Day 28

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

Day 28

March 17, 2016

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March 17, 2016 Day 28

1 Thursday, 17 March 2016

2 (9.30 am)

3 MR JUSTICE HILDYARD: Good morning.

4 MR STROILOV: May it please your Lordship.

5 MR ALEXANDER VASILIEVITCH SAVELYEV (Continued)

6 Cross-examination by MR STROILOV (Continued)

7 (All questions and answers interpreted except where

8 otherwise indicated)

9 MR STROILOV: Good morning, Mr Savelyev.

10 A. Good morning.

11 Q. I don’t seem to be hearing it, not that I really need

12 it. Let’s see.

13 I understand that you were the chief executive

14 officer of the Bank from 2001 to 2014; is that right?

15 A. Yes, that is correct.

16 Q. And I think it is fair to say that was a period of rapid

17 growth of the Bank, wasn’t it?

18 A. Yes.

19 Q. And I think, actually, at one period you made a point of

20 growing 100 per cent each year, wasn’t that your

21 strategy?

22 A. Yes.

23 Q. And for most of that period, the governor of

24 St Petersburg was Mrs Valentina Matvienko, wasn’t she?

25 A. No, this is not correct. My Lord, we started working

1 A. Yes, for a short period of time there was this firm

2 called Komavtoservis, where we were founding members.

3 Q. And when did this firm stop trading?

4 A. That was before 2001.

5 Q. Is there any connection between Komavtoservis and

6 Komavtotrans?

7 A. I don’t think so.

8 Q. Now, at the time you were the chairman of the Bank, your

9 first deputy was a lady called Elena Ivannikova; is that

10 right?

11 A. Yes, Mrs Ivannikova was a deputy chairman of the Bank.

12 Q. And in that period, her husband was the chairman of

13 Trade and Industry Committee in Mrs Matvienko’s

14 administration; isn’t that right?

15 A. I do not recall when her husband was a member of the

16 St Petersburg Government; there is simply no need for me

17 to know this, or recall this.

18 Q. Was he or was he not a member of the St Petersburg

19 Government, to your knowledge?

20 A. Possibly so, but I had never been in contact with him.

21 Q. And Mrs Ivannikova, apart from being a top manager, she

22 was also one of the major shareholders of the Bank,

23 wasn’t she?

24 A. Yes, at that point in time, yes.

25 Q. And another deputy you had in that period was

1 3

1 under Governor Yakovlev, so that was in the early 2001,

2 and I joined the Bank in 2001 and Mr Yakovlev at that

3 time was governor.

4 After he left, and I forget when it was, maybe in

5 2004, perhaps 2005, Valentina Matvienko became governor

6 and now Mr Poltavchenko is the governor. So during this

7 time while I was CEO of the Bank, I have seen three

8 governors and we assured sufficient growth, a sufficient

9 rate of growth under each of those three governors.

10 Q. Just to remind you, Mrs Matvienko was the Governor

11 of St Petersburg from 2003 to 2011, so it seems that

12 most of your period in office coincided with her period

13 in office; would you accept that?

14 A. No, once again we have seen three governors: Yakovlev,

15 Matvienko, and Poltavchenko.

16 MR JUSTICE HILDYARD: I think it was put that most of your

17 time, from 2003 to 2011, was Mrs Matvienko, and doing

18 the maths —

19 A. My Lord, I would not deny this. This is a fact.

20 MR STROILOV: And Mrs Matvienko is a very old friend of

21 yours, isn’t she?

22 A. Yes, we have been acquainted with each other for a long

23 time.

24 Q. And you have been business partners previously, haven’t

25 you?

1 Mr Sergei Matvienko, wasn’t it?

2 A. He was never a deputy. He was vice-president, VP of

3 the Bank, who was in charge of the implementation of

4 Bankir, self-service plus installation of the hardware

5 that had been purchased by the Bank when I joined the

6 Bank, but it had not yet been installed; it was in

7 a warehouse.

8 Q. And so wasn’t he the vice-president, the dates I have is

9 2003 to 2009; are these correct dates?

10 A. I do not recall, sitting here today, but this may well

11 have been the case, yes.

12 Q. And that’s the son of the governor at that time, of your

13 friend, Valentina Matvienko, isn’t he?

14 A. Yes, he is the son of the former governor, Valentina

15 Matvienko.

16 Q. And he was also one of the significant shareholders of

17 the Bank at that period, wasn’t he?

18 A. When we invited him to join the Bank to be in charge of

19 this software, an agreement was reached with a number of

20 individuals who had joined the Bank together with

21 Mrs Matvienko. That includes Mr Severka(?) and

22 Mr Belyakov(?) and their allegation was to implement the

23 Bankir software which had been purchased by the Bank

24 prior to my joining the Bank, but it had not implemented

25 this software, and they also agreed to install the

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1 software for this Bankir software which, once again, had 1 diluted and that shareholding was passed from
2 been at a warehouse for three years and it had not been 2 Mr Sergei Matvienko to Mr Vladimir Matvienko; does that
3 implemented. 3 sound right to your knowledge?
4 So the agreement was that in exchange for their 4 A. So far as I know, Sergei Matvienko gifted his shares to
5 implementing the software and the hardware, and for 5 his father.
6 launching this software which was basically the heart of 6 Q. Isn’t it the case, Mr Savelyev, that Sergei Matvienko
7 the Bank until most recently, in exchange for that they 7 only held shares on behalf of his mother?
8 were going to receive a number of shares in the Bank, 8 A. No, this is not the case. He is a standalone
9 which at that time was virtually worthless. 9 individual, an independent person who had never waded
10 Now, when they joined the Bank, I do not recall 10 into politics, and he had never conducted any business
11 exactly, but if you could refresh my recollection, 11 together with his mother. He was holding those shares
12 I would be very grateful. 12 on his own behalf, in his own interest, and he had
13 Q. Well, Mr Savelyev, my question was about 13 deserved those shares because he had introduced this
14 Mr Sergei Matvienko; isn’t it the case that he was 14 software called Bankir, and that software and that
15 a significant shareholder in the Bank? 15 hardware, spent a lot of time working in the Bank, and
16 A. What year are you referring to, sir? Could you be more 16 I think we only changed this system in 2013, I think,
17 specific, please? 17 and the name of the new system was CFT, and he received
18 Q. Well, at any time, Mr Savelyev, do you recall him being 18 that packet of shares in consideration for the work that
19 a significant shareholder of the Bank? 19 he had done, and he had never held those shares in
20 A. Yes. Yes. At any time, yes. But this is really 20 the interest or on behalf of his mother.
21 important, because there were several share issues. The 21 Q. And isn’t Vladimir Matvienko now holding shares on
22 Bank also launched an IPO, so his shares, his interest 22 behalf of his wife?
23 in the Bank, was diluted. 23 A. Vladimir Matvienko received those shares as a gift from
24 Q. So just looking at my notes, and I can go to sources but 24 his son, and, you know, a good son should take care of
25 I wouldn’t want to spend too much time on it, I think in 25 his parents. His father has retired, he is a pensioner,
5 7

1 2002 to 2006, between five to eight shares of the Bank

2 fluctuating was owned by an entity called Strelets-2; do

3 you recall that?

4 MR JUSTICE HILDYARD: Do you mean 8 per cent, or 5 to 8

5 shares?

6 MR STROILOV: 5 to 8 per cent of the shareholding.

7 A. Yes. That is possible.

8 Q. Then subsequently I think he was holding shares directly

9 for a period of time, and that was also in the region of

10 a 5 per cent shareholding?

11 A. Well, Mr Stroilov would really need to double-check that

12 with respect to some particular period of time, because

13 it kept vacillating, it kept changing after each share

14 issue launched by the Bank.

15 So if you could be more specific, if you could be

16 more specific with respect to the exact period of time,

17 the year in which you said that he owned about

18 5 per cent, then I would be more than happy to recall

19 and assist.

20 Q. And as you remember from yesterday, at the moment about

21 3 per cent of the Bank’s shares are recorded as being

22 owned by Vladimir Matvienko, the husband of Valentina

23 Matvienko.

24 A. Yes, that is true.

25 Q. So it appears that, as you said, this shareholding was

1 so he gifted those shares to him to allow him to live,

2 at least partly off of the dividend that he received in

3 his capacity as one of the shareholders in the Bank.

4 Q. And Mr Sergei Matvienko was your partner, Mr Savelyev,

5 in some business ventures other than the Bank; do you

6 recall anything of that kind?

7 A. Yes, we were partners in some business. If you could be

8 more specific, then I am happy to assist.

9 Q. Well, could you just name business ventures which you

10 recall in which you were partners with Sergei Matvienko?

11 A. Mr Stroilov, Mr Matvienko has long since stopped working

12 in the Bank, so I do not recall when and what I did

13 together with him. If you can remind me, if you can ask

14 me a specific question, you will receive a specific

15 answer from me.

16 Q. Mr Savelyev, to your recollection, in what business

17 ventures were you involved together with Mr Matvienko

18 apart from working together in the Bank?

19 A. Once again, I do not recall.

20 Q. Mr Savelyev, you have admitted a moment ago that you do

21 recall being involved in joint business ventures with

22 Mr Matvienko, haven’t you?

23 A. I do not remember the details. I do not remember the

24 specific businesses, this is what I meant.

25 Q. Now, if we could please go to {D172/2871/1} and the

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1 Russian version will be at {D172/2871/8}. My Lord, I do

2 apologise, it’s a terrible translation. I think it is

3 a machine translation again.

4 So this is an article published in a newspaper

5 called Vedomosti, isn’t it, Mr Savelyev?

6 A. Yes, I can see this.

7 Q. And if we could scroll down the Russian version just one

8 page, I think, again, the paragraph I will be looking at

9 is in the very middle, so the beginning of this narrow

10 text in the English version, and at the very top of

11 the Russian version.

12 So what is suggested there, that Mr Matvienko’s

13 business started at about the same time as his mother

14 became the governor of St Petersburg, and then it

15 became — it grew by 2009 into RUB 1 billion worth

16 business, and then after Mrs Matvienko’s resignation in

17 2011, that business collapsed.

18 There is then a section in that article which is

19 entitled «What did Matvienko own». Mr Savelyev, I think

20 given that the translation is terrible, if you could

21 read the two paragraphs there in Russian so that it is

22 translated for his Lordship, starting from:

23 «We begin from gudvila …»

24 And so on. If you could read that out, please.

25 A. «We start with a goodwill, then we move to

1 A. Well, this is just a Vedomosti publication. Now,

2 whether this journalistic investigation generated proper

3 information or not I do not know and I cannot either

4 confirm or deny this.

5 MR JUSTICE HILDYARD: Just for the transcript, I think it is

6 RUB 2.8 billion, rather than dollars.

7 A. Yes, my Lord, this makes reference to roubles.

8 MR STROILOV: Thank you, my Lord, I didn’t spot the mistake.

9 MR JUSTICE HILDYARD: No, that’s all right.

10 MR STROILOV: Now, could we now look at — if we could,

11 still on this page, scroll down one page on the English

12 version {D172/2871/2}. The paragraph — I think, again,

13 it’s probably — Mr Savelyev, if you could, again, I’m

14 sorry for the terrible translation, but if you could

15 read the bottom paragraph in the Russian version you see

16 on the screen, the one which corresponds to it is,

17 I think, the second paragraph in the English version,

18 the second from the top:

19 «But best anything …»

20 And so on. I am sorry it is such gibberish, so if

21 you could read out that paragraph as well.

22 A. «But Matvienko achieved most success in property

23 projects using plots of land assigned by the Government.

24 In 2007, Matvienko’s companies M and VTB Development

25 where Mr Matvienko at that time worked as the CEO,

9 11

1 the multipliers. Then we use the multipliers, then we

2 move to EBITDA, then go back to goodwill again, then we

3 go one up. That’s the way Mr Matvienko explained the

4 reason behind his success to Mr Oleg Tinkov in

5 a televised interview. He used these processes in

6 different areas. Imperia included property, cleaning,

7 telecommunications companies, trading companies and many

8 others. Under government procurement contracts they

9 supplied computers, they installed software, they

10 offered transport services and they conducted a musical

11 event in St Petersburg. Matvienko also held some

12 interests in promotional and physical protection

13 businesses.»

14 Q. And the next paragraph, if you could.

15 A. «Over those six years, Mr Matvienko’s St Petersburg

16 companies generated proceeds in the region of

17 $2.8 billion, just thanks to the Government procurement,

18 according to Vedomosti in 2010, of which 2.14 was

19 generated by Metrokom, a landline communications

20 company, in which Mr Matvienko used to hold 55 per cent

21 of shares until the year 2010, while the city itself

22 held a 45 per cent interest in the company.»

23 Q. So I think, is that, to your knowledge, Mr Savelyev,

24 a fair summary, or a fair description of aspects of

25 Mr Matvienko’s career in business?

1 launched Nevskaya Ratusha project. Under the investment

2 contract with the City they promised to build on office

3 complex into which most of the departments of the City

4 government were going to use and for that he was going

5 to use a former tramway depot.»

6 Q. Yes. Have you finished? I am sorry, Mr Savelyev?

7 A. That’s the last paragraph I have on my page.

8 Q. I beg your pardon. If we could scroll down one page in

9 the Russian version. If I could ask you, just for the

10 last time, as far as this article is concerned, if you

11 could read the top two paragraphs, the top.

12 A. «Mr Matvienko’s company also received grade 1 listed

13 buildings, Yunker House and Balbakov House on island of

14 Kotliy and Kronstadt where they were thinking about

15 building Kronstadt Parusa, a complex of residential and

16 commercial property for the naval academy, and the total

17 surface area was going to be 43.7 hectares, together

18 with a former adviser to the governor, Mr Alexander

19 Kozhinym, former government official, Matvienko took

20 part in the building of a multi-functional business

21 complex on the surface area of 6 hectares in

22 Pervomaisky(?) Prospekt and his plan was to build

23 martial arts academy right next to that plot of land

24 together with Vadim Finkelshteyn.»

25 Q. Mr Savelyev, isn’t it the case that Mr Matvienko’s

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1 success in business was largely due to preferential

2 treatment from his mother’s administration; isn’t that

3 a true statement?

4 A. No, this is not true, and I shall explain why. If you

5 go back to the previous page, I shall explain, my Lord,

6 what the matter is.

7 Q. Can you please scroll up the Russian version

8 {D172/2871/9}.

9 A. My Lord, could I please draw your attention, company M,

10 owned by Mrs Matvienko, and VTB Development, as the

11 journalist is saying, where Matvienko was the director

12 general, and VTB Development was the company owned by

13 VTB Bank, as far as I recall. Matvienko at VTB after he

14 left St Petersburg Bank, he worked there as

15 a vice-president.

16 So what the journalist means here with regard to VTB

17 implementing the projects or the Matvienko implementing

18 these projects, is not very clear. At least, it’s not

19 clear to me.

20 VTB is a large organisation. It’s a massive bank

21 that always worked with the Minister for Administration

22 to implement its projects. I know many such projects

23 that were implemented in St Petersburg with the aid of

24 VTB finance, including this state and private

25 partnership.

1 paragraph or the last sentence?

2 MR JUSTICE HILDYARD: Do. Read it out, the whole paragraph.

3 MR STROILOV: Yes. I wonder if I should better find it in

4 my computer, because otherwise I am told no one can hear

5 me when — the translators cannot hear me.

6 MR JUSTICE HILDYARD: Would you like this witness to read it

7 out? Whichever is the quickest, I think.

8 MR STROILOV: Let me find it quickly.

9 MR JUSTICE HILDYARD: So sorry.

10 MR STROILOV: I am sorry, my Lord.

11 Let me read it (Translated):

12 «In May the Municipal Property Committee property

13 contacted the Arbitrazh court of the City with the claim

14 against Gorod Masterov company demanding to pay out

15 RUB 57 million of arrears for lease. Based on Delovoy

16 Peterburg publication information already in 2008, the

17 company Gorod Masterov owned by Imperia has received

18 into lease 6,000 square metres of property at a land

19 plot of 1.3 hectares next to Aurora battleship and the

20 right not to pay the lease until 2014. The delay with

21 regard to lease has run out and the payments have not

22 commenced. Prior to the claim being submitted, Gorod

23 Masterov has allocated to Aurora LLC. That was part

24 of Imperia company of Matvienko and the owner of

25 the city, the city meaning Gorod Masterov, instead of

13

1 Q. Yes. Could we now have a look at D192/2919 —

2 MR JUSTICE HILDYARD: Just before you do, there is rather

3 a sort of elusive last sentence on page {D172/2871/2}.

4 Could the Russian be read and the translation given.

5 MR STROILOV: The last sentence…

6 MR JUSTICE HILDYARD: It says:

7 «But the owner of ‘city itself’ instead of Matvienko

8 became certain Natalia it was screen.»

9 Which I haven’t fully followed.

10 MR STROILOV: Yes, if we could scroll down the Russian

11 version, please.

12 MR LORD: My Lord, I have asked that we have it properly

13 translated. I didn’t know it was going to feature so

14 heavily. I think it is still worth answering in this

15 way but we have asked that we get it properly

16 translated.

17 MR JUSTICE HILDYARD: It is a pretty curious translation.

18 MR LORD: It is, and I apologise for that, my Lord.

19 MR JUSTICE HILDYARD: That’s all right.

20 MR STROILOV: Yes, I think it is the paragraph — the second

21 from bottom. I wonder, my Lord, should I ask

22 Mr Savelyev to read the whole paragraph, or just the

23 last sentence? Should I read it out in Russian?

24 MR JUSTICE HILDYARD: Read it out, yes.

25 MR STROILOV: So it says — shall I read out the whole

15

1 Matvienko became a certain Natalia Sitova.»

2 My Lord, I think actually it was translated one

3 sentence further than I read it out, I was just waiting

4 but it was translated, I think, correctly, except from

5 what I have heard, if I could read out the penultimate

6 sentence, I think there was a slight inaccuracy in

7 translation. So could I try again, if you don’t mind?

8 MR JUSTICE HILDYARD: Sure.

9 MR STROILOV: (Translated):

10 «Prior to the claim being submitted, LLC Aurora was

11 spun out of Gorod Masterov and became part of Imperia of

12 Matvienko.»

13 Thank you very much.

14 So if we could now go, I want just briefly to show

15 to Mr Savelyev one more article on that subject. If we

16 could have a look at {D192/2919/8}. I beg your pardon,

17 let’s make it {D192/2919/7} and on the other screen if

18 we could have {D192/2919/1}.

19 A. Mr Stroilov, I think my text is illegible, it’s very

20 small print.

21 Q. So that’s the Russian. I think we have two Russian

22 ones. If we could have 1 on one page and 7 on the

23 other. My Lord, I am afraid, again, it is a terrible

24 translation, but there will be just small bits

25 {D192/2919/1}, {D192/2919/7}.

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1 Let me just explain what it is. Mr Savelyev, this 1 Otherwise I would be scouring through the internet until
2 is a website dedicated to crime, a Russian website, and 2 I was dead and gone, really, to try and find various
3 there is a profile of Mr Matvienko on it. If we could 3 stray extracts. We have to keep this reasonably
4 scroll down the Russian text one page {D192/2919/8}. 4 contained.
5 A. Mr Stroilov, could you please clarify for my 5 Just to warn you, this sort of thing has no
6 understanding, what sort of website is it? What is its 6 evidential weight, in my view, of itself. If you ask
7 name? 7 questions and you get answers, they will have such
8 Q. Well, as you can see, it is called «Russian Mafia», and 8 weight as I attribute to them but, as such, this has no
9 there is the address you can see at the top of each 9 weight.
10 page. 10 MR STROILOV: Yes, my Lord, just so that you are aware,
11 A. I don’t understand what sort of website that is. Is it 11 every extract on this website — and you can’t see it
12 part of Kommersant or Vedomosti publication? 12 very well, but there is — beyond that there is in bold
13 Q. Frankly, I don’t really know, really, who is publishing 13 there is source of it.
14 it, but I would like to ask you about some of the 14 MR JUSTICE HILDYARD: Yes, I know, but newspapers say all
15 assertions made there and see what you have to say about 15 sorts of things.
16 them. 16 MR STROILOV: Quite, I accept that, yes.
17 If we could scroll down the English version, I think 17 MR JUSTICE HILDYARD: The court is always terribly wary
18 one page as well, let’s try one page. {D192/2919/2}, 18 because newspapers are usually written by people with
19 {D192/2919/8}. I don’t know if your Lordship can read 19 a certain point of view or inadequate total grasp of
20 it at all, so I will ask Mr Savelyev to read. 20 the facts. So when you read things you know about, you
21 A. Even I cannot read it, my Lord, because you know, the 21 are often rather surprised by what is said. We have to
22 way it is printed here, I can’t even read it using my 22 be a little bit careful about these in case we treat
23 reading glasses. 23 them as evidence.
24 Also, my Lord, if I may, I would like to have 24 MR STROILOV: I don’t suggest these are witness statements,
25 an understanding, the court ought to have the 25 absolutely not, my Lord.
17 19

1 understanding that that unknown website, who put the

2 information together, when did it happen, and the other

3 page where the type is so small, I can’t understand

4 anything what it says on the page. Perhaps Mr Stroilov

5 would put a specific question to me about something that

6 he can read out.

7 MR JUSTICE HILDYARD: This extract, whatever it is, can’t

8 carry any weight of itself. Are you using it as a sort

9 of aide-memoire for questions or something?

10 MR STROILOV: Quite, my Lord, yes, I would like

11 Mr Savelyev —

12 MR JUSTICE HILDYARD: I don’t think this sort of thing —

13 this — its source is unclear, it may be that it is the

14 product of people with a certain view. It’s not

15 evidence, is it? I mean, you are not relying on it, are

16 you?

17 MR STROILOV: Well, my Lord, really the purpose of it is

18 simply to ask Mr Savelyev what he has to say on it.

19 MR JUSTICE HILDYARD: Then ask your questions, but let’s not

20 labour over what it says, because what it says is,

21 frankly, nonsense.

22 MR STROILOV: It is fair to say — well, I am afraid it’s

23 a nonsensical translation, for which I apologise.

24 MR JUSTICE HILDYARD: It may have some footing in truth for

25 all I know, but it isn’t evidence, that’s the thing.

1 MR JUSTICE HILDYARD: No.

2 MR STROILOV: So if we could now try and zoom in the Russian

3 text so that Mr Savelyev could follow, although I think

4 some of the things I will summarise and simply ask

5 Mr Savelyev what he has to say.

6 What you see in the middle of the screen, I think if

7 you could — well, if you could just scan through the

8 second half of the page, Mr Savelyev, you will see that

9 this is discussing the fact of Mr Matvienko’s work in

10 your bank and shareholding in your bank. So that’s the

11 context. (Pause).

12 If you could now look, as his Lordship has indicated

13 we are not attaching any particular weight to the text

14 as such, so I just want to ask you questions. I am now

15 looking at the paragraph you see at the bottom. What is

16 suggested there is that the rapid development of

17 the Bank coincided in time with Mr Matvienko’s

18 involvement; do you agree with that?

19 A. No, I do not agree. That might be a coincidence in

20 time, my Lord. It does not mean that that happens

21 thanks to Mrs Matvienko. When I came to the Bank at

22 2001, that was on 15 January, as far as I recall, after

23 the new year’s holidays, at the Bank, my Lord, there

24 were very few deputy chairmen that worked with the

25 previous chairman of the board. They did not believe in

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1 the Bank’s development and basically most of them got up

2 and resigned, and it took me great effort over three

3 years to put a manager team together, quite serious

4 managers. And they, thanks to their ability to hard

5 work, good strategy and knowledge of the city, could

6 have attracted a great number of new clients, both

7 physical individuals and legal entities, and thanks to

8 this, the Bank has achieved such success. Thanks to

9 the fact that I worked 24/7 at that time period and

10 I didn’t work at the reception of the governor, but at

11 St Petersburg Bank. I personally met with clients.

12 I worked with human resources, I hired personnel, hired

13 employees of the Bank, and I believe because I managed

14 to create such a strong and reliable managing team, and

15 most of them still work at my bank to this day, we have

16 achieved that success. Thanks to that, we were growing

17 100 per cent per year.

18 However, one needs to also understand that when

19 I came to the Bank in 2001, there are some things which

20 are called a low starting point. All of the Bank, all

21 of the credit portfolio was around $80 million, that’s

22 all, and if you look at the low starting point, then,

23 thanks to the effect of it, thanks to my efforts, and

24 the efforts of the board of the Bank, we have managed,

25 with that low starting point, to achieve 100 per cent

1 We always aimed to create an open, public bank, which is

2 convenient for our clients in St Petersburg.

3 I can responsibly say here that I understand that

4 I am under oath, the team of Bank of St Petersburg never

5 even dreamt, or I never, ever dreamt to use some

6 administrative connection to achieve some result. We

7 are an independent bank, we are a private bank, we are

8 in the 17th place in Russia, despite being a local bank,

9 despite being based in St Petersburg.

10 Nevertheless, we are stable in the market, whereas

11 the markets are turbulent. We carry on successfully

12 developing to this day. Last year the Bank paid

13 20 per cent dividends to the Bank’s shareholders, and in

14 this year we also plan to pay dividends.

15 Therefore, all the allegations saying that the Bank

16 is in some way connected to the administration or

17 someone else are completely untrue. The truth is that

18 we work very hard.

19 Q. Yes, Mr Savelyev, thank you very much. That’s very

20 interesting.

21 I think you mentioned, as part of this answer, you

22 mentioned that almost 200 banks lost their licences in

23 Russia. What period of time are you talking about?

24 Would you like to look back at the transcript?

25 A. I don’t need to look at the transcript. That happened

21

1 growth up to the IPO, which we did in 2007. And thanks

2 to this growth, thanks to the team’s efforts, we had

3 a successful IPO in 2007, we had a London roadshow, and

4 we had seven times oversubscription for our shares,

5 shares of the Bank, and we have raised $274 million in

6 finance for the Bank’s equity capital.

7 In 2009 in extremely complex financial situation in

8 Russia, we again — «we» meaning the team — had the

9 SPO, the secondary placement of our shares, and we

10 raised another $200 million, and now, my Lord, in such

11 turbulence in the markets, in such difficult economic

12 situation in the country, there are many bankruptcies,

13 there are many dismissals, unemployment is high, almost

14 200 banks lost their licences in the Russian Federation,

15 the Bank of St Petersburg carries on working

16 successfully, it carries on developing, and over

17 15 years of teamwork in the Bank, we haven’t had

18 a single year when we made a loss.

19 My Lord, I just would like you to understand, that

20 happened thanks to hard work and skill of our team.

21 Moreover, in 2005 we have raised, or we attracted

22 the best European banker of 2003 to work at the Bank,

23 Indrek Neivelt. He was at Hansabank before, now it’s

24 Swedbank, he was chairman of the board of Hansabank and

25 that person chaired the supervisory board of the Bank.

23

1 over the last four years, to put it this way.

2 Q. Over the last four years, so since 2012; is that what

3 you are saying?

4 A. Possibly.

5 Q. Right. And I think — so from what — in what period

6 were you actually growing 100 per cent every year, in

7 what period of time was it?

8 A. My Lord, today I can say that prior to the IPO we had

9 growth up to year 2007, so it was 100 per cent growth

10 year-on-year. I would not be able to recall exactly,

11 I haven’t got the figures to hand, but that would be the

12 magnitude of the Bank’s growth.

13 Q. So, Mr Savelyev, I think an example which is given for,

14 really, connections with the administration benefiting

15 the Bank is the fact that St Petersburg metro,

16 St Petersburg underground database became exclusively

17 available to Bank of St Petersburg for the purpose of

18 developing the Visa cards system, and that was —

19 Mr Matvienko was heavily involved in that; what do you

20 say to that?

21 A. Yes, with pleasure.

22 My Lord, the metro in St Petersburg historically,

23 prior to the Bank being renamed St Petersburg, when the

24 Bank was still called Lenbank, the metro was the Bank’s

25 shareholder as a legal entity, and these shares were in

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1 the hands of the municipal administration, represented

2 by the committee of municipal property management, and

3 secondly, any state unitary enterprise could be serviced

4 at any bank only as a result of a tender on

5 a competitive basis.

6 If the Bank would offer reasonably competitive terms

7 for its client, accordingly the client could choose

8 their bank, the bank they are happy with, based on the

9 competition. Such competitions would be held from time

10 to time, and the most important thing in

11 the competitions would be the bank’s experience with

12 a specific entity for the period of two or three years,

13 and since the metro, even prior to my being at the Bank,

14 was the Bank’s shareholder and remained the Bank’s

15 shareholder with a small holding, the

16 Bank of St Petersburg did service the metro, but it was

17 not thanks to any relationship whatsoever with

18 Mrs Matvienko, and some of her personal instructions.

19 I know that for sure, and I can confirm here on oath.

20 Q. Mr Matvienko, can you confirm that administrative

21 connections did not contribute in any way to the Bank’s

22 success in winning the race, so to speak, for the market

23 of Visa cards in early 2000s? I am probably not

24 formulating it very well. There was a struggle between

25 different banks, competition between different banks in

1 because previously I didn’t understand. Of course the

2 ATMs and Visa cards are two completely different things.

3 Speaking about the ATMs, we have an opportunity, as

4 the other banks do, to install ATMs in the metro.

5 However, the ATMs take all sorts of cards, they also

6 take MasterCard, not just the Visa cards, they take

7 other cards as well of various issuers, so it has no

8 relation whatsoever, no connection to the Visa card.

9 That’s why I didn’t understand the question, I wanted

10 some clarification.

11 With regard to the ATMs, yes, indeed, all the metro

12 stations have St Petersburg ATMs as well as the other

13 bank ATMs and we have 700 ATMs just in the City of

14 St Petersburg, both the cash in and cash out ones.

15 MR JUSTICE HILDYARD: Do other banks have ATMs in the metro

16 system as well as Bank of St Petersburg?

17 A. Yes, my Lord, yes, it is not anything exclusive. In

18 the same way that in Smolny there are three or four ATMs

19 in order to receive salaries from various banks.

20 MR JUSTICE HILDYARD: At the time that the Bank, amongst

21 others, got the franchise, if you like, for ATMs on the

22 metro system, who owned the metro system? Is it

23 a state, or regional state-owned enterprise?

24 A. My Lord, this is a unitary enterprise which is owned by

25 the City Government. It is a state-owned or city-owned

25 27
1 early 2000s, for the market of Visa cards which were 1 unitary enterprise, ie owned by the Treasury of
2 spreading in Russia and in St Petersburg at that time; 2 the City, which under the statute, works on the basis of
3 do you recall that? 3 the authority granted to it by the City. It is
4 A. I do not understand what you are saying, sir. What does 4 a standalone company which carries on its own business,
5 it have to do with the Visa cards? They are owned by 5 but it is always controlled by the City administration.
6 an American corporation, and that corporation has 6 The CEO of this unitary enterprise has been running
7 an agreement with the Bank. What does it have to do 7 the tube for many, many years, he is quite
8 with the metro? We have an agreement with Visa and 8 an independent figure, and there are certain things that
9 Bank of St Petersburg works with Visa card. I am not 9 he needs to obtain the consent of the City on, but then
10 quite sure what competitions you talk about; can you put 10 the bulk of the decisions, the majority of the decisions
11 me to a specific text or say specifically what you mean? 11 are taken by the CEO himself, because the authority
12 MR JUSTICE HILDYARD: I thought I heard from you that — or 12 granted to him has been quite broad.
13 I heard you not dissent from the proposition, that the 13 MR STROILOV: My Lord, may I carry on?
14 Bank had been awarded, as it were, the concession to 14 MR JUSTICE HILDYARD: Yes, I am so sorry.
15 have its Visa cash points throughout the St Petersburg 15 MR STROILOV: I am grateful.
16 metro system. I think you are being asked about that 16 Now, Mr Savelyev, what I am suggesting to you is
17 rather than any arrangements between the Bank and Visa; 17 that the Bank secured its contract with Visa for issuing
18 is that …? 18 the cards, because it had access to the client database
19 MR STROILOV: Yes, my Lord, I think that’s a better way of 19 of the metro system; do you accept that?
20 putting it. 20 A. No. I do not accept that because this is not true. All
21 MR JUSTICE HILDYARD: That is what I had understood. If 21 banks, even those which are smaller than mine by
22 I have misunderstood it, you must tell me. 22 a factor of 100, have contracts with Visa. They have
23 MR JUSTICE HILDYARD: 23 the right to issue cards if Visa wants them to do that.
24 MR STROILOV: Yes. 24 This has nothing to do with the metro or the City tube.
25 A. Thank you so much my Lord for your clarification, 25 Q. Didn’t you get the Visa contract at the time the Bank
26 28
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1 was in a very bad position? You and Mr Matvienko only

2 just came on board.

3 A. My Lord, as a matter of fact, the Bank was in

4 an extremely difficult situation in 2001 when I first

5 joined the Bank. I have already mentioned that two

6 years on we spent a lot of time and effort turning the

7 Bank around. We achieved great success here, and in

8 2003 we were already in a good shape, and we were

9 already thinking about a longer term strategy to grow

10 the Bank, and we no longer experienced the difficulties

11 that Mr Stroilov is referring to with respect to

12 the year 2003.

13 MR JUSTICE HILDYARD: So far as you are aware, did your bank

14 have access to the customer list, presumably those

15 people with season tickets or otherwise, using the

16 metro? Did it acquire access to that list?

17 A. We issued the cards and I think it was in 2012 or 2013,

18 I can no longer recall exactly, we issued cards for the

19 metro. We added a metro application tack-on and we won

20 a competition in the city, and St Petersburg Bank issued

21 a card which carries a metro application tacked on top

22 of it, has the right to pay for the services rendered by

23 the metro, but, once again, I think it was either in

24 2012 or 2013.

25 MR JUSTICE HILDYARD: Perhaps I didn’t put the question, or

1 in time, in 2003 or whatever.

2 MR LORD: And not four years ago, and what this gentleman is

3 describing does accord with my experience of the London

4 tube, about how you go about swiping and so on.

5 I think it is fair to the witness, I do think we

6 should take it in stages, because he is having things

7 translated, he is trying to do the best …

8 MR JUSTICE HILDYARD: I think that is a fair — let me

9 explain the context in which I am asking these

10 questions, and Mr Stroilov and Mr Lord can correct me if

11 I am wrong, because I am not finding it entirely easy.

12 There are three possible avenues of enquiry. The

13 first relates to the contract under which your bank,

14 amongst other banks, obtained the right to install or

15 service cash point machines in the St Petersburg metro.

16 That’s one point.

17 The second point, which relates, as I understand it,

18 from what you have already told me, is that the

19 Bank of St Petersburg was chosen some time in 2012 or

20 thereabouts, to be a sort of affiliated partner with

21 Visa or other cards, such as generated it business. But

22 we are not concerned with that, as I understand it;

23 that’s 2012.

24 The third aspect, which I do understand us to be on,

25 relates to what Mr Stroilov has assumed exists in

29 31

1 maybe it is a misplaced question, but as many will know,

2 card providers, or enterprises such as Visa or those

3 affiliated with them, very often bombard people with

4 offers to take up their cards, and the basis on which

5 they bombard them is having acquired access to a general

6 customer list of some kind. They do this in order to

7 expand their business. So a customer list can, if it

8 generates a lot of business, be a very valuable source

9 of business.

10 I had understood — but again, I may have

11 misunderstood — Mr Stroilov to be suggesting that the

12 Bank, your bank, had acquired access to such a list of

13 customers using the St Petersburg metro; is that

14 correct, Mr Stroilov?

15 MR STROILOV: That’s correct, my Lord, that’s what I’m

16 saying.

17 MR JUSTICE HILDYARD: Yes, my question to you was simply, do

18 you know whether it did or not, and whether it used it

19 or not? Are you unhappy with that, Mr Lord?

20 MR LORD: Well, I am a little, my Lord, because the question

21 appeared to be about whether there is a list and what

22 time periods we are talking about, because I must say

23 I had understood the questions to be back about a time

24 of acquiring a right to issue Visa cards, not —

25 MR JUSTICE HILDYARD: You are quite right, it should be set

1 the shape of a list of the customers, or some portion of

2 the customers, of the St Petersburg metro. I suppose

3 the questions are, do you know whether the Bank ever had

4 such a list? Do you remember whether it used such

5 a list? And do you remember how it acquired such

6 a list? Those seem to be the three questions which

7 arise in that third context; is that right?

8 MR STROILOV: That’s right, my Lord, and I am just worried

9 that it seems to have grown, and it is all my fault and

10 it seems to have —

11 MR JUSTICE HILDYARD: Well, I am sorry if I have made more

12 of a mountain out of it, but sometimes you are rather

13 assuming that we can follow your thought process, which

14 we may not be.

15 MR LORD: I am grateful to your Lordship, because I do think

16 it is important that we go rather precisely here,

17 because the underlying points are rather serious and so

18 I think it is important that the points are put, as I am

19 sure they will be, very clearly and very fairly, so that

20 the witness can understand exactly what administrative

21 connection, quote unquote, is said to have been

22 operating and whether that is good or bad or improper

23 and so on. So I do appreciate going more carefully or

24 as carefully as we are.

25 MR JUSTICE HILDYARD: Is that reasonably clear, Mr Savelyev?

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1 A. Yes, my Lord. I understand your question very well,

2 thank you very much, and I am more than happy to answer

3 your question.

4 Bank of St Petersburg does not have any exclusivity

5 rights to any database, and I don’t even think that our

6 metro has a database, at least not that I know of.

7 Moreover, my Lord, BSP as of today has 1,600,000

8 individual clients out of 5 million people living in

9 the city. Those people voluntarily decided to open

10 accounts with BSP and they worked together with the Bank

11 with great success, because it is more convenient for

12 them to do so, and so far as retail products are

13 concerned, our strategy says that we only work with our

14 clients; we do not work for third party individuals, we

15 do not provide loans to individuals who are not Bank

16 clients, Bank customers, for at least six months. We

17 provide loans only to those individuals who have opened

18 a salary account with the Bank, and so we can see their

19 cash flow.

20 MR JUSTICE HILDYARD: I don’t want to unduly interrupt you,

21 but I don’t think we are on your lending policies.

22 I think all we are concentrating on is the question of

23 whether the Bank obtained, for marketing purposes or

24 business development purposes, a list of customers, and

25 I think that you have answered that: no, it did not, and

1 issue from that period?

2 A. Well, let me say that, my Lord, when I joined the Bank,

3 the Central Bank of the Russian Federation issued

4 an order with respect to limiting work the Bank can

5 conduct with individuals, with natural persons, so we

6 drew up a plan, a snag list, as it were, to cure the

7 deficiencies that had been pointed out and by the year

8 2003, speaking from memory, we had resolved all the

9 issues, all the grievances that had been raised by the

10 Central Bank.

11 Q. Now, Mr Savelyev, isn’t it the case that virtually all

12 municipal authorities and state-owned enterprises in

13 St Petersburg were banking with Bank of St Petersburg

14 under Mrs Matvienko’s administration?

15 A. No, this is not true, my Lord. Under Governor Yakovlev,

16 30 per cent of our balance sheet was government-owned or

17 government-controlled entities, then when Valentina

18 Matvienko became governor, all that money was

19 transferred to the Federal Treasury of the Russian

20 Federation, so the money was taken, funds were taken out

21 of all the banks because there was a federal law that

22 had been enacted, whereby the City had no right to keep

23 its funds in commercial banks. So that was a resolution

24 by the Ministry of Finance, adopted at that time, and

25 that was precisely at the time when Valentina Matvienko

33 35
1 therefore other questions may not really have a proper 1 became governor of St Petersburg, and she always
2 foundation. 2 mentioned at all the meetings that they had within the
3 MR LORD: No, and I think to be fair to the witness, I think 3 Government of St Petersburg, she said that: when
4 he is explaining what the client database access 4 I became governor, all the money was taken out of
5 advantage would or wouldn’t be. I think he is 5 commercial banks and moved to the state coffers. So
6 explaining the reason why an awful lot of clients come 6 1.5 per cent of the total balance sheet is funds owned
7 to the Bank in any event, so it may not be an entirely 7 by the Government.
8 inappropriate way for the witness to explain the 8 Under her governorship, only Vodokanal and the
9 question. 9 metro, the two state-owned unitary enterprises, had the
10 MR JUSTICE HILDYARD: Well, I thought he was going on to 10 right to open accounts with BSP, but they also have the
11 their lending policies which are rather different from 11 right to open accounts with other banks, for which they
12 their customer or checking policies. 12 simply have to organise some sort of a contest, or
13 MR LORD: I think he was explaining the number of people in 13 a competition.
14 St Petersburg who bank with this bank. 14 Q. And, Mr Savelyev, isn’t it the case that the majority of
15 MR JUSTICE HILDYARD: He has already told me that in his 15 public sector workers in the city, directly or
16 evidence, at 1.43 million. 16 indirectly employed by the City of St Petersburg, they
17 MR LORD: Yes. 17 had their salaries paid to their accounts in
18 MR JUSTICE HILDYARD: Thank you. 18 Bank of St Petersburg?
19 MR STROILOV: Thank you, my Lord. Should I carry on, or 19 A. No. Not all of them, my Lord. We faced severe
20 would you like to — 20 competition on the part of Sberbank and VTB 24. If we
21 MR JUSTICE HILDYARD: Of course, yes. 21 look at the market share, I think BSP hold about
22 MR STROILOV: Mr Savelyev, just very briefly, do you recall 22 10 per cent, compared with the other banks, and in
23 for the first two or three years after you became the 23 the City of St Petersburg, I would say, considering the
24 CEO of the Bank, there was a risk of the Bank being 24 branches of Moscow banks and western banks,
25 excluded from the Visa cards system? Do you recall that 25 international banks, we have about 80 banks that have
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1 a footprint in the city, all the banks we have to

2 compete with. So I know it for a fact that there is

3 a lot of fierce competition.

4 Q. Just to clarify, Mr Savelyev, you said you have about

5 10 per cent of the market: what market are you talking

6 about?

7 A. I mean the banking services market.

8 Q. You mean banking services market overall, or is it

9 anything more narrow? Because I was asking you about

10 public sector workers.

11 A. I think I also answered your question with respect to

12 the public sector employees. I said that contests or

13 competitions are organised, and within those contests or

14 competitions I do not have any competitive edge over

15 other banks.

16 Q. And can you estimate what was the Bank’s share of

17 the market in St Petersburg in 2011 as opposed to now?

18 A. Well, I am not sure, but I would say — once again, what

19 was the year again, sorry?

20 Q. In 2011. The reason I am asking about 2011 is that’s

21 the point when Mrs Matvienko left office.

22 A. I do not recall exactly, but I think it was above

23 10 per cent of the banking market, if this is the market

24 that you are referring to.

25 Q. And what about, let’s say, 2001, 2002 and 2003, around

1 Investitsiy I Finansov, which obviously features rather

2 heavily in these proceedings.

3 Do you know that company?

4 A. Yes, I do.

5 Q. At the time it was incorporated, that company was known

6 as Vekselnaya Kompanyia Sankt Peterburg, wasn’t it?

7 A. This is something I don’t know.

8 Q. Well, perhaps I could take you, or show to you, what

9 Mr — you do know that Mr Sklyarevsky owns that company

10 at the moment, don’t you?

11 A. I know Mr Sklyarevsky as a Bank client. He has been

12 working with the Bank for a long time, and I think he

13 does own the company, however, I do not know exactly,

14 being here today, whether he owns that company or not.

15 Most likely this is the case, he does own it.

16 Q. Well, do you know Mr Sklyarevsky well?

17 A. Yes, I have known him for a long time, starting from

18 around year 2004 or 2005.

19 Q. Right, and if we could, please — I am afraid it is

20 an English transcript, so I will have to be reading to

21 you the bit I wanted to ask you about. If we could look

22 at Day 23, and I wonder if we could call two pages.

23 I need the very bottom, really, the last two lines on

24 page 24 and then page 25, if both could be made visible,

25 that would be great. {Day23/24:24}, {Day23/25:1}.

37 39

1 that time, what would be your estimate of your share in

2 the market?

3 A. I think I already mentioned that the loan portfolio of

4 the Bank in 2001 was $80 million, which is peanuts, and

5 the share was insignificant, but because we kept growing

6 every year, the share kept growing as well.

7 Q. Thank you.

8 Mr Savelyev, I put it to you that the Bank’s success

9 under your leadership was largely due to the influence

10 of Mrs Matvienko and her administration in

11 St Petersburg.

12 A. My Lord, this is unfair. This is unfair vis-a-vis

13 myself, and all the people who work in the Bank. There

14 is no relationship between the success that we have

15 achieved and the fact that Mrs Matvienko was governor of

16 St Petersburg.

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

18 break, if you are minded?

19 MR JUSTICE HILDYARD: Yes.

20 (10.50 am)

21 (A short break)

22 (11.03 am)

23 MR STROILOV: May it please your Lordship.

24 Mr Savelyev, I would like to ask you about the

25 company called SKIF, or Strategiya Korporativnykh

1 So for the time — well, let me read you the extract

2 from that.

3 A. (Untranslated).

4 Q. I am afraid not, there is no Russian version of it, so

5 I will have to be reading this and then it will be

6 interpreted for you, Mr Savelyev, I am afraid that’s the

7 only mode we have.

8 So starting from line 24 at page 24, I asked

9 Mr Sklyarevsky, when he was where you are now:

10 «Question: … it appears from looking at the

11 bottom of this page that SKIF was incorporated in 2003,

12 wasn’t it?»

13 Then Mr Sklyarevsky answers:

14 «Answer: Yes, that is correct.

15 «Question: At the time it was known, if you look

16 slightly up in ‘Changes to name and legal status’, it

17 was called Vekselnaya Kompanyia Sankt Peterburg.»

18 And Mr Sklyarevsky answers:

19 «Answer: Correct. Absolutely correct.»

20 Then I ask:

21 «Question: And then the same year the name was

22 changed to BSPB-Finans?»

23 And Mr Sklyarevsky answers:

24 «Answer: As far as I understand that happened — oh

25 yes, that is correct, the date is correct, 2003.»

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1 And then I ask him: 1 some company that did not play any strategic role in
2 «Question: And BSPB here stands for 2 the Bank’s strategy?
3 Bank of St Petersburg, doesn’t it? 3 Q. Well, isn’t it the case, Mr Savelyev, that at that time
4 And Mr Sklyarevsky answer: 4 Mrs Malysheva was rather new in the Bank?
5 «Answer: Yes, correct.» 5 A. I’m sorry, sir, could you please repeat your question?
6 Then we discuss shareholding, and if we could now 6 Q. Mr Sklyarevsky here is talking about 2006, isn’t he?
7 look at {Day23/26:1}, perhaps on the other screen if we 7 A. I don’t know. Where does it say about 2006?
8 don’t need it for anything else for the moment. Yes. 8 Q. Well, he is talking about 2006, Mr Savelyev.
9 While I am reading this, I wonder if the bottom of this 9 Now, isn’t it the fact that Mrs Malysheva only
10 screen could be used for — probably not, probably it 10 joined the Bank in 2006?
11 won’t fit. 11 A. I do not exactly recall when she joined the Bank.
12 Right, then starting at line 3, Mr Sklyarevsky 12 Possibly she did join the Bank in 2006.
13 explains: 13 Q. So there must have been some source from which she would
14 «Answer: … when I left AVK in 2005, I worked as 14 learn about an obscure financial company owned by the
15 an employee for 10 years and it was a big challenge for 15 Bank at that time?
16 me to create my own business, and that was not just the 16 A. My Lord, I don’t know about these sources. I don’t know
17 legal entity that could be done in month, costing 17 where she got this information from, because the
18 RUB 10,000, I needed a legal entity with a financial 18 company — well, as Mr Stroilov put it, it had no
19 track record, in the financial area, and Ms Malysheva 19 strategic role at the Bank. It was joint company, so
20 recommended to me a company that, as far as 20 I don’t really know about that.
21 I understand, was not needed by Bank of St Petersburg, 21 Q. Well, I didn’t put it like that, Mr Sklyarevsky did. So
22 but it was formed as a finance company, it had all the 22 is it your evidence that you know nothing about this
23 hallmarks of a finance company, and we bought it with 23 transaction?
24 Mr Ved and renamed it into SKIF.» 24 A. Mr Stroilov, I respond to your questions that I hear
25 Then we are discussing the abbreviation for the time 25 through the microphone. You are putting to me what
41 43

1 being, and now if we could just — well, I think if you

2 look at page 27, if your Lordship could note just for

3 the context the very bottom of page — if we could call

4 page 27 on the other screen, if possible {Day23/27:1},

5 and there I ask him that — I hope it is not objected

6 to — yes, that’s brilliant, thank you.

7 So I point out that in 2003 the company seems to be

8 owned by Bank of St Petersburg and Solo and two

9 individuals, and then we are discussing some

10 peculiarities of SPARK, which I don’t think we need to

11 go into, unless I am challenged.

12 Then I ask him at line 11:

13 «Question: Well, surely you know who you bought the

14 company from?»

15 And Mr Sklyarevsky says:

16 «Answer: Yes. There were individuals, and I think

17 one legal entity. That transaction was recommended to

18 me by Mrs Malysheva, who moved to Bank of St Petersburg.

19 I do not deny that that company, that was the Bank’s

20 company that first was held by the Bank. I don’t know

21 how to put it exactly.»

22 So does that refresh your recollection, Mr Savelyev?

23 It seems that Mr Sklyarevsky told my Lord that he bought

24 that company from the Bank?

25 A. Possibly. Why should this refresh my recollection about

1 Mr Sklyarevsky said. I believe you and I endeavour to

2 respond to your question.

3 Q. Yes. Did you know about the sale of the company at that

4 stage known as BSPB-Finans in 2006? Did you know about

5 that prior to now?

6 A. My Lord, prior to Mr Stroilov telling me about this,

7 I knew nothing about it, and I have no idea what this

8 company is, what are the sale and purchase transactions

9 between some two companies that Mr Stroilov mentioned.

10 I think they have no importance for the Bank.

11 Q. So is it your evidence that the first time you have

12 heard of a company at that stage — sorry, let me start

13 again.

14 Is it your evidence that the first time you heard of

15 a company called BSPB-Finans is this morning?

16 A. I am saying, sir, that you told me about BSPB-Finans,

17 allegedly it was sold to SKIF. I know nothing about

18 this.

19 Q. Have you ever heard of BSPB-Finans before this morning,

20 yes or no, Mr Savelyev?

21 A. I do not remember.

22 Q. And have you ever heard of Vekselnaya Kompanyia

23 Sankt Peterburg before this morning, yes or no?

24 A. No, I do not remember that.

25 Q. Thank you. Now may I ask you about a company called

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1 Gayde Insurance Company. Do you know that company?

2 A. Yes, my Lord, I know that company.

3 Q. As I understand it, that company is a successful

4 insurance business, isn’t it?

5 A. I wouldn’t put it this way. I wouldn’t say it’s very

6 large and successful, but it’s a stable insurance

7 company.

8 Q. And it is working closely with the Bank, isn’t it?

9 A. Yes. Along the other insurance companies.

10 Q. And do you know who owns that company?

11 A. As far as I recall, the lady that owns it is Gai Tatyana

12 Mikhailovna. I think as of today I own 10 per cent of

13 it, and also the husband of Mrs Gai, I think his surname

14 is Altshuller. They hold it via companies.

15 Q. Now, if we could, and I am afraid I will be taking you,

16 again, to databases, Mr Savelyev. Now, what we will do,

17 I am afraid we have SPARK in English and we have

18 Kartoteka in Russian, but the information there is the

19 same, or if we notice any discrepancies, we will point

20 them out.

21 Now, let me just find the — I think I have seen it

22 uploaded. If we could go to … that’s a difficult one.

23 {D176-D191/2918.1T/3049}. That’s the English SPARK

24 entry.

25 For Mr Savelyev’s benefit, on the other screen

1 the end of the table, if you could scroll up the Russian

2 version one page.

3 The problem is it is organised slightly differently,

4 but if we could … I will be going, I think, bottom to

5 top in the Russian version and then kind of pointing out

6 where I am looking to the corresponding entry in

7 English. So you can see Strelets there, can’t you,

8 Mr Savelyev?

9 A. Yes, I can see that, but the date of entry here and the

10 rest of the tables look empty on my screen. They

11 contain nothing at all. At least in the Russian,

12 Mr Stroilov, would you be able to refer me to a place in

13 the Russian text?

14 Q. Yes, in the Russian version, for whatever reason, it is

15 not dated, but in the English the date for Strelets,

16 there are several Strelets entries. One is

17 dated August 2005, and that’s 15.69 per cent

18 shareholding, and then there is another entry for

19 Strelets, dated 1 January 2008, and that’s 15.69

20 shareholding again.

21 So isn’t Strelets your company?

22 A. My Lord, unfortunately this table here is not displayed

23 properly on my screen. It doesn’t have any dates, it

24 doesn’t have any shareholdings stated, it doesn’t have

25 the date when the company was registered. So it’s

45 47

1 I will ask for Kartoteka entry in Russian, which is

2 {D207/3056/1}. You can see that the lady you have

3 mentioned, Mrs Gai, is indeed named as director general.

