Day 30

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

Day 30

March 21, 2016

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March 21, 2016 Day 30

1 Monday, 21 March 2016

2 (9.15 am)

3 (Proceedings delayed)

4 (9.20 am)

5 Housekeeping

6 MR LORD: May it please your Lordship. Fantastic technology

7 efforts have been made over the weekend to achieve

8 a videolink to Russia and also a simultaneous videolink

9 to Nice. I understand that Dr Arkhangelsky is not going

10 to be in Nice, certainly as things stand, this morning,

11 so we would suggest that we take out that connection and

12 enlarge the screen to St Petersburg, if your Lordship is

13 content with that. If Dr Arkhangelsky wishes to join

14 via the Nice link, then that can be reinserted, but they

15 have worked very hard to get these various connections

16 up and to do it so that there is a simultaneous

17 connection to both those overseas venues.

18 In terms of the videolink to St Petersburg, I think

19 I need to tell your Lordship two things. In the room

20 with Mr Savelyev, whose birthday it is today, is someone

21 called Anastasia Cheradova(?) from EPAM, who are

22 Bank of St Petersburg’s Russian lawyers, and she is

23 there to help find documents on Magnum if necessary, but

24 other than that there will be nobody in that room.

25 There is a man called Vitaliy Frolov, who is from the

1 Mr Stroilov, are you content with these

2 arrangements? Naturally, if Mr Arkhangelsky is not, as

3 it were, at his station in Nice it would assist me to

4 enlarge the pictures. I dare say it would assist you

5 and everybody else.

6 MR STROILOV: Quite, my Lord, and I would like to explain

7 that simply we were not informed of this magnificent

8 technical effort, so we assumed the videolink is going

9 to be busy and so Mr Arkhangelsky is following it on

10 Magnum, but he just thought it wouldn’t be available

11 from Nice.

12 MR JUSTICE HILDYARD: So he is watching all we say?

13 MR STROILOV: Yes, he is seeing the transcript as it is

14 being written. So yes, I think of course it is going to

15 be helpful to have Mr Savelyev full screen, my Lord.

16 MR JUSTICE HILDYARD: I don’t know whether that’s the press

17 of a switch or what.

18 MR LORD: I think it is. I think the person who has just

19 left is going to effect that change, my Lord.

20 MR JUSTICE HILDYARD: Right.

21 MR ALEXANDER VASILIEVITCH SAVELYEV (Continued)

22 (All questions and answers interpreted except where

23 otherwise indicated)

24 MR JUSTICE HILDYARD: Mr Savelyev, good morning.

25 A. Good morning.

1

1 Bank of St Petersburg IT department. He will be waiting

2 outside the room should any technological problems

3 befall this arrangement so he can help, but other than

4 that, there is not to be anybody else in the room while

5 Mr Savelyev gives his evidence.

6 The second point is that if anybody from this end

7 interrupts Mr Savelyev while he is answering a question,

8 that is going to mean that there is going to be

9 an interruption to the microphone so that he, I think,

10 will not necessarily hear — or we will not hear him.

11 He will hear us but we will not be able to hear him

12 because of the way the microphones have to work.

13 So I have been asked by various of the interpreters

14 and technological support team if the questioning could

15 build in a little bit of a pause until the witness has

16 finished, or a pause, rather like the old fashioned

17 international calls, so we haven’t got that stop-start

18 affair where Mr Savelyev isn’t quite sure whether he is

19 meant to resume. Obviously, it is easier said than done

20 but I have been asked to pass that on to your Lordship.

21 So, your Lordship, those are the arrangements that have

22 been made.

23 MR JUSTICE HILDYARD: Well, I congratulate all those who

24 have made these arrangements. Best wishes, of course,

25 to Mr Savelyev on his birthday.

3

1 MR JUSTICE HILDYARD: I will just remind you, of course, as

2 you know you are still under oath. All that has changed

3 is where you are and the means by which your image and

4 voice is carried, but otherwise the same rules carry on.

5 Thank you. I will —

6 MR STROILOV: My Lord, before I proceed, I am afraid I have

7 to give you some rather bad news. Despite my efforts to

8 pull myself together, I feel I will not be able to

9 meaningfully help the defendants in

10 the cross-examination of Ms Mironova later this week, so

11 I will do what I can to help Mr Arkhangelsky to prepare,

12 but it will have to be Mr Arkhangelsky by videolink.

13 I am simply not capable of doing that, just so that you

14 know. I have made all the efforts to kind of bring

15 myself into shape; I cannot do it.

16 MR JUSTICE HILDYARD: Well, I am sorry on every level to

17 hear that. I think I shall have to think about that.

18 MR STROILOV: Yes, my Lord. I am sorry. I do assure you

19 I am not being difficult. I simply cannot.

20 MR JUSTICE HILDYARD: Without prying, and by all means don’t

21 answer if you don’t wish, but is this exhaustion, or

22 what is it?

23 MR STROILOV: It is exhaustion, so.

24 MR JUSTICE HILDYARD: And would the same obtain if we

25 started Ms Mironova a little later?

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March 21, 2016 Day 30

1 MR STROILOV: Well, to be honest, yes, I don’t think I am

2 capable of — well, apart from finishing Mr Savelyev,

3 simply because it would be quite indecent to abandon him

4 mid-way, I don’t feel capable of doing anything

5 meaningful this week, to be honest.

6 MR JUSTICE HILDYARD: Well, however important this is,

7 I think given Mr Savelyev’s other commitments today, we

8 had best return to this at a subsequent stage.

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

10 Cross-examination by MR STROILOV (Continued)

11 MR STROILOV: Mr Savelyev, good morning, and may I associate

12 myself with my Lord’s birthday greetings.

13 A. Thank you very much indeed.

14 Q. Sorry, I hope it is working now.

15 Mr Savelyev, I would like to ask you again some

16 questions about the history of shareholding in

17 Bank of St Petersburg. I think we have mentioned last

18 week that Mrs Ivannikova used to be a significant

19 shareholder of the Bank, isn’t that right?

20 A. Yes, that is correct.

21 Q. And, as I understand it, her share used to be —

22 originally used to be almost 14 per cent in the Bank; is

23 that consistent with your recollection?

24 A. I do not recall what her interest in the Bank was.

25 Q. Well, I think it seems to have — I just don’t want to

1 Q. Was Mrs Ivannikova holding these shares through Miveks

2 or otherwise subject to any option arrangement similar

3 to the one you have described in relation to

4 Verniye Druzya?

5 A. I believe I have already explained to his Lordship that

6 when we joined the Bank, the Bank was virtually

7 worthless. It was in a very difficult condition, it was

8 in dire straits.

9 Therefore, when I invited a number of potential

10 managers to join the Bank and that applied to

11 Mrs Ivannikova as well, obviously we did have some

12 arrangements prior to their joining the Bank, and the

13 arrangement was they were going to receive some shares

14 in the Bank.

15 In this particular case, with respect to

16 Mrs Ivannikova, she did have that arrangement with the

17 Bank and she did own the shares.

18 Q. Was it subject to any option arrangement for you or

19 anybody else to buy these shares in certain

20 circumstances?

21 A. My Lord, it was in 2002 and those arrangements may have

22 been in place, but because they changed hands twice in

23 2001 from the former owners to the other people, and

24 then in 2005, I do not recall the history exactly,

25 therefore I would not like to mislead your Lordship or

5 7

1 spend too much time just going through it year by year,

2 but it seems to have fallen from something in the region

3 of between 11 to 14 per cent, to below 1 per cent now.

4 So can you explain to the best of your recollection in

5 what circumstances did it reduce so drastically.

6 A. Well, there are two things, my Lord, two things that

7 affected the size of Mrs Ivannikova’s equity stake in

8 the Bank: number one, the several share issues by the

9 Bank, and; secondly, every shareholder in the Bank who

10 owns shares at the start-up, at the initial stage, they

11 had the right to sell their shares and I understand,

12 and, speaking from memory, I do not recall exactly, but

13 I think part of the shares were sold and part of

14 the shares — part of her shares were diluted because of

15 those several share issues that I have just mentioned.

16 Q. Now, Mr Savelyev, I understand that in 2002 to 2005,

17 possibly later, Mrs Ivannikova held her shares through

18 a company called Miveks; do you recall that?

19 A. Could you give me the name of the company again, please,

20 if I may? I may have misheard.

21 Q. Miveks.

22 A. Possibly so, my Lord. Sitting here today, I do not

23 recall the names of the company that were holding shares

24 on behalf of Mrs Ivannikova, but it may have been

25 Miveks, for all I know.

1 Mr Stroilov.

2 Q. What I’m trying to establish is whether you,

3 Mr Savelyev, had any interest, directly or indirectly in

4 the shareholding of Mrs Ivannikova.

5 A. I have always mentioned, and this is publicly known,

6 that the managers and myself have held different amounts

7 of shares in the Bank over different periods of time,

8 but this was always done in the interests of the Bank

9 and of the top managers of the Bank, and my Lord, I can

10 mention as of today there is — this company that has

11 just been mentioned, Verniye Druzya, Verniye Druzya does

12 own shares in the interests of the Bank and it is in its

13 own interests to make sure that the Bank is properly

14 protected for the future, going forward.

15 Q. Right. Now, I would also like to ask you about the

16 shareholding of Mr Puzikov, again something we briefly

17 discussed last Wednesday.

18 A. Yes, please.

19 Q. I understand that Mr Puzikov has had a significant

20 shareholding in the Bank since about 2005, is that

21 correct?

22 A. I am not sure I recall the dates, my Lord, but

23 Mr Puzikov is a minority shareholder in the Bank, that

24 is true.

25 Q. And in different periods, but Mr Puzikov held his shares

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March 21, 2016 Day 30

1 through a company called Investproekt or Investproject;

2 is that right?

3 A. It is possible, my Lord, but I do not know exactly

4 through which companies Mr Puzikov was holding his

5 shares. I did not monitor the position.

6 Q. Now, Mr Savelyev, just to deviate from that subject for

7 a little while, may I ask you about the position of

8 the corporate secretary of the Bank. I understand

9 that — would you be able to summarise in your own words

10 what corporate secretary is? What are his duties and

11 what is that position?

12 A. A corporate secretary is a member of the management

13 board and then there is a corporate secretary in the

14 supervisory board of the Bank. The corporate secretary

15 of the management board prepares matters for discussion

16 by the management board, gathers all the information,

17 prepares the information for the specific meeting of the

18 management board or, respectively, of the board of

19 directors, supervisory board, and prior to the meeting

20 of the boards, the secretary is in charge of making all

21 the information available to all the members of the two

22 respective boards for them to be able to prepare for the

23 meeting.

24 Q. So it is —

25 A. After the end of the meeting of the management board, or

1 A. Not just the corporate secretary: lots of people are

2 involved in the organisation of an AGM. That includes

3 the corporate secretary, the management board, the

4 corporate secretary of the supervisory board. This is

5 a very serious thing for the Bank to be doing, therefore

6 quite a lot of people are involved in the preparation of

7 the annual meeting of shareholders. Almost all the

8 deputy chairmen of the management board, myself, and to

9 a certain extent the corporate secretaries, are involved

10 in that as well.

11 Q. And so is it also the case that the corporate secretary

12 is assisted by a sizeable department, or team in

13 the Bank, called the apparatus of the corporate

14 secretary?

15 A. Well, in this particular case, the «apparatus», or the

16 staff of the management board I think includes 15

17 people, and the staff of the supervisory board includes

18 very few people, actually.

19 Q. I understand — so are there, actually, two corporate

20 secretaries: one for the management board and the other

21 for the supervisory board, or board of directors? Are

22 these two different —

23 A. Yes, my Lord, that is correct.

24 Q. And I understand that at present, the corporate

25 secretary of the board of directors, or supervisory

9 11

1 respectively the supervisory board, he is in charge of

2 drawing up the minutes where all the members of the

3 management board, or respectively the supervisory board,

4 can read what is written there, and if they agree, they

5 affix their signature to the respective minutes and then

6 the information is disclosed to the market at large.

7 Q. And is the corporate secretary responsible for the

8 Bank’s compliance with the law in force?

9 A. I don’t think so. We have a separate department, ie the

10 financial monitoring department, which deals with that,

11 and we also have an auditor who prepares an opinion, and

12 after, that the Bank discloses information. By the way,

13 tomorrow we are going to disclose some information to

14 the shareholders and the analysts of the Bank because

15 the IFRS audit report has already been prepared, and we

16 are going to disclose that tomorrow.

17 This is something that my deputies are in charge of.

18 This is done by the chairman of the board, the deputies,

19 and, from time to time, this information is disclosed to

20 the Bank and, as I said — sorry, disclosed to

21 the market and, as I have just mentioned, tomorrow I am

22 going to disclose that information to the market

23 participants.

24 Q. And isn’t the corporate secretary responsible for the

25 organisation of the general shareholders’ conferences?

1 board, is a gentleman called Andrei Vasilyevich

2 Romashov?

3 A. Yes, my Lord, that’s correct.

4 Q. And I assume, given the importance of this position, he

5 has been chosen carefully, hasn’t he?

6 A. Well, Andrey Romashov had spent a lot of time working in

7 the legal directorate of the Bank, so we were aware of

8 his track record. So far as I can recall, there was

9 then a hiatus, a time during which he was not with the

10 Bank, then he came back to the Bank; and today he is the

11 corporate secretary of the supervisory board, yes.

12 Q. And I understand that he occupies that position

13 since June 2014; is that correct?

14 A. Well, in August 2014 the chairman of the board was

15 changed, and so possibly Romashov came at that time, ie

16 in August, when the chairman of the supervisory board

17 was elected, and that was me. So I think that

18 before August of that year, someone else occupied the

19 position of a corporate secretary.

20 Q. To the best of your recollection, in what period did

21 Mr Romashov work in the legal department of the Bank?

22 A. My Lord, I do not recall the dates, I am afraid.

23 I don’t recall exactly when he was with the legal

24 department, so I am afraid I cannot assist the court

25 with the exact date.

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March 21, 2016 Day 30

1 Q. Well, let’s try and approach it from a different end.

2 Approximately how long was he away from the Bank, to

3 the best of your recollection, and I appreciate it can

4 only be an approximate figure, but approximately how

5 long?

6 A. My Lord, I don’t recall. It could have been one year or

7 two years or three years that he wasn’t with the Bank.

8 Some lengthy time period he did not work at the Bank.

9 Q. Can you please have on the screen — I don’t know,

10 I assume that Mr Savelyev can only have one at a time,

11 so the English version of what I would like to show him

12 is {D207/3042/1}, and then the Russian version is

13 {D207/3041/1}. Do you see that, Mr Savelyev, testing

14 the technology? Do you see the SPARK profile on the

15 screen? There should be the SPARK profile of Miveks.

16 A. Yes, I can see this in English, sir.

17 Q. Can we change it so that Mr Savelyev has the Russian

18 version? Can that be done?

19 A. Thank you very much.

20 Q. And on the other screen can we have the English version.

21 So that seems to be the company that used to be the

22 vehicle for Mrs Ivannikova’s shareholding, is it not,

23 Mr Savelyev?

24 A. My Lord, I just saw on my screen, on my Magnum screen,

25 the Russian text, and I would like to peruse it just to

1 «Shareholders», you can see that it is Mrs Ivannikova is

2 99.4 per cent shareholder. Then there is a section

3 called «Participation in share capital». If you could

4 scroll down the English screen but not Russian

5 {D207/304/4}. So you can see this shareholding in

6 Bank of St Petersburg at 11 per cent in 2005, 2006, 2008

7 and so on. Can you see that, Mr Savelyev?

8 A. Yes, I can see that table. I understand that the table

9 below, it’s not the first where it says 99.4 share in

10 the chartered capital. I understand that’s a different

11 table you are referring to.

12 Q. Yes. At the top you have Mrs Ivannikova who is the

13 shareholder of Miveks, the legal owner of Miveks. You

14 can see that.

15 Then below you can see the record of that company

16 being the shareholder of the Bank.

17 A. Yes, I can see that.

18 Q. And then if the Russian screen could be scrolled down

19 one page {D207/3041/5}, so a little further, you can see

20 that it is alphabetically — the subsidiary companies

21 are alphabetically arranged. You can also see there,

22 I think there is a difficulty in cross-referencing

23 because of different alphabet, but you can see the

24 Leasing Company St Petersburg, which we discussed last

25 week. Can you see that? 18 per cent share in Leasing

13 15

1 very quickly look through it, because it just literally

2 appeared. (Pause).

3 Q. Well, it may perhaps assist you if we — if I take you

4 through the relevant bits, one by one. I just wonder

5 if …

6 A. That would be very good, thank you.

7 Q. So if you can see at the moment it is in liquidation and

8 the liquidator is Mr Shepskis, not that I am

9 particularly interested in him, it is in liquidation.

10 Then if we could scroll to {D207/3042/2}, and

11 {D207/3041/2}, you can see the «History of manager

12 changes», so you can see Mr Baranovski in 2014,

13 Mr Cherepanov in 2005 and then Mr Romashov in 2007, and

14 that appears to be the same Mr Romashov as the gentleman

15 who is now the corporate secretary of the Bank; can you

16 see that? That is the «History of manager changes» near

17 the top of the screen, not quite the top, but the second

18 table; can you see that?

19 A. Yes, I can see that. I can see that Romashov Andrei

20 Vasilievitch who is not a typical corporate secretary,

21 he is not a current corporate secretary, he is a general

22 director, and it says as of 1 February 2007.

23 Q. Indeed. Now, if we could now scroll down to one more

24 page {D207/3042/3}, and one more in Russian version if

25 possible. {D207/3041/4}. So you can see there in

1 Company St Petersburg. Can you see that?

2 A. The way I understand it, this is to do with the

3 information as of the 31/08/2004.

4 Q. I think it is 2014, I beg your pardon, I think it is

5 2004, my record says.

6 A. Yes, that’s right.

7 Q. And then we also see at the bottom of the English

8 version and near the bottom of the Russian version, we

9 also see Gayde Insurance Company, another company we

10 discussed. Can you see that?

11 A. Yes, I can see this.

12 Q. Yes, and if we could now scroll up, I think both

13 versions, just one page {D207/3042/3}, {D207/3041/4}.

14 I just missed something I wanted to show you.

15 In the table in the middle of the page, Mr Savelyev,

16 and that’s at the bottom of the page in the English

17 version, you can see Investproekt, and that seems to be

18 the vehicle which was in different periods used by

19 Mr Puzikov to hold his shareholding in the Bank; can you

20 see that?

21 A. Yes, I can see it. I can see Generalnaya Strakhovaya

22 Kompanyia, OOO Investproekt, then for some reason there

23 is a comma followed by OOO.

24 Q. Yes, thank you. Shall I start with the Russian version?

25 Is it better if I start with the Russian version so that

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March 21, 2016 Day 30

1 Mr Savelyev gets what I call first, or it doesn’t

2 matter?

3 If we could now go to {D207/3045/1}, and the English

4 version is at {D207/3046/1}.

5 So, as you can see, it appears that Mr Romashov is

6 also the director general of Investproekt as well, isn’t

7 he?

8 A. Yes, yes my Lord, this is true.

9 Q. And if we could scroll down two pages in the English

10 version, and probably two pages in the Russian, but

11 perhaps it’s better … {D207/3046/3}, {D207/3045/2}.

12 Let me try to … can we scroll another page down in

13 the Russian version {D207/3045/4} and one more. Yes.

14 So in the list of shareholders, if you have — you have

15 to go down, it is under the «company structure»,

16 Mr Savelyev, so it will be kind of the in the upper

17 middle of your screen and near the bottom of the English

18 screen, you see Mrs Puzikova Galina.

19 A. Yes, I can see that.

20 Q. So is that a relative of Mr Valeri Puzikov, to your

21 knowledge?

22 A. My Lord, I am not quite sure about whether that is

23 a relative. I don’t know the family relationship of

24 Mrs Puzikova or Mr Puzikov. Most likely it is

25 a relative, but I don’t know exactly who that might be.

1 The address of it is, once again, St Petersburg,

2 Ispolkomskaya 15. So can you see all that?

3 A. Yes, I can see this.

4 Q. Now, so pausing here, it appears that Mr Romashov, in

5 different periods, again, was occupying the position of

6 director general in at least two companies which were

7 vehicles for exercising — for holding the shares, for

8 significant shareholding in Bank of St Petersburg; do

9 you agree with that?

10 A. No. I disagree. I don’t think that 3.5 per cent that

11 you have pointed to on the screen, sir, is a significant

12 holding in the Bank of St Petersburg.

13 Q. Thank you. Now, can we now have a look at

14 {D207/3043/1}, and that’s the Russian version, and the

15 English is at {D207/3044/1}. That is the company called

16 Evolution-G. As you can see on the first page, the

17 address is Ispolkomskaya 15, and the CEO is Mr Romashov,

18 as of today. Can you see that, Mr Savelyev?

19 A. Yes, yes, I can.

20 Q. And if we could scroll down two pages on both screens

21 {D207/3044/3}, {D207/3043/3}, you can see that the

22 present shareholders are Mr Lokai, Mr Romashov and

23 Mr Belykh. Can you see that, Mr Savelyev?

24 A. Yes, I can see this.

25 Q. And it also appears that the share now held by

17 19
1 Most likely it would be a relative, since they share the 1 Mr Romashov was previously held by a gentleman called
2 same surname, and based the patronymic, she is 2 Stepan Petrovich Seredyuk; do you see that?
3 Eduardovna, I think that most likely it is a close 3 A. Yes, I can see it.
4 relative. 4 Q. Mr Savelyev, do you know what is the purpose of this
5 Q. And if we could — so it appears, does it not, that 5 company?
6 Mrs Puzikova is actually the sister of ex-defence 6 A. My Lord, I don’t know what this company is, what is the
7 minister Mr Serdyukov, does it not? 7 purpose of this company. I would be very grateful if
8 A. Possibly, my Lord. 8 Mr Stroilov could please clarify this to me.
9 Q. Now, we can also see Miveks and Mr Puzikov in the list 9 Q. Now, to your knowledge, does Mr Romashov hold his shares
10 of former shareholders, and if we scroll down one page 10 in this company beneficially or on behalf of somebody
11 in the English version {D207/3046/4}, I think we can see 11 else?
12 3.55 per cent shareholding in Bank of St Petersburg, and 12 A. My Lord, I don’t know anything about this.
13 Mr Savelyev, you can see that at the bottom of the page 13 Q. Do you know anything about —
14 before him; can you see that? 14 A. The thing is, I would like to clarify to his Lordship,
15 A. Yes, I can see this. 15 as always, there are many tables shown to me from
16 Q. And if we could scroll down one page on the Russian 16 various sources, completely different sources, and
17 screen {D207/3045/5}, you can also — then there is 17 usually as a result of seeing many tables on the screen,
18 a table which is near the top of your screen, 18 then I get to hear some question and I am not sure what
19 Mr Savelyev, and in the lower middle of our screen. So 19 company that question pertains to. To be honest, I got
20 one of the — there is a list of dependant and related 20 a bit lost.
21 parties, and there you can see a company called 21 So the same thing happens again: first, a lot of
22 Evolutsiya-G or Evolution-G, and that is mentioned as 22 information is given to me, and then a question is put
23 a company where the same — where the head is also the 23 to me, and I have to answer. Would it be possible to
24 current leader, which is probably not the best 24 ask more specific questions, please, and then I would be
25 translation, but it is clear what that means. 25 able to reply to the court precisely, to the questions
18 20
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1 put to me by Mr Stroilov in order to understand what is

2 it is that we are discussing.

3 In this specific case, starting from 2004, as I can

4 see from the tables, until 2012, as a result of some

5 changes in EGRUL or elsewhere. Then the question

6 follows do I know what happens from 2004 until 2012 and

7 where did Mr Romashov hold his shares? Of course

8 I can’t know this because a lot of time has gone by and

9 I’ve never controlled these companies, and I don’t know

10 what was happening in the companies over a lengthy time

11 period, of course I can’t know that and it would be very

12 good to get more specific questions. I will try to be

13 brief and I will endeavour to answer objectively to

14 the questions put to me.

15 Q. Do you know Stepan Seredyuk, the gentleman named here as

16 a former shareholder?

17 A. No, I don’t know.

18 Q. You simply don’t know the name? It’s someone you don’t

19 know at all?

20 A. No. I do not recall it now.

21 Q. Now, wasn’t Mr Seredyuk the director general of

22 a company called Zhilischnaya Kompaniya St Petersburg,

23 or Residential Property Company St Petersburg?

24 A. Possibly he was. I know nothing about this.

25 Q. Well, Residential Property Company St Petersburg is

1 there are enough of the Bank employees taking part in

2 the proceedings. A lot of time is spent by us on the

3 proceedings, and the Bank spends a lot of funds on the

4 proceedings. Three and a half thousand people work for

5 the Bank, and if Mr Stroilov would interview them all,

6 the proceedings will become extraordinarily expensive

7 for the Bank. I think that is probably the point of

8 Mr Arkhangelsky and Mr Stroilov, this is what they

9 strive to achieve: any additional witness, any

10 additional time spent by the Bank on that witness’s

11 evidence means additional funds spent by the Bank’s

12 shareholders and the Bank as a whole. Therefore,

13 I would rather not wish that out of some suppositions

14 without any factual evidence, we would keep calling new

15 bank employees to take part in the proceedings. This is

16 unjust, this is incorrect, and I think we have plenty of

17 witnesses in order for them to give evidence objectively

18 before the court. Thank you very much.

19 Q. Was that a no, Mr Savelyev?

20 A. I think this is unjust.

21 Q. Now, would you be prepared to ask Mr Aleksei Maleev to

22 give evidence at this trial?

23 A. My Lord, in this case could I then ask my receptionist,

24 my drivers and then the process will go on and on for

25 the Bank, it will never end, and it would be

21 23

1 associated with the Bank, is it not?

2 A. I do not recall.

3 Q. Is it not the case that Mr Romashov was also

4 a 100 per cent shareholder of Assets Management Agency,

5 or Agentstvo Po Upravleniyu Aktivami, which is the

6 company which acted as one of the original purchasers in

7 this case?

8 A. My Lord, I simply cannot know which companies were

9 headed by Mr Romashov over the time period when he did

10 not work for the Bank. Possibly he was the director

11 general there, but I know — I wouldn’t be able to

12 comment upon this before the court.

13 Q. Now, isn’t it possible, Mr Savelyev, that rather than

14 working for different companies while he was out of the

15 Bank, Mr Romashov actually held various shares on behalf

16 of the Bank, or on behalf of its management?

17 A. I know nothing about this, and Mr Romashov of course had

18 to work somewhere. Mr Romashov, taking into account the

19 fact that he worked for the Bank for a long time period,

20 of course is familiar with the Bank, and maybe he did

21 work somewhere, but I simply cannot know about this. We

22 need to ask Mr Romashov, not myself.

23 Q. Would you be prepared to ask Mr Romashov to give

24 evidence?

25 A. My Lord, in the process, in the London proceedings,

1 geometrically, exponentially progressing the Bank’s

2 expenses as well.

3 MR JUSTICE HILDYARD: I think — I mean, I won’t stop this,

4 but the reason I think you are being asked these

5 questions, if I can try and encapsulate it, is that on

6 certain occasions you have identified people who should

7 answer in your place and it is, to some extent,

8 I suppose, a reaction to that that Mr Stroilov is

9 saying: well, would you call him as a witness?

10 Now, that’s not really, I dare say, a decision for

11 you, it is a decision for those presenting the case on

12 behalf of the Bank, which is why I don’t think we can go

13 that much further along this road, but do you understand

14 why you are being asked is, if you say: don’t ask me,

15 ask X, you rather invite the suggestion that X be

16 provided.

