 106:18 80:2,3,5,6 81:7,13 D149/2474/10 (1)
132:3 134:21 cases (2) 28:10 107:19 clients (2) 44:18 51:12 13:24 69:5 contained (1) 58:18 84:19 88:2 92:14 17:21
breaks (2) 128:10 casting (1) 30:15 clip (2) 23:7 91:14 compliant (1) 101:25 contains (2) 88:25 92:18 97:15,22 D149/2487.1/1 (1)
136:16 category (2) 63:7 closet (1) 110:18 comprises (1) 140:4 107:3 98:13 99:7,8,20 28:20
brief (1) 112:23 90:22 closing (1) 134:17 compromise (1) 95:21 content (4) 3:10 94:1 100:20 103:17,18 D149/2487.1/2 (1)
briefly (1) 46:20 cease (1) 6:4 closings (3) 134:20,23 concept (1) 70:12 109:13 140:5 103:20 106:16 29:9
bring (2) 72:21 77:9 cent (8) 52:15 66:8,11 134:24 concern (9) 99:9,16 contents (1) 3:8 107:12,22,25 D149/2487.1/3 (1)
broad (1) 8:9 66:17 72:1,6 84:14 club (2) 93:5 107:24 99:17 102:24 104:6 context (3) 56:18 108:10,14,19,23 29:14
broadly (1) 4:18 85:1 Code (3) 96:16 97:12 108:6,21 132:22 65:24 104:7 109:14 112:8,19 D149/2487.1/4 (1)
broken (1) 100:17 centrality (1) 110:7 106:22 139:13 continuation (2) 22:6 113:4,7 114:1,3,9 28:21
brought (4) 16:11 CEO (2) 106:20 107:2 CoFrance (1) 99:2 concerned (5) 37:18 23:25 114:12,17 127:14 D149/2487.1/5 (1)
26:13 27:3 79:17 certain (4) 49:17 63:8 coincide (1) 24:24 95:4 105:24 109:3 continue (4) 6:12 129:9 130:22 131:7 29:6
build (1) 131:24 114:23 131:12 collateral (9) 21:13 140:1 45:22 85:14 113:3 138:13 139:12 D149/2487.1/6 (1)
building (4) 21:18 certainly (5) 44:18 29:25 36:11 37:5 concerning (1) 26:5 continuing (1) 114:3 140:3,12,16 141:8 29:14
22:9,13 136:21 81:10 86:23 87:2 72:3 108:1,10,15 concerns (3) 56:20 contract (18) 12:22,22 courtroom (1) 129:9 D149/2493.1/0.1 (1)
Bulgaria (3) 28:8,11 110:12 113:22 98:22 115:7 13:9,11,12,13,15 courts (3) 16:23 39:1 30:7
28:16 certainty (1) 59:22 collection (1) 128:10 conclude (1) 25:15 13:22,24 14:1 72:6 63:5 D149/2493.1/1 (1)
bullet (1) 47:18 certificate (5) 22:1,5 collective (1) 105:17 concluded (1) 25:1 87:15 91:8 95:9 cover (1) 23:15 30:10
bundle (7) 2:9 42:16 22:10,15 76:12 collusive (4) 35:1 conclusion (4) 24:15 107:2,4,7,8 covered (3) 25:4,18 D150/2510/0.1 (1)
42:17 91:13 96:3,9 cessation (1) 104:21 79:20 84:1 85:6 74:3,8 129:3 control (6) 7:7 58:21 25:21 78:16
97:1 chairman (5) 6:7,16 Colonel (1) 109:24 conditions (3) 13:3,6 69:9,11 84:5 covers (2) 10:18,20 D150/2510/0.2 (1)
bundles (1) 66:24 6:20 56:12,12 columns (1) 78:24 14:3 100:14 CPR (1) 108:13 79:3
burn (1) 66:24 challenged (2) 56:19 come (14) 46:19 49:1 conduct (6) 8:1,3 controlled (15) 35:21 credit (10) 30:11,20 D150/2510/1 (1)
business (13) 7:9 13:4 107:16 62:20 82:4,24 88:8 10:17 65:20 74:5 35:23 51:11,12,20 30:25 31:1,5,15 78:15
57:2 86:15,17,18 challenging (1) 16:17 91:2 99:7,7 134:8 101:9 51:23 52:1,13,17 36:1,13,14,20 D150/2510/2 (1) 79:3
90:20 137:20,22 chance (4) 28:22 136:17 139:6,14,16 conducted (2) 74:21 53:15,22 61:6,18 creditor (1) 17:24 D161/2708/0.1 (1)
138:1,2,4,8 31:22 112:13 134:4 comes (1) 43:25 77:13 61:23 99:10 criminal (1) 113:12 80:1
buy (2) 34:2,9 change (3) 6:21,24 coming (9) 17:1 conducting (5) 20:8 controls (1) 52:19 criticise (1) 95:17 D161/2708/1 (1)
buyers (1) 60:16 25:13 128:22 129:5,7 47:3,4 58:13 76:13 convenient (2) 88:3 criticised (1) 84:15 79:25
buys (1) 35:4 changed (3) 76:7,9 134:1 138:10,15 confidential (4) 93:2 88:16 cross (3) 102:2,5 D161/2712/0.1 (1)
BVI (1) 56:21 132:12 139:15,17 98:15 116:14,17 convening (1) 134:19 103:1 27:10
changes (1) 89:1 commence (1) 65:13 confidentiality (14) convey (3) 1:22,23 cross-examination (9) D161/2712/1 (1)
C charge (5) 15:8,9,10 commenced (1) 64:5 44:21 91:13 93:5 140:7 3:13,15 31:23 45:3 27:11
c (1) 51:25 17:14 18:19 comment (3) 35:7 100:17 101:20 coordinating (1) 28:10 90:7 95:6 104:1 dance (1) 100:16
chase (1) 135:1 49:16 74:20 102:23 103:7 coordination (2) 28:5 133:24 141:5 Daneikin (3) 27:13,14
cadastral (9) 21:16,19
chattels (4) 65:4,7 comments (2) 23:22 107:24 108:22 28:7 cross-examine (1) 27:18
21:22,24 22:3,7,12
78:17,23 137:2 110:7 112:24 copy (9) 22:11 48:9,23 137:14 dangers (1) 16:22
24:1,23
cheaply (1) 84:16 commercial (3) 12:20 113:10,18 114:5 88:23 89:17,21 cross-examining (1) data (12) 21:19 48:15
calculation (4) 67:13
check (8) 25:19 32:1,4 13:7,13 confirm (4) 2:20 3:7 96:25 97:2 98:20 137:16 92:9,12 94:12
81:14,23,23
58:23 109:22 commerciality (1) 53:17 75:5 corner (1) 2:11 cumulatively (1) 96:18 99:18 105:23
calculations (1) 82:1
135:24 136:1 13:20 confirmed (3) 11:23 corporation (2) 20:6 116:1 106:2,21,24 107:3
call (5) 1:5 9:1,1
137:11 committee (10) 30:11 44:1 56:11 61:11 current (1) 129:22 database (1) 58:22
138:22,23
checked (4) 7:11 96:4 30:14,20,25 31:1,5 confirming (1) 65:9 correct (16) 6:23,24 currently (5) 6:15 7:25 databases (1) 57:17
called (18) 10:7 16:12
105:14,25 31:15 36:1,13,14 conflate (1) 138:18 8:2 15:15,16 20:7 40:8 52:14 131:10 Datadot (1) 53:24
17:23,25 23:9 27:6
checking (2) 25:10 common (2) 103:12 conflict (1) 132:22 23:11 32:18 37:11 curtain (1) 49:8 date (11) 2:17 11:11
36:17 50:6 52:19
105:6 103:22 confusion (1) 24:3 38:7 49:3 53:6 54:6 cut (2) 42:21 135:1 11:16,19,21 53:10
53:4,14,16,21,24
checkpoint (1) 21:21 communicated (1) conjoined (1) 22:3 57:7,8 107:18 Cyprus (1) 27:6 57:2 88:14,15,17
54:4,12 60:23
chief (2) 15:2 18:21 75:14 connected (7) 24:22 corrected (4) 3:5 50:2 88:19
132:8
choose (1) 93:16 communicating (4) 27:21 62:5,7,8,9 50:24 52:25 D dated (15) 10:8 21:2
Cambridge (1) 128:17
chosen (2) 93:17 19:8,9 74:19 75:22 84:7 correction (1) 9:10 22:1,4,10,15 27:12
campaigner (2) D122/1943.3/0.1 (1)
103:23 communications (1) connection (4) 60:20 corrections (1) 3:1 30:11 47:19 48:10
136:11,14 37:23
circumstances (5) 75:18 60:24 61:11 75:9 correctly (2) 12:23 50:8,9 76:9 80:8
capable (1) 43:13 D122/1943.3/0.3 (1)
21:7 45:19 50:3 companies (25) 16:14 conscious (1) 128:15 17:2 96:5
capacity (3) 15:3 38:12
113:20 140:6 27:22,22 28:14 consent (12) 12:11,15 correlate (1) 46:3 dates (3) 127:18
37:15 69:12 D122/1943.3/1 (1)
City (2) 22:8,13 35:23,24 36:4 51:6 12:16 15:11 29:19 correspondence (3) 129:5,7
career (1) 19:1 37:24
claim (22) 12:16 16:4 51:11 52:8 54:19 29:24 31:15,25 28:17,17 91:15 day (18) 12:7 85:19
careful (3) 8:10,11 D122/1943.3/5 (1)
19:25 26:20,22,25 54:25 56:3,5 57:15 36:9 106:25 107:6 corresponding (1) 85:23 87:19 92:25
39:5 38:12
29:16 51:9 56:15 57:18,24 58:9,22 107:7 36:24 96:4 105:4 108:9