4 I don’t think you can see that. Yes. If we could

5 scroll down the Russian one page, you will just see that

6 she is there {D207/3056/2}.

7 Now, if we could scroll down the English version to

8 shareholders, hold on, let me find it in a moment. If

9 we could go to {D176-D191/2918.1T/3052} you will see

10 that the heading of «Shareholders» is at the top, and

11 now if you could scroll down one page more

12 {D176-D191/2918.1T/3053}. Now there is quite a long

13 list of historic shareholders, and there are a few

14 tables. Let me just figure out which is the best to be

15 used. I think the Rosstat one, so that starts in

16 the middle of the page, you see the present shareholders

17 which is consistent with what Mr Savelyev says, and then

18 there are historic shareholders and I would like to go

19 through the list.

20 So Mr Savelyev can also see the beginning of

21 the list, so now if we could scroll down both screens so

22 that we start the oldest bits of the list

23 {D176-D191/2918.1T/3054}, {D207/3056/5}. I would prefer

24 to go bottom to top.

25 Q. As you see, there is nothing particularly interesting at

1 difficult for me to make any corrections and answer any

2 questions because this is not properly displayed in

3 the table. I can’t see anything in there. Here what

4 I can see in the Russian, there are some companies

5 listed here, it doesn’t say what the companies are, what

6 they own, so I would like to have sight of the properly

7 put together table.

8 Q. Yes. Well, I am afraid I haven’t got a table with

9 dates, just to make it easier, we can go by the English

10 version which I will be translating to you, but that

11 will slow things down.

12 This is just to assist you, Mr Savelyev. I think

13 the shareholding percentage you can see in the third

14 column from the left.

15 Now, I can give you dates looking at the English

16 version, and I am afraid that’s the best I can do.

17 A. Sorry, I don’t understand this table. I don’t

18 understand the English version, I would not be able to

19 comment upon it because it doesn’t have a start or

20 an end.

21 MR JUSTICE HILDYARD: Let’s see how we go. The first issue

22 which you have been asked about relates to a company,

23 Strelets, which in 2005 had 15.69 per cent of the shares

24 of the company we are looking at, and had the same

25 percentage of shares in 2008 also. The question you

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1 were asked, which doesn’t require you to understand the

2 table, is to confirm that Strelets was your company, or

3 a company in which you were interested; does that assist

4 you?

5 A. My Lord, it does assist me that yesterday at the

6 beginning of the hearing we have discussed Strelets,

7 whether there was number 1 or number 2, I am not sure

8 which Strelets is meant here.

9 MR STROILOV: It is Strelets without a number.

10 A. Then will it be possible to clarify for me who are the

11 beneficiaries of that Strelets company, because it

12 doesn’t say so in my table.

13 Q. That’s what I’m asking you about.

14 A. I don’t understand what Strelets we are talking about,

15 number 1 or number 2. Yesterday you yourself said there

16 were two Strelets companies and from what I recall, from

17 our yesterday’s discussion, there were two companies

18 named Strelets, one was Strelets-1 and the other one was

19 Strelets-2; which one of those is this one? I will not

20 be able to answer the question, my Lord, because I don’t

21 understand which Strelets company is mentioned in this

22 table.

23 Q. Now, Mr Savelyev, I think you are mistaken. We were

24 talking about companies called Strelets and Strelets-2.

25 I just don’t want to be inaccurate. It wasn’t called

1 A. As of today, I own 10 per cent in Gayde. Now I am not

2 sure I understand which period of time you are referring

3 to, sir.

4 Q. Previously, let’s say, between 2005 and now, was your

5 shareholding roughly the same? Smaller? Bigger?

6 A. My Lord, my answer is I do not recall what my equity

7 stake was in the company back in 2005. For all I know,

8 I may not have held any interest in the company at all

9 at that time.

10 Q. And to your knowledge, did the Bank hold a significant

11 shareholding in Gayde at any stage between 2005 and now?

12 A. It may have been the case, but I do not know what that

13 interest might have been.

14 Q. And didn’t the management of the Bank hold any interest

15 in Gayde between 2005 and now through any of the special

16 vehicle companies, such as Solo.

17 A. Most likely the Bank management did not own any shares,

18 and it is most likely that the Bank was actually

19 a shareholder in Gayde, yes.

20 Q. Now, Mr Savelyev, isn’t it the case that you control

21 this company through various vehicles?

22 A. No. This is not the case. And let me add, my Lord, if

23 I may, Gayde, throughout my career, especially when

24 I had some health issues, as an insurance company

25 together with the doctors that worked for that company,

49 51

1 Strelets-1, it was simply called Strelets, so that’s the

2 company which is not Strelets-2.

3 A. My answer is I don’t remember now.

4 Q. Now, you also can see the reference to Solo there with

5 17 per cent shareholding, can’t you?

6 A. Sir, which period of time are we discussing?

7 Q. In the English version we have August 2005 as the date

8 of entry.

9 A. This is possible.

10 Q. So is it consistent with your recollection that Solo may

11 have held — had 17 per cent share in that company in

12 2005?

13 A. My Lord, who opened Gayde Insurance Company, at what

14 point in time, is something that I definitely don’t

15 recall. The answer that I gave today to the court and

16 your Lordship with respect to who owns the company is

17 something that I may be able to recollect, but who owned

18 the company back in 2005 is definitely not something

19 that I will be able to recollect.

20 Q. Now, Mr Savelyev, were you personally a significant

21 shareholder of that company?

22 MR JUSTICE HILDYARD: Which company?

23 MR STROILOV: Gayde Insurance Company.

24 MR LORD: When?

25 MR STROILOV: Ever.

1 helped me a lot, and out of respect for Tatyana Gai and

2 as a gesture of thanks to her and the company for the

3 services they had rendered to me, I maintained the

4 10 per cent interest. It is of no strategic interest to

5 me. It does not pay any dividend, but I am grateful to

6 Tatyana Gai, to Mr Altshuller and myself, and we still

7 maintain a very good relationship, and I am greatly

8 indebted to them, I owe them a lot.

9 Therefore, when they asked me to continue holding

10 the 10 per cent equity stake in the company, I decided

11 to do so out of respect for those people.

12 MR JUSTICE HILDYARD: When were your health issues — don’t

13 tell me about them, but when were your health issues in

14 point of time?

15 A. It started on 6 April 2012, I remember that date very

16 well, and all the way until the end of 2014, my Lord.

17 MR JUSTICE HILDYARD: So you maintained the shareholding

18 after 2012. You had had it or acquired it some time

19 before 2012, but you can’t remember when; is that right?

20 A. My Lord, I simply do not recall when that was. I only

21 know why I’m still sitting on those shares. This is not

22 something easily forgotten, because basically, for all

23 practical purposes, they saved my life.

24 MR STROILOV: Yes, my Lord, may I go on now?

25 MR JUSTICE HILDYARD: Yes, of course.

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1 MR STROILOV: Mr Savelyev, it appears from looking at that

2 list, and I wonder if, perhaps, you could be shown the

3 fuller list, because I think you can have two

4 Kartoteka — if you could have the previous page above

5 the Russian page? Could we have the previous page as

6 well, I think it won’t be a full list either

7 {D207/3056/3}. That’s closer, I think.

8 Mr Savelyev, I am just trying to keep it — not to

9 spend too much time on it, really. If we look — if you

10 just go through the list, you will see, and I will

11 mention the entries I rely on, but what I am suggesting

12 to you, that Gayde is a company controlled by the Bank

13 and/or by you; do you accept that?

14 A. Mr Stroilov, I know it for a fact that the company is

15 controlled by Tatyana Mikhailovna Gai and Aleksandr

16 Abramovich Altshuller acting through some corporate

17 entities. This company is owned by the founders of

18 Gayde and Altshuller, and I have already told his

19 Lordship that I do not control the company and I only

20 hold a 10 per cent equity stake in the company out of

21 respect for Tatyana Gai.

22 Q. So you can see that historically, at some points

23 Strelets held 15.69 per cent, Solo held 17 per cent,

24 Bank of St Petersburg at some point held 19.34 per cent

25 shareholding in them, then you can see that Miveks held

1 to hold shares through Miveks in Gayde; is that what you

2 mean?

3 MR STROILOV: No, my Lord, I’m saying that’s one of

4 the vehicles whereby shareholders of

5 Bank of St Petersburg held shares in

6 Bank of St Petersburg. I apologise if it wasn’t clear.

7 MR JUSTICE HILDYARD: No, it’s my stupidity. I just —

8 MR STROILOV: Obviously Mr Savelyev needs to understand what

9 I am suggesting.

10 MR JUSTICE HILDYARD: So you are asking whether Miveks was

11 a vehicle for some other persons to hold shares in

12 Bank of St Petersburg.

13 MR STROILOV: Yes, for shareholders of Bank of St Petersburg

14 to hold shares in Bank of St Petersburg.

15 Do you recall Miveks being a shareholder in

16 Bank of St Petersburg, Mr Savelyev?

17 A. Not sitting here today, so I would like you to disclose

18 that information to me as to who the owners of Miveks

19 are and who holds shares in the company.

20 Q. We will come to that, Mr Savelyev; what is your

21 recollection? You don’t remember, do you say that?

22 A. Mr Stroilov, speaking from memory, I said I do not

23 recall, but if you show me information from EGRUL

24 whereby it sets out details of Miveks, I may be able to

25 recall something.

53 55

1 10.66 per cent. I am going through your list,

2 Mr Savelyev, and I hope it can be followed on the

3 English version, if not I will asked something to be

4 done about it.

5 Mr Savelyev, can you confirm that Miveks is one of

6 the vehicles for shareholding in Bank of St Petersburg?

7 A. Are you referring to Gayde?

8 Q. No, I’m asking —

9 A. To Gayde. I can see from this that Miveks does not hold

10 anything. There is no date, there is no equity stake

11 here, there are no figures that I can see.

12 Q. Now, Mr Savelyev.

13 A. It says 10.66 per cent, its contribution to the company.

14 That’s what it says here.

15 Q. Now, Mr Savelyev, was Miveks a special purpose vehicle

16 for holding the shares in Bank of St Petersburg?

17 A. My Lord, I do not recall Miveks, or why it was

18 incorporated and when it was incorporated and why it is

19 mentioned here in connection with Gayde. I simply do

20 not recollect that.

21 MR JUSTICE HILDYARD: I am a little bit unclear about your

22 question. Was Miveks a special purpose vehicle for

23 holding the shares in Bank of St Petersburg?

24 MR STROILOV: That’s right.

25 MR JUSTICE HILDYARD: Do you mean for Bank of St Petersburg

1 Q. Now, you can see System Technologies in this list, can’t

2 you? In your list it will be line 41, and in my Lord’s

3 list it is near the bottom. I think the English list is

4 alphabetic and then the Russian list is chronological,

5 I think that’s the difficulty.

6 So System Technologies is your company, isn’t it?

7 A. Why so? I’m not aware of this.

8 Q. Are you not, Mr Savelyev? You are under oath. System

9 Technologies is your company, isn’t it?

10 A. I know that I am giving evidence under oath and I am

11 being totally open with you, I do not know which System

12 Technologies you are referring to in this context and

13 what System Technologies is mentioned here in 41; is

14 this a joint-stock company or is this an LLC? I don’t

15 know which System Technologies they are referring to

16 here, and I am saying this under oath: I am saying that

17 I do not understand this.

18 Q. Now, Mr Savelyev, I suggest to you that you are not

19 telling the truth. You are being evasive in response to

20 this line of questioning.

21 A. Well, Mr Stroilov, you are not telling the truth because

22 I do not know which System Technologies company you are

23 referring to, and I am being totally open and I am

24 telling his Lordship that I do not know what System

25 Technologies LLC is or what relationship it has

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1 vis-a-vis myself.

2 MR LORD: Sorry, my Lord, the phrase was «is it your

3 company?» The question has to be put, there is a — it

4 may just be a question of how the questions are being

5 put. The question was, I made a note of it: «this is

6 your company», that was what was put, and the witness

7 was accused of being evasive for not agreeing. That’s

8 all I would point out to the Bench.

9 MR JUSTICE HILDYARD: Mr Savelyev, do you think there’s more

10 than one company which is called System Technologies?

11 A. My Lord, I do not know which company is being referred

12 to by Mr Stroilov in this context. It may be the case

13 that there are more than one such companies; I simply do

14 not recall that, and unfortunately I cannot tell him

15 under oath that this System Technologies LLC is the one

16 that I am aware of.

17 MR JUSTICE HILDYARD: But you are aware of a company called

18 System Technologies, are you?

19 A. I think at the hearing yesterday we mentioned System

20 Technologies, but I do not recall exactly, my Lord.

21 MR JUSTICE HILDYARD: Well, you and I both. I can’t

22 remember it being mentioned, but I am sure I will be

23 corrected.

24 MR STROILOV: Yes, well, perhaps we can go to the transcript

25 of yesterday in that case. If we have to go to

1 {Day27/74:1}.

2 MR JUSTICE HILDYARD: Yes.

3 MR LORD: And it went on for a while.

4 MR JUSTICE HILDYARD: Yes, I remember. This is the —

5 I remember this, yes.

6 I don’t recall this witness saying that it was his

7 company; do you recall so?

8 MR STROILOV: Well, I will show your Lordship what I mean.

9 MR JUSTICE HILDYARD: Okay.

10 MR STROILOV: Let me then split it, and then if I am

11 challenged to —

12 MR LORD: No, show him, please, where he said in

13 the transcript, where he said in the transcript that you

14 have obviously studied that this witness said it was his

15 company, please.

16 MR STROILOV: Let me just split it and try and …

17 Now, Mr Savelyev, you do recall that yesterday you

18 were referred to the fact that registered shareholders

19 of System Technologies were Lyudmila Stepanova and you,

20 don’t you?

21 A. You were showing me the 81 over 19 per cent ratio. You

22 mentioned Lyudmila Stepanova, that much I do recall.

23 MR JUSTICE HILDYARD: I have found it. It’s at 82 to 83 —

24 MR STROILOV: 82 to 83.

25 MR JUSTICE HILDYARD: — of yesterday’s transcript

57 59
1 the transcript, we have to. I will just put it to 1 {Day27/82:1}.
2 Mr Savelyev what — now, Mr Savelyev, yesterday you 2 Mr Savelyev, yesterday, and you will be shown the
3 admitted that System Technologies or Sistemnye 3 transcript and if necessary it can be translated for
4 Tekhnologii, was your company. 4 you, you explained to me the following: One, that you
5 MR LORD: No, he didn’t say that, that’s not what he said. 5 held 19 per cent of the shares in this company and
6 MR STROILOV: I will find the transcript. 6 Ms Stepanova held 81 per cent. That was the first
7 MR LORD: You asked him about his 19 per cent stake in it, 7 point.
8 you had a long line of questions about it and he gave 8 You explained, or confirmed, that the reason for
9 evidence about the other shareholder. 9 your shareholding being restricted was the regulatory
10 MR STROILOV: All right, then I will take you to 10 issues which arose in the case of an insurance company
11 the relevant parts of the transcript, if that is 11 if you held 20 per cent or more, and you were asked by
12 disputed. 12 me, I think, whether Ms Stepanova held those shares as
13 MR JUSTICE HILDYARD: I am so sorry, I simply have got 13 your nominee, and you said yes.
14 confused between — you will have to remind me of this. 14 Accordingly, your answer was, yesterday, that you
15 MR LORD: Your Lordship will recollect there was some 15 did hold all the shares in beneficial terms in that
16 questioning about a company called System Technologies, 16 company which was, thereby, your company. That is what
17 a database entry was shown, there were a few questions 17 you said yesterday.
18 about whether the stake was kept under 20 per cent for 18 If you want to see the transcript, by all means do
19 various declaratory purposes, and there were questions 19 so, but that is what was said.
20 about the degree of influence and so on over the 20 MR STROILOV: I don’t know if I need to read out the
21 company. At no point did this witness say, «it is my 21 relevant bits, but it was quite a long line, so it will
22 company». 22 take some time to read it out.
23 MR JUSTICE HILDYARD: I am just trying to remind myself what 23 MR JUSTICE HILDYARD: It is 82 to 83. I think Mr Lord
24 was said. 24 misremembered this.
25 MR LORD: It’s page 74 of yesterday’s transcript. 25 MR LORD: Yes, I apologise, my Lord.
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1 MR STROILOV: Do you recall now, Mr Savelyev?

2 A. My Lord, I said yesterday, and I am happy to confirm

3 today with respect to System Technologies that Lyudmila

4 Stepanova held 81 per cent and I held 19 per cent and

5 that I had an option agreement with Lyudmila Stepanova,

6 but I never said that System Technologies was my

7 company.

8 Q. I think I have to read out the transcript, so it will be

9 translated to the witness. Does it start at 83, doesn’t

10 it?

11 MR JUSTICE HILDYARD: Did you control the shares held by

12 Ms Stepanova in whatever way you arranged between you?

13 A. Yes, my Lord, I did, via that option arrangement.

14 MR JUSTICE HILDYARD: Yes. Do you want more than that?

15 MR STROILOV: No, I don’t, really. I am happy with this.

16 MR JUSTICE HILDYARD: Don’t let me put you off, but I think

17 yesterday this witness accepted that they were, in

18 effect, held for him by Ms Stepanova, and he has

19 explained today that the method or mechanic by which he

20 was able to control those shares was the existence of

21 an option agreement. If you want more than that, don’t

22 let me stop you, but that’s what seems to be the record

23 at the minute.

24 MR STROILOV: Yes, my Lord. I think that’s fine, and

25 I would really challenge then, I am happy to …

1 didn’t you?

2 A. My Lord, yesterday we discussed about 20 plus companies,

3 I do not recall exactly how many those were, and

4 obviously there were quite a few of those companies.

5 Therefore, I may have confused the names of

6 the companies earlier, giving evidence earlier today,

7 therefore I was asking whether Mr Stroilov is referring

8 to the joint-stock company or the limited liability

9 company System Technologies. If he is referring to

10 the company System Technologies that we discussed

11 yesterday, I’m happy to confirm that the System

12 Technologies that we discussed yesterday was a company

13 where Mrs Stepanova was holding shares and we had

14 an option arrangement. This is a part of the public

15 domain. You can find that information on the website of

16 the Bank. So that was the arrangement that we had.

17 Q. Could we now go back, keep the Russian screen — don’t

18 touch the Russian screen, but if we could go back on the

19 other screen to {D176-D191/2918.1T/3055}.

20 Mr Savelyev, Insurance Company Gayde is a company

21 controlled by you and/or other managers of the Bank,

22 and/or the Bank itself, isn’t it?

23 A. As of today, this is not the case. I have already

24 explained to his Lordship that as of today, this company

25 is not controlled by the Bank or myself; it is

61 63

1 Mr Savelyev, I think you also admitted, again,

2 I will be challenged to show the place in the transcript

3 if necessary — you admitted also that System

4 Technologies was your vehicle for holding a significant

5 amount of shares in the Bank.

6 A. System Technologies is a legal entity, that’s one thing,

7 and the option programme is something different.

8 The shares were held in System Technologies in my

9 interest based on the mechanics of the optioning

10 arrangement, and this is something that I have also

11 confirmed, yes.

12 MR JUSTICE HILDYARD: I think you are now being asked

13 whether System Technologies was a company through which

14 you held shares in the Bank; is that right?

15 MR STROILOV: Yes, my Lord.

16 MR JUSTICE HILDYARD: It’s a slightly different point.

17 MR STROILOV: I am just reminding Mr Savelyev what he

18 admitted to yesterday.

19 MR JUSTICE HILDYARD: Okay.

20 MR STROILOV: That’s in support, simply, of my proposition

21 that the witness is not being truthful in answers to

22 questions about shareholders of Gayde, he is being

23 evasive.

24 You remember very well, Mr Savelyev, what I am

25 talking about when I referred to System Technologies,

1 controlled by the Gai family and Mr Altshuller.

2 Q. And do you accept that historically it was the case that

3 Gayde was controlled by you, directly or incorrectly?

4 A. So far as I can see from this document, BSP owned

5 19.34 per cent of shares in Gayde.

6 Q. Forget the document, Mr Savelyev. Upon your oath, was

7 it ever the case that you controlled Insurance Company

8 Gayde?

9 A. I never controlled this insurance company. The Bank did

10 own an equity stake in the company and the stake was

11 19.34 per cent.

12 Q. I put it to you that you are not telling the truth; in

13 fact you did control this company.

14 A. There is a difference between myself and the Bank.

15 There are two different entities. The Bank has other

16 shareholders, apart from myself.

17 Q. Mr Savelyev, let me put it more — let me qualify this.

18 You controlled Gayde Insurance Company directly or

19 indirectly through the Bank or through any other means,

20 but you did, ultimately, control it.

21 A. No, only up to the extent set out in the spreadsheet, ie

22 19.34 per cent.

23 MR JUSTICE HILDYARD: Is that right? Did you not have the

24 System Technologies shares? Ie System Technologies had

25 shares in it and you were in a position to control, as

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1 we’ve discussed at length, System Technologies?

2 A. My Lord, System Technologies only holds 8 per cent of

3 shares and 19 per cent is held by the Bank. When you

4 control 8 per cent via Gayde, you cannot control the

5 whole company.

6 MR STROILOV: Now, Mr Savelyev, the vehicles whereby you

7 exercised that control included the company called

8 Graham-Bell LLC, didn’t it?

9 A. I do not know what this company is.

10 Q. These vehicles also included the company called

11 IK Renord.

12 A. I’ve never controlled Renord, your Lordship.

13 Q. And your means of control of Gayde also included

14 Khortitsa; yes or no?

15 A. No.

16 Q. And that also included Strelets; yes or no?

17 A. We still haven’t figured out which Strelets you have in

18 mind, sir.

19 Q. And that also included Sistemnye Tekhnologii, or System

20 Technologies.

21 A. Yes, I confirm, my Lord, that System Technologies held

22 80 per cent in Gayde.

23 Q. And that also included Solo — well, another vehicle for

24 your control of Gayde was Solo, was it not?

25 A. No, we discussed yesterday the fact that Solo held for

1 A. Yes, sure.

2 Q. That is a company affiliated to the Bank, isn’t it?

3 A. As far as I recall, it was affiliated with the Bank and

4 it was even at some point in time — I don’t recall

5 exactly when that was — it even was consolidated

6 together with the Bank.

7 Q. By «consolidated», what do you mean? Can you expand on

8 that, Mr Savelyev?

9 A. I don’t know the date, I’m sorry, sir. Today I don’t

10 recall the exact date, but that company at some point

11 was owned by the Bank.

12 Q. Well, that’s what I meant. What did you have in mind

13 when you said a minute ago «consolidated»? Did you mean

14 it was owned by the Bank or did you mean that it was —

15 did you mean anything else?

16 A. At some point in time it was owned by the Bank.

17 Q. But that’s no longer the case, is it?

18 A. I don’t know at this point in time. I don’t know its

19 shareholders and the way it looks like.

20 With regard to reports, consolidated reports,

21 together with the Leasing Company St Petersburg, this is

22 not something that the Bank has today, they don’t have

23 consolidated reports with that company.

24 Q. Well, but as a matter of fact, to your knowledge, does

25 the Bank now control Leasing Company St Petersburg? For

65 67

1 the Bank’s interest a shareholding for the Bank’s

2 managers and for the Bank as a whole, and we did not

3 discuss Gayde. What point in time are we discussing,

4 what period in time we are discussing when we’re

5 discussing Solo? This is something I need to clarify,

6 because I have no date in my table here in the Russian

7 version.

8 Q. Well, it doesn’t matter, Mr Savelyev. All I am putting

9 to you is that at some time in the past, Solo was

10 performing this function; yes or no?

11 A. Then I would need to know about what point in time we

12 are talking, because Solo’s owners could have changed

13 after they have given away the shareholding they held

14 when they transferred it.

15 Q. In fairness, the reference I have in the English

16 version, the Solo entry is dated 31 August 2005. So

17 knowing this, what is your answer, Mr Savelyev?

18 (Pause).

19 A. My Lord, I think that Solo, at that point in time, owned

20 that shareholders for its own benefit, not for me or the

21 Bank’s management. We need to have a look at the sale

22 and purchase history for Gayde shareholding in order to

23 understand.

24 Q. Now, Mr Savelyev, may I ask you about the company called

25 Leasing Company St Petersburg?

1 the moment I am just asking you about the scope of your

2 knowledge without looking at any databases.

3 A. As of today, based on IFRS accounts, there is no

4 consolidated reporting together with Leasing Company

5 St Petersburg, as far as I recall.

6 Q. Well, forget the accounting standards; is Leasing

7 Company St Petersburg controlled by the Bank now, to

8 your knowledge?

9 A. To my knowledge, no. I don’t think so.

10 Q. So, again, to your knowledge, at what stage did Leasing

11 Company St Petersburg pass out of the Bank’s ownership

12 and control?

13 A. My Lord, now I do not recall the year that it happened.

14 Q. Right. Well, again, I am afraid we will have to go by

15 the same method; that’s to say we will have to be

16 looking at SPARK profile on one screen and then

17 Kartoteka Russian profile on the other, which is not

18 tremendously convenient, but that’s the best I can do.

19 On the English screen, it’s still the same tab, if

20 we could go to {D176-D191/2918.1T/2422} and on the other

21 screen if we could have a look at {D207/3055/1}, so at

22 the first page in both versions you can see that the

23 leasing company is based at Malookhtinsky 64A; can you

24 see that, Mr Savelyev?

25 A. Yes, I can.

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1 Q. And so do you — 1 A. My Lord, could I comment, if I may, with regard to
2 A. Sir, Mr Stroilov, which year are you referring to? 2 the insurance company or Leasing Company St Petersburg?
3 Q. Today. That’s downloaded this morning. 3 Q. We are looking at the leasing company now and you will
4 MR JUSTICE HILDYARD: It’s downloaded. It says it is 4 be asked some questions about it.
5 profile as at 13 May 2015, to be strictly accurate. 5 If we could, now, move the — I think I am okay,
6 MR STROILOV: I beg your pardon, my Lord, the Russian 6 really. I wonder if we could have three pages,
7 version is downloaded this morning and the English is 7 considering these are horizontal — no, we can’t have
8 2015. I am grateful, my Lord, you are right, of course 8 three pages there.
9 I should point out both. 9 Now, if we could then have this page and the next
10 So, Mr Savelyev, is it consistent with your 10 page on that screen, if that works. I am looking at the
11 knowledge that this company is based in the Bank’s 11 Russian, sorry. Could you put the English screen back
12 premises at Malookhtinsky 64A? 12 to where it was, and then — I am sorry, I probably
13 A. No. This company is not based at the Bank’s premises. 13 didn’t express myself correctly. Keep the English
14 It has its own premises, its own buildings. I don’t 14 screen as it was.
15 know where that is, I’ve never visited there, but it’s 15 Yes, then the Russian, if we could have this page
16 definite that they have their own building, and they 16 and the next page, if we could have both {D207/3055/3},
17 don’t work at 64A. Maybe at some point in time the 17 {D207/3056/4}.
18 company was registered and used this as its legal 18 MR JUSTICE HILDYARD: Those are the two Russian pages you
19 address, maybe even now it remains registered there, but 19 wanted?
20 they certainly operate out of another building. 20 MR STROILOV: Yes, these are the Russian pages I wanted.
21 Q. Yes. Okay, now if we scroll down to the list of 21 I wonder why — sorry, I’m just trying to understand
22 shareholders, which is in the English version at 22 why — okay, yes, 29, and then — sorry, it’s not the
23 {D176-D191/2918.1T/2424}, then in the Russian version, 23 right page, I think it’s page 4 in the Russian, no, is
24 you will have the present shareholders at {D207/3055/2}, 24 it? The numbering doesn’t seem to be … okay, it
25 then there will be historic shareholders, but I would 25 doesn’t seem to match.
69 71

1 like to look at.

2 Mr Savelyev, as you can see, there seems to be

3 a discrepancy, as it is? Or isn’t there. I’m sorry.

4 My Lord, I think now I — yes, well I am sorry, I just

5 want to understand where … yes, I think I am confused.

6 So you can see that the shareholders are recorded as

7 Alye Parusa LLC, and Svyaztroiinvest for 19 per cent and

8 Olga Korotkova. Looking at this table, Mr Savelyev,

9 does that look like the Bank is exercising control

10 through these entities and through Ms Korotkova?

11 A. My Lord, I don’t know Mrs Korotkova. I don’t know these

12 legal entities either.

13 Q. Right. Now if we could go to historic shareholding, and

14 I wonder if — now, I just wonder how best to do it. We

15 are short of screens, I think.

16 A. Sir, we could use some paper medium.

17 Q. Yes, I don’t think I have the one for the Russian. What

18 I will try and do, could we actually move the English

19 page, could we move it in a way so that we have «Change

20 history», really, starting near the top, and then we

21 will try to have as much as possible of the next page on

22 the same screen. {D176-D191/2918.1T/2425}.

23 I am sorry, my Lord, the trouble is they are

24 organised differently in two databases, so it’s really

25 very …

1 MR JUSTICE HILDYARD: Is Kartoteka the right thing?

2 MR STROILOV: Kartoteka is the right thing, but the pages

3 don’t seem to match, the list ends at number 5 and then

4 continues at something else. Sorry.

5 MR JUSTICE HILDYARD: Do you want five minutes?

6 MR STROILOV: Yes, I am afraid so, yes, my Lord. I wonder

7 if we could make it — if we make it 15 minutes, I can

8 get a paper version, because I asked the printing shop

9 outside to print it for me, so that may speed up things.

10 MR JUSTICE HILDYARD: It is being delivered here, is it?

11 MR STROILOV: No, it’s not being delivered. I need to spend

12 five minutes walking there and five minutes walking

13 back.

14 MR JUSTICE HILDYARD: Is what that you want?

15 MR STROILOV: I think that would speed things up. Perhaps

16 we could cut the lunch break, if everyone is content

17 with that, my Lord, to compensate. I think it will

18 help.

19 MR JUSTICE HILDYARD: Right. We will reconvene at 12.30 and

20 we will probably go on to 1.10 in order to cut our break

21 down to the 5 minutes.

22 MR STROILOV: Thank you, my Lord, that would be helpful.

23 (12.15 pm)

24 (A short break)

25 (12.30 pm)

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1 MR STROILOV: May it please your Lordship. I have obtained

2 a printout of the Russian version, so should I hand

3 up — it is one copy for — I don’t know if — perhaps

4 it is better for your Lordship to have one because in

5 these entries there are quite a lot of figures and these

6 kind of thing, so just so you see, one for the witness

7 and one for my Lord. I have given it to the others

8 already during the break. (Handed).

9 If we could call back on the screen the SPARK

10 version. Yes, that’s very good.

11 Mr Savelyev, if you could go to — well, starting at

12 page 2, just behind the first, and going through the

13 next page and then ending at page 4, you see the list of

14 historic shareholders.

15 I am sorry for the chaos, whereas the SPARK version

16 is arranged alphabetically, the Kartoteka version,

17 that’s the Russian version, is arranged chronologically,

18 which makes it easier, really, in a way.

19 If we could go by the Russian version and then

20 cross-reference it insofar as necessary with the English

21 version, that’s probably the quickest.

22 Now, Mr Savelyev, do you know about the — looking

23 at the present shareholding list, do you know about the

24 company called Svyaztroiinvest; do you know that

25 company?

1 be quicker, Mr Savelyev, if you could just — perhaps

2 not, because other people can’t read it.

3 So, again, you can see Kiperort ownership as of

4 1 December 2008, 50 per cent, so at that date it appears

5 that Kiperort and Global Konsalting owned the company

6 50/50. So you don’t know whether that amounts to Bank’s

7 ownership or your ownership or somebody else’s, do you?

8 A. No, I have no knowledge of this.

9 Q. And then with the date 24 July 2008, you can see that

10 the shareholding seems to be split in four, between

11 Trak LLC; does that ring any bells?

12 A. Which year is that?

13 Q. I am looking at line 7 in your list, and that’s dated

14 24 July 2008.

15 A. Yes, I can see this. I am not aware of this company

16 Trak. I do not recall anything at all about that

17 company.

18 Q. Right. And you can see that at that time, alongside

19 Global Konsalting and Kiperort, which also own 25 each,

20 you can see Renord-Invest investment company holding

21 25 per cent of shares; can you see that?

22 A. Yes, I can.

23 Q. So, looking at that, you are unable to help the court to

24 understand who owned the company as of 24 July 2008?

25 A. My Lord, these companies did not belong to me or to

73 75
1 A. No, I don’t recall that. 1 the Bank.
2 Q. I think Mr Sklyarevsky said it was his company. 2 Q. And then if you look further at the four entries dated
3 A. It is possible. 3 15 February 2008, that’s from line 11 to line 14, you
4 Q. I am just telling you, just so that you know. 4 can see it is the same picture, and that’s — so it’s —
5 Now if you look at «Historic shareholding», it 5 25 per cent are held by Kiperort, 25 by Trak, 25 by
6 appears that Alye Parusa owned 50 per cent, they own it 6 Global Konsalting, and 25 by Renord-Invest. So you can
7 now and they owned it in 2011 as well; do you know 7 see that. Yes, that’s right, and another 25 by
8 anything about Alye Parusa LLC? 8 Kiperort, I’m not sure if I said that.
9 A. No, my Lord, I have no recollection of that. 9 Now, if you can look at the entry, and in line 15
10 Q. So it follows, I think, that you don’t really know about 10 the entry of 17 October 2007, you can see Vzlet closed
11 the 2011 ownership. 11 joint-stock company holding 100 per cent; does that tell
12 Now, if we go back, it appears that — do you know 12 you anything?
13 anything about Kiperort LLC which is recorded as having 13 MR JUSTICE HILDYARD: Which one is that?
14 31 per cent of shares as of 30 July 2010? 14 A. No, unfortunately not.
15 A. No, no recollection either. 15 MR STROILOV: That’s line 15, and that’s dated
16 Q. So does it mean that you think it’s not a company 16 17 October 2007.
17 controlled by you or by the Bank, or you simply don’t 17 MR JUSTICE HILDYARD: I’m so sorry, what is the company
18 remember? 18 name?
19 A. I simply have no recollection of this company. 19 MR STROILOV: Vzlet. I think if you could scroll down, just
20 Q. Now, what about — then Global Konsalting is recorded as 20 the page, half of which we have below, so
21 the owner of 50 per cent shareholding as of 21 {D176-D191/2918.1T/2425}, so if we could have it on the
22 1 December 2008; do you know who that may be? Who is 22 screen in full. Now you see Vzlet at the end.
23 behind that? You don’t know that? 23 MR JUSTICE HILDYARD: Ah yes.
24 A. The same answer: I do not know. 24 MR STROILOV: Then if you look at lines 16 and 17. Well,
25 Q. Now, just looking at the next page, I wonder if it would 25 I think it is more complex than that. You can see,
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1 again, Vzlet, 19 per cent, dated 24 September 2007, and 1 does your Lordship want the passage yesterday where it
2 then Solo owning 81 per cent as of 15 March 2007. 2 was — I mean, I think probably it is at pages 58 to 59
3 So, Mr Savelyev, could that be that at that point in 3 of yesterday’s transcript, I don’t know if that’s what
4 time, the Bank controlled this company through Solo? 4 your Lordship has in mind. It probably leads down to
5 A. No. The Bank controlled 19 per cent. That’s what it 5 59, lines roughly 8 or 9 to 14 may be what your Lordship
6 says in line 19. 6 has in mind {Day27/58:8} to {Day27/59:14}.
7 Q. Yes. Mr Savelyev, surely you understand that a company 7 MR JUSTICE HILDYARD: Yes, I must say I took that to be that
8 or an individual can control another company indirectly 8 Solo was at that time a vehicle for the Bank or the
9 through a third party? It is perfectly possible that 9 Bank’s manager.
10 the Bank controlled Solo and then Solo controlled the 10 MR LORD: Your Lordship can see the question and it had more
11 leasing company; do you understand that that is 11 than one component and if one looks at the witness’s
12 a possibility? 12 previous answer, it is tolerably clear what point he
13 A. No, this is not the case, my Lord. Then there must be 13 thought he was being asked about.
14 an option whereby Solo holds shares in the leasing 14 MR JUSTICE HILDYARD: Could you show that to me please? 58,
15 company on behalf or in the interests of the Bank or 15 line?
16 some third parties, but we did not have that kind of 16 MR LORD: If you go to {Day27/58:16}, it was put to him that
17 an option arrangement. 17 the Bank and the managers were the same thing — line
18 MR JUSTICE HILDYARD: My understanding of what you told me 18 10, sorry. Page 58, really. It was a line of
19 yesterday was that Solo was effectively owned or 19 questioning where the witness was answering the issue of
20 controlled by the Bank or managers of the Bank; isn’t 20 whether the managers of the Bank — the fact that the
21 that right? Is that not right? 21 managers of the Bank may own shares in the Bank or may
22 A. No, my Lord, I don’t think I said that yesterday. 22 own the Bank, whether that was secret or not, lines 14
23 MR STROILOV: Well, in fairness, my Lord — just let me 23 to 15, for example:
24 think how to deal with that. He did say that about the 24 «I do not separate the Bank and the Bank’s managers.
25 2005 shareholding in the Bank by Solo. He did say that. 25 To me it’s all the same.» {Day27/58:14}.
77 79
1 So are you saying that between 2005 and 2007, the 1 MR JUSTICE HILDYARD: He says in line 9 {Day27/59:9}:
2 position changed and Solo passed out of the ownership of 2 «Now, Mr Savelyev, do you accept that whoever are
3 the Bank or of its managers? 3 the nominal shareholders, the beneficiaries were the
4 A. My Lord, if I may clarify to your Lordship and to 4 Bank and/or the management of the Bank, and I think you
5 Mr Stroilov, when a corporate holds shares, that does 5 have just indicated it’s the same thing.»
6 not mean necessarily that it does so on behalf of third 6 MR LORD: There’s two aspect to that question. There’s the
7 companies. If there is Solo or System Technologies, if 7 question of the beneficiaries being the Bank and the
8 they have an option arrangement with the company or with 8 management and that being the same thing, and that is
9 the shareholders and the idea behind the option 9 one part of the proposition, and the other part is about
10 programme, or option arrangement is to hold an asset and 10 a particular shareholding.
11 dispose of an asset in the interests of third parties, 11 MR JUSTICE HILDYARD: Then we had better have it out. We
12 then yes, but when Solo stopped holding the shares in 12 had better have the question as to whether Solo —
13 the Bank, in the interests of the Bank or the managers 13 whether the shares in Solo were held as, as it were —
14 of the Bank, it then started carrying on its own 14 whether the shareholders of Solo held as nominees for
15 business and the Bank had no role in this, and Solo did 15 the Bank or the Bank managers or both; is that right?
16 that in its capacity as a corporate entity. 16 MR STROILOV: No, my Lord, I am not asking this question,
17 So if your Lordship looks at the subsequent 17 but you may. I will submit in due course that the
18 transactions that happened with respect to the sale and 18 witness was evasive about the ownership of Solo
19 purchase of shares. 19 yesterday and that he is evasive today. I am satisfied
20 Q. Right. Mr Savelyev, I think I understand what you are 20 with the answers. I have looked at the transcript. It
21 saying. I think that’s an evasive answer. I am happy 21 is not correct that the questions were unfair.
22 to carry on, unless your Lordship wants to ask further 22 If you want to give him a chance to clarify, you, of
23 questions to clarify? 23 course, can do so. If my learned friend wants to do it
24 I am happy to carry on. 24 in re-examination, he can do so.
25 MR LORD: Does your Lordship want the passage yesterday, or 25 MR JUSTICE HILDYARD: Well, I am simply bothered that
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1 Mr Lord warned yesterday that some of the questions were

2 rolled up. It is obvious from his intervention today

3 what his position will be in this particular regard.

4 I can read the transcript and be guided, and reach

5 a view, but since at least at this point, and it may be

6 at other points, this is the point that is being taken,

7 I think I should ask what the position is of

8 Mr Savelyev.

9 MR STROILOV: Yes, my Lord, I leave it to you, really, with

10 your permission.

11 MR JUSTICE HILDYARD: Yes, I think I must ask this: can you

12 clarify for me whether the shareholders of Solo held as

13 nominees for the Bank or the Bank managers or a mixture

14 of the two?

15 A. My Lord, are you referring to the shares in the Bank or

16 the shares in the leasing company?

17 MR JUSTICE HILDYARD: I have now got myself completely lost.

18 I do apologise. I think it was the shares in Solo; is

19 that not right?

20 MR STROILOV: I think that was one of the answers the

21 witness gave yesterday.

22 MR JUSTICE HILDYARD: Yes.

23 Whatever may be the record ownership of the shares

24 in Solo, are those shares held for the Bank or managers

25 of the Bank or both?

1 Q. So what was that arrangement?

2 A. The arrangement was that Solo was holding shares in

3 the Bank when we purchased those shares from the

4 previous shareholders in the interests of the Bank and

5 the management of the Bank.

6 Q. Right, Mr Savelyev. Well, you are making this up,

7 aren’t you?

8 A. Let me explain, Mr Stroilov, for your benefit, just for

9 you to understand what was going on at that time.

10 Yesterday you mentioned that 35 per cent of shares in

11 the Bank changed hands. They were transferred by

12 a group of shareholders to another group of

13 shareholders. At that time, it was the second packet of

14 shares that changed hands, that was transferred from the

15 old shareholders. The first changed hands in 2001 when

16 I first joined the Bank, and the second changed hands

17 I think in 2005, if I am not mistaken.

18 So when we were receiving that 33 or 35 per cent

19 equity stake from the second packet of shares, one of

20 the packets was being held — was registered in the name

21 of Solo, because we needed to do this quite quickly, and

22 we did it quite quickly, and the arrangement with Solo

23 was that that interest was going to be then transferred

24 to the Bank and to the managers of the Bank.

25 There were also a number of other companies, whose

81

1 A. My Lord, the shares which Solo was holding, I mean the

2 Bank’s shares, shares in the Bank, were being held in

3 the interests of the Bank and the Bank management, but,

4 having said that, this does not mean that the shares in

5 the Leasing Company St Petersburg at that time were

6 being held by Solo also in the interests of the Bank.

7 Solo was holding shares in the Bank in the interests of

8 the Bank and the managers of the Bank, but this does not

9 mean that Solo was, at that time, holding shares in

10 the Leasing Company St Petersburg in the interests or on

11 behalf of the Bank. It’s a standalone corporate entity

12 which is an independent one.

13 There was an agreement with respect to the shares in

14 the Bank and there was no agreement with respect to

15 the shares in the leasing company.

16 MR JUSTICE HILDYARD: I don’t want to add confusion. I will

17 read this over the short adjournment and I will work out

18 whether clarificatory questions are required.

19 MR STROILOV: Yes, my Lord. In fact, I would like to push

20 it a little further.

21 So, Mr Savelyev, are you saying that there was

22 an arrangement between — to your recollection, there

23 was an arrangement between the Bank and Solo in relation

24 to the Bank’s shareholding held by Solo?

25 A. Yes, and I think I mentioned that yesterday.

83

1 names I do not recall now, because it was

2 a sophisticated transaction, and with respect to

3 the 35 per cent of shares, those companies also received

4 those shares, and those companies included Solo, amongst

5 others.

6 So this is all I would like to say to you,

7 Mr Stroilov.

8 Q. Did you consult any records overnight to check the

9 position between yesterday and this morning? Yes or no,

10 Mr Savelyev?

11 A. Mr Stroilov, I was so tired yesterday that I had supper

12 and I went to bed. I really had no time for perusing

13 any documents.

14 Q. So, Mr Savelyev, you just — you made up this

15 explanation to explain away the discrepancies in your

16 answers about Solo yesterday, didn’t you?

17 A. No, this is not true. You asked me a question about

18 Solo and I answered you.

19 Q. Yes.

20 MR JUSTICE HILDYARD: Was there a written record of those

21 arrangements between Solo and the Bank and/or its

22 managers?

23 A. Sitting here today, I am not sure, my Lord, whether it

24 was actually committed to paper, but the fact that Solo

25 was holding shares on behalf of the Bank, yes, there was

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1 an arrangement that had been reached to that effect. 1 information being told to the witness while he is in
2 MR JUSTICE HILDYARD: But these shares were very valuable. 2 the witness box.
3 Are you saying that there was or that there wasn’t, as 3 MR LORD: I am concerned that we don’t —
4 best you can recollect, some written record of the terms 4 MR STROILOV: If you look at the transcript —
5 on which those shares were held by Solo for the Bank or 5 MR JUSTICE HILDYARD: All right, well, I may have jumped to
6 its managers? 6 conclusions, we will deal with this at the end of the
7 A. My Lord, I do not recall whether that had been committed 7 evidence.
8 to paper in a documentary form, but I can double-check. 8 MR STROILOV: Yes, my Lord, I think I pointed out the dates
9 If the Bank has those documents available to it, I would 9 a few minutes ago, if my learned friend looks, but I am
10 be more than happy to double-check and make it available 10 concerned that, really, you know, the witness is being
11 to your Lordship. 11 helped.
12 MR JUSTICE HILDYARD: Well, you have explained in another 12 MR JUSTICE HILDYARD: All right, well, I will shut up and
13 context, in Solo, I think, that there were option 13 leave it and we will have to clarify it later.
14 agreements; were they in writing or were they oral? 14 But do remember, Mr Stroilov, that if a question —
15 MR STROILOV: My Lord, just to clarify, that was in 15 I tried to give this warning yesterday, and I may have
16 the company called Verniye Druzya, that was the —just 16 to do some overnight work to see where this arises, but
17 so the witness knows. 17 if a question has two elements and the witness gives
18 MR JUSTICE HILDYARD: Oh, was it? I’m sorry. 18 a single answer, for you to say that what you think he
19 A. No, it was about System Technologies, a different 19 really meant was to answer one question is open to
20 company. There was a public option which was in 20 the criticism that, actually, he was answering the
21 the public domain, everyone on the market knew it, ie 21 second. It’s not for me, really, to be able to tell
22 that Mrs Stepanova was going to transfer the shares to 22 what he is saying; it may be that the answer is in its
23 me, as per the option arrangement that had been 23 entirety devalued because it lacks what the Americans
24 achieved. 24 would call «proper form».
25 MR JUSTICE HILDYARD: Was it in writing? 25 MR STROILOV: Yes, my Lord.
85 87
1 A. This information was in writing and it was in the public 1 MR JUSTICE HILDYARD: That is the danger. Do you see? You
2 domain. 2 may have your preferred version of the answer, and
3 MR JUSTICE HILDYARD: Because such an arrangement would 3 Mr Lord might produce another preferred version. It is
4 really have to be in writing, wouldn’t it? I mean, 4 impossible for me, unless it is clarified by the witness
5 a large shareholding in a bank, one would expect if 5 or clear from the context, to determine which question
6 there were any arrangements that it was held on trust, 6 of the two the witness was giving an answer to, and it
7 one would rather expect it to be in writing, or subject 7 would then be unfair for me to do anything other than
8 to an option agreement; wouldn’t you agree? 8 assume that, as it were, the answer was spoiled.
9 A. Most likely so, my Lord, but I simply do not recall how 9 MR STROILOV: I’m grateful, my Lord.
10 it was recorded at that time, because it was a long time 10 MR JUSTICE HILDYARD: Do you see?
11 ago. 11 MR STROILOV: Yes, I have checked the transcript
12 MR JUSTICE HILDYARD: Well, it may be that these written 12 superficially yesterday. I took a view on this.
13 options or other arrangements are in disclosure. They 13 I would be more grateful if you would do the same and
14 would certainly have had to have been disclosed if they 14 take a view and give me any guidance, but for the moment
15 existed. 15 I am happy to carry on.
16 MR STROILOV: I think I will be corrected if I am wrong. 16 MR JUSTICE HILDYARD: I will try my best, but you will
17 I am pretty sure that no such arrangements are in 17 appreciate that to go through a transcript to try and
18 disclosure. 18 identify which questions you asked which were rolled up,
19 MR JUSTICE HILDYARD: I shall take it that — 19 and on which the answers may therefore be equivocal or
20 MR LORD: Sorry, my Lord. Sorry, sorry. 20 unclear, is a bit of homework that a judge would not
21 MR JUSTICE HILDYARD: Yes. 21 ordinarily expect to do.
22 MR LORD: Your Lordship will know when Solo changed hands. 22 MR STROILOV: Yes, my Lord.
23 Your Lordship, I am sure, has the chronology very 23 Well, I think I am only saying that because you
24 clearly in mind — 24 indicated —
25 MR STROILOV: I am sorry, my Lord, I don’t want this 25 MR JUSTICE HILDYARD: I will do my very best.
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1 MR STROILOV: Now, back to the Leasing Company

2 St Petersburg. If we could go back to the page we had

3 before on the screen, the SPARK entry

4 {D176-D191/2918.1T/2425}. It just occurred to me that

5 perhaps we can use both screens for SPARK, and look at

6 the … so if we could have the previous page on the

7 other screen {D176-D191/2918.1T/2424}, and we are using

8 paper for the Russian, just so that if anything needs to

9 be cross-referenced, it can be cross-referenced, and of

10 course, SPARK is alphabetical. So the previous page

11 {D176-D191/2918.1T/2424}.

12 So, Mr Savelyev, you still have the paper version.

13 If you can look at lines 18 to 21, you can see that the

14 shareholding is divided between Miveks, 18 per cent;

15 Bank of St Petersburg, 19 per cent; Solo, 14 per cent,

16 and the gentleman called Anton Eduardovich Troyanov,

17 49 per cent. Can you help the court, looking at these

18 four entries, whether or not the Bank had control at

19 that stage?

20 A. No, my Lord, it says here that Bank of St Petersburg

21 controls 19 per cent.

22 Q. Yes, well, isn’t it, to your knowledge, looking at this

23 page and using your own recollections, did the Bank

24 control any other part of the shareholding through

25 Miveks or through Solo or through Mr Troyanov? So any

1 A. No.

2 Q. Mr Savelyev, I think you said some 30 or 40 minutes ago

3 that you believe that at some point the leasing company

4 was controlled by the Bank; didn’t you say that?

5 A. We controlled it via 19 per cent, which I have, and

6 I did say that we consolidated the reporting with the

7 leasing company. This is what I said. We thought that

8 at that point in time, when the reporting was

9 consolidated, we consolidated the leasing company

10 together with the Bank of St Petersburg via the

11 ownership of the stake which is reflected here in this

12 table.

13 Q. Now, looking at this chronological list, Mr Savelyev,

14 and doing the best you can, can you recall at what

15 period in time did the Bank control the leasing company?

16 A. Now I cannot recall, my Lord. It says here 28/10/2004,

17 and the Bank of St Petersburg 19 per cent, 06/19/2002.

18 So much time has gone by that it is impossible for me to

19 remember when that happened.

20 Q. Mr Savelyev, do you accept that some of the corporations

21 you see on that list must be controlled by the Bank, or

22 have been controlled by the Bank at the time? Do you

23 accept that?

24 A. No. No, I do not.

25 Q. And do you accept that some of the individual names you

89 91

1 of those?

2 A. No. They could have owned it in their own right, and

3 they had no relation to the Bank, they have no relation

4 to the Bank.

5 Q. Is that something you remember, or are you just looking

6 at the page and interpreting it?

7 A. No, I am saying what I can see on the page, sir, what

8 you are putting to me. I can see it and it reflects the

9 fact that is on the page: As of 28/10/2004,

10 Bank of St Petersburg owned 19 per cent.

11 Q. Now, if you look at the lines starting from line 22,

12 then there you can see that as of 6 December 2002, the

13 shareholders are Titul LLC, 10 per cent;

14 Diskom Elektroniks GmbH, 20 per cent, and that seems to

15 be a German company; Bank of St Petersburg, 19 per cent,

16 and then there is a list of minor shareholders who are

17 individuals, and I don’t think I need to name their

18 names unless Mr Savelyev wants that. I am not relying

19 on that in particular.

20 Then over the page, Mr Savelyev, you have Tantal LLC

21 10 per cent; Edazi LLC, 15 per cent, and Ontika LLC,

22 16 per cent. That’s the earliest shareholding and

23 that’s as of December 2002.

24 Now, could that be reflecting control of the leasing

25 company by the Bank or by its managers?

1 see on that list must have been holding shares on behalf

2 of the Bank?

3 A. I don’t know these surnames, my Lord. And in 2002,

4 I don’t know who held 2, or 1 per cent, or 3 per cent of

5 the leasing company. This is not something I would be

6 able to say.

7 Q. In fairness, Mr Savelyev, just to give you every chance,

8 let me explain my reasoning. You have said that to your

9 recollection there was a point when the leasing company

10 was owned by the Bank. You have said that, haven’t you?

11 A. I said that we consolidated the reporting, and I said

12 that we controlled it, but I can see today from this

13 text here before me I was wrong, and the Bank only held

14 19 per cent at that point in time, and if the Bank owned

15 it to a larger degree, being the Bank of St Petersburg,

16 this is not something I remember.

