Day 3

Bank St Petersburg v Vitaly Arkhangelsky [Master]

Day 3
Bank St Petersburg v Vitaly Day 3
Arkhangelsky [Master]

1 :1 Monday, 1 February 2016
2 (10.30 am)
3 (Proceedings delayed)
4 (10.39 am)
5 Housekeeping
6 MR JUSTICE HILDYARD: Yes.

7 MR LORD: May it please your Lordship, this is the first day

8 of the evidence in the trial. There are just two or

9 three short housekeeping points.

10 MR JUSTICE HILDYARD: Yes.

11 MR LORD: The first is the protocol which your Lordship

12 asked to be sent across. Could we have {I21/27/90},

13 please. Your Lordship will see there that that was

14 an e-mail, sent on Friday evening after the hearing, by

15 RPC, attaching a draft protocol in the light of

16 obviously what happened on Friday and the e-mail that we

17 got back — can your Lordship see the incoming e-mail

18 from Mr Stroilov halfway down the page?

19 MR JUSTICE HILDYARD: «What is envisaged …»?

20 MR LORD: Yes. Then if you would be kind enough to scroll

21 down to page 92. This was the draft, my Lord, which was

22 drawn up by RPC, as your Lordship directed {I21/27/92}.

23 Then, once your Lordship has read it, if you could

24 please go to the next page {I21/27/93}.

25 Perhaps, then, back to the one before, please.

2 :1 MR JUSTICE HILDYARD: Yes.
2 MR LORD: So, my Lord, that was sent to the defendants and

3 Mr Stroilov on Friday evening. We have not had any

4 response back as yet on that.

5 MR JUSTICE HILDYARD: No.

6 MR LORD: Is that document along the lines of what

7 your Lordship had in mind?

8 MR JUSTICE HILDYARD: Yes, I can see that there is an issue

9 emerging as to whether the defendant should have to give

10 reasonable prior notice before, as it were, taking back

11 any delegated functions.

12 MR LORD: Yes. That was a draft that was put forward. It

13 was thought to be a sensible provision and we are

14 awaiting for some response. I am just alerting

15 your Lordship to the state of play.

16 MR JUSTICE HILDYARD: Yes.

17 MR LORD: I am sure that needs to be perfected, but I am

18 sure it need not interrupt today’s proceedings.

19 MR JUSTICE HILDYARD: Thank you very much.

20 MR LORD: The second point, my Lord, is there was a note

21 from Mr Stroilov, served this morning, clarifying

22 certain pleading points which we are grateful for and we

23 understand and we understand that there are certain

24 points in the defence and counterclaim that are not

25 premised upon the conspiracy or on dishonesty, which we

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Bank St Petersburg v Vitaly Day 3

Arkhangelsky [Master]

3 :1 understand.
2 MR JUSTICE HILDYARD: That was helpful and useful.

3 MR LORD: It was helpful, and we also understand from that

4 helpful clarification that only Mr Savelyev and

5 Ms Maylsheva are identified as being part of

6 the conspiracy, as being conspirators, on behalf of the

7 Bank, as far as the Bank staff are concerned.

8 MR JUSTICE HILDYARD: Yes.

9 MR LORD: Then, my Lord, there was a third point, which was

10 an e-mail sent to your Lordship this morning.

11 MR JUSTICE HILDYARD: Yes.

12 MR LORD: Attaching certain documents, which your Lordship

13 will have seen, pertaining to Mr Belykh and to other

14 witnesses.

15 MR JUSTICE HILDYARD: Yes.

16 MR LORD: Again, I don’t mean to take much time up this

17 morning. Several points arise in that regard, a number

18 of which don’t fall for consideration at this stage but

19 can be taken up at the appropriate time with

20 Mr Arkhangelsky.

21 Simply this, my Lord: there are two points we would

22 like just to apprise your Lordship of arising from that.

23 The first is a point of fairness: that on Friday

24 your Lordship directed, made clear, that witnesses

25 shouldn’t be accused of fraud, dishonesty or conspiracy

4 :1 unless they had been positively identified and a basis
2 had been shown that the court had approved. Later on on

3 Friday that post was made referring to a gang and making

4 various allegations against most of the defendants’

5 witnesses. I think all save two are identified in that

6 post. In our submission, it is not fair or appropriate

7 for the defendants to make those allegations out of

8 court when they, rightly, don’t make them within the

9 proceedings. That’s just a simply fairness point.

10 Linked to that my Lord, the second point, very

11 shortly, is that in my submission it makes it all the

12 more important for this trial timetable to move as

13 quickly as is consonant with fairness in order that the

14 various persons who are seemingly now being be drawn in

15 to some vilification on the internet by Mr Arkhangelsky

16 that they should have the chance to come in and get this

17 out of the way.

18 So lest your Lordship wishes to raise any further

19 points, I thought it appropriate to raise that with

20 your Lordship, as the trial judge, because those

21 allegations did seem to me of a type that your Lordship

22 should be apprised of, and as far as I am concerned, we

23 will just leave that there and leave that in

24 your Lordship’s lap, as it were.

25 MR JUSTICE HILDYARD: Yes.

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Bank St Petersburg v Vitaly Day 3

Arkhangelsky [Master]

5 :1 Mr Stroilov, I see that Mr Arkhangelsky is not with
2 us via the link today.

3 MR STROILOV: Yes, my Lord.

4 MR JUSTICE HILDYARD: That is his right but, of course, if

5 he chooses to do that, I won’t be very sympathetic to

6 any complaints that he didn’t understand what was going

7 on or is unable to cross-examine further, not

8 understanding the continuity of the proceedings. That

9 is absolutely his choice, subject to that.

10 But the reason I mention it is because I do want it

11 made absolutely plain to Mr Arkhangelsky that this sort

12 of vilification, even if by chatter, is absolutely

13 unacceptable. It is disgraceful. As a judge, I am able

14 to put these things out of my mind and I shall do so.

15 Were this a jury trial, it would have been the most

16 gross contempt of court. It is a very unfortunate

17 thing, from his point of view, because it adds credence

18 to what the claimants have said, rightly or wrongly,

19 that, as it were, politics and indignation are taking

20 the place of properly calibrated defence.

21 So I don’t think it does him any good, but it is

22 also, I think, my responsibility to say that this must

23 stop. This is not to go on whilst this trial is

24 happening, and I should have thought this should be

25 removed, if possible. It is a very bad way of behaving.

6 :1 MR STROILOV: Yes. I am grateful, my Lord, and I will
2 definitely draw Mr Arkhangelsky’s attention to

3 the transcript, my Lord. I was about to apologise that

4 neither of the defendants are able to attend today. It

5 is an unavoidable family commitment, something to do

6 with children. Mr Arkhangelsky intends to be here

7 tomorrow and for the rest of the week, following which

8 we will see.

9 I think I should also — I think another brief

10 point, I do apologise for not being able to respond on

11 the protocol.

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

13 MR STROILOV: I simply didn’t have the time to consider it.

14 I think I should flag a possibility that, unfortunately,

15 our preparations are not going as fast as we hoped and,

16 having also thought about what your Lordship said during

17 the housekeeping sessions about the importance of week

18 two witnesses, I think it is possible, if we are really

19 not up to speed, that I will leave one or two witnesses

20 in the end of this week to Mr Arkhangelsky, the idea

21 being that I help to prepare the script or notes, and

22 then he can use them, whereas I am working on that at

23 home, just so long as we have to work to the present

24 timetable. That’s a possibility. We will try to avoid

25 that because, generally, we think I am able to do it

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Bank St Petersburg v Vitaly Day 3

Arkhangelsky [Master]

7 :1 more effectively, but just so that your Lordship is
2 aware of that.

3 MR JUSTICE HILDYARD: Yes. Thank you.

4 Well, I shall, and if necessary shall be prompted,

5 to speak to Mr Arkhangelsky personally, in addition to

6 you drawing to his attention the matters which will be

7 on the transcript. I do wish to mark my considerable

8 disappointment to read of such things. I won’t put it

9 stronger than that for the moment, particularly since he

10 is not here.

11 MR STROILOV: Yes, my Lord. I am grateful.

12 MR LORD: My Lord, may I then call Mr Belykh, please.

13 Your Lordship will find Mr Belykh’s two statements

14 behind dividers 6 and 16 in the witness statements.

15 Does your Lordship have a B1 and a B2, the B bundles?

16 MR ANDREI AKATOVICH BELYKH (Affirmed)

17 MR JUSTICE HILDYARD: Do sit down if you prefer to do that,

18 or stand if you prefer. Thank you for attending.

19 MR LORD: My Lord, there are two preliminary points for

20 Mr Belykh. First, he is going to give his evidence in

21 English. He thinks his English is up to the task. He

22 has asked me to say if he has particular difficulty with

23 a question, could he reserve the right to have that

24 translated. He doesn’t expect that will happen, but

25 I am asked to make that point to your Lordship.

8 :1 MR JUSTICE HILDYARD: Yes, I read that, and that is well
2 understood, thank you.

3 MR LORD: The second thing is he has to make use of

4 an inhaler. So again he is anxious that your Lordship

5 appreciates that there may be occasion when he has to

6 take a quick puff, as it were, and he means no

7 discourtesy to your Lordship.

8 MR JUSTICE HILDYARD: No, that also is well understood,

9 Mr Belykh, and if you need a break at any time, you must

10 say so. It is not meant to be an interrogation under

11 lights, it is simply a cross-examination to assist me

12 understand the case.

13 Examination-in-chief by MR LORD

14 MR LORD: Could you give his Lordship your full name and

15 address.

16 A. My name is Andrei Akatovich Belykh and I live in St

17 Petersburg, house 13, apartment 20, street 6

18 Sovietskaya, St Petersburg, Russia.

19 Q. Thank you, Mr Belykh. Do you have a copy of a bundle in

20 front of you?

21 A. Yes.

22 Q. And could you please turn to divider 6, Mr Belykh?

23 A. Yes.

24 Q. And you ought to find behind divider 6, on {B1/6/1} what

25 looks to be the first page of your first witness

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Bank St Petersburg v Vitaly Day 3

Arkhangelsky [Master]

9 :1 statement; can you see that?
2 A. Yes.

3 Q. Then, Mr Belykh, please, if you would be kind enough to

4 turn the pages and go to {B1/6/11}, you ought to see on

5 that page what looks to be your signature on

6 26 August 2015?

7 A. Yes, it’s my signature.

8 Q. Then, Mr Belykh, if you could please go over to

9 {B1/6/11.1} you ought to find a correction, a single

10 correction which I understand you wish to make to that

11 statement.

12 A. Yes.

13 Q. Has your Lordship seen that correction? It should be in

14 your Lordship’s bundle.

15 MR JUSTICE HILDYARD: Yes.

16 MR LORD: There is a change of 5 to 4 in the statement.

17 A. Yes.

18 Q. Mr Belykh, is that a correction that you would like to

19 make to your first statement?

20 A. Yes, of course.

21 Q. Mr Belykh, would you please be kind enough to go behind

22 divider 16, I think it might be in the other bundle,

23 {B2/16/1}, you ought to find the first page of a second

24 witness statement given by you; do you have that?

25 A. Yes.

10 :1 Q. And if you go, please, to {B2/16/3} you ought to find,
2 again, your signature, dated 23 November 2015.

3 A. Yes. It’s my signature.

4 Q. Then, Mr Belykh, please, if you could turn to {B2/16/5},

5 you will see a schedule of two corrections which you

6 wish to make to that second statement. Again, can you

7 confirm that those are corrections that you wish to make

8 to that second statement?

9 A. Yes, I agree, this is my correction.

10 Q. Mr Belykh, have you read those two statements of yours,

11 as so corrected, recently?

12 A. Yes.

13 Q. And can you confirm on oath to his Lordship that they

14 are true to the best of your knowledge and belief?

15 A. Yes, they are true.

16 MR LORD: Thank you, Mr Belykh. Could you wait there,

17 please.

18 Cross-examination by MR STROILOV

19 MR STROILOV: Good morning, Mr Belykh. I understand you

20 first met Mr Arkhangelsky in 2006; is that correct?

21 A. Yes.

22 Q. And it was Mr Guz who introduced you to Mr Arkhangelsky,

23 wasn’t it?

24 A. No.

25 Q. Who was it?

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Bank St Petersburg v Vitaly Day 3

Arkhangelsky [Master]

11 :1 A. There was a meeting with, at that time, first deputy of
2 the chairman of the board, Ms Ivanikova(?). There was

3 also one other person whose name I do not remember, and

4 there was Mr Arkhangelsky.

5 Q. It is Mr Arkhangelsky’s case that it was Mr Guz who

6 introduced him to you, so I don’t accept —

7 A. No, I know for — I do remember exactly that there were

8 those people whom I have mentioned.

9 Q. Right, and since then, you had some regular meetings

10 with Mr Arkhangelsky?

11 A. Yes, I had some meetings with him.

12 Q. And initially the matters which were discussed between

13 you included a refinancing of a small loan from another

14 bank, Promsvyazbank, which Mr Arkhangelsky wanted to

15 provide his loan, wasn’t it?

16 A. No, as far as I remember, at the first meeting we did

17 not discuss any particular deals. There was just

18 general feeling that it might be interesting for the

19 Bank to deal with Mr Arkhangelsky.

20 Q. Indeed. Well, moving on from the first meeting,

21 initially in 2006 do you recall discussions of

22 refinancing of a loan from Promsvyazbank?

23 A. No, I don’t think so.

24 Q. And do you recall discussions over lending to finance

25 the development of Onega Terminal?

12 :1 A. No, I don’t think so that I remember these details.
2 Q. You don’t recall any loans being provided for the

3 financing of development of Onega Terminal; is that

4 correct?

5 A. Being a member of the credit committee we were

6 considering different loans to Mr Arkhangelsky. Among

7 them, of course, there was Onega Terminal, but I don’t

8 remember details now.

9 Q. Do you remember discussing this loan with

10 Mr Arkhangelsky?

11 A. Well, it is possible that we were discussing certain

12 things related to his business.

13 Q. I think you mention in your witness statements that

14 certain promises — the possibility of certain

15 promissory notes being issued was discussed, don’t you?

16 A. Well, yes, I do remember that these discussions took

17 place.

18 Q. Well, I put it to you that these discussions took place

19 not before 2008.

20 A. Well, that’s the opinion of Mr Arkhangelsky, maybe. I’m

21 speaking of what I remember.

22 Q. What is your recollection? Can you —

23 A. My recollection was that it was mentioned at the

24 beginning.

25 Q. And so you had, as I understand it, regular meetings

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Bank St Petersburg v Vitaly Day 3

Arkhangelsky [Master]

13 :1 with Mr Arkhangelsky until early 2009, between 2006 and
2 early 2009; is that correct?

3 A. Yes.

4 Q. So, as I understand your statement, you mentioned you

5 had at least two meetings, possibly more, in

6 late October or early November 2008; is that correct?

7 A. Yes.

8 Q. Then you mentioned that in the second half of November,

9 you also regularly spoke to Mr Arkhangelsky?

10 A. Yes.

11 Q. Then you referred to a meeting which you say took place

12 in late November, which was followed by a meeting with

13 Mr Savelyev; is that correct?

14 A. Yes.

15 Q. And then you mentioned that you also spoke with

16 Mr Arkhangelsky on a couple of occasions

17 in December 2008; is that a correct way of putting it?

18 A. Yes, I think so.

19 Q. So that suggests that in that period you were in contact

20 with him pretty much every few days; would you agree?

21 A. Well, no. Regular contact does not mean every day or

22 every other day. We were in contact, yes, but …

23 Q. Well, Mr Belykh, you say that you regularly speak with

24 someone in the second half of a particular month. That

25 suggests rather more than one or two in just two weeks.

14 :1 A. Well, maybe it was three times.
2 Q. Well, Mr Arkhangelsky’s recollection is that there were

3 meetings approximately twice a week at some periods of

4 time; is that consistent with your recollection?

5 A. I don’t think so.

6 Q. How often would you say, if you had to measure in weeks?

7 Once a week?

8 A. Well, I would say that I do remember, as it is said in

9 my statement, that we had two meetings, but of course we

10 could have some contacts by telephone, which is quite

11 normal.

12 Q. What I’m trying to establish, Mr Belykh, is the

13 frequency of — you were meeting him as of course

14 throughout years, you were his point of contact, weren’t

15 you?

16 A. Yes, I was his point of contact.

17 Q. So it was just a casual, regular thing for you and

18 Mr Arkhangelsky to have periodic meetings, isn’t that

19 correct?

20 A. Well, my Lord, I think a couple of words concerning

21 context of the situation are appropriate.

22 Q. I don’t think so, Mr Belykh. If you could just — I am

23 asking you how often, on the average, approximately, you

24 had meetings with Mr Arkhangelsky. It’s a simple

25 question.

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Bank St Petersburg v Vitaly Day 3

Arkhangelsky [Master]

15 :1 A. I think on the average it would be once in a quarter.
2 MR JUSTICE HILDYARD: What period are we speaking about?

3 Are we speaking October/November 2008, or are we

4 speaking the period after 2006 and following? My

5 understanding from your witness statement, in case it

6 assists you, is that you had regular contact with

7 Mr Arkhangelsky at the end of October/November and

8 following through into December, and the question may

9 be: how was that contact made? Was it on the telephone,

10 was it at a meeting, and how regular was it?

11 A. My Lord, I wouldn’t say about regular meetings. We had

12 constant contact by telephone.

13 MR JUSTICE HILDYARD: Telephone.

14 A. And as for personal meetings, I do remember two of them,

15 which I describe in my witness statement.

16 MR JUSTICE HILDYARD: Thank you.

17 Now, Mr Stroilov, do you want to ask about contacts

18 in some other period, because I think you have to try

19 and contextualise your questions so we know what time

20 period you are asking about.

21 MR STROILOV: I’m grateful, my Lord. Yes.

22 Mr Belykh, this suggests that generally you had —

23 you say you had quarterly meetings, or approximately

24 quarterly meetings, in 2006, but over time they became

25 more frequent; is that correct?

16 :1 A. If we speak of 2007 or 2008, I wouldn’t say so.
2 Q. Right, well towards the end of 2008 clearly you were

3 more regularly in touch than just quarterly meetings;

4 would you accept that?

5 A. Well, as I have mentioned before, I do remember these

6 two meetings in October and November, plus, of course,

7 there were several telephone calls, and that was quite

8 regular.

9 Q. Right. Apart from Mr Arkhangelsky, were you in regular

10 contact with any other people from Oslo Marine Group?

11 A. Well, my main contact was Mr Arkhangelsky. I knew some

12 of them, but I was not in regular contact with them.

13 Q. You mention OMG’s financial director, Mr Berezin. Were

14 you in contact with him from time to time?

15 A. No.

16 Q. Mr Belykh, if you could look at the document you exhibit

17 at {D98/1260/1}.

18 A. Sorry …

19 Q. It should come up on the screen. {D98/1260/1}

20 Mr Belykh —

21 A. Yes.

22 Q. — wouldn’t you agree that this looks like an e-mail

23 sent by one person to another —

24 A. Sorry, I misheard the beginning of your question.

25 Sorry.

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Bank St Petersburg v Vitaly Day 3

Arkhangelsky [Master]

17 :1 Q. Let me start again. Wouldn’t you agree that from this
2 e-mail, it looks like you do know each other rather

3 well?

4 A. No.

5 Q. What I mean is, if you are writing to someone whom you

6 practically don’t know, you would put in some text,

7 wouldn’t you?

8 A. It’s not my letter.

9 Q. Of course it isn’t, Mr Belykh. Let me start again. If

10 a person is writing to someone he hardly knows, he would

11 write something like, «Dear Mr Belykh, I’m the financial

12 director of OMG and Mr Arkhangelsky has asked me to send

13 this e-mail to you»; wouldn’t you agree that’s how

14 things work in the world?

15 A. No. If you look at the time, I believe that Mr Berezin

16 was quite in a hurry. It’s 8.54, and the meeting with

17 Mr Arkhangelsky was planned later, so I believe that

18 Mr Berezin was quite pressed to send it as quickly as

19 possible so that I should look at it before meeting

20 Mr Arkhangelsky.

21 Q. Right.

22 Let me move on to another subject.

23 MR JUSTICE HILDYARD: I’m sorry, just for my appreciation,

24 can we just have a look at the next page so I know what

25 the e-mail is, or the letter that’s sent. That’s the

18 :1 Russian version. It may be 1261, is it? {D98/1261/1}.
2 Yes. Thank you. I’m so sorry, Mr Stroilov,

3 I just wanted to see it in context. (Pause). Yes.

4 I am sorry to take you out of your course.

5 MR STROILOV: Not at all, my Lord.

6 Mr Belykh, you know of a company called

7 Renord-Invest?

8 A. Yes, I know that this company exists. It’s a client of

9 the Bank.

10 Q. Its chief executive officer is Mr Smirnov, isn’t it?

11 A. Yes.

12 Q. Do you know Mr Smirnov?

13 A. Yes, I know Mr Smirnov.

14 Q. Do you know whose company it is?

15 A. Well, I’m from the corporate side and regularly we are

16 not deeply involved in the property structure of

17 the company.

18 Q. So you can’t assist the court by telling whose company

19 it is, to the best of your knowledge?

20 A. I simply don’t know. I would like to, but I don’t know.

21 Q. Do you know of a company by the name Nevskaya

22 Upravliyaushaya Kompaniya?

23 A. It looks familiar, but I don’t know any detail.

24 Q. Do you know of a company called Agentstvo po upravleniyu

25 aktivami, or, translated into English, Assets Management

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Bank St Petersburg v Vitaly Day 3

Arkhangelsky [Master]

19 :1 Agency?
2 A. No, I don’t know this company.

3 Q. Do you know of a company called Skif?

4 A. Yes, I know this client.

5 Q. I would like to ask you about the — I beg your pardon.

6 Do you know of a company called Gelios?

7 A. I think I have heard this name, but I don’t know

8 details.

9 Q. I would like to ask you about a building known as Olimp

10 office, whose address is 15A Ispolkomskaya in St

11 Petersburg. Do you know that building?

12 A. I know that on Ispolkomskaya 15 there is a building, it

13 is a big building and there are car dealers there.

14 Q. Yes, that is also the office of Renord-Invest.

15 A. Yes, and that’s also the office of Renord-Invest.

16 Q. And that’s also the office of Nevskaya Upravliajuskaya

17 company?

18 A. Possibly so, then it clicks to my mind that — then it

19 is that Nevskaya company which I was thinking about,

20 yes.

21 Q. Okay, and now that you have recalled, can you perhaps

22 tell us whose company it is?

23 A. No, that I don’t know.

24 Q. It is also the office of Assets Management Agency, or

25 Agentstvo po upravleniyu aktivami, isn’t it?

20 :1 A. I don’t know.
2 Q. And in 2008/2009, at least, it was also one of

3 the Bank’s offices, wasn’t it?

4 A. Yes, there was a small office there. It was for those

5 clients who were dealing with buying cars to enable them

6 to put cash directly to the account, so it was dealing

7 with private people and I didn’t bother too much with

8 that branch, simply because I was dealing with corporate

9 clients and corporate clients were not served there. It

10 was just assistance for privates.

11 Q. So your evidence is this was just a local branch?

12 A. Yes, there was a small branch, yes.

13 Q. Yes.

14 Now, you are broadly familiar with the allegations

15 which Mr Arkhangelsky and his company are making in

16 the counterclaim in these proceedings, aren’t you?

17 A. Very broadly, I would say.

18 Q. Well, but you would agree that — I think you do know

19 that those allegations are focusing on the events of

20 2009?

21 A. That I don’t know.

22 MR JUSTICE HILDYARD: That’s quite a general question,

23 Mr Stroilov.

24 MR LORD: It may not even be right. It is not, strictly

25 speaking, right, as things certainly stood on the

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Bank St Petersburg v Vitaly Day 3

Arkhangelsky [Master]

21 :1 pleading a while ago.
2 MR STROILOV: I am grateful for this intervention. Anyway,

3 I don’t think any prejudice was caused. I’m just trying

4 to understand how much Mr Belykh knows about the

5 dispute.

6 Now, Mr Belykh, I think, turning back to the Olimp

7 office, could you help us on that? I understand that

8 «additional office», strictly speaking, is not quite the

9 same thing as a branch; is that correct?

10 A. Well, my Lord, it is a point of translation to a certain

11 extent, but we have had different types of branches. So

12 you can call them additional branch or additional office

13 or sub office or whatever.

14 Q. I beg your pardon, that wasn’t the question, Mr Belykh.

15 A. What was the question?

16 Q. Is there any substantive difference between something

17 called «branch», that’s to say filial, and something

18 called «additional office», that’s to say the (Russian

19 word) office. Is there any difference in substance?

20 A. Yes, there is difference in substance. «Filial»,

21 according to the current Russian law, should be in

22 a different city, and «additional office» is the office

23 of the Bank which is situated in the same city where

24 head office exists. But these additional offices can be

25 of different level and of different spectrum of products

22 :1 which do they sell, and they can sell to corporates or
2 to private.

3 Q. Thank you, Mr Belykh. What I am trying to establish, it

4 is possible, isn’t it, for an additional office to house

5 some of the central departments of the Bank and be still

6 called «additional office», isn’t it?

7 A. No, of course not. That’s ridiculous by definition.

8 MR JUSTICE HILDYARD: Why do you say that? Could you not

9 have an office in the same city which, for example,

10 dealt with corporates and with personal customers?

11 A. Yes, of course.

12 MR JUSTICE HILDYARD: Yes.

13 A. We call universal offices, which serve both corporates

14 and private. What I am saying is that if there is

15 a person working in the central office, he would not sit

16 in this additional office, or that’s very simple by

17 definition. That’s only what I say.

18 MR JUSTICE HILDYARD: You would only work in one office,

19 an individual would work only in one office, is that

20 right?

21 A. Yes, if I am a member of the central staff, then I am

22 sitting in the central office of the Bank.

23 MR STROILOV: Mr Belykh, I put it to you that Olimp office

24 was housing at least some of the central departments of

25 the Bank?

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Bank St Petersburg v Vitaly Day 3

Arkhangelsky [Master]

23 :1 A. No.
2 Q. I beg your pardon, my Lord, it will progress a little

3 slower than, perhaps, usual, but I hope to minimise

4 that. I just … (Pause).

5 Now, if we could, please, have on the screen

6 document {I20/21/15}.

7 MR JUSTICE HILDYARD: Can I just, before you go there, just

8 make quite clear I have understood what your evidence is

9 with respect of the Olimp office.

10 A. Yes.

11 MR JUSTICE HILDYARD: My understanding is that you say that

12 the only banking activities carried on at that office at

13 any time were personal loans in connection with the car

14 shop that was there?

15 A. Well, as far as I remember, the main activity was

16 related to these car purchases, but might be even that

17 we were not serving them car loans at that time in

18 a substantial amount, that was more for cash

19 transaction, to accept cash and put on the account.

20 There might be, at the very beginning, some minor

21 corporate accounts, but I do not remember exactly. But

22 primarily they were active in buying cars, at least when

23 my son was buying cars there, he came there to put cash

24 on the account and pay for the car.

25 MR JUSTICE HILDYARD: So checking facilities?

24 :1 A. Checking facilities primarily.
2 MR JUSTICE HILDYARD: Car loans possibly, because you

3 were —

4 A. Possibly, because I’m not sure.

5 MR JUSTICE HILDYARD: Yes, and possibly some corporate

6 clients.

7 A. But not at this period already. At that time it was

8 strictly limited to private accounts.

9 MR JUSTICE HILDYARD: At what time?

10 A. What Mr Stroilov is speaking about: 2008.

11 MR JUSTICE HILDYARD: Thank you.

12 MR STROILOV: And at that time, I understand, Mr Belykh, you

13 were yourself the director of the department dealing

14 with branches?