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

144

March 10, 2016 Day 25 — Redacted

115:2 129:17,22 details (9) 15:25 20:13 34:19 36:14 early (5) 6:10 26:14 81:8 136:14
130:7 131:20,21,22 16:20 21:22 52:8 discussion (8) 9:2,3 41:10 45:22 128:15 ensuring (1) 51:13
132:18 133:6 93:23,23 94:12 15:25 16:21,24 easier (1) 129:10 enter (1) 35:13
135:18 102:3 103:9 31:6 38:17 39:4 easily (2) 90:14 99:10 entered (5) 4:13 5:4
days (7) 11:16 88:2 detain (1) 41:25 discussions (4) 18:7 Easter (12) 128:8 11:23 60:2 80:6
131:25 133:20 detect (1) 110:16 26:1,2 36:6 130:4,8,13 131:2,4 entering (3) 53:10
135:5 136:5,19 determine (1) 13:17 dismissed (1) 6:18 131:6 133:17,19 84:18 93:5
deal (16) 42:7,8,11,23 determined (7) 66:3 disposal (2) 39:17 136:4 137:7,18 Enterprises (5) 10:8
42:24 87:6,10,25 66:14 72:8,10,16 40:12 echo (1) 116:4 11:8 47:21 48:11
90:15 91:3 116:10 77:1 84:4 disposed (1) 37:4 echos (1) 114:15 48:19
116:13 129:10 development (1) dispute (2) 36:7 72:24 effect (11) 14:6 35:19 entire (1) 12:6
131:14 133:1,20 55:14 divisions (1) 106:21 38:24 51:9 55:22 entirely (4) 24:4 97:20
dealing (6) 31:15 die (1) 95:14 document (20) 15:6 59:10 75:21 76:25 99:19 135:17
34:20 59:9 63:8 different (13) 5:21 17:19 20:16 26:8 91:24 104:4 131:7 entirety (2) 14:2
64:21 108:21 6:20 19:17 46:1 29:1 30:3,19 39:13 effective (1) 51:14 138:6
dealings (1) 74:23 55:4 60:17 66:1 45:23 47:25 50:14 effectively (3) 44:10 entities (4) 55:11 59:7
dealt (4) 64:17 88:6 72:21 95:10 98:12 50:21 65:9 94:5,10 82:11 85:8 63:8 70:10
90:11,14 109:12 138:18 108:16 109:23 efficiency (1) 128:1 entitled (5) 9:11 39:8
dearly (1) 136:25 139:15 110:8,13 111:14 efficient (1) 41:9 44:19 49:20 81:22
debate (4) 31:6 42:20 difficult (16) 4:15 documentation (4) efforts (1) 68:25 entitlement (1) 131:1
44:7 87:20 13:10,17,19 19:4 58:16 66:7 87:16 either (14) 17:6,7 entity (1) 59:23
debated (1) 31:3 23:4 26:3 33:22 104:23 19:15 20:1 21:20 entrusted (1) 100:11
debating (1) 31:4 47:25 49:16 59:24 documents (22) 4:16 21:23 40:25 49:14 entry (2) 24:24 59:19
debt (9) 40:19 63:10 74:19 78:22 83:20 19:19 25:20 35:25 56:4 72:5,19 75:22 especially (3) 56:5
68:11 69:22 70:16 109:7 138:5 42:9 47:16 48:1 83:5 88:6 92:19 95:9
80:18 81:10,12,23 difficulties (1) 33:23 65:3,12,14 69:25 Either/or (1) 72:7 essence (1) 10:24
debts (1) 17:15 difficulty (5) 5:23 76:11,23 89:8 90:9 Ekatarina (2) 23:9,22 essentially (3) 9:1
December (2) 22:1 20:17 113:5 128:17 93:12 94:10 97:14 element (1) 60:13 15:13 91:12
77:25 135:11 98:5 100:10,12 elements (1) 136:10 establish (1) 58:14
decide (4) 111:18 digest (2) 106:6,9 113:9 Elena (3) 18:23 19:10 established (3) 42:13
113:1 131:1 139:16 digests (1) 107:19 dodginess (1) 13:15 19:18 51:12 66:9
decided (2) 102:9 diligence (2) 58:11,13 dodgy (3) 13:8,11,20 emphasise (2) 68:19 establishing (1) 66:12
111:13 direct (4) 52:15 54:11 doing (6) 46:10 84:15 113:17 estate (4) 10:13 25:8
decision (9) 8:25 9:2 55:12,23 85:18 102:22 employed (3) 53:8,9 62:5 138:10
15:22 30:10 38:13 direction (1) 108:23 114:11 136:12 53:11 Estonia (1) 19:23
69:6 92:14 97:16 directions (1) 87:10 Dom (1) 55:13 employee (5) 22:25 evaluate (1) 82:1
101:7 directly (5) 30:3 54:2 domain (5) 57:13,19 25:19 106:24 107:3 event (4) 66:15 97:10
decisions (3) 38:10,25 56:5 70:1 103:16 99:12 108:7 109:9 107:6 109:17 110:3
77:10 director (5) 5:17 6:9 Donov (1) 54:5 employees (7) 28:2 events (2) 27:8 33:8
deduce (1) 60:1 7:7 15:1 67:18 dotted (1) 113:15 62:13 63:15 64:18 EVGENIEVNA (2) 1:16
defeat (1) 16:3 directorate (4) 15:2 double-check (1) 32:3 65:16,19 106:22 141:3
defeated (1) 16:8 17:12 30:22,24 double-checked (1) employers (1) 106:23 Evgeny (5) 21:10
defence (1) 103:18 disagree (4) 72:18 76:11 employment (5) 22:23,24,25 23:2
defendants (9) 42:15 77:4 83:25 85:9 doubt (2) 103:12 87:15 91:7 95:9 evidence (21) 8:17
87:21 88:12 96:24 disagreement (2) 113:15 101:18 115:13 15:4,12 26:9 37:8
98:20 99:14 100:6 72:20 94:8 downloaded (1) 58:6 enable (2) 84:3 86:20 37:12 38:24 64:23
132:7 138:21 disapply (1) 108:14 downside (1) 100:6 enables (1) 43:21 68:23 74:14 75:24
defendants’ (2) 89:14 discharge (1) 140:5 Dr (3) 1:7,10,15 encumbered (2) 14:7 86:1 115:11 127:18
108:21 disclosable (4) 93:12 draft (1) 89:17 35:12 127:21 131:20
defending (1) 114:11 93:14 98:11,17 drafting (1) 11:5 encumbrance (3) 132:4,7 133:13
defer (1) 43:23 disclose (7) 95:16 dramatic (1) 14:8 14:22 29:21 48:13 137:22 140:1
deference (1) 133:22 100:1 105:23 109:5 draw (5) 67:16 74:3,8 energy (1) 136:11 ex-deputy (1) 6:7
deficiencies (1) 116:2 110:17 113:5 114:1 111:7 140:8 enforce (3) 29:18,24 exact (2) 19:22 53:10
definitely (3) 50:19,22 disclosed (8) 49:23 drawing (1) 111:10 73:21 exactly (9) 20:2 40:20
76:20 50:25 93:11 95:15 drawn (5) 112:5 enforceable (1) 97:23 42:19 43:16 44:13
definition (1) 137:22 98:7 108:16 114:20 114:21,22,24 116:5 enforced (3) 70:17 50:22 108:20
demonstrate (1) 115:22 drill (1) 66:22 92:15 97:16 131:18 135:9
70:20 disclosing (1) 106:24 drills (1) 66:21 enforcement (43) 5:3 Examination-in-chie…
depart (1) 13:19 disclosure (19) 20:22 driven (1) 138:8 5:8 17:14 22:19 2:4 141:4
department (23) 5:17 87:15 93:13 94:3,7 due (5) 14:22 58:11 26:12 29:16,20 example (4) 105:12
6:10 7:1,4,5,8 15:1 94:13 95:5,7,17 58:13 106:22 40:18,19 62:15 105:17,21 107:25
15:7 18:8,11,19,22 97:21 98:6,10 133:22 63:4,10,12,25 64:5 Excellent (1) 140:11
19:13 23:10,13 99:23 103:8 107:12 duty (4) 53:10 140:3,4 64:11,13,25 65:13 exception (4) 62:4
25:10 30:21,24 109:6 110:23 140:5 65:13,20,21 68:6 92:12 98:1 108:14
40:25 58:13 64:16 115:22 116:1 dying (1) 95:13 69:4,8,19,22,24 exchanged (1) 8:14
67:18 81:16 disconcerting (2) 70:4,8,16,17,20,21 exchanges (1) 42:10
departments (4) 7:9 104:5,11 E 71:1,1 74:6,20 excluded (1) 113:2
81:11,25 106:21 discontinued (2) e-mail (15) 21:2,8,9 75:11 77:12,13,15 execution (2) 74:7
depends (1) 96:12 84:21,22 84:18 92:16
23:21,23 24:6,7
deputies (1) 106:20 discretion (2) 98:13 England (1) 104:18 executive’s (1) 93:1
25:14,19,25 26:2
deputy (9) 6:7,15,20 99:20 English (20) 2:12,13 exequatur (2) 28:6,8
27:12,14 89:17,18
23:2 27:18 56:11 discuss (5) 36:13 2:17,24 29:7,8 33:3 exercise (1) 114:6
e-mails (1) 34:13
56:12 64:18 65:17 41:22 44:4 85:22 33:4 38:11 47:21 exercising (3) 92:13
E6/53/44 (1) 46:23
describe (2) 18:13 86:1 47:24,25 51:1 96:19 97:15
earlier (10) 17:1 38:13
110:12 discussed (10) 19:17 60:12 61:21 67:15 exist (1) 47:7
46:20 84:13 112:6
described (2) 60:5 19:21 25:8 30:20 67:23 68:13 97:22 existing (2) 69:8 94:13
127:17 128:21
71:11 34:12,21 36:9 39:9 114:9 exists (1) 58:5
129:15 133:15
describing (1) 69:17 55:21 85:1 enquiry (1) 27:15 expect (3) 4:18
135:1
detail (1) 56:18 discussing (4) 20:11 ensure (4) 68:22 69:1 101:25 104:21

expected (3) 16:4

136:5 138:24

expenses (3) 28:5,7

28:10

expert (11) 46:21,22 47:1,6,15 49:11,21 50:1 134:5 137:21 139:17

experts (9) 129:23 131:23 133:18 134:1 135:25 137:11,13,15 139:9

explain (7) 27:25 68:1 68:3,5,25 96:25 115:11

explained (2) 38:4 52:24

explains (2) 33:8 47:15

explanation (5) 52:4 55:22 82:25 83:2 114:23

explanations (1)

55:20

exploit (3) 21:6 22:21 23:19

expose (1) 103:9 exposure (1) 113:11 express (1) 116:13 expressing (1) 15:10 extend (2) 34:17

103:9

extended (3) 12:12

23:16 24:13 extension (1) 12:10 extent (3) 39:18 91:7

110:25

external (6) 10:23,23 27:21,24 28:1,11

extra (1) 128:21 extract (2) 15:24 97:3 extracted (1) 96:16 extracts (2) 24:17

92:9

extremely (1) 134:8

F

face (2) 92:18 111:12

Facebook (1) 99:1 fact (10) 25:8 27:3

28:14 36:15 40:14 49:12 64:4 85:5 102:22 103:12

facts (1) 102:10 factual (1) 104:6 fair (7) 56:7 83:18

99:16,17 103:6 109:1 138:7

fairly (3) 92:6,8 138:13

fairness (3) 44:5 54:23

84:9

fall (2) 98:5,6 fallen (1) 88:2 fallow (2) 129:14

131:20

falls (3) 63:6 92:19 98:10

false (1) 43:10 familiar (4) 9:22 46:25

70:12,14 fantastic (1) 133:3 far (23) 6:17 17:11

20:8 27:19 37:17 40:24 51:5 52:14 56:1 62:25 63:22 64:24 66:4 76:23 80:18,24 82:21

85:10 89:22 95:4 98:1 137:12 140:1 far-fetched (1) 102:18

Farah (1) 60:18 fault (2) 24:4 94:20 fear (1) 102:15 February (6) 6:16,17

92:1,2,3 96:5 federal (8) 69:13,15

69:24 79:11 82:22 84:24 85:11 92:9

Federation (5) 92:16 97:17,24 99:19 106:23

feed (2) 1:8 134:11 felt (1) 116:3 fictitious (1) 85:4 fight (2) 94:14 95:14 fighting (1) 95:7 figure (4) 57:18 81:9

85:2 115:14 figures (5) 77:21

93:21 94:17 104:17 111:6

file (2) 42:9 91:19 filed (3) 62:18 72:19

72:25

files (2) 14:16 72:11 filing (1) 70:7

film (1) 133:7 final (1) 59:23 finally (1) 88:23 financial (4) 105:9

109:4,13 115:9 find (14) 2:10,12,16

2:25 17:19 32:24 44:20,25 49:9 59:21 76:4 90:18 109:2 110:15

finding (1) 102:1 fine (2) 1:14 61:16 fingers (1) 1:21 finish (12) 45:21,21

73:9 85:16 127:25 129:22 130:12 133:13 134:3,5,24 136:23

finished (4) 130:5,14 130:24 134:15

finishing (2) 41:13

130:16

fire (2) 66:19,21 firm (1) 88:18

first (13) 3:18 10:22 18:2 23:6 29:2 35:8 47:17 87:1,13 90:22 91:2 96:2 131:11

firstly (3) 31:7,8 95:3 fit (1) 100:20

five (1) 18:20 fixing (1) 45:17 flag (3) 42:1,15 128:13

flat (1) 76:14 floating (2) 43:2,4 flow (1) 127:21 focus (3) 31:12 95:6

113:13 focusing (2) 45:3

113:19

follow (2) 47:12 54:21 following (3) 21:14

109:21 130:18 follows (1) 64:10 footing (1) 100:16 force (2) 49:1 67:8 forced (1) 114:8 forego (1) 93:13

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

145

March 10, 2016 Day 25 — Redacted

foreign (4) 92:18 99:25 100:2 113:12
foremost (1) 10:22 forgive (1) 105:5 forgotten (1) 105:13 form (4) 14:23 49:2

94:9 109:25 formal (2) 1:25 107:23 formally (1) 108:22 former (2) 19:15

60:17 formulated (1) 89:11 formulating (1) 64:8 forward (3) 23:8

100:7 113:25 forwarded (1) 23:21 found (4) 21:20 34:25

42:24 67:14 four (2) 3:1 136:7 framework (2) 71:20

77:13

frankly (2) 95:8 97:19 fraudulent (1) 35:13 free (2) 85:24 135:5 freezing (1) 104:1 Friday (5) 87:19,24

88:14 130:17 140:17
friend (1) 8:12 friends (4) 20:19

32:18 50:9 53:1 front (1) 2:9

full (3) 2:5 13:18 104:13

function (1) 69:11 functions (1) 15:8 furniture (1) 78:25 further (17) 27:25

50:7 51:3 52:7 54:8 55:1 57:1 58:2 60:21 61:13,13 63:13 68:25 73:11 97:4 109:6 112:3

future (1) 140:13

G

gas (1) 78:25 gathering (1) 136:10 Gavrilov (1) 55:8 Gelios (1) 54:1 general (6) 15:3 18:24

25:2 34:6 37:15 113:2

generally (7) 4:20,21 12:25 18:10 46:25 74:15 102:6

generate (1) 85:3 genesis (1) 88:21 genuine (1) 36:3 getting (4) 46:15 91:9

104:3 128:11 gist (1) 16:20 give (14) 2:5 8:17

20:21 31:22 39:10 45:14 58:20 59:2 64:1 87:9,10 115:11 128:20 137:9

given (20) 2:13,21 12:11 15:12 26:10 36:9,20 38:24 39:7 40:8,10 41:11 48:23 68:16 74:14 82:5 83:2 86:1 107:8 130:7