17 Is that right, Mr Stroilov?

18 MR STROILOV: Yes, I am grateful, my Lord, and of course I’m

19 not trying to — well —

20 MR JUSTICE HILDYARD: To run their case, but it is the case

21 that in the context of both Mr Maleev and in the case of

22 Mr Romashov, the answer has been: don’t ask me, ask

23 them.

24 MR STROILOV: In fairness, I don’t think there was this

25 answer given in respect of Mr Maleev.

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1 MR JUSTICE HILDYARD: Was it not? It was in the case of 1 family?
2 Mr Romashov at [draft] line 13. 2 A. No, my Lord, she is not.
3 MR STROILOV: Now, if we could just have a look at 3 Q. Did you ever have a relationship with Ms Mironova?
4 {D206/3016/1}, and the English version is at 4 A. Only in her capacity as a deputy chairman of the Bank.
5 {D206/3011/1}. That is the profile of the company 5 Q. Are you aware that it has been alleged in these
6 called Barrister Limited, which I think we have 6 proceedings that Ms Mironova is or was your mistress?
7 discussed last week already; can you see that, 7 A. No, this is not true.
8 Mr Savelyev? 8 Q. Now, could we please go to the witness statement of
9 A. Yes, my Lord, I recall this. 9 Ms Mironova at {B1/4/28}. Perhaps for the context, we
10 Q. And I would like to simply draw your attention to 10 need {B1/4/27}. Then the Russian version, I am trying
11 the fact that the present CEO of that company is 11 to find where paragraph 138 might be.
12 Mr Stepan Seredyuk. Can you see that? 12 MR JUSTICE HILDYARD: Page 75.
13 A. Yes, I can. 13 MR STROILOV: Page 75, I am grateful, my Lord {B1/4/75}.
14 Q. And then if we scroll down two pages, please 14 Just for context, I think it’s at the bottom of both
15 {D206/3011/3}, {D206/3016/3}, the previous director 15 pages, so if your Lordship and Mr Savelyev could read to
16 general is Mr Maleev, simply to remind you what company 16 the end of the page and ask for it to be scrolled down,
17 we are talking about. 17 then I want you to read to the end of the paragraph.
18 Then if we scroll down one further page, 18 My Lord, I think the English version can be scrolled
19 {D206/3011/4}, {D206/3016/4}, we can see that 19 down now, I suppose.
20 Mr Seredyuk is a 50 per cent shareholder of the company 20 Mr Savelyev, you can see paragraph 138, can’t you?
21 since January 2016, and then if we scroll down 21 {B1/4/28}.
22 the Russian version {D206/3016/5}, you can see the 22 A. Yes, my Lord, I can see this paragraph.
23 history of the shareholdings, through which I have taken 23 Q. And if we could scroll down one page {B1/4/76}. So what
24 you last week. 24 Ms Mironova had to respond to this allegation is this:
25 Although this does not appear in this profile, but 25 «… his allegations as to my personal and family

25

1 Mr Smirnov told the court that this company held

2 75 per cent shareholding in Renord-Invest, Mr Savelyev.

3 The reason that does not appear in the SPARK profile is

4 that Renord-Invest is a closed joint-stock company, so

5 its shareholders are not a matter of public record.

6 So what I am putting to you, Mr Savelyev, is that

7 Mr Seredyuk is another individual who is connected with

8 the Bank and the Bank’s shareholders, and

9 Barrister Limited, but does not appear to be in any way

10 connected with Mr Smirnov; what do you say to that?

11 A. I really know nothing about this, whether this is or is

12 not related to Mr Smirnov is not something that I’m

13 aware of.

14 Q. And also, I think I should again put to you that

15 Barrister is a company which did not and does not belong

16 to Mr Smirnov: it belongs either to the Bank or to you.

17 A. Well, as you can see, my name is not listed in this

18 company.

19 Q. Yes.

20 Now, Mr Savelyev, I must say, I now have to ask you

21 a question I am hesitant to ask, and I would like to go

22 through this, really, as briefly and tactfully as

23 possible.

24 A. Yes, thank you.

25 Q. Is Kristina Mironova in any sense a member of your

27

1 arrangements are of a highly personal nature and do not

2 have any relevance to this case.»

3 So she does not say they are not true. She says: it

4 is none of your business. If the allegations were

5 untrue, wouldn’t she have denied them?

6 A. My Lord, so far as I can understand, and so far as

7 I have been able to read paragraph 138 of Mrs Mironova’s

8 witness statement, it says that several allegations have

9 been raised, and I would like to offer some comments:

10 number one, that I categorically deny that I have ever

11 been arrested or imprisoned in relation to criminal

12 proceedings concerning raider attacks, as alleged in

13 paragraph 48(f) of the defendants’ re-amended defence

14 and counterclaim; second, his allegations as to my

15 personal and family arrangements are of a highly

16 personal nature and do not have any relevance to this

17 case.

18 So I would respectfully ask your Lordship to pay

19 attention to the fact that never has Mrs Mironova

20 appeared in any criminal case or proceedings, and the

21 reason that in her last sentence she says that these

22 allegations are of a highly personal nature is really

23 outside of my knowledge. I am sure Mr Arkhangelsky has

24 read some allegations and he is now trying to reproduce

25 those, turn them out in these proceedings.

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1 It is a monstrous lie. A lie has to be so monstrous

2 that people start believing the lie. This is absolutely

3 untrue from beginning to end, and I am confirming under

4 oath that this is a brazen lie.

5 Q. May I now come back to your meeting with Mr Arkhangelsky

6 on 25 December, and the agreement you reached at that

7 stage, Mr Savelyev, if I may.

8 A. Let’s do that. I would be happy to do that.

9 Q. So I understand from your evidence last week that what

10 you have told his Lordship is, correct me if I am wrong,

11 but as a summary, that the Bank agreed to restructure

12 OMG debts, and in exchange for that, Mr Arkhangelsky

13 agreed to repo. That was the essence of the deal, was

14 it not?

15 A. No. From the point of view of the factual matrix, that

16 is true, but the gist, the essence of the transaction

17 was that at this meeting, Mr Arkhangelsky, in order to

18 avoid a default being called by the Bank,

19 Mr Arkhangelsky offered some additional security to

20 the Bank by way of entering into a repo transaction, but

21 because the Bank always tries to accommodate its

22 clients, and Mr Arkhangelsky did not have any other

23 security to offer, Mr Arkhangelsky agreed to this

24 because we actually did want to help him. We absolutely

25 had no interest in calling a default to one of our

1 I suggest to you you are mistaken: the memorandum does

2 not say a word about the restructuring of the loans.

3 A. Well, I do not recall the text of the memorandum, but it

4 does refer to the extension.

5 Q. It simply refers to — well, if you could call on the

6 screen, just so that you can refresh your memory,

7 {D107/1537/1}, and the Russian version will be at

8 {D107/1537/3}.

9 A. Thank you, I’m grateful.

10 Q. So you can see that where the loans are listed, it

11 mentions whether or not there is any extension which is

12 envisaged in the loan agreement.

13 A. My apologies, my Lord. I cannot see the text on my

14 Magnum screen, I am afraid.

15 Q. It didn’t appear on it, Mr Savelyev?

16 A. Not yet, unfortunately.

17 Q. Okay.

18 A. It’s still not on the screen. Thus far what I have in

19 front of me is a blank screen. {D107/1537/3}.

20 Mr Stroilov, please feel free to ask oral questions

21 with respect to the memorandum. Hopefully I will be

22 able to answer, because I am afraid we are wasting time

23 while efforts are being made to pull this document up on

24 the screen. It is still — the screen is still blank.

25 If you could just read it out — okay, now I’ve got it,

29 31

1 clients and, therefore, we reached the agreement that

2 Mr Stroilov is now referring to, and the agreement was

3 that we sign a restructuring document with respect to

4 every loan, and in exchange for that, Mr Arkhangelsky

5 was going to enhance his pledges, his security, that at

6 that time was being held by the Bank, and he was doing

7 this by way of entering into a repo transaction. That’s

8 what actually happened, my Lord.

9 Q. And then various addenda to the individual corporate

10 loan agreements were prepared in January, possibly

11 in February, 2009, were they not?

12 A. Possibly so, but I was not dealing with this. I may

13 have heard something about that at the management board

14 meetings, and judging from what we discussed on Friday

15 in London, we did not pay attention to the fact that the

16 memorandum that was signed by Mr Arkhangelsky and

17 myself, every single provision with respect to every

18 single loan set out the agreement, the consent on the

19 part of the Bank to extend various loans to one to two

20 years. So I think that this memorandum contains

21 a rather full picture of the whole arrangement that had

22 been reached between the Bank and Oslo Marine Group, and

23 so there is no way Mr Arkhangelsky could not have been

24 aware of this.

25 Q. Well, we can go to the memorandum, Mr Savelyev, but

1 thank you very much.

2 Q. I just simply didn’t want you to proceed on a false

3 premise. It was really in fairness to you. I just

4 don’t want to be unfair in that you don’t see the

5 memorandum. I just point out to you that the memorandum

6 does not say a word about restructuring of the debts.

7 It simply does not address that part of the agreement.

8 If you would like to look at the next page, just say

9 so and I will cause it to be scrolled down.

10 A. No, I can see it. Thank you very much, Mr Stroilov.

11 Q. Yes.

12 A. Well, actually there is a provision which is extremely

13 important for his Lordship, and that’s paragraph 2,

14 which says that following full performance by the group

15 of its obligations with respect to the Bank, reverse

16 sale and purchase contracts will be entered into, and

17 those contracts will set out the sale and purchase

18 prices, and that those contracts are to be entered into

19 with respect to Western Terminal and Scandinavia

20 Insurance Company, the sellers, and that this is going

21 to be done simultaneously with the direct sale and

22 purchase contracts. {D107/1537/2}, {D107/1537/4}.

23 I understand that the memorandum sets out the agreements

24 achieved by the Bank with respect to the specific loans,

25 and the agreement was that there was going to

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1 be an extension; that the payments are going to be

2 postponed, and this is what the Bank meant when it said

3 «restructuring», restructuring the debts owed by the

4 borrower to the lender, the Bank, therefore each of

5 the provisions set out herein set out the terms and the

6 conditions of the restructuring.

7 I agree with you, Mr Stroilov, that the memorandum

8 does not contain the word «restructuring», but any

9 agreement that sets out terms and conditions providing

10 for a change in the obligations of the parties in

11 the interests of the borrower go by the name

12 «restructuring».

13 Q. Well, Mr Savelyev, are you sure that what you are

14 explaining now was your intention at the time you signed

15 the memorandum? In other words, did you intend, by

16 signing the memorandum referring to the right to — what

17 is the English formula? Let me see.

18 It appears from what you have said that the

19 reference to a contract being extendable means, in your

20 perception, that the borrower has a right to

21 an extension, that this is agreed at the time of

22 the memorandum; is that what you are saying?

23 A. No. What I want to say is that if we read the text, we

24 will see that the text says that, with respect to every

25 loan agreement, at the end it says:

1 THE INTERPRETER: And then the witness does not finish his

2 sentence.

3 A. No, this is not true. Mr Arkhangelsky and I said that

4 in order to avoid a default of the group, the Bank was

5 happy to help him, and at the meeting on 25 December he

6 confirmed that he was going to receive money which was

7 due to him, and that he was in control of

8 Oslo Marine Group and that he was going to perform his

9 obligations within a short period of time, as agreed

10 between the two of us.

11 Moreover, we also agreed that he was going to

12 receive an extension of some of the loans. Some of

13 the loans were going to be postponed, and with respect

14 to the discussion that you and I had on Friday last

15 week, with respect to PetroLes, there was no such

16 agreement reached with respect to PetroLes.

17 Q. So are you, indeed, saying, as I think my Lord suggested

18 on Friday, that PetroLes was the only odd man out? Are

19 you indeed saying that?

20 A. My Lord, if we go back to the memorandum, and could we

21 scroll down to page 2, please? If we read on page 2,

22 paragraph 1.1.7, {D107/1537/2}, {D107/1537/4} it says:

23 «Mr Arkhangelsky, under the loan contract number

24 [blah blah blah] dated November 28, 2008 in the amount

25 of RUB 130 million, expiring [it says here]

33

1 «… with the right to be extended by one year.»

2 But it is up to the Bank to decide whether this will

3 or will not be extended, and so if Mr Arkhangelsky had

4 fulfilled all the terms and conditions set out in this

5 memorandum, the Bank would have been entitled to meet

6 him halfway to accommodate Mr Arkhangelsky, so this is

7 what the memorandum says.

8 Q. Yes, so Mr Savelyev, I think I am covering the same

9 ground we have covered on Friday. Really what the

10 memorandum does not record is the agreement about the

11 restructuring of the debts; do you agree with that?

12 A. Yes.

13 Q. So as far as restructuring is concerned, there was

14 an oral agreement between you, was there not?

15 A. Mr Stroilov, an oral agreement cannot be reached because

16 any oral agreement has to be then approved by the

17 collegiate bodies of the Bank, and without the

18 management board I was not in a position to promise

19 anything to Mr Arkhangelsky in the course of our

20 meeting. I had simply no authority to do that because

21 the right to do that lies with the collegiate body of

22 the Bank.

23 Q. So, Mr Savelyev, you didn’t promise him anything, and he

24 transferred shareholding in two companies —

25 A. Not true. We did …

35

1 31 December 2008, extendable for one year.»

2 Ie with the right to be extended for one year. So

3 I think that there are several odd men out, PetroLes and

4 Mr Arkhangelsky’s personal loan, so these are the two

5 exceptions, and that is why we reached the agreement

6 that we reached, ie that some of the loans were going to

7 be restructured, and there were going to be some of

8 the loans for which all the obligations were going to

9 remain in place, and Mr Arkhangelsky kindly agreed to

10 that.

11 Q. Now, Mr Savelyev, are you saying that at the meeting on

12 25 December you actually — Mr Arkhangelsky and you

13 actually went through the loans one by one and agreed

14 the terms of the restructuring; are you saying that?

15 A. No, Mr Stroilov, this is not what actually happened.

16 All the agreements were then recorded by my deputies,

17 after my meeting with Mr Arkhangelsky in my office, and

18 what I see here in this memorandum is something that

19 I have just been relying on, something I have been

20 referring to. All the rest was done by the deputy

21 chairman and by the management board.

22 I would like to confirm once again to his Lordship

23 that I did not go into the details, I was not involved

24 in the details because after all I am a chairman of

25 the board and I am in charge of the general directions

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1 of the business of the Bank. I may have heard some

2 details of this at the meeting of the board, but we did

3 not go into each single loan at the meeting with

4 Mr Arkhangelsky. We discussed this in general. He

5 asked us whether we can help him to avoid the default.

6 We said: can you offer some additional security? Yes,

7 and in that additional security Mr Arkhangelsky said:

8 look, I do not have any other kinds of security to

9 offer; all I can do is organise a repo transaction.

10 Also, my Lord, today, based on the information that

11 I now have available to me, I now understand that even

12 on 25 December Mr Arkhangelsky was actually misleading

13 me. I am saying this because it came to our attention

14 later on that even at that time one of the vessels had

15 already been seized in Tallinn, I mean one of

16 Mr Arkhangelsky’s vessels. There is no way he could not

17 be aware of this. He was not paying wages to

18 the seamen, he was not paying for the bunkering up

19 arrangements for the fuel. Obviously I was not aware of

20 this in the course of the meeting, but I would once

21 again like to say that Mr Arkhangelsky knew full well

22 the condition and the position in which his group found

23 itself and he obviously had no intention to repay the

24 loans.

25 Q. Mr Savelyev, it will really shorten matters if you try

1 But with regard to part of the loans, there was no

2 extension provided by us.

3 Q. So did you identify those loans where you wouldn’t

4 provide an extension at the meeting?

5 A. I did not discuss this, but from Mrs Volodina’s evidence

6 here in court, she has stated clearly that at the

7 meeting PetroLes had no extension, was not to be

8 deferred, and I can explain before the court why that

9 was the case.

10 Mr Arkhangelsky, at the first and the second meeting

11 with me, stated that he sent a large shipment of timber

12 abroad, and he was expecting certain payments to be

13 received to do with the shipment of that timber, and at

14 the first and at the second meeting he asserted that

15 again. He was saying that it’s imminent, the payment is

16 coming, and he will be able to settle with the Bank, and

17 of course, we did believe him, and therefore no deferral

18 could have been for PetroLes, as said Mrs Volodina, she

19 said: okay, as soon as you receive the funds, please

20 perform on the PetroLes agreement within the terms

21 stated in the main contract.

22 Q. Do you have any personal recollection of that?

23 A. No, I do not now recall exactly. I don’t have any

24 personal recollection. I would not be able to add

25 anything else.

37

1 and focus on the questions. I appreciate you didn’t go

2 into details, but there was some agreement at the

3 meeting, it may be a broad agreement, but you have

4 reached some agreement, so let’s go through the elements

5 of that agreement, if we may.

6 Mr Arkhangelsky agreed to transfer the shares to

7 purchase the companies under the repo arrangement,

8 didn’t he?

9 A. Yes.

10 Q. In exchange for that you promised to him a restructuring

11 of the loans, didn’t you?

12 A. Yes.

13 Q. Now, was that restructuring — let me start again.

14 Subsequently, in early 2009, the respective loan

15 agreements were amended formally, were they not?

16 A. Yes.

17 Q. And those amendments implemented the restructuring which

18 Mr Arkhangelsky and you agreed at the meeting.

19 A. I would like to say one more time, at the meeting with

20 Mr Arkhangelsky we did not discuss every credit

21 agreement specifically. We were talking in general that

22 the Bank is prepared to assist him, to meet him halfway,

23 accommodate him with regard to a specific credit

24 agreement for the time period that he was asking for,

25 and he agreed to this.

39

1 Q. So you are just giving a piece of literature based on

2 Mrs Volodina’s evidence and your interpretation of it,

3 aren’t you?

4 A. My Lord, I am reporting before the court here today, and

5 I am speaking frankly. This is my recollection about

6 the meeting that happened on 25 December. Everything

7 I remember I am stating to the best of my recollection

8 here today.

9 With regard to any nuance and detail, of course

10 I cannot recall this now, but the gist remains the same

11 in response to the questions that Mr Stroilov asked me.

12 Q. Right. Mr Savelyev, Mrs Volodina did not participate in

13 the meeting from the start, did she?

14 A. Possibly, my Lord. Possibly she did not participate

15 from the start. Now I cannot recall exactly, but having

16 read her statement, I remember that she said —

17 I remember what she said with regard to PetroLes, and

18 accordingly at some time period either immediately or

19 after a few minutes, she did join the meeting.

20 Q. And, Mr Savelyev, wasn’t the purpose of inviting her to

21 join the meeting when it was in progress, was to get her

22 input on the issue of reserves which would need to be

23 formed because of the restructuring? Wasn’t that her

24 part of the — wasn’t that her subject, really?

25 A. No, this is not true. Her participation and the

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1 participation of other bank employees was only related

2 to the fact that at that point in time that was a large

3 borrower of the Bank. I do not — I perhaps didn’t know

4 all the details pertaining to Oslo Marine Group, and

5 that’s why I invited members of the Bank’s board to be

6 present at the meeting and to clarify for me some things

7 that perhaps I didn’t know. That was the main

8 objective.

9 Q. Well, surely you didn’t invite all members of

10 the management board, did you?

11 A. Certainly. Only those that were most likely something

12 to do with that.

13 Q. So to your recollection, did Mrs Volodina actually

14 communicate with Mr Arkhangelsky or OMG prior to that

15 meeting?

16 A. I don’t know whether she communicated to him or not, but

17 I know that Mrs Volodina is a risk assessment

18 specialist, and I think that’s what she did at the time,

19 she was deputy for risk management and risk management

20 people rarely meet clients.

21 Q. Now, Mr Savelyev, what Mrs Volodina may have really said

22 was that if all the loans are restructured immediately

23 before the end of the year, that would require too high

24 reserves to be formed. Couldn’t she say that?

25 A. I do not suppose she could have said that, and why would

1 made them because all the decisions are taken by the

2 Bank’s board.

3 Q. Now, Mr Savelyev, you admitted last week that

4 Mr Arkhangelsky came to the meeting asking for

5 a six-month moratorium, didn’t you?

6 A. I admitted this. As far as I recall, there was

7 a discussion about that, but I would like to confirm

8 with the court one more time that there was such

9 a request, but the Bank is entitled to agree to specific

10 loan agreements, and with regard to their maturity, and

11 of course, it is something to be decided by the Bank’s

12 board, as could be seen from your today’s assertions,

13 some part of the loans was extended for six months, as

14 Mr Arkhangelsky requested, but not all of them.

15 Q. Now, let’s focus on the meeting and what was promised to

16 him at the meeting.

17 I am just trying to identify in your evidence —

18 A. My Lord, I would like to say one more time before

19 your Lordship that we had a general discussion at the

20 meeting between Mr Arkhangelsky and the Bank. Overall,

21 Mr Arkhangelsky requested to delay the payment of

22 interest and the main loan for half a year. I agree,

23 that was his request, and we accommodated him as to

24 the part of his request, but not across all the loans.

25 We wanted to consider his request at that meeting,

41 43

1 she, as a risk management specialist, need to discuss

2 this with our borrower. I think she could have said

3 that possibly somewhere at the board meeting, or in

4 a meeting at her office, but at that meeting, well,

5 telling borrowers about our reserves, what reserves we

6 might create and what problems the Bank might encounter,

7 I don’t think she would have stated that.

8 Moreover, just for the benefit of the court’s

9 understanding, at that point in time if Mr Arkhangelsky

10 would have kindly not agreed, and if we didn’t want to

11 assist him avoiding default, if such understandings were

12 not reached between us and signed in the memorandum that

13 we are now looking at, then the Bank would have declared

14 default, and there were plenty of opportunities for the

15 Banks to do that, to digest that.

16 Q. And wasn’t the decision which you really made after

17 receiving the advice of Mrs Volodina, wasn’t that to

18 formalise the extension of PetroLes loan later in 2009

19 rather than immediately and dated December 2008? Wasn’t

20 that your decision?

21 A. At the meeting with Mr Arkhangelsky I did not make any

22 decisions. There was the general discussion and there

23 was a request from Oslo Marine Group to avoid default,

24 and we kindly accommodated him. There were no other

25 additional decisions at the meeting, we couldn’t have

1 and to assist him as much as we could, because we always

2 endeavour to accommodate our clients. We always try to

3 help them. I already said before the court that

4 St Petersburg is a small city. In order for us to have

5 large borrowers and large bank clients, and the Bank

6 always endeavours to accommodate its borrowers, to meet

7 them halfway in order to have a good image for the Bank,

8 to have a good client base, and as many large borrowers

9 as possible, and we respect them, value them, and always

10 support them. That always worked to help the

11 development of the Bank of St Petersburg.

12 Q. Yes. Mr Savelyev, thank you. I don’t mean it

13 disrespectfully at all, I am mostly concerned about your

14 time and everyone else’s time. If you could (a) wait

15 for the question, (b) answer the question, that will

16 speed things up enormously.

17 Now, Mr Savelyev, after Mr Arkhangelsky asked you

18 for the moratorium, you indicated the answer was no.

19 Just say yes or no, is that your evidence?

20 A. No, this is not the case. Part of the loans that

21 Mr Arkhangelsky requested to extend, we did accommodate

22 him in this regard and, actually, after the board’s

23 decision, the restructuring for part of the loans was

24 being formalised, but not for all the loans, and this is

25 exactly what we agreed overall, in general, at the

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1 meetings.

2 Q. So focusing at the meeting. Would you agree that apart

3 from PetroLes and the personal loan which you

4 identified, those were named as exceptions, otherwise

5 you promised the six-month moratorium?

6 A. I would like to say one more time, and confirm before

7 his Lordship, that I can speak to the borrower in

8 general, I can discuss the Bank’s opportunities in

9 general, and a specific decision is always made by the

10 Bank’s board.

11 Q. But, generally, what did you promise him? How much did

12 you promise him?

13 A. Overall I did not get involved in this matter in the

14 conversation with Mr Arkhangelsky with regard to

15 specific loans. As far as I recall, when we finished

16 the conversation, Mr Arkhangelsky left my office and

17 went to talk over the specifics with one of my deputies

18 in order to be able to discuss it at the board later and

19 coordinate it with the board of the Bank.

20 Q. And who was that deputy?

21 A. Unfortunately I do not recall exactly who was present in

22 the meeting, but the specifics was not something

23 I discussed with Mr Arkhangelsky at the meeting.

24 Q. Well, I think you — now, Mr Savelyev, let’s try and be

25 logical. You say that at the meeting he did agree to

1 you, at the meeting, in response to what Mr Arkhangelsky

2 was asking for, say anything which amounted to a refusal

3 of a moratorium, in which case what did you say? That,

4 I think, was the question, and I don’t believe you have

5 answered it so far.

6 MR STROILOV: I am grateful, my Lord.

7 A. No, this is not true. At the meeting we said that we

8 will do our utmost in order to assist Oslo Marine Group,

9 but that is the power that resides with the Bank’s

10 board.

11 Q. So you went out of that meeting without having any

12 definite obligations in terms of restructuring; is that

13 what you are saying?

14 A. I am saying that me being the chairman of the Bank’s

15 board, as one of the meeting participants, was not —

16 I am not able to make a decision on specific matters

17 without the Bank’s board’s participation.

18 So I said in general terms that we will do our

19 utmost, but the Bank’s board will consider each loan

20 agreement separately, and this is what was done.

21 Q. Well, Mr Savelyev, is it a commercial deal if one side

22 transfers to you shares worth some billions of roubles

23 and in exchange, you promise to do your utmost to help;

24 is that a commercial deal?

25 A. No, Mr Stroilov. Your Lordship, I would like to say

45

1 transfer the shares, did he not?

2 A. He didn’t agree. My Lord, he didn’t agree. This was

3 the only chance that he had to avoid default, because

4 Oslo Marine Group had no other security that the Bank

5 was requesting, and he offered the repo deal in order to

6 bolster the Bank’s collateral; and we agreed to this in

7 exchange, as we can see from the memorandum, to

8 extension of some of the loan agreements for six months,

9 as Mr Stroilov is asserting, and some of the loan

10 agreements’ date was the main maturity periods.

11 Q. Now, Mr Savelyev, did you at the meeting say anything,

12 to your recollection, which amounted to saying: we are

13 not going to offer you the restructuring which you want;

14 it will be a different, shorter restructuring? Was

15 anything you said — did anything you say amount to

16 a refusal of a six-month moratorium —

17 A. I would like to say that if at our meeting

18 Mr Arkhangelsky was not happy with anything, and if,

19 after further discussion of our meeting within the Bank,

20 he would have disagreed with anything, he would have

21 never, ever signed this moratorium. Because he signed

22 the moratorium, that means he was quite happy with our

23 agreements, with our oral undertakings that are stated

24 by the Bank in writing, and Mr Arkhangelsky.

25 MR JUSTICE HILDYARD: I think what you were asked is did

47

1 that that is misdescribed; this is not the case. We

2 have reached oral undertakings in the meetings, saying

3 that we will assist Oslo Marine Group, and all the

4 specifics — and I am saying one more time, I was not

5 part of the specifics — all that was prepared by my

6 deputies and all of that, as far as I recall, was

7 considered at the Bank’s board meeting.

8 Q. Well, isn’t the explanation very simple, Mr Savelyev:

9 you promised a six-month moratorium and then didn’t keep

10 the promise?

11 A. No, this is not the case. I am saying here today before

12 the court, and I confirm that, that from the evidence of

13 deputy Volodina at the meeting, it was clear, and

14 clearly stated, that for PetroLes there will be no

15 extension and no restructuring. And Mr Arkhangelsky

16 already at that meeting, when the meeting was at my

17 office, of course he knew about that then. He would

18 have not signed the moratorium that we are looking at

19 here today, where it says that PetroLes must perform its

20 obligations up to 26 March 2009. He knew very well

21 about that. He was told about that and he agreed with

22 that, so there was nothing covert in this. There was

23 nothing done behind Mr Arkhangelsky’s back by the Bank.