15 A. To be exactly correct, I was responsible for clients and

16 branches, yes.

17 Q. Right. Well, now, if you could look at the document

18 which is before you on the screen, and that is a letter

19 written by the Bank’s English lawyers on 4 January this

20 year.

21 A. I am not sure that it is my letter.

22 Q. It is not yours. I beg your pardon, Mr Belykh, I should

23 have made that clear. That is the letter written by the

24 Bank’s English lawyers to Mr Arkhangelsky.

25 A. I believe so, if you say so.

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Arkhangelsky [Master]

25 :1 Q. About a month ago; is that right?
2 A. I don’t see the signature, but probably you are right.

3 Q. I can assure you that is right.

4 A. Okay, maybe.

5 Q. Mr Belykh, would you please read the first and the

6 second paragraph?

7 A. Okay. Well, my Lord, it will take me several seconds.

8 Q. Of course, take your time. (Pause)

9 A. Okay, yes, I have read it.

10 Q. So your evidence is that this is incorrect to your

11 knowledge?

12 A. Well, I recollect now that several dealers were sitting

13 there, but they were not the part of the Olimp

14 department branch. There was a separate organisation

15 renting some space in that building.

16 Q. Renting some space from whom, Mr Belykh?

17 A. From the owner of the Olimp building.

18 Q. And who is that, do you happen to know?

19 A. I don’t know, exactly. Yes, I recollect that there were

20 some dealers who then moved to another place, for some

21 time the dealing group was sitting there, yes.

22 Q. Well, how would that work organisationally, Mr Belykh,

23 then, if it wasn’t an additional office, then what was

24 it? Can you just help us on that?

25 A. It was a team of the central office, but located on

26 :1 Ispolkomskaya 15, yes.
2 Q. But I think you have denied a few minutes ago that any

3 of the central department could work from an additional

4 office. You called that absurd, hadn’t you?

5 A. Well, I would make things clear: there is no central

6 officer in the branch, but in this big building there

7 might be different offices which were rented by the head

8 office. What’s wrong?

9 Q. No, no, there is nothing wrong about that, Mr Belykh,

10 except that you are not telling the truth.

11 A. That’s wrong. I’m telling the truth.

12 Q. Mr Belykh, you were based in that building.

13 A. I was not based there, never.

14 Q. You were working from there.

15 A. Sorry?

16 Q. You were working from there. You had your own office

17 there.

18 A. Well, that’s simply not true.

19 Q. You had meetings with Mr Arkhangelsky in that office.

20 A. I might have a meeting in that office in the restaurant,

21 maybe, but I have never had offices there and I have

22 never met Mr Arkhangelsky in my office, therefore.

23 Q. Right. Could we now look at the second witness

24 statement of Mr Belykh, which is at {B2/16/1}, and if we

25 could scroll down to {B2/16/2}. Now, if you look at

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Arkhangelsky [Master]

27 :1 paragraph 6, Mr Belykh, and I know there has been
2 a correction on that, but can you confirm that this is

3 a complete list; that is to say are you still based at

4 Malookhtinsky 64A?

5 A. Yes, I am still based there.

6 Q. Right, and that’s the Bank’s head office, isn’t it?

7 A. Yes.

8 Q. And Malookhtinsky 64A, isn’t it, just to be sure?

9 Malookhtinsky 64V is another office of Renord-Invest,

10 isn’t it?

11 A. I don’t know.

12 Q. It is just across the road.

13 A. So what? I don’t know. Maybe that’s true, maybe not.

14 I don’t know.

15 Q. So it seems from what you say in your second witness

16 statement, and especially as corrected, I think we have

17 the correction, that at the time of most of the events

18 described in your witness statement, and all the

19 meetings with Mr Arkhangelsky, you were based in

20 Nevsky 178 office, weren’t you?

21 A. Yes.

22 Q. Then I think — let me find the errata list. Is it just

23 after the statement? I am sorry —

24 MR LORD: It is {B2/16/5}.

25 MR STROILOV: I’m very grateful. If it could be put on the

28 :1 second screen. So you actually moved in December
2 or January. So if we could — I am not sure that both

3 screens can work, or people have two screens, but for

4 some reason only one is being used. It would be helpful

5 if it is possible to use both. If we could keep the

6 second statement open on one screen and then open the

7 first witness statement of Mr Belykh, which is {B1/6/1}

8 on another screen, if that is possible at all. Then if

9 we could scroll down to page 6, and there at

10 paragraph 27 you refer to those two meetings you say you

11 had in late October/early November, and then over the

12 page you describe certain letters he allegedly gave you,

13 don’t you? {B1/6/7}

14 A little further down at paragraph 28 you refer

15 to — you say those letters were lost in one of the five

16 office locations since that time. That’s something

17 you’ve corrected yesterday to four.

18 Now, I’m just trying to do the sums. On the screen

19 where we have the second witness statement, so that’s

20 {B2/16/5}, if we could scroll back to {B2/16/2}.

21 Mr Belykh, it looks like the figures still don’t match,

22 do they? I can see two relocations, according to your

23 second statement you have seen that time, whereas in

24 your first statement you have referred to five

25 relocations, you have changed it to four, but figures

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Arkhangelsky [Master]

29 :1 still don’t match. How many locations did you actually
2 have?

3 A. Well, I think that your statement is not correct,

4 I think they match. I had four relocations, I can name

5 them. First, in the main building, Nevsky 178. Then

6 I moved to Hotel Moscow. Then from Hotel Moscow to

7 Nevsky 174. Then back to Hotel Moscow, and then to

8 Malookhtinsky 64.

9 Q. If you could look back to the first statement. At the

10 end of paragraph 28 refer to five, now reduced to four,

11 office relocations you say you had since the end

12 of October 2008. Did you take those letters with you

13 back in time to 2004?

14 A. Sorry, Mr Stroilov, is your question related to letters

15 or to the number of relocations?

16 Q. Mr Belykh, your statement asserts that you have lost the

17 letters in one of the five relocations which you have

18 now reduced to four. Is it still your evidence that

19 since you had those letters, you had four relocations?

20 A. Well, first of all, I would like to clarify the matter

21 that these were not original letters. I’m not sure

22 that’s important, but that’s an explanation.

23 Q. I’m not sure that is the question, Mr Belykh.

24 A. Let me finish, please.

25 Q. No, I’m sorry, Mr Belykh, for the moment, I am in

30 :1 charge. Mr Belykh, what I’m asking about, you referred
2 to documents which had to be disclosed in these

3 proceedings.

4 A. Mm hmm.

5 Q. It is the Bank’s obligation to disclose them; do you

6 agree with that?

7 A. No.

8 Q. Mr Belykh, your explanation why they are not available

9 is that you had four relocations since you first had

10 them; isn’t it?

11 A. No. These were not original letters; these were copies,

12 and they were not considered as important documents.

13 Sorry.

14 MR JUSTICE HILDYARD: I think that the question is focusing

15 not on the letters, but your explanation as to why no

16 copies are available, and I think the explanation you

17 offered was that they had become lost in one of five,

18 now reduced to four, relocations.

19 A. That’s true.

20 MR JUSTICE HILDYARD: And you are being asked about that,

21 and the focus is on that.

22 A. Yes, that’s true. During these relocations they’ve been

23 lost.

24 MR JUSTICE HILDYARD: Yes.

25 MR STROILOV: Well, I think I will move on, except

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Bank St Petersburg v Vitaly Day 3
Arkhangelsky [Master]

31 :1 perhaps …
2 MR JUSTICE HILDYARD: I think you asked whether since you
3 received those letters, now lost, have you moved four
4 times?
5 A. Yes, that’s true.
6 MR JUSTICE HILDYARD: Yes.
7 MR STROILOV: My Lord, it may be a convenient moment to
have
8 a 10-minute break for the shorthand writers and for
9 everyone.
10 MR JUSTICE HILDYARD: Very well. If that suits you, we will
11 have a 10-minute break.
12 MR LORD: I will tell the witness he mustn’t talk to
13 anybody, my Lord, or perhaps you …
14 MR JUSTICE HILDYARD: Yes, I am grateful.
15 MR LORD: I forgot to tell him, my Lord, it is my fault.
16 MR JUSTICE HILDYARD: Whilst you are giving your evidence
17 you must not speak to anyone during breaks about this
18 case. Any subject in the world, but not anything to do
19 with this case.
20 A. Maybe it is worth just staying here.
21 MR JUSTICE HILDYARD: I will leave that to how comfy you
22 feel there and where you want to go in the meantime.
23 A. There will be no suspicion.
24 MR JUSTICE HILDYARD: We will have 10 minutes’ break in
any
25 event.
32 :1 (11.36 am)
2 (A short break)
3 (11.45 am)

4 MR STROILOV: Mr Belykh, do you recall an OMG company called

5 Vyborg Shipping Company?

6 A. Yes, that was the client of our Bank.

7 Q. And, Mr Belykh, the way I understand the project worked,

8 and if, perhaps, you could confirm that, the business

9 plan — do you recall the business plan for Vyborg

10 Shipping Company?

11 A. Well, of course I do remember the general idea, but the

12 business plan itself was quite big.

13 Q. Just correct me if I am wrong, I will try to put to you

14 the general idea in connection with lending. So the

15 idea was Vyborg Shipping would take out a loan and

16 pledge one of its ships. Initially it was only one

17 ship, is that the beginning of the project?

18 A. Well, you are speaking about the collateral already, but

19 that is not the business idea.

20 Q. About the pledge. I’m sorry, I am interested in

21 the arrangement for the credit line. The Bank did open

22 a substantial credit line to finance the Vyborg Shipping

23 project, didn’t it?

24 A. So if we do not speak about the business plan and the

25 business idea and we speak only about the collateral,

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Arkhangelsky [Master]

33 :1 the main idea, as far as I remember, was that the Bank
2 cannot immediately open the total amount, but it would

3 be made step by step, so that the first ship is bought,

4 then it is pledged, and then that raises the possibility

5 to go step by step, increasing the loan. That was the

6 main idea.

7 Q. Yes, so that every next ship is pledged to obtain a loan

8 to finance the next ship; was that the scheme?

9 A. That was a part of the scheme, of course.

10 Q. Yes. And then about the middle of 2008 there was

11 a change of plan, wasn’t there?

12 A. Maybe. I do not remember exactly these details; what do

13 you mean?

14 Q. Well, there was a meeting of the big credit committee

15 in July 2008, where you considered as a committee

16 changing the original arrangement and substituting the

17 pledge from a ship to Western Terminal; do you recall

18 any such meeting?

19 A. I don’t remember details, sorry.

20 Q. Perhaps if we could look at the document, that might

21 refresh your memory. If you could look at

22 {D53/936.1/0.1}

23 A. Just a second. I don’t see it yet. Okay.

24 Q. I think you can move that screen slightly if that makes

25 it more convenient?

34 :1 A. No, as soon as the document is here I can read. I am a
2 literate person, no problem.

3 Q. So you have the English text at page 0.1, and then

4 I think if you like to look at the — I beg your pardon,

5 my Lord, I think one of the pages is missing in

6 translation.

7 Let’s go in stages. I’m sorry, my Lord, I think

8 I will have to ask Mr Belykh to read — the substantive

9 text is actually missing from the translation, so

10 I think I will have to ask Mr Belykh to read the Russian

11 text and then you will hear the translation and it is in

12 the transcript. I think there is no other choice.

13 There are three pages of the Russian text and only two

14 of English and the substantive page which you see at

15 page 4, the Russian text, it is missing.

16 MR JUSTICE HILDYARD: So we have no translation of this?

17 MR STROILOV: We don’t, I am afraid not. It’s not

18 tremendously important. I am just trying, really, to

19 refresh Mr Belykh’s memory, so perhaps it will be

20 unnecessary if you are happy to proceed on that basis,

21 if I just show that page to Mr Belykh and just so that

22 he understands what I am talking about.

23 MR JUSTICE HILDYARD: I think we must have some form of

24 record as to the documents that we are referred to, in

25 English, that being this court’s process. But I am

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Arkhangelsky [Master]

35 :1 content, if Mr Lord is, that you should show the Russian
2 version and then Mr Belykh should tell us what his

3 translation is. At some point, I should have thought,

4 if it is being referred to substantively, rather than

5 simply for its context, we need a translation.

6 MR STROILOV: No, my Lord, what I had in mind is that

7 Mr Belykh reads it in Russian and then simultaneous

8 translators, who are sworn translators, translate it and

9 then, using these translation devices you can hear it

10 and then it is in the transcript.

11 MR JUSTICE HILDYARD: I would be content with that, if you

12 are, Mr Lord.

13 MR LORD: Yes, I am content, my Lord. I think there may

14 well be a translation I fear has not got uploaded. If a

15 document is referred to and it appears there is a

16 missing translation, we will obviously arrange to have

17 it uploaded as soon as we can.

18 MR JUSTICE HILDYARD: Thank you.

19 MR STROILOV: So if we could have page 4 of that document on

20 the screen. I beg your pardon. Just a second.

21 Mr Belykh, you have seen the first page, you have

22 seen — this is …

23 A. The first page of English text I see on the screen and

24 also have some printed matter here. What’s your

25 question, please?

36 :1 Q. Yes, then if you could go — well, I think at page 1,
2 which is not 0.1, but 1 {D53/936.1/1}, that is the

3 beginning of the Russian translation of what we have

4 just seen there. I want to explain, this is how the

5 minutes of the big credit committee look, isn’t it? It

6 looks all right, doesn’t it?

7 Then if we could go down to page 3 of the same

8 document {D53/936.1/3}, I am afraid that is only in

9 Russian, and if you could just quickly look at the only

10 text you can see, and then if you could scroll down to

11 page 4 —

12 A. Page 3, there is not too much. It says there should be

13 some changes approved —

14 Q. If you could just scroll down to page 4 so that

15 Mr Belykh can read it first {D53/936.1/4}, and if you

16 could just read through to —

17 MR LORD: My Lord, I am told that {D53/934/1} is the English

18 translation for this. I am not absolutely sure —

19 MR STROILOV: If we could have it on the second screen,

20 then, so my Lord sees what Mr Belykh is looking at.

21 MR JUSTICE HILDYARD: {D53/934/1}.

22 A. Now I have here a Russian text, and here …

23 MR JUSTICE HILDYARD: Does that look like it? I am afraid

24 I won’t be able to tell.

25 MR STROILOV: Well, in substance, my Lord, that seems to be

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Arkhangelsky [Master]

37 :1 the same decision —
2 A. Yes, it looks like.

3 MR JUSTICE HILDYARD: Thank you very much, I am grateful.

4 A. It looks like this is coincident, or adequate

5 translation, yes.

6 MR STROILOV: Mr Belykh, if you could read just from the

7 beginning of what has been resolved to paragraph 60.2.3,

8 just in fairness — well, perhaps my Lord wants to read

9 to 60.2.3, to be fair. I just don’t want to stop at …

10 (Pause).

11 MR JUSTICE HILDYARD: Which bits do you want me to read?

12 MR STROILOV: The first half of the page. I beg your

13 pardon, my Lord, yes, you are not looking at the Russian

14 text. So I suppose in the English version to the end of

15 paragraph — I think that’s not quite identical,

16 my Lord. I think I will …

17 Well, yes, if you just read to the beginning of —

18 MR JUSTICE HILDYARD: You want me to read «Draft Decision»

19 down to 7, do you?

20 MR STROILOV: Not really, no, just to the beginning of

21 paragraph 2.

22 MR JUSTICE HILDYARD: Paragraph 2. Okay. (Pause).

23 MR STROILOV: So Mr Belykh, where are you? Have you read


24 A. I am in the box.

25 Q. No, I am just trying to understand how far you have read

38 :1 the document. You have seen it. Does it ring any
2 bells; do you recall that meeting?

3 A. Well, I believe that this meeting took place and, of

4 course, I see the decision, but I don’t remember details

5 of that meeting for sure.

6 Q. Basically you are just looking at the document that then

7 tells you the meeting took place, but do you have any

8 recollection of it?

9 A. Not in particular. But I believe that I can answer some

10 questions of yours, if any, or at least think about

11 them.

12 MR JUSTICE HILDYARD: Does the minute say who was at the

13 meeting?

14 MR STROILOV: Yes, it does, my Lord. On the screen there we

15 have the Russian version, I think, yes, we don’t need it

16 any more. So if we could —

17 MR JUSTICE HILDYARD: This witness was at the meeting, was

18 he, according to the minute?

19 MR STROILOV: Yes, that’s right.

20 A. Yes, I attended that meeting.

21 MR JUSTICE HILDYARD: Yes.

22 MR STROILOV: Yes, we don’t read it really. It will be

23 {D53/936.1/0.1}, just for the record, but I think it

24 is …

25 MR JUSTICE HILDYARD: That’s fine, he has confirmed he was

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Bank St Petersburg v Vitaly Day 3

Arkhangelsky [Master]

39 :1 at the meeting.
2 MR STROILOV: So, Mr Belykh, I’m not quite clear, do you

3 actually have a recollection of that meeting?

4 A. No.

5 Q. How did you say you can answer questions about it if you

6 don’t have …?

7 A. You might be interested in the business scheme or in

8 some economic matters, but not on the details of this

9 particular meeting.

10 Q. Yes. Well, the difficulty we have, Mr Belykh, is that

11 normally — will you please confirm: normally when you

12 have a meeting of a big credit committee, there is

13 a so-called electronic pack of documents which is

14 circulated to members of the committee, isn’t there?

15 The documents are a pack of documents which you need to

16 read and consider at the meeting?

17 A. Yes, there is a pack of documents. I am not sure at

18 that time they were in electronic form. They might be

19 on the paper, but definitely we had certain documents

20 before in advance.

21 Q. Yes. I understand, Mr Belykh, our problem is that the

22 Bank decided to destroy these packs in 2009.

23 A. I don’t think so.

24 Q. Normally they are destroyed in a year’s time, aren’t

25 they?

40 :1 A. No, when I’m saying no, it means that you said that the
2 Bank decided to destroy, it looks like a specific

3 decision. If in the normal case they should be

4 destroyed, as it should be, maybe in several years —

5 I don’t know the procedures — then they are destroyed.

6 Q. I see, Mr Belykh. The trouble is, these documents, we

7 don’t have these documents, so we have to ask you and

8 try and figure out what was there.

9 We have located some documents which might have been

10 considered at that meeting in other files, so if you

11 could perhaps look at the document at {D93/1166/5}.

12 I beg your pardon. That is one of the electronic

13 translations. I’m sorry, my Lord, it is not as neat

14 as …

15 MR JUSTICE HILDYARD: That’s all right.

16 MR STROILOV: … it should have been, ideally.

17 And if we could have — perhaps it is better if

18 Mr Belykh has page 6 of the same document, perhaps on

19 the other screen.

20 MR JUSTICE HILDYARD: {D93/1166/6}?

21 MR STROILOV: Yes, and page 6, and I am wondering if,

22 perhaps, I should ask Mr Belykh to read that aloud, and

23 then your Lordship may hear it in the headphones, if

24 that’s all right? I think there are —

25 MR JUSTICE HILDYARD: I’m not sure I’ve got the hang of

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Arkhangelsky [Master]

41 :1 these. I just sling these on, do I, and it all comes
2 into English, does it?

3 MR STROILOV: Yes, it is actually a good idea to test them

4 anyway, my Lord.

5 MR LORD: Sorry, my Lord, I think there is a translation of

6 it on the screen. I’m not sure why we are following —

7 MR JUSTICE HILDYARD: I just don’t know whether it is or it

8 isn’t.

9 MR LORD: The idea is, that if possible, we get the Russian

10 and the English.

11 MR JUSTICE HILDYARD: Is {D93/1166/5} the English

12 translation of {D93/1166/6}?

13 A. It is exactly the translation.

14 MR STROILOV: It seems to be an electronic translation and

15 I am concerned that this may be imprecise. I didn’t

16 actually do a comparison. I don’t know, it may be —

17 perhaps your Lordship looks at it and —

18 MR JUSTICE HILDYARD: Do you want me to look at the English

19 at {D93/1166/5}?

20 MR STROILOV: Perhaps we should put it to a test: if you

21 look at the translation and then I ask Mr Belykh

22 questions on the Russian version and if you can’t

23 follow, then we will have to find some other way of

24 doing this. I do apologise, my Lord, but that was —

25 MR JUSTICE HILDYARD: Is it your concern that the English

42 :1 translation in this case is materially incorrect?
2 A. Well, as a matter of fact, the only thing which I see,

3 my Lord, is that «navigable company» is in another

4 document translated as «shipping company», otherwise it

5 is rather close. It may be clumsy in certain points,

6 but I don’t see any material difference, frankly.

7 MR JUSTICE HILDYARD: That may be quite a bold thing to say,

8 but I just don’t know. Shall I read the English as it

9 is?

10 MR STROILOV: Yes, perhaps, and if you could indicate

11 whether it makes sense, that would be helpful, because

12 for me it is slightly — it is a foreign language for

13 me, so I am not — and I know what it is supposed to

14 say, so it is difficult to assess. (Pause).

15 If Mr Belykh could also read the Russian version,

16 I suppose, that we know to be authentic.

17 MR JUSTICE HILDYARD: Well, it is a curious translation,

18 I will give it that. It’s not immediately — I mean,

19 one can sort of guess at what it means, but it is not

20 a particularly satisfactory translation.

21 MR STROILOV: Well, my Lord, I must say that our only

22 translator is fully stretched. I don’t know whether the

23 claimants might be prepared to assist and provide one

24 subsequently.

25 MR JUSTICE HILDYARD: What questions do you want to ask on

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Arkhangelsky [Master]

43 :1 this?
2 MR STROILOV: Indeed. Let me proceed and then —

3 MR JUSTICE HILDYARD: Does it matter what it means, as it

4 were? Do you have some particular questions? Is this

5 about the land?

6 MR STROILOV: Yes, that’s right, my Lord.

7 MR JUSTICE HILDYARD: Okay, ask your questions about that,

8 because I know, roughly, your case on that.

9 MR STROILOV: Mr Belykh, it seems that — well, does it ring

10 any bells, let me start by that. Do you now recall any

11 discussions in big credit committee —

12 A. No, I don’t recall any discussions.

13 Q. Do you recall seeing this document at the time?

14 A. I, frankly, don’t remember it.

15 Q. Do you recall that at the time it was the Bank’s view

16 that the Western Terminal was pledged at — sorry, let

17 me start again — that the loan given against Western

18 Terminal as a collateral was only at 38 per cent of

19 the value of Western Terminal? Do you remember having

20 discussed that?

21 A. No, I don’t remember these discussions.

22 Q. And at the time it was pledged, the reason why the whole

23 terminal was pledged was because you cannot pledge only

24 part of it under the Russian cadastral rules; do you

25 recall any of that?

44 :1 A. I do not remember the details, but I think you are
2 right: that might be the reason why Mr Arkhangelsky

3 proposed us this particular collateral, because it was

4 just like a whole block. It might be. It sounds

5 reasonable, but I don’t remember whether that was

6 discussed in details.

7 Q. What this document suggests, Mr Belykh, is that the

8 intention of the Bank, and of Mr Arkhangelsky, was to

9 apply to the cadastral authorities and change the

10 conditions so that only part of Western Terminal would

11 be pledged. Wouldn’t you agree?

12 A. Well, just a second, I will try to read the English

13 version so that my answer would be better understood.

14 Q. No, I’d rather ask you to read the Russian version,

15 Mr Belykh, because it is authentic.

16 A. Okay. Just a second. Give me several seconds.

17 Q. Don’t bother about the English version. If there is

18 a difficulty, my Lord will tell us. I would like you to

19 look at the actual document and tell us what happened.

20 A. Yes, I am looking at the actual document and this

21 particular section which you are speaking about seems to

22 have been reasonably clear in the English version, just

23 a comment, and my general feeling is, yes, you are

24 right, Mr Arkhangelsky was interested to make petition

25 of procedure for this terminal plot so that only part of

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45 :1 it could be under the Bank’s pledge and part of it can
2 be taken out.

3 Q. Yes, and the Bank agreed to that, didn’t it?

4 A. I don’t remember.

5 MR JUSTICE HILDYARD: What does it say? Does it say that

6 the Bank agreed, subject to sufficiency of value, which

7 is what the English says, or not?

8 A. Well, the point is that this is information letter.

9 It’s not the decision. It’s just a note, and the people

10 who signed this note say that they agree with this

11 opinion of Mr Arkhangelsky, but it doesn’t say about the

12 decision of the authority who bought it, whether that

13 was accepted or not. That I don’t remember, frankly.

14 MR STROILOV: I’m not suggesting it was formally accepted,

15 I think.

16 A. This is the letter — the people in question who signed

17 this information note worked in the branch, Investrbank,

18 and I don’t know what was the decision — I don’t

19 remember what was the decision of the big credit

20 committee.

21 Q. The note is actually addressed to the big credit

22 committee.

23 A. Yes —

24 Q. Do you recall any discussions on that?

25 A. I don’t remember these discussions.

46 :1 MR LORD: Sorry, my Lord, I think there is a note of
2 the resolution, so it might be fair to put this to

3 the witness. The board resolution.

4 MR JUSTICE HILDYARD: Of the ultimate board resolution? Of

5 the ultimate Bank board resolution?

6 MR LORD: Yes.

7 MR STROILOV: My Lord, I would appreciate some help with

8 reference to that document.

9 MR LORD: {D53/942/1} (Pause).

10 MR STROILOV: That doesn’t seem to be the right one. We are

11 talking about consent to the partition of — I don’t

12 recall, though it may be …

13 I am sorry, my Lord, for these delays, but I am

14 afraid that will be happening from time to time. Let me

15 look quickly in the disclosure list.

16 A. If I may make a comment? We have now excerpt

17 dated July 16 whereas this information note was dated

18 24 October so these two documents definitely do not

19 match.

20 MR STROILOV: Exactly, that’s my point, Mr Belykh. We are

21 trying to find the right document.

22 I don’t think there was a — well, in any event,

23 I don’t know whether — I think this executive board

24 resolution excerpt is something we discussed before,

25 Mr Belykh. That was the approval of big credit

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47 :1 committee decision. So I am not — I think it is
2 substantively similar to big credit committee decision,

3 but it doesn’t —

4 A. No, I’m not sure.

5 Q. Aren’t you? Well, does it ring any bells with you?

6 A. It doesn’t ring any bell, but not all proposals of

7 the branches are approved by the credit committee, which

8 is a quite normal case: it might be approved, it might

9 be not. This is a normal practice, my Lord.

10 Q. I think we have looked a moment ago at substantively the

11 same decision as you see on the screen; don’t you recall

12 that?

13 A. Sorry, I misheard you. Sorry, Mr Stroilov?

14 Q. If we could — I don’t know, I don’t think it is

15 tremendously important. Don’t worry.

16 MR JUSTICE HILDYARD: Do you personally recall any proposal

17 that any part of the land which was in a single mass

18 should be released from the Bank’s charge?

19 A. My Lord, I don’t remember the details or the dates, but

20 I understand that it might be the interest of

21 the borrower to have some assets released from the

22 pledge to increase financing by using them as a further

23 pledge. We were discussing a lot of other big projects,

24 and my position as a person responsible for the

25 development of business with the client was to try to

48 :1 find out from Mr Arkhangelsky the possibilities to
2 develop his business, and to have free assets, free from

3 any encumbrance, might be quite helpful for further

4 discussion.

5 So, in general, I would say that I understand his

6 idea and his views, and in a way, or in some form, these

7 things were discussed, of course.