17 Q. No, that’s not a truthful answer, Mr Savelyev, but

18 I will move on.

19 MR JUSTICE HILDYARD: On what footing was it proper to

20 consolidate this company into the accounts of the Bank

21 if you only owned 19 per cent?

22 A. At that point in time, my Lord, we thought that owning

23 19 per cent needs to be consolidated.

24 MR JUSTICE HILDYARD: So all the profits and activities of

25 that company were brought into the account of the Bank,

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1 although it only owned 19 per cent; is that your answer?

2 A. If consolidation did happen, my Lord, you are absolutely

3 correct, but only to the extent of 19 per cent.

4 MR STROILOV: Yes, my Lord. Should I?

5 MR JUSTICE HILDYARD: Yes.

6 MR STROILOV: Now, Mr Savelyev, are you aware of a company

7 called Linair?

8 A. No, I am not. I don’t recall it.

9 Q. I am afraid I’ve only got the English version, so I will

10 have to be translating the material bits. If we could,

11 on any screen, it’s the same tab, if we could go to

12 {D176-D191/2918.1T/2180}. So you can see on that page

13 that Mr Mikhail Smirnov is recorded as its CEO or

14 director general, and then if we scroll down one page,

15 you can see that the present shareholding is

16 33.4 per cent Elena Viktorovna Ivannikova,

17 33.3 per cent, Irina Malysheva, and 33.3,

18 Mikhail Smirnov.

19 That company, now does that ring any bells,

20 Mr Savelyev?

21 A. No. My Lord, may I please ask, if possible, to be shown

22 the Russian version so as to understand what it says

23 here?

24 Q. I am afraid no, we haven’t got the Russian version, but

25 I will translate to you all the material bits.

1 have been the same between 2007 and now.

2 A. Mr Stroilov, I would like to know the date when, as you

3 said, Ms Ivannikova, Ms Malysheva and Mr Smirnov owned

4 some shareholdings. Could you please clarify for me?

5 Q. It appears from this profile that that was the position

6 from 2007 until now.

7 MR JUSTICE HILDYARD: Can we go up a page?

8 MR STROILOV: Yes, my Lord, I do apologise. Yes

9 {D176-D191/2918.1T/2181}.

10 Yes, sorry, my Lord. I should have thought of it.

11 A. As far as I can see it’s 05/03/2007.

12 Q. Yes, but that’s the date when the record was made, but

13 then this table refers to present shareholders, so what

14 this entry suggests —

15 A. And what is the current look of that table, as of today?

16 Q. Well, as we have seen, as my Lord has indicated, it has

17 been downloaded in 2015, and the table looked — it

18 still looked the same.

19 A. Possibly.

20 Q. So, Mr Savelyev, do you now recall that company?

21 A. No, I do not. My Lord, I do not recall that company.

22 I won’t be able to comment.

23 Q. Was Mr Smirnov still working at the Bank at this stage?

24 I don’t think that’s clear from his statement. I will

25 check, but I don’t think that is clear.

93 95

1 If you look further down the page, you can see that

2 this company co-owns 13.2 shareholding in Nevskaya

3 Management Company.

4 Then I think if we scroll down one page, just for

5 completeness, {D176-D191/2918.1T/2181}, you can see that

6 the previous director general was Svetlana Vladimirovna

7 Galchenko, prior to Mr Smirnov taking that position.

8 Her role is dated 5 March 2007, and I think oddly, yes,

9 so that’s — I’m just trying to find the date for

10 Mr Smirnov becoming director general. I don’t think it

11 is there, actually.

12 So, Mr Savelyev, does that remind you of anything?

13 A. Sir, Mr Stroilov, what year are we discussing here,

14 because I cannot see the year here in the text?

15 Q. Well, this profile is dated, I think I saw the date

16 somewhere.

17 MR JUSTICE HILDYARD: At the bottom, 12 May 2015.

18 MR STROILOV: I am grateful, my Lord. So that’s the date of

19 this profile.

20 A. No, no, no, no, no. That is SPARK profile 12 May 2015.

21 That’s the SPARK profile data, and the ownership of

22 the shares, I don’t know what year that refers to.

23 Q. Well, that is recorded as present shareholding, but the

24 record was put in there on 5 March 2007, so it seems to

25 have been this — the shareholding position seems to

1 MR JUSTICE HILDYARD: At what stage do you mean «by this

2 stage»?

3 MR STROILOV: I beg your pardon, my Lord. Yes, so

4 in March 2007, in the beginning of March 2007, was

5 Mr Smirnov still working for the Bank?

6 A. Mr Stroilov, I do not recall when Mr Smirnov left the

7 Bank.

8 Q. Yes.

9 A. If you could help me to recollect, please do.

10 Q. I would just like to — yes, I think he says — if we

11 could — I think I will just tell Mr Savelyev. He says

12 in his evidence that he remained at the Bank until

13 autumn 2007.

14 A. Thank you very much, sir.

15 Q. I am told that he says October. I don’t —

16 MR LORD: He says October, I think, my Lord. He says in

17 paragraph 5 on {B2/12/2}:

18 «In October —»

19 MR STROILOV: Call it on the screen, I don’t want —

20 MR JUSTICE HILDYARD: Well, autumn, October, he was there

21 when this record showed him having a shareholding.

22 MR STROILOV: Yes, so Mr Savelyev, unless Mr Smirnov is

23 mistaken about this, he was still a manager of the Bank

24 when that was — when he became a shareholder of Linair?

25 A. Possibly this is correct, if it says so in Mr Smirnov’s

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1 witness statement.

2 Q. So could it be that here we have three managers of

3 the Bank holding shares on behalf of the Bank?

4 A. I am sorry, Mr Stroilov. Which shares do you mean?

5 I cannot see that on the document. What company are we

6 discussing?

7 Q. A company called —

8 MR JUSTICE HILDYARD: Mr Savelyev, I am getting a little bit

9 concerned here. We are talking about the company

10 Linair. We are looking at SPARK’s readout for Linair,

11 taken as at 12 May 2015, which I should have assumed

12 will incorporate any changes until that date, and then

13 more particularly, we are looking at the shareholders

14 who acquired their shares in either March or May —

15 I don’t know whether it is US or English version —

16 2007. There has been no change recorded to those

17 shareholdings. Have I helped you see where we are now?

18 A. Yes, my Lord, thank you very much. If I had the Russian

19 version, I would have not asked for assistance either

20 from yourself or from Mr Stroilov.

21 MR JUSTICE HILDYARD: No, I understand that.

22 A. I would have figured things out.

23 Unfortunately, the way the information is presented

24 here, I don’t understand what is meant in this document.

25 MR STROILOV: Right, but what has been explained to you does

1 MR STROILOV: Yes, my Lord, I’m grateful.

2 Was it a practice in the Bank, Mr Savelyev, for top

3 managers to hold shares of other companies as nominees

4 of the Bank?

5 A. No. That only pertains to the Bank’s shares — of

6 the shares of the Bank itself, as far as I recall,

7 including Ms Elena Ivannikova, as far as I recall. She

8 had some shareholding registered in her name, quite

9 a considerable one. I do not recall the figure now.

10 With regard to Linair, I don’t know what sort of

11 company that is, what it did, and what are the three

12 shareholders, what they did.

13 Q. Sorry, let me just clarify. I think when you referred

14 to Mrs Ivannikova’s shareholding, you meant her

15 shareholding in the Bank; is that right?

16 A. Yes, I meant her shareholding in the Bank.

17 Q. And I think your answer seemed to imply that

18 Mrs Ivannikova held the Bank’s shares on trust as well

19 on behalf of somebody else; did you mean that?

20 A. At some point she had a large shareholding, a large

21 block of shares. Then it was reduced.

22 Q. Yes, Mr Savelyev, but I’m asking, was she the beneficial

23 owner of these shares, or was she holding them as

24 a nominee?

25 A. I need to look at the information with regard to

97 99

1 not stir any recollections, does it?

2 MR LORD: Sorry, my Lord, there’s no reason why the question

3 couldn’t be put so the shares are identified. There is

4 no reason why to help with the language barrier that the

5 particular shares, that the nominee holding arrangement

6 can’t be put specifically. There’s no reason why

7 Mr Stroilov can’t formulate that, and he could have

8 said, if the question is the one he wants to put that:

9 These three shareholders held their shares in Linair at

10 or for the Bank. There’s no reason why that question

11 can’t be put in those terms.

12 MR STROILOV: I am grateful to my learned friend.

13 Mr Savelyev, isn’t it the case that Mrs Ivannikova

14 and Mrs Malysheva and Mr Smirnov held their shareholding

15 in Linair on behalf of the Bank?

16 A. I do not know, my Lord, what this company is, meaning

17 Linair, what it was involved in. I simply do not

18 recall, because that happened in 2007.

19 Q. Do you think it was possible, speaking generally, for

20 three top managers of the Bank to be asked to hold

21 between themselves 100 per cent shares in some company

22 on behalf of the Bank? Do you think that’s possible?

23 MR JUSTICE HILDYARD: I mean, possible in the sense of

24 theoretically possible, or possible that it may have

25 happened and this witness just can’t recollect?

1 shareholdings of Mrs Ivannikova in order to be able to

2 recollect, because now I might be able to answer

3 incorrectly to your question, Mr Stroilov. If I would

4 have perused the data with regard to Mrs Ivannikova’s

5 shareholding, I would be able to give you a specific

6 answer.

7 Q. Mr Savelyev, isn’t it the case that you worked with

8 Mrs Ivannikova for years? Well, if I understand it

9 correctly, you worked side by side with her from 2001 to

10 2014; isn’t that right?

11 A. Possible, but I think we worked together for a longer

12 time period with Ms Ivannikova.

13 Q. Quite. So throughout your career in the Bank, isn’t

14 that right?

15 A. Because as of today Mrs Ivannikova is a member of

16 the Bank’s supervisory board, we continue working with

17 her.

18 Q. So you were two of the very top managers of the Bank and

19 you are still obviously high placed in the supervisory

20 board, isn’t that right, Mr Savelyev?

21 A. Yes, and Ms Ivannikova and myself, we are, indeed, the

22 members of the board of directors of St Petersburg Bank.

23 Q. And you are obviously one of the major shareholders of

24 the Bank, aren’t you?

25 A. Yes, this is correct.

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1 Q. And so throughout that period, working with

2 Ms Ivannikova in your own bank, you didn’t know whether,

3 in fact, your second in command co-owns the Bank?

4 A. She always was a shareholder in the Bank, I always said,

5 and that’s a public domain information, that I and the

6 Bank’s top managers do own the Bank. That is quite

7 normal.

8 Q. Yes, Mr Savelyev, my question is, was she a beneficial

9 owner of her shares in the Bank, or was she a nominee?

10 A. She was a beneficial owner of these shares, but I would

11 like to reiterate that I do not recall how the

12 35 per cent, when we received it in 2005 from the

13 previous shareholders, how that was registered. I do

14 not recall the situation in 2001 when we received the

15 first shareholding. These deals were complex, and there

16 was a registration of the block of shares changing

17 hands, being transferred from one lot of shareholders to

18 another lot of shareholders. If it would be possible to

19 clarify the shareholding of Ms Ivannikova year by year,

20 I would be able to provide a specific answer. But now

21 I just simply cannot remember, despite the fact that,

22 indeed, she is one of the Bank’s top managers and she

23 has worked with me for a long time, since a long time.

24 MR STROILOV: Thank you.

25 My Lord, I see the time. I am rather terrified that

1 MR STROILOV: I’m not sure whether your Lordship is

2 confusing it with Ms Mironova, or I may be. I don’t

3 quite recall it being so —

4 MR JUSTICE HILDYARD: Well, maybe. I mean, the trouble is

5 with these long — I am not going to shorten the short

6 adjournment as much as you would like, we will start at

7 2.05. There is a limit to the endurance of people being

8 able to focus. I have noted over the last 10 minutes

9 that perhaps we have not made the swift progress which

10 otherwise we might have done because attention has begun

11 to lose focus. That is a danger. We will start again

12 at 2.05 pm. We will have a longer day if the witness

13 and you and others, including myself, are prepared and

14 able to focus for that time. We will start early

15 tomorrow, if that is what your request is, and it is

16 possible for Mr Lord and his team, I should propose

17 about 9.15. I shall not sit beyond 4.45 pm or possibly

18 5.00 pm tomorrow. I think, without, I hope, being

19 impolite, that it has taken longer, for various reasons,

20 to get to the answers with this witness than might have

21 been anticipated, and I shall bear that in mind in

22 working out what we do.

23 MR STROILOV: Yes, my Lord.

24 MR JUSTICE HILDYARD: Those are the parameters at the

25 moment, but I do think that the witness and I need

101

1 it’s the lunch adjournment, and the progress I have

2 made. I am happy to carry on, or should we have a lunch

3 adjournment, which I would urge you to shorten if that’s

4 not too difficult for anyone.

5 MR JUSTICE HILDYARD: How are you doing on time?

6 MR STROILOV: Rather terribly, my Lord.

7 MR JUSTICE HILDYARD: Well, that doesn’t help me much.

8 MR STROILOV: My Lord, let me put it this way: I would be

9 grateful for an indication fairly soon as to whether

10 I am going to be guillotined tomorrow and I need to

11 gallop through all the points I have to put, or whether

12 I can do it as thoroughly as I would like to.

13 MR JUSTICE HILDYARD: Well, «guillotine» is one way of

14 putting it, but I think, my recollection is that it is

15 always made fairly clear that Mr Savelyev has to go at

16 the end of tomorrow, and given that, I don’t know

17 whether that’s absolute or not, but given that, I gave

18 you the alternative of starting on his evidence earlier

19 in the week, and I put it to you that if you started

20 later, you would still have to finish by the end of

21 tomorrow. I gave you the option to start earlier to

22 give yourself more room.

23 I well understand the pressures you are under, but

24 that is the way we have been proceeding, don’t you

25 think?

103

1 a rest until 2.05 pm. I will, over the course of that

2 time, seek to review some of the transcript, in

3 particular the bits of the transcript which Mr Lord

4 referred me to, so that I can begin to see how we deal

5 with the matter.

6 MR STROILOV: My Lord, just for your note, there were

7 earlier answers on Solo as well. Perhaps searching for

8 «Solo» would be —

9 MR JUSTICE HILDYARD: I will search for «Solo» in the index.

10 I think it is a spread of about 30 pages and I will have

11 a quick look at those.

12 MR STROILOV: I am grateful, my Lord.

13 MR JUSTICE HILDYARD: The same rules as before, Mr Savelyev:

14 no conversations about this case at all whilst you are

15 enjoying our rather feeble break.

16 (1.31 pm)

17 (The Luncheon Adjournment)

18 (2.05 pm)

19 MR STROILOV: May it please your Lordship.

20 MR JUSTICE HILDYARD: I think I will just say, I did read

21 the passages by reference to Solo, as I promised

22 I would. I have to say that in that context, my own

23 appreciation of the matter was as I expressed it, though

24 it was objected to by Mr Lord. I think that Mr Stroilov

25 made repeated attempts to clarify, and I think I know

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1 what the answer was intended to be.

2 I think, Mr Lord, that in the particular and

3 peculiar circumstances of this case, if you think that

4 there are answers to rolled-up questions that in

5 the interests of your client you need to clarify, you

6 should be quick to do so. I will, myself, have a look

7 to see what the transcript reveals by reference to

8 inclarity, but you will, I think, be taking a risk if

9 you do not clarify it in re-examination.

10 MR LORD: My Lord, presumably I can also make a point about

11 a question that is rolled-up? Rather than my objecting

12 to an answer that looks rather defensive, if I could

13 ask, please, that the questions, particularly about what

14 might be important matters, are put with sufficient —

15 MR JUSTICE HILDYARD: I was just going to turn to that to

16 re-emphasise the importance of it.

17 It’s always difficult to know how to leave things,

18 Mr Stroilov, but you must try — I know it is difficult,

19 but you must try and be clear about the factual premises

20 on which you are asking a question, and you must try and

21 confine your questions to a single question so that the

22 answer couldn’t possibly be an answer to any other part

23 of a question, or implicit part of a question, and in

24 order to assist in this, and further to his warning, if

25 Mr Lord feels it is a wrapped-up question, then although

1 this stage without looking at this.

2 Isn’t that a company affiliated with the Bank?

3 A. I have no recollection at this point in time.

4 Q. Yes. If we could now go to — again, that’s a difficult

5 reference — {D176-D191/2918.1T/2194}. Then the other

6 screen, and it is not much better, it is — sorry, I am

7 giving you the same reference. I just want to find the

8 Russian version, and that will be, again, Kartoteka, but

9 hopefully we will manage, there will not be a lot of

10 questions about it. Yes, that’s {D199/2993/1}.

11 So, Mr Savelyev, I think one point I would like you

12 to note is that this is a company which is registered at

13 Ispolkomskaya 15A, so that’s, again, Olimp office.

14 Then you will also see — now, if we could scroll

15 down the English version one page, but in the Russian

16 version, and at this page of the English version, near

17 the top, you will see that it was formally known as

18 Fabris Invest.

19 Then if the Russian version could be scrolled down

20 one page, please {D199/2993/2}, but I think on the

21 English version — I suppose on the English version if

22 it could be scrolled up one page

23 {D176-D191/2918.1T/2194}, and near the top of both

24 versions you will see, Mr Savelyev, that the director of

25 that company is Mr Aleksei Lestovkin; does that ring any

105 107
1 it is unsettling, I think the lesser of two evils is to 1 bells? I think you can already see the shareholding
2 ask him to say so, if he can see that that is the case 2 which I will show in the English version. That’s at
3 in time, so that you may reformulate the question even 3 page 29 — I beg your part, {D176-D191/2918.1T/2196},
4 if it means two or more questions. 4 and there you will see the shareholding?
5 MR STROILOV: I am grateful, my Lord. I will do my best, 5 MR JUSTICE HILDYARD: Are you asking him about Mr Lestovkin
6 and I trust that Mr Lord will be careful to object in 6 first?
7 a manner which cannot be construed in any way as helping 7 MR STROILOV: Yes, Mr Savelyev, from what you have just seen
8 the witness. So I trust that Mr Lord will take care of 8 and heard, does that ring any bells?
9 that, I have this concern in mind. 9 MR LORD: My Lord, what does that mean? Does he know him
10 MR JUSTICE HILDYARD: I am sure Mr Lord is fully aware of 10 or…
11 his responsibilities. 11 MR JUSTICE HILDYARD: Sorry, I can hear Russian, I can’t
12 MR STROILOV: Yes. I am grateful, my Lord, and I am 12 hear you.
13 grateful to Mr Lord for raising this. 13 MR LORD: I do think particularly with a witness who is
14 Should I carry on? 14 trying to follow an English company database extract, it
15 MR JUSTICE HILDYARD: Yes. I am sorry, Mr Savelyev, that 15 is Russian, but it is in English, I do think asking him
16 was a little directional matter, but we will now 16 questions, noting things in passing and then asking him
17 continue with your cross-examination. 17 whether things ring bells, it is becoming a rather
18 MR STROILOV: Now, Mr Savelyev, are you aware of the company 18 unfair memory test, in my respectful submission, and
19 called Nevskaya Upravliyaushaya Kompanyia, or Nevskaya 19 I would invite the questions to be — if there is
20 Management Company? 20 a question to which the answer needs to be given by this
21 A. I think I recall — this company does ring a bell, but 21 witness, if that could be formulated and his answer then
22 I do not recall any details at all. Could you direct me 22 waited for.
23 to some documents, perhaps the EGRUL database. 23 MR JUSTICE HILDYARD: Well, the answer given with respect to
24 Q. We will have a look at some database entries in 24 this company by this witness was that he had no
25 a moment. I just wanted to clarify your recollection at 25 recollection of it. By showing these details, which
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1 I take to be the director general in the shape of

2 Mr Lestovkin, and the shareholders as recorded, the

3 first question which has been asked seems to be not

4 unfair, which is: does this prompt any recollection?

5 What’s the answer?

6 A. My Lord, this is 24 October 2006, so almost 10 years

7 ago, so I do not recall who Aleksei Viktorovich

8 Lestovkin was.

9 MR STROILOV: Okay, I see.

10 Now, if you look at the list of shareholders you see

11 a company called Andreevski Rynok, do you know that

12 company?

13 A. No, I do not recall that name.

14 Q. Isn’t that a Renord entity, to your knowledge?

15 A. My Lord, I do not know whose company this is.

16 Q. Then you see a company called Boyarin; do you know that

17 company?

18 A. No, I do not, my Lord. I do not know anything about any

19 of those companies.

20 Q. None whatever? I mean, you can see — just let’s check.

21 So are you saying that you know nothing about

22 Barrister LLC?

23 A. You have just asked me about Barrister. Before that you

24 were asking me about Andreevski Rynok. We discussed

25 Barrister yesterday.

1 So Global Konsalting, I think you said earlier that

2 you don’t recall. What about the company called

3 Intermit? Do you know that company?

4 A. No, no recollection here.

5 Q. And if we could scroll down now {D199/2993/3}. Now in

6 number 16, you have Firma Komavtotrans; does that remind

7 you of anything?

8 A. No, it does not.

9 Q. You are not aware of that company?

10 MR JUSTICE HILDYARD: No recollection about that company; is

11 that right?

12 A. No, I do not, I have no recollection with respect to

13 this company, my Lord.

14 MR STROILOV: Right.

15 Then Khortitsa, did you say you don’t recall

16 anything about Khortitsa earlier? I don’t quite

17 remember.

18 A. My Lord, it says here in the Russian version, with

19 respect to — after «Service», please may I direct your

20 attention to the comment on the right:

21 «De-registered on 8 August 2001 as per [such and

22 such] federal law.»

23 I’m not sure I understand what this refers to.

24 Q. Yes, and if you could — actually, this cell you have

25 just read out, just for the record, if you could read it

109 111
1 Q. We did. Then the company, which I think in the English 1 out in full just so there is a record of what that cell
2 version comes as «Backbone», and that’s a corrupted, 2 says in full.
3 reversed transliteration of «backbone» into Russian and 3 A. Are you discussing Komavtotrans now?
4 back into the Latin, so that’s the company Backbone, 4 Q. Yes, that bit which you have read it out, I think you
5 which you can see in the Russian version as well. 5 haven’t read it out completely, so read it out
6 Now, do you recall that company, Mr Savelyev? 6 completely so my Lord has a record in the transcript.
7 A. No, I do not. 7 A. «Status: excluded from the EGRUL register as per article
8 Q. So, yes, and you can see that there is the company 8 21.1 of the federal law dated 8 August 2001, number
9 Linair, which I asked you about just before lunch, and 9 129 FZ. Dormant or inactive legal entity.»
10 you said you didn’t recall it. 10 Q. Thank you. Just looking through this list, Mr Savelyev,
11 Now, if we could go — let me just think how to do 11 is there anything you can tell the court about any of
12 that. I am again interested in the list of historic 12 these companies you see on the screen?
13 shareholders. I wonder if that can be arranged. Well, 13 A. No, my Lord, this is 2006. I definitely do not recall
14 if we could have the table which begins in each version 14 anything about any of those companies. Mind you, it was
15 at the bottom of the page, if we could have just the 15 10 years ago.
16 table at the top of the screen in both, and the next 16 Q. And if we could scroll down one page. {D199/2993/4}.
17 page just below it, as much of it as … if that could 17 I think, again, you have Intermit and Khortitsa, which
18 be done technically without too much difficulty? 18 you had there earlier.
19 {D176-D191/2918.1T/2197}. That’s not quite what 19 So, Mr Savelyev, looking at this entry does not
20 I wanted. If we could have at the top of the page the 20 refresh your recollections about Nevskaya company; is
21 bottom of 2196. Well, actually, could we just scroll 21 that what you are saying?
22 down to 2197. In the Russian version — well, let me 22 A. No, but if you have any information available to you,
23 ask you about the ones we see, and then we go further, 23 that would be very helpful, I would be grateful.
24 and that’s obviously in reverse chronological order as 24 Q. But for the moment, is it your evidence that you can’t
25 opposed to the alphabetical order. 25 tell the court anything about Nevskaya Management
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1 Company? 1 Russian, and I’m not sure I understood your question.
2 A. I mentioned that I do not have any recollection. That’s 2 What is it exactly that you want me to answer, and
3 what I said. 3 I would be delighted to answer?
4 Q. Could we look at the transcript of Mr Sklyarevsky’s 4 Q. Mr Savelyev, did you understand the extract from
5 cross-examination, at {Day23/40:1}. It doesn’t matter 5 Mr Sklyarevsky’s evidence I’ve read to you? Did you
6 which screen, I don’t think I will need that again. So, 6 understand it or not?
7 starting at {Day23/40:8}, let me read to you what … 7 A. Mr Stroilov, I am afraid I did not.
8 it’s easier for me to be near the microphone, or rather 8 Q. May I read it again? I asked —
9 it’s easier. So what Mr Sklyarevsky said, starting at 9 MR LORD: Sorry, my Lord, if your Lordship could just please
10 line 8: 10 read page 40, before Mr Stroilov goes on, down to
11 «When we started in [2008] to work with Bank —» 11 the bottom of page 41, or halfway down page 42 of
12 I just wonder if I should explain the context 12 the transcript, to see what Mr Sklyarevsky did say.
13 quickly. I was asking him about Leasing Company 13 MR STROILOV: Indeed, I think I will read a bigger extract
14 St Petersburg, Mr Savelyev, just so that you know the 14 to —
15 context, and Mr Sklyarevsky said: 15 MR LORD: Up to {Day23/41:23} and {Day23/41:24}. I don’t
16 «When we started in 2006 to work with 16 want to interrupt this questioning but it is fair that
17 Bank of St Petersburg we had this idea of developing 17 if it is going to be put to this witness that another
18 business around the banking business, a managing 18 witness has said a certain thing and that’s the truth
19 company, a leasing company and insurance company and so 19 and so on, then I think it has to be put really quite
20 on and so forth. We had various ideas with regard to 20 carefully, in my respectful submission.
21 how to develop this business. 21 MR JUSTICE HILDYARD: I think Mr Lord has a point there, and
22 «As far as I understand, these companies are not 22 I think you must go down at least as far as line 2 on
23 quite owned by the Bank of St Petersburg, but we are 23 page 42.
24 talking about 2006, 2007, 2008, and subsequently 24 MR STROILOV: All right.
25 I stopped being involved in these projects for other 25 MR JUSTICE HILDYARD: He may want more than that.

113

1 reasons because I got other businesses.»

2 Then, I think, if I have to take you to

3 the transcript, Mr Lord will point that out, but I think

4 it is fair to say that Mr Sklyarevsky also said that

5 Leasing Company St Petersburg, Nevskaya Management

6 Company, and Gayde Insurance Company were examples of

7 these businesses he is talking about in this passage.

8 Is that consistent with your recollection,

9 Mr Savelyev?

10 A. My Lord, I’m not sure I understood the question. When

11 it was said it was an example of a business, what

12 business was this an example of? I am afraid I cannot

13 read the English text, so I would be very grateful if

14 Mr Stroilov could explain to me what he meant when he

15 said «an example of a business» and what is it exactly

16 that he wants me to recollect?

17 Q. Mr Savelyev, I have read to you a passage from the

18 evidence given by Mr Sklyarevsky. If you like I can

19 read it again because I appreciate you are just hearing

20 it. My question is: do you agree with Mr Sklyarevsky’s

21 evidence?

22 A. Mr Stroilov, I do not know what evidence he was giving.

23 You have read an extract, and obviously something may

24 have been lost in translation. It was translated from

25 Russian into English and then back from English into

115

1 MR STROILOV: My Lord, do I need, really, to read out the

2 whole thing before I ask the question, or can I go bit

3 by bit?

4 MR JUSTICE HILDYARD: Well, bit by bit, if it can be done

5 fairly. I think possibly you ought to read it all

6 out —

7 MR STROILOV: Okay.

8 MR JUSTICE HILDYARD: — so that the witness can see the

9 content, and then backtrack to specific bits if you have

10 specific parts you wish to question this witness about.

11 MR STROILOV: I am grateful, my Lord.

12 Mr Savelyev, let me read out to you a larger

13 extract, and I ask you to listen carefully because

14 obviously you don’t have the benefit of looking at the

15 text. So please listen carefully.

16 So I asked Mr Sklyarevsky about the Leasing Company

17 St Petersburg, to which he said:

18 «Answer: When we started in 2006 to work with

19 Bank of St Petersburg we had this idea of developing

20 business around the banking business, a managing

21 company, a leasing company and insurance company and so

22 on and so forth. We had various ideas with regard to

23 how to develop this business.

24 «As far as I understand, these companies are not

25 quite owned by the Bank of St Petersburg, but we are

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1 talking about 2006, 2007, 2008, and subsequently 1 «Answer: As far as I recall, there was an insurance
2 I stopped being involved in these projects for other 2 company called Gayde, and that was actively operating
3 reasons because I got other businesses.» 3 with the Bank of St Petersburg clients to my knowledge.»
4 A. Is that what Mr Sklyarevsky says in his transcript, or 4 So, Mr Savelyev, hopefully you have grasped the
5 is it your opinion, sir, could you please clarify? Is 5 meaning of Mr Sklyarevsky’s evidence on this point,
6 that your opinion, or is it Mr Sklyarevsky’s opinion? 6 don’t you?
7 Q. Yes. What I read you, that’s Mr Sklyarevsky’s evidence. 7 A. Yes, or thereabouts, because from the start to finish,
8 I haven’t finished, I want to read some further passages 8 sir, which you have read out to me, I understand the
9 to you, just so that you know what he said. 9 last bit and I already forgot what the first bit was
10 A. Thank you very much, I’m very sorry. 10 about. But nevertheless, if you could please put a
11 Q. So if we could scroll down to page 41, I think we have, 11 question to me and I will endeavour to answer in detail
12 but it’s not quite the top. If you could scroll down on 12 about what you would like to know.
13 the screen so that my Lord could follow that. 13 Q. Do you agree with Mr Sklyarevsky’s evidence?
14 Then after some matters which I think are 14 MR LORD: I am sorry, my Lord, that isn’t a fair question,
15 unnecessary to read now, then I ask him: 15 I am afraid. You have to find the particular
16 «Question: So that was intended, to your knowledge, 16 proposition and put it to the witness. It is not fair
17 to be a leasing company affiliated to 17 to do that, because he can’t remember all that text, it
18 Bank of St Petersburg? So to speak, part of the second 18 is not a memory test, and to scoop up the answer and
19 group.» 19 then move on would not be fair, in my respectful
20 I think I may have misspoken, or it may have been 20 submission.
21 misrecorded, well, that’s what the transcript says. 21 MR STROILOV: Well, my Lord, in my submission that is fair.
22 Then Mr Sklyarevsky answers: 22 I asked him to listen carefully, and surely if there was
23 «Answer: No, that company had to service the Bank’s 23 something about which Mr Savelyev could think: well, no,
24 clients in the event of they required any leasing 24 that’s not the case, well, he would have noticed it.
25 services. It was not part of the same group; it was 25 MR JUSTICE HILDYARD: Well, you might have framed the

117

1 a service company, it was a business where — well,

2 I don’t have any information that the Bank owned that

3 business. That was a standalone business that would be

4 offered to the Bank’s clients and that would be offering

5 leasing services to them.»

6 My next question was, Mr Savelyev:

7 «Question: And I think you have said that around

8 the same time you — as part of the same planning deed,

9 you meant to create a managing company, which would be

10 connected with the Bank in the same way?»

11 To that Mr Sklyarevsky answers:

12 «Answer: There was Nevskaya managing company there.

13 It’s also present in the extracts, and the managers from

14 AVK, well known to me, went over to work for the

15 company, and the objective was to saturate the

16 opportunities with financial businesses, various

17 opportunities with regard to Bank of St Petersburg

18 clients. These were separate businesses not owned by

19 the Bank. Some of them turned out well, some of them

20 did not. Each of them had their own fate, but that was

21 one of the ideas in early 2006, 2007 or 2008.»

22 Then I ask him:

23 «Question: And you also mentioned an insurance

24 company, didn’t you?»

25 To which Mr Sklyarevsky responds:

119

1 question in terms of whether there was any particular

2 aspect he disagreed with it, but I think that given — I

3 think it is quite difficult if you do not have the

4 prompt of the written word, especially when you have

5 been giving evidence for some time, and it is quite

6 an exhausting experience.

7 So I think if there are propositions that you seek

8 to test his agreement or disagreement, you should

9 identify those.

10 MR STROILOV: Mr Savelyev, do you recall any plan to create

11 any businesses for the benefit of the Bank’s clients

12 along the lines Mr Sklyarevsky is talking about?

13 A. I do not recall what happened in 2007, 2006 or 2008,

14 my Lord, but I can say that unequivocally, the Insurance

15 Company Gayde was servicing the Bank’s clients and the

16 Bank itself, also the Bank’s employees in its capacity

17 as the insurance company, and definitely the Leasing

18 Company St Petersburg serviced the Bank’s clients. That

19 is a small leasing company, the scope is small, but it

20 is a very useful company from the service point for the

21 Bank’s clients.

22 Q. Do you have any personal recollection of any such

23 companies, such as Nevskaya Management Company, Gayde,

24 and Leasing Company St Petersburg, being set up in the

25 way described by Mr Sklyarevsky?

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1 A. I cannot recall all the companies because in 2006, 2007

2 and 2008, I didn’t really store the SPARK data in my

3 head, Mr Stroilov, so it is hard for anyone to recollect

4 all the companies of the 2006, 2007 and 2008, and that’s

5 normal for a normal person.

6 I have never focused my attention on the SPARK

7 profiles and never endeavoured to retain that

8 information. I don’t need it, so I am saying

9 objectively here that I simply cannot remember what

10 happened in 2006, 2007 and 2008.

11 Q. Now, Mr Savelyev, what I think Mr Sklyarevsky is

12 suggesting there is that at some point in 2006 or 2007

13 or 2008, SKIF and the Bank were working together to set

14 up a number of diverse businesses which would be

15 servicing the Bank’s clients; do you have any personal

16 recollection of that?

17 A. No, this is not the case, my Lord. SKIF has always been

18 an independent standalone company, has no relation to

19 the Bank. Mr Sklyarevsky is a clever and talented

20 businessman that worked with the Bank, and was receiving

21 loans at the Bank, but the Bank never owned SKIF.

22 MR JUSTICE HILDYARD: But two standalone companies, let us

23 say, SKIF and the Bank, as it is your position they are,

24 could nevertheless plan together to develop businesses

25 around the main banking business by either acquiring or

1 objects and wants any context, more context to be given,

2 I will do so, but I think it is sufficient to read out

3 starting at line 11, where I ask Mr Guz:

4 «Question: Are you aware of other, subsequent repo

5 arrangements with borrowers?»

6 By which I meant subsequent to the repo arrangement

7 with OMG, and that’s clear from the context, to which

8 Mr Guz said:

9 «Answer: I think yes.»

10 I then asked him:

11 «Question: And were they arrangements of the same

12 kind; that is to say, you would have third parties

13 holding shares or assets on behalf of the Bank?»

14 To which Mr Guz says:

15 «Answer: Yes.

16 «Question: And would Renord perform that role for

17 the Bank in any other repo arrangements?»

18 To which Mr Guz says:

19 «Answer: I think yes, but not under my

20 supervision.»

21 Now, Mr Savelyev, do you think Mr Guz was right to

22 suggest that there were other repo arrangements where

23 Renord held any shares or assets on behalf of the Bank?

24 A. Mr Stroilov, could you please specify your question?

25 Which specific shares are you talking about and which

121

1 forming other companies for leasing, insurance and

2 management purposes. I think you are being asked

3 whether that happened, as best you can recollect, or

4 not.

5 A. My Lord, even if, indeed, were the case the way you just

6 described, I definitely was not involved in this

7 personally, for sure. If someone of my assistants or

8 deputies was involved in this, the question would be

9 best put to them because I was not personally involved

10 in this. I never discussed anything with Mr Sklyarevsky

11 in this regard.

12 Q. Right, may I now ask you about Renord Group,

13 Mr Savelyev.

14 A. Please go ahead, sir.

15 Q. Now, are you aware of any other cases, other than

16 Oslo Marine Group, whereby Renord assisted the Bank in

17 relation to problem borrowers?

18 A. Now I could not recall exactly, but possibly there were

19 some projects, therefore it would be very good for the

20 question to be put specifically about specific projects

21 that Renord worked with the Bank on, and then I will

22 provide full information. I simply cannot recall from

23 memory what the projects were.

24 Q. Now, if you could look very briefly at {Day 7/68:11},

25 that’s the evidence of Mr Guz. Again, if Mr Lord

123

1 specific assets, because now I don’t really know what

2 you are referring to. I don’t understand the way

3 I should answer. Could you please say, what did you

4 mean? Arrangements with whom? Who did Renord work with

5 together with the Bank, on what projects, and then

6 I will proffer my answer.

7 Q. I am asking you a general question, Mr Savelyev. Are

8 you aware of any other cases of problem borrowers where

9 Renord assisted the Bank by holding any assets or shares

10 of such borrowers and their repo arrangement?

11 A. I do not recall this and I wouldn’t be able to say here

12 in court today because I simply do not remember anything

13 about that.

14 Q. Now, Mr Savelyev, do you recall a borrower call

15 Stroimontage?

16 A. Yes, my Lord, I remember that borrower very well.

17 I know it very well. This is Mr Arthur Kirilenko who

18 headed Stroimontage group, he was the Bank’s client, and

19 we extended loans to him.

20 Q. And there was a difficulty in terms of repayment of

21 Stroimontage loans, was there not?

22 A. Yes. Yes that problem did arise on the part of

23 Stroimontage, as far as I recall. I personally met with

24 Arthur Kirilenko and discussed these problems.

25 Q. And did Renord assist the Bank by taking over any of

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1 the assets of Stroimontage?

2 A. Mr Stroilov, in this context, I simply do not recall

3 whether Renord took any Stroimontage assets or not.

4 I only recall that Renord had problems and he honestly

5 and openly had a dialogue with the Bank and despite the

6 fact that the Bank, with regard to the credit portfolio,

7 had suffered some losses, nevertheless, Stroimontage did

8 its utmost to settle with the Bank in a fair way and of

9 its own accord.

10 MR JUSTICE HILDYARD: I think the reference should be to

11 Stroimontage rather than Renord in the first part of

12 the answer. Is that right? You said Renord, but

13 I think when you said «I only recall that Renord had

14 problems, and he honestly and openly had a dialogue with

15 the Bank», it may be that you were intending to refer in

16 that context to Stroimontage; is that right?

17 A. I’m very sorry, my Lord, of course I did mean

18 Stroimontage.

19 MR JUSTICE HILDYARD: Thank you.

20 MR STROILOV: Thank you, my Lord.

21 So to your knowledge was Renord involved in any way

22 in Stroimontage case?

23 A. Mr Stroilov, unfortunately, I do not remember. That

24 happened a long time ago.

25 Q. Do you remember the borrower called Sevkabel?

1 Bank of St Petersburg in order to efficiently realise

2 Sevkabel’s debts, and Sevkabel finance debts before the

3 two banks. We were the main creditors, there were other

4 banks involved as well, but I definitely recall meeting

5 Sberbank several times, and we always negotiated, we

6 even had some agreements in writing as to how we are

7 going to be part of this project, being the two banks.

8 Whether Renord was involved in this, I simply do not

9 remember, being here today.

10 Q. Now, do you recall the borrower called Rubezh?

11 A. Yes, my Lord, I do recall.

12 Q. And so whose company was that?

13 A. That was the company owned by a number of individuals

14 that set it up, and got market share in the meat supply

15 in the Russian Federation through an auction.

16 I remember there were massive quotas, over

17 100,000 tonnes per year, and that company was supplying

18 meat products from countries abroad to the Russian

19 market, using the quotas.

20 Q. Yes, and do you recall a gentleman called

21 Vasily Veryuzhsky, who I understand was managing that

22 company?

23 A. It wasn’t just one Mr Vasily Veryuzhsky managing the

24 company, there were about three or four shareholders

25 there, and originally the company was managed and was

125 127

1 A. Sevkabel, it’s a known factory. They have big market

2 share in the cable products manufactured in the Russian

3 Federation, and that factory, that plant, headed by

4 Mr Makarov, who used to be a shareholder and a general

5 director, either a shareholder or a general director, he

6 had an aggressive policy: It was buying up all the

7 factories in Moldova, Ukraine, in Russia, using the

8 borrowed funds, and he wanted to create a massive

9 holding.

10 However, he was creating that holding using borrowed

11 funds, and accordingly, when his products stopped being

12 actively sold in the market, he ended up not being able

13 to pay back to the Bank, and the main creditors, as far

14 as I recall, for Sevkabel, were Sberbank and BSP.

15 Sberbank held about 60 per cent and we held about

16 40 per cent.

17 Q. And, to your recollection, was Renord involved in any

18 way in managing Sevkabel assets?

19 A. Mr Stroilov, I can only give evidence with regard to

20 Renord, with regard to something I did personally, and

21 something I definitely recall, unequivocally.

22 I met with Sberbank many times, including personally

23 meeting Mr Herman Gref, and we agreed that that problem

24 asset, in order for both banks to be repaid, that would

25 be a problem asset controlled and monitored by the

1 created by, not Mr Veryuzhsky, but Mr — I do not recall

2 his surname — I think Mr Kruzhkin or Krushkin, I cannot

3 recall exactly, but he founded the company.

4 Q. So do I understand correctly that you were dealing more

5 with Mr Kruzhkin than with Mr Veryuzhsky, is that what

6 you are suggesting?

7 A. Mr Stroilov, we need to specify by referring to

8 a specific time period. When we started talking to

9 the company, when the company was becoming our borrower,

10 that was Mr Kruzhkin, and subsequently that was

11 Mr Veryuzhsky, and Mr Kapitanov.

12 Q. And I think at some point Rubezh had a difficulty with

13 repayment of its loans to Bank of St Petersburg; is that

14 correct?

15 A. Yes, that’s correct. That was a successful campaign,

16 the business was quite attractive because they had

17 a very nice margin, a high margin on each tonne of the

18 products, selling the products in the Russian market,

19 and thanks to big volumes, they had serious, substantial

20 earnings, and a very good financial standing.

21 But as a result of the shareholders’ actions in that

22 company, actions were aimed at dissipating the assets.

23 The company — I think it went bankrupt, and did not pay

24 back to any of the banks.

25 Q. Were any assets of that company taken over by Renord?

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1 A. What does Renord have to do with this? We didn’t

2 discuss Renord at all, Mr Stroilov. We were discussing

3 Rubezh company. Your question to me was about Rubezh

4 and I was doing my utmost to relay everything I remember

5 about the company called Rubezh and suddenly you, out of

6 the blue, are asking me about Renord.

7 Q. I am, Mr Savelyev. Did Renord take over any of Rubezh

8 assets?

9 A. I don’t know, my Lord. I would not be able to know,

10 being here today, whether Renord or someone else took

11 over assets of that company called Rubezh. I know that

12 the company was successful and the company had a good

13 business, and suddenly that company went bankrupt.

14 Although we were duly diligently assisting that company,

15 there were always questions about some ships being in

16 port, they had to get through customs, they never had

17 any funds to pay for the customs clearance, and at the

18 Bank we always would meet the clients halfway or always

19 would assist them, and we would do the same for other

20 clients as well.

21 As a result, the company went bankrupt.

22 Q. Do you remember approximately how much did Rubezh owe to

23 the Bank?

24 A. I think it was over RUB 4 billion, at that point in

25 time.

1 were they not?

2 A. I do not know, my Lord, who was taken over by this.

3 I think two further banks took part in providing loans

4 to them, and I don’t think it was just BSP, I think

5 there was Baltinvestbank and some other banks which also

6 laid claim to Dorozhnik 92’s assets, and because this

7 company hardly had anything apart from some machinery,

8 road building machinery, the banks somehow divvied up

9 those assets in the course of the liquidation of that

10 company.

11 Q. Right. Thank you.

12 Now, if we could call on the screen the

13 transcript — it’s still Day 7, so keep Day 7 there, but

14 if we could move to page 98. I’m sorry, I think I have

15 the wrong reference. Apologies. It will take just

16 a little time for me to find what I was looking for.

17 (Pause)

18 I am sorry, if you could scroll up to {Day7/96:1}.

19 Now, Mr Guz, again, I am summarising the context, if it

20 is thought that I am not doing it fairly enough,

21 I expect to be interrupted. Now, Mr Guz was asked some

22 questions about why it was necessary to use Renord for

23 the repo arrangement in this case; do you understand

24 that, Mr Savelyev?

25 A. Yes, I do. What I do not understand is what company you

129 131

1 Q. And do you remember a borrower called Dorozhnik 92?

2 A. Yes, I do, as well.

3 Q. And was that a problem borrower?

4 A. Not initially. Originally they had some very good

5 contracts, very good work that they were expected to do,

6 but as a result of the competition conducted by the City

7 administration, and you could only build roads on the

8 basis of winning a contest or a competition, but because

9 a discount rate was applied to all contests and

10 competitions, most of the road construction companies

11 started working at a loss, actually. They wanted to

12 keep their client base, their contracts, wanted to keep

13 their labour force, all the jobs in place, and they

14 hoped that they were going to find high margin contracts

15 at the end of the day.

16 But because discounts kept being applied to all road

17 building companies in St Petersburg, they sooner or

18 later all went belly-up, and when Mr Altvnyan’s company,

19 Dorozhnik 92 came to see me, and I asked him a direct

20 question: why have they been working at a loss

21 throughout all these years, he said: I’m trying to make

22 sure I keep my business, but I said: look, how can you

23 do this, you keep generating losses? He said: okay,

24 that was my mistake.

25 Q. And subsequently his assets were taken over by Renord,

1 are referring to; is this Sevkabel, Rubezh or

2 Dorozhnik 92?

3 Q. No, I am talking about Oslo Marine Group.

4 A. It’s the first time I ever hear this from you.

5 Q. Now, Mr Savelyev, I put it to you that you understand my

6 questions much better than you pretend, don’t you?

7 A. Mr Stroilov, please, if you could be more clear and more

8 specific, then I am sure I will understand you very

9 easily and very quickly.

10 Mind you, we were discussing three companies,

11 Rubezh, Dorozhnik 92 and Sevkabel, and then suddenly out

12 of the blue you ask me whether or not it is true that

13 the repo transaction had been done with Renord. How on

14 earth do you expect me to answer that question? Just

15 listen to yourself. I mean, it’s really unfair with

16 respect to me. I understand your question, I think you

17 have clarified your question, I am happy to answer.

18 Q. Now, so Mr Guz was asked about Renord’s role in the repo

19 arrangement in the case of OMG, and in particular,

20 I think the discussion went to find out why it was not

21 possible for the Bank to hold the shares itself, why it

22 had to be Renord that held the shares in OMG companies

23 on behalf of the Bank; do you follow that?

24 A. Yes, definitely.

25 Q. And in that context, Mr Guz says, starting at line 14:

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1 «Answer: To consolidate, for example, those things

2 wouldn’t be right in this case, because, actually, it

3 was not a consolidation, actually it was temporary

4 ownership of those shares, those assets by the third

5 parties, and it was not only our practice at that time.

6 Our state-owned colleagues, like Sberbank, VTB, they had

7 next to them big investment houses, like Sberbank

8 Capital, VTB Capital, who were doing the same things.»

9 Do you understand that, Mr Savelyev?

10 A. Yes, I do.

11 Q. So I think what Mr Guz seems to be saying is that in

12 the case of OMG, Renord performed the same role and

13 assisted the Bank in a similar way as, for example,

14 Sberbank Capital would be assisting Sberbank with its

15 own banking activities.

16 So he drew a parallel between Renord relationship

17 vis-a-vis Bank of St Petersburg on one side, and

18 Sberbank Capital relationship with Sberbank on the other

19 side; do you follow that?

20 A. I do.

21 Q. So do you agree with that parallel?

22 A. Well, I can give you my own answer to that question if

23 you are happy to listen.

24 Q. First of all answer my question: do you agree with the

25 parallel drawn by Mr Guz?

1 bank, including BSPB, to answer your question.

2 If I in my capacity as the CEO of the Bank had

3 incorporated BSPB Capital, considering the capital

4 sufficiency ratios which only rely on our bottom line

5 and on whatever money is contributed by the

6 shareholders, I would not have had sufficient capital

7 for my core activities, for me to be able to grow the

8 Bank, I would have run out of money.

9 So as of today, even considering the 10:1 minimum

10 ratio, my capital sufficiency ratio is 14:1. Even so,

11 I cannot afford incorporating subsidiaries and book them

12 as part of our balance sheet using our money.

13 Therefore, there are several components to this repo

14 transaction that I would like to explain to

15 your Lordship and to Mr Stroilov.

16 The first component is this: when we take an asset

17 and we start booking this as part of our balance sheet,

18 if there is a negative financial result in that company,

19 then this will be consolidated with the losses incurred

20 by the Bank, with the negative financial result of

21 the Bank.

22 Secondly, as you know, Russian banks do not pay VAT,

23 but then there is no input or outgoing VAT, and so if we

24 book an asset as part of our balance sheet, then when we

25 dispose of that, 20 per cent of the asset, in the shape

133 135

1 A. I have nothing to object to.

2 Q. And was that kind of relationship, should I say

3 Sberbank/Sberbank Capital kind of relationship, was it

4 limited to this Oslo Marine Group case, or is that the

5 general description of relationship between the Bank and

6 Renord?

7 A. My Lord, with your permission, I would like to explain

8 to your Lordship what Sberbank Capital is all about and

9 what Sberbank can afford, and what a simple commercial

10 bank cannot afford doing.

11 Just so you understand, Sberbank Capital is

12 a state-owned company. It’s huge. It is free to

13 incorporate hundreds of subsidiaries. Sberbank has

14 incorporated Sberbank Capital, and the capitalisation of

15 Sberbank depends and relies upon two sources: one,

16 Central Bank, which owns Sberbank; and then Sberbank’s

17 net profit.

18 So if Sberbank decides to incorporate Sberbank

19 Capital, this is done at the expense of Sberbank. It is

20 a subsidiary of Sberbank, which is capitalised by

21 Sberbank and which then books toxic assets as part of

22 Sberbank Capital’s balance sheet.

23 The same goes for VTB Capital, the same goes for

24 Gazprom Capital, but it is not always possible, it is

25 not always appropriate or convenient for a commercial

1 of VAT, would be lost, because no one would refund that

2 VAT lost to the Bank upon disposition.

3 So I believe that Mrs Malysheva, who had been

4 instructed to look into the OMG toxic asset, she relied

5 on Renord to do that not to see the Bank lose part of

6 its capital, and also for us not to lose out on VAT.

7 Now, once again, I am so sorry for this lengthy

8 presentation. Incorporating a subsidiary, BSPB Capital

9 would have required additional share issues, and this is

10 something that the shareholders would have to decide

11 upon, because we would have to comply with CB ratios.

12 So by and large I agree with what Mr Guz says and,

13 unfortunately, I do not see this text in front of me.

14 There may be some nuances here which your Lordship would

15 like me to shed additional light on, and I would be

16 happy to do that.

17 Q. So generally, and subject to this explanation, and this

18 caveat, which you have just explained, now subject to

19 that, do you agree that Renord performs the functions of

20 the non-existent BSP Capital; that is to say, functions

21 similar at your level to Sberbank Capital.

22 A. Well, if I were a state-owned bank and I were able to do

23 what Sberbank is able to do, I would definitely have

24 incorporated a subsidiary, and I would be working

25 through that subsidiary in order to book these assets

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1 publicly as part of my balance sheet.

2 But not all commercial banks have this opportunity

3 available to them, and not all commercial banks, for

4 instance, Promsvyazbank has a subsidiary, Vozrozhdenie

5 has a subsidiary, Vozrozhdenie Capital. Not all

6 commercial banks can do that. If you have sufficient

7 capital you can do that but usually this is something

8 that only state-owned or quasi state-owned banks can

9 afford to do.

10 Q. So do you generally, as a bank, use Renord to perform

11 the same functions?

12 A. Not necessarily. It does not have to be Renord or any

13 other third party or any other corporate entity. It’s

14 a question of commercial negotiations and commercial

15 arrangements between the Bank and a third party.

16 It’s all down to the talent, to the abilities of

17 various people, to the trust and confidence that people

18 have or do not have vis-a-vis each other and it’s all

19 down to how much you know about your counterparty.

20 MR STROILOV: My Lord, I think this may be a good moment for

21 a short break.

22 MR JUSTICE HILDYARD: Yes.

23 A. Thank you.

24 (3.18 pm)

25 (A short break)

1 So looking at paragraph 12, you can see that

2 Mr Smirnov lists the people who are the management team

3 of Renord. So that is the top management of

4 Renord-Invest.

5 Now, just going through that list, is Mr Gubko

6 a former manager of the Bank?