24 Q. Mr Savelyev, I don’t accept that you really don’t

25 understand this memorandum as you pretend.

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1 A. Mr Stroilov, this is your right, but I confirm only

2 something which has factual basis.

3 MR STROILOV: My Lord, it may be a good moment for a short

4 break.

5 MR JUSTICE HILDYARD: I was just going to suggest that. We

6 have nearly done two hours. I think it is a good time

7 to break. We will have 10 minutes.

8 (11.12 am)

9 (A short break)

10 (11.25 am)

11 MR STROILOV: May it please your Lordship.

12 Now, Mr Savelyev, I would like to ask you some

13 questions about the decision in March 2009 to refuse the

14 extension of PetroLes loan and, therefore, to call

15 a default on PetroLes. Do you agree that by making that

16 decision, the Bank effectively made the decision to call

17 a default on the entire group indebtedness?

18 A. These things are interrelated not only for our bank but

19 also for the regulator, for the Central Bank. So when

20 a group of interrelated borrowers owned by the same

21 shareholders and beneficiaries, when they are part of

22 the same group, then under the applicable laws a default

23 has to be called on the entire group. It’s a rule that

24 applies to the Bank.

25 Q. Do you mean that’s a binding rule of law, or is it

1 Q. Now, was there any discussion at that management board

2 meeting of OMG’s prospects of obtaining refinancing from

3 a third party lender?

4 A. At that point in time I do not recall exactly, but as of

5 4 March when the Bank knew that OMG group stopped

6 receiving any income or any payments, and when the Bank

7 became aware that at least some of the vessels, speaking

8 from memory, had already been seized because of non

9 payment to the crew, or non payment for bunkering

10 operations, for demurrage and so on and so forth, hardly

11 any bank would have agreed to provide refinancing to

12 the group because any Russian bank, according to

13 the instructions of the Central Bank of the Russian

14 Federation, pays particular attention to the financial

15 position of the borrower. If that position is in

16 the negative, or even zero, that means that one can only

17 provide financing on condition that reserves are posted

18 at the time the loan is issued.

19 Then those reserves may be discounted later on if

20 additional security is offered by the borrower to the

21 respective bank, but at that point in time, you

22 understand that Oslo Marine Group had no further assets

23 to offer by way of pledge and its financial condition

24 was extremely bad. So I do not believe that any bank

25 would be happy to even think about providing finance or

49 51

1 a golden rule of banking? I’m just not sure what you

2 are saying.

3 A. It’s part of the instructions, the regulations of

4 the Central Bank.

5 Q. Well, if you could explain a little more what is that

6 instruction, just to help us to identify it.

7 A. In the event that a group of borrowers, which

8 is a client of a bank, is owned by one or several

9 interrelated beneficiaries who are interconnected with

10 the group, then the default shall apply to the entire

11 group across the board irrespective of the fact that it

12 was only one of the borrowers, one of the companies

13 within the same group owned by the same people, have

14 defaulted on their liabilities. The default is called

15 on the whole group.

16 Q. All right. I don’t accept that, but we will have to ask

17 experts about this.

18 So at any rate, the decision you made on 4 March in

19 relation to PetroLes, in your perception that was

20 a decision on the cross-default of Oslo Marine Group,

21 was it not?

22 A. Yes.

23 Q. And that was a decision of the management board, was it

24 not?

25 A. Yes.

1 funding to that group.

2 Q. Mr Savelyev, was there any discussion about this at the

3 management board meeting? Do you remember anything

4 about that?

5 A. Unfortunately I do not recall that taking place.

6 Q. So, really, what you have said a moment ago are just

7 general discourse; it’s not your factual evidence? That

8 was not — you don’t have a recollection of management

9 board discussing this?

10 A. I do not recall. My Lord, mind you, the board at every

11 meeting may discuss up to 20, 30, even 40 matters on its

12 agenda, therefore I was not focused on this particular

13 matter in the course of that board meeting.

14 Granted, it is a large client, it is a large

15 borrower, but I simply do not recall discussing any

16 third party financing being offered to our client.

17 Q. How long do you recall the discussion at management

18 board took in terms of time?

19 A. My Lord, to be honest I cannot tell your Lordship how

20 long it took. Considering the large number of loans

21 that had to be restructured, I am sure we spent

22 sufficient time to discuss Oslo Marine Group, because it

23 was not just one loan, it was many loans with different

24 maturities, different deadlines, different amounts, and

25 obviously I am sure we spent a lot of time to discuss

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1 all those matters and make a decision.

2 I do not even recall who was reporting the position

3 to the board, but I am sure we did spend sufficient

4 time, quite a lot of time, actually, debating the

5 matter.

6 Q. Well, that’s not even an indicative answer. Would you

7 say it was two hours, three hours, one hour, 10 minutes?

8 A. Once again, my Lord, there is no way I can recall this

9 exactly. Obviously it was not 10 minutes, not even 15

10 minutes. It would have been a long period of time

11 because we had to discuss every loan agreement

12 separately. It also depends on who the reporter was.

13 Some people are quite focused, others are not. It also

14 depends on how many questions various members of

15 the board might have with respect to each single loan,

16 so I think it would have been a long period of time, but

17 I would not be able to come up with an exact figure.

18 Q. Now, if we could perhaps have a look at

19 {D113/1648.2/0.1}, that’s the English version, not for

20 Mr Savelyev, and the Russian version will be

21 {D113/1648.2/0.6}, unless my Magnum is being funny

22 again. It may be. Maybe it’s just 1. Could you scroll

23 down? Yes {D113/1648.2/1}, that seems to be the minutes

24 of that meeting, do they not?

25 I think you can see that, Mr Savelyev, can’t you?

1 the agenda because they have been redacted. They are

2 not on the screen and I cannot even figure out how

3 complex other matters might have been.

4 A lot depends on how complex or complicated the

5 other matters on the agenda of the meeting might have

6 been. It sometimes so happens that the board may spend

7 a lot of time debating a matter, every member of

8 the board expresses their opinion, everyone takes the

9 floor and also because we used to have just one meeting

10 of the board per week, obviously this does not surprise

11 me that the meeting ended at 6.55 pm, but it all really

12 depends a lot on how complex the various matters were.

13 I believe that at that time the Bank had problems

14 with many other borrowers, not just with

15 Oslo Marine Group, so that may be one explanation as to

16 why it took so long.

17 Q. I think I was mistaken. I think I said 16 items, but

18 now I can see it was 36, actually.

19 Right, Mr Savelyev, do you recall any discussion at

20 all on OMG’s prospects or otherwise of restoring

21 solvency in the future?

22 A. So far as I know now, and so far as I recall, after the

23 first two meetings that I had with Mr Arkhangelsky,

24 where he asserted that some of his debtors had been in

25 short term arrears, and that he was expecting to receive

53

1 You can see that it started —

2 A. Mr Stroilov, unfortunately this has not yet been pulled

3 up on my screen. Bear with me one minute.

4 Q. Let’s wait until it …

5 A. Now I’ve got it, thank you. Now I can see this.

6 Q. That looks like the minutes of that meeting, doesn’t it?

7 A. Yes, I can see this.

8 Q. And you can see that the meeting began at 2.00 pm, and

9 there were, apparently, about 15 or 16 items on the

10 agenda, and if we scroll down one page on each screen

11 {D113/1648.2/0.2}, {D113/1648.2/2}. Number 8 is the

12 question of the extension of the PetroLes loan,

13 Mr Platonov was reporting. If we could now scroll down

14 two pages on both screens {D113/1648.2/0.4},

15 {D113/1648.2/4}. I am afraid that’s the only surviving

16 record of those deliberations.

17 Then if you could scroll down to the bottom

18 {D113/1648.2/0.6}, {D113/1648.2/6} — yes, thank you,

19 and the English version — thank you very much — you

20 can see that the meeting ended at 7.00 pm.

21 So, Mr Savelyev, it looks like it went for five

22 hours, there were about 15 items on the agenda, and

23 Mr Platonov was reporting; can you now give any

24 assessment of how long that took to resolve that issue?

25 A. My Lord, unfortunately I do not see the other matters on

55

1 some proceeds for the export operations conducted by

2 PetroLes, neither at the first nor at the second

3 meetings between myself and Mr Arkhangelsky was it ever

4 mentioned to me that the money had actually been

5 credited to OMG’s accounts, and the situation in which

6 Oslo Marine Group found itself between January

7 and February of that year kept getting worse with every

8 passing day, and I believe that the management board of

9 the Bank heard a report with respect to the financial

10 condition of the group, and considering the fact that

11 none of the obligations assumed by Mr Arkhangelsky and

12 by the group had actually been discharged — and I mean

13 their obligations vis-a-vis the Bank, it was said that

14 the PetroLes loan was not going to be extended.

15 I believe that we heard a report to that respect at the

16 meeting of the board, but I do not recall the details of

17 our discussions. I simply know this, sitting here now,

18 today.

19 Q. What do you mean? Do you mean — what do you mean

20 «I don’t recall but I know»? What is the source of your

21 knowledge?

22 A. I know this from the reports I had received from my

23 colleagues who reminded me about that instance.

24 Q. So who are those colleagues?

25 A. Most likely those were the members of the management

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1 board of the Bank.

2 Q. And at what time were those reminders given to you?

3 A. My Lord, these proceedings started a long time ago, and

4 so when exactly this came to my attention is not

5 something that I would recall at this point in time,

6 sitting here today.

7 But someone did report to me about this and I am

8 absolutely certain that, as we discussed with

9 Mr Stroilov today, the vessel that had been seized in

10 the port of Tallinn at that time when we were meeting

11 with Mr Arkhangelsky, this was already something that

12 Mr Arkhangelsky knew full well, but he concealed this

13 from the Bank, so this came to our attention later on,

14 and I am sure that this matter was also discussed at the

15 meeting of the management board, so the Bank understood

16 that it could no longer trust Mr Arkhangelsky and,

17 therefore, we denied any further extension for the

18 PetroLes loan.

19 Q. Do you recall that? Do you recall any discussion of

20 Tosno arrest at the management board, or what is the

21 source of your knowledge, Mr Savelyev? It’s always

22 important to identify whether you recall that or whether

23 you have heard it from someone else: what is the source

24 of this evidence?

25 A. I have heard it from members of the board of the Bank,

1 Bank could not control the amounts at which the ships

2 were sold with regard to maximising the profit for the

3 Bank. Of course we took interest in that, and

4 subsequently when the ships were sold, the Bank’s

5 lawyers were involved, the Bank itself was involved, and

6 of course, it was at the heart of our interest to sell

7 the ships at as high a price as possible at these

8 auctions.

9 So it’s impossible to conceal this information.

10 That information was open for the whole of the Bank. Of

11 course the Bank knew about it. Of course the Bank was

12 interested to sell each ship that was arrested

13 subsequently, be it in London or Tallinn or in France,

14 to obtain as high an amount as possible under the sale.

15 Q. I think I have formulated it poorly.

16 Now, Mr Savelyev, there is no mention of the arrest

17 of Tosno in any of the documents of the Bank

18 between December and March — between December 2008

19 and March 2009. So what I am suggesting to you is that

20 you are wrong about that being —

21 A. And I am suggesting to you that I knew that — I’m

22 sorry — I knew that from members of the Bank’s board.

23 This information was known to me. Why this is not in

24 the statement or in the evidence, it’s not something

25 I can explain.

57 59

1 but also, that is also something that is out in

2 the media. That is also in my witness statement.

3 Q. That’s rather circular, Mr Savelyev, is it not, if you

4 learn it from your witness statement and now give it as

5 evidence. What is the source of that knowledge?

6 A. My Lord, I confirm one more time that I found this out

7 from my colleagues, from the members of the Bank’s

8 board.

9 Q. Now, Mr Savelyev, is it not the case that

10 Mr Arkhangelsky told you about the arrest of Tosno at

11 the meeting on 25 December?

12 A. No, this is not true.

13 Q. And prior to that, he has informed about it in detail,

14 your colleagues at Investrbank branch?

15 A. No, this is not the case.

16 Q. And there is absolutely no record in the Bank’s

17 disclosure of the Bank discovering, at any stage

18 between December and March, independently or discussing

19 the arrest of Tosno?

20 A. Mr Stroilov, you know full well that in Tallinn and in

21 other cities, the ships were sold at public auctions,

22 and of course at some board meetings in the Bank, we

23 certainly received such information because public

24 sales, public auctions, are the means and the funds that

25 the Bank has to profit from as much as possible. The

1 Q. And you are talking about 4 March 2009, are you not?

2 A. I will have a look, if I may.

3 Q. No, no, I am talking — you have just told my Lord that

4 you knew about the arrest of Tosno, you were sure of

5 that. Are you referring to your knowledge as of

6 4 March?

7 A. That’s right, 4 March.

8 Q. And so at that time, you knew about the arrest of Tosno,

9 you are sure of that, are you not?

10 A. No, I am saying one more time that I know that today,

11 and I know this today from the sources that the Bank has

12 looked at over a long period of time, taking into

13 account all the arrests of the ships and taking into

14 account the sale of those ships, and I said that I found

15 out about that from someone of the board members,

16 whether it happened before or after 4 March is not

17 something I mentioned.

18 Q. Now, Mr Savelyev, at the time you called a default, in

19 your perception, the pledges under OMG loans were much

20 more valuable than OMG’s indebtedness; isn’t that so?

21 A. I’d like to state, my Lord, before the court, to be able

22 to clarify the situation, taking into account what we’ve

23 discussed at the proceedings, the valuers that evaluated

24 the Oslo Marine Group’s assets based their opinions on

25 the fact that the assets ought to be invested — sorry,

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1 the funds that Oslo Marine Group raised to develop and

2 capitalise the assets need to be invested in the assets,

3 and what we see today, and what we understand, that the

4 funds were misused, and the assets were not capitalised.

5 So that remained virtual reality, and we observe

6 this virtual reality today. The amount that

7 Oslo Marine Group was borrowing from many banks had to

8 be invested in the development of these assets, and then

9 the assets would, indeed, have cost that much, but what

10 we can see today makes us understand that that valuation

11 was not objective and the investments in the assets did

12 not — were not forthcoming.

13 Instead of that, I just wanted to report to his

14 Lordship about this pyramid, the way the pyramid was set

15 up: ships were purchased for an amount of X, then the

16 ships were revalued. They were pledged to other banks,

17 funds were received, then they were chartered for — the

18 same ships were chartered for which the banks would

19 extend new funds, and the charters were including

20 offshores, the money would be paid to offshore

21 companies, and then they would be going in the direction

22 unknown.

23 Of course they were not put towards the business

24 development of the Oslo Marine Group, but rather to

25 other interests, and so, saying that then the assets

1 other borrowings.

2 MR STROILOV: Quite, my Lord, yes.

3 A. My Lord, I am saying about the time period when the Bank

4 was provided with pledges, about the moment the loans

5 were extended, I’m not discussing the moment when the

6 Bank declared a default, because when default was

7 called, we already had different information.

8 Q. Mr Savelyev, you have just evaded the question three

9 times after it was asked three times. You have done it

10 deliberately, haven’t you?

11 A. No. I am speaking the truth and nothing but the truth,

12 the way I understand the response to your question.

13 Q. And so, Mr Savelyev, isn’t it the case that the reason

14 why you called the default was because you wanted to

15 take advantage of the repo arrangement to appropriate

16 those valuable pledges, isn’t that so?

17 A. No, this is not true. The Bank was never interested in

18 toxic assets, and in various pledges, because

19 I personally, and the Bank’s management, always focused

20 on the Bank itself. That is the main asset that we

21 control all together, that we look after all together,

22 that is the priority project and I have always

23 criticised shareholders that work at the Bank and are

24 involved in some construction projects or some side line

25 businesses not related to the Bank. This is until the

61

1 cost a lot, and they cost more than the debts, that was

2 only in the case if the Oslo Marine Group’s investments,

3 being the loans, would have indeed put towards

4 capitalising these assets, and that was not, indeed,

5 done.

6 MR JUSTICE HILDYARD: Mr Savelyev, you are a very busy man.

7 You must, please, focus on the question. The question

8 related to your perception at the time that, according

9 to the valuation reports you had at that time, the

10 pledged assets exceeded by some margin the value of

11 the loans. Please focus on the question. I say that

12 for my assistance, but also for you, because I know how

13 much you have to do in the future.

14 Do you wish to put the question again, Mr Stroilov?

15 Have I got it right as to what your question was?

16 A. Thank you so much, I am grateful, my Lord.

17 MR STROILOV: Quite, my Lord. I think you have put —

18 A. At that point in time, when we were extending loans to

19 the group, there were plenty of pledges and sufficient

20 number of assets, otherwise the Bank would have not

21 extended the loans.

22 MR JUSTICE HILDYARD: The time in question, as I understand

23 it, although Mr Stroilov will correct me, is the time at

24 which you called a default on the PetroLes loan, which

25 you tell us inevitably worked cross-defaults on all the

63

1 time when shareholders of the Bank and the Bank keep on

2 working, they keep focusing on the Bank, the Bank will

3 be successful, will continue to be successful. I never

4 wanted to blur the focus. I never wanted to own the

5 assets that Mr Stroilov has in mind. It’s not

6 interesting for me from the start.

7 I confirm again before the court that we are only

8 interested in one thing: to maximise the return of our

9 funds from the sale of the pledged property. That is

10 always legal when the Bank is selling its pledges and

11 wants to get the maximum amount from their sale. This

12 is exactly the only thing I meant.

13 Q. Now, Mr Savelyev, if we could now look at {D115/1671/1},

14 that’s English, and {D115/1671/3} you have the Russian,

15 and that should go to Mr Savelyev.

16 Mr Savelyev, this appears to be a letter from

17 Mr Arkhangelsky to you dated 18 March 2009 where he

18 suggests that in order to repay the loans, the group

19 would sell some of its assets, and that might be the

20 solution to the problem. I think that’s a fair summary,

21 is it not?

22 A. Maybe there was such a letter, but I would like to say

23 that no resolution of mine is shown in the letter.

24 Maybe it was sent by e-mail. When such letters arrive

25 by e-mail, or to my reception or to my deputies, taking

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1 into account the fact that our powers were distributed

2 with regard to dealing with Oslo Marine Group, most

3 likely that letter was seen by one of my deputies,

4 because I cannot see my resolution here.

5 So most likely the letter didn’t get to me.

6 Q. So, Mr Savelyev, is it your evidence that you have no

7 recollection of seeing this letter before now? Did

8 I understand that correctly?

9 A. Possibly this letter was sent, apart from being sent to

10 me, to one of my deputies.

11 Q. Well, which deputy could it be?

12 A. That could be either Mr Guz, who then was involved in

13 dealing with clients, or it could be Mrs Malysheva, who

14 was tasked with looking after OMG group with regard to

15 distribution of responsibilities.

16 Q. But is it your evidence that this letter never came to

17 your attention?

18 A. My Lord, I do not recall ever seeing this letter before.

19 (Pause).

20 Q. Very unhelpfully, apparently the letter I wanted to show

21 is not on Magnum. I will probably have to return to

22 this after lunch, my Lord, I am afraid. (Pause).

23 Now Mr Savelyev, let me ask you again about Russian

24 Auction House. Is it not the case that in 2012 the Bank

25 and Russian Auction House entered an agreement about the

1 I don’t recall the date.

2 Q. And the assets were called by the company called Solo;

3 do you recall now? I’m just trying to refresh your

4 memory, to be sure you remember. It’s my fault,

5 I should have asked it at the same stage, but I didn’t.

6 A. Possibly, but to be honest, now I do not recall.

7 Q. Now, these assets included half of Onega Terminal in

8 St Petersburg seaport. Does that ring any bells?

9 A. Unfortunately not, but as far as I understand, we

10 discussed something similar.

11 Q. And that was sold at Russian Auction House at

12 approximately RUB 207 million.

13 A. Possibly.

14 Q. And that RUB 207 million for the purchase was provided

15 by the Bank, was it not?

16 A. I don’t know this for sure now. Maybe the Bank did that

17 in the way of a loan, because as we’ve discussed with

18 you, the Bank always actively worked with its core

19 borrowers.

20 Q. And so to your knowledge, the core borrowers may have

21 included Solo, may they not?

22 A. Possibly.

23 Q. And can it be the case that other OMG assets were also

24 bought at so-called public auctions, using the money

25 lent by Bank of St Petersburg for that purpose?

65 67

1 Bank financing the buyers of lots at auctions? Do you

2 recall that agreement?

3 A. Yes, I do recall that.

4 Q. And isn’t it the case that even prior to that agreement,

5 the Bank often financed the purchases of various lots at

6 RAD auctions?

7 A. Possibly, my Lord. If the Bank’s clients would have

8 requested purchasing at Russian Auction House of some

9 assets, however, that does not mean that we directly

10 worked with the Russian Auction House prior to that.

11 I would not want to deny and say that it never happened;

12 maybe that did happen, but I think that must have

13 happened at the request of our main clients.

14 Q. Well, could it have been, Mr Savelyev, that the Bank

15 actually financed purchase of an asset which had been

16 pledged to the Bank under one of its own loans?

17 A. Sir, are we discussing a specific company now? What

18 project are we discussing?

19 Q. Well, we are talking about — yes, let me make it more

20 specific. You recall my questions on Friday, I think,

21 about various assets of Scandinavia Insurance being sold

22 through Russian Auction House; do you recall that?

23 A. Yes, I do.

24 Q. And that was the auction on 26 October 2009, was it not?

25 A. Possibly. I don’t know what you are referring to, now

1 A. Possibly, but I do not know for sure, being here now.

2 Q. Now, if we could call on the screen {D131/2132.1/1}, and

3 that’s the English version, and then {D131/2132.2/2} is

4 the Russian version.

5 I wonder if it is possible, at least, to zoom it in

6 a little for Mr Savelyev. Yes.

7 So, Mr Savelyev, this is a spreadsheet from the

8 Bank’s disclosure. So it appears that you can see that

9 there is a heading «Project Scandinavia» at the top, and

10 then there is a box. I wonder if that can be helped on

11 Mr Savelyev’s —

12 A. Mr Stroilov, I’m very sorry for interrupting you.

13 Unfortunately it’s not legible on my screen.

14 Q. Can something be done on that end? I don’t know,

15 because on our screens —

16 A. When you zoom in, Mr Stroilov, it becomes illegible, and

17 the font is very small. I cannot read the small print.

18 As soon as we try to zoom in, it becomes very blurry.

19 Q. Yes. I wonder.

20 A. And for some reason … no, I can’t really do anything

21 with this table on my Magnum screen. I’m very sorry.

22 Q. Okay. Well I wonder, I mean, I would — probably it’s

23 sufficient just to summarise it for you in my own words,

24 and if it is felt that I am not summarising it fairly,

25 there will be an objection and I will do better, if

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1 that’s all right.

2 So there is a spreadsheet in the Bank’s disclosure

3 which seems to indicate that the funds obtained by

4 SKIF LLC under the loan agreement dated

5 25 September 2009, and there is a number of that loan

6 agreement, were used for investment, as it is called,

7 into the part of Onega Terminal — into something called

8 Project Scandinavia, and then there is also a reference

9 to Onega. Do you follow that, Mr Savelyev?

10 A. My Lord, I can now see the spreadsheet a little better.

11 It is still blurry, but it says «Project Scandinavia»,

12 yes:

13 «It is acquired using money loaned to OOO Scythian

14 according to the credit agreement [blah, blah, blah]

15 dated 25 September 2009.»

16 Yes, I can confirm that.

17 Q. Yes, and so in the investment column, if you see it at

18 all, in the first line, the sum appears to match exactly

19 the figure of the money paid by Solo for Onega Terminal

20 assets at Russian Auction House sale; do you follow

21 that? It’s RUB 207,305,340-something. That matches

22 exactly the price to the margin of RUB 10 or so; do you

23 see the point?

24 A. Yes, I do understand where you are coming from.

25 Q. Yes. So pausing here, have you got any idea how money

1 A. Possibly so.

2 Q. And the loan of approximately 1.5 billion was advanced

3 to SKIF for the purposes of that project; do you recall

4 that?

5 A. A loan may have been extended at some point in time,

6 yes.

7 Q. And was Solo involved, to your knowledge, in any way in

8 that project?

9 A. My Lord, sitting here today, I obviously do not recall

10 whether Solo was involved in this project or not.

11 Q. Now, so Mr Savelyev, it appears that the reference to

12 the loan agreement in this spreadsheet is the reference

13 to the loan advanced to SKIF for the purposes of

14 the Antonenko Project. Do you think it possible —

15 A. Possibly so, but what does the Antonenko Project have to

16 do with these proceedings? I am just not sure

17 I understand. If you could kindly clarify, I would be

18 grateful.

19 Q. Well, Mr Savelyev, it appears that — this document

20 appears to indicate that the money advanced under a loan

21 intended to, or ostensibly intended to finance the

22 Antonenko Project, were used instead to purchase OMG

23 assets at a public auction. Have you any idea how this

24 could have happened?

25 A. I know nothing about this. These are two companies that

69 71

1 advanced to SKIF under a loan agreement could have ended

2 up being paid by Solo to the Bank at an auction, at

3 Russian Auction House? Have you any idea of how that

4 might have happened?

5 A. My Lord, obviously I have no idea. I know that SKIF, or

6 Scythian, as it is called here, is a client and it has

7 been a borrower with our Bank. I do not recall the

8 exact amounts. Now, why those transactions were entered

9 into by Scythian or SKIF, and where that money went to

10 going forward, I obviously do not know. Mind you, we

11 are looking at something that happened in 2009.

12 Q. Yes, well that was a rather big loan agreement. Let me

13 show it to you and then perhaps you could help.

14 A. 200 million, why do you describe this as big? After

15 all, it’s not 4 billion, as was the case with

16 Mr Arkhangelsky.

17 Q. Let me show you, and then you will explain. (Pause).

18 Oddly, I can’t actually find that loan agreement.

19 Many apologies, my Lord.

20 Mr Savelyev, again, perhaps it’s better to leave

21 that. Are you aware of something called Antonenko

22 Project?

23 A. Yes, I do recollect that.

24 Q. And so that was a project in which SKIF was involved,

25 was it not?

1 have nothing to do with me.

2 Q. Well, Mr Savelyev, what I suggest to you is that the

3 Bank controlled the process completely, to the extent

4 that the money never left the Bank. So someone at the

5 Bank moved the money from the Bank’s account to SKIF’s

6 account under the pretext of the Antonenko loan, then in

7 some way the money — I don’t know under which

8 pretext — the money found its way from the SKIF account

9 to the Solo account, and then they were transferred

10 again to the account of Russian Auction House in

11 Bank of St Petersburg, and then they were moved again to

12 the Bank, and in reality, nothing happened except that

13 the asset changed hands. What do you say to that?

14 A. No, this is not true. I would like to say that we have

15 no control of SKIF. SKIF is a standalone, distinct

16 corporate entity. What they do with their clients is up

17 to them to decide, nothing to do with the Bank.