8 But, as concerning these particular notes and this

9 particular decision, I am practically not sure what was

10 the outcome, whether that was approved or not approved,

11 and whether that was reasonable or not reasonable is

12 absolutely a different question, and if I’m asked about

13 the economic side of these procedures, I might give

14 comments. But that’s up to you or to Mr Stroilov.

15 MR JUSTICE HILDYARD: Do you remember any specific proposal

16 coming from Mr Arkhangelsky that in light of the fact

17 that the entirety was subject to the cadastral

18 description, some of it should be released?

19 A. I understand that that was his interest.

20 MR JUSTICE HILDYARD: He specifically proposed that, did he?

21 A. No, but I don’t remember specific details.

22 MR JUSTICE HILDYARD: Right, you don’t recall any specific

23 proposal, nor what the Bank’s reaction to it was?

24 A. No, I don’t remember.

25 MR STROILOV: I would like, I think, there is one more

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49 :1 document on that subject which I would like to put to
2 the witness. I think it is not in the bundle, but

3 your Lordship will recall you gave us permission to

4 disclose documents not in the bundle. For the record,

5 that is the claimants’ disclosure document K121, which

6 may be a duplicate. If I could have some help in

7 handing these to the judge and to the witness.

8 MR JUSTICE HILDYARD: Is this in Russian and in English?

9 MR STROILOV: It is in Russian and in English.

10 MR JUSTICE HILDYARD: Thank you.

11 MR STROILOV: That’s for the learned judge and that’s for

12 the witness. (Handed).

13 So, Mr Belykh, if you could look — I don’t know,

14 perhaps it would be better for you to look at the

15 Russian version so it may be more likely to ring bells,

16 because at whatever committee meetings you would

17 consider the Russian version.

18 A. Just a second. There are two pages.

19 Q. That’s right. I think, really, what I am getting at is

20 the section called «conclusion» at the second page of

21 the Russian document, and the second page of the English

22 translation. The conclusion of the people who inspected

23 the pledge was that the loan would be fully secured and

24 that the state of the property was satisfactory, wasn’t

25 it?

50 :1 A. Yes.
2 Q. Do you recall that?

3 A. Yes.

4 Q. Now, doesn’t this document suggest to you that it would

5 be in the Bank’s interest too to permit partition of

6 the terminal, as a cadastral partition?

7 A. Sorry, maybe I do not understand your question. Could

8 you please explain in more words.

9 Q. Sorry, it is my fault, Mr Belykh.

10 You said earlier that of course Mr Arkhangelsky was

11 interested in partitioning the terminal and only

12 pledging part of it. You said it was in

13 Mr Arkhangelsky’s interest, didn’t you?

14 A. I think so, yes.

15 Q. Now, I am suggesting to you that it is also in

16 the Bank’s interest, wasn’t it?

17 Well, these documents suggest, if you read far

18 enough, that this would put the loan into a lower risk

19 category.

20 A. Frankly, I don’t see any connection between the first

21 and second statement, because we are not discussing

22 categories of loan. I see from this document that the

23 loan is secured by certain pledge. As for interests of

24 the Bank, I don’t know. It might be in the interests of

25 the Bank, the petitioning, or might be not in

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51 :1 the interests of the Bank.
2 Q. But Mr Belykh, obviously if you were discussing the

3 issue as part of a committee, at that time you had

4 a view, didn’t you?

5 A. I had what?

6 Q. You must have had a view whether it’s a good idea or not

7 to accept this pledge, to partition that pledge, and so

8 these documents should have been considered by you.

9 A. Well, my Lord, let me explain what this document is.

10 This document is that a person from the Bank comes to

11 the object and sees that nothing bad has happened; that

12 the object exists, that the documents are in order, and

13 that is pledged in favour of the Bank.

14 Now, we have the object with the value X. Now we

15 are supposed that we reduce the value of the pledged

16 object to the certain amount, and whether that is in

17 the interests of the Bank is quite questionable, because

18 that reduces the coverage of the loan.

19 MR JUSTICE HILDYARD: I think you need to read the document,

20 possibly. What’s being put to you, as I understand it,

21 in accordance with the document, is that it might — it

22 seems to be recorded that it might be in the Bank’s

23 interest to have separate cadastral descriptions

24 because, under the existing cadastral description, only

25 the sale of the entirety would be possible, which would

52 :1 undermine the business of the company and, thereby,
2 reduce its income flow to the detriment of the Bank.

3 That is what I understand is being put to you as being

4 the record which is there; is that right, Mr Stroilov?

5 MR STROILOV: That’s right, my Lord, that’s what the

6 document says.

7 Would you …?

8 A. My Lord, I think that your argument is quite sound, but

9 I’m not quite sure whether it stems from this

10 particular — from this particular document.

11 MR JUSTICE HILDYARD: It seems to indicate that:

12 «If a separate cadastral number is attributed to

13 a loan plot related to a berth, the security may be

14 included in the second quality category, whereas

15 previously it couldn’t because the sale by the Bank of

16 the right of pledge entails a risk of loss of

17 the pledger’s business and a considerable decrease of

18 income.»

19 That appears to be what is recorded, and I think you

20 are being asked, therefore, whether it was also —

21 whether the interests of the Bank and the interests of

22 Mr Arkhangelsky therefore coincided in this regard.

23 That’s what I think you are being asked.

24 MR STROILOV: Yes, my Lord, indeed, I’m grateful.

25 A. Let me read more carefully what it says.

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53 :1 MR JUSTICE HILDYARD: Yes, I think you are right to do so.
2 (Pause).

3 MR STROILOV: Just tell me when you have finished and then

4 I will ask the question. All I am interested in,

5 really, is whether this rings any bells; do you recall

6 having any discussions along these lines?

7 A. I don’t remember discussions, but I think, my Lord,

8 I think I was not understood properly, because I was

9 thinking that we were speaking of taking out some part

10 of the pledge, and here it says that we are reorganising

11 the pledge by preserving it, but separating it into

12 different parts. It’s not the same question. Maybe

13 I was a bit confused by the lack of the time to look at

14 the document.

15 Q. I think that is correct, but I put it to you that the

16 intention was to do it in stages: separate the terminal

17 while it is separated, all parts of it remain pledged,

18 and then there is a separate agreement between the

19 parties to remove some of the parts from the pledge;

20 does that make sense?

21 A. Well, that might make sense from the point of view of

22 the borrower, but it’s not always sensible from the

23 point of view of the Bank, because that might reduce the

24 overall value of the pledge.

25 Q. Well, I think I need to — well, do you recall that

54 :1 around the same time there were valuation reports
2 obtained from the company called Lair; do you recall

3 that?

4 A. Well, I believe that these reports have been obtained

5 before the pledge was arranged.

6 Q. That’s right. Well, I don’t think that’s right,

7 actually, but you do have a recollection of their being

8 obtained?

9 A. That’s — I do not remember myself, because I’m not

10 dealing with these documents, but as a member of the

11 credit committee, I know that if the decision is made to

12 disburse the loan against the pledge, this means that

13 this pledge should be valued and the amount of

14 the value — and the value of the pledge is included in

15 the agreement between the Bank and the borrower and it

16 is also registered. Therefore, I am sure that the

17 report was obtained by the Bank, not by myself, in

18 advance before the disbursement took place.

19 Q. Yes, thank you, Mr Belykh. I believe that some time —

20 you say in your statement that some time after the

21 alleged default, you became more sceptical about those

22 reports, weren’t you?

23 A. That’s true.

24 Q. That’s true, and that was because you carried out

25 an investigation of the adequacy of those valuations,

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55 :1 isn’t that correct?
2 A. Well, there was an investigation of the whole situation,

3 and part of that was my investigation of the report.

4 Q. Yes, and I understand, Mr Belykh — correct me if I am

5 wrong — that as part of those investigations you,

6 personally, made essentially four things: first, you

7 read the Lair reports and scrutinised them; secondly,

8 you and Ms Mironova visited Western Terminal; thirdly,

9 you commissioned reviews of those reports by another

10 company called ADK, and; fourthly, you had a meeting

11 with some of the top people from the valuation company,

12 Lair; is that a fair summary?

13 A. Yes.

14 Q. Did it happen in that order: first reading, then going

15 to the terminal with Ms Mironova, then reviews by ADK,

16 then meeting with Lair? Chronologically, was it in that

17 order?

18 A. I’m not sure. I’m not sure.

19 Q. Which bit do you doubt?

20 A. It might be the case that I first visited the plot and

21 then deeply looked, or carefully looked, on the Lair

22 report. It might be that I first met people from Lair

23 and then read the report of a different evaluating

24 company. I’m not sure that this …

25 Q. I think the way you put it in the first witness

56 :1 statement suggests that it was in that order. That is
2 at {B1/6/9}, that’s your first statement, and if you

3 read paragraph 44, it says that — you say there was

4 a default in March, then:

5 «When I was made aware of the default by OMG and the

6 fact that it was necessary for the Bank to enforce the

7 security, I had a thorough read of the valuation reports

8 which the Bank had relied upon. At some point in 2009

9 I went with Ms Mironova to look at land that was

10 provided as security. I recall it was a port terminal

11 owned by Western Terminal.»

12 Now, that suggests a sequence.

13 A. I don’t know.

14 Q. No, it doesn’t, it could have been in any order?

15 A. For me, it doesn’t suggest a sequence and frankly,

16 I don’t remember which was first and which was second.

17 Q. I suppose the investigation actually happened, how long

18 did it take, the whole investigation, as such?

19 A. Well, I do remember that the whole report was rather

20 substantial in volume, therefore it was definitely — it

21 took some time, maybe two or three hours, maybe more.

22 Q. No, I mean how many days it took you, or weeks, or

23 months or years it took you to complete all the four

24 steps we’ve discussed. Was it in the course of two

25 weeks?

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57 :1 A. I don’t remember. Well, I wouldn’t say a step of
2 receiving a valuation from another company as a separate

3 step; it’s just the Bank received it, and maybe — could

4 you please clarify your question? I don’t understand.

5 Q. I’m just trying to establish when that happened. It

6 looks to me, from the documents which I will take you to

7 in a moment, that all these matters took place in or

8 around the first half of July 2009; does that sound

9 right?

10 A. I’m not sure.

11 Q. Well, perhaps if we could look at the trial bundle

12 {D123/1960/1}. Then if we could scroll down one page

13 {D123/1960/2} I’m sorry, my Lord, I don’t think it’s —

14 could we actually have the previous page on a separate

15 screen so that my Lord could look at it?

16 So this — I’m sorry, it looks like an electronic

17 translation, but it is not very substantive.

18 So, Mr Belykh, it looks like it was on 1 July that

19 you were sent Lair report, wasn’t it?

20 A. Mr Stroilov, you are right that on 1 July I was sent the

21 report, however, that was not my first acknowledgement

22 of this report. I would like to explain that

23 Mr Batorshin was a member of my department, and by

24 certain reason, we were discussing the situation that

25 Lair had two different reports made for Mr Arkhangelsky

58 :1 in different times, so that was already the discussion
2 of these reports.

3 Q. Yes, I see.

4 A. But before that I have studied already Lair report

5 before. Definitely before 1 July.

6 Q. Definitely before. Right. Then if we can’t — if you

7 can’t really help us on the date, I just have to move

8 on.

9 Then I think — so you can’t help us on the date of

10 your visit to Western Terminal either, your visit with

11 Ms Mironova either; you don’t remember that?

12 A. No.

13 Q. Right.

14 A. There was light snow, but in our climate that’s not

15 a good indicator.

16 Q. Right, Mr Belykh.

17 Let’s, then, go —

18 A. But I bring us — that’s before July, for sure.

19 Q. Right. If I could just go to — I am sorry, my Lord, my

20 system seems to slow down on top of the problems, but

21 hopefully it won’t be too long.

22 Now, Mr Belykh, I would like to take you to

23 a transcript of an interview given by your colleague,

24 Mrs Maylsheva, Irina Maylsheva, to a journalist. If you

25 could have {AA2/8/109} on the screen. That’s the

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59 :1 English transcript. If necessary I can arrange, I’m
2 sure, with my Lord’s permission, for the audio record to

3 be played to you. I am afraid there is no Russian

4 transcript.

5 So if you look at what is marked as paragraph 118,

6 and then if you read the last three lines of that:

7 «We saw, after he took a half of the four billion

8 for this port … we saw three rusty piles … a railway

9 that started nowhere and ended in a pile of garbage …

10 and that’s all.

11 «And there were also collapsing walls.»

12 That’s your press secretary, Anna Barkhatova.

13 Does that sound, Mr Belykh, as a reference to your

14 and Ms Mironova’s visit to Western Terminal? Do you

15 think she is talking about that?

16 A. Well, you know, the glass is half full/half empty, as we

17 all know. Definitely I was disappointed what I have

18 seen.

19 Q. Mr Belykh, I am not asking you about that. I’m sorry,

20 it must be my fault in formulating. I’m just asking, is

21 this a reference to your and Ms Mironova’s visit to

22 Western Terminal?

23 A. I don’t know.

24 Q. «We saw». By «we» she means the Bank, doesn’t she?

25 A. It might be, but I’m not sure. I was not a member of

60 :1 this interview.
2 Q. Of course you are not, but would you expect

3 Mrs Maylsheva to know about your visit?

4 A. She might know about our visit.

5 Q. Yes, because, Mr Belykh, what you say in your first

6 witness statement, if we could have back {B1/6/10}, if

7 we could have that. I think that’s all right.

8 If you look at the bottom of paragraph 45 —

9 A. Yes.

10 Q. Actually at the whole of paragraph 45:

11 «For example, there was a project for the

12 development of a railway at the port and it had been

13 described to us as if it was almost ready for use. What

14 we saw on the actual land was an approximately several

15 metre long railway that went from one small hut to

16 nowhere.»

17 That is very similar to what she says, isn’t it?

18 A. To a certain extent it is similar.

19 Q. Yes. What I am suggesting to you is that she is

20 describing what you say you saw in Western Terminal?

21 A. Maybe.

22 Q. Except that she puts it a bit richer(?) than you. So

23 was the railway going from a small hut or from a garbage

24 heap, in fact?

25 A. Well, in number 45 I have made my witness statement, and

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61 :1 it says what I saw.
2 Q. That’s what you saw?

3 A. That’s what I saw.

4 Q. Yes, well —

5 MR JUSTICE HILDYARD: Can I just clarify: You went, and

6 what you were reporting on in your witness statement,

7 you went with Ms Mironova, yes?

8 A. Yes, I was not with Ms Maylsheva.

9 MR JUSTICE HILDYARD: Were you with Ms Maylsheva?

10 A. No, we were two of us, Ms Mironova and I, and I have put

11 in my witness statement what I have seen.

12 MR STROILOV: Yes, well, did you take any photographs of

13 that remarkable railway?

14 A. No.

15 Q. Did Ms Mironova take any photographs of that railway?

16 A. I don’t remember, but probably not. Otherwise it would

17 circulate somehow in our documents, and it didn’t.

18 Q. Yes, well I think there is another possibility,

19 Mr Belykh; is that railway still there?

20 A. I don’t know. I have visited that plot only once. How

21 should I know?

22 Q. Well, Mr Belykh, you are experienced in valuations,

23 aren’t you?

24 A. Well, to a certain extent, yes.

25 Q. Well, you specialised in valuations in your academic

62 :1 career, didn’t you?
2 A. Well, I would say that my PhD was devoted to these

3 questions, yes.

4 Q. So you understand how it works, don’t you? You have

5 to —

6 A. I hope so.

7 Q. Mr Belykh, wouldn’t you agree that if the factual

8 picture is incorrect, valuation changes completely?

9 A. I would say that this statement is not exact, because —

10 Q. All right, let me put it differently. You have to have

11 factual evidence of something as remarkable as a railway

12 which is missing, effectively?

13 A. Frankly, I do not understand your question. Sorry.

14 Q. It is important, isn’t it, if you are told there is

15 a railway and, in fact, it is missing, it is important

16 to have evidence?

17 A. I still don’t understand your question, Mr Stroilov.

18 Sorry.

19 Q. Why didn’t you take a photograph of such a remarkable

20 railway?

21 A. What … well, again, okay, we didn’t take a photograph.

22 So what?

23 Q. Why not?

24 A. I don’t think that was important at that time, the

25 company was in default already and it was just to have

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63 :1 a look on the terminal how does it look like.
2 Q. Yes.
3 A. So maybe nowadays I would do differently, maybe not, but
4 that’s another story.
5 Q. Thank you.
6 MR JUSTICE HILDYARD: Did anyone from ADK accompany
you and
7 Ms Mironova on this single visit?
8 A. No, we were only two of us. On that particular visit,
9 we were only two, my Lord.
10 MR JUSTICE HILDYARD: Do you know whether anyone from
ADK
11 went on another visit?
12 A. I don’t know.
13 MR STROILOV: Right. My Lord, I think the next section is
14 going to take a little time, so I was wondering if we
15 could have the lunch break early? Maybe, I am just
16 concerned it may go over time, and perhaps I could
17 prepare several documents in advance so that it goes
18 quicker. I wonder if that would be convenient from your
19 point of view? Should I move on?
20 MR JUSTICE HILDYARD: Well, I don’t know what you need.
21 Would you like to take five minutes now and then go on
22 until 1.10, or are you saying you need longer than that?
23 MR STROILOV: No, I could take — I think the next part of
24 it — I can take five minutes, my Lord, if that is your
25 preference and then we go to —
64 :1 MR JUSTICE HILDYARD: Shall we take five minutes now and
go
2 on five or ten minutes extra. The thing is if we start

3 compressing the amount of time too much we may get too

4 little done in a day for comfort.

5 MR STROILOV: Yes, I understand about that, to note.

6 (12.42 pm)
7 (A short break)
8 (12.47 pm)

9 MR STROILOV: May it please your Lordship. If we could

10 please have on the screen — I beg your pardon, my Lord,

11 just a second. Again, it is a translation problem, but

12 I think the table is identical in … (Pause).

13 I am afraid, again, I don’t find the translation of

14 the document I would like to show to Mr Belykh, that’s

15 why the delay and I apologise for that.

16 MR JUSTICE HILDYARD: Do you have the Russian? Maybe

17 Mr Lord would help on the translation.

18 MR STROILOV: I am looking — there is a machine

19 translation, but I’m not sure that is satisfactory, if

20 I could look at that. Sorry, my Lord. (Pause).

21 I beg your pardon. I hope it is only a minute,

22 hopefully. (Pause).

23 I’m sorry, it’s been the same document, I can’t

24 quite find the pages. I’m terribly sorry, my Lord, but

25 it is important to find those parts of it.

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Arkhangelsky [Master]

65 :1 MR JUSTICE HILDYARD: No, it’s all right.
2 MR STROILOV: I am afraid you will still have to use the

3 machine translation. If we could, please, have on the

4 screen {D123/1960/16}. That is the translation of the

5 Lair report. No, I’m not sure that makes any sense,

6 really. I’m not even sure it is the same table I would

7 like. No, I don’t think that is helpful, my Lord.

8 Perhaps, my Lord, if I ask the question and then you

9 look at the Russian version, I don’t think it is

10 terribly important in substance, and perhaps

11 a translation can be provided later after Mr Belykh has

12 explained what it is. I’m terribly sorry.

13 MR JUSTICE HILDYARD: Don’t worry about that. Where is the

14 Russian version?

15 MR STROILOV: That will be at {D123/1960/83}.

16 MR JUSTICE HILDYARD: 83?

17 MR STROILOV: Yes.

18 MR JUSTICE HILDYARD: And is that the Russian version of

19 what we see at {D123/1960/16}?

20 MR STROILOV: I think that’s right, yes. Really, what

21 I would like Mr Belykh to look at is the table, table

22 6.1, which is at the top of the English version and

23 towards the bottom of the Russian version.

24 Then further — and then one page, if we could

25 scroll one page down, I think, in the Russian version

66 :1 {D123/1960/84}, that will match actually.
2 Mr Belykh, if you look at the table at the top of

3 this page, that is from Lair report which you were

4 reviewing; do you recall that?

5 A. Well, I have no reasons to doubt that. I don’t recall

6 it, but I believe you.

7 Q. Well, you obviously reviewed the Lair report, that’s why

8 I’m asking.

9 Never mind, Mr Belykh. You see three railway tracks

10 mentioned there in that table, don’t you?

11 A. Well, I see one.

12 Q. There is, in the first column —

13 A. Then the second and third, yes.

14 Q. Yes, the first column is one — is a railway track

15 called «Roslyakovskiy», then you have berth 7V-16M, then

16 you have berth 7V-15, and then you have a railway track

17 called «Continuation of the Roslyakovskiy track», then

18 you have a nameless track, and I have just listed the

19 columns. Then below you see the cadastral columns, the

20 age and what they are designed for and so on.

21 Mr Belykh, I am asking you to recall which railway

22 track was missing. These are the only three railway

23 tracks mentioned in the Lair report. Which of them was

24 missing?

25 A. Which was what?

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Arkhangelsky [Master]

67 :1 Q. Which of them was missing?
2 A. I’m not saying that something was missing.

3 Q. Which of them was only several metres long, going from

4 one small hut to another?

5 A. Well, let me explain this point, my Lord. The whole —

6 Q. I’m sorry, Mr Belykh. There were three railway tracks

7 mentioned in the report.

8 A. Yes.

9 Q. You say one of them was only several metres long, going

10 into nowhere. I’m asking which: Roslyakovskiy,

11 continuation of the Roslyakovskiy, or the one you see in

12 the far right column, which has no name?

13 A. If you see a railway, it’s not necessarily has a label

14 that: this is a continuation, or whatever. I’m speaking

15 of what I have seen and I’m not sure which name was of

16 that railway which I have seen at that time.

17 Q. You haven’t identified it in the report.

18 A. That was not my purpose.

19 Q. No, it wasn’t. Right. I see.

20 So, Mr Belykh, I put it to you that you can see in

21 this table that one of the railway tracks is 946 metres

22 long, and that’s Roslyakovskiy put’. Then you see in

23 the continuation of Roslyakovskiy track is 179 metres

24 long. Then you have the third railway track is

25 165 metres long.

68 :1 Now, Mr Belykh, there are no other references to
2 railway tracks in Lair report, so which one was missing?

3 A. I think that it’s the wrong word you use «missing».

4 Q. Which one was only several metres long going into

5 nowhere?

6 A. That one which I have seen, and if you have the total

7 square of the plot —

8 Q. So that was the fourth one which wasn’t in the report,

9 but which you have seen it was going to nowhere?

10 A. If you let me continue my sentence —

11 Q. I’m sorry, Mr Belykh —

12 MR JUSTICE HILDYARD: Let him continue so that we know, and

13 you can come back to the answer if you want,

14 Mr Stroilov, but you will devalue the value of your

15 questioning if it appears that you have not allowed the

16 witness to answer properly.

17 MR STROILOV: I’m grateful, my Lord, you will appreciate

18 I need to learn that.

19 Yes, Mr Belykh, please say what you want to say?

20 A. When we were visiting the plot we were observing the

21 plot as such, and, as far as I remember, there was

22 nothing of 1 kilometre along that we have surveyed when

23 we visited that plot. My feeling was that we were

24 expecting to see that the railway comes to the berth so

25 that it would facilitate whatever works being done

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Bank St Petersburg v Vitaly Day 3

Arkhangelsky [Master]

69 :1 there, but what I have discovered, that it did not
2 connect the berth with the railway, which was, for my

3 opinion, quite difficult for further construction works.

4 So that was not completed. We were expecting much more

5 completed object, and it seemed that there was

6 a substantial part not completed, and that was reflected

7 in my witness statement; that in the normal way, if you

8 have, as it was called, multi-functional terminal, then

9 the railway comes to the berth and to these special

10 devices which help to load and unload the cargo. That’s

11 as simple as that.

12 It might be quite possible that there was a long

13 railway road somewhere outside of the pledged plot which

14 was in our favour, but it was not functional enough, and

15 that was sort of a disappointment which was reflected in

16 my statement, and that’s all. Nothing else.

17 MR JUSTICE HILDYARD: Did you have the Lair report, or did

18 Ms Mironova have it with you when you went on this

19 visit?

20 A. Frankly speaking, we were not having it with us. We

21 just — the purpose was just to find out what could we

22 do if we just come and see this. It was not the idea of

23 checking the accuracy of the report or of previous

24 reports of our colleagues; it was just to have the real,

25 personal understanding what was there, and that we had,

70 :1 and that’s it.
2 MR STROILOV: Right. Mr Belykh, what did give you the idea

3 that there would be that railway track?

4 A. Well, if you have an object which is valued as much as

5 it was in the report, then you could expect that you are

6 quite near to create a really functioning

7 multi-functional terminal.

8 Q. So what happened first: did you go to the terminal or

9 did you look at the report?

10 A. Well, as I have said already, I do not remember the

11 sequence, but I —

12 Q. Thank you. If you would —

13 A. But I can tell you that I was not interested exactly in

14 checking technical details; I was trying to find out the

15 economic calculation which was inside this — or which

16 was the basis of the total evaluation made by Lair

17 company.

18 Q. Yes. Could we have on the screen, please,

19 {D196/2930/2}.

20 A. 216?

21 Q. You have it on the screen before you.

22 Mr Belykh, you see two satellite photographs of

23 Western Terminal; can you show us which railway track

24 was missing, or where it was supposed to have been and

25 couldn’t be found? Can you show on either of those

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Arkhangelsky [Master]

71 :1 photographs?
2 A. What is the date of this photograph, may I ask?

3 Q. It is recent, but I’m just asking you to show where it

4 was. I’m just asking you, geographically, where did you

5 expect to find the railway track and didn’t find it?

6 A. Well, it’s difficult for me to use these photographs and

7 compare them to my memory. I — frankly, it’s

8 difficult. After seven years it is — and recent

9 photographs; a lot of things might be changed. I don’t

10 know.

11 Q. Right. Well if you could scroll down one page.

12 MR JUSTICE HILDYARD: Are these photographs different times?

13 The one at the top is a different time from the one at

14 the bottom, is it?

15 MR STROILOV: No, my Lord, I think they are all

16 contemporaneous.

17 A. The second seems to be magnified the first one, but they

18 are recent ones and, frankly, I don’t remember what was

19 at that time.

20 Q. Right, Mr Belykh. If we could, perhaps —

21 A. I see railway tracks here, so it’s quite different than

22 it was at that time, but no other comments, sorry.

23 Q. If you could go back, Mr Belykh, to the document I have

24 given you as a paper document, which — I think that’s

25 the only one which is as the claimants’ disclosure

72 :1 document, K121. If you could look at that — you have
2 it with you, don’t you?

3 A. Sorry, I … what is it about?

4 Q. «Act of a preliminary verification of the pledge».

5 A. Yes, I understand.

6 Q. Mr Belykh, if you could just look at it again.

7 A. Sorry, I don’t see it on my table for the time being.

8 Q. I am sorry, I have only one copy, but I can probably

9 spare it and look at it on the screen.

10 MR JUSTICE HILDYARD: I can spare the Russian, if it is

11 given back to me. Yes.

12 A. Thank you, my Lord.

13 MR STROILOV: I’m very grateful, my Lord. (Handed).

14 MR LORD: My Lord, we probably need a reference for this,

15 and I suggest we need to allot it a spot in the run,

16 that’s all, for future reference.

17 MR JUSTICE HILDYARD: Well, there are two alternatives: one

18 is for you, in combination with those liaising with

19 Magnum, or we can have a separate bundle of additional

20 documents. I don’t know which will be most useful.

21 MR LORD: I will think about that, my Lord. Thank you.

22 MR STROILOV: That’s K121 in the claimants’ disclosure.

23 So, Mr Belykh, this records the visit by a number of

24 people on 11 July 2008 to Western Terminal for that very

25 purpose; to verify everything was there, doesn’t it?