giving (5) 37:8 40:12 64:23 82:24 139:25

Gladyshev (1) 134:2

glean (1) 33:14 115:25 128:3 130:8 86:7,11,15,22,25 important (10) 1:25 instructed (6) 28:2
go (47) 2:15 9:9 10:2 133:11 135:5 87:4,8,12,17 88:1,4 41:22 68:6,20 47:9,11 48:23
11:9 15:20 20:25 136:19 137:14 88:20 89:12,16 85:25 95:18 96:10 66:22 105:14
21:5 23:6 30:7 Hall’s (2) 42:3 90:23 90:4,17,25 91:4,11 115:2 133:21,23 instruction (2) 49:6,15
31:18 32:21 37:21 hand (2) 20:15 96:13 91:16,19,23 92:2,4 imposed (1) 101:21 instructions (3) 48:25
37:23 49:8 50:5,7 handed (3) 23:7 89:23 92:10 93:20 94:1,4 impossible (1) 46:2 49:4,21
51:1,7 55:2 56:9,17 96:3 94:15,20,22 95:2 impression (1) 68:21 insuperable (1) 46:18
57:14 58:21,24 handling (1) 22:2 95:24 96:10,22 in-house (1) 8:4 Insurance (6) 3:22 4:7
60:11,21 68:13 handover (1) 76:12 97:5,9 100:8,22,25 inappropriate (1) 4:10,24 38:21
71:7 72:15 73:10 hands (2) 35:17 42:11 101:3,5,15,19,22 103:10 138:2
73:14 79:3,25 82:2 handwriting (2) 28:23 102:5,9 103:2,6,21 inappropriately (1) intend (1) 140:12
85:24 92:8 94:23 139:9 104:18,24 105:2,7 103:11 intended (1) 82:7
96:11 97:3 98:4 handwritten (2) 14:14 105:13 106:2,7,13 inaudible (1) 110:6 intention (1) 83:24
104:10 108:23 14:17 106:15 108:18 include (1) 23:16 inter (2) 42:10 44:23
110:1 111:17 112:6 happen (7) 2:2 39:23 109:10,19 110:4,20 included (2) 21:18,21 interaction (1) 64:17
138:1 139:19 45:1 66:2 102:19 110:23 111:4,24 includes (1) 21:17 interest (5) 35:10
goes (4) 45:20 64:11 114:20 115:12 112:10,13,17,21 including (4) 12:1 109:8 110:4,11,13
93:6 108:11 happened (4) 31:7 113:9,21 114:7,13 68:7 103:25 113:11 interested (11) 33:10
going (46) 1:10 8:20 39:11 47:11 82:20 115:6,16,19 116:3 incomplete (1) 53:1 33:17 41:19 91:8
32:25 37:22 41:3 happening (2) 40:18 116:8,12,15 127:15 incorporated (1) 94:16,22,23 100:12
41:16 46:5 52:5 135:17 127:20 128:2,14,25 89:25 110:4 111:18,19
60:16 71:16 79:14 happens (4) 68:23 129:4,12,19 130:7 incorporation (1) 57:3 interesting (1) 94:25
81:13 87:20 88:12 100:25 101:6 130:11 131:16 incorrect (1) 67:23 interests (1) 64:12
90:10 91:3 94:14 129:14 132:18,25 133:5,8 indebtedness (1) interlocutory (1)
100:1,20 101:2,6 happy (8) 14:10 86:8 135:7,13,16,21 36:23 104:2
101:24 102:17 90:15 95:16 109:5 136:8,20,25 137:8 independent (4) 36:4 internal (1) 8:4
108:8 111:20,24 110:17 111:5,15 137:17 138:3,17,25 72:10,25 77:7 interpreted (1) 1:17
116:9,13 129:18 hard (6) 19:4 58:4 139:20,24 140:11 INDEX (1) 141:1 interpreter (2) 4:2
130:12,17,18 102:20 129:5,7 history (1) 104:8 indicate (1) 130:18 78:8
131:10 132:7,15,16 134:8 hmm (1) 89:16 indicated (7) 1:18 interpreters (2)
133:23 134:11 hashtags (1) 99:6 hold (1) 6:15 10:1 21:24 130:20 129:16,17
135:2 136:2 137:10 hassle (1) 103:10 holders (1) 57:23 131:5,8 137:17 interpreters’ (1) 129:6
138:13,22,23 139:2 hassled (1) 103:11 holding (2) 33:11 36:6 indicates (4) 22:2,7,11 interrupt (3) 31:23
139:14 haste (1) 20:18 hope (9) 41:12 42:25 23:14 97:2 127:21
Goncharuk (5) 18:23 Havana (2) 52:16,20 64:19 67:2 100:23 indication (1) 50:1 interrupts (1) 32:7
19:8,10,18 55:17 head (5) 7:1,3,5 64:15 134:3 136:25 indications (1) 41:11 intervals (1) 128:10
good (16) 1:4 3:14 81:15 138:20 139:18 individually (1) intervening (1) 130:4
32:9,11 41:15 headed (1) 17:12 hopefully (5) 47:22 105:21 interviews (1) 109:25
47:21,24 59:3 heading (2) 28:4,5 86:21 133:13 136:2 individuals (4) 54:20 invariable (1) 128:15
85:23 108:4 112:25 heads (2) 87:9 106:20 137:15 55:11 105:16,19 Invest (7) 55:10 62:12
132:2,25 135:19 hear (5) 1:10 3:25 4:2 hoping (2) 87:24 infer (3) 114:18 73:17 79:14,15,24
136:20,21 87:21 138:14 111:13 115:24,25 80:4
govern (1) 14:3 heard (7) 28:11 87:23 hour (8) 34:13 45:23 inference (3) 111:10 InVestCom (1) 54:12
governing (1) 102:25 128:2,19 132:20,23 66:23 85:16 86:11 111:14,20 Investments (1) 55:9
Graham-Bell (2) 54:4 137:1 86:13,13 128:3 inferences (6) 93:17 invited (1) 38:5
55:19 hearing (5) 116:18 hours (1) 140:12 111:7 114:21,22,24 inviting (1) 93:17
grappled (1) 87:13 127:14 132:13 housekeeping (3) 116:5 involve (1) 9:2
grasp (1) 108:12 141:7,8 86:6 128:9 141:6 inferred (1) 57:1 involved (46) 4:14
grateful (3) 67:24 hearings (2) 69:23 huff (1) 103:16 influence (2) 77:9,10 5:14 6:1 7:2,4,9,13
112:4 135:4 74:7 hyperlinks (1) 41:7 information (52) 8:11 7:16,20,23 8:3 14:5
great (4) 56:18 100:15 held (3) 39:15 59:6 hypothesis (1) 102:19 14:2 15:11 17:17 16:19 17:5,7,9 18:4
110:14 133:22 106:8 hypothetical (1) 102:2 21:11,14 22:16 18:7,9 19:24 20:5
greatest (2) 102:16 Hello (1) 21:10 24:12,21 25:20 27:8 30:4,5 33:12
136:22 help (7) 28:4 45:8 I 26:3,22 33:13 36:25 37:14 40:21
greatly (1) 16:9 107:22 111:22 IC (1) 55:6 35:19 48:17 50:7 40:23 49:9,9 51:6
gross (1) 85:7 114:12 133:8,9 51:4,17 57:20,23 62:11,13,21,23,24
idea (5) 6:1,3 41:15
ground (3) 64:20 helpful (1) 45:18 58:2,6,9,17 60:1 63:4,17,20,25 64:2
102:18 136:3
103:13,22 helping (2) 108:24 64:4,7,15,24 65:1,2 65:4 75:12,18
idem (1) 94:9
grounds (1) 65:1 137:16 69:13 71:3 74:4 83:14
identification (1)
group (7) 52:5,12 helps (2) 29:5 132:25 75:4,21 79:22 involvement (1) 49:7
93:23
53:22 54:9,24 hiding (1) 93:18 81:11 82:14 99:10 involving (2) 75:8,17
identify (2) 59:16 60:4
55:18 73:23 high (2) 105:7 106:3 99:13,22 103:4 Irina (2) 5:19 14:25
IFRS (1) 104:19
grubbing (1) 90:17 higher (2) 81:21 83:7 105:9 106:18 108:2 irrelevant (2) 98:15
ignore (1) 50:1
guess (1) 59:12 HILDYARD (173) 1:4 109:3,4,12,13,16 109:17
iii (1) 106:14
Gunard (6) 10:7 11:7 1:11,19 2:3 6:4 109:20 Irresistible (1) 129:12
illegitimate (1) 99:11
47:20 48:3,11,18 8:22,25 9:5,9,15,20 informed (2) 46:12 ISH (1) 22:14
imaginable (1) 93:19
Guriev (6) 132:16,18 11:2 13:16 28:4 107:11 issue (12) 30:19,22
imagine (1) 127:18
132:21 133:25 31:19 32:6,11,20 initial (6) 66:12,13,17 31:2,4,11,16 46:20
immediately (1) 90:18
139:11,13 34:1,6,11 40:2,24 71:19 72:17 77:2 93:4 104:15 127:24
impact (2) 69:14
Guz (11) 19:11,21 41:20 42:4,17 43:2 initially (1) 75:24 133:14 139:8
71:14
20:12 21:2 22:20 43:11,20 44:13 initiate (1) 35:1 issues (7) 7:6 15:14
impasse (1) 44:8
23:8,21,23 26:4 45:2,9,24 46:3,5,12 initiated (2) 16:16 31:10 34:21 129:6
implement (1) 83:24
34:13,19 46:17 49:20,23 73:20 129:25 130:1
implemented (3) 35:6
50:4 56:10,14 inspection (5) 98:12 issuing (1) 39:20
35:9 82:13
H 57:21 58:11,25 98:14,14 110:9,24 ITCH (1) 22:9
implied (4) 108:15
habit (1) 128:15 59:15 60:3 65:23 instance (3) 19:10 item (12) 17:7 24:14
112:25 113:2,6
66:8,20 67:1,8,25 57:22 77:8 24:19,19,20,23,25
half (12) 33:1 34:13 impliedly (1) 44:14
70:19 71:5 73:4,14 instances (1) 69:22 25:4,4,5 90:19
45:23 66:23 86:14 importance (1) 110:8
75:7,16,23 85:20 instruct (1) 72:23 106:10

items (16) 10:15 21:11,20 23:24 24:12,14,18 25:16 25:17,21,23 26:5,6 39:17 40:13 90:21

iv (2) 106:14 107:1

J

jeopardised (1) 45:18 job (1) 68:22 joint-stock (2) 92:25

106:20 joking (1) 115:25

judge (3) 13:10,13 83:21

judging (1) 77:21 judgment (10) 12:18

13:5,14 16:4 62:18 63:11 70:25 92:14 97:15,15

judicial (4) 65:24 74:20 75:15 85:5

juggle (1) 135:9 July (1) 3:23 jumbled (1) 97:6

June (8) 22:10,15 38:1 38:15 50:8,10 56:11,13

jurisdiction (1) 92:20 justice (175) 1:4,11,19

2:3 6:4 8:22,25 9:5 9:9,15,20 11:2 13:16 28:4 31:19 32:6,11,20 34:1,6 34:11 40:2,24 41:20 42:4,17 43:2 43:11,20 44:13 45:2,9,24 46:3,5,12 46:17 49:20,23 50:4 56:10,14 57:21 58:11,25 59:15 60:3 65:23 66:8,20 67:1,8,25 70:19 71:5 73:4,14 75:7,16,23 85:20 86:7,11,15,22,25 87:4,8,12,17 88:1,4 88:20 89:12,16 90:4,17,25 91:4,11 91:16,19,23 92:2,4 92:10,13 93:20 94:1,4,15,20,22 95:2,24 96:10,19 96:22 97:5,9 100:8 100:22,25 101:3,5 101:15,19,22 102:5 102:9 103:2,6,21 104:18,24 105:2,7 105:13 106:2,7,13 106:15 108:18 109:10,19 110:4,20 110:23 111:4,24 112:10,13,17,21 113:9,21 114:7,13 115:6,16,19 116:3 116:8,12,15 127:15 127:20 128:2,14,25 129:4,12,19 130:7 130:11 131:16 132:18,25 133:5,8 135:7,13,16,21 136:8,20,25 137:8 137:17 138:3,17,25 139:20,24 140:11

K

Kalinin (1) 22:25 keen (4) 24:3 95:1

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146
March 10, 2016 Day 25 — Redacted

99:13 113:13 22:4 24:20,22,23 106:9,10 107:20 42:19 43:4,16 44:6 114:10 members (4) 30:14 65:16