7 A. I do not recall, Mr Stroilov.

8 Q. And is Mr Solovyev a former top manager of the Bank?

9 A. Today I do not recollect. To be honest, I don’t

10 remember whether he was or not.

11 Q. And is Ms Brodetskaya a former manager of the Bank?

12 A. My Lord, I don’t know. I won’t be able to answer that

13 question, I’m sorry.

14 Q. In relation to any of the people he lists here, do you

15 recall any of them working at the Bank?

16 A. Yes, I do recall that Mr Smirnov worked at the Bank.

17 Q. Anyone else?

18 A. All the managers. I don’t communicate with all

19 Smirnov’s managers. I even communicated with Mr Smirnov

20 very infrequently. My deputies worked with him for the

21 most part, in particular, Ms Malysheva.

22 Q. Now, if we could scroll down to paragraph 22 in both

23 versions, {B2/12/4}, {B2/12/20}. Here Mr Smirnov

24 explains that when he left to establish Renord-Invest,

25 a number of the colleagues from the Bank went with him,

137 139

1 (3.30 pm)

2 MR STROILOV: May it please your Lordship.

3 Mr Savelyev, I would like to ask you about

4 Mr Mikhail Smirnov. He is a former top manager of

5 the Bank, isn’t he?

6 A. Yes, that is correct.

7 Q. And what was his role at the Bank?

8 A. I didn’t communicate with him very much so I do not

9 recall his role at the Bank very well.

10 Q. So wasn’t he involved in the investment directorate?

11 A. Possibly so.

12 Q. And he explains that he was the director of

13 the corporate finance directorate, to be precise; is

14 that correct?

15 A. Yes, possibly. Could I please clarify which year are

16 you referring to, my Lord? Would it be possible to

17 clarify that, because I simply don’t recall.

18 Q. Well, he is talking about 2006/2007, that’s what

19 Mr Smirnov told the court in his witness statement.

20 A. Thank you very much for your clarification, sir.

21 Q. Now, if we could look at Mr Smirnov’s statement at

22 {B2/12/3}, and then I think the Russian version. If we

23 could — just guessing, I think it will be 18 of

24 the same tab, but I think if you go to 18, paragraph 12

25 will be easy to find {B2/12/18}. Yes.

1 and he names them as well.

2 May I ask you, Mr Savelyev, now, is that — yes,

3 looking at paragraphs 20 and 21, if you could read to

4 yourself from the middle of paragraph 20, from the

5 words:

6 «In the period immediately before my departure …»

7 To the end of that paragraph. (Pause).

8 Have you read that?

9 A. Not yet. I am reading. (Pause).

10 I have finished, Mr Stroilov.

11 Q. Have you read to the end of paragraph 20?

12 A. No, even to the end of paragraph 21.

13 Q. Yes, thank you.

14 Now, finally I would like to read to you, I am

15 afraid again, there is no Russian version — sorry,

16 something goes wrong with my system, but I will manage

17 in a moment.

18 If we could, please, go to {E2/10/1}. Sorry,

19 my Lord, I have a computer problem. I don’t know if

20 others have. (Pause).

21 I don’t know if it is my computer issue or an Opus

22 issue.

23 MR JUSTICE HILDYARD: A security warning flashed up. It has

24 gone away now. Not a court security, I mean computer

25 security.

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1 MR STROILOV: Yes, it seems to be. It’s gone away. Now 1 created a bank holding toxic assets for, say, 20 or RUB
2 it’s going where I want it to go, thank you. 2 15 billion, with regard to the companies you mentioned
3 So if you could go to {E2/10/8}, that’s a page from 3 to me today, ie Dorozhnik, Rubezh, Sevkabel and Oslo
4 the report of the defendants’ expert in Russian banking 4 Marine Group, I would have simply run out of capital to
5 practice and procedure, Professor Guriev. Here, at this 5 hit the limits. I cannot afford having such a small
6 page, Professor Guriev sets out the historical context 6 capital to create such a bank, and the Renord Group had
7 of what happened in Russian banking in the year 2008. 7 no function of Sberbank Capital or VTB Capital ever.
8 So may I read out to you paragraph 22, where he 8 Otherwise it would have been projects and, as you are
9 says: 9 saying, sir, Renord would need to have a massive own
10 «… many banks followed the examples of Sweden’s 10 capital in order to sort out these toxic assets, and as
11 1990s bank system restructuring and effectively divided 11 far as I understand, we did not observe that happening.
12 their businesses into a ‘good bank’ and a ‘bad bank’. 12 Unfortunately, I didn’t read Mr Smirnov’s witness
13 The original bank would preserve normal assets and 13 statement, but I don’t think that, taking into account
14 become a ‘good bank’, functioning normally as a lender. 14 that he was our borrower, that he held a massive
15 The non-performing assets would be transferred to a ‘bad 15 capital. So I completely agree with Professor Guriev,
16 bank’ (in the case of Sberbank, this was called 16 with what he says about the need to create — if, to use
17 ‘Sberbank-Capital’ and was fully owned by Sberbank). 17 the Swedish model, then one needs to create Gazprom
18 The ‘bad bank’ would be an asset management company 18 Capital, Sberbank Capital, or VTB Capital, when such
19 rather than a bank; its job would be to restructure the 19 an opportunity arises, when there is no such opportunity
20 non-performing assets and recover the maximum possible 20 the banks use the instruments which are lawfully
21 value; the ‘bad bank’ would not lend.» 21 available in the market. We draw in the companies that
22 Just to summarise, later on Professor Guriev 22 we understand and trust, and trust them to work with the
23 explains that as a normal practice, a repo contract with 23 Bank, and we ask them to operate together on commercial
24 a borrower as a form of additional security would 24 terms with regard to toxic or problem assets.
25 involve the bad bank holding the assets of the borrower, 25 If there is trust and mutual understanding, and the
141 143
1 if you follow that. Do you understand what the expert 1 margin that these commercial people work for, then why
2 is saying? 2 not use the model? It’s a viable model. It doesn’t
3 A. Yes, my Lord, I do understand. I do understand what 3 have to be Renord-Invest group, or some other group. It
4 Professor Guriev meant. It’s clear to me. I only 4 could be any group where we would make such a deal, and
5 didn’t understand Mr Stroilov’s question. 5 this is absolutely normal.
6 Q. Yes, it is coming. It is coming. 6 However, that does not replace Sberbank Capital in
7 So, Mr Savelyev, now, what I am putting to you, that 7 any way. These are completely separate, different
8 the changes made to the Bank’s investment arm in 2007 8 functions.
9 followed the Swedish model which Professor Guriev is 9 Q. Thank you.
10 describing, that is to say, your business was divided 10 Now, Mr Savelyev, I put it to you that your business
11 into a good bank, that’s Bank of St Petersburg, and the 11 empire is much bigger than just the
12 bad bank, that’s Renord. Would you agree with that? 12 Bank of St Petersburg.
13 A. No, I would not, and Professor Guriev absolutely 13 A. Sir, how do you mean?
14 correctly described the Swedish model of creating 14 Q. You own and control a large number of very diverse
15 a toxic bank with toxic assets, and I clarified that to 15 businesses other than the Bank.
16 the court, that the Bank that is 300 years old with 16 A. Which specific ones, where we are not part of
17 a massive capital can afford to create Sberbank Capital 17 the bankruptcy proceedings? I will give you a simple
18 holding toxic assets, and in the event of 18 example, your Lordship, just to make it clear for the
19 non-performance, or not hitting the capital liquidity 19 court.
20 ratios, of course the state will rescue it, will help it 20 There are — for example, there is a problem debtor
21 out. 21 with the Bank, for example, the company Sevkabel that we
22 If we take a specific example, Mr Stroilov, our 22 have discussed, and the Bank, of course, is taking part
23 bank, as of 2008, I think the total capital of 23 in the bankruptcy proceedings.
24 the Bank — now I do not recall exactly — was possibly 24 Q. Yes. Now, Mr Savelyev, if I could carry on with my
25 around RUB 35 billion, RUB 37 billion. If I would have 25 questions, I am anxious about the time.
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1 So, Mr Savelyev, isn’t it the case that there are

2 a number of people who hold your businesses on your

3 behalf?

4 A. Which specific people and which businesses, and a number

5 of people — it’s a very general question. If we are

6 talking about Lyudmila Stepanova, yes. If we are

7 talking about Mr Smirnov, the answer is no.

8 Q. One of these people is Nikolai Lokai.

9 A. Okay, Nikolai Lokai, what do you mean?

10 Q. Nikolai Lokai is one of your nominees who holds various

11 businesses on your behalf, isn’t he?

12 A. No, he is an independent businessman. I have known him

13 for a very long time and I would like to say that he is

14 a very reasonable person, very clever, and then he

15 manages his own business in a quite successful way.

16 Q. And another of the nominees who control your business

17 empire on your behalf is Mr Maleev, isn’t that right?

18 A. I yesterday talked in the proceedings, and I confirm

19 here today, that Mr Maleev is a professional director.

20 We always engage him in managing companies.

21 I personally trust him; however, he always works in

22 a position of a general director, and maybe in some

23 cases, he might be remunerated in the way of

24 a shareholding or a bonus or something else, but he is

25 purely a general director of a legal entity.

1 of directors. It has a group of managers that own

2 a shareholding, and have an option vis-a-vis my

3 daughter, in the event of non-performance of certain

4 covenants and KPIs existing at the Bank.

5 Q. And then another company that had exercise of your

6 control over your businesses is, or was, Sovet

7 Direktorov LLC.

8 A. Yes, we discussed that yesterday.

9 Q. And then another company in the same class of company,

10 that’s to say, companies for the purpose of your control

11 over your businesses, is System Technologies, or was

12 System Technologies.

13 A. No, I do not recall this.

14 Q. And yet another company that was used for the purpose of

15 your exercising your control over your businesses was

16 Solo.

17 A. No, Solo has never been a company owned by the Bank.

18 Q. And, finally, Barrister LLC was also another company

19 whereby you controlled various businesses which you are

20 the beneficiary of.

21 A. Yesterday, as far as I recall, we discussed the company

22 Barrister, and the fact that its shareholders, if

23 I recall correctly, one of them is my daughter and the

24 director general there is Mr Maleev.

25 Q. And Renord is part of your business, is it not?

145

1 Q. And then it is quite a normal practice for you to use

2 managers of the Bank as nominees controlling various

3 businesses?

4 A. My Lord, I do not forbid to hold a stake in some small

5 businesses for my managers if there is no conflict of

6 interest vis-a-vis the Bank, and any of my deputies

7 could buy a stake, can take a share in some small

8 business. If they are not focused on that business and

9 if it doesn’t take up too much time, I do not forbid

10 them to do that if that procedure does not conflict with

11 the Bank.

12 Q. And it is also your practice on some occasions to let

13 a particular manager formally leave the Bank in order to

14 perform the function of your nominee.

15 A. Mr Stroilov, this is not the case.

16 Q. And Mr Smirnov is another of your nominees?

17 A. No, this is not true.

18 Q. There are also a number of companies which operate as

19 your means of controlling your wider business empire.

20 A. My Lord, I would like Mr Stroilov not to say things in

21 general about groups of companies and numbers of

22 individuals.

23 Q. So one of these companies which you use to exercise

24 control is Verniye Druzya, isn’t it?

25 A. Verniye Druzya is a legal entity. It has its own board

147

1 A. No, not at all, my Lord. That is a separate standalone

2 entity that has no relation to the Bank. It operates

3 independently in the market. It receives loans from the

4 Bank in the same way that a common borrower would be.

5 Ms Malysheva and Mr Smirnov have a good, friendly

6 relationship going back to their work together at AVK,

7 as far as I recall, but that does not mean that the Bank

8 owns Renord.

9 Q. Now, I think if I move on to a different subject.

10 Mr Savelyev, Oslo Marine Group owed the Bank just under

11 RUB 4 billion, didn’t it?

12 A. Yes, my Lord. At what point in time I am not sure, but

13 overall, the recent events with regard to

14 Oslo Marine Group were related to about 4 billion, yes.

15 Q. And those loans were secured by pledges of real estate,

16 were they not?

17 A. Not just by pledges of real estate. As far as I recall

18 there were also some land plots and ships, and something

19 else, perhaps some other things that I simply cannot

20 recall being here today.

21 But overall, that was land, property, and ships. As

22 far as I recall, there were about three ships.

23 Q. And at the time the loans were given, valuation reports

24 were obtained for each of the pledges, were they not?

25 A. Yes, we obtained valuation reports, as far as I recall,

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1 from a valuation company that valued not real estate, 1 borrower, the bank would ask the borrower to provide
2 Mr Stroilov, not the buildings and structures; it valued 2 some real estate or land plots in order to compensate
3 the future business of Oslo Marine Group, that after the 3 the reserves, creation of the reserves.
4 investments that he raised from the banks would cost 4 Therefore, there are companies that we allow to
5 a certain amount, that was stated in the valuation 5 borrow without pledges, companies with good financial
6 report. 6 standing, and in this specific case, if we are talking
7 Q. So these valuation reports were produced by valuation 7 about Oslo Marine Group, it’s clear that the financial
8 companies accredited by the Bank, were they not? 8 standing of the company was not quite stable and the
9 A. Yes. Yes, my Lord, this is true. We had a number of 9 pledges of Oslo Marine Group, it was something that it
10 companies that were accredited by the Bank, and one of 10 had, and, taking into account the loan period of 3 to
11 the companies was carrying out a valuation of 11 5 years — now I do not recall exactly —
12 the Oslo Marine Group business. I do not recall the 12 Oslo Marine Group constantly was receiving new security,
13 specific name of that company now. 13 as far as I already mentioned, for example, by
14 Q. Yes. So at least at that time the Bank had no reason to 14 purchasing a ship. Then that ship would be revalued and
15 doubt the correctness of those valuations? Or did it? 15 will be repledged to the bank again, only at a different
16 A. Sir, which time period are you referring to? Could you 16 value.
17 please specify your question? Are we talking about the 17 And so this happened over a long period of time. It
18 issue of the first tranche, the second, third, fourth or 18 was not a one-off, so I would like to explain to
19 fifth tranche? Because Oslo Marine didn’t just walk 19 the court that if we are discussing in general 4 billion
20 into the Bank and didn’t take out 4 billion in one go. 20 plus all the pledges that we had received in our
21 Oslo Marine Group was a borrower of the Bank at one 21 capacity as the Bank, then I agree that the Bank would
22 of the Bank’s branches, as far as I recall it was 22 not have extended a single loan unless there had been
23 Investrbank, and for starters, Oslo Marine Group was 23 some security offered to support it.
24 taking 100 million, 200 million of the loan. These are 24 Q. Yes, Mr Savelyev. My question was, at the time you
25 small amounts, secured against pledges. Then it became 25 issued those loans, you did not doubt the correctness of
149 151

1 a juggernaut, it grew to 4 billion, but at every point

2 in time we have to be certain, we have to specify what

3 the pledges were, what the valuation was, depending on

4 the extent of the loans.

5 Q. Mr Savelyev, would you agree that the Bank only ever

6 gives a loan if it is satisfied that there is a pledge

7 of adequate value?

8 A. My Lord, I would like to clarify to the court the way

9 the Bank operates and what requirements does the

10 Central Bank have.

11 Number one, for any bank that issues loans is to

12 look at the financial position of the borrower. There

13 could be a positive balance or a negative balance in

14 the event of a good company with good financial

15 standing, we can issue loans without any pledges,

16 without security.

17 In the event of the company’s position being

18 loss-making or at zero, then banks demand to have

19 a pledge and security.

20 If it’s a loss-making business of any company, then,

21 accordingly, the bank would create reserves when issuing

22 loans to this loss-making company.

23 For example, I can give an example of 21 per cent of

24 reserves created for the first tranche. Then should the

25 bank like to discount the reserves for that specific

1 the valuation reports in relation to pledges; is that

2 correct?

3 A. Mr Stroilov, just listen to your question. You are

4 saying «at that time». Could you be more specific?

5 When? At what time? What was the amount that was

6 loaned? What was the security offered? What year are

7 we talking about? 2007? 2008? 2009? Could you be

8 more specific? What are you discussing now, and I will

9 then be more than happy to offer an answer to your

10 question, because it never so happened that OMG would

11 ever receive 4 billion in one tranche. It happened over

12 an extended period of time, and depending on whether or

13 not Mr Arkhangelsky could offer additional pledges,

14 additional collateral, the Bank would or would not offer

15 additional loans.

16 Q. Right, Mr Savelyev. I may or may not come back to this.

17 Could we please move on to a different matter for

18 the time being.

19 If we could call on the screen {D107/1537/1} I think

20 it will be {D107/1537/3} for the Russian version.

21 MR JUSTICE HILDYARD: Can I just — in case it assist

22 Mr Stroilov to know whether to come back to it — are

23 you suggesting that in respect of one or more loans

24 secured by pledges, the Bank had doubts at the time that

25 it extended the loans in question, about the valuations

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1 of the pledges in question? Are you suggesting that 1 valuation, but the way we understand it today, and today
2 there was some doubt at some time in respect of some 2 we can draw certain conclusions as we sit here today,
3 loan? 3 and I am referring to the years 2009, 2010, that became
4 A. I don’t think so, my Lord. I don’t think we had any 4 increasingly clear to the Bank, and I would like to
5 doubts. I think the security at that time was 5 share our understanding, and at that time it is true
6 sufficient, I mean, at the time when we were issuing the 6 that the Bank did accept this valuation drawn up by
7 loans, because otherwise neither the board nor the BKK 7 Lair, and I would like to confirm, once again, that it
8 or MKK would have issued those loans if the Bank had any 8 was accurate. We thought it was accurate and so it did
9 doubts at that time. 9 issue loans to that borrower, but over a certain period
10 MR JUSTICE HILDYARD: I felt that might be the answer. 10 of time, a long period of time, and because we started
11 The question to you, which was three lines, and your 11 looking into the situation in which the Bank found
12 answer was about 12, was: 12 itself, we came to the conclusion that the valuation
13 «My question was, at the time you issued those 13 offered by Lair was not accurate ex post facto. Lair
14 loans, you did not doubt the correctness of 14 was actually looking at the future business, the future
15 the valuation reports in relation to pledges; is that 15 investments of OMG. At the time we were issuing the
16 correct?» 16 loans, we believed that it was an accurate valuation,
17 And it is correct, isn’t it? You didn’t doubt them? 17 and as Mr Stroilov has just mentioned, that security was
18 A. Correct. No doubts. 18 sufficient to issue those particular loans.
19 MR JUSTICE HILDYARD: No doubts. Thank you. 19 Q. Thank you. Could we call on the screen {D122/1955/0.1}
20 MR STROILOV: I’m very grateful, my Lord. That’s helpful. 20 on one screen, and {D122/1955/1} on the other screen.
21 Then perhaps, contrary to what I said before, I will 21 I am afraid it is, again, a rather terrible translation.
22 continue that line. 22 Now, it should be one page down on one of
23 MR JUSTICE HILDYARD: I think, Mr Savelyev, with all due 23 the screens. I suppose we need to have it read out and
24 respect to you, sometimes you need, as Mr Stroilov has 24 interpreted, I am afraid, because the translation …
25 to take great care in asking the question, so you need 25 So, Mr Savelyev, this looks like your order as
153 155

1 to focus very carefully on what he is asking, because

2 I think sometimes the question may be plainer than you

3 think.

4 MR STROILOV: I am grateful, my Lord.

5 A. Thank you, my Lord.

6 MR STROILOV: So to your recollection, Mr Savelyev, at that

7 time, and I am talking about towards the end of 2008,

8 let’s say, when all the loans had been issued, so at

9 that time, according to the valuation reports you had,

10 the overall value of the pledges was considerably higher

11 than RUB 4 billion.

12 A. Yes, that is true. According to the valuation report

13 prepared by the valuation company, it was not

14 a valuation conducted by the Bank; it was something that

15 was done by the valuers, and the Bank accepted this, as

16 you have just set out.

17 Q. And I think in most of the cases, if not in all cases,

18 the valuation company was Lair, was it not?

19 A. Possibly so. It might have been Lair. That was one of

20 the companies that was accredited with the Bank.

21 Q. And so these valuation reports were accurate, were they

22 not?

23 A. My Lord, once again, I would like to clarify for the

24 benefit of your Lordship what our understanding is

25 today, not at the time when Lair was doing its

1 the chairman of the Bank made on 26 June 2009; is it

2 not?

3 Can I ask you, Mr Savelyev, to read out the contents

4 of this document, I think if you start from the words

5 «on the creation of the working group» and then until

6 the list of names of people there, so just paragraph 1.

7 Well, starting from the preamble to the beginning of

8 the list of people. I don’t think the English text is

9 very intelligible. Can you read it out, starting from

10 the words, «(Russian word)».

11 A. «With a view to look into the pledge and market value of

12 the collateral transferred as security for loans

13 extended to Vyborg Shipping LLC, it is hereby resolved

14 that we set up a working group to double-check the

15 market and pledge value of the various collaterals

16 transferred to the Bank as security for loans extended

17 to Vyborg Shipping LLC, to include the following

18 individuals …»

19 And then follows the list of individuals.

20 Q. Yes, and if you could just read out paragraphs 2, 3 and

21 4, they are, happily, brief.

22 A. Number 2 says that the head of the working group,

23 Mr Skatin, that’s the deputy chairman of the board, if

24 need be has the right to rely upon valuation companies

25 accredited with the Bank, if need be. That’s 2. Number

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1 3, paragraph 3:

2 «The results of the decisions and the deliberations

3 of the working groups should be recorded in the form of

4 a protocol that should then be sent to the chairman of

5 the board for approval before 3 August 2009.»

6 Q. And paragraph 4, just for completeness?

7 A. And number 4 says that:

8 «I shall be in charge of overseeing the work as per

9 this resolution or order.»

10 Q. Just for the record, some names have been corrupted,

11 that working group included Mr Belykh and Ms Mironova

12 and Ms Kosova.

13 A. Just a second, Mr Stroilov, if I may, just to clarify,

14 the members of the working group included Mrs Savina,

15 the director of the loans directorate; Mr Belykh,

16 director of the clients and office network directorate;

17 Mrs Mironova, the client monitoring directorate, and

18 Mrs Kosova, general counsel. This is the composition.

19 You skipped Mrs Savina, I am afraid.

20 Q. That’s because her name accurately went to the English

21 version and I apologise if that wasn’t clear.

22 Mr Savelyev, my question is, are you saying that

23 these were the conclusions of this working group that

24 made you think that the pledges had been overvalued?

25 A. Yes, amongst other things, but for the benefit of his

1 could be given a hard copy, that may be easier and speed

2 things up {D107/1537/2}, {D107/1537/4}.

3 There we can see Mr Arkhangelsky’s and your

4 signature, and I think if we scroll down the Russian

5 version further, can the Russian version be there?

6 {D107/1537/5}. No, I don’t think you can see the date,

7 there is no date. I wonder if you scroll it back.

8 There is evidence to the effect that this memorandum

9 was signed on 30 December 2008. Well, I think it is

10 dated 30 December 2008, sorry, Mr Savelyev. So, to your

11 recollection, did you sign this memorandum on

12 30 December 2008?

13 A. Yes, why not?

14 Q. And so that memorandum records some of the matters

15 agreed between you and Mr Arkhangelsky at your meeting

16 several days before, I think it was 25 December; is that

17 correct?

18 A. Yes, that is correct.

19 Q. Now, Mr Savelyev, when you entered into this agreement,

20 you did not intend to comply with it, did you?

21 A. This is not true. We had agreed that we were going to

22 temporarily hold the collateral on the basis of the repo

23 transactions, and in the event that all the liabilities

24 and obligations vis-a-vis the Bank, as per clause 3

25 here, it says here that the group agrees to fulfil all

157 159

1 Lordship, I would like to explain to the court that

2 after this, the Bank set up its own valuation company;

3 it was owned by the Bank, and that was one of

4 the departments within the Bank, actually, and the name

5 of the department was the pledge department.

6 So all the valuation companies that offered its

7 services in terms of preparing reports, were first

8 vetted by that department, and after what happened with

9 Lair, I think we de-accredited Lair, as it were,

10 therefore they were no longer accredited with the Bank

11 because we discovered certain mistakes that they had

12 made in their valuation, and so we acted accordingly.

13 Q. Yes, sorry to cut you short, some of your colleagues

14 have given evidence on that, so what I am focusing on is

15 to your recollection, the working group actually

16 reported on 3 August, as directed?

17 A. Most likely so. I do not recall, sitting here today.

18 It should have, as per my resolution.

19 Q. Right. Thank you.

20 Now, if we could go back to the memorandum, I’m

21 moving to the next subject, and that’s at {D107/1537/1},

22 and {D107/1537/3} on the other screen, please. So,

23 Mr Savelyev, do you recall this document?

24 A. Yes, this document did exist, yes.

25 Q. And if you could scroll down. I wonder if Mr Savelyev

1 its obligations under all the contracts. Obviously the

2 Bank had a vested interest in making sure that

3 Oslo Marine Group discharged all its obligations

4 vis-a-vis the group and repaid all the debts

5 outstanding. This is par for the course, this is

6 absolutely appropriate, and I would not say that when

7 entering into this agreement it was our intention not to

8 do this, or there was some ulterior motive behind this.

9 We did want Oslo Marine Group to repay its debt

10 outstanding to the Bank, and as you can see here,

11 Mr Arkhangelsky affixed his signature to this agreement.

12 Q. Now, isn’t it the case that this document was drafted

13 under the supervision of your deputy, Irina Malysheva?

14 A. There was a certain distribution of responsibilities

15 amongst the deputies with respect to the various

16 borrowers, and Malysheva was in charge of

17 Oslo Marine Group, that is true.

18 Q. Now, I understand Mrs Malysheva was not personally

19 present at your meeting with Mr Arkhangelsky on 25

20 December, was she?

21 A. So far as I can recall, she did not attend the meeting

22 on 25 December.

23 Q. I think you would agree that to prepare this document,

24 Mrs Malysheva had to know the substance of the agreement

25 you had reach with Mr Arkhangelsky at that meeting;

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1 would you agree with that?

2 A. No. As it happens, on 25 December we had the meeting

3 but after the meeting, so far as I can recall,

4 Mr Arkhangelsky, together with one of the staff members

5 of the Bank, went to see Mrs Malysheva, and after that,

6 the OMG lawyers, together with the Bank’s lawyers,

7 drafted this memorandum together with Mr Arkhangelsky.

8 Q. Yes. Well, Mr Arkhangelsky recalls that it was

9 Ms Mironova who took him to Mrs Malysheva’s office, just

10 after the meeting. Do you think that can be correct?

11 A. I would not rule that out. That is possible. It might

12 have been Mironova or Mr Belykh.

13 Q. Presumably in that period of time between the meeting

14 and between signing the memorandum, you discussed this

15 matter with Mrs Malysheva, did you not?

16 A. No, my Lord, I only discussed this after the meeting

17 because at the 25 December meeting, obviously I did not

18 know what the subject matter was going to be. I could

19 only assume that the borrower had some problems that

20 needed to be discussed, and obviously, Mrs Malysheva

21 only learned this after her meeting, there’s no way she

22 could have known this before the meeting.

23 Q. Now, but that’s what I mean: between 25 December, when

24 there was a meeting, and 30 December, when the

25 memorandum was signed, you did discuss this matter with

1 exactly, but I could — I may have invited her over to

2 give her some instructions or to clarify the terms and

3 conditions of the memorandum that we had discussed.

4 I simply do not recall, sitting here today. But

5 Mrs Malysheva definitely did communicate with me with

6 respect to this particular project.

7 Q. Right. Can you look at clause 3 of this memorandum,

8 which records two undertakings made on behalf of the

9 purchasers, quote unquote, of the shares. (Pause).

10 Can you see that, Mr Savelyev?

11 A. Yes, I can.

12 Q. So are you saying that it was your intention that the

13 purchasers would comply with that clause?

14 A. I’m sorry, I am not sure I understood your question;

15 could you repeat it, please? What are the intentions

16 that you are referring to?

17 Q. Well, at the time you — let me reformulate it — at the

18 time you signed this memorandum, did you envisage that

19 the purchasers would comply with clause 3?

20 A. The Bank had a vested interest in making sure that they

21 did. I did want — the Bank wanted OMG to repay all the

22 debt to the Bank, and in the event, all the obligations

23 and liabilities had been discharged under these

24 contracts the Bank would have been more than happy to

25 see all the capital with interest repaid to us. We

161

1 Mrs Malysheva, did you not?

2 A. Why did I have to discuss this? Mind you, we had

3 a distribution of responsibilities. She was in charge

4 of this borrower; she had oversight of that borrower,

5 and she was dealing with this on her own.

6 MR JUSTICE HILDYARD: How did she get to know what the

7 memorandum should state?

8 A. My Lord, so far as I can recall, at the 25 December

9 meeting, Mrs Volodina was there, I think Mr Guz was

10 there, and Mrs Mironova was there. I double-checked

11 that against my diary later on, so this is something

12 that I know from my diary; and so those people heard us

13 hold our discussions, they understood what we were

14 discussing and what was agreed upon, and so this was all

15 agreed upon with Mr Arkhangelsky, who then prepared

16 those documents together with his lawyers.

17 So Mrs Malysheva most certainly knew this from those

18 people who were in attendance who took part in this

19 meeting. Most likely Kristina Mironova, or maybe

20 Mr Belykh, whom I had perhaps invited to bring his

21 client to my office. Mr Arkhangelsky was aware of this,

22 and the Bank’s staff members were also aware of this.

23 Q. So are you quite sure that you did not discuss this

24 matter directly with Mrs Malysheva?

25 A. Well, I may have discussed that. I do not recall

163

1 would definitely have returned the shares. It was par

2 for the course in Moscow, in St Petersburg, whereby we

3 accepted shares on the basis of repo transactions and we

4 always returned them to the extent that the borrower

5 performed its obligations vis-a-vis the Bank.

6 Because, you see, I was always focused, my team was

7 always focused on the interests of the Bank above all,

8 and my Lord, I always criticised those bankers who were

9 using the Bank’s money to build other businesses around

10 the Bank, because that shifts the focus, the sharp focus

11 on banking operations to other businesses. It is true

12 that when you are dealing with distressed assets and the

13 Bank has to do this in order to have its money repaid,

14 this is par for the course.

15 But creating a business empire on the perimeter of

16 the Bank is extremely damaging, and prejudicial to

17 the Bank. Therefore, as I said, we had a vested

18 interest in making sure that Oslo Marine Group performed

19 its obligations vis-a-vis the Bank, and I am saying

20 under oath that, apart from having the interest and the

21 capital repaid, we did not have any interest or any

22 intentions apart from that.

23 Had Mr Arkhangelsky performed his obligations

24 vis-a-vis the Bank as per this document, we would have

25 returned all the assets and all this would have then

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1 appeared on his balance sheet. This is something that

2 had been agreed with them.

3 The Bank has no use for properties, vessels, ships,

4 plots of land or other assets. The Bank does not want

5 to dilute its sharp focus, and especially at the Bank,

6 we never did any of that, and won’t do any of that when

7 I’m alive and kicking.

8 Q. Yes. Mr Savelyev, I don’t mean it disrespectfully, but

9 if you could just answer the question sometimes very

10 briefly, I think we will come to what you want to say.

11 If not, my learned friend will have a chance to ask you

12 further questions. I am just keen to make progress,

13 seeing the time.

14 So since you say that you intended closely to be

15 compliant with this, it follows that at the time you

16 believed you had means to ensure that the purchaser

17 companies would comply with it; is that correct?

18 A. Yes, in the event of performance obligations vis-a-vis

19 the Bank with regard to the above-mentioned agreements.

20 Q. Is it the case, or is what you are saying that you were

21 confident that the purchasers would hold the shares

22 pursuant to the Bank’s instructions?

23 A. Yes, this is the way we agreed that the arrangement was

24 temporary and that the shares will come back to

25 Oslo Marine Group balance sheet should all the

1 Oslo Marine Group; was that your question, Mr Stroilov?

2 Q. Quite. Quite, Mr Savelyev, yes.

3 A. Thank you so much, I was corrected. My Lord, thank you

4 for correcting me, I did not understand straightaway.

5 It must be late in the day, my concentration seems to be

6 going.

7 Yes, we did trust these companies and I tasked

8 Mrs Malysheva to make sure that the memorandum was

9 complied with and of course, I trusted to Mrs Malysheva,

10 I trusted her in what she was doing.

11 MR JUSTICE HILDYARD: Mr Stroilov, I can’t help noticing

12 that, as was the case yesterday, and perhaps because it

13 is by now 5.30 in Nice, the videolink has been shut off.

14 I just want you to know that in case it is a concern to

15 Mr Arkhangelsky or yourself, and; secondly, how much

16 longer are you proposing to invite me to sit this

17 afternoon?

18 MR STROILOV: I have taken the hint, my Lord, I think from

19 the earlier remark you have made. I hope, then, to

20 finish for today in 10 minutes at most.

21 MR JUSTICE HILDYARD: I think we should, in all fairness to

22 all concerned, stop in 10 minutes’ time, or thereabouts,

23 I want to discuss a bit of timetabling, but I think it

24 is pretty gruelling. Mr Savelyev has been there being

25 questioned since 9.30 am with half an hour for lunch.

165 167

1 obligations be performed vis-a-vis the Bank, and

2 I confirm that.

3 Q. So at the time you signed this memorandum, you trusted

4 the purchaser companies; is that a fair way of putting

5 it?

6 A. My Lord, I would like to say that we trusted not just

7 Mr Arkhangelsky, we trust other borrowers as well, and

8 always the Bank behaves in the local market in such

9 a way so as to — if we could get round the negotiation

10 table and rescue the building and assist the borrower,

11 we always do that, because we are a local bank.

12 MR JUSTICE HILDYARD: I think this may be an illustration,

13 and I think it is late in the day, of you not really

14 listening carefully enough to the question. The

15 question was: at the time you signed this memorandum,

16 you trusted the purchaser companies — the purchaser

17 companies — is that a fair way of putting it? That was

18 the question, nothing to do with your trust of

19 Mr Arkhangelsky; do you see what I mean? It may be it

20 is getting very late.

21 A. My Lord, I’m very sorry, thank you so much for

22 correcting me. I was, indeed, not focused, and, indeed,

23 misunderstood the question.

24 We did trust the companies, the purchaser companies,

25 with regard to repo transaction, with regard to

1 I think it is a lot to ask.

2 MR STROILOV: That’s fair, my Lord.

3 I will probably keep it down to five minutes.

4 MR JUSTICE HILDYARD: Yes.

5 MR STROILOV: So, Mr Savelyev, is that right, that at the

6 time you signed the memorandum, you knew that the

7 purchaser companies refers to the companies in Renord

8 Group?

9 A. At that point in time I did not that, my Lord. The

10 memorandum was prepared by the lawyers of

11 Mr Arkhangelsky and the lawyers of the Bank, and as to

12 what the companies are going to be, that was something

13 I completely trusted to Mrs Malysheva. She hand-picked

14 the companies. I did not know that that is going to be

15 Renord or some other companies at the time of signing

16 the memorandum, that’s for sure.

17 That was the responsibility of Ms Malysheva, and she

18 made that choice.

19 Q. So you authorised Mrs Malysheva to liaise with the

20 original purchasers on behalf of the Bank; is that

21 correct?

22 A. No, Mr Stroilov, I did not tell — I did not name any

23 companies to Ms Malysheva. She completely independently

24 chose them because that was her area of responsibility.

25 Q. No, what I mean is that Mrs Malysheva had the authority

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1 to make these arrangements on behalf of the Bank?

2 A. Yes, my Lord, Ms Malysheva had full authority and

3 responsibility before me and the Bank for that

4 memorandum and for the compliance with that memorandum.

5 Q. And knowing what you know today, do you feel that the

6 Renord Group has abused your trust in any way?

7 A. No. No, my Lord, I don’t think that Renord abused our

8 trust. I think that Oslo Marine Group with regard to

9 performing obligations in time did not perform the

10 obligations stated in the memorandum, and if we look at

11 the provision where it says that:

12 «On the condition that the group would, in a timely

13 basis [and the group meaning Oslo Marine] in full would

14 perform its obligations before the Bank with regard to

15 the forementioned agreement.»

16 The forementioned agreements or contract, as far as

17 I understand, these are the credit agreements stated in

18 the memorandum. Should it not perform the credit

19 agreement with regard to the aforementioned contracts,

20 accordingly Renord was entitled to behave the way it

21 did, together with Ms Malysheva. That’s objective fact.

22 MR STROILOV: Yes, my Lord, I think that is a convenient

23 moment to finish for today.

24 MR JUSTICE HILDYARD: Thank you very much, Mr Savelyev.

25 A. Thank you very much, my Lord.

1 MR STROILOV: I will be candid. I think I indicated at one

2 stage I said I think it is three days but it may

3 overspill into the fourth day. I think at some point,

4 from memory, I indicated that, I may be wrong, I stand

5 to be corrected.

6 MR LORD: I think it was three days, even on the six-week

7 view of the world it was three days. We did have

8 an exchange about — I don’t think the witness needs to

9 stay, it is probably not appropriate for him to stay

10 because I want to raise something —

11 MR JUSTICE HILDYARD: Yes. Mr Savelyev, I think you have

12 had a very long day. Please remember the rule not to

13 speak to anyone. You are probably exhausted and well

14 past wanting to discuss it anyway, but resist all

15 temptation, if there is any, and please return at

16 9.15 am tomorrow. The rest of it, you are mercifully

17 released from, and we will go on chatting, but you have

18 your freedom for today.

19 A. Many thanks, my Lord. Could I please have a small

20 request, a very short request, if I may?

21 MR JUSTICE HILDYARD: Yes.

22 A. On Monday I have the board of directors’ meeting at the

23 Bank with regard to the Bank’s strategy, it’s

24 an important meeting and, taking into account the

25 changes in the Russian economy, we have agreed today

169 171

1 MR JUSTICE HILDYARD: You will be required again tomorrow,

2 I suspect rather early. I do apologise, it will be

3 another long day.

4 What time are you proposing, Mr Stroilov? How are

5 you doing?

6 Housekeeping

7 MR STROILOV: My Lord, pretty badly. So I think — is

8 9.00 am, 9.10 am, 9.15 am, if that’s realistic, I would

9 ask to make it that.

10 MR JUSTICE HILDYARD: Are the transcribers and translators

11 available for 9.15 and can you squeeze past security by

12 then and get yourselves organised?

13 Very well, we will start at 9.15 am tomorrow. Now,

14 are you going to get done, Mr Stroilov, tomorrow?

15 MR STROILOV: Well, I am not sure. Obviously, my Lord, if

16 there is a guillotine, I will just gallop through things

17 I have to put to the witness. If I do it as thoroughly

18 as I would want to, it’s not certain, to be honest, so

19 I am in your hands.

20 MR JUSTICE HILDYARD: It’s not what?

21 MR STROILOV: It’s not certain, I may well tell you at 4.00

22 that I need Mr Savelyev on Monday.

23 MR JUSTICE HILDYARD: I can’t remember what your most

24 pessimistic estimate of how long you would need with

25 Mr Savelyev was?

1 with a number of members of the supervisory board to

2 hold a strategy committee meeting on Monday, and I would

3 very much request Mr Stroilov to bear that in mind, and

4 you, my Lord, if I may.

5 MR JUSTICE HILDYARD: What time is your meeting on Monday?

6 A. 2.00 pm, my Lord. 2.00 Russian time, Moscow time.

7 MR JUSTICE HILDYARD: That’s 2.00 Russian time. Yes,

8 I suppose about 10.00 am in the morning our time, is it?

9 MR LORD: Yes, 10.00 am.

10 A. Yes, my Lord. Thank you very much, my Lord.

11 (The witness withdrew)

12 MR JUSTICE HILDYARD: Thank you.

13 Mr Stroilov, I have never formally guillotined you,

14 but I can’t help but putting to you that I think three

15 days was the most pessimistic, and it is the fact that

16 you will have been afforded more than half a day by

17 reference to the extra time that I have allotted to you,

18 because we have been starting early and finishing late.

19 So, in effect, you will have had slightly over three and

20 a half days in terms of a five-hour day.

21 Now, I entirely accept that Mr Savelyev is a very

22 important witness. He is a party, he obviously was

23 right at the top of the tree, it is important that you

24 should have had a fair, proportionate go at him.

25 He has commitments on Monday which he was entitled

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1 to agree to on the estimates that were then given to

2 him, by which I mean of course a witness, particularly

3 a party, may recognise that matters may continue

4 forward, but they are also entitled to some deference to

5 their other plans and those of their ultimate employer,

6 so I feel great anxiety. I would very much like you to

7 finish tomorrow.

8 MR STROILOV: I will certainly do my best. I just need,

9 really, to know if it is a guillotine so that I — well,

10 I know what I am facing. If I haven’t — my Lord, it’s

11 just I will arrange it differently. It’s one thing if

12 I follow my sequence and I try to get to the end of it

13 and do my utmost best, or do I know I am guillotined and

14 then I just put things I desperately need to put.

15 MR JUSTICE HILDYARD: Well now I will speak to Mr Lord,

16 I don’t want formally to guillotine you, but I do feel

17 that you should finish at the end of tomorrow. I think

18 that you will have had a proportionate time by then and

19 I think you should consider reordering your

20 cross-examination to comply with that.

21 I will speak to Mr Lord as to whether, formally, to

22 say that come a given time tomorrow that will be that,

23 but you are entitled to sympathy and indulgence, as

24 I have said, but you are rather pushing the boat out in

25 this regard.

1 11, so that was almost a week ago when we were

2 discussing some timetabling before we broke last —

3 MR JUSTICE HILDYARD: That was at 13?

4 MR LORD: 139. {Day26/139:9} We were tidying things up and

5 trying to plot the rest of the trial, as we have been

6 trying to do frequently. We were looking at, in line 9,

7 I was taking your Lordship through a proposed timetable.

8 MR JUSTICE HILDYARD: Yes.

9 MR LORD: Taking the trial on, because obviously we’ve been

10 trying to update and work out who is going to come when

11 and so on.

12 I indicated we would call Mr Savelyev on Wednesday,

13 and I said this:

14 «So we shan’t sit Monday and Tuesday, we’ll call

15 Mr Savelyev on Wednesday. He will be finished next

16 week, even on the most pessimistic view.

17 «Then we have Ms Mironova the week after.»

18 So it didn’t really cross my mind that Mr Savelyev

19 would be more than three days, even three long days, if

20 we had to have them.

21 Then Mr Stroilov was asked by your Lordship on

22 page 154 of the same day. {Day26/154:7} Your Lordship,

23 with respect, said to Mr Stroilov, this, at line 7, we

24 were discussing the sitting and coming on Wednesday,

25 your Lordship said at line 5:

173 175
1 MR STROILOV: Yes, my Lord, obviously you have all the 1 «We are not sitting Monday or Tuesday?»
2 considerations. I think if I mention just one. 2 And I said:
3 MR JUSTICE HILDYARD: Yes. 3 «No, it’s Wednesday.»
4 MR STROILOV: I accept that, obviously, a professional would 4 And your Lordship, in my submission, flagged up
5 have perhaps done this more efficiently, and it wasn’t 5 really whether that was going to be all right and you
6 perfect in terms of efficiency, I accept that. 6 said:
7 But, on the other hand, I think one issue you may 7 «Buy are you content at least with the — you are
8 want to consider is, really, what are the answers given 8 reconciled, Mr Stroilov, with the progression until
9 by the witness. 9 Easter and you will be thinking about … [afterwards].»
10 MR JUSTICE HILDYARD: I think it hasn’t been an easy job, 10 So really that was the time, if, having established
11 I will say that. 11 that even on the most pessimistic view with three and
12 MR STROILOV: Yes, my Lord. I am grateful. I think that’s 12 a half days of cross-examination we might not finish
13 all I have to mention. 13 Mr Savelyev this week, there really was an opportunity
14 MR JUSTICE HILDYARD: Mr Lord, what are the parameters you 14 at that point to identify it.
15 invite? 15 So, my Lord, we do suggest that effectively three
16 MR LORD: My Lord, can I just draw your Lordship’s attention 16 and a half days would be enough time, and Mr Savelyev is
17 to the exchange we had on Day — 17 a very senior man in the Bank and he has to run the
18 MR JUSTICE HILDYARD: I can’t remember it. 18 Bank, and he has come over to England this week, he has
19 MR LORD: We have obviously been trying to work this 19 made himself available.
20 timetable out. I won’t go through all the whys and 20 MR JUSTICE HILDYARD: He is a party, of course he has to
21 wherefores, your Lordship is exhaustingly familiar with 21 make himself available, and he is top of the Bank, it is
22 it. 22 300 million something. Of course he is going to be
23 MR JUSTICE HILDYARD: Tell me about Mr Savelyev 23 available, Mr Lord. The only question is a proper
24 specifically. 24 balance.
25 MR LORD: If we go to Day 26, at page 139, that was March 25 MR LORD: I accept that, my Lord. You asked for my
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1 submissions on the point and I would like to make them, 1 I mean, take the business of photocopying. If you
2 if I may, including the way that the last two days have 2 want some photocopies you just turn round and say: I’d
3 gone, and three or four lever arch files, double sided, 3 like some photocopies. If Mr Stroilov wants some
4 of database entries were sent through from Sunday 4 photocopies, I dare say he has to burrow out, go to the
5 evening and preponderantly on Monday and Tuesday. 5 photocopy place and get it organised.
6 Just taking a step back — 6 MR LORD: I don’t accept that, my Lord. That is
7 MR JUSTICE HILDYARD: How is that going to help me? 7 an unfair — with the greatest of respect, that is
8 MR LORD: Sorry, my Lord? 8 an unfair — I don’t think I haven’t been understanding,
9 MR JUSTICE HILDYARD: How is that going to help me decide 9 that is an unfair criticism to make.
10 what we do? 10 MR JUSTICE HILDYARD: Oh, I see. You photocopied those?
11 MR LORD: Because some of the efficiency, some of 11 MR LORD: No, the not taking adequate account of — I’m
12 the complaints about the way the evidence has gone over 12 sorry, my Lord —
13 the last two days has been about fumbling around with 13 MR JUSTICE HILDYARD: We won’t argue about it. That is my
14 bits of paper and trying to take witnesses to various 14 perception, that it is a very difficult thing for
15 documents and hard copies and so on. It is a relevant 15 Mr Stroilov: one man against all of you, not
16 consideration. One might have expected that the 16 a professional, and I have tried to put it gently by
17 material that was underpinning the conspiracy case 17 saying had I had to do this in my first year of
18 against Mr Savelyev would have been available and at the 18 practice, I should be pleased if I had done it as well
19 command of the defendants sooner than Monday or Tuesday 19 as Mr Stroilov. I think that you have to take into
20 of this week; and that the majority of the points that 20 account the imperfections inevitable in a non
21 they were going to put were points that they had 21 professional in a huge case, doing it for the first,
22 available on the Magnum bundle by that point in time. 22 second or third time, and I have to bear that in mind.
23 A huge number of questions over the last two days — 23 I am inviting you to give full weight to that factor,
24 I have not totted it up — have been on material that 24 seeing how much it does impress me, that I do have to
25 was generated over the last few days. 25 make allowances.
177 179
1 So we don’t really — in terms of planning and how 1 I do not say, and Mr Stroilov does not say, that he
2 this has all gone, I don’t think it’s really fair to be 2 couldn’t, had he had more experience and more backup,
3 too critical of the witness and to say that really the 3 done this quicker. I think that that is so. It is
4 guts of the conspiracy case against Mr Savelyev one 4 often so even with very, very experienced counsel.
5 could have expected that that would be fairly in play 5 My plea is to let us not see what has gone wrong;
6 and known by the defendants and Mr Stroilov well before 6 let us see what we can do and whether it is
7 this week, and that one might have expected a greater 7 proportionate to allow any further time. At the moment
8 focus on some of that, with all due respect, at 8 I am thinking that I must invite Mr Stroilov to ensure,
9 an earlier point in the slot. 9 having been given really rather a lot more than your
10 So I don’t really accept that he is being squeezed. 10 worst thought, even taking into account the
11 He has chosen to spend the bulk of two of the three long 11 difficulties, which I accept, in cross-examining this
12 days on lots and lots of database questions, which is 12 central witness, by which I mean on both sides, some
13 a matter for him, and that leaves a certain amount of 13 time wasted on you, some slightly reluctant answers in
14 time for other matters. 14 the meantime, what am I to do? What is fair to do?
15 My Lord, if we are going to keep to this timetable 15 That’s what I wish to focus on. How absolute is the
16 and try to finish this matter, given that so many things 16 timing from his point of view? I suppose you would say
17 are backing up, we would respectfully submit that 17 it really is as absolute as it gets, these are difficult
18 Mr Stroilov should really try to finish by tomorrow. 18 days, and he has a important meeting which he just has
19 MR JUSTICE HILDYARD: I think he accepts he should really 19 to leave on Sunday for, I dare say, or before.
20 try. I mean, Mr Lord, I have said this before, but 20 MR LORD: My Lord, I would have to take instruction from him
21 I will say it again: If I had had to do this case in my 21 as to whether he can. I’m certain, my Lord, I do take
22 first year of practice, I would have been delighted to 22 exception to the — Mr Savelyev will, I am sure, do what
23 have done it as well as Mr Stroilov has been doing it. 23 he is ordered to do and what your Lordship wants him to
24 I think you are sometimes excessively un-understanding 24 do.
25 of that, if I may say so. 25 MR JUSTICE HILDYARD: I don’t doubt that for a second.
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1 MR LORD: That’s the first point, and I’m sure if he’s 1 done the majority of the points and there’s another two
2 required to stay, if it is an order that he stay and 2 hours maybe. Maybe we should do it by videolink on
3 make himself available for some part of next week, 3 Monday to tidy things up at some point. I am just
4 I will take instructions. I am not going to prejudge 4 thinking out loud now to try and sort of give the extra
5 that. I am not going to prejudge that. The operations 5 time.
6 of the Bank will have to bend to that order of 6 MR JUSTICE HILDYARD: He might be a bit busy on Monday,
7 your Lordship and the record will show that that’s 7 I suspect.
8 what’s happening. We started on Wednesday this week and 8 MR LORD: Well, my Lord, he is going to be busy, he has to
9 we could have started — when I said «made available», 9 prepare for these big meetings and it is not just this,
10 what I meant was he could have been cross-examined on 10 there is another — there are big meetings that — he
11 Monday, Tuesday, Wednesday, Thursday, Friday. 11 will have to be available, if your Lordship thinks
12 MR JUSTICE HILDYARD: I did check, and you can correct me if 12 that’s right, and I’m trying to think how we might not
13 I am wrong, I think Mr Stroilov is correct, as best 13 end up in any way constraining Mr Stroilov. If we need
14 I can do it, and I didn’t have that long over the short 14 another two or three hours, the easiest thing would be
15 adjournment to check, I think I had misremembered the 15 to do it by videolink. He is back in Russia, he can get
16 deal, in a sense. I think I struck it with respect to 16 on with his other business at the weekend, he can
17 Ms Mironova and not with regard to Mr Savelyev; can you 17 prepare his meetings and he can be cross-examined on
18 remember? Or can anyone on your side remember? 18 Monday morning and we start Ms Mironova on Tuesday. Not
19 MR LORD: Yes, the express discussion was in relation to 19 Monday morning, he can’t be 10.00, but there is probably
20 Ms Mironova, that’s right. But, of course, if he had 20 a slot on Monday when he will have to make himself
21 asked for more time with Mr Savelyev, if he had said 21 available. I am just thinking out loud, my Lord.
22 there was a risk that three and a half days might not be 22 MR JUSTICE HILDYARD: I know, well, that’s helpful, that’s
23 enough, because that’s what we are talking about, we 23 constructive.
24 would have started on Tuesday. 24 MR LORD: I’m trying to be constructive.
25 MR JUSTICE HILDYARD: I’m not sure, because he has always 25 MR JUSTICE HILDYARD: Yes, that is constructive.

181

1 wanted two days and we did go on, unfortunately, until

2 late in the day last Friday.

3 MR LORD: We did, my Lord, but there may have to be some

4 compromise. We may have to not always have a two-day

5 break and have a shorter break if, in fact, we are going

6 to have this upshot.

7 I’m also concerned that we get through Ms Mironova

8 next week, that we do get through Ms Mironova by the

9 vacation. An awful lot of plans have been laid on the

10 back of that.

11 If we are going to push Mr Savelyev over for another

12 half a day and then say: actually, I can’t do that, that

13 is it for next week, that wouldn’t be fair, it wouldn’t

14 be fair to have a little bit more of Savelyev next week,

15 really, into a fourth, or probably, arguably a fifth

16 day, given how long we have sat, and then Mr Stroilov

17 gets what he has been angling for for some time which is

18 to push Ms Mironova until after Easter and then this

19 timetable is shot, in truth, and we have been working to

20 this for several weeks now, and in my submission, that

21 wouldn’t be fair or proportionate.