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Bank St Petersburg v Vitaly Day 3

Arkhangelsky [Master]

73 :1 If you go to the second page, Mr Belykh, you will
2 see this signed by the Bank’s head of the work with

3 client’s departments, Polosukhina; do you know her? Do

4 you know Ms Polosukhina?

5 A. Yes, I know.

6 Q. Do you know Mr Doktorov, who is the main specialist for

7 branch work of the security direction; do you know

8 Mr Doktorov?

9 A. No, I don’t think I know him.

10 Q. You don’t know him. Then there is a signature from the

11 director general of Vyborg Shipping, and then there

12 is a signature. So these are the people who were there.

13 That is agreed by Mrs Borisova, who was the head of

14 the credit department, and by Ms Prokhor. None of

15 them — I don’t know if Mrs Borisova or Ms Prokhor were

16 there, but none of them seem to have spotted the fact

17 that the railway track was missing. Surely they would

18 have noticed if there was such an outrageous error like

19 that?

20 A. I do not agree with the word «missing». I am saying it

21 was not complete, as I was expecting.

22 Q. So how, when you say «several metres long», how long it

23 was, actually?

24 A. Any figure is several metres.

25 Q. Yes, but how many was it?

74 :1 A. The only thing which I can now restate it for sure is
2 that I was surprised that it was in a less complete

3 status than we were expecting. It might be that it was

4 long outside of the plot, which we were expecting, and

5 therefore it doesn’t make any sense to give my valuation

6 of seven-year time, was it 100 metres or 50 metres. It

7 doesn’t make much sense.

8 Q. But it wasn’t 3 metres long, which Mrs Maylsheva is

9 talking about?

10 A. I would not like to comment on what Ms Maylsheva says.

11 Q. I am asking you about your recollection: how long was

12 the railway track, according to your recollection?

13 A. My recollection, it was not enough to reach the cargo

14 disbursement or loading.

15 Q. What about the length —

16 A. — and that was important.

17 Q. How long, approximately, from what you remember? How

18 many metres?

19 A. I don’t want to give any exact dates — exact figures.

20 MR LORD: My Lord, I am sorry to interrupt, but it ought to

21 be put to this witness if, in fact, there is

22 a different, more developed railway in place than he is

23 suggesting, you should put to him, and I say that for

24 this reason: that Mr Arkhangelsky’s witness statement —

25 which I would like to have turned up please, at

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Arkhangelsky [Master]

75 :1 {C1/1/20} — talks about reconstructing the railway
2 track to connect the port to the main railway system.

3 I don’t understand it to be suggested that this work had

4 ever taken place, this reconstruction work. I might be

5 wrong about that. Before this witness is pressed any

6 further about missing railway tracks, Mr Stroilov should

7 make it quite clear what railway facilities,

8 infrastructure, he is going to suggest was actually

9 present at the Western Terminal.

10 Does your Lordship have paragraph 75 of the witness

11 statement — it should be on the screen — and the third

12 and fourth lines? I am going to try and make as few

13 interventions as possible, but I do think, in fairness

14 to this witness, he has made clear his main

15 recollection, which is that it wasn’t connected up,

16 which appeared to be what Mr Arkhangelsky is saying.

17 Now, if that is not the case, Mr Stroilov should

18 make it quite plain. The question should not be put on

19 a false premise.

20 MR JUSTICE HILDYARD: Can you take it in stages, please?

21 What you saw, you can’t remember quite how long the

22 railway track that you saw was, but you say that it was

23 not connected, as you envisaged it would be connected?

24 A. Yes.

25 MR JUSTICE HILDYARD: Do you think Mrs Maylsheva’s

76 :1 description of it being 3 metres is broadly accurate, or
2 not accurate?

3 A. Well, I think that reflected emotional — a sort of

4 emotion. Of course it was not 3 metres —

5 MR JUSTICE HILDYARD: Rather than exaggerate it.

6 A. It was not 3 metres, that’s for sure. I don’t want to

7 give any exact figures because I simply don’t remember

8 that. I’m here to say what I do remember for sure and

9 what is true in my opinion, and not of what was the real

10 length of railways there at that time.

11 MR JUSTICE HILDYARD: Right.

12 Now, Mr Stroilov, is it your client’s case that

13 there was a connected railway already constructed by the

14 time of this visit?

15 MR STROILOV: Well, my Lord, let me explain, and I am just

16 wondering if — let me think whether I am comfortable

17 discussing this in the presence of the witness. I think

18 I am.

19 Now, my Lord, he says it was his investigation into

20 the adequacy of valuation reports. The valuation report

21 names three railway tracks. Now, I just want to

22 establish whether the witness is telling the truth about

23 it.

24 MR JUSTICE HILDYARD: I think this witness says that there

25 might have been other railway tracks, but the railway

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Arkhangelsky [Master]

77 :1 track he was expecting to find was the one which would
2 be necessary in order to provide multi-functional

3 activities at the port, and he didn’t find that.

4 Now, do you say that he is wrong about that and that

5 your client says there were those at that time before

6 the visit, so that they should have been seen by him?

7 MR STROILOV: My Lord, it is difficult, really, to establish

8 what Mr Belykh is talking about. If we can look at

9 Mr Belykh’s witness statement again, where he talks

10 about it.

11 MR JUSTICE HILDYARD: I am just asking you whether your

12 client says that the requisite connecting railway to

13 whatever may have been the three other railways had been

14 constructed so that they should have been seen by this

15 witness and Ms Mironova at the time that they made this

16 investigation some time in mid or early 2009.

17 MR STROILOV: My Lord, the difficulty is we haven’t got

18 a case in such detail. We say that it was valued on the

19 basis of having three railway tracks; were these three

20 railway tracks?

21 Now, the witness comments on the valuation report.

22 He says one of them was only several metres long, and

23 I am simply trying to establish which one and whether he

24 is telling the truth.

25 MR JUSTICE HILDYARD: The sorry fact is that there may have

78 :1 been the three and they may have been constructed, but
2 I think this witness’s point is he doesn’t know which

3 one was which of those three, but what he expected to

4 see was the connecting railway, and he didn’t see that.

5 The value of that depends on whether your client says

6 anything different. If he doesn’t say anything

7 different and accepts that there wasn’t any such link,

8 then we’ve been rather barking up the wrong tree.

9 MR STROILOV: My Lord, I don’t think we are in a position to

10 say what his allegation is. I think, if we look at

11 Mr Belykh’s statement, his suggestion that the

12 valuation — that inadequate valuation based on a false

13 premise was provided; I am testing the truth of this.

14 MR JUSTICE HILDYARD: I see.

15 A. Let me —

16 MR JUSTICE HILDYARD: Yes, I am sorry to talk across you.

17 A. My Lord, I think that Mr Stroilov has a sort of

18 interpretation of my statement, and I was not supposed

19 to put in this statement any details of my reasoning why

20 I was thinking that the valuation was wrong. Partly, it

21 is explained in the section number 50, which says about

22 certain economic details of my statement. It’s the same

23 page 10 which was referred by Mr Stroilov, number 50.

24 MR STROILOV: No, I’m sorry, my Lord, it’s not — this is

25 not evidence in-chief and Mr Belykh has not — is not

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Arkhangelsky [Master]

79 :1 supposed to be making any statements he likes.
2 I appreciate I’m doing it very imperfectly, but it is

3 supposed to be my cross-examination.

4 MR JUSTICE HILDYARD: Well …

5 MR STROILOV: I am putting it to you, Mr Belykh, that you

6 have simply recited a little corporate joke you have

7 within the Bank, and it is the same joke which

8 Mrs Maylsheva has recited, but that’s a joke.

9 A. This is simply not true.

10 MR JUSTICE HILDYARD: Well, can I ask this: you are not

11 saying that the description of the railways given in

12 the Lair valuation is wrong, are you?

13 A. Of course not.

14 MR JUSTICE HILDYARD: No.

15 A. I am not saying that it’s wrong.

16 MR JUSTICE HILDYARD: So there may have been those railway

17 tracks, and you are inclined to agree that there were

18 because that’s what Lair says and you don’t disagree

19 with them; is that right?

20 A. I didn’t check these railways and, therefore, I cannot

21 make any reasonable statement on this point.

22 MR JUSTICE HILDYARD: Right. But what you are saying is

23 that the railway link that you expected was not there?

24 A. Exactly. That’s the only thing.

25 MR JUSTICE HILDYARD: Yes.

80 :1 A. And that was one of the points which influenced my
2 personal evaluation of the value of the plot.

3 MR JUSTICE HILDYARD: Yes, and Mr Stroilov is not, on behalf

4 of his client, in a position to say that there was such

5 a link or that there wasn’t such a link, and we must

6 leave it there, must we not?

7 MR STROILOV: Well, let me qualify.

8 MR JUSTICE HILDYARD: Yes.

9 MR STROILOV: I don’t think — I am not — yes, I think

10 I just have to leave it there. Yes.

11 MR JUSTICE HILDYARD: Yes. All right. How are we doing?

12 MR STROILOV: I think it’s going — it is going considerably

13 slower than I estimated.

14 MR JUSTICE HILDYARD: Well, are you going to be able to come

15 on to the next witness today?

16 MR STROILOV: I think that is extremely unlikely. I fear

17 Mr Belykh may have to stay tomorrow. I will do my best

18 to finish today, but …

19 MR JUSTICE HILDYARD: Well, remember that the purpose of

20 cross-examination is to try — I don’t mean this

21 critically — but you just have to try and focus on the

22 points which really illuminate the matter.

23 MR STROILOV: Yes.

24 MR JUSTICE HILDYARD: Some of these points may be at the

25 periphery rather than at the centre of the case.

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Bank St Petersburg v Vitaly Day 3

Arkhangelsky [Master]

81 :1 Now, we had best have a break, in fairness to
2 everybody. How long do you need? Are you wanting to do

3 some frantic preparation over lunch, Mr Stroilov?

4 MR STROILOV: Well, yes, I do think so, but not most

5 terribly frantic, but I would welcome …

6 MR JUSTICE HILDYARD: Shall we say 2.10?

7 MR STROILOV: I think 2.10 is very satisfactory.

8 MR JUSTICE HILDYARD: All right, 2.10 pm.

9 (1.17 pm)
10 (The Luncheon Adjournment)
11 (2.10 pm)

12 MR STROILOV: May it please your Lordship. Before we

13 continue, I have to apologise to you and to Mr Belykh.

14 My learned friend very kindly drew my attention to

15 the fact that on one point I inadvertently put an unfair

16 question.

17 So, just to make it clear, actually Mrs Maylsheva

18 doesn’t talk about railway track 3 metres long. She

19 just talks about railway track leading to nowhere in

20 the interview. So I suppose it will be fair to give

21 Mr Belykh an opportunity to offer whatever comments he

22 has to make about — I assure your Lordship and I assure

23 Mr Belykh it was unintentional. If Mr Belykh has

24 anything to say to correct this, obviously I invite him

25 to do so.

82 :1 A. Well, thank you.
2 My Lord, I believe that the whole point of

3 the length of the rail is more or less completed, and if

4 there would be any necessity to develop the point, for

5 my view, of their valuation as the whole economic point,

6 then Mr Stroilov would ask me about that.

7 MR LORD: The only point is there was quite a prolonged bit

8 of questioning on the basis there was a reference to

9 3 metres long. In fact, we have checked, and the

10 various transcripts all say three piles under a railway

11 that leads nowhere. So the 3 metres, I am afraid, crept

12 in, and there were quite a number of questions put about

13 lengths of metres and it was an in joke and so on, and

14 I just wanted your Lordship not to be misled in that

15 respect.

16 MR JUSTICE HILDYARD: I can quite understand why it has been

17 corrected but I think, nevertheless, it is a point of

18 detail.

19 MR LORD: Yes, I wasn’t suggesting the matter should be

20 recanvassed with the witness, I just think it should be

21 brought to your Lordship’s attention.

22 MR JUSTICE HILDYARD: Right. Thank you, Mr Stroilov.

23 MR STROILOV: Right, Mr Belykh, I wonder if I can move on to

24 a different subject. In your position, as the head of

25 department dealing with clients and branches,

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Arkhangelsky [Master]

83 :1 I understand you knew all major corporate clients of
2 the Bank, didn’t you?

3 A. Well, I would say that — yes and no. What I mean is

4 that of course I had some information on all big

5 corporate clients, of course, but definitely some of

6 them I knew better, some of them less. So it depends on

7 what Mr Stroilov puts in the word «knew».

8 Q. What I mean is that, essentially, your job was to

9 maintain relations with major clients.

10 A. That’s true.

11 Q. I have to start again. You would perform the same —

12 you would have regular meetings with representatives of

13 all major clients?

14 A. No, that’s not correct.

15 Q. That’s not. All right, then what would the job involve?

16 In what sense would you know all major clients?

17 A. Well, Mr Stroilov, I feel a bit confused. What real

18 type of reply you are expecting from me? Should I bring

19 my job description — I don’t …

20 Q. I’m trying to understand what are your day-to-day

21 functions: would there be a number of clients with whom

22 you would communicate essentially on the same basis as

23 with Mr Arkhangelsky?

24 A. Let me try to explain. We had the central group, which

25 was called this department for clients and offices, and

84 :1 there were also all range of branches and these
2 additional offices in the Bank, and therefore, for each

3 customer there was usually a leading contact officer in

4 the branch, although for some major companies, this was

5 also coupled with the constant contact in the central

6 office. Sometimes it was from my side, sometimes it was

7 from another member of the management. At that time

8 there was no clear distinction and clear link between

9 each major client and each person in the central office.

10 I had some group of customers whom I contact more or

11 less regularly, but definitely they were not all major

12 clients of the Bank.

13 MR JUSTICE HILDYARD: Would you ordinarily nominate a client

14 relationship manager, or was there no such formality?

15 A. Usually I try to entrust this to the head of

16 the additional office or a branch. In fact, for major

17 clients, prime contact officer would be exactly the head

18 of the branch or the head of the additional office,

19 although there were also his deputies and, for example,

20 head of the client relationship.

21 But primarily I tried to entrust this to the head of

22 the branch, to select who is to follow the day-to-day

23 operations of the client.

24 MR STROILOV: And would that be your decision?

25 A. My decision would be for the new client to be routed to

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Bank St Petersburg v Vitaly Day 3

Arkhangelsky [Master]

85 :1 this or that branch. But later on, of course, I tried
2 not to overcontrol the activities of the heads of these

3 units of the Bank.

4 Q. Right. Let me move on.

5 It is your understanding that all OMG companies who

6 borrowed from the Bank should have had accounts in

7 the Bank; is that right?

8 A. Yes. The point is that the rule of the Bank is that the

9 loan is disbursed to the account inside the Bank,

10 normally. There might be some exceptions, but they are

11 few.

12 Q. Yes. I am not trying, really, to stop, Mr Belykh, but

13 it may be quicker if you just answer yes or no, because

14 that’s where I’m getting to.

15 There were covenants as to the monthly aggregate

16 turnover which borrowing companies had to maintain in

17 their accounts in the Bank, weren’t there?

18 A. Sorry, I have misheard the question. You said that

19 there —

20 Q. If there is a borrower —

21 A. Yes.

22 Q. — and especially we are talking about Oslo Marine

23 borrowers, then there would be a covenant between the

24 Bank and that borrower that every month so much turnover

25 is maintained in its account in the Bank?

86 :1 A. Yes, that’s a normal practice.
2 Q. And so the Bank monitored OMG’s company accounts to

3 ensure compliance with those covenants?

4 A. I hope so.

5 Q. Do you recall there being a global economic crisis

6 of considerable proportion towards the end of 2008?

7 A. Well, yes.

8 Q. Would you agree that a lot of businesses were adversely

9 affected by it?

10 A. Yes.

11 Q. I would go as far as to say nearly all businesses in

12 the world were adversely affected; would you agree?

13 A. That, I don’t know.

14 Q. Well, are you aware of any reason why Oslo Marine Group

15 would be an exception to the global financial crisis?

16 A. I think that Oslo Marine was affected by the global

17 crisis.

18 Q. Indeed. In your contact with Mr Arkhangelsky in those

19 times, he did not suggest to you that it wasn’t affected

20 by the crisis, did he?

21 A. I don’t remember that he made such a statement.

22 Q. So you would agree that he made it clear to you that OMG

23 was in some difficulties as a result of the crisis?

24 A. We were aware that there were some difficulties, yes.

25 Q. And Mr Arkhangelsky made that clear to you as well?

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87 :1 A. Well, I suppose that in our discussions he mentioned
2 that things, and it was practically impossible not to

3 discuss the developing crisis.

4 Q. And I also suggest to you, Mr Belykh, that it wouldn’t

5 be possible for Oslo Marine Group to deceive the Bank

6 about the scope of its difficulties, because its bank

7 accounts were monitored monthly.

8 A. Well, I would say that in any corporation, problems of

9 the corporation are not always reflected by its

10 turnover, so I don’t agree with this statement that

11 everything was clear to the Bank.

12 Q. Well, in any event, would you agree that Mr Arkhangelsky

13 was candid with you to this extent: that Oslo Marine was

14 in considerable difficulties?

15 A. About what period are you speaking, Mr Stroilov?

16 Q. About the end of — autumn 2008, October, November.

17 A. I would say that he was accepting these difficulties but

18 I had always the feeling, based on discussions with him,

19 that these difficulties might be overcome in

20 a reasonably short time.

21 Q. Right. If we could look at {D98/1260/1}, we have looked

22 at it before. That is the letter you exhibit to your

23 statement —

24 A. A letter of Mr Berezin.

25 Q. — of 28 November. You can see that there he asks for

88 :1 a moratorium on interest for a year — I beg your
2 pardon, I think an extension of loan for three years and

3 moratorium on the interest for a year.

4 I beg your pardon, if we could scroll down. I’m

5 sorry, Mr Belykh. If you could scroll down further

6 {D98/1261/1}.

7 Mr Belykh, you will have it on the screen now, and

8 I apologise.

9 A. Yes, I have it. I have it.

10 Q. So points 1 and 4 suggests that was what he was asking

11 for?

12 A. Mm hmm.

13 Q. So that does indicate that the group had difficulties?

14 A. Yes.

15 Q. And three years is a considerable period of time, isn’t

16 it?

17 A. Yes.

18 Q. So, to that extent, Mr Arkhangelsky didn’t represent to

19 you that the difficulties were very short term, did he?

20 A. Mr Stroilov, my Lord, I would say that there was sort of

21 different types of discussions. First of all,

22 Mr Arkhangelsky tried to pacify us a bit, saying that:

23 we will try to overcome the difficulties which the

24 company was facing; at the same time, to be on the safe

25 side, he, of course, applied for some sort of loan

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Arkhangelsky [Master]

89 :1 restructuring, and I believe that a reasonable manager
2 tries to make both short term and long term solution.

3 So I am not saying that this letter predicts our

4 discussion; it just shows that he tried to find out

5 different possibilities to save the situation and to

6 improve it.

7 Q. Mr Belykh, would you agree that if someone is asking to

8 extend all his loans for three years, that amounts to an

9 admission that there are other long term difficulties?

10 A. Well, at that time it was not clear to us whether there

11 were short term or long term difficulties. It was not

12 completely clear.

13 Q. But clearly this letter does not suggest the kind of

14 difficulties which would be over by March 2009, this

15 being dated 28 November 2008.

16 A. What I’m saying, I can only repeat what I have

17 mentioned, that we were not sure whether he could

18 overcome his problems in a shorter time and whether he

19 will ask that just for more calm and more pacified

20 development.

21 Q. Mr Belykh, wouldn’t the Bank be alarmed if a major

22 client is asking to extend all loans for three years?

23 A. My Lord, if Mr Stroilov permits me, I will make a very

24 brief comment on the general situation, as long as

25 he asks about the loan —

90 :1 Q. No, I don’t think so. There will be a moment when your
2 own lawyer will be able to ask you questions —

3 A. Okay.

4 Q. — but for the moment I have to —

5 A. Let me put it very short. We were alarmed by several

6 approaches like that.

7 MR STROILOV: No, I don’t think I can let you go on on that,

8 I’ve got my own sequence.

9 MR JUSTICE HILDYARD: Do you have an anxiety, Mr Lord?

10 MR LORD: Well, just a slight anxiety, my Lord, because we

11 had understood the case to be that the group had short

12 term difficulties, short term cash flow liquidity

13 difficulties caused by the credit crunch, which

14 Mr Arkhangelsky himself attests to in his witness

15 statement.

16 MR JUSTICE HILDYARD: Mr Arkhangelsky said that there was

17 a cash crunch because the Finnish company didn’t pay for

18 the timber.

19 MR LORD: Yes. I suppose it is really this, my Lord:

20 I wasn’t sure whether, in fact, what’s now being put is

21 that there were long term problems, not short term

22 problems. Your Lordship will see the point. I hadn’t

23 understood that there was any real suggestion that

24 Mr Arkhangelsky had not been putting to the Bank that it

25 was a short term problem; that there were short term

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91 :1 liquidity problems, whatever else he was asking for.
2 MR JUSTICE HILDYARD: I understand the point.

3 MR STROILOV: My Lord, if I may reply to that. Obviously

4 «long term» and «short term» are relative terms and I’m

5 just trying to establish with Mr Belykh what was

6 actually represented in terms of how long. So I am not

7 using «short term» and «long term» as some absolute

8 things such as three years.

9 MR JUSTICE HILDYARD: Yes. What I think is being suggested

10 is that Mr Arkhangelsky’s case thus far has been that he

11 wanted to cover a short term problem. Of course, short

12 term — most borrowers want it borrow long, if I can put

13 it that way.

14 MR STROILOV: Yes. Let me just continue this line and then,

15 if it is unsatisfactory, your Lordship will intervene.

16 MR JUSTICE HILDYARD: Yes.

17 MR STROILOV: Mr Belykh, what I am suggesting to you is that

18 he did tell you his difficulties were temporary, didn’t

19 he?

20 A. That was my understanding.

21 Q. He didn’t tell you that this was the kind of

22 difficulties which could be overcome by one month’s loan

23 of 130 million roubles?

24 A. You are putting it in a bit different thing, because we

25 were discussing certain difficulties of the company. In

92 :1 any case, there are short term solutions, long term
2 solutions, medium term solutions. What was not clear to

3 the Bank at that time was whether Mr Arkhangelsky and

4 his group could overcome these difficulties quickly or

5 longer, but from the discussions we had, there was

6 a feeling of mine — and I still think that this was

7 based on discussions with him — that there was

8 a possibility for refinancing or for improving his

9 financial situation as such.

10 Although, of course, he might be interested in

11 the longer term solution, he applied — in this letter

12 he applied for that one.

13 Q. Right. I think that’s clear. Thank you.

14 So he was asking the Bank for a restructuring of all

15 group loans, wasn’t he?

16 A. Well, that was one of the possibilities he was asking

17 for that.

18 Q. Now, if I may, let me just put it to you that the normal

19 criteria which the Bank would apply in deciding

20 a request of this kind is whether or not there is

21 a realistic prospect of restoring solvency. Would you

22 agree with that?

23 A. In such a general term, probably yes.

24 Q. And that was the approach which the Bank took, wasn’t

25 it?

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Arkhangelsky [Master]

93 :1 A. It’s too general a point, I am afraid. The Bank was
2 interested that the group of Arkhangelsky is performing,

3 that it survives with all these difficulties, and that

4 it ultimately repays the loan, and that was our mutual

5 view. So the exact methods or exact steps to be

6 undertaken, they were exactly the point of discussion.

7 Q. Obviously Mr Arkhangelsky was trying to persuade you

8 that he would restore solvency.

9 A. Well, yes, he was thinking that he could overcome

10 difficulties, yes.

11 Q. So were you aware of his negotiations with western banks

12 about refinancing of his projects in that period?

13 A. I think he mentioned that, but very, very briefly, so

14 I cannot recollect any details.

15 Q. And were you aware of his refinancing negotiations with

16 Russian banks?

17 A. As long as we had these comfort letters, this

18 information was available to us. I mean comfort letters

19 which were discussed in the first part of our

20 cross-examination.

21 Q. Yes, thank you.

22 Now, there is a document I would like you to look

23 at. So if we could get — if you could look at

24 {D52/889/1}. Do you recognise this document? If you

25 want me to scroll down, I will ask that to be arranged.

94 :1 A. Well, I do not recognise this cover, but maybe some
2 information from inside could be familiar, but this one

3 seems to be something new.

4 Q. Well, if we could, perhaps, scroll down to {D52/889/7},

5 perhaps, just so that I — I wonder if it might be

6 easier, Mr Belykh, would you like to find the paper

7 version and just scan through the document to look at

8 different pages, so you could tell us whether you have

9 seen the document at the time? (Pause).

10 Do you recognise the document?

11 A. I am not sure. At least one point here seems to be new,

12 I mean that Mr Arkhangelsky was a member of regional

13 government in St Petersburg, and he was actively

14 involved —

15 Q. Where are …?

16 A. I am not sure that I have seen that wording before.

17 Q. But you are not in a position to say exactly; you just

18 don’t remember?

19 A. No, I don’t remember.

20 Q. Then if —

21 A. I understand that there was an idea of creating

22 a certain business group, but I was not allowed to

23 comment on that before, so …

24 Q. Thanks. If we could now look at {D74/1102/1}, perhaps

25 on the different screen. Never mind.

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95 :1 If you could just read through this letter and tell
2 us if you have seen it before. (Pause)

3 A. I don’t remember this letter.

4 Q. Right, Mr Belykh, what I am suggesting to you is that

5 Mr Arkhangelsky had negotiations with western banks for

6 complete refinancing of the Western Terminal project.

7 Do you recall hearing about that at the time?

8 A. Mr Stroilov, could you specify a little bit: you are

9 speaking about financing or refinancing?

10 Q. Refinancing, and that includes —

11 A. Refinancing of what?

12 Q. Refinancing of all outstanding loans and the investment,

13 and financing of the investment —

14 A. But refinancing loans of OMG Group, not of Western

15 Terminal?

16 Q. Yes, that’s correct, Mr Belykh, I’m sorry, yes.

17 A. But that was one of the long term solutions.

18 Q. That’s right, but what I am suggesting to you is that he

19 informed you about his negotiations with BNP Paribas and

20 a consortium of western banks who would provide that

21 refinancing.

22 A. As I mentioned before, I had some very brief information

23 that he has these negotiations, but no details were

24 available to me.

25 Q. If you look back at that letter, something that might

96 :1 refresh your memory. You and Mr Arkhangelsky, shortly
2 after it was received, so in

3 late September/early October 2008, Mr Arkhangelsky and

4 you went to lunch in a Japanese restaurant for an hour

5 and a half to discuss the project.

6 A. That was French, not Japanese, first. And I do believe

7 that we were not discussing these particular things,

8 otherwise I would remember them. Another argument for

9 me that I was not aware of these particular deals was

10 that I was working for BNP for some time, and if that

11 would be such detailed information, I would try to

12 contact my colleagues to verify or to —

13 Q. So at the time you did know people in BNP?

14 A. Well, that was long ago, but at that time I could find

15 somebody who could consult me on this matter, but

16 I didn’t do that and I don’t remember that was with

17 BNP Paribas.

18 Q. Right.

19 Now, if we turn back to — well, I think we all

20 remember it now — to that letter dated 28 November.

21 I put it to you, Mr Belykh, that a request for

22 a three-year-long restructuring of the whole group loans

23 of 4 billion roubles in the aggregate has practically

24 nothing in common with a one-month loan of 130 million

25 roubles, does it?

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Bank St Petersburg v Vitaly Day 3

Arkhangelsky [Master]

97 :1 A. Well, Mr Stroilov, you say whether A has any
2 relationship to B.

3 Q. Yes.

4 A. One thing can come after another, like an alphabet.

5 Q. I am not suggesting they are mutually exclusive. I’m

6 suggesting these two things are not linked in any way,

7 are they?