keep (7) 46:12 81:12 25:6 36:16,18,19 112:6 139:1 44:6,17,17 45:8 Malookhtinsky (1) 2:7 38:6 40:9 106:19 narrow (1) 9:5
95:6 108:18 112:8 36:20,22 37:1 letters (3) 63:12 69:23 60:7 66:11,24 67:6 Maloy (1) 55:13 memorandum (3) Naturally (1) 64:6
112:18 136:16 landscape (1) 134:10 70:8 67:20,20 71:4 73:2 Malysheva (19) 5:19 14:16 15:11 104:17 nature (1) 7:6
keeping (1) 140:12 large (2) 15:7 95:5 levels (1) 93:20 85:14 86:4,17,17 6:2,5,8,11,13,18,22 memory (1) 19:12 Nazarov (1) 90:7
Kegel (1) 61:11 latest (1) 88:6 Levitskaya (1) 109:24 86:23 87:2,3,6,25 9:11 82:17 91:7 mentioned (2) 21:10 Nazarov’s (1) 90:9
kept (1) 116:17 law (24) 7:12 13:4 liabilities (1) 37:5 88:8,11,13 90:5,11 92:20 102:2,20,24 54:24 Naziya (2) 38:21 55:18
Kharkovskaya (2) 24:13 29:10,11 liability (1) 81:1 90:13,15,21,22 103:10,16 104:16 Mercury (4) 17:23,25 near (1) 21:1
63:21 76:1 69:16 71:10,11 liaising (1) 65:10 91:2 95:25 96:2,13 105:21 36:17 84:13 neat (2) 91:19,21
Khortitsa (1) 55:16 77:15 92:9 96:18 light (6) 26:8 45:4 97:10 98:16,25 Malysheva’s (1) 87:15 metals (1) 22:2 necessarily (2) 12:15
kind (8) 2:15 12:22,22 97:3,19 98:23 47:14 112:1 132:12 99:5 101:11 102:16 manage (1) 46:10 mid-2013 (2) 6:9,10 135:23
14:7 93:22 95:11 99:25 100:2 102:11 140:5 103:19 104:8,8,25 management (14) 6:8 middle (1) 92:11 necessary (8) 56:18
95:21 109:11 103:4 105:3 106:12 lightly (1) 114:24 105:5,24 106:5 6:16,20 15:14,17 Mikhail (1) 51:14 71:12 84:2,2 89:10
kindly (3) 130:20 107:14 111:12 Limited (9) 10:8 11:8 107:10,21 108:20 15:23 16:1,21 Millard (13) 46:22 91:10 103:18
131:5 134:13 129:23 134:1 27:6,16 48:11,19 108:25 109:7 37:25 38:6,16 47:1,6,9 48:2,6,22 137:20
Kiperort (1) 61:23 laws (4) 68:8 99:18 52:16,20 60:23 110:15,22 111:2,8 52:24 53:3 105:19 49:6,15 131:14,22 need (29) 10:2 14:20
Kitchen (1) 78:24 105:24 106:2 limits (1) 136:15 111:21,23 112:5,18 March (3) 1:1 130:22 133:16 138:11 20:21 21:10 29:19
knew (1) 18:23 lawyer (21) 8:4,5,8 line (3) 8:23 89:2 112:18 113:19,23 140:17 Millard’s (1) 47:15 30:9 32:22 40:2
know (62) 4:24 8:9 13:5,8,10,11,12,17 113:15 114:12 116:7,9,9 Marine (2) 60:18,19 million (5) 71:17,23 41:13,25 44:9
10:17 16:15,16 13:19,23 14:9 link (2) 26:24,24 116:13 127:18,24 marked-up (1) 88:21 77:17,19 78:3 50:16 65:15 68:4
18:18,23,24 21:6 18:23,25 19:11 list (10) 26:5 47:17,18 127:24 128:6,24 marker (1) 111:2 mind (12) 21:7 24:6 73:10 86:19 88:10
26:12,15,23 29:12 23:10,12,12 39:19 52:3 78:23 79:3,5 129:1,1,5,5,15,15 market (24) 14:3 66:3 33:14 93:25 102:12 93:23 110:1 112:1
33:14 35:18 36:19 39:25 58:4 87:5 90:3,13 129:21,21 130:10 66:5,9,14,18 71:12 113:13,20 133:20 112:22 128:7 129:9
41:21 42:5 46:13 lawyers (10) 7:10 listed (2) 13:3 58:1 130:10,12 131:18 72:1,6,8,10,12 135:17 136:16 130:2 135:24 136:1
46:18 47:7,21 50:3 10:23 19:3 28:1,12 listen (2) 8:12 56:24 131:18 132:20,20 76:19 77:1,2 78:2 137:19 139:20 137:19 138:14
56:1 57:22 58:5,6 40:20 49:17 51:17 litigants (2) 93:6 133:3,3,6,9 134:3 79:8 80:16 81:4,5,5 minded (1) 43:12 139:6
58:15 66:10,24 69:12 81:25 95:22 134:13 135:3,11,11 81:6,21 85:10 mindful (1) 43:5 needed (2) 7:7 88:15
67:6 68:24 70:10 lawyers’ (2) 27:21,24 litigate (1) 103:23 135:15,20 136:3,4 market-driven (1) Mine (1) 91:23 needs (1) 87:13
74:14,20,21 78:6 lay (1) 129:2 litigating (1) 103:24 136:8,18,18,21,21 13:25 minefield (1) 9:17 negotiable (1) 44:24
79:18 82:18 83:8 laying (1) 19:25 litigation (9) 8:1,3 9:2 137:4,25,25 138:4 marketing (2) 83:5,8 minutes (3) 37:25 negotiating (1) 82:16
83:13,15,16,20 leaks (1) 100:14 10:17 15:1 47:3,5 138:20,20 139:3,3 material (8) 20:24 42:25 112:12 negotiation (1) 19:24
85:1 89:20,22 learned (5) 8:11 20:19 57:9 101:21 140:7,14,14 141:4 33:4 43:7 44:10,22 Mironova (8) 6:22 negotiations (2) 20:9
90:19 94:4 99:5 32:17 50:9 53:1 little (10) 17:1 41:17 Lord’s (1) 6:12 98:15 100:15 108:6 17:12 23:3 56:13 49:15
101:5,5 102:6 lease (15) 10:6,12,14 42:16 51:2 86:20 Lordship (51) 1:3 2:5 materials (5) 9:23 128:22,24 130:14 neither (3) 61:23
105:2 110:19,20 11:11 12:6,11,25 97:3 128:21 135:25 2:11 3:7 32:15 38:4 10:2 15:24 18:2 130:17 63:14 139:25
112:1,13 115:10,12 14:7,23 47:19 48:2 137:9 138:5 42:14 43:16 45:13 33:15 mislead (2) 49:11,18 neutral (1) 86:10
128:22 136:2 48:9,16,23,25 lives (1) 128:17 73:8 79:7 87:9,18 matter (24) 15:4 16:1 missed (2) 90:12 96:9 neutrally (1) 138:9
knowledge (14) 3:9 leased (1) 48:11 LLC (5) 35:21 36:16 87:24 88:18 89:21 19:17 20:4,13 30:4 mistaken (4) 32:5 never (4) 57:15 58:4,5
3:11 17:2 33:9 leave (1) 132:5 48:18 61:4,5 89:23 90:16 94:18 39:15,21,24 40:11 61:10,14 77:5 59:2
40:15,17 41:12 leaves (1) 139:3 loan (4) 17:25 37:6,7 96:3 98:19 99:14 57:12 59:7,17 misused (1) 99:17 new (1) 89:5
55:24 62:16,17 leaving (1) 91:1 84:14 101:12 104:12 82:22 84:17 116:16 Mm (2) 89:16 91:11 news (7) 85:23 132:25
64:2 76:15 78:4 led (3) 28:11 93:2 loans (3) 36:22 37:11 105:10 111:11,15 128:6,12 132:12 molehill (1) 111:25 133:3,4 135:19
79:18 98:2 138:19 112:20 115:1 133:1 135:5,8 moment (9) 1:25 136:20,21
known (4) 62:19 left (7) 6:9,19 49:1 located (2) 20:18 25:5 127:17,24 128:12 138:23 140:2 37:21 52:6 73:3 nice (3) 91:19,21
70:10 102:10,11 87:20 90:5 94:16 logic (1) 84:16 129:8 130:2,10,12 matters (18) 7:6 8:21 80:19 88:16 90:3 134:11
knows (3) 76:5 98:25 130:25 logical (1) 33:16 130:20 131:4,8,9,9 15:9 18:15 19:3,20 112:4 137:4 night (2) 20:18 76:10
137:25 legal (34) 5:17 6:10 long (9) 31:7 39:11 131:11,13,18 132:9 34:21 57:4 65:17 Monday (7) 87:19,25 nominate (1) 12:22
Kolpachkov (1) 23:2 7:1,4,7 8:9 13:12 41:23 43:20 83:15 133:9 134:23 135:4 65:18 75:8,11 88:15,24 130:19 nominated (1) 16:14
Komarova (1) 53:16 13:23 15:5,7,14 85:15 93:11 115:23 137:25 138:7 93:22 95:18 116:14 134:20,25 nominee (2) 53:4
Kontur (2) 61:17 18:7,11,19,21 134:8 139:10 128:9 129:2 130:5 money (4) 80:21 82:8 55:17
62:22 19:13 31:9 39:1,6,7 long-term (1) 14:23 Lordship’s (6) 42:2,11 Maundy (1) 130:21 82:10,21 nominees (9) 53:16
Korabelnaya (2) 22:9 39:21,22 40:4,11 longer (2) 41:10 89:6 44:21 112:5 114:5 maximise (1) 68:15 monitoring (3) 17:11 54:5 55:5,7 56:6
22:13 47:16 58:13 64:15 look (37) 2:9 3:18 132:13 maximum (1) 81:8 30:23,24 57:15 58:1,3 59:6
Kosova (47) 1:5,16 2:5 67:18 68:2 69:6 4:16 5:5,11 9:8,21 Loskutov (1) 54:5 mean (30) 9:5 27:1,24 month (1) 12:1 normal (2) 94:3,6
2:7,9,12,23,25 3:14 75:8,12 81:16 13:12 14:12 17:20 loss (1) 138:4 28:1 36:21 39:5 monthly (1) 48:12 normally (2) 98:6
3:21 4:3,8 5:23 101:18 27:10,15,17 28:20 lost (2) 39:24 70:11 44:13 47:3 62:22 months (1) 53:12 131:7
9:21 10:16 13:8 legality (1) 39:2 30:14 35:6 43:12 lot (4) 29:9 41:18 89:1 63:24 64:9 70:5 morning (7) 1:4 3:14 note (3) 14:15 105:5
14:14 15:22 16:2 legible (1) 109:25 43:15 44:2 46:21 101:21 71:25,25 74:14 26:10 45:4 46:15 138:7
24:3 26:1,8 28:22 legislation (3) 92:16 49:1 52:8 53:13 low (1) 71:7 77:15 84:5,12 85:3 46:21 48:4 notes (3) 45:17
33:6 37:8 38:23 97:17,23 56:24 60:9 67:10 lower (1) 49:12 91:6,7 105:7 mortgage (10) 23:14 131:25 132:1
41:21 42:1 46:19 legitimate (5) 98:22 72:21 77:23 78:15 LPK (3) 7:17,18 17:5 109:10 110:5 23:16 24:13,16 notice (1) 12:11
48:22 49:10 50:13 99:9,15,17 109:8 78:23,24 79:23 Lubeca (1) 60:19 112:14 113:15 25:1,3,5,18,21 72:5 notion (1) 43:2
57:5 59:1 61:25 lend (1) 99:20 82:9 91:17 96:15 luck (3) 45:15 129:21 116:3 131:2 134:19 mountain (1) 111:25 November (1) 22:5
64:9 67:10 68:19 lengthy (1) 60:9 103:6 140:2 129:22 135:24 move (4) 44:8 59:14 number (24) 10:14
70:3 73:16 75:24 Leonid (1) 51:15 looked (3) 39:13 48:3 lucky (1) 134:7 meaning (1) 84:8 60:7 78:14 21:16,21,23,24
76:5 79:16 80:11 Leontyeva (1) 23:9 132:11 lunch (2) 41:10 63:3 means (1) 88:17 moved (3) 28:17 46:1 22:1,3,4,7,9,12,14
81:15 83:23 141:3 Leontyeva’s (3) 23:21 looking (9) 6:25 43:23 Luncheon (1) 45:11 meant (3) 1:25 32:4 135:8 23:25 24:1,23
Kosova’s (3) 45:16 23:22 24:7 45:23 60:14 76:2 lunchtime (1) 42:21 69:18 moving (1) 116:15 39:17 41:19 60:9
60:11 127:18 lessee’s (1) 11:15 77:21 91:25 97:18 mechanism (1) 44:20 Moyke (1) 55:13 98:25 104:14
Kristina (2) 17:12 lessons (1) 64:19 106:15 M medical (1) 116:14 mustn’t (1) 67:1 109:18,20,23 110:2
56:13 lessor (1) 12:17 looks (5) 13:20 43:8 Maggs (1) 134:2 Medinvest (1) 53:21 numbering (1) 97:8
Lesvik (1) 55:9 56:8 68:23 106:14 meet (1) 140:13 N numbers (2) 18:12
Magnum (4) 20:17
L let’s (6) 11:9 14:12 Lord (153) 1:3,5,7,13 meeting (10) 16:22 name (3) 2:6 17:9 89:2
30:8 45:16 132:1
33:17 73:14 78:14 1:13,15,21 2:1,1,4 30:20,25 31:2 38:1
labour (6) 96:15 97:12 majeure (1) 67:8 30:16
103:6 2:5 3:12 8:19,19,23 38:5 39:4,12,14,14 O
106:22 107:2,4,8 major (3) 30:20,25 named (3) 11:7 30:22
letter (19) 28:13,19 9:13,15 11:4 14:1 meetings (3) 15:14,17
lack (1) 110:11 31:1 55:17 oath (3) 3:7 59:8 79:7
65:12,19 70:25 20:15,20 31:14,14 15:18
laid (2) 20:10 43:8 majority (1) 56:3 names (6) 18:18 object (3) 71:8 94:11
91:25 92:6,7,7 96:5 31:21 32:10 34:5 member (2) 15:18
land (14) 21:12,15,17 making (2) 113:14 28:13,18 57:14,25 94:14
96:16,21,23 106:6 41:3,9,25,25 42:5 31:1

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

147

March 10, 2016 Day 25 — Redacted

objecting (1) 87:22 objection (1) 104:15 objects (1) 23:15 obligation (2) 95:15

95:17

obligations (1) 115:22 obliged (2) 82:3 116:4 observation (1) 116:4 observe (1) 113:16 observed (2) 64:13

136:9 obstacle (1) 92:23

obtain (3) 69:6 70:25 103:24

obtained (2) 24:4 62:18

obtaining (2) 63:11 69:25

obvious (1) 68:19 obviously (21) 8:8 15:6 34:8 37:6

43:20 46:23 47:4 49:8 55:21 74:1,6 77:4 88:2 96:23 107:10 108:1 110:5 130:25 131:6 133:18 135:24

occasion (2) 55:6 93:4 occasions (3) 19:7,15

59:15 occurred (1) 39:6

October (4) 76:1,9,12 76:17

odd (5) 88:25 93:2 101:22 110:15 114:19

offer (2) 35:7 74:20 offered (1) 44:3 office (1) 63:18 official (4) 25:11

84:23 92:15 97:16 offshore (8) 52:19

53:23 55:5,10 56:6 57:15 58:1 59:7

Oh (1) 92:10

Okay (4) 28:25 78:14

86:25 97:9

old (1) 89:5

OMG (9) 16:12 19:16 19:19,20 36:22 37:11 39:1 60:17 68:16

OMG’s (1) 16:4 once (8) 14:9 19:5,9

59:2 76:24 127:22 131:13 137:5

one-sided (1) 104:9

Onega (3) 17:3 138:4

138:4

ones (2) 84:3 94:19 oneself (1) 114:11 ongoing (1) 39:1 open (9) 85:12 92:25

108:10,19 112:19 113:4,7 127:14 141:8

opened (2) 96:2,4 opinion (6) 23:9,14,17

25:9 39:21 49:2 opportunity (2) 65:2

65:23 opposed (3) 13:25

33:11 38:6 opposite (1) 18:12 optimist (1) 67:1 option (1) 44:18 oral (2) 134:20,23 order (15) 36:11

44:10 65:13 68:10

68:17 69:6 82:23 88:17 97:21 103:20 104:4 113:4,23 114:1,3

ordered (1) 70:22 orders (2) 44:9 104:1 ordinary (1) 44:11 organised (5) 63:15

66:6 74:10,22 76:24

organising (1) 64:6 original (8) 28:19 46:6

51:10,18 52:4,9 57:3,11

Orion (1) 55:10 ought (1) 2:25 outstanding (2) 37:6

87:5

overall (2) 7:25 17:13 overlooked (1) 50:2 oversee (2) 69:3,9 overseeing (3) 65:17

