Day 27

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

Day 27

March 16, 2016

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March 16, 2016 Day 27

1 Wednesday, 16 March 2016

2 (10.30 am)

3 Housekeeping

4 MR LORD: May it please your Lordship.

5 MR JUSTICE HILDYARD: Good morning.

6 MR LORD: I am going to call Mr Savelyev, if I may, but just

7 before I do, your Lordship should know that the

8 defendants have sent through by e-mail a significant

9 quantity of material in the last day or two, since

10 Sunday evening, including a lot last night and this

11 morning, which appears to be by way of extracts from

12 public databases. We are in the process of having that

13 uploaded to Magnum. It is hoped, obviously, that won’t

14 affect the efficient cross-examination of this witness,

15 but I draw that to your Lordship’s attention lest issues

16 arise as to documents that don’t appear to have been

17 uploaded before we start today, and I reserve my

18 position in that regard in terms of why it has come to

19 pass that so much new material seems to have been sent

20 through at such short notice. But I don’t want to do

21 any more than that at this stage.

22 MR JUSTICE HILDYARD: Yes, and at some point, but not now,

23 at a convenient moment we will have to deal with the

24 outstanding issues usefully summarised in the letter

25 that was copied to me yesterday.

1 ought to find a copy of your first witness statement at

2 {B1/1/14} and the English translation is to be found at

3 {B1/1/1}; can you see that, Mr Savelyev? Is that the

4 first page of your first witness statement?

5 A. Yes, this is correct.

6 Q. Mr Savelyev, could you be kind enough, please, to turn

7 on to {B1/1/26} where you ought to find the signature

8 page of that statement which you appear to have signed

9 on 27 August 2015; can you see that?

10 A. Not yet. (Pause).

11 My numbering says this is page number 13, not page

12 number 26.

13 MR LORD: Yes. Mr Savelyev, we are going to work from the

14 numbers in the bottom right-hand corner of the document

15 because those are the numbers that have been given to

16 the run of documents in the trial bundles.

17 A. Thank you, sir. I understand.

18 Q. So it’s page 13 of your statement, internal numbering,

19 but it is {B1/1/26} on the bottom right-hand side.

20 A. I understand. Thank you sir.

21 Q. And can you confirm to his Lordship that this is your

22 signature that you signed on 27 August 2015?

23 A. Yes, this is my signature.

24 Q. And have you read the contents of this witness statement

25 recently?

1 3

1 MR LORD: Yes, and if your Lordship is content with this

2 course, we would suggest that we start with Mr Savelyev

3 now, we try to make as much progress as we can with him,

4 because obviously he is down for two to three days and

5 he needs to get back to Russia on Friday. So we

6 obviously need to make sure that we are as efficient

7 with him as possible and that we, if you like, we adjust

8 other housekeeping matters to fit in, so far as

9 possible, of course.

10 MR JUSTICE HILDYARD: Yes.

11 MR LORD: Can I call Mr Savelyev, please.

12 MR ALEXANDER VASILIEVITCH SAVELYEV (Affirmed)

13 (All questions and answers interpreted except where

14 otherwise indicated)

15 MR JUSTICE HILDYARD: Mr Savelyev, thank you. Please sit

16 down. You will be given some water. Say if you need

17 a break.

18 A. Thank you, my Lord, I have some water here.

19 Examination-in-chief by MR LORD

20 MR LORD: Mr Savelyev, could you give his Lordship your full

21 name and address, please.

22 A. Alexander Vasilievitch Savelyev.

23 Q. And your address, please?

24 A. I live at Basseynaya Street, house number 47.

25 Q. Mr Savelyev, could you look in front of you where you

1 A. Yes, I have.

2 Q. And can you confirm to his Lordship that the contents of

3 that statement are true to the best of your knowledge

4 and belief?

5 A. Yes, yes, it is true. My witness statement is true.

6 Q. Mr Savelyev, could you please go in that bundle, or

7 perhaps be taken in that bundle, behind divider 15 to

8 your second witness statement, the first page of which

9 you will find at {B2/15/8}, the English translation at

10 {B2/15/1}, and again, Mr Savelyev, could you confirm to

11 his Lordship that this is your second witness statement

12 that you have given for the purposes of these English

13 proceedings?

14 A. Yes, this is my witness statement.

15 Q. And could you please, Mr Savelyev, go to internal

16 page 7, the trial index reference is {B2/15/14}, and the

17 English is {B2/15/6}, where you ought to find,

18 Mr Savelyev, a copy of your signature applied on

19 23 November 2015 to this second statement; can you see

20 that?

21 A. Yes, I can.

22 Q. And have you read the contents of this second witness

23 statement recently?

24 A. Yes, I have.

25 Q. And are the contents of that second statement true to

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1 the best of your knowledge and belief?

2 A. Yes, this witness statement is also true.

3 MR LORD: Thank you, Mr Savelyev, could you wait there;

4 there will be some questions for you.

5 Cross-examination by MR STROILOV

6 MR STROILOV: Mr Savelyev, I appreciate you are giving

7 evidence in Russian, but could you perhaps indicate

8 whether your English is just not quite fluent, or

9 non-existent, or anything between that, because

10 sometimes it is easier to know this.

11 A. My Lord, I always studied French in school and in

12 university, so I don’t speak English.

13 Q. Right. So it is, even if I show you some very simple

14 document, I shouldn’t expect you to understand English

15 in it? It’s just —

16 A. Yes, if you will be showing even very simple documents,

17 I wouldn’t be able to understand what it says there.

18 Q. I see. Mr Savelyev, do you have any training for this

19 cross-examination?

20 A. Yes, I met with Bond Solon, and that was two meetings,

21 once in St Petersburg and one in London.

22 Q. Thank you. Now, Mr Savelyev, you are the second

23 claimant in these proceedings. This means you are here

24 not just as a representative of the Bank and as the

25 former head of the Bank, but as a separate party to

1 that I think you can see. This is the document for

2 which — if, perhaps, we could scroll down to page 25,

3 just to refresh Mr Savelyev’s recollection. As you can

4 see, at the end of that document there is a statement of

5 truth. Let me read it to you so that it is translated:

6 «The claimants believe the facts stated in these

7 re-amended particulars of claim are true.»

8 That refers to the claimants plural, that includes

9 you, and in this version it is signed by Mr Balandin.

10 Mr Savelyev, do you recall signing such a document for

11 yourself?

12 A. No, I do not recall that.

13 Q. Now, that was — I am just trying to think how to

14 refresh your memory. That was really the first

15 substantive document you and the Bank filed in these

16 proceedings, setting out the details of your claim

17 against Mr and Mrs Arkhangelsky, and you were required

18 to confirm that the contents of that document are true;

19 do you recall confirming that?

20 A. There were three documents like that in Nice, in the BVI

21 and in London; which one do you have in mind

22 specifically, sir?

23 Q. I am talking about these proceedings, so the proceedings

24 in London where you filed a claim form and the document

25 known as Particulars of Claim.

5 7

1 these proceedings, and that entails certain specific

2 duties and responsibilities and rights on you

3 personally; do you understand that?

4 A. My Lord, I understand that.

5 Q. Are you familiar with the document known as particulars

6 of claim in these proceedings, and various amendments to

7 that document?

8 A. Yes, I am.

9 Q. I don’t think it is in the bundle, but I seem to recall

10 a Russian version of that document signed by you; do you

11 recall that?

12 A. No, I do not.

13 Q. Are you in a position to confirm to his Lordship that,

14 as far as you are concerned, all averments in your

15 particulars of claim are true to the best of your

16 knowledge and belief?

17 A. Everything in my witness statement, it says very

18 precisely what I think in this regard and what

19 I recollect.

20 Q. Yes, Mr Savelyev, I am talking about here we are

21 encountering the language problem for the first time.

22 Perhaps if we could call on the screen, just so that you

23 visually could recollect what I am talking about,

24 {A1/1/1}.

25 Mr Savelyev, this is not your witness statement,

1 A. I do not recall this.

2 Q. I may come back to this and try to show you a Russian

3 version, just to be sure, but for the moment, as

4 I understand it, you are not in a position to personally

5 vouch for the truth of this document, are you?

6 A. Sir, I answered your question. I said I do not recall.

7 Q. Now, presumably, again, as a party to the proceedings

8 you are reasonably familiar with the allegations which

9 form the basis of Mr and Mrs Arkhangelsky’s and

10 OMG Ports’ counterclaim against you and the Bank, aren’t

11 you?

12 A. Yes.

13 Q. Did you read, in translation or otherwise, the document

14 known as Defence and Counterclaim, and then there were

15 various amendments to it, so it became Amended Defence

16 and Counterclaim, and Re-amended Defence and

17 Counterclaim?

18 A. I have read it but quite a while ago.

19 Q. And then you and the bank filed a document called Reply

20 and Defence to Counterclaim. Do you recall filing such

21 a document?

22 A. Yes, I do.

23 Q. Again, I recall that there was a Russian version of this

24 document, and I recall there was a version with your

25 signature, on which we specifically insisted; do you

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1 recall signing such a document?

2 A. My Lord, I would like to have sight of the document, if

3 I may, if the document is in the court bundles.

4 Q. Again, we only have it in English, so perhaps I will

5 need to come back to this and try and find the Russian

6 version, and I will appreciate some help on that.

7 A. I will be very grateful, sir.

8 Q. Finally, last year do you recall there being an exchange

9 of documents called, respectively, Request for Further

10 Information, and then a Response to the Request for

11 Further Information. There was a request came from our

12 side and then there was a response to the request for

13 information filed in the name of the claimants, that’s

14 the Bank and you; do you recall any of that?

15 A. Sir, which specific information do you mean?

16 Q. That concerned the structure of ownership of

17 the companies known as original purchasers and

18 subsequent purchasers; does that ring any bells?

19 A. No, I know nothing about that.

20 Q. I don’t think there is a Russian version, so in that

21 respect, I suppose we have to go by what we have, the

22 English version. So {A1/6/1}. So that’s the response.

23 I beg your pardon, I think it is only signed on behalf

24 of the first claimant, so perhaps you didn’t know this.

25 Right, Mr Savelyev. Now then, if we could go to

1 Claimants and/or ‘Original Purchasers’, and/or

2 ‘Subsequent Purchasers’ through the ‘Renord’ group of

3 companies. The Renord Group includes:

4 «(a) Renord-Invest … a company trading from the

5 Bank’s office at 15A Ispolkomskaya ul., St Petersburg.»

6 A. This is not the Bank’s address.

7 Q. Wait for the question, we will come to that.

8 Do you recall such an allegation being made in these

9 proceedings?

10 A. Sir, could you please repeat the question: what specific

11 allegation do you mean?

12 Q. I am talking about the allegation that Renord-Invest is

13 trading from one of the Bank’s offices. Put another

14 way, that there is an office of the Bank at 15A

15 Ispolkomskaya. Do you recall that?

16 A. This is not true.

17 Q. That was not —

18 A. This is not true, my Lord. This office is not owned by

19 the Bank.

20 Q. Mr Savelyev, my question was, do you recall this

21 allegation being made in these proceedings, yes or no?

22 A. No, I do not recall that.

23 Q. So is this the first time that you hear this allegation,

24 today in court?

25 A. Yes, of course.

9 11

1 {A1/2/40}, so that’s an extract from the Re-amended

2 Defence and Counterclaim, and I believe you have just

3 said you were, at one time, familiarised with that

4 document.

5 Now, if I could read for you the beginning of

6 paragraph 152:

7 «The prima facie purchaser of the assets at public

8 auctions, including Solo LLC, Mercury LLC and Kontur LLC

9 as pleaded below, are closely connected with the

10 Claimants and/or ‘Original Purchasers’ and/or

11 ‘Subsequent Purchasers’ through the ‘Renord’ group of

12 companies. The Renord Group includes… »

13 And then (a):

14 «Renord-Invest CJSC … a company trading from the

15 Bank’s office at 15A Ispolkomskaya ul., St Petersburg.»

16 A. My Lord, I am very sorry, this text is only in English

17 before me.

18 Q. Yes, Mr Savelyev, that’s why I read it out so it could

19 be translated to you. Shall I do it again, I’m sorry —

20 A. Yes, please, because I was busy looking for a page. I’m

21 very sorry, could you please read it out again.

22 Q. Let me do it again:

23 «The prima facie purchasers of the assets at public

24 auctions, including Solo LLC, Mercury LLC and Kontur LLC

25 as pleaded below, are closely connected with the

1 Q. Now, Mr Savelyev, are you aware of the obligations you

2 have had in these proceedings in respect of disclosure

3 of documents?

4 A. Yes, because I took an oath.

5 Q. I wonder if anything was lost in translation.

6 Mr Savelyev, do you know what disclosure of

7 documents mean in the context of English court

8 proceedings?

9 A. Yes, I do understand that.

10 Q. And are you aware of the fact that you have had and

11 continue to have an obligation to disclose relevant

12 documents to the defendants and OMG Ports?

13 A. Yes, I am aware of that.

14 Q. Did you carry out any searches for documents for the

15 purposes of these proceedings?

16 A. No, my Lord, I did not.

17 Q. Now, if we could perhaps go, and I do apologise,

18 Mr Savelyev, I will be reading out to you English text

19 which will be translated to you, simply because there

20 are no Russian versions of correspondence, and then some

21 other documents. I will try to find the pleadings, but

22 correspondence definitely was not translated, with very

23 few exceptions.

24 A. Yes, I will understand — I will endeavour to understand

25 you, sir.

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1 MR JUSTICE HILDYARD: I know that someone will be trying to

2 find the Russian versions of the pleadings in the

3 meantime to help Mr Stroilov out.

4 MR STROILOV: I am grateful, my Lord.

5 So if we could go to {N22/53/33}. That will, again,

6 be an English document so, Mr Savelyev, I will be

7 reading it for you and then it is translated. So that

8 is a letter from the solicitors at that time

9 representing Mr and Mrs Arkhangelsky and OMG Ports to

10 your solicitors, dated 2 July 2015.

11 A. Sir, could you please repeat who sent the letter to

12 whom?

13 Q. That was a letter from Mr and Mrs Arkhangelsky’s lawyers

14 to your lawyers in England; do you follow that?

15 A. Thank you, I understood now.

16 Q. And that’s dated 2 July 2015.

17 Mr Savelyev, the purpose of that letter was to

18 criticise the disclosure of documents given on behalf of

19 the Bank and of you; do you understand that?

20 A. I understand about the criticism. I don’t understand

21 the gist of it.

22 Q. Yes, Mr Savelyev. The point made in that letter, which

23 I would like to take you to, if you could scroll down to

24 page 35, and in paragraph 1.4, Mr and Mrs Arkhangelsky’s

25 lawyers, Withers, make this point:

1 Mr Savelyev, this answer is incorrect, isn’t it?

2 A. Why not? It is correct.

3 Q. Do you confirm that, apart from a cash desk, to your

4 knowledge there was no other office of the Bank at

5 15 Ispolkomskaya?

6 A. My Lord, branches are registered by the Central Bank of

7 the Russian Federation. The cash desk does not have to

8 be registered via the Central Bank. So far as I can

9 recall and so far as I understand, there was a Mercedes

10 sales outlet at that address, 15 Ispolkomskaya. It was

11 owned by a bank client, Mr Voitenkov, and so far as

12 I recall, the name of his company there is Olimp. Olimp

13 has absolutely nothing to do with the Bank.

14 Now just because there were two tellers who accepted

15 money that was being deposited by people who wanted to

16 buy cars is something that cash desks usually do, then

17 cash collectors came, they collected the money and then

18 the money was credited to the peoples’ bank accounts.

19 That’s all the office did.

20 So far as I can recall, as well, there was

21 a (securities) dealing operations office that was

22 located at that time, this was also part of the Bank.

23 This was being rented because Ispolkomskaya was not far

24 from Nevsky Prospekt 178. It was convenient for the

25 Bank to locate its (securities) dealing operations sub

13

1 «In addition to the locations already searched, the

2 branch office located at 191167, St Petersburg

3 Ispolkomskaya str 15 should be searched. This is also

4 the address of Renord-Invest Investment Company.»

5 A. So what’s your question?

6 Q. For the moment I am just bringing your attention to

7 certain documents and then the question will come. I am

8 just going slowly to be sure that you follow what I am

9 asking about.

10 If we could now go to page 40 in the same bundle, so

11 Mr Savelyev, this is the response from your lawyers,

12 RPC, to Mr Arkhangelsky’s lawyers, dated 13 July. If we

13 could scroll down to page 42, so what your lawyers had

14 to say:

15 «We do not understand your reference to a ‘branch

16 office located at 191167, St Petersburg, Ispolkomskaya

17 str 15’ that should be searched. You are correct that

18 this is the registered address of Renord-Invest. We are

19 advised, however, that there is no such branch office at

20 this address. It is correct that a cash desk was

21 present at this address that operated out of a car

22 showroom but we do not see any basis upon which this

23 would be relevant to disclosure, noting that cash desks

24 such as these were located at a variety of sales

25 outlets.»

15

1 office there, but, once again, that building has

2 absolutely nothing to do with the Bank.

3 Q. So, Mr Savelyev, it is the case that there was a Bank’s

4 office at 15 Ispolkomskaya, isn’t it?

5 A. It was a cash desk where tellers accepted money from

6 people who wanted to buy cars, and then there was

7 a (securities) dealing team that rented some space from

8 the company called Olimp, the one that I have just

9 referred to.

10 Q. So that dealership sub office was an office of the Bank

11 at Ispolkomskaya, wasn’t it?

12 A. No, they rented some premises from Olimp, so the office

13 was at Nevsky 178, and that was the registered address

14 of the office.

15 Q. Now, if you could, perhaps, go to {G4/103/20}.

16 Mr Savelyev, I will read to you an extract from the

17 witness statement made by Mr Arkhangelsky in support of

18 an application to this court for an order for further

19 disclosure after that exchange of correspondence.

20 In paragraph 59, Mr Arkhangelsky says:

21 «The Defendants have pleaded that the Bank and

22 Renord-Invest share an office at 191167 St Petersburg,

23 Ispolkomskaya 15. The Claimants deny that and assert

24 that the address is a large business centre. The

25 Claimants say that while Renord-Invest indeed has

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1 an office at that address, the Bank only operated 1 Q. If you could perhaps go to {I20/21/15}. That’s
2 a small ‘cash desk’ at a different floor of the same 2 a further letter on the same subject. I will, just to
3 business centre; and that cash desk has now been 3 save time, read the bits I think are material, and if my
4 closed.» 4 learned friend is unhappy with this, he will stand up
5 Then there is a reference to the witness statement 5 and object, just to make sure there is no unfairness to
6 of Mr Smirnov. 6 you, Mr Savelyev.
7 «This assertion is misleading. 7 So the letter says:
8 «Firstly, the information publicly available from 8 «We refer to your previous references (including at
9 several St Petersburg’s online business directories show 9 paragraph 61 of your seventeenth witness statement) to
10 Ispolkomskaya, 15 to be the address of the Bank’s 10 the Bank having an ‘International Financing Department’
11 ‘additional office’, called ‘Olimp’.» 11 at Ispolkomskaya 15 …»
12 Then he makes a comment as to what «additional 12 Then there are a few sentences of criticism but in
13 office» means. 13 substance in the next paragraph they say:
14 So, Mr Savelyev, isn’t it the case that there was 14 «… there was no department by the name
15 an additional office called Olimp at that address? 15 ‘International Financing Department’ at that address.
16 A. Your understanding is correct. There was a cash desk, 16 However, there was based at that address (in addition to
17 and that’s the term we used to describe it. I don’t 17 the Olimp branch the subject of previous correspondence)
18 know why Mr Arkhangelsky called it an «additional 18 for a period of time, between February/March 2008
19 office». Once again, tellers accepted cash from people 19 and August 2011 (when it moved to the Bank’s new offices
20 who wanted to buy cars in that centre and then the cash 20 at Malookhtinsky Prospekt 64A), the Bank’s ‘Financial
21 was collected by cash collectors from the Bank. 21 Markets Operations Directorate’. This was a directorate
22 Q. If you could please be shown {I17/17/171}, this is 22 that traded financial instruments on financial markets.
23 a letter written by your lawyers, RPC, in response to 23 It did not deal directly with the Bank’s clients such as
24 that application. If we could scroll down to 24 OMG, but only with other parts of the Bank and with
25 {I17/17/173}, in paragraph 5.2 it states — 25 credit organisations (such as banks) and other major

17

1 A. I have page 172 on the screen, my apologies.

2 Q. Yes. Thank you. You can now see the right page?

3 A. You are welcome.

4 Q. Now here your lawyers say as follows:

5 «It is correct that BSP had a subsidiary office at

6 this address called Olymp. This subsidiary office

7 operated from this address from November 2006

8 to December 2010. As your client is aware, it was not

9 the subsidiary office by which his and OMG’s accounts

10 were managed.»

11 Then, unless my learned friend insists, I won’t read

12 the whole paragraph, I think there is, additionally,

13 your lawyers explain that after the office was closed in

14 2010, there was a cash desk which operated between 2010

15 and 2015, but prior to that, there was an additional

16 office, or subsidiary office at that address.

17 A. It may be that it was an additional office, but speaking

18 from my recollection with respect to the Bank office

19 being located in Olimp is a very recent recollection,

20 and that recollection tells me that there was a cash

21 desk there only, and this is something that I have

22 already stated today.

23 Q. Weren’t any of the central departments of the Bank

24 operating from that office, Mr Savelyev?

25 A. No. No, there were none.

19

1 financial institutions.»

2 So, Mr Savelyev, it appears that it was admitted by

3 your lawyers on your behalf that there was at least one

4 central department of the Bank operating from that

5 office; do you accept that?

6 A. My Lord, I would like to state that the financial

7 markets operations directorates and the cash desks are

8 parts of totally different departments within the Bank.

9 Some rent those premises, they engage in dealing

10 operations, whereas the cash desk does nothing but

11 accept cash from people who want to buy cars.

12 And so if the question is whether the desk office

13 could run the financial markets dealings department, the

14 answer is no, because these are two different

15 departments which rented space in the Olimp building and

16 they were totally unrelated with each other and they

17 conducted their business in a totally standalone and

18 separate way.

19 Q. Mr Savelyev, there was, at a material time, one of

20 the Bank’s offices at Ispolkomskaya 15, wasn’t there?

21 A. An office that conducted dealing operations did rent

22 space in the Olimp building, whereas the cash desk,

23 which is a totally different thing, did also rent some

24 premises from the Olimp centre, but these are two

25 different things. You cannot run dealing operations

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1 from a cash desk. All these departments were run by the

2 headquarters of the Bank located at Nevsky 178.

3 Q. Now, if we could scroll down one page, I think in the

4 top paragraph, if you discount the tail of the previous

5 paragraph — it is explained, I think I will just

6 summarise in my own words, it is explained that the

7 director of the financial markets operations directorate

8 was Mr Konstantin Bobrov, who no longer works for the

9 Bank.

10 Then if we look at the third paragraph from the

11 bottom, the letter explains:

12 «We understand from Mr Bobrov that Mr Arkhangelsky

13 has been in contact with him in recent months asking

14 which departments of the Bank were located at the

15 Ispolkomskaya, 15 address.»

16 So, Mr Savelyev, this admission was only made on

17 your behalf after a series of false denials, isn’t that

18 right?

19 A. No, this is not true. Right at the very start today

20 I mentioned that there are two units: the desk office

21 and the dealing departments that were located at that

22 address. Immediately after you asked me the question,

23 I gave you that answer.

24 Mind you, the dealing department has nothing to do

25 with client work. They work on financial markets. It’s

1 Bank of St Petersburg at that time.

2 So, Mr Savelyev, you obviously recall those events,

3 don’t you?

4 Don’t bother to read it for yourself, Mr Savelyev.

5 I will take you to the material bits. Just confirm to

6 his Lordship that you do recall those events, the change

7 of shareholding in 2005.

8 A. I actually believe that that change had taken place

9 before that time.

10 Q. Well, it may have been, but I presume that you announced

11 these changes to the press some time after when they

12 occurred, isn’t that right, Mr Savelyev?

13 A. This all started in 2001 when I first joined the Bank on

14 15 January, so this is the continuation of the things

15 that had already begun prior to that.

16 Q. Right.

17 Now, and there is, if you look at the third

18 paragraph from the top, you will see that there you are

19 quoted as explaining the new structure of shareholders;

20 can you see that?

21 A. No, I have not found it yet, sorry.

22 Q. It should start in the Russian version — well, in both

23 versions from the words:

24 «In his words, after the registration …»

25 And so on. Third paragraph from the top.

21 23

1 a standalone, separate department, nothing to do with

2 client-orientated units within the Bank.

3 Q. And, Mr Savelyev, that admission was only made because

4 the Bank learned that Mr Arkhangelsky was making

5 independent enquiries, and was likely to obtain evidence

6 of his case on that point.

7 A. No, this is not true.

8 Q. And the reason there were these false denials is because

9 you were keen to conceal the connection between the Bank

10 and Renord, isn’t it?

11 A. There has never been any connection between the Bank and

12 Renord, my Lord, and there is nothing for us to conceal

13 here.

14 Q. If I may now move on to a different subject, and

15 everyone will be happy to know that there is a Russian

16 version now of the document I would like to show you,

17 Mr Savelyev. So if you could go to {D197/2963/1} on one

18 screen, and {D197/2963/2} on the other.

19 I don’t know how good your eyesight is, but if it

20 could be zoomed in; can you see that, Mr Savelyev? That

21 is an article published in the Russian business

22 newspaper, Kommersant, in 2005, isn’t it?

23 A. Yes, I can see this.

24 Q. And that relates to a banker called Vladimir Kogan

25 selling his 35 per cent shareholding in

1 A. Yes, I can see this.

2 Q. And so having explained some of the shareholders — I am

3 not particularly concerned with — about the middle,

4 I think exactly the middle of that paragraph, you are

5 quoted as saying:

6 «‘After the share issue is registered the other

7 large bank shareholders will be companies controlled by

8 management: Solo [LLC, I think that’s a mistranslation]

9 (12.93 per cent), Strelets [LLC] (12.89 per cent),

10 Miveks [LLC] (10.43 per cent) CJSC Turist Servis Grupp

11 (7.34 per cent), and Strelets-2 …(5.02 per cent)’.»

12 Then you personally hold the 1.97 per cent of

13 shares.

14 Then it is noted that you declined to say what other

15 bank managers hold its shares, and then you are quoted

16 as saying:

17 «‘These companies are controlled by all top managers

18 together with me’.»

19 Now, to your recollection, Mr Savelyev, have you

20 been quoted accurately?

21 A. Approximately this is what I said, yes.

22 Q. So did you mean that you and the management of the Bank

23 controlled some of those companies collectively?

24 A. Yes.

25 Q. Because if you look further, in the next paragraph the

22 24
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1 newspaper tries to give an explanation as to which

2 company — as to which manager is behind which company;

3 is that correct or is it an oversimplification and in

4 reality it was more collective, if you get my meaning?

5 A. This is more or less correct. This is more or less

6 accurate, yes.

7 Q. So Strelets was, indeed, your company, wasn’t it?

8 I just want to go through each statement to make sure

9 that you correct any inaccuracies you have.

10 So was Strelets your company?

11 A. I do not recall. At that time I say that I own

12 1.97 per cent of shares. That’s what the article says.

13 I do not recall at that time who owned Strelets. It may

14 have been owned by one of the staff members of the Bank,

15 one of the employees.

16 Q. And is it correct to your recollection that Miveks was

17 owned by your first deputy, Yelena Ivannikova?

18 A. It is possible.

19 Q. And then Strelets-2 was owned by Sergei Matvienko, isn’t

20 that true?

21 A. Yes, that is also possible.

22 Q. And then you are recorded as declining to name the

23 beneficiaries of Solo and Turist Servis Grupp.

24 In your quotation in the previous paragraph and

25 I think your answers today rather suggest that those

1 directly or indirectly, legally or beneficially, at that

2 stage?

3 A. Sir, if you mean this article, I said officially there

4 that I owned 1.97 per cent.

5 Q. Did you own any more shareholding than 1.9 per cent

6 through any companies or beneficial interests or in any

7 other way?

8 A. Now I do not remember the way it was.

9 Q. Now, at that time the registered owner of Solo was

10 a gentleman called Nikolai Viktorovich Lokai, and

11 Mr Lokai at that time was the Bank’s director of

12 investment department, wasn’t he?

13 A. Yes, most likely that was the case.

14 Q. And I understand that he remained in that position until

15 2007, didn’t he?

16 A. Possibly so.

17 Q. I think as late at 2012, Mr Lokai is still mentioned as

18 a member of the Bank’s revision commission, Revisionnaya

19 Komissiya, so he still continued to play a role in

20 the Bank as late as 2012; is that correct to your

21 knowledge?

22 A. The revision committee members do not have to be Bank

23 employees, necessarily.

24 Q. Now, Mr Savelyev, did Mr Lokai hold that 13 per cent,

25 let’s say, roughly, shareholding in the Bank through

25

1 companies and perhaps some of the other companies, were

2 controlled by different managers collectively; that is

3 to say Solo could have been a company held on behalf of

4 several managers, or all managers, rather than anyone

5 specific; is that what you are saying?

6 A. Yes, that is possible.

7 Q. So you think it is possible that you held some

8 beneficial interest in one or more of these companies?

9 Well, let’s start with Solo. Is it possible that you

10 held a beneficial interest in Solo?

11 A. At that point in time, when this transaction was being

12 conducted, I did not have any beneficial interest at

13 all.

14 Q. I am not sure what you mean, Mr Savelyev. I think you

15 have confirmed that these companies may have been held

16 by or on behalf of several companies, or several —

17 I beg your pardon, let me start again. I think you have

18 just confirmed, if I understood your evidence correctly,

19 you have just said that some of these companies, Solo or

20 Turist Servis Grupp or any of the others, could have

21 been held by or on behalf of several managers, or all

22 managers, and that, as of 2005, includes you; isn’t that

23 right?

24 A. I do not recall.

25 Q. What was the size of your shareholding controlled

27

1 Solo beneficially, or did he hold it on behalf of

2 somebody else?

3 A. I think, yes, I think he did hold that shareholding.

4 Q. Did he hold it as the beneficial owner, or did he hold

5 it on behalf of somebody else?

6 A. My Lord, I think he held it on behalf of the Bank, for

7 the Bank’s interest.

8 Q. And when you say «the Bank», do you mean — well, do you

9 mean the managers of the Bank, or do you mean the Bank

10 as a corporation?

11 A. I mean the Bank’s managers.

12 Q. And how would that interest be allocated as between the

13 Bank’s managers?

14 A. The thing is, when I came to work at the Bank, the Bank

15 had very few managers that one could start out with, and

16 at the start-up stage, I invited many employees that did

17 not work at St Petersburg Bank — we are talking about

18 2001 — and who subsequently, as managers, became owners

19 of some shareholdings of the Bank.

20 Q. Now, Mr Savelyev, but obviously if several managers hold

21 13 per cent shareholding in a bank through a company

22 owned by a nominee, there should be some agreement, or

23 some arrangement, whereby the interest of these

24 respective managers is allocated as between them.

25 I fear I am formulating it poorly; do you understand

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1 the question?

2 A. Not very well, sir.

3 Q. Now, supposing, just as a supposition, at some point you

4 would say: well, you know what, I don’t want to —

5 obviously I am holding some share in the Bank as I am

6 a manager of the Bank, Mr Lokai holds the shareholding

7 on behalf of all managers, or several managers, but

8 I want to take my share away and hold it directly. How

9 much of this 13 per cent you would be entitled to?

10 A. I wouldn’t be able to say now with regard to

11 the agreement between Solo and the Bank.

12 Q. Right.

13 Now, Mr Savelyev, have you been in touch with

14 Mr Lokai after he left his position as the director of

15 investment in 2007? Have you been in touch with him at

16 all?

17 A. Quite infrequently, but he remains the Bank’s client,

18 and he is serviced at the Bank of St Petersburg as

19 a legal entity.

20 Q. Now, Mr Savelyev, aren’t you and Mr Lokai still business

21 partners?

22 A. No, we don’t have a joint business with him.

23 Q. Well, were you business partners after his leaving the

24 position of the director of investment at the Bank, as

25 such?

1 corporate entities.

2 A. My Lord, would it be possible to ask for my reading

3 glasses from my case?

4 MR JUSTICE HILDYARD: Yes, of course. (Pause).

5 This is like SPARK, is it, but a different…

6 MR STROILOV: It is, my Lord, it is exactly like SPARK

7 except that it doesn’t have the English version, so we

8 had to order English versions from SPARK and Russian

9 versions from this database called Kartoteka which is

10 run by business newspaper, Kommersant, and I am sorry it

11 is done in a very convoluted way in a way, and late, as

12 my learned friend quite rightly noted.

13 So, Mr Savelyev, I think if you could go to

14 the third page in this clip. Actually, I think it is

15 better to look at the second page so you see that the

16 bottom table there, «Historic shareholders», and then if

17 you could see various entries made on 13 May 2008, you

18 will see there are a number of people holding different

19 amount of shares, and at the top of the third page, you

20 see your name, and it is indicated you held 4.9

21 shareholding of the company, and at the bottom of

22 the second page you see Mr Lokai, who is recorded as

23 holding 10.19 per cent.

24 Then, I think just to be fair, later on in 2008,

25 there appear — well, it seems to be in a few days, it

29 31
1 A. I do not remember that we were business partners. 1 seems to be redistributed to different shareholders, to
2 Q. Were you not partners in a company called 2 two companies, one of them called Gelios and the other
3 Ruchyevskiy Razliv, do you recall anything about that? 3 Stroykvartal.
4 A. No, I do not recall that, my Lord. 4 A. Mr Stroilov, could you please point me to the right page
5 Q. Do you recall the company called Ruchyevskiy Razliv? 5 again?
6 A. I don’t know such a company, my Lord. 6 Q. I am looking at the — it’s the second and third page,
7 Q. My Lord, I do apologise, I don’t have the English 7 starting from the middle of the second page of the clip
8 version. Hopefully it is being uploaded, but for the 8 you are holding and then going to the middle of
9 moment I only have a Russian version, but I just hope to 9 the third page. So that’s the list of historic
10 refresh Mr Savelyev’s recollection. So that’s one of 10 shareholders, Mr Savelyev, going in reverse
11 the documents disclosed, I think, yesterday or the day 11 chronological order. I don’t know how familiar you are
12 before, that’s from a Russian database. So if it could 12 with a database of this kind? (Pause).
13 be handed up in hard copy, but I don’t think 13 So it appears that there were a number of
14 your Lordship needs it, it is in Russian. But perhaps 14 individuals including you and Mr Lokai who originally
15 you might, because there are a lot of figures and this 15 set up this company, and then the shareholding on
16 kind of thing, so perhaps your Lordship could follow 16 22 May 2008, that shareholding was actually pooled into
17 that. 17 two companies: Gelios LLC and Stroykvartal LLC; does
18 So one for my learned friends, one for the witness, 18 that ring any bells, Mr Savelyev?
19 one for the learned judge and one for the translators. 19 A. There are many surnames here, many company names.
20 (Handed). 20 I cannot see Mr Lokai here.
21 I do apologise, my Lord. I think there will be 21 Q. He is at the bottom of the second page, at the very
22 an English version from SPARK. 22 bottom of the second page you can see Mr Lokai.
23 So this is an entry from a different database, 23 A. I recall very faintly how the 4 per cent were held.
24 that’s the difficulty. That’s an entry from the 24 There are many names here and many company names.
25 database called Kartoteka which is a database of 25 I don’t think that it signifies that we were business
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1 partners with Mr Lokai.

2 The shares were held — well, there are many

3 companies and many names here.

4 Q. Well, that’s right, that’s why I was hoping if you could

5 explain to the court what this company was and what this

6 venture was, if any, and then what came out of it.

7 A. To be honest, my Lord, I don’t remember what the company

8 was involved in, what I did there, holding 4.9 per cent,

9 4.92 per cent of the shares. It says that it’s

10 Ruchyevskiy Razliv Agricultural Firm, Limited Liability

11 Company, but I don’t remember.

12 Q. Well, do you recognise any of the individual names or

13 corporate names you see there?

14 A. Yes, I know Valery Solomonovich Israelit. He is

15 chairman of the board of directors of Ust’-Luga. I know

16 Nikolai Viktorovich Lokai, I recognise his name.

17 Q. Well, if you look slightly up that table, you will see

18 in one of the two entries dated 22 May, you will see

19 Gelios LLC. Isn’t that the same Gelios that acted as

20 one of the original purchasers in this case in due

21 course?

22 A. I don’t know, my Lord, whether it is that company or

23 a different one. I have no idea.

24 MR STROILOV: My Lord, this may be a good moment for

25 a 10-minute break, if you are minded to.

1 Russian version {D198/3049/1}.

2 Well, I wonder what is best. I have the paper

3 version. I am just thinking which I should hand up.