22 I’m sure if Mr Savelyev needs to come back, we can.

23 There may be a way of plugging him in at a later point

24 in time, maybe to finish it off — or by videolink to

25 finish things off, that may be an option, if we have

183

1 Mr Stroilov, it may be that you are forced to take

2 just one burden at a time, but do you have any —

3 I think you told me on Monday you do not wish to start

4 Ms Mironova on Monday; am I right?

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

6 MR JUSTICE HILDYARD: You recognise that you have Tuesday,

7 Wednesday — I will make enquiries back at base camp to

8 see what domestic issues would arise if I gave you five

9 hours on Thursday, starting at 9.15 am, and cutting out

10 lunch and ending at — it would be four hours, 1.30 or

11 thereabouts. I will make enquiries, and I will ask

12 Mr Lord and his team whether that is possible.

13 You will then, just as contingency planning, have as

14 near as does it three days, just maybe half an hour

15 short.

16 MR LORD: My Lord, plus the early start, it will be three

17 days. That will be three days.

18 MR JUSTICE HILDYARD: Plus if we start early on the other

19 days. I think you always — you felt three days would

20 be all right for Ms Mironova, didn’t you?

21 MR STROILOV: Well, again, I had doubts on that, my Lord.

22 MR JUSTICE HILDYARD: Oh, did you?

23 MR STROILOV: An estimate is an estimate, my Lord, and when

24 I say my estimate is three days, it’s subject to two

25 caveats, which I think I have — I hope I made clear.

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1 Well, firstly that my estimate is a very inexperienced

2 guesstimate, and, secondly, that three days may be

3 slightly shorter or slightly longer.

4 I think one point I would just make in reply is

5 that: yes, I have been telling your Lordship that

6 I actually desperately need two working days’ break

7 between witnesses, and as between Paris and Easter,

8 actually I think the only time I’ve had two days’ break

9 is before Mr Savelyev. I’m not given a two days’ break

10 before Ms Mironova and I’m guillotined on Ms Mironova.

11 MR JUSTICE HILDYARD: We have given you two days, I think,

12 as near as does it when you are in continuous

13 cross-examination. We have not given you two days when

14 Mr Lord has had to cross-examine.

15 MR STROILOV: My Lord, I think in terms of in case, and

16 I will really be doing my level best to avoid that, in

17 case Mr Savelyev overspills, my preference would then

18 be, if I have to be in court, I would prefer it to be

19 a full day, and I don’t know if Ms Mironova’s

20 arrangements can be changed, but perhaps if it has to be

21 Monday, and obviously I am in your hands, then perhaps

22 I could, contrary to what I said before, start with

23 Ms Mironova on Monday, just so that I don’t have to come

24 to court for half an hour videolink cross-examination.

25 MR JUSTICE HILDYARD: I will let you think about that.

1 MR JUSTICE HILDYARD: And if there are other things, then

2 perhaps you could so structure it that the other things

3 are matters which can be dealt with in a video, if that

4 is really the only expedient left.

5 MR STROILOV: Yes, my Lord.

6 MR JUSTICE HILDYARD: I think we cannot, without trampling,

7 as Mr Lord says, over the rest of the timetable, and the

8 end date of the translators on the 19th, we have just

9 got to keep to some semblance of time.

10 MR STROILOV: Yes, my Lord. I think I have said before

11 that — well, really, having Ms Mironova just over the

12 weekend and then guillotined, I think it’s — given her

13 importance and Mr Savelyev’s importance, I think it is

14 far too tight for me, but I am not trying to re-argue

15 the argument I’ve lost the other days.

16 MR JUSTICE HILDYARD: Yes.

17 MR LORD: My Lord, I will take instructions. I will have to

18 speak to Mr Savelyev about the videolink. I will talk

19 to him about it with my solicitor. I will only talk to

20 him about that, I won’t talk about the case, of course.

21 MR JUSTICE HILDYARD: No, no.

22 MR LORD: So I trust that will be in order. We will make

23 sure Ms Mironova is available for Monday at whenever,

24 9.15, or 9.30, if that would help.

25 MR JUSTICE HILDYARD: I think Mr Stroilov is going to think

185 187

1 Next week the position is going to be all of us

2 engaged in the case to do whatever we have to between

3 Monday and whatever reasonable flexibility on Thursday,

4 but not right till the end, say 1.30, and starting early

5 on each day. I do not think, and I think today shows

6 it, that you can do much more than we have done today in

7 all fairness to the witness and, as a matter of fact,

8 all of the rest of the people in court. I think it just

9 gets unfocused and it gets unfair.

10 MR STROILOV: Yes, my Lord.

11 MR JUSTICE HILDYARD: Now, if you want to start on Monday,

12 I am sure Mr Lord and his team will be available on

13 Monday, since I dare say they are committed to the case,

14 but you must let us know.

15 So far as Mr Savelyev is concerned, Mr Lord has made

16 the suggestion of videolinking if we need it to finish

17 off tail-ends, and that may be appropriate. I am not

18 formally guillotining you, but it is as near as does it,

19 Mr Stroilov, it’s as near as does it. It is only out of

20 deference to your position, and if you were counsel

21 I would undoubtedly simply say: that’s your lot.

22 MR STROILOV: Yes, my Lord.

23 MR JUSTICE HILDYARD: But I do think that you must make

24 every effort to finish Mr Savelyev tomorrow afternoon.

25 MR STROILOV: Yes, my Lord, I will do absolutely my utmost.

1 about that overnight, as to whether he — I will let you

2 know, likewise, how long I can give you on the Thursday.

3 How are all of you on Thursday? You have been told

4 12.00 and you are entitled to rely on that. What are

5 your positions on Thursday?

6 MR LORD: I am sure everybody will be available for as long

7 as required, my Lord.

8 MR STROILOV: I do apologise, obviously it is inconvenient,

9 but that’s really my position: if, as I very much hope,

10 we finish with Mr Savelyev tomorrow, then obviously

11 I wouldn’t want Monday, I would want Monday for

12 preparation. If we don’t, then we have to — perhaps

13 an option would be, and it may be more convenient for

14 Mr Savelyev, if we could have that videolink

15 continuation on Tuesday morning, and that’s eating into

16 Ms Mironova’s time.

17 MR JUSTICE HILDYARD: We can defer the videolinking.

18 Mr Stroilov, I’m sorry if I haven’t been clear,

19 Mr Lord, I’m sorry if I haven’t been clear.

20 I will need heavy persuasion as to why the matter

21 should continue on past tomorrow, but nevertheless, as

22 I haven’t formally guillotined, I think Mr Lord is right

23 to take instructions both on Mr Savelyev staying here

24 and on what flexibility there might be if he doesn’t

25 stay on videolinking. I think that deals with

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1 Mr Savelyev.

2 I will offer you as much time as I can on Thursday,

3 which is a considerable indulgence to you, and given

4 that time and given starting early, you will have had

5 more than, if you start on Tuesday, you will have had

6 more than three full days, because when we start at

7 9.15 am you effectively get an hour and a quarter extra

8 from the normal starting point. Normally the court

9 actually tends to rise at 4.15. We normally go on to

10 5.00. We are at nearly 5.15 pm now. These are very

11 long days, and in the totality of it, I think that it is

12 fair that you should be required to stop. I suggest

13 that you may very well feel, but I leave it entirely to

14 you, that Monday prep is worthwhile, and organise your

15 questions so they can be done in the three days which

16 has been afforded to you, but, of course, I leave that

17 to you.

18 MR STROILOV: I’m grateful.

19 MR JUSTICE HILDYARD: Is that reasonably clear?

20 MR LORD: Yes, my Lord, yes. I will take instructions.

21 MR JUSTICE HILDYARD: I am sorry. I regret it with

22 Mr Savelyev, because I think he has had — he will have

23 had a long time in the box and he has continuing

24 responsibilities, which he was entitled to tell other

25 people that he would observe.

1 it had — that Mr Stroilov had asked the question

2 a number of ways, which I think fairly should have been

3 answered, and on that I think I would come up with my

4 initial reaction confirmed; that his answer was

5 a certain kind. If you think that that is wrong, it is

6 a matter for you to re-examine him.

7 MR LORD: Yes.

8 MR JUSTICE HILDYARD: I haven’t looked at others, to be

9 honest. If I had, I could probably just tell you where

10 I felt — but I haven’t.

11 MR LORD: I understand.

12 MR JUSTICE HILDYARD: In looking at them, I will try to look

13 fairly at the context, fairly at the question, fairly at

14 the responses, and if I think that the answer given is

15 equivocal, I will rather expect you to have done the

16 same and to have tidied it up in re-examination.

17 If you and I fail to identify those and it remains

18 equivocal, that will have been an unfortunate passage.

19 MR LORD: Yes, my Lord.

20 MR JUSTICE HILDYARD: Because I cannot decide, I cannot say:

21 look — I can’t say to you, Mr Lord, fairly: if you fail

22 in your job because it is an additional — well, I will

23 start again.

24 I think that you should take on the responsibility

25 which I rather first assumed of trying to see where

189 191

1 MR LORD: It is right, my Lord: I am sure he will do as

2 your Lordship requires. I have no doubt about that.

3 There has been no issue, and it is fair to note that

4 there has been some rescheduling, there’s no question of

5 any fault in that, there has been rescheduling, people

6 were meant to come, the Bank’s witnesses, including the

7 parties, have made themselves very available and they

8 have been very accommodating, and they have tried to

9 make themselves available for this court. I am sure

10 that that will continue, but I will take instructions if

11 I may.

12 My Lord, I see the time. Your Lordship, at Day 28,

13 today, [draft] pages 103 to 104, took up a point with me

14 about clarification of questioning.

15 MR JUSTICE HILDYARD: Yes.

16 MR LORD: I just want to reflect on that. I think I know

17 what your Lordship has in mind, which is that various

18 points may need to be ironed out in the re-examination,

19 and I need to bear that in mind. I am sure pregnant in

20 that observation was not any suggestion that any sort of

21 ambiguity would be construed in a certain way because of

22 the way the trial is going. I assume that that wasn’t

23 the …

24 MR JUSTICE HILDYARD: Of course I don’t sort of preconceive

25 what my answer — on the particular point, I felt that

1 there were questions which were double-headed and to

2 which the answer was equivocal. I will try and do the

3 same. I will be relying on you to re-examine where you

4 feel the answers could be taken to go against you,

5 I will try and do the same.

6 MR LORD: I need to think about that, my Lord, because

7 obviously re-examination has its own constraints in

8 terms of leading questions and so on, and —

9 MR JUSTICE HILDYARD: I had a quick look at the rules on it.

10 I think you would always in re-examination, subject to

11 the usual rule against leading questions, be able to

12 clarify in the case of a double-headed question, whether

13 the witness meant X or the witness meant Y, whether he

14 was answering the first or the second part of

15 the question. I think you would be entitled to do that.

16 I think probably — I don’t know, I welcome your

17 thoughts on it, but I think I would have in practice

18 thought that that was part of the burden of

19 re-examination.

20 MR LORD: Well, yes, my Lord, but your Lordship knows there

21 are different approaches to re-examination. There used

22 to be three golden rules which is: don’t, don’t and

23 don’t, I’ve always been taught that, as well as the

24 difference between re-examination and cross-examination,

25 and I need to think a bit about this, because I’m not

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1 sure, I want to reserve my position on this, because if

2 a question is put, if a rolled-up question is put or

3 a question where it is driving at more than one

4 proposition, and a single answer is given, then I am not

5 sure I accept that it should be for me, it is my

6 responsibility, to tidy up that piece of the evidence.

7 I’m not in any way trying to be obstructive, and I will

8 be constructive, but I don’t particularly want to have

9 a duty to sweep up a whole series of potentially

10 important ambiguities. I just need to sort of think

11 a bit about that, but I will obviously try to be

12 constructive and help the court as far as I can.

13 It may be that this doesn’t really arise; that,

14 actually, there is a better course, maybe, for questions

15 that seem to be leading to, if you like, a rolled-up

16 answer, or an answer to a rolled-up question, it may be

17 better for me, if your Lordship is happy for that, to

18 half get up, or half move, or twitch or something.

19 I would rather do that. I don’t want to keep

20 interrupting, but nor do I want to have a sort of, at

21 the end: here are the 16 important half answers that

22 need to be cleared up. I don’t know, necessarily,

23 I want to be in that position, really.

24 MR JUSTICE HILDYARD: I entirely respect you wishing to

25 think about this further, but do so in the obvious

1 the rules of the game, and stuck by them, but there we

2 are.

3 MR LORD: My Lord, that’s fine. I suppose where I was sort

4 of reserving my position is were some point not to be

5 clarified, to be told that that want of clarification

6 from re-examination creates any kind of presumption or

7 any kind of interpretive canon at the end of the day and

8 I’m perfectly prepared to do my best to try and help —

9 MR JUSTICE HILDYARD: It won’t be a presumption one way or

10 the other. I will try and be fair in the evidence and

11 I won’t simply say because I had encouraged you to

12 clarify that, ex hypothesi, therefore any failure must

13 be taken against you. That wouldn’t be right or fair.

14 MR LORD: My Lord, I’m much more prepared to accept the

15 responsibility if it doesn’t come with that.

16 MR JUSTICE HILDYARD: I know you, Mr Lord. I know that you

17 will not take that as any signal not to do your very

18 best to identify them and, working together on this,

19 you, working your very best, and I, working my very

20 best, I hope that we will identify any things.

21 MR LORD: Yes.

22 MR JUSTICE HILDYARD: What remains, I will simply have to

23 look at the evidence and see what is a fair conclusion.

24 I won’t, at that stage, say that: wicked Mr Lord ducked

25 that, therefore I shall reach the following conclusion.

193

1 context that there are four possibilities: one is that

2 I encourage you to stand up, in which case we have

3 an argument that the witness is somehow being fed

4 an answer, which may be taken to be unfair; the second

5 is that I should do it all, which I find difficult, both

6 having regard to my position as a judge rather than as

7 an advocate, but also through timing difficulties; the

8 third is to ask you, with my trying to do some homework

9 as well, in deference to Mr Stroilov and his clients’

10 difficult position in the case, and I shall do that if

11 I spot something which I think might be equivocal,

12 I will try and raise it either with the witness or

13 suggest it to you. The fourth is simply to leave

14 everything where it lies and simply to say: right,

15 equivocal question, or double-headed question, spoilt

16 answer, and I think that that latter, in the particular

17 circumstances where Mr Stroilov and those he represents

18 do not have the benefit of leading counsel or any

19 counsel, would be the least satisfactory thing. I think

20 that that would be very unsatisfactory.

21 MR LORD: Yes.

22 MR JUSTICE HILDYARD: None of the four — you can take it

23 none of the four are particularly attractive. I would

24 much rather, as I have said a million times, that

25 everyone had broadly equivalent representation, knowing

195

1 That would not be in accordance with my experience of

2 you and would not be what I perceive to be a proper

3 approach.

4 MR LORD: Thank you, my Lord. I will avoid wickedness,

5 I will eschew wickedness and I will attempt to be

6 constructive along the lines that your Lordship

7 encouraged me to do.

8 MR JUSTICE HILDYARD: I am sure we can do it. I hope it

9 will be slightly more limited than at sometimes one

10 feared but let us now have a look.

11 Now, in all the circumstances, we must draw stumps

12 soon. In the halcyon days of last Wednesday, yesterday,

13 we expected that we might have time for housekeeping

14 tomorrow. That seems to me to be pie in the sky. It

15 doesn’t mean that I’ve forgotten completely about the

16 needs, but I think just to warn you that we will have to

17 find some other time to do that.

18 MR BIRT: I get to my feet in hesitation, my Lord, shadows

19 are lengthening.

20 The only point to mention is the Mrs Malysheva

21 contract document. That can, of course, be postponed,

22 but I wouldn’t want it to be said that because it has

23 been postponed Mr Stroilov hasn’t had a chance to ask

24 questions based on them. If Mr Stroilov wants to ask

25 questions we just have to deal with it, my Lord.

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1 MR JUSTICE HILDYARD: Mr Stroilov, are you intending to use

2 these documents in your cross-examination of either

3 Mr Savelyev or Ms Mironova?

4 MR STROILOV: Well, obviously difficult to say before I saw

5 them. For the moment, I am happy with the redacted

6 version which I have been given. Well, obviously it is

7 better to have as many documents as you can and look at

8 them and decide whether to use them, but …

9 MR JUSTICE HILDYARD: You can have them unblanked out except

10 for her telephone number and any other personal details,

11 which cannot properly assist me in determining the case,

12 and the terms on which presently I have directed that

13 you would have them would be that when those details are

14 put, the court would move into private session, and the

15 documents would not be released except with my

16 permission. If at any time either you persuaded me or

17 I decided that the proceedings should be open in

18 the usual way, then I will so direct, and if at any time

19 whether they have been open or not, I decide that the

20 document should be released from that exceptional

21 restriction, or if you persuade me, then it will be.

22 MR STROILOV: Just to be clear, my Lord, so do I have to

23 really raise a flag before I ask the question, to say:

24 now we move into private because I am asking a private

25 question, or I don’t need to worry about this and it

1 don’t like the theory behind it?

2 MR STROILOV: No, I didn’t like, I think, paragraph 3, from

3 memory, but I have made my points and you have made your

4 decision, haven’t you? I thought it should be the other

5 way around: If these documents are disclosed and

6 referred to in open court and you then feel it should be

7 secret, then you make the order, not the other way

8 round. That was my submission yesterday, which — well,

9 I don’t think it’s open to me to re-argue it now, given

10 what your Lordship has just said. If you have decided

11 to make that order, you have decided.

12 MR JUSTICE HILDYARD: Should 3 be prefaced by:

13 «Without the permission of the court»?

14 MR BIRT: It certainly can be, my Lord. Make it clear,

15 my Lord, what that means.

16 MR JUSTICE HILDYARD: Stating the blindingly obvious, you

17 thereby take the risk that I may decide, for good reason

18 or bad, that it may be let into the public domain, but

19 my understanding is, really, your concern is to have

20 done what best you can: you cannot, after all, guarantee

21 the reactions of the judge.

22 MR BIRT: My Lord, we certainly can’t do that.

23 MR JUSTICE HILDYARD: Good. All right. Do you want me to

24 sign that?

25 MR BIRT: And perhaps change the date at the top, my Lord,

197 199

1 will be treated as private.

2 MR JUSTICE HILDYARD: Well, it will be difficult for anyone

3 else to know when you are going to raise it, but if you

4 know that you are going to go to that document

5 unredacted, you know that and you should say that and

6 I will respond by saying I think we should have it in

7 private.

8 MR STROILOV: I’m grateful, my Lord. That’s clear.

9 MR JUSTICE HILDYARD: I do that as a matter of precaution.

10 I am not presently persuaded that there is sufficient

11 ground, really, for ultimately restricting this

12 document, but I want to see how it goes. I don’t want

13 to break confidentiality for no good purpose.

14 MR STROILOV: Yes, I’m grateful, my Lord.

15 MR JUSTICE HILDYARD: Does that suit you?

16 MR BIRT: Do I take it that my Lord is going to make the

17 order, then, that I handed up yesterday, and then we can

18 formally do the disclosure overnight?

19 MR JUSTICE HILDYARD: Yes, do you have a copy?

20 MR BIRT: I can hand up another one, my Lord, yes.

21 MR JUSTICE HILDYARD: Did you have a cup of tea and have a

22 look at that, Mr Stroilov?

23 MR STROILOV: I think I did, and apart from the comment

24 which I made yesterday —

25 MR JUSTICE HILDYARD: You felt the order was okay but you

1 it has yesterday’s date on it.

2 MR JUSTICE HILDYARD: Where have we got to?

3 MR BIRT: The 17th today. If my Lord initials that I am

4 sure we can get that retyped and given to Mr Stroilov.

5 MR JUSTICE HILDYARD: I think you can take it that that will

6 be done. I think Mr Trout can seal this if you want,

7 this is just a Chancery Division. We can do that, can’t

8 we?

9 MR BIRT: And then we can disclose the documents overnight.

10 MR JUSTICE HILDYARD: Yes, take it as done.

11 MR BIRT: Thank you, my Lord.

12 MR JUSTICE HILDYARD: Is there anything else that we can do,

13 as we have …?

14 MR LORD: No.

15 MR JUSTICE HILDYARD: Anything else?

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

17 MR JUSTICE HILDYARD: Well, as near as you can and I can to

18 9.15 am tomorrow. I think we will try and take breaks

19 along the way.

20 Are you all all right?

21 MR LORD: They are flagging, my Lord, I think.

22 MR JUSTICE HILDYARD: Yes.

23 MR STROILOV: Perhaps one more thing, it may be helpful to

24 me, if there is an indication, well, supposing — I will

25 be desperately aiming to finish tomorrow, should I take

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1 it that supposing I finish by 4.00 pm that leaves

2 sufficient space for re-examination and your Lordship’s

3 questions, or what time should I be aiming for as

4 reasonable for me to stop?

5 MR JUSTICE HILDYARD: That is a good question. It’s

6 probably not an easy one for Mr Lord to answer

7 presently, because (a) you have another day to go which

8 could generate re-examination, (b) because the task that

9 I commended to him may not yet have been accomplished.

10 MR STROILOV: I will try, obviously, to do it as early as

11 possible.

12 MR JUSTICE HILDYARD: How long, presently, do you estimate,

13 guesstimate?

14 MR LORD: Well, I would have thought about 15 minutes, but

15 it is subject to —

16 MR JUSTICE HILDYARD: 15?

17 MR LORD: 15, yes, I would hope so. I will obviously go

18 back to this point about Solo, now we are on it, as it

19 were, but it’s not my practice to re-examine, it just

20 isn’t my practice. I think answers are the answers. We

21 will obviously look back over the transcript and if

22 there are matters that really look like they do need to

23 be clarified, obviously that may add to the list, and

24 I don’t know how many questions tomorrow might end up

25 with the same clarification in order, as it were.

201

1 MR JUSTICE HILDYARD: It’s impossible to … personally

2 I would have thought that you could —

3 MR LORD: Half an hour, maybe. 15 to 30 minutes.

4 MR JUSTICE HILDYARD: If it was absolutely essential and it

5 could be finished because of that, if you went on until

6 4.30, then Mr Lord, at a pinch, could go on until 5.00

7 and I could go on until 5.15, and then between 5.15 and

8 5.30 I will make fulsome apologies to all concerned.

9 MR LORD: Yes, my Lord, and I would certainly rather that

10 Mr Stroilov had a bit longer and I had a bit less,

11 really, and I will pare down, I will be guillotined in

12 my re-examination.

13 MR JUSTICE HILDYARD: So you have won an extra half hour,

14 Mr Stroilov.

15 MR STROILOV: Yes, my Lord, that’s very helpful.

16 MR JUSTICE HILDYARD: So I very much hope that that will

17 accomplish Mr Savelyev’s final examination.

18 MR STROILOV: Yes, my Lord.

19 MR JUSTICE HILDYARD: Good. 9.15 am tomorrow, then.

20 (5.27 pm)

21 (The court adjourned until 9.15 am on

22 Friday, 18 March 2016)

23

24

25

1 INDEX
2 PAGE
3 MR ALEXANDER VASILIEVITCH SAVELYEV ……………….1 (Continued)

4 Cross-examination by MR STROILOV …………..1 (Continued)

5 Housekeeping …………………………………170

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

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A

abbreviation (1) 41:25 abilities (1) 137:16 ability (1) 21:4

able (25) 24:10 47:12 48:18 49:20 50:17 50:19 55:24 61:20 87:21 92:6 95:22 100:1,2,5 101:20 103:8,14 124:11 126:12 129:9 135:7 136:22,23 139:12 192:11

above-mentioned (1)

165:19

Abramovich (1) 53:16 abroad (1) 127:18 absolute (3) 102:17

180:15,17 absolutely (8) 19:25

40:19 93:2 142:13 144:5 160:6 186:25 202:4

abused (2) 169:6,7 academy (2) 12:16,23 accept (20) 2:13 19:16

28:19,20 53:13 64:2 80:2 91:20,23 91:25 155:6 172:21 174:4,6 176:25 178:10 179:6 180:11 193:5 195:14

accepted (3) 61:17 154:15 164:3

accepts (1) 178:19 access (6) 28:18 29:14

29:16 30:5,12 34:4 accommodating (1)

190:8

accomplish (1) 202:17 accomplished (1)

201:9

accord (2) 31:3 125:9 account (8) 33:18

92:25 143:13 151:10 171:24 179:11,20 180:10

accounting (1) 68:6 accounts (6) 33:10 36:10,11,17 68:3

92:20 accredited (5) 149:8

149:10 154:20 156:25 158:10 accurate (6) 69:5

154:21 155:8,8,13 155:16

accurately (1) 157:20 accused (1) 57:7 achieve (2) 21:25 23:6 achieved (6) 11:22

21:8,16 29:7 38:15 85:24

acquainted (1) 2:22 acquire (1) 29:16 acquired (5) 30:5,12

32:5 52:18 97:14 acquiring (2) 30:24

121:25 acted (1) 158:12 acting (1) 53:16

actions (2) 128:21,22 actively (2) 119:2

126:12 activities (3) 92:24

133:15 135:7 add (3) 51:22 82:16

201:23 aiming (2) 200:25 anxiety (1) 173:6 49:1 52:9 54:3 58:7
added (1) 29:19 201:3 anxious (1) 144:25 60:11 62:12 71:4
additional (7) 136:9 Aleksandr (1) 53:15 anyway (1) 171:14 72:8 79:13 84:17
136:15 141:24 Aleksei (2) 107:25 apart (7) 3:21 8:18 88:18 97:19 98:20
152:13,14,15 109:7 64:16 131:7 164:20 109:3,23 110:9
191:22 Alexander (3) 1:5 164:22 198:23 115:8 116:16
address (2) 17:9 69:19 12:18 203:3 apologies (2) 131:15 119:22 122:2
adequate (2) 150:7 alive (1) 165:7 202:8 123:10 130:19
179:11 allegation (1) 4:22 apologise (10) 9:2 131:21 132:18
adjourned (1) 202:21 allegations (1) 23:15 14:18 18:23 55:6 175:21 176:25
adjournment (6) allegedly (1) 44:17 60:25 81:18 95:8 181:21 191:1
82:17 102:1,3 allocated (1) 15:23 157:21 170:2 188:8 asking (21) 31:9 37:9
103:6 104:17 allotted (1) 172:17 appeared (2) 30:21 37:20 49:13 54:8
181:15 allow (3) 8:1 151:4 165:1 55:10 63:7 68:1
administration (10) 180:7 appears (7) 6:25 80:16 99:22 105:20
3:14 13:2,21 23:16 allowances (1) 179:25 40:10 53:1 74:6,12 108:5,15,16 109:24
24:14 25:1 28:5 alongside (1) 75:18 75:4 95:5 113:13 124:7 129:6
35:14 38:10 130:7 alphabetic (1) 56:4 application (2) 29:19 153:25 154:1
administrative (3) alphabetical (2) 89:10 29:21 197:24
23:6 25:20 32:20 110:25 applied (2) 130:9,16 aspect (3) 31:24 80:6
admitted (5) 8:20 alphabetically (1) appreciate (3) 32:23 120:2
58:3 62:1,3,18 73:16 88:17 114:19 aspects (1) 10:24
adopted (1) 35:24 alternative (1) 102:18 appreciation (1) assertions (1) 17:15
advantage (1) 34:5 Altshuller (5) 45:14 104:23 asset (9) 78:10,11
adviser (1) 12:18 52:6 53:16,18 64:1 approach (1) 196:3 126:24,25 135:16
advocate (1) 194:7 Altvnyan’s (1) 130:18 approaches (1) 135:24,25 136:4
affiliated (6) 30:3 Alye (3) 70:7 74:6,8 192:21 141:18
31:20 67:2,3 107:2 ambiguities (1) appropriate (4) assets (29) 123:13,23
117:17 193:10 134:25 160:6 171:9 124:1,9 125:1,3
affixed (1) 160:11 ambiguity (1) 190:21 186:17 126:18 128:22,25
afford (6) 134:9,10 American (1) 26:6 approval (1) 157:5 129:8,11 130:25
135:11 137:9 Americans (1) 87:23 approximately (1) 131:6,9 133:4
142:17 143:5 amount (4) 62:5 129:22 134:21 136:25
afforded (2) 172:16 149:5 152:5 178:13 April (1) 52:15 141:13,15,20,25
189:16 amounts (2) 75:6 Arbitrazh (1) 15:13 142:15,18 143:1,10
aforementioned (1) 149:25 arch (1) 177:3 143:24 164:12,25
169:19 and/or (5) 53:13 area (4) 12:17,21 165:4
afraid (20) 16:23 63:21,22 80:4 41:19 168:24 assigned (1) 11:23
18:22 39:19 40:4,6 84:21 areas (1) 10:6 assist (11) 6:19 8:8
45:15,17 48:8,16 Andreevski (2) 109:11 arguably (1) 182:15 48:12 49:3,5
68:14 72:6 93:9,24 109:24 argue (1) 179:13 105:24 124:25
114:12 115:7 angling (1) 182:17 argument (2) 187:15 129:19 152:21
119:15 140:15 answer (76) 8:15 194:3 166:10 197:11
155:21,24 157:19 23:21 33:2 40:14 arises (2) 87:16 assistance (1) 97:19
afternoon (2) 167:17 40:19,24 41:4,5,14 143:19 assistants (1) 122:7
186:24 42:16 48:1 49:20 Arkhangelsky (15) assisted (3) 122:16
aggressive (1) 126:6 50:3,15 51:6 60:14 152:13 159:15 124:9 133:13
ago (10) 8:20 31:2 66:17 74:24 78:21 160:11,19,25 161:4 assisting (2) 129:14
67:13 86:11 87:9 79:12 87:18,19,22 161:7,8 162:15,21 133:14
91:2 109:7 112:15 88:2,6,8 92:17 93:1 164:23 166:7,19 assume (3) 88:8
125:24 175:1 99:17 100:2,6 167:15 168:11 161:19 190:22
agree (16) 20:18,19 101:20 105:1,12,22 Arkhangelsky’s (1) assumed (3) 31:25
86:8 114:20 119:13 105:22 108:20,21 159:3 97:11 191:25
133:21,24 136:12 108:23 109:5 115:2 arm (1) 142:8 assuming (1) 32:13
136:19 142:12 115:3 116:18 arose (1) 60:10 assured (1) 2:8
143:15 150:5 117:23 118:12 arrange (1) 173:11 ATMs (11) 27:2,3,4,5
151:21 160:23 119:1,11,18 123:9 arranged (4) 61:12 27:11,12,13,13,15
161:1 173:1 123:15,19 124:3,6 73:16,17 110:13 27:18,21
agreed (9) 4:25 125:12 132:14,17 arrangement (21) attaching (1) 20:13
126:23 159:15,21 133:1,22,24 135:1 61:13 62:10 63:14 attempt (1) 196:5
162:14,15 165:2,23 139:12 145:7 152:9 63:16 77:17 78:8 attempts (1) 104:25
171:25 153:10,12 165:9 78:10 82:22,23 attend (1) 160:21
agreeing (1) 57:7 190:25 191:4,14 83:1,2,22 85:1,23 attendance (1) 162:18
agreement (16) 4:19 192:2 193:4,16,16 86:3 98:5 123:6 attention (5) 13:9
5:4 26:7,8 61:5,21 194:4,16 201:6 124:10 131:23 103:10 111:20
82:13,14 86:8 answered (4) 33:25 132:19 165:23 121:6 174:16
120:8 159:19 160:7 37:11 84:18 191:3 arrangements (13) attracted (2) 21:6
160:11,24 169:15 answering (4) 14:14 26:17 84:21 86:6 22:21
169:19 79:19 87:20 192:14 86:13,17 123:5,11 attractive (2) 128:16
agreements (5) 85:14 answers (21) 1:7 19:7 123:17,22 124:4 194:23
127:6 165:19 40:13,18,23 62:21 137:15 169:1 attribute (1) 19:8
169:16,17 80:20 81:20 84:16 185:20 auction (1) 127:15
agrees (1) 159:25 88:19 103:20 104:7 arrears (1) 15:15 August (7) 47:17 50:7
Ah (1) 76:23 105:4 117:22 Arthur (2) 124:17,24 66:16 111:21 112:8
ahead (1) 122:14 118:11 174:8 article (5) 9:4,18 157:5 158:16
aid (1) 13:23 180:13 192:4 12:10 16:15 112:7 Aurora (3) 15:19,23
aide-memoire (1) 193:21 201:20,20 arts (1) 12:23 16:10
18:9 anticipated (1) 103:21 asked (33) 14:12,15 authorised (1) 168:19
aimed (2) 23:1 128:22 Anton (1) 89:16 26:16 40:8 48:22 authorities (1) 35:12

authority (4) 28:3,11

168:25 169:2 autumn (2) 96:13,20 available (21) 24:17 85:9,10 112:22 137:3 143:21

170:11 176:19,21 176:23 177:18,22 181:3,9 183:11,21 186:12 187:23 188:6 190:7,9

avenues (1) 31:12

AVK (3) 41:14 118:14 148:6

avoid (2) 185:16 196:4

awarded (1) 26:14 aware (15) 19:10

29:13 56:7 57:16 57:17 75:15 93:6 106:10,18 111:9 122:15 123:4 124:8 162:21,22

awful (2) 34:6 182:9

B

b (1) 201:8

B2/12/18 (1) 138:25 B2/12/2 (1) 96:17 B2/12/20 (1) 139:23 B2/12/3 (1) 138:22 B2/12/4 (1) 139:23 back (31) 10:2 13:5

23:24 30:23 50:18 51:7 63:17,18 71:11 72:13 73:9 74:12 89:1,2 110:4 114:25 126:13 128:24 148:6 152:16,22 158:20 159:7 165:24 177:6 182:10,22 183:15 184:7 201:18,21

backbone (3) 110:2,3

110:4

backing (1) 178:17 backtrack (1) 116:9 backup (1) 180:2 bad (9) 29:1 32:22

141:12,15,18,21,25 142:12 199:18
badly (1) 170:7 balance (12) 35:16

36:6 134:22 135:12 135:17,24 137:1 150:13,13 165:1,25 176:24

Balbakov (1) 12:13

Baltinvestbank (1)

131:5

bank (413) 1:14,17 2:2,7 3:8,11,22 4:3 4:5,6,17,18,20,23 4:24 5:7,8,10,15,19 5:22,23 6:1,14 7:15 8:3,5,12,18 13:13 13:14,20 20:10,10 20:17,21,23 21:8 21:11,13,15,19,20 21:24 22:5,15,17 22:22,25 23:1,4,7,7 23:8,12,15 24:15 24:17,23,24 25:4,6 25:8,8,13,16 26:7,9 26:14,17 27:13,16 27:20 28:17,25 29:3,5,7,10,13,20 30:12,12 31:13,19

32:3 33:4,10,15,16 33:18,23 34:7,14 34:14,24,24 35:2,3 35:4,10,13 36:18 38:4,13 39:11,12 41:3,21 42:8,18,20 42:24 43:4,10,11 43:12,15,19 44:10 45:8 51:10,14,17 51:18 53:12,24 54:6,16,23,25 55:5 55:6,12,13,14,16 62:5,14 63:16,21 63:22,25 64:9,14 64:15,19 65:3 66:2 67:2,3,6,11,14,16 67:22,25 68:7 70:9 74:17 76:1 77:4,5 77:10,15,20,20,25 78:3,13,13,14,15 79:8,17,20,21,21 79:22,24 80:4,4,7 80:15,15 81:13,13 81:15,24,25 82:2,3 82:3,6,7,8,8,11,14 82:23 83:3,4,5,11 83:16,24,24 84:21 84:25 85:5,9 86:5 89:15,18,20,23 90:3,4,10,15,25 91:4,10,15,17,21 91:22 92:2,10,13 92:14,15,20,25 95:23 96:5,7,12,23 97:3,3 98:10,15,20 98:22 99:2,4,6,15 99:16 100:13,18,22 100:24 101:2,3,4,6 101:9 107:2 113:11 113:17,23 116:19 116:25 117:18 118:2,10,17,19 119:3 120:16 121:13,19,20,21,21 121:23 122:16,21 123:13,17,23 124:5 124:9,25 125:5,6,8 125:15 126:13 127:1 128:13 129:18,23 132:21 132:23 133:13,17 134:5,10,16 135:1 135:2,8,20,21 136:2,5,22 137:10 137:15 138:5,7,9 139:6,8,11,15,16 139:25 141:11,13 141:19,25 142:11 142:11,12,15,16,23 142:24 143:1,6,23 144:12,15,21,22 146:2,6,11,13 147:4,17 148:2,4,7 148:10 149:8,10,14 149:20,21 150:5,9 150:10,11,21,25 151:1,15,21,21 152:14,24 153:8 154:14,15,20 155:4 155:6,11 156:1,16 156:25 158:2,3,4 158:10 159:24 160:2,10 161:5 163:20,21,22,24 164:5,7,10,13,16 164:17,19,24 165:3 165:4,5,19 166:1,8 166:11 168:11,20 169:1,3,14 171:23

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176:17,18,21 181:6 behaves (1) 166:8 book (3) 135:11,24
bank’ (6) 141:12,12 believe (5) 20:25 136:25
141:14,16,18,21 21:13 44:1 91:3 booking (1) 135:17
bank’s (47) 6:21 21:1 136:3 books (1) 134:21
22:6 23:13 24:12 believed (2) 155:16 borrow (1) 151:5
24:24 25:11,14,14 165:16 borrowed (2) 126:8
25:21 37:16 38:8 bell (1) 106:21 126:10
42:19 43:2 66:1,1 bells (5) 75:11 93:19 borrower (21) 124:14
66:21 68:11 69:11 108:1,8,17 124:16 125:25
69:13 75:6 79:9,24 belly-up (1) 130:18 127:10 128:9 130:1
82:2,24 99:5,18 belong (1) 75:25 130:3 141:24,25
100:16 101:6,22 Belyakov (1) 4:22 143:14 148:4
117:23 118:4 Belykh (4) 157:11,15 149:21 150:12
120:11,15,16,18,21 161:12 162:20 151:1,1 155:9
121:15 124:18 Bench (1) 57:8 161:19 162:4,4
142:8 149:22 161:6 bend (1) 181:6 164:4 166:10
162:22 164:9 beneficial (4) 60:15 borrowers (6) 122:17
165:22 171:23 99:22 101:8,10 123:5 124:8,10
190:6 beneficiaries (3) 49:11 160:16 166:7
banker (1) 22:22 80:3,7 bothered (1) 80:25
bankers (1) 164:8 beneficiary (1) 147:20 bottom (15) 11:15
banking (11) 35:13 benefit (8) 45:25 14:21 20:15 39:23
37:7,8,23 113:18 66:20 83:8 116:14 40:11 41:9 42:3
116:20 121:25 120:11 154:24 46:24 47:4 56:3
133:15 141:4,7 157:25 194:18 94:17 110:15,21
164:11 benefiting (1) 24:14 115:11 135:4
Bankir (4) 4:4,23 5:1 best (23) 11:19 22:22 bought (3) 41:23
7:14 31:7 46:14 48:16 42:13,23
bankrupt (3) 128:23 68:18 70:14 85:4 box (2) 87:2 189:23
129:13,21 88:16,25 91:14 Boyarin (1) 109:16
bankruptcies (1) 106:5 122:3,9 branches (2) 36:24
22:12 173:8,13 181:13 149:22
bankruptcy (2) 144:17 185:16 195:8,18,19 break (15) 38:18,21
144:23 195:20 199:20 72:16,20,24 73:8
banks (37) 22:14 better (10) 15:3 26:19 104:15 137:21,25
23:22 25:25,25 73:4 80:11,12 182:5,5 185:6,8,9
27:4,15,19 28:21 107:6 132:6 193:14 198:13
31:14 35:21,23 193:17 197:7 breaks (1) 200:18
36:5,11,22,24,24 beyond (2) 19:12 brief (1) 156:21
36:25,25 37:1,15 103:17 briefly (4) 16:14 34:22
126:24 127:3,4,7 big (6) 41:15 126:1 122:24 165:10
128:24 131:3,5,8 128:19 133:7 183:9 brilliant (1) 42:6
135:22 137:2,3,6,8 183:10 bring (1) 162:20
141:10 143:20 bigger (3) 51:5 115:13 broad (1) 28:12
149:4 150:18 144:11 broadly (1) 194:25
barrier (1) 98:4 billion (14) 9:15 10:17 Brodetskaya (1)
Barrister (5) 109:22 11:6 129:24 142:25 139:11
109:23,25 147:18 142:25 143:2 broke (1) 175:2
147:22 148:11,14 149:20 brought (1) 92:25
base (2) 130:12 184:7 150:1 151:19 BSP (8) 33:7,10 36:10
based (9) 15:15 23:9 152:11 154:11 36:21 64:4 126:14
25:8 62:9 68:3,23 BIRT (9) 196:18 131:4 136:20
69:11,13 196:24 198:16,20 199:14 BSPB (4) 41:2 135:1,3
basically (3) 5:6 21:1 199:22,25 200:3,9 136:8
52:22 200:11 BSPB-Finans (5) 40:22
basis (7) 25:5 28:2 bit (19) 19:22 39:21 44:4,15,16,19
30:4 130:8 159:22 54:21 88:20 97:8 build (4) 12:2,22
164:3 169:13 112:4 116:2,3,4,4 130:7 164:9
battleship (1) 15:19 119:9,9 167:23 building (7) 12:15,20
bear (4) 103:21 172:3 182:14 183:6 69:16,20 130:17
179:22 190:19 192:25 193:11 131:8 166:10
becoming (3) 94:10 202:10,10 buildings (3) 12:13
108:17 128:9 bits (8) 16:24 46:22 69:14 149:2
bed (1) 84:12 60:21 93:10,25 bulk (2) 28:10 178:11
beg (5) 12:8 16:16 104:3 116:9 177:14 bundle (1) 177:22
69:6 96:3 108:3 BKK (1) 153:7 burden (2) 184:2
beginning (5) 9:9 blindingly (1) 199:16 192:18
46:20 49:6 96:4 block (2) 99:21 101:16 burrow (1) 179:4
156:7 blue (2) 129:6 132:12 business (53) 2:24
begins (1) 110:14 board (14) 20:25 7:10 8:5,7,9,16,21
begun (1) 103:10 21:24 22:24,25 9:13,16,17 10:25
behalf (22) 7:7,12,20 29:2 100:16,20,22 12:20 13:1 28:4
7:22 77:15 78:6 146:25 153:7 30:7,8,9 31:21
82:11 84:25 92:1 156:23 157:5 33:24 41:16 45:4
97:3 98:15,22 171:22 172:1 78:15 113:18,18,21
99:19 123:13,23 boat (1) 173:24 114:11,12,15
132:23 145:3,11,17 bold (1) 19:12 116:20,20,23 118:1
163:8 168:20 169:1 bombard (2) 30:3,5 118:3,3 121:25
behave (1) 169:20 bonus (1) 145:24 128:16 129:13

130:22 142:10 144:10 145:15,16 146:8,8,19 147:25 149:3,12 150:20 155:14 164:15 179:1 183:16
businesses (23) 8:24 10:13 114:1,7 117:3 118:16,18 120:11 121:14,24 141:12 144:15 145:2,4,11 146:3,5 147:6,11,15,19 164:9,11

businessman (2)

121:20 145:12 busy (2) 183:6,8 buy (2) 146:7 176:7 buying (1) 126:6

C

cable (1) 126:2 call (11) 39:22 42:3
73:9 87:24 96:19 124:14 131:12 152:19 155:19 175:12,14

called (38) 3:2,9 6:2 7:14 9:5 17:8 21:20 24:24 38:25 40:17 44:15,25 49:24,25 50:1 57:10,17 58:16 65:7,10 66:24 73:24 85:16 89:16 93:7 97:7 106:19 109:11,16 111:2 119:2 125:25 127:10,20 129:5,11 130:1 141:16

camp (1) 184:7 campaign (1) 128:15 candid (1) 171:1 canon (1) 195:7 capacity (5) 8:3 78:16

120:16 135:2 151:21

capital (38) 22:6 133:8 133:8,14,18 134:3 134:8,11,14,19,23 134:24 135:3,3,6 135:10 136:6,8,20 136:21 137:5,7 142:17,17,19,23 143:4,6,7,7,10,15 143:18,18,18 144:6 163:25 164:21

Capital’s (1) 134:22 capitalisation (1)

134:14 capitalised (1) 134:20 card (4) 26:9 27:8

29:21 30:2

cards (16) 24:18 25:23 26:1,5 27:2,5,6,7 28:18,23 29:17,18 30:4,24 31:21 34:25

care (3) 7:24 106:8 153:25

career (3) 10:25 51:23 100:13

careful (2) 19:22 106:6

carefully (8) 32:23,24 115:20 116:13,15 119:22 154:1 166:14

carries (4) 22:15,16

28:4 29:21 3:12 20:25 22:24 144:18 151:7 155:4
carry (10) 18:8 23:11 156:1,23 157:4 157:21 184:25
28:13 34:19 78:22 chairmen (1) 20:24 188:18,19 189:19
78:24 88:15 102:2 challenge (2) 41:15 197:22 198:8
106:14 144:24 61:25 199:14
carrying (2) 78:14 challenged (3) 42:11 clearance (1) 129:17
149:11 59:11 62:2 cleared (1) 193:22
case (57) 4:11 5:14 chance (4) 80:22 92:7 clearly (2) 32:19 86:24
7:6,8 12:25 19:22 165:11 196:23 clever (2) 121:19
35:11 36:14 39:15 Chancery (1) 200:7 145:14
43:3 51:12,20,22 change (3) 70:19 client (10) 25:7,7
57:12,25 60:10 97:16 199:25 28:18 34:4 39:11
63:23 64:2,7 67:17 changed (10) 7:16 105:5 124:18
77:13 98:13 100:7 40:22 66:12 78:2 130:12 157:17
104:14 105:3 106:2 83:11,14,15,16 162:21
119:24 121:17 86:22 185:20 clients (19) 21:6,11
122:5 125:22 changes (4) 40:16 23:2 33:8,14,16
131:23 132:19 97:12 142:8 171:25 34:6 117:24 118:4
133:2,12 134:4 changing (2) 6:13 118:18 119:3
141:16 145:1 101:16 120:11,15,18,21
146:15 151:6 chaos (1) 73:15 121:15 129:18,20
152:21 160:12 charge (5) 4:3,18 157:16
165:20 167:12,14 157:8 160:16 162:3 clients’ (1) 194:9
177:17 178:4,21 chatting (1) 171:17 closed (1) 76:10
179:21 185:15,17 check (5) 84:8 95:25 closely (2) 45:8
186:2,13 187:20 109:20 181:12,15 165:14
192:12 194:2,10 checked (1) 88:11 closer (1) 53:7
197:11 checking (1) 34:12 co-owns (2) 94:2
cases (5) 122:15 124:8 chief (1) 1:13 101:3
145:23 154:17,17 choice (1) 168:18 coffers (1) 36:5
cash (5) 26:15 27:14 choose (1) 25:7 coincided (2) 2:12
27:14 31:15 33:19 chose (1) 168:24 20:17
caveat (1) 136:18 chosen (2) 31:19 coincidence (1) 20:19
caveats (1) 184:25 178:11 collapsed (1) 9:17
CB (1) 136:11 chronological (3) 56:4 collateral (3) 152:14
cell (2) 111:24 112:1 91:13 110:24 156:12 159:22
cent (90) 1:20 6:4,6 chronologically (1) collaterals (1) 156:15
6:10,18,21 10:20 73:17 colleagues (3) 133:6
10:22 21:17,25 chronology (1) 86:23 139:25 158:13
23:13 24:6,9 35:16 circumstances (3) column (1) 48:14
36:6,22 37:5,23 105:3 194:17 come (14) 34:6 55:20
45:12 47:17 48:23 196:11 152:16,22 165:10
50:5,11 51:1 52:4 city (23) 10:21 12:2,3 165:24 173:22
52:10 53:20,23,23 14:7 15:13,25,25 175:10 176:18
53:24 54:1,13 58:7 21:5 27:13,25 28:2 182:22 185:23
58:18 59:21 60:5,6 28:3,5,9,24 29:20 190:6 191:3 195:15
60:11 61:4,4 64:5 33:9 35:22 36:15 comes (1) 110:2
64:11,22 65:2,3,4 36:16,23 37:1 coming (3) 142:6,6
65:22 70:7 74:6,14 130:6 175:24
74:21 75:4,21 76:5 city-owned (1) 27:25 command (2) 101:3
76:11 77:1,2,5 claim (4) 15:13,22 177:19
83:10,18 84:3 16:10 131:6 commenced (1) 15:22
89:14,15,15,17,21 clarification (6) 26:25 commended (1) 201:9
90:10,13,14,15,21 27:10 138:20 comment (5) 48:19
90:21,22 91:5,17 190:14 195:5 71:1 95:22 111:20
92:4,4,14,21,23 201:25 198:23
93:1,3,16,17 98:21 clarificatory (1) 82:18 commercial (12)
101:12 126:15,16 clarified (5) 88:4 12:16 35:23 36:5
135:25 150:23 132:17 142:15 134:9,25 137:2,3,6
central (5) 35:3,10 195:5 201:23 137:14,14 143:23
134:16 150:10 clarify (26) 17:5 37:4 144:1
180:12 49:10 66:5 78:4,23 commitments (1)
CEO (7) 2:7 11:25 28:6 80:22 81:12 85:15 172:25
28:11 34:24 93:13 87:13 95:4 99:13 committed (3) 84:24
135:2 101:19 104:25 85:7 186:13
certain (19) 14:8 16:1 105:5,9 106:25 committee (4) 3:13
18:14 19:19 28:8 117:5 138:15,17 15:12 25:2 172:2
115:18 147:3 149:5 150:8 154:23 common (1) 148:4
150:2 155:2,9 157:13 163:2 communicate (3)
158:11 160:14 192:12 195:12 138:8 139:18 163:5
170:18,21 178:13 class (1) 147:9 communicated (1)
180:21 190:21 clause (4) 159:24 139:19
191:5 163:7,13,19 communications (1)
certainly (7) 69:20 cleaning (1) 10:6 10:19
86:14 162:17 173:8 clear (24) 13:18,19 companies (65) 10:7,7
199:14,22 202:9 32:25 55:6 79:12 10:16 11:24 44:9
CFT (1) 7:17 88:5 95:24,25 45:9,14 48:4,5
chaired (1) 22:25 102:15 105:19 49:16,17,24 51:16
chairman (8) 3:8,11 123:7 132:7 142:4 57:13 63:2,4,6

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206
March 17, 2016 Day 28

75:25 78:7 83:25 154:13,18 158:2 23:6 27:8 32:21 160:1 163:24 160:5 164:2,14 D122/1955/0.1 (1) date (23) 40:25 47:9