69:11 73:18

oversight (3) 17:13

37:16 74:3 overspill (1) 131:21 owed (3) 17:15 68:11

68:18

owned (24) 17:4,5 29:25 51:10,22,25 52:13,17 53:15,22 54:2,4,10,17,20 55:4,14,16,19 56:4 56:6 61:6,17,23

owner (2) 59:20,23 owners (5) 57:18,23 58:14,23 59:12 ownership (10) 21:25

22:5,10,14 57:2,11 58:15,16 59:6,17

owns (2) 52:18 53:3

P

page (56) 2:10,15,16 3:19 4:4 11:24 14:12,13 20:25 21:5 23:6,18,18 24:9,10 27:10,11 29:2,13 30:9,19,21 33:1 38:10,12,19 47:14,18 48:7 50:7 51:7 52:9 54:22 55:1 56:17 61:3,16 61:21 67:11,16 68:13 76:3 80:10 80:13 92:8,11 96:7 96:8,21 97:8,11 99:1,1 112:13,16 141:2

pages (7) 33:2 38:8 61:9,14 79:2 96:7 97:6

paid (6) 12:5 82:8,21 84:22 105:18,21

Panasonic (1) 79:1 pans (1) 137:2 paper (2) 91:18

115:14 paragraph (31) 32:22

32:24 33:2,7 54:23 56:24 60:15,18,21 61:3,8,10,14,17,19 61:22 67:11,12,17 68:1,3,12 76:2,4 80:14,23 82:2,9 89:1 96:21 97:10

paragraphs (1) 77:22 Paranich (1) 55:8

pardon (3) 9:4 17:18 103:9 104:14 48:1 53:8 63:25 preserve (1) 43:9 70:9,13,15,15
32:3 106:21,24 107:3 64:4 67:9 73:10,25 preserved (2) 29:22 73:19 74:5,7 75:8
pare (1) 132:1 109:16,17 132:21 74:18 75:13 78:12 39:23 75:12,15 77:12,14
parent (1) 29:17 personally (8) 4:14 81:2 87:13 88:9,10 press (2) 90:1 99:4 77:15 79:20 81:13
park (1) 112:3 62:12,13,22,25 89:9 91:6 93:10 pressure (1) 129:12 84:1 85:5,5 89:15
parochial (1) 101:8 64:2 74:6 100:23 96:20 97:18 103:6 presumably (9) 8:16 92:17 98:21 99:15
part (31) 10:24 15:16 persons (1) 70:10 105:4,25 106:1 22:25 47:5,8 49:23 99:22 101:24
17:3,4,4 18:4 22:19 perspective (4) 31:9 113:22 114:15 50:16 54:6 58:11 103:13,23,25 104:3
25:12,24 31:2 36:1 69:6 97:18 138:11 115:2,16,24 128:13 81:15 108:3,6,17 113:24
36:21 47:5 48:25 pertain (1) 23:22 138:8,16 presume (4) 17:16 115:4
49:14 50:6 52:12 pertained (1) 28:9 pointed (1) 92:25 57:19 70:11 101:12 proceeds (1) 19:25
53:21 54:9,24 pertaining (1) 31:25 points (7) 60:10 87:5 presumptuous (1) process (17) 4:14,18
55:18 57:19 64:13 Petersburg (7) 2:8 4:6 88:10 96:14 108:5 101:8 7:15,19 18:8 27:9
69:21 74:23 75:20 22:8,13 30:1 55:14 112:21 127:16 pretend (1) 135:16 36:21 40:15,17,23
77:11 96:23 99:16 104:20 poorly (1) 64:8 prettier (1) 91:23 70:21,22,24,24
115:4 130:23 phone (1) 79:1 Popov (5) 132:5 pretty (3) 105:7 83:14 92:18 104:2
partes (2) 42:10 44:23 photo (1) 1:12 133:25 138:14 114:24 136:6 processed (2) 92:13
particular (11) 10:24 physical (2) 10:12 139:5,6 prevent (1) 106:2 96:19
20:4 40:4 64:19,21 65:20 port (2) 20:1,10 previous (1) 39:7 processes (1) 75:16
69:17 77:8 105:16 pick (3) 127:16 129:1 portal (2) 58:7 59:4 previously (3) 14:15 processing (1) 97:14
105:18 113:10 131:13 position (28) 5:16,22 31:16 56:20 produced (3) 88:12
136:17 picture (2) 37:10,13 6:6,9,14,15,19,21 price (29) 14:22 66:1 107:5 139:1
particularly (5) 98:24 piece (1) 91:18 6:24 29:15,22 42:7 66:2,3,12,17,18 produces (1) 63:12
110:14 113:13 pinkish (1) 91:18 43:11,19,25 45:1 71:7,19,20 72:16 producing (1) 70:8
136:18 137:13 place (13) 27:1 35:4 65:25 68:9 70:19 72:18 76:19 77:2,3 production (1) 88:19
particulars (2) 51:8 43:8 76:1,16,18 95:19 99:24 110:15 77:16,21,23 80:14 professional (3)
56:15 102:23 103:14 111:5,12 113:24 80:17 81:4,5,5,21 100:11 136:12,13
parties (10) 43:7 62:6 108:1 112:9,19 114:19 115:12 83:7,7 84:4,10 85:9 professionally (1)
62:7 70:10 72:18 113:12 114:11 138:13 prices (1) 78:24 59:9
72:20 108:24 placed (1) 110:8 possess (1) 79:21 Pridorozhneo (1) Professor (7) 42:3
109:14 113:12 plain (2) 27:11 111:8 possession (1) 11:15 36:18 90:23 132:16,21
136:5 plan (1) 131:25 possible (10) 16:4 principle (1) 83:9 139:11,13,24
partly (1) 58:12 planned (1) 131:10 32:25 68:10,17,21 principled (1) 87:22 profiles (1) 58:22
parts (5) 20:24 33:5 planning (1) 130:1 69:2,7 72:22 78:21 principles (2) 94:3,7 progress (2) 73:15
46:2 47:12 60:17 plans (1) 129:3 81:21 prior (4) 6:16,17 9:24 139:18
party (12) 26:16 69:19 play (2) 37:18 89:18 possibly (6) 25:16 24:25 promise (1) 139:22
70:3,6,7,12,15 played (1) 75:20 31:10 75:4 90:19 prioritise (1) 95:4 promised (1) 88:14
72:19 84:7 99:24 plead (1) 89:6 101:19 102:13 private (8) 86:24 91:2 proper (1) 101:14
106:25 107:7 pleading (4) 88:13,19 posted (1) 99:6 116:8,15,18 128:6 properly (1) 89:10
passage (1) 140:8 88:20,24 postponing (1) 108:9 139:13 141:7 properties (2) 34:23
passport (3) 94:12 pleadings (3) 50:6 potential (2) 97:25 privilege (3) 8:9 39:6 36:10
109:20,23 57:7 127:19 98:22 49:8 property (38) 10:15
passports (2) 93:22 please (17) 1:3,5 2:6,9 potentially (1) 116:14 privileged (3) 8:10,21 11:14 17:8 21:11
109:10 2:15,21,24 15:21 power (2) 112:17,18 9:3 21:20 22:4 24:12
pause (12) 5:10 9:7 22:16 32:15 45:13 practical (3) 18:14 probably (15) 8:19,22 24:14,18,19,23,25
17:19,19 37:22 51:18 59:18 62:8 46:16 98:3 8:23 41:21 42:24 25:4,5,16,17,21,22
41:2,5 57:12,16 70:5 73:8 78:9 Pravdy (1) 63:18 45:3 46:6 87:13 26:5 27:1 39:17
78:13 85:21 132:24 pledge (17) 14:6 prayer (1) 104:2 88:5,9 115:10 40:12 48:10,14
pauses (1) 41:4 22:17 25:12 26:19 precautions (1) 44:9 116:9,11 132:3 49:12 66:15,16
pay (5) 80:21 82:3,20 29:20,24 34:17 precisely (2) 51:25 134:14 72:12,14 83:7,9,10
83:1,2 35:5 39:22 40:18 84:2 problem (16) 33:18 83:12,15,17,18
payment (1) 81:24 73:22 80:9 82:8 prediction (1) 100:19 33:20 34:3,7,12,15 84:7,24
payments (4) 12:1 84:14,21,21 85:7 prefer (2) 43:23 34:18 39:9 40:4 proposal (6) 38:20
104:21 105:16 pledged (20) 4:7 130:23 41:8 45:16,17 90:8,10 98:3 100:7
106:19 21:13 24:20 25:6,9 preference (1) 86:8 91:13 103:14 113:8 113:25
Payrolls (1) 106:18 25:17 27:1,2 29:15 preferred (1) 42:18 139:25 proposed (2) 16:2
people (10) 18:18 29:25 33:19,20 prejudge (1) 31:21 problematic (1) 25:13 135:25
35:21 64:21 74:24 34:14,16 36:10 premised (1) 100:18 problems (1) 34:21 proposing (1) 115:11
75:2 100:10,11 37:5 62:15 66:15 premises (1) 137:20 procedure (8) 69:9,10 prospect (1) 43:21
101:2,9 113:14 66:16 70:18 prep (1) 136:10 70:1 71:1 80:6,7 Prospekt (1) 2:7
perceived (1) 132:22 pledgee (1) 39:16 preparation (5) 5:10 83:21 85:11 protect (3) 38:25
percentage (1) 85:2 pledges (5) 4:19 8:18 7:2 42:22 73:11 procedures (7) 68:8 44:20 111:11
perfectly (1) 101:14 36:23 70:16 72:3 128:1 69:5,8,16 71:10,13 protection (3) 99:18
perform (4) 8:6 65:20 plenty (1) 7:5 prepare (6) 41:4 84:23 105:23 106:2
81:25 110:9 plot (11) 21:12,14,17 133:17,18,19,20 proceed (3) 98:8 protocol (1) 89:13
performing (2) 8:13 22:4 24:24 25:6 136:6 101:1 107:17 protocols (1) 127:19
8:15 36:15,18,19,20,22 prepared (11) 30:22 proceeded (1) 31:24 protracted (1) 19:24
peril (1) 107:13 plot’ (1) 24:22 30:23 51:13 58:8 proceeding (1) 32:16 provide (7) 28:2 35:25
period (8) 10:21 12:6 plots (2) 24:20 36:25 95:14,20 98:19,19 proceedings (75) 2:21 49:5,16 57:23,25
15:13 18:3,6 47:10 pm (12) 32:14 41:20 100:3,4 104:12 10:22 16:6,11,15 96:17
48:12 129:14 45:9,10,12 67:3,5 preparedness (1) 16:19 17:13 18:5 provided (7) 23:23
permission (1) 59:14 73:4,5,7 128:4 130:21 22:19 26:12,15 47:16 48:1,9,15
permit (2) 98:13,14 140:15 preparing (1) 20:17 27:4 29:4 32:1,17 58:17 103:8
person (7) 11:5 13:5 Po (1) 52:23 presence (2) 24:16 35:1 36:2,4 37:14 provision (7) 12:10,14
59:22 65:25 93:6 point (47) 1:21 13:4 48:17 40:18,20 47:12 76:25 99:18 108:13
95:23 102:12 13:23 16:18 26:23 present (3) 1:7 39:14 63:4,9,10,25 64:5 112:7 113:17
personal (15) 40:15 31:6,13 32:9 33:10 129:19 64:11,16,25,25 provisions (10) 12:19
40:17 62:16,17 34:6 35:14 36:15 presented (1) 104:9 65:14,22 68:2,6,10 13:12,24 29:10,11
64:2 92:9 96:18 42:1,8 43:1 47:18 presently (1) 129:20 69:4,4,8,20,21 70:4 77:14 107:13,25

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

148

March 10, 2016 Day 25 — Redacted

108:12 112:25 public (36) 4:23,25,25

26:17,25 34:15 35:3 42:5 57:4,12 57:13,14,16,19 59:7,17 60:4 65:24 74:10,21 75:25 76:8,13,14,16,23 76:24 77:12 85:12 86:22,24,25 87:3 99:12 108:7 109:9

publication (1) 109:6 publications (1) 98:25 publicly (5) 57:20

104:23 105:15,22 106:8

puff (1) 103:17 punchline (1) 135:18 purchase (2) 34:24

35:11 purchased (1) 34:23 purchaser (1) 52:10 purchasers (7) 51:10

51:19 52:4 54:16 57:3,4,12

pure (1) 20:6 purported (2) 4:22

35:3

purports (2) 37:9 80:2 purpose (13) 16:2,3 37:12 38:24 48:13 85:3 92:13 96:19 97:14 98:9 99:11

99:23 108:2 purposes (2) 18:14

99:14 pursuant (4) 26:19

92:14 97:15,21 pursued (1) 110:5 put (29) 13:16,21 34:1

39:25 43:18 45:6 49:25 83:23 84:24 91:16 99:21 100:7 100:21,24 107:13 107:16 108:7,8,24 109:15 111:2 113:23,25 114:11 115:7 133:2 138:9 139:15 140:9

puts (1) 99:3 putting (3) 99:24

102:22 109:8

Q

qualification (1)

136:22

question (29) 7:3 8:20 12:23,24 27:19 39:25 40:3 41:6 42:2 46:7 60:8,11 62:8 66:11 78:9 81:8 87:14 88:11 90:5,22 98:11,17 101:20 116:10 138:16,21 139:3,6 139:8

questioning (1) 41:14 questions (9) 1:17,20 5:24 6:12 9:11

31:23 51:5 64:8 139:5

quicker (1) 116:6 quickly (1) 55:3

quite (26) 16:17 25:23 31:12 34:5 68:19 78:21 84:11 86:10 89:11 90:22 93:5 97:5,19 98:19

99:10 101:7,21 104:12 105:10 111:5 116:7 132:2 132:2 133:24 138:10,17

R

radically (1) 13:19 railway (6) 22:6,11
23:15,17,25 25:11 raise (1) 93:4

raised (7) 40:3 51:5 94:19,20 105:4 112:11 132:21

rate (1) 116:17 Razvitie (1) 55:15

RBS (4) 132:12 133:1 135:5,8

re-amended (1) 56:15 re-examination (1)