4 MR JUSTICE HILDYARD: Someone, rather cleverly, has put

5 a split screen; does that help us?

6 MR STROILOV: Perhaps that could be done. Yes, if we could,

7 in the Russian version — will it help if I — only

8 a moment ago I had the paper version of it. I wonder if

9 I should hand up the Russian version for Mr Savelyev so

10 that it’s easier to follow, and give one for the

11 translators and then we can go on the English one; will

12 that be a good idea, my Lord? I think it is.

13 So if just one of them given to Mr Savelyev, and

14 another to the interpreters, and we could just not

15 bother about the Russian version on the screen, I think.

16 (Handed).

17 So what I am looking at is a list of …

18 shareholders, that will be at — I beg your pardon. If

19 we could go to page 4, {D198/3050/4}, in the English

20 version, and I suspect — yes, Mr Savelyev, so if you

21 could go to the penultimate page in your clip.

22 So you can see obviously the list of shareholders,

23 Mr Savelyev, and I think it doesn’t seem to be quite

24 correct. You see your name and Mr Lokai’s name and then

25 the name of something called IFK BSPB. Now, I wonder

33 35

1 MR JUSTICE HILDYARD: Yes, certainly.

2 (11.49 am)

3 (A short break)

4 (12.03 pm)

5 MR STROILOV: May it please your Lordship.

6 Mr Savelyev, do you recall anything about a company

7 called Feniks?

8 A. No, my Lord, nothing at all.

9 Q. It appears that you owned such a company in 2005 and

10 2008. Perhaps if we could look at the SPARK profile,

11 because now I have a proper SPARK profile in both

12 languages so it would be a shame to waste that

13 opportunity. It’s at {D198/3050/1} for the English, and

14 the previous tab, {D198/3049/1} for the Russian.

15 A. I have nothing at all on my screen, I am afraid.

16 Q. Should I try again? Should I give the reference again

17 or is it something technical? (Pause).

18 I do apologise, my Lord. I wonder what … it’s

19 a new tab, it’s just uploaded, {D198/3050}.

20 MR JUSTICE HILDYARD: I don’t know whether you are looking

21 for 3049 or 3050; which would you —

22 MR STROILOV: Both.

23 MR JUSTICE HILDYARD: Both?

24 MR STROILOV: Yes, my Lord. That’s the English version

25 {D198/3050/1}, and then the previous tab will be the

1 whether it’s correct, because I think in the Kartoteka

2 database it’s a different … my apologies. If I could

3 also give you the Kartoteka entry for Feniks, and then

4 I think Mr Savelyev and I can compare the two and if

5 there are any errors in SPARK, then hopefully — I am

6 sorry about this chaotic way of doing things. Again,

7 one for Mr Savelyev and one for the interpreters.

8 (Handed).

9 I do apologise, my Lord, but I was just hoping

10 that …

11 So here, if you just look at the second page.

12 I think it is uploaded, but because it is just Russian,

13 so it’s easier to give it than to find it on the screen.

14 So you can see that in that version you seem to be

15 100 per cent shareholder from 2005 to 2008.

16 Then it seems to be transferred to IFK BSPB and

17 Mr Lokai. Here, rather than the abbreviation which we

18 have on SPARK, it is explained to be Investment

19 Financial Company BSPB. Does this ring any bells,

20 Mr Savelyev?

21 A. No, I do not have any recollections with respect to

22 this.

23 Q. You don’t recall any such company there?

24 A. No, I do not.

25 Q. And do you recall what IFK, Investment Financial

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1 Company, BSPB might stand for; could you help the court

2 on that at all?

3 A. My Lord, I am afraid I do not know what this company was

4 doing or what that company was all about at all. I just

5 have no recollection.

6 Q. I am just now, since we came across the name, Investment

7 Financial Company BSPB, does this name tell you anything

8 at all, Mr Savelyev?

9 A. No, it does not.

10 MR JUSTICE HILDYARD: You do not recollect putting any money

11 into such a company; is that right? I see that the

12 capital is some RUS 61 million.

13 A. My Lord, this extract says that Mr Savelyev’s share is

14 10,000.

15 MR JUSTICE HILDYARD: Yes, I thought that there was some —

16 maybe I am wrong because I don’t have it on my screen,

17 but I had understood that there was another source which

18 said that between 2005 and 2008 Mr Savelyev was shown as

19 being the 100 per cent holder; maybe I have that wrong.

20 MR STROILOV: That’s right but charter capital was only

21 RUB 10,000, my Lord, I do apologise, I am not

22 suggesting —

23 MR JUSTICE HILDYARD: So it is 10,000, right.

24 MR LORD: It is 2010, the entry for 61 million.

25 MR JUSTICE HILDYARD: Where is this other bit of paper? I’m

1 MR STROILOV: Yes, so in line 8, so it’s just 10,000.

2 MR JUSTICE HILDYARD: Thank you very much.

3 MR STROILOV: Yes, my Lord.

4 Now, could we … I think it actually looks rather

5 terrible on the screen, but I have a better translation

6 on the paper version here. If we could, just so that we

7 have the record, I do not think it will work well, if we

8 could go to {D10/217.71/1}, and I don’t think we can see

9 anything at all. So I will, again, go by the paper

10 version.

11 Now, I have a Russian original as an A3 sheet, and

12 then a translation as a couple of A4 sheets, and I have

13 four copies of each. So I think, again, it’s the same

14 distribution: To my Lord, to my learned friends, to

15 the witness and to the translator, and give both

16 versions. If any of them is unnecessary, it can just be

17 thrown away, but to avoid any difficulty.

18 MR JUSTICE HILDYARD: I’m so sorry, what is this?

19 MR STROILOV: This is a different kind of SPARK service

20 which is also only available in Russian.

21 MR JUSTICE HILDYARD: For Feniks?

22 MR STROILOV: No, not for Feniks.

23 MR JUSTICE HILDYARD: It is another company?

24 MR STROILOV: That is the list of various companies

25 associated with Mr Lokai.

37 39
1 sorry, I don’t mean to inconvenience you, but I am just 1 MR JUSTICE HILDYARD: I see.
2 listening, as far as I can, to what you say. 2 MR STROILOV: So that’s what the database gives you —
3 MR STROILOV: I’m sorry, my Lord, it is all rather chaotic 3 MR JUSTICE HILDYARD: I see.
4 and I do apologise for that. 4 MR STROILOV: — for the Lokai search.
5 MR JUSTICE HILDYARD: No, it’s all right. I just don’t want 5 So, Mr Savelyev, you do follow that, don’t you?
6 to have got the wrong end of the stick. (Handed). 6 A. No, I do not.
7 Now, this is the rival to SPARK, is it? 7 Q. So this A3 table is what the SPARK database gives you if
8 MR STROILOV: It is, yes. 8 you try searching by the name Nikolai Viktorovich Lokai
9 MR JUSTICE HILDYARD: And available in Russian only? 9 and his taxpayer’s number. Do you follow? Do you
10 MR STROILOV: Yes. My Lord, it happened just for a number 10 understand that, Mr Savelyev?
11 of technical reasons that it was more convenient for us 11 So you have the database, you try to search by the
12 to use this, or, rather, impossible to use SPARK. I do 12 name of Mr Lokai, and his taxpayer’s number, and here
13 apologise for that, and we had to duplicate. 13 you have these results; do you follow that?
14 MR JUSTICE HILDYARD: In this version, where is the 14 A. Well, this may be the result, but what does this have to
15 statement of the historic capital between 2005 and 2008? 15 do with me?
16 MR STROILOV: Just a second, my Lord. That will be on the 16 Q. Well, I just would like to draw your attention to
17 second page, my Lord. So you see on the second page at 17 certain entries.
18 the very bottom, you see — well, the first is just the 18 Now, if you look — so you see there are two tables,
19 numbers and then you see the taxpayer’s number, and then 19 well in the first — in the upper table you see what the
20 you see the «Share in charter capital», and «Charter 20 database thinks is definitely the same Mr Lokai, because
21 capital». 21 his taxpayer’s number coincides, and in the second,
22 MR JUSTICE HILDYARD: Is it column 8? 22 longer table, it is something where the database says it
23 MR LORD: Line 8. 23 is a high probability of identification because his
24 MR STROILOV: Line 8 is Mr Savelyev. 24 name.
25 MR JUSTICE HILDYARD: Sorry, line 8, I’m so sorry. 25 So in the upper table you can see in line 1 you can
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1 see the company called Olimp-Finans in which Mr Lokai is

2 director general and co-owner and its legal address is

3 St Petersburg, Ispolkomskaya 15A; right?

4 Then you see Solo, which we know about. Then in

5 line 3, you have a company called Evolution-G, and,

6 again, the same legal address, except that it’s

7 St Petersburg, Ispolkomskaya 15, and then office 455, so

8 it says.

9 Then if you skip and look at the top of the second

10 and larger table, Mr Savelyev; do you follow?

11 MR JUSTICE HILDYARD: Did you say line 2 was Solo?

12 MR STROILOV: Yes, line 2 is Solo.

13 MR JUSTICE HILDYARD: I see. What’s the address for Solo?

14 MR STROILOV: Well, it’s Bolshaya Morskaya. Hasn’t

15 your Lordship got the English version?

16 MR JUSTICE HILDYARD: I’m sorry.

17 MR STROILOV: You can see St Petersburg, Bolshaya Morskaya

18 30, so it’s not Ispolkomskaya.

19 MR JUSTICE HILDYARD: I am sorry.

20 MR STROILOV: Right, Mr Savelyev, do you follow this?

21 A. Not yet.

22 Q. Have you followed it in the table as I was listing the

23 entries I would like you to look at?

24 A. Yes, I have followed.

25 Q. Yes. So now if you could look at the second table, so

1 MR JUSTICE HILDYARD: I thought it was BCPB LLC; is that

2 right?

3 MR LORD: Or was it SK St Petersburg LLC? I’m not sure what

4 Mr Stroilov is putting to the witness.

5 MR STROILOV: I think I need to split this.

6 MR JUSTICE HILDYARD: I think you do.

7 MR LORD: It is not very fair otherwise.

8 MR STROILOV: Do you think that BSPB LLC is not connected to

9 the Bank?

10 A. My Lord, I simply do not recall whether this company is

11 or is not related to the Bank. I do know Mr Lokai. He

12 may have been the general director of the company at

13 that time, according, as per this document, but I just

14 do not have any recollection, any specific recollection

15 of that.

16 MR JUSTICE HILDYARD: I am so sorry, I am getting very

17 confused. Do you think that the reference to BCPB LLC

18 could be to the Bank?

19 MR STROILOV: My Lord —

20 MR JUSTICE HILDYARD: Is that what you wanted to know?

21 MR STROILOV: Not really, no.

22 MR JUSTICE HILDYARD: You don’t?

23 MR STROILOV: What I am suggesting is that this name, it’s

24 not the name of the Bank because the Bank is not an LLC,

25 but that is a company connected to the Bank in some way;

41 43

1 high probability of coincidence for identification.

2 So, Mr Savelyev, you can see in line 1 Mr Lokai is

3 recorded as being director general and co-owner of

4 IFK BSPB, which you have mentioned previously, and you

5 said you know nothing about, and its legal address is at

6 St Petersburg, Ispolkomskaya 15, then flat 455.

7 Then in the second line his position is described as

8 director general of BSPB LLC, or former, then his status

9 is «former». Then the company is described as SK

10 St Petersburg LLC.

11 Now, do you know anything about this company,

12 Mr Savelyev?

13 A. No, I do not.

14 Q. Doesn’t this line suggest some connection with the Bank,

15 Mr Savelyev? Doesn’t it suggest that to you?

16 A. Well, Mr Lokai was free to call any investment company

17 BSPB or St Petersburg, because it’s all located in

18 the City of St Petersburg, so that would have been okay.

19 Q. So you don’t think that this company is in any way

20 connected with the Bank, do you?

21 MR JUSTICE HILDYARD: Did you answer that?

22 A. I don’t think so.

23 MR LORD: Sorry, my Lord, which companies? Are we on line 1

24 or line 2 here now?

25 MR STROILOV: Line 2.

1 isn’t that a likely explanation, Mr Savelyev?

2 A. No. I would disagree with that. Mr Lokai is free to

3 call his investment company BSPB or whatever else. It’s

4 his personal decision.

5 Q. And don’t you think that SK St Petersburg has anything

6 to do with the Bank?

7 A. No, my Lord, I don’t think so.

8 Q. And then in line 3 again, so for some reason in relation

9 to a company called Forward-Capital LLC, his position is

10 described as general director of IFK BSPB. I think

11 there is a typo here. In Russian it says BSPB, not

12 BCPB.

13 So, again, that seems to be a reference to

14 the company in line 1, which you don’t think is

15 connected to BSPB, and you say you know nothing about.

16 A. My Lord, I — first of all, I do not have a clue where

17 this document comes from and why we should be giving

18 this any weight or why we should be trusting this

19 document. This is, after all, just a copy.

20 Number two, I do not understand what all these

21 questions have to do with me. Which year does this

22 information refer to?

23 Q. Now, Mr Savelyev, this date you can see in the second

24 column from the right, that’s the date of the latest

25 update in the SPARK system, and it was downloaded at —

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1 I mean, I can check for you if you like. It was

2 disclosed, and so your lawyers know it and there will be

3 metadata, I think, so it can be checked.

4 Do you think, Mr Savelyev, that this document is

5 misleading in any way, or incorrect? What are you

6 suggesting?

7 A. What I want to say is that I do not recall the names of

8 these companies and I simply do not understand why we

9 are discussing those companies.

10 Q. Well, didn’t you suggest that this document may be

11 a fabrication, or —

12 MR JUSTICE HILDYARD: I think all he wanted to know was

13 where it came from.

14 MR STROILOV: It comes from SPARK database.

15 MR JUSTICE HILDYARD: Yes.

16 MR STROILOV: It’s a search for the name of Mr Lokai.

17 MR JUSTICE HILDYARD: That’s what he wanted to know,

18 I think.

19 MR STROILOV: I’m sorry if that wasn’t clear.

20 So, Mr Savelyev, may I … now, if you could look at

21 line 4 in that table, Mr Savelyev, you will see

22 a company called UK Malaya Okhta LLC; is that company

23 familiar to you, Mr Savelyev?

24 A. No.

25 Q. You know nothing about it at all?

1 MR JUSTICE HILDYARD: Thank you.

2 MR STROILOV: Right. Just very quickly, I would just like

3 to draw your attention, Mr Savelyev, to the fact that

4 another company called Pole-Stroy LLC, that’s at line 6,

5 its legal address is once again Ispolkomskaya 15, 454;

6 isn’t that right?

7 A. My Lord, I’m sorry, I didn’t understand what item are we

8 looking at? What line?

9 MR JUSTICE HILDYARD: The registered address in line 6,

10 which is, in fact, the bottom line, there’s a company

11 Pole-Stroy LLC, which gives its address at the same

12 address as we have seen previously, where at least the

13 checking office, or small office and the Mercedes

14 concession was.

15 A. My Lord, I would like to clarify before the court that

16 Olimp office is a massive building which was built at

17 Ispolkomskaya Street. It’s a modern building. It’s

18 about 20,000 square metres. Only a few floors are taken

19 by the company Olimp itself, and the company sells

20 Mercedes cars.

21 All the other floors are office floors taken up by

22 various companies, and it’s possible that indeed

23 a Pole-Stroy office or some other companies might have

24 been located there, but I don’t see the connection to

25 the Bank here at all.

45 47
1 A. Not about these companies, no. 1 MR STROILOV: Yes, well Mr Savelyev, I will just draw your
2 Q. And its address, as you can see, its legal address is 2 attention to everything I want to show you and then
3 St Petersburg, Malookhtinsky 64A, and then room 536. 3 I will ask you the questions, with your permission.
4 That’s in the Bank’s building now, isn’t it? 4 Now, it is over the page in English but still the
5 A. Next to the Bank there are another two buildings not 5 same page in the Russian version that Mr Savelyev is
6 owned by the Bank. Only the head office of the Bank 6 looking at.
7 with a 100-metre tall tower belongs to the Bank, and it 7 So in line 12 you find ADK LLC, and again, the same
8 is on the balance sheet of the Bank; and two 8 address. So that’s, really, for the moment, all
9 neighbouring buildings where the office of UK 64A, it 9 I wanted to show you, Mr Savelyev.
10 could be not the Bank’s building. 10 Mr Savelyev, looking at this table, isn’t the
11 Q. Now, Mr Savelyev, correct me if I am wrong, my 11 likeliest explanation that Mr Lokai continued to act as
12 understanding was that 64A is the tower which is the 12 a nominee for the Bank or for the management of the Bank
13 Bank’s building, and then 64B and 64V, and possibly some 13 in the same way as he acted when he was the shareholder
14 others, are those buildings around on the plaza; isn’t 14 of Solo; isn’t that logical?
15 that correct? 15 A. No, it’s not logical at all. Mr Lokai is an independent
16 A. 64A is the legal address of the Bank. 16 legal entity. He has nothing to do with the Bank.
17 MR JUSTICE HILDYARD: Is 64A where the big tower and the 17 Q. Are you quite sure of that? Can you confirm on oath
18 Bank’s offices are, as well as being its legal or 18 today that Mr Lokai and his companies have nothing to do
19 registered address? 19 with the Bank?
20 A. Yes, the legal address, my Lord, is Malaya Okhta, 64A. 20 A. Then you and I would have to determine the time period.
21 MR JUSTICE HILDYARD: And is that where the offices actually 21 My Lord, Mr Lokai did work at the Bank, and I would
22 are? 22 not be able to deny that.
23 A. Yes, my Lord. 23 What period of time are we discussing here today?
24 MR JUSTICE HILDYARD: And that’s the tall tower? 24 This is something I would like to understand.
25 A. Yes, my Lord. 25 Q. Well, after he stopped working in the Bank and in his
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1 capacity as a shareholder or director of the companies

2 you have seen on the table, and which I have drawn your

3 attention to. Are you saying that Mr Lokai’s companies

4 I have shown you have nothing to do with the Bank; can

5 you swear that?

6 A. I can see that the Bank’s ownership is not shown

7 anywhere in the SPARK database, and based on this —

8 this is if we are looking at the document, based on the

9 document we see.

10 MR JUSTICE HILDYARD: I think the question goes beyond that.

11 Can you tell me whether the Bank or its managers used

12 Mr Lokai as a nominee for holdings; is that the question

13 you want?

14 MR STROILOV: That’s right, my Lord, yes.

15 A. As a nominee for which holdings, my Lord?

16 MR JUSTICE HILDYARD: There are a list of companies in which

17 he is shown as either holding shares or highly likely to

18 be connected. I think you are being asked whether this

19 person, Mr Lokai, had ever, and now, had acted as

20 a nominee in respect of any interests in any of those

21 companies; is that right, Mr Stroilov?

22 MR STROILOV: Yes, my Lord.

23 MR JUSTICE HILDYARD: You are being asked expressly to

24 confirm that.

25 A. Then could I please read through one more time, and

1 director general of IFK BSPB could be also director

2 general for Forward-Capital LLC.

3 Q. Yes, well, Mr Savelyev, that’s the result SPARK gives

4 for some reason. I don’t really know the answer. But,

5 obviously, if you can assist in any way, if you know

6 anything about IFK BSPB, or —

7 A. Mr Stroilov —

8 Q. — you must do so.

9 A. I’m sorry, Mr Stroilov, you said that that is reliable

10 data from SPARK database and our lawyers said that the

11 data is relevant. How could it be? Here it says

12 director general of IFK BSPB and the company is stated

13 as Forward-Capital.

14 Q. Mr Savelyev, you have now looked at this table for

15 a long enough period; can you confirm on oath that with

16 the exception of Solo, none of the companies mentioned

17 here were owned by Mr Lokai as a nominee of the Bank or

18 the Bank’s management; can you confirm that or not?

19 A. My Lord, I would not be able to remember that. This is

20 SPARK database. Of course I don’t have that database.

21 I don’t have such data either.

22 Possibly he did own these companies or possibly not.

23 This is not something known to me. I don’t remember

24 that.

25 Q. So Mr Savelyev, are you confirming that you have never

49 51

1 Mr Stroilov —

2 MR JUSTICE HILDYARD: Yes, of course.

3 A. If possible.

4 MR JUSTICE HILDYARD: Yes, indeed. Take your time.

5 (Pause).

6 A. Mr Stroilov, would you please name the companies one

7 more time, the companies you mentioned, the number of

8 companies and their names, please?

9 MR STROILOV: Yes, of course. What I was looking at, in

10 the upper table I am looking at 1, Olimp-Finans; then 2,

11 Solo, but that obviously we’ve discussed already; then

12 3, Evolution-G, or Evolutsiya G.

13 Then in the second table, IFK BSPB in line 1; then

14 there is a reference in line 2, it’s more complex, the

15 company SK St Petersburg, but then his position in

16 the second column from the left is described as director

17 general of BSPB LLC; then in line 3, Forward-Capital,

18 then again there is a reference in his description, as

19 you can see; then in line 4, UK Malaya Okhta LLC, and as

20 you can see that’s registered at the present address of

21 the Bank; then in line 6 I am looking at Pole-Stroy LLC.

22 A. Sir, could line 3 be please clarified to me in

23 the second table, the table below. It says the director

24 general of OOO IFK BSPB and then the name of the company

25 says Forward-Capital OOO. I do not quite see how the

1 held any interests through Mr Lokai or otherwise in any

2 of the companies you see here? Can you say that?

3 A. My Lord, I would like to state one more time, officially

4 before the court, that I, being here today, do not

5 remember, because there are a great many companies named

6 here and the database called SPARK is also massive.

7 I simply don’t recall these databases, and since that

8 time period, it has been a long time.

9 MR JUSTICE HILDYARD: Don’t worry about the size of

10 the SPARK database, I quite understand that. Focus on

11 the companies which Mr Stroilov has identified. Don’t

12 worry about the legitimacy of the document; just tell me

13 whether you or any other person within the Bank, to your

14 knowledge, held an interest in any of these companies

15 through Mr Lokai.

16 A. My Lord, as of today I do not remember whether there

17 were any holdings in these companies, Mr Savelyev being

18 the beneficiary thereof.

19 Q. Now, if we could — and that, obviously, is qualified by

20 what you have said earlier about Solo, isn’t it?

21 I think you confirmed earlier that Mr Lokai owned Solo

22 as a nominee for managers of the Bank; so that’s

23 a qualification to your answer, isn’t it, Mr Savelyev?

24 A. Yes, you understand correctly. It was said in

25 Kommersant newspaper that we have seen, and we read out

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1 of that, when it says that Mr Lokai owns Solo, 12.93, 1 well? Is that what you are saying?
2 I confirm that. Possibly I had 12.93, but possibly he 2 A. Yes.
3 held 12.93 per cent of shares in the company called 3 Q. I suggest, Mr Savelyev, that this is not a truthful
4 Solo. 4 answer, and what you said earlier is the truth: he held
5 Q. Mr Savelyev, I am not checking the transcript, but my 5 Solo for the benefit of the Bank or the Bank’s
6 recollection was that you said only very recently that 6 management, and you are now simply changing your
7 you thought — I think, to be fair, I think you said you 7 evidence once you have seen its implications.
8 thought it was possible — well, no, I will check the 8 A. What implications could there be? I have never denied
9 transcript if necessary. 9 that I am a co-owner of the Bank and all the Bank’s
10 MR JUSTICE HILDYARD: I think it’s about [draft] page 27 or 10 managers manage the shareholdings together with me.
11 28. 11 This information is public from open sources.
12 MR STROILOV: Yes, I am grateful, my Lord. 12 Q. And, Mr Savelyev, I further — well, I will suggest
13 MR JUSTICE HILDYARD: [Draft] Page 28, line 5. 13 looking at the Solo entry in SPARK, actually. That may
14 MR STROILOV: Yes. Again, we only got a Russian transcript 14 be easier. But then … (Pause).
15 so I think I will need to review what you have said 15 I am afraid we only have the English version, so
16 a moment ago. 16 I will have to tell you, Mr Savelyev, what it says, but
17 So starting at [draft] page 27, line 23, I ask you: 17 it’s at {D176-D191/2918.1T/3651}.
18 «Question: Now, Mr Savelyev, did Mr Lokai hold that 18 Well, now, so if we could look at the list of
19 13 per cent, let’s say, roughly, shareholding in 19 historic shareholders, and if we could perhaps first
20 the Bank through Solo beneficially, or did he hold it on 20 look at the list of directors at
21 behalf of somebody else? 21 {D176-D191/2918.1T/3652}. I just wonder, I think we
22 «Answer: I think yes, I think he did hold that 22 haven’t got Russian SPARK, but I think we have
23 shareholding.» 23 an official registry entry called EGRUL. I will just
24 Then my question: 24 try to find it for Mr Savelyev, just in fairness.
25 «Question: Did he hold it as the beneficial owner, 25 Now, I think the best I can do is if there is a hard
53 55

1 or did he hold it on behalf of somebody else?»

2 Then your answer:

3 «Answer: My Lord, I think he held it on behalf of

4 the Bank for the Bank’s interest.»

5 Then my question:

6 «Question: And when you say ‘the Bank’, do you

7 mean — well, do you mean the managers of the Bank, or

8 do you mean the Bank as a corporation?»

9 Then you say:

10 «Answer: I mean the Bank’s managers.»

11 So is that your evidence or is it not, Mr Savelyev?

12 A. What is my evidence, sir? Could you please clarify your

13 question?

14 Q. The answers you have given at pages 27 and 28 which

15 I have read to you. Should I read it again?

16 MR JUSTICE HILDYARD: I think you are being asked, do you

17 wish to change or modify the answers you gave 25 minutes

18 ago, or not?

19 A. My Lord, I still believe that Mr Lokai was the

20 beneficiary of the company called Solo and owned these

21 shareholdings, being the manager of the Bank.

22 MR STROILOV: I just wonder if anything was lost in

23 translation.

24 So what you are saying now is that Mr Lokai was not

25 a nominal owner but the beneficial owner of Solo as

1 copy, then I don’t think I will be — and there is not

2 all the information in there, but there is a Russian

3 state registry entry at {D176-D191/2918.1T/3659} of

4 the same bundle for Solo, and that’s in Russian, so if

5 Mr Savelyev wants to look at it, I don’t mind him

6 looking at it.

7 But generally you will just have to listen to what

8 is translated to you, I am afraid. So you can see that

9 Solo, that Mr Lokai ceased being director general of

10 Solo in — no, I think we need to go to shareholding,

11 actually. If we could now go to

12 {D176-D191/2918.1T/2653}, then you can see the list of

13 shareholders and the history of shareholders.

14 Now, it appears that there is the usual mistake in

15 the sense that he is recorded, so Mr Lokai is recorded

16 as having RUB 8,350 of charter capital which is probably

17 a majority shareholding at the time, but we don’t see

18 that, it gives zero per cent, and his name is misspelled

19 as «Lokain» rather than «Lokai». Mr Savelyev, if you

20 can confirm that there is only one Nikolai Viktorovich

21 Lokai, and his name is Lokai, not Lokain; can you

22 confirm that, Mr Savelyev?

23 MR JUSTICE HILDYARD: I’m not sure you can ask him that, you

24 may ask him whether he knows any other Nikolai

25 Viktorovich Lokai.

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1 MR STROILOV: Yes.

2 So, Mr Savelyev, do you agree that Mr Lokai held the

3 shareholding in Solo from 2002 to 2009, and it was

4 probably a majority shareholding? I wonder if I can

5 just actually find this Kartoteka thing for you. It is

6 actually very difficult without a translation.

7 So afterwards, simply going — just seeing how that

8 shareholding seems to be transferred over time,

9 Mr Savelyev, I think you will have to believe me and

10 what I say about it, and if anything is wrong then my

11 learned friends will object. I think you can see in

12 2009 the shareholding seems to have been transferred

13 from Mr Lokai to Mr Leonid Zelyenov and the company

14 called ISK Baltik-Stroi, and then that was transferred

15 to Mr Ilya Potapov in 2010, that seems to be again, most

16 of the shareholding, but there is some confusion with

17 these numbers, apparently.

18 Then in the list of shareholders we also see

19 Elena Vladimirovna Goncharuk, we see the company called

20 Datadot Technology Limited in Cyprus. Then we see the

21 company called Chastnaya Zakrytaya Aktsionernaya

22 Kompaniya which means in Russian «private closed

23 joint-stock company», it’s also registered in Cyprus.

24 Then we see Mr Pavel Kozlov as the shareholder, and

25 then again we see Datadot Technology Limited.

1 it out again, the list? You see, you have Mr Lokai

2 first, apparently from 2002 to 2009; then you have

3 Mr Leonid Zelyenov and ISK Baltik-Stroi LLC, that is in

4 2009, then in 2010 you have Ilya Viktorovich Potapov,

5 Elena Vladimirovna Goncharuk, and the Cyprus offshore

6 company called Datadot Technology Limited. Then still

7 in 2010 you have Pavel Leonidovich Kozlov, then again,

8 Datadot Technology Limited, and finally Evgeni

9 Vyacheslavovich Kalinin as the 100 per cent shareholder

10 from the end of 2011.

11 Now, Mr Savelyev, do you accept that whoever are the

12 nominal shareholders, the beneficiaries were the Bank

13 and/or the management of the Bank, and I think you have

14 just indicated it’s the same thing.

15 A. Yes, I would say this is not secret information, this is

16 open information.

17 MR STROILOV: My Lord, I think this would be a good moment

18 for the short adjournment.

19 MR JUSTICE HILDYARD: Right. 2.00 pm, then.

20 MR LORD: Could you warn the witness. I have tried to

21 but …

22 MR JUSTICE HILDYARD: Mr Savelyev, it is extremely important

23 that you do not speak to anyone about this case, or talk

24 about this case during times when you are not in

25 the witness box for so long as you are cross-examined.

57 59
1 I beg your pardon, I think this other reference, 1 It’s a very important rule. I know you will abide by
2 it’s just Datadot Technology Limited. 2 it. Thank you.
3 Then finally we have in 2011, 100 per cent 3 A. My Lord, I was warned and I will not discuss it with
4 shareholding of Solo passed from Datadot Technology to 4 anyone.
5 Mr Evgeni Kalinin. 5 MR JUSTICE HILDYARD: Sorry, I didn’t hear.
6 So what I suggest to you, Mr Savelyev, is throughout 6 A. My Lord, I was warned and I will not discuss it with
7 that period, the real beneficial owners were the Bank or 7 anyone.
8 the managers of the Bank, as before. 8 MR JUSTICE HILDYARD: Thank you so much. 2.00 pm.
9 A. I’ve already given my answer. You’ve shown me my 9 (1.02 pm)
10 statement saying that those were the former managers of 10 (The Luncheon Adjournment)
11 the Bank. 11 (2.00 pm)
12 Q. I beg your pardon, Mr Savelyev. I didn’t understand 12 MR STROILOV: May it please your Lordship.
13 that answer, if you could … do you agree that the 13 Now, Mr Savelyev, I would like to show you
14 beneficial owners behind the nominal shareholders of 14 a document which I am not sure will come out very well
15 Solo I have listed are the Bank or the Bank’s managers? 15 on the screen, but I have hard copies. That’s at
16 A. I do not separate the Bank and the Bank’s managers. To 16 {D197/2962/1}, and the Russian version is {D197/2961/1},
17 me it’s all the same. 17 but I will have to hand up hard copies because that’s
18 Q. Do you agree that that entity, which you may call Bank, 18 just too small. Now, I think English goes first and
19 the Bank’s managers, or you may just call Mr Savelyev, 19 Russian at the bottom, so if you could give a copy of
20 perhaps, that that entity has been the beneficial owner 20 each once more to my Lord, to my learned friends, to
21 of Solo behind the nominal shareholders listed on that 21 the witness and to the translators. (Handed).
22 page? 22 Does everyone have a copy?
23 A. At what page, sir? Sorry, I don’t see that page before 23 So, Mr Savelyev, this comes from the website of
24 me. I haven’t got it. 24 Bank of St Petersburg, and that, as you can see, gives
25 Q. Mr Savelyev, I have read it out to you. Should I read 25 you the data on the major shareholders of the Bank as of
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1 today. So can you see that, Mr Savelyev? 1 lists Ms Mironova, Mr Filimonenok and Mr Reutov; why
2 A. Yes, I can. 2 Ms Savelyeva is not there?
3 Q. Thank you. So you can see, I think on page 1, just 3 A. Because she actually holds 19.95 per cent of
4 above East Capital Group there is a general statement 4 the management company called Verniye Druzya and not the
5 that Mr Savelyev and top management generally control 5 Bank’s shares.
6 51.2 per cent of charter capital and 53.15 per cent of 6 Q. But the same is true of Ms Mironova, Mr Filimonenok and
7 ordinary shares; do you see that? 7 Mr Reutov, so why are they in column 5 and Ms Savelyeva
8 A. Yes, I do. 8 is not?
9 MR JUSTICE HILDYARD: Where is that? I’m so sorry, I am 9 A. Because they own specific shareholdings of the Bank,
10 being absolutely daft but where is it? 10 these three people you mentioned, and my daughter owns
11 MR STROILOV: That’s near the bottom, about the third from 11 19.95 per cent of the charter capital of Verniye Druzya
12 the bottom, just above East Capital Group, do you see 12 management company.
13 «Mr A.V Savelyev and Top-management.» 13 Q. Mr Savelyev, if you look at column 6, you will see that
14 MR JUSTICE HILDYARD: Thank you very much. 14 there is no difference between the model of ownership of
15 MR STROILOV: So out of this 51 per cent, you personally 15 Ms Mironova, Mr Filimonenok, Mr Reutov and Ms Savelyeva.
16 hold 22.8 of charter capital, and 23.7 of ordinary 16 Each of them is a beneficiary of an offshore vehicle,
17 shares. That’s at the top line; can you see that? 17 each of them separate, which in turn owns some
18 A. Yes, I can. 18 shareholding of Verniye Druzya.
19 Q. And then you can see that the biggest part of 19 A. My Lord, as far as I understand, in column 6 it says
20 the management shareholding is a management company 20 explicitly in Russian that Management Company LLC
21 called Verniye Druzya, which is «loyal friends», 21 Verniye Druzya, Oksana Savelyeva owns 19.95 per cent of
22 translated from Russian; you can see that. Then in 22 the charter capital of that company. I don’t understand
23 column 5 you see three beneficial owners identified 23 the question. It says explicitly here what she holds,
24 there, that’s Kristina Mironova, Pavel Filimonenok — 24 what she owns.
25 I’m sorry if I am mispronouncing it — and 25 Q. Right. Well, I will move on, Mr Savelyev. I don’t

61

1 Vladimir Reutov.

2 If you could read this rather long cell called

3 «Ownership structure» for Verniye Druzya. You can see

4 that Ms Mironova owns her share through two offshore

5 vehicles, and then two Mr Filimonenok also owns his

6 through two offshore vehicles, Mr Reutov the same, and

7 finally under number 4, we have Oksana A Savelyeva who

8 through another offshore vehicle owns indirectly

9 19.95 per cent of Verniye Druzya. Is Oksana Savelyeva

10 your daughter, Mr Savelyev?

11 A. Yes. Yes, she’s my daughter.

12 Q. Does she hold this shareholding as your nominee?

13 A. No. No she owns these shares.

14 Q. She’s not anyone’s nominee, is she?

15 A. No.

16 Q. Does she work for the Bank?

17 A. No, she does not. She is a doctor. She’s a medical

18 doctor.

19 Q. Why is she not mentioned in column 3 «Beneficial

20 owners»?

21 A. Because she owns 19.95 per cent of the charter capital

22 of Verniye Druzya Management Company.

23 Q. That’s why she is mentioned in column 6 — I beg your

24 pardon, I think I have asked the wrong question. But

25 this column 5 says «beneficial owners», and that only

63

1 accept that you don’t understand the question.

2 Can you explain how does Ms Savelyeva’s shareholding

3 fit into the general description we have seen:

4 Mr Savelyev and top management, and then the aggregate

5 51 per cent. She is not Mr Savelyev, she is not top

6 management, so how does that shareholding fit into this?

7 A. Her shareholding does not fit into this. Her

8 shareholding only fits into the management company,

9 Verniye Druzya.

10 Q. Right, Mr Savelyev. I don’t accept that you didn’t

11 understand the question.

12 MR JUSTICE HILDYARD: I am so sorry to intervene, do you see

13 that in this document which is produced by the Bank, the

14 Bank’s management interests are intended, as

15 I understand it, to be described in that box; is that

16 right? Is that what your case is, Mr Stroilov?

17 A. Well, that’s right, my Lord, yes.

18 MR JUSTICE HILDYARD: Yes. So the question was, in case you

19 didn’t fully understand it, the question was, given that

20 your daughter is not part of the Bank’s management, and

21 never has been, because she is a doctor, why is it that

22 she is included in the box reserved for Bank’s

23 management? That, I think, was the question, in case

24 you didn’t understand it.