18 Now, the bulk of the clients have accounts with the

19 Bank of St Petersburg and we obviously are interested in

20 making sure that whatever balances they have with the

21 Bank at the time when a payment is made between various

22 corporates remain with the Bank, this is par for the

23 course. Every bank would be happy to open as many

24 client accounts as possible to be able to use the

25 balances that those clients have with the Bank. That is

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1 absolutely normal. 1 bankruptcy of Solo within the Bank?
2 Q. Looking at — this information which I have given you, 2 A. I think that if it’s bankruptcy proceedings it would be
3 now if it is correct and the money advanced to SKIF 3 within the remit of the client monitoring division and
4 under that loan agreement were used for that purpose, to 4 the legal department of the Bank.
5 purchase OMG assets in the name of Solo, would you be 5 Q. And what about Kiperort; is it the same?
6 concerned about this? 6 A. Yes.
7 A. My Lord, today we are discussing the loans given by the 7 Q. So this client monitoring division is now headed by
8 Bank to SKIF, and judging from the documents that 8 Ms Mironova, is it not?
9 Mr Stroilov is turning up, SKIF received those funds 9 A. Not at this point in time. She used to, yes. But I do
10 from the Bank by way of a loan. 10 not recall exactly when that was.
11 Now, what SKIF did with the money later on is up to 11 Q. All right. So, Mr Savelyev, presumably you were
12 SKIF to decide. It has absolutely nothing to do with 12 involved in the decision to initiate any bankruptcy
13 the Bank. 13 proceedings against Solo, were you not? Were you
14 Now, what they discuss with other companies, what 14 involved as a member of management board or otherwise?
15 kind of negotiations they hold, is up to them to decide; 15 A. Now, if those were large outstanding debts, then it
16 they are a standalone entity. The Bank has no part in 16 would be within the remit of the management board, which
17 this. It does not interfere in any way. (Pause). 17 I am not sure about at all, but if those were smaller
18 Q. Now, could we please go to {D192/2920/14}. No, that’s 18 amounts, then it would be the BKK, the client monitoring
19 not the one I wanted, sorry. 19 division, and the Bank’s lawyers.
20 If we could go to {D174/2907/1}, and the Russian 20 Q. Yes. Well, as you can see, what is suggested there is
21 version will be at page 2, and it is important to zoom 21 that the Bank is trying to clean up its own balance
22 it in because it is rather small {D174/2907/2}. 22 sheet in these bankruptcies by bankrupting the companies
23 So that seems to be a recent article from a business 23 the Bank itself had used to manage distressed assets of
24 newspaper in St Petersburg called Delovoy Peterburg; do 24 borrowers. I think you see the meaning of the article,
25 you see that, Mr Savelyev? 25 I mean, you can see the text. Perhaps I am summarising
73 75

1 A. Not yet. It has not yet been called on the screen.

2 I think someone is trying to zoom in. (Pause).

3 Q. Mr Savelyev, any luck in terms of seeing it?

4 A. Yes, I think — my colleagues have done their best and

5 I think I can read the article.

6 Q. I can try and summarise it for you anyway.

7 So this article concerns bankruptcy proceedings

8 initiated by the Bank of St Petersburg against Solo and

9 Kiperort.

10 So, Mr Savelyev, do you know anything about these

11 bankruptcy proceedings? Were you involved at all?

12 A. I am afraid I was not involved in this personally, but

13 I know from various public sources which I peruse from

14 time to time, this does ring a bell. I remember

15 something along the lines of what this article sets out.

16 Q. Now, could you help us on this: who in the Bank might be

17 dealing with the bankruptcy proceedings of this kind?

18 I mean who, personally, would be working on this?

19 A. Do you mean with respect to these bankruptcy

20 proceedings, because it lists several corporate names

21 here. Which corporate entity are you referring to, sir?

22 Q. I should have thought there is a department dealing with

23 various bankruptcies, but there are two — well, I’m

24 concerned with two names: bankruptcies of Solo and

25 Kiperort. So who would you expect to deal with the

1 it not very well.

2 A. Yes, I have read the article, my Lord, and I would like

3 to invite your Lordship’s attention to the fact that

4 this article was written by a journalist whose name does

5 not say anything to me, and also in paragraph 2, it says

6 that:

7 «According to the experts …»

8 So it’s just an opinion of the experts; it’s not

9 a fact.

10 Q. Yes, well, what is the fact why — that’s why I’m

11 putting it to you, Mr Savelyev, so that you could

12 correct if anything is wrong here in this explanation or

13 in the factual premises of this.

14 A. My Lord, I would like your Lordship to understand that

15 the legal department, the client monitoring division,

16 the major loan committee and the management board of

17 the Bank, hears various cases with respect to different

18 borrowers separately.

19 Now, why they are listed here together, I simply do

20 not know. I can confirm that the article does refer to

21 Oslo Marine Group, does refer to Stroymontazh and this

22 is something we discussed, it lists Sevkabel, OMT —

23 although I do not know what OMT is — Dorozhnik 92,

24 which is Mr Altunyan’s company, and Rubezh is also

25 something we discussed, so I’m happy to confirm that

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1 these borrowers were actually distressed borrowers, but 1 (12.41 pm)
2 in every single instance, the Bank worked with them 2 (The Luncheon Adjournment)
3 separately and who was in charge of each separate 3 (1.30 pm)
4 project I simply do not know. 4 MR STROILOV: May it please your Lordship. (Pause).
5 MR STROILOV: Thank you. 5 Sorry, my Lord, just a minute.
6 I wonder, my Lord, whether perhaps an earlier lunch 6 MR JUSTICE HILDYARD: That’s all right.
7 break might be a good idea given I have reached some 7 MR STROILOV: I am sorting out the …
8 logical break and obviously have started early. 8 Now, could Mr Savelyev be shown the letter which RPC
9 I think, unusually, I am doing not badly. I am 9 have very kindly communicated to St Petersburg, which is
10 confident of finishing today, at least. There are a few 10 not on Magnum and I am afraid it is only in Russian, but
11 matters I need to put to Mr Savelyev, but hopefully it 11 it is a very short letter so I or Mr Savelyev will read
12 may be an hour, an hour and a half, something in that 12 it out. I have been given to understand that there is
13 region. 13 someone on the St Petersburg end of the line who has
14 There may be, I might need to discuss something with 14 a copy of that letter. There was just one document sent
15 RPC. I think two documents I need to put to him are not 15 over.
16 on Magnum for some reason, and I wonder if they can be 16 A. Addressed to chairman of the board of the St Petersburg
17 sent by e-mail or somehow communicated to Mr Savelyev, 17 Bank, Mr Savelyev, and it is signed «Kind regards,
18 but I will have another look at it, maybe I can find 18 respectfully yours, President, Mr Arkhangelsky».
19 them. 19 Q. Yes, that is right, and if you could read out what the
20 MR JUSTICE HILDYARD: So what time do you suggest we 20 text says between that. It’s only two lines.
21 reconvene? 21 I don’t know if the interpreters have a copy, but it
22 MR STROILOV: Well, I think 1.40 would be good, really, and 22 is only two lines. It’s a letter dated 6 April 2009, is
23 I just hope to sort out a few … 23 it not?
24 MR LORD: My Lord, obviously it is three hours later in 24 MR JUSTICE HILDYARD: Have we got a connection? Mr Savelyev
25 Russia. I would be very, very keen if we could make 25 is so still.
77 79
1 sure we can finish Mr Savelyev today. So if there was 1 A. Yes, my Lord, I can hear you.
2 any risk at all that it would be more than one and a 2 MR LORD: My Lord, I think you are right. I think the audio
3 half hours then I would ask that we start a little bit 3 may be working but perhaps not the video. I wonder
4 earlier. If Mr Stroilov is really pretty sure he will 4 whether that is frozen. I am just surmising, that’s
5 be one and a half hours, then obviously we ought to 5 all.
6 finish. It will be a long day for Mr Savelyev but we 6 MR JUSTICE HILDYARD: Yes.
7 ought to finish him. 7 MR STROILOV: Yes.
8 MR STROILOV: To be on the safe side in that case, I will 8 A. On my side the video is working well: I can see and hear
9 suggest 1.30. 9 very well.
10 MR JUSTICE HILDYARD: You wish to reconvene at 1.30? 10 MR STROILOV: Yes, I think we do need to see Mr Savelyev.
11 MR STROILOV: 1.30. Yes, I would suggest that. 11 MR JUSTICE HILDYARD: Is there some problem, do we know?
12 MR JUSTICE HILDYARD: Very well, Mr Savelyev, we are going 12 A. My Lord, I have no problems. I can see all the movement
13 to take our break. The same rules as we have previously 13 on the screen, I can hear the audio well as well.
14 discussed apply to you: please do not talk to anybody at 14 MR JUSTICE HILDYARD: Yes, I am afraid the problem is our
15 all about anything to do with this case. Enjoy your 15 end.
16 rest. It’s been a long morning, but the light at the 16 A. I can call the Bank’s IT person if your connection is
17 end of the tunnel is that you are to finish today. 17 not working well, and that person might be able to
18 Well, 1.30 pm, then, and you will discuss with RPC 18 correct it, because I can hear and see you very well.
19 what arrangements might be made with respect to 19 MR JUSTICE HILDYARD: Thank you. I think we will just pause
20 the documents that you need to put, but are in 20 to see what is the problem. (Pause).
21 difficulties. 21 THE INTERPRETER: Mr Savelyev was explaining that we are
22 MR STROILOV: I don’t know, maybe I will try to find them on 22 seeing a frozen frame in London.
23 Magnum again, maybe they are there, they should be 23 A. My Lord, the IT specialist says that it has to be
24 there. 24 disconnected and reconnected in order to get the moving
25 MR JUSTICE HILDYARD: Yes. Very well. 1.30 pm. 25 picture; would that be possible at all?
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1 MR JUSTICE HILDYARD: Yes, indeed. Does that take long? 1 with the borrower, ie Mr Arkhangelsky.
2 Should I go out or should I stick about? 2 Q. And to your knowledge, did Mr Guz or Mrs Volodina, or
3 MR LORD: It may be best to rise for five minutes, my Lord. 3 both of them, have this meeting with Mr Arkhangelsky?
4 MR JUSTICE HILDYARD: Yes. 4 A. My Lord, now I do not recollect whether that meeting
5 (1.38 pm) 5 happened or not, but if I tasked them with doing so,
6 (A short break) 6 they had to meet him.
7 (1.44 pm) 7 Q. And could we please call on the screen the English
8 MR JUSTICE HILDYARD: We are back in business, are we? 8 version at {D120/1831/5}, and the Russian version is
9 MR STROILOV: Yes, it seems to be. 9 {D120/1831/6}.
10 In the meantime, the letter I was talking about was 10 Thank you very much. Mr Savelyev, can you see that?
11 happily uploaded on Magnum, so if we could go to — 11 A. Yes, I can.
12 well, I do apologise, my Lord, it is only in Russian, 12 Q. So that seems to be a further letter from
13 but it is just a couple of pages, and perhaps if we 13 Mr Arkhangelsky to you on 24 April, seeking to … and
14 could call on the screen {D117/1759.1/1}. 14 then he refers to failed attempts to organise a meeting
15 Can you see that, Mr Savelyev? I imagine you have 15 in April, does he not, asks to organise another meeting
16 a paper copy, have you not? 16 at any convenient time, does he not?
17 A. Yes. 17 A. Yes, it says so in the letter.
18 Q. So this seems to be a letter from Mr Arkhangelsky to 18 Q. And did you respond to that letter?
19 you, dated 6 April 2009, is it not? 19 A. I do not recall, my Lord, whether I have seen this
20 A. Yes. 20 letter or not. It has no notes by me, so that could
21 Q. Will you be kind enough to read out the text of 21 have been sent by e-mail, addressed to my reception, or
22 the letter? It’s not very big, but if you could read it 22 addressed to anyone else. I am not able to say whether
23 out in Russian, please. 23 it ended up without my resolution. I am not able to say
24 A. «Dear Alexander Vasilievitch, due to cancellation of 24 whether I have seen it or not.
25 the meeting, set for 14.00 of 06 April 2009, please 25 Q. Mr Savelyev, I think I will be challenged to go to
81 83

1 consider the possibility of organising a new meeting at

2 any other time convenient for you.

3 «Signature: respectfully yours, or kind regards,

4 President, Mr Arkhangelsky.»

5 Q. And you can see a handwritten note at the top. Is it

6 your note, is it not?

7 A. Yes, that is my handwriting, my Lord.

8 Q. And if you could kindly read out what the note says?

9 A. «To Mr Guz, to Mrs Volodina, have the meeting without

10 me.»

11 And the signature reads «Savelyev».

12 Q. So it appears, Mr Savelyev, that a meeting between you

13 and Mr Arkhangelsky had been scheduled for 6 April 2009

14 previously, isn’t that correct?

15 A. Possibly. This is what Mr Arkhangelsky is writing

16 about. I know nothing about it.

17 Q. And then once that meeting was cancelled, he is sending

18 this letter asking to find another date and time for

19 a meeting, isn’t that a correct reading?

20 A. Yes.

21 Q. And your note indicates that you declined to meet again.

22 A. Why? I addressed this to my deputies for them to have

23 the meeting without me.

24 Q. You did not respond to this letter, did you?

25 A. I disagree, sir. I tasked my deputies to have a meeting

1 the transcript if that’s really necessary, but I think

2 you said on Friday that you recall receiving letters

3 from Mr Arkhangelsky in the first half of 2009. Did you

4 refer to any of those letters, or were there any others?

5 A. Yes, my Lord. I think that when we discussed this

6 I meant the letter with my resolution, saying to Mr Guz

7 and to Ms Volodina. This is why I said that I did

8 recall that there were some letters.

9 Q. And now perhaps if we could now have a look at

10 {D120/1853/1} on one screen, and {D120/1853/0.1} on the

11 other.

12 So that seems to be the letter dated 30 April 2009

13 does it not, and once again, from Mr Arkhangelsky to

14 you, Mr Savelyev?

15 A. Yes, I can see the letter, but I haven’t read the text

16 yet.

17 Q. Yes.

18 A. Do you need me to read the letter, sir, or are you going

19 to ask a question nevertheless?

20 Q. I think probably it’s best if you — let me just figure

21 out if the translation is decent. I think it is. Yes,

22 I will ask you to read it through and say when you have

23 reached the end of the page so that it can be scrolled

24 down. And, my Lord, when you have reached the end of

25 the English page, ask for it to be scrolled down,

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1 please.

2 A. Thank you. {D120/1853/0.2}, {D120/1853/2}.

3 I have read this document.

4 Q. Yes. So, Mr Savelyev, do you recall receiving that

5 letter?

6 A. Unfortunately, my Lord, I do not.

7 Q. And you did not respond to that letter, did you?

8 A. Possibly I have not even seen it, my Lord, because that

9 could have been sent directly to my deputies, who

10 subsequently would have reported about this either at

11 the Bank’s board or elsewhere.

12 However, as we can see here, this letter does not

13 have my resolution, so it’s possible that I haven’t even

14 seen it.

15 Q. So, Mr Savelyev, it is clear that Mr Arkhangelsky

16 persistently sought an opportunity to see you and to try

17 and reach some agreement, or understand what’s

18 happening; isn’t that clear?

19 A. Judging by the letters you are putting to me, sir, that

20 you are showing to me via the Magnum system, that is the

21 case.

22 Q. And you, Mr Savelyev, always declined to have that

23 meeting?

24 A. No, this is not the case. I told before the court, and

25 I confirm again, that the letters that I have seen

1 lawfully using our rights, and I believe that we have

2 received as much as we could possibly have expected to

3 receive from the disposition of the assets.

4 Now, what Mr Stroilov says here and why

5 Mr Arkhangelsky mentions this, I really do not know.

6 Q. Now, can we please look at {D146/2436.2/1}, and the

7 Russian version will be at {D146/2436.2/4}.

8 So Mr Savelyev, this appears to be a stage plan for

9 the sale of two different parts of Onega Terminal, so

10 that it ends up in the hands of the company called ROK

11 Number 1 Prichaly, and this comes from the Bank’s

12 disclosure.

13 Let me take you through the document. So stage 1

14 concerns the part of Onega Terminal which had been

15 previously owned by Scandinavia and sold through Russian

16 Auction House to Solo, as you recall we had discussed.

17 So you can see that stage 1 includes ROK Prichaly

18 receiving a loan from Bank of St Petersburg in

19 the amount of RUB 400 million. Then buy those

20 properties from Solo, and then if we could scroll down,

21 there is a list of assets which are the assets sold, so

22 to speak, at Russian Auction House to Solo.

23 Then if we could scroll down, the order of the steps

24 is listed on that page, so if you could just scan-read

25 through this.

85 87

1 I tasked my deputies to hold that meeting, and with

2 regard to the letters I haven’t seen and the letters

3 that do not bear my resolution, possibly I did not even

4 know about them at that point in time.

5 Q. And, Mr Savelyev, rather than to send a response saying:

6 no, I don’t want to see you, you evaded a meeting, did

7 you not? You cancelled meetings, then you tried to push

8 it towards your deputies rather than yourself. You

9 never said no; you evaded a meeting, did you not?

10 A. No.

11 Q. And as we can see from the last letter, Mr Arkhangelsky

12 then sought to draw your attention to the ongoing events

13 in writing, did he not?

14 A. Possibly so, but I have already mentioned to his

15 Lordship that I was not involved in this project. We

16 had a distribution of responsibilities, a division of

17 responsibilities, and it was my deputies who were in

18 charge of dealing with these letters, and I do hope that

19 they took action, took appropriate action, following

20 receipt of these letters.

21 Q. So, Mr Savelyev, you knew that you were in the process

22 of committing a fraud against him, did you not?

23 A. No, this is not true. My Lord, since when disposition

24 of collateral in order to maximise recovery for the

25 Bank, since when does this qualify as a fraud? We were

1 A. Which part of the text are you referring to,

2 Mr Stroilov?

3 Q. If you could just read through, this is a step-by-step

4 plan, so if you could read through all steps just so

5 that you know what we are talking about.

6 Just tell me when you have finished and come to

7 the end of the list.

8 One point I would like to draw your attention to is

9 that the Bank was actually financing the purchase of

10 these assets by ROK Prichaly from Solo, was it not?

11 A. Possibly so, my Lord. Once again, may I say that I was

12 not involved in the sale of the assets. This is not

13 part of my remit. So what Mr Arkhangelsky and

14 Mr Stroilov mean here is really not something that

15 I have a good grasp of. There are some bank clients,

16 possibly some borrowers that borrowed money from the

17 Bank. Now, what this means, I really do not know.

18 Q. And another point is that the property would immediately

19 be pledged to the Bank, would it not? That’s what you

20 can see in this statement.

21 A. Yes, possibly. But, again, I do not really understand

22 why I am expected to know anything about this.

23 Q. So Mr Savelyev, the net result of this process which you

24 call realisation of assets would be that all you would

25 get would be money recycled inside the Bank, or the Bank

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1 lends it to ROK Prichaly and then it goes back to Solo

2 and so on, and on the other hand, the same asset remains

3 pledged to the Bank, so that seems to be what the

4 process of realisation really includes.

5 A. Possibly it may have remained pledged to the Bank —

6 Q. Yes.

7 A. — which is par for the course for the Bank.

8 Q. And then if we scroll down one page, you can see

9 stage 2. {D146/2436.2/2}, {D146/2436.2/5}. So that

10 includes the purchase by ROK N1 Prichaly of the shares

11 of the company called Mercury LLC. Can you see that?

12 A. Yes, I can.

13 Q. And that includes the assignment of the loan rights to

14 Mercury with the discount of 97 per cent. Can you see

15 that?

16 A. No. Oh yes, yes, now I do. Yes.

17 Q. And that relates to the part of Onega Terminal which was

18 owned by LPK Scandinavia.

19 A. Possibly, yes.

20 Q. So as you can see, that includes assignment of over

21 RUB 1 billion loan for 27 million and the purpose of

22 that appears to be to release the pledge.

23 A. This is not something that I can confirm because, once

24 again, I was not involved in this transaction and I am

25 not aware of all the details of all these transfers from

1 Mercury …»

2 Is this the one you mean?

3 Q. Yes, if you could read out that text, I would be very

4 grateful.

5 A. «In connection with the sale of shares in Mercury LLC

6 which owns the following properties: a plot of land and

7 the reinforcement shop, together with the waste facility

8 located at the City of St Petersburg, Ugolnaya Gavani,

9 Elevatornaya Ploschadka number 2, which are currently

10 pledged to the open joint-stock company

11 Bank of St Petersburg as security for the following

12 loans, ie…»

13 First bullet point:

14 «Onega LLC credit contract number [such and such]

15 dated 26 December 2007, amount of loan RUB 400,000 and

16 RUB 53,412.44 million.»

17 Second bullet point:

18 «LPK Scandinavia LLC, loan agreement number [such

19 and such] dated 30 November 2007, loan amount

20 RUB 343,344 thousand and RUB 63,046.92 thousand worth of

21 interest.»

22 Third bullet point:

23 «LPK Scandinavia LLC loan agreement number [such and

24 such] dated 25 June 2008, amount of the loan

25 RUB 144,998.74 thousand, and RUB 12,346.66 thousand

89 91
1 one corporate entity to another. I really do not even 1 worth of interest. The registration of the mortgage has
2 know why this was done this way. This is the first time 2 been suspended.
3 ever that I see this document. I’ve never seen this 3 «In order to realise the asset, the encumbrance
4 before and I really have no explanation to offer with 4 needs to be lifted. Our proposal is as follows: enter
5 respect to why this was done the way it was done. 5 into assignment contracts with Bank of St Petersburg to
6 Q. But this doesn’t look like an attempt to realise 6 have the following loans purchased by Mercury LLC at
7 security at a maximum value, does it? 7 a discount, ie Onega loan for RUB 109,658.95 thousand ie
8 A. Well, Mr Stroilov, you have mentioned yourself that the 8 RUB 343,753.49 thousand of discount to LPK Scandinavia
9 asset remained pledged to the Bank, therefore if it 9 loans for RUB 136,341.05 thousand, ie total amount of
10 remained pledged to the Bank, then I, in my humble 10 discount RUB 427,395.27 thousand. As a result, Mercury
11 submission, this was not actually the case. 11 LLC will become the obligee and the pledger under the
12 Q. Now, I am afraid, my Lord, it is becoming a bad habit, 12 three loans. Based on that, the encumbrance will be
13 there is another document which is only in Russian. 13 lifted, whereupon Mercury will sell its loan contracts
14 I am terribly sorry about that, but if we could call on 14 to X without any pledge. As a result, X will maintain
15 the screen {D196/2936/1}. That seems to be the only 15 the actionable rights vis-a-vis Onega LLC and LPK
16 version we have, there is not even this mechanical 16 Scandinavia LLC.»
17 translation. 17 Q. Thank you very much, Mr Savelyev, I am sorry to exploit
18 So let me — perhaps, Mr Savelyev, just for — 18 you like that. Then I think there is one handwritten
19 I mean, I am concerned about it being summarised. This 19 notes that indicates that ADK valuation is
20 seems to be an internal note of the Bank, which is 20 RUB 130-250 million; is that your reading of it?
21 undated, but if you could do me the favour of reading 21 A. I really do not know what ADK is, but it must be
22 the Russian text out, you know the printed Russian text, 22 a valuation company, and so this was added in writing,
23 and then we will go through the handwritten bits, 23 and it says between 130 and — dash — 250.
24 I would be most grateful. 24 Q. Yes. If you could read the first handwritten line at
25 A. «In connection with the disposition of the shares in 25 the bottom.
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1 A. It’s quite unclear here, but it appears to say that 1 {D148/2466.4/0.1}, and on the other screen
2 Mr Savelyev has not given his consent. Then below, the 2 {D148/2466.4/1}. So that seems to be the management
3 line below says: 3 board decision to actually assign the rights under two
4 «Evgeni Kalinin, financial director [I think it 4 of the loans to Mercury. In fairness, I don’t see your
5 says] of Renord.» 5 signature there, but do you recall the board considering
6 Then the telephone number, and in brackets it says: 6 such an issue? If you could scan-read through it.
7 «(from Kolpachkov)». 7 Don’t read it all out.
8 Q. So this note seems to indicate that you disagreed with 8 A. (answer not interpreted).
9 the proposed plan, doesn’t it? 9 Q. Yes, please do.
10 A. My Lord, I really have no comment to offer with respect 10 A. Thank you. (Pause).
11 to what Evgeni Kalinin wrote here behind my back. I do 11 Yes, I am done, thank you.
12 not know what he meant by saying that this, Mr Savelyev 12 Q. So does that document ring any bells at all?
13 has not given his consent. Does this refer to the text 13 A. No, my Lord, I am afraid I have no recollection with
14 above or not. I do not know why this handwritten note 14 regard to this document. To be honest, I’m not even
15 was made here. Once again, I was not involved in 15 sure I attended this board meeting on 8 June 2011,
16 specific immovable property-related transactions, so 16 because there is no signature of mine here, therefore
17 when you are trying to extract some sort of comment from 17 I really do not know what this is all about.
18 me, whether I know about this or whether I do not know 18 Q. Yes. If we could — now, look, I think, Mr Savelyev,
19 about this, once again, what I have to say is that in my 19 I am looking at the minutes, and you were there.
20 capacity as chairman of the management board, I was not 20 I mean, I can show you the minutes perhaps,
21 involved in this and, therefore, I am not aware of this. 21 {D148/2466.3/0.1}, and {D148/2466.3/1} on the other
22 Nor am I aware of why this handwritten note was made, 22 screen. So that is the same meeting of the board, and
23 therefore I am afraid I am not in a position to answer 23 you can see that you are recorded as present, along with
24 the questions asked by Mr Stroilov. 24 a number of other people.
25 Q. Are you saying that you don’t recall considering any 25 Then if we could scroll down to page

93

1 such plan?

2 A. Definitely not. It’s been a lot of time, and I am

3 afraid I cannot recall all these minutiae that this plan

4 appears to refer to. I do not even understand what this

5 plan is all about or where this text actually came from.

6 Q. Well, but Mr Savelyev, doesn’t it look like this note

7 relates to the same plan of assignment of pledges to

8 Mercury, which we have seen in the stage plan a little

9 earlier. Doesn’t that seem logical?

10 A. No. This is a rather convoluted text, and so I really

11 do not have any idea or any comment to offer, and nor do

12 I really know who created this document.

13 Q. Well, Mr Savelyev, do you ever recall considering such

14 a plan as the assignment of creditors’ rights and the

15 two or three of OMG loans to a company called Mercury?

16 A. My Lord, it may have been discussed at a board meeting,

17 but I really have no recollection of this.

18 Q. So you don’t recall disagreeing with that plan as this

19 note indicates, do you? Is that what you are saying?

20 A. To be honest, I have no recollection of this. This is

21 an undated piece of paper. I do not really know where

22 it comes from. It doesn’t give a date or a year.

23 Q. Yes, well unfortunately it is undated. Yes, you are

24 right. (Pause).

25 Now, if we could perhaps have a look at

95

1 {D148/2466.3/0.4} on the English screen and I think

2 {D148/2466.3/4} on the Russian screen. So that is the

3 same decision and you can see the minutes record

4 a unanimous vote in favour.

5 A. Yes, I can see this now. Yes.

6 Q. So someone very persuasive must have been advocating

7 an assignment of loan rights with a discount of

8 97 per cent to make the board vote unanimously for it,

9 wouldn’t you agree?

10 A. Possibly. But in the approval sheet there is no

11 reference to the 97 per cent discount.

12 Q. Well, you can see the figures there and we can now look

13 at the actual agreements, if that helps to refresh your

14 memory.

15 A. I agree, I am not disputing this. It may have been the

16 case, yes.

17 Q. Now, Mr Savelyev, isn’t it clear that this series of

18 transactions never pursued the goal of recovering as

19 much as possible under the loans?

20 A. I don’t think that this has anything to do with this

21 because OMG collateral had always been controlled by the

22 banks, so this does not mean that we did not seek to

23 maximise recovery and I would like to confirm once again

24 that we always sought to maximise recovery from the

25 disposition of the assets, so all the members of

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1 the board, including myself, had a vested interest in

2 making sure that that was actually achieved.

3 Q. Mr Savelyev, your actions were aimed at ensuring that

4 these assets end up in the hands of connected parties.