84:3,4 99:3 109:19 company’s (1) 150:17 54:19 169:19 167:9 173:2 176:20 155:19 47:15,25 50:7
112:12,14 113:22 compared (1) 36:22 connections (2) 24:14 contrary (2) 153:21 176:22 181:20 D122/1955/1 (1) 52:15 54:10 66:6
116:24 120:23 compensate (2) 72:17 25:21 185:22 187:20 189:16 155:20 67:9,10 75:4,9 94:9
121:1,4,22 122:1 151:2 consent (1) 28:9 contribute (1) 25:21 190:24 193:14 D172/2871/1 (1) 8:25 94:15,18 95:2,12
130:10,17 132:10 compete (1) 37:2 consider (2) 173:19 contributed (1) 135:5 196:21 D172/2871/2 (2) 97:12 159:6,7
132:22 143:2,21 competition (8) 25:9 174:8 contribution (1) 54:13 court (26) 15:13 17:25 11:12 14:3 187:8 199:25 200:1
145:20 146:18,21 25:25 29:20 36:13 considerable (2) 99:9 control (26) 51:20 19:17 50:15 75:23 D172/2871/8 (1) 9:1 dated (12) 47:15,17
146:23 147:10 36:20 37:3 130:6,8 189:3 53:19 61:11,20 89:17 112:11,25 D172/2871/9 (1) 13:8 47:19 66:16 75:13
149:8,10,11 151:4 competitions (6) 25:9 considerably (1) 64:13,20,25 65:4,4 124:12 138:19 D176-D191/2918.1T… 76:2,15 77:1 94:8
151:5 154:20 25:11 26:10 37:13 154:10 65:7,13,24 67:25 140:24 142:16 93:12 94:15 112:8 159:10
156:24 158:6 37:14 130:10 consideration (2) 7:18 68:12 70:9 77:8 144:19 150:8 D176-D191/2918.1T… dates (6) 4:8,9 47:23
165:17 166:4,16,17 competitive (3) 25:5,6 177:16 89:18,24 90:24 151:19 158:1 94:5 95:9 48:9,15 87:8
166:24,24 167:7 37:14 considerations (1) 91:15 144:14 185:18,24 186:8 D176-D191/2918.1T… daughter (2) 147:3,23
168:7,7,12,14,15 complaints (1) 177:12 174:2 145:16 146:24 189:8 190:9 193:12 107:5,23 day (26) 21:15 23:12
168:23 completely (10) 23:17 considering (4) 36:23 147:6,10,15 197:14 199:6,13 D176-D191/2918.1T… 39:22 103:12
company (264) 10:20 27:2 81:17 112:5,6 71:7 135:3,9 controlled (25) 28:5 202:21 108:3 122:24 130:15
10:22 12:12 13:9 143:15 144:7 consistent (4) 46:17 53:12,15 63:21,25 covenants (1) 147:4 D176-D191/2918.1T… 131:13,13 166:13
13:12 15:14,17,24 168:13,23 196:15 50:10 69:10 114:8 64:1,3,7,9,18 65:12 create (11) 21:14 23:1 110:19 167:5 170:3 171:3
28:4 38:25 39:3,5,9 completeness (2) 94:5 consolidate (2) 92:20 68:7 74:17 77:4,5 41:16 118:9 120:10 D176-D191/2918.1T… 171:12 172:16,20
39:13,14 41:20,22 157:6 133:1 77:10,10,20 91:4,5 126:8 142:17 143:6 68:20 174:17,25 175:22
41:23 42:7,14,19 complex (6) 12:3,15 consolidated (12) 91:21,22 92:12 143:16,17 150:21 D176-D191/2918.1T… 182:2,12,16 185:19
42:20,24 43:1,14 12:21 22:7 76:25 67:5,7,13,20,23 126:25 147:19 created (3) 128:1 69:23 89:7,11 186:5 190:12 195:7
43:18,19 44:3,8,12 101:15 68:4 91:6,9,9 92:11 controlling (2) 146:2 143:1 150:24 D176-D191/2918.1T… 201:7
44:15,25 45:1,1,2,3 compliance (1) 169:4 92:23 135:19 146:19 creates (1) 195:6 70:22 76:21 89:4 Day23/24:24 (1)
45:7,10 47:21,25 compliant (1) 165:15 consolidation (2) 93:2 controls (1) 89:21 creating (3) 126:10 D176-D191/2918.1T… 39:25
48:22,24 49:2,3,11 complied (1) 167:9 133:3 convenient (6) 23:2 142:14 164:15 45:23 Day23/25:1 (1) 39:25
49:21 50:2,11,13 comply (6) 136:11 conspiracy (2) 177:17 33:11 68:18 134:25 creation (2) 151:3 D176-D191/2918.1T… Day23/26:1 (1) 41:7
50:16,18,21,22,23 159:20 163:13,19 178:4 169:22 188:13 156:5 46:9 Day23/27:1 (1) 42:4
51:7,8,21,24,25 165:17 173:20 constantly (1) 151:12 conversations (1) credit (4) 21:21 125:6 D176-D191/2918.1T… Day23/40:1 (1) 113:5
52:2,10 53:12,14 component (2) 79:11 constraining (1) 104:14 169:17,18 46:12 Day23/40:8 (1) 113:7
53:17,19,20 54:13 135:16 183:13 copies (1) 177:15 creditors (2) 126:13 D176-D191/2918.1T… Day23/41:23 (1)
55:19 56:6,9,14,22 components (1) constraints (1) 192:7 copy (3) 73:3 159:1 127:3 46:23 115:15
57:3,6,10,11,17 135:13 construction (1) 198:19 crime (1) 17:2 D176-D191/2918.1T… Day23/41:24 (1)
58:4,16,21,22 59:7 composition (1) 130:10 core (1) 135:7 critical (1) 178:3 63:19 115:15
59:15 60:5,10,16 157:18 constructive (6) corporate (6) 53:16 criticised (1) 164:8 D192/2919 (1) 14:1 Day26/139:9 (1)
60:16 61:7 62:13 compromise (1) 182:4 183:23,24,25 193:8 78:5,16 82:11 criticism (2) 87:20 D192/2919/1 (2) 175:4
63:8,9,10,12,20,20 computer (4) 15:4 193:12 196:6 137:13 138:13 179:9 16:18,25 Day26/154:7 (1)
63:24 64:7,9,10,13 140:19,21,24 construed (2) 106:7 corporation (2) 26:6,6 cross (1) 175:18 D192/2919/2 (1) 175:22
64:18 65:5,7,9,10 computers (1) 10:9 190:21 corporations (1) 91:20 cross-examination (… 17:18 Day27/58:14 (1)
66:24,25 67:2,10 concentrating (1) consult (1) 84:8 correct (31) 1:15,25 1:6 106:17 113:5 D192/2919/7 (2) 79:25
67:21,23,25 68:4,7 33:22 contact (1) 3:20 4:9 30:14,15 31:10 173:20 176:12 16:17,25 Day27/58:16 (1)
68:11,23 69:11,13 concentration (1) contacted (1) 15:13 40:14,19,19,25,25 185:13,24 192:24 D192/2919/8 (3) 79:16
69:18 71:2,2,3 167:5 contain (1) 47:11 41:5 80:21 93:3 197:2 203:4 16:16 17:4,19 Day27/58:8 (1) 79:6
73:24,25 74:2,16 concern (3) 106:9 contained (1) 19:4 96:25 100:25 cross-examine (1) D199/2993/1 (1) Day27/59:14 (1) 79:6
74:19 75:5,15,17 167:14 199:19 content (3) 72:16 128:14,15 138:6,14 185:14 107:10 Day27/59:9 (1) 80:1
75:20,24 76:11,17 concerned (10) 12:10 116:9 176:7 152:2 153:16,17,18 cross-examined (2) D199/2993/2 (1) Day27/74:1 (1) 59:1
77:4,7,8,11,15 78:8 31:22 33:13 87:3 contents (1) 156:3 159:17,18 161:10 181:10 183:17 107:20 Day27/82:1 (1) 60:1
81:16 82:5,10,15 87:10 97:9 167:22 contest (2) 36:12 165:17 168:21 cross-examining (1) D199/2993/3 (1) Day7/96:1 (1) 131:18
85:16,20 89:1 182:7 186:15 202:8 130:8 181:12,13 180:11 111:5 days (32) 159:16
90:15,25 91:3,7,9 concession (1) 26:14 contests (3) 37:12,13 corrected (4) 57:23 cross-reference (1) D199/2993/4 (1) 171:2,6,7 172:15
91:15 92:5,9,20,25 conclusion (3) 155:12 130:9 86:16 167:3 171:5 73:20 112:16 172:20 175:19,19
93:6,19 94:2,3 195:23,25 context (21) 20:11 correcting (2) 166:22 cross-referenced (2) D207/3055/1 (1) 176:12,16 177:2,13
95:20,21 97:5,7,9 conclusions (3) 87:6 31:9 32:7 42:3 167:4 89:9,9 68:21 177:23,25 178:12
98:16,21 99:11 155:2 157:23 56:12 57:12 85:13 corrections (1) 48:1 cup (1) 198:21 D207/3055/2 (1) 180:18 181:22
106:18,20,21 107:2 condition (1) 169:12 88:5 104:22 113:12 correctly (6) 16:4 cure (1) 35:6 69:24 182:1 184:14,17,17
107:12,25 108:14 conditions (1) 163:3 113:15 123:1,1,7 71:13 100:9 128:4 curious (1) 14:17 D207/3055/3 (1) 184:19,19,24 185:2
108:24 109:11,12 conduct (1) 35:5 125:2,16 131:19 142:14 147:23 current (1) 95:15 71:16 185:11,13 187:15
109:15,16,17 110:1 conducted (4) 7:10 132:25 141:6 correctness (3) 149:15 customer (4) 29:14 D207/3056/1 (1) 46:2 189:6,11,15 196:12
110:4,6,8 111:2,3,9 10:10 130:6 154:14 191:13 194:1 151:25 153:14 30:6,7 34:12 D207/3056/2 (1) 46:6 days’ (3) 185:6,8,9
111:10,13 112:20 confidence (1) 137:17 contingency (1) corresponding (1) customers (5) 30:13 D207/3056/3 (1) 53:7 de-accredited (1)
113:1,13,19,19,19 confident (1) 165:21 184:13 47:6 32:1,2 33:16,24 D207/3056/4 (1) 158:9
114:5,6,6 116:16 confidentiality (1) continuation (1) corresponds (1) 11:16 customs (2) 129:16,17 71:17 De-registered (1)
116:21,21,21 198:13 188:15 corrupted (2) 110:2 cut (3) 72:16,20 D207/3056/5 (1) 111:21
117:17,23 118:1,9 confine (1) 105:21 continue (7) 52:9 157:10 158:13 46:23 dead (1) 19:2
118:12,15,24 119:2 confirm (11) 11:4 100:16 106:17 cost (1) 149:4 cutting (1) 184:9 damaging (1) 164:16 deal (6) 77:24 87:6
120:15,17,18,19,20 25:19,20 49:2 54:5 153:22 173:3 costing (1) 41:17 danger (2) 88:1 104:4 144:4 181:16
120:23,24 121:18 61:2 63:11 65:21 188:21 190:10 counsel (5) 157:18 D 103:11 196:25
127:12,13,17,22,24 145:18 155:7 166:2 Continued (4) 1:5,6 180:4 186:20 D107/1537/1 (2) dare (3) 179:4 180:19 dealing (3) 128:4
127:25 128:3,9,9 confirmed (3) 60:8 203:3,4 194:18,19 186:13 162:5 164:12
152:19 158:21
128:22,23,25 129:3 62:11 191:4 continues (1) 72:4 counterparty (1) data (3) 94:21 100:4 deals (2) 101:15
D107/1537/2 (1)
129:5,11,12,12,13 conflict (2) 146:5,10 continuing (1) 189:23 137:19 121:2 188:25
159:2
129:14,21 130:18 confused (3) 58:14 continuous (1) 185:12 countries (1) 127:18 database (11) 24:16 dealt (1) 187:3
D107/1537/3 (2)
131:7,10,25 134:12 63:5 70:5 contract (7) 12:2 country (1) 22:12 28:18 33:5,6 34:4 debt (2) 160:9 163:22
152:20 158:22
135:18 141:18 confusing (1) 103:2 28:17,25 31:13 course (25) 27:1 58:17 106:23,24 debtor (1) 144:20
D107/1537/4 (1)
144:21 147:5,9,9 confusion (1) 82:16 141:23 169:16 34:21 52:25 69:8 108:14 177:4 debts (3) 127:2,2
159:2
147:14,17,18,21 connected (2) 23:16 196:21 80:17,23 89:10 178:12 160:4
D107/1537/5 (1)
149:1,13 150:14,20 118:10 contracts (8) 10:8 104:1 125:17 131:9 databases (3) 45:16 December (15) 74:22
159:6
150:22 151:8 connection (5) 3:5 28:22 130:5,12,14 142:20 144:22 68:2 70:24 75:4 90:12,23

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207

March 17, 2016 Day 28

159:9,10,12,16 develop (3) 113:21 109:24 122:10
160:20,22 161:2,17 116:23 121:24 124:24 144:22
161:23,24 162:8 developing (5) 22:16 147:8,21 161:14,16
decide (6) 136:10 23:12 24:18 113:17 161:20 162:25
177:9 191:20 197:8 116:19 163:3
197:19 199:17 development (6) discussing (17) 20:9
decided (5) 33:9 11:24 13:10,12 41:25 42:9 50:6
52:10 197:17 20:16 21:1 33:24 66:3,4,5 94:13 97:6
199:10,11 dialogue (2) 125:5,14 112:3 129:2 132:10
decides (1) 134:18 diary (2) 162:11,12 151:19 152:8
decision (1) 199:4 difference (2) 64:14 162:14 175:2,24
decisions (3) 28:10,10 192:24 discussion (3) 49:17
157:2 different (14) 10:6 132:20 181:19
declaratory (1) 58:19 25:25,25 27:2 discussions (1) 162:13
dedicated (1) 17:2 34:11 62:7,16 Diskom (1) 90:14
deed (1) 118:8 64:15 85:19 144:7 dismissals (1) 22:13
defendants (2) 177:19 148:9 151:15 displayed (2) 47:22
178:6 152:17 192:21 48:2
defendants’ (1) 141:4 differently (3) 47:3 dispose (2) 78:11
defensive (1) 105:12 70:24 173:11 135:25
defer (1) 188:17 difficult (15) 22:11 disposition (1) 136:2
deference (3) 173:4 29:4 45:22 48:1 disputed (1) 58:12
186:20 194:9 102:4 105:17,18 disrespectfully (1)
deficiencies (1) 35:7 107:4 120:3 179:14 165:8
definite (1) 69:16 180:17 194:5,10 dissent (1) 26:13
definitely (11) 50:14 197:4 198:2 dissipating (1) 128:22
50:18 112:13 difficulties (3) 29:10 distressed (1) 164:12
120:17 122:6 180:11 194:7 distribution (2)
126:21 127:4 difficulty (4) 56:5 160:14 162:3
132:24 136:23 110:18 124:20 diverse (2) 121:14
163:5 164:1 128:12 144:14
degree (2) 58:20 diligently (1) 129:14 divided (3) 89:14
92:15 dilute (1) 165:5 141:11 142:10
delay (1) 15:20 diluted (2) 5:23 7:1 dividend (2) 8:2 52:5
deliberations (1) direct (4) 106:22 dividends (2) 23:13
157:2 111:19 130:19 23:14
delighted (2) 115:3 197:18 Division (1) 200:7
178:22 directed (2) 158:16 divvied (1) 131:8
delivered (2) 72:10,11 197:12 doctors (1) 51:25
Delovoy (1) 15:15 directional (1) 106:16 document (14) 64:4,6
demand (1) 150:18 directly (5) 6:8 36:15 97:5,24 156:4
demanding (1) 15:14 64:3,18 162:24 158:23,24 160:12
deny (3) 2:19 11:4 director (16) 13:11 160:23 164:24
42:19 46:3 93:14 94:6,10 196:21 197:20
department (3) 158:5 107:24 109:1 126:5 198:4,12
158:5,8 126:5 138:12 documentary (1) 85:8
departments (2) 12:3 145:19,22,25 documents (10) 84:13
158:4 147:24 157:15,16 85:9 106:23 162:16
departure (1) 140:6 directorate (5) 138:10 177:15 197:2,7,15
depending (2) 150:3 138:13 157:15,16 199:5 200:9
152:12 157:17 doing (13) 2:17 91:14
depends (1) 134:15 directors (2) 100:22 102:5 129:4 131:20
depot (1) 12:5 147:1 133:8 134:10
deputies (4) 122:8 directors’ (1) 171:22 154:25 167:10
139:20 146:6 Direktorov (1) 147:7 170:5 178:23
160:15 disagreed (1) 120:2 179:21 185:16
deputy (7) 3:9,11,25 disagreement (1) dollars (1) 11:6
4:2 20:24 156:23 120:8 domain (5) 63:15
160:13 discharged (2) 160:3 85:21 86:2 101:5
described (3) 120:25 163:23 199:18
122:6 142:14 disclose (2) 55:17 domestic (1) 184:8
describing (2) 31:3 200:9 Dormant (1) 112:9
142:10 disclosed (2) 86:14 Dorozhnik (6) 130:1
description (2) 10:24 199:5 130:19 131:6 132:2
134:5 disclosure (3) 86:13 132:11 143:3
deserved (1) 7:13 86:18 198:18 double (1) 177:3
desperately (3) discount (2) 130:9 double-check (4) 6:11
173:14 185:6 150:25 85:8,10 156:14
200:25 discounts (1) 130:16 double-checked (1)
despite (4) 23:8,9 discovered (1) 158:11 162:10
101:21 125:5 discrepancies (2) double-headed (3)
detail (1) 119:11 45:19 84:15 192:1,12 194:15
details (6) 8:23 55:24 discrepancy (1) 70:3 doubt (7) 149:15
106:22 108:25 discuss (8) 41:6 66:3 151:25 153:2,14,17
197:10,13 129:2 161:25 162:2 180:25 190:2
determine (1) 88:5 162:23 167:23 doubts (6) 152:24
determining (1) 171:14 153:5,9,18,19
197:11 discussed (17) 49:6 184:21
devalued (1) 87:23 63:2,10,12 65:1,25 downloaded (4) 69:3

69:4,7 95:17 draft (1) 190:13 drafted (2) 160:12

161:7

draw (5) 13:9 143:21 155:2 174:16 196:11

drawn (2) 133:25 155:6

dreamt (2) 23:5,5 drew (2) 35:6 133:16 driving (1) 193:3 Druzya (3) 85:16

146:24,25 ducked (1) 195:24 due (5) 13:1 38:9

80:17 153:23 178:8 duly (1) 129:14

duty (1) 193:9

E

E2/10/1 (1) 140:18 E2/10/8 (1) 141:3 earlier (10) 63:6,6

102:18,21 104:7 111:1,16 112:18 167:19 178:9

earliest (1) 90:22 early (12) 2:1 25:23

26:1 103:14 118:21 170:2 172:18 184:16,18 186:4 189:4 201:10

earnings (1) 128:20 earth (1) 132:14 easier (5) 48:9 73:18

113:8,9 159:1 easiest (1) 183:14 easily (2) 52:22 132:9

Easter (3) 176:9 182:18 185:7

easy (4) 31:11 138:25 174:10 201:6

eating (1) 188:15 EBITDA (1) 10:2 economic (1) 22:11 economy (1) 171:25 Edazi (1) 90:21 edge (1) 37:14 Eduardovich (1) 89:16 effect (5) 21:23 61:18

85:1 159:8 172:19 effectively (4) 77:19

141:11 176:15 189:7

efficiency (2) 174:6 177:11

efficiently (2) 127:1 174:5

effort (3) 21:2 29:6 186:24

efforts (3) 21:23,24 22:2

EGRUL (3) 55:23 106:23 112:7

eight (1) 6:1

either (12) 11:3 29:23 53:6 70:12 74:15 97:14,19 121:25 126:5 194:12 197:2 197:16

Elektroniks (1) 90:14 elements (1) 87:17 Elena (3) 3:9 93:16

99:7 else’s (1) 75:7

elusive (1) 14:3 empire (4) 144:11

145:17 146:19 eschew (1) 196:5 exist (1) 158:24
164:15 especially (3) 51:23 existed (1) 86:15
employed (1) 36:16 120:4 165:5 existence (1) 61:20
employee (1) 41:15 essential (1) 202:4 existing (1) 147:4
employees (3) 21:13 establish (1) 139:24 exists (1) 31:25
37:12 120:16 established (1) 176:10 expand (2) 30:7 67:7
employer (1) 173:5 estate (4) 148:15,17 expect (6) 86:5,7
empty (1) 47:10 149:1 151:2 88:21 131:21
enacted (1) 35:22 estimate (8) 37:16 132:14 191:15
encourage (1) 194:2 38:1 170:24 184:23 expected (5) 130:5
encouraged (2) 184:23,24 185:1 177:16 178:5,7
195:11 196:7 201:12 196:13
endeavour (2) 44:1 estimates (1) 173:1 expedient (1) 187:4
119:11 European (1) 22:22 expense (1) 134:19
endeavoured (1) evasive (6) 56:19 57:7 experience (5) 25:11
121:7 62:23 78:21 80:18 31:3 120:6 180:2
ended (1) 126:12 80:19 196:1
ends (1) 72:3 evening (1) 177:5 experienced (2) 29:10
endurance (1) 103:7 event (10) 10:11 34:7 180:4
engage (1) 145:20 117:24 142:18 expert (2) 141:4 142:1
engaged (1) 186:2 147:3 150:14,17 explain (14) 13:4,5
England (1) 176:18 159:23 163:22 17:1 31:9 34:8 83:8
English (39) 9:10 165:18 84:15 92:8 113:12
11:11,17 17:17 events (1) 148:13 114:14 134:7
39:20 45:17,23 everybody (1) 188:6 135:14 151:18
46:7 47:7,15 48:9 evidence (30) 18:15 158:1
48:15,18 50:7 54:3 18:25 19:23 34:16 explained (8) 10:3
56:3 66:15 68:19 43:22 44:11,14 60:4,8 61:19 63:24
69:7,22 70:18 56:10 58:9 63:6 85:12 97:25 136:18
71:11,13 73:20 87:7 96:12 102:18 explaining (3) 34:4,6
93:9 97:15 107:15 112:24 114:18,21 34:13
107:16,21,21 108:2 114:22 115:5 117:7 explains (4) 41:13
108:14,15 110:1 119:5,13 120:5 138:12 139:24
114:13,25,25 156:8 122:25 126:19 141:23
157:20 158:14 159:8 explanation (2) 84:15
enjoying (1) 104:15 177:12 193:6 136:17
enquiries (2) 184:7,11 195:10,23 express (2) 71:13
enquiry (1) 31:12 evidential (1) 19:6 181:19
ensure (2) 165:16 evils (1) 106:1 expressed (1) 104:23
180:8 ex (2) 155:13 195:12 extended (6) 124:19
entered (1) 159:19 exact (2) 6:16 67:10 151:22 152:12,25
entering (1) 160:7 exactly (18) 5:11 156:13,16
enterprise (5) 25:3 24:10 29:18 32:20 extent (4) 64:21 93:3
27:23,24 28:1,6 37:22 39:13 42:21 150:4 164:4
enterprises (3) 30:2 43:11 57:20 63:3 extra (4) 172:17 183:4
35:12 36:9 67:5 114:15 115:2 189:7 202:13
entirely (5) 31:11 34:7 122:18 128:3 extract (8) 18:7 19:11
172:21 189:13 142:24 151:11 40:1 108:14 114:23
193:24 163:1 115:4,13 116:13
entirety (1) 87:23 examination (1) extracts (2) 19:3
entities (6) 21:7 35:17 202:17 118:13
53:17 64:15 70:10 example (14) 24:13 extremely (3) 22:7
70:12 79:23 114:11,12,15 29:4 164:16
entitled (8) 9:19 133:1,13 142:22
169:20 172:25 144:18,20,21 F
173:4,23 188:4 150:23,23 151:13 Fabris (1) 107:18
189:24 192:15 examples (2) 114:6
faced (1) 36:19
entity (15) 6:2 24:25 141:10
facing (1) 173:10
25:12 41:17,18 exception (1) 180:22
fact (25) 2:19 20:9
42:17 62:6 78:16 exceptional (1)
21:9 24:15 29:3
82:11 109:14 112:9 197:20
37:2 38:15 43:9
137:13 145:25 excessively (1) 178:24
53:14 59:18 64:13
146:25 148:2 exchange (4) 5:4,7
65:25 67:24 79:20
entries (7) 47:16 171:8 174:17
82:19 84:24 90:9
53:11 73:5 76:2 excluded (2) 34:25
101:3,21 125:6
89:18 106:24 177:4 112:7
147:22 169:21
entry (13) 45:24 46:1 exclusive (1) 27:17
172:15 182:5 186:7
47:6,9,18 50:8 exclusively (1) 24:16
facto (1) 155:13
58:17 66:16 76:9 exclusivity (1) 33:4
factor (2) 28:22
76:10 89:3 95:14 executive (1) 1:13
179:23
112:19 exercise (2) 146:23
factories (1) 126:7
envisage (1) 163:18 147:5
factory (2) 126:1,3
equity (7) 22:6 51:6 exercised (1) 65:7
facts (1) 19:20
52:10 53:20 54:10 exercising (2) 70:9
factual (1) 105:19
64:10 83:19 147:15
fail (2) 191:17,21
equivalent (1) 194:25 exhausted (1) 171:13
failure (1) 195:12
equivocal (6) 88:19 exhausting (1) 120:6
fair (28) 1:16 10:24,24
191:15,18 192:2 exhaustingly (1)
18:22 31:5,8 34:3
194:11,15 174:21

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March 17, 2016 Day 28

114:4 115:16 138:25 194:5 formed (1) 41:22 54:7,9,19 55:1 201:17 202:6,7
119:14,16,19,21 196:17 former (8) 4:14 12:5 62:22 63:20 64:3,5 goes (5) 115:10
125:8 166:4,17 finding (1) 31:11 12:18,19 138:4 64:8,18 65:4,13,22 134:23,23 140:16
168:2 172:24 178:2 fine (2) 61:24 195:3 139:6,8,11 65:24 66:3,22 198:12
180:14 182:13,14 finish (16) 102:20 forming (1) 122:1 114:6 119:2 120:15 going (46) 5:8 12:4,4
182:21 189:12 119:7 167:20 formulate (1) 98:7 120:23 12:17 14:13 32:23
190:3 195:10,13,23 169:23 173:7,17 formulated (1) 108:21 Gazprom (2) 134:24 34:10 47:4 54:1
fairly (11) 32:19 102:9 176:12 178:16,18 formulating (1) 25:24 143:17 73:12 83:9,23
102:15 116:5 182:24,25 186:16 forth (2) 113:20 general (18) 13:12 85:22 102:10 103:5
131:20 178:5 191:2 186:24 188:10 116:22 30:5 46:3 93:14 105:15 115:17
191:13,13,13,21 200:25 201:1 forward (1) 173:4 94:6,10 109:1 127:7 130:14 139:5
fairness (5) 66:15 finished (5) 12:6 found (2) 59:23 124:7 126:4,5 141:2 148:6 159:21
77:23 92:7 167:21 117:8 140:10 155:11 134:5 145:5,22,25 161:18 167:6
186:7 175:15 202:5 foundation (1) 34:2 146:21 147:24 168:12,14 170:14
familiar (1) 174:21 finishing (1) 172:18 founded (1) 128:3 151:19 157:18 175:10 176:5,22
family (1) 64:1 Finkelshteyn (1) 12:24 founders (1) 53:17 generally (3) 98:19 177:7,9,21 178:15
far (36) 7:4 12:10 firm (2) 3:1,3 founding (1) 3:2 136:17 137:10 181:4,5 182:5,11
13:13 20:22 29:13 Firma (1) 111:6 four (13) 24:1,2 27:18 generate (1) 201:8 183:8 186:1 187:25
33:12 40:24 41:20 first (30) 3:9 29:4 31:2 75:10 76:2 generated (5) 10:16 190:22 198:3,4,16
45:11 64:4 67:3 31:13 34:23 42:20 89:18 127:24 177:3 10:19 11:2 31:21 golden (1) 192:22
68:5 95:11 99:6,7 44:11,14 48:21 184:10 194:1,22,23 177:25 good (28) 1:3,9,10
113:22 115:22 60:6 68:22 73:12 fourth (4) 149:18 generates (1) 30:8 7:24 21:5 29:8
116:24 119:1 83:15,16 101:15 171:3 182:15 generating (1) 130:23 32:22 38:17 52:7
124:23 126:13 108:6 109:3 119:9 194:13 gentleman (3) 31:2 73:10 122:19
143:11 147:21 125:11 132:4 framed (1) 119:25 89:16 127:20 128:20 129:12
148:7,17,22,25 133:24 135:16 franchise (1) 27:21 gently (1) 179:16 130:4,5 137:20
149:22 151:13 149:18 150:24 frankly (2) 17:13 German (1) 90:15 141:12,14 142:11
160:21 161:3 162:8 158:7 178:22 18:21 gesture (1) 52:2 148:5 150:14,14
169:16 186:15 179:17,21 181:1 free (1) 134:12 getting (2) 97:8 151:5 198:13
187:14 193:12 191:25 192:14 freedom (1) 171:18 166:20 199:17,23 201:5
fate (1) 118:20 firstly (1) 185:1 frequently (1) 175:6 gibberish (1) 11:20 202:19
father (2) 7:5,25 fit (1) 41:11 Friday (3) 181:11 gift (1) 7:23 goodwill (2) 9:25 10:2
fault (2) 32:9 190:5 five (6) 6:1 72:5,12,12 182:2 202:22 gifted (2) 7:4 8:1 Gorod (5) 15:14,17,22
feared (1) 196:10 168:3 184:8 friend (6) 2:20 4:13 give (15) 48:15 80:22 15:25 16:11
feature (1) 14:13 five-hour (1) 172:20 80:23 87:9 98:12 87:15 88:14 92:7 government (10) 3:16
features (1) 39:1 flag (1) 197:23 165:11 100:5 102:22 3:19 10:8,17 11:23
February (1) 76:3 flagged (1) 176:4 friendly (1) 148:5 126:19 133:22 12:4,19 27:25 36:3
fed (1) 194:3 flagging (1) 200:21 front (1) 136:13 144:17 150:23 36:7
federal (4) 35:19,21 flashed (1) 140:23 fulfil (1) 159:25 163:2 179:23 183:4 government-control…
111:22 112:8 flexibility (2) 186:3 full (10) 53:6 76:22 188:2 35:17
Federation (5) 22:14 188:24 112:1,2 122:22 given (32) 9:20 14:4 government-owned…
35:3,20 126:3 flow (1) 33:19 169:2,13 179:23 24:13 66:13 73:7 35:16
127:15 fluctuating (1) 6:2 185:19 189:6 102:16,17 108:20 governor (16) 1:23
feeble (1) 104:15 focus (9) 103:8,11,14 fuller (1) 53:3 108:23 114:18 2:1,3,5,6,10 4:12
feel (6) 169:5 173:6 154:1 164:10,10 fully (3) 14:9 106:10 120:2 123:1 148:23 4:14 9:14 12:18
173:16 189:13 165:5 178:8 180:15 141:17 158:14 159:1 173:1 21:10 35:15,18
192:4 199:6 focused (5) 121:6 fulsome (1) 202:8 173:22 174:8 36:1,4 38:15
feels (1) 105:25 146:8 164:6,7 fumbling (1) 177:13 178:16 180:9 governors (3) 2:8,9,14
feet (1) 196:18 166:22 function (3) 66:10 182:16 185:9,11,13 governorship (1) 36:8
felt (5) 153:10 184:19 focusing (1) 158:14 143:7 146:14 187:12 189:3,4 grade (1) 12:12
190:25 191:10 follow (8) 20:3 32:13 functioning (1) 141:14 191:14 193:4 197:6 Graham-Bell (1) 65:8
198:25 108:14 117:13 functions (4) 136:19 199:9 200:4 granted (2) 28:3,12
fierce (1) 37:3 132:23 133:19 136:20 137:11 gives (2) 87:17 150:6 grasp (1) 19:19
fifth (2) 149:19 142:1 173:12 144:8 giving (6) 56:10 63:6 grasped (1) 119:4
182:15 followed (4) 14:9 54:2 funds (6) 35:20,23 88:6 107:7 114:22 grateful (25) 5:12
figure (3) 28:8 46:14 141:10 142:9 36:6 126:8,11 120:5 28:15 32:15 52:5
99:9 following (3) 60:4 129:17 glasses (1) 17:23 69:8 88:9,13 94:18
figured (2) 65:17 156:17 195:25 further (13) 16:3 76:2 Global (5) 74:20 75:5 98:12 99:1 102:9
97:22 follows (3) 74:10 78:22 82:20 94:1 75:19 76:6 111:1 104:12 106:5,12,13
figures (3) 24:11 156:19 165:15 105:24 110:23 GmbH (1) 90:14 112:23 114:13
54:11 73:5 footing (2) 18:24 117:8 131:3 159:5 go (59) 5:24 8:25 10:2 116:11 153:20
files (1) 177:3 92:19 165:12 180:7 10:3 13:5 16:14 154:4 174:12
final (1) 202:17 footprint (1) 37:1 193:25 31:4 32:16 42:11 189:18 198:8,14
finally (2) 140:14 forbid (2) 146:4,9 future (3) 149:3 45:22 46:9,18,24 200:16
147:18 force (1) 130:13 155:14,14 48:9,21 52:24 great (7) 21:2,6 29:7
finance (7) 13:24 22:6 forced (1) 184:1 FZ (1) 112:9 53:10 57:24,25 33:11 39:25 153:25
35:24 41:22,23 forementioned (2) 63:17,18 68:14,20 173:6
127:2 138:13 169:15,16 G 70:13 72:20 73:11 greater (1) 178:7
financial (12) 22:7 forget (3) 2:4 64:6 Gai (8) 45:11,13 46:3 73:19 74:12 79:16 greatest (1) 179:7
41:18,19 43:14 68:6 88:17 89:2 93:11 greatly (1) 52:7
52:1,6 53:15,21
118:16 128:20 forgot (1) 119:9 95:7 102:15 107:4 Gref (1) 126:23
64:1
135:18,20 150:12 forgotten (2) 52:22 110:11,23 115:22 grew (2) 9:15 150:1
Galchenko (1) 94:7
150:14 151:5,7 196:15 116:2 122:14 grievances (1) 35:9
gallop (2) 102:11
Finansov (1) 39:1 form (4) 85:8 87:24 138:24 140:18 ground (1) 198:11
170:16
find (16) 15:3,8 19:2 141:24 157:3 141:2,3 149:20 group (44) 83:12,12
game (1) 195:1
45:21 46:8 58:6 formally (8) 107:17 158:20 171:17 117:19,25 122:12
Gayde (30) 45:1 50:13
63:15 94:9 107:7 146:13 172:13 172:24 174:20,25 122:16 124:18
50:23 51:1,11,15
119:15 130:14 173:16,21 186:18 179:4 182:1 189:9 132:3 134:4 143:4
51:19,23 53:12,18
131:16 132:20 188:22 198:18 192:4 198:4 201:7 143:6 144:3,3,4

147:1 148:10,14 149:3,12,21,23 151:7,9,12 156:5 156:14,22 157:11 157:14,23 158:15 159:25 160:3,4,9 160:17 164:18 165:25 167:1 168:8 169:6,8,12,13

groups (2) 146:21 157:3

grow (2) 29:9 135:7 growing (5) 1:20

21:16 24:6 38:5,6 grown (1) 32:9 growth (8) 1:17 2:8,9

22:1,2 24:9,9,12 gruelling (1) 167:24 guarantee (1) 199:20 Gubko (1) 139:5 gudvila (1) 9:23 guessing (1) 138:23 guesstimate (2) 185:2

201:13 guidance (1) 88:14 guided (1) 81:4 guillotine (4) 102:13

170:16 173:9,16 guillotined (7) 102:10 172:13 173:13 185:10 187:12 188:22 202:11 guillotining (1) 186:18

Guriev (7) 141:5,6,22 142:4,9,13 143:15

guts (1) 178:4

Guz (14) 122:25 123:3 123:8,14,18,21 131:19,21 132:18 132:25 133:11,25 136:12 162:9

H

halcyon (1) 196:12 half (16) 20:8 76:20 167:25 172:16,20 176:12,16 181:22

182:12 184:14 185:24 193:18,18 193:21 202:3,13

halfway (2) 115:11

129:18 hallmarks (1) 41:23 hand (4) 24:11 73:2

174:7 198:20 hand-picked (1)
168:13 handed (2) 73:8

198:17

hands (9) 25:1 83:11 83:14,15,16 86:22 101:17 170:19 185:21

Hansabank (2) 22:23

22:24

happen (2) 18:2 93:2 happened (17) 22:20 23:25 40:24 68:13 78:18 91:19 98:18

98:25 120:13 121:10 122:3 125:24 141:7 151:17 152:10,11 158:8

happening (2) 143:11 181:8

happens (2) 20:20 161:2

happily (1) 156:21 happy (20) 6:18 8:8
25:8 33:2 61:2,15 61:25 63:11 78:21 78:24 85:10 88:15 102:2 132:17 133:23 136:16 152:9 163:24 193:17 197:5

hard (6) 21:4 22:20 23:18 121:3 159:1 177:15

hardware (3) 4:4 5:5 7:15

head (2) 121:3 156:22 headed (2) 124:18

126:3 heading (1) 46:10

health (3) 51:24 52:12 52:13

hear (6) 15:4,5 43:24 108:11,12 132:4 heard (9) 16:5 26:12

26:13 44:12,14,19 44:22 108:8 162:12

hearing (4) 1:11 49:6 57:19 114:19

heart (1) 5:6 heavily (3) 14:14

24:19 39:2 heavy (1) 188:20 hectares (3) 12:17,21

15:19

held (48) 7:7,19 10:11 10:22 25:9 42:20 50:11 51:8 53:23 53:23,24,25 55:5 60:5,6,11,12 61:4,4 61:11,18 62:8,14 65:3,21,25 66:13 76:5 80:13,14 81:12,24 82:2,6,24 83:20 85:5 86:6 92:4,13 98:9,14 99:18 123:23 126:15,15 132:22 143:14

help (14) 72:18 75:23 89:17 96:9 98:4 102:7 142:20 167:11 172:14 177:7,9 187:24 193:12 195:8

helped (3) 52:1 87:11 97:17

helpful (6) 72:22 112:23 153:20 183:22 200:23 202:15

helping (1) 106:7 Herman (1) 126:23 hesitation (1) 196:18 high (4) 22:13 100:19 128:17 130:14

higher (1) 154:10 HILDYARD (229) 1:3

2:16 6:4 11:5,9 14:2,6,17,19,24 15:2,6,9 16:8 18:7 18:12,19,24 19:14 19:17 20:1 26:12 26:21,23 27:15,20 28:14 29:13,25 30:17,25 31:8 32:11,25 33:20 34:10,15,18,21 38:19 48:21 50:22 52:12,17,25 54:21 54:25 55:7,10 57:9

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209

March 17, 2016 Day 28

57:17,21 58:13,23 59:2,4,9,23,25 60:23 61:11,14,16 62:12,16,19 64:23 69:4 71:18 72:1,5 72:10,14,19 76:13 76:17,23 77:18 79:7,14 80:1,11,25 81:11,17,22 82:16 84:20 85:2,12,18 85:25 86:3,12,19 86:21 87:5,12 88:1 88:10,16,25 92:19 92:24 93:5 94:17 95:7 96:1,20 97:8 97:21 98:23 102:5 102:7,13 103:4,24 104:9,13,20 105:15 106:10,15 108:5,11 108:23 111:10 115:21,25 116:4,8 119:25 121:22 125:10,19 137:22 140:23 152:21 153:10,19,23 162:6 166:12 167:11,21 168:4 169:24 170:1 170:10,20,23 171:11,21 172:5,7 172:12 173:15 174:3,10,14,18,23 175:3,8 176:20 177:7,9 178:19 179:10,13 180:25 181:12,25 183:6,22 183:25 184:6,18,22 185:11,25 186:11 186:23 187:1,6,16 187:21,25 188:17 189:19,21 190:15 190:24 191:8,12,20 192:9 193:24 194:22 195:9,16,22 196:8 197:1,9 198:2,9,15,19,21 198:25 199:12,16 199:23 200:2,5,10 200:12,15,17,22 201:5,12,16 202:1 202:4,13,16,19

hint (1) 167:18 hired (2) 21:12,12 historic (7) 46:13,18

69:25 70:13 73:14 74:5 110:12

historical (1) 141:6 historically (3) 24:22

53:22 64:2

history (2) 66:22

70:20 hit (1) 143:5

hitting (1) 142:19 hold (22) 10:20 36:21

45:14 46:8 51:10 51:14 53:20 54:9 55:1,11,14 60:15 78:10 98:20 99:3 132:21 145:2 146:4 159:22 162:13 165:21 172:2

holding (28) 6:8 7:11 7:21 25:15 52:9 54:16,23 62:4 63:13 75:20 76:11 78:12 82:1,7,9 83:2 84:25 92:1 97:3 98:5 99:23 123:13 124:9 126:9,10 141:25 142:18

143:1

holds (5) 55:19 65:2 77:14 78:5 145:10

holidays (1) 20:23 homework (2) 88:20

194:8 honest (3) 139:9

170:18 191:9 honestly (2) 125:4,14 hope (10) 42:5 54:2 103:18 167:19 184:25 188:9

195:20 196:8 201:17 202:16

hoped (1) 130:14 hopefully (2) 107:9

119:4 horizontal (1) 71:7 hour (6) 167:25

184:14 185:24 189:7 202:3,13 hours (4) 183:2,14

184:9,10

House (2) 12:13,13 housekeeping (3)

170:6 196:13 203:5 houses (1) 133:7 huge (3) 134:12

177:23 179:21 human (1) 21:12 hundreds (1) 134:13 husband (4) 3:12,15

6:22 45:13 hypothesi (1) 195:12

I

idea (4) 44:7 78:9 113:17 116:19
ideas (3) 113:20 116:22 118:21 identified (1) 98:3 identify (6) 88:18

120:9 176:14 191:17 195:18,20

IFRS (1) 68:3

IK (1) 65:11 illegible (1) 16:19 illustration (1) 166:12 immediately (1) 140:6 imperfections (1)

179:20

Imperia (4) 10:6 15:17 15:24 16:11

implement (2) 4:22 13:22

implementation (1)

4:3

implemented (3) 4:24 5:3 13:23

implementing (3) 5:5 13:17,17

implicit (1) 105:23 imply (1) 99:17 impolite (1) 103:19 importance (4) 44:10

105:16 187:13,13 important (11) 5:21

25:10 32:16,18 105:14 171:24 172:22,23 180:18 193:10,21

impossible (3) 88:4 91:18 202:1 impress (1) 179:24 improper (1) 32:22 inaccuracy (1) 16:6 inaccurate (1) 49:25

inactive (1) 112:9

inadequate (1) 19:19 inappropriate (1) 34:8 inclarity (1) 105:8 include (1) 156:17 included (10) 10:6

65:7,10,13,16,19 65:23 84:4 157:11 157:14

includes (1) 4:21 including (7) 13:24

99:7 103:13 126:22 135:1 177:2 190:6

inconvenient (1)

188:8 incorporate (3) 97:12

134:13,18 incorporated (7) 39:5

40:11 54:18,18 134:14 135:3 136:24

incorporating (2)

135:11 136:8 incorrectly (2) 64:3

100:3 increasingly (1) 155:4 incurred (1) 135:19 indebted (1) 52:8 independent (6) 7:9

23:7 28:8 82:12 121:18 145:12

independently (2)

148:3 168:23 index (2) 104:9 203:1 indicated (8) 1:8

20:12 80:5 88:24 95:16 171:1,4 175:12

indication (2) 102:9 200:24

indirectly (3) 36:16 64:19 77:8

individual (4) 7:9 33:8 77:8 91:25

individuals (13) 4:20 21:7 33:14,15,17 35:5 42:9,16 90:17 127:13 146:22 156:18,19

Indrek (1) 22:23 indulgence (2) 173:23

189:3

Industry (1) 3:13 inevitable (1) 179:20 inexperienced (1)

185:1 influence (2) 38:9

58:20 information (17) 11:3

15:16 18:2 43:17 45:18 55:18,23 63:15 86:1 87:1 97:23 99:25 101:5 112:22 118:2 121:8 122:22

infrequently (1)

139:20 initial (1) 191:4 initially (1) 130:4 initials (1) 200:3 input (1) 135:23

insignificant (1) 38:5 insofar (1) 73:20 install (3) 4:25 27:4

31:14 installation (1) 4:4 installed (2) 4:6 10:9 instance (1) 137:4 instructed (1) 136:4 instruction (1) 180:20

instructions (8) 25:18 163:2 165:22 181:4 187:17 188:23 189:20 190:10

instruments (1)

143:20

insurance (21) 45:1,4 45:6,9 50:13,23 51:24 60:10 63:20 64:7,9,18 71:2 113:19 114:6 116:21 118:23 119:1 120:14,17 122:1

intelligible (1) 156:9 intend (1) 159:20 intended (3) 105:1

117:16 165:14 intending (2) 125:15

197:1 intention (2) 160:7

163:12 intentions (2) 163:15

164:22

interest (19) 5:22 7:12 7:20 10:22 51:8,13 51:14 52:4,4 62:9 66:1 83:23 146:6 160:2 163:20,25 164:18,20,21

interested (2) 49:3 110:12

interesting (2) 23:20 46:25

interests (11) 10:12 77:15 78:11,13 82:3,6,7,10 83:4 105:5 164:7

Intermit (2) 111:3

112:17

international (1)

36:25 internet (1) 19:1 interpreted (3) 1:7

40:6 155:24 interpreting (1) 90:6 interpretive (1) 195:7 interrupt (2) 33:20

115:16 interrupted (1)
131:21 interrupting (1)

193:20 intervention (1) 81:2 interview (1) 10:5 introduced (1) 7:13 Invest (1) 107:18 investigation (1) 11:2 Investitsiy (1) 39:1 investment (5) 12:1

75:20 133:7 138:10 142:8

investments (2) 149:4 155:15

Investrbank (1)

149:23 invite (4) 108:19

167:16 174:15 180:8

invited (3) 4:18 162:20 163:1

inviting (1) 179:23 involve (1) 141:25 involved (14) 8:17,21

24:19 98:17 113:25 117:2 122:6,8,9 125:21 126:17 127:4,8 138:10

involvement (1) 20:18

IPO (4) 5:22 22:1,3 24:8
Irina (2) 93:17 160:13 ironed (1) 190:18 island (1) 12:13

Ispolkomskaya (1)

107:13

issue (14) 6:14 28:23 30:24 35:1 48:21 79:19 140:21,22 149:18 150:15 155:9,18 174:7 190:3

issued (8) 29:17,18,20 35:3 151:25 153:8 153:13 154:8

issuers (1) 27:7 issues (9) 5:21 35:9

51:24 52:12,13 60:10 136:9 150:11 184:8

issuing (4) 28:17 150:21 153:6 155:15

itself’ (1) 14:7 Ivannikova (15) 3:9,11

3:21 93:16 95:3 98:13 99:7,18 100:1,8,12,15,21 101:2,19

Ivannikova’s (2) 99:14

100:4

J

January (2) 20:22

47:19

job (3) 141:19 174:10 191:22

jobs (1) 130:13 join (2) 4:18 43:12 joined (9) 2:2 4:5,20

5:10 29:5 35:2 43:10,11 83:16

joining (1) 4:24 joint (2) 8:21 43:19 joint-stock (3) 56:14

63:8 76:11 journalist (2) 13:11,16 journalistic (1) 11:2 judge (3) 88:20 194:6

199:21 juggernaut (1) 150:1

July (4) 74:14 75:9,14

75:24

jumped (1) 87:5 June (1) 156:1 JUSTICE (229) 1:3 2:16

6:4 11:5,9 14:2,6 14:17,19,24 15:2,6 15:9 16:8 18:7,12 18:19,24 19:14,17 20:1 26:12,21,23 27:15,20 28:14 29:13,25 30:17,25 31:8 32:11,25 33:20 34:10,15,18 34:21 38:19 48:21 50:22 52:12,17,25 54:21,25 55:7,10 57:9,17,21 58:13 58:23 59:2,4,9,23 59:25 60:23 61:11 61:14,16 62:12,16 62:19 64:23 69:4 71:18 72:1,5,10,14 72:19 76:13,17,23 77:18 79:7,14 80:1 80:11,25 81:11,17

81:22 82:16 84:20 85:2,12,18,25 86:3 86:12,19,21 87:5 87:12 88:1,10,16 88:25 92:19,24 93:5 94:17 95:7 96:1,20 97:8,21 98:23 102:5,7,13 103:4,24 104:9,13 104:20 105:15 106:10,15 108:5,11 108:23 111:10 115:21,25 116:4,8 119:25 121:22 125:10,19 137:22 140:23 152:21 153:10,19,23 162:6 166:12 167:11,21 168:4 169:24 170:1 170:10,20,23 171:11,21 172:5,7 172:12 173:15 174:3,10,14,18,23 175:3,8 176:20 177:7,9 178:19 179:10,13 180:25 181:12,25 183:6,22 183:25 184:6,18,22 185:11,25 186:11 186:23 187:1,6,16 187:21,25 188:17 189:19,21 190:15 190:24 191:8,12,20 192:9 193:24 194:22 195:9,16,22 196:8 197:1,9 198:2,9,15,19,21 198:25 199:12,16 199:23 200:2,5,10 200:12,15,17,22 201:5,12,16 202:1 202:4,13,16,19

K

Kapitanov (1) 128:11

Kartoteka (8) 45:18

46:1 53:4 68:17

72:1,2 73:16 107:8 keen (1) 165:12 keep (14) 19:3 35:22

53:8 63:17 71:13 130:12,12,22,23 131:13 168:3 178:15 187:9 193:19

kept (6) 6:13,13 38:5 38:6 58:18 130:16

Khortitsa (4) 65:14 111:15,16 112:17

kicking (1) 165:7 kind (11) 8:6 30:6 47:5 73:6 77:16 123:12 134:2,3

191:5 195:6,7

Kiperort (6) 74:13 75:3,5,19 76:5,8
Kirilenko (2) 124:17

124:24

knew (4) 44:7 85:21 162:17 168:6

know (129) 3:17 7:4 7:24 11:3 13:22 14:13 17:13,19,21 18:25 19:14,20 25:19 30:1,18 32:3 33:6 37:2 39:3,7,9 39:11,13,16 42:13 42:20 43:7,16,16

43:20,22 44:3,4,17 45:1,2,10 51:7,12 52:21 53:14 56:10 56:11,15,22,24 57:11 60:20 65:9 66:11 67:9,18,18 69:15 70:11,11 73:3,22,23,24 74:4 74:7,10,12,22,23 74:24 75:6 79:3 86:22 87:10 92:3,4 94:22 95:2 97:15 98:16 99:10 101:2 102:16 104:25 105:17,18 108:9 109:11,15,16,18,21 111:3 113:14 114:22 117:9 119:12 124:1,17 129:9,9,11 131:2 135:22 137:19 139:12 140:19,21 152:22 160:24 161:18 162:6,12 167:14 168:14 169:5 173:9,10,13 183:22 185:19 186:14 188:2 190:16 192:16 193:22 195:16,16 198:3,4,5 201:24

knowing (3) 66:17 169:5 194:25

knowledge (17) 3:19 7:3 10:23 21:5 51:10 67:24 68:2,8 68:9,10 69:11 75:8 89:22 109:14 117:16 119:3 125:21

known (10) 39:5,17 40:15 44:4 107:17 118:14 126:1 145:12 161:22 178:6

knows (2) 85:17 192:20

Komavtoservis (2) 3:2

3:5

Komavtotrans (3) 3:6

111:6 112:3

Kommersant (1)

17:12

Kompanyia (4) 39:6 40:17 44:22 106:19

Konsalting (5) 74:20 75:5,19 76:6 111:1

Korotkova (3) 70:8,10

70:11

Korporativnykh (1)