25 A. My Lord, because the Bank’s management owns the lion’s

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1 share of the shareholding in Verniye Druzya Management

2 Company, and here the main focus, the main concentration

3 of the shareholding of management company Verniye Druzya

4 is held by the Bank’s management. That’s why it says

5 that this is owned by the Bank’s management.

6 MR JUSTICE HILDYARD: Do you know when and how your daughter

7 came to acquire this interest in Verniye Druzya?

8 A. My Lord, that was around the end of 2015, quite

9 recently.

10 MR JUSTICE HILDYARD: And so far as you are aware, she

11 acquired those shares out of her own resources, did she?

12 A. No, my Lord, the resources that my daughter had, they

13 were my funds. I financed and carry on financing my

14 daughter. Because she is a doctor of medicine they

15 don’t have their own funds, their own resources.

16 MR JUSTICE HILDYARD: Sorry, Mr Stroilov. Do you want to

17 carry on?

18 MR STROILOV: No, I’m grateful, my Lord.

19 Now, Mr Savelyev, while we are still looking at this

20 document, there are a few more entries I would like to

21 have a look at. Now, East Capital Group and European

22 Bank for Reconstruction and Development, these are

23 obvious, but then in «Free float» you have 34 per cent

24 of charter capital. Then I would like to ask you about

25 a few entries. You have Mr Sergei Serdyukov there with

1 MR JUSTICE HILDYARD: Do you mean by that that you do not

2 know, or that you know that he does not?

3 A. Well, my Lord, that would be between the father and son,

4 I would imagine, but Serdyukov, Sergei Anatolyevich is

5 in my list of shareholders as a physical individual, and

6 I am saying to the court that I, being the Bank’s

7 shareholder, know Sergei Anatolyevich Serdyukov as the

8 ultimate beneficiary and I have no other information.

9 MR STROILOV: Thank you, my Lord.

10 If you could then go over the page and the top entry

11 {D197/2961/2}, you will see something called

12 Investproject Limited holding about 3 per cent of

13 the shareholding.

14 A. Mr Stroilov, I’m very sorry, I haven’t got that page.

15 I’ve only got one page here, and the next page, I don’t

16 think I’ve got it.

17 Q. Is that right? I mean, I have only …

18 A. Oh yes, yes. Thank you very much, I have found it.

19 Q. You have Investproject at the top, haven’t you?

20 A. No.

21 It says latest Igor Mikhaylovich, the Republic of

22 Karelia. Oh, yes, I found Investproject. My apologies.

23 Q. Right, and so there in the column in the kind of middle

24 of the page, you can see that the beneficial owner is

25 entered as Mr Valery Puzikov?

65 67

1 5.45 per cent of charter capital, 5.70 per cent or

2 ordinary shares. Can you see that?

3 A. Yes, I can.

4 Q. Sergei Serdyukov, he is a son of a gentleman called

5 Anatoly Serdyukov?

6 A. Yes, it is Anatoly Serdyukov’s son.

7 Q. And Anatoly Serdyukov is the former defence minister of

8 Russia, isn’t he?

9 A. Yes, that’s correct.

10 Q. And he was fired in 2012 in a major corruption scandal,

11 wasn’t he?

12 A. Unfortunately I don’t know when he was fired.

13 Q. And his son holds these shares for him as a nominee,

14 doesn’t he?

15 A. My Lord, St Petersburg Bank is a public joint-stock

16 company which places its shares at Russian stock

17 exchange at the Interbank currency exchange and RTS

18 stock exchange. The shares are in free float and anyone

19 who would be willing could come to the stock exchange

20 and buy a shareholding.

21 Q. Mr Savelyev, to your knowledge, does Mr Serdyukov junior

22 hold his shares as a nominee for Mr Serdyukov senior?

23 A. No, this is not correct.

24 Q. Right, and if we could skip Mr Matvienko for a moment.

25 Go over the page.

1 A. Yes, I can see that.

2 Q. And can you confirm that, to your knowledge, Mr Puzikov

3 is the brother-in-law of Mr Anatoly Serdyukov?

4 A. I don’t know what is their relation, to be honest,

5 Mr Stroilov.

6 Q. You don’t know that Mr Puzikov was prosecuted as part of

7 the Serdyukov corruption scandal?

8 A. Possibly there was. I don’t know.

9 Q. And Mr Puzikov holds these shares as a nominee of

10 Mr Serdyukov senior, doesn’t he?

11 A. I wouldn’t be able to know, my Lord.

12 Q. Right. You don’t know this family personally, do you?

13 Sorry, let me start again. You know this family

14 personally, don’t you?

15 A. Not the family, but I know Serdyukov senior because he

16 was the Minister of Defence.

17 Q. Do you mean you know him personally or you know him by

18 name?

19 A. I know him personally.

20 Q. Thank you.

21 A. He worked as the Head of Tax Inspection for the City of

22 St Petersburg.

23 Q. Right. If we could go back to page 1 just for

24 completeness, so at the bottom of the page you have got

25 Vladimir Matvienko with just under 3 per cent, at the

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1 bottom of the page.

2 A. Yes, I can see that.

3 Q. And that’s the husband of Valentina Matvienko?

4 A. Yes. It is the husband of Valentina Matvienko.

5 Q. And so is he a nominal shareholder or a real

6 shareholder?

7 A. No, he is a real shareholder of the shares.

8 Q. I am afraid I still have some chaos with the papers, in

9 that I only have a Russian version, for which

10 I apologise, of the document.

11 A. Sir, you can ask me and I will endeavour to answer.

12 Q. Indeed, Mr Savelyev, that’s what we will have to do and

13 it will be translated for my Lord. I am just

14 apologising to my Lord.

15 If we could call on the screen {D198/2972/1}.

16 I hope that is readable for Mr Savelyev. So that is the

17 Kartoteka database entry for Verniye Druzya LLC.

18 So, Mr Savelyev, do I understand correctly that the

19 purpose of that company is simply as a vehicle for

20 distributing shareholding between managers of the Bank

21 and your daughter?

22 A. I would like to say before the court, because of course

23 my daughter holds an option from the three holders of

24 the shares, and in the event of non-performance of

25 certain covenants, the daughter is entitled to buy the

1 shareholding with you. So that is the table in

2 the middle of the page {D198/2972/2}, the bigger table

3 in the lower middle of the page, you can see, is

4 «History of changes», and just above «Kinds of

5 activity»; do you see that?

6 You can see that you are 100 per cent shareholder

7 starting in July 2014. Mr Savelyev, can you see that at

8 the bottom of that table, «Savelyev»?

9 A. Yes, I can see what it says here, Savelyev Alexander

10 Vasilievitch and it says 100 per cent of my share.

11 Q. Yes, and just above that you can see in February 2015,

12 that shareholding passed to a company called Sovet

13 Direktorov LLC. In translation that’s «Board of

14 Directors LLC»; so you can see that.

15 A. I can see it, and what does it mean? I don’t know.

16 Q. I’m not suggesting anything, I just … and then you can

17 see that in May, at the end of May 2015, the shares are

18 distributed between three offshore vehicles, which we

19 know from the Bank’s document to be offshore vehicles of

20 Ms Mironova, Mr Filimonenok and Mr Reutov respectively.

21 So they are initially distributed in equal shares, then

22 in July 2015 you have Ismail(?) Services Limited, that’s

23 Miss Savelyeva’s company getting its 99.95 per cent of

24 shareholding and the other shares are reduced

25 accordingly.

69

1 shares from these three holders of the shares.

2 Q. What covenants?

3 A. I do not recall all the covenants now, but for the most

4 part, it’s to do with the Bank’s capital, following the

5 Bank’s strategy, and there have been many provisions

6 that the Bank managers need to comply with.

7 Q. So in a way, Verniye Druzya is your tool for control of

8 the Bank, isn’t it?

9 A. I never denied that I control the Bank, however, I would

10 like to say that everything here is correct and the

11 Bank’s managers, as of today, own the shareholding and

12 have an option with my daughter, between them and my

13 daughter.

14 Q. Yes, thank you.

15 Then just back to my question, so really, that is

16 the purpose of Verniye Druzya LLC, really to exercise

17 that control and to exercise that arrangement between

18 you and the other top managers; is that the purpose of

19 Verniye Druzya or is it doing anything else?

20 A. That is the global purpose of the company. The thing is

21 that I am not a young man and I would like to see in

22 time that Verniye Druzya company and my daughter would

23 exercise control of the Bank in the future period.

24 Q. Yes. So if you could scroll down one page here. So

25 I would just like to go through the history of

71

1 And the present shareholding stands, as we see in

2 the Bank’s document, it’s said that you see Sovet

3 Direktorov LLC preserves a very small shareholding, 0.3

4 shares. You can see all that, can’t you, Mr Savelyev?

5 A. Yes. Yes, I can.

6 Q. And then at the top of the page you can see executives,

7 the names of executives of the company.

8 So from July 2014 to February 2015, that was a lady

9 called Lyudmila Ivanova Stepanova; can you see that?

10 A. Yes, I can.

11 Q. And starting from February 2015 and to that day, the

12 director general is a gentleman called «Aleksei

13 Vitalyevich Maleyev». You can see that, can’t you?

14 A. Yes, I can.

15 Q. Now, I would like to ask you about Lyudmila Stepanova.

16 It appears that she was, from the records that were

17 published by the Bank, that from 2007 to 2014 she was

18 an indirect major shareholder of the Bank; isn’t that

19 right to your recollection?

20 A. I cannot see it from this document, but most likely this

21 is the case.

22 Q. I am not suggesting this is — that’s in this document.

23 I am just asking you whether that’s correct to your

24 knowledge.

25 So she had a very significant shareholding in

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1 the Bank from 2007 to 2014, didn’t she? 1 balance, sir, if you mean the balance sheet.
2 A. I do not recall exactly starting from when and until 2 Q. No, what I mean, perhaps I would need to show you. I am
3 what point in time, but that was the case. 3 sorry, that is, again, an untranslated document.
4 Q. So I think it was — at one point in 2011 to 2013, that 4 MR LORD: Sorry, my Lord, I think it is being put to
5 was through an offshore vehicle called Malvenst 5 the witness that there was some concealment of this
6 Investment Limited, and her share fluctuated roughly 6 shareholding — unless I have that wrong — some
7 just under 20 per cent; is that consistent with your 7 disguising of it or some arrangement so that things
8 recollections? 8 didn’t have to be declared, I think that was the upshot
9 A. Yes, possibly. 9 of that question.
10 Q. And previously, apparently that part of 10 MR STROILOV: I wonder if my learned friend could wait until
11 the shareholding, anything between 14 to 20 per cent 11 the end of this line.
12 fluctuating, in 2007 to 2010, that was owned by 12 MR LORD: It’s quite a serious thing to put. I won’t
13 a company called Sistemnye Tekhnologii; is that correct 13 preempt it but I do hope that there is a basis for the
14 to your recollection? 14 questions that are being put.
15 A. I do not recall. 15 MR JUSTICE HILDYARD: My understanding so far is that,
16 Q. Well, that I think I will ask you to look at. We could 16 albeit it was wrapped up, Mr Stroilov has put to this
17 look at SPARK profile at {D207/3054/1} for the English 17 witness that there are some rules which require
18 version, and {D207/3053} for the Russian. 18 revelations somewhere, and I’m not exactly quite sure
19 Now, if we could scroll down to page 3 in each 19 where, of any interest of 20 per cent or above in
20 document — no, I think page 3 in the English version, 20 the capital of the Bank.
21 so scroll up the English version and scroll down the 21 MR STROILOV: That’s right, my Lord, and I would like to —
22 Russian version. {D207/3054/3}, {D207/3053/3}. Could 22 MR JUSTICE HILDYARD: And what he has further put is in
23 you scroll down the Russian yet further? It doesn’t 23 order not to breach those rules, this witness arranged
24 work. 24 to have indirect shareholdings, that is as I understand
25 So you can see at the top of the page in the Russian 25 it; is that right?

73

1 version and the lower half of the page in the English

2 version, that Lyudmila Stepanova is recorded to be

3 81 per cent shareholder, and you, Mr Savelyev, are

4 19 per cent shareholder of Sistemnye Tekhnologii?

5 A. No, this is not correct. It says that Lyudmila

6 Stepanova holds 81 per cent and Mr Savelyev holds

7 19 per cent.

8 Q. Sorry, I thought that’s what I said. I probably

9 misspoke. And prior to 2009, it was just Lyudmila

10 Stepanova.

11 Correct me if I am wrong, it seems that this company

12 held a share fluctuating between 14 per cent and

13 19 per cent share of the Bank between 2007 to 2010,

14 didn’t it? Is that consistent with your recollection?

15 A. Possibly.

16 Q. So isn’t the reason why shareholding is distributed

17 between you and Lyudmila Stepanova in this way, isn’t

18 the reason that if you had 20 per cent or higher, that

19 would have to be reflected in the Bank’s quarterly

20 reports, whereas this way you could only mention

21 Sistemnye Tekhnologii and Lyudmila Stepanova, but not

22 your own name; isn’t that the case?

23 A. The thing is that in the Bank’s quarterly reports, the

24 shares of Ms Stepanova or Mr Savelyev are not taken into

25 account and are not stated. If you mean the Bank’s

75

1 MR STROILOV: That’s right, my Lord, yes. I am putting no

2 more than that. I am not suggesting impropriety in that

3 arrangement. I am just interested as a matter of fact,

4 and perhaps I should make that clear. I am not

5 suggesting impropriety in that.

6 MR JUSTICE HILDYARD: I don’t know whether it would be

7 proper or not, but that is all you have put for the

8 moment.

9 MR STROILOV: Quite my Lord, and I don’t know whether it

10 would be proper or not, but I am not concerned about

11 that, so I am not saying anything about it.

12 MR JUSTICE HILDYARD: Yes, that’s as I understand the

13 position to be.

14 MR LORD: Yes, my Lord, it appeared to be being implied

15 there was an attempt to disguise certain interests,

16 that’s all.

17 MR JUSTICE HILDYARD: I don’t know whether it will come to

18 that or not, but it hasn’t come to that yet, is what

19 I am saying, as I understood the questions, and that has

20 been confirmed to me.

21 Yes.

22 MR STROILOV: Thank you.

23 If we could look at — and again, I apologise for

24 looking at an untranslated document, I am afraid, but

25 I am not looking for a lot; it’s just that I want

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1 Mr Savelyev to understand what I am talking about.

2 It’s {D204/3007/1}, and that, as you can see, is the

3 quarterly report of Bank of St Petersburg open

4 joint-stock company, and that’s dated, just for no

5 particular reason, it’s more or less taken at random,

6 but that’s for the fourth quarter of 2013.

7 MR JUSTICE HILDYARD: What’s the date on it?

8 MR STROILOV: That’s the fourth quarter of 2013. I think it

9 is 13 — it is signed by Mr Savelyev on

10 13 February 2014.

11 MR JUSTICE HILDYARD: Should you read it out so we know

12 what’s going on? The thing is, I quite understand the

13 reasons, but to some extent you are having

14 a conversation with the witness which I don’t fully

15 understand. I mean, I understand the reasons why we

16 have come to this, but it’s not all — you know what you

17 are talking about, Mr Savelyev may know what you are

18 talking about, but I sometimes get rather confused as to

19 what you are talking about because I can’t really see

20 the basis; do you see what I mean?

21 MR STROILOV: Yes, my Lord.

22 MR JUSTICE HILDYARD: I am just wondering whether here —

23 the other ones are more difficult, but here shall we

24 just sort of run through it and you can tell me what it

25 is. What’s the heading in bold?

1 A. It says:

2 «Information contained in this quarterly report is

3 subject to disclosure pursuant to the Russian Federation

4 legislation on securities.»

5 But it has no relation to the Bank’s balance. This

6 is a report with regard to information disclosure on

7 securities.

8 Q. Yes. Well, if we could scroll down, unless my Lord is

9 interested in looking through the whole table of

10 contents, which I don’t suggest is necessary. If we

11 could scroll down to page 76.

12 So, Mr Savelyev, at the bottom of the page you see

13 the heading under paragraph 6.2. So just for the

14 record, if you could read out what you have after 6.2?

15 What that paragraph is. (Pause)?

16 MR JUSTICE HILDYARD: Is your screen all right?

17 MR STROILOV: If you could read it out aloud, Mr Savelyev,

18 I’m sorry? 6.2 at the bottom of this page

19 {D204/3007/76}.

20 A. «Information about shareholders of the credit entity,

21 the issuer, holding at least 5 per cent of its equity

22 capital, or at least 5 per cent of its common shares as

23 well as information about persons controlling them, and

24 in the absence thereof about their shareholders owning

25 at least 20 per cent of the equity or share capital or

77 79

1 MR STROILOV: Yes, so that says «Quarterly Report of Open

2 Joint-stock Company Bank of St Petersburg». Then there

3 is a certain code allocated to —

4 MR JUSTICE HILDYARD: What, 00436B?

5 MR STROILOV: Yes, then it says it is for the fourth quarter

6 of 2013, then there is the address of Malookhtinsky 64.

7 MR JUSTICE HILDYARD: Ah yes.

8 MR STROILOV: Then it says:

9 «The information contained in this quarterly report

10 is —»

11 MR JUSTICE HILDYARD: Do you think for safety you should

12 read it in Russian and for it then to be translated?

13 MR STROILOV: Perhaps. Should I ask Mr Savelyev to do that?

14 MR JUSTICE HILDYARD: Yes, all right, yes.

15 MR STROILOV: Perhaps, Mr Savelyev, if you could —

16 I suppose should he start again and read the title page?

17 MR JUSTICE HILDYARD: Well, not unless Mr Lord insists.

18 I think we got the hang of the fact that it is

19 a quarterly report in respect of Bank of St Petersburg

20 with a particular identity number.

21 MR STROILOV: Yes. So, yes, the only thing I — if you

22 could, Mr Savelyev, read out in Russian the three lines

23 above the box with signatures and seal, these three

24 lines if you could read out in Russian, starting

25 from …

1 the units fund, or at least 20 per cent of their common

2 shares.»

3 Q. Perhaps for completeness if you could read to the bottom

4 of the page, Mr Savelyev. I’m sorry to exploit you like

5 that.

6 A. That’s all right.

7 «Information about persons owning at least

8 5 per cent of equity capital or at least 5 per cent of

9 common shares of the credit entity, the issuer.»

10 Q. Yes, and if we could now scroll down one page

11 {D204/3007/77}, and I will just summarise. So then

12 first, unless it is objected and then someone asks me to

13 read it, so first you have individuals, and at 6.2.1,

14 you have you, Mr Savelyev, and then your shareholding,

15 20.92 per cent in share capital, 21.70 in the voting

16 shares; is that right?

17 Then you have the corporate bodies section, and at

18 6.2.2 you have Malvenst Investments Limited, registered

19 in Cyprus. Then its shareholding, 19.27 in charter

20 capital, 19.94 in voting shares.

21 Then I think it is — the text in bold is more or

22 less identical to what you have read out, Mr Savelyev.

23 It is basically — well, I wonder, Mr Savelyev, if you

24 could perhaps read the text in bold which is in

25 the middle of the page just below the table,

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1 «Svedeniya o litsah …», if you could perhaps read that

2 out in Russian so that it is translated.

3 Starting from «Svedeniya o litsah …», the bold

4 text in the middle of the page under this table giving

5 information on Malvenst Investments. Then there is one

6 paragraph in bold. If you could just read it out in

7 Russian, please.

8 A. «Information about the persons controlling the

9 shareholder of a credit entity, the issuer, owning at

10 least 5 per cent of the share capital, or at least

11 5 per cent of ordinary shares of the credit entity, the

12 issuer, and in the event of absence of such persons,

13 about its shareholders owning at least 20 per cent of

14 the share or equity capital or unit fund, or at least

15 20 per cent of its ordinary shares.»

16 Q. Thank you very much. Below that you have the name of

17 Lyudmila Stepanova, and then further there is

18 an explanation that the control is incorrect because she

19 owns — I beg your pardon. Then it explains this

20 structure of offshore companies ownership, so Malvenst

21 Investments is owned 100 per cent by Wellfame Pacific

22 Limited, and Lyudmila Stepanova owns 100 per cent in

23 Wellfame Pacific.

24 So Mr Savelyev, what I am suggesting to you is that

25 if there would be other reports we can find if necessary

1 with 19 per cent and her with 81, and the question you

2 are being asked is whether the restriction of the —

3 whether there was a restriction in your shareholding to

4 a nominal 19 per cent, because otherwise your

5 shareholding in that company would have had to be

6 disclosed under the Russian legislation. That’s the

7 question, isn’t it?

8 MR STROILOV: I am grateful, my Lord. I am sorry I am doing

9 poorly.

10 A. Yes, my Lord, this is a valid remark. That is correct.

11 Q. Lyudmila Stepanova is a relative of yours, isn’t she?

12 A. Yes, this is my wife’s sister.

13 Q. And she held these shares as your nominee, didn’t she?

14 A. It says in this document about indirect control.

15 Q. That’s right, but she — whatever shareholding she held

16 in the Bank, she held on your behalf, didn’t she?

17 A. Yes, for my interest.

18 Q. Right. Thank you.

19 Now, if we could perhaps now have a look at

20 {D197/2969/1}, and the Russian version will be at

21 {D197/2969/9}. Thank you.

22 So this is — again, I am afraid I have rather

23 diverse forms of information about Russian corporations,

24 so this is the most official one, the one Mr Sklyarevsky

25 liked, that this is the extract from the Unified State

81 83

1 where you would have Sistemnye Tekhnologii and Lyudmila

2 Stepanova as 81 per cent shareholder. If you were in

3 any link in that chain, if your shareholding was above

4 20 per cent, your name would have to be there. But if

5 it is just below 20 per cent, it doesn’t need to be

6 there; is that the rationale for this split? You

7 remember, we have had that split 81 to 19.

8 A. My Lord, the Central Bank controls the Bank’s

9 shareholding very strictly, pursuant to the Russian

10 legislation, and here, pursuant to the Russian

11 legislation, it is stated that 20.92 per cent of

12 the Bank’s shares coordinates with the Central Bank and

13 is held by Mr Savelyev, and 19.27, or 19.94 per cent

14 owned by the credit entity and is owned by Ms Stepanova.

15 All that is recorded by the authorities, observing the

16 legislation, and I cannot understand what questions

17 could be put to me in this regard.

18 The Central Bank has accepted this. This is an open

19 information available to the general public, and all of

20 that was done in accordance with the Russian

21 legislation.

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

23 in the company, which I hope I have put the name

24 correctly, Sistemnye Tekhnologii, the division of

25 shareholding as between you and Ms Stepanova, leaves you

1 Register of Legal Entities.

2 As you can see, that relates, Mr Savelyev, to Sovet

3 Direktorov LLC, or Board of Directors LLC. So that’s

4 the company which used to be the shareholder of

5 Verniye Druzya.

6 A. Possibly. I don’t know about that.

7 Q. Well, should we look again at Verniye Druzya entry,

8 because I think we have seen that for a period of time,

9 Sovet Direktorov was 100 per cent shareholder of

10 Verniye Druzya and then it was distributed between

11 different managers.

12 A. Possibly this is correct.

13 Q. So if you can see the second table from the top is

14 address, and you can see that the address is given as

15 Malookhtinsky 64B. So that’s one of the — as

16 I understand it — correct me if I am wrong — that is

17 part of that complex of buildings which is the new

18 building of the Bank, but 64B is not the central tower,

19 it’s one of the buildings on the flanks; is that right

20 to your understanding?

21 A. Yes, most likely this is the case.

22 MR JUSTICE HILDYARD: I’m so sorry, is it the Bank’s

23 building, or does the Bank have offices in B as well as

24 A?

25 A. My Lord, in the B building there are no bank’s offices,

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1 only in the A building. 1 Q. When a Russian document talks about the «founder» of
2 MR JUSTICE HILDYARD: Have I got the wrong end of the stick? 2 a corporation, or «uchreditel», that does not refer to
3 MR LORD: No, my Lord. 3 a historic founder, it does not necessarily refer to
4 A. The Bank’s offices are only in the building with the 4 a historic founder, but rather refers to shareholders;
5 letter A, my Lord. 5 is that a fair statement?
6 MR LORD: Your Lordship is absolutely right, and if you look 6 A. My Lord, I still don’t see what the question is about.
7 at that last question it is a very rolled-up question. 7 I would not be able to answer it correctly, because
8 This witness is frequently being read out a number of 8 I objectively don’t understand it. Maybe is the issue
9 different propositions and then asked whether he agrees 9 lost in translation, but I simply don’t understand what
10 with it, and there were a series of different 10 the point of the question, what is the gist of it.
11 propositions about the complex and the way it is put 11 MR JUSTICE HILDYARD: Well, founder shareholders might be
12 together and whether the Bank does interest and whether 12 supposed to be the original shareholders who set up or
13 the tower is on the left or the right. 13 founded the company, but Mr Stroilov is suggesting to
14 It’s difficult for a witness, particularly when we 14 you that in the Russian terminology, it may include the
15 have translation, to know exactly the point that’s being 15 founding shareholders but also subsequent shareholders,
16 put, and I do invite Mr Stroilov to put the points more 16 people who come into the company at a later date than
17 specifically. So if it is going to be said that this is 17 when it was founded; do you agree?
18 the Bank’s address or it is within the Bank’s office, it 18 A. My Lord, that would be pertaining to jurisprudence, and
19 should be put in that way, not in this sort of rolled-up 19 since I am not a lawyer, I would not be able to comment.
20 way. It’s happening all the time, I am afraid. 20 MR JUSTICE HILDYARD: Right. So you would prefer not to
21 MR JUSTICE HILDYARD: Well, I think Mr Stroilov has a very 21 answer that. I mean, I take your point, but you are
22 considerable task, which he is discharging very well, 22 quite an experienced banker and I wonder whether you
23 but I think, Mr Stroilov, sometimes, possibly in 23 might be able to answer it, given a bit of reflection?
24 an attempt to speed things up, you sometimes put two or 24 I don’t know.
25 more propositions within a sentence, ask for agreement, 25 A. If I may, I shall clarify the way I understood the

85

1 and then one doesn’t quite know what the witness, if he

2 says yes or no, is really saying. So I think one just

3 has to be terribly careful not to ask what’s called

4 a rolled-up question, because it diminishes its worth,

5 in some cases entirely, because one can’t fairly state

6 what the witness was assenting to or dissenting from; do

7 you see what I mean?

8 MR STROILOV: I take the point. That’s a fair point,

9 my Lord, absolutely.

10 Now, if we could scroll — let me ask you this,

11 Mr Savelyev. «Board of Directors» is a rather odd name

12 for a company, isn’t it?

13 A. My Lord, I don’t see anything strange in it. Even if it

14 were called Dubki, Oak Trees. I don’t know who called

15 it the Board of Directors, I would have no idea.

16 Q. Perhaps if we could scroll down one page on each screen

17 {D197/2969/2}, {D197/2969/10}. Now, in the middle you

18 have the heading «Information about founders

19 (Participants).»

20 So, Mr Savelyev, can you confirm that «founders» in

21 the Russian document of this kind doesn’t mean

22 a historic founder, but rather the meaning of it is

23 a participant in a corporation?

24 A. Sir, would you please ask the question in a clearer way?

25 I don’t understand your question, sir.

87

1 question.

2 MR JUSTICE HILDYARD: Yes. I am sorry if I didn’t make it

3 clear.

4 A. Shareholders of a legal entity could have their people

5 that come after them, or not, subsequent shareholders,

6 that’s the way I understood the question; is that

7 correct, Mr Stroilov? Is that what you meant?

8 MR STROILOV: Mr Savelyev, I think it is much simpler. When

9 you read in a document of this nature, an extract from

10 the Russian register related to a specific company, when

11 you read the heading «Information about founders», what

12 do you understand that to mean?

13 A. I understand this to mean that Savelyev Oksana

14 Aleksandrovna and Savelyev Aleksandr Vasilyevich hold

15 the shareholdings and the stake in percentage,

16 I understand what it says in the document, 17 and 17.

17 Q. Thank you. If we could go further one page,

18 {D197/2962/2} do you see at the top of the page,

19 Mr Serdyukov junior, with 16 per cent in that company,

20 don’t you?

21 A. Yes, I can see that.

22 Q. Then a number 4 you have Elena Ivannikova with

23 16 per cent?

24 A. Yes.

25 Q. And Elena Ivannikova was until recently one of the top

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1 managers of the Bank, wasn’t she?

2 A. She still remains the member of the board of directors.

3 Q. Right. Thank you. Then at number 5 you have

4 Nadezhda Dolgopolova with 16 per cent. Can you see

5 that?

6 A. Yes, I can see that.

7 Q. And at number 6 you have Pavel Filimonenok; can you see

8 that?

9 A. Yes, I can.

10 Q. And Mr Filimonenok is, of course, one of the top

11 managers of the Bank, isn’t he?

12 A. Yes. Yes, he is the deputy chairman of the Bank.

13 MR JUSTICE HILDYARD: Who is Ms Dolgopolova? Is she

14 connected with the Bank, or was she?

15 A. No, she’s not.

16 MR STROILOV: Do you know who she is, Mr Savelyev?

17 A. No, I do not.

18 Q. Now, if we could scroll down one page. So at number 7

19 you have Kristina Mironova, with 6 per cent and number 8

20 you have Vladimir Reutov with 6 per cent; can you see

21 that, Mr Savelyev?

22 A. Yes, I can.

23 Q. And if you could scroll down one more page

24 {D197/2969/5}, you can see that the director general is,

25 again, Mr Aleksei Vitalyevich Maleyev, who is also, as

1 the Bank; is that right, do you think?

2 A. My Lord, most likely this is right.

3 MR JUSTICE HILDYARD: So both of them have the same purpose

4 although they are, of course, different companies and

5 have different shareholders?

6 A. My Lord, to be honest, that is the source of my

7 confusion. With regard to different shareholders, and

8 most likely the objective or the purpose is the same.

9 MR JUSTICE HILDYARD: Thank you.

10 MR STROILOV: Yes, thank you. Thank you, my Lord.

11 Now, if we could perhaps very quickly look at

12 {D206/3014/1}, and on the other screen {D206/3019/1}.

13 So that is, as you can see, a profile of the company

14 called Gambit Agency Company, and as you can see, the

15 address is Malookhtinsky 64B. Can you see that?

16 A. Yes, I can.

17 Q. Do you know of that company?

18 A. No, I do not.

19 Q. If we could now scroll down to {D206/3014/4} of that.

20 I beg your pardon, to {D206/3014/3}, you can see that

21 near the bottom of the page, you can see that the

22 100 per cent shareholder is «Mr Aleksei Vitalevich

23 Maleev»; can you see that?

24 A. Yes, I can.

25 Q. That’s the same person who is the director general of

89 91

1 we have seen, the director general of Verniye Druzya.

2 Can you see that?

3 A. Yes.

4 Q. Mr Savelyev, I put it to you that the purpose of this

5 company appears to be the same as Verniye Druzya:

6 control of shareholding, isn’t it?

7 A. Well, it’s a different company, and here there are

8 different beneficiaries. I think what you said is

9 incorrect.

10 MR JUSTICE HILDYARD: I think he asked whether it had the

11 same purpose, whether its business or its purpose was

12 the same.

13 MR LORD: That’s right, my Lord, I think maybe he doesn’t

14 always understand the burden — I don’t blame

15 Mr Stroilov, I think it is happening — I’m looking at

16 the transcript and I just think it is happening, this

17 witness is not entirely sure which bit of

18 the proposition he is meant to be fastening onto and

19 he’s trying to be as precise as he can, I think.

20 MR JUSTICE HILDYARD: I think that was the point being put

21 to you: forget about it being a different company.

22 I take the point that there are slightly different

23 shareholders, but it appears that this company, Board of

24 Directors LLC, has the same purpose as Verniye Druzya’s

25 purpose, which is as a holding pot for shares in

1 Sovet Direktorov, isn’t it?

2 A. Yes, this is correct.

3 Q. And the same person who is general director of

4 Verniye Druzya?

5 A. Yes, Mr Maleev.

6 MR JUSTICE HILDYARD: Was the first company you mentioned

7 Board of Directors?

8 MR STROILOV: Board of Directors and Sovet Direktorov is the

9 same thing.

10 MR JUSTICE HILDYARD: I know, I thought so but, remember,

11 I don’t speak a word of Russian and so I just need to be

12 piloted along the way.

13 MR STROILOV: Yes, my Lord. I do hope I am not making it

14 too confusing.

15 MR JUSTICE HILDYARD: No, no, I am not saying that, but

16 I just want to know my footing is secure.

17 MR STROILOV: Yes, my Lord. I’m grateful.

18 I wonder if this may be a good moment for a short

19 break, just looking at the time.

20 MR JUSTICE HILDYARD: Yes, indeed, yes.

21 (3.16 pm)

22 (A short break)

23 (3.29 pm)

24 MR STROILOV: May it please your Lordship. Mr Savelyev,

25 could you please be shown {D206/3013/1} on one screen,

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1 and {D206/3018/1} on the other screen. I am sorry, on

2 the English screen I think I got something wrong

3 {D206/3013/1}. As you can see that’s the SPARK for the

4 company called Baltstar; is that your company,

5 Mr Savelyev?

6 A. No, I don’t know what this company is, again, it says

7 Maleev Aleksei being the general director.

8 Q. That’s right. Could we scroll down to page 4 on each

9 page {D206/3013/4}, {D206/3018/4}. So you can see in

10 the middle of the Russian page and at the top of

11 the English page that you and your daughter, Oksana

12 Savelyeva, have been recorded as shareholders of it, as

13 from 7 October 2015? Do you see that?

14 A. Yes, I can.

15 Q. So is that correct?

16 A. If this is the EGRUL data then of course it is correct.

17 Q. So do you recall anything about this company?

18 A. No, I do not recall anything.

19 Q. So as you can see slightly below, there is also

20 a history of shareholder changes, and there you find

21 Mr Lokai and then the company called Mizeks Trading

22 Limited, which I understand is a Cyprus company. Does

23 it refresh your memory in any way?

24 A. I don’t know what this company is, what was its purpose.

25 I do not remember.

1 Q. Could we perhaps go to {D197/2970/1}, and the Russian

2 version is at page 3 of the same tab {D197/2970/3}.

3 MR JUSTICE HILDYARD: Can I just ask this, I am so sorry.

4 Mr Savelyev, do the different branches of the Bank, and

5 especially Ordynka 40, which you have explained to me is

6 a branch of the Bank in Moscow, are they separate legal

7 entities in which you can hold shares?

8 A. They are separate legal entities that are not owned by

9 the Bank and are not reflected in the Bank’s balance

10 sheet. They are separate legal entities, my Lord, that

11 are not owned by the Bank. The Bank leases premises in

12 these offices.

13 MR JUSTICE HILDYARD: So Ordynka 40, when you say it is

14 a branch, do you mean it is the building or do you mean

15 it is the enterprise of the Bank of St Petersburg in

16 Moscow?

17 A. That is the enterprise that the Bank leases 1,300 or

18 1,400 square metres from out of 5,000 square metres.

19 MR JUSTICE HILDYARD: I see. So it is part of a building in

20 Moscow where Bank of St Petersburg’s branch operates

21 from?

22 A. That is absolutely correct, my Lord, that the Bank

23 leases either 1,300 or 1,400 square metres in the City

24 of Moscow in that building, but the building is not

25 owned by the Bank, my Lord.

93 95
1 Q. Well, if we could scroll down the Russian version one 1 MR JUSTICE HILDYARD: So Ordynka 40 is the Bank’s landlord
2 page, {D206/3018/5}, so you can see there are actually 2 in Moscow; is that right?
3 several ones from different sources, the «Participation 3 A. Yes, my Lord, that is correct.
4 in share capital» section, you can see that it 4 MR JUSTICE HILDYARD: I misunderstood. Thank you.
5 participates 99 per cent, this company seems to be 99 5 MR STROILOV: Thank you, my Lord.
6 per cent shareholder of UK Malaya Okhta LLC. Doesn’t 6 So if you could look on the screen, this seems to be
7 that provoke any recollections on your part. 7 an article published on a Russian news website
8 A. It seems to me that this is some company that services 8 in July 2015. That is focusing on the gentleman we
9 premises, buildings, as far as I can recall. Possibly. 9 mentioned earlier, Anatoly Serdyukov, the former defence
10 Q. Then you can see the address is Malookhtinsky 64A, then 10 minister.
11 office 536, or rather room 536. So that would be within 11 So if you could go down in the English version,
12 the tower, wouldn’t it? 12 that’s the penultimate paragraph — no, I think the
13 A. If this is letter A, it is within the tower. 13 third paragraph from the bottom. In the Russian
14 Q. So it appears that Malaya Okhta company is located on 14 version, it is the fourth paragraph from the bottom. So
15 the Bank’s premises, isn’t it? 15 if you could read the two paragraphs, the one starting
16 A. Yes, this is correct, because it services the premises. 16 with «Serdyukov», and the one starting with «Ordynka» in
17 Q. Then you can see 1 per cent participation in Ordynka 40 17 the English version, and the fourth and the third
18 LLC; does that ring any bells? 18 paragraphs from the bottom in the Russian version.
19 A. Sir, I don’t understand what this 1 per cent is. 19 (Pause).
20 Q. That means that Baltstar owns 1 per cent shareholding in 20 Have you read that, Mr Savelyev?
21 Ordynka 40; does that help you? 21 A. Sir, did you mean paragraph 4?
22 A. Possibly, but I still do not remember. 22 Q. Paragraph 4 from the bottom and paragraph 3 from the
23 Q. Do you know what Ordynka 40 is? 23 bottom in the Russian version, and in the English
24 A. Ordynka 40 is the branch of St Petersburg Bank in 24 version, third paragraph from the bottom and second
25 the City of Moscow, my Lord. 25 paragraph from the bottom.
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1 A. If I understood you correctly, the Russian words, it

2 starts:

3 «Serdyukov became the co-owner of Ordynka 40 LLC in

4 St Petersburg on 10 July.»

5 Is that the paragraph you want me to read, sir?

6 Q. Yes. Just read it to yourself. You can read it out if

7 you like.