5 That was your real goal, was it not?

6 A. No, this is not the case.

7 Q. That was a fraud, was it not, Mr Savelyev?

8 A. No, this is not the case.

9 Q. May I now ask you a few questions about what happened to

10 Western Terminal assets?

11 A. Sure.

12 Q. If we could please go to {D150/2495.1/0.1}, and

13 {D150/2495.1/1} on the other screen, that will be the

14 Russian version.

15 Again, so you can see that this is a decision to

16 give consent to realisation of Western Terminal assets

17 under a different loan while it remains encumbered by

18 the pledge to the Bank, if that makes sense. Can you

19 see that?

20 A. Yes, I can see this, but I haven’t finished reading yet.

21 Q. Yes, please read it.

22 A. I have read it, sir.

23 Q. Now, do you recall any such decision?

24 A. No, my Lord, I do not recall. That was on

25 31 August 2011, and of course, it’s difficult for me to

1 Company, Sevzapalians, under the repo arrangement, then

2 Sevzapalians bought loan rights from a bank called

3 Morskoy Bank, bought loan rights against

4 Western Terminal; do you understand?

5 A. Perhaps so. I don’t know about this.

6 Q. Then Sevzapalians initiated enforcement proceedings

7 under that loan agreement against its own subsidiary,

8 Western Terminal. Do you understand?

9 A. I don’t really understand.

10 Q. And then all the real estate of Western Terminal, both

11 pledged and unpledged, was to be sold at a so-called

12 public auction pursuant to these enforcement

13 proceedings; do you see that, Mr Savelyev?

14 A. Yes, I do.

15 Q. And obviously these proceedings are collusive, because

16 both parties are controlled by the same people, and they

17 could have transferred assets between themselves if they

18 wished. Do you understand that?

19 A. I think this is not the case.

20 Q. And also the reason why these proceedings are brought is

21 simply to get a stamp of state approval and the

22 respectability of a public sale for a transfer of assets

23 to a connected party; do you see the point?

24 A. No, I don’t.

25 Q. And so you have one Renord Company pursuing

97

1 recollect what happened then.

2 Q. Yes, and I think if we — I think there is a mistake in

3 the translation. So as you can see, the space for your

4 signature is left blank, and then perhaps you can

5 confirm that against the name of Mrs Ivannikova you can

6 see it is handwritten «absent» rather than a signature,

7 it’s handwritten «absent» instead of a signature; can

8 you see that in the Russian version?

9 A. Yes, I confirm this.

10 Q. And the same for Mr Guz: it’s not actually the signature

11 of Mr Guz: he is recorded to be absent.

12 A. Yes, I confirm this.

13 Q. And it also looks like it was originally intended that

14 you would sign the necessary documents, and then your

15 name was crossed out and you had Mrs Malysheva

16 substituted in handwriting; can you see that?

17 A. No, this is not the case. It says signing of

18 the necessary document to assign to deputy chairman of

19 the board, Mrs Malysheva.

20 Q. Well, original printed decision suggested that it should

21 be assigned to you, and then your name is crossed out

22 and Mrs Malysheva’s name is inserted; can you see that?

23 A. Possibly.

24 Q. Now, that relates — let me just explain what it is.

25 Now, after Western Terminal was passed to a Renord

99

1 an enforcement claim against its own subsidiary, and

2 then selling its assets to another Renord Company at

3 a so-called public auction for a nominal price, whereas

4 the Bank’s pledge is preserved; do you see what the

5 transaction is?

6 A. No, I don’t. I would like to say one more time,

7 my Lord, that I am not familiar — I was not ever

8 personally involved in the technicalities of selling the

9 pledged assets, so all the nuances, all the fine details

10 that Mr Stroilov is discussing here today, I cannot know

11 them because I wasn’t involved inside the deal. I’ve

12 never controlled the deal.

13 So such minutiae that the questions put to me are

14 all about, I simply don’t know the answer to that,

15 because that happened in 2011, many years have passed,

16 and taking into account that I have said in court many

17 times that I was not a controlling body with regard to

18 sale of the property, it would be strange for me to

19 remember something that Mr Stroilov’s questions are all

20 about.

21 Q. Do you think you were at that management board meeting

22 on 31 August?

23 A. My Lord, I wouldn’t be able to assert whether I was

24 present there or not. I could only assert that I do not

25 remember that board meeting of the Bank, and that the

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1 decision it says here, were taken, it did not stick in

2 my memory in any way.

3 Q. Right, Mr Savelyev, I suggest to you that your signature

4 is not on this piece of paper in order to ensure

5 deniability.

6 A. This is not true.

7 Q. And for the same reason —

8 A. I have always supported my deputies and members of

9 the Bank’s board, and I think now that if there is

10 a signature here, that means the deputies of the Bank

11 are devoted to the Bank and everything they signed for

12 they did in the interests of the Bank, and there is no

13 difference whether there is my signature affixed to it

14 or not. If my deputies have signed this, that’s the way

15 it was, and I completely agree with them. I’ve got

16 nothing to hide from the court. Whether my signature is

17 affixed to this piece of paper or not, I can say

18 unequivocally one thing: what happened on

19 31 August 2011, it’s not something — I can’t remember.

20 I think that’s normal for a standard, normal human

21 being.

22 Q. Well, it depends how remarkable the events were, and

23 I suggest to you that your name was substituted with the

24 name of Mrs Malysheva again, so that there is no

25 document with your signature so that you could deny

1 A. Yes, I can see this.

2 Q. That was — the Bank gave a consent to a fraudulent

3 transaction here, has it not?

4 A. This is not true.

5 MR JUSTICE HILDYARD: Could we go up one page in

6 the English? I’m so sorry.

7 MR STROILOV: One page in the English. Can we scroll the

8 English one page up? {D150/2495.2/0.4}.

9 MR JUSTICE HILDYARD: Thank you.

10 MR STROILOV: My Lord, maybe a 10-minute break, now would be

11 a good moment for that.

12 MR JUSTICE HILDYARD: Yes, are we on track?

13 MR STROILOV: I think so. With a fair wind, 40 or 45

14 minutes, I think all, maybe we are probably —

15 MR JUSTICE HILDYARD: Mr Savelyev, we are going to have

16 a quick break. When is your meeting, or has it been

17 postponed or possibly be taking place —

18 A. My Lord, we planned to do it at 18.00, or 6.00 pm

19 St Petersburg time. We have 15 minutes until that time.

20 Perhaps we should carry on working without a break.

21 I will try to be brief in my answers to Mr Stroilov’s

22 questions.

23 MR JUSTICE HILDYARD: I understand that. I think we should

24 have a quick break. You may wish to relay to your

25 colleagues that we may be a bit late because there is

101 103

1 knowledge of this transaction subsequently.

2 A. I deny it, not because there is no signature of mine

3 here, my Lord, I am only saying that I do not remember

4 that board meeting of the Bank.

5 However, if I see the signatures of my deputies,

6 I cannot deny that, indeed, such board meeting took

7 place and such and such decisions have been passed

8 there, because I do trust my deputies.

9 Q. If we could now, please, go to {D150/2495.2/0.1}, and

10 {D150/2495.2/1} on the other screen in the Russian

11 version.

12 So these are the minutes of the same meeting, and

13 those meetings — the minutes, as opposed to some of

14 the extracts, were only disclosed as late as the end of

15 last year, pursuant to a specific order of my Lord.

16 Now, you can see that you are recorded as being

17 present at that meeting; can you see that?

18 A. Yes. Yes, I do.

19 Q. And if we could scroll down to {D150/2495.2/0.4} and

20 {D150/2495.2/4}. Yes, so we can see the beginning of

21 that decision, and it’s the same decision we have seen

22 now. If you could scroll down one page on each screen

23 {D150/2495.2/0.5}, {D150/2495.2/5}, at the bottom you

24 can see it records the unanimous vote.

25 Now, so that was a fraudulent —

1 still re-examination and I have some questions.

2 Can I let you discuss that amongst yourselves, see

3 how you go. We will do a short 10 minutes, if you like.

4 MR STROILOV: Yes, my Lord.

5 (2.46 pm)

6 (A short break)

7 (2.56 pm)

8 MR STROILOV: May it please your Lordship.

9 Now, Mr Savelyev, once that auction sale, so-called

10 auction sale we have discussed just before the break,

11 was accomplished, the assets were bought by a Renord

12 Company called Nefte-Oil, were they not?

13 A. Sir, could you say one more time, what was the company?

14 Q. A company called Nefte-Oil.

15 MR JUSTICE HILDYARD: Should you identify the assets you are

16 speaking of?

17 MR STROILOV: The Western Terminal real estate. All real

18 estate of Western Terminal. I’m sorry, my Lord.

19 MR JUSTICE HILDYARD: Yes.

20 MR STROILOV: So we were talking just before the break about

21 a so-called public auction where Western Terminal land

22 and real estate was, so to speak, sold from one Renord

23 Company to another under a claim by a Renord company.

24 A. Sir, I won’t be able to comment anything about this to

25 his Lordship because I don’t know who was the final

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1 beneficiary, the final purchaser in this deal.

2 Q. And once that sale was registered, the asset was

3 immediately transferred to yet another Renord Company

4 called VECTOR Invest; does that ring any bells?

5 A. No, it does not.

6 Q. Then the Bank brought a claim against VECTOR Invest to

7 enforce the pledge, did it not?

8 A. Possibly, but unfortunately I know nothing about this.

9 Q. Could we now have a look at {D160/2707.2/0.1}, and

10 I think {D160/2707.2/1} in the Russian. So these are

11 the minutes of the management board meeting on

12 15 August 2012; can you see that, Mr Savelyev?

13 A. Yes, I can.

14 Q. And you are recorded as being present, but for some

15 reason it is chaired by Mr Guz, why is that?

16 A. I really have no comment to offer. I just do not

17 recollect why the meeting was chaired by Mr Guz.

18 Q. And if we could scroll down to {D160/2707.2/0.4} on the

19 English screen and {D160/2707.2/4} on the Russian

20 screen. Again, you have heard the report of

21 Mr Kolpachkov about a settlement agreement with

22 VECTOR Invest whereby the whole loan would be repaid,

23 well, VECTOR was prepared to pay RUB 1.2 billion for

24 Western Terminal, and that would have extinguished the

25 entire loan. Can you see that?

1 Q. Yes, well Mr Savelyev, I put it to you that the purpose

2 of this settlement agreement was only for it to be

3 breached so as to enable the Bank to bring collusive

4 enforcement proceedings in the Russian court.

5 A. No. May I explain that if my deputy chairman, who were

6 in charge of this matter, were mentioning some

7 agreements, including the settlement agreement in

8 the course of the meeting of the board, that meant that

9 there was some rationale behind this, it made some sense

10 for the Bank. Unfortunately, I do not know the

11 underpinnings of this, but my deputies did not do this

12 for nothing. If they did this it means it made sense

13 for the Bank, so I would not deny what it says here in

14 the operative part of the decision, where it says «and

15 resolved».

16 Q. And pursuant to those collusive proceedings between the

17 Bank and VECTOR Invest, the Western Terminal was sold at

18 yet another public auction for slightly above

19 RUB 700 million, and that’s to another Renord Company.

20 Do you understand that?

21 A. I do understand your logic, but it has nothing to do

22 with reality.

23 Q. So the purpose of that was to get the stamp of «judicial

24 approval» for a collusive deal selling valuable assets

25 at gross undervalue; do you understand that?

105 107

1 A. Yes, I can see this.

2 Q. So do you recall any decision of that kind, Mr Savelyev?

3 That looks quite attractive, does it not?

4 MR JUSTICE HILDYARD: Attractive to whom, are you putting?

5 MR STROILOV: For the Bank.

6 A. Well, I think, if this is what it says.

7 Q. Do you have any recollection of that?

8 A. I am afraid I do not recall the details, but it does set

9 out specifically what the management board decided to

10 do.

11 Q. Yes.

12 Well, the difficulty is that the agreement pursuant

13 to this decision was only concluded on 20 August, so in

14 five days. Then VECTOR only had one week, as you can

15 see from clause 6.1.1, it only had one week to make the

16 payment; can you see that? Do you follow?

17 A. Yes, I can.

18 Q. So then the Bank sued VECTOR for the breach of that

19 settlement agreement, brought a claim to enforce that

20 settlement agreement; do you see that, or do you recall

21 that?

22 A. Well, there is a reference to a settlement agreement

23 with VECTOR, but I am not aware of any enforcement

24 proceedings because it does not say anything about

25 enforcement here.

1 A. I understand where you are coming from, but at that

2 point in time, RUB 700 million that you have just

3 described as peanuts was not peanuts, because the market

4 was extremely illiquid. At that time RUB 700 million

5 was a lot of money. It was a huge amount which no one

6 would ever have paid for the asset which definitely was

7 not worth as much.

8 Q. So are you aware of … sorry, let me start again. Can

9 we now look at {D160/2707.1/1}, and that’s the Russian

10 version, or {D160/2707.1/0.1}, that’s the English

11 version. So, that’s, again, the same decision in

12 a different form, Mr Savelyev. That’s the one with

13 signatures. Again, perhaps you could confirm whether

14 I can see an error in translation. So what we can see

15 against the name of Mrs Ivannikova is a note that she is

16 absent. It’s not her signature; it’s a note that she is

17 absent.

18 A. Yes, I agree with this.

19 Q. And the place for your signature is, again, left blank.

20 A. Yes, that’s true.

21 Q. So you were careful, Mr Savelyev, to distance yourself

22 from the so-called realisation of OMG assets?

23 A. No, this is not true. I never distanced myself from my

24 clients. All I can confirm is that the realisation of

25 OMG assets was not something that I was involved in

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1 myself.

2 Now, whether I attended this meeting of the board or

3 not and why there is no signature in my signature box,

4 I really do not know. I have always said to his

5 Lordship, and I am happy to confirm today, that I put

6 full trust and confidence in my deputies, and if they

7 sign a document, and if they affix their signatures to

8 an approval sheet of a meeting of the board, then this

9 must be true.

10 Q. Now, you can see that between the so-called default and

11 between the so-called realisation of Western Terminal

12 pledge, I think some three and a half years passed. So

13 that’s between early 2009 and late 2012; do you agree

14 with that?

15 A. Yes, that’s true.

16 Q. So are you aware of any marketing efforts in that

17 period, to try and find any buyer other than Renord?

18 A. No, I am not aware of this.

19 Q. Now, Mr Savelyev, I would like to ask you about

20 something you mentioned earlier, about the allocation of

21 different borrowers between top managers of the Bank;

22 you recall telling my Lord about that a little — well,

23 several times, really, in the course of your evidence?

24 Do you recall that?

25 A. Yes. I did mention that.

1 Q. So it appears, Mr Savelyev, that the purpose of that

2 letter was exactly to inform Mr Arkhangelsky which top

3 manager was now responsible for relations with OMG,

4 doesn’t it?

5 A. Yes, as of 15 January 2009, that was the case.

6 Q. And when was it not the case?

7 A. You see, when on 25 December Mr Stroilov(sic) left my

8 office after a detailed dialogue that we had had, he

9 discussed all the current matters with the deputy

10 chairman, Mrs Malysheva, and immediately after the

11 meeting, so far as I know now, one of my assistants

12 invited Mr Arkhangelsky to come and see Mrs Malysheva,

13 and so he discussed the specifics, the nitty gritty of

14 the matter, with her. At the end of the day, this

15 resulted in the signing of the memorandum that you and

16 I have seen.

17 Q. Now, Mr Savelyev, isn’t it the case that while

18 Mrs Malysheva’s role was important, she was simply —

19 her role was as a leaser(?) on this Renord, she had

20 a number of friends and relatives involved in it, isn’t

21 that the true view of her role?

22 A. No, this is not true.

23 Q. And isn’t it the case that —

24 A. No, this is not true. Mrs Malysheva was working

25 together with the management board and there was no way

109 111
1 Q. So something I wanted to ask you about is this: would 1 she could do anything without the management board,
2 the borrower be informed who is his contact person in 2 because it was up to the board to make any decisions.
3 top management of the Bank? 3 She could make recommendations as to whom they should be
4 A. Yes, definitely. (Pause). 4 working with, but it was all approved by the board, and
5 Q. I beg your pardon. Could we please go to — that’s for 5 you have turned up quite a number of board minutes and
6 my Lord, and I will find the Russian version in 6 decisions where you can see that all the minutiae, all
7 a second, but the English version is at {D110/1563/1}, 7 the details had to be signed off on by the board.
8 and for some reason there is no Russian version, but 8 Mrs Malysheva could express her opinion, her views,
9 I seem to remember it was in one of the — in a totally 9 at board meetings, but that’s all she could do.
10 unexpected place, but I will find it quickly. I do 10 Q. Was it her idea or your idea that she should leave the
11 apologise, my Lord. 11 Bank?
12 A. Would you like to read this out in English and this will 12 A. My Lord, Mrs Malysheva’s dismissal, her departure from
13 be translated for me? I will do my best to understand. 13 the Bank, had absolutely nothing to do with
14 Q. I am sure there is a Russian version, I will find it in 14 Oslo Marine Group. I recall very well how this
15 a second, Mr Savelyev. I think it is important that you 15 happened. I know why this happened. It has absolutely
16 can read it. If we could please go to {N22/53/55}. 16 nothing to do with these proceedings or with
17 If you could just read this letter, Mr Savelyev. 17 Oslo Marine Group at the end of the day.
18 A. My Lord, I am afraid I do not have the Russian text in 18 For your Lordship’s information, and to anticipate
19 front of me. 19 and pre-empt the questions that I am sure are going to
20 Q. Can this be fixed? I mean, we have the correct Russian 20 be asked, I am happy to explain why Mrs Malysheva left,
21 text. It’s {N22/53/55}. 21 if your Lordship will allow me to do that and if
22 A. Yes, thank you, now we have it on the screen. Thank 22 Mr Stroilov will permit me to do that.
23 you, Mr Stroilov. 23 Q. Well, not really. I’m only interested in a few aspects
24 Q. So it appears, Mr Savelyev — 24 of it, Mr Savelyev. Did you part company amicably?
25 A. Yes, I’ve read it. 25 A. Let me say this: I have always had a very good long term
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1 human relationship with Mrs Malysheva. Having said

2 that, there are certain things that Mrs Malysheva had

3 done over a certain period of time when the rouble

4 plummeted, and the board was aware of this, and after

5 she had done some of those things I said to

6 Mrs Malysheva that I had lost my confidence in her, and

7 therefore she drew the conclusions from what I had said,

8 and we then entered into an agreement whereby her

9 employment was terminated.

10 Q. Prior to her departure, did you ask her to come and give

11 evidence in these proceedings?

12 A. Yes, I did. And even when she was leaving the Bank,

13 I still asked her to give witness evidence, but she

14 refused to do that.

15 Q. Now, it’s right you didn’t include that as a term of her

16 resignation agreement, did you?

17 A. My Lord, unfortunately Russian employment law — and

18 I am a former chairman of the management board and I am

19 obviously quite up to speed on this, my general counsel

20 and my HR director keep reminding me about the things

21 that we can or cannot do. Russian employment law does

22 not provide for a possibility of entering into contracts

23 that would impose obligations on the resigning employee

24 which are not clearly set out in the labour code.

25 Therefore, there was no way I could include that

1 Lordship, please, as shortly as you can why she left the

2 Bank? You mentioned the Russian rouble; could you tell

3 his Lordship, please, what happened?

4 A. My Lord, the loan contracts, the deposit agreements, as

5 well as the other types of agreements are drafted by the

6 employees of the Bank, staff members of the Bank.

7 A deputy chairman cannot draft a contract. When

8 a deposit contract or a loan agreement are rescinded,

9 lots of people are involved in that and so when the

10 Russian rouble devalued, when it plummeted, we found

11 out, it came to our attention that Mrs Malysheva had

12 entered into certain family-related transactions, and

13 she was a deputy in charge of security matters, amongst

14 others, and that raised quite a lot of eyebrows.

15 I invited her to come to me and we had

16 a face-to-face meeting, and I said to her: Irina, we

17 have worked together for a long time, can you explain to

18 me, considering your long career with the Bank,

19 considering the trust and confidence that have been put

20 in you, why did you enter into all those transactions in

21 full sight of the staff members of the Bank, she said:

22 Alexander, you were not in the office, there was no way

23 I could reach you on the phone and that’s why I did this

24 without you.

25 I mean, for Christ’s sake, she could have given some

113 115

1 provision in our agreement with her. I had no legal

2 right to do that, because otherwise she could have sued

3 us and she would have had that contract set aside.

4 That’s the way Russian laws work in this respect.

5 Employment law is always on the side of

6 the employee. It always defends and protects the

7 employee from the employer, from the administration, and

8 so on and so forth. The law always upholds the rights

9 and supports the position of the employee.

10 Q. So approximately how much could Mrs Malysheva have won

11 in such a lawsuit?

12 A. It doesn’t really matter. It doesn’t matter how much

13 she would have won or lost. What is at stake is the

14 reputation of the Bank. That’s what counts, and at the

15 end of the day, the image, the reputation would have

16 suffered, the mass media would have started publishing

17 reports to the effect that she has prevailed and the

18 Bank has lost a case; it wouldn’t look good for the

19 Bank.

20 MR STROILOV: I see. Thank you very much, Mr Savelyev. My

21 learned friend Mr Lord may have some further questions.

22 A. Thank you very much, Mr Stroilov.

23 Re-examination by MR LORD

24 MR LORD: Mr Savelyev, you were about to say a few minutes

25 ago why Mrs Malysheva left the Bank; could you tell his

1 explanation to me or other members of the management

2 board as to why the deputy in charge of security matters

3 was doing what she was doing. When that became public

4 knowledge, I obviously invited her and I said to her:

5 look, if you cannot explain why you did what you did

6 with members of your family, in full sight of everyone

7 in the Bank, there’s no way we can continue working

8 together, and that was honest to God truth.

9 Q. Mr Savelyev, you were asked a lot of questions about the

10 ownership of shares in Bank of St Petersburg by

11 Mr Stroilov. I want to take you to one or two documents

12 that may set out those shareholdings. I want to take

13 you to some of the annual reports, please, of the Bank.

14 Can you confirm for his Lordship that those annual

15 reports of the Bank are publicly available on the Bank’s

16 website?

17 A. Yes, I can confirm that.

18 Q. Can you be shown, please, Mr Savelyev, the 2007 annual

19 report for the Bank. If you could be shown

20 {D208/3057.1/1} we will see the English page and the

21 English is at {D208/3057/1}. If we could have the

22 Russian, please, in St Petersburg for Mr Savelyev, and

23 then both in this court, if possible. Thank you very

24 much.

25 This is the 2007 annual report, Mr Savelyev; could

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1 you confirm that this is a document that was and remains

2 available on the Bank’s website?

3 A. Yes, this is standard. We always put the annual reports

4 available on the website. Sorry, can I just have a look

5 at the text, please?

6 Q. Yes, by all means. I want to take you to a particular

7 page in it, please. Could we have, please,

8 {D208/3057/84}, {D208/3057.1/84}. You can see,

9 Mr Savelyev, on that page it looks as if the annual

10 report sets out some information about various persons

11 involved with the Bank; can you see that?

12 A. Yes, I have seen some of this information because —

13 unfortunately, there’s something blinking on the screen

14 here. I do not see any specific information yet.

15 Q. If you look on the left-hand column when it stops

16 blinking at you, you ought to see, third paragraph down,

17 a paragraph that starts:

18 «As at 31 December 2007, 24.6 per cent of

19 the ordinary shares of the Bank are controlled by

20 Mr Savelyev.»

21 Do you see that?

22 A. Yes, I can.

23 Q. And you can see, Mr Savelyev, if you read on, that that

24 part of this annual report also sets out the interest

25 which you had in System Technologies and the option that

1 lest questions of this shareholding do become important,

2 so I will just take this witness to just one or two of

3 these reports, but they are all on Magnum.

4 Mr Savelyev, could you be shown the 2009 annual

5 report please. {D209/3059/1}, and the Russian for

6 Mr Savelyev, {D209/3059.1/1}. That should be the front

7 page of the 2009 annual report for the Bank,

8 Mr Savelyev. Thank you very much.

9 Can you see that, Mr Savelyev? Has that come up in

10 St Petersburg?

11 A. Yes, I can.

12 Q. Thank you.

13 A. Yes, I can see that.

14 Q. Could you please have up on the screen page 9 on the

15 English and page 10 on the Russian text, please

16 {D209/3059/9}, {D209/3059.1/10}. There should be a

17 heading «Corporate Governance» at number 4.

18 Again, Mr Savelyev, you can see that under section 4

19 of this 2009 annual report there is a section entitled

20 «Corporate Governance»; can you see that?

21 A. Not yet. It’s being looked for.

22 Q. Right. Perhaps we could just …

23 A. Yes, it’s been found, thank you. That’s right, number

24 4, «Corporate Governance».

25 Q. My Lord, I have hard copies of these reports for you and

117

1 you had in relation to buying shares in that company;

2 can you see that?

3 A. Yes, yes I can see that.

4 Q. So I think it was inferred, I think it was the

5 implication of Mr Stroilov’s questions, he may not have

6 put it in these terms, but I think it was the

7 implication, that there was something untoward or

8 improper about the way you held your shareholding, or

9 perhaps about the way it was disclosed.

10 Do you want to say anything to that having seen this

11 page of this publicly available annual report,

12 Mr Savelyev?

13 A. In this public document it says that 11 per cent of

14 ordinary shares of System Technologies, or Sistemnye

15 Tekhnologii, is being controlled by the Bank’s

16 management, and Mr Savelyev held the auction to purchase

17 100 per cent of the share in the Sistemnye Tekhnologii

18 company. He has a call option to purchase 100 per cent

19 of the interest in the company Sistemnye Tekhnologii.

20 Q. And your Lordship can see the reference in that

21 paragraph to there being no contractual agreement

22 between the members of the management team and

23 Mr Savelyev on joint control of the Bank. That’s

24 probably a matter for your Lordship’s note.

25 My Lord, we have uploaded all the annual reports,

119

1 Mr Stroilov, actually. They have been produced only

2 today, the hard copies. Can I have the two files,

3 please. Maybe while it is being found (Handed).

4 I am sorry they are rather chunky, my Lord, they

5 have various prospectuses in which I am coming to

6 shortly. I shall not be long in re-examination, but

7 there are some prospectuses and in the second of those

8 bundles your Lordship will find behind divider 5 the

9 English version of the annual report I am just asking

10 Mr Savelyev about. So in the second volume, I’m sorry

11 they are so long, but the prospectuses themselves, as

12 you will see in a moment, are very long documents.

13 MR JUSTICE HILDYARD: Yes.

14 MR LORD: Thank you, my Lord. I am sorry to burden you in

15 this way. Behind tab 5 there should be the English

16 version, which we have on screen as well.

17 MR JUSTICE HILDYARD: Thank you.

18 MR LORD: It’s really page 9. Has it come up on your screen

19 now, Mr Savelyev, the Russian version?

20 A. Yes, we can see section 4, «Corporate Governance» and

21 the «Supervisory Board».

22 Q. It looks from this page as if the reader is having

23 explained to him or her the way in which the board is

24 managed— sorry, the Bank is managed; would that be

25 right?