8 A. Well, if you put it that way, but what do you mean by

9 «linked»?

10 Q. Now, Mr Belykh, also the request for a three-year

11 restructuring of the whole indebtedness is not something

12 one would expect to be considered and resolved in one

13 day, is it?

14 A. Well, this big request is not to be considered in one

15 day, you are right; it is a big story.

16 Q. And also, if someone is making this kind of request on

17 28 November, one hardly expects it to be decided before

18 the end of November, would you agree?

19 A. Well, this, of course, might take some time.

20 Q. Indeed. So what I am suggesting, Mr Belykh, is that you

21 are mistaken in linking the e-mail and letter of

22 28 November with the meeting between Mr Arkhangelsky and

23 Mr Savelyev.

24 A. Is it a question?

25 Q. It is. Do you agree?

98 :1 A. No.
2 Q. Are you quite sure it was the same date?

3 A. Look, the letter was sent to me for the preview, so that

4 if I believed that something there would be added or

5 amended, then Mr Arkhangelsky would change that, and

6 that’s the reason why the letter was sent at such

7 an early time; so that we could have a look on it and,

8 as it was not too much time, my reply to Mr Arkhangelsky

9 was: let them have it as it is and just bring it. So it

10 is no use of trying to change anything. So that was the

11 story.

12 Q. What makes you sure it was the same morning?

13 A. Yes, sure.

14 Q. Couldn’t it be a few days before?

15 A. Let me put it this way: when I was putting my witness

16 statement, I’ve made only those things which were at

17 that time clear to me. At that moment, when I was

18 writing my witness statement, it was clear that that was

19 the end of November. But after my work with documents

20 and trying to find out other details, it seems to me

21 that it is really clear, because if you look on the

22 calendar, 28 November was the last day of the month, and

23 the Bank needs to close its account of the month and,

24 therefore, it was really necessary to do something on

25 28 November so that November reporting would be clear

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Arkhangelsky [Master]

99 :1 for the Bank and for the Central Bank, and that was the
2 reason of the temporary solution which was supposed to

3 be done.

4 Because that was Friday, and because that explained

5 certain things, that was necessary to go ahead really

6 fast. That was the point, and therefore it was early

7 letter, and then Mr Arkhangelsky brought the original

8 with himself. Whether he left it in the Bank or not,

9 I am not sure, but I have seen it in his hands.

10 Q. Mr Belykh, I am looking at paragraph 36 of your

11 statement where you say:

12 «I recall that the meeting between Mr Arkhangelsky

13 and Mr Savelyev was in the late morning around noon in

14 late November 2008, but I cannot recall the precise

15 date.»

16 A. That I explained one minute ago.

17 Q. Yes, so Mr Belykh, the position is you cannot recall the

18 precise date but, logically, your opinion is that it was

19 on 28 November; is that correct?

20 A. I was not able to recall on 26 August, but since that

21 time I cleared my mind with the additional documents and

22 sort of thinking, and now I’m sure.

23 Q. So which additional documents do you mean?

24 A. Well, it’s — we have special document — list of

25 meetings of our head of the board, Mr Savelyev, and it

100 :1 is kept, so I’ve checked there. I also checked the date
2 of the personal loan of Mr Arkhangelsky, which was

3 decided during that meeting and Mr Arkhangelsky agreed

4 to that; and as far as I understand, this was, for me,

5 quite convincing.

6 Q. Just a minute. I would like to try and find the

7 document I think you are talking about.

8 So if we could —

9 MR LORD: There is a diary entry, I don’t know if that is

10 what Mr Stroilov is after, at {D98/1262/1}. I don’t

11 know if that is the document?

12 MR STROILOV: I am very grateful, yes, that’s right.

13 I think if you scroll — I think your Lordship has had

14 time to read it. I just wonder, perhaps it’s better for

15 Mr Belykh to look at the — I presume, Mr Belykh, you

16 looked at the Russian version, didn’t you? Is that the

17 document you are talking about?

18 A. Honestly, I see that for the first time. I was asking

19 a secretary of Mr Savelyev, and she has looked through

20 her computer. So I didn’t look on her computer at that

21 time, but I believe that that should be the document,

22 yes.

23 Q. Now, the secretary of Mr Savelyev would have a document

24 on her computer, a different document, which would —

25 A. No, I didn’t say that. I’m saying that I didn’t see

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Arkhangelsky [Master]

101 :1 that particular document, but I asked a secretary and
2 she — I asked her: look, there might be some record of

3 meetings of Mr Savelyev, and she said: oh yes, let’s

4 have a look. But her computer was turned to me, so …

5 Q. Yes, and is that record actually — so it was readily

6 available in the secretary’s computer, in the computer

7 she was using, wasn’t it?

8 A. Well, I don’t remember. It might take some time.

9 Q. Well, basically the position was, you just came to

10 wherever the secretary of Mr Savelyev was based, didn’t

11 you, to her room, or …?

12 A. Yes, she is an assistant sitting next to his room, yes.

13 Q. What is her name?

14 A. There are two of them. I don’t remember to whom I was

15 speaking at the time. One is Valentina and the second

16 is Elena, so I’m not sure which one I was speaking about

17 at that time.

18 Q. You approached one of them, explained the problem.

19 A. Yes.

20 Q. And that lady could simply say: well, let me look on my

21 computer. And the computer was standing just before

22 her, was it?

23 A. Yes, I believe that it took some time for her to find

24 out.

25 Q. Right. But you wouldn’t need to go to a different place

102 :1 or anywhere?
2 A. No, I don’t think so.

3 Q. Yes. I see, thank you.

4 And you, quite apart from the document, recall that

5 the meeting began at about noon, don’t you?

6 A. It seems so, yes.

7 Q. And presumably at some point you have a lunch break

8 during the day?

9 A. Usually I don’t have lunch breaks.

10 Q. Do you happen to know whether — well, do you happen to

11 know — put aside this document, do you have any

12 independent knowledge of whether Mr Savelyev goes

13 anywhere for lunch?

14 A. It’s not on my job description.

15 Q. No. I understand that you were not at the meeting

16 yourself, were you?

17 A. Well, the whole situation with the meeting has been

18 described in my witness statement, therefore I partly

19 participated, but for a very short time period. The

20 main contact — sorry, not contest — the main contact

21 and main discussion was not in my presence.

22 Q. Right, but then later Mr Arkhangelsky popped in to

23 update you?

24 A. Yes.

25 Q. And about when was it, would that be about 1.00 pm?

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103 :1 1.30 pm?
2 A. Well, as long as I don’t remember the exact time at the

3 beginning, it’s difficult for me to specify the time.

4 Q. How long after the beginning, approximately?

5 A. I believe that it was not longer than one hour, but

6 probably longer than 20 minutes. But normally

7 Mr Savelyev does not spend too much time on these

8 discussions.

9 Q. So that would be between —

10 A. Between half an hour and an hour, maybe.

11 Q. — let’s say 12.30 to 1.00. Right. Some time later,

12 I gather from your statement, you spoke with Mr Savelyev

13 on the phone; is that right?

14 A. He called me after the meeting, yes.

15 Q. Was it after Mr Arkhangelsky left you?

16 A. Look, at that time Mr Arkhangelsky was sitting —

17 Mr Savelyev was sitting on the fifth floor and I was on

18 the fourth floor, so I do not recollect whether, while

19 Mr Arkhangelsky was going downstairs, whether at that

20 time Mr Savelyev called or five minutes later. That

21 I don’t remember.

22 Q. Right. Do you recall any subsequent, or any meeting of

23 the big credit committee to consider the loan?

24 A. I’m not sure because — well, in any case, the decisions

25 have been made and approved properly, but there might be

104 :1 a decision of the board which is sufficient, apart from
2 the decision of the big credit committee.

3 Q. So you are not sure there was a meeting of the big

4 credit committee; you don’t recall that?

5 A. I don’t recall the details.

6 Q. Right. I am sorry about these delays and I appreciate

7 that everyone’s time is precious, but this is the best

8 I can do. (Pause).

9 Right, I am afraid I just cannot find it.

10 Now, then, moving on — getting back, actually, to

11 the conversation you briefly had with Mr Arkhangelsky

12 after the meeting, Mr Belykh, and the conversation with

13 Mr Savelyev. So am I right in understanding that the

14 only source of your knowledge about the alleged personal

15 loan at that stage was what Mr Arkhangelsky and

16 Mr Savelyev told you about their discussion; is that

17 correct?

18 A. That would be enough for these two persons, but that was

19 a common knowledge in the Bank.

20 Q. I’m talking about 28 November, or whatever day the

21 meeting took place.

22 A. On 28 November, the information came from

23 Mr Arkhangelsky and Mr Savelyev, yes.

24 Q. I put it to you that what they told you at that stage is

25 that they had a discussion about the possibility of

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Arkhangelsky [Master]

105 :1 a personal loan?
2 A. My understanding from their words was simple: they

3 agreed upon granting Mr Arkhangelsky this particular

4 loan.

5 Q. If we could go to {B1/6/9}, that’s back to your

6 statement, Mr Belykh.

7 A. Yes.

8 Q. And I think if you look at paragraph 39, the third

9 sentence:

10 «I asked about the meeting and Mr Arkhangelsky told

11 me that Mr Savelyev had indicated that the Bank might

12 provide a personal loan to cover the interest that was

13 becoming due.»

14 That is not the language that suggests a definite

15 agreement, is it?

16 A. As long as the borrower has not signed an agreement and

17 the money is disbursed, the loan does not exist.

18 Therefore, for me was this a clear indication that the

19 Bank is ready to do that, and if Mr Arkhangelsky agrees,

20 he will receive that loan, which happened.

21 Q. Right. Well, Mr Belykh, you then say that the personal

22 loan was mentioned in further discussions with

23 Mr Arkhangelsky you had in December, don’t you?

24 A. Yes.

25 Q. Do you remember what exactly Mr Arkhangelsky said about

106 :1 it?
2 A. No.

3 Q. Are you sure it was mentioned?

4 A. Just to — it was just common knowledge that this loan

5 just was added to the total list of outstanding loans of

6 the group, and that’s it.

7 Q. Right, so basically you — all the evidence you can give

8 about it comes from the common knowledge. You are not

9 sure if you heard it from Mr Arkhangelsky personally?

10 A. I said that common knowledge as in addition to

11 the previous information I had, and as I’ve said, the

12 first day, 28 November, I had this information from both

13 Mr Savelyev and Mr Arkhangelsky, but there also was

14 a communication with colleagues — when I say common

15 knowledge, I mean that there were some people in

16 the Bank who were speaking to me about that, but —

17 Q. Mr Belykh, what is your evidence, then? Was it

18 indicated to you that the Bank might provide a personal

19 loan, or were you told as a fact that the Bank will

20 provide the personal loan?

21 A. That was a fact that he provided, and the fact was

22 reflected in the monthly statements and in all the

23 documents of the Arkhangelsky group which were available

24 to me.

25 Q. What were you told on 28 November or on the day of the

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107 :1 meeting because I don’t accept —
2 A. On 28 November I was told by Mr Savelyev that: we will

3 disburse Mr Arkhangelsky a loan and Mr Arkhangelsky,

4 when he was leaving my office, said that they agreed

5 upon receiving that loan.

6 Later on, I didn’t — I was not involved because

7 Investrbank was dealing with these things, and arranging

8 signing documents, disbursing money, covering

9 outstanding interest from other companies.

10 MR JUSTICE HILDYARD: Can I ask, what did you understand to

11 be the rationale of a personal loan rather than some

12 other arrangement with the corporate loans to defer any

13 interest payments due, or some such?

14 A. My Lord, technically speaking, there was no particular

15 difference, but as long as we were really pressed in

16 time, as I’ve said, that was the last working day in

17 terms of documentation for both sides, for

18 Mr Arkhangelsky and for the Bank, it was easier to

19 arrange as a personal loan. An application for

20 a personal loan takes several pages, but not too many,

21 two, three, four, depending on the borrower, while

22 an application for a corporation demands an updated

23 financial analysis to be included into that, and it was

24 much easier, as long as we were pressed, just to find

25 finalise that in this way.

108 :1 And also, as long as for Mr Arkhangelsky that was
2 practically the same, which type of risk to accept, we

3 would definitely request his personal guarantee anyway.

4 So for him to have a personal guarantee on whatever

5 cooperation he could provide to us, or to have

6 a personal loan himself, was absolutely the same. So we

7 just tried to save time and to resolve the problem of

8 outstanding interest as soon as possible. (Pause).

9 MR STROILOV: Now, could we perhaps go to {N22/53/6}, and if

10 I could just mention for the Magnum people, who are

11 doing a tremendous job, it would be easier to use two

12 screens ultimately, so that if the next document comes

13 up on a different screen.

14 Now, if we could scroll up slightly on this screen

15 to page 2 {N22/53/2}, so, Mr Belykh, this is a letter

16 which we wrote, as we can see, on 14 October 2013, to

17 the Bank’s English lawyers, about the disclosure we were

18 given. If we could now go back to page 6, still on the

19 same screen, please.

20 A. Here I see 5, number 5.

21 Q. If you could go to {N22/53/6}, please.

22 MR JUSTICE HILDYARD: The Magnum numbering is at the bottom

23 right, if you see what I mean.

24 A. Sorry, it is down, I am looking at the page itself,

25 sorry.

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109 :1 MR JUSTICE HILDYARD: So had I.
2 A. Yes.

3 MR STROILOV: You see there in bold paragraph 10, and the

4 heading is «Time of the meeting between Mr Savelyev and

5 Mr Arkhangelsky in late November or

6 early December 2008», and if you could read this

7 paragraph in full. (Pause)

8 Just tell me when you finish.

9 A. Okay.

10 Q. I think we can just scroll down, again, to page 21 in

11 the same document {N22/53/21}, and that’s the response

12 we received from the Bank’s lawyers. If you could look

13 at paragraph 10. Mr Belykh, I put it to you that this

14 response is inconsistent with what you are saying about

15 Mr Savelyev’s calendar being readily available. Do you

16 accept that?

17 A. I was not involved in the preparation of these

18 documents, and I’m not sure whether my investigation was

19 before that letter or after. I don’t know.

20 Q. That letter, if I could help you on that, if we scroll

21 up to page 11, it is dated 20 November 2013. So I think

22 it was well before you spoke to — you say you spoke

23 to —

24 A. Well, I started to participate in this process only in

25 relation with this particular case, and it might be that

110 :1 my discussion was later than this letter, but that can
2 be, I believe, checked, of course.

3 Q. I’m not sure, Mr Belykh, what do you mean «participate

4 in the process in relation to this particular case»?

5 A. Well, I was asked to make my statement, and you see, on

6 26 August of 2015; that’s definitely later than 2013.

7 Q. Yes.

8 A. And, therefore, it might be quite possible that people

9 from Baker & McKenzie were not going deeper in

10 the documents, and when we were preparing our documents,

11 we just checked more. That’s it.

12 Q. Right. Were you in any way involved in this litigation

13 in 2013?

14 A. No.

15 Q. Haven’t you been told at any stage that you mustn’t

16 destroy your documents and you have to preserve them,

17 insofar as they are relevant to relations with OMG?

18 A. Well, I was not destroying documents, and …

19 Q. Were you told specifically at any stage that you mustn’t

20 dispose of any documents, they must be preserved?

21 A. Well, I think there was a process of disclosure and we

22 were advised that we keep everything, whatever exists.

23 Q. And when was that?

24 A. I don’t remember the exact date.

25 Q. Approximately? Was it last year, 2013, 2009? When was

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111 :1 it?
2 A. No, definitely not 2009, and I believe later than 2013.

3 Q. Yes, I agree with that. Well, Mr Belykh, what I would

4 like — so in 2013 were you asked for any documents?

5 A. I don’t think so.

6 Q. No, because obviously it was — purportedly disclosure

7 was given in 2013 and we were assured that these were

8 all the documents the Bank had.

9 A. Well, I cannot be more precise. I simply don’t

10 remember.

11 When I was involved in this process, one of these

12 things was to check the exact date, and that I tried to

13 do. That’s it. Simple.

14 Q. Mr Belykh, what I am trying to suggest to you is that

15 the reason why Mr Savelyev’s calendar entries which

16 record that alleged meeting were not disclosed to us in

17 2013, because they didn’t yet exist in 2013.

18 A. That’s a very strange idea.

19 Q. No, it was after 2013 that they were written.

20 A. I don’t want to comment on that. It’s ridiculous.

21 Q. Further —

22 A. If the Bank tries to invent something, it could invent

23 it earlier, but what I’m speaking is — I speak what

24 I know and I speak of what I’m sure of, so I don’t think

25 that it could be invented.

112 :1 Q. Right, Mr Belykh, thank you. (Pause).
2 I beg your pardon, my Lord. It is really not that

3 easy to go through the documents.

4 Yes, could we please have on the screen — it

5 doesn’t matter on which, really — could we please have

6 {D157/2677/1}.

7 Mr Belykh, this is the evidence which your

8 colleague, Mr Savelyev, gave in the French proceedings

9 between the Bank and Mr Arkhangelsky. Now, if I may ask

10 you to look at paragraph 5, if we could go to page 3

11 now, and look at paragraph 5 {D157/2677/3}.

12 Just tell me when you have finished paragraph 5.

13 A. I have finished paragraph 5, yes.

14 Q. I put it to you that this statement is incorrect. In

15 the light of your evidence, it is incorrect in several

16 respects: firstly, it suggests that you were present

17 throughout the meeting, and you were not. Do you agree?

18 A. Well, it says that Mr Arkhangelsky told me and him about

19 substantial payment, but it doesn’t say clearly that it

20 was exactly during simultaneous conversation.

21 Q. Yes.

22 A. Because the meeting, as I have described, took place in

23 several stages: there was first my coming to

24 Mr Savelyev, then introducing Mr Arkhangelsky, then

25 Mr Arkhangelsky and Savelyev alone, and then I and

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Arkhangelsky [Master]

113 :1 Mr Arkhangelsky alone, and Mr Savelyev called, phone
2 call to me.

3 So the meeting is composed of several stages and it

4 is quite possible that in some of the statements some of

5 them are mixed together. I don’t see any particular

6 contradiction here, frankly.

7 Q. Right. Mr Belykh, what I am suggesting to you is that

8 there has been some confusion. The meeting between

9 Mr Savelyev and Mr Arkhangelsky took place in

10 early December 2008 rather than 28 November.

11 A. I have no information on the meeting between Mr Savelyev

12 and Mr Arkhangelsky in early December.

13 Q. I am suggesting that the meeting —

14 A. I have only information on the meeting which was

15 organised by myself and in which I have participated to

16 a certain extent.

17 Q. I am suggesting that the only meeting around that time

18 was in early December, rather than the end of November.

19 A. Well, I cannot agree with that.

20 Q. I am further suggesting to you that the meeting was not

21 about a possible personal loan; it was about a much

22 bigger restructuring of the group’s debts.

23 A. Well, I cannot comment on the non-existing meeting, or

24 at least about a meeting of which I have no information.

25 Q. I am talking about the meeting which you recall. I am

114 :1 just suggesting that your recollection is incorrect to
2 that extent. The meeting was about restructuring of the

3 entire indebtedness.

4 A. It might also be a point of discussion, but as I have

5 said, I was not present at the substantial part of that

6 meeting, and therefore I cannot refute or confirm your

7 statement.

8 Q. Right. I also suggest to you, Mr Belykh, that the

9 so-called personal loan was arranged by the Bank to

10 avoid Mr Arkhangelsky’s default and all the

11 complications; that it was arranged without

12 Mr Arkhangelsky’s knowledge.

13 A. It’s a most strange proposal, frankly. I think that

14 Mr Arkhangelsky is a sober businessman, and if he sees

15 the Bank statement of his companies it would be quite

16 strange that he is not interested to be aware from money

17 comes to cover his outstanding interest. It is a very

18 strange proposal, Mr Stroilov.

19 MR STROILOV: My Lord, that may be a good moment for a short

20 break. I am about to go to …

21 MR JUSTICE HILDYARD: Yes. Sorry, just to clarify my mind,

22 the impression given in the witness statement in the

23 French proceedings made by Mr Savelyev is that there was

24 a meeting between Mr Arkhangelsky, Mr Savelyev and you,

25 Mr Belykh, at which substantive matters were discussed,

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Arkhangelsky [Master]

115 :1 including this possible — or actual, by then — delay
2 in the payments expected from a trading partner. The

3 impression given is that in your presence,

4 Mr Arkhangelsky asked you and Mr Savelyev for a personal

5 loan. Are you saying that you don’t recollect being

6 present when those substantive matters were discussed at

7 that meeting?

8 A. I have no recollection of that point, my Lord.

9 MR JUSTICE HILDYARD: Do you mean you simply can’t remember,

10 or that it is your evidence you don’t think it happened?

11 A. I’m sure it happened, but I believe that it happened in

12 my absence.

13 MR JUSTICE HILDYARD: In your absence?

14 A. Yes. I have no reason to doubt that, but I was not

15 present at that moment.

16 MR JUSTICE HILDYARD: Yes. Thank you.

17 What sort of rate would you like — can I just ask

18 this: on the diary entries I think you suggested that

19 you didn’t accept the authenticity. At some point

20 I would like to know whether any point was taken in that

21 regard, because under the ordinary rules — and we can

22 be flexible — but under the ordinary rules there would

23 be an admission as to the authenticity of documents

24 included in the bundle. I don’t mean to interrupt this

25 cross-examination, but I know how much you have on your

116 :1 plate, and perhaps I could be told by some side whether
2 there was such an issue.

3 Now, how long do you think you need?

4 MR STROILOV: Well, I am afraid it is still — well, I don’t

5 think I have quite abandoned the hope of finishing today

6 before 4.30, but it depends, in a way — well, at some

7 point Mr Belykh may say: I don’t remember, and then

8 I skip the whole line, or he may say: well, I do

9 remember something and that may delay things.

10 So I will ask for a break for 10 minutes now just to

11 have a little rest.

12 MR JUSTICE HILDYARD: Very well, 10 minutes.

13 (3.24 pm)
14 (A short break)
15 (3.35 pm)

16 MR STROILOV: May it please your Lordship.

17 Mr Belykh, I would like to ask you a few questions

18 about the procedure of decision-making on loans in

19 the Bank. No need for detailed answers, just confirm my

20 understanding is correct.

21 So the first thing that happens is that the branch

22 and the borrower negotiate the terms of the loan; is

23 that right?

24 A. Is my understanding correct that you want to understand

25 the whole procedure, how it works?

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117 :1 Q. The procedure, that’s right.
2 A. So normally it starts with the application of the

3 potential borrower. Then it is discussed at the level

4 of the branch, in case it is in the authority of

5 the branch — I will say branch, it can be additional

6 office, but let’s put it as office. If there is in

7 the limit of possibility to be made — if a decision can

8 be made locally, it is made.

9 Q. If I could stop you here just to ask for details, then

10 really that application would then be considered by

11 a body called small credit committee?

12 A. Yes.

13 Q. And then if it cannot be made locally, small credit

14 committee approves it and it goes to you in big credit

15 committee; is that right?

16 A. Yes.

17 Q. And then you either approve or reject the decision of

18 the small credit committee?

19 A. Yes.

20 Q. And so the answer you give is, essentially, yes or no:

21 you don’t really change small credit committee decision,

22 you just accept or reject; is that right?

23 A. No.

24 Q. My understanding is, let me try and correct this. If

25 you disagree with the decision of the small credit

118 :1 committee, you refuse the application, you may explain
2 why, and then it goes back to the branch to negotiate

3 the new terms; would that be accurate?

4 A. No.

5 Q. Well, at any rate, Mr Belykh, it is only if you have

6 approved the small credit committee decision then it can

7 be escalated to the management board?

8 A. No.

9 Q. Well, then, what happens: you are free to change the

10 terms of the loan —

11 A. Yes.

12 Q. — in any way you like? What if the borrower doesn’t

13 agree?

14 A. Then there will be no loan.

15 Q. That’s what I am suggesting: you refuse the negotiated

16 terms, you explain why, and then there are further

17 negotiations; is that correct?

18 A. It seems to be the same practice everywhere.

19 Q. That’s right, I’m just trying to ascertain what it is.

20 Why do you say it is not correct that the decision

21 of big credit committees becomes — then goes for

22 approval to the management board?

23 A. We were not yet discussing the second stage.

24 Q. Supposing the big credit committee makes a decision.

25 Now, I understand that in certain cases, in case it is

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Arkhangelsky [Master]

119 :1 rather important, it then goes to the management board
2 for approval?

3 A. Yes.

4 Q. Right, and the decision — if that is an appropriate

5 procedure — it may be, in some cases, in the cases of

6 smaller loans, that you, in big credit committee, can

7 make the final decision; is that correct?

8 A. Yes.

9 Q. But where you have bigger loans, still, or particularly

10 important decisions, you make a decision and then submit

11 that decision for approval by the management board?

12 A. Yes. But the management board, again, can change the

13 decision, reject the decision, or send it for amendment

14 of further work, but the management — strictly

15 speaking, the management board does not need any

16 previous decisions to make its own decision.

17 Q. Yes, but presumably, then, negotiations with the board

18 begin again: if the management board has not —

19 A. That sometimes happens.

20 Q. Yes. It’s common sense, isn’t it, Mr Belykh, if the

21 management board says: well, the negotiated terms aren’t

22 acceptable, that means new negotiations must start?

23 A. If they are unacceptable from the point of view of

24 the board, then of course there might be a new solution,

25 yes.

120 :1 Q. However, I understand that on some occasions in practice
2 decisions are made differently. What I mean is that

3 an important client can go straight to see Mr Savelyev

4 and agree a new loan.

5 A. It’s an interesting hypothesis; it’s not correct.

6 Q. That doesn’t happen, does it?

7 A. They can discuss certain things, but the decision is

8 made by the board — the management board, or big credit

9 committee or small credit committee. There is no

10 personal decision-making.

11 Q. Right. So what you are saying is, basically, then

12 I have to get back to the personal loan, and then

13 I suggest to you it follows from what you have said that

14 if there is no decision of any of these bodies approving

15 it, then the personal loan didn’t take place; is that

16 what you are saying?

17 A. I was not saying that. I was saying that if the

18 borrower does not agree, then there is no loan, but if

19 the borrower agrees and if the decision is made by any

20 authorised body, either a small committee or big

21 committee or a management board, and the borrower

22 agrees, so if these two things match, then it happens.

23 Q. But I think you have just been telling us how there

24 was — how Mr Arkhangelsky came to see Mr Savelyev and

25 then he popped into your office and said: well, personal

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121 :1 loan has been agreed. Didn’t you just say that?
2 A. I said that it has been agreed but it was not approved

3 immediately, but I believe that the necessary papers

4 have been arranged and the —

5 Q. At a later stage?

6 A. — voting on this loan has been properly done.

7 Q. I see. That is helpful. Thank you.

8 And you are suggesting that on some occasions,

9 basically the big credit committee could overrule

10 Mr Savelyev?

11 A. I believe that it’s a bit incorrect formula, because if

12 Mr Savelyev would be the member of the big credit

13 committee, then we could discuss overruling. But

14 Mr Savelyev is not a member of the big credit committee,

15 therefore it’s just against the procedure what you are

16 suggesting.

17 The management board can outvote Mr Savelyev, of

18 course, because the procedure is that the head of

19 the management board does not have, say, the right to

20 make decisions himself.

21 Q. Right.

22 Now, I would like to ask you, well you give evidence

23 about the decision to refuse to extend the repayment

24 date for the loan by the company called PetroLes. So

25 I would like to put it to you — I think you say that

122 :1 the loan — you met on 2 March, if I am not mistaken,
2 and you took the decision to extend the repayment date

3 from 5 March to 26 March; that’s in paragraph 42 of your

4 statement. {B1/6/9}.