8 You see the point here. What it says is that

9 Ordynka 40 is a joint venture between Mr Serdyukov and

10 your daughter, and then 1 per cent is also owned by

11 Mr Maleev, who is the company director.

12 A. This is not correct and I shall explain the way it

13 really looks, my Lord. Ordynka 40 was an independent

14 legal entity owned by a German company, and as far as

15 I recall, only in 2015, Mr Serdyukov and my daughter

16 became the co-owners of that company when they bought

17 out the company from another legal entity.

18 Q. That’s right, and that’s the company which owns the

19 Bank’s office in Moscow; is that correct?

20 A. Yes, that is correct.

21 Q. Now, if we could perhaps have a look at …

22 MR JUSTICE HILDYARD: Just while you are working that out,

23 did you — and you have explained to me your daughter is

24 a doctor — did you fund that purchase in 2015? Did you

25 provide the money for your daughter to acquire those

1 shareholding, you will see that Mr Maleev holds his

2 50 per cent share since 2009, whereas the other half was

3 changing hands in that period. So previously,

4 eventually, so it looks like the same shareholding was

5 passed between someone called Sergei Gudin and Elena

6 Gudina, so it’s not very clear who came first but the

7 entry appears to have been made in January 2011.

8 Then in October 2012 you have Lyudmila Stepanova

9 registered as that shareholder, and, I beg your pardon,

10 it looks like — I think it is — I think the reason is

11 it’s probably the dates are given in American style, so

12 it’s not October, it’s actually August 2010.

13 Then in October it’s passed to Elena Romanova; so

14 you can see that. You see that, Mr Savelyev, don’t you?

15 A. Yes, I can see that.

16 Q. And do you recall what that company does? Do you know

17 what that company does?

18 A. No, my Lord, I do not know the company.

19 Q. If we could perhaps scroll down further in — no,

20 I think if you could look at the bottom of the page, you

21 will see «Participation in share capital» section, and

22 you will see that the company owns a company called

23 Lipt Soft, a company with an address at Malookhtinsky

24 64V, and premises 24N; can you see that?

25 A. Yes, I can.

97 99

1 shares?

2 A. Yes, my Lord. These are my funds from my account, my

3 current account of Savelyev Alexander Vasilievitch to

4 the current account of Savelyeva Oksana Aleksandrovna.

5 All my funds are declared and I am gifting it to my

6 daughter, I am gifting the money and she is purchasing

7 whichever property she may wish to.

8 Q. Yes. Thank you, Mr Savelyev. If you could now look at

9 {D206/3021/1}, and the Russian version is {D206/3024/1}.

10 So that’s the profile of a company called Backbone

11 Limited, as you can see, if we could scroll down to

12 the list of shareholders, that’s at page 4 of

13 the English version, and I think it will be page 4 in

14 the Russian, but if not I will say where to move

15 {D206/3021/4}, {D206/3024/4}.

16 If we could scroll down the Russian version further

17 {D206/3024/5}. If we could, perhaps, if it’s possible

18 at all, half scroll down the English version so that

19 this table is at the top of the page, and the next page

20 is at the bottom.

21 So Mr Savelyev, as you can see that is a company

22 which is at present jointly owned by Mr Aleksei Maleev,

23 and Elena Romanova; can you see that?

24 A. Yes, I can.

25 Q. But then if you look at the dates of present

1 Q. And then 18 per cent in Nevskaya Management Company at

2 Ispolkomskaya 15A. Have you seen that?

3 So if you could scroll down in the Russian version

4 and if we could now have page 5 on the screen in full in

5 the English version {D206/3024/6}, {D206/3021/5} I just

6 want Mr Savelyev to have a look at the historic record

7 of participation in share capital, that’s to say of

8 companies owned by that company previously, and just see

9 if you can recall anything.

10 A. Sir, would you like me to have a look at the Russian

11 version or the English version?

12 Q. Well, if you can understand the English version you can

13 do either. If you want to look — if you only

14 understand Russian, look at the Russian version. Just

15 to be sure nothing escapes your attention. BST Tsentr,

16 Ferbenks, does that ring any bells at all?

17 A. No, it doesn’t ring any bells.

18 Q. Now, may I ask you about your brother, Andrei Savelyev?

19 You do have a brother called Andrei Savelyev, don’t you?

20 A. Yes, of course. Yes, it’s Andrei Vasilievitch Savelyev,

21 my brother.

22 Q. And he also works for the Bank, doesn’t he?

23 A. Yes, he works for the Bank.

24 Q. And if we could, please, call on the screen, a company

25 which seems to be a business project of his. I just was

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1 wondering if you know anything about it. If you could

2 look at {D206/3012/1}, and on the other screen

3 {D206/3017/1}.

4 So that’s a company called Tekhnopark Pulkovo and as

5 you can see on the first page, the director general

6 appears to be the same person, Elena Romanova, who we

7 have seen as a 50 per cent shareholder of Backbone. Can

8 you see that?

9 A. Yes, I can.

10 Q. And if we could now look — I beg your pardon. If we

11 could now go to page 3 of both those, you will see

12 «History of manager changes», just above the page, just

13 above the registration procedures. You will see that

14 in January 2009 your brother was director general, and

15 then for a period of time starting in 2010 it was

16 Mr Maleev; can you see that?

17 A. Yes. Yes, I can see that.

18 Q. Now, if we could scroll down to page 4 in each

19 {D206/3012/4}, {D206/3017/4}. If you could look at the

20 shareholders, so I think the present shareholder you can

21 see is BST Tsentr, and I think you said previously that

22 you don’t recall that company.

23 Then if you can scroll down the Russian version but

24 not the English version {D206/3017/5}, and then you see

25 historic shareholders. There have been the major — I’m

1 things for sure, and therefore, perhaps, I behave in not

2 a usual way, because I always managed the Bank, I didn’t

3 manage these minor companies. If there are any direct

4 questions for me, I am prepared to give a direct answer

5 to Mr Stroilov to the questions he meant for me, but he

6 has no need to show me 40 or 50 companies that I know

7 nothing about, in actual fact.

8 I would not be able to know about them, simply

9 because of the lack of time. I cannot study all the

10 shareholders, the dates when the companies were founded.

11 So please, if I may, is it possible to ask Mr Stroilov

12 to put more specific direct questions to me if he means

13 something, and I will respond directly. Honestly, I’ve

14 got nothing to hide. Thank you very much, my Lord.

15 MR JUSTICE HILDYARD: Well, Mr Savelyev, I understand that

16 you have many responsibilities as chairman of the Bank,

17 and I quite understand that memory dims over time, but

18 nevertheless part of this case, at least in

19 the counterclaim, is that assets landed up with

20 companies which it is said the Bank indirectly or

21 directly owns and controls, and therefore it is

22 inevitable, I fear, that we will have to go through the

23 records of companies which it may in due course be

24 asserted were the instruments whereby that control or

25 ownership was effected.

101 103
1 not sure the percentage is correct. Sometimes it is 1 So whilst I understand that you wish to know where
2 confused on SPARK, but it seems to be that a major 2 all this is going, and naturally you are concerned that
3 historic shareholder has been Renord Foundation, not 3 we spend the days profitably, I don’t think that we are
4 Renord Company, but Renord Foundation. 4 wasting it at the moment, but I do think that
5 Then individual shareholders, and possibly minor 5 Mr Stroilov is well aware of having to put the questions
6 shareholders, are Sergei Gudin, Aleksei Maleev, and your 6 as directly as he can.
7 brother; can you see all that? 7 A. Thank you very much, my Lord. I’m very grateful.
8 A. Yes, I can see that, Mr Stroilov. 8 MR STROILOV: I am grateful, my Lord.
9 Q. Now, Mr Savelyev, isn’t it the case that Mr Maleev and 9 Now, I would like to ask you a few questions about
10 Mr Gudin habitually act as nominees for the same 10 Mr Maleev. We have seen he is the director of
11 beneficial owner? 11 Verniye Druzya, haven’t we, Mr Savelyev?
12 A. No, this is not correct. It’s not the case. 12 A. Yes.
13 Q. And that Mrs Gudina also acts in the same role; isn’t 13 Q. And Verniye Druzya is the vehicle for your exercising
14 that so? 14 control over the Bank, isn’t that so?
15 A. No, this is not the case. 15 A. Also including this as well.
16 My Lord, if I may? Could I please address you, 16 Q. And Mr Maleev is also the director of Sovet Direktorov,
17 my Lord? 17 isn’t he?
18 MR JUSTICE HILDYARD: Yes. 18 A. Yes, we’ve seen that document with you, sir.
19 A. Today we have spent the whole day to study 20 or 30 19 Q. And that is or was another shareholding vehicle for
20 companies. My Lord, I was involved and am involved to 20 exercising the control over the Bank, isn’t it?
21 this day via the board of directors in managing the 21 A. Most likely there should be one special vehicle, either
22 Bank of St Petersburg, and I cannot know such vast 22 Verniye Druzya or Sovet Direktorov, that would be for
23 amount of information that Mr Stroilov is putting to me. 23 the benefit of the owners of control on the Bank’s part,
24 I am not the EGRUL register, I am not the shareholders’ 24 not two special vehicles.
25 register. These things — I certainly don’t know these 25 Q. And then he is also the director of Ordynka 40, as we
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1 have seen; do you recall that?

2 A. No, he is not a director of Ordynka 40.

3 Q. Well, if we could go — let’s look at Ordynka profile.

4 I hoped to skip it, but …

5 A. Sir, Mr Stroilov, I’m sorry, you have put to me that he

6 owns 1 per cent, as far as I recall. It was in

7 the documents that we had up on the screen.

8 Q. Yes, I think it was mentioned that he was director

9 general, but never mind, let’s look at the SPARK

10 profile. {D206/3020/1}, and on the other screen,

11 {D206/3023/1}. So you can see Mr Maleev is named as the

12 CEO, or director general.

13 A. Yes, I can see this.

14 Q. And if we could scroll down to {D206/3020/3},

15 {D206/3023/3}. So you can see that the present

16 shareholders since recently, as you have said, are

17 Mr Serdyukov and Oksana Savelyeva, and also as a minor

18 shareholder you have Baltstar. Then previously,

19 a little earlier — well, if you can scroll down in

20 the Russian version, that’s over the page in

21 the Russian version — you had Mr Maleev as 1 per cent

22 shareholder, and Oksana Savelyev as a 99 per cent

23 shareholder.

24 Can you see that?

25 A. Can we bring back the previous document, sir, the one we

1 Q. And it seems that you trust him with quite important

2 matters in your business affairs; would that be a fair

3 statement?

4 A. Yes, I think it’s a fair statement because if he is

5 a director general in the same place where my daughter

6 is a shareholder, then that would be a fair statement.

7 Q. So isn’t it fair to say that he acts as your nominee

8 quite often?

9 A. My Lord, director general is not always a nominee, it’s

10 not always a nominated holder. A director general

11 performs an administrative function in order for the

12 company documents to be in proper order, in order to pay

13 tax properly, in order to accrue salaries properly and

14 pay taxes thereon, but it is certainly not including

15 nominal holding of anything.

16 MR JUSTICE HILDYARD: I think, Mr Stroilov, the question

17 might have been a little unclear. Do you mean one or

18 both of the following: Do you mean that Mr Maleev takes

19 instructions from Mr Savelyev and/or do you mean that

20 Mr Maleev habitually holds shares or other interests on

21 behalf of Mr Savelyev or persons connected with

22 Mr Savelyev?

23 MR STROILOV: Yes.

24 MR JUSTICE HILDYARD: Which do you mean? Do you mean both?

25 I think you must ask the witness each and see what he

105

1 just saw, the one that was taken away?

2 Q. Which document are you talking about? The article which

3 spoke of —

4 A. Literally, the electronic version of the document,

5 the previous page, sir.

6 Q. Can we scroll down in the Russian version, please.

7 MR JUSTICE HILDYARD: Scroll up or down?

8 A. Yes, that’s the one, thank you. {D206/3023/3}.

9 Sir, it says Ashcheulov Vadim Vasilevich at the top

10 of the page. Why is that?

11 MR STROILOV: That’s the previous director general. Yes,

12 and that’s at the top of the page in the English

13 version. That’s the previous director general, the one

14 who was before Mr Maleev, as I see it.

15 A. The previous director general of what company, sir?

16 Q. Of Ordynka 40, isn’t it?

17 A. I don’t know.

18 MR JUSTICE HILDYARD: I think this is all information

19 relating to Ordynka 40.

20 A. Possibly.

21 MR STROILOV: Now —

22 A. Thank you very much, I did have a look.

23 Q. Now, Mr Savelyev, it looks like you know Mr Maleev

24 rather well, don’t you?

25 A. It certainly is a person known to me.

107

1 says.

2 MR STROILOV: Yes, I think I will do so, my Lord.

3 So, Mr Savelyev, isn’t it the case that Mr Maleev

4 habitually takes your instructions in business matters.

5 A. He is quite an independent person. He has worked at the

6 Bank for a long time and I would like to say that he is

7 a very reliable and honest person. This is his

8 business. He earns his money being the director general

9 of the company.

10 Q. So does he work for the Bank now?

11 A. He works for the companies that you have listed, sir,

12 and some companies that you have listed have their

13 offices at the Bank.

14 Q. It comes to that: he actually works for you, doesn’t he?

15 For you, personally?

16 A. He works for the company that he represents, the

17 joint-stock companies that he represents in his capacity

18 as a director general.

19 Q. Well, where does his salary come from?

20 A. He receives his salary as a director general in

21 the joint-stock company where he works in that capacity

22 as a director general.

23 Q. He does follow your instructions in exercising his

24 functions, doesn’t he?

25 A. My Lord, I have no time to meet with general directors

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1 of various companies that are not Bank’s clients, that

2 don’t take loans of the Bank and that do not require

3 close attention because they are major borrowers of

4 the Bank.

5 So he works fairly independently. I virtually don’t

6 meet up with him. He is an extremely honest and

7 reliable person, and if Mr Stroilov means whether

8 I trust him or not, I would like to say that I do trust

9 him.

10 MR JUSTICE HILDYARD: Does he have an office or offices at

11 the Bank’s premises, at A, the big tower?

12 A. Yes, my Lord, he does have the premises and that is

13 listed in the documents put to me by Mr Stroilov,

14 I think it’s either Nevskaya company or some other

15 company, but that the premises are definitely located at

16 the premises of the Bank of St Petersburg.

17 MR JUSTICE HILDYARD: But does he work there? Do you see

18 him from time to time? Is it merely a nameplate or is

19 it a functioning office?

20 A. My Lord, I see him very infrequently. It’s good if

21 I see him once every six months, once every half a year.

22 MR JUSTICE HILDYARD: But does he have an office in which he

23 works at this big tower?

24 A. Yes, he has an office where he works at the tower,

25 my Lord.

1 I simply don’t know whether they know each other or not.

2 Q. And so, Mr Savelyev, it is a fact that Mr Maleev, his

3 functions include exercising control on your behalf over

4 very significant shareholding of Bank of St Petersburg;

5 isn’t that right?

6 A. No, my Lord. This is not true. To be a director

7 general of a company called Verniye Druzya or Ordynka 40

8 does not mean that — it means owning a share, a stake

9 in the Bank. It’s an open, public information of

10 the Bank, which is found in the mass media and is

11 displayed on the Bank’s website, saying that

12 Verniye Druzya are the Bank’s top managers, and the

13 Verniye Druzya company has a director general,

14 Mr Maleev, and he has nothing to do with the Bank’s

15 shares.

16 He only has an administrative function, and this is

17 all to do with the reporting of that company.

18 Q. Could we please go to {D206/3011/1}, and on the other

19 screen {D206/3016/1}. If we could scroll down to page 4

20 in the English version, and I hope it is page 4 in

21 the Russian version, if not, we will try and guess

22 {D206/3011/4}, {D206/3016/4}. Yes, well, if we could

23 half scroll down, I think it is at the very bottom of

24 this page and most of the — the upper part of the next

25 page, {D206/3016/5}.

109 111

1 MR JUSTICE HILDYARD: Thank you. Does he pay for that

2 office?

3 A. Certainly, my Lord.

4 MR JUSTICE HILDYARD: That was probably a bad question. Do

5 his companies, of which he is the general manager, pay,

6 or does he personally pay for the use?

7 A. My Lord, I presumed from the question that this is

8 exactly what you meant.

9 MR JUSTICE HILDYARD: Sorry, yes. And the answer is that he

10 pays or the companies of which he is a general manager

11 pay; which is right?

12 A. His companies pay for leasing the premises to the Bank.

13 MR JUSTICE HILDYARD: Are they formal leases, written

14 agreements?

15 A. I think that there are formal leases in written form.

16 I haven’t seen them personally, but I know that no one

17 in the Bank’s building cannot stay there without

18 a proper lease agreement.

19 MR STROILOV: Thank you.

20 Mr Savelyev, are you aware of any connection between

21 Mr Maleev and Mr Mikhail Smirnov?

22 A. No, I am not.

23 Q. So to your knowledge, they may not even know each other;

24 is that what you are saying?

25 A. I wouldn’t be able to answer your question, sir, because

1 So you can see, Mr Savelyev, that in that company,

2 Mr Maleev at one time held 100 per cent shareholding,

3 sometimes 50 per cent shareholding, whereas another

4 50 per cent was held by Elena Gudina, and then finally

5 there are two further gentlemen called Mr Kolyakin and

6 Mr Seredyuk.

7 Now, Mr Savelyev, can you please think very

8 carefully and answer this question. Mr Maleev held

9 those shares in Barrister on your behalf, did he not?

10 A. My Lord, I would like to clarify for myself what the

11 company is, this company called Barrister, and what does

12 it do, if possible?

13 Q. Well, perhaps it is best we look at participation in

14 share capital section. As you can see it owns the

15 company called BST Tsentr, then 95 per cent in Nevskaya

16 Management Company. Then if we can scroll down one page

17 further, in Russian hopefully we can have the full page

18 and hopefully that will be enough, {D206/3011/5},

19 {D206/3016/5}, and AVS Lizing, and then if you look at

20 «Depended and Related Parties». Mr Savelyev, once you

21 have looked through this page just tell me and we will

22 scroll down to the next page. Just look at whatever

23 interests you. I want to give you an opportunity to

24 look through, you know, whatever you want on this

25 information.

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1 A. Thank you very much.

2 (Pause).

3 Sir, I have looked through.

4 Q. If you could scroll down one page in the Russian version

5 {D206/3016/6}, so you will see the section headed

6 «Depended and related parties», and there you can see —

7 just look through this and I just want to check if we

8 need to scroll down.

9 Well, if we could perhaps —

10 A. Mr Stroilov, I’m sorry, what company is this regarding?

11 These individuals, what companies do they relate to?

12 Q. To the company called Barrister LLC, which was at one

13 time —

14 A. So everything stated here, Kolyakin, Zotkin, Iova,

15 et cetera, these physical individuals are all to do with

16 a company called Barrister?

17 Q. Yes, they are all listed as affiliated parties,

18 Mr Savelyev.

19 A. Thank you very much.

20 Q. So, Mr Savelyev, does that refresh your recollection?

21 If Mr Maleev controlled that company, it was on your

22 behalf, wasn’t it?

23 A. No. This is not the case. It says here that Maleev is

24 director general.

25 Q. And if Mr Maleev held shares in any companies on behalf

1 by one for each of the companies. I cannot speak in

2 general with regard to all the companies you have put to

3 me today sir, whether Mr Maleev is there or not. It’s

4 impossible.

5 MR JUSTICE HILDYARD: I thought we had seen a list of

6 companies in which this company, Barrister LLC, was

7 interested, and then under that we saw a list of people

8 who were affiliated. Maybe I am wrong. I think you

9 were being asked about that, Mr Savelyev: you weren’t

10 being asked as a memory test, you were being asked about

11 which companies in which this company, Barrister LLC,

12 appears to have an interest.

13 A. Then possibly I would like to come back to

14 the companies, the list of companies that Barrister LLC

15 holds a stake. I would like to have a look at these

16 companies again. If possible, my Lord.

17 MR JUSTICE HILDYARD: Of course.

18 MR STROILOV: If we could scroll up the Russian screen,

19 I think that comes there {D206/3016/5}. There you have

20 participation in share capital.

21 A. BST Tsentr LLC and Nevskaya Management Company LLC; are

22 these the companies you mean, Mr Stroilov?

23 Q. Well, not really, I mean something else. If we could

24 scroll down further to the depended and related parties,

25 that’s what I am interested in. {D206/3011/5}.

113 115
1 of somebody else, that was you, wasn’t it? 1 A. BST Tsentr, Gotika, IC Renord-Invest, Karellestrans,
2 A. No, not at all. 2 Ost, Sukhodol, Teknopark Pulkovo.
3 MR JUSTICE HILDYARD: Was Mr Maleev the director general? 3 Q. Quite.
4 MR STROILOV: Of this company? I think he was. 4 A. My Lord, I don’t recall all these companies.
5 MR JUSTICE HILDYARD: I thought it was Mr Seredyuk. 5 Q. Just to be clear, Mr Savelyev, what I’m saying is that
6 MR STROILOV: I think he was previously. 6 Barrister was the vehicle through which you controlled
7 MR JUSTICE HILDYARD: I see. 7 Renord-Invest group.
8 MR STROILOV: It was Mr Seredyuk, my Lord, you are right, 8 A. No, this is not the case.
9 but unless I am mistaken, if you look at page 3 of 9 MR STROILOV: My Lord, I think that’s a good moment.
10 the English version, you see in «History of manager 10 MR JUSTICE HILDYARD: Yes, I noticed that about five minutes
11 changes», Mr Maleev. 11 ago the link with Nice appears to have slid away, so you
12 MR JUSTICE HILDYARD: I see. Until 2009. 12 might want to inform Mr Arkhangelsky as to what
13 MR STROILOV: Yes. 13 happened.
14 Now, Mr Savelyev, are you able to answer yes or no 14 Mr Savelyev, I am afraid we will have to go on
15 to this question: Mr Maleev held his shares in 15 tomorrow. Please remember the warning you have been
16 Barrister LLC on your behalf; yes or no? 16 given not to discuss this case at all with anybody, and
17 A. No, this is not the case. 17 instead, think of other things and enjoy London. Thank
18 Q. And Barrister was the vehicle whereby Mr Maleev, on your 18 you.
19 behalf, controlled a variety of other companies? 19 A. Thank you so much, my Lord.
20 A. I do not understand the question, sir, and what is 20 MR JUSTICE HILDYARD: What time shall we start tomorrow?
21 a variety of other companies? How do you mean, sir, by 21 MR STROILOV: My Lord, I think we have had a word with
22 «a variety of other companies»? Then we ought to 22 Mr Lord and it is really as early as you are prepared to
23 determine what companies specifically we are discussing, 23 do. I’m not doing well and Mr Lord is anxious to
24 what are the stakes held in these companies by 24 let …
25 Mr Maleev, and then I am prepared to give my answer one 25 MR JUSTICE HILDYARD: Are you staying in London?
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1 MR STROILOV: Yes, my Lord, I will have to. 1 read it tonight.
2 MR JUSTICE HILDYARD: So what are you urging? 2 MR LORD: No, my Lord, but just for your Lordship’s
3 MR LORD: My Lord, Mr Savelyev was down for two, maybe three 3 housekeeping awareness, really. It was served on
4 days. He must finish this week. He must finish by 4 Monday, I am told, Ms Goncharuk’s statement, so we are
5 Friday and get back to Russia. It is up to Mr Stroilov, 5 now Wednesday. So it was served on Monday and the
6 really, how much he has to cover in the remaining two 6 intention is to call her to give evidence on 4 and
7 days. We will start as early as Mr Stroilov needs, and 7 5 April.
8 sit as late as he needs, in order to make sure this 8 MR JUSTICE HILDYARD: Yes.
9 witness finishes at the end of this week. 9 MR LORD: I am not trying to rush Mr Stroilov, but we
10 MR STROILOV: I would really prefer as early as possible. 10 obviously need to make some plans. She is coming, as
11 If your Lordship is prepared to sit at 9.00, it is 9.00. 11 things stand, on those days, and we will just wait for
12 MR JUSTICE HILDYARD: I think 9.00 is difficult, but 9.30. 12 Mr Stroilov’s response, really, if he has any
13 We will start at 9.30. 13 observations on that.
14 MR STROILOV: I am grateful, my Lord. 14 Then later in the week, I think the idea is that we
15 MR LORD: My Lord, can we look at some timetabling and one 15 will deal with the real estate expert evidence or the
16 or two matters? Does your Lordship have five or 10 16 valuation evidence with Mr Millard on the Thursday and
17 minutes to look at matters of that sort, a few 17 Ms Simonova on the Friday, and then your Lordship can
18 housekeeping matters? 18 see how the timetable then unfolds. Certainly as things
19 MR JUSTICE HILDYARD: Yes, but let’s not go on too long. 19 stand, we are on course to be finishing this trial, the
20 They are fairly full days and I have other matters to 20 evidence, by 19 April. Then we have taken the liberty
21 attend to. 21 of rolling the timetable on to build in the three-week
22 Housekeeping 22 gap for written closings, filing with your Lordship, of
23 MR LORD: Of course. I wonder if the witness could maybe 23 course, and exchange on 10 May, then four days, probably
24 step down from the witness box and we can deal with 24 maximum, for oral closing. So this trial will finish on
25 this. 25 Friday, 20 May. That’s what we’ve tried to do. In our
117 119

1 MR JUSTICE HILDYARD: Yes, I am sorry, I was rude to talk

2 across you. You are free to go for the moment and we

3 will look forward to seeing you at the earlier time of

4 9.30 am tomorrow.

5 A. I am very grateful, my Lord.

6 MR LORD: My Lord, it was really as much a question of

7 flagging for your Lordship the updated timetable.

8 MR JUSTICE HILDYARD: Yes.

9 MR LORD: Which we hope reflects the current state of play.

10 Your Lordship will see that we are into week 7, we are

11 into Mr Savelyev. He finishes by Friday, then it is

12 Ms Mironova next week, then it’s Easter. Then in

13 the week after Easter your Lordship should see that we

14 have served a Civil Evidence Act Notice in relation to

15 Mr Smirnov. We have also served a statement yesterday

16 from Ms Goncharuk, which I hope has found its way

17 through to your Lordship. If not, we can hand a copy

18 up.

19 MR JUSTICE HILDYARD: Are you content with all this,

20 Mr Stroilov? Do you know about this?

21 MR STROILOV: Well, I haven’t really been reading e-mails

22 properly. I have been given copies in the morning which

23 I have just found —

24 MR JUSTICE HILDYARD: I will not take it today and if you

25 have any points I will listen to them. I don’t need to

1 submission that is a realistic and a fair timetable. We

2 have obviously covered a fair bit of ground now, and

3 will do by Easter, and we think that that should be

4 doable, then that would give the court and your Lordship

5 and Mr Stroilov and everybody else the finality that we

6 need.

7 I am not sure there is a need for any rulings now,

8 but your Lordship can see that we have tried to draft

9 things and to set out a timetable that we think reflects

10 the various sitting times and pressures and gaps and so

11 on that gets us to a finish date.

12 Then, my Lord, there are then a number of

13 housekeeping matters that Mr Birt, one or two that he

14 was going to address. Again, your Lordship may not want

15 to make rulings today on them but if we could flag them

16 up for your Lordship’s consideration.

17 MR BIRT: My Lord, the first thing, I fed Mr Lord a line for

18 that a minute ago which turned out to be wrong.

19 Ms Goncharuk’s statement was served on Tuesday morning,

20 not Monday. That was my fault for giving Mr Lord the

21 wrong information. Served on Tuesday morning.

22 The other matters that have been parked for some

23 time, my Lord, were those set out in a letter that

24 I hope found its way to my Lord, that was sent, I think,

25 yesterday morning with a number of points.

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1 We are in your hands, my Lord, as to when the

2 various points are dealt with. My Lord knows some of

3 them have been outstanding for some time. Just on the

4 list, there’s Mrs Malysheva’s employment —

5 MR JUSTICE HILDYARD: Yes, what I am minded to think on

6 that, I can make a formal ruling if necessary, but what

7 I am minded to think, adopting, really, what I took to

8 be your implicit suggestion, given that the defendants

9 feel difficulty, for whatever reason, in giving a formal

10 undertaking, is simply to recognise the reality that it

11 is available and has been offered, to require it to be

12 disclosed, but on the footing that the relevant

13 direction will be given to ensure that it cannot be used

14 in any other context, and if necessary and if urged by

15 you, will be heard in private so as to preserve such

16 confidentiality as may be appropriate.

17 If there were to come a time when I thought the

18 direction should lapse in either of its guises, I would

19 give you notice of that so that you could argue to

20 the contrary.

21 MR BIRT: My Lord, yes, I think that would be the sensible

22 way forward, and reflecting on that shortly before we

23 came to court this morning, I sketched out what might be

24 the order. I haven’t had time to show it to

25 Mr Stroilov, but I could hand it to your Lordship and

1 as you are not bothered about that, it is really

2 a matter for the other side that the controls are

3 imposed by order of the court.

4 MR STROILOV: Well, my Lord, it seems to me that the

5 suggestion that without anyone seeing what’s in there,

6 making this advance order that even after it’s referred

7 in open court it should still be secret, I don’t have

8 a problem — perhaps there is nothing in there worth

9 referring to in open court, but if there is, it may be

10 disproportionate, it may be contrary to principle.

11 I would urge for, really, a wait and see approach,

12 rather than making that order now.

13 MR JUSTICE HILDYARD: I am not making an order now, but what

14 I am saying is I think that this is available for

15 disclosure, you know that the Bank has said it doesn’t

16 regard it as a document which it was required by

17 standard disclosure to disclose, but it is nevertheless

18 content to do so. It was mindful of obligations under

19 Russian law as it perceives them. It sought your

20 agreement as to one way of doing it, but for reasons

21 which we have ventilated, you didn’t feel that those

22 were appropriate. It seems to me that for me to simply,

23 as it were, hide the document, would be inappropriate.

24 The document, once available, should not be simply

25 ignored, but I think that I should give it such

121 123

1 Mr Stroilov, and we could then reflect on the wording —

2 MR JUSTICE HILDYARD: It just seems to me that, for better

3 or worse, and I think probably I barged in, the thing is

4 available but it is right to afford it such protection

5 as the court can, always subject to the court’s review.

6 That’s basically what I felt.

7 MR BIRT: My Lord, yes, and the order I drew up attempted to

8 identify the documents, ordered them to be provided with

9 the single redaction of the telephone number, which

10 I don’t think was controversial last time we talked

11 about this in court.

12 MR JUSTICE HILDYARD: No.

13 MR BIRT: Then paragraph 3 is to, effectively, extend the

14 implied undertaking.

15 MR JUSTICE HILDYARD: Yes, I think that is rather a better

16 way of encapsulating what I tried to warble through.

17 MR BIRT: And not make any specific ruling in this about

18 whether one is going to be in public or in private, but

19 that’s to be addressed as and when we get there,

20 my Lord, in court.

21 MR JUSTICE HILDYARD: I won’t formally rule on that but

22 that’s, I think, probably what I would do, Mr Stroilov.

23 If you have any points against it, you must tell me. It

24 doesn’t involve your clients or yourself giving any

25 undertaking. It simply controls what may be done, and

1 protection as is available to the court, subject always

2 to my being able to modify that if I think that it is

3 appropriate. The Bank recognised that and accept that.

4 Their interest is really to have done what they can do

5 to protect the confidentiality so that they don’t get

6 into trouble under Russian law, but, equally, they

7 accept that I have jurisdiction in the matter now and

8 they must take what comes.

9 MR STROILOV: My Lord, all I am saying is that this is

10 a rather exceptional thing to put this kind of

11 restriction, and we don’t know whether it is justified.

12 At the moment, we don’t have Russian law evidence to

13 justify it, it’s just a puzzle thrown in whether there

14 is a problem under Russian law or not.

15 MR JUSTICE HILDYARD: I am sorry to cut you off, but they

16 have put forward, in memory, in (iii) of a document

17 which was produced, an arguable point that it was

18 protected by confidentiality. If at any stage you blow

19 that out of the water, well that will be a material

20 consideration as to whether I should continue to direct

21 that confidentiality restrictions should apply to it.

22 But at the moment I can’t see — I am not quite sure

23 what you are wanting me to do. I can’t guess on Russian

24 law one way or the other, except that there is this

25 indication that the Bank would be in difficulties.

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1 MR STROILOV: There is also an indication that this doesn’t

2 apply when the document is required for the purposes of

3 justice. It may be a totally scholastic argument and

4 probably totally unimportant, I imagine.

5 MR JUSTICE HILDYARD: I think you may be now making an

6 unnecessary fight about this. If it becomes clear

7 either that the Russian law does not protect it or that

8 I simply consider that the proper adjudication of

9 the proceedings, having regard to the ordinary rule that

10 proceedings and all that is in them is in open, then

11 I will give that direction. The people who might worry

12 about that would not be you but the Bank, but they

13 accept I have jurisdiction to do that and in a way

14 that’s that, isn’t it, as I see it?

15 MR STROILOV: My Lord, to continue a scholastic argument on

16 that really, the burden is on them to justify an

17 exceptional step of deviating from open justice. The

18 position is implied undertaking and that’s what it is.

19 There are lots of things in disclosure which one would

20 be nervous about disclosing, and then it’s never too

21 late to do this, but really to ask you to do this before

22 you know what is in there, before we know what’s in

23 there, perhaps — well, if we don’t want to refer to it

24 in open court, that’s one thing. I’m worried rather on

25 a point of principle than practice. I think in reality

1 thought about it in the light of the submissions that

2 were made earlier, minded, strongly, to adopt the

3 solution encapsulated in the order. It is, as I say,

4 entirely without prejudice to my directing entirely open

5 proceedings, an open revelation, if the use of

6 the document and the evidence, as it flows, seems to me

7 to indicate that that is appropriate having regard to

8 the ordinary rule of open justice.

9 MR STROILOV: Yes, my Lord. If I may just make a brief

10 timetabling point and it may be more of a question to

11 your Lordship.

12 It looks there is no hope of finishing with

13 Mr Savelyev tomorrow, I am afraid, absolutely none.

14 That means that, really, I — simply that there is no

15 way I can start with Ms Mironova on Monday.

16 MR JUSTICE HILDYARD: Right. Okay. You have always

17 reserved that possibility, that Monday just would be not

18 possible.