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1 A. Yes. 1 and 4. The English versions are. The Russian ones are
2 Q. And if you go, please, to page 11, it’s page 10 of 2 only on Magnum.
3 the English version {D209/3059/10}, {D209/3059.1/11}, 3 Could Mr Savelyev be shown, please {D211/3064.2/1}.
4 you can see that members of the supervisory board are 4 Mr Savelyev, I am afraid that this document is currently
5 being set out on that page, and you can see that you are 5 only on in English, so I am going to have to just
6 there, Mr Savelyev. Can you see your name, about four 6 identify the document and then leave his Lordship to
7 entries down on the left-hand side? 7 make reference to it.
8 A. Yes, I can see my name. 8 Mr Savelyev, could we have up on screen
9 Q. And you can see, if you look across the page, or if you 9 {D211/3064.2/2}. I will read it out to you,
10 read on, you will see that then the management board is 10 Mr Savelyev, because obviously you won’t get — you may
11 set out and your name appears again on the right-hand 11 not get the English. You can see
12 half of the page as a member of the management board; 12 Bank of St Petersburg’s logo, and then it says in bold
13 can you see that? 13 type:
14 A. Yes, I can see this. 14 «Offering of 50,682,707 shares in the form of shares
15 Q. And it looks, doesn’t it, there, Mr Savelyev, as if your 15 and global depository receipts offer price: US $5.40 per
16 shareholder, including your interest in System 16 share and US $16.20 per GDR.»
17 Technologies is set out; is that right? 17 Can you see that?
18 A. Yes, I can see this. Yes, that’s correct. 18 A. Yes.
19 Q. Including the call option you have to buy the shares of 19 Q. And can you confirm to his Lordship that there was in
20 Ms Stepanova in System Technologies? 20 2007 — that this financing was sought using
21 A. Yes, correct. 21 a prospectus?
22 Q. Thank you, Mr Savelyev. Could you be shown, please, 22 A. Yes, this is correct.
23 {D210/3064.1/1} and could we have {D210/3064/1}. I just 23 Q. And it may be more for your Lordship’s note really, I am
24 want to take it up to date, the 2014 annual report. 24 afraid, as it is not in Russian, but if we could have up
25 Sorry to put both up. 25 on screen {D211/3064.2/29} of this document.
121 123
1 Again, could you please be shown, Mr Savelyev, page 1 Your Lordship will see there is a heading «Relationship
2 88 of the Russian, and it is page 86 in the translation. 2 with BSPB’s shareholders.»
3 {D210/3064.1/88}, {D210/3064/86}. You will see, 3 It’s probably a matter for submission at the end but
4 Mr Savelyev, on that page, three paragraphs down there 4 I just ask your Lordship to note, as we are at this
5 appears to be some information given about your 5 point, I won’t take time with Mr Savelyev as it is in
6 shareholding in Bank of St Petersburg; can you see that? 6 English, if your Lordship could just note that that
7 A. Is that the paragraph: 7 section which runs over the page to page 30 sets out
8 «As at 31 December 2014 Mr Savelyev controls 8 various relationships between the Bank of St Petersburg
9 52.3 per cent of the ordinary shares of the Bank.» 9 shareholders.
10 Yes, the management of the Bank and Mr Savelyev 10 If we could please have up on screen as well,
11 controls that. 11 page 135, «Principal shareholder». {D211/3064.2/135}
12 Q. And can you confirm to his Lordship that that 12 Mr Savelyev, I am sorry this version is in English
13 information is correct in terms of your shareholding, 13 but there is a section in this prospectus entitled
14 your interest in the Bank, both legal and beneficial, 14 «Principal Shareholders» and you are listed at the top
15 that that reflects your interest in 15 of that column, and then there is a note, which his
16 Bank of St Petersburg? 16 Lordship, I am sure, will see, there is number 1 which
17 A. Yes, my Lord, this is correct. 17 takes the reader down to a note which sets out the
18 Q. And it’s right, isn’t it, Mr Savelyev, that these annual 18 interests that there are there.
19 reports are audited. That’s right, isn’t it? 19 Then if we could have, please, page
20 A. Yes, my Lord, they are audited. This is correct. 20 {D211/3064.2/298} which is the final page. It sets out
21 Q. I want to show you, please, now, Mr Savelyev, just one 21 the various professional advisers who worked on this
22 or two other documents. I want to show you, please, 22 document and your Lordship will see that the legal
23 some prospectuses which were issued when the 23 adviser to the Bank was Clifford Chance Moscow.
24 Bank of St Petersburg sought to raise capital. These 24 Mr Savelyev, do you have any reason to doubt the
25 are in the hard copy files, they are behind tabs 1, 2, 3 25 accuracy of the information supplied in this prospectus?
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1 A. No. 1 that explain those matters.
2 Q. Could you be shown, please, {D211-D212/3065/1}. 2 Then at page {D211-D212/3065/117} second paragraph:
3 MR JUSTICE HILDYARD: I wasn’t quite sure about your 3 «There is no formal shareholders’ agreement between
4 reference to 298. 4 the key shareholders of BSPB».
5 MR LORD: It’s the second to last page in divider 1 and 5 Then there is a heading «Recent Changes in BSPB’s
6 there ought to be the typical page one sees at the back 6 Shareholder Composition». And again, please, if we go
7 of an offering circular or a prospectus which has the 7 to page 387, almost at the very back, in fact, it is the
8 list of … does your Lordship have that page? It has 8 last page of this, your Lordship will find the list of
9 a series of … 9 advisers who clearly worked on this programme.
10 MR JUSTICE HILDYARD: Oh yes, I’ve got that, yes. Hold on. 10 Mr Savelyev, do you have any reason to doubt the
11 Yes. 11 accuracy of the information that was put into this 2008
12 MR LORD: I am sure I don’t need to take the witness any — 12 prospectus?
13 it may be my Lord that this is really, ultimately, this 13 A. No, my Lord.
14 is more a matter just for your Lordship to note, but 14 Q. Can we go to {D221/3105/1} and it is behind divider 3 in
15 I … 15 your Lordship’s bundle. Unhelpfully for us but
16 MR JUSTICE HILDYARD: Yes. 16 helpfully for the witness, this is in Russian, I am
17 MR LORD: And then behind divider 2 there is another 17 afraid. I will arrange for it to be translated.
18 prospectus, Mr Savelyev, again, I’m sorry that this 18 Mr Savelyev, you will be pleased to hear that this
19 version is also in English {D211-D212/3065/2}, but if we 19 document is in Russian so I hope I have not been wrongly
20 go to page 2, you can see at the foot of the page, 20 advised, but I wonder if you could tell his Lordship,
21 I will read it out to you: 21 just shortly, very shortly, if you can, what this
22 «Arranger and dealer, JP Morgan. The date of this 22 document is, please.
23 Base Prospectus is 17 June 2008». 23 A. This is a prospectus for securities of an open
24 And you can see: 24 joint-stock company, Bank of St Petersburg.
25 «This is a prospectus for the issuance of loan 25 Q. And when was this entered into, this fundraising?
125 127

1 participation notes to be issued by but with limited

2 recourse to BSP-Finans plc for the sole purpose of

3 financing senior and subordinated loans to

4 Bank of St Petersburg open joint-stock company.»

5 Mr Savelyev, can you confirm to his Lordship that

6 Bank of St Petersburg did take part in a loan

7 participation note programme arranged by JP Morgan in

8 about the middle of 2008?

9 A. Yes.

10 Q. For his Lordship’s note at page 14 of this document

11 {D211-D212/3065/14}, there is a section «Recent changes

12 in shareholding structure», I would just invite

13 your Lordship’s note to that. It sets out quite

14 a number of the matters that I think Mr Stroilov taxed

15 Mr Savelyev about.

16 Then if we could go, please, for his Lordship’s

17 note, to page 115 {D211-D212/3065/115} heading

18 «Shareholders: share capital of BSPB». Then there’s

19 «Changes in the share capital.»

20 Then over the page for his Lordship’s note at page

21 {D211-D212/3065/116}, «Composition of BSPB

22 Shareholders», and your Lordship will see there is

23 a column «Shareholder» then there’s another column

24 immediately below titled «Beneficial Shareholder», and

25 your Lordship will see there are notes to that table

1 A. On 17 September, year 2009.

2 Q. And in relation to the 2007, 2008 and 2009 prospectuses,

3 can you tell his Lordship again, shortly, whether those

4 were successful programmes or not. Did they raise the

5 finance or not?

6 A. Yes, all the programmes were quite successful.

7 Q. And can you tell his Lordship again, shortly, the sorts

8 of subscribers or investors who subscribed for the

9 capital, or rather, subscribed to those programmes. Can

10 you identify the sorts of investors that came forward.

11 A. Well, then there were many participants, many

12 subscribers: JP Morgan, Capital —

13 THE INTERPRETER: Sorry, I misheard.

14 A. — many other banks that took part in the programme as

15 far as I recall. We have raised about $200 million.

16 Q. And would there have been some due diligence carried out

17 by the advisers in relation to —

18 THE INTERPRETER: I’m very sorry, I just asked the witness

19 to repeat the second bank name because we lost the sound

20 for a second.

21 A. I said that many banks took part, East Capital. I said

22 East Capital took part, it’s not a bank, it’s a company.

23 Yes, it’s a Swedish company. It’s a fund that takes

24 parts in the prospective and now it is one of the major

25 shareholders.

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1 Q. And would there have been, or was there, any form of due

2 diligence carried out as part of those programmes. In

3 other words, was there some checking of the information

4 that was put into the prospectuses that we have seen, to

5 the BSPB of your knowledge?

6 A. Yes, of course, the information was open to the market

7 and of course they saw it.

8 Q. And if we could go, please — sorry, before we go on,

9 Mr Savelyev, do you have any reason to doubt the

10 accuracy of the information in the 2009 prospectus that

11 I have just taken you to?

12 A. No.

13 Q. And could you be shown {D212-D213/3066/1}, which is

14 behind divider 4 in the second bundle of the hard copy,

15 which for your Lordship’s note appears to be a 2013

16 capital raising prospectus.

17 I am sorry, Mr Savelyev, that this document is only

18 in English, but I hope I can lead you, since it is

19 fairly self explanatory.

20 It looks, Mr Savelyev, as if in October 2013 the

21 Bank of St Petersburg entered into another loan

22 participation note programme with notes issued by

23 BSPB-Finans plc for the purpose of financing a

24 subordinated loan to Bank of St Petersburg; is that

25 right, to the best of your knowledge?

1 information set out in that prospectus was materially

2 inaccurate?

3 A. No, I have no reason to believe that.

4 Q. Just a couple more questions, Mr Savelyev, just two more

5 from me. You were asked about Barrister Limited or

6 Barrister LLC by Mr Stroilov; do you remember being

7 asked about that company?

8 A. Yes, I do remember that.

9 Q. Could we have Day 27, please, page 111 {Day27/111:1},

10 Mr Stroilov took you through some corporate databases

11 for this company, Barrister, and I know that the

12 transcript is in English, but I will translate it for

13 you, or I will tell you what he put to you. He took you

14 through the shareholders, that’s line 24 on page 111

15 down to line 4 on page 112, and he took you,

16 Mr Savelyev, through the shareholders, which was:

17 «Mr Maleev at one time who held 100 per cent,

18 sometimes 50 per cent… whereas another 50 per cent was

19 held by Elena Gudina, and then finally there are two

20 first rate gentlemen called Mr Kolyakin and

21 Mr Seredyuk.»

22 So those are the shareholders that Mr Stroilov put

23 to you. He was taking you in part to the SPARK

24 database, if we could have that, please, on the screen,

25 at {D206/3011/4}. Mr Savelyev, again, I will just have

129 131

1 A. Yes.

2 Q. And it looks from page 2 {D212-D213/3066/2} that the

3 joint lead managers for this note programme were

4 JP Morgan and VTB Capital; is that right? Were those

5 two bank the joint lead managers for this purpose?

6 A. Yes. Yes, they were partners then. They were partners

7 in this project.

8 Q. And was there some due diligence done in relation to

9 the production of this prospectus, to the best of your

10 knowledge?

11 A. Yes. I think they did.

12 Q. And for your Lordship’s note at page 145 through to 148,

13 {D212-D213/3066/145} there is a section entitled

14 «Shareholders» with changes and information about

15 beneficial shareholders and so on, of the sort we have

16 seen before.

17 Then for your Lordship’s note, at pages 469 to 470,

18 {D212-D213/3066/469} so two pages, it sets out

19 the series of professional advisers who clearly assisted

20 in relation to this note programme.

21 Mr Savelyev, was this note programme successful?

22 Did it raise money through the issue of these notes?

23 A. Yes.

24 Q. And, again, do you have any reason as the chairman or

25 former chairman of the Bank to consider that the

1 to read out the English, this is an entry from the SPARK

2 database which Mr Stroilov took you to, I think, which

3 sets out the shareholders in this company called

4 Barrister, and it sets out Kolyakin, Seredyuk, Gudina

5 and Maleev, and I want to go, please, to your evidence

6 on Day 28, page 147, please. {Day28/147:1}, you can see

7 at lines 21 to 24, Mr Savelyev, you had been asked about

8 this Barrister company by Mr Stroilov the previous day,

9 and then you were asked about it again on this day,

10 Day 28, and you can see in lines 21 to 24 you said

11 this — Mr Stroilov had said to you at line 18:

12 «Question: And, finally, Barrister LLC was also

13 another company whereby you controlled various

14 businesses which you are the beneficiary of.»

15 Your answer at line 21 was:

16 «Answer: Yesterday, as far as I recall, we

17 discussed the company Barrister, and the fact that its

18 shareholders, if I recall correctly, one of them is my

19 daughter and the general director there is Mr Maleev.»

20 Now, Mr Savelyev, we have seen the list of

21 shareholders that Mr Stroilov took you through and we

22 have seen the entry in the SPARK database that doesn’t

23 have your daughter listed as a shareholder; do you want

24 to reconsider your evidence over those lines where you

25 thought that perhaps your daughter was a shareholder in

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1 the company Barrister?

2 A. Yes, I would like to change my answer. It all depends

3 on the time frame. I wonder what time frame Mr Stroilov

4 had in mind, and I did not ask him to specify, to be

5 more specific, so I gave the latest data that

6 Mr Stroilov turned up and I confirmed that that was the

7 fact.

8 Having said that, as a matter of fact, at that time,

9 at the material time, my daughter was not a member in

10 that company, not yet, judging from the data that you

11 have turned up.

12 Q. Can we go back, please, to the SPARK database at

13 {D206/3011/4}, and can we have the Russian at

14 {D206/3016/4}, please. This might be easier for you,

15 Mr Savelyev, if you see it in the Russian. I wonder if

16 we could scroll down the shareholders. {D206/3011/5}.

17 Can we go back to the beginning, can we go back to

18 {D206/3016/1} and scroll down, and the first page of

19 the English and we will just go page by page, if that’s

20 all right {D206/3011/1}.

21 Mr Savelyev, if you just want to remind yourself of

22 the Russian version on the SPARK database for

23 Barrister Limited; can you see that?

24 A. Yes, I can, my Lord.

25 Q. If we go to the second page, please, for both of these

1 Q. You were asked some questions — final question,

2 Mr Savelyev, from me — you were asked some questions

3 about the meeting on 25 December 2008, and the

4 discussions you had with Dr Arkhangelsky in relation to

5 potential default and restructuring of the OMG loan

6 portfolio; do you remember those questions?

7 A. Yes, I do.

8 Q. And you were taken to and through the first and second

9 PetroLes loans, in respect of which —

10 A. I recall that, yes.

11 Q. And you will recall that PetroLes was identified by you

12 as being one or two of the loans where there was no

13 extension agreed up to June 2009, because those loans

14 were going to be repaid in March 2009, do you remember

15 those questions and answers, those exchanges?

16 A. Yes, that’s true and I’m happy to confirm that.

17 Q. And if you could be shown {D105/1463/1} which is the

18 English and {D105/1463/2}, which is the Russian.

19 Mr Savelyev, you will see on your screen, this is

20 an extract from the management board resolution dated

21 24 December 2008; can you see item 52 at the top:

22 «Alteration of time for payment of interests and

23 a commissions under loan agreements concluded with

24 Vyborg Shipping Company LLC.»

25 Can you see that?

133 135

1 {D206/3011/2}, {D206/3016/2}, then the third page please

2 {D206/3011/3}, {D206/3016/3}, then the fourth page

3 please, {D206/3011/4}, {D206/3016/4}.

4 You can see at the foot of that page, Mr Savelyev,

5 it says this information, this profile of Barrister, is

6 as of, I think it’s 16 March 2016. I think it is March

7 2016, this profile is …

8 A. Yes, I can see this.

9 Q. So this is a profile —

10 A. Yes, my apologies. Mr Stroilov listed quite a number of

11 companies and I’m sure that I got confused. I do not

12 see the name of my daughter appearing as a shareholder

13 ever here, so I would like to have my evidence changed,

14 with my apologies. The problem is that lots of

15 companies turned up with different names that kept

16 appearing on the Magnum screen and then disappearing, so

17 I may have got confused. My apologies.

18 Q. So just to clarify, has your daughter, to the best of

19 your knowledge, ever been a shareholder in this company,

20 Barrister Limited?

21 A. No, I now understand that the answer is no. She has

22 not.

23 Q. And has she ever had any kind of beneficial or indirect

24 interest in that company either?

25 A. I don’t think so.

1 A. Yes, I can see this.

2 Q. And you can see that the executive board resolved

3 certain things; can you see that? Various resolutions

4 were then made by this management board.

5 A. Yes, I can see this.

6 Q. And you can see that in relation to — there was

7 a resolution for each of the four Vyborg Shipping loans;

8 can you see that? If you look down through —

9 A. Yes, I can see this as well.

10 Q. There are four different … you can see from that,

11 Mr Savelyev, that those loans, certainly the first three

12 of those loans, they were not extended, were they,

13 until June 2009?

14 A. That is true. It says 26 March, 15 April, and

15 28 April 2008. These are the deadlines that are listed

16 here.

17 Q. I think it was 2009. I think you said 2008, but I think

18 the deadlines were 2009, weren’t they?

19 A. Sorry, I think I said 2009.

20 MR LORD: Mr Savelyev, those are all my questions. His

21 Lordship has questions for you.

22 Questions by MR JUSTICE HILDYARD

23 MR JUSTICE HILDYARD: Yes, I’m so sorry, Mr Savelyev. I can

24 see the night falling in behind you. I will try and

25 keep these to the minimum, and I am sorry if I am not as

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1 quick as Mr Lord in taking us through them.

2 A. Thank you, my Lord.

3 MR JUSTICE HILDYARD: Just a point of detail, really: you

4 described how, I think it was Mr Sergei Matvienko,

5 acquired shares in return for the work he had done on

6 the software provided to the Bank, which remained its

7 central software for some time; do you remember that?

8 A. Yes, I do remember that, my Lord.

9 MR JUSTICE HILDYARD: I imagine, but please comment, that

10 that software right at the centre, the brains of

11 the Bank in some ways, was a fairly expensive, fairly

12 valuable thing, was it?

13 A. Yes, my Lord. The Bank had spent a lot of time, a lot

14 of money on software and on the hardware before I joined

15 the Bank, and unfortunately when I joined the Bank, all

16 that hardware and the software was sitting in

17 a warehouse and none of the previous members of

18 the board were doing anything about this. That was the

19 brain of the Bank, the heart of the bank, and this is

20 something that the Bank absolutely needed to be able to

21 work online and to grow its business.

22 MR JUSTICE HILDYARD: So was Mr Matvienko’s contribution the

23 supply of the software or simply to take it out of where

24 it was stored and at last make it work?

25 A. He did exactly as you have said: he launched the

1 share in this enterprise. Who worked out what

2 percentage share he should have?

3 A. It was an agreement that we discussed with him at that

4 time rather privately, it was not in the public domain.

5 We also discussed that with other members of

6 the management board, whom I had invited to join the

7 Bank.

8 MR JUSTICE HILDYARD: Did Mrs Matvienko have an influence in

9 terms of stating what share he should be given?

10 A. No, not at all, my Lord. She did not influence the

11 dialogues, the discussions that we’ve had. He is

12 an independent figure, a good manager, a good

13 entrepreneur, and he made those decisions on his own.

14 So the dialogue that we had was between him and myself.

15 No role was played by Mrs Matvienko.

16 MR JUSTICE HILDYARD: So would it be fair to say that it was

17 a sort of rough estimate by you as to what proportion or

18 percentage of the shares he merited by reference to his

19 work in getting the software to work at last; would that

20 be fair?

21 A. Yes, my Lord. That’s true.

22 MR JUSTICE HILDYARD: Did you put out to tender, or have any

23 competition for who should install the software?

24 A. My Lord, I believe I mentioned that at the time I joined

25 the Bank, some of the deputy chairmen had just up and

137

1 software that had been previously purchased by the Bank

2 and he also started the operation of the hardware that

3 had been languishing at the warehouse.

4 MR JUSTICE HILDYARD: Who or how was the value of that work

5 calculated so that you would know he was being properly

6 but not overpaid in terms of shares?

7 A. My Lord, at that time when I joined the Bank, the Bank

8 was a loss-making enterprise, and it was a very small

9 bank indeed, so in order to attract top managers, make

10 it interesting and attractive for top managers to work

11 in the Bank, including Sergei Matvienko, who was going

12 to do some work with the software, the agreement was

13 that they were going to join the Bank, that they were

14 going to be paid a salary for that, and I believe that

15 the equity stake that Sergei Matvienko received, based

16 on those terms and conditions, at that point in time was

17 something that Mr Matvienko could afford; it was

18 a symbolic thing.

19 It’s true that after that the Bank was recapitalised

20 and it started growing, but at the starting point, the

21 worth was almost zero, the worth of the shares was

22 almost zero, so it was an agreement between Sergei and

23 his IT experts, quite a team, and we held up our end of

24 the deal.

25 MR JUSTICE HILDYARD: But presumably he got some percentage

139

1 left, we had no IT experts at all, and because we had no

2 IT experts, that software was just sitting at the

3 warehouse, no one was paying attention, no one was even

4 trying to implement it.

5 Therefore, my Lord, at that point in time, rather

6 than starting to grow the Bank right off the bat and

7 rather than starting making efforts to implement the

8 software, I had wasted 30, maybe 40 days organising

9 tenders, that would have been a waste of time and effort

10 in terms of growing the Bank. I was doing everything

11 online. I had to work 24/7. I did not have much time

12 at all to identify IT experts, programmers, members of

13 the management board. We had to move very quickly.

14 I made decisions momentarily and that’s why we

15 managed to pull the Bank out of the morass in which we

16 had found it.

17 MR JUSTICE HILDYARD: I see. So Mr Matvienko presented

18 himself and frankly, it seemed a God-sent opportunity in

19 a way, is that right?

20 A. My Lord, I simply did not have any programmers or IT

21 experts available to me. I had been previously deputy

22 chairman in Petrovski Bank, and in Baltinvestbank I was

23 in charge of client liaison. Obviously I knew clients

24 very well but I did not have much knowledge of software,

25 so I knew that I could not work without support from

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1 people whom I could trust. I knew that Mr Matvienko had

2 been working together with his team in that industry and

3 that sector, and it appeared logical to call on someone

4 whom I already knew rather than go out there and search

5 for people whom I did not know and I was not sure

6 I could trust.

7 I would totally agree with you: at that time it was

8 manna from heaven those people agreed to join the Bank

9 and start implementing the software, because I would

10 have been at a loss had I not had access to those people

11 and I can only speculate as to how much time the Bank

12 and myself would have wasted looking for IT experts.

13 I am sure it would have taken a long time indeed.

14 MR JUSTICE HILDYARD: Can I swap subjects and ask you

15 a little bit about Mr Lokai, just to make sure that

16 I know exactly what the position is in that regard. If

17 you go first, please, to {Day27/27:1}. You were asked

18 at line 7 this by Mr Stroilov:

19 «Question: Now, at that time the registered owner

20 of Solo was a gentleman called Nikolai … Lokai and

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

22 investment department, wasn’t he?»

23 And you answered:

24 «Answer: Yes, most likely that was the case.»

25 And the next question was:

1 as you say, an invitee, a third party.

2 MR JUSTICE HILDYARD: Now, before he became an invitee, and

3 whilst he was employed by the Bank, as I understand it,

4 but you will correct me if I am wrong, Mr Lokai acted

5 as, for example, director general of the company

6 Olimp-Finans, I think you have told me this on Day 27 at

7 page 40 in lines 24 and 25 {Day27/40:24-25}.

8 A. My Lord, I do not believe that Mr Lokai was at the same

9 time working in the Bank and was the COO or DG of

10 Olimp-Finans. Theoretically, in an ideal world, he had

11 to work either with the Bank or with Olimp-Finans. I am

12 sure he was not working in the two organisations at the

13 same time.

14 MR JUSTICE HILDYARD: Thank you. You are quite right in

15 identifying that my question with respect to Mr Lokai,

16 and it goes for other people who were also working for

17 the Bank at the same time as being named, it seems, as

18 either CEOs or general directors or whatever the

19 appellation was, would it be fair to say that if they

20 were employed by the Bank, then in their work as

21 director general or CEO, they must have been working for

22 the Bank; is that right? Otherwise they would have

23 conflicting obligations in their employment capacity,

24 would they not?

25 A. My Lord, I am not sure about all the employees, but if

141 143

1 «Question: And I understand that he remained in

2 that position until 2007, didn’t he?

3 «Answer: Possibly so.»

4 Then you are asked:

5 «Question: I think as late as 2012, Mr Lokai is

6 still mentioned as a member of the Bank’s revision

7 commission… so he still continued to play a role in

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

9 knowledge.»

10 And your answer is:

11 «Answer: The revision committee members do not have

12 to be Bank employees, necessarily.»

13 Now, I did not understand from that answer what your

14 response to the question of whether Mr Lokai continued

15 as a member of the Bank’s revision commission or in any

16 other capacity for the Bank; could you clarify that for

17 me, please?

18 A. I would be happy to do that, my Lord. Mr Lokai was

19 a member of the internal revision or audit committee, as

20 we call it, but at that time so far as I can recall he

21 was no longer employed by the Bank.

22 MR JUSTICE HILDYARD: I see, so he remained in what capacity

23 in the Bank’s revision commission; just as an invitee?

24 A. Yes, my Lord, he was a member of the internal audit

25 commission without being employed by the Bank. He was,

1 they were working both as bank employees and general

2 directors in some companies, that is definitely

3 an instance of a conflict of interest. They could be

4 shareholders in some companies, but definitely not

5 officers or DGs of some companies while at the same time

6 being a bank employee.

7 MR JUSTICE HILDYARD: Unless when they were acting as DG of

8 the other company, the non bank company, they were, in

9 effect, working for the Bank. That would resolve the

10 conflict, wouldn’t it?

11 A. Correct.

12 MR JUSTICE HILDYARD: So would you think that it may be that

13 if there are people who at one and the same time were

14 employees of the Bank and also working as director

15 generals, that they were working as director generals

16 for and on behalf of the Bank?

17 A. My Lord, I am sure that would not have been the case.

18 MR JUSTICE HILDYARD: Can you help me why not?

19 A. As a matter of fact, we would then be providing loans or

20 offering services to company employees as opposed to —

21 I’m sorry, bank employees as opposed to bank clients,

22 and so it would have been an instance of a flagrant

23 conflict of interest.

24 MR JUSTICE HILDYARD: Can I move to another separate issue,

25 and again, it is a question of clarification, and it

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1 relates to an answer you gave earlier today, I think at

2 [draft] page 8, and it was simply to clarify as a point

3 of detail what the position was. If we could go to

4 page 8 [in the draft transcript]. It may be my page 8

5 is slightly different, let’s have a look. I will tell

6 you what the question related to, and that was — yes,

7 I am so sorry, I think it may have changed since

8 I looked at this [draft] page 7, line 22, you were asked

9 by Mr Stroilov this:

10 «Question: What I’m trying to establish is whether

11 you, Mr Savelyev, had any interest, directly or

12 indirectly, in the shareholding of Mrs Ivannikova.»

13 And you answer:

14 «Answer: I’ve always mentioned, and this is

15 publicly known, that the managers and myself have held

16 different amounts of shares in the Bank over different

17 periods of time, but this was all done in the interests

18 of the Bank and of the top managers of the Bank, and

19 my Lord I can mention as of today that there is this

20 that has just been mentioned, Verniye Druzya.»