5 A. Mm hmm.

6 Q. No need to re-read it carefully. I just want you to

7 confirm, is that your recollection?

8 A. It is exactly.

9 Q. What I am putting to you is that you are mistaken about

10 this. In fact, the decision you took was to extend the

11 repayment date to 26 June 2009.

12 A. Well, I don’t remember that.

13 Q. You don’t remember that, or are you sure that didn’t

14 happen?

15 A. Well, to my best recollection, I have written this

16 witness statement and I have made that statement.

17 Q. Do you now recall that decision?

18 A. Well, I don’t remember these details.

19 Q. Yes. Perhaps looking at the document will refresh your

20 memory. The English version is at {D113/1638/1}, and

21 the Russian version is the next page. Perhaps it is

22 better to have it on a separate screen. {D113/1638/2}.

23 So if you look at what is marked as paragraph 55.1,

24 you do see the date 26 March. However, that’s

25 a misprint, Mr Belykh.

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Arkhangelsky [Master]

123 :1 If you look further at 55.2, you will see that you
2 have decided to roll up the interest for the period from

3 21 November to 20 June 2009 for 26 March, and that makes

4 no sense, does it?

5 A. Well, I see that there is a certain difference here, but

6 for me, the clear point is the period of the loan, and

7 the period of the loan is established in the previous

8 point.

9 In the next point there was a sort of idea that the

10 whole period and interest should be paid not later than

11 26 March, which means that we were thinking of

12 termination of this loan on this period. Why it was

13 said of 20 June it could be explained by certain

14 procedures.

15 Q. But what certain procedures, Mr Belykh?

16 A. Normally — normally the period of calculating of

17 interest goes on the quarterly basis, and 20 June is the

18 last date of the second quarter. So that might be that

19 the whole period should be covered, and —

20 Q. Mr Belykh, I’m sorry, if the loan expires on 26 March,

21 surely you can’t charge the interest for the period

22 until 20 June. You have to accept there is a mistake?

23 A. If you say that the misprint is in the first paragraph,

24 there might be a misprint here. What’s wrong with that?

25 Q. Well then, perhaps it — this doesn’t trigger any

124 :1 recollections with you as to what was …
2 A. Frankly, I don’t remember these details, but for me it

3 was enough that we’re extending the loan; calculation of

4 interest might escape —

5 Q. Obviously there is a difference between extending it for

6 a few days, or until the end of June, isn’t there?

7 A. Well, there might be explanations of the technical

8 matter, but I don’t think they are appropriate now.

9 Q. I think it is important to establish, Mr Belykh, so

10 I wonder whether you can help.

11 A. I want to establish the important fact that the loan

12 upon the decision of the big credit committee has been

13 extended until 26 March. That is the important point,

14 and they want to fix it.

15 Q. Right. I think there is another document I will ask you

16 to look at, which maybe perhaps will clarify this.

17 (Pause).

18 Mr Belykh, do you recall that, actually — sorry,

19 I have now lost that document — that, in fact, 28 March

20 was the date of repayment of this second PetroLes loan?

21 So you can’t really extend a loan expiring 28 March —

22 well, I beg your pardon, Mr Belykh, I better verify it

23 so that I don’t make a mistake on that.

24 Perhaps if we could look, probably to replace the

25 Russian version, if you could call the document

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125 :1 {D107/1537/1}. That’s the memorandum between
2 Mr Savelyev and Mr Arkhangelsky. What I’m interested in

3 is the list of loans, and if you find — at the bottom

4 of the first page, you see the first PetroLes loan,

5 which expired on 5 March 2008, and then if you go over

6 the page, if it can be scrolled down over the page

7 {D107/1537/2}, at the very top you see that the second

8 PetroLes loan expires on 26 March.

9 A. Is that a question?

10 Q. No, I just want to be sure that you have seen that.

11 Now, going back to —

12 A. Give me a minute to see, because …

13 Q. Yes, yes, please, Mr Belykh. I am sorry.

14 A. Is there a Russian version?

15 Q. There is, if you could — well, if you could scroll

16 down, perhaps, on the same screen, if possible, I think

17 the next page will be the Russian version {D107/1537/3},

18 and then scroll down one more page {D107/1537/4}

19 A. Yes.

20 Q. Sorry, my Lord, it is just I want to keep the —

21 A. Yes, I see here the list of loans.

22 Q. So you will see here the PetroLes, the second loan

23 actually expires on 26 March, doesn’t it?

24 A. Well, it says so. By the way, I see here the loan of

25 Arkhangelsky with his signature at the bottom.

126 :1 Q. Well, never mind that, Mr Belykh.
2 A. Okay, sorry.

3 Q. Let us just focus on the day.

4 A. Sorry for the comment.

5 Q. Now, 26 March, you can’t extend a loan expired on

6 26 March to 26 March, can you? If you look back at the

7 other screen, if you look back at the minutes of your

8 decision, it purports to do exactly that.

9 A. Is that a question?

10 Q. I am just inviting you to agree that there has been

11 a mistake.

12 A. Well, I am not saying that’s a mistake, I think that

13 that sort of clumsy statement, but if the loan expires

14 on this date, yes, it expires. So it was definitely

15 extension of the previous one, but somehow united with

16 the second loan in listing. So what’s the problem in

17 that? I don’t see?

18 Q. I’m just trying to establish, Mr Belykh, whether perhaps

19 you looking at these documents may trigger some

20 recollection —

21 A. No, it doesn’t.

22 Q. — of what actually happened. It doesn’t?

23 A. It actually happened that we extended the first loan up

24 to 26 March, and that’s it.

25 Q. Now, I assume that if it was 26 March, then the next

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127 :1 thing that will happen is that the management board
2 would consider whether to approve that extension, isn’t

3 that right?

4 A. Yes.

5 Q. Now, if we could, perhaps, in place of the memorandum —

6 so on that screen where you have the Russian text now.

7 If you could call document {D113/1647/1}. I think that

8 is a mechanical translation. So if you could scroll

9 down one page, you see the Russian version, Mr Belykh

10 {D113/1647/2}.

11 I’m sorry, my Lord, I think I am — perhaps we

12 could, on another screen, have {D113/1647/2}, just the

13 previous page, so that we have the Russian and the

14 English. That would be the document prepared by your

15 committee, wouldn’t it? That’s the document prepared

16 for the management board. Do you agree with that,

17 Mr Belykh?

18 A. Well, this is a list of decisions proposed by the

19 management board, yes.

20 Q. And that follows, really, from, procedurally, that is

21 what follows after your decision, the big credit

22 committee decision, doesn’t it?

23 A. Yes, that follows.

24 Q. And you will see that the management board considers the

25 proposition to extend the loan to 28 June and not March?

128 :1 A. I don’t see here extension of the loan.
2 Q. If you look at paragraph 2.

3 A. But, that’s again the same point concerning interest,

4 not of the loan itself, which might be a contradiction,

5 but it is definitely not what you are saying, and

6 I wonder whether this list is an approved decision, or

7 whether this is a preparation?

8 Q. No, that has been rejected, actually.

9 A. Maybe by the reason of being not well prepared.

10 Q. Well, is that — do you actually think —

11 A. I don’t know. I don’t know. It has been rejected, as

12 you said.

13 Q. Yes. Well, is it possible that actually it is just that

14 there was a mistake, it was — instead of March we

15 have June and that’s why the management board rejected

16 it?

17 A. No, I don’t think so.

18 Q. You don’t think so. No.

19 Now …

20 MR JUSTICE HILDYARD: Are we trying to interpret this sheet

21 with this witness? I mean, on one view, reading it in

22 English, which may not be accurate, there seems to be

23 a suggestion as regards both the credit agreement of

24 00352 granted on 9 March 2007 and that 01198 granted on

25 9 March 2008, that each should be extended in terms of

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Bank St Petersburg v Vitaly Day 3

Arkhangelsky [Master]

129 :1 the principal of the loan for a further year, and then
2 there is a further provision for interest and

3 maintenance of loan calculation, to be extended to

4 28 June.

5 MR STROILOV: Yes, I …

6 MR JUSTICE HILDYARD: I don’t know how you read it. You

7 must be fairly accustomed to this sort of document,

8 certainly more accustomed than I am, and I wonder if you

9 could help me on it?

10 A. My Lord, I am afraid that there is no other explanation

11 that was somehow — well, some sort of misunderstanding

12 maybe, or whatever, but definitely the decision was for

13 the principal, made for the principal, and I cannot

14 explain why it was this 20 June used. What I am saying

15 is that it might be that there was a draft of

16 the decision for potential extension for a longer period

17 or not, but anyway, for me, it was important the first

18 point.

19 The second point seems strange, you are right,

20 but …

21 MR JUSTICE HILDYARD: What I am getting at with regard to

22 the actual term of the loan is what the phrase: «with

23 period for 1 year, not provided by the initial

24 conditions of agreement» — I am speaking from the

25 English version — means. Could that mean that the

130 :1 proposal was that there should be an extension for one
2 year? Then the interest and other payments would fit

3 in. But I don’t know what you quite …

4 A. Well, I can explain, my Lord, what this wording «not

5 provided by the initial conditions of agreement» means

6 the following point: that a loan provided for one year

7 might have a clause with the possibility, or with

8 the potential increase, or it could have no such

9 a clause. This means, simply, that initially it was not

10 envisaged that the extension would be granted, but it

11 doesn’t mean that it should not be granted: it is upon

12 the decision of the authority of board to decide on

13 that.

14 But the mix of the date here might be explained as

15 you said. But definitely the decision wasn’t the

16 principal, and probably the date for the interest

17 calculation was not corrected.

18 Alternatively, it can be argued that if the loan is

19 covered, then whatever period for interest calculation

20 we use, there is with a zero outstanding calculation

21 might be forever, but that would still be zero, but this

22 is a statistical way.

23 MR STROILOV: Could we perhaps have document {D111/1614/1}.

24 MR LORD: My Lord, might it help if we had — there was

25 a request from PetroLes that came into BSP, which was at

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131 :1 {D112/1622/1} which might cast some light on this, it
2 seems to pick up your Lordship’s point about what’s
3 being talked about.
4 MR STROILOV: If it could be called on the other screen.
5 MR LORD: If you keep open {D111/1614/1}, keep that open,
6 the English, for a minute, and then on the other one put
7 {D112/1622/1}. My Lord, this was the letter from
8 PetroLes, from the borrower. I won’t read out what it
9 said, but I just put it forward in case it explains the
10 decision-making thereupon.
11 MR JUSTICE HILDYARD: Was the original credit agreement
12 00352 for two years?
13 MR STROILOV: 352. That will be in contractual documents
14 bundle, I suppose, isn’t it, in that new bundle which
15 has been prepared.
16 MR LORD: I am told one year, my Lord.
17 MR JUSTICE HILDYARD: If it was one year it would have been
18 due for payment almost a year earlier than this.
19 MR LORD: It was extended. My Lord, has your Lordship got
20 some contracts bundles there?
21 MR JUSTICE HILDYARD: Yes.
22 MR LORD: At the front of one of them — I should have drawn
23 this to your Lordship’s attention, it is my fault. If
24 your Lordship has — there should be three contracts
25 bundles.
132 :1 MR JUSTICE HILDYARD: Yes, which one do you want me to
look
2 at?

3 MR LORD: The first one, A to C, your Lordship has that one.

4 If you go to the front of it, I hope at the front there

5 should be a sort of index cum chronology in there, so

6 that’s designed to try and walk the reader through the

7 twists and turns of each of the loans here. So if one

8 goes to PetroLes. The first Onega takes up two pages,

9 and then luckily it’s a sheet alone thereafter. If one

10 goes through to, I think it is page 11 — letter I, and

11 obviously these documents are to be found in the third

12 of these bundles, your Lordship should see there,

13 I hope, the way in which the top — you have the loan

14 and its various extensions and amendments, and then you

15 have the security and its resolutions and so on. I hope

16 that helps, my Lord. Those three bundles are designed

17 to provide some of the source material for this.

18 MR STROILOV: I am grateful, yes. It is convenient and it

19 is really difficult to come to.

20 So was your Lordship looking at the loan agreements,

21 or …

22 MR JUSTICE HILDYARD: Well, I think it’s useful for me —

23 and I am grateful, and I don’t wish to interrupt your

24 cross-examination, but the conundrum as to why interest

25 was apparently deferred until some date in June, whereas

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133 :1 principal appeared to be due some time in March,
2 according to which of the two loans you were looking at,

3 and according to whether the first was extended to catch

4 up the second, the conundrum doesn’t seem to be

5 explained.

6 MR STROILOV: Yes, my Lord.

7 MR JUSTICE HILDYARD: You are simply asking this witness

8 whether it might be that actually the repayment of

9 principal which was asked for and granted was

10 until June, and he says he doesn’t think so.

11 MR STROILOV: Yes, my Lord. Well, I am afraid it has taken

12 longer than I thought, and I have — I think unless we

13 can really well stay here, I think I have lost hope of

14 finishing today. I would actually like to, before we

15 leave this subject — I know it is not a good

16 practice — but I would like to have another look

17 through all the notes and see if there are any other

18 documents that shed further light on this, because I was

19 really hoping that — Mr Belykh is one of the two

20 witnesses, I think, who comment on that alleged decision

21 of the big credit committee, and that’s an odd decision,

22 so I was rather hoping that Mr Belykh would help us get

23 to the bottom of it.

24 I don’t know how long the re-examination is going to

25 take, but I am afraid I don’t think I can finish with

134 :1 Mr Belykh today on any view.

2 MR JUSTICE HILDYARD: So what are you asking? That we stop
3 now and that you return in the morning, or what are you

4 asking?

5 MR STROILOV: I would suggest, yes, that we return in

6 the morning, and hopefully I am not going to take

7 Mr Belykh for — to keep him here for very long.

8 MR JUSTICE HILDYARD: What does that mean? What does «very

9 long» mean?

10 MR STROILOV: Well, considering I have correction for the

11 obvious flaws of my estimates, I think it is going to

12 take about an hour, or just over an hour, then

13 presumably my learned friend will have some

14 re-examination.

15 MR JUSTICE HILDYARD: Well, Mr Lord, it doesn’t seem, on

16 this footing, that we are going to finish with Mr Belykh

17 in any event, and whatever pressure, today, I am afraid.

18 I can’t remember whether this witness was one where you

19 had intimated that you might need more time?

20 MR LORD: No, it was a half day estimate from Mr Stroilov

21 throughout.

22 MR STROILOV: I don’t think it is actually as horrible as he

23 suggests, because I have said I need six weeks, so in

24 reality I have 12.

25 MR JUSTICE HILDYARD: Let’s not argue about that, but it is

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135 :1 particularly disappointing, as it were, that after one
2 day we are on a half-day witness by, I think the agreed

3 estimate, unfinished. I don’t wish to put even more

4 pressure on you, but if you could, for the morning,

5 please have as many documents prepared in advance so we

6 can get through it as quickly as possible.

7 MR STROILOV: My Lord, yes.

8 MR JUSTICE HILDYARD: Do you think we should start earlier?

9 MR LORD: Yes, please, my Lord, definitely, in the

10 circumstances.

11 MR STROILOV: Yes.

12 MR JUSTICE HILDYARD: What time? Do you think 10.00 am

13 tomorrow?

14 MR STROILOV: I am obviously, for the moment, I think I am

15 still working to 20 days in total, which your Lordship

16 has indicated, so I would be justified in panicking

17 about this. I would be prepared to do it 9-ish.

18 MR JUSTICE HILDYARD: I don’t want you to panic. It’s the

19 first day. Sometimes time estimates do go awry. I want

20 to see how we go, but Ms Blinova was meant to be

21 finished by lunchtime, and I’m very much hoping that she

22 can be finished in time to get Mr Guz in, perhaps,

23 before we finish tomorrow.

24 We will just have to see how we go. It is probably

25 worthwhile starting a bit early in the hope of finishing

136 :1 a bit earlier with this witness, and if we get through
2 things quicker, well, that will give us more time for

3 rests in between.

4 MR STROILOV: Yes, my Lord. I don’t really — frankly —

5 obviously, my estimates are — well, I think we have

6 started from knowing that my estimates are no good, and

7 we just are not sure in which direction.

8 Now, on the basis of this experience, I think the

9 goal should be to finish with Mrs Blinova tomorrow.

10 I don’t really hope to get as far as Mr Guz, even though

11 I hear what your Lordship says and I will try and I will

12 be ready to make a start.

13 MR JUSTICE HILDYARD: Ms Patrakova is slotted in for Day 3

14 and she has, for some time now, asked for certainty as

15 to her day.

16 MR STROILOV: My Lord, I hope — well, perhaps it is —

17 I understand it is permissible, really, in circumstances

18 like that, and if —

19 MR JUSTICE HILDYARD: To interpose, yes, but it is not the

20 best. In any event, I will take it that you are gloomy

21 about getting to Mr Guz, but you will make your best

22 efforts to see whether we can, and we must bear in mind

23 that Ms Patrakova needs to be reassured about the

24 certainty on Wednesday.

25 MR LORD: She is down for one hour, my Lord. That’s the

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Arkhangelsky [Master]

137 :1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

138 :1

2

3

4

5

6

7

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

estimate from Mr Stroilov. So one would hope that she could definitely be slotted in and finished on that day.

MR JUSTICE HILDYARD: My recollection of her is that it is on a very discrete, limited point as to witnessing the signatures, is my understanding. I would have thought an hour should be enough.

MR STROILOV: I do think an hour will be —

MR JUSTICE HILDYARD: There is a limit to which people can sort of say: yes, yes, I did, or no, you’re right,

I didn’t.

MR STROILOV: You must appreciate it’s obviously — hopeful I will speed up as I get some experience.

MR JUSTICE HILDYARD: No, I don’t wish to put undue pressure

on you. We will adjourn now until 10.00 am tomorrow morning. You are all right to come from Cambridge for that?

I am so sorry about that, Mr Belykh, you will be in the box again tomorrow. Please do not talk about this case to anybody at all overnight. Try and enjoy something else in London free of this case.

A. There are some things to do, yes. MR JUSTICE HILDYARD: Thank you. (4.17 pm)

(The court adjourned until 10.00 am on Tuesday, 2 February 2016)

INDEX
PAGE
Housekeeping ………………………………….. 1
MR ANDREI AKATOVICH BELYKH ……………………… 7
(Affirmed)
Examination-in-chief by MR LORD …………… 8
Cross-examination by MR STROILOV …………. 10

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Bank St Petersburg v Vitaly Day 3

Arkhangelsky [Master]

0

139 :1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

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(Affirmed) ( 2 ) 7:16
13:15 19:14 19:15
approved. ( 10 ) 4:2

A 138:5
19:16 19:24 20:2
36:13 47:7 47:8 48:10

afraid ( 15 ) 34:17 36:8
35:24 42:15 50:15
48:10 103:25 118:6

36:23 46:14 59:3
52:20 54:16 59:11
121:2 128:6

{AA2/8/109}58:25

64:13 65:2 82:11 93:1
84:1 84:5 84:19 87:4
approves117:14

abandoned116:5
104:9 116:4 129:10
97:10 97:16 100:1
approving120:14

absence. ( 2 ) 115:12
133:11 133:25 134:17
106:13 108:1 114:4
approximately ( 7 ) 14:3

115:13
after ( 19 ) 1:14 15:4
114:8
14:23 15:23 60:14

absolute91:7
27:23 54:20 59:7
Alternatively,130:18
74:17 103:4 110:25

absolutely ( 6 ) 5:9 5:11
65:11 71:8 96:2 97:4
alternatives:72:17
aren’t ( 5 )20:16 39:24

5:12 36:18 48:12
98:19 100:10 103:4
although ( 3 ) 84:4
47:5 61:23 119:21

108:6
103:14 103:15 104:12
84:19 92:10
argue134:25

absurd,26:4
109:19 111:19 127:21
always ( 3 ) 53:22 87:9
argued130:18

academic61:25
135:1
87:18
argument ( 2 ) 52:8 96:8

accept ( 10 ) 11:6 16:4
Again, ( 18 ) 3:16 8:4
amended,98:5
arise3:17

23:19 51:7 107:1
10:2 10:6 17:1 17:9
amendment119:13
arising3:22

108:2 109:16 115:19
43:17 62:21 64:11
amendments,132:14
Arkhangelsky. ( 98 )
117:22 123:22
64:13 72:6 77:9 83:11
Among12:6
3:20 4:15 5:1 5:11 6:6

acceptable,119:22
109:10 119:12 119:18
amount, ( 5 ) 23:18 33:2
6:20 7:5 10:20 10:22

accepted ( 2 ) 45:13
128:3 137:18
51:16 54:13 64:3
11:4 11:10 11:14

45:14
against ( 4 ) 4:4 43:17
amounts89:8
11:19 12:6 12:10

accepting87:17
54:12 121:15
analysis107:23
12:20 13:1 13:9 13:16

accepts78:7
age66:20
ANDREI ( 3 ) 7:16 8:16
14:18 14:24 15:7 16:9

accompany63:6
Agency? ( 2 ) 19:1
138:4
16:11 17:12 17:17

accordance51:21
19:24
Anna59:12
17:20 20:15 24:24

according ( 6 ) 21:21
Agentstvo ( 2 ) 18:24
another ( 20 ) 6:9 11:13
26:19 26:22 27:19

28:22 38:18 74:12
19:25
16:23 17:22 25:20
44:2 44:8 44:24 45:11

133:2 133:3
aggregate ( 2 ) 85:15
27:9 28:8 42:3 55:9
48:1 48:16 50:10

account, ( 6 ) 20:6
96:23
57:2 61:18 63:4 63:11
52:22 57:25 75:16

23:19 23:24 85:9
ago. ( 6 ) 21:1 25:1 26:2
67:4 84:7 96:8 97:4
83:23 86:18 86:25

85:25 98:23
47:10 96:14 99:16
124:15 127:12 133:16
87:12 88:18 88:22

accounts, ( 6 ) 23:21
agree, ( 29 ) 10:9 13:20
answer ( 7 ) 38:9 39:5
90:14 90:16 90:24

24:8 85:6 85:17 86:2
16:22 17:1 17:13
44:13 68:13 68:16
92:3 93:2 93:7 94:12

87:7
20:18 30:6 44:11
85:13 117:20
95:5 96:1 96:3 97:22

accuracy69:23
45:10 62:7 73:20
answers,116:19
98:5 98:8 99:7 99:12

accurate, ( 4 ) 76:1 76:2
79:17 86:8 86:12
anxiety, ( 2 ) 90:9 90:10
100:2 100:3 102:22

118:3 128:22
86:22 87:10 87:12
anxious8:4
103:15 103:16 103:19

accused3:25
89:7 92:22 97:18
anybody, ( 2 ) 31:13
104:11 104:15 104:23

accustomed ( 2 ) 129:7
97:25 111:3 112:17
137:19
105:3 105:10 105:19

129:8
113:19 118:13 120:4
anyone ( 3 ) 31:17 63:6
105:23 105:25 106:9

acknowledgement57:21
120:18 126:10 127:16
63:10
106:13 106:23 107:3

across. ( 3 ) 1:12 27:12
agreed ( 9 ) 45:3 45:6
anything ( 5 ) 31:18
107:3 107:18 108:1

78:16
73:13 100:3 105:3
78:6 78:6 81:24 98:10
109:5 112:9 112:18

active23:22
107:4 121:1 121:2
Anyway, ( 4 ) 21:2 41:4
112:24 112:25 113:1

actively94:13
135:2
108:3 129:17
113:9 113:12 114:14

activities ( 3 ) 23:12
agreement ( 8 ) 53:18
anywhere? ( 2 ) 102:1
114:24 115:4 120:24

77:3 85:2
54:15 105:15 105:16
102:13
125:2 125:25

activity23:15
128:23 129:24 130:5
Apart ( 3 ) 16:9 102:4
Arkhangelsky’s ( 8 )
actual ( 5 ) 44:19 44:20
131:11
104:1
6:2 11:5 14:2 50:13

60:14 115:1 129:22
agreements,132:20
apartment8:17
74:24 91:10 114:10

added ( 2 ) 98:4 106:5
agrees, ( 3 ) 105:19
apologise ( 6 ) 6:3 6:10
114:12

addition ( 2 ) 7:5 106:10
120:19 120:22
41:24 64:15 81:13
around ( 4 ) 54:1 57:8

«additional ( 18 ) 21:8
ahead99:5
88:8
99:13 113:17

21:12 21:12 21:18
AKATOVICH ( 3 ) 7:16
apparently132:25
arrange ( 3 ) 35:16 59:1

21:22 21:24 22:4
8:16 138:4
appeared ( 2 ) 75:16
107:19

22:6 22:16 25:23
aktivami, ( 2 ) 18:25
133:1
arranged. ( 5 ) 54:5

26:3 72:19 84:2 84:16
19:25
appears ( 3 ) 35:15
93:25 114:9 114:11

84:18 99:21 99:23
alarmed ( 2 ) 89:21 90:5
52:19 68:15
121:4

117:5
alerting2:14
application ( 5 ) 107:19
arrangement ( 3 ) 32:21

address. ( 2 ) 8:15
allegation78:10
107:22 117:2 117:10
33:16 107:12

19:10
allegations ( 5 ) 4:4 4:7
118:1
arranging107:7

addressed45:21
4:21 20:14 20:19
applied ( 3 ) 88:25
ascertain118:19

adds5:17
alleged ( 4 ) 54:21
92:11 92:12
aside102:11

adequacy ( 2 ) 54:25
104:14 111:16 133:20
apply ( 2 ) 44:9 92:19
ask ( 27 ) 15:17 19:5

76:20
allegedly28:12
appreciate ( 5 ) 46:7
19:9 34:8 34:10 40:7

adequate37:4
allot72:15
68:17 79:2 104:6
40:22 41:21 42:25

adjourn137:14
allowed ( 2 ) 68:15
137:11
43:7 44:14 53:4 65:8

adjourned137:24
94:22
appreciates8:5
71:2 79:10 82:6 89:19

Adjournment)81:10
almost ( 2 ) 60:13
appreciation,17:23
90:2 93:25 107:10

ADK, ( 4 ) 55:10 55:15
131:18
apprise3:22
112:9 115:17 116:10

63:6 63:10
alone, ( 3 ) 112:25 113:1
apprised4:22
116:17 117:9 121:22

admission ( 2 ) 89:9
132:9
approach92:24
124:15

115:23
along ( 3 ) 2:6 53:6
approached101:18
asked ( 17 ) 1:12 7:22

advance. ( 4 ) 39:20
68:22
approaches90:6
7:25 17:12 30:20 31:2

54:18 63:17 135:5
aloud,40:22
appropriate ( 6 ) 3:19
48:12 52:20 52:23

adversely ( 2 ) 86:8
alphabet.97:4
4:6 4:19 14:21 119:4
101:1 101:2 105:10

86:12
already. ( 7 ) 24:7 32:18
124:8
110:5 111:4 115:4

advised110:22
58:1 58:4 62:25 70:10
approval ( 4 ) 46:25
133:9 136:14

affected ( 4 ) 86:9 86:12
76:13
118:22 119:2 119:11
asking ( 22 ) 14:23

86:16 86:19
also ( 30 ) 3:3 5:22 6:9
approve ( 2 ) 117:17
15:20 30:1 59:19

6:16 8:8 11:3 13:9
127:2
59:20 66:8 66:21

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67:10 71:3 71:4 74:11 77:11 88:10 89:7 89:22 91:1 92:14 92:16 100:18 133:7 134:2 134:4

asks ( 2 ) 87:25 89:25 asserts29:16 assess.42:14

Assets ( 4 ) 18:25 19:24 47:21 48:2

assist ( 3 ) 8:11 18:18 42:23

assistance20:10 assistant101:12 assists15:6 assume126:25 assure ( 3 ) 25:3 81:22

81:22 assured111:7 attaching ( 2 ) 1:15 3:12 attend6:4 attended38:20 attending.7:18 attention ( 5 ) 6:2 7:6