19 MR STROILOV: I think now it’s very clear. That squeezes me

20 into an extremely limited slot, and I would really

21 request now, in these three days, 22nd, 23rd, 24th, to

22 sit as early as you are prepared to enable me — I am

23 guillotined, so I need —

24 MR JUSTICE HILDYARD: Well, I will do that, and in

25 particular, subject to my clerk and given that it is

125 127
1 it will probably never come into play because there will 1 vacation, confirm if arrangements are possible. We will
2 be nothing — 2 start, particularly if we have not finished on the
3 MR JUSTICE HILDYARD: Mr Stroilov, I don’t want to engage in 3 Wednesday, we will start at 9.00 or 9.15 on the
4 a scholastic argument for very much longer, I must say. 4 Thursday. I am perfectly content on the other days to
5 The fact is that by its nature, this sort of detail 5 start at 9.30 am if that is possible, even earlier if,
6 is inherently confidential. Under the Russian law, 6 as a matter of practical reality, people can do it.
7 there appears to be some statutory protection for it. 7 I do not intend to go much beyond 4.30, 4.45.
8 In default of further elaboration of Russian law, 8 The truth is that, just as you find that you need
9 I would be taking a risk to simply ride over that. My 9 preparation time, I need to be able to focus clearly,
10 solution enables you to take such advantage of it as you 10 and I also need to undertake other duties after the end
11 see fit, and in the balance you have thought that it 11 of the court day.
12 wouldn’t be of much advantage to you anyway, and my 12 So those are the parameters. I will do my very best
13 solution does not prejudge this issue as to whether 13 to accommodate you, in light of what you say, sit as
14 ultimately it should be freed of such restrictions, 14 early as practical logistics allow, sit later within
15 whatever may be the effect of that under Russian law. 15 reason, certainly — by 5.00, honestly, I am just not
16 It is, to some extent, a holding position, but I can’t 16 focusing in the way I should.
17 see that you can require me simply to assume that what 17 MR STROILOV: Yes, I’m very grateful, my Lord. I am very
18 I would regard as inherently confidential is subject to 18 grateful for that.
19 no further protection under Russian law having seen what 19 MR BIRT: My Lord, just on Mrs Malysheva’s documents, given
20 I have seen. 20 what my Lord has said about what you are minded to do,
21 MR STROILOV: Well, my Lord, I think really the holding 21 I don’t intend to make any further submissions now,
22 position is to do nothing until it is — 22 given the time of day, but if my Lord’s mind changes
23 MR JUSTICE HILDYARD: Well, I don’t want to have to rule 23 about that —
24 against you, Mr Stroilov. I will further consider 24 MR JUSTICE HILDYARD: If I change my mind, I will certainly
25 everything overnight. At the moment I am, having 25 let you know.
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1 MR BIRT: I would want to respond to Mr Stroilov’s points

2 which we say aren’t well founded.

3 My Lord, the other things on the list, and again,

4 I am in your Lordship’s hands, but there is the question

5 of the pleading amendments and when the defendants are

6 going to be able to produce their strike out and

7 underlined version. You may remember that you asked

8 them on 1 March to tell you the next day, I think, when

9 they were going to do that.

10 MR JUSTICE HILDYARD: I do remember this, and I am

11 disappointed, in one sense, but I think that the truth

12 would not be in me if I said I was very surprised.

13 I think that it is a surprisingly sort of torturous

14 thing to do. I am not sure that you need it for the

15 proper completion of the part of the case to be

16 completed by Easter. I suspect it is just not going to

17 eventuate, and maybe over the Easter-time, full rest and

18 focus can be brought to do that.

19 On the protocol, I really do think that that is, or

20 should be, a matter of focus and countersigning, and

21 I do think that that should be done, Mr Stroilov. I am

22 slightly puzzled as to whether that, which is the basis

23 on which I did proceed, and therefore, I would be

24 confounded if some material alteration took place, ought

25 to be signed.

1 every point or we can take — we can either crystallise

2 all these points as, as it were, points of principle, or

3 we can accept that in most cases, whilst I am very

4 sympathetic to the strains on you, and do urge all on

5 the other side to recognise how difficult it is for one

6 person to fight a considerable force, somehow these have

7 to be done some time and I have identified my

8 priorities. I think that the protocol with regard to

9 your participation, I thought was clear some time ago.

10 MR STROILOV: If anyone has a copy, I will sign it now.

11 MR JUSTICE HILDYARD: I see, you haven’t got a copy?

12 MR STROILOV: Yes.

13 MR JUSTICE HILDYARD: Well, there is that. That’s fine.

14 Have your clients — not your clients signed —

15 MR STROILOV: They have, long ago.

16 MR JUSTICE HILDYARD: All right, then that’s fine, we

17 needn’t have submissions about that.

18 I have been sympathetic, I think, and indulgent with

19 respect to the lined version, which I can see is sort of

20 just a painful task, and I am extending your time for

21 that. Mr Nazarov, you made quite a point about, and

22 I would have thought you need to get ahead with that.

23 I’m not sure that is susceptible to much submission.

24 I know that Mr Nazarov is not necessarily very

25 responsive.

129 131
1 So far as the disclosure details with respect to 1 MR STROILOV: My Lord, my difficulty is that, really,
2 the videos and photos and the other treats we had in 2 I recognise all these are important things, and our
3 Paris, Dr Arkhangelsky did think that they were all 3 progress leaves a lot of loose ends on our end.
4 disclosed. I should have thought that it might be 4 My Lord, the trouble is, really, we’ve tried to be as
5 possible for him to do a bit of homework on that too, 5 helpful as possible on the timetable with the result
6 whilst you are slaving away on your cross-examination, 6 that there is no reserve time for any of these things,
7 and to identify where, or to hold up his hands and say 7 or for a cup of tea or coffee in the evening, as you
8 they weren’t, in which case we will have to take that 8 have said.
9 when it comes. 9 If we are to do any of these things, really, the
10 So far as Mr Nazarov is concerned, well, I do think 10 timetable is unrealistic and I — not that —
11 at some moment soon you ought to tell us what is to be 11 MR JUSTICE HILDYARD: Mr Stroilov, I try to be
12 the position as regards Mr Nazarov, and I would like you 12 understanding, I try to urge the other side towards
13 to, when you have a sort of tea break or coffee break at 13 accommodating you, notwithstanding the tremendous costs
14 the end of the day, just turn your mind to that lightly, 14 involved in every day of this trial. I intend to go on
15 if you can, and inform me when you can, tell me what is 15 doing that. I don’t hold it against you, but I must
16 happening. 16 require various things simply to be done.
17 As to Magnum, I have proposed some restrictive 17 Now, the McKenzie friend protocol, you have
18 amendments. I would be grateful for you to have a look 18 explained you don’t have a copy and you are going to
19 at that, it is only four lines, I think, and tell me 19 sign it. The disclosure of the documents which
20 whether it is appropriate. 20 Dr Arkhangelsky took us through or invited us to view in
21 MR STROILOV: Yes, my Lord, do I need to address you on this 21 Paris, he did say at the time had been disclosed and
22 now, or is that something for reflection. I am afraid 22 that he would identify them. I quite understand your
23 I haven’t been focusing on a lot of this. I have heard 23 time is very much engaged, but I should have thought
24 what you said. 24 that he could see what he had in mind when he said they
25 MR JUSTICE HILDYARD: I am not sure — we can argue over 25 had been disclosed.
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1 MR BIRT: Your Lordship, I should just add into the mix,

2 sorry to interrupt at this stage, we have written

3 a letter a couple of weeks ago saying we don’t think

4 they have been. We’ve tried to do a check, we think

5 a number of them haven’t, we have flagged that, and we

6 ask: well, if they weren’t disclosed, where did they

7 come from and can we just slightly get to the bottom of

8 that?

9 MR JUSTICE HILDYARD: It may be that they haven’t been

10 disclosed, I don’t know, but it’s not going to improve

11 the situation the longer this goes on. If it is the

12 fact that Dr Arkhangelsky thought or hoped they might

13 have been disclosed but they hadn’t, then he would be

14 better off confessing that now, to be honest.

15 MR BIRT: And dealing with anything that has to be dealt

16 with as a result. I don’t know if Withers would be

17 prepared to help him, for example. I am not saying they

18 would or they wouldn’t.

19 MR JUSTICE HILDYARD: I don’t know.

20 MR BIRT: This was something that you may remember, my Lord,

21 Mr Arkhangelsky said on the Wednesday when we finished

22 in Paris, that he begged your Lordship for the weekend

23 to sort this out and they would report on Monday, which

24 was, well, two weeks ago now.

25 MR JUSTICE HILDYARD: He did. Mr Stroilov, you weren’t

1 and that is unsatisfactory, but that is the physical …

2 MR JUSTICE HILDYARD: I won’t require you to think about

3 that whilst you are in the midst of this important

4 witness. We will touch base on that to see when

5 a sensible timetable would be on Friday.

6 MR BIRT: My Lord, yes. Just in terms of the pleading, and

7 we have heard what your Lordship has said. We do need

8 to have the order at some point finalised that allows

9 the defendants to have permission —

10 MR JUSTICE HILDYARD: Oh dear.

11 MR BIRT: — and the date was going to be inserted into

12 there, that’s what my Lord wanted, that is why we have

13 just been waiting for the date really as to when they

14 produced the version. So when we get the date I am

15 quite happy to draw up a revised order, I can hand it in

16 to your Lordship tomorrow, or whenever, but that’s where

17 we stand on that, so in a sense —

18 MR JUSTICE HILDYARD: Well, I am taking it that I approved,

19 with some reservations which you made as to limitations,

20 I approved the revisions and I have extended the time

21 for the identification under the rather torturous route

22 of identifying by coloured pens, underlinings,

23 et cetera.

24 MR BIRT: My Lord, yes, I’m simply saying that my Lord

25 wanted a date to put in the paragraph of the draft that

133 135
1 there. You are very much occupied. I have every 1 I was going to put in. I could put in the last date of
2 sympathy in that. I know you will need the help of 2 the vacation, if that’s what everybody wants.
3 Dr Arkhangelsky and his wife, or I assume you do, 3 MR JUSTICE HILDYARD: Oh, at which this torturous task
4 I don’t know how it is all organised and don’t want to 4 should be done?
5 know, but I am working on the basis, if it helps you, 5 MR BIRT: Yes, or I can put in Christmas, I don’t really
6 that he should have some time, as he himself envisaged 6 mind, but simply following up your Lordship’s request to
7 he would, to be able to identify these documents or 7 put a date in —
8 acknowledge that they weren’t, in fact, disclosed. 8 MR JUSTICE HILDYARD: When do you actually need this?
9 I don’t want to give you the impression that my patience 9 I mean, I can’t remember, they were going to change the
10 is endless; it wouldn’t be right. 10 rules, I can’t remember whether they did, to avoid all
11 MR STROILOV: Yes, my Lord. Well, I mean, regrettably 11 this stuff on the basis that lots and lots of people
12 obviously he is not there and I know very little about 12 were diverted with red, green, blue, yellow biros and
13 it but I know he is working on it. 13 pens.
14 MR JUSTICE HILDYARD: I partly said it in longhand in 14 MR BIRT: Well there are two points really. One is do we
15 recognition of that fact, in the expectation that he 15 need it to do our responsive pleading, to which the
16 will be able, sooner rather than later, to read what 16 answer is: it would be easier if we had it but we can do
17 I say. 17 it without it.
18 MR STROILOV: Yes, my Lord. I’m grateful. Do I need to 18 MR JUSTICE HILDYARD: Right, well do it without, then.
19 address you on any of those points? 19 MR BIRT: And that is the basis on which we proceed,
20 MR JUSTICE HILDYARD: Which other points do you want to 20 my Lord. The second point my Lord is that when one
21 address me on? 21 comes to look at this case and see when allegations were
22 MR STROILOV: I don’t think I have anything in particular to 22 advance and how they have changed, having the properly
23 say. I am worried about Mr Nazarov, but I simply don’t 23 set out pleading will be important, which is why we
24 know about the choices. I can either do 24 haven’t been coming to the court every say and saying we
25 cross-examinations or disclosure, it’s one or the other, 25 need it tomorrow and, indeed, all we have been asking
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1 for is the answer to the question: when will you provide 1 formalised, as your Lordship says, on the record.
2 it? We have not been trying to harry Mr Stroilov — 2 MR JUSTICE HILDYARD: Before we break for the written
3 MR JUSTICE HILDYARD: No, you haven’t. Mr Stroilov — 3 closings, at the very latest, we must know what the
4 MR BIRT: — we have simply been saying: when? Yes, and 4 position is so that the closing submissions should be
5 just to remind you of the moving feast of the conspiracy 5 done by reference to a settled record, I think. I think
6 and when different people were introduced, so it would 6 that’s really what it comes to.
7 be important to see the different generations of 7 MR STROILOV: My Lord, really, it’s not a question of any
8 the pleading. 8 lack of clarity; it’s a presentational matter of this
9 MR JUSTICE HILDYARD: I understand. 9 being —
10 Mr Stroilov, you don’t want to think about this in 10 MR JUSTICE HILDYARD: It is. It is. Please don’t think —
11 detail, but if I say for 4 April, as it were, do you 11 I’m not sort of….lest you are…
12 think that that would be doable? 12 MR STROILOV: There is no scope for any dispute. So it is
13 MR STROILOV: Well, my Lord, when we discussed it, I think, 13 just a question of technical job of putting together —
14 a few days ago with my learned friend, whether I can do 14 MR JUSTICE HILDYARD: I accept that. Unless Dr Arkhangelsky
15 the Renord witness and valuation experts in the same 15 or his wife or you think — I’m not sort of scoring on
16 week just after Easter, well, I agreed to it on the 16 this. The substance of the case and its logistics are
17 basis that it is just doable that I spend this week more 17 completely different matters, on the whole, and this is
18 or less on a 24/7 basis preparing for these two things. 18 certainly a completely different matter, but I want
19 I am afraid, I appreciate that’s unsatisfactory and 19 order in the end.
20 that’s chaos, but really I am fully … 20 MR STROILOV: Yes, my Lord.
21 MR JUSTICE HILDYARD: Well, tell me a date. Have a think 21 MR JUSTICE HILDYARD: All right. Don’t think about it now.
22 about it overnight, but do — however busy, I have to 22 You have a lot to do.
23 make sure that the trial is properly bundled, if you see 23 Friday I will want to stop by no later than 4.45.
24 what I mean. I do have to make sure that there is 24 I dare say that Mr Savelyev may. I don’t know what his
25 a proper record of the trial. 25 plans are, but if he is going on the Friday, I imagine
137 139

1 MR STROILOV: Yes, my Lord.

2 MR JUSTICE HILDYARD: We are on Day 27. I think that the

3 amendments were forecast on Day 2, weren’t they, or

4 Day 1?

5 MR BIRT: They were certainly forecast then, and there was

6 a little bit of changes, but they were certainly

7 finalised before we left for Paris, my Lord.

8 MR JUSTICE HILDYARD: So it is four or five weeks ago now,

9 it is some time. I appreciate it is a ghastly job.

10 Have a think when can you realistically and responsibly

11 say you can have them, I won’t press you now, but some

12 time never would not be an appropriate response.

13 MR STROILOV: Well, yes, my Lord, I’m just trying to think

14 of a truthful response.

15 MR JUSTICE HILDYARD: Well, you can hold it back until

16 Friday if you wish, but you may feel rather tired by

17 then, I appreciate.

18 MR BIRT: My Lord, I emphasise we are not trying to put

19 undue pressure here. Mr Stroilov says he has to do a

20 lot over Easter in order to get that first week after

21 Easter ready for the witnesses, well, you know…

22 MR JUSTICE HILDYARD: Go for the second week.

23 MR BIRT: If that’s the price to pay for having the right

24 trial timetable and keeping things together, well,

25 that’s fine, we will pay it, but as long as it is all

1 his flight will …

2 MR STROILOV: Yes, my Lord. I am doing rather terribly, so

3 I will ask to start as early as possible tomorrow and

4 see how it goes.

5 MR JUSTICE HILDYARD: Let us do 9.30 am, if that would be —

6 for the subsequent day, the Friday, I will ask what the

7 earliest is, and you might — you know, you have

8 transcript writers, you have translators, you have to

9 get the thing up and running, you have got to have got

10 through security in an orderly way and people have to

11 have some rest in between. I will, in this week,

12 cooperate as much as I can. All right.

13 MR STROILOV: Thank you, my Lord.

14 (5.02 pm)

15 (The court adjourned until 9.30 am on

16 Thursday, 17 March 2016)

17

18

19

20

21

22

23

24

25

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1 INDEX
2 PAGE
3 Housekeeping ………………………………….. 1
4 MR ALEXANDER VASILIEVITCH SAVELYEV ……………….2
5 (Affirmed) ……………
Examination-in-chief by MR LORD 2
6 Cross-examination by MR STROILOV ………….. 5
7 Housekeeping ………………………………… 117
8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

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A

A.V (1) 61:13 A1/1/1 (1) 6:24 A1/2/40 (1) 10:1 A1/6/1 (1) 9:22

A3 (2) 39:11 40:7

A4 (1) 39:12 abbreviation (1) 36:17 abide (1) 60:1

able (16) 5:17 29:10 48:22 51:19 68:11 87:7,19,23 103:8 110:25 114:14 124:2 128:9 129:6 134:7,16

absence (2) 79:24 81:12

absolutely (7) 15:13 16:2 61:10 85:6 86:9 95:22 127:13

accept (10) 20:5,11 59:11 64:1,10 124:3,7 125:13 131:3 139:14 accepted (4) 15:14

16:5 17:19 82:18 accommodate (1)

128:13 accommodating (1)
132:13

account (4) 74:25

98:2,3,4

accounts (2) 15:18

18:9

accrue (1) 107:13 accurate (1) 25:6 accurately (1) 24:20 acknowledge (1)

134:8

acquire (2) 65:7 97:25 acquired (1) 65:11 act (3) 48:11 102:10

118:14

acted (3) 33:19 48:13 49:19

activity (1) 71:5

acts (2) 102:13 107:7 actual (1) 103:7

add (1) 133:1 addition (2) 14:1

19:16 additional (6) 17:11

17:12,15,18 18:15 18:17

additionally (1) 18:12 address (47) 2:21,23 11:6 14:4,18,20,21

15:10 16:13,24 17:1,10,15 18:6,7 18:16 19:15,16 21:15,22 41:2,6,13 42:5 46:2,2,16,19 46:20 47:5,9,11,12 48:8 50:20 78:6 84:14,14 85:18 91:15 94:10 99:23 102:16 120:14 130:21 134:19,21

addressed (1) 122:19 adjourned (1) 140:15 adjournment (2)

59:18 60:10

adjudication (1) 125:8 adjust (1) 2:7

ADK (1) 48:7 administrative (2)

107:11 111:16

admission (2) 21:16

22:3 20:14 21:23 42:21
admitted (1) 20:2 51:4 52:23 53:22
adopt (1) 127:2 54:2,3,10 55:4 58:9
adopting (1) 121:7 58:13 69:11 87:7
advance (2) 123:6 87:21,23 103:4
136:22 110:9,25 112:8
advantage (2) 126:10 114:14,25 136:16
126:12 137:1
advised (1) 14:19 answered (1) 8:6
affairs (1) 107:2 answers (4) 2:13
affect (1) 1:14 25:25 54:14,17
affiliated (2) 113:17 anxious (1) 116:23
115:8 anybody (1) 116:16
Affirmed (2) 2:12 anyone’s (1) 62:14
141:4 anyway (1) 126:12
afford (1) 122:4 apart (1) 15:3
afraid (12) 34:15 37:3 apologies (3) 18:1
55:15 56:8 69:8 36:2 67:22
76:24 83:22 85:20 apologise (10) 12:17
116:14 127:13 30:7,21 34:18 36:9
130:22 137:19 37:21 38:4,13
Agency (1) 91:14 69:10 76:23
aggregate (1) 64:4 apologising (1) 69:14
ago (12) 8:18 35:8 apparently (3) 57:17
53:16 54:18 116:11 59:2 73:10
120:18 131:9,15 appear (3) 1:16 3:8
133:3,24 137:14 31:25
138:8 appeared (1) 76:14
agree (4) 57:2 58:13 appears (14) 1:11
58:18 87:17 20:2 32:13 34:9
agreed (1) 137:16 56:14 72:16 90:5
agreement (5) 28:22 90:23 94:14 99:7
29:11 85:25 110:18 101:6 115:12
123:20 116:11 126:7
agreements (1) application (2) 16:18
110:14 17:24
agrees (1) 85:9 applied (1) 4:18
Agricultural (1) 33:10 apply (2) 124:21
Ah (1) 78:7 125:2
ahead (1) 131:22 appreciate (5) 5:6 9:6
Aktsionernaya (1) 137:19 138:9,17
57:21 approach (1) 123:11
albeit (1) 75:16 appropriate (6)
Aleksandr (1) 88:14 121:16 123:22
Aleksandrovna (2) 124:3 127:7 130:20
88:14 98:4 138:12
Aleksei (6) 72:12 approved (2) 135:18
89:25 91:22 93:7 135:20
98:22 102:6 Approximately (1)
Alexander (5) 2:12,22 24:21
71:9 98:3 141:4 April (3) 119:7,20
allegation (5) 11:8,11 137:11
11:12,21,23 arguable (1) 124:17
allegations (2) 8:8 argue (2) 121:19
136:21 130:25
allocated (3) 28:12,24 argument (3) 125:3
78:3 125:15 126:4
allow (1) 128:14 Arkhangelsky (14)
allows (1) 135:8 7:17 13:9 16:17,20
aloud (1) 79:17 17:18 21:12 22:4
alteration (1) 129:24 116:12 130:3
Amended (1) 8:15 132:20 133:12,21
amendments (5) 6:6 134:3 139:14
8:15 129:5 130:18 Arkhangelsky’s (4) 8:9
138:3 13:13,24 14:12
American (1) 99:11 arranged (1) 75:23
amount (2) 31:19 arrangement (4)
102:23 28:23 70:17 75:7
Anatoly (5) 66:5,6,7 76:3
68:3 96:9 arrangements (1)
Anatolyevich (2) 67:4 128:1
67:7 article (5) 22:21 25:12
and/or (6) 10:10,10 27:3 96:7 106:2
11:1,1 59:13 Ashcheulov (1) 106:9
107:19 asked (12) 21:22
Andrei (3) 100:18,19 49:18,23 54:16
100:20 62:24 83:2 85:9
announced (1) 23:10 90:10 115:9,10,10
answer (25) 15:1 129:7

asking (4) 14:9 21:13 72:23 136:25
asks (1) 80:12 assenting (1) 86:6 assert (1) 16:23 asserted (1) 103:24 assertion (1) 17:7 assets (3) 10:7,23

103:19 assist (1) 51:5

associated (1) 39:25 assume (2) 126:17

134:3 attempt (2) 76:15

85:24 attempted (1) 122:7 attend (1) 117:21 attention (8) 1:15

14:6 40:16 47:3 48:2 49:3 100:15 109:3

auctions (2) 10:8,24 August (4) 3:9,22

19:19 99:12 authorities (1) 82:15 available (9) 17:8 38:9

39:20 82:19 121:11 122:4 123:14,24 124:1

averments (1) 6:14 avoid (2) 39:17

136:10

AVS (1) 112:19 aware (7) 12:1,10,13

18:8 65:10 104:5 110:20

awareness (1) 119:3

B

B (2) 84:23,25

B1/1/1 (1) 3:3

B1/1/14 (1) 3:2 B1/1/26 (2) 3:7,19 B2/15/1 (1) 4:10 B2/15/14 (1) 4:16 B2/15/6 (1) 4:17 B2/15/8 (1) 4:9 back (9) 2:5 8:2 9:5

68:23 70:15 105:25 115:13 117:5 138:15

Backbone (2) 98:10 101:7

bad (1) 110:4 balance (6) 46:8 75:1

75:1 79:5 95:9 126:11

Balandin (1) 7:9

Baltik-Stroi (2) 57:14

59:3

Baltstar (3) 93:4 94:20 105:18

bank (166) 5:24,25 7:15 8:10,19 9:14 11:14,19 13:19 15:4,6,8,11,13,18 15:22,25 16:2,10 16:21 17:1,21 18:18,23 19:10,24 20:4,8 21:2,9,14 22:2,4,9,11 23:1,13 24:7,15,22 25:14 27:20,22,25 28:6,8 28:9,9,14,14,17,19 28:21 29:5,6,11,18 29:24 42:14,20 43:9,11,18,24,24 43:25 44:6 46:5,6,6

46:7,8,16 47:25 48:12,12,16,19,21 48:25 49:4,11 50:21 51:17 52:13 52:22 53:20 54:4,7 54:8,21 55:5,9 58:7 58:8,11,15,16,18 59:12,13 60:24,25 62:16 63:9 64:13 65:22 66:15 69:20 70:6,8,9,23 72:17 72:18 73:1 74:13 75:20 77:3 78:2,19 82:8,12,18 83:16 84:18,23 85:12 89:1,11,12,14 91:1 94:24 95:4,6,9,11 95:11,15,17,20,22 95:25 100:22,23 102:22 103:2,16,20 104:14,20 108:6,10 108:13 109:2,4,16 110:12 111:4,9,10 123:15 124:3,25 125:12

Bank’ (1) 54:6

bank’s (64) 10:15 11:5 11:6,13 16:3 17:10 19:19,20,23 20:20 27:11,18 28:7,11 28:13 29:17 46:4 46:10,13,18 49:6 51:18 54:4,10 55:5 55:9 58:15,16,19 63:5 64:14,20,22 64:25 65:4,5 67:6 70:4,5,11 71:19 72:2 74:19,23,25 79:5 82:8,12 84:22 84:25 85:4,18,18 94:15 95:9 96:1 97:19 104:23 109:1 109:11 110:17 111:11,12,14

banker (2) 22:24 87:22

banks (1) 19:25 barged (1) 122:3 Barrister (10) 112:9

112:11 113:12,16 114:16,18 115:6,11 115:14 116:6

base (1) 135:4

based (3) 19:16 49:7,8 basically (2) 80:23

122:6

basis (10) 8:9 14:22 75:13 77:20 129:22 134:5 136:11,19 137:17,18

Basseynaya (1) 2:24

BCPB (3) 43:1,17

44:12

beg (10) 9:23 26:17 35:18 58:1,12 62:23 81:19 91:20 99:9 101:10

begged (1) 133:22 beginning (1) 10:5 begun (1) 23:15 behalf (22) 9:23 13:18

20:3 21:17 26:3,16 26:21 28:1,5,6 29:7 53:21 54:1,3 83:16 107:21 111:3 112:9 113:22,25 114:16 114:19

behave (1) 103:1 belief (3) 4:4 5:1 6:16

believe (5) 7:6 10:2 23:8 54:19 57:9 bells (6) 9:18 32:18

36:19 94:18 100:16 100:17

belongs (1) 46:7 beneficial (15) 26:8,10

26:12 27:6 28:4 53:25 54:25 58:7 58:14,20 61:23 62:19,25 67:24 102:11

beneficially (3) 27:1 28:1 53:20

beneficiaries (3) 25:23 59:12 90:8

beneficiary (4) 52:18 54:20 63:16 67:8

benefit (2) 55:5 104:23

best (7) 4:3 5:1 6:15 35:2 55:25 112:13 128:12

better (5) 31:15 39:5 122:2,15 133:14

beyond (2) 49:10 128:7

big (3) 46:17 109:11 109:23

bigger (1) 71:2 biggest (1) 61:19 biros (1) 136:12

Birt (21) 120:13,17 121:21 122:7,13,17 128:19 129:1 133:1 133:15,20 135:6,11 135:24 136:5,14,19 137:4 138:5,18,23

bit (6) 37:25 87:23 90:17 120:2 130:5 138:6

bits (2) 19:3 23:5 blame (1) 90:14 blow (1) 124:18 blue (1) 136:12 board (10) 33:15

71:13 84:3 86:11 86:15 89:2 90:23 92:7,8 102:21

Bobrov (2) 21:8,12 bodies (1) 80:17 bold (5) 77:25 80:21

80:24 81:3,6

Bolshaya (2) 41:14,17 Bond (1) 5:20 borrowers (1) 109:3 bother (2) 23:4 35:15 bothered (1) 123:1 bottom (30) 3:14,19

21:11 31:16,21 32:21,22 38:18 47:10 60:19 61:11 61:12 68:24 69:1 71:8 79:12,18 80:3 91:21 96:13,14,18 96:22,23,24,25 98:20 99:20 111:23 133:7

bought (1) 97:16 box (5) 59:25 64:15

64:22 78:23 117:24 branch (8) 14:2,15,19

19:17 94:24 95:6 95:14,20

branches (2) 15:6 95:4

breach (1) 75:23 break (8) 2:17 33:25

34:3 92:19,22

130:13,13 139:2 brief (1) 127:9 bring (1) 105:25 bringing (1) 14:6 brother (5) 100:18,19
100:21 101:14 102:7

brother-in-law (1)

68:3

brought (1) 129:18 BSP (1) 18:5

BSPB (19) 35:25 36:16 36:19 37:1,7 42:4,8 42:17 43:8 44:3,10 44:11,15 50:13,17 50:24 51:1,6,12

BST (5) 100:15 101:21 112:15 115:21 116:1

build (1) 119:21 building (18) 16:1

20:15,22 46:4,10 46:13 47:16,17 84:18,23,25 85:1,4 95:14,19,24,24 110:17

buildings (6) 46:5,9,14 84:17,19 94:9

built (1) 47:16 bundle (5) 4:6,7 6:9

14:10 56:4 bundled (1) 137:23 bundles (2) 3:16 9:3 burden (2) 90:14

125:16 business (16) 16:24

17:3,9 20:17 22:21 29:20,22,23 30:1 31:10 32:25 90:11 100:25 107:2 108:4 108:8

busy (2) 10:20 137:22 buy (6) 15:16 16:6

17:20 20:11 66:20 69:25

BVI (1) 7:20

C

call (10) 1:6 2:11 6:22 42:16 44:3 58:18 58:19 69:15 100:24 119:6

called (56) 8:19 9:9 16:8 17:11,15,18 18:6 22:24 27:10 30:2,5,25 31:9 32:2 34:7 35:25 41:1,5 44:9 45:22 47:4 52:6 53:3 54:20 55:23 57:14,19,21 59:6 61:21 62:2 63:4 66:4 67:11 71:12 72:9,12 73:5 73:13 86:3,14,14 91:14 93:4,21 98:10 99:5,22 100:19 101:4 111:7 112:5,11,15 113:12 113:16

capacity (3) 49:1 108:17,21

capital (30) 37:12,20 38:15,20,21 56:16 61:4,6,12,16 62:21 63:11,22 65:21,24 66:1 70:4 75:20 79:22,25 80:8,15 80:20 81:10,14

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143

March 16, 2016 Day 27

94:4 99:21 100:7 charter (12) 37:20 comes (9) 44:17 45:14 conceal (2) 22:9,12 convenient (3) 1:23
112:14 115:20 38:20,20 56:16 60:23 108:14 concealment (1) 75:5 15:24 38:11
car (1) 14:21 61:6,16 62:21 115:19 124:8 130:9 concentration (1) 65:2 conversation (1)
careful (1) 86:3 63:11,22 65:24 136:21 139:6 concerned (6) 6:14 77:14
carefully (1) 112:8 66:1 80:19 coming (2) 119:10 9:16 24:3 76:10 convoluted (1) 31:11
carry (3) 12:14 65:13 Chastnaya (1) 57:21 136:24 104:2 130:10 cooperate (1) 140:12
65:17 check (4) 45:1 53:8 comment (2) 17:12 concession (1) 47:14 coordinates (1) 82:12
cars (5) 15:16 16:6 113:7 133:4 87:19 conducted (3) 20:17 copied (1) 1:25
17:20 20:11 47:20 checked (1) 45:3 commission (1) 27:18 20:21 26:12 copies (4) 39:13 60:15
case (28) 16:3 17:14 checking (2) 47:13 committee (1) 27:22 confessing (1) 133:14 60:17 118:22
22:6 27:13 31:3 53:5 common (3) 79:22 confidential (2) 126:6 copy (11) 3:1 4:18
33:20 59:23,24 choices (1) 134:24 80:1,9 126:18 30:13 44:19 56:1
64:16,18,23 72:21 Christmas (1) 136:5 companies (70) 9:17 confidentiality (4) 60:19,22 118:17
73:3 74:22 84:21 chronological (1) 10:12 11:3 24:7,17 121:16 124:5,18,21 131:10,11 132:18
102:9,12,15 103:18 32:11 24:23 26:1,1,8,15 confirm (17) 3:21 4:2 corner (1) 3:14
108:3 113:23 City (4) 42:18 68:21 26:16,19 27:6 32:2 4:10 6:13 7:18 15:3 corporate (3) 31:1
114:17 116:8,16 94:25 95:23 32:17 33:3 39:24 23:5 48:17 49:24 33:13 80:17
129:15 130:8 Civil (1) 118:14 42:23 45:8,9 46:1 51:15,18 53:2 corporation (4) 28:10
136:21 139:16 CJSC (2) 10:14 24:10 47:22,23 48:18 56:20,22 68:2 54:8 86:23 87:2
cases (2) 86:5 131:3 claim (6) 6:6,15 7:7,16 49:1,3,16,21 50:6,7 86:20 128:1 corporations (1) 83:23
cash (20) 14:20,23 7:24,25 50:8 51:16,22 52:2 confirmed (4) 26:15 correct (37) 3:5 14:17
15:3,7,16,17 16:5 claimant (2) 5:23 9:24 52:5,11,14,17 26:18 52:21 76:20 14:20 15:2 17:16
17:2,3,16,19,20,21 claimants (7) 7:6,8 81:20 91:4 100:8 confirming (2) 7:19 18:5 25:3,5,9,16
18:14,20 20:7,10 9:13 10:10 11:1 102:20 103:3,6,10 51:25 27:20 35:24 36:1
20:11,22 21:1 16:23,25 103:20,23 108:11 confounded (1) 46:11,15 66:9,23
ceased (1) 56:9 clarified (1) 50:22 108:12,17 109:1 129:24 70:10 72:23 73:13
cell (1) 62:2 clarify (4) 47:15 54:12 110:5,10,12 113:11 confused (3) 43:17 74:5,11 83:10
cent (93) 22:25 24:9,9 87:25 112:10 113:25 114:19,21 77:18 102:2 84:12,16 88:7 92:2
24:10,11,12 25:12 clarity (1) 139:8 114:22,23,24 115:1 confusing (1) 92:14 93:15,16 94:16
27:4,5,24 28:21 clear (8) 45:19 76:4 115:2,6,11,14,14 confusion (2) 57:16 95:22 96:3 97:12
29:9 31:23 32:23 88:3 99:6 116:5 115:16,22 116:4 91:7 97:19,20 102:1,12
33:8,9 36:15 37:19 125:6 127:19 131:9 company (148) 10:14 connected (9) 10:9,25 correctly (6) 26:18
53:3,19 56:18 58:3 clearer (1) 86:24 11:4 14:4 15:12 42:20 43:8,25 52:24 69:18 82:24
59:9 61:6,6,15 62:9 clearly (1) 128:9 16:8 25:2,2,7,10 44:15 49:18 89:14 87:7 97:1
62:21 63:3,11,21 clerk (1) 127:25 26:3 28:21 30:2,5,6 107:21 correspondence (4)
64:5 65:23 66:1,1 cleverly (1) 35:4 31:21 32:15,19,24 connection (5) 22:9 12:20,22 16:19
67:12 68:25 71:6 client (4) 15:11 18:8 33:5,7,11,22 34:6,9 22:11 42:14 47:24 19:17
71:10,23 73:7,11 21:25 29:17 36:19,23 37:1,3,4,7 110:20 corruption (2) 66:10
74:3,4,6,7,12,13,18 client-orientated (1) 37:11 39:23 41:1,5 consider (2) 125:8 68:7
75:19 79:21,22,25 22:2 42:9,11,16,19 126:24 costs (1) 132:13
80:1,8,8,15 81:10 clients (5) 19:23 109:1 43:10,12,25 44:3,9 considerable (2) counterclaim (7) 8:10
81:11,13,15,21,22 122:24 131:14,14 44:14 45:22,22 85:22 131:6 8:14,16,17,20 10:2
82:2,4,5,11,13 83:1 clip (3) 31:14 32:7 47:4,10,19,19 consideration (2) 103:19
83:4 84:9 88:19,23 35:21 50:15,24 51:12 120:16 124:20 countersigning (1)
89:4,19,20 91:22 close (1) 109:3 53:3 54:20 57:13 consistent (2) 73:7 129:20
94:5,6,17,19,20 closed (3) 17:4 18:13 57:19,21,23 59:6 74:14 couple (2) 39:12
97:10 99:2 100:1 57:22 61:20 62:22 63:4 conspiracy (1) 137:5 133:3
101:7 105:6,21,22 closely (2) 10:9,25 63:12,20,22 64:8 contact (1) 21:13 course (18) 2:2,9
112:2,3,4,15 closing (2) 119:24 65:2,3 66:16 69:19 contained (2) 78:9 11:25 31:4 33:21
cent)’ (1) 24:11 139:4 70:20,22 71:12,23 79:2 50:2,9 51:20 69:22
central (8) 15:6,8 closings (2) 119:22 72:7 73:13 74:11 content (4) 2:1 118:19 89:10 91:4 93:16
18:23 20:4 82:8,12 139:3 77:4 78:2 82:23 123:18 128:4 100:20 103:23
82:18 84:18 clue (1) 44:16 83:5 84:4 86:12 contents (6) 3:24 4:2 115:17 117:23
centre (4) 16:24 17:3 co-owner (4) 41:2 87:13,16 88:10,19 4:22,25 7:18 79:10 119:19,23
17:20 20:24 42:3 55:9 97:3 90:5,7,21,23 91:13 context (2) 12:7 court (23) 9:3 11:24
CEO (1) 105:12 co-owners (1) 97:16 91:14,17 92:6 93:4 121:14 12:7 16:18 33:5
certain (6) 6:1 14:7 code (1) 78:3 93:4,6,17,21,22,24 continuation (1) 37:1 47:15 52:4
40:17 69:25 76:15 coffee (2) 130:13 94:5,8,14 97:11,14 23:14 67:6 69:22 120:4
78:3 132:7 97:16,17,18 98:10 continue (3) 12:11 121:23 122:5,11,20
certainly (11) 34:1 coincidence (1) 42:1 98:21 99:16,17,18 124:20 125:15 123:3,7,9 124:1
102:25 106:25 coincides (1) 40:21 99:22,22,23 100:1 continued (2) 27:19 125:24 128:11
107:14 110:3 collected (2) 15:17 100:8,24 101:4,22 48:11 136:24 140:15
119:18 128:15,24 17:21 102:4 106:15 contrary (2) 121:20 court’s (1) 122:5
138:5,6 139:18 collective (1) 25:4 107:12 108:9,16,21 123:10 covenants (3) 69:25
cetera (2) 113:15 collectively (2) 24:23 109:14,15 111:7,13 control (13) 61:5 70:7 70:2,3
135:23 26:2 111:17 112:1,11,11 70:9,17,23 81:18 cover (1) 117:6
chain (1) 82:3 collectors (2) 15:17 112:15,16 113:10 83:14 90:6 103:24 covered (1) 120:2
chairman (3) 33:15 17:21 113:12,16,21 114:4 104:14,20,23 111:3 credit (6) 19:25 79:20
89:12 103:16 coloured (1) 135:22 115:6,11,21 controlled (8) 24:7,17 80:9 81:9,11 82:14
change (5) 23:6,8 column (11) 38:22 compare (1) 36:4 24:23 26:2,25 credited (1) 15:18
54:17 128:24 136:9 44:24 50:16 61:23 completed (1) 129:16 113:21 114:19 criticise (1) 13:18
changed (1) 136:22 62:19,23,25 63:7 completely (2) 139:17 116:6 criticism (2) 13:20
changes (7) 23:11 63:13,19 67:23 139:18 controlling (2) 79:23 19:12
71:4 93:20 101:12 come (17) 1:18 8:2 completeness (2) 81:8 cross-examination (5)
114:11 128:22 9:5 11:7 14:7 60:14 68:24 80:3 controls (4) 82:8 1:14 5:5,19 130:6
138:6 66:19 76:17,18 completion (1) 129:15 103:21 122:25 141:6
changing (2) 55:6 99:3 77:16 87:16 88:5 complex (3) 50:14 123:2 cross-examinations …
chaos (2) 69:8 137:20 108:19 115:13 84:17 85:11 controversial (1) 134:25
chaotic (2) 36:6 38:3 121:17 126:1 133:7 comply (1) 70:6 122:10 cross-examined (1)