21 Then you go into that. I was left unclear whether

22 your answer was that you did or did not have any other

23 interest in any shareholding of Mrs Ivannikova.

24 A. No. I did not have any interests in her shares, and the

25 reason I mentioned Verniye Druzya was because Ivannikova

1 Mr Arkhangelsky offered on the basis of the preparatory

2 work that he had already done with other bank employees,

3 simply because he did not have any other security to

4 offer.

5 MR JUSTICE HILDYARD: The impression I have formed, but you

6 must correct me if this is not so in your perception,

7 was that towards the end of 2008, the Bank was, if

8 anything, as anxious as, perhaps, Mr Arkhangelsky was,

9 to find some way of avoiding a default in the Bank’s

10 interest, because upon default it would have to make

11 full reserves against that event; is that fair?

12 A. No, my Lord. I would like to say that, firstly, even in

13 the event of default of some sort being declared, then

14 the Bank would, stage by stage, following the

15 Central Bank’s instructions, would create reserves.

16 Initially it should be about 21 per cent, then after

17 some time period, after half a year it should be

18 50 per cent, and as at the end of year we would have

19 created 100 per cent of reserve.

20 But it would not be the need to create 100 per cent

21 reserve straightaway as a one-off after the default has

22 been declared by the Bank, and taking into account the

23 fact that the Bank was profitable year-on-year, even if

24 we would have created 21 per cent of reserve across the

25 whole of Oslo Marine Group, that would not have been

145 147
1 is a member of the board, and that’s why she 1 critical for the Bank, because if you take 4 billion
2 participates in that company. 2 discussed and create a reserve of 21 per cent as at the
3 MR JUSTICE HILDYARD: Right. You were explaining this 3 end of the year, that would have been about 800 million.
4 about — it’s a completely separate point, I’m so sorry. 4 As far as I recall, in 2008, as at the end of 2008,
5 I wanted to understand a little bit better the genesis 5 the Bank was showing much higher profit than that
6 of the repo arrangements. Now, I think you suggested, 6 figure, and of course we would have discounted from the
7 rather, that it was initially, at any rate, 7 profit the reserve that we would have created to
8 Mr Arkhangelsky’s idea to offer up the shares for want 8 the amount of 21 per cent, but certainly it would have
9 of any other security to offer the Bank, given the 9 not made us a loss-making bank. Of course it wasn’t
10 difficulties that his companies faced at the time. Have 10 pleasant at that point in time for the Bank, I admit
11 I understood that correctly; that you say that the idea 11 that, but it was not critical.
12 came from Mr Arkhangelsky? 12 MR JUSTICE HILDYARD: So even at the year-end, which was
13 A. Yes, my Lord, that’s why he was asking for 13 very close, under the regulations which then applied,
14 an appointment, and I believe that he had discussed that 14 your evidence, and assistance to me is that you would
15 with either the Bank or the Bank’s branch, and he came 15 only have had to make 21 per cent provision against
16 to the meeting well prepared and he voluntarily, of his 16 default; is that right?
17 own accord, expressed his consent to this. He was well 17 A. Yes, that is correct, my Lord.
18 prepared and if you look at the letter dated 18 MR JUSTICE HILDYARD: And that is under standard bank
19 6 April 2009, Mr Arkhangelsky’s letter, so we are 19 regulatory guidance, is it? I only press, because it is
20 looking at the year 2009, you will see that he says 20 not the impression I have formed from other witnesses.
21 that: I would like to come and see you at a time 21 A. Yes, my Lord, this is a standard procedure. This is
22 convenient to you, respectfully yours, OMG President, 22 known to the market and there are instructions. 254(p),
23 Vitaly Arkhangelsky. 23 as far as I recall, under that guideline, the Bank
24 So take it from me, my Lord, it was all done of his 24 should create reserves step-by-step depending on the
25 own accord, voluntarily, and it was something that 25 Central Bank’s requirements.
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1 MR JUSTICE HILDYARD: Will you give me one second? I am so

2 sorry.

3 Yes, well I think those are my questions; does

4 anyone have any questions arising out of them?

5 MR STROILOV: No, my Lord, not me. I don’t know about

6 Mr Lord, but I don’t. Thank you.

7 MR LORD: Sorry, my Lord.

8 MR JUSTICE HILDYARD: Sorry.

9 MR LORD: No, my Lord. I thought I … no.

10 MR JUSTICE HILDYARD: Well, Mr Savelyev, you are fading into

11 the darkness. Thank you so much for your evidence. It

12 has been a very long haul for you. I am sorry, and

13 please convey apologies to your colleagues that you

14 should be delayed for your meeting at 6.00 pm your time,

15 but you are now at the end of the examination and you

16 may, at last, go to the meeting that you planned.

17 MR LORD: Can he be released, my Lord?

18 A. Thank you so much, my Lord, I am very grateful to

19 your Lordship for objective hearing and for so much time

20 being taken by the court. I’m sorry that my answers

21 were not always brief to all the questions that were put

22 to me.

23 MR JUSTICE HILDYARD: Thank you very much. Yes, you may be

24 released.

25 A. Thank you very much indeed.

1 sort things out. I’m not sure whether Mr Stroilov is

2 suggesting that Dr Arkhangelsky would start with

3 Ms Mironova tomorrow, but if he is not suggesting that

4 and nothing would happen until Wednesday on any view,

5 then it may be more appropriate for it to be done

6 tomorrow when everyone is fresh and Dr Arkhangelsky can

7 be present and we can decide what to do.

8 My Lord, in terms of timetabling, one important

9 matter would be to identify specifically what’s

10 happening in the two weeks after Easter, because we have

11 sort of tip-toed around a number of slots, and it may

12 well be that this is an appropriate time to grasp

13 a nettle or two really, because clearly we ought to be

14 trying to finish by Tuesday, 19 April. The time after

15 Easter is taken up, to some degree, by various experts,

16 who may or may not need to come, or who may not be

17 coming, and we would suggest that we have a sort of

18 thorough timetabling consideration and try to sort of

19 tie down things.

20 To give one example, Professor Guriev. Either

21 Professor Guriev is coming — either he is coming and we

22 have to have a slot for one hour or so for him or not,

23 and if he is not coming for whatever reason, then that

24 affect some timetabling, it may free up the need to call

25 Mr Turetsky, there may be a number of permutations, and

149 151
1 MR JUSTICE HILDYARD: Thank you. 1 the same goes for Mr Popov, and we can start to maybe
2 (The witness withdrew) 2 slim things down a bit potentially and then we could see
3 Housekeeping 3 how the land lays.
4 MR JUSTICE HILDYARD: Right. It was a long day. 4 Really, I have three points, my Lord: one, it is
5 MR STROILOV: It was, my Lord. 5 a bit late now to be doing it tonight; two, we are very
6 MR LORD: The question is what we do from now on, my Lord, 6 anxious that this trial finishes, the evidence finishes,
7 obviously. 7 on Tuesday 19 April, we are not giving up on that goal
8 MR JUSTICE HILDYARD: Yes. 8 and we will work constructively to try to achieve that
9 MR LORD: And when we consider what to do from now on, 9 with your Lordship’s case management assistance, and it
10 bearing in mind the lateness of the hour. 10 is really that goal of finishing by then that we are
11 MR JUSTICE HILDYARD: Yes, what do you commend to me? To 11 really keen on, so, really, as part of that, the third
12 try and deal with this now? I mean, I tried to put out 12 point, really, is we must know what the timetabling
13 of my mind for the moment the intelligence that was 13 proposals are now from Mr Stroilov and Dr Arkhangelsky.
14 provided as to Mr Stroilov’s feeling that he cannot 14 Really it’s time now to say: we are not going to call
15 proceed, but that is your position, Mr Stroilov, is it? 15 so-and-so or: we don’t require Mr X to be called, or if
16 MR STROILOV: It is, my Lord, frankly. 16 they are to be called: we think we need an hour, or two
17 MR LORD: My Lord, it may be appropriate for the defendants 17 hours. Then it might be possible for us to see how we
18 to explain to your Lordship what the proposal would be 18 might make sure that we finish by 19 April, and we are
19 so we can consider what’s being proposed, and it may be 19 not giving up on that.
20 appropriate for your Lordship to consider this tomorrow. 20 We are not giving up on starting Ms Mironova before
21 I’m not sure after a long day it would necessarily be 21 Easter. This is the second time she has come over from
22 sensible to decide that now. We would certainly favour, 22 Russia to give her evidence. She was sent back on the
23 my Lord, looking at the timetable — I don’t know if 23 previous occasion because we lost a bit of time. She
24 your Lordship has that — essentially seeing what we can 24 has been over now for a day or two getting ready for
25 do, really. We are where we are and we have to try and 25 today, and obviously ultimately it is a matter for
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1 your Lordship as to the course that we take, and we are

2 open-minded about that, of course, but we want to

3 understand from Mr Stroilov and Dr Arkhangelsky what’s

4 actually being proposed here, because it was said

5 originally by the defendants that Mr Stroilov might not

6 be doing the whole trial, Dr Arkhangelsky might have to

7 do certain witnesses. We are not really sure whether

8 that is just a bit of a, dare I say, a sort of in

9 terrorem submission to try to ensure that Mr Stroilov

10 gets Ms Mironova put after Easter which was always,

11 really, what he wanted, or whether or not genuinely

12 there has been a decision to divide up some of

13 the remaining advocacy between Mr Stroilov and

14 Dr Arkhangelsky, and if so, we would like to understand

15 what that is, in the context of knowing which witnesses

16 are going to be required to come after Easter and what

17 the right slots are for them. It may be appropriate now

18 for your Lordship to impose some slots on both parties,

19 to say: we just have to finish by 19 April and we are

20 just going to have to do the best we can.

21 My Lord, I know that is rather a lot of submissions,

22 but if I can put all of those, if you like, in play and

23 suggest that it might be better to have it out tomorrow

24 at an appropriate time when the defendants have taken

25 stock of what they are actually proposing the court

1 completely sympathise with that. I was very tired at

2 the end of last week and I didn’t really have to do

3 anything, so I quite understand that.

4 Equally we have got Ms Mironova who was meant to be

5 starting on Wednesday, my having what I call stolen

6 a day from Mr Lord. It may be that the weekend has been

7 so hectic that you haven’t really been able to discuss

8 it or give it proper thought —

9 MR STROILOV: Not really, I just gave him a fait accompli,

10 well, sorry, you are not going to have any help, and it

11 is going to be terrible if it is me, it is going to be

12 terrible if it is him. I don’t know, my Lord, well

13 really, I have done what I could to help, but now

14 I don’t know. I simply don’t know how it can be done.

15 Obviously you will recall that my starting point

16 before the trial was that it is impossible to have

17 a trial. Well, I hope it can be fairly said that I have

18 done everything humanly possible to prove myself wrong,

19 but now I have reached the limit, so really it is for

20 other people to apply the ideas they —

21 MR JUSTICE HILDYARD: Are you saying that you have come to

22 an end entirely?

23 MR STROILOV: Well, I hope really to think over Easter how

24 I can help after Easter, but for the moment, I really —

25 well, I don’t feel any strength to assist. I do hope

153 155
1 should be doing and therefore your Lordship knows 1 that the Easter holiday …
2 exactly how the land is proposed to lie from now on in 2 MR JUSTICE HILDYARD: Well, I hope that, because I don’t
3 on different permutations. 3 wish to be excessively harsh on you, and I understand
4 MR JUSTICE HILDYARD: Yes. Mr Stroilov, what is your 4 that you are not being remunerated and I understand that
5 position? 5 you are not a professional, but, nevertheless, I did
6 MR STROILOV: Well, it’s obviously … it’s kind of — I’m 6 grant you permission, and I think I would have thought
7 rather amazed by the suggestion that it is an in 7 very, very hard if you had said that you were able to
8 terrorem — 8 present all of us with a fait accompli according to your
9 MR JUSTICE HILDYARD: Don’t worry about that. To be quite 9 own perception of what you felt able to do. I think
10 frank, I don’t really care, it is a question of how we 10 I am entitled to expect you to not shut up shop before
11 proceed. 11 you have had a good chance to recuperate.
12 What I am — I mean, I don’t know whether you have 12 Now, it may be that you need recuperation time
13 discussed at any length with Mr Arkhangelsky how he 13 before further witnesses, but I am slightly shocked by
14 might cross-examine Ms Mironova, whether that is 14 the suggestion which I think you were making that you
15 sensible, how we are going to get this finished and in 15 have done your lot. That wouldn’t be right, would it?
16 what time slots. I think Mr Lord is right that we have 16 MR STROILOV: That’s not what I meant, and really, well, and
17 to try and zero-in, don’t we, what we are going to try 17 I am delaying saying anything about the future, really
18 and do after Easter? 18 consciously, but I think I do hope I will be able to be
19 MR STROILOV: My Lord, I don’t know. Well, obviously I am 19 more helpful.
20 just lost for this process. I have been forced to work 20 I mean, I don’t — I am not sure I can do each and
21 myself to the point when I am no good. 21 every cross-examination after Easter as well, in
22 MR JUSTICE HILDYARD: I think you are, if I may say so, 22 particular, I am thinking that perhaps banking expert is
23 excessively critical of yourself. I mean, you have 23 not that important, perhaps.
24 done, you know, excellent cross-examination. 24 MR JUSTICE HILDYARD: Is that what you always anticipated?
25 I understand that you are tired, very, very tired, I can 25 Did you always anticipate that the banking experts might
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1 not be your responsibility?

2 MR STROILOV: Well, I’m not sure I actually thought about

3 it, the point, my Lord. I wouldn’t say that, but I just

4 feel that — well, just doing a trial of this scale

5 alone is a bit of — well, one just has to be more

6 selective. Perhaps if I knew what I know now, perhaps

7 I shouldn’t have started this early, I should have come

8 on the scene when I’ve got really big witnesses.

9 Obviously I have no —

10 MR JUSTICE HILDYARD: I’m so sorry?

11 MR STROILOV: I obviously have no experience and I am not

12 able to. I just came on the scene, I was doing my best.

13 MR JUSTICE HILDYARD: No, I understand. With Ms Mironova,

14 you have always emphasised to me the importance of her

15 evidence, and of a proper cross-examination of it. It

16 is quite long evidence, and she was obviously central.

17 MR STROILOV: Yes.

18 MR JUSTICE HILDYARD: Have you discussed with Mr — don’t

19 tell me details which are not appropriate, but is this

20 a matter which you could clarify if given a bit of time

21 and readdress tomorrow?

22 MR STROILOV: Well, I’m not sure what is there to clarify.

23 MR JUSTICE HILDYARD: You don’t know what?

24 MR STROILOV: I am not quite sure what is there to clarify.

25 MR JUSTICE HILDYARD: Well, there is a court case going on

1 such assistance as I can give him. What is it you are

2 actually saying? I am perfectly prepared that you

3 should discuss this with Mr Arkhangelsky overnight and

4 return tomorrow, but I think I must know roughly what’s

5 going on from day to day.

6 MR STROILOV: I dare not, especially in the light of

7 Mr Lord’s submission, I dare not say we want her after

8 Easter, because I have said that, I think, every time

9 the timetable was discussed, and every time the answer

10 was no. So, really, this may be construed —

11 MR JUSTICE HILDYARD: I don’t think it is a matter of taking

12 your ball back from the field of play. That is

13 a possibility. If you are inviting me to do that, then

14 say so. I may or may not accept that. I just want to

15 know what the parameters are, and I want you not to, as

16 it were, present fait accomplis, I want you to seek to

17 do as much as you can to assist me along this road as

18 I always urge Mr Lord to do.

19 MR STROILOV: Yes, my Lord. Obviously if it is after Easter

20 that’s what we always wanted and I will definitely make

21 it my top priority to assist with her cross-examination,

22 because she is one of the most important remaining

23 witnesses.

24 But, of course, then — I mean, I appreciate that it

25 looks like, as Mr Lord says, that I am putting pressure,

157 159

1 and the question is what the court does and what

2 everyone else does. That’s what there is to clarify.

3 I’m sorry to sound harsh. This isn’t just sort

4 of voluntary play. It is a very serious matter, which

5 I know you appreciate, but for you to tell me you are

6 not sure what there is to clarify when you have

7 announced you can’t cross-examine Ms Mironova, I think

8 it would be odd for you not to expect the court to know

9 what you propose in that regard; would you not agree?

10 MR STROILOV: No, obviously it will be — then the only

11 fallback position is Mr Arkhangelsky is going to

12 cross-examine her by videolink. What else can be done?

13 MR JUSTICE HILDYARD: Is that a matter which Mr Arkhangelsky

14 is prepared for?

15 MR STROILOV: He knows he will have to do that. I will do

16 what I can to help him prepare, which is probably not

17 much, but I will do my best.

18 MR JUSTICE HILDYARD: So what am I being invited by your

19 side of the record to do with regard immediately to

20 Ms Mironova? What is your application? The

21 possibilities are that you would say: look, I know

22 they’ll say this is what I’ve always planned, but there

23 we are, Mrs Mironova must come after Easter;

24 alternatively you say: Mr Arkhangelsky, though with some

25 anxiety, is prepared to cross-examine Ms Mironova with

1 and I assure you I am not.

2 Well, if not, then what choice is there:

3 Mr Arkhangelsky will simply have to come there by

4 videolink and do his best. Obviously if your Lordship

5 says it, the timetable must be saved no matter what,

6 then …

7 MR JUSTICE HILDYARD: Well, let’s see if I’ve got where your

8 position is so far. I have misunderstood an earlier

9 remark of yours. Your position is not that you have

10 exhausted yourself to the extent that you can no longer

11 participate as a McKenzie friend. That is not your

12 position?

13 MR STROILOV: No, no, that wasn’t what I was suggesting.

14 MR JUSTICE HILDYARD: That is not your position?

15 MR STROILOV: No.

16 MR JUSTICE HILDYARD: But after a decent rest you will

17 continue as before, with the single exception you have

18 identified, that you are not sure who is to

19 cross-examine the banking experts.

20 MR STROILOV: My Lord, I will have to give it some further

21 thinking, really, but I will try to do as much as I can.

22 MR JUSTICE HILDYARD: So, given a rest, your remit would

23 include, would it, the banking experts?

24 MR STROILOV: Well, no, possibly I can exclude one or two

25 other experts or witnesses. I will just have to rethink

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1 that and plan it in a more realistic way than I did so 1 to me it will take — if I say half an hour, I dare say
2 far, trying to do everything until there is a disaster. 2 it will take an hour.
3 MR JUSTICE HILDYARD: Do you know what the position is with 3 MR LORD: My Lord, from our point of view, we would just
4 Professor Guriev? 4 like to look at the timetable and do the best we can to
5 MR STROILOV: Yes, well insofar as he had doubts, he has 5 finish by the 19th, recognising that it still, we think,
6 resolved them and he is coming. 6 is possible to finish. We have had a lot of evidence so
7 MR JUSTICE HILDYARD: So he will be called? 7 far.
8 MR STROILOV: Yes. 8 MR JUSTICE HILDYARD: But if we move Ms Mironova until after
9 MR JUSTICE HILDYARD: Right. Is the position with regard to 9 Easter, although I quite understand how excruciatingly
10 Mr Steadman the same as before; that is to say: no, he 10 annoying that is, can we do it?
11 is not coming. 11 MR LORD: My Lord, that will raise the question of
12 MR STROILOV: My Lord, you have seen his letter, it was 12 timetabling from hereon through, and it may be
13 pretty final. We had nothing new to tell him in terms 13 appropriate to put some slots in, and I mean actually
14 of correspondence. 14 put some slots in, because we have — if we were to go
15 MR JUSTICE HILDYARD: Right. What do you think, and 15 down that route your Lordship is suggesting, there would
16 I should have asked you this first, of Mr Lord’s 16 actually be the best part of — we wouldn’t be sitting
17 proposal, that given the lateness of the hour, and we do 17 again for two weeks from today.
18 need, as far as we can, to simply decide what we are 18 So in terms of preparation — I will have to make
19 going to do after Easter, about dealing with this 19 a little submission yesterday tomorrow about what has
20 tomorrow? 20 happened over the last three or four weeks because what
21 MR STROILOV: Well, I cannot, but perhaps Mr Arkhangelsky 21 we have had so far, we’ve had Mr Sklyarevsky, Ms Kosova
22 may come by videolink and assist your Lordship insofar 22 and Mr Savelyev are the three witnesses that have been
23 as — 23 cross-examined since we left to go to France in terms of
24 MR JUSTICE HILDYARD: I am sorry to press, but you cannot 24 the burden.
25 because? 25 But, looking forward, if we were to have two weeks,
161 163
1 MR STROILOV: Well, it’s just that it was very difficult for 1 we would, I am afraid my Lord, say that in fairness to
2 me to get here today, and to do a day in court, and 2 the claimants and their witnesses and the court and so
3 doing another one, well, I might as well then start with 3 on, there has to be a bit of a quid pro quo now, there
4 Ms Mironova, perhaps. 4 really has to be. We can’t keep having timetables that
5 MR JUSTICE HILDYARD: Well, I think there is a slight 5 are sort of agreed with, and whatever, there are
6 difference in coming and assisting me for half an hour 6 reservations and suddenly we just find that we can’t do
7 than cross-examining Ms Mironova for two days, but there 7 them.
8 we are. Don’t you think? 8 MR STROILOV: I’m sorry, that’s outrageous. That has never
9 MR STROILOV: Well, I don’t think — 9 been agreed. I’ve always protested against this
10 MR JUSTICE HILDYARD: The thing is, unless I have you both, 10 timetable as unrealistic, to which I was told: well, you
11 you and Mr Arkhangelsky, I am worried that I will fall 11 have no experience, Mr Lord knows best, he thinks you
12 between two stools. 12 will finish with Mr Savelyev in two days and with
13 MR STROILOV: Yes, I see what you mean. Well, I suppose 13 everyone else in one day.
14 then — it is difficult, especially as I am not — 14 MR JUSTICE HILDYARD: Mr Stroilov, I well understand that it
15 I live quite far away, so I will have to make some 15 is — please let us avoid these sort of things. Each of
16 difficult choices. If you feel it is necessary, 16 you has many complaints of the other and feelings of
17 I suppose that’s something I can do. 17 being put — you think that it’s a disproportionate
18 MR JUSTICE HILDYARD: It’s certainly necessary for me to 18 imposition and that you have always made clear that you
19 know what I’m doing for the rest of the week. It truly 19 needed more time, you needed more space between the
20 is necessary for me to know that. 20 witnesses and that your estimates were not likely to be
21 MR STROILOV: My Lord, then I think the parameters are 21 reliable.
22 clear, it’s just that it is really your decision. 22 Mr Lord has emphasised to me the expense of going on
23 MR LORD: Perhaps we could start a little later, my Lord, 23 from day after day and the difficulties in having
24 12.00 or 2.00 to allow that. 24 witnesses come over who are then dispatched back, his
25 MR JUSTICE HILDYARD: I don’t mind when we start. It seems 25 anxiety for his clients and for all sorts of reasons to
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1 have the matter in accordance with some settled

2 timetable. All I am trying to do, recognising all these

3 difficulties, is to reach some landing as to how we get

4 this case done by the time of April 19, when the

5 interpreters’ silver slippers turn into something else,

6 or whatever the proper analogy would be. With you, I’m

7 just too tired, and it’s too late to get into explosive

8 remonstrations. I just want a proper and sensible —

9 MR LORD: I understand my Lord, all we are submitting is

10 that we are now — if we end up not sitting for two more

11 weeks, today is the last day until 4 April, that’s

12 a period of 14 days for everybody to recover and work

13 in, and we then have to look at the timetable, and we do

14 have to think how we can put slots in. It may be just

15 the right case management thing for certain slots to be

16 put in, it just may be the right thing to do.

17 In my submission, it’s not fair on your Lordship in

18 terms of case management not to know from Mr Stroilov

19 and Dr Arkhangelsky what they want to do, whether they

20 want Mr Popov to come to be questioned or not. They are

21 obviously not going to call Mr Steadman, so the question

22 is, do they want Mr Popov. If they say that they don’t,

23 that’s one thing, and if they do, they are going to have

24 to decide how he is to be fitted in.

25 I am trying to make sure that we do finish this by

1 look at the remaining evidence, we will look at the

2 remaining evidence, and we should now plan this trial

3 through to its finish, because if we come back two weeks

4 today, on any sensible view we only have another

5 fortnight until the evidence is meant to be finished, so

6 we can’t really —

7 MR JUSTICE HILDYARD: Is your estimate that we can —

8 I mean, I think I should confess that I have every

9 confidence that Mr Arkhangelsky knows his case well, but

10 the fact is that cross-examining is a difficult matter

11 and it’s even more difficult over a link. So if that

12 has to be, it has to be, but if it can be accommodated,

13 then as I have said, I fully understand your

14 exasperation, and I don’t mean it — whether it is

15 deserved or not, Mr Stroilov, I know how hard you have

16 been working, it will be exasperating, one has to face

17 up to that, whether it can be accommodated or not.

18 I think that’s what I’m really anxious about.

19 MR LORD: In order for your Lordship to set this timetable,

20 your Lordship does need to know what the remaining days

21 are going to look like; in other words, there aren’t

22 many days left if we don’t use today. There are only

23 another dozen sitting days and it may be that after

24 a fortnight off we all accept we are going to have to do

25 four or five-day weeks, and in my submission that would

165 167

1 the 19th, bearing in mind that still there is a chance

2 that we can do that, where there’s a will there’s a way,

3 and as things stand, we are otherwise going to end up,

4 in my submission, with a sort of open-ended trial and

5 that’s going to raise issues on my side of the court,

6 that’s going to raise issues for us. There will be

7 professional difficulties and some further difficulties

8 coming into play as well.

9 We will have to do the best that we can with those,

10 but we are hoping that there is a way in which we can

11 get this matter finished by the 19th.

12 MR JUSTICE HILDYARD: What is the thing to do? I am

13 simply — this is a plea from the heart to work out how

14 we simply organise ourselves. Is, with apologies to

15 Mr Stroilov, who no doubt after a difficult weekend, was

16 wanting a day of recuperation, but is it really

17 necessary, as I suspect it is, for us to meet at some

18 convenient time tomorrow to try and work out in

19 particular whether, if I move Ms Mironova back until

20 after Easter, the rest of the timetable can be

21 accomplished by the 19th, or possibly if there is

22 a non-Russian speaker, until the 20th, but

23 Mrs Arkhangelskaya would have to accept that

24 there wouldn’t be a Russian translation at that point.

25 MR LORD: Yes, my Lord, and we would submit that we should

1 be right now, after the time we have had so far, that

2 would be the right thing to do. Two weeks off, if

3 that’s what happens, and we get our heads down and we

4 make sure that we prepare hard over the 14 days and

5 whoever is doing the advocacy has to know they are going

6 to spend three days with Ms X, and one day with Mr Y and

7 half a day with Mr X.

8 MR JUSTICE HILDYARD: Well, take Ms Goncharuk’s evidence,

9 I have not read but which did land on my desk this

10 morning, under a different name so I was immediately

11 confused, but I understand it is her.

12 MR LORD: Sorry about that. It is still her, yes.

13 MR JUSTICE HILDYARD: Have you had any thoughts,

14 Mr Stroilov, as to who and for how long she would be

15 examined?

16 MR STROILOV: Well, I have, again, only speed-read it.

17 I think it may be up to four days, really.

18 MR JUSTICE HILDYARD: Four days?

19 MR STROILOV: Like Mr Smirnov. She is the Renord witness

20 now, the Renord witness. So it’s again, all the

21 questions we’ve got to Renord will have to go to her.