38:25

Kosova (2) 157:12,18

Kotliy (1) 12:14

Kozhinym (1) 12:19

KPIs (1) 147:4

Kristina (1) 162:19

Kronstadt (2) 12:14

12:15

Krushkin (1) 128:2

Kruzhkin (3) 128:2,5

128:10

L

labour (2) 18:20

130:13 lacks (1) 87:23

lady (3) 3:9 45:11 46:2

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

210

March 17, 2016 Day 28

laid (2) 131:6 182:9 liabilities (2) 159:23 long (27) 2:22 8:11 78:4,25 79:10,16
Lair (8) 154:18,19,25 163:23 39:12,17 46:12 80:6,16 81:1,9,15
155:7,13,13 158:9 liability (1) 63:8 58:8 60:21 86:10 82:1,19 84:23 85:7
158:9 liaise (1) 168:19 101:23,23 103:5 85:15 86:9,20,20
land (7) 11:23 12:23 licences (2) 22:14 125:24 145:13 86:22,25 87:3,8,25
15:18 148:18,21 23:22 151:17 155:10 88:3,9,22 89:20
151:2 165:4 lies (1) 194:14 170:3,24 171:12 91:16 92:3,22 93:2
landline (1) 10:19 life (1) 52:23 175:19 178:11 93:4,21 94:18 95:8
language (1) 98:4 light (1) 136:15 181:14 182:16 95:10,16,21 96:3
large (7) 13:20 45:6 likewise (1) 188:2 188:2,6 189:11,23 96:16,16 97:18
86:5 99:20,20 limit (1) 103:7 201:12 98:2,2,16 99:1
136:12 144:14 limited (3) 63:8 134:4 longer (11) 29:9,10,18 101:25 102:6,8
largely (2) 13:1 38:9 196:9 67:17 100:11 103:16,23 104:3,6
larger (2) 92:15 limiting (1) 35:4 103:12,19 158:10 104:12,24 105:2,10
116:12 limits (1) 143:5 167:16 185:3 105:10,25 106:5,6
late (5) 166:13,20 Linair (9) 93:7 96:24 202:10 106:8,10,12,13
167:5 172:18 182:2 97:10,10 98:9,15 look (51) 11:10 14:1 108:9,9,13 109:6
Latin (1) 110:4 98:17 99:10 110:9 16:16 20:12 21:22 109:15,18 111:13
launched (3) 5:22 line (27) 40:8 41:12 23:24,25 36:21 111:18 112:6,13
6:14 12:1 42:12 56:2,20 58:8 39:21 40:15 41:7 114:3,10 115:9,9
launching (1) 5:6 60:21 75:13 76:3,3 42:2 47:10 53:9 115:15,21 116:1,11
law (3) 35:21 111:22 76:9,15 77:6 79:15 66:21 68:21 70:1,9 117:13 119:14,14
112:8 79:17,18 80:1 74:5 76:2,9,24 87:4 119:21 120:14
lawfully (1) 143:20 90:11 113:10 89:5,13 90:11 94:1 121:17 122:5,25
lawyers (5) 161:6,6 115:22 123:3 95:15 99:25 104:11 124:16 125:17,20
162:16 168:10,11 132:25 135:4 105:6 106:24 127:11 129:9 131:2
leadership (1) 38:9 153:22 175:6,23,25 109:10 113:4 134:7 137:20
leading (4) 192:8,11 lines (9) 39:23 76:24 122:24 130:22 138:16 139:12
193:15 194:18 79:5,22 89:13 136:4 138:21 140:19 142:3 146:4
leads (1) 79:4 90:11 120:12 150:12 156:11 146:20 148:1,12
learn (1) 43:14 153:11 196:6 163:7 169:10 149:9 150:8 153:4
learned (5) 80:23 87:9 liquidation (1) 131:9 191:12,21 192:9 153:20 154:4,5,23
98:12 161:21 liquidity (1) 142:19 195:23 196:10 161:16 162:8 164:8
165:11 list (43) 29:14,16 30:6 197:7 198:22 166:6,21 167:3,18
lease (4) 15:15,18,20 30:7,12,21 32:1,4,5 201:21,22 168:2,9 169:2,7,22
15:21 32:6 33:24 35:6 looked (4) 80:20 169:25 170:7,15
leasing (35) 66:25 46:13,19,21,22 95:17,18 191:8 171:6,19 172:4,6,9
67:21,25 68:4,6,10 53:2,3,6,10 54:1 looking (34) 5:24 9:8 172:10,10 173:10
68:23 71:2,3 77:11 56:1,2,3,3,4 69:21 20:15 40:10 47:6 173:15,21 174:1,12
77:14 81:16 82:5 72:3 73:13,23 48:15,24 53:1 68:2 174:14,16,16,19,25
82:10,15 89:1 75:13 90:16 91:13 68:16 70:8 71:3,10 175:4,9 176:15,23
90:24 91:3,7,9,15 91:21 92:1 109:10 73:22 74:25 75:13 176:25,25 177:8,8
92:5,9 113:13,19 110:12 112:10 75:23 89:17,22 177:11 178:15,20
114:5 116:16,21 139:5 156:6,8,19 90:5 91:13 97:10 179:6,6,11,12
117:17,24 118:5 201:23 97:13 107:1 112:10 180:20,20,21 181:1
120:17,19,24 122:1 listed (2) 12:12 48:5 112:19 116:14 181:19 182:3,3
leave (8) 81:9 87:13 listen (6) 116:13,15 131:16 139:1 140:3 183:8,8,21,24
105:17 146:13 119:22 132:15 155:11,14 175:6 184:5,12,16,16,21
180:19 189:13,16 133:23 152:3 191:12 184:23 185:14,15
194:13 listening (1) 166:14 looks (6) 67:19 78:17 186:10,12,15,22,25
leaves (2) 178:13 lists (2) 139:2,14 79:11 87:9 105:12 187:5,7,10,17,17
201:1 little (8) 19:22 30:20 155:25 187:22 188:6,7,19
left (8) 2:4 13:14 54:21 82:20 97:8 Lord (350) 1:25 2:19 188:22 189:20,20
37:21 41:14 48:14 106:16 131:16 9:1 11:7,8 13:5,9 190:1,1,12,16
96:6 139:24 187:4 182:14 14:12,12,18,18,21 191:7,11,19,19,21
legal (12) 21:7 24:25 live (1) 8:1 15:10 16:2,23 192:6,6,20,20
40:16 41:17,18 living (1) 33:8 17:21,24 18:10,17 194:21 195:3,3,14
42:17 62:6 69:18 LLC (19) 15:23 16:10 19:10,25 20:20,23 195:14,16,21,24
70:12 112:9 145:25 56:14,25 57:15 22:10,19 24:8,22 196:4,4,18,25
146:25 65:8 70:7 74:8,13 26:19,25 27:17,24 197:22 198:8,14,16
Lenbank (1) 24:24 75:11 90:13,20,21 28:13 29:3 30:15 198:20 199:14,15
lend (1) 141:21 90:21 109:22 147:7 30:19,20,20 31:2 199:22,25 200:3,11
lender (1) 141:14 147:18 156:13,17 31:10 32:8,15 33:1 200:14,16,21,21
lending (2) 33:21 loan (6) 38:3 149:24 33:7 34:3,13,17,19 201:6,14,17 202:3
34:11 150:6 151:10,22 35:2,15 36:19 202:6,9,9,15,18
length (1) 65:1 153:3 38:12,17 42:23 Lord’s (1) 56:2
lengthening (1) loaned (1) 152:6 43:16 44:6 45:2 Lordship (54) 1:4 9:22
196:19 loans (28) 33:15,17 47:22 49:5,20 17:19 20:12 32:15
lengthy (1) 136:7 121:21 124:19,21 50:13,24 51:6,22 38:23 42:2 50:16
lesser (1) 106:1 128:13 131:3 148:3 52:16,20,24 54:17 53:19 56:24 58:15
Lestovkin (4) 107:25 148:15,23 150:4,11 55:3 57:2,2,11,20 59:8 63:24 65:12
108:5 109:2,8 150:15,22 151:25 58:5,7,15,25 59:3 73:1,4 78:4,17,22
let’s (9) 1:12 16:17 152:15,23,25 153:7 59:12 60:23,25,25 78:25 79:1,4,5,10
17:18 18:19 37:25 153:8,14 154:8 61:2,13,24 62:15 85:11 86:22,23
48:21 51:4 109:20 155:9,16,18 156:12 63:2 65:2,21 66:19 103:1 104:19 115:9
154:8 156:16 157:15 68:13 69:6,8 70:4 134:8 135:15
level (2) 136:21 local (3) 23:8 166:8,11 70:11,23 71:1 72:6 136:14 138:2
185:16 Lokai (3) 145:8,9,10 72:17,22 73:7 74:9 144:18 154:24
lever (1) 177:3 London (2) 22:3 31:3 75:25 77:13,22,23 158:1 174:21 175:7

175:21,22,25 176:4 180:23 181:7 183:11 185:5 190:2 190:12,17 192:20 193:17 196:6 199:10
Lordship’s (2) 174:16

201:2

lose (3) 103:11 136:5 136:6

loss (3) 22:18 130:11 130:20

loss-making (3)

150:18,20,22 losses (3) 125:7

130:23 135:19 lost (7) 22:14 23:22

81:17 114:24 136:1 136:2 187:15

lot (15) 7:15 29:6 30:8 34:6 37:3 52:1,8 73:5 101:17,18 107:9 168:1 180:9 182:9 186:21

lots (2) 178:12,12 loud (2) 183:4,21 low (3) 21:20,22,25 lunch (6) 72:16 102:1

102:2 110:9 167:25 184:10

Luncheon (1) 104:17

Lyudmila (5) 59:19,22

61:3,5 145:6

M

M (2) 11:24 13:9 machine (1) 9:3 machinery (2) 131:7,8 machines (1) 31:15 Mafia (1) 17:8 magnitude (1) 24:12 Magnum (1) 177:22 main (3) 121:25

126:13 127:3 maintain (1) 52:7 maintained (2) 52:3

52:17

major (2) 3:22 100:23 majority (4) 28:10

36:14 177:20 183:1

Makarov (1) 126:4 making (4) 83:6 160:2

163:20 164:18

Maleev (3) 145:17,19

147:24

Malookhtinsky (2)

68:23 69:12

Malysheva (31) 41:19 42:18 43:4,9 93:17 95:3 98:14 136:3 139:21 148:5 160:13,16,18,24 161:5,15,20 162:1 162:17,24 163:5 167:8,9 168:13,17 168:19,23,25 169:2 169:21 196:20

Malysheva’s (1) 161:9 man (2) 176:17

179:15

manage (2) 107:9

140:16

managed (3) 21:13,24

127:25

management (17)

25:2 51:14,17 66:21 80:4,8 82:3 83:5 94:3 106:20

112:25 114:5 120:23 122:2 139:2 139:3 141:18

manager (9) 3:21 21:3 79:9 96:23 138:4 139:6,8,11 146:13

managers (30) 21:4 63:21 66:2 77:20 78:3,13 79:17,20 79:21,24 80:15 81:13,24 82:8 83:24 84:22 85:6 90:25 97:2 98:20 99:3 100:18 101:6 101:22 118:13 139:18,19 146:2,5 147:1

manages (1) 145:15 managing (9) 21:14 113:18 116:20 118:9,12 126:18

127:21,23 145:20 manner (1) 106:7 manufactured (1)

126:2

March (9) 1:1 77:2 94:8,24 96:4,4 97:14 174:25 202:22

margin (4) 128:17,17 130:14 144:1

Marine (22) 122:16 132:3 134:4 143:4 148:10,14 149:3,12 149:19,21,23 151:7 151:9,12 160:3,9 160:17 164:18 165:25 167:1 169:8 169:13

market (23) 23:10 25:22 26:1 36:21 37:5,5,7,8,17,23,23 38:2 85:21 126:1 126:12 127:14,19 128:18 143:21 148:3 156:11,15 166:8

marketing (1) 33:23 markets (2) 22:11

23:11 martial (1) 12:23 massive (6) 13:20

126:8 127:16 142:17 143:9,14
MasterCard (1) 27:6 Masterov (5) 15:14,17 15:23,25 16:11

match (2) 71:25 72:3 material (4) 93:10,25

177:17,24 maths (1) 2:18 matter (19) 13:6 29:3

66:8 67:24 104:5 104:23 106:16 113:5 152:17 161:15,18,25 162:24 178:13,16 186:7 188:20 191:6 198:9

matters (7) 105:14 117:14 159:14 173:3 178:14 187:3 201:22

Matvienko (50) 1:24 2:5,10,15,17,20 4:1 4:13,15,21 5:14 6:22,23 7:2,2,4,6 7:21,23 8:4,10,11 8:17,22 9:19 10:3

10:11,20 11:22,25 12:19 13:10,11,13 13:17 14:7 15:24 16:1,12 17:3 20:21 24:19 25:18,20 29:1 35:18,25 37:21 38:10,15

Matvienko’s (11) 3:13 9:12,16 10:15,25 11:24 12:12,25 20:9,17 35:14 maximum (1) 141:20 mean (44) 6:4 18:15

20:20 26:11 37:7,8 54:25 55:2 59:8 67:7,13,14,15 74:16 78:6 79:2 82:1,4,9 86:4 96:1 97:4 98:23 99:19 103:4 108:9 109:20 124:4 125:17 132:15 140:24 144:13 145:9 148:7 153:6 161:23 165:8 166:19 168:25 173:2 178:20 179:1 180:12 196:15

meaning (5) 15:25 22:8 98:16 119:5 169:13

means (8) 13:16 60:18 64:19 65:13 106:4 146:19 165:16 199:15

meant (15) 8:24 49:8 67:12 87:19 97:24 99:14,16 114:14 118:9 123:6 142:4 181:10 190:6 192:13,13

meat (2) 127:14,18 mechanic (1) 61:19 mechanics (1) 62:9 medium (1) 70:16 meet (1) 129:18 meeting (22) 126:23

127:4 159:15 160:19,21,25 161:2 161:3,10,13,16,17 161:21,22,24 162:9 162:19 171:22,24 172:2,5 180:18

meetings (4) 36:2

183:9,10,17

member (3) 3:15,18

100:15 members (6) 3:2

100:22 157:14 161:4 162:22 172:1

memorandum (21)

158:20 159:8,11,14 161:7,14,25 162:7 163:3,7,18 166:3 166:15 167:8 168:6 168:10,16 169:4,4 169:10,18

memory (7) 35:8 55:22 108:18 119:18 122:23 171:4 199:3

mention (4) 53:11 174:2,13 196:20

mentioned (20) 23:21 23:22 29:5 36:2 38:3 44:9 46:3 49:21 54:19 56:13 57:19,22 59:22 82:25 83:10 113:2 118:23 143:2

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211

March 17, 2016 Day 28

151:13 155:17 mercifully (1) 171:16 met (3) 21:11 124:23

126:22 method (2) 61:19

68:15 metres (1) 15:18

metro (24) 24:15,22 24:24 25:13,16 26:8,16 27:4,11,15 27:22,22 28:19,24 29:16,19,19,21,23 30:13 31:15 32:2 33:6 36:9

Metrokom (1) 10:19 microphone (2) 43:25

113:8

middle (4) 9:9 20:6 46:16 140:4

Mikhail (3) 93:13,18

138:4

Mikhailovna (2) 45:12

53:15

million (11) 15:15 21:21 22:5,10 33:8 34:16 38:4 149:24 149:24 176:22 194:24

mind (16) 16:7 65:18 67:12 79:4,6 86:24 103:21 106:9 112:14 132:10 162:2 172:3 175:18 179:22 190:17,19

minded (1) 38:18 mine (1) 28:21 minimum (1) 135:9 Minister (1) 13:21 Ministry (1) 35:24 minor (1) 90:16 minute (2) 61:23

67:13

minutes (12) 72:5,7 72:12,12,21 87:9 91:2 103:8 167:20 168:3 201:14 202:3

minutes’ (1) 167:22 Mironova (22) 103:2

157:11,17 161:9,12 162:10,19 175:17 181:17,20 182:7,8 182:18 183:18 184:4,20 185:10,10 185:23 187:11,23 197:3

Mironova’s (2) 185:19 188:16

misplaced (1) 30:1 misrecorded (1)

117:21

misremembered (2)

60:24 181:15 misspoken (1) 117:20 mistake (2) 11:8

130:24

mistaken (3) 49:23 83:17 96:23 mistakes (1) 158:11 misunderstood (3)

26:22 30:11 166:23

Miveks (13) 53:25 54:5,9,15,17,22 55:1,10,15,18,24 89:14,25

mixture (1) 81:13 MKK (1) 153:8 mode (1) 40:7 model (5) 142:9,14

143:17 144:2,2

Moldova (1) 126:7 moment (16) 6:20
8:20 38:17 39:10 41:8 46:8 68:1 88:14 103:25 106:25 112:24 137:20 140:17 169:23 180:7 197:5

Monday (26) 170:22 171:22 172:2,5,25 175:14 176:1 177:5 177:19 181:11 183:3,6,18,19,20 184:3,4 185:21,23 186:3,11,13 187:23 188:11,11 189:14

money (8) 35:18,20 36:4 135:5,8,12 164:9,13

monitored (1) 126:25 monitoring (1) 157:17 month (1) 41:17 months (1) 33:16 morning (13) 1:3,9,10

44:15,19,23 69:3,7 84:9 172:8 183:18 183:19 188:15

Moscow (3) 36:24

164:2 172:6 mother (4) 7:7,11,20

9:13 mother’s (1) 13:2 motive (1) 160:8

mountain (1) 32:12 move (13) 9:25 10:2 70:18,19 71:5 92:18 119:19 131:14 148:9 152:17 193:18

197:14,24

moved (2) 36:5 42:18 moving (1) 158:21 multi-functional (1)

12:20

multipliers (2) 10:1,1 municipal (4) 15:12

25:1,2 35:12 musical (1) 10:10 mutual (1) 143:25

N

name (14) 7:17 8:9 17:7 40:16,21 76:18 83:20 90:17 99:8 109:13 149:13 157:20 158:4 168:22

named (2) 46:3 49:18 names (7) 63:5 84:1

90:18 91:25 140:1 156:6 157:10

narrow (2) 9:9 37:9 Natalia (2) 14:8 16:1 natural (1) 35:5 naval (1) 12:16 near (10) 56:3 70:20

107:16,23 113:8 184:14 185:12 186:18,19 200:17

nearly (1) 189:10 necessarily (3) 78:6 137:12 193:22 necessary (4) 60:3

62:3 73:20 131:22 need (44) 1:11 3:16

6:11 23:25 39:23 41:8 42:10 60:20 66:5,11,21 72:11

90:17 99:25 102:10 103:25 105:5 113:6 116:1 121:8 128:7 143:9,16 153:24,25 155:23 156:24,25 170:22,24 173:8,14 183:13 185:6 186:16 188:20 190:18,19 192:6,25 193:10,22 197:25 201:22

needed (4) 41:18,21 83:21 161:20

needs (10) 21:18 28:9 55:8 89:8 92:23 108:20 143:17 171:8 182:22 196:16

negative (3) 135:18 135:20 150:13 negotiated (1) 127:5 negotiation (1) 166:9

negotiations (1)

137:14 neither (1) 153:7 Neivelt (1) 22:23 net (1) 134:17 network (1) 157:16 never (20) 3:20 4:2

7:9,10,19 23:4,5 61:6 64:9 65:12 69:15 121:6,7,21 122:10 129:16 147:17 152:10 165:6 172:13

nevertheless (5)

23:10 119:10 121:24 125:7 188:21

Nevskaya (9) 12:1 94:2 106:19,19 112:20,25 114:5 118:12 120:23

new (5) 7:17 20:23 21:6 43:4 151:12

newspaper (1) 9:4 newspapers (2) 19:14

19:18

nice (2) 128:17 167:13

Nikolai (3) 145:8,9,10 nominal (1) 80:3 nominee (5) 60:13

98:5 99:24 101:9 146:14

nominees (7) 80:14 81:13 99:3 145:10 145:16 146:2,16

non (1) 179:20 non-existent (1)
136:20 non-performance (2)

142:19 147:3 non-performing (2)

141:15,20 nonsense (1) 18:21 nonsensical (1) 18:23 normal (8) 101:7

121:5,5 141:13,23 144:5 146:1 189:8

normally (3) 141:14 189:8,9

note (5) 42:2 57:5 104:6 107:12 190:3

noted (1) 103:8 notes (1) 5:24 notice (1) 45:19 noticed (1) 119:24 noticing (1) 167:11 noting (1) 108:16

nuances (1) 136:14 number (29) 4:19 5:8
21:6 34:13 49:7,7,9 49:15,15 72:3 83:25 111:6 112:8 121:14 127:13 139:25 144:14 145:2,4 146:18 149:9 150:11 156:22,25 157:7 172:1 177:23 191:2 197:10

numbering (1) 71:24 numbers (1) 146:21

O

oath (8) 23:4 25:19 56:8,10,16 57:15 64:6 164:20

object (2) 106:6 134:1 objected (2) 42:5

104:24 objecting (1) 105:11 objective (2) 118:15

169:21 objectively (1) 121:9 objects (1) 123:1 obligations (12)

159:24 160:1,3 163:22 164:5,19,23 165:18 166:1 169:9 169:10,14

obscure (1) 43:14 observation (1)

190:20 observe (2) 143:11

189:25

obstructive (1) 193:7 obtain (1) 28:9 obtained (5) 31:14

33:23 73:1 148:24 148:25

obvious (3) 81:2 193:25 199:16

obviously (29) 39:1 55:8 59:14 63:4 100:19,23 110:24 114:23 116:14 160:1 161:17,20 170:15 172:22 174:1,4,19 175:9 185:21 188:8,10 192:7 193:11 197:4 197:6 201:10,17,21 201:23

occasions (1) 146:12 occurred (1) 89:4 October (7) 76:10,16

96:15,16,18,20

109:6 oddly (1) 94:8

offer (5) 25:6 152:9 152:13,14 189:2

offered (6) 10:10 118:4 151:23 152:6 155:13 158:6

offering (1) 118:4 offers (1) 30:4

office (8) 2:12,13 12:2 37:21 107:13 157:16 161:9 162:21

officer (1) 1:14 official (1) 12:19 oh (4) 40:24 85:18 179:10 184:22 okay (11) 59:9 62:19 69:21 71:5,22,24

109:9 116:7 130:23 145:9 198:25

old (3) 2:20 83:15 142:16

oldest (1) 46:22 Oleg (1) 10:4 Olga (1) 70:8 Olimp (1) 107:13

OMG (9) 123:7 132:19 132:22 133:12 136:4 152:10 155:15 161:6 163:21

once (8) 2:14 5:1 8:19 29:23 37:18 136:7 154:23 155:7

one-off (1) 151:18 ones (4) 16:22 27:14

110:23 144:16

Ontika (1) 90:21 open (11) 23:1 33:9

36:10,11 56:11,23 87:19 197:17,19 199:6,9

opened (2) 33:17 50:13

openly (2) 125:5,14 operate (3) 69:20 143:23 146:18 operates (2) 148:2

150:9 operating (2) 32:22

119:2

operations (2) 164:11 181:5

opinion (3) 117:5,6,6 opportunities (2)

118:16,17 opportunity (5) 27:3

137:2 143:19,19 176:13

opposed (2) 37:17 110:25

option (18) 61:5,13,21 62:7 63:14 77:14 77:17 78:8,9,10 85:13,20,23 86:8 102:21 147:2 182:25 188:13

optioning (1) 62:9 options (1) 86:13 Opus (1) 140:21 oral (1) 85:14

order (26) 27:19 30:6 35:4 66:22 72:20 100:1 105:24 110:24,25 126:24 127:1 136:25 143:10 146:13 151:2 155:25 157:9 164:13 181:2,6 187:22 198:17,25 199:7,11 201:25

ordered (1) 180:23 ordinarily (1) 88:21 organisation (1) 13:20 organise (2) 36:12

189:14 organised (5) 37:13

47:3 70:24 170:12 179:5

original (2) 141:13 168:20

originally (2) 127:25 130:4

Oslo (22) 122:16 132:3 134:4 143:3 148:10,14 149:3,12 149:19,21,23 151:7

151:9,12 160:3,9 160:17 164:18 165:25 167:1 169:8 169:13

ought (2) 17:25 116:5 outgoing (1) 135:23 outside (1) 72:9 outstanding (2) 160:5

160:10 overall (4) 37:8

148:13,21 154:10 overnight (5) 84:8

87:16 188:1 198:18 200:9

overseeing (1) 157:8 oversight (1) 162:4 overspill (1) 171:3 overspills (1) 185:17 oversubscription (1)

22:4

overvalued (1) 157:24 owe (2) 52:8 129:22 owed (1) 148:10 owned (41) 6:2,17,22

13:10,12 15:17 26:5 27:22,24 28:1 36:6 42:8 43:14 50:17 53:17 64:4 66:19 67:11,14,16 74:6,7 75:5,24 77:19 90:2,10 92:10,14,21 93:1 95:3 113:23 116:25 118:2,18 121:21 127:13 141:17 147:17 158:3

owner (6) 14:7 15:24 74:21 99:23 101:9 101:10

owners (2) 55:18 66:12

ownership (11) 68:11 74:11 75:3,7,7 78:2 80:18 81:23 91:11 94:21 133:4

owning (2) 77:2 92:22 owns (7) 39:9,14

45:10,11 50:16 134:16 148:8

P

packet (3) 7:18 83:13 83:19
packets (1) 83:20 page (79) 9:8 11:11

11:11 12:7,8 13:5 14:3 16:22 17:4,10 17:18,18 18:3,4 20:8 39:24,24 40:8 40:11 42:2,3,4 46:5 46:11,16 47:2 53:4 53:5,5 58:25 68:22 70:19,21 71:9,10 71:15,16,23,23 73:12,13,13 74:25 76:20 79:18 89:2,6 89:10,23 90:6,7,9 90:20 93:12,14 94:1,4 95:7 107:15 107:16,20,22 108:3 110:15,17,20 112:16 115:10,11 115:11,23 117:11 131:14 141:3,6 155:22 174:25 175:22 203:2

pages (9) 39:22 71:6,8 71:18,20 72:2 79:2

104:10 190:13 paid (2) 23:12 36:17 paper (7) 70:16 72:8

84:24 85:8 89:8,12 177:14

par (3) 160:5 164:1,14 paragraph (25) 9:8

10:14 11:12,15,17 11:21 12:7 14:20 14:22 15:1,2 20:15 96:17 138:24 139:1 139:22 140:4,7,11 140:12 141:8 156:6 157:1,6 199:2

paragraphs (4) 9:21 12:11 140:3 156:20

parallel (3) 133:16,21 133:25

parameters (2) 103:24 174:14

pardon (4) 12:8 16:16 69:6 96:3

pare (1) 202:11 parents (1) 7:25 Paris (1) 185:7

part (34) 12:20 15:23 16:11 17:12 23:21 36:20 63:14 80:9,9 89:24 105:22,23 108:3 117:18,25 118:8 124:22 125:11 127:7 131:3 134:21 135:12,17 135:24 136:5 137:1 139:21 144:16,22 147:25 162:18 181:3 192:14,18

particular (17) 6:12 20:13 80:10 81:3 90:19 98:5 104:3 105:2 119:15 120:1 132:19 139:21 146:13 155:18 163:6 190:25 194:16

particularly (7) 46:25 97:13 105:13 108:13 173:2 193:8 194:23

parties (5) 77:16 78:11 123:12 133:5 190:7

partly (1) 8:2 partner (2) 8:4 31:20 partners (3) 2:24 8:7

8:10

partnership (1) 13:25 parts (2) 58:11 116:10 party (7) 33:14 77:9 137:13,15 172:22

173:3 176:20

Parusa (4) 12:15 70:7

74:6,8 pass (1) 68:11

passage (5) 78:25 79:1 114:7,17 191:18

passages (2) 104:21 117:8

passed (2) 7:1 78:2 passing (1) 108:16

Pause (7) 20:11 66:18 131:17 140:7,9,20 163:9

pay (9) 15:14,20 23:14 29:22 52:5 126:13 128:23 129:17 135:22

payments (1) 15:21

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212

March 17, 2016 Day 28

peanuts (1) 38:4 34:14 35:13,13 pm (14) 72:23,25 146:1,12 178:22 125:4,14 161:19
peculiar (1) 105:3 36:1,3,16,18,23 103:12,17,18 104:1 179:18 192:17 procedure (2) 141:5
peculiarities (1) 42:10 37:17 38:11,16 104:16,18 137:24 201:19,20 146:10
pensioner (1) 7:25 41:3,21 42:8,18 138:1 172:6 189:10 preamble (1) 156:7 proceeding (1) 102:24
penultimate (1) 16:5 53:24 54:6,16,23 201:1 202:20 precaution (1) 198:9 proceedings (5) 39:2
people (27) 18:14 54:25 55:5,6,12,13 point (67) 1:19 3:24 precise (1) 138:13 144:17,23 145:18
19:18 29:15 30:3 55:14,16 66:25 19:19 21:20,22,25 precisely (2) 32:16 197:17
33:8,9 34:13 38:13 67:21,25 68:5,7,11 31:15,16,17 37:21 35:25 proceeds (1) 10:16
52:11 75:2 103:7 71:2 82:5,10 89:2 42:7 45:19 50:14 preconceive (1) process (1) 32:13
137:17,17 139:2,14 89:15,20 90:10,15 52:14 53:24 57:8 190:24 processes (1) 10:5
144:1 145:2,4,5,8 91:10,17 92:15 58:21 60:7 62:16 prefaced (1) 199:12 procurement (2) 10:8
156:6,8 162:12,18 100:22 113:14,17 66:3,11,19 67:4,10 prefer (2) 46:23 10:17
186:8 189:25 190:5 113:23 114:5 67:16,18 69:9,17 185:18 produce (1) 88:3
perceive (1) 196:2 116:17,19,25 77:3 79:12 81:5,6 preference (1) 185:17 produced (1) 149:7
percentage (2) 48:13 117:18 118:17 91:3,8 92:9,14,22 preferential (1) 13:1 product (1) 18:14
48:25 119:3 120:18,24 99:20 105:10 107:3 preferred (2) 88:2,3 products (6) 33:12
perception (1) 179:14 127:1 128:13 107:11 114:3 pregnant (1) 190:19 126:2,11 127:18
perfect (1) 174:6 130:17 133:17 115:21 119:5 prejudge (2) 181:4,5 128:18,18
perfectly (2) 77:9 142:11 144:12 120:20 121:12 prejudicial (1) 164:16 professional (4)
195:8 164:2 128:12 129:24 premises (4) 69:12,13 145:19 174:4
perform (6) 123:16 photocopied (1) 148:12 150:1 168:9 69:14 105:19 179:16,21
137:10 146:14 179:10 171:3 176:14 177:1 prep (1) 189:14 Professor (7) 141:5,6
169:9,14,18 photocopies (3) 179:2 177:22 178:9 preparation (1) 141:22 142:4,9,13
performance (1) 179:3,4 180:16 181:1 188:12 143:15
165:18 photocopy (1) 179:5 182:23 183:3 185:4 prepare (3) 160:23 proffer (1) 124:6
performed (5) 133:12 photocopying (1) 189:8 190:13,25 183:9,17 profile (9) 17:3 68:16
164:5,18,23 166:1 179:1 195:4 196:20 prepared (6) 103:13 68:17 69:5 94:15
performing (2) 66:10 phrase (1) 57:2 201:18 154:13 162:15 94:19,20,21 95:5
169:9 physical (2) 10:12 pointed (2) 35:7 87:8 168:10 195:8,14 profiles (1) 121:7
performs (1) 136:19 21:7 pointing (1) 47:5 preparing (1) 158:7 profit (1) 134:17
perimeter (1) 164:15 picture (1) 76:4 points (11) 26:15 preponderantly (1) profits (1) 92:24
period (33) 1:16,19,23 pie (1) 196:14 32:17,18 53:22 177:5 programme (2) 62:7
2:12,12 3:1,12,25 piece (1) 193:6 81:6 102:11 177:20 present (8) 46:16 78:10
4:17 6:9,12,16 21:9 pinch (1) 202:6 177:21 183:1 69:24 73:23 93:15 progress (3) 102:1
23:23 24:5,7 25:12 place (5) 23:8 47:12 190:18 199:3 94:23 95:13 118:13 103:9 165:12
35:1 50:6 51:2 66:4 62:2 130:13 179:5 policies (3) 33:21 160:19 progression (1) 176:8
91:15 100:12 101:1 placed (1) 100:19 34:11,12 presentation (1) project (3) 12:1 127:7
128:8 140:6 149:16 placement (1) 22:9 policy (1) 126:6 136:8 163:6
151:10,17 152:12 plainer (1) 154:2 politics (1) 7:10 presented (1) 97:23 projects (12) 11:23
155:9,10 161:13 plan (5) 12:22 23:14 Poltavchenko (2) 2:6 presently (4) 197:12 13:17,18,22,22
periods (1) 30:22 35:6 120:10 121:24 2:15 198:10 201:7,12 113:25 117:2
permission (4) 81:10 planning (3) 118:8 port (1) 129:16 preserve (1) 141:13 122:19,20,23 124:5
134:7 197:16 178:1 184:13 portfolio (3) 21:21 pressures (1) 102:23 143:8
199:13 plans (2) 173:5 182:9 38:3 125:6 presumably (3) 29:14 promised (2) 12:2
person (4) 7:9 22:25 plant (1) 126:3 portion (1) 32:1 105:10 161:13 104:21
121:5 145:14 play (2) 43:1 178:5 position (21) 29:1 presumption (2) promotional (1) 10:12
personal (4) 25:18 plea (1) 180:5 64:25 78:2 81:3,7 195:6,9 prompt (2) 109:4
120:22 121:15 please (40) 1:4 5:17 84:9 94:7,25 95:5 pretend (1) 132:6 120:4
197:10 8:25 9:24 13:7,9 121:23 145:22 pretty (4) 14:17 86:17 Promsvyazbank (1)
personally (10) 21:11 14:11 17:5 38:23 150:12,17 186:1,20 167:24 170:7 137:4
50:20 122:7,9 39:19 43:5 59:12 188:9 193:1,23 previous (10) 13:5 proper (6) 11:2 34:1
124:23 126:20,22 59:15 73:1 79:14 194:6,10 195:4 20:25 53:4,5 79:12 87:24 92:19 176:23
145:21 160:18 93:21 95:4 96:9 positions (1) 188:5 83:4 89:6,10 94:6 196:2
202:1 104:19 105:13 positive (1) 150:13 101:13 properly (6) 14:12,15
personnel (1) 21:12 107:20 111:19 possibilities (1) 194:1 previously (3) 2:24 47:23 48:2,6
persons (2) 35:5 115:9 116:15 117:5 possibility (1) 77:12 27:1 51:4 197:11
55:11 119:10 122:14 possible (24) 6:7 print (2) 16:20 72:9 properties (1) 165:3
persuade (1) 197:21 123:24 124:3 132:7 31:12 42:4 49:10 printed (1) 17:22 property (8) 10:6
persuaded (2) 197:16 138:2,15 140:18 50:9 70:21 74:3 printing (1) 72:8 11:22 12:16 15:12
198:10 149:17 152:17 77:9 93:21 98:19 printout (1) 73:2 15:12,18 25:2
persuasion (1) 188:20 158:22 163:15 98:22,23,24,24 prior (9) 4:24 15:22 148:21
pertains (1) 99:5 171:12,15,19 100:11 101:18 16:10 24:8,23 proportionate (4)
perused (1) 100:4 pleased (1) 179:18 103:16 132:21 25:13 44:5,6 94:7 172:24 173:18
perusing (1) 84:12 pleasure (1) 24:21 134:24 138:16 private (7) 13:24 23:7 180:7 182:21
Pervomaisky (1) 12:22 pledge (5) 150:6,19 141:20 161:11 197:14,24,24 198:1 propose (1) 103:16
pessimistic (4) 170:24 156:11,15 158:5 184:12 201:11 198:7 proposed (1) 175:7
172:15 175:16 pledges (16) 148:15 possibly (14) 3:20 probably (17) 11:13 proposing (2) 167:16
176:11 148:17,24 149:25 24:4 42:25 43:12 25:23 41:10,10 170:4
Peterburg (4) 15:16 150:3,15 151:5,9 95:19 96:25 103:17 71:12 72:20 73:21 proposition (5) 26:13
39:6 40:17 44:23 151:20 152:1,13,24 105:22 116:5 79:2,4 168:3 171:9 62:20 80:9 119:16
Petersburg (95) 1:24 153:1,15 154:10 122:18 138:11,15 171:13 182:15 193:4
2:11 3:16,18 9:14 157:24 142:24 154:19 183:19 191:9 propositions (1) 120:7
10:11,15 13:14,23 plot (3) 12:23 15:19 post (1) 155:13 192:16 201:6 Prospekt (1) 12:22
21:11 22:15 23:2,4 175:5 postponed (2) 196:21 problem (10) 47:3 protection (1) 10:12
23:9 24:15,16,17 plots (4) 11:23 148:18 196:23 122:17 124:8,22 protocol (1) 157:4
24:22,23 25:16 151:2 165:4 potentially (1) 193:9 126:23,25 130:3 provide (5) 33:15,17
26:2,9,15 27:12,14 plugging (1) 182:23 practical (1) 52:23 140:19 143:24 101:20 122:22
27:16 29:20 30:13 plus (5) 4:4 63:2 practice (11) 99:2 144:20 151:1
31:15,19 32:2 33:4 151:20 184:16,18 133:5 141:5,23 problems (4) 124:24 providers (1) 30:2

providing (1) 131:3 provision (1) 169:11 public (10) 23:1 36:15 37:10,12 63:14 85:20,21 86:1

101:5 199:18 publication (3) 11:1

15:16 17:12 publicly (1) 137:1 published (1) 9:4 publishing (1) 17:13 purchase (3) 44:8

66:22 78:19 purchased (3) 4:5,23

83:3

purchaser (6) 165:16 166:4,16,16,24 168:7

purchasers (5) 163:9 163:13,19 165:21 168:20

purchasing (1) 151:14 purely (1) 145:25 purpose (7) 18:17

24:17 54:15,22 147:10,14 198:13

purposes (5) 33:23,24 52:23 58:19 122:2 pursuant (1) 165:22 push (3) 82:19 182:11

182:18 pushing (1) 173:24 put (48) 2:16 18:1,5

21:3 24:1 26:10 29:25 32:18 38:8 42:21 43:18,21 45:5 48:7 57:3,5,6 58:1 61:16 64:12 64:17 71:11 79:16 94:24 98:3,6,8,11 102:8,11,19 105:14 115:17,19 119:10 119:16 122:9,20 132:5 144:10 170:17 173:14,14 177:21 179:16 193:2,2 197:14

putting (9) 26:20 43:25 66:8 90:8 102:14 142:7 166:4 166:17 172:14

Q

qualify (1) 64:17 quarter (1) 189:7 quasi (1) 137:8 question (114) 5:13

8:14 18:5 27:9 29:25 30:1,17,20 33:1,3,22 34:9 37:11 40:10,15,21 41:2 42:13 43:5 44:2 48:25 49:20 54:22 57:3,4,5 79:10 80:6,7,12,16 84:17 87:14,17,19 88:5 98:2,8,10 100:3 101:8 105:11 105:20,21,23,23,25 106:3 108:20 109:3 114:10,20 115:1 116:2,10 117:16 118:6,7,23 119:11 119:14 120:1 122:8 122:20 123:4,11,16 123:24 124:7 129:3 130:20 132:14,16 132:17 133:22,24

135:1 137:14 139:13 142:5 145:5 149:17 151:24 152:3,10,25 153:1 153:11,13,25 154:2 157:22 163:14 165:9 166:14,15,18 166:23 167:1 176:23 190:4 191:1 191:13 192:12,15 193:2,2,3,16 194:15,15 197:23 197:25 201:5

questioned (1) 167:25 questioning (5) 56:20 58:16 79:19 115:16

190:14 questions (46) 1:7

18:9,19 19:7 20:14 30:23 31:10 32:3,6 34:1 43:24 48:2 57:4 58:8,17,19 62:22 71:4 78:23 80:21 81:1 82:18 88:18 105:4,13,21 106:4 107:10 108:16,19 129:15 131:22 132:6 144:25 165:12 177:23 178:12 189:15 192:1,8,11 193:14 196:24,25 201:3,24

quick (3) 104:11 105:6 192:9

quicker (2) 75:1 180:3 quickest (2) 15:7

73:21

quickly (5) 15:8 83:21 83:22 113:13 132:9 quite (32) 18:10 19:16 21:3 26:10 28:7,12

30:25 46:12 60:21 63:4 73:5 83:21,22 99:8 100:13 101:6 103:3 110:19 111:16 113:23 115:19 116:25 117:12 120:3,5 128:16 145:15 146:1 151:8 162:23 167:2,2

quotas (2) 127:16,19 quote (2) 32:21 163:9

R

race (1) 25:22 raise (4) 171:10
194:12 197:23 198:3

raised (5) 22:5,10,21 35:9 149:4

raising (1) 106:13 rapid (2) 1:16 20:16 rate (2) 2:9 130:9 ratio (3) 59:21 135:10

135:10 ratios (3) 135:4

136:11 142:20

Ratusha (1) 12:1 re-argue (2) 187:14

199:9 re-emphasise (1)

105:16 re-examination (13)

80:24 105:9 190:18 191:16 192:7,10,19 192:21,24 195:6

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213

March 17, 2016 Day 28

201:2,8 202:12 98:18 99:6,7,9 63:7,9 69:2 81:15 129:4,22 130:1 reserves (5) 150:21,24 99:15 100:10,14,20
re-examine (3) 191:6 101:11,14 103:3 124:2 128:7 132:1 139:10 170:23 150:25 151:3,3 111:11,14,20
192:3 201:19 106:21,22 109:7,13 138:16 149:16 171:12 174:18 reserving (1) 195:4 115:24 122:12
reach (3) 81:4 160:25 110:6,10 111:2,15 155:3 163:16 181:18,18 residential (1) 12:15 123:21 125:12,16
195:25 112:13 119:1 refers (4) 94:22 95:13 remind (6) 2:10 8:13 resignation (1) 9:16 131:11 133:2
reached (2) 4:19 85:1 120:10,13 121:1 111:23 168:7 58:14,23 94:12 resigned (1) 21:2 145:17 152:16
reaction (1) 191:4 122:18,22 124:11 reflect (1) 190:16 111:6 resist (1) 171:14 156:24 158:19
reactions (1) 199:21 124:14,23 125:2,4 reflected (1) 91:11 reminding (1) 62:17 resolution (3) 35:23 163:7 168:5 172:23
read (61) 9:21,24 125:13 126:14,21 reflecting (1) 90:24 remunerated (1) 157:9 158:18 176:5 181:20
11:15,21 12:11 127:4,10,11,20 reflects (1) 90:8 145:23 resolved (2) 35:8 183:12 184:4,5,20
14:4,22,23,24,25 128:1,3 138:9,17 reformulate (2) 106:3 renamed (2) 24:23 156:13 186:4 188:22 190:1
15:2,6,11 16:3,5 139:7,15,16 142:24 163:17 41:24 resources (1) 21:12 194:14 195:13
17:19,20,21,22 147:13,21,23 148:7 refresh (4) 5:11 42:22 rendered (2) 29:22 respect (28) 6:12,16 199:23 200:20
18:6 19:20 40:1 148:17,20,22,25 42:25 112:20 52:3 29:11 35:4 37:11 rights (1) 33:5
60:20,22 61:8 75:2 149:12,22 151:11 refund (1) 136:1 Renord (48) 65:11,12 50:16 52:1,11 ring (6) 75:11 93:19
81:4 82:17 104:20 158:17,23 160:21 regard (29) 13:16 109:14 122:12,16 53:21 61:3 78:18 106:21 107:25
111:25,25 112:4,5 161:3 162:8,25 15:21 27:11 67:20 122:21 123:16,23 82:13,14 84:2 108:8,17
112:5 113:7 114:13 163:4 71:1 81:3 99:10,25 124:4,9,25 125:3,4 108:23 111:12,19 rise (1) 189:9
114:17,19,23 115:5 recalls (1) 161:8 100:4 113:20 125:11,12,13,21 132:16 152:23 risk (4) 34:24 105:8
115:8,10,13 116:1 receive (4) 5:8 8:14 116:22 118:17 126:17,20 127:8 153:2,24 160:15 181:22 199:17
116:5,12 117:7,8 27:19 152:11 122:11 125:6 128:25 129:1,2,6,7 163:6 175:23 178:8 road (3) 130:10,16
117:15 119:8 123:2 received (9) 7:17,23 126:19,20 143:2,24 129:10 130:25 179:7 181:16 131:8
140:3,8,11,14 8:2 12:12 15:17 148:13 165:19 131:22 132:13,22 193:24 roads (1) 130:7
141:8 143:12 84:3 101:12,14 166:25,25 169:8,14 133:12,16 134:6 respectful (3) 108:18 roadshow (1) 22:3
155:23 156:3,9,20 151:20 169:19 171:23 136:5,19 137:10,12 115:20 119:19 role (9) 43:1,19 78:15
reading (5) 17:23 receives (1) 148:3 173:25 181:17 139:3 142:12 143:6 respectfully (1) 94:8 123:16 132:18
39:20 40:5 41:9 receiving (3) 83:18 194:6 143:9 147:25 148:8 178:17 133:12 138:7,9
140:9 121:20 151:12 region (2) 6:9 10:16 168:7,15 169:6,7 respond (3) 43:24 rolled (2) 81:2 88:18
readout (1) 97:10 reception (1) 21:10 regional (1) 27:23 169:20 44:2 198:6 rolled-up (5) 105:4,11
real (4) 148:15,17 recognise (2) 173:3 register (1) 112:7 Renord’s (1) 132:18 responds (1) 118:25 193:2,15,16
149:1 151:2 184:6 registered (8) 47:25 Renord-Invest (5) response (1) 56:19 room (1) 102:22
realise (1) 127:1 recollect (12) 50:17 59:18 69:18,19 75:20 76:6 139:4 responses (1) 191:14 Rosstat (1) 46:15
realistic (1) 170:8 50:19 54:20 58:15 83:20 99:8 101:13 139:24 144:3 responsibilities (4) roubles (1) 11:7
really (58) 1:11 5:20 85:4 96:9 98:25 107:12 reordering (1) 173:19 106:11 160:14 roughly (2) 51:5 79:5
6:11 17:13,13 100:2 114:16 121:3 registration (1) repaid (5) 126:24 162:3 189:24 round (3) 166:9 179:2
18:17 19:2 24:14 122:3 139:9 101:16 160:4 163:25 responsibility (6) 199:8
34:1 39:23 43:20 recollection (27) 5:11 regret (1) 189:21 164:13,21 168:17,24 169:3 RUB (10) 9:15 11:6
53:9 61:15,25 8:16 42:22,25 regulatory (1) 60:9 repay (2) 160:9 191:24 193:6 15:15 41:18 129:24
70:20,24 71:6 50:10 55:21 74:9 reiterate (1) 101:11 163:21 195:15 142:25,25 143:1
73:18 74:10 79:18 74:15,19 82:22 related (1) 148:14 repayment (2) 124:20 responsibly (1) 23:3 148:11 154:11
81:9 84:12 86:4 92:9 102:14 106:25 relates (4) 31:13,17 128:13 rest (6) 47:10 104:1 Rubezh (11) 127:10
87:10,19,21 115:19 107:3 108:25 109:4 31:25 48:22 repeat (2) 43:5 163:15 171:16 175:5 186:8 128:12 129:3,3,5,7
116:1 121:2 124:1 111:4,10,12 113:2 relation (11) 27:8 repeated (1) 104:25 187:7 129:11,22 132:1,11
132:15 166:13 114:8 120:22 82:23 90:3,3 replace (1) 144:6 restricted (1) 60:9 143:3
173:9 174:8 175:18 121:16 126:17 121:18 122:17 repledged (1) 151:15 restricting (1) 198:11 rule (3) 161:11 171:12
176:5,10,13 178:1 154:6 158:15 139:14 148:2 152:1 reply (1) 185:4 restriction (1) 197:21 192:11
178:2,3,10,18,19 159:11 153:15 181:19 repo (13) 123:4,6,17 restructure (1) 141:19 rules (4) 104:13 192:9
180:9,17 182:15 recollections (3) 89:23 relationship (10) 123:22 124:10 restructuring (1) 192:22 195:1
185:16 187:4,11 98:1 112:20 25:17 38:14 52:7 131:23 132:13,18 141:11 run (4) 15:21 135:8
188:9 193:13,23 recommended (2) 56:25 133:16,18 135:13 141:23 result (7) 23:6 25:4 143:4 176:17
197:23 198:11 41:20 42:17 134:2,3,5 148:6 159:22 164:3 128:21 129:21 running (1) 28:6
199:19 201:22 reconciled (1) 176:8 relay (1) 129:4 166:25 130:6 135:18,20 Russia (6) 22:8 23:8
202:11 reconvene (1) 72:19 released (3) 171:17 report (3) 141:4 149:6 results (1) 157:2 23:23 26:2 126:7
reason (11) 10:4 34:6 record (13) 41:19 197:15,20 154:12 retail (1) 33:12 183:15
37:20 47:14 60:8 61:22 81:23 84:20 relevant (3) 58:11 reported (1) 158:16 retain (1) 121:7 Russian (77) 9:1,7,11
98:2,4,6,10 149:14 85:4 94:24 95:12 60:21 177:15 reporting (4) 68:4 retired (1) 7:25 9:21 11:15 12:9
199:17 96:21 111:25 112:1 reliable (1) 21:14 91:6,8 92:11 return (1) 171:15 13:7 14:4,10,23
reasonable (3) 145:14 112:6 157:10 181:7 relied (1) 136:4 reports (11) 67:20,20 returned (3) 164:1,4 16:21,21 17:2,4,8
186:3 201:4 recorded (10) 6:21 relies (1) 134:15 67:23 148:23,25 164:25 20:2 22:14 35:3,19
reasonably (4) 19:3 70:6 74:13,20 reluctant (1) 180:13 149:7 152:1 153:15 retyped (1) 200:4 40:4 45:18 46:1,5
25:6 32:25 189:19 86:10 93:13 94:23 rely (4) 53:11 135:4 154:9,21 158:7 revalued (1) 151:14 47:1,5,11,13,14
reasoning (1) 92:8 97:16 109:2 157:3 156:24 188:4 representation (1) reveals (1) 105:7 48:4 53:5 56:4
reasons (3) 103:19 records (3) 84:8 relying (3) 18:15 194:25 reverse (1) 110:24 63:17,18 66:6
114:1 117:3 159:14 163:8 90:18 192:3 represented (1) 25:1 reversed (1) 110:3 68:17 69:6,23
recall (114) 3:15,17 recover (1) 141:20 remained (2) 25:14 represents (1) 194:17 review (1) 104:2 70:17 71:11,15,18
4:10 5:10,18 6:3,18 redacted (1) 197:5 96:12 request (4) 103:15 right (79) 1:14 3:10,14 71:20,23 73:2,17
8:6,10,12,19,21 reduced (1) 99:21 remains (3) 69:19 171:20,20 172:3 7:3 11:9 12:23 73:19 89:8 93:22
13:13 20:22 24:10 refer (2) 47:12 125:15 191:17 195:22 require (1) 49:1 14:19 15:20 24:5 93:24 97:18 107:8
26:3 29:18 34:22 reference (10) 11:7 remark (1) 167:19 required (7) 82:18 28:23 29:22 30:24 107:15,19 108:11
34:25 37:22 43:11 50:4 66:15 104:21 remember (39) 6:20 117:24 136:9 170:1 30:25 31:14 32:7,8 108:15 110:3,5,22
45:11 49:16 50:15 105:7 107:5,7 8:23,23 32:4,5 181:2 188:7 189:12 35:22 36:10,11 111:18 114:25
51:6 52:20 54:17 125:10 131:15 44:21,24 50:3 requirements (1) 39:19 41:12 52:19 115:1 126:2 127:15
55:15,23,25 57:14 172:17 52:15,19 55:21 150:9 54:24 58:10 62:14 127:18 128:18
57:20 59:6,7,17,22 referred (6) 57:11 57:22 59:4,5 62:24 requires (1) 190:2 64:23 68:14 69:8 135:22 138:22
61:1 63:3 67:3,4,10 59:18 62:25 99:13 74:18 87:14 90:5 rescheduling (2) 70:13 71:23 72:1,2 140:15 141:4,7
68:5,13 74:1 75:16 104:4 199:6 91:19 92:16 101:21 190:4,5 72:19 75:18 76:7 152:20 156:10
84:1 85:7 86:9 referring (19) 5:16 111:17 119:17 rescue (2) 142:20 77:21,21 78:20 159:4,5 171:25
91:14,16 93:8 29:11 37:24 51:2 121:9 124:12,16 166:10 80:15 81:19 83:6 172:6,7
95:20,21 96:6 54:7 56:12,15,23 125:23,25 127:9,16 reserve (1) 193:1 87:5,12 90:2 97:25 Rynok (2) 109:11,24

S

salaries (2) 27:19 36:17
salary (1) 33:18 sale (4) 44:3,8 66:21

78:18

Sankt (3) 39:6 40:17 44:23

sat (1) 182:16 satisfactory (1) 194:19 satisfied (2) 80:19

150:6

saturate (1) 118:15 saved (1) 52:23 Savelyev (194) 1:5,9

5:13,18 7:6 8:4,16 8:20 9:5,19 10:23 11:13 12:6,25 14:22 16:15 17:1 17:20 18:11,18 20:3,5,8 23:19 24:13 28:16 32:25 34:22 35:11 36:14 37:4 38:8,24 40:6 42:22 43:3,8 44:20 45:16 46:17,20 47:8 48:12 49:23 50:20 51:20 53:1,8 54:2,5,12,15 55:8 55:16,20 56:8,18 57:9 58:2,2 59:17 60:2 61:1 62:1,17 62:24 63:20 64:6 64:17 65:6 66:8,17 66:24 67:8 68:24 69:10 70:2,8 73:11 73:22 75:1 77:3,7 78:20 80:2 81:8 82:21 83:6 84:10 84:14 89:12 90:18 90:20 91:2,13,20 92:7,17 93:6,20 94:12 95:20 96:11 96:22 97:8 98:13 99:2,22 100:7,20 101:8 102:15 104:13 106:15,18 107:11,24 108:7 110:6 112:10,19 113:14 114:9,17 115:4 116:12 118:6 119:4,23 120:10 121:11 122:13 123:21 124:7,14 129:7 131:24 132:5 133:9 138:3 140:2 142:7 144:10,24 145:1 148:10 150:5 151:24 152:16 153:23 154:6 155:25 156:3 157:22 158:23,25 159:10,19 163:10 165:8 167:2,24 168:5 169:24 170:22,25 171:11 172:21 174:23 175:12,15,18 176:13,16 177:18 178:4 180:22 181:17,21 182:11 182:14,22 185:9,17 186:15,24 187:18 188:10,14,23 189:1 189:22 197:3 203:3