32:19

re-issued (2) 22:11,15 re-read (1) 112:15 reach (2) 20:9 73:10 read (27) 3:4 10:4

13:22,22 14:1,17 20:24 21:25 22:3 23:20 24:9 25:25 26:7 29:1,9 43:3 47:25 48:7 50:17 50:19,20,22 81:18 112:19,19 127:16 134:23

reading (9) 15:15 21:8 22:8,12 23:11,17 24:6 56:25 83:18 ready (3) 85:16 89:11

132:1

real (9) 1:11 10:13 25:8 62:5 66:20 95:10 104:6,15 138:10

realisation (17) 4:7,19 7:13,15,21,24 8:17 17:3,7 18:8 36:25 37:17 40:16 65:4,6 68:16 74:2

realisations (2) 37:2 75:19

realise (2) 74:16 75:1 realised (2) 29:21

36:22

really (45) 18:24 19:4 19:5,6 32:25 33:12 35:7,10,13 37:19 40:6,15 41:14 44:18,22,24 45:22 46:9,15 59:8 73:10 88:15 92:22 94:19 94:21 95:10,13,20 98:4,17 103:7 104:15 108:5 112:24 114:21 115:24 133:11,12 135:2 136:4 137:4 138:6,16 139:4 140:12

reason (13) 3:24 31:11 64:19,21 84:1 101:11 102:23 103:11 105:22 113:11 116:13 131:17 137:11

reasonable (2) 32:6

136:15 reasons (4) 79:11

96:24 102:7 128:1 reassurance (1) 100:9

recalibrate (3) 110:10 refresh (1) 29:5 repaid (1) 84:20 review (2) 42:6 90:8
112:1 114:14 refrigerator (1) 79:1 repeat (2) 78:9 136:9 reviewed (1) 81:16
recall (56) 4:13 5:14 regard (26) 7:11,18 replaced (1) 6:22 revise (1) 26:9
6:17 9:24 10:4 15:11 24:15,18,24 replies (1) 45:4 rhetorically (1) 108:3
15:22,25 16:14,21 25:16 27:22 28:10 reply (2) 112:23 113:8 Richard (1) 133:5
16:24 17:11 18:1,3 28:15 39:12,15,18 repo (2) 16:22,24 right (67) 1:13 3:2 4:3
18:17 19:9 20:8,11 47:10 62:15 63:9 report (12) 42:3,9 4:8 6:25 8:22 10:1
20:13 23:4 25:14 63:11 64:24 66:11 44:15 46:22 47:1,6 11:9 16:2 18:6 19:7
25:25,25 26:17,20 66:12 69:21 70:16 47:15 72:11,19 31:19 32:2 33:5
26:25 27:3,8,19 71:12 81:10 84:19 77:6 90:23 131:14 34:4 38:1 40:25
29:2,4 30:2,3 31:4 104:6 reported (1) 7:10 41:2 45:5,9 47:13
31:6,11 36:6 38:16 regarded (1) 88:24 reports (3) 72:22 50:4,24 51:7 53:13
39:4,8,9 40:8 47:11 regarding (1) 58:16 105:12,15 56:2 67:15,20,22
51:3,5 53:10 62:25 regards (1) 110:10 representation (1) 70:9,20,23 71:7
63:22 65:16 66:4 regimented (1) 71:10 101:18 72:18 77:20,23
73:19 76:23 78:20 region (1) 60:13 representative (1) 78:24 80:4,11,11
83:9 85:10,17 register (12) 21:19,20 89:14 82:2 83:22 84:21
94:18 21:22,23 24:18,25 request (15) 12:17 85:20 86:7,22 87:4
receive (3) 69:13 71:2 58:18 59:21,25,25 25:15 26:3,4,6 87:8 89:6 90:22
71:11 60:2,3 27:21,24 29:23 95:24 96:22 97:5
received (6) 36:12 registered (2) 25:3 30:12 36:12 50:7 98:18 103:19
42:14 58:9 81:14 58:18 51:3 54:15,19 58:2 105:11 106:13
89:17,18 registration (7) 11:12 requested (3) 24:17 112:22 116:12,15
receiving (1) 64:7 21:25 22:4,10,14 39:20 40:9 128:5 130:9 136:24
reckon (2) 40:4 86:11 25:3 48:16 requests (1) 58:8 138:3,17 139:20
reckoning (1) 134:18 regulator (1) 102:24 require (1) 12:18 140:11
recognise (5) 3:23 4:3 reiterate (1) 93:10 required (3) 39:3 right-hand (1) 2:11
13:8 28:22 97:20 relate (1) 97:13 65:14 132:6 rightly (1) 68:19
recognises (1) 140:3 related (5) 18:16 reserve (6) 66:1,2,8 rights (7) 17:23,24
recognising (1) 98:18 19:20 27:19 28:16 71:19 72:17 77:2 21:25 39:23 82:11
recollect (4) 4:15,16 87:16 reshuffle (1) 135:25 84:12 93:13
19:4 78:22 relates (5) 51:8 78:17 resignation (1) 104:17 ring (5) 27:7 101:20
recollection (6) 5:12 80:8 90:23 116:16 resist (1) 113:24 102:23 103:7
36:8 39:12 40:22 relating (3) 37:13 resolution (1) 31:24 108:22
41:18 78:12 75:11 89:25 resolutions (1) 69:25 risk (6) 31:9 33:25
recollections (2) 25:24 relation (10) 36:2 52:9 resolve (3) 42:25 43:6 93:5 100:4,5,13
29:5 52:23 54:15 61:2 128:6 risks (5) 14:20 39:21
reconstruct (1) 89:5 64:13 75:25 81:5 resolved (1) 139:13 39:22 40:11 99:25
reconvene (1) 67:2 95:18 107:14 respect (25) 12:24 risky (1) 95:22
record (14) 20:21 21:9 released (2) 41:24 14:2 17:15 19:21 rival (1) 139:17
23:20 24:7,10 82:8 20:4,9 21:11,12 role (6) 8:6,13,15 33:8
25:11 57:4,12,16 relevant (8) 46:24 49:6 51:6,18 58:7 37:18 67:18
58:15 59:7,16,17 103:4 106:11 107:1 59:19 68:18 72:3 Romashov (2) 53:4,7
60:4 107:13 108:12 72:11 74:4 75:10 Roslyak (1) 24:1
recorded (4) 38:5 110:5 137:23 75:11,19 102:16,17 Roslyakovskiy (1) 22:6
104:21,22,23 reliability (1) 102:12 107:22 111:17 round (1) 41:16
records (1) 57:14 relied (1) 44:23 136:22 RPC (3) 20:22 91:25
recover (4) 37:5 68:9 relief (1) 137:15 respectable (1) 93:9 106:9
68:17,20 relying (1) 113:22 respectful (1) 131:23 RUB (6) 71:17 77:17
recoveries (1) 37:10 remain (1) 131:20 respectfully (2) 44:17 78:3,25 79:1,1
recovers (1) 69:1 remember (6) 10:3 129:24 rule (2) 25:2 113:2
recovery (6) 17:14 40:6 87:18,19 respectively (1) rules (4) 99:24 101:2
36:21 80:9 81:8,21 88:13 91:16 138:12 101:25 111:21
131:21 remind (5) 30:18 33:6 respondent (1) 80:21 ruling (1) 106:15
redacted (15) 93:24 56:10 79:4 129:19 response (9) 23:7 rulings (1) 107:10
94:2 110:2 116:19 reminded (1) 92:4 25:22 27:15 28:14 run (1) 100:13
117:1 118:1 119:1 remit (1) 81:24 50:6 51:16 52:22 running (1) 94:5
120:1 121:1 122:1 remuneration (3) 93:1 58:2,7 rush (1) 41:4
123:1 124:1 125:1 104:16 105:11 responsibility (4) 8:1 Russia (8) 95:8 101:6
126:1 127:1 Renord (40) 18:8,11 58:12 69:1 81:6 101:9 102:25
redaction (2) 98:15 18:19 19:3,12 20:4 responsible (12) 5:9 103:14 104:3,4
104:13 20:5 23:1 25:16 10:16 11:3,5 47:4 113:24
redactions (1) 94:11 34:25 35:4,16,17 57:9 64:12 65:18 Russian (45) 3:19,25
reduce (1) 68:10 52:5 54:9 55:18 67:19 68:2 75:9 12:19 14:18 16:4
reduced (3) 36:22,23 56:5 73:23 74:1,13 84:9 16:23 20:16,23
37:7 74:16,19,23,25,25 responsive (1) 88:19 29:10,11 32:24
reduction (2) 14:8,21 75:3,10,15,18,22 rest (2) 127:16 128:7 38:11 48:8 50:13
refer (2) 65:7 76:8 79:16,24 82:15,16 restore (1) 65:3 50:20,23 55:6
reference (5) 20:22 82:19,24 83:3,6 restored (1) 41:8 60:12 61:15,20
22:23 47:19 48:24 84:7 85:6 restricted (1) 106:23 67:12,14 68:4 76:5
114:4 Renord-Invest (9) restriction (3) 109:6 92:16 96:17 97:17
references (1) 132:1 18:12 33:10,16,24 109:15 114:4 97:19,23 98:23
referred (5) 15:4 52:12 53:21 55:6,7 result (1) 45:17 99:19 102:11 103:4
108:18 112:10 55:11 returned (1) 84:22 103:20 105:3
113:4,7 Renord-Invest’s (2) revealed (3) 102:3 106:23 107:14
referring (2) 13:2 16:7 33:8,13 106:3 109:23 111:12 115:12,13
refers (2) 77:18 92:8 rent (3) 11:25 12:4 revealing (1) 103:3 129:17,23 134:1,6
reflected (1) 98:23 48:12 revelation (1) 41:17 134:11
reflection (1) 43:13 reorganising (1) 45:3 reversed (1) 16:23

S

salaries (1) 106:3 salary (2) 105:23
107:4

sale (38) 4:25 7:18 14:22 20:1 26:18 30:13 37:18 40:21 62:21,24 63:8,16 63:17,20 65:24 66:12,13,17 68:7 70:24 71:19 72:17 74:9,10,21 76:13 76:16,18,23,24 77:2,12 78:17 82:23 84:25 85:12 85:12,13

sales (8) 27:1 37:2 64:3,6 66:6 70:2 75:17,19

Sankt-Peterburga (1)

55:15 satisfaction (1) 44:21 satisfactory (3) 43:6

44:20,25

satisfied (3) 76:18

81:20 137:21 satisfy (2) 76:21,22 save (2) 41:16 104:13

Savelyev (3) 51:11 128:23 130:15

saves (1) 133:6 saw (5) 15:24 18:2

35:25 76:11 81:9 saying (16) 36:5 40:5 40:5 62:7 71:18 84:6,11 96:15

100:1,2,3,17 101:23 110:20 115:6 139:1

says (6) 23:18 24:21 48:6 68:14 96:17 114:19

scan (7) 4:22,24 5:2 7:13,15 17:4 29:1 scan-read (1) 10:11 Scandinavia (9) 3:22

4:7,10 7:17,18 17:5 28:15 38:21 138:2

scenario (1) 86:13 sceptical (2) 93:8

95:12 schedule (5) 2:25

96:16 106:10 133:12,15

scheme (3) 35:6 87:22 133:22

schemes (1) 35:8 scope (1) 41:11 scoured (1) 134:9 screen (13) 3:19 5:5

14:13 15:21 17:21 27:11 28:21 30:9 37:24 67:21 76:4 78:15 80:1

scroll (25) 4:4 11:24 29:4,8,12 33:1 38:8 38:10,11,19 52:3,7 54:3,22 55:1 61:2,8 61:9,13,15,19 67:15 68:4 79:2 80:13