59:25 crystallise (1) 131:1 cup (1) 132:7 currency (1) 66:17 current (3) 98:3,4
118:9

cut (1) 124:15 Cyprus (5) 57:20,23

59:5 80:19 93:22

D

D10/217.71/1 (1) 39:8

D176-D191/2918.1T…

56:12

D176-D191/2918.1T…

55:17

D176-D191/2918.1T…

55:21

D176-D191/2918.1T…

56:3

D197/2961/1 (1)

60:16

D197/2961/2 (1)

67:11

D197/2962/1 (1)

60:16

D197/2962/2 (1)

88:18

D197/2963/1 (1)

22:17

D197/2963/2 (1)

22:18

D197/2969/1 (1)

83:20

D197/2969/10 (1)

86:17

D197/2969/2 (1)

86:17

D197/2969/5 (1)

89:24

D197/2969/9 (1)

83:21

D197/2970/1 (1) 95:1 D197/2970/3 (1) 95:2

D198/2972/1 (1)

69:15

D198/2972/2 (1) 71:2

D198/3049/1 (2)

34:14 35:1

D198/3050 (1) 34:19

D198/3050/1 (2)

34:13,25

D198/3050/4 (1)

35:19

D204/3007/1 (1) 77:2

D204/3007/76 (1)

79:19

D204/3007/77 (1)

80:11

D206/3011/1 (1)

111:18

D206/3011/4 (1)

111:22

D206/3011/5 (2)

112:18 115:25

D206/3012/1 (1)

101:2

D206/3012/4 (1)

101:19

D206/3013/1 (2)

92:25 93:3

D206/3013/4 (1) 93:9

D206/3014/1 (1)

91:12

D206/3014/3 (1)

91:20

D206/3014/4 (1)

91:19

D206/3016/1 (1)

111:19

D206/3016/4 (1)

111:22

D206/3016/5 (3)

111:25 112:19 115:19

D206/3016/6 (1)

113:5

D206/3017/1 (1)

101:3

D206/3017/4 (1)

101:19

D206/3017/5 (1)

101:24

D206/3018/1 (1) 93:1 D206/3018/4 (1) 93:9 D206/3018/5 (1) 94:2

D206/3019/1 (1)

91:12

D206/3020/1 (1)

105:10

D206/3020/3 (1)

105:14

D206/3021/1 (1) 98:9

D206/3021/4 (1)

98:15

D206/3021/5 (1)

100:5

D206/3023/1 (1)

105:11

D206/3023/3 (2)

105:15 106:8

D206/3024/1 (1) 98:9

D206/3024/4 (1)

98:15

D206/3024/5 (1)

98:17

D206/3024/6 (1)

100:5

D207/3053 (1) 73:18

D207/3053/3 (1)

73:22

D207/3054/1 (1)

73:17

D207/3054/3 (1)

73:22 daft (1) 61:10

dare (1) 139:24 data (5) 51:10,11,21

60:25 93:16 database (20) 30:12

30:23,25,25 31:9 32:12 36:2 40:2,7 40:11,20,22 45:14 49:7 51:10,20,20 52:6,10 69:17

databases (2) 1:12 52:7

Datadot (6) 57:20,25 58:2,4 59:6,8

date (12) 44:23,24 77:7 87:16 120:11 135:11,13,14,25 136:1,7 137:21

dated (5) 13:10,16 14:12 33:18 77:4

dates (3) 98:25 99:11 103:10

daughter (20) 62:10 62:11 63:10 64:20 65:6,12,14 69:21 69:23,25 70:12,13 70:22 93:11 97:10 97:15,23,25 98:6 107:5

day (14) 1:9 30:11 72:11 102:19,21 128:11,22 129:8

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

144
March 16, 2016 Day 27

130:14 132:14 39:17 121:9 132:1 64:21 65:14 97:24 102:24 evening (2) 1:10 107:2,4,6,7 120:1,2 126:11

138:2,3,4 140:6 diminishes (1) 86:4 document (56) 3:14 either (10) 49:17 132:7 fairly (3) 86:5 109:5 fits (1) 64:8
days (11) 2:4 31:25 dims (1) 103:17 5:14 6:5,7,10 7:1,4 51:21 95:23 100:13 event (2) 69:24 81:12 117:20 five (3) 116:10 117:16
104:3 117:4,7,20 direct (4) 103:3,4,12 7:10,15,18,24 8:5 104:21 109:14 events (2) 23:2,6 fairness (1) 55:24 138:8
119:11,23 127:21 124:20 8:13,19,21,24 9:1,2 121:18 125:7 131:1 eventually (1) 99:4 false (2) 21:17 22:8 flag (1) 120:15
128:4 137:14 directing (1) 127:4 9:3 10:4 13:6 22:16 134:24 eventuate (1) 129:17 familiar (4) 6:5 8:8 flagged (1) 133:5
deal (4) 1:23 19:23 direction (3) 121:13 43:13 44:17,19 elaboration (1) 126:8 everybody (2) 120:5 32:11 45:23 flagging (1) 118:7
117:24 119:15 121:18 125:11 45:4,10 49:8,9 electronic (1) 106:4 136:2 familiarised (1) 10:3 flanks (1) 84:19
dealership (1) 16:10 directly (6) 19:23 27:1 52:12 60:14 64:13 Elena (9) 57:19 59:5 Evgeni (2) 58:5 59:8 family (3) 68:12,13,15 flat (1) 42:6
dealing (9) 15:21,25 29:8 103:13,21 65:20 69:10 71:19 88:22,25 98:23 evidence (13) 5:7 22:5 far (16) 2:8 6:14 15:8 flight (1) 140:1
16:7 20:9,21,25 104:6 72:2,20,22 73:20 99:5,13 101:6 26:18 54:11,12 15:9,11,20,23 38:2 float (2) 65:23 66:18
21:21,24 133:15 director (45) 21:7 75:3 76:24 83:14 112:4 55:7 118:14 119:6 63:19 65:10 75:15 floor (1) 17:2
dealings (1) 20:13 27:11 29:14,24 86:21 87:1 88:9,16 emphasise (1) 138:18 119:15,16,20 94:9 97:14 105:6 floors (3) 47:18,21,21
dealt (2) 121:2 133:15 41:2 42:3,8 43:12 104:18 105:25 employees (3) 25:15 124:12 127:6 130:1,10 flows (1) 127:6
dear (1) 135:10 44:10 49:1 50:16 106:2,4 123:16,23 27:23 28:16 Evolution-G (2) 41:5 fastening (1) 90:18 fluctuated (1) 73:6
December (1) 18:8 50:23 51:1,1,12 123:24 124:16 employment (1) 50:12 father (1) 67:3 fluctuating (2) 73:12
decision (1) 44:4 56:9 72:12 89:24 125:2 127:6 121:4 Evolutsiya (1) 50:12 fault (1) 120:20 74:12
declared (2) 75:8 98:5 90:1 91:25 92:3 documents (20) 1:16 enable (1) 127:22 exactly (6) 24:4 31:6 fear (2) 28:25 103:22 fluent (1) 5:8
declined (1) 24:14 93:7 97:11 101:5 3:16 5:16 7:20 9:9 enables (1) 126:10 73:2 75:18 85:15 feast (1) 137:5 focus (5) 52:10 65:2
declining (1) 25:22 101:14 104:10,16 12:3,7,12,14,21 encapsulated (1) 110:8 February (4) 71:11 128:9 129:18,20
default (1) 126:8 104:25 105:2,8,12 13:18 14:7 30:11 127:3 Examination-in-chie… 72:8,11 77:10 focusing (3) 96:8
defence (8) 8:14,15 106:11,13,15 107:5 105:7 107:12 encapsulating (1) 2:19 141:5 February/March (1) 128:16 130:23
8:16,20 10:2 66:7 107:9,10 108:8,18 109:13 122:8 122:16 example (1) 133:17 19:18 follow (10) 13:14 14:8
68:16 96:9 108:20,22 111:6,13 128:19 132:19 encountering (1) 6:21 exception (1) 51:16 fed (1) 120:17 30:16 35:10 40:5,9
defendants (6) 1:8 113:24 114:3 134:7 endeavour (2) 12:24 exceptional (2) Federation (2) 15:7 40:13 41:10,20
12:12 16:21 121:8 directorate (2) 19:21 doing (8) 36:6 37:4 69:11 124:10 125:17 79:3 108:23
129:5 135:9 21:7 70:19 83:8 116:23 endless (1) 134:10 exceptions (1) 12:23 feel (3) 121:9 123:21 followed (2) 41:22,24
definitely (3) 12:22 Directorate’ (1) 19:21 123:20 132:15 ends (1) 132:3 exchange (7) 9:8 138:16 following (3) 70:4
40:20 109:15 directorates (1) 20:7 140:2 engage (2) 20:9 126:3 16:19 66:17,17,18 felt (1) 122:6 107:18 136:6
denials (2) 21:17 22:8 directories (1) 17:9 Dolgopolova (2) 89:4 engaged (1) 132:23 66:19 119:23 Feniks (4) 34:7 36:3 follows (1) 18:4
denied (2) 55:8 70:9 directors (12) 33:15 89:13 England (1) 13:14 executives (2) 72:6,7 39:21,22 footing (2) 92:16
deny (2) 16:23 48:22 55:20 71:14 84:3 downloaded (1) 44:25 English (43) 3:2 4:9,12 exercise (3) 70:16,17 Ferbenks (1) 100:16 121:12
department (6) 19:14 86:11,15 89:2 Dr (5) 130:3 132:20 4:17 5:8,12,14 9:4 70:23 fight (2) 125:6 131:6 force (1) 131:6
20:4,13 21:24 22:1 90:24 92:7,8 133:12 134:3 9:22 10:16 12:7,18 exercising (4) 104:13 figures (1) 30:15 forecast (2) 138:3,5
27:12 102:21 108:25 139:14 13:6 30:7,22 31:7,8 104:20 108:23 filed (4) 7:15,24 8:19 forget (1) 90:21
Department’ (2) 19:10 Direktorov (8) 71:13 draft (5) 53:10,13,17 34:13,24 35:11,19 111:3 9:13 form (3) 7:24 8:9
19:15 72:3 84:3,9 92:1,8 120:8 135:25 41:15 48:4 55:15 expect (1) 5:14 Filimonenok (8) 61:24 110:15
departments (6) 104:16,22 draw (5) 1:15 40:16 60:18 73:17,20,21 expectation (1) 62:5 63:1,6,15 formal (4) 110:13,15
18:23 20:8,15 21:1 disagree (1) 44:2 47:3 48:1 135:15 74:1 93:2,11 96:11 134:15 71:20 89:7,10 121:6,9
21:14,21 disappointed (1) drawn (1) 49:2 96:17,23 98:13,18 experienced (1) 87:22 filing (2) 8:20 119:22 formalised (1) 139:1
depended (3) 112:20 129:11 drew (1) 122:7 100:5,11,12 101:24 expert (1) 119:15 finalised (2) 135:8 formally (1) 122:21
113:6 115:24 discharging (1) 85:22 Druzya (29) 61:21 106:12 111:20 experts (1) 137:15 138:7 former (6) 5:25 42:8,9
deposited (1) 15:15 disclose (2) 12:11 62:3,9,22 63:4,11 114:10 explain (4) 18:13 33:5 finality (1) 120:5 58:10 66:7 96:9
deputy (2) 25:17 123:17 63:18,21 64:9 65:1 enjoy (1) 116:17 64:2 97:12 finally (5) 9:8 58:3 forms (1) 83:23
89:12 disclosed (11) 30:11 65:3,7 69:17 70:7 enquiries (1) 22:5 explained (7) 21:5,6 59:8 62:7 112:4 formulating (1) 28:25
describe (1) 17:17 45:2 83:6 121:12 70:16,19,22 84:5,7 ensure (1) 121:13 24:2 36:18 95:5 financed (1) 65:13 forward (3) 118:3
described (5) 42:7,9 130:4 132:21,25 84:10 90:1,5 92:4 entails (1) 6:1 97:23 132:18 financial (11) 19:20,22 121:22 124:16
44:10 50:16 64:15 133:6,10,13 134:8 104:11,13,22 111:7 entered (1) 67:25 explaining (1) 23:19 19:22 20:1,6,13 Forward-Capital (5)
description (2) 50:18 disclosing (1) 125:20 111:12,13 enterprise (2) 95:15 explains (2) 21:11 21:7,25 36:19,25 44:9 50:17,25 51:2
64:3 disclosure (13) 12:2,6 Druzya’s (1) 90:24 95:17 81:19 37:7 51:13
desk (13) 14:20 15:3,7 13:18 14:23 16:19 Dubki (1) 86:14 entirely (4) 86:5 90:17 explanation (4) 25:1 financing (3) 19:10,15 found (8) 3:2 23:21
16:5 17:3,16 18:14 79:3,6 123:15,17 due (2) 33:20 103:23 127:4,4 44:1 48:11 81:18 65:13 67:18,22 111:10
18:21 20:10,12,22 125:19 130:1 duplicate (1) 38:13 entities (5) 31:1 84:1 explicitly (2) 63:20,23 find (14) 3:1,7 4:9,17 118:16,23 120:24
21:1,20 132:19 134:25 duties (2) 6:2 128:10 95:7,8,10 exploit (1) 80:4 9:5 12:21 13:2 Foundation (2) 102:3
desk’ (1) 17:2 discount (1) 21:4 entitled (2) 29:9 expressly (1) 49:23 36:13 48:7 55:24 102:4
desks (3) 14:23 15:16 discuss (3) 60:3,6 E 69:25 extend (1) 122:13 57:5 81:25 93:20 founded (4) 87:13,17
20:7 116:16 e-mail (1) 1:8 entity (12) 29:19 extended (1) 135:20 128:8 103:10 129:2
detail (2) 126:5 discussed (2) 50:11 48:16 58:18,20 extending (1) 131:20 fine (3) 131:13,16 founder (5) 86:22
e-mails (1) 118:21
137:11 137:13 79:20 80:9 81:9,11 extent (2) 77:13 138:25 87:1,3,4,11
earlier (8) 52:20,21
details (2) 7:16 130:1 discussing (3) 45:9 82:14 88:4 97:14 126:16 finish (4) 117:4,4 founders (3) 86:18,20
55:4 96:9 105:19
determine (2) 48:20 48:23 114:23 97:17 extract (5) 10:1 16:16 119:24 120:11 88:11
118:3 127:2 128:5
114:23 disguise (1) 76:15 entries (6) 31:17 37:13 83:25 88:9 finished (2) 128:2 founding (1) 87:15
earliest (1) 140:7
Development (1) disguising (1) 75:7 33:18 40:17 41:23 extracts (1) 1:11 133:21 four (4) 39:13 119:23
early (6) 116:22 117:7
65:22 displayed (1) 111:11 65:20,25 extremely (3) 59:22 finishes (2) 117:9 130:19 138:8
117:10 127:22
deviating (1) 125:17 disproportionate (1) entry (11) 30:23,24 109:6 127:20 118:11 fourth (5) 77:6,8 78:5
128:14 140:3
difference (1) 63:14 123:10 36:3 37:24 55:13 eyesight (1) 22:19 finishing (2) 119:19 96:14,17
earns (1) 108:8
different (30) 17:2 dispute (1) 139:12 55:23 56:3 67:10 127:12 free (5) 42:16 44:2
easier (5) 5:10 35:10
20:8,14,23,25 dissenting (1) 86:6 69:17 84:7 99:7 F fired (2) 66:10,12 65:23 66:18 118:2
36:13 55:14 136:16
22:14 26:2 30:23 distributed (4) 71:18 envisaged (1) 134:6 Firm (1) 33:10 freed (1) 126:14
East (3) 61:4,12 65:21 fabrication (1) 45:11
31:5,18 32:1 33:23 71:21 74:16 84:10 equal (1) 71:21 first (23) 3:1,4,4 4:8 French (1) 5:11
Easter (7) 118:12,13 facie (2) 10:7,23
36:2 39:19 84:11 distributing (1) 69:20 equally (1) 124:6 6:21 7:14 9:24 frequently (1) 85:8
120:3 129:16 fact (11) 12:10 47:3
85:9,10 90:7,8,21 distribution (1) 39:14 equity (4) 79:21,25 11:23 23:13 25:17 Friday (10) 2:5 117:5
137:16 138:20,21 47:10 76:3 78:18
90:22 91:4,5,7 94:3 diverse (1) 83:23 80:8 81:14 38:18 40:19 44:16 118:11 119:17,25
Easter-time (1) 129:17 103:7 111:2 126:5
95:4 137:6,7 diverted (1) 136:12 errors (1) 36:5 55:19 59:2 60:18 135:5 138:16
effect (1) 126:15 133:12 134:8,15
139:17,18 divider (1) 4:7 escapes (1) 100:15 80:12,13 92:6 99:6 139:23,25 140:6
effected (1) 103:25 facts (1) 7:6
difficult (5) 57:6 77:23 division (1) 82:24 especially (1) 95:5 101:5 120:17 friend (6) 18:11 19:4
effectively (1) 122:13 faintly (1) 32:23
85:14 117:12 131:5 doable (3) 120:4 estate (1) 119:15 138:20 31:12 75:10 132:17
efficient (2) 1:14 2:6 fair (11) 31:24 43:7
difficulties (1) 124:25 137:12,17 et (2) 113:15 135:23 Firstly (1) 17:8 137:14
EGRUL (3) 55:23 93:16 53:7 86:8 87:5
difficulty (4) 30:24 doctor (5) 62:17,18 European (1) 65:21 fit (5) 2:8 64:3,6,7 friends (5) 30:18

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

145

March 16, 2016 Day 27

39:14 57:11 60:20 61:21

front (1) 2:25 full (5) 2:20 100:4

112:17 117:20 129:17

fully (3) 64:19 77:14 137:20

function (2) 107:11 111:16

functioning (1) 109:19 functions (2) 108:24

111:3

fund (3) 80:1 81:14 97:24

funds (4) 65:13,15 98:2,5

further (19) 9:9,11 16:18 19:2 24:25 55:12 73:23 75:22 81:17 88:17 98:16 99:19 112:5,17 115:24 126:8,19,24 128:21

future (1) 70:23

G

G (1) 50:12

G4/103/20 (1) 16:15 Gambit (1) 91:14 gap (1) 119:22

gaps (1) 120:10 Gelios (4) 32:2,17

33:19,19

general (42) 41:2 42:3 42:8 43:12 44:10 50:17,24 51:1,2,12 56:9 61:4 64:3 72:12 82:19 89:24 90:1 91:25 92:3 93:7 101:5,14 105:9,12 106:11,13 106:15 107:5,9,10 108:8,18,20,22,25 110:5,10 111:7,13 113:24 114:3 115:2

generally (2) 56:7 61:5

generations (1) 137:7 gentleman (4) 27:10 66:4 72:12 96:8 gentlemen (1) 112:5

German (1) 97:14 getting (2) 43:16

71:23 ghastly (1) 138:9 gifting (2) 98:5,6

gist (2) 13:21 87:10 give (17) 2:20 25:1 34:16 35:10 36:3

36:13 39:15 60:19 103:4 112:23 114:25 119:6 120:4 121:19 123:25 125:11 134:9

given (18) 2:16 3:15 4:12 13:18 35:13 54:14 58:9 64:19 84:14 87:23 99:11 116:16 118:22 121:8,13 127:25 128:19,22

gives (6) 40:2,7 47:11 51:3 56:18 60:24 giving (6) 5:6 44:17

81:4 120:20 121:9 122:24

glasses (1) 31:3

global (1) 70:20

go (36) 4:6,15 9:21,25 12:17 13:5 14:10 16:15 19:1 22:17 25:8 31:13 35:11 35:19,21 39:8,9 56:10,11 66:25 67:10 68:23 70:25 88:17 95:1 96:11 101:11 103:22 105:3 111:18 116:14 117:19 118:2 128:7 132:14 138:22

goes (4) 49:10 60:18 133:11 140:4

going (20) 1:6 3:13 14:8 32:8,10 57:7 77:12 85:17 104:2 120:14 122:18 129:6,9,16 132:18 133:10 135:11 136:1,9 139:25

Goncharuk (3) 57:19 59:5 118:16

Goncharuk’s (2) 119:4

120:19

good (8) 1:5 22:19 33:24 35:12 59:17 92:18 109:20 116:9

Gotika (1) 116:1 grateful (14) 9:7 13:4

53:12 65:18 83:8 92:17 104:7,8 117:14 118:5 128:17,18 130:18 134:18

great (1) 52:5 green (1) 136:12 ground (1) 120:2 group (8) 10:11,12

11:2,3 61:4,12 65:21 116:7

Grupp (3) 24:10 25:23 26:20

Gudin (3) 99:5 102:6 102:10

Gudina (3) 99:6 102:13 112:4 guess (2) 111:21

124:23 guillotined (1) 127:23 guises (1) 121:18

H

habitually (3) 102:10 107:20 108:4
half (5) 74:1 98:18 99:2 109:21 111:23

hand (6) 35:3,9 60:17 118:17 121:25 135:15

handed (6) 30:13,20 35:16 36:8 38:6 60:21

hands (4) 99:3 121:1 129:4 130:7

hang (1) 78:18 happened (2) 38:10

116:13 happening (4) 85:20

90:15,16 130:16 happy (2) 22:15

135:15

hard (4) 30:13 55:25 60:15,17

harry (1) 137:2 head (3) 5:25 46:6

68:21 headed (1) 113:5 heading (4) 77:25

79:13 86:18 88:11 headquarters (1) 21:2 hear (2) 11:23 60:5 heard (3) 121:15

130:23 135:7

held (27) 26:3,7,10,15 26:21 28:6 31:20 32:23 33:2 52:1,14 53:3 54:3 55:4 57:2 65:4 74:12 82:13 83:13,15,16 112:2 112:4,8 113:25 114:15,24

help (8) 9:6 13:3 35:5 35:7 37:1 94:21 133:17 134:2

helpful (1) 132:5 helps (1) 134:5 hide (2) 103:14

123:23

high (2) 40:23 42:1 higher (1) 74:18 highly (1) 49:17 HILDYARD (173) 1:5

1:22 2:10,15 13:1 31:4 34:1,20,23 35:4 37:10,15,23 37:25 38:5,9,14,22 38:25 39:2,18,21 39:23 40:1,3 41:11 41:13,16,19 42:21 43:1,6,16,20,22 45:12,15,17 46:17 46:21,24 47:1,9 49:10,16,23 50:2,4 52:9 53:10,13 54:16 56:23 59:19 59:22 60:5,8 61:9 61:14 64:12,18 65:6,10,16 67:1 75:15,22 76:6,12 76:17 77:7,11,22 78:4,7,11,14,17 79:16 82:22 84:22 85:2,21 87:11,20 88:2 89:13 90:10 90:20 91:3,9 92:6 92:10,15,20 95:3 95:13,19 96:1,4 97:22 102:18 103:15 106:7,18 107:16,24 109:10 109:17,22 110:1,4 110:9,13 114:3,5,7 114:12 115:5,17 116:10,20,25 117:2 117:12,19 118:1,8 118:19,24 119:8 121:5 122:2,12,15 122:21 123:13 124:15 125:5 126:3 126:23 127:16,24 128:24 129:10 130:25 131:11,13 131:16 132:11 133:9,19,25 134:14 134:20 135:2,10,18 136:3,8,18 137:3,9 137:21 138:2,8,15 138:22 139:2,10,14 139:21 140:5

historic (10) 31:16 32:9 38:15 55:19 86:22 87:3,4 100:6 101:25 102:3

history (6) 56:13

70:25 71:4 93:20 101:12 114:10

hold (22) 24:12,15 27:24 28:1,3,4,4,20 29:8 53:18,20,22 53:25 54:1 61:16 62:12 66:22 88:14 95:7 130:7 132:15 138:15

holder (2) 37:19 107:10

holders (2) 69:23 70:1 holding (12) 29:5

31:18,23 32:8 33:8 49:17 67:12 79:21 90:25 107:15 126:16,21

holdings (3) 49:12,15 52:17

holds (11) 29:6 63:3 63:23 66:13 68:9 69:23 74:6,6 99:1 107:20 115:15

homework (1) 130:5 honest (6) 33:7 68:4 91:6 108:7 109:6

133:14 honestly (2) 103:13

128:15

hope (10) 30:9 69:16 75:13 82:23 92:13 111:20 118:9,16 120:24 127:12

hoped (3) 1:13 105:4 133:12

hopefully (4) 30:8 36:5 112:17,18

hoping (2) 33:4 36:9 house (1) 2:24 housekeeping (8) 1:3

2:8 117:18,22 119:3 120:13 141:3 141:7

husband (2) 69:3,4

I

I17/17/171 (1) 17:22 I17/17/173 (1) 17:25 I20/21/15 (1) 19:1 IC (1) 116:1

idea (4) 33:23 35:12 86:15 119:14 identical (1) 80:22

identification (3)

40:23 42:1 135:21 identified (3) 52:11

61:23 131:7 identify (4) 122:8

130:7 132:22 134:7 identifying (1) 135:22 identity (1) 78:20

IFK (10) 35:25 36:16 36:25 42:4 44:10 50:13,24 51:1,6,12

ignored (1) 123:25 Igor (1) 67:21

iii (1) 124:16

Ilya (2) 57:15 59:4 imagine (3) 67:4 125:4 139:25

Immediately (1) 21:22 implications (2) 55:7,8 implicit (1) 121:8 implied (3) 76:14

122:14 125:18 important (7) 59:22

60:1 107:1 132:2 135:3 136:23 137:7

imposed (1) 123:3 impossible (2) 38:12
115:4 impression (1) 134:9

impropriety (2) 76:2,5 improve (1) 133:10 inaccuracies (1) 25:9 inappropriate (1)

123:23

include (2) 87:14 111:3

included (1) 64:22

includes (4) 7:8 10:12 11:3 26:22

including (7) 1:10 10:8,24 19:8 32:14 104:15 107:14

inconvenience (1)

38:1

incorrect (4) 15:1 45:5 81:18 90:9

independent (4) 22:5 48:15 97:13 108:5

independently (1)

109:5

index (2) 4:16 141:1 indicate (2) 5:7 127:7 indicated (3) 2:14

31:20 59:14

indication (2) 124:25

125:1

indirect (3) 72:18

75:24 83:14

indirectly (3) 27:1

62:8 103:20

individual (3) 33:12

67:5 102:5

individuals (4) 32:14 80:13 113:11,15 indulgent (1) 131:18 inevitable (1) 103:22

inform (2) 116:12

130:15 information (28) 9:10

9:11,13,15 17:8 44:22 55:11 56:2 59:15,16 67:8 78:9 79:2,6,20,23 80:7 81:5,8 82:19 83:23 86:18 88:11 102:23 106:18 111:9 112:25 120:21

infrequently (2) 29:17 109:20

inherently (2) 126:6 126:18

initially (1) 71:21 inserted (1) 135:11 insisted (1) 8:25 insists (2) 18:11 78:17 Inspection (1) 68:21 institutions (1) 20:1 instructions (3)

107:19 108:4,23

instruments (2) 19:22

103:24

intend (3) 128:7,21 132:14

intended (1) 64:14 intention (1) 119:6 Interbank (1) 66:17 interest (14) 26:8,10 26:12 28:7,12,23 52:14 54:4 65:7

75:19 83:17 85:12 115:12 124:4

interested (4) 76:3

79:9 115:7,25

interests (7) 27:6

49:20 52:1 64:14 76:15 107:20 112:23

internal (2) 3:18 4:15

International (2)

19:10,15 interpreted (1) 2:13 interpreters (2) 35:14

36:7

interrupt (1) 133:2 intervene (1) 64:12 introduced (1) 137:6 investment (10) 14:4 27:12 29:15,24 36:18,25 37:6

42:16 44:3 73:6

Investments (3) 80:18

81:5,21

Investproject (3)

67:12,19,22 invite (1) 85:16 invited (2) 28:16

132:20 involve (1) 122:24 involved (4) 33:8

102:20,20 132:14

Iova (1) 113:14

ISK (2) 57:14 59:3

Ismail (1) 71:22

Ispolkomskaya (22)

10:15 11:5,15 14:3 14:16 15:5,10,23 16:4,11,23 17:10 19:11 20:20 21:15 41:3,7,18 42:6 47:5 47:17 100:2

Israelit (1) 33:14 issue (3) 24:6 87:8

126:13

issuer (4) 79:21 80:9 81:9,12

issues (2) 1:15,24 item (1) 47:7 Ivannikova (3) 25:17

88:22,25

Ivanova (1) 72:9

J

January (3) 23:14 99:7

101:14

job (2) 138:9 139:13 joined (1) 23:13 joint (2) 29:22 97:9 joint-stock (6) 57:23

66:15 77:4 78:2 108:17,21

jointly (1) 98:22 judge (1) 30:19

July (8) 13:10,16 14:12 71:7,22 72:8 96:8 97:4

junior (2) 66:21 88:19 jurisdiction (2) 124:7

125:13 jurisprudence (1)

87:18

justice (176) 1:5,22 2:10,15 13:1 31:4 34:1,20,23 35:4 37:10,15,23,25 38:5,9,14,22,25 39:2,18,21,23 40:1 40:3 41:11,13,16 41:19 42:21 43:1,6 43:16,20,22 45:12 45:15,17 46:17,21 46:24 47:1,9 49:10 49:16,23 50:2,4

52:9 53:10,13 54:16 56:23 59:19 59:22 60:5,8 61:9 61:14 64:12,18 65:6,10,16 67:1 75:15,22 76:6,12 76:17 77:7,11,22 78:4,7,11,14,17 79:16 82:22 84:22 85:2,21 87:11,20 88:2 89:13 90:10 90:20 91:3,9 92:6 92:10,15,20 95:3 95:13,19 96:1,4 97:22 102:18 103:15 106:7,18 107:16,24 109:10 109:17,22 110:1,4 110:9,13 114:3,5,7 114:12 115:5,17 116:10,20,25 117:2 117:12,19 118:1,8 118:19,24 119:8 121:5 122:2,12,15 122:21 123:13 124:15 125:3,5,17 126:3,23 127:8,16 127:24 128:24 129:10 130:25 131:11,13,16 132:11 133:9,19,25 134:14,20 135:2,10 135:18 136:3,8,18 137:3,9,21 138:2,8 138:15,22 139:2,10 139:14,21 140:5

justified (1) 124:11 justify (2) 124:13

125:16

K

Kalinin (2) 58:5 59:9

Karelia (1) 67:22

Karellestrans (1)

116:1

Kartoteka (6) 30:25 31:9 36:1,3 57:5 69:17

keen (1) 22:9 keeping (1) 138:24 kind (7) 3:6 30:16

32:12 39:19 67:23 86:21 124:10

Kinds (1) 71:4 know (100) 1:7 5:10

9:19,24 12:6 13:1 17:18 22:15,19 29:4 30:6 32:11 33:14,15,22 34:20 37:3 41:4 42:5,11 43:11,20 44:15 45:2,12,17,25 51:4 51:5 60:1 65:6 66:12 67:2,2,7 68:4 68:6,8,11,12,13,15 68:17,17,19 71:15 71:19 76:6,9,17 77:11,16,17 84:6 85:15 86:1,14 87:24 89:16 91:17 92:10,16 93:6,24 94:23 99:16,18 101:1 102:22,25 103:6,8 104:1 106:17,23 110:16 110:23 111:1,1 112:24 118:20 123:15 124:11

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

146

March 16, 2016 Day 27

125:22,22 128:25 131:24 133:10,16 133:19 134:2,4,5 134:12,13,24 138:21 139:3,24 140:7
knowledge (10) 4:3 5:1 6:16 15:4 27:21 52:14 66:21 68:2 72:24 110:23

known (6) 6:5 7:25 8:14 9:17 51:23 106:25

knows (2) 56:24 121:2

Kogan (1) 22:24

Kolyakin (2) 112:5

113:14

Komissiya (1) 27:19

Kommersant (3)

22:22 31:10 52:25

Kompaniya (1) 57:22

Konstantin (1) 21:8

Kontur (2) 10:8,24

Kozlov (2) 57:24 59:7

Kristina (2) 61:24

89:19

L

lack (2) 103:9 139:8 lady (1) 72:8 landed (1) 103:19 landlord (1) 96:1 language (1) 6:21 languages (1) 34:12 lapse (1) 121:18 large (2) 16:24 24:7 larger (1) 41:10 late (5) 27:17,20

31:11 117:8 125:21 latest (3) 44:24 67:21

139:3

law (10) 123:19 124:6 124:12,14,24 125:7 126:6,8,15,19

lawyer (1) 87:19 lawyers (12) 13:13,14

13:25 14:11,12,13 17:23 18:4,13 20:3 45:2 51:10

learned (11) 18:11 19:4 22:4 30:18,19 31:12 39:14 57:11 60:20 75:10 137:14

lease (1) 110:18 leases (5) 95:11,17,23

110:13,15 leasing (1) 110:12 leaves (2) 82:25 132:3 leaving (1) 29:23

left (4) 29:14 50:16 85:13 138:7

legal (17) 29:19 41:2,6 42:5 46:2,16,18,20 47:5 48:16 84:1 88:4 95:6,8,10 97:14,17

legally (1) 27:1 legislation (6) 79:4

82:10,11,16,21

83:6

legitimacy (1) 52:12 Leonid (2) 57:13 59:3 Leonidovich (1) 59:7 lest (2) 1:15 139:11 let’s (6) 26:9 27:25