81:14 82:21 131:23 attests90:14 attributed52:12 audio59:2

August ( 3 ) 9:6 99:20 110:6

authentic. ( 2 ) 42:16 44:15

authenticity. ( 2 )

115:19 115:23 authorised120:20 authorities44:9 authority ( 3 ) 45:12

117:4 130:12 autumn87:16 available ( 7 ) 30:8

30:16 93:18 95:24 101:6 106:23 109:15

average, ( 2 ) 14:23 15:1

avoid ( 2 ) 6:24 114:10 awaiting2:14

aware ( 8 ) 7:2 56:5 86:14 86:24 93:11 93:15 96:9 114:16

awry.135:19

B

{B1/6/1} ( 2 ) 8:24 28:7 {B1/6/10},60:6 {B1/6/11},9:4 {B1/6/11.1}9:9 {B1/6/7}28:13

{B1/6/9}, ( 3 ) 56:2 105:5 122:4

{B2/16/1}, ( 2 ) 9:23 26:24

{B2/16/2}. ( 2 ) 26:25 28:20

{B2/16/3}10:1 {B2/16/5}, ( 3 ) 10:4
27:24 28:20

back ( 23 ) 1:17 1:25 2:4 2:10 21:6 28:20 29:7 29:9 29:13 60:6 68:13 71:23 72:11 95:25 96:19 104:10 105:5 108:18 118:2 120:12 125:11 126:6 126:7

bad ( 2 ) 5:25 51:11

Baker110:9

Bank, ( 74 ) 3:7 3:7 11:14 11:19 18:9 21:23 22:5 22:22 22:25 32:6 32:21 33:1

39:22 40:2 44:8 45:3 45:6 46:5 50:24 50:25 51:1 51:10 51:13 51:17 52:2 52:15 52:21 53:23 54:15 54:17 56:6 56:8 57:3 59:24 79:7 83:2 84:2 84:12 85:3 85:6 85:7 85:8 85:9 85:17 85:24 85:25 86:2 87:5 87:6 87:11 89:21 90:24 92:3 92:14 92:19 92:24 93:1 98:23 99:1 99:1 99:8 104:19 105:11 105:19 106:16 106:18 106:19 107:18 111:8 111:22 112:9 114:9 114:15 116:19

Bank’s ( 15 )20:3 24:19 24:24 27:6 30:5 43:15 45:1 47:18 48:23 50:5 50:16 51:22 73:2 108:17 109:12

banking23:12

banks ( 4 ) 93:11 93:16 95:5 95:20

Barkhatova.59:12 barking78:8

based ( 9 ) 26:12 26:13 27:3 27:5 27:19 78:12 87:18 92:7 101:10

Basically ( 5 ) 38:6 101:9 106:7 120:11 121:9

basis ( 8 ) 4:1 34:20 70:16 77:19 82:8 83:22 123:17 136:8

Batorshin57:23 bear136:22 became ( 2 ) 15:24

54:21 become30:17 becomes118:21 becoming105:13 before, ( 33 ) 1:25 2:10

12:19 16:5 17:19 23:7 24:18 39:20 46:24 54:5 54:18 58:4 58:5 58:5 58:6 58:18 70:21 75:5 77:5 81:12 87:22 94:16 94:23 95:2 95:22 97:17 98:14 101:21 109:19 109:22 116:6 133:14 135:23

beg ( 14 ) 19:5 21:14 23:2 24:22 34:4 35:20 37:12 40:12 64:10 64:21 88:1 88:4 112:2 124:22

began102:5 begin119:18 beginning. ( 10 ) 12:24

16:24 23:20 32:17 36:3 37:7 37:17 37:20 103:3 103:4

behalf ( 2 ) 3:6 80:3 behaving.5:25 behind ( 3 ) 7:14 8:24

9:21 belief?10:14 believe ( 19 ) 17:15

17:17 24:25 38:3 38:9 54:4 54:19 66:6 82:2 89:1 96:6 100:21 101:23 103:5 110:2 111:2 115:11 121:3 121:11

believed98:4 bell,47:6

bells; ( 5 ) 38:2 43:10 47:5 49:15 53:5

below66:19
121:14 124:12 127:21
72:19 115:24 131:14

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133:21
131:14

7:16 7:20 8:9 8:16
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bundles? ( 5 ) 7:15

8:19 8:22 9:3 9:8 9:18
119:9
131:20 131:25 132:12

9:21 10:4 10:10 10:16
billion ( 2 ) 59:7 96:23
132:16

10:19 13:23 14:12
bit ( 11 ) 53:13 55:19
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14:22 15:22 16:16
60:22 82:7 83:17
32:8 32:9 32:12 32:19

16:20 17:9 17:11 18:6
88:22 91:24 95:8
32:24 32:25 39:7

21:4 21:6 21:14 22:3
121:11 135:25 136:1
47:25 48:2 52:1 52:17

22:23 24:12 24:22
bits37:11
94:22

25:5 25:16 25:22 26:9
Blinova ( 2 ) 135:20
businesses ( 2 ) 86:8

26:12 26:24 27:1 28:7
136:9
86:11

28:21 29:16 29:23
block.44:4
businessman,114:14

29:25 30:1 30:8 32:4
BNP ( 4 ) 95:19 96:10
buying ( 3 ) 20:5 23:22

32:7 34:8 34:10 34:21
96:13 96:17
23:23

35:2 35:7 35:21 36:15
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36:20 37:6 37:23 39:2
46:4 46:5 46:23 99:25
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39:10 39:21 40:6
104:1 118:7 118:22

40:18 40:22 41:21
119:1 119:11 119:12

{C1/1/20}75:1

42:15 43:9 44:7 44:15
119:15 119:17 119:18

46:20 46:25 49:13
119:21 119:24 120:8
cadastral ( 8 ) 43:24

50:9 51:2 54:19 55:4
120:8 120:21 121:17
44:9 48:17 50:6 51:23

57:18 58:16 58:22
121:19 127:1 127:16
51:24 52:12 66:19

59:13 59:19 60:5
127:19 127:24 128:15
calculating123:16

61:19 61:22 62:7
130:12
calculation ( 6 ) 70:15

64:14 65:11 65:21
bodies120:14
124:3 129:3 130:17

66:2 66:9 66:21 67:6
body ( 2 ) 117:11
130:19 130:20

67:20 68:1 68:11
120:20
calendar, ( 3 ) 98:22

68:19 70:2 70:22
bold ( 2 ) 42:7 109:3
109:15 111:15

71:20 71:23 72:6
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calibrated5:20

72:23 73:1 77:8 78:25
73:15
call ( 6 ) 7:12 21:12

79:5 80:17 81:13
borrow91:12
22:13 113:2 124:25

81:21 81:23 81:23
borrowed85:6
127:7

82:23 85:12 87:4 88:5
borrower ( 14 ) 47:21
called ( 22 ) 18:6 18:24

88:7 89:7 89:21 91:5
53:22 54:15 85:20
19:3 19:6 21:17 21:18

91:17 94:6 95:4 95:16
85:24 105:16 107:21
22:6 26:4 32:4 49:20

96:21 97:10 97:20
116:22 117:3 118:12
54:2 55:10 66:15

99:10 99:17 100:15
120:18 120:19 120:21
66:17 69:8 83:25

100:15 104:12 105:6
131:8
103:14 103:20 113:1

105:21 106:17 108:15
borrowers, ( 2 ) 85:23
117:11 121:24 131:4

109:13 110:3 111:3
91:12
calls,16:7

111:14 112:1 112:7
borrowing85:16
calm89:19

113:7 114:8 114:25
both ( 7 ) 22:13 28:2
Cambridge137:15

116:7 116:17 118:5
28:5 89:2 106:12
can’t ( 12 )18:18 41:22

119:20 122:25 123:15
107:17 128:23
58:6 58:7 58:9 64:23

123:20 124:9 124:18
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75:21 115:9 123:21

124:22 125:13 126:1
bottom ( 7 ) 60:8 65:23
124:21 126:5 134:18

126:18 127:9 127:17
71:14 108:22 125:3
candid87:13

133:19 133:22 134:1
125:25 133:23
cannot ( 13 ) 33:2 43:23

134:7 134:16 137:17
bought, ( 2 ) 33:3 45:12
79:20 93:14 99:14

138:4
box. ( 2 ) 37:24 137:18
99:17 104:9 111:9

Belykh’s ( 4 )7:13
branch, ( 20 ) 20:8
113:19 113:23 114:6

34:19 77:9 78:11
20:11 20:12 21:9
117:13 129:13

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21:12 21:17 25:14
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17:15 17:18 87:24
26:6 45:17 73:7 84:4
23:16 23:17 23:24

berth, ( 6 ) 52:13 66:15
84:16 84:18 84:22
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66:16 68:24 69:2 69:9
85:1 116:21 117:4
career,62:1

best ( 8 ) 10:14 18:19
117:5 117:5 118:2
carefully ( 3 ) 52:25

80:17 81:1 104:7
branches. ( 6 ) 21:11
55:21 122:6

122:15 136:20 136:21
24:14 24:16 47:7
cargo. ( 2 ) 69:10 74:13

better ( 7 ) 40:17 44:13
82:25 84:1
carried ( 2 ) 23:12 54:24

49:14 83:6 100:14
break ( 12 ) 8:9 31:8
cars ( 3 ) 20:5 23:22

122:22 124:22
31:11 31:24 32:2
23:23

between ( 20 ) 11:12
63:15 64:7 81:1 102:7
cases, ( 3 ) 118:25

13:1 21:16 50:20
114:20 116:10 116:14
119:5 119:5

53:18 54:15 84:8
breaks ( 2 ) 31:17 102:9
cash ( 6 ) 20:6 23:18

85:23 97:22 99:12
brief ( 3 ) 6:9 89:24
23:19 23:23 90:12

103:9 103:10 109:4
95:22
90:17

112:9 113:8 113:11
briefly, ( 2 ) 93:13
cast131:1

114:24 124:5 125:1
104:11
casual,14:17

136:3
bring ( 3 ) 58:18 83:18
catch133:3

big ( 30 ) 19:13 26:6
98:9
categories50:22

32:12 33:14 36:5
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category. ( 2 ) 50:19

39:12 43:11 45:19
20:17 76:1
52:14

45:21 46:25 47:2
brought ( 2 ) 82:21 99:7
caused. ( 2 ) 21:3 90:13

47:23 83:4 97:14
BSP,130:25
cent43:18

97:15 103:23 104:2
building ( 9 ) 19:9 19:11
central ( 12 ) 22:5 22:15

104:3 117:14 118:21
19:12 19:13 25:15
22:21 22:22 22:24

118:24 119:6 120:8
25:17 26:6 26:12 29:5
25:25 26:3 26:5 83:24

120:20 121:9 121:12
bundle ( 10 ) 8:19 9:14
84:5 84:9 99:1

9:22 49:2 49:4 57:11
centre80:25

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certain ( 25 ) 2:22 2:23
colleague, ( 2 ) 58:23
concerned. ( 4 ) 3:7

3:12 12:11 12:14
112:8
4:22 41:15 63:16

12:14 21:10 28:12
colleagues; ( 3 ) 69:24
concerning ( 3 ) 14:20

39:19 42:5 50:23
96:12 106:14
48:8 128:3

51:16 57:24 60:18
column ( 3 ) 66:12
«conclusion» ( 2 ) 49:20

61:24 78:22 91:25
66:14 67:12
49:22

94:22 99:5 113:16
columns. ( 2 ) 66:19
conditions ( 3 ) 44:10

118:25 120:7 123:5
66:19
129:24 130:5

123:13 123:15
combination72:18
confirm ( 8 ) 10:7 10:13

certainty ( 2 ) 136:14
come ( 8 ) 4:16 16:19
27:2 32:8 39:11 114:6

136:24
68:13 69:22 80:14
116:19 122:7

chairman11:2
97:4 132:19 137:15
confirmed38:25

chance4:16
comes ( 7 ) 41:1 51:10
confused ( 2 ) 53:13

change ( 8 ) 9:16 33:11
68:24 69:9 106:8
83:17

44:9 98:5 98:10
108:12 114:17
confusion.113:8

117:21 118:9 119:12
comfort. ( 3 ) 64:4 93:17
connect ( 2 ) 69:2 75:2

changed ( 2 ) 28:25
93:18
connected ( 4 ) 75:15

71:9
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75:23 75:23 76:13

changes ( 2 ) 36:13
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connecting ( 2 ) 77:12

62:8
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78:4

changing33:16
112:23
connection ( 3 ) 23:13

charge. ( 3 ) 30:1 47:18
comment, ( 9 ) 44:23
32:14 50:20

123:21
46:16 74:10 89:24
consent46:11

chatter,5:12
94:23 111:20 113:23
consider ( 5 ) 6:13

check ( 2 ) 79:20 111:12
126:4 133:20
39:16 49:17 103:23

checked, ( 5 ) 82:9
comments. ( 4 ) 48:14
127:2

100:1 100:1 110:2
71:22 77:21 81:21
considerable ( 5 ) 7:7

110:11
commissioned55:9
52:17 86:6 87:14

checking ( 4 ) 23:25
commitment,6:5
88:15

24:1 69:23 70:14
committee ( 38 ) 12:5
considerably80:12

chief18:10
33:14 33:15 36:5
consideration3:18

children.6:6
39:12 39:14 43:11
considered ( 7 ) 30:12

choice, ( 2 ) 5:9 34:12
45:20 45:22 47:1 47:2
33:15 40:10 51:8

chooses5:5
47:7 49:16 51:3 54:11
97:12 97:14 117:10

Chronologically,55:16
103:23 104:2 104:4
considering ( 2 ) 12:6

chronology132:5
117:11 117:14 117:15
134:10

circulate61:17
117:18 117:21 118:1
considers127:24

circulated39:14
118:6 118:24 119:6
consistent14:4

circumstances. ( 2 ) 120:9 120:9 120:20
consonant4:13

135:10 136:17
120:21 121:9 121:13
consortium95:20

city, ( 3 ) 21:22 21:23
121:14 124:12 127:15
conspiracy ( 3 ) 2:25

22:9
127:22 133:21
3:6 3:25

claimants ( 5 ) 5:18
committees118:21
conspirators,3:6

42:23 49:5 71:25
common ( 7 ) 96:24
constant ( 2 ) 15:12

72:22
104:19 106:4 106:8
84:5

clarification3:4
106:10 106:14 119:20
constructed ( 3 ) 76:13

clarify ( 5 ) 29:20 57:4
communicate83:22
77:14 78:1

61:5 114:21 124:16
communication106:14
construction69:3

clarifying2:21
companies, ( 5 ) 84:4
consult96:15

clause ( 2 ) 130:7 130:9
85:5 85:16 107:9
contact ( 20 ) 13:19

clear, ( 24 ) 3:24 23:8
114:15
13:21 13:22 14:14

24:23 26:5 39:2 44:22
company ( 32 ) 18:6
14:16 15:6 15:9 15:12

75:7 75:14 81:17 84:8
18:8 18:14 18:17
16:10 16:11 16:12

84:8 86:22 86:25
18:18 18:21 18:24
16:14 84:3 84:5 84:10

87:11 89:10 89:12
19:2 19:3 19:6 19:17
84:17 86:18 96:12

92:2 92:13 98:17
19:19 19:22 20:15
102:20 102:20

98:18 98:21 98:25
32:4 32:5 32:10 42:3
contacts ( 2 ) 14:10

105:18 123:6
42:4 52:1 54:2 55:10
15:17

cleared99:21
55:11 55:24 57:2
contemporaneous.71:16

clearly ( 3 ) 16:2 89:13
62:25 70:17 86:2
contempt5:16

112:19
88:24 90:17 91:25
content, ( 3 ) 35:1 35:11

clicks19:18
121:24
35:13

client ( 15 ) 18:8 19:4
compare71:7
contest102:20

32:6 47:25 77:5 77:12
comparison.41:16
context ( 3 ) 14:21 18:3

78:5 80:4 84:9 84:13
complaints5:6
35:5

84:20 84:23 84:25
complete ( 5 ) 27:3
contextualise15:19

89:22 120:3
56:23 73:21 74:2 95:6
«Continuation ( 4 )
client’s ( 2 )73:3 76:12
completed. ( 4 ) 69:4
66:17 67:11 67:14

clients ( 15 ) 20:5 20:9
69:5 69:6 82:3
67:23

20:9 24:6 24:15 82:25
completely? ( 2 ) 62:8
continue ( 4 ) 68:10

83:1 83:5 83:9 83:13
89:12
68:12 81:13 91:14

83:16 83:21 83:25
compliance86:3
continuity5:8

84:12 84:17
complications;114:11
contracts ( 2 ) 131:20

climate58:14
composed113:3
131:24

close. ( 2 ) 42:5 98:23
compressing64:3
contractual131:13

clumsy ( 2 ) 42:5 126:13
computer. ( 8 ) 100:20
contradiction ( 2 )
coincided52:22
100:20 100:24 101:4
113:6 128:4

coincident,37:4
101:6 101:6 101:21
conundrum ( 2 ) 132:24

collapsing59:11
101:21
133:4

collateral ( 4 ) 32:18
concern41:25
convenient ( 4 ) 31:7

32:25 43:18 44:3
33:25 63:18 132:18

conversation ( 3 ) cross-examine5:7
dealing ( 8 ) 20:5 20:6
description, ( 6 ) 48:18 disappointment ( 2 )

104:11 104:12 112:20
crunch, ( 2 ) 90:13
20:8 24:13 25:21
51:24 76:1 79:11
7:8 69:15

convincing.100:5
90:17
54:10 82:25 107:7
83:19 102:14
disburse ( 2 ) 54:12

cooperation108:5
cum132:5
deals. ( 2 ) 11:17 96:9
descriptions51:23
107:3

copies, ( 2 ) 30:11 30:16
curious42:17
dealt22:10
designed ( 3 ) 66:20
disbursed ( 2 ) 85:9

copy ( 2 ) 8:19 72:8
current21:21
«Dear17:11
132:6 132:16
105:17

corporate ( 9 ) 18:15
customer84:3
debts.113:22
destroy ( 3 ) 39:22 40:2
disbursement ( 2 )
20:8 20:9 23:21 24:5
customers? ( 2 ) 22:10
deceive87:5
110:16
54:18 74:14

79:6 83:1 83:5 107:12
84:10
December ( 8 ) 13:17
destroyed ( 3 ) 39:24
disbursing107:8

corporates ( 3 ) 22:1
15:8 28:1 105:23
40:4 40:5
disclose ( 2 ) 30:5 49:4

22:10 22:13
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destroying110:18
disclosed ( 2 ) 30:2

corporation, ( 3 ) 87:8
113:18
detail. ( 3 ) 18:23 77:18
111:16

87:9 107:22
decide130:12
82:18
disclosure ( 7 ) 46:15

{D107/1537/1}.125:1

correct? ( 27 ) 10:20
decided ( 5 ) 39:22 40:2
detailed ( 2 ) 96:11
49:5 71:25 72:22

12:4 13:2 13:6 13:13
{D107/1537/2},125:7
97:17 100:3 123:2
116:19
108:17 110:21 111:6

13:17 14:19 15:25
{D107/1537/3},125:17
deciding92:19
details. ( 21 ) 12:1 12:8
discourtesy8:7

21:9 24:15 29:3 32:13
{D107/1537/4}125:18
decision ( 49 ) 37:1
19:8 33:12 33:19 38:4
discovered,69:1

53:15 55:1 55:4 81:24
{D111/1614/1}. ( 2 ) 37:18 38:4 40:3 45:9
39:8 44:1 44:6 47:19
discrete,137:4

83:14 95:16 99:19
130:23 131:5
45:12 45:18 45:19
48:21 70:14 78:19
discuss ( 5 ) 11:17 87:3

104:17 116:20 116:24
{D112/1622/1} ( 2 ) 47:1 47:2 47:11 48:9
78:22 93:14 95:23
96:5 120:7 121:13

117:24 118:17 118:20
131:1 131:7
54:11 84:24 84:25
98:20 104:5 117:9
discussed ( 11 ) 11:12

119:7 120:5
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104:1 104:2 117:7
122:18 124:2
12:15 43:20 44:6

corrected, ( 5 ) 10:11
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117:17 117:21 117:25
detriment52:2
46:24 48:7 56:24

27:16 28:17 82:17
{D113/1647/1}.127:7
118:6 118:20 118:24
devalue68:14
93:19 114:25 115:6

130:17
{D113/1647/2}. ( 2 ) 119:4 119:7 119:10
develop ( 2 ) 48:2 82:4
117:3

correction, ( 8 ) 9:9
127:10 127:12
119:11 119:13 119:13
developed74:22
discussing ( 10 ) 12:9

9:10 9:13 9:18 10:9
{D123/1960/1}.57:12
119:16 120:7 120:14
developing87:3
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27:2 27:17 134:10
{D123/1960/16}. ( 2 ) 120:19 121:23 122:2
development ( 5 ) 11:25
51:2 57:24 76:17

corrections ( 2 ) 10:5
65:4 65:19
122:10 122:17 124:12
12:3 47:25 60:12
91:25 96:7 118:23

10:7
{D123/1960/2}57:13
126:8 127:21 127:22
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discussion. ( 9 ) 48:4

couldn’t ( 3 )52:15
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128:6 129:12 129:16
devices ( 2 ) 35:9 69:10
58:1 89:4 93:6 102:21

70:25 98:14
{D123/1960/84},66:1
130:12 130:15 133:20
devoted62:2
104:16 104:25 110:1

counterclaim ( 2 ) 2:24
{D157/2677/1}.112:6
133:21
diary ( 2 ) 100:9 115:18
114:4

20:16
{D157/2677/3}.112:11
decision-making ( 3 ) didn’t ( 34 )5:6 6:13
discussions ( 18 )
couple ( 2 ) 13:16 14:20
{D196/2930/2}.70:19
116:18 120:10 131:10
20:7 32:23 41:15 45:3
11:21 11:24 12:16

coupled84:5
{D52/889/1}.93:24
decisions ( 6 ) 103:24
50:13 51:4 61:17 62:1
12:18 43:11 43:12

course, ( 30 ) 5:4 9:20
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119:10 119:16 120:2
62:19 62:21 71:5 77:3
43:21 45:24 45:25

12:7 14:9 14:13 16:6
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121:20 127:18
78:4 79:20 83:2 88:18
53:6 53:7 87:1 87:18

17:9 18:4 22:7 22:11
36:21
decrease52:17
90:17 91:18 91:21
88:21 92:5 92:7 103:8

25:8 32:11 33:9 38:4
{D53/936.1/0.1} ( 2 ) deeper110:9
96:16 100:16 100:20
105:22

48:7 50:10 56:24 60:2
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100:25 100:25 101:10
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76:4 79:13 83:4 83:5
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default, ( 5 ) 54:21 56:4
107:6 111:17 115:19
dishonesty, ( 2 ) 2:25

85:1 88:25 91:11
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56:5 62:25 114:10
120:15 121:1 122:13
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92:10 97:19 110:2
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defendant2:9
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dispose110:20

119:24 121:18
{D53/942/1}46:9
defendants ( 4 ) 2:2 4:4
difference ( 7 ) 21:16
dispute.21:5

court’s34:25
{D74/1102/1},94:24
4:7 6:4
21:19 21:20 42:6
distinction84:8

covenant85:23
{D93/1166/5}. ( 3 ) 40:11
defer107:12
107:15 123:5 124:5
divider ( 3 ) 8:22 8:24

covenants ( 2 ) 85:15
41:11 41:19
deferred132:25
different ( 26 ) 12:6
9:22

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21:11 21:22 21:25
dividers7:14

cover ( 4 ) 91:11 94:1
40:20 41:12
definitely ( 18 ) 6:2
21:25 26:7 48:12
document ( 63 ) 2:6

105:12 114:17
{D98/1260/1}. ( 3 ) 16:17
39:19 46:18 56:20
53:12 55:23 57:25
16:16 23:6 24:17

coverage51:18
16:19 87:21
58:5 58:6 59:17 83:5
58:1 71:12 71:13
33:20 34:1 35:15

covered, ( 2 ) 123:19
{D98/1261/1}. ( 2 ) 18:1
84:11 108:3 110:6
71:21 74:22 78:6
35:19 36:8 38:1 38:6

130:19
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111:2 126:14 128:5
78:7 82:24 88:21
40:11 40:18 42:4

covering107:8
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129:12 130:15 135:9
89:5 91:24 94:8 94:25
43:13 44:7 44:19

create70:6
date, ( 19 ) 58:7 58:9
137:2
100:24 101:25 108:13
44:20 46:8 46:21 49:1

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February ( 2 ) 1:1

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62:21 71:2
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54:8 54:17
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35:16 51:2 66:7 81:24
outcome,48:10
64:20 64:22 94:9 95:2
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104:8 108:8 109:7
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112:1 124:17
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137:11
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payment, ( 2 ) 112:19
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78:13
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114:17 130:20
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68:16 103:25 121:6

120:1 121:8
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38:3 38:7 54:18 57:7
preparation ( 3 ) 81:3
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29:12 46:18 87:16
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96:3 108:16
81:3 89:14 125:5
20:7 28:3 45:9 45:16
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48:15 48:23 114:13

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127:14 127:15 128:9
114:18 130:1

15:3 15:7
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106:15 108:10 110:8
32:12 32:24 33:11
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88:23 89:18 91:22
137:8
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offer81:21
92:4 93:9
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presence ( 3 ) 76:17
48:20 127:18

offered30:17
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perfected,2:17
play.2:15
102:21 115:3
proposition127:25

office, ( 47 ) 19:10
overnight.137:19
perform83:11
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19:14 19:15 19:16
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performing,93:2
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112:16 114:5 115:6
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21:19 21:22 21:22
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32:8 33:20 34:19 37:8
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22:19 22:22 22:23
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26:19 26:20 26:22
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27:6 27:9 27:20 28:16
122:19 122:21 123:25
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124:16 124:24 125:16
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119:17 134:13
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84:3 84:17
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32:21 33:2 131:5
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131:5
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opportunity81:21
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28:5 28:8 41:9 51:25
116:18 116:25 117:1
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48:9 52:10 52:10 63:8
104:18
69:12 75:13 87:5
119:5 121:15 121:18

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questions ( 11 ) 15:19
reality134:24
refuse ( 3 ) 118:1

38:10 39:5 41:22
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118:15 121:23

42:25 43:4 43:7 62:3
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36:9 46:15 92:4 135:6
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21:8 23:8 32:12 37:15
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39:2 42:7 47:8 48:3
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69:3 69:12 70:6 71:21
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100:5 102:4 110:8
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113:25 122:17 124:18
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68:8 69:17 69:23 70:5 70:9 76:20 77:21