scrolled (2) 29:6,7 seasoned (2) 136:11

136:14

second (7) 20:25 24:6 28:5,8 96:13,21 109:16

secondly (4) 31:9 35:9

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

149

March 10, 2016 Day 25 — Redacted

92:24 95:8 32:16 37:9 56:18 29:16 space (1) 46:14 9:17,21 11:9 16:6
section (3) 30:15 66:15,17 71:6,20 sincerely (2) 22:19 SPARK (5) 57:22,25 28:20 31:18,22
91:18 113:12 71:21,25,25 72:5 59:5 58:5,21 59:3 32:3,8,15,21 34:5
sections (1) 78:25 77:3 82:23 85:9 sir (9) 7:23 12:24 16:9 speak (1) 90:2 34:12 40:14 41:2
securities (1) 68:7 107:14,18,23 62:7 70:5 84:6,11 speaking (8) 4:20,21 42:17 43:17,17,22
security (2) 51:14 sets (3) 29:3,10 72:17 84:17 85:9 14:9 18:10 19:12 44:1 45:2,7,13 46:1
68:16 setting (1) 37:13 sit (7) 1:19 13:5,14 46:25 74:15 130:22 46:4,8,13,19 49:22
see (109) 1:9,11 2:14 settlement (9) 3:21 130:21 131:5,9 speaks (1) 9:6 49:24 50:5 56:15
4:16 5:5 10:6,8,12 4:6 20:9 79:14,15 132:15 special (1) 113:17 57:25 59:5,14 60:7
10:14 11:10,10,12 79:23 80:3,5 84:19 sitting (4) 16:15 18:17 specific (7) 7:4 16:9 66:24 67:2,6,10,21
11:14,16,19,25 Severo-Zapadnaya (1) 21:11 132:9 37:2 52:8 83:8,13 67:23 68:1 71:4,6
12:1,3,4,8,9,10,12 54:9 situated (1) 24:20 83:20 73:1,8,15 75:23,24
12:13,14 13:9 Sevzapalians (11) situation (8) 4:17 23:5 speed (1) 33:21 78:8,10 85:14 86:8
14:14 17:22 21:1,3 26:13 27:4 29:18 25:14,22 62:2,3,19 split (1) 75:7 86:13 89:13,22
21:4 23:7 29:13,14 35:2,20 36:2,8 101:23 spur (2) 22:6 24:1 90:2,6 91:5,10,12
30:14 33:20 34:18 52:10,19 54:12 six (1) 78:25 St (7) 2:8 4:6 22:8,13 91:17,21,25 92:3,6
35:14 38:3,19,22 55:21 skeletons (1) 110:18 30:1 55:14 104:20 92:11 93:24 94:3
42:18 43:6,11,18 Sevzapalians’ (2) SKIF (4) 38:15 54:24 stage (2) 40:15 110:23 94:11,18,21,25
43:22 44:4,16 26:20,22 55:22,23 stamp (1) 85:4 95:3,25 96:12,14
45:20 46:10 47:14 shaky (1) 64:20 Sklyarevsky (2) 54:18 stand (4) 1:9 50:2,24 96:24 97:2 98:20
47:18,22 48:1,5 share (6) 58:18 59:25 55:23 133:25 102:14 109:21
49:2 50:8,11,12 60:2,3 109:14 Sklyarevsky’s (1) standard (3) 98:10 110:13 111:3 112:2
51:7 52:3 53:20 111:15 54:24 110:9 113:16 112:23 114:15
54:3,12,14 56:16 shareholder (2) 52:15 slightly (9) 41:10 standing (1) 135:4 115:1,9,17,21
57:14 58:17,19,22 55:23 64:20 88:25 102:17 start (8) 42:12 52:9 116:7 128:3,12,16
59:11 60:24 62:3 shareholders (4) 104:9 109:7 111:21 85:22 128:15,20 128:23 130:16,18
73:14 77:18 80:10 54:11 55:12 58:19 128:18 133:21 129:2 130:19,23 132:21 133:18
80:13,15,20,23,24 107:6 slot (4) 86:20 88:3 started (4) 83:16,17 134:22 135:22,23
82:2,6 84:5,16 shareholding (1) 27:5 139:7,16 96:14 98:4 136:3,12 137:1,4
93:12 95:12 97:10 shares (2) 16:13 57:24 slow (2) 37:22 51:1 starting (5) 77:16,20 137:11,24 139:4,11
98:16,20,23 99:16 shed (1) 47:14 small (1) 17:19 77:23 130:15 132:3 139:21,22 140:7
101:7 102:7,21 Shipping (2) 60:23 Smirnov (21) 32:22 state (4) 11:11 51:18 141:5
103:7 106:15 109:7 61:11 51:14,21,23 52:1 52:11 114:22 Stroilov’s (4) 42:6,21
109:22 112:2 113:1 shipyards (1) 20:2 52:14,18 53:15,23 stated (4) 24:1,2,19 89:10 130:25
115:3 128:11 short (10) 32:13 43:3 54:5,10,17 55:4,14 25:4 structure (4) 18:22
130:12 131:9 133:9 67:4 73:2,6 85:19 55:16,19 56:4 statement (28) 2:13 19:13 24:22 58:17
137:2 138:5 139:19 85:23 89:9 127:25 57:15 90:24 116:10 2:20,22 3:2,4,10 study (1) 10:23
seeing (3) 64:12 78:20 134:7 131:4 15:15 32:21 33:7 stuff (4) 86:22,25 87:3
113:1 shorthand (1) 67:7 Smirnov’s (1) 33:7 37:9 41:7 45:16 109:11
seek (2) 20:3 107:25 show (4) 104:12 sold (13) 4:22,25 46:2 50:10,17 56:7 subbuilding (2) 22:9
seeking (2) 20:9 99:8 105:15 111:6 114:7 34:15,17 40:22 57:6 60:10,11,17 22:14
seen (14) 9:23,24 10:1 shown (3) 31:16 62:5 66:16 71:16 67:11,20 68:22 subject (13) 9:10
14:15,16 26:9 84:13 92:22 77:20,22 78:7 84:7 69:3 76:3 77:18 25:10 26:19 27:20
30:21 34:13 49:24 shrink (1) 102:18 85:7 81:7 140:3 28:5,9,18,18 29:20
49:25 78:21 89:21 side (14) 5:9,13 8:23 solid (1) 132:2 statements (1) 8:14 35:5 109:5,14
99:5 131:13 10:17 17:10 44:5 Solo (1) 61:23 stating (1) 48:10 113:6
sees (1) 64:11 51:16 74:15 93:3 Solon (1) 3:16 status (1) 48:16 submission (4) 42:22
seldom (1) 19:6 97:19 100:20 solution (3) 34:25 statute (7) 12:19,21 44:24 111:3 131:23
Selezneva (1) 36:18 107:11 114:19 98:3 109:2 71:21,25 72:1 submissions (2) 44:11
sell (9) 71:22 78:10,11 115:9 somebody (3) 96:11 77:14,15 134:17
83:7,10,12,15,16 sight (1) 43:7 100:19 109:22 statutory (2) 13:24 submit (3) 44:17
83:17 sign (2) 108:22 113:14 somewhat (1) 104:5 66:1 129:24 138:12
selling (1) 27:2 signatories (1) 31:25 song (1) 100:16 stayed (1) 28:19 submitted (1) 24:12
semblance (1) 13:20 signature (7) 2:16 soon (1) 85:18 staying (1) 128:18 submitting (2) 65:12
semi (1) 109:25 14:24,25 28:23 sooner (4) 87:14 91:9 Steadman (1) 138:22 65:12
sense (8) 26:20 90:1 30:15,17 96:7 129:8 130:24 step (3) 43:10 77:20 subparagraph (6)
97:25 98:9 104:8 signatures (3) 4:11 sorry (29) 2:1 3:24 77:23 52:22 53:13,20
108:3 110:16 11:23 88:23 8:19 21:6 22:21 steps (12) 44:8,9 54:1,3 92:12
115:17 signed (11) 15:6 50:9 23:19 24:3,11 63:13 68:15 69:17 subparagraphs (1)
sent (5) 25:15 26:4,5 50:17 57:6 76:12 31:19 37:21 40:2 76:21 77:11 83:5,8 55:3
27:14 96:24 81:17,19 82:7 41:6,25 44:16 83:11,13,20 subsequent (3) 54:16
September (4) 21:2 88:22 89:13,19 45:24 46:6,19 Stimul (1) 61:5 57:3,11
24:8 27:12 48:14 signing (2) 15:10 58:20 64:9 67:20 sting (1) 135:7 subsidiary (1) 35:2
series (1) 103:25 89:22 71:5 73:11 75:23 stipulate (1) 66:1 substance (2) 88:9
serious (1) 115:25 silly (2) 46:6 90:18 78:8 85:21 114:13 stood (3) 34:23 91:22
serve (1) 44:19 similar (3) 38:20 128:25 132:24 132:11 138:6 substantive (2) 38:9
served (3) 44:10,23 54:15,18 135:1 stop (2) 6:13 134:12 94:15
50:25 Simonova (6) 131:15 sort (13) 43:10 45:24 storm (2) 115:17,19 succinctly (1) 140:10
service (16) 20:6 63:1 131:22 133:16 90:9 94:5,9 99:9 straight (1) 135:17 sufficient (4) 48:15
63:13,14,23 64:17 136:1 138:6,15 107:11,19 130:7 straighten (1) 137:19 136:15,16 139:14
65:8,21 69:14,24 simplest (1) 46:8 131:20,24 136:7 straightforward (1) suggest (8) 35:15 88:5
70:1 74:11 79:12 simply (17) 39:21 41:4 139:17 31:12 105:10 107:17
82:23 84:24 85:12 44:3,4 46:16 47:13 sorted (1) 4:1 strain (1) 133:24 109:1 114:2 131:11
services (1) 28:2 75:4 90:2 91:12 sorts (1) 75:19 Street (3) 22:9,13 133:15
serving (1) 69:23 93:12 95:3 102:1 sought (1) 73:21 63:18 suggested (1) 31:14
Serykh (1) 78:5 108:8 111:11 sound (1) 4:8 strictly (1) 130:22 suggesting (5) 42:7,21
session (2) 91:2 113:17 114:18 sounds (2) 66:19 striked-out (1) 88:13 75:1 103:21 108:11
116:16 140:4 133:7 Stroilov (123) 3:13,14 suggestion (1) 38:14
set (19) 12:21 16:13 simultaneously (1) source (1) 58:14 6:12 8:25 9:4,7,13 suitable (1) 8:17

sum (1) 105:20 summaries (1) 106:11 summarise (1) 52:25 summary (2) 53:2

107:19 summer (1) 8:7 sums (1) 68:18

supervised (1) 70:22 supervising (2) 67:19

68:2 supervision (1) 75:9 supplied (1) 113:14 supply (2) 99:13

134:7 suppose (1) 115:1

supposing (4) 72:13 102:2,5,9

sure (19) 2:2 8:19 16:6 20:2 23:22 29:12 30:5,6 32:2 47:10 56:23 69:4 74:8 86:23 94:9 127:25 132:13 139:4,12

surely (3) 10:16 37:8 81:6

surface (1) 21:15 surprised (1) 7:3 surprising (2) 7:1

106:7 survived (1) 137:6 suspect (4) 101:12

110:17 128:18 130:16

suspicion (1) 100:19 SV-15 (1) 21:23 SV-16 (1) 22:17 SV-16M (1) 22:1 Svetlana (6) 19:11,21

20:12 22:20 26:4 53:16

sworn (2) 1:6,22

T

tab (3) 3:20 96:6 106:11
tabled (1) 30:25 tail (1) 135:7

take (21) 14:20 15:16 22:23 27:1 31:2 35:3 42:24 49:3,14 66:14,23 76:16,22 77:6 96:12 107:15 110:25 115:24 128:4 133:23 139:10

taken (10) 8:16 14:20 41:17 48:13 65:19 68:15 83:5 104:15 113:7 130:3

talked (1) 10:22 talking (7) 12:25

42:12 47:23 74:25 76:6 82:15 90:1

Tallinn (3) 20:1,2,10

Talmakayeva (4)

14:25 15:5,6,9 task (1) 10:25 Tatiana (4) 1:16 2:7

21:10 141:3 teacup (2) 115:18,19 technical (4) 4:1 41:6

45:15 46:9 technology (2) 53:24

73:12

telephone (3) 104:14 109:18 110:2

tell (10) 11:2 18:21

37:1 50:22 66:10 79:7 92:4 96:6 105:20 139:12

telling (2) 5:25 72:14 ten (2) 133:19 136:5 tendency (1) 114:17 tendered (1) 111:9 tenure (1) 47:16 term (2) 11:10 12:7 terminal (34) 7:22

10:7,13,18,21 11:7 16:13 17:4 20:11 21:12 25:9 26:13 26:18 27:2,4,5 29:17,25 33:17 34:17 35:2,21 36:3 36:7,16 38:15 47:20 48:3,18 52:10 62:22 71:16 80:9 138:1

terminated (1) 12:17 termination (1) 12:15 terms (29) 8:9 10:2,4 11:9 12:20,21,25 13:1,2,6,13,19,23 44:2,15 47:16

51:17 72:20 75:15 83:11 84:19 89:2 94:15 95:10 98:14 105:9 106:8 111:14 137:12

terrible (1) 93:18 terribly (3) 21:5 23:19

95:1

test (2) 98:6,10

text (15) 4:9,11 5:7,11 11:21 14:17 21:9 23:20,20 24:6,9 28:13 50:23 51:1 89:3

thank (19) 1:15 2:23 3:12,18 9:13 22:21 23:2 25:7 32:20 56:14 67:25 73:1 79:10,13 86:3,4 97:5 133:6 140:14

theoretically (1) 72:22 thereof (1) 16:20 thing (7) 33:3 93:22

110:24 111:18 115:2 116:1 136:24

things (21) 1:8 16:17 31:21 41:19 42:13 51:1 86:18 89:1 90:13 91:6 93:18 98:2 99:4,5 105:2 110:21 114:22 115:13 132:10 133:22,25

think (140) 1:7,10,13 3:1 8:7,22,24 9:5 9:13,15,16,18 10:12 11:4 13:16 15:12 20:1,20 29:2 30:7,8 32:8 33:4 34:1,6 37:24 38:8 39:8,20 40:1,3 41:7 41:12,16 43:13 44:6,7 45:13 49:22 50:15,16,16,25 53:1,23 54:23 55:5 56:17 57:5,13,21 58:25 59:15,18 60:6,8,12 61:8,13 61:20 63:6 64:8 67:8,12,23 73:3,8 73:17 81:22 82:9 85:14,15,18 86:13 86:19,23 87:18,23