Savelyev’s (3) 45:25 187:13 202:17

Savina (2) 157:14,19

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214
March 17, 2016 Day 28

saw (2) 94:15 197:4 192:14 194:4 29:22 37:7,8 52:3 65:3 74:14 75:21 124:12 125:2 127:8 65:24,25 66:5,9,16 specify (4) 123:24

saying (30) 13:11 secondary (1) 22:9 117:25 118:5 158:7 77:14 78:5,12,19 138:17 143:4 66:19 77:2,4,10,10 128:7 149:17 150:2
23:15 24:3 26:4 secondly (4) 25:3 servicing (2) 120:15 79:21 80:13 81:15 148:19 163:4 77:14,19,25 78:2,7 speed (3) 72:9,15
30:16 44:16 55:3 135:22 167:15 121:15 81:16,18,23,24 186:21 194:13,14 78:12,15 79:8 159:1
56:16,16 59:6 78:1 185:2 session (1) 197:14 82:1,2,2,4,7,9,13 195:11,22 80:12,13,14,18 spend (4) 5:25 53:9
78:21 82:21 85:3 secret (2) 79:22 199:7 set (8) 30:25 64:21 82:15 83:2,3,10,14 single (5) 22:18 87:18 81:12,18,24 82:1,6 72:11 178:11
87:22 88:23 90:7 section (1) 9:18 120:24 121:13 83:19 84:3,4,25 105:21 151:22 82:7,9,23,24 83:2 spent (2) 7:15 29:6
109:21 112:21 sector (3) 36:15 37:10 127:14 154:16 85:2,5,22 92:1 193:4 83:21,22 84:4,16 split (3) 59:10,16
121:8 133:11 142:2 37:12 156:14 158:2 94:22 97:3,4,14 sir (20) 5:16 26:4 43:5 84:18,21,24 85:5 75:10
143:9 152:4 157:22 secured (4) 28:17 sets (2) 55:24 141:6 98:3,5,9,21 99:3,5 44:16 50:6 51:3 85:13 86:22 89:15 SPO (1) 22:9
163:12 164:19 148:15 149:25 settle (1) 125:8 99:6,18,21,23 65:18 67:9 69:2 89:25 104:7,8,9,21 spoiled (1) 88:8
165:20 179:17 152:24 seven (1) 22:4 101:9,10,16 123:13 70:16 90:7 94:13 147:16,17 201:18 spoilt (1) 194:15
198:6 security (14) 140:23 severe (1) 36:19 123:23,25 124:9 96:14 117:5 119:8 Solo’s (1) 66:12 spot (2) 11:8 194:11
says (37) 14:6,25 18:4 140:24,25 141:24 Severka (1) 4:21 132:21,22 133:4 122:14 138:20 Solovyev (1) 139:8 spread (1) 104:10
18:20,20 33:13 150:16,19 151:12 Sevkabel (9) 125:25 163:9 164:1,3 143:9 144:13 somebody (2) 75:7 spreading (1) 26:2
42:15 46:17 54:13 151:23 152:6 153:5 126:1,14,18 127:2 165:21,24 149:16 99:19 spreadsheet (1) 64:21
54:14 69:4 77:6 155:17 156:12,16 132:1,11 143:3 sharp (2) 164:10 Sistemnye (2) 58:3 son (4) 4:12,14 7:24 spun (1) 16:11
80:1 89:20 91:16 170:11 144:21 165:5 65:19 7:24 square (1) 15:18
93:22 96:10,11,15 see (108) 1:12 9:6 Sevkabel’s (1) 127:2 shed (1) 136:15 sit (4) 103:17 155:2 soon (2) 102:9 196:12 squeeze (1) 170:11
96:16,16,25 111:18 11:15 17:8,9,15 shadows (1) 196:18 sheet (9) 35:16 36:6 167:16 175:14 sooner (2) 130:17 squeezed (1) 178:10
112:2 117:4,21 19:11 20:6,8,15 shan’t (1) 175:14 134:22 135:12,17 Sitova (1) 16:1 177:19 St (95) 1:24 2:11 3:16
123:14,18 132:25 33:18 46:2,4,5,9,16 shape (4) 29:8 32:1 135:24 137:1 165:1 sitting (8) 4:10 52:21 sophisticated (1) 84:2 3:18 9:14 10:11,15
136:12 141:9 46:20,25 47:7,9 109:1 135:25 165:25 55:17 84:23 158:17 sorry (56) 11:14,20 13:14,23 21:11
143:16 156:22 48:3,4,13,21 50:4 share (13) 5:21 6:13 shifts (1) 164:10 163:4 175:24 176:1 12:6 15:9,10 28:14 22:15 23:2,4,9
157:7 159:25 53:10,22,25 54:9 36:21 37:16 38:1,5 ship (2) 151:14,14 situation (5) 22:7,12 32:11 37:19 43:5 24:15,16,17,22,23
169:11 187:7 54:11 56:1 60:18 38:6 50:11 126:2 Shipping (2) 156:13 29:4 101:14 155:11 44:12 48:17 57:2 25:16 26:2,9,15
Sberbank (32) 36:20 64:4 68:22,24 70:2 127:14 136:9 146:7 156:17 six (2) 10:15 33:16 58:13 67:9 70:3,4 27:12,14,16 29:20
126:14,15,22 127:5 70:6 73:6,13 75:3,9 155:5 ships (5) 129:15 six-week (1) 171:6 70:23 71:11,12,21 30:13 31:15,19
133:6,7,14,14,18 75:15,18,20,21 shareholder (13) 5:15 148:18,21,22 165:3 Skatin (1) 156:23 71:22 72:4 73:15 32:2 33:4 34:14
133:18 134:8,9,11 76:4,7,10,22,25 5:19 24:25 25:14 shop (1) 72:8 SKIF (8) 38:25 40:11 76:17 79:18 85:18 35:13,13 36:1,3,16
134:13,14,15,16,18 79:10 87:16 88:1 25:15 50:21 51:19 short (13) 3:1 38:17 41:24 44:17 121:13 86:20,20,20,25 36:18,23 37:17
134:18,19,20,21,22 88:10 89:13 90:7,8 55:15 58:9 96:24 38:21 70:15 72:24 121:17,21,23 95:10 97:4 98:2 38:11,16 41:3,21
136:21,23 141:16 90:12 91:21 92:1 101:4 126:4,5 82:17 103:5 137:21 skill (1) 22:20 99:13 106:15 107:6 42:8,18 53:24 54:6
141:17 142:17 92:12 93:12,15 shareholders (46) 137:25 158:13 skipped (1) 157:19 108:11 115:9 54:16,23,25 55:5,6
143:7,18 144:6 94:1,5,14 95:11 3:22 4:16 8:3 23:13 171:20 181:14 Sklyarevsky (30) 39:9 117:10 119:14 55:12,13,14,16
Sberbank’s (1) 134:16 97:5,17 101:25 46:8,10,13,16,18 184:15 39:11,16 40:9,13 125:17 131:14,18 66:25 67:21,25
Sberbank-Capital’ (1) 104:4 105:7 106:2 55:4,13 59:18 shorten (2) 102:3 40:18,23 41:4,12 136:7 139:13 68:5,7,11 71:2 82:5
141:17 107:14,17,24 108:1 62:22 64:16 66:20 103:5 42:15,23 43:6,21 140:15,18 158:13 82:10 89:2,15,20
Sberbank/Sberbank… 108:4 109:9,10,16 67:19 69:22,24,25 shorter (2) 182:5 44:1 74:2 113:9,15 159:10 163:14 90:10,15 91:10,17
134:3 109:20 110:5,8,23 70:6 73:14 78:9 185:3 114:4,18 115:12 166:21 177:8 92:15 100:22
scan (1) 20:7 112:12 115:12 80:3,14 81:12 83:4 shot (1) 182:19 116:16 117:4,22 179:12 188:18,19 113:14,17,23 114:5
scoop (1) 119:18 116:8 130:19 136:5 83:12,13,15 90:13 show (9) 16:14 39:8 118:11,25 120:12 189:21 116:17,19,25
scope (2) 68:1 120:19 136:13 139:1 159:3 90:16 95:13 97:13 55:23 59:8,12 62:2 120:25 121:11,19 sort (16) 14:3 17:6,11 117:18 118:17
scouring (1) 19:1 159:6 160:10 161:5 98:9 99:12 100:23 79:14 108:2 181:7 122:10 18:8,12 19:5 31:20 119:3 120:18,24
screen (37) 11:16 14:8 163:10,25 164:6 101:13,17,18 109:2 showed (1) 96:21 Sklyarevsky’s (7) 36:12 99:10 143:10 127:1 128:13
16:17 20:6 41:7,10 166:19 179:10 109:10 110:13 showing (2) 59:21 113:4 114:20 115:5 183:4 190:20,24 130:17 133:17
42:4 45:25 47:10 180:5,6 184:8 127:24 135:6 108:25 117:6,7 119:5,13 193:10,20 195:3 142:11 144:12
47:23 63:17,18,19 190:12 191:25 136:10 147:22 shown (4) 53:2 58:17 sky (1) 196:14 sorts (2) 19:15 27:5 164:2
68:16,19,21 70:22 195:23 198:12 shareholders’ (1) 60:2 93:21 slight (1) 16:6 sound (1) 7:3 stable (3) 23:10 45:6
71:10,11,14 73:9 seeing (2) 165:13 128:21 shows (1) 186:5 slightly (8) 40:16 47:3 source (4) 18:13 151:8
76:22 89:3,7 93:11 179:24 shareholding (49) 6:6 shut (2) 87:12 167:13 62:16 172:19 19:13 30:8 43:13 staff (2) 161:4 162:22
96:19 107:6 110:16 seek (2) 104:2 120:7 6:10,25 7:1 20:10 side (5) 100:9,9 180:13 185:3,3 sources (3) 5:24 43:16 stage (11) 44:4,12
112:12 113:6 seen (5) 2:7,14 45:21 41:6 47:18,20 133:17,19 181:18 196:9 134:15 51:11 68:10 89:19
117:13 131:12 95:16 108:7 48:13 50:5 51:5,11 sided (1) 177:3 slot (2) 178:9 183:20 Sovet (1) 147:6 95:23 96:1,2 107:1
152:19 155:19,20 self-service (1) 4:4 52:17 53:25 54:6 sides (1) 180:12 slow (1) 48:11 space (1) 201:2 171:2 195:24
155:20 158:22 selling (1) 128:18 60:9 66:1,13,22 sight (1) 48:6 small (11) 16:20,24 SPARK (13) 42:10 stages (1) 31:6
screens (4) 46:21 semblance (1) 187:9 70:13 73:23 74:5 sign (2) 159:11 199:24 18:3 25:15 120:19 45:17,23 68:16 stake (12) 51:7 52:10
70:15 89:5 155:23 senior (1) 176:17 74:21 75:10 77:25 signal (1) 195:17 120:19 143:5 146:4 73:9,15 89:3,5,10 53:20 54:10 58:7
scroll (27) 9:7 11:11 sense (2) 98:23 80:10 82:24 86:5 signature (2) 159:4 146:7 149:25 94:20,21 121:2,6 58:18 64:10,10
12:8 13:7 14:10 181:16 89:14,24 90:22 160:11 171:19 SPARK’s (1) 97:10 83:19 91:11 146:4
17:4,17 46:5,7,11 sent (2) 157:4 177:4 93:15 94:2,23,25 signed (6) 159:9 smaller (2) 28:21 51:5 speak (6) 25:22 146:7
46:21 47:1 69:21 sentence (6) 14:3,5,23 96:21 98:14 99:8 161:25 163:18 Smirnov (19) 93:13,18 117:18 171:13 stand (2) 171:4 194:2
76:19 93:14 94:4 15:1 16:3,6 99:14,15,16,20 166:3,15 168:6 94:7,10 95:3,23 173:15,21 187:18 standalone (7) 7:8
107:14 110:21 separate (4) 79:24 100:5 101:15,19 significant (6) 4:16 96:5,6,22 98:14 speaking (4) 27:3 35:8 28:4 82:11 118:3
111:5 112:16 118:18 144:7 148:1 108:1,4 145:24 5:15,19 50:20 138:4,19 139:2,16 55:22 98:19 121:18,22 148:1
117:11,12 131:18 September (1) 77:1 147:2 51:10 62:4 139:19,23 145:7 special (3) 51:15 standards (1) 68:6
139:22 158:25 sequence (1) 173:12 shareholdings (4) signing (2) 161:14 146:16 148:5 54:15,22 standing (4) 128:20
159:4,7 Sergei (7) 4:1 5:14 7:2 47:24 95:4 97:17 168:15 Smirnov’s (4) 96:25 specific (27) 5:17 6:15 150:15 151:6,8
scrolled (2) 107:19,22 7:4,6 8:4,10 100:1 similar (2) 133:13 138:21 139:19 6:16 8:8,14,14,24 stands (1) 41:2
seal (1) 200:6 series (1) 193:9 shares (106) 5:8,22 136:21 143:12 18:5 25:12 26:11 start (22) 9:25 44:12
search (1) 104:9 serious (3) 21:3 32:17 6:1,5,8,21 7:4,7,11 simple (2) 134:9 Smolny (1) 27:18 100:5 101:20 116:9 46:22 48:19 61:9
searching (1) 104:7 128:19 7:13,18,19,21,23 144:17 snag (1) 35:6 116:10 122:20 102:21 103:6,11,14
season (1) 29:15 service (6) 25:16 8:1 10:21 22:4,5,9 simply (31) 3:16 18:18 software (10) 4:19,23 123:25 124:1 128:8 119:7 135:17 156:4
second (17) 11:17,18 31:15 111:19 24:25 48:23,25 20:4 30:17 36:12 4:25 5:1,1,5,6 7:14 132:8 142:22 170:13 183:18
14:20 20:8 31:17 117:23 118:1 51:17 52:21 54:16 50:1 52:20 54:19 7:14 10:9 144:16 145:4 184:3,16,18 185:22
83:13,16,19 87:21 120:20 54:23 55:1,5,11,14 57:13 58:13 62:20 sold (2) 44:17 126:12 149:13 150:25 186:11 189:5,6
101:3 117:18 serviced (2) 25:3 55:19 60:5,12,15 74:17,19 80:25 solicitor (1) 187:19 151:6 152:4,8 191:23
149:18 157:13 120:18 61:11,20 62:5,8,14 86:9 98:17 101:21 Solo (57) 42:8 50:4,10 specifically (4) 26:11 started (14) 1:25 9:13
179:22 180:25 services (8) 10:10 63:13 64:5,24,25 121:9 122:22 51:16 53:23 65:23 98:6 122:20 174:24 52:15 78:14 102:19

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

215

March 17, 2016 Day 28

113:11,16 116:18 50:25 52:24 53:1 176:4 182:20 199:8
128:8 130:11 53:14 54:24 55:3,8 submissions (1) 177:1
155:10 181:8,9,24 55:13,22 56:21 submit (2) 80:17
starters (1) 149:23 57:12,24 58:6,10 178:17
starting (22) 9:22 59:8,10,16,24 submitted (2) 15:22
21:20,22,25 39:17 60:20 61:1,15,24 16:10
40:8 41:12 70:20 62:15,17,20 63:7 subsequent (3) 78:17
73:11 90:11 102:18 65:6 69:2,6 71:20 123:4,6
113:7,9 123:3 72:2,6,11,15,22 subsequently (5) 6:8
132:25 156:7,9 73:1 76:15,19,24 113:24 117:1
172:18 184:9 186:4 77:23 78:5 80:16 128:10 130:25
189:4,8 81:9,20 82:19 83:8 subsidiaries (2)
starts (1) 46:15 84:7,11 85:15 134:13 135:11
state (6) 13:24 25:3 86:16,25 87:4,8,14 subsidiary (6) 134:20
27:23 36:5 142:20 87:25 88:9,11,22 136:8,24,25 137:4
162:7 89:1 93:4,6 94:13 137:5
state-owned (9) 27:23 94:18 95:2,8 96:3,6 substance (1) 160:24
27:25 35:12 36:9 96:19,22 97:4,20 substantial (1) 128:19
133:6 134:12 97:25 98:7,12 99:1 success (10) 10:4
136:22 137:8,8 100:3 101:24 102:6 11:22 13:1 21:8,16
stated (4) 47:24 149:5 102:8 103:1,23 25:22 29:7 33:11
169:10,17 104:6,12,19,24 38:8,14
statement (6) 13:3 105:18 106:5,12,18 successful (6) 22:3
95:24 97:1 138:19 108:7 109:9 111:14 45:3,6 128:15
138:21 143:13 114:14,22 115:7,10 129:12 145:15
statements (1) 19:24 115:13,24 116:1,7 successfully (2) 22:16
Stating (1) 199:16 116:11 119:21 23:11
stations (1) 27:12 120:10 121:3 suddenly (3) 129:5,13
Status (1) 112:7 123:24 125:2,20,23 132:11
status’ (1) 40:16 126:19 128:7 129:2 suffered (1) 125:7
statute (1) 28:2 132:7 135:15 sufficiency (2) 135:4
stay (5) 171:9,9 181:2 137:20 138:2 139:7 135:10
181:2 188:25 140:10 141:1 sufficient (10) 2:8,8
staying (1) 188:23 142:22 146:15,20 105:14 123:2 135:6
step (1) 177:6 149:2 152:3,22 137:6 153:6 155:18
Stepanova (11) 59:19 153:20,24 154:4,6 198:10 201:2
59:22 60:6,12 61:4 155:17 157:13 suggest (6) 19:24
61:5,12,18 63:13 167:1,11,18 168:2 56:18 123:22
85:22 145:6 168:5,22 169:22 176:15 189:12
stir (1) 98:1 170:4,7,14,15,21 194:13
stop (5) 3:3 61:22 171:1 172:3,13 suggested (2) 9:12
167:22 189:12 173:8 174:1,4,12 20:16
201:4 175:21,23 176:8 suggesting (8) 28:16
stopped (5) 8:11 178:6,18,23 179:3 30:11 53:11 55:9
78:12 113:25 117:2 179:15,19 180:1,8 121:12 128:6
126:11 181:13 182:16 152:23 153:1
store (1) 121:2 183:13 184:1,5,21 suggestion (2) 186:16
straightaway (1) 184:23 185:15 190:20
167:4 186:10,19,22,25 suggests (1) 95:14
strategic (3) 43:1,19 187:5,10,25 188:8 suit (1) 198:15
52:4 188:18 189:18 summarise (2) 20:4
Strategiya (1) 38:25 191:1 194:9,17 141:22
strategy (7) 1:21 21:5 196:23,24 197:1,4 summarising (1)
29:9 33:13 43:2 197:22 198:8,14,22 131:19
171:23 172:2 198:23 199:2 200:4 summary (1) 10:24
stray (1) 19:3 200:16,23 201:10 Sunday (2) 177:4
Strelets (20) 47:7,15 202:10,14,15,18 180:19
47:16,19,21 48:23 203:4 superficially (1) 88:12
49:2,6,8,9,11,14,16 Stroilov’s (1) 142:5 supervision (2)
49:18,21,24 50:1 Stroimontage (11) 123:20 160:13
53:23 65:16,17 124:15,18,21,23 supervisory (4) 22:25
Strelets-1 (2) 49:18 125:1,3,7,11,16,18 100:16,19 172:1
50:1 125:22 supper (1) 84:11
Strelets-2 (4) 6:2 strong (1) 21:14 supplied (1) 10:9
49:19,24 50:2 struck (1) 181:16 supply (1) 127:14
strictly (1) 69:5 structure (1) 187:2 supplying (1) 127:17
Stroilov (249) 1:4,6,9 structures (1) 149:2 support (2) 62:20
2:20 6:6,11 8:11 struggle (1) 25:24 151:23
11:8,10 14:5,10,20 stuck (1) 195:1 suppose (6) 32:2
14:25 15:3,8,10 studied (1) 59:14 107:21 155:23
16:9,19 17:5 18:4 stumps (1) 196:11 172:8 180:16 195:3
18:10,17,22 19:10 stupidity (1) 55:7 supposing (2) 200:24
19:16,24 20:2 subject (10) 16:15 201:1
26:19,24 28:13,15 86:7 136:17,18 sure (44) 16:8 25:19
29:11 30:11,14,15 148:9 158:21 26:10 32:19 37:18
31:10,25 32:8 161:18 184:24 49:7 51:2 57:22
34:19,22 38:17,23 192:10 201:15 67:1 76:8 84:23
43:18,24 44:6,9 submission (7) 108:18 86:17,23 103:1
47:12 49:9 50:23 115:20 119:20,21 106:10 111:23

114:10 115:1 122:7 130:22 132:8 148:12 160:2 162:23 163:14,20 164:18 167:8 168:16 170:15 180:22 181:1,25 182:22 186:12 187:23 188:6 190:1 190:9,19 193:1,5 196:8 200:4

surely (3) 42:13 77:7 119:22

surface (2) 12:17,21 surname (2) 45:13

128:2 surnames (1) 92:3 surprised (1) 19:21 suspect (2) 170:2

183:7

Svetlana (1) 94:6

Svyaztroiinvest (2)

70:7 73:24

Swedbank (1) 22:24 Sweden’s (1) 141:10 Swedish (3) 142:9,14

143:17 sweep (1) 193:9 swift (1) 103:9 swiping (1) 31:4

sympathy (1) 173:23 system (46) 7:16,17 24:18 26:16 27:16

27:22,22 28:19 34:25 56:1,6,8,11 56:13,15,22,24 57:10,15,18,19 58:3,16 59:19 61:3 61:6 62:3,6,8,13,25 63:9,10,11 64:24 64:24 65:1,2,19,21 78:7 85:19 140:16 141:11 147:11,12

T

tab (3) 68:19 93:11 138:24
table (18) 47:1,22 48:3,7,8,17 49:2,12 49:22 66:6 70:8 91:12 95:13,15,17 110:14,16 166:10

tables (2) 46:14 47:10 tack-on (1) 29:19 tacked (1) 29:21 tail-ends (1) 186:17 take (42) 7:24 27:5,6

27:6 30:4 31:6 39:8 58:10 60:22 86:19 88:14 106:8 109:1 114:2 129:7 131:15 135:16 142:22 146:7,9 149:20 153:25 177:14 179:1,19 180:20,21 181:4 184:1 187:17 188:23 189:20 190:10 191:24 194:22 195:17 198:16 199:17 200:5,10,18,25

taken (14) 28:11 35:20,20 36:4 81:6 97:11 103:19 128:25 130:25 131:2 167:18 192:4 194:4 195:13

talent (1) 137:16

talented (1) 121:19 23:19 26:25 33:2 107:11,20 108:1,13
talk (4) 26:10 187:18 34:18,19 38:7 42:6 108:15 110:1,11
187:19,20 44:25 72:22 96:14 111:1 112:4,17
talked (1) 145:18 97:18 101:24 113:6 114:2,3
talking (25) 23:23 112:10 117:10 115:13,19,21,22
30:22 37:5 43:6,8 125:19,20 131:11 116:5 117:11,14,20
49:14,24 62:25 137:23 138:20 118:7 119:23 120:2
66:12 97:9 113:24 140:13 141:2 144:9 120:3,7 121:11
114:7 117:1 120:12 153:19 154:5 122:2 123:2,9,19
123:25 128:8 132:3 155:19 158:19 123:21 125:10,13
138:18 145:6,7 166:21 167:3,3 128:2,12,23 129:24
149:17 151:6 152:7 169:24,25 172:10 131:3,4,4,14
154:7 181:23 172:12 196:4 132:16,20 133:11
Tantal (1) 90:20 200:11 137:20 138:22,23
task (1) 201:8 thanks (15) 10:17 138:24 142:23
tasked (1) 167:7 20:21 21:4,7,8,16 143:13 148:9
Tatyana (5) 45:11 21:23,23 22:1,2,20 152:19 153:4,4,5
52:1,6 53:15,21 25:17 52:2 128:19 153:23 154:2,3,17
taught (1) 192:23 171:19 156:4,8 157:24
tea (1) 198:21 theoretically (1) 98:24 158:9 159:4,6,9,16
team (10) 21:3,14 theory (1) 199:1 160:23 161:10
22:8,20 23:4 thereabouts (4) 31:20 162:9 165:10
103:16 139:2 164:6 119:7 167:22 166:12,13 167:18
184:12 186:12 184:11 167:21,23 168:1
team’s (1) 22:2 thing (18) 18:12,25 169:7,8,22 170:7
teamwork (1) 22:17 19:5 25:10 62:6 171:1,2,3,6,8,11
technically (1) 110:18 72:1,2 73:6 79:17 172:14 173:17,19
Technologies (35) 80:5,8 115:18 174:2,7,10,12
56:1,6,9,12,13,15 116:2 173:11 178:2,19,24 179:8
56:22,25 57:10,15 179:14 183:14 179:19 180:3
57:18,20 58:3,16 194:19 200:23 181:13,15,16
59:19 61:3,6 62:4,6 things (29) 19:15,20 183:12 184:3,19,25
62:8,13,25 63:9,10 20:4 21:19 27:2 185:4,8,11,15,25
63:12 64:24,24 28:8 31:6 48:11 186:5,5,8,23 187:6
65:1,2,20,21 78:7 72:9,15 97:22 187:10,12,13,25,25
85:19 147:11,12 105:17 108:16,17 188:22,25 189:11
Tekhnologii (2) 58:4 133:1,8 146:20 189:22 190:16
65:19 148:19 157:25 191:2,3,5,14,24
telecommunication… 159:2 170:16 192:6,10,15,16,17
10:7 173:14 175:4 192:25 193:10,25
telephone (1) 197:10 178:16 182:25 194:11,16,19
televised (1) 10:5 183:3 187:1,2 196:16 198:6,23
tell (13) 26:22 52:13 195:20 199:2,9 200:5,6,18
57:14 76:11 87:21 think (293) 1:16,19 200:21 201:20
96:11 112:11,25 2:16 3:7 5:25 6:8 thinking (6) 12:14
168:22 170:21 7:16,16 9:2,8,19 29:9 176:9 180:8
174:23 189:24 10:23 11:5,12,17 183:4,21
191:9 14:14,20 15:7 16:2 thinks (1) 183:11
telling (7) 44:6 56:19 16:4,6,19,21 17:17 third (15) 31:24 32:7
56:21,24 64:12 18:12 20:3,6 23:21 33:14 48:13 77:9
74:4 185:5 24:5,13 26:16,19 77:16 78:6,11
temporarily (1) 29:17,23 31:5,5,8 123:12 133:4
159:22 32:15,18 33:5,21 137:13,15 149:18
temporary (2) 133:3 33:22,25 34:3,3,5 179:22 194:8
165:24 34:13 36:21 37:11 thoroughly (2) 102:12
temptation (1) 171:15 37:22 38:3 39:12 170:17
tender (1) 25:4 42:1,10,16 44:10 thought (14) 26:12
tends (1) 189:9 45:12,13,21 46:4 32:13 34:10 79:13
term (1) 29:9 46:15 47:4 48:12 91:7 92:22 95:10
terms (15) 25:6 60:15 49:23 53:3,6,7 56:3 131:20 155:8
85:4 98:11 120:1 56:5 57:9,19 60:12 180:10 192:18
124:20 143:24 60:23 61:8,16,24 199:4 201:14 202:2
158:7 163:2 172:20 62:1,12 66:19 68:9 thoughts (1) 192:17
174:6 178:1 185:15 70:4,5,15,17 71:5 three (42) 2:7,9,14 5:2
192:8 197:12 71:23 72:15,17 21:2 25:12 27:18
terrible (5) 9:2,20 74:2,10,16 76:19 31:12 32:6 34:23
11:14 16:23 155:21 76:25 77:22,24 71:6,8 97:2 98:9,20
terribly (2) 19:17 78:20,21 79:2 80:4 99:11 127:24
102:6 81:7,11,18,20 132:10 148:22
terrified (1) 101:25 82:25 83:17 85:13 153:11 171:2,6,7
test (3) 108:18 119:18 86:16 87:8,18 172:14,19 175:19
120:8 88:23 90:17 91:2 175:19 176:11,15
text (14) 9:10 16:19 94:4,8,10,15 95:24 177:3 178:11
17:4 20:3,13 26:11 95:25 96:10,11,16 181:22 183:14
47:13 92:13 94:14 98:19,22 99:13,17 184:14,16,17,19,24
114:13 116:15 100:11 102:14,25 185:2 189:6,15
119:17 136:13 103:18,25 104:10 192:22
156:8 104:20,24,25 105:2 Thursday (8) 1:1
thank (37) 11:8 16:13 105:3,8 106:1,21 181:11 184:9 186:3

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216

March 17, 2016 Day 28

188:2,3,5 189:2 143:3 145:19 93:10
tickets (1) 29:15 148:20 154:25 translation (12) 9:2,3
tidied (1) 191:16 155:1,1,2 158:17 9:20 11:14 14:4,17
tidy (2) 183:3 193:6 163:4 167:20 169:5 16:7,24 18:23
tidying (1) 175:4 169:23 171:18,25 114:24 155:21,24
tight (1) 187:14 186:5,6 190:13 translators (3) 15:5
till (1) 186:4 200:3 170:10 187:8
time (169) 2:3,7,17,23 told (13) 15:4 31:18 transliteration (1)
3:1,8,24 4:12 5:9 34:15 42:23 44:16 110:3
5:18,20,25 6:9,12 53:18 77:18 87:1 transport (1) 10:10
6:16 7:15 9:13 96:15 138:19 184:3 Treasury (2) 28:1
11:25 12:10 20:17 188:3 195:5 35:19
20:20 21:9 23:23 tolerably (1) 79:12 treat (1) 19:22
24:7 25:9,10 26:2 tomorrow (21) 102:10 treated (1) 198:1
27:20 28:25 29:6 102:16,21 103:15 treatment (1) 13:2
30:22,23 31:1,19 103:18 170:1,13,14 tree (1) 172:23
35:24,25 38:1 39:5 171:16 173:7,17,22 tremendously (1)
39:12,17 40:1,15 178:18 186:24 68:18
41:25 43:3,15 188:10,21 196:14 trial (3) 175:5,9
44:11,14 50:6,14 200:18,25 201:24 190:22
51:2,9 52:14,18 202:19 tried (3) 87:15 179:16
53:9 60:22 66:3,4,9 tonne (1) 128:17 190:8
66:11,19 67:4,16 tonnes (1) 127:17 trouble (2) 70:23
67:18 69:17 75:18 top (27) 3:21 9:10 103:4
77:4 79:8 82:5,9 11:18 12:11,11 Trout (1) 200:6
83:9,13 84:12 17:9 29:21 46:10 Troyanov (2) 89:16,25
86:10,10 91:8,15 46:24 47:5 70:20 true (14) 6:24 13:3,4
91:18,22 92:14,22 98:20 99:2 100:18 28:20 35:15 84:17
100:12 101:23,23 101:6,22 107:17,23 132:12 146:17
101:25 102:5 110:16,20 117:12 149:9 154:12 155:5
103:14 104:2 106:3 138:4 139:3,8 159:21 160:17
107:3 118:8 120:5 172:23 176:21 164:11
125:24 128:8 199:25 trust (16) 86:6 99:18
129:25 131:16 total (4) 12:16 19:19 106:6,8 137:17
132:4 133:5 144:25 36:6 142:23 143:22,22,25
145:13 146:9 totality (1) 189:11 145:21 166:7,18,24
148:12,23 149:14 totally (2) 56:11,23 167:7 169:6,8
149:16 150:2 totted (1) 177:24 187:22
151:17,24 152:4,5 touch (1) 63:18 trusted (6) 166:3,6,16
152:12,18,24 153:2 toxic (8) 134:21 136:4 167:9,10 168:13
153:5,6,9,13 154:7 142:15,15,18 143:1 truth (7) 18:24 23:17
154:9,25 155:5,10 143:10,24 56:19,21 64:12
155:10,15 161:13 track (1) 41:19 115:18 182:19
163:17,18 165:13 Trade (1) 3:13 truthful (2) 62:21
165:15 166:3,15 trading (2) 3:3 10:7 92:17
167:22 168:6,9,15 Trak (3) 75:11,16 76:5 try (26) 16:7 17:18
169:9 170:4 172:5 trampling (1) 187:6 19:2 20:2 59:16
172:6,6,7,8,17 tramway (1) 12:5 70:18,21 88:16,17
173:18,22 176:10 tranche (4) 149:18,19 105:18,19,20
176:16 177:22 150:24 152:11 173:12 178:16,18
178:14 179:22 transaction (6) 42:17 178:20 183:4
180:7,13 181:21 43:23 84:2 132:13 191:12 192:2,5
182:17,24 183:5 135:14 166:25 193:11 194:12
184:2 185:8 187:9 transactions (4) 44:8 195:8,10 200:18
188:16 189:2,4,23 78:18 159:23 164:3 201:10
190:12 196:13,17 transcribers (1) trying (18) 31:7 53:8
197:16,18 201:3 170:10 58:23 71:21 94:9
timely (1) 169:12 transcript (33) 11:5 108:14 130:21
times (4) 22:4 126:22 23:24,25 39:20 174:19 175:5,6,10
127:5 194:24 57:24 58:1,6,11,25 177:14 183:12,24
timetable (5) 174:20 59:13,13,25 60:3 187:14 191:25
175:7 178:15 60:18 61:8 62:2 193:7 194:8
182:19 187:7 79:3 80:20 81:4 tube (3) 28:7,24 31:4
timetabling (2) 167:23 87:4 88:11,17 Tuesday (10) 175:14
175:2 104:2,3 105:7 176:1 177:5,19
timing (2) 180:16 112:6 113:4 114:3 181:11,24 183:18
194:7 115:12 117:4,21 184:6 188:15 189:5
Tinkov (1) 10:4 131:13 201:21 turbulence (1) 22:11
tired (1) 84:11 transfer (1) 85:22 turbulent (1) 23:11
Titul (1) 90:13 transferred (9) 35:19 turn (2) 105:15 179:2
today (46) 4:10 24:8 66:14 83:11,14,23 turned (1) 118:19
33:7 39:14 45:12 101:17 141:15 turning (1) 29:6
50:15 51:1 55:17 156:12,16 twitch (1) 193:18
61:3,19 63:6,23,24 translate (1) 93:25 two (44) 9:21 12:11
67:9,22 68:3 69:3 translated (11) 9:22 16:21 25:12 27:2
80:19 81:2 84:23 14:13,16 15:11 29:5 34:23 36:9
92:12 95:15 100:15 16:2,4,9 31:7 60:3 39:22,23 42:8 44:9
124:12 127:9 61:9 114:24 49:16,17 53:3
129:10 135:9 139:9 translating (2) 48:10 64:15 70:24 71:18

80:6 81:14 87:17 88:6 100:18 106:1 106:4 121:22 127:3 127:7 131:3 134:15 163:8 177:2,13,23 178:11 182:1 183:1 183:14 184:24 185:6,8,9,11,13

two-day (1) 182:4 type (1) 18:3

U

Ukraine (1) 126:7 ulterior (1) 160:8 ultimate (1) 173:5 ultimately (2) 64:20

198:11 un-understanding (1)

178:24 unable (1) 75:23

unblanked (1) 197:9 unclear (3) 18:13

54:21 88:20 underground (1)

24:16 underlying (1) 32:17 underpinning (1)

177:17 understand (65) 1:13

17:11 18:3 21:18 22:19 23:3 26:4 27:1,9 31:17,22,24 32:20 33:1 40:24 41:21 45:3 48:17 48:18 49:1,14,21 51:2 55:8 56:17 66:23 70:5 71:21 75:24 77:7,11 78:20 83:9 93:22 97:21,24 100:8 102:23 111:23 113:22 115:4,6 116:24 119:8 124:2 127:21 128:4 131:23,25 132:5,8 132:16 133:9 134:11 142:1,3,3,5 143:11,22 155:1 160:18 167:4 169:17 191:11

understanding (9)

17:6,25 18:1 77:18 143:25 154:24 155:5 179:8 199:19

understood (7) 26:21 30:10,23 114:10 115:1 162:13 163:14

undertakings (1)

163:8 undoubtedly (1)

186:21 unduly (1) 33:20 unemployment (1)

22:13 unequivocally (2)
120:14 126:21 unfair (12) 38:12,12

80:21 88:7 108:18 109:4 132:15 179:7 179:8,9 186:9 194:4

unfocused (1) 186:9 unfortunate (1)

191:18 unfortunately (8)

47:22 57:14 76:14 97:23 125:23

136:13 143:12 182:1

unhappy (1) 30:19 unitary (5) 25:3 27:24

28:1,6 36:9 unknown (1) 18:1 unnecessary (1)

117:15

unquote (2) 32:21 163:9

unredacted (1) 198:5 unsatisfactory (1)

194:20 unsettling (1) 106:1 Untranslated (1) 40:3 untrue (1) 23:17 update (1) 175:10 uploaded (1) 45:22

Upravliyaushaya (1)

106:19 upshot (1) 182:6 urge (1) 102:3

use (16) 10:1 12:4,5 23:5 70:16 89:5 131:22 137:10 143:16,20 144:2 146:1,23 165:3 197:1,8

useful (1) 120:20 usual (2) 192:11

197:18

usually (2) 19:18

137:7 utmost (4) 125:8

129:4 173:13 186:25

V

vacation (1) 182:9 vacillating (1) 6:13 Vadim (1) 12:24 Valentina (7) 1:24 2:5

4:13,14 6:22 35:17 35:25

valuable (2) 30:8 85:2 valuation (24) 148:23 148:25 149:1,5,7,7 149:11 150:3 152:1 153:15 154:9,12,13 154:14,18,21 155:1 155:6,12,16 156:24

158:2,6,12 valuations (2) 149:15

152:25 value (6) 141:21

150:7 151:16 154:10 156:11,15

valued (2) 149:1,2 valuers (1) 154:15 various (17) 19:2 27:7

27:19 51:21 58:19 103:19 113:20 116:22 118:16 137:17 145:10 146:2 147:19 156:15 160:15 177:14 190:17

VASILIEVITCH (2) 1:5

203:3

Vasily (2) 127:21,23

VAT (5) 135:22,23 136:1,2,6

Ved (1) 41:24

Vedomosti (4) 9:5

10:18 11:1 17:12 vehicle (7) 51:16

54:15,22 55:11 62:4 65:23 79:8

vehicles (5) 51:21 54:6 55:4 65:6,10
Vekselnaya (3) 39:6 40:17 44:22

ventures (4) 8:5,9,17 8:21

Verniye (3) 85:16 146:24,25

version (62) 9:1,7,10 9:11 11:12,15,17 12:9 13:7 14:11 17:17 40:4 46:7 47:2,5,14 48:10,16 48:18 50:7 54:3 66:7,16 69:7,22,23 72:8 73:2,10,15,16 73:17,19,21 88:2,3 89:12 93:9,22,24 97:15,19 107:8,15 107:16,16,19,21,21 108:2 110:2,5,14 110:22 111:18 138:22 140:15 152:20 157:21 159:5,5 197:6

versions (3) 68:22

107:24 139:23

Veryuzhsky (5) 127:21 127:23 128:1,5,11

vessels (1) 165:3 vested (3) 160:2 163:20 164:17 vetted (1) 158:8

viable (1) 144:2 vice-president (3) 4:2

4:8 13:15 video (1) 187:3 videolink (7) 167:13

182:24 183:2,15 185:24 187:18 188:14

videolinking (3)

186:16 188:17,25 view (11) 18:14 19:6 19:19 81:5 88:12

88:14 156:11 171:7 175:16 176:11 180:16

Viktorovich (1) 109:7 Viktorovna (1) 93:16 virtually (2) 5:9 35:11 vis-a-vis (13) 38:12

57:1 133:17 137:18 146:6 147:2 159:24 160:4 164:5,19,24 165:18 166:1

Visa (19) 24:18 25:23 26:1,5,8,9,15,17 27:2,6,8 28:17,22 28:23,25 30:2,24 31:21 34:25

visible (1) 39:24 visited (1) 69:15 Vladimir (4) 6:22 7:2

7:21,23

Vladimirovna (1) 94:6 Vodokanal (1) 36:8 Volodina (1) 162:9 volumes (1) 128:19 voluntarily (1) 33:9

Vozrozhdenie (2)

137:4,5

VP (1) 4:2

VTB (14) 11:24 13:10 13:12,13,13,16,20 13:24 36:20 133:6 133:8 134:23 143:7 143:18

Vyborg (2) 156:13,17

Vzlet (4) 76:10,19,22

77:1

W

waded (1) 7:9 waited (1) 108:22 waiting (1) 16:3 walk (1) 149:19 walking (2) 72:12,12 want (49) 5:25 16:14

20:14 33:20 49:25 60:18 61:14,21 70:5 72:5,14 78:25 79:1 80:22 82:16 86:25 96:19 107:7 115:2,16,25 117:8 141:2 160:9 163:21 165:4,10 167:14,23 170:18 171:10 173:16 174:8 179:2 186:11 188:11,11 190:16 193:1,8,19 193:20,23 195:5 196:22 198:12,12 199:23 200:6

wanted (11) 27:9

39:21 71:19,20 106:25 110:20 126:8 130:11,12 163:21 182:1

wanting (1) 171:14 wants (10) 28:23

78:22 80:23 90:18 98:8 114:16 123:1 179:3 180:23 196:24

warehouse (2) 4:7 5:2 warn (2) 19:5 196:16 warned (1) 81:1 warning (3) 87:15

105:24 140:23 wary (1) 19:17 wasn’t (17) 1:17,20,24

3:23 4:1,8,17 39:6 40:12 49:25 55:6 85:3 127:23 138:10 157:21 174:5 190:22

wasted (1) 180:13 way (53) 10:3 14:15

17:22 23:16 24:1 25:21 26:19 27:18 34:8 45:5 52:16 61:12 67:19 70:19 73:18 97:23 102:8 102:13,24 106:7 118:10 120:25 122:5 124:2 125:8 125:21 126:18 133:13 144:7 145:15,23 148:4 150:8 155:1 161:21 165:23 166:4,9,17 169:6,20 177:2,12 182:23 183:13 190:21,22 193:7 195:9 197:18 199:5 199:7 200:19

ways (1) 191:2 we’ll (1) 175:14 we’re (1) 66:4 we’ve (2) 65:1 175:9 website (7) 17:2,2,6

17:11 18:1 19:11 63:15

Wednesday (8)

175:12,15,24 176:3 181:8,11 184:7

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217

March 17, 2016 Day 28

196:12

week (14) 102:19 175:1,16,17 176:13 176:18 177:20 178:7 181:3,8 182:8,13,14 186:1

weekend (2) 183:16 187:12

weeks (1) 182:20 weight (6) 18:8 19:6,8

19:9 20:13 179:23 welcome (1) 192:16 went (12) 59:3 84:12

118:14 128:23 129:13,21 130:18 132:20 139:25 157:20 161:5 202:5

western (1) 36:24 whatsoever (2) 25:17

27:8

wherefores (1) 174:21 Whichever (1) 15:7 whilst (1) 104:14 whys (1) 174:20 wicked (1) 195:24 wickedness (2) 196:4

196:5

wider (1) 146:19 wife (1) 7:22 winning (2) 25:22

130:8

wish (3) 116:10 180:15 184:3
wishing (1) 193:24 withdrew (1) 172:11 witness (53) 15:6

19:24 31:5 32:20 34:3,8 57:6 58:21 59:6,14 61:9,17 62:21 73:6 79:19 80:18 81:21 85:17 87:1,2,10,17 88:4,6 97:1 98:25 103:12 103:20,25 106:8 108:13,21,24 115:17,18 116:8,10 119:16 138:19 143:12 170:17 171:8 172:11,22 173:2 174:9 178:3 180:12 186:7 192:13,13 194:3,12

witness’s (1) 79:11 witnesses (3) 177:14

185:7 190:6

won (2) 29:19 202:13 wonder (15) 14:21

15:3 39:22 41:9 53:2 70:14,14 71:6 71:21 72:6 74:25 110:13 113:12 158:25 159:7

word (2) 120:4 156:10 words (3) 140:5 156:4

156:10

work (27) 7:18 20:9 21:5,10,15 22:20 22:22 23:18 33:13 33:14 35:4 38:13 69:17 82:17 87:16 113:11,16 116:18 118:14 124:4 130:5 143:22 144:1 148:6 157:8 174:19 175:10

worked (17) 11:25 13:14,21 20:24 21:9,12 33:10 41:14 51:25 100:7

100:9,11 101:23 121:20 122:21 139:16,20

workers (2) 36:15 37:10

working (30) 1:25 7:15 8:11,18 22:15 39:12 45:8 95:23 96:5 100:16 101:1 103:22 121:13 130:11,20 136:24 139:15 156:5,14,22 157:3,11,14,23 158:15 182:19 185:6 195:18,19,19

works (4) 26:9 28:2 71:10 145:21

world (1) 171:7 worried (1) 32:8 worry (1) 197:25 worst (1) 180:10 worth (2) 9:15 14:14 worthless (1) 5:9 worthwhile (1)

189:14 wouldn’t (14) 5:25

34:5 45:5,5 86:4,8 124:11 133:2 182:13,13,21 188:11 195:13 196:22

wrapped-up (1)

105:25

writing (6) 85:14,25 86:1,4,7 127:6

written (5) 19:18 84:20 85:4 86:12 120:4

wrong (9) 31:11 86:16 92:13 131:15 140:16 171:4 180:5 181:13 191:5

X

X (1) 192:13

Y

Y (1) 192:13

Yakovlev (4) 2:1,2,14 35:15

year (30) 1:20 5:16 6:17 10:21 21:17 22:18 23:12,14 24:6,9 29:12 35:7 37:19 38:6 39:18 40:21 68:13 69:2 75:12 94:13,14,22 101:19,19 127:17 138:15 141:7 152:6 178:22 179:17

year’s (1) 20:23 year-on-year (1)

24:10

years (19) 5:2 10:15 21:3 22:17 24:1,2 25:12 28:7 29:6 31:2 34:23 41:15 100:8 109:6 112:15 130:21 142:16 151:11 155:3

yesterday (40) 6:20 49:5,15 57:19,25 58:2 59:17 60:2,14 60:17 61:2,17 62:18 63:2,11,12 65:25 77:19,22 78:25 79:1 80:19 81:1,21 82:25

83:10 84:9,11,16 87:15 88:12 109:25 145:18 147:8,21 167:12 196:12 198:17,24 199:8
yesterday’s (5) 49:17 58:25 59:25 79:3 200:1

Yunker (1) 12:13

Z

zero (1) 150:18 zoom (1) 20:2

0

05/03/2007 (1) 95:11 06/19/2002 (1) 91:17

1

1 (12) 9:15 12:12 16:22 47:19 49:7 49:15 74:22 75:4 92:4 156:6 203:3,4

1,600,000 (1) 33:7

1.10 (1) 72:20

1.3 (1) 15:19

1.30 (2) 184:10 186:4

1.31 (1) 104:16

1.43 (1) 34:16

1.5 (1) 36:6

10 (17) 36:22 37:5,23 41:15 45:12 51:1 52:4,10 53:20 79:18 90:13,21 103:8 109:6 112:15 167:20,22

10,000 (1) 41:18

10.00 (3) 172:8,9 183:19

10.50 (1) 38:20

10.66 (2) 54:1,13 10:1 (1) 135:9

100 (9) 1:20 21:17,25 24:6,9 28:22 76:11 98:21 149:24

100,000 (1) 127:17

103 (1) 190:13

104 (1) 190:13

11 (4) 42:12 76:3 123:3 175:1

11.03 (1) 38:22

12 (6) 94:17,20 97:11 138:24 139:1 153:12

12.00 (1) 188:4

12.15 (1) 72:23

12.30 (2) 72:19,25

129 (1) 112:9

13 (2) 69:5 175:3

13.2 (1) 94:2

139 (2) 174:25 175:4

14 (5) 76:3 79:5,22 89:15 132:25

14:1 (1) 135:10

15 (14) 20:22 22:17 72:7 76:3,9,15 77:2 79:23 90:21 143:2 201:14,16,17 202:3

15.69 (4) 47:17,19 48:23 53:23

154 (1) 175:22

15A (1) 107:13

16 (4) 76:24 90:22 111:6 193:21

17 (7) 1:1 50:5,11 53:23 76:10,16,24

170 (1) 203:5

17th (2) 23:8 200:3

18 (5) 89:13,14 138:23,24 202:22
19 (20) 58:7 59:21 60:5 61:4 65:3 70:7 77:1,5,6 89:15,21 90:10,15 91:5,17 92:14,21,23 93:1,3

19.34 (4) 53:24 64:5 64:11,22

1990s (1) 141:11 19th (1) 187:8

2

2 (8) 49:7,15 73:12 92:4 115:22 156:20 156:22,25

2.00 (3) 172:6,6,7

2.05 (4) 103:7,12 104:1,18

2.14 (1) 10:18

2.8 (2) 10:17 11:6

20 (10) 23:13 58:18 60:11 63:2 90:14 135:25 140:3,4,11 143:1

200 (4) 22:10,14 23:22 149:24

2000s (2) 25:23 26:1

2001 (14) 1:14 2:1,2 3:4 20:22 21:19 29:4 37:25 38:4 83:15 100:9 101:14 111:21 112:8

2002 (5) 6:1 37:25 90:12,23 92:3

2003 (12) 2:11,17 4:9 22:22 29:8,12 31:1 35:8 37:25 40:11 40:25 42:7

2004 (2) 2:5 39:18

2005 (18) 2:5 22:21 39:18 41:14 47:17 48:23 50:7,12,18 51:4,7,11,15 66:16 77:25 78:1 83:17 101:12

2006 (19) 6:1 43:6,7,8 43:10,12 44:4 109:6 112:13 113:16,24 116:18 117:1 118:21 120:13 121:1,4,10 121:12

2006/2007 (1) 138:18

2007 (28) 11:24 22:1 22:3 24:9 76:10,16 77:1,2 78:1 94:8,24 95:1,6 96:4,4,13 97:16 98:18 113:24 117:1 118:21 120:13 121:1,4,10 121:12 142:8 152:7

2008 (25) 15:16 47:19 48:25 74:22 75:4,9 75:14,24 76:3 113:11,24 117:1 118:21 120:13 121:2,4,10,13 141:7 142:23 152:7 154:7 159:9,10,12

2009 (7) 4:9 9:15 22:7 152:7 155:3 156:1 157:5

2010 (4) 10:18,21 74:14 155:3

2011 (8) 2:11,17 9:17 37:17,20,20 74:7 74:11

2012 (8) 24:2 29:17
29:24 31:19,23
52:15,18,19
2013 (3) 7:16 29:17
29:24
2014 (4) 1:14 15:20
52:16 100:10
2015 (6) 69:5,8 94:17
94:20 95:17 97:11
2016 (2) 1:1 202:22
21 (4) 89:13 140:3,12
150:23

21.1 (1) 112:8

2196 (1) 110:21

2197 (1) 110:22

22 (3) 90:11 139:22
141:8
23 (1) 39:22
24 (9) 36:20 39:24
40:8,8 75:9,14,24
77:1 109:6
24/7 (1) 21:9
25 (15) 39:24 75:19
75:21 76:5,5,5,6,7
159:16 160:19,22
161:2,17,23 162:8
26 (2) 156:1 174:25
27 (2) 42:2,4
274 (1) 22:5
28 (1) 190:12
28/10/2004 (2) 90:9 91:16

29 (2) 71:22 108:3

3

3 (14) 6:21 41:12 92:4 151:10 156:20 157:1,1,5 158:16 159:24 163:7,19 199:2,12

3.18 (1) 137:24

3.30 (1) 138:1

30 (9) 35:16 74:14 91:2 104:10 159:9 159:10,12 161:24 202:3

300 (2) 142:16 176:22

31 (2) 66:16 74:14

33 (1) 83:18

33.3 (2) 93:17,17

33.4 (1) 93:16

35 (5) 83:10,18 84:3 101:12 142:25

37 (1) 142:25

4

4 (13) 71:23 73:13 129:24 148:11,14 149:20 150:1 151:19 152:11 154:11 156:21 157:6,7

4.00 (2) 170:21 201:1

4.15 (1) 189:9

4.30 (1) 202:6

4.45 (1) 103:17

40 (3) 91:2 115:10 126:16

41 (4) 56:2,13 115:11 117:11

42 (2) 115:11,23

43.7 (1) 12:17

45 (1) 10:22

49 (1) 89:17

5

5 (12) 6:4,6,10,18 33:8 72:3,21 94:8

94:24 96:17 151:11 175:25

5.00 (3) 103:18

189:10 202:6 5.15 (3) 189:10 202:7

202:7
5.27 (1) 202:20
5.30 (2) 167:13 202:8
50 (3) 74:6,21 75:4
50/50 (1) 75:6
55 (1) 10:20
57 (1) 15:15
58 (3) 79:2,14,18
59 (2) 79:2,5

6

6 (3) 12:21 52:15 90:12
6,000 (1) 15:18

60 (1) 126:15

64A (3) 68:23 69:12 69:17

7

7 (5) 16:22 75:13 131:13,13 175:23
7/68:11 (1) 122:24 700 (1) 27:13

74 (1) 58:25

8
8 (9) 6:4,4,6 65:2,4
79:5 111:21 112:8
113:10
80 (4) 21:21 36:25
38:4 65:22
81 (4) 59:21 60:6 61:4
77:2
82 (3) 59:23,24 60:23
83 (4) 59:23,24 60:23
61:9

9

9 (3) 79:5 80:1 175:6

9.00 (1) 170:8
9.10 (1) 170:8
9.15 (11) 103:17
170:8,11,13 171:16 184:9 187:24 189:7 200:18 202:19,21

9.30 (3) 1:2 167:25 187:24

92 (4) 130:1,19 132:2 132:11

92’s (1) 131:6

98 (1) 131:14

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