53:19 105:3,9 117:19
letter (14) 1:24 13:8

13:11,13,17,22 44:2 45:16 48:11
17:23 19:2,7 21:11 48:15,18,21 49:12
85:5 94:13 120:23 49:19 51:17 52:1
133:3 52:15,21 53:1,18
Liability (1) 33:10 54:19,24 56:9,15
liberty (1) 119:20 56:19,21,21,25
light (2) 127:1 128:13 57:2,13 59:1 93:21
lightly (1) 130:14 Lokai’s (2) 35:24 49:3
liked (1) 83:25 Lokain (2) 56:19,21
likeliest (1) 48:11 London (5) 5:21 7:21
limitations (1) 135:19 7:24 116:17,25
limited (14) 33:10 long (8) 51:15 52:8
57:20,25 58:2 59:6 59:25 62:2 108:6
59:8 67:12 71:22 117:19 131:15
73:6 80:18 81:22 138:25
93:22 98:11 127:20 longer (4) 21:8 40:22
line (33) 38:23,24,25 126:4 133:11
39:1 40:25 41:5,11 longhand (1) 134:14
41:12 42:2,7,14,23 look (52) 2:25 21:10
42:24,25 44:8,14 23:17 24:25 31:15
45:21 47:4,8,9,10 33:17 34:10 36:11
48:7 50:13,14,17 40:18 41:9,23,25
50:19,21,22 53:13 45:20 55:18,20
53:17 61:17 75:11 56:5 63:13 65:21
120:17 73:16,17 76:23
lined (1) 131:19 83:19 84:7 85:6
lines (3) 78:22,24 91:11 96:6 97:21
130:19 98:8,25 99:20
link (2) 82:3 116:11 100:6,10,13,14
lion’s (1) 64:25 101:2,10,19 105:3
Lipt (1) 99:23 105:9 106:22
list (17) 32:9 35:17,22 112:13,19,22,24
39:24 49:16 55:18 113:7 114:9 115:15
55:20 56:12 57:18 117:15,17 118:3
59:1 67:5 98:12 130:18 136:21
115:5,7,14 121:4 looked (3) 51:14
129:3 112:21 113:3
listed (6) 58:15,21 looking (19) 10:20
108:11,12 109:13 32:6 34:20 35:17
113:17 47:8 48:6,10 49:8
listen (2) 56:7 118:25 50:9,10,21 55:13
listening (1) 38:2 56:6 65:19 76:24
listing (1) 41:22 76:25 79:9 90:15
lists (1) 63:1 92:19
Literally (1) 106:4 looks (6) 39:4 97:13
litsah (2) 81:1,3 99:4,10 106:23
little (4) 105:19 127:12
107:17 134:12 loose (1) 132:3
138:6 Lord (204) 1:4,6 2:1
live (1) 2:24 2:11,18,19,20 3:13
Lizing (1) 112:19 5:3,11 6:4 9:2
LLC (48) 10:8,8,8,24 10:16 11:18 12:16
10:24,24 24:8,9,10 13:4 15:6 20:6
32:17,17 33:19 22:12 28:6 30:4,6,7
42:8,10 43:1,3,8,17 30:21 31:2,6 33:7
43:24 44:9 45:22 33:22,24 34:8,18
47:4,11 48:7 50:17 34:24 35:12 36:9
50:19,21 51:2 59:3 37:3,13,21,24 38:3
63:20 69:17 70:16 38:10,16,17,23
71:13,14 72:3 84:3 39:3,14 42:23,23
84:3 90:24 94:6,18 43:3,7,10,19 44:7
97:3 113:12 114:16 44:16 46:20,23,25
115:6,11,14,21,21 47:7,15 48:21
loans (1) 109:2 49:14,15,22 51:19
locate (1) 15:25 52:3,16 53:12 54:3
located (12) 14:2,16 54:19 59:17,20
14:24 15:22 18:19 60:3,6,20 63:19
21:2,14,21 42:17 64:17,25 65:8,12
47:24 94:14 109:15 65:18 66:15 67:3,9
locations (1) 14:1 68:11 69:13,14
logical (2) 48:14,15 75:4,4,12,21 76:1,9
logistics (2) 128:14 76:14,14 77:21
139:16 78:17 79:8 82:8
Lokai (49) 27:10,11,17 83:8,10 84:25 85:3
27:24 29:6,14,20 85:3,5,6 86:9,13
31:22 32:14,20,22 87:6,18 90:13,13
33:1,16 36:17 91:2,6,10 92:13,17
39:25 40:4,8,12,20 94:25 95:10,22,25
41:1 42:2,16 43:11 96:3,5 97:13 98:2

99:18 102:16,17,20 103:14 104:7,8 107:9 108:2,25 109:12,20,25 110:3 110:7 111:6 112:10 114:8 115:16 116:4 116:9,19,21,22,23 117:1,3,3,14,15,15 117:23 118:5,6,6,9 119:2,2,9 120:12 120:17,17,20,23,24 121:1,2,21 122:7 122:20 123:4 124:9 125:15 126:21 127:9 128:17,19,20 129:3 130:21 132:1 132:4 133:20 134:11,18 135:6,12 135:24,24 136:20 136:20 137:13 138:1,7,13,18 139:7,20 140:2,13 141:5

Lord’s (1) 128:22

Lordship (34) 1:4,7

2:1,20 3:21 4:2,11 6:13 23:6 30:14,16 34:5 41:15 60:12 85:6 92:24 117:11 117:16 118:7,10,13 118:17 119:17,22 120:4,8,14 121:25 127:11 133:1,22 135:7,16 139:1

Lordship’s (5) 1:15 119:2 120:16 129:4 136:6

lost (3) 12:5 54:22 87:9

lot (7) 1:10 30:15 76:25 130:23 132:3 138:20 139:22

lots (3) 125:19 136:11 136:11

lower (2) 71:3 74:1 loyal (1) 61:21 Luncheon (1) 60:10 Lyudmila (12) 72:9,15

74:2,5,9,17,21 81:17,22 82:1 83:11 99:8

M

Magnum (2) 1:13 130:17
main (2) 65:2,2 major (7) 19:25 60:25

66:10 72:18 101:25 102:2 109:3

majority (2) 56:17 57:4

making (6) 22:4 92:13 123:6,12,13 125:5

Malaya (5) 45:22 46:20 50:19 94:6 94:14

Maleev (32) 91:23 92:5 93:7 97:11 98:22 99:1 101:16 102:6,9 104:10,16 105:11,21 106:14 106:23 107:18,20 108:3 110:21 111:2 111:14 112:2,8 113:21,23,25 114:3 114:11,15,18,25 115:3

Maleyev (2) 72:13

89:25

Malookhtinsky (7)

19:20 46:3 78:6 84:15 91:15 94:10 99:23

Malvenst (4) 73:5 80:18 81:5,20

Malysheva’s (2) 121:4

128:19 man (1) 70:21

manage (2) 55:10 103:3

managed (2) 18:10

103:2

management (27)

24:8,22 48:12 51:18 55:6 59:13 61:5,20,20 62:22 63:4,12,20 64:4,6,8 64:14,20,23,25 65:1,3,4,5 100:1 112:16 115:21

manager (7) 25:2 29:6 54:21 101:12 110:5 110:10 114:10

managers (34) 24:15 24:17 26:2,4,4,21 26:22 28:9,11,13 28:15,18,20,24 29:7,7 49:11 52:22 54:7,10 55:10 58:8 58:10,15,16,19 69:20 70:6,11,18 84:11 89:1,11 111:12

managing (1) 102:21 March (3) 1:1 129:8

140:16

markets (6) 19:21,22 20:7,13 21:7,25

mass (1) 111:10 massive (2) 47:16

52:6

material (7) 1:9,19 19:3 20:19 23:5 124:19 129:24

matter (7) 76:3 123:2 124:7 128:6 129:20 139:8,18

matters (10) 2:8 107:2 108:4 117:16,17,18 117:20 120:13,22 139:17

Matvienko (5) 25:19 66:24 68:25 69:3,4 maximum (1) 119:24 McKenzie (1) 132:17

me’ (1) 24:18

mean (45) 9:15 11:11 12:7 24:22 26:14 27:3 28:8,9,9,11 38:1 45:1 54:7,7,8 54:10 67:1,17 68:17 71:15 74:25 75:1,2 77:15,20 86:7,21 87:21 88:12,13 95:14,14 96:21 107:17,18,19 107:24,24 111:8 114:21 115:22,23 134:11 136:9 137:24

meaning (2) 25:4 86:22

means (8) 5:23 17:13 57:22 94:20 103:12 109:7 111:8 127:14 meant (4) 88:7 90:18

103:5 110:8

media (1) 111:10 medical (1) 62:17 medicine (1) 65:14 meet (2) 108:25 109:6 meetings (1) 5:20 member (2) 27:18

89:2

members (2) 25:14 27:22

memory (5) 7:14 93:23 103:17 115:10 124:16 mention (1) 74:20

mentioned (11) 21:20 27:17 42:4 50:7 51:16 62:19,23 63:10 92:6 96:9 105:8

Mercedes (3) 15:9 47:13,20

Mercury (2) 10:8,24 merely (1) 109:18 met (1) 5:20 metadata (1) 45:3 metres (4) 47:18

95:18,18,23 middle (11) 24:3,4

32:7,8 67:23 71:2,3 80:25 81:4 86:17 93:10

midst (1) 135:3 Mikhail (1) 110:21

Mikhaylovich (1)

67:21

Millard (1) 119:16 million (2) 37:12,24 mind (9) 7:21 21:24

56:5 105:9 128:22 128:24 130:14 132:24 136:6

minded (5) 33:25 121:5,7 127:2 128:20

mindful (1) 123:18 minister (3) 66:7 68:16 96:10

minor (3) 102:5 103:3 105:17

minute (1) 120:18 minutes (3) 54:17 116:10 117:17

Mironova (9) 61:24 62:4 63:1,6,15 71:20 89:19 118:12 127:15

misleading (2) 17:7 45:5

mispronouncing (1)

61:25 misspelled (1) 56:18 misspoke (1) 74:9 mistake (1) 56:14 mistaken (1) 114:9 mistranslation (1)

24:8 misunderstood (1)

96:4

Miveks (2) 24:10

25:16 mix (1) 133:1

Mizeks (1) 93:21 model (1) 63:14 modern (1) 47:17 modify (2) 54:17

124:2

moment (19) 1:23 8:3 14:6 30:9 33:24 35:8 48:8 53:16 59:17 66:24 76:8

92:18 104:4 116:9 118:2 124:12,22 126:25 130:11

Monday (6) 119:4,5 120:20 127:15,17 133:23

money (8) 15:15,17 15:18 16:5 37:10 97:25 98:6 108:8

months (2) 21:13 109:21

morning (7) 1:5,11 118:22 120:19,21 120:25 121:23

Morskaya (2) 41:14

41:17

Moscow (7) 94:25 95:6,16,20,24 96:2 97:19

move (3) 22:14 63:25 98:14

moved (1) 19:19 moving (1) 137:5

N

N22/53/33 (1) 13:5 Nadezhda (1) 89:4 name (28) 2:21 9:13 15:12 19:14 25:22 31:20 33:16 35:24

35:24,25 37:6,7 40:8,12,24 43:23 43:24 45:16 50:6 50:24 56:18,21 68:18 74:22 81:16 82:4,23 86:11

named (2) 52:5 105:11

nameplate (1) 109:18 names (9) 32:19,24,24 33:3,12,13 45:7

50:8 72:7 naturally (1) 104:2 nature (2) 88:9 126:5 Nazarov (5) 130:10,12

131:21,24 134:23 near (2) 61:11 91:21 necessarily (3) 27:23

87:3 131:24 necessary (5) 53:9

79:10 81:25 121:6 121:14

need (29) 2:6,16 9:5 43:5 53:15 56:10 70:6 75:2 82:5 92:11 103:6 113:8 118:25 119:10 120:6,7 127:23 128:8,9,10 129:14 130:21 131:22 134:2,18 135:7 136:8,15,25

needn’t (1) 131:17 needs (4) 2:5 30:14

117:7,8 neighbouring (1) 46:9 nervous (1) 125:20 never (9) 22:11 51:25

55:8 64:21 70:9 105:9 125:20 126:1 138:12

nevertheless (2)

103:18 123:17

Nevskaya (4) 100:1

109:14 112:15 115:21

Nevsky (3) 15:24 16:13 21:2

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147

March 16, 2016 Day 27

new (5) 1:19 19:19 23:19 34:19 84:17
news (1) 96:7 newspaper (4) 22:22

25:1 31:10 52:25 Nice (2) 7:20 116:11 night (1) 1:10 Nikolai (5) 27:10

33:16 40:8 56:20 56:24

nominal (7) 54:25 58:14,21 59:12 69:5 83:4 107:15

nominated (1) 107:10 nominee (15) 28:22 48:12 49:12,15,20 51:17 52:22 62:12 62:14 66:13,22

68:9 83:13 107:7,9 nominees (1) 102:10 non-existent (1) 5:9 non-performance (1)

69:24

noted (2) 24:14 31:12 notice (3) 1:20 118:14

121:19 noticed (1) 116:10 noting (1) 14:23

notwithstanding (1)

132:13

November (2) 4:19

18:7

number (24) 2:24 3:11,12 31:18 32:13 38:10,19 40:9,12,21 44:20 50:7 62:7 78:20 85:8 88:22 89:3,7 89:18,19 120:12,25 122:9 133:5

numbering (2) 3:11 3:18

numbers (4) 3:14,15 38:19 57:17

O

o (2) 81:1,3

Oak (1) 86:14 oath (3) 12:4 48:17

51:15

object (2) 19:5 57:11 objected (1) 80:12 objective (1) 91:8 objectively (1) 87:8 obligation (1) 12:11 obligations (2) 12:1

123:18 observations (1)
119:13

observing (1) 82:15 obtain (1) 22:5 obvious (1) 65:23 obviously (13) 1:13

2:4,6 23:2 28:20 29:5 35:22 50:11 51:5 52:19 119:10 120:2 134:12

occupied (1) 134:1 occurred (1) 23:12 October (4) 93:13 99:8,12,13

odd (1) 86:11 offered (1) 121:11 office (50) 10:15 11:5

11:14,18 14:2,16 14:19 15:4,19,21 16:1,4,10,10,12,14 16:22 17:1,13,15

17:19 18:5,6,9,13 18:16,16,17,18,24 20:5,12,21 21:20 41:7 46:6,9 47:13 47:13,16,21,23 85:18 94:11 97:19 109:10,19,22,24 110:2

office’ (1) 17:11 offices (11) 11:13

19:19 20:20 46:18 46:21 84:23,25 85:4 95:12 108:13 109:10

official (2) 55:23 83:24

officially (2) 27:3 52:3 offshore (9) 59:5 62:4 62:6,8 63:16 71:18

71:19 73:5 81:20 Oh (4) 67:18,22

135:10 136:3 okay (2) 42:18 127:16 Okhta (5) 45:22 46:20

50:19 94:6,14

Oksana (8) 62:7,9 63:21 88:13 93:11 98:4 105:17,22

Olimp (12) 15:12,12 16:8,12 17:15 18:19 19:17 20:15 20:22,24 47:16,19

Olimp’ (1) 17:11

Olimp-Finans (2) 41:1

50:10

Olymp (1) 18:6

OMG (4) 8:10 12:12 13:9 19:24

OMG’s (1) 18:9 once (10) 5:21 16:1

17:19 47:5 55:7 60:20 109:21,21 112:20 123:24

ones (2) 77:23 94:3 online (1) 17:9

OOO (2) 50:24,25 open (14) 55:11 59:16

77:3 78:1 82:18 111:9 123:7,9 125:10,17,24 127:4 127:5,8

operated (4) 14:21 17:1 18:7,14 operates (1) 95:20 operating (2) 18:24

20:4

operations (8) 15:21 15:25 19:21 20:7 20:10,21,25 21:7

opportunity (2) 34:13

112:23

option (2) 69:23

70:12

oral (1) 119:24 order (20) 16:18 31:8

32:11 75:23 107:11 107:12,12,13 117:8 121:24 122:7 123:3 123:6,12,13 127:3 135:8,15 138:20 139:19

ordered (1) 122:8 orderly (1) 140:10 ordinary (7) 61:7,16 66:2 81:11,15 125:9 127:8

Ordynka (17) 94:17 94:21,23,24 95:5 95:13 96:1,16 97:3

97:9,13 104:25 105:2,3 106:16,19 111:7

organisations (1)

19:25 organised (1) 134:4

original (6) 9:17 10:10 11:1 33:20 39:11 87:12

originally (1) 32:14 Ost (1) 116:2 ought (6) 3:1,7 4:17

114:22 129:24 130:11

outlet (1) 15:10 outlets (1) 14:25 outstanding (2) 1:24

121:3

overnight (2) 126:25 137:22

oversimplification (1)

25:3

owned (25) 11:18 15:11 25:13,14,17 25:19 27:4 28:22 34:9 46:6 51:17 52:21 54:20 65:5 73:12 81:21 82:14 82:14 95:8,11,25 97:10,14 98:22 100:8

owner (8) 27:9 28:4 53:25 54:25,25 58:20 67:24 102:11

owners (7) 28:18 58:7 58:14 61:23 62:20 62:25 104:23

ownership (6) 9:16 49:6 62:3 63:14 81:20 103:25

owning (5) 79:24 80:7 81:9,13 111:8

owns (19) 53:1 62:4,5 62:8,13,21 63:10 63:17,21,24 64:25 81:19,22 94:20 97:18 99:22 103:21 105:6 112:14

P

Pacific (2) 81:21,23 page (101) 3:4,8,11,11
3:18 4:8,16 7:2 10:20 13:24 14:10 14:13 18:1,2 21:3 31:14,15,19,22 32:4,6,7,9,21,22 35:19,21 36:11 38:17,17 48:4,5 53:10,13,17 58:22 58:23,23 61:3 66:25 67:10,14,15 67:15,24 68:23,24 69:1 70:24 71:2,3 72:6 73:19,20,25 74:1 78:16 79:11 79:12,18 80:4,10 80:25 81:4 86:16 88:17,18 89:18,23 91:21 93:8,9,10,11 94:2 95:2 98:12,13 98:19,19 99:20 100:4 101:5,11,12 101:18 105:20 106:5,10,12 111:19 111:20,24,25 112:16,17,21,22 113:4 114:9 141:2

pages (1) 54:14 perfectly (1) 128:4 136:14 74:9
painful (1) 131:20 performs (1) 107:11 Pole-Stroy (4) 47:4,11 priorities (1) 131:8
paper (5) 35:2,8 37:25 period (10) 19:18 47:23 50:21 private (3) 57:22
39:6,9 48:20,23 51:15 pooled (1) 32:16 121:15 122:18
papers (1) 69:8 52:8 58:7 70:23 poorly (2) 28:25 83:9 probability (2) 40:23
paragraph (29) 10:6 84:8 99:3 101:15 Ports (2) 12:12 13:9 42:1
13:24 16:20 17:25 permission (2) 48:3 Ports’ (1) 8:10 probably (10) 56:16
18:12 19:9,13 21:4 135:9 position (15) 1:18 57:4 74:8 99:11
21:5,10 23:18,25 person (10) 49:19 6:13 8:4 27:14 110:4 119:23 122:3
24:4,25 25:24 52:13 91:25 92:3 29:14,24 42:7 44:9 122:22 125:4 126:1
79:13,15 81:6 101:6 106:25 108:5 50:15 76:13 125:18 problem (3) 6:21
96:12,13,14,21,22 108:7 109:7 131:6 126:16,22 130:12 123:8 124:14
96:22,24,25 97:5 personal (1) 44:4 139:4 procedures (1) 101:13
122:13 135:25 personally (11) 6:3 possibility (1) 127:17 proceed (2) 129:23
paragraphs (2) 96:15 8:4 24:12 61:15 possible (22) 2:7,9 136:19
96:18 68:12,14,17,19 25:18,21 26:6,7,9 proceedings (16) 4:13
parameters (1) 128:12 108:15 110:6,16 31:2 47:22 50:3 5:23 6:1,6 7:16,23
pardon (10) 9:23 persons (5) 79:23 53:8 98:17 103:11 7:23 8:7 11:9,21
26:17 35:18 58:1 80:7 81:8,12 112:12 115:16 12:2,8,15 125:9,10
58:12 62:24 81:19 107:21 117:10 127:18 127:5
91:20 99:9 101:10 pertaining (1) 87:18 128:1,5 130:5 process (1) 1:12
Paris (4) 130:3 132:21 Petersburg (32) 5:21 132:5 140:3 produce (1) 129:6
133:22 138:7 10:15 11:5 14:2,16 possibly (17) 27:16 produced (3) 64:13
parked (1) 120:22 16:22 23:1 28:17 46:13 51:22,22 124:17 135:14
part (13) 15:22 61:19 29:18 41:3,7,17 53:2,2 68:8 73:9 profile (7) 34:10,11
64:20 68:6 70:4 42:6,10,17,18 43:3 74:15 84:6,12 73:17 91:13 98:10
73:10 84:17 94:7 44:5 46:3 50:15 85:23 94:9,22 105:3,10
95:19 103:18 60:24 66:15 68:22 102:5 106:20 profitably (1) 104:3
104:23 111:24 77:3 78:2,19 94:24 115:13 progress (2) 2:3 132:3
129:15 95:15 97:4 102:22 pot (1) 90:25 project (1) 100:25
participant (1) 86:23 109:16 111:4 Potapov (2) 57:15 proper (8) 34:11 76:7
Participants (1) 86:19 Petersburg’s (2) 17:9 59:4 76:10 107:12
participates (1) 94:5 95:20 practical (2) 128:6,14 110:18 125:8
participation (7) 94:3 photos (1) 130:2 practice (1) 125:25 129:15 137:25
94:17 99:21 100:7 physical (3) 67:5 precise (1) 90:19 properly (5) 107:13
112:13 115:20 113:15 135:1 precisely (1) 6:18 107:13 118:22
131:9 piloted (1) 92:12 preempt (1) 75:13 136:22 137:23
particular (4) 77:5 place (3) 23:8 107:5 prefer (2) 87:20 property (1) 98:7
78:20 127:25 129:24 117:10 proposed (1) 130:17
134:22 places (1) 66:16 prejudge (1) 126:13 proposition (1) 90:18
particularly (3) 24:3 plans (2) 119:10 prejudice (1) 127:4 propositions (3) 85:9
85:14 128:2 139:25 premises (13) 16:12 85:11,25
particulars (4) 6:5,15 play (3) 27:19 118:9 20:9,24 94:9,15,16 prosecuted (1) 68:6
7:7,25 126:1 95:11 99:24 109:11 Prospekt (2) 15:24
parties (4) 112:20 plaza (1) 46:14 109:12,15,16 19:20
113:6,17 115:24 pleaded (3) 10:9,25 110:12 protect (2) 124:5
partly (1) 134:14 16:21 preparation (1) 128:9 125:7
partners (5) 29:21,23 pleading (5) 129:5 prepared (6) 103:4 protected (1) 124:18
30:1,2 33:1 135:6 136:15,23 114:25 116:22 protection (4) 122:4
parts (2) 19:24 20:8 137:8 117:11 127:22 124:1 126:7,19
party (2) 5:25 8:7 pleadings (2) 12:21 133:17 protocol (3) 129:19
pass (1) 1:19 13:2 preparing (1) 137:18 131:8 132:17
passed (4) 58:4 71:12 please (33) 1:4 2:11 present (7) 14:21 provide (2) 97:25
99:5,13 2:15,21,23 3:6 4:6 50:20 72:1 98:22 137:1
patience (1) 134:9 4:15 10:20,21 98:25 101:20 provided (1) 122:8
Pause (9) 3:10 31:4 11:10 13:11 17:22 105:15 provisions (1) 70:5
32:12 34:17 50:5 32:4 34:5 49:25 presentational (1) provoke (1) 94:7
55:14 79:15 96:19 50:6,8,22 54:12 139:8 public (8) 1:12 10:7
113:2 60:12 81:7 86:24 preserve (1) 121:15 10:23 55:11 66:15
Pavel (4) 57:24 59:7 92:24,25 100:24 preserves (1) 72:3 82:19 111:9 122:18
61:24 89:7 102:16 103:11 press (2) 23:11 138:11 publicly (1) 17:8
pay (9) 107:12,14 106:6 111:18 112:7 pressure (1) 138:19 published (3) 22:21
110:1,5,6,11,12 116:15 139:10 pressures (1) 120:10 72:17 96:7
138:23,25 plural (1) 7:8 presumably (1) 8:7 Pulkovo (2) 101:4
pays (1) 110:10 pm (8) 34:4 59:19 presume (1) 23:10 116:2
pens (2) 135:22 60:8,9,11 92:21,23 presumed (1) 110:7 purchase (1) 97:24
136:13 140:14 previous (11) 19:8,17 purchaser (1) 10:7
penultimate (2) 35:21 point (24) 1:22 13:22 21:4 25:24 34:14 purchasers (4) 9:17,18
96:12 13:25 22:6 26:11 34:25 105:25 106:5 10:23 33:20
people (14) 15:15 29:3 32:4 73:3,4 106:11,13,15 Purchasers’ (4) 10:10
16:6 17:19 20:11 85:15 86:8,8 87:10 previously (8) 42:4 10:11 11:1,2
31:18 63:10 87:16 87:21 90:20,22 47:12 73:10 99:3 purchasing (1) 98:6
88:4 115:7 125:11 97:8 124:17 125:25 100:8 101:21 purpose (13) 13:17
128:6 136:11 137:6 127:10 131:1,21 105:18 114:6 69:19 70:16,18,20
140:10 135:8 136:20 price (1) 138:23 90:4,11,11,24,25
peoples’ (1) 15:18 points (11) 85:16 prima (2) 10:7,23 91:3,8 93:24
perceives (1) 123:19 118:25 120:25 principle (3) 123:10 purposes (3) 4:12
percentage (2) 88:15 121:2 122:23 129:1 125:25 131:2 12:15 125:2
102:1 131:2,2 134:19,20 prior (3) 18:15 23:15 pursuant (3) 79:3 82:9

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148

March 16, 2016 Day 27

82:10

put (31) 11:13 35:4 75:4,12,14,16,22 76:7 82:17,22,23 85:11,16,16,19,24 90:4,20 103:12 104:5 105:5 109:13 115:2 124:10,16 135:25 136:1,1,5,7 138:18

putting (5) 37:10 43:4 76:1 102:23 139:13

Puzikov (4) 67:25 68:2 68:6,9

puzzle (1) 124:13 puzzled (1) 129:22

Q

qualification (1) 52:23 qualified (1) 52:19 quantity (1) 1:9 quarter (3) 77:6,8

78:5

quarterly (7) 74:19,23 77:3 78:1,9,19 79:2 question (50) 8:6 11:7

11:10,20 14:5,7 20:12 21:22 29:1 49:10,12 53:18,24 53:25 54:5,6,13 62:24 63:23 64:1 64:11,18,19,23 70:15 75:9 83:1,7 85:7,7 86:4,24,25 87:6,10 88:1,6 107:16 110:4,7,25 112:8 114:15,20 118:6 127:10 129:4 137:1 139:7,13

questions (12) 2:13 5:4 44:21 48:3 75:14 76:19 82:16 103:4,5,12 104:5,9

quickly (2) 47:2 91:11 quite (24) 5:8 8:18

29:17 31:12 35:23 48:17 50:25 52:10 65:8 75:12,18 76:9 77:12 86:1 87:22 103:17 107:1,8 108:5 116:3 124:22 131:21 132:22 135:15

quotation (1) 25:24 quoted (4) 23:19 24:5

24:15,20

R

random (1) 77:5 rationale (1) 82:6
Razliv (3) 30:3,5 33:10 re-amended (3) 7:7

8:16 10:1

read (42) 3:24 4:22 7:5 8:13,18 10:5,18 10:21 16:16 18:11 19:3 23:4 49:25 52:25 54:15,15 58:25,25 62:2 77:11 78:12,16,22 78:24 79:14,17 80:3,13,22,24 81:1 81:6 85:8 88:9,11 96:15,20 97:5,6,6 119:1 134:16

readable (1) 69:16 reading (4) 12:18 13:7

31:2 118:21

ready (1) 138:21 reflect (1) 122:1 request (6) 9:9,10,11 ring (6) 9:18 32:18 18:24 19:6 20:2,19 screen (25) 6:22 18:1
real (4) 58:7 69:5,7 reflected (2) 74:19 9:12 127:21 136:6 36:19 94:18 100:16 21:16 22:3,17,20 22:18 34:15 35:5
119:15 95:9 require (6) 75:17 100:17 23:2,4,12 24:19 35:15 36:13 37:16
realistic (1) 120:1 reflecting (1) 121:22 109:2 121:11 risk (1) 126:9 26:14 27:24 28:20 39:5 60:15 69:15
realistically (1) 138:10 reflection (2) 87:23 126:17 132:16 rival (1) 38:7 29:13,20 31:13 79:16 86:16 91:12
reality (4) 25:4 121:10 130:22 135:2 role (2) 27:19 102:13 32:10,18 34:6 35:9 92:25 93:1,2 96:6
125:25 128:6 reflects (2) 118:9 required (3) 7:17 rolled-up (3) 85:7,19 35:13,20,23 36:4,7 100:4,24 101:2
really (36) 7:14 43:21 120:9 123:16 125:2 86:4 36:20 37:8,18 105:7,10 111:19
48:8 51:4 70:15,16 refresh (5) 7:3,14 reservations (1) rolling (1) 119:21 38:24 40:5,10 115:18
77:19 86:2 97:13 30:10 93:23 113:20 135:19 Romanova (3) 98:23 41:10,20 42:2,12 scroll (39) 7:2 13:23
115:23 116:22 regard (12) 1:18 6:18 reserve (2) 1:17 132:6 99:13 101:6 42:15 44:1,23 45:4 14:13 17:24 21:3
117:6,10 118:6,21 29:10 79:6 82:17 reserved (2) 64:22 room (2) 46:3 94:11 45:20,21,23 46:11 70:24 73:19,21,21
119:3,12 121:7 91:7 115:2 123:16 127:17 roughly (3) 27:25 47:3 48:1,5,9,10 73:23 79:8,11
123:1,11 124:4 125:9 126:18 127:7 resources (3) 65:11,12 53:19 73:6 51:3,14,25 52:17 80:10 86:10,16
125:16,21 126:21 131:8 65:15 route (1) 135:21 52:23 53:5,18 89:18,23 91:19
127:14,20 129:19 regarding (1) 113:10 respect (8) 9:21 12:2 RPC (2) 14:12 17:23 54:11 55:3,12,16 93:8 94:1 98:11,16
132:1,4,9 135:13 regards (1) 130:12 18:18 36:21 49:20 RTS (1) 66:17 55:24 56:5,19,22 98:18 99:19 100:3
136:5,14 137:20 register (4) 84:1 88:10 78:19 130:1 131:19 RUB (2) 37:21 56:16 57:2,9 58:6,12,19 101:18,23 105:14
139:6,7 102:24,25 respective (1) 28:24 Ruchyevskiy (3) 30:3 58:25 59:11,22 105:19 106:6,7
reason (9) 22:8 44:8 registered (12) 14:18 respectively (2) 9:9 30:5 33:10 60:13,23 61:1,5,13 111:19,23 112:16
51:4 74:16,18 77:5 15:6,8 16:13 24:6 71:20 rude (1) 118:1 62:10 63:13,25 112:22 113:4,8
99:10 121:9 128:15 27:9 46:19 47:9 respond (2) 103:13 rule (5) 60:1 122:21 64:4,5,10 65:19 115:18,24
reasonably (1) 8:8 50:20 57:23 80:18 129:1 125:9 126:23 127:8 66:21 69:12,16,18 seal (1) 78:23
reasons (4) 38:11 99:9 response (8) 9:10,12 rules (3) 75:17,23 71:7,8,9 72:4 74:3 search (3) 40:4,11
77:13,15 123:20 registration (2) 23:24 9:22 14:11 17:23 136:10 74:6,24 77:1,9,17 45:16
recall (48) 6:9,11 7:10 101:13 119:12 138:12,14 ruling (2) 121:6 78:13,15,22 79:12 searched (3) 14:1,3,17
7:12,19 8:1,6,20,23 registry (2) 55:23 56:3 responsibilities (2) 6:2 122:17 79:17 80:4,14,22 searches (1) 12:14
8:24 9:1,8,14 11:8 regrettably (1) 134:11 103:16 rulings (2) 120:7,15 80:23 81:24 82:13 searching (1) 40:8
11:15,20,22 15:9 relate (1) 113:11 responsibly (1) run (6) 3:16 20:13,25 84:2 86:11,20 88:8 second (28) 4:8,11,19
15:12,20 23:2,6 related (5) 43:11 138:10 21:1 31:10 77:24 88:13,14 89:16,21 4:22,25 5:22 31:15
25:11,13 26:24 88:10 112:20 113:6 responsive (2) 131:25 running (1) 140:9 90:4 92:24 93:5 31:22 32:6,7,21,22
30:3,4,5 32:23 34:6 115:24 136:15 RUS (1) 37:12 95:4 96:20 98:3,8 36:11 38:16,17,17
36:23,25 43:10 relates (2) 22:24 84:2 rest (2) 129:17 140:11 rush (1) 119:9 98:21 99:14 100:6 40:21 41:9,25 42:7
45:7 52:7 70:3 73:2 relating (1) 106:19 restriction (3) 83:2,3 Russia (3) 2:5 66:8 100:18,19,20 102:9 44:23 50:13,16,23
73:15 93:17,18 relation (4) 44:8 68:4 124:11 117:5 103:15 104:11 84:13 96:24 136:20
94:9 97:15 99:16 79:5 118:14 restrictions (2) 124:21 Russian (92) 5:7 6:10 105:22 106:23 138:22
100:9 101:22 105:1 relative (1) 83:11 126:14 8:2,23 9:5,20 12:20 107:19,21,22 108:3 secret (2) 59:15 123:7
105:6 116:4 relevant (4) 12:11 restrictive (1) 130:17 13:2 15:7 22:15,21 110:20 111:2 112:1 section (5) 80:17 94:4
receives (1) 108:20 14:23 51:11 121:12 result (4) 40:14 51:3 23:22 30:9,12,14 112:7,20 113:18,20 99:21 112:14 113:5
recognise (5) 33:12,16 reliable (3) 51:9 108:7 132:5 133:16 31:8 34:14 35:1,7,9 114:14 115:9 116:5 secure (1) 92:16
121:10 131:5 132:2 109:7 results (1) 40:13 35:15 36:12 38:9 116:14 117:3 securities (5) 15:21,25
recognised (1) 124:3 remained (1) 27:14 Reutov (7) 62:1,6 63:1 39:11,20 44:11 118:11 127:13 16:7 79:4,7
recognition (1) 134:15 remaining (1) 117:6 63:7,15 71:20 48:5 53:14 55:22 139:24 141:4 security (1) 140:10
recollect (3) 6:19,23 remains (2) 29:17 89:20 56:2,4 57:22 60:16 Savelyev’s (3) 7:3 see (186) 3:3,9 4:19
37:10 89:2 revelation (1) 127:5 60:19 61:22 63:20 30:10 37:13 5:18 7:1,4 14:22
recollection (15) 7:3 remark (1) 83:10 revelations (1) 75:18 66:16 69:9 73:18 Savelyeva (9) 62:7,9 18:2 22:20,23
18:18,19,20 24:19 remember (18) 27:8 reverse (1) 32:10 73:22,23,25 78:12 63:2,7,15,21 93:12 23:18,20 24:1
25:16 30:10 37:5 30:1 33:7,11 51:19 review (2) 53:15 78:22,24 79:3 81:2 98:4 105:17 31:15,17,18,20,22
43:14,14 53:6 51:23 52:5,16 82:7 122:5 81:7 82:9,10,20 Savelyeva’s (2) 64:2 32:20,22 33:13,17
72:19 73:14 74:14 92:10 93:25 94:22 revised (1) 135:15 83:6,20,23 86:21 71:23 33:18 35:22,24
113:20 116:15 129:7,10 revision (2) 27:18,22 87:1,14 88:10 saw (2) 106:1 115:7 36:14 37:11 38:17
recollections (3) 36:21 133:20 136:9,10 Revisionnaya (1) 92:11 93:10 94:1 saying (22) 24:5,16 38:18,19,20 39:8
73:8 94:7 remind (1) 137:5 27:18 95:1 96:7,13,18,23 26:5 49:3 54:24 40:1,3,18,19,25
Reconstruction (1) Renord (8) 10:12 11:3 revisions (1) 135:20 97:1 98:9,14,16 55:1 58:10 67:6 41:1,4,13,17 42:2
65:22 22:10,12 102:3,4,4 ride (1) 126:9 100:3,10,14,14 76:11,19 86:2 44:23 45:21 46:2
record (6) 39:7 79:14 137:15 right (65) 5:13 9:25 101:23 105:20,21 92:15 110:24 47:24 49:6,9 50:19
100:6 137:25 139:1 Renord’ (2) 10:11 18:2 21:18,19 106:6 111:21 111:11 116:5 50:20,25 52:2 56:8
139:5 11:2 23:12,16 26:23 112:17 113:4 123:14 124:9 133:3 56:12,17 57:11,18
recorded (8) 25:22 Renord-Invest (9) 29:12 32:4 33:4 115:18 123:19 133:17 135:24 57:19,20,24,25
31:22 42:3 56:15 10:14 11:4,12 14:4 37:11,20,23 38:5 124:6,12,14,23 136:24 137:4 58:23 59:1 60:24
56:15 74:2 82:15 14:18 16:22,25 41:3,20 43:2 44:24 125:7 126:6,8,15 says (38) 3:11 5:17 61:1,3,7,12,17,19
93:12 116:1,7 47:2,6 49:14,21 126:19 6:17 16:20 19:7 61:22,23 62:3
records (2) 72:16 rent (3) 20:9,21,23 59:19 63:25 64:10 25:12 33:9 37:13 63:13 64:12 66:2
103:23 rented (4) 15:23 16:7 64:16,17 66:24 S 40:22 41:8 44:11 67:11,24 68:1 69:2
red (1) 136:12 16:12 20:15 67:17,23 68:12,23 safety (1) 78:11 50:23,25 51:11 70:21 71:3,5,6,7,9
redaction (1) 122:9 repeat (2) 11:10 13:11 72:19 75:21,25 53:1 55:16 62:25 71:11,14,15,17
salaries (1) 107:13
redistributed (1) 32:1 Reply (1) 8:19 76:1 78:14 79:16 63:19,23 65:4 72:1,2,4,6,9,13,20
salary (2) 108:19,20
reduced (1) 71:24 report (7) 77:3 78:1,9 80:6,16 83:15,18 67:21 71:9,10 74:5 73:25 77:2,19,20
sales (2) 14:24 15:10
refer (5) 19:8 44:22 78:19 79:2,6 84:19 85:6,13 78:1,5,8 79:1 83:14 79:12 84:2,13,14
save (1) 19:3
87:2,3 125:23 133:23 87:20 89:3 90:13 86:2 88:16 93:6 86:7,13 87:6 88:18
Savelyev (192) 1:6 2:2
reference (10) 4:16 reporting (1) 111:17 91:1,2 93:8 96:2 97:8 106:9 108:1 88:21 89:4,6,7,20
2:11,12,15,20,22
14:15 17:5 34:16 reports (3) 74:20,23 97:18 110:11 111:5 113:23 138:19 89:24 90:2 91:13
2:25 3:3,6,13 4:6
43:17 44:13 50:14 81:25 114:8 122:4 127:16 139:1 91:14,15,20,21,23
4:10,15,18 5:3,6,18
50:18 58:1 139:5 representative (1) 131:16 134:10 scandal (2) 66:10 68:7 93:3,9,13,19 94:2,4
5:22 6:20,25 7:10
references (1) 19:8 5:24 136:18 138:23 scholastic (3) 125:3,15 94:10,17 95:19
9:25 10:18 11:20
referred (2) 16:9 representing (1) 13:9 139:21 140:12 126:4 97:8 98:11,21,23
12:1,6,18 13:6,17
123:6 represents (2) 108:16 right-hand (2) 3:14,19 school (1) 5:11 99:1,14,14,15,21
13:22 14:11 15:1
referring (1) 123:9 108:17 rightly (1) 31:12 scope (1) 139:12 99:22,24 100:8
16:3,16 17:14
refers (2) 7:8 87:4 Republic (1) 67:21 rights (1) 6:2 scoring (1) 139:15 101:5,8,11,13,16