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seen, ( 20 ) 3:13 9:13 28:23 35:21 35:22 36:4 38:1 59:18 61:11 67:15 67:16 68:6 68:9 77:6 77:14 94:9 94:16 95:2 99:9 125:10

sees ( 3 ) 36:20 51:11 114:14

select84:22

sell, ( 2 ) 22:1 22:1 send ( 3 ) 17:12 17:18
119:13

sense, ( 9 ) 42:11 53:20 53:21 65:5 74:5 74:7 83:16 119:20 123:4 sensible ( 2 ) 2:13 53:22

sent ( 10 ) 1:12 1:14 2:2 3:10 16:23 17:25 57:19 57:20 98:3 98:6

sentence ( 2 ) 68:10 105:9

separate ( 9 ) 25:14 51:23 52:12 53:16

53:18 57:2 57:14
single ( 3 ) 9:9 47:17
special ( 2 ) 69:9 99:24

72:19 122:22
63:7
specialised61:25

separated,53:17
sit ( 2 ) 7:17 22:15
specialist73:6

separating53:11
sitting ( 6 ) 22:22 25:12
specific ( 4 ) 40:2 48:15

September/early96:3
25:21 101:12 103:16
48:21 48:22

sequence. ( 4 ) 56:12
103:17
specifically ( 2 ) 48:20

56:15 70:11 90:8
situated21:23
110:19

serve22:13
situation ( 7 ) 14:21
specify ( 2 ) 95:8 103:3

served ( 2 ) 2:21 20:9
55:2 57:24 89:5 89:24
spectrum21:25

serving23:17
92:9 102:17
speed, ( 2 ) 6:19 137:12

sessions6:17
six134:23
spend103:7

seven71:8
Skif?19:3
spoke ( 5 ) 13:9 13:15

seven-year74:6
skip116:8
103:12 109:22 109:22

Several ( 19 ) 3:17 16:7
slight90:10
spot72:15

25:7 25:12 40:4 44:16
slightly ( 3 ) 33:24
spotted73:16

60:14 63:17 67:3 67:9
42:12 108:14
square68:7

68:4 73:22 73:24
sling41:1
staff ( 2 ) 3:7 22:21

77:22 90:5 107:20
slotted ( 2 ) 136:13
stage ( 7 ) 3:18 104:15

112:15 112:23 113:3
137:2
104:24 110:15 110:19

shall ( 6 ) 5:14 7:4 7:4
slow58:20
118:23 121:5

42:8 64:1 81:6
slower ( 2 ) 23:3 80:13
stages. ( 5 ) 34:7 53:16

shed133:18
small ( 14 ) 11:13 20:4
75:20 112:23 113:3

sheet ( 2 ) 128:20 132:9
20:12 60:15 60:23
stand7:18

ship, ( 5 ) 32:17 33:3
67:4 117:11 117:13
standing101:21

33:7 33:8 33:17
117:18 117:21 117:25
start ( 9 ) 17:1 17:9

Shipping ( 6 ) 32:5
118:6 120:9 120:20
43:10 43:17 64:2

32:10 32:15 32:22
smaller119:6
83:11 119:22 135:8

42:4 73:11
Smirnov, ( 3 ) 18:10
136:12

ships.32:16
18:12 18:13
started ( 3 ) 59:9 109:24

shop23:14
snow,58:14
136:6

short ( 21 ) 1:9 32:2
so-called ( 2 ) 39:13
starting135:25

64:7 87:20 88:19
114:9
starts117:2

89:2 89:11 90:5 90:11
sober114:14
statement; ( 61 ) 9:1

90:12 90:21 90:25
solution. ( 4 ) 89:2
9:11 9:16 9:19 9:24

90:25 91:4 91:7 91:11
92:11 99:2 119:24
10:6 10:8 13:4 14:9

91:11 92:1 102:19
solutions, ( 4 ) 92:1
15:5 15:15 26:24

114:19 116:14
92:2 92:2 95:17
27:16 27:18 27:23

shorter89:18
solvency. ( 2 ) 92:21
28:6 28:7 28:19 28:23

shorthand31:8
93:8
28:24 29:3 29:9 29:16

shortly, ( 2 ) 4:11 96:1
somebody96:15
50:21 54:20 56:1 56:2

should ( 51 ) 2:9 4:16
somehow ( 3 ) 61:17
60:6 60:25 61:6 61:11

4:22 5:24 5:24 6:9
126:15 129:11
62:9 69:7 69:16 74:24

6:14 9:13 16:19 17:19
someone ( 5 ) 13:24
75:11 77:9 78:11

21:21 24:22 35:1 35:2
17:5 17:10 89:7 97:16
78:18 78:19 78:22

35:3 36:12 40:3 40:4
something ( 16 ) 6:5
79:21 86:21 87:10

40:16 40:22 41:20
17:11 21:16 21:17
87:23 90:15 98:16

47:18 48:18 51:8
28:16 46:24 62:11
98:18 99:11 102:18

54:13 61:21 63:19
67:2 94:3 95:25 97:11
103:12 105:6 110:5

74:23 75:6 75:11
98:4 98:24 111:22
112:14 114:7 114:15

75:17 75:18 77:6
116:9 137:20
114:22 122:4 122:16

77:14 82:19 82:20
Sometimes ( 4 ) 84:6
122:16 126:13

83:18 85:6 100:21
84:6 119:19 135:19
statements ( 7 ) 7:13

123:10 123:19 128:25
somewhere69:13
7:14 10:10 12:13 79:1

130:1 130:11 131:22
son23:23
106:22 113:4

131:24 132:5 132:12
soon ( 3 ) 34:1 35:17
statistical130:22

135:8 136:9 137:6
108:8
status74:3

shouldn’t3:25
sort ( 15 ) 5:11 42:19
stay ( 2 ) 80:17 133:13

show ( 6 ) 34:21 35:1
69:15 76:3 78:17
staying31:20

64:14 70:23 70:25
88:20 88:25 99:22
stems52:9

71:3
115:17 123:9 126:13
step ( 6 ) 33:3 33:3 33:5

shown4:2
129:7 129:11 132:5
33:5 57:1 57:3

shows89:4
137:9
steps ( 2 ) 56:24 93:5

side ( 5 ) 18:15 48:13
sound, ( 3 ) 52:8 57:8
still ( 15 ) 22:5 27:3

84:6 88:25 116:1
59:13
27:5 28:21 29:1 29:18

sides,107:17
sounds44:4
61:19 62:17 65:2 92:6

signature ( 8 ) 9:5 9:7
source ( 2 ) 104:14
108:18 116:4 119:9

10:2 10:3 25:2 73:10
132:17
130:21 135:15

73:12 125:25
Sovietskaya,8:18
stood20:25

signatures,137:5
space ( 2 ) 25:15 25:16
stop. ( 5 ) 5:23 37:9

signed ( 4 ) 45:10 45:16
spare ( 2 ) 72:9 72:10
85:12 117:9 134:2

73:2 105:16
speak ( 8 ) 7:5 13:23
story. ( 3 ) 63:4 97:15

signing107:8
16:1 31:17 32:24
98:11

similar ( 3 ) 47:2 60:17
32:25 111:23 111:24
straight120:3

60:18
speaking ( 21 ) 12:21
strange ( 5 ) 111:18

simple ( 5 ) 14:24 22:16
15:2 15:3 15:4 20:25
114:13 114:16 114:18

69:11 105:2 111:13
21:8 24:10 32:18
129:19

simultaneous ( 2 ) 35:7
44:21 53:9 67:14
street8:17

112:20
69:20 87:15 95:9
stretched.42:22

since ( 8 ) 7:9 11:9
101:15 101:16 106:16
strictly ( 4 ) 20:24 21:8

28:16 29:11 29:19
107:14 111:23 119:15
24:8 119:14

30:9 31:2 99:20
129:24

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Stroilov ( 142 ) 1:18 2:3 2:21 5:1 5:3 6:1 6:13 7:11 10:18 10:19 15:17 15:21 18:2 18:5 20:23 21:2 22:23 24:10 24:12 27:25 29:14 30:25 31:7 32:4 34:17 35:6 35:19 36:19 36:25 37:6 37:12 37:20 37:23 38:14 38:19 38:22 39:2 40:16 40:21 41:3 41:14 41:20 42:10 42:21 43:2 43:6 43:9 45:14 46:7 46:10 46:20 47:13 48:14 48:25 49:9 49:11 52:4 52:5 52:24 53:3 57:20 61:12 62:17 63:13 63:23 64:5 64:9 64:18 65:2 65:15 65:17 65:20 68:14 68:17 70:2 71:15 72:13 72:22 75:6 75:17 76:12 76:15 77:7 77:17 78:9 78:17 78:23 78:24 79:5 80:3 80:7 80:9 80:12 80:16 80:23 81:3 81:4 81:7 81:12 82:6 82:22 82:23 83:7 83:17 84:24 87:15 88:20 89:23 90:7 91:3 91:14 91:17 95:8 97:1 100:10 100:12 108:9 109:3 114:18 114:19 116:4 116:16 129:5 130:23 131:4 131:13 132:18 133:6 133:11 134:5 134:10 134:20 134:22 135:7 135:11 135:14 136:4 136:16 137:1 137:7 137:11 138:7

stronger7:9 structure18:16 studied58:4 sub21:13

subject ( 8 ) 5:9 17:22 31:18 45:6 48:17 49:1 82:24 133:15

submit119:10 subsequent,103:22 subsequently.42:24 substance? ( 4 ) 21:19

21:20 36:25 65:10 substantial ( 6 ) 23:18 32:22 56:20 69:6

112:19 114:5 substantive ( 6 ) 21:16

34:8 34:14 57:17 114:25 115:6

substantively, ( 3 ) 35:4 47:2 47:10

substituting33:16 sufficiency45:6 sufficient,104:1 suggest ( 12 ) 50:4

50:17 56:15 72:15 75:8 86:19 87:4 89:13 111:14 114:8 120:13 134:5

suggested ( 3 ) 75:3 91:9 115:18

suggesting ( 19 ) 45:14 50:15 60:19 74:23 82:19 91:17 95:4 95:18 97:5 97:6 97:20 113:7 113:13 113:17 113:20 114:1 118:15 121:8 121:16

suggestion ( 3 ) 78:11

90:23 128:23 suggests ( 10 ) 13:19

13:25 15:22 44:7 56:1 56:12 88:10 105:14 112:16 134:23

suits31:10 summary?55:12 sums.28:18 suppose ( 7 ) 37:14
42:16 56:17 81:20 87:1 90:19 131:14 supposed ( 7 ) 42:13 51:15 70:24 78:18

79:1 79:3 99:2

Supposing118:24 sure ( 52 ) 2:17 2:18

24:4 24:21 27:8 28:2 29:21 29:23 36:18 38:5 39:17 40:25 41:6 47:4 48:9 52:9 54:16 55:18 55:18 55:24 57:10 58:18 59:2 59:25 64:19 65:5 65:6 67:15 74:1 76:6 76:8 89:17 90:20 94:11 94:16 98:2 98:12 98:13 99:9 99:22 101:16 103:24 104:3 106:3 106:9 109:18 110:3 111:24 115:11 122:13 125:10 136:7

Surely ( 2 ) 73:17 123:21

surprised74:2 surveyed68:22 survives93:3 suspicion.31:23 sworn35:8 sympathetic5:5 system ( 2 ) 58:20 75:2

T

table ( 8 ) 64:12 65:6 65:21 65:21 66:2 66:10 67:21 72:7 taken ( 5 ) 3:19 45:2
75:4 115:20 133:11 takes ( 2 ) 107:20 132:8 taking ( 3 ) 2:10 5:19
53:9

talk ( 4 ) 31:12 78:16 81:18 137:18

talked131:3 talking ( 10 ) 34:22

46:11 59:15 74:9 77:8 85:22 100:7 100:17 104:20 113:25

talks ( 3 ) 75:1 77:9 81:19

task.7:21 team25:25 technical ( 2 ) 70:14

124:7 technically107:14 telephone, ( 5 ) 14:10

15:9 15:12 15:13 16:7 telling ( 6 ) 18:18 26:10

26:11 76:22 77:24 120:23

tells38:7

temporary, ( 2 ) 91:18

99:2 ten64:2

term, ( 25 ) 88:19 89:2 89:2 89:9 89:11 89:11 90:12 90:12 90:21 90:21 90:25 90:25 91:4 91:4 91:7 91:7

91:11 91:12 92:1 92:1 92:2 92:11 92:23 95:17 129:22

Terminal? ( 30 ) 11:25 12:3 12:7 33:17 43:16 43:18 43:19 43:23 44:10 44:25 50:6 50:11 53:16 55:8 55:15 56:10 56:11 58:10 59:14 59:22 60:20 63:1 69:8 70:7 70:8 70:23 72:24 75:9 95:6 95:15

termination123:12 terms ( 9 ) 91:4 91:6

107:17 116:22 118:3 118:10 118:16 119:21 128:25

terribly ( 4 ) 64:24 65:10 65:12 81:5

test ( 2 ) 41:3 41:20 testing78:13

text, ( 11 ) 17:6 34:3 34:9 34:11 34:13 34:15 35:23 36:10 36:22 37:14 127:6

Thanks.94:24

That’s ( 100 )4:9 6:12

6:24 12:20 17:13 17:25 17:25 19:15 19:16 20:22 21:17 21:18 22:7 22:16 22:17 26:11 26:18 27:6 27:13 28:16 28:19 29:22 29:22 30:19 30:22 31:5 37:15 38:19 38:25 40:15 40:24 43:6 46:20 48:14 49:11 49:11 49:19 52:5 52:5 52:23 54:6 54:6 54:9 54:23 54:24 56:2 58:14 58:18 58:25 59:10 59:12 60:7 61:2 61:3 63:4 64:14 65:20 66:7 67:22 69:10 69:16 70:1 71:24 72:16 72:22 76:6 79:8 79:18 79:24 83:10 83:14 83:15 85:14 86:1 92:13 95:16 95:18 98:6 100:12 105:5 106:6 109:11 110:6 110:11 111:13 111:18 117:1 118:15 118:19 122:3 122:24 125:1 126:12 126:24 127:15 128:3 128:15 132:6 133:21 136:25

thereafter.132:9 thereby,52:1 therefore. ( 15 ) 26:22

52:20 52:22 54:16 56:20 74:5 79:20 84:2 98:24 99:6 102:18 105:18 110:8 114:6 121:15

thereupon.131:10 they’ve30:22

thing, ( 13 ) 5:17 8:3 14:17 21:9 42:2 42:7 64:2 74:1 79:24 91:24 97:4 116:21 127:1

thinking ( 6 ) 19:19 53:9 78:20 93:9 99:22 123:11

thinks7:21

third ( 6 ) 3:9 66:13 67:24 75:11 105:8 132:11

thirdly,55:8

thorough56:7
total ( 5 ) 33:2 68:6
type ( 3 ) 4:21 83:18

though ( 2 ) 46:12
70:16 106:5 135:15
108:2

136:10
touch16:3
types ( 2 ) 21:11 88:21

thought ( 7 ) 2:13 4:19
towards ( 3 ) 16:2 65:23

5:24 6:16 35:3 133:12
86:6
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137:5
track ( 17 ) 66:14 66:16

three ( 24 ) 1:9 14:1
66:17 66:18 66:22

ultimate ( 2 ) 46:4 46:5

34:13 56:21 59:6 59:8
67:23 67:24 70:3

66:9 66:22 67:6 76:21
70:23 71:5 73:17
ultimately ( 2 ) 93:4

77:13 77:19 77:19
74:12 75:2 75:22 77:1
108:12

78:1 78:3 82:10 88:2
81:18 81:19
unable5:7

88:15 89:8 89:22 91:8
tracks ( 12 ) 66:9 66:23
unacceptable. ( 2 ) 5:13

107:21 131:24 132:16
67:6 67:21 68:2 71:21
119:23

three-year97:10
75:6 76:21 76:25
unavoidable6:5

three-year-long96:22
77:19 77:20 79:17
undermine52:1

through ( 11 ) 15:8
trading115:2
understand ( 42 ) 2:23

36:16 94:7 95:1
transaction,23:19
2:23 3:1 3:3 5:6 8:12

100:19 112:3 132:6
transcript, ( 7 ) 6:3 7:7
9:10 10:19 12:25 13:4

132:10 133:17 135:6
34:12 35:10 58:23
21:4 21:7 24:12 32:7

136:1
59:1 59:4
37:25 39:21 47:20

throughout ( 3 ) 14:14
transcripts82:10
48:5 48:19 50:7 51:20

112:17 134:21
translate35:8
52:3 55:4 57:4 62:4

thus91:10
translated. ( 3 ) 7:24
62:13 62:17 64:5 72:5

timber.90:18
18:25 42:4
75:3 82:16 83:1 83:20

time ( 93 ) 3:16 3:19
translation ( 31 ) 21:10
91:2 94:21 100:4

6:13 8:9 11:1 14:4
34:6 34:9 34:11 34:16
102:15 107:10 116:24

15:19 15:24 16:14
35:3 35:5 35:9 35:14
118:25 120:1 136:17

16:14 17:15 23:13
35:16 36:3 36:18 37:5
understanding ( 12 )
23:17 24:7 24:9 24:12
41:5 41:12 41:13
5:8 15:5 23:11 69:25

25:8 25:21 27:17
41:14 41:21 42:1
85:5 91:20 104:13

28:16 28:23 29:13
42:17 42:20 49:22
105:2 116:20 116:24

39:18 39:24 43:13
57:17 64:11 64:13
117:24 137:5

43:15 43:22 46:14
64:17 64:19 65:3 65:4
understands34:22

46:14 51:3 53:13
65:11 127:8
understood, ( 7 ) 8:2

54:1 54:19 54:20
translations.40:13
8:8 23:8 44:13 53:8

56:21 62:24 63:14
translator42:22
90:11 90:23

63:16 64:3 67:16
translators, ( 2 ) 35:8
undertaken,93:6

71:13 71:19 71:22
35:8
undue137:13

72:7 74:6 76:10 76:14
tree.78:8
unfair81:15

77:5 77:15 77:16 84:7
tremendous108:11
unfinished.135:3

87:20 88:15 88:24
tremendously ( 2 ) unfortunate5:16

89:10 89:18 92:3
34:18 47:15
unfortunately,6:14

94:9 95:7 96:10 96:13
trial. ( 6 ) 1:8 4:12 4:20
unintentional.81:23

96:14 97:19 98:7 98:8
5:15 5:23 57:11
united126:15

98:17 99:21 100:14
tried ( 6 ) 84:21 85:1
units85:3

100:18 100:21 101:8
88:22 89:4 108:7
universal22:13

101:15 101:17 101:23
111:12
unless ( 2 ) 4:1 133:12

102:19 103:2 103:3
tries ( 2 ) 89:2 111:22
unlikely.80:16

103:7 103:11 103:16
trigger ( 2 ) 123:25
unload69:10

103:20 104:7 107:16
126:19
unnecessary34:20

108:7 109:4 113:17
trouble40:6
unsatisfactory,91:15

133:1 134:19 135:12
true ( 12 ) 10:14 10:15
update102:23

135:19 135:22 136:2
26:18 27:13 30:19
updated107:22

136:14
30:22 31:5 54:23
uploaded. ( 2 ) 35:14

times. ( 5 ) 14:1 31:4
54:24 76:9 79:9 83:10
35:17

58:1 71:12 86:19
truth. ( 5 ) 26:10 26:11
upravleniyu ( 2 ) 18:24

timetable ( 2 ) 4:12 6:24
76:22 77:24 78:13
19:25

today. ( 8 ) 5:2 6:4
try ( 18 ) 6:24 15:18
Upravliajuskaya19:16

80:15 80:18 116:5
32:13 40:8 44:12
Upravliyaushaya18:22

133:14 134:1 134:17
47:25 75:12 80:20
used. ( 2 ) 28:4 129:14

today’s2:18
80:21 83:24 84:15
useful. ( 3 ) 3:2 72:20

together.113:5
88:23 96:11 100:6
132:22

told ( 13 ) 36:17 62:14
117:24 132:6 136:11
using ( 4 ) 35:9 47:22

104:16 104:24 105:10
137:19
91:7 101:7

106:19 106:25 107:2
trying ( 20 ) 14:12 21:3
usual,23:3

110:15 110:19 112:18
22:3 28:18 34:18
usually ( 3 ) 84:3 84:15

116:1 131:16
37:25 46:21 57:5
102:9

tomorrow ( 7 ) 6:7
70:14 77:23 83:20

80:17 135:13 135:23
85:12 91:5 93:7 98:10
V
136:9 137:14 137:18
98:20 111:14 118:19

too ( 10 ) 20:7 36:12
126:18 128:20
Valentina101:15

50:5 58:21 64:3
Tuesday,137:25

valuation ( 14 ) 54:1

64:3 93:1 98:8 103:7
turn ( 4 ) 8:22 9:4 10:4

55:11 56:7 57:2 62:8

107:20
96:19

74:5 76:20 76:20

took ( 18 ) 12:16 12:18
turned ( 2 ) 74:25 101:4

77:21 78:12 78:12

13:11 38:3 38:7
turning21:6

78:20 79:12 82:5

54:18 56:21 56:22
turnover ( 3 ) 85:16

valuations, ( 3 ) 54:25

56:23 57:7 59:7 92:24
85:24 87:10

61:22 61:25

101:23 104:21 112:22
turns132:7

value ( 10 ) 43:19 45:6

113:9 122:2 122:10
twice14:3

51:14 51:15 53:24

twists132:7

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54:14 54:14 68:14 78:5 80:2

valued ( 3 ) 54:13 70:4 77:18

various ( 4 ) 4:4 4:14 82:10 132:14

verification72:4 verify ( 3 ) 72:25 96:12
124:22

version. ( 27 ) 18:1 35:2 37:14 38:15 41:22 42:15 44:13 44:14 44:17 44:22 49:15 49:17 65:9 65:14 65:18 65:22 65:23 65:25 94:7 100:16 122:20 122:21 124:25 125:14 125:17 127:9 129:25

via5:2 views,48:6

vilification ( 2 ) 4:15 5:12

visit ( 13 ) 58:10 58:10 59:14 59:21 60:3 60:4 63:7 63:8 63:11 69:19 72:23 76:14 77:6

visited ( 4 ) 55:8 55:20 61:20 68:23

visiting68:20 volume,56:20 voting121:6

Vyborg ( 5 ) 32:5 32:9

32:15 32:22 73:11

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11:15 20:3 21:14 25:23 33:11 49:24 50:16 57:19 67:19 68:8 74:8 75:15 78:7 80:5 82:19 86:19 90:20 92:15 92:24 101:7 130:15

way. ( 19 ) 4:17 5:25 13:17 32:7 41:23 48:6 55:25 69:7 91:13 97:6 97:8 98:15 107:25 110:12 116:6 118:12 125:24 130:22 132:13

we’re124:3

we’ve ( 2 )56:24 78:8

Wednesday.136:24 week, ( 5 ) 6:7 6:17 6:20
14:3 14:7

weeks. ( 5 ) 13:25 14:6 56:22 56:25 134:23

welcome81:5 weren’t ( 4 )14:14
27:20 54:22 85:17

Western ( 19 ) 33:17 43:16 43:17 43:19 44:10 55:8 56:11 58:10 59:14 59:22 60:20 70:23 72:24 75:9 93:11 95:5 95:6 95:14 95:20

What’s ( 7 )26:8 35:24 51:20 90:20 123:24 126:16 131:2

whatever. ( 13 ) 21:13

49:16 67:14 68:25 77:13 81:21 91:1

104:20 108:4 110:22 129:12 130:19 134:17

whereas ( 5 ) 6:22 28:23 46:17 52:14 132:25

wherever101:10 whilst ( 2 ) 5:23 31:16 whole ( 16 ) 43:22 44:4

55:2 56:18 56:19 60:10 67:5 82:2 82:5 96:22 97:11 102:17 116:8 116:25 123:10 123:19

whom ( 6 ) 11:8 17:5 25:16 83:21 84:10 101:14

whose ( 5 ) 11:3 18:14 18:18 19:10 19:22 wish ( 7 ) 7:7 9:10 10:6 10:7 132:23 135:3
137:13 wishes4:18

witness ( 48 ) 7:14 8:25 9:24 12:13 15:5 15:15 26:23 27:15 27:18 28:7 28:19 31:12 38:17 46:3 49:2 49:7 49:12 55:25 60:6 60:25 61:6 61:11 68:16 69:7 74:21 74:24 75:5 75:10 75:14 76:17 76:22 76:24 77:9 77:15 77:21 80:15 82:20 90:14 98:15 98:18 102:18 114:22 122:16 128:21 133:7 134:18 135:2 136:1

witness’s78:2 witnesses. ( 6 ) 3:14

3:24 4:5 6:18 6:19 133:20

witnessing137:4 won’t ( 5 )5:5 7:8 36:24

58:21 131:8 wonder ( 7 ) 63:18

82:23 94:5 100:14 124:10 128:6 129:8

wondering ( 3 ) 40:21 63:14 76:16

wording ( 2 ) 94:16

130:4

work ( 13 ) 6:23 17:14 22:18 22:19 25:22 26:3 28:3 73:2 73:7 75:3 75:4 98:19 119:14

worked, ( 2 ) 32:7 45:17 working ( 7 ) 6:22 22:15 26:14 26:16 96:10

107:16 135:15 works, ( 4 ) 62:4 68:25
69:3 116:25

world? ( 3 ) 17:14 31:18 86:12

worry. ( 2 ) 47:15 65:13 worth31:20 worthwhile135:25 wouldn’t ( 13 )15:11

16:1 16:22 17:1 17:7 17:13 44:11 57:1 62:7 87:4 89:21 101:25 127:15

write17:11 writers31:8

writing ( 3 ) 17:5 17:10 98:18

written ( 4 ) 24:19 24:23 111:19 122:15

wrong? ( 13 ) 26:8 26:9 26:11 32:13 55:5 68:3

75:5 77:4 78:8 78:20 79:12 79:15 123:24

wrongly,5:18 wrote,108:16

Y

year. ( 11 ) 24:20 88:1 88:3 110:25 129:1 129:23 130:2 130:6 131:16 131:17 131:18

year’s39:24 years, ( 10 ) 14:14

40:4 56:23 71:8 88:2 88:15 89:8 89:22 91:8 131:12

yesterday28:17 you’re137:9 you’ve28:17

yours, ( 3 ) 10:10 24:22 38:10

yourself ( 2 ) 24:13 102:16

Z

zero ( 2 ) 130:20 130:21

0

0.1, ( 2 ) 34:3 36:2

00352 ( 2 ) 128:24 131:12

01198128:24

1

1.00 ( 2 ) 102:25 103:11

1.10,63:22 (1.1781:9

1.30103:1

10.00 ( 3 ) 135:12 137:14 137:24

(10.301:2

(10.391:4

10-minute ( 2 ) 31:8 31:11

10074:6

(11.3632:1

(11.4532:3 118,59:5

12.30103:11

(12.4264:6

(12.4764:8 1261,18:1

130 ( 2 ) 91:23 96:24

15A19:10

16567:25

174.29:7

178 ( 2 ) 27:20 29:5

17967:23

2

2.10? ( 4 ) 81:6 81:7 81:8 81:11

2004?29:13

2006; ( 5 ) 10:20 11:21 13:1 15:4 15:24

2007 ( 2 ) 16:1 128:24

2008. ( 20 ) 12:19 13:6 13:17 15:3 16:1 16:2 24:10 29:12 33:10 33:15 72:24 86:6 87:16 89:15 96:3 99:14 109:6 113:10 125:5 128:25

2008/2009,20:2 2009, ( 12 ) 13:1 13:2

20:20 39:22 56:8 57:8 77:16 89:14 110:25 111:2 122:11 123:3

2013, ( 11 ) 108:16 109:21 110:6 110:13 110:25 111:2 111:4 111:7 111:17 111:17 111:19

2015? ( 3 ) 9:6 10:2 110:6

2016 ( 2 ) 1:1 137:25 216?70:20

3

(3.24116:13

(3.35116:15

352.131:13

4

(4.17137:23

4.30,116:6

5

55.1,122:23

55.2,123:1

6

6.1,65:22

60.2.3, ( 2 ) 37:7 37:9

64A? ( 2 ) 27:4 27:8 64V27:9

7

7V-15,66:16

7V-16M,66:15

8

8.54,17:16

9

9-ish.135:17

94667:21