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

150

March 10, 2016 Day 25 — Redacted

88:13,23 89:24 138:20,24 139:12 ultimate (2) 59:11,20 37:13 51:6 58:8
90:12 91:1,8,21 139:23 140:13 ultimately (2) 52:13 74:5 99:2,5 107:21
92:7 93:3,10 94:12 top (10) 11:19 18:25 54:18 138:19
94:25 97:4 100:15 24:10 28:23 35:12 uncommercial (1) variously (1) 54:17
102:18 104:14,19 45:14 47:18 93:1 13:1 Vasilyeva (1) 53:17
106:1 107:1 108:13 96:20 97:11 underlined (1) 88:12 VAT (1) 12:1
109:2,24 110:1,10 Tosno (1) 19:23 underlining (1) 113:19 VECTOR (10) 62:12,14
110:10 111:5,8,24 totality (1) 11:1 understand (31) 7:25 73:17,20,23 79:14
112:7,14,22 114:17 totally (2) 19:17 95:21 8:8 12:23 16:6 17:2 79:15,24 80:4 82:3
114:25 115:1,2 touch (4) 18:10,15 29:23 35:10 40:2 vehicle (2) 52:19
116:1,9,17 127:20 19:2,11 45:5 48:4 56:21 55:10
128:19 129:17,20 touched (1) 46:20 57:17 63:17 64:24 vehicles (3) 55:5 56:6
129:21 130:4,15,19 track (5) 22:6,11 75:17 80:18,24 58:1
130:23,25 132:9,11 23:25 81:12 133:12 82:19,21 84:6,11 verification (1) 77:7
133:12,12 134:14 tracked (1) 89:1 100:18 103:19 verified (1) 50:10
134:17,20,21 tracks (3) 23:16,17 113:18 130:8 verify (1) 10:25
135:20,23 137:18 25:11 131:18 132:15 version (20) 3:19
138:24,25 140:9 Trading (2) 52:16,20 136:18 137:8,23 14:18 29:7,8 32:24
thinking (2) 49:11 training (2) 3:15,16 138:22 33:3,4 50:13 60:13
116:5 transact (1) 86:18 understanding (14) 61:15,20,21 67:14
thinks (3) 72:13 transaction (3) 16:3 6:23 20:7 25:13 67:15 68:4,13 76:5
103:17 130:16 16:25 35:13 29:22 32:17 37:12 88:21,25 89:11
third (7) 30:15,16 transactions (1) 14:4 49:4 52:18,20 53:5 versions (4) 32:23
35:4 72:23,23,24 transcript (1) 140:9 53:17 74:9 104:25 60:22 61:3,9
106:24 transfer (3) 38:14,20 107:18 vessel (1) 19:23
thoroughly (1) 136:6 76:9 understands (1) 136:3 vessels (2) 19:22 62:5
thought (6) 36:3 transferred (4) 11:15 undertaking (10) video (1) 1:8
42:15 83:1 97:11 27:5 36:17 82:22 107:24 108:2,10,15 view (10) 8:16 9:9
110:6 128:10 transfers (2) 16:13,22 112:8,25 113:3,6 13:23 39:2,10
thoughts (1) 136:11 transgress (1) 8:10 113:23 114:5 76:12 104:9 107:11
three (4) 11:16 62:4 translated (5) 21:8 undervalue (1) 85:7 138:9 139:10
134:18 136:7 47:22 48:8,20,21 undervalued (1) 72:14 virtually (1) 68:24
Thursday (3) 1:1 translation (6) 2:24 unequivocal (1) 24:15 vision (1) 62:2
130:16,21 3:25 24:5 50:20 unfair (2) 53:1 110:11 Vokovlev (1) 55:8
tighten (1) 41:14 70:11 134:11 Unfortunately (2) Volost (1) 36:18
time (78) 1:11 5:20,21 translators (2) 20:20 28:24 47:24 voluntarily (1) 114:2
6:14 8:6,13 12:8 134:6 unit (1) 15:7 vote (1) 30:15
15:12,16 16:5,11 trespass (1) 42:6 unorthodox (1) 95:22 VSK (1) 28:15
16:18 17:12 18:3,4 trial (7) 2:14 21:7 unrelated (1) 19:18
18:10,11,13,14 128:8 129:3 134:15 unsure (1) 114:18 W
20:3 24:5 26:1,23 134:24 135:13 untrue (2) 56:23 wages (2) 106:18
31:7,7,13 32:6,7,9 trouble (1) 32:23 57:11
107:3
34:20 35:15,20 troubles (1) 45:14 unusual (1) 21:7
waiting (1) 90:10
39:11 41:13,16 Trout (2) 133:6,6 update (1) 73:9
walk (1) 1:24
42:6,23 43:23,25 true (9) 3:8,10 53:25 updated (1) 26:5
want (34) 8:9 26:9
45:5 47:9,10 53:8,9 55:24 57:2,11 uphill (1) 34:9
29:18 31:17,17,21
56:12 64:4 73:12 58:14 62:10 136:8 Upravleniyu (1) 52:23
31:22,22 32:4,18
73:21,25 74:2,18 trust (1) 79:11 ups’ (1) 106:3
39:5 42:5,12 43:4
74:22 75:1,6 78:12 truth (4) 50:10,17 upside (1) 111:21
43:14,17,18 45:6
78:20 80:16,19 57:6 132:4 use (8) 98:21 99:22
52:7 60:9 67:21
81:2,9,15,20 82:7 try (12) 14:12,13 29:5 107:25 108:2
71:22 87:10 94:6
82:12 83:3 86:7 44:8 49:18 59:2 109:15 131:19
100:13 102:7 103:2
92:19 104:20 60:14 83:6 89:4 133:17,19
103:3 104:10
127:23 128:11 100:20 109:1 user (1) 59:3
114:13 115:7
131:25 133:24 113:23 utterly (1) 13:1
128:14 135:21
134:22,22 136:10 trying (7) 1:9 5:24
137:1
136:11,15 137:14 34:9 44:25 83:11 V
wanted (2) 43:9 89:24
times (1) 19:2 89:4 114:10
vacation (7) 130:4,8 wanting (1) 32:1
timetable (6) 90:19,24 Tuesday (2) 129:16
130:13,23 131:8 wants (7) 29:13 34:2
129:22 130:10 132:17
136:4 137:18 87:6 96:12 127:25
131:10 133:10 Turetsky (3) 132:16
Vadim (1) 78:5 130:19 131:1
timetabling (2) 128:7 133:25 139:15
valuation (12) 46:22 warning (1) 45:14
129:1 turn (3) 2:23 90:24
48:14 66:4,5,14 wary (1) 115:6
today (18) 3:7 16:15 111:21
72:19,22,23,25 wasn’t (11) 5:2 16:2,3
18:17 22:18 41:13 twice (1) 19:5
77:6 85:10 131:23 57:5 68:24 77:21
42:8,23,24 45:21 two (22) 19:7 20:13
valuations (1) 71:11 81:19 82:21 83:13
68:23 73:9 85:16 23:15,17 36:4 38:8
value (26) 13:18 14:8 114:20 139:4
86:17,18,19 87:7 53:16 61:9,13
36:20 49:11 66:3,5 water (1) 1:20
90:14 104:10 86:18 90:21 93:20
66:9,13 71:12 72:1 way (38) 22:15 26:7
told (8) 31:21 38:23 96:7 108:5,7
72:6,8,10,12 77:1,2 28:16 34:23 35:7
46:8 48:24 71:16 109:12 133:17
81:6,14,22,23,24 37:4 41:23 44:12
81:7 106:5 128:16 135:5 136:9,19
82:1 85:10 137:20 44:25 46:5,8,9
tomorrow (28) 45:22 137:5 138:18
137:22 138:1 54:20 57:17 58:20
46:15 85:15,19,21 type (2) 7:9 138:11
valuer (5) 72:10,13,16 62:3 69:15,16,18
85:22,23 86:7,16 types (1) 109:12
72:23 138:11 71:14,24 73:8 88:2
87:6 88:6 90:14
valuers (2) 77:4 138:1 88:7 89:20 95:16
127:15,17,21 128:1 U
values (1) 79:8 98:24 101:7,14,17
128:6,9 129:2,11
UBO (2) 59:19 60:5 various (10) 14:2 36:1 102:1 108:23 114:3
131:13,19 135:2

114:11 115:17 130:5 133:17,23

ways (1) 107:21 we’ve (3) 44:6 48:3

55:21

Wednesday (1)

130:15

week (24) 82:5,25 83:1,6 87:25 105:11 109:22 129:15 130:13,15 130:18 131:6,11 132:2,3,13 134:4 134:15,16,19,20,24 134:25 135:6

weeks (3) 89:18 134:18 137:5

welcome (1) 135:3 went (4) 4:19 33:13

63:5 74:9 weren’t (1) 73:18 western (33) 7:22

10:7,13,18,21 11:7 16:13 20:11 21:12 25:9 26:13,18 27:2 27:4,5 29:17,25 33:17 35:2,21 36:3 36:7,16 38:15 47:20 48:3,18 52:10 62:22 71:16 80:9 133:7 138:1

whatsoever (1)

103:15

whilst (2) 1:21 86:2 White (1) 112:16 wider (3) 99:4 109:9

109:15 willingness (1) 131:5 wiped (1) 45:25 wish (3) 44:2 45:4

128:22 withdrew (1) 86:5

witness (30) 1:22 2:13 2:20,22 3:2,4,10 8:14,17,20 20:19 20:23 31:16 32:21 33:7 37:9 41:7,18 41:23 45:16 49:25 68:21 69:3 77:18 81:7 86:3,5 108:8 131:19 136:17

witness’s (1) 41:12 witnesses (8) 5:25 38:23 88:8 99:6 131:3,12 133:21

136:7

wonder (3) 41:9,14 55:8

wondered (1) 47:13 wondering (1) 63:2 Word (2) 89:1,7 worded (2) 62:1,2 words (3) 52:25 70:6

108:16

work (6) 6:8 47:3 50:3 89:3 135:9 136:2 worked (6) 6:11,17,19 49:19 58:4 59:3

working (12) 1:8,14 5:12,14 6:1,13 74:1 74:16,25 75:3 85:6 101:13

works (3) 53:7 71:24 137:12

worried (2) 137:5,13 worry (5) 29:11 100:9 110:1 114:25 137:6

worst (1) 86:13 worth (1) 112:3

wouldn’t (7) 6:3 10:20 42:24 57:25 79:21 84:10 101:25

writers’ (1) 67:7 written (2) 95:9

106:25

wrong (6) 8:23 30:8 50:24 93:6 97:6,8

X

X (1) 105:18

Y

Yakovlev (1) 55:9 Yashkina (1) 134:1 year (1) 105:18 years (2) 11:11 18:20 years’ (1) 12:8

Z

Zelyenov (8) 51:15,21 51:23 52:1,17 53:2 54:2 56:4

0

1

1 (9) 10:11 14:12 23:18 24:9 71:17 71:23 80:14,23 141:3

1,000 (1) 79:2

1.2 (1) 80:22

1.209 (1) 80:15

1.3 (1) 11:10

1.50 (3) 41:15,20 45:5

1.55 (4) 45:6,7,9,12

10 (9) 1:1 42:25 50:8 50:10 56:11 76:3 77:17 112:12 131:25

10-day (1) 131:6

10,000 (1) 78:25

10.00 (5) 86:9 128:19 128:20 140:13,16

10.30 (4) 1:2 86:9 127:15 128:17

100 (1) 52:15

1023 (1) 112:16

11 (5) 77:19 134:4,15 135:6 140:17

11.13 (1) 24:8

11.58 (1) 32:12

116 (1) 141:7

118 (2) 61:19,22 11th (5) 132:9,16

133:2,10 134:13 12 (2) 53:12 134:16

12.10 (1) 32:14

12.15 (1) 128:4

12.41 (1) 45:10

127 (1) 141:8

12th (4) 132:10 133:2 133:11 134:13

13th (3) 132:10 133:10 134:14

15 (4) 42:25 92:1,3 96:5

16 (2) 134:20,25

17 (2) 38:1,15

17.05 (1) 21:3

18 (5) 53:12 67:11,12 67:17 68:1

19 (7) 56:17 61:21 68:3 129:16 134:12 135:19 136:23

19th (3) 129:16

133:14 134:6

2

2 (11) 14:13 21:2,21 24:10 51:7 52:22 96:6,8 106:10,11 141:4

2.1.1 (1) 11:14 2.46 (1) 67:3 2.51 (1) 67:5

20 (11) 10:8 11:20,22 47:20 48:10 76:1,9 76:12,17 80:8 82:4

20-something (1)

135:13

20,000 (2) 12:1 48:12

2004 (2) 22:1 24:25

2008 (1) 25:1

2009 (14) 3:23 4:23 5:16,17 7:14 10:8 11:20,22 22:10,15 38:1,15 47:20 48:10

2011 (8) 21:2 24:8 26:14,18 76:1,9,17 77:25

2012 (4) 27:12 48:14 80:8 82:4

2013 (2) 8:7 78:2

2014 (1) 22:5

2015 (9) 2:17 6:10,17 8:14 50:8,10 56:11 56:13 112:16

2016 (4) 1:1 92:1 96:5 140:17

21st (2) 130:19,24 23 (4) 22:5 68:12 135:12,15

24 (1) 130:22

25 (1) 78:3

27 (2) 129:12,14

28 (3) 2:17 82:4,19

29 (1) 30:11

3

3 (8) 23:18 27:12 53:13 82:9 84:14 85:1 92:12 141:5

3.03 (1) 73:5

3.1 (1) 11:25

3.15 (2) 73:4,7

3.3 (1) 12:4

300 (1) 78:25

300000069 (1) 20:22

31.22 (2) 108:13 112:10

31.22(2) (1) 112:7 316 (1) 25:12 34 (1) 67:13

39 (2) 60:15,18

4

4 (8) 3:19 24:19 25:4 53:20 67:11 92:2 131:7 132:3

4.00 (1) 46:15

49 (2) 11:11 12:8

49-year (1) 48:11

4th (2) 131:5,19

5

5 (6) 23:15,25 24:8,14 52:9 54:1
5.03 (1) 140:15

5.2 (1) 12:10

5.3 (2) 12:14,24

50 (1) 79:1

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

151
March 10, 2016 Day 25 — Redacted

53 (4) 32:22,24 33:2,7

54 (1) 60:21

59 (1) 61:3

59.1 (1) 61:4 5th (1) 131:19

6

6 (7) 22:9,14 23:15,25 24:14 54:3 92:11
6.3 (2) 96:15 97:12
62 (1) 77:22
63 (3) 76:2,4 77:22
64A (1) 2:7
67 (1) 97:4
69 (1) 56:24
6th (2) 131:16,20

7
7 (1) 54:23
77 (2) 61:8,10
7th (4) 131:14,16,16
131:21

8
8 (2) 103:15 130:13
80 (5) 66:8,11,17 72:1
72:6
86 (1) 141:6
88 (2) 61:14,17
88.2 (1) 106:22

8th (3) 131:14,16,21

9

9 (3) 22:1,10,15

9.30 (1) 86:9

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