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

149

March 16, 2016 Day 27

101:17,21,24 102:7 107:6 simple (2) 5:13,16 80:4 83:8 84:22 96:15,16 101:15 123:4 124:9 125:1
102:8 105:11,13,15 shareholders (38) simpler (1) 88:8 88:2 93:1 95:3 starts (1) 97:2 125:15 126:3,21,24
105:24 106:14 23:19 24:2,7 31:16 simply (23) 12:19 105:5 110:9 113:10 state (6) 20:6 52:3 127:9,19 128:17
107:25 109:17,20 32:1,10 35:18,22 43:10 45:8 52:7 118:1 124:15 133:2 56:3 83:25 86:5 129:21 130:21
109:21 112:1,14 55:19 56:13,13 55:6 57:7 69:19 sort (10) 77:24 85:19 118:9 131:10,12,15 132:1
113:5,6 114:7,10 57:18 58:14,21 87:9 103:8 111:1 117:17 126:5 stated (6) 7:6 18:22 132:11 133:25
114:12 118:10,13 59:12 60:25 67:5 121:10 122:25 129:13 130:13 51:12 74:25 82:11 134:11,18,22 137:2
119:18 120:8 79:20,24 81:13 123:22,24 125:8 131:19 133:23 113:14 137:3,10,13 138:1
123:11 124:22 87:4,11,12,15,15 126:9,17 127:14 139:11,15 statement (31) 3:1,4,8 138:13,19 139:7,12
125:14 126:11,17 88:4,5 90:23 91:5,7 132:16 134:23 sought (1) 123:19 3:18,24 4:3,5,8,11 139:20 140:2,13
131:11,19 132:24 93:12 98:12 101:20 135:24 136:6 137:4 source (2) 37:17 91:6 4:14,19,23,25 5:2 141:6
135:4 136:21 137:7 101:25 102:5,6 single (1) 122:9 sources (2) 55:11 94:3 6:17,25 7:4 16:17 Stroilov’s (2) 119:12
137:23 140:4 103:10 105:16 sir (34) 3:17,20 7:22 Sovet (8) 71:12 72:2 17:5 19:9 25:8 129:1
seeing (3) 57:7 118:3 shareholders’ (1) 8:6 9:7,15 11:10 84:2,9 92:1,8 38:15 58:10 61:4 strongly (1) 127:2
123:5 102:24 12:25 13:11 27:3 104:16,22 87:5 107:3,4,6 Stroykvartal (2) 32:3
seen (16) 47:12 49:2 shareholding (59) 29:2 50:22 54:12 space (3) 16:7 20:15 118:15 119:4 32:17
52:25 55:7 64:3 22:25 23:7 26:25 58:23 69:11 75:1 20:22 120:19 structure (4) 9:16
84:8 90:1 100:2 27:5,25 28:3,21 86:24,25 94:19 SPARK (26) 30:22 31:5 states (1) 17:25 23:19 62:3 81:20
101:7 104:10,18 29:6 31:21 32:15 96:21 97:5 100:10 31:6,8 34:10,11 status (1) 42:8 studied (1) 5:11
105:1 110:16 115:5 32:16 53:19,23 104:18 105:5,25 36:5,18 38:7,12 statutory (1) 126:7 study (2) 102:19
126:19,20 56:10,17 57:3,4,8 106:5,9,15 108:11 39:19 40:7 44:25 stay (1) 110:17 103:9
selling (1) 22:25 57:12,16 58:4 110:25 113:3 45:14 49:7 51:3,10 staying (1) 116:25 stuff (1) 136:11
sells (1) 47:19 61:20 62:12 63:18 114:20,21 115:3 51:20 52:6,10 step (2) 117:24 style (1) 99:11
senior (3) 66:22 68:10 64:2,6,7,8 65:1,3 Sistemnye (5) 73:13 55:13,22 73:17 125:17 sub (2) 15:25 16:10
68:15 66:20 67:13 69:20 74:4,21 82:1,24 93:3 102:2 105:9 Stepanova (15) 72:9 subject (8) 19:2,17
sense (3) 56:15 70:11 71:1,12,24 sister (1) 83:12 speak (4) 5:12 59:23 72:15 74:2,6,10,17 22:14 79:3 122:5
129:11 135:17 72:1,3,25 73:11 sit (6) 2:15 117:8,11 92:11 115:1 74:21,24 81:17,22 124:1 126:18
sensible (2) 121:21 74:16 75:6 80:14 127:22 128:13,14 speaking (1) 18:17 82:2,14,25 83:11 127:25
135:5 80:19 82:3,9,25 sitting (1) 120:10 special (2) 104:21,24 99:8 submission (2) 120:1
sent (4) 1:8,19 13:11 83:3,5,15 90:6 situation (1) 133:11 specific (9) 6:1 9:15 stick (2) 38:6 85:2 131:23
120:24 94:20 99:1,4 six (1) 109:21 11:10 26:5 43:14 stock (3) 66:16,18,19 submissions (4) 127:1
sentence (1) 85:25 104:19 111:4 112:2 size (2) 26:25 52:9 63:9 88:10 103:12 stop (1) 139:23 128:21 131:17
sentences (1) 19:12 112:3 SK (4) 42:9 43:3 44:5 122:17 stopped (1) 48:25 139:4
separate (8) 5:25 shareholdings (6) 50:15 specifically (4) 7:22 str (2) 14:3,17 subsequent (6) 9:18
20:18 22:1 58:16 28:19 54:21 55:10 sketched (1) 121:23 8:25 85:17 114:23 strains (1) 131:4 10:11 11:2 87:15
63:17 95:6,8,10 63:9 75:24 88:15 skip (3) 41:9 66:24 speed (1) 85:24 strange (1) 86:13 88:5 140:6
Serdyukov (19) 65:25 shares (45) 24:13,15 105:4 spend (2) 104:3 strategy (1) 70:5 subsequently (1)
66:4,5,7,21,22 67:4 25:12 31:19 33:2,9 Sklyarevsky (1) 83:24 137:17 Street (2) 2:24 47:17 28:18
67:7 68:3,7,10,15 49:17 53:3 61:7,17 slaving (1) 130:6 spent (1) 102:19 Strelets (4) 24:9 25:7 subsidiary (4) 18:5,6,9
88:19 96:9,16 97:3 62:13 63:5 65:11 slid (1) 116:11 split (4) 35:5 43:5 25:10,13 18:16
97:9,15 105:17 66:2,13,16,18,22 slightly (5) 33:17 82:6,7 Strelets-2 (2) 24:11 substance (2) 19:13
Serdyukov’s (1) 66:6 68:9 69:7,24 70:1,1 90:22 93:19 129:22 spoke (1) 106:3 25:19 139:16
Seredyuk (3) 112:6 71:17,21,24 72:4 133:7 square (4) 47:18 strictly (1) 82:9 substantive (1) 7:15
114:5,8 74:24 79:22 80:2,9 slot (1) 127:20 95:18,18,23 strike (1) 129:6 suggest (9) 2:2 25:25
Sergei (7) 25:19 65:25 80:16,20 81:11,15 slowly (1) 14:8 squeezes (1) 127:19 Stroilov (164) 5:5,6 42:14,15 45:10
66:4 67:4,7 99:5 82:12 83:13 90:25 small (4) 17:2 47:13 St (34) 5:21 10:15 13:3,4 31:6 32:4 55:3,12 58:6 79:10
102:6 95:7 98:1 107:20 60:18 72:3 11:5 14:2,16 16:22 33:24 34:5,22,24 suggesting (9) 37:22
series (2) 21:17 85:10 111:15 112:9 Smirnov (3) 17:6 17:9 23:1 28:17 35:6 37:20 38:3,8 43:23 45:6 71:16
serious (1) 75:12 113:25 114:15 110:21 118:15 29:18 41:3,7,17 38:10,16,24 39:1,3 72:22 76:2,5 81:24
served (6) 118:14,15 sheet (4) 39:11 46:8 Soft (1) 99:23 42:6,10,17,18 43:3 39:19,22,24 40:2,4 87:13
119:3,5 120:19,21 75:1 95:10 solicitors (2) 13:8,10 44:5 46:3 50:15 41:12,14,17,20 suggestion (2) 121:8
service (1) 39:19 sheets (1) 39:12 Solo (34) 10:8,24 24:8 60:24 66:15 68:22 42:25 43:4,5,8,19 123:5
serviced (1) 29:18 short (5) 1:20 34:3 25:23 26:3,9,10,19 77:3 78:2,19 94:24 43:21,23 45:14,16 Sukhodol (1) 116:2
services (3) 71:22 59:18 92:18,22 27:9 28:1 29:11 95:15,20 97:4 45:19 47:2 48:1 summarise (2) 21:6
94:8,16 shortly (1) 121:22 41:4,11,12,13 102:22 109:16 49:14,21,22 50:1,6 80:11
Servis (3) 24:10 25:23 show (10) 5:13 8:2 48:14 50:11 51:16 111:4 50:9 51:7,9 52:11 summarised (1) 1:24
26:20 17:9 22:16 48:2,9 52:20,21 53:1,4,20 staff (1) 25:14 53:12,14 54:22 Sunday (1) 1:10
set (5) 32:15 87:12 60:13 75:2 103:6 54:20,25 55:5,13 stage (5) 1:21 27:2 57:1 59:17 60:12 support (1) 16:17
120:9,23 136:23 121:24 56:4,9,10 57:3 58:4 28:16 124:18 133:2 61:11,15 64:16 suppose (2) 9:21
setting (1) 7:16 showing (1) 5:16 58:15,21 stake (3) 88:15 111:8 65:16,18 67:9,14 78:16
settled (1) 139:5 shown (7) 17:22 Solomonovich (1) 115:15 68:5 75:10,16,21 supposed (1) 87:12
seventeenth (1) 19:9 37:18 49:4,6,17 33:14 stakes (1) 114:24 76:1,9,22 77:8,21 supposing (1) 29:3
shame (1) 34:12 58:9 92:25 Solon (1) 5:20 stand (5) 19:4 37:1 78:1,5,8,13,15,21 supposition (1) 29:3
share (23) 16:22 24:6 showroom (1) 14:22 solution (3) 126:10,13 119:11,19 135:17 79:17 83:8 85:16 sure (23) 2:6 8:3 14:8
29:5,8 37:13 38:20 side (5) 3:19 9:12 127:3 standalone (2) 20:17 85:21,23 86:8 19:5 25:8 26:14
62:4 65:1 71:10 123:2 131:5 132:12 somebody (5) 28:2,5 22:1 87:13 88:7,8 89:16 43:3 48:17 56:23
73:6 74:12,13 sight (1) 9:2 53:21 54:1 114:1 standard (1) 123:17 90:15 91:10 92:8 60:14 75:18 90:17
79:25 80:15 81:10 sign (2) 131:10 132:19 son (4) 66:4,6,13 67:3 stands (1) 72:1 92:13,17,24 96:5 100:15 102:1 103:1
81:14 94:4 99:2,21 signature (5) 3:7,22 soon (1) 130:11 start (17) 1:17 2:2 102:8,23 103:5,11 117:8 120:7 124:22
100:7 111:8 112:14 3:23 4:18 8:25 sooner (1) 134:16 21:19 23:22 26:9 104:5,8 105:5 129:14 130:25
115:20 signatures (1) 78:23 sorry (42) 10:16,19,21 26:17 28:15 68:13 106:11,21 107:16 131:23 137:23,24
shareholder (28) signed (8) 3:8,22 6:10 23:21 31:10 36:6 78:16 116:20 117:7 107:23 108:2 109:7 surnames (1) 32:19
36:15 48:13 49:1 7:9 9:23 77:9 38:1,3,25,25 39:18 117:13 127:15 109:13 110:19 surprised (1) 129:12
57:24 59:9 67:7 129:25 131:14 41:16,19 42:23 128:2,3,5 140:3 113:10 114:4,6,8 surprisingly (1)
69:5,6,7 71:6 72:18 significant (3) 1:8 43:16 45:19 47:7 start-up (1) 28:16 114:13 115:18,22 129:13
74:3,4 81:9 82:2 72:25 111:4 51:9 58:23 60:5 started (1) 23:13 116:9,21 117:1,5,7 susceptible (1) 131:23
84:4,9 91:22 93:20 signifies (1) 32:25 61:9,25 64:12 starting (10) 32:7 117:10,14 118:20 suspect (2) 35:20
94:6 99:9 101:7,20 signing (2) 7:10 9:1 65:16 67:14 68:13 53:17 71:7 72:11 118:21 119:9 120:5 129:16
102:3 105:18,22,23 Simonova (1) 119:17 74:8 75:3,4 79:18 73:2 78:24 81:3 121:25 122:1,22 Svedeniya (2) 81:1,3

swear (1) 49:5 sympathetic (2) 131:4
131:18 sympathy (1) 134:2 system (1) 44:25

T

tab (4) 34:14,19,25 95:2
table (25) 31:16 33:17 40:7,19,22,25 41:10,22,25 45:21 48:10 49:2 50:10 50:13,23,23 51:14 71:1,2,8 79:9 80:25 81:4 84:13 98:19

tables (1) 40:18 tail (1) 21:4

take (13) 13:23 23:5 29:8 50:4 86:8 87:21 90:22 109:2 118:24 124:8 126:10 130:8 131:1

taken (8) 4:7 23:8 47:18,21 74:24 77:5 106:1 119:20

takes (2) 107:18 108:4 talk (2) 59:23 118:1 talked (1) 122:10 talking (10) 6:20,23

7:23 11:12 28:17 77:1,17,18,19 106:2

talks (1) 87:1 tall (2) 46:7,24

task (3) 85:22 131:20 136:3

tax (2) 68:21 107:13 taxes (1) 107:14 taxpayer’s (4) 38:19

40:9,12,21

tea (2) 130:13 132:7 team (1) 16:7 technical (3) 34:17

38:11 139:13

Technology (6) 57:20 57:25 58:2,4 59:6,8

Tekhnologii (5) 73:13 74:4,21 82:1,24

Tekhnopark (1) 101:4 Teknopark (1) 116:2 telephone (1) 122:9 tell (12) 37:7 49:11

52:12 55:16 77:24 112:21 122:23 129:8 130:11,15,19 137:21

tellers (3) 15:14 16:5 17:19

tells (1) 18:20 term (1) 17:17

terminology (1) 87:14 terms (2) 1:18 135:6 terrible (1) 39:5 terribly (2) 86:3 140:2 test (1) 115:10

text (5) 10:16 12:18 80:21,24 81:4 thank (41) 2:15,18 3:17,20 5:3,22 13:15 18:2 39:2

47:1 60:2,8 61:3,14 67:9,18 68:20 70:14 76:22 81:16 83:18,21 88:17 89:3 91:9,10,10 96:4,5 98:8 103:14 104:7 106:8,22

Opus 2 International transcripts@opus2.com
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150

March 16, 2016 Day 27

110:1,19 113:1,19 61:23 63:10 69:23 57:8,12,14 13:19,20,20 14:15 Vasilevich (1) 106:9 137:10 139:18,23
116:17,19 140:13 70:1 71:18 78:22 translated (10) 7:5 15:9 21:12 27:14 Vasilievitch (6) 2:12 wanted (9) 15:15 16:6
thereof (2) 52:18 78:23 117:3 127:21 10:19 12:19,22 28:25 40:10 44:20 2:22 71:10 98:3 17:20 43:20 45:12
79:24 three-week (1) 13:7 56:8 61:22 45:8 47:7 48:24 100:20 141:4 45:17 48:9 135:12
thereon (1) 107:14 119:21 69:13 78:12 81:2 52:10,24 58:12 Vasilyevich (1) 88:14 135:25
thing (17) 20:23 28:14 thrown (2) 39:17 translation (11) 3:2 63:19,22 64:1,11 vast (1) 102:22 wanting (1) 124:23
30:16 57:5 59:14 124:13 4:9 8:13 12:5 39:5 64:15,19,24 69:18 vehicle (9) 62:8 63:16 wants (2) 56:5 136:2
70:20 74:23 75:12 Thursday (3) 119:16 39:12 54:23 57:6 75:24 76:12 77:1 69:19 73:5 104:13 warble (1) 122:16
77:12 78:21 92:9 128:4 140:16 71:13 85:15 87:9 77:12,15,15 82:16 104:19,21 114:18 warn (1) 59:20
120:17 122:3 time (60) 6:21 10:3 translator (1) 39:15 84:16 86:25 87:8,9 116:6 warned (2) 60:3,6
124:10 125:24 11:23 13:8 15:22 translators (4) 30:19 88:12,13,16 90:14 vehicles (5) 62:5,6 warning (1) 116:15
129:14 140:9 19:3,18 20:19 23:1 35:11 60:21 140:8 93:22 94:19 100:12 71:18,19 104:24 wasn’t (9) 16:11
things (19) 20:25 23:9,11 25:11,13 treats (1) 130:2 100:14 103:15,17 ventilated (1) 123:21 20:20 25:7 27:12
23:14 36:6 75:7 26:11 27:9,11 Trees (1) 86:14 104:1 114:20 venture (2) 33:6 97:9 45:19 66:11 89:1
85:24 102:25 103:1 43:13 48:20,23 tremendous (1) 132:22 137:9 Verniye (30) 61:21 113:22 114:1
116:17 119:11,18 49:25 50:4,7 52:3,8 132:13 understanding (5) 62:3,9,22 63:4,11 waste (1) 34:12
120:9 125:19 129:3 52:8 56:17 57:8 trial (8) 3:16 4:16 17:16 46:12 75:15 63:18,21 64:9 65:1 wasting (1) 104:4
132:2,6,9,16 70:22 73:3 84:8 119:19,24 132:14 84:20 132:12 65:3,7 69:17 70:7 water (3) 2:16,18
137:18 138:24 85:20 92:19 101:15 137:23,25 138:24 understood (7) 13:15 70:16,19,22 84:5,7 124:19
think (172) 6:9,18 7:1 103:9,17 108:6,25 tried (6) 59:20 119:25 26:18 37:17 76:19 84:10 90:1,5,24 way (36) 1:11 11:14
7:13 9:20,23 18:12 109:18,18 112:2 120:8 122:16 132:4 87:25 88:6 97:1 92:4 104:11,13,22 20:18 27:7,8 31:11
19:3 21:3,5 24:4,8 113:13 116:20 133:4 undertake (1) 128:10 111:7,12,13 31:11 36:6 42:19
25:25 26:7,14,17 118:3 120:23 121:3 tries (1) 25:1 undertaking (4) version (70) 6:10 7:9 43:25 45:5 48:13
27:17 28:3,3,6 121:17,24 122:10 trouble (2) 124:6 121:10 122:14,25 8:3,23,24 9:6,20,22 51:5 70:7 74:17,20
30:11,13,21 31:13 128:9,22 131:7,9 132:4 125:18 22:16 23:22 30:8,9 85:11,19,20 86:24
31:14,24 32:25 131:20 132:6,21,23 true (15) 4:3,5,5,25 undue (1) 138:19 30:22 31:7 34:24 87:25 88:6 92:12
35:12,15,23 36:1,4 134:6 135:20 138:9 5:2 6:15 7:7,18 unfairness (1) 19:5 35:1,3,7,8,9,15,20 93:23 97:12 103:2
36:12 39:4,7,8,13 138:12 11:16,18 21:19 unfolds (1) 119:18 36:14 38:14 39:6 118:16 120:24
42:19,22 43:5,6,8 times (2) 59:24 22:7 25:20 63:6 Unfortunately (1) 39:10 41:15 48:5 121:22 122:16
43:17 44:5,7,10,14 120:10 111:6 66:12 55:15 60:16 69:9 123:20 124:24
45:3,4,12,18 49:10 timetable (9) 118:7 trust (3) 107:1 109:8,8 unhappy (1) 19:4 73:18,20,21,22 125:13 127:15
49:18 52:21 53:7,7 119:18,21 120:1,9 trusting (1) 44:18 Unified (1) 83:25 74:1,2 83:20 94:1 128:16 140:10
53:10,15,22,22 132:5,10 135:5 truth (5) 7:5 8:5 55:4 unimportant (1) 125:4 95:2 96:11,14,17 we’ve (5) 50:11
54:3,16 55:21,22 138:24 128:8 129:11 unit (1) 81:14 96:18,23,24 98:9 104:18 119:25
55:25 56:1,10 57:9 timetabling (2) 117:15 truthful (2) 55:3 units (3) 21:20 22:2 98:13,16,18 100:3 132:4 133:4
57:11 58:1 59:13 127:10 138:14 80:1 100:5,11,11,12,14 website (3) 60:23
59:17 60:18 61:3 tired (1) 138:16 try (11) 2:3 8:2 9:5 university (1) 5:12 101:23,24 105:20 96:7 111:11
62:24 64:23 67:16 title (1) 78:16 12:21 34:16 40:8 unnecessary (2) 39:16 105:21 106:4,6,13 Wednesday (4) 1:1
73:4,16,20 75:4,8 today (15) 1:17 11:24 40:11 55:24 111:21 125:6 111:20,21 113:4 119:5 128:3 133:21
77:8 78:11,18 18:22 21:19 25:25 132:11,12 unrealistic (1) 132:10 114:10 129:7 week (11) 117:4,9
80:21 82:22 84:8 48:18,23 52:4,16 trying (7) 7:13 13:1 unrelated (1) 20:16 131:19 135:14 118:10,12,13
85:21,23 86:2 88:8 61:1 70:11 102:19 90:19 119:9 137:2 unsatisfactory (2) versions (6) 12:20 119:14 137:16,17
90:8,10,13,15,16 115:3 118:24 138:13,18 135:1 137:19 13:2 23:23 31:8,9 138:20,22 140:11
90:19,20 91:1 93:2 120:15 Tsentr (5) 100:15 untranslated (2) 75:3 39:16 weekend (1) 133:22
96:12 98:13 99:10 told (1) 119:4 101:21 112:15 76:24 videos (1) 130:2 weeks (3) 133:3,24
99:10,20 101:20,21 tomorrow (7) 116:15 115:21 116:1 update (1) 44:25 view (1) 132:20 138:8
104:3,4 105:8 116:20 118:4 Tuesday (2) 120:19,21 updated (1) 118:7 Viktorovich (6) 27:10 weight (1) 44:18
106:18 107:4,16,25 127:13 135:16 Turist (3) 24:10 25:23 uploaded (5) 1:13,17 33:16 40:8 56:20 welcome (1) 18:3
108:2 109:14 136:25 140:3 26:20 30:8 34:19 36:12 56:25 59:4 Wellfame (2) 81:21,23
110:15 111:23 tonight (1) 119:1 turn (3) 3:6 63:17 upper (4) 40:19,25 virtually (1) 109:5 weren’t (7) 18:23
112:7 114:4,6 tool (1) 70:7 130:14 50:10 111:24 visually (1) 6:23 115:9 130:8 133:6
115:8,19 116:9,17 top (24) 21:4 23:18,25 turned (1) 120:18 upshot (1) 75:8 Vitalevich (1) 91:22 133:25 134:8 138:3
116:21 117:12 24:17 31:19 41:9 two (29) 1:9 2:4 5:20 urge (3) 123:11 131:4 Vitalyevich (2) 72:13 whichever (1) 98:7
119:14 120:3,9,24 61:5,17 64:4,5 15:14 20:14,24 132:12 89:25 whilst (4) 104:1 130:6
121:5,7,21 122:3 67:10,19 70:18 21:20 32:2,17 urged (1) 121:14 Vladimir (4) 22:24 131:3 135:3
122:10,15,22 72:6 73:25 84:13 33:18 36:4 40:18 urging (1) 117:2 62:1 68:25 89:20 wife (2) 134:3 139:15
123:14,25 124:2 88:18,25 89:10 44:20 46:5,8 62:4,5 use (4) 38:12,12 110:6 Vladimirovna (2) wife’s (1) 83:12
125:5,25 126:21 93:10 98:19 106:9 62:6 85:24 96:15 127:5 57:19 59:5 willing (1) 66:19
127:19 129:8,11,13 106:12 111:12 104:24 112:5 117:3 usefully (1) 1:24 Voitenkov (1) 15:11 wish (4) 54:17 98:7
129:19,21 130:3,10 Top-management (1) 117:6,16 120:13 Ust’-Luga (1) 33:15 voting (2) 80:15,20 104:1 138:16
130:19 131:8,18 61:13 133:24 136:14 usual (2) 56:14 103:2 vouch (1) 8:5 Withers (2) 13:25
133:3,4 134:22 torturous (3) 129:13 137:18 usually (1) 15:16 Vyacheslavovich (1) 133:16
135:2 137:10,12,13 135:21 136:3 typo (1) 44:11 59:9 witness (36) 1:14 3:1
137:21 138:2,10,13 totally (6) 20:8,16,17 V 3:4,24 4:5,8,11,14
139:5,5,10,15,21 20:23 125:3,4 U vacation (2) 128:1 W 4:22 5:2 6:17,25
thinking (1) 35:3 touch (3) 29:13,15 uchreditel (1) 87:2 wait (5) 5:3 11:7 16:17 17:5 19:9
136:2
thinks (1) 40:20 135:4 30:18 39:15 43:4
UK (4) 45:22 46:9 Vadim (1) 106:9 75:10 119:11
third (11) 21:10 23:17 tower (11) 46:7,12,17 59:20,25 60:21
50:19 94:6 Valentina (2) 69:3,4 123:11
23:25 31:14,19 46:24 84:18 85:13 75:5,17,23 77:14
ul (2) 10:15 11:5 Valery (2) 33:14 67:25 waiting (1) 135:13
32:6,9 61:11 96:13 94:12,13 109:11,23 85:8,14 86:1,6
ultimate (1) 67:8 valid (1) 83:10 want (30) 1:20 20:11
96:17,24 109:24 90:17 107:25 117:9
ultimately (1) 126:14 valuation (2) 119:16 25:8 29:4,8 38:5
thought (16) 37:15 traded (1) 19:22 117:23,24 135:4
unclear (1) 107:17 137:15 45:7 48:2 49:13
43:1 53:7,8 74:8 trading (4) 10:14 11:4 137:15
underlined (1) 129:7 variety (4) 14:24 65:16 76:25 92:16
92:10 114:5 115:5 11:13 93:21 witnesses (1) 138:21
underlinings (1) 114:19,21,22 97:5 100:6,13
121:17 126:11 training (1) 5:18 wonder (13) 12:5
135:22 various (9) 6:6 8:15 112:23,24 113:7
127:1 130:4 131:9 transaction (1) 26:11 34:18 35:2,8,25
understand (59) 3:17 31:17 39:24 47:22 116:12 120:14
131:22 132:23 transcript (5) 53:5,9 54:22 55:21 57:4
3:20 5:14,17 6:3,4 109:1 120:10 121:2 125:23 126:3,23
133:12 53:14 90:16 140:8 75:10 80:23 87:22
8:4 12:9,24,24 132:16 129:1 134:4,9,20
three (11) 2:4 7:20 transferred (4) 36:16 92:18 117:23

wondering (2) 77:22 101:1
word (2) 92:11 116:21 wording (1) 122:1 words (4) 21:6 23:23

23:24 97:1

work (11) 3:13 21:25 21:25 28:14,17 39:7 48:21 62:16 73:24 108:10 109:17

worked (2) 68:21

108:5

working (4) 48:25

97:22 134:5,13 works (10) 21:8

100:22,23 108:11 108:14,16,21 109:5 109:23,24

worried (2) 125:24 134:23

worry (3) 52:9,12 125:11

worse (1) 122:3 worth (2) 86:4 123:8 wouldn’t (8) 5:17

29:10 68:11 94:12 110:25 126:12 133:18 134:10

wrapped (1) 75:16 writers (1) 140:8 written (6) 17:23

110:13,15 119:22 133:2 139:2

wrong (14) 37:16,19 38:6 46:11 57:10 62:24 74:11 75:6 84:16 85:2 93:2 115:8 120:18,21

X

Y

year (3) 9:8 44:21 109:21
Yelena (1) 25:17 yellow (1) 136:12 yesterday (4) 1:25 30:11 118:15

120:25 young (1) 70:21

Z

Zakrytaya (1) 57:21

Zelyenov (2) 57:13

59:3

zero (1) 56:18 zoomed (1) 22:20 Zotkin (1) 113:14

0

0.3 (1) 72:3

00436B (1) 78:4

1

1 (17) 40:25 42:2,23 44:14 50:10,13 61:3 68:23 94:17 94:19,20 97:10 105:6,21 129:8 138:4 141:3

1,300 (2) 95:17,23

1,400 (2) 95:18,23

1.02 (1) 60:9

1.4 (1) 13:24

1.9 (1) 27:5

1.97 (3) 24:12 25:12

Opus 2 International transcripts@opus2.com
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151
March 16, 2016 Day 27

27:4 10 (3) 97:4 117:16

119:23

10-minute (1) 33:25

10,000 (4) 37:14,21 37:23 39:1

10.19 (1) 31:23

10.30 (1) 1:2

10.43 (1) 24:10

100 (11) 36:15 37:19 58:3 59:9 71:6,10 81:21,22 84:9 91:22 112:2

100-metre (1) 46:7

11.49 (1) 34:2

117 (1) 141:7

12 (1) 48:7

12.03 (1) 34:4

12.89 (1) 24:9

12.93 (4) 24:9 53:1,2 53:3

13 (10) 3:11,18 14:12 27:24 28:21 29:9 31:17 53:19 77:9 77:10

14 (2) 73:11 74:12

15 (14) 4:7 14:3 15:5 15:10 16:4,23 17:10 19:11 20:20 21:15 23:14 41:7 42:6 47:5

15′ (1) 14:17 152 (1) 10:6

15A (5) 10:15 11:5,14 41:3 100:2

16 (4) 1:1 88:19,23 89:4

17 (3) 88:16,16 140:16

172 (1) 18:1

178 (3) 15:24 16:13 21:2

18 (1) 100:1

19 (7) 74:4,7,13 82:7 83:1,4 119:20

19.27 (2) 80:19 82:13

19.94 (2) 80:20 82:13

19.95 (5) 62:9,21 63:3 63:11,21

191167 (3) 14:2,16

16:22

2

2 (11) 13:10,16 41:11 41:12 42:24,25 50:10,14 138:3 141:4,5

2.00 (3) 59:19 60:8,11

20 (12) 73:7,11 74:18 75:19 79:25 80:1 81:13,15 82:4,5 102:19 119:25

20,000 (1) 47:18

20.92 (2) 80:15 82:11

2001 (2) 23:13 28:18

2002 (2) 57:3 59:2

2005 (7) 22:22 23:7 26:22 34:9 36:15 37:18 38:15

2006 (1) 18:7

2007 (6) 27:15 29:15 72:17 73:1,12 74:13

2008 (8) 19:18 31:17 31:24 32:16 34:10 36:15 37:18 38:15 2009 (8) 57:3,12 59:2

59:4 74:9 99:2

101:14 114:12 2010 (11) 18:8,14,14

37:24 57:15 59:4,7 73:12 74:13 99:12 101:15

2011 (5) 19:19 58:3 59:10 73:4 99:7 2012 (4) 27:17,20

66:10 99:8 2013 (4) 73:4 77:6,8

78:6 2014 (5) 71:7 72:8,17

73:1 77:10 2015 (16) 3:9,22 4:19

13:10,16 18:15 65:8 71:11,17,22 72:8,11 93:13 96:8 97:15,24

2016 (2) 1:1 140:16

21.70 (1) 80:15

22 (2) 32:16 33:18

22.8 (1) 61:16 22nd (1) 127:21

23 (2) 4:19 53:17

23.7 (1) 61:16 23rd (1) 127:21 24/7 (1) 137:18 24N (1) 99:24 24th (1) 127:21

25 (2) 7:2 54:17

26 (1) 3:12

27 (6) 3:9,22 53:10,17 54:14 138:2

28 (3) 53:11,13 54:14

3

3 (15) 41:5 44:8 50:12 50:17,22 62:19 67:12 68:25 73:19 73:20 95:2 96:22 101:11 114:9 122:13

3.16 (1) 92:21

3.29 (1) 92:23

30 (2) 41:18 102:19

3049 (1) 34:21

3050 (1) 34:21

34 (1) 65:23

35 (2) 13:24 22:25

4

4 (16) 32:23 35:19 45:21 50:19 62:7 88:22 93:8 96:21 96:22 98:12,13 101:18 111:19,20 119:6 137:11

4.30 (1) 128:7

4.45 (2) 128:7 139:23

4.9 (2) 31:20 33:8

4.92 (1) 33:9

40 (17) 14:10 94:17 94:21,23,24 95:5 95:13 96:1 97:3,9 97:13 103:6 104:25 105:2 106:16,19 111:7

42 (1) 14:13

454 (1) 47:5

455 (2) 41:7 42:6

47 (1) 2:24

5

5 (14) 53:13 61:23 62:25 63:7 79:21 79:22 80:8,8 81:10 81:11 89:3 100:4 119:7 141:6

5,000 (1) 95:18

5.00 (1) 128:15
5.02 (2) 24:11 140:14
5.2 (1) 17:25
5.45 (1) 66:1
5.70 (1) 66:1
50 (5) 99:2 101:7
103:6 112:3,4
51 (2) 61:15 64:5
51.2 (1) 61:6

53.15 (1) 61:6

536 (3) 46:3 94:11,11

59 (1) 16:20

6

6 (9) 47:4,9 50:21 62:23 63:13,19 89:7,19,20

6.2 (3) 79:13,14,18

6.2.1 (1) 80:13

6.2.2 (1) 80:18

61 (3) 19:9 37:12,24

64 (1) 78:6

64A (8) 19:20 46:3,9 46:12,16,17,20 94:10

64B (4) 46:13 84:15 84:18 91:15

64V (2) 46:13 99:24

7

7 (4) 4:16 89:18 93:13 118:10
7.34 (1) 24:11

76 (1) 79:11

8

8 (6) 38:22,23,24,25 39:1 89:19
8,350 (1) 56:16

81 (5) 74:3,6 82:2,7 83:1

9

9.00 (4) 117:11,11,12 128:3
9.15 (1) 128:3

9.30 (6) 117:12,13 118:4 128:5 140:5 140:15

95 (1) 112:15

99 (3) 94:5,5 105:22

99.95 (1) 71:23

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