22 If we are lucky it is three. If we are not lucky, then

23 it depends on a number of factors, always. I would

24 estimate three to four days.

25 MR JUSTICE HILDYARD: The Professor can only come on the

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1 12th, that’s still the position, is it?

2 MR STROILOV: I think he indicated, but I would like to

3 check with Mr Arkhangelsky, who is dealing with it, that

4 if the 11th is better for the court, he can move it to

5 the 11th now, but I’m not sure it is better, really, but

6 he can — but he is still in that …

7 MR JUSTICE HILDYARD: When can you tell me how you see this

8 case proceeding after Easter, if Ms Mironova is moved

9 until after Easter, by which I mean starting on the 4th,

10 ie continuing to use the court vacation date?

11 MR STROILOV: Yes, my Lord. Well, the trouble is, it’s all

12 kind of circular. I mean, it depends — it really

13 depends on the timetable. If we have five-day weeks, as

14 my learned friend is proposing, well, I am not going to

15 be able to do that. We will have to divide it, in best

16 case scenario, between me and Mr Arkhangelsky.

17 Now, on the other hand, I don’t quite understand the

18 importance of the date 19 April, because obviously the

19 experts are all English-speaking, so it’s only

20 a question of Mrs Arkhangelskaya having it translated if

21 she comes, which she doesn’t do very often because

22 Mr Arkhangelsky is holding the line and I am sure she

23 would be prepared to waive the right to listen to

24 Russian law expert in Russian language for the sake of

25 my survival. So that’s not such a big problem,

1 me a proper steer as to what is going to happen? When

2 do you want? Tomorrow, the day after, when do you want?

3 MR STROILOV: Frankly, I think, obviously the day after

4 really means that moving Ms Mironova to after Easter is

5 decided. My Lord, then if it is still undecided, then

6 obviously we have to — well, so far as we can, I have

7 to spend as much of tomorrow as I can helping

8 Mr Arkhangelsky to prepare for Ms Mironova on Wednesday.

9 So really that’s probably something that has to be …

10 MR JUSTICE HILDYARD: Well, the bottom line is likely to be,

11 subject to anything Mr Lord tells me, that if we move

12 Ms Mironova until after Easter, giving you two weeks for

13 recovery and for preparation, we will still have to

14 complete this trial — I don’t say the 19th, but shortly

15 after that, probably by the end of that week. I mean,

16 there are all sorts of things combining. We don’t need

17 the court, I think, until the 27th, as a matter of fact,

18 but it has to be prepared, which I think is sort of

19 the 25th, 26th, 27th. Those are not absolute, but it

20 pretty much has to be done. We have to finish this

21 trial by the 22nd whatever, and something has to give,

22 hasn’t it? You can’t have all your wants, because they

23 have to be balanced against other requirements.

24 MR STROILOV: Yes. 22nd is the absolute deadline?

25 MR JUSTICE HILDYARD: Is what?

169 171

1 I suppose, if …

2 MR JUSTICE HILDYARD: I dare say there are other

3 considerations which aren’t conclusive, but

4 nevertheless, I know that Mr Lord, and may be others,

5 have other commitments which they have to observe, and

6 the balance is between requiring you to do something or

7 requiring him not to do something, and I have to be fair

8 in that regard too, don’t I?

9 MR STROILOV: You have to, but obviously all my own

10 commitments and other things I have just been doing have

11 been jeopardised completely by my efforts to help with

12 this trial. So that is something I had to simply forget

13 about. Well, now I am talking about health. The rest

14 of my life is in jeopardy already so it puts it into

15 greater jeopardy.

16 MR JUSTICE HILDYARD: Well, I feel for you, but you won’t be

17 alone in that during a long case. Life absolutely, I am

18 afraid, collapses around your ears. I appreciate it is

19 wholly different for you because you are not on a brief

20 fee, but it is nevertheless the fact that your life just

21 implodes, I know it does.

22 MR STROILOV: Yes.

23 MR JUSTICE HILDYARD: When do you think — you are tired,

24 we’re tired, everyone is tired, it’s late. When do you

25 feel that you will have had sufficient time to give

1 MR STROILOV: Did you say 22nd is the absolute deadline?

2 MR JUSTICE HILDYARD: The court has got — I’m going to look

3 at Mr Trout. By the end of that week, this court must

4 be freed. That’s what the powers that be have made

5 quite clear, and what, to be quite honest, I have

6 promised them on the basis of what I was told.

7 MR STROILOV: Well, I don’t know. It depends on a lot of

8 things. I suppose, really, Wednesday will be better

9 than tomorrow, I suppose, for this housekeeping

10 discussion.

11 MR JUSTICE HILDYARD: What day is tomorrow? Tomorrow is

12 Tuesday. What about Wednesday?

13 MR STROILOV: Yes, as I said, Wednesday.

14 MR JUSTICE HILDYARD: I’m sorry, I misheard you. I am so

15 sorry.

16 What do you say about that, Mr Lord? We will soon

17 be at Wednesday, I am afraid.

18 MR LORD: My Lord, that means, in effect, that Ms Mironova

19 is going to be after Easter.

20 MR JUSTICE HILDYARD: I think …

21 MR LORD: And I have feared that for a while. I have feared

22 it for a long time, my clients have feared it for a long

23 time, and it has come to pass.

24 MR JUSTICE HILDYARD: What I do think, what I am very

25 worried about, apart from the end date, and I am going

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1 to set an end date: this trial will finish by the 22nd.

2 MR LORD: My Lord, we would invite your Lordship to listen

3 to the claimants’ timetabling issues so we balance a bit

4 of fairness here, so we get the right slots and people

5 can do the things they need to do, bearing in mind

6 translators and witnesses and so on.

7 Your Lordship is right, there are other professional

8 commitments that —

9 MR JUSTICE HILDYARD: I understand you were asking about the

10 13th, for example.

11 MR LORD: My Lord, exactly, which have been undertaken on

12 a basis but with some slippage, but maybe not what we

13 have had in the end. We are where we are, but we will

14 have to — I would hope that there would be a little bit

15 of understanding and when we are looking at other

16 witnesses and who is going to come and when our

17 witnesses can come and when Mr Millard is available and

18 so on, we are going to try and fold all that in.

19 It may be appropriate to put some slots in to say

20 that three days is going to be enough time and one day

21 will be enough time, because as your Lordship observed,

22 and in my respectful submission, with respect,

23 correctly, when Mr Savelyev was cross-examined, at the

24 end he was cross-examined for four long days,

25 effectively five whole days he was cross-examined for.

1 we have to accept the fact that it is not fair on

2 Ms Mironova not to know whether she is being examined

3 and whether she can go back. I think certainty is the

4 better course.

5 MR LORD: My Lord, could we meet tomorrow, because this

6 needs to be thrashed out.

7 MR JUSTICE HILDYARD: I am worried that the necessary

8 conversation and thought, I’m worried that tomorrow will

9 be premature.

10 MR LORD: Well, my Lord, so long as when we do meet we have

11 nailed down, we do know — really, in my submission, we

12 can’t be faced after Easter, after Ms Mironova, we can’t

13 have this again in this trial. We can’t have this

14 again. We have to know, people are going to have to

15 gird their loins and see this through, and if there is

16 going to be a division of responsibility in any event in

17 all likelihood, we need to confront that because it may

18 be that we should be doing that sooner rather than

19 later. If Mr Stroilov is saying that with a break he

20 will finish this off, it may be in everyone’s interests,

21 and his, to put some limits on it. The word guillotine

22 is emotive, but there are deadlines and it may be that

23 two days or three days is enough. It is enough time to

24 put the case, to put the key points, it is enough time.

25 I mean, you don’t need a fourth day and a fifth day and

173 175

1 The estimate was always three days for him.

2 MR JUSTICE HILDYARD: I am more sympathetic about that

3 because I think, with all respect to him, Mr Savelyev

4 did tend — he wasn’t an entirely — how can I put it?

5 Sometimes he didn’t listen as carefully as he might have

6 to the question.

7 MR LORD: All I was wondering is whether as we go through

8 the trial and as a cross-examiner knocks off a —

9 I don’t mean literally but as a witness is ticked off,

10 things do tend to ease a bit really, because you haven’t

11 got as much to carry in your mind and you have traversed

12 a fair bit of the material so everyone knows what you

13 are talking about —

14 MR JUSTICE HILDYARD: That is true for a professional but we

15 have difficulties, and I have a horrible feeling that we

16 have Mironova who has always been identified as a really

17 important witness following Mr Savelyev and I have

18 always been worried about the juxtaposition, as I made

19 clear from the start, and now we have the new entrant of

20 Ms Goncharuk, and I’m slightly startled by the four days

21 because although I know she is the substitute for

22 Mr Smirnov, the fact is she isn’t Mr Smirnov and

23 therefore there are fewer questions you can ask.

24 I think I have to accept the fact that unless

25 advised otherwise during the course of — well, I think

1 long days. That is my submission. Generally that’s the

2 case. It should be the case with the remaining

3 witnesses, that we should be able to find here some fair

4 slots, making all due allowance, but your Lordship does

5 need to know whether the defendants are going to be

6 challenging Mr Popov, because we are tendering him and

7 the question is do they want him to come. If they

8 don’t, they should say that. They should say: we’re not

9 going to question him.

10 Mr Popov works for Deloitte. He has to be told now,

11 as has Mr Millard and the other experts.

12 MR JUSTICE HILDYARD: Do you have any view on Mr Popov?

13 MR STROILOV: My Lord, I am afraid that again the position

14 has been misrepresented to you. The position was that

15 your Lordship is going to think about it, then perhaps

16 ask for submissions, and tell us at some point whether

17 you need to hear from business valuation experts.

18 MR JUSTICE HILDYARD: So the ball is in my court on

19 Mr Popov, is it?

20 MR STROILOV: It is now being falsely presented to you as

21 something that we are being slow on.

22 MR JUSTICE HILDYARD: You are relying on me with Mr Popov,

23 are you, as to whether you should cross-examine him?

24 MR STROILOV: No, well, we cannot cross-examine him, as I

25 have told you. We haven’t got our expert so we don’t

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1 understand anything he is talking about.

2 Your Lordship has indicated — I mean, there are

3 constant attempts to smuggle Mr Popov into the timetable

4 by the back door to take advantage of us. Your Lordship

5 has established the position that having heard from the

6 factual witnesses, you are going to consider whether you

7 need to hear from business valuation experts and decide

8 what to do. Perhaps it would be splitting off a part of

9 the —

10 MR JUSTICE HILDYARD: I think my memory, and I don’t want us

11 to get heated again, my memory was I did float that and

12 Mr Lord or Mr Birt rather explained to me that maybe

13 that wasn’t a possible course to take because the

14 causation argument which I was wondering about, thinking

15 about, was not as clear-cut as it might be, and

16 therefore it might be a shortcut to a long route.

17 MR LORD: And it is right, my Lord, that Ms Simonova,

18 although she is meant to be a property valuing expert,

19 she does deal with quite a lot of business law, she does

20 look at a number of business scenarios, so it …

21 I don’t want to pre-empt the conversation, but I am not

22 sure — your Lordship did say, I think, to Mr Stroilov,

23 it is not right that just because you are not calling

24 your expert for whatever reason, and your Lordship

25 steered away from saying whether it was an election or

1 period on this hypothesis when people can be told: you

2 can’t just do the next witness in that fortnight and

3 then say to the court: right, I’m now going to look at

4 the next one. That is not fair. That is not a fair

5 approach, in my submission.

6 MR JUSTICE HILDYARD: No. Well, back to my own day-to-day

7 approach, the first decision to be made is whether to

8 say to Ms Mironova, with apologies to her, whether she

9 should now go back, or whether you want to hold on for

10 the possibility of her coming on for part of Wednesday

11 or Thursday. I should have thought that in all the

12 circumstances, the likelihood is that she is going to go

13 substantially over the Easter, whatever we do, and that

14 it’s better to bite the bullet, release her now and make

15 arrangements accordingly.

16 MR LORD: Well, I have taken instruction and that,

17 regrettably, my clients agree. She has to go back to

18 Russia.

19 MR JUSTICE HILDYARD: We shall not do Ms Mironova now before

20 Easter. We shall start her on 4 April.

21 MR LORD: Yes, but we do implore your Lordship to help us to

22 put slots in so we do — I really beseech

23 your Lordship —

24 MR JUSTICE HILDYARD: I understand your own commitments,

25 I understand everyone’s commitments and I understand my

177 179

1 not from memory, it doesn’t mean that the other side

2 don’t get to call their expert. I think that was how it

3 was left and I think it was probably left in that way,

4 really.

5 My Lord, it doesn’t really matter how it was left,

6 we have —

7 MR JUSTICE HILDYARD: We had that conversation and I used

8 an analogy of snookering.

9 MR LORD: My Lord, that’s right. The points we have now, we

10 can’t leave these things. Ms Mironova and Ms Goncharuk,

11 are not going to resolve the question of which experts

12 need to come and they need to know. They do, in

13 fairness, need to know which days to book out, and it

14 can’t be right — we can’t be right, really, after all

15 the — it can’t be right, and in my submission it’s not

16 necessary or appropriate, that we just have this trial

17 from sort of day-to-day, that we take every day we

18 decide whether or not it’s going to need another day or

19 two and then everybody —

20 MR JUSTICE HILDYARD: It is not right, but it is the fact

21 that I sense that both Mr Stroilov and Mr Arkhangelsky

22 plan from day-to-day, and that is the position we are

23 now in.

24 MR LORD: My Lord, the issue is whether the court should

25 endorse that from now on, as we have a two-week down

1 own —

2 MR LORD: I understand that, my Lord, but my clients are

3 very concerned, they are very concerned and I tell them

4 repeatedly, you know, it’s a very fair process and it’s

5 what happens sometimes, but they are at a bit of a loss

6 to know why, with all the expense and the timetabling

7 and all the management and the rules, it is happening

8 like this.

9 MR JUSTICE HILDYARD: Well, you know what the answer to that

10 is, which is that there is one party who is very

11 considerably represented and one party who is not, and

12 it is a difficult situation.

13 MR LORD: I understand that, my Lord.

14 MR JUSTICE HILDYARD: But there we are.

15 Second point, do we meet tomorrow or Wednesday?

16 I do want, having said that this case will certainly not

17 go on beyond the 22nd, and therefore something has to be

18 worked out and beyond the 19th I understand it still to

19 be the fact that there is no Russian interpreter

20 available and therefore no Russian evidence or people

21 who need translation can be given; do you wish to —

22 when do you wish to meet to work out what slots there

23 should be, Mr Stroilov?

24 MR STROILOV: Well, I think Wednesday is better.

25 MR JUSTICE HILDYARD: Are you all right with Wednesday,

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1 Mr Lord?

2 MR LORD: Yes, my Lord, yes.

3 MR JUSTICE HILDYARD: And what time on Wednesday?

4 MR STROILOV: It doesn’t make much difference to me. Well,

5 I mean —

6 MR JUSTICE HILDYARD: I want it to be a productive session

7 in which you have had the time that you need to take the

8 views that you need.

9 MR LORD: Shall we try for an old fashioned 10.30 am start?

10 Would that find favour with your Lordship and the court

11 staff, perhaps.

12 MR JUSTICE HILDYARD: I reminisce about them constantly.

13 MR LORD: A nostalgic wave is breaking out amongst the court

14 staff.

15 MR STROILOV: I was rather thinking about trying to

16 experiment with fixed slots for once, as Mr Lord was so

17 enthusiastic about them, because my experience in this

18 trial is that housekeeping tends to occupy as much space

19 as you allow for it: everyone has a lot to say about it.

20 MR JUSTICE HILDYARD: Well, it is an important occasion.

21 10.30 am. But I do want you to have done the sort of

22 reading, research, soul-searching, conversations with

23 Mr and Mrs Arkhangelsky, whatever is necessary in order

24 to bring shape to the proceedings after 4 April, bearing

25 in mind the end end end date is 22 April, because

1 MR LORD: My Lord, we obviously need, in terms of

2 Ms Simonova, I am looking at the witnesses that

3 Dr Arkhangelsky is calling: he is calling Ms Simonova

4 and Professor Guriev and Dr Gladyshev, so we are going

5 to need to know — it is my submission that the experts

6 should have slots now, that there actually should be

7 slots for them, for both sides. They know when they are

8 coming over and they will be heard on that day.

9 MR JUSTICE HILDYARD: It seems to me the steps to be done,

10 as usual, are for Mr Stroilov and Mr Arkhangelsky and

11 Mrs Arkhangelskaya, after a night’s sleep, possibly, to

12 decide what is going to happen and how it is to happen.

13 I fully understand, Mr Stroilov, that back-to-back with

14 Ms Mironova and the new witness, Ms Goncharuk or

15 whatever her name is — I don’t mean that rudely, but it

16 keeps on leaving my mind — is difficult, and you may

17 say: well, I’ve got to have a day there. But work out

18 exactly what it is and remember the ultimate constraints

19 that I am afraid no longer is the administration of

20 the court capable of being done and people who have

21 other commitments able to keep their commitments if

22 there isn’t some final reckoning on how we spend our

23 days.

24 MR STROILOV: My Lord, right. I will think about it.

25 MR JUSTICE HILDYARD: Cheer up. You have two weeks.

181 183
1 we must finish by then. 1 MR STROILOV: I mean, I was hoping that at some point we are
2 MR LORD: And, my Lord, Dr Arkhangelsky obviously, I think, 2 going to have a realistic timetable. Well, maybe it is
3 does need to be present for that conversation. 3 possible.
4 MR JUSTICE HILDYARD: I think he does need to be present. 4 MR JUSTICE HILDYARD: I am sorry?
5 My understanding is he always seeks to be present but 5 MR STROILOV: I was rather hoping that at one point we are
6 today, for whatever reason, he had misunderstood. 6 going to have a realistic timetable and then there won’t
7 MR LORD: I understand, but I want it not to be thought that 7 be complaints how Mr Stroilov hasn’t fitted into the
8 this is a hearing that only Mr Stroilov needs to do, 8 timetable which is wonderfully short but we had always
9 because clearly your Lordship may have points for him, 9 said was unrealistic. I will think how to squeeze
10 and also there are a series of outstanding matters that 10 everything down in the meantime.
11 need orders, probably, or directions, and we could 11 MR JUSTICE HILDYARD: See how you are going to fit this in.
12 probably tidy up an awful lot of things on that day. 12 Please don’t think of the past and the injury you feel,
13 MR JUSTICE HILDYARD: It is of the nature of a mid-trial 13 just as Mr Lord mustn’t. Just let us go forward as
14 review, an innovation, but one where I do need all those 14 practically as we can, as realistically as we can: you
15 concerned to be involved. 15 are quite right that I — and I will take the blame for
16 MR LORD: Thank you, my Lord. 16 this — I imagined that you would be shorter, and that
17 MR STROILOV: My Lord, I still would hope that it is not 17 has not been realised and there we are and here we are.
18 taking the whole day, at least it will be over — 18 But we have to plan for the rest of the time, haven’t
19 MR JUSTICE HILDYARD: Sorry, not taking who? 19 we?
20 MR STROILOV: It’s not going to take us the whole day, it’s 20 MR STROILOV: Yes. I am just thinking how realistic three
21 rather — we are going to finish with that — 21 weeks are, just by thinking aloud, and looking at …
22 MR JUSTICE HILDYARD: No, the more precision that can be 22 MR JUSTICE HILDYARD: Well, 10.30 am on Wednesday, you will
23 brought to the way we spend the day, the less time it 23 tell me the worst and the best, and I do not — I would
24 will take. 24 hope that we can do it within, at the absolute outside,
25 MR STROILOV: Yes, my Lord. 25 an hour and a half. I do not see why we should be more
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1 than that, but I am sure I have said that before.

2 Have a good rest, Mr Stroilov.

3 MR STROILOV: Thank you.

4 MR JUSTICE HILDYARD: Please confirm with Mr Arkhangelsky,

5 and Mrs Arkhangelskaya if she wishes to participate that

6 we need them to be there on the screen at 10.30 am on

7 Wednesday so that nothing falls between the stools.

8 MR STROILOV: Yes. Sorry, my Lord, just I recall they have

9 an important appointment with the authorities in France.

10 I think it is fairly early, so 10.30 was supposed to be

11 all right for them, but it may be that they are slightly

12 late.

13 MR JUSTICE HILDYARD: Well, immediately after this you must

14 contact them. If 10.30 is impossible for them, then you

15 must tell Mr Lord. As far as I am concerned, it can be

16 at any time on Wednesday, but it must be at a fixed time

17 and we must know it as soon as possible.

18 MR STROILOV: Yes, my Lord. I am just wondering if it is

19 safer to make it after lunch after all. I am sorry,

20 my Lord, I just forgot. They have this early morning

21 appointment which has something to do with citizenship

22 or something of that kind, so they can’t escape from it.

23 MR JUSTICE HILDYARD: 2.00 pm?

24 MR LORD: My Lord, the only trouble is, the later in the day

25 we leave it, we end up running out of time. This is

185

1 important and I am concerned that we often get to

2 housekeeping at the end of a long day and everyone is,

3 understandably, a bit weary.

4 MR JUSTICE HILDYARD: 1.30 pm gives us three hours until the

5 completion of the day by normal standards, four hours by

6 our standard.

7 MR LORD: And a lie in for some people, hopefully. 1.30 pm,

8 then, my Lord.

9 MR JUSTICE HILDYARD: Is 1.30 pm all right?

10 MR STROILOV: Okay, my Lord, yes.

11 MR JUSTICE HILDYARD: Done?

12 MR LORD: Thank you, Mr Stroilov.

13 MR JUSTICE HILDYARD: But try and let Mr Arkhangelsky know

14 as soon as possible, I know you will.

15 MR STROILOV: Yes, my Lord, I will.

16 MR JUSTICE HILDYARD: All right. Good. Thank you.

17 (5.28 pm)

18 (The court adjourned until 1.30 pm on

19 Wednesday, 23 March 2016)

20

21

22

23

24

25

1 INDEX
2 PAGE
3 Housekeeping ………………………………….. 1
4 MR ALEXANDER VASILIEVITCH SAVELYEV ………………. 3
5 (Continued) …………..
Cross-examination by MR STROILOV 5
6 (Continued)……………….
Re-examination by MR LORD 114
7 Questions by MR JUSTICE HILDYARD ………… 136
8 Housekeeping ………………………………… 150
9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

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March 21, 2016 Day 30

A

abandon (1) 5:3 able (29) 2:11 4:8 9:9
9:22 20:25 22:11 28:7 31:22 39:16 39:24 45:18 47:16 53:17 60:21 72:24 80:17 83:22,23 100:23 104:24 137:20 155:7 156:7 156:9,18 157:12 169:15 176:3 183:21

abroad (1) 39:12 absent (5) 98:6,7,11

108:16,17 absolute (4) 171:19

171:24 172:1 184:24
absolutely (10) 29:2 29:24 57:8 58:16 73:1,12 112:13,15 137:20 170:17

accept (7) 48:24 50:16 159:14 166:23 167:24 174:24 175:1

access (1) 141:10 accommodate (6)

29:21 34:6 38:23 44:2,6,21

accommodated (4)

42:24 43:23 167:12 167:17

accompli (2) 155:9 156:8

accomplis (1) 159:16 accomplished (2)

104:11 166:21 accord (2) 146:17,25 account (12) 22:18 60:13,14,22 65:1 72:5,6,8,9,10

100:16 147:22 accounts (3) 56:5

72:18,24

accuracy (3) 124:25

127:11 129:10 achieve (3) 1:7 23:9

152:8 achieved (2) 32:24

97:2

acquired (2) 69:13 137:5

acted (2) 22:6 143:4 acting (1) 144:7 action (2) 86:19,19 actionable (1) 92:15 actions (1) 97:3 actively (1) 67:18 actual (1) 96:13 add (1) 39:24 added (1) 92:22 addenda (1) 30:9 additional (8) 23:9,10

23:11 29:19 37:6,7 42:25 51:20

address (3) 19:1,17 32:7

addressed (4) 79:16 82:22 83:21,22 adjourned (1) 186:18 Adjournment (1) 79:2

ADK (2) 92:19,21 administration (2)
114:7 183:19 admit (1) 148:10 admitted (2) 43:3,6

advanced (5) 70:1 28:4,8,14,22,24 apparatus (2) 11:13 88:13 111:2,12 assist (13) 3:3,4 12:24 152:22 159:12
71:2,13,20 73:3 alleged (2) 27:5 28:12 11:15 135:4 146:12,23 14:3 38:22 42:11 164:24 166:19
advantage (2) 63:15 allocation (1) 109:20 apparently (2) 54:9 147:1,8 151:2,6 44:1 47:8 48:3 167:3 175:3 177:4
177:4 allow (3) 112:21 65:20 152:13 153:3,6,14 155:25 159:17,21 179:6,9,17
advice (1) 42:17 162:24 181:19 appear (4) 25:25 26:3 154:13 158:11,13 161:22 back-to-back (1)
advised (2) 127:20 allowance (1) 176:4 26:9 31:15 158:24 159:3 160:3 assistance (4) 62:12 183:13
174:25 aloud (1) 184:21 appeared (3) 14:2 161:21 162:11 148:14 152:9 159:1 bad (3) 4:7 51:24
adviser (1) 124:23 alphabet (1) 15:23 28:20 141:3 165:19 167:9 169:3 assistants (1) 111:11 90:12
advisers (4) 124:21 alphabetically (2) appearing (2) 134:12 169:16,22 171:8 assisted (2) 11:12 badly (1) 77:9
127:9 128:17 15:20,21 134:16 178:21 181:23 130:19 balance (3) 75:21
130:19 Alteration (1) 135:22 appears (22) 14:14 182:2 183:3,10 assisting (1) 162:6 170:6 173:3
advocacy (2) 153:13 alternatively (1) 17:5 18:5 19:4,25 185:4 186:13 associate (1) 5:11 balanced (1) 171:23
168:5 158:24 33:18 64:16 68:8 Arkhangelsky’s (5) associated (1) 22:1 balances (2) 72:20,25
advocating (1) 96:6 Altunyan’s (1) 76:24 69:18 71:11,19,20 36:4 37:16 48:23 assume (2) 12:4 13:10 ball (2) 159:12 176:18
affair (1) 2:18 amazed (1) 154:7 82:12 87:8 89:22 146:8,19 assumed (2) 3:8 56:11 Baltinvestbank (1)
affect (1) 151:24 amended (1) 38:15 93:1 94:4 110:24 arrange (1) 127:17 assure (2) 4:18 160:1 140:22
affix (2) 10:5 109:7 amendments (1) 111:1 121:11 122:5 arranged (2) 15:21 attacks (1) 28:12 bank (305) 1:22 2:1
affixed (2) 101:13,17 38:17 129:15 126:7 attempt (1) 90:6 5:17,19,22,24 6:8,9
afford (1) 138:17 amicably (1) 112:24 appellation (1) 143:19 arrangement (9) 2:3 attempts (2) 83:14 6:9 7:6,6,10,12,14
afraid (24) 4:6 12:22 amount (13) 35:24 applicable (1) 49:22 7:2,13,16,18 30:21 177:3 7:17 8:7,8,9,12,13
12:24 31:14,22 46:15 59:14 61:6 application (1) 158:20 38:7 63:15 99:1 attended (2) 95:15 8:20,23 9:8,14
54:15 65:22 74:12 61:15 64:11 87:19 applied (2) 7:10 arrangements (11) 109:2 10:12,14,20 11:5
79:10 80:14 90:12 91:15,19,24 92:9 148:13 2:21,24 3:2 7:12,21 attention (13) 25:10 11:13 12:7,10,10
93:23 94:3 95:13 108:5 148:8 applies (1) 49:24 28:1,15 37:19 28:19 30:15 37:13 12:21 13:2,7,8
106:8 110:18 123:4 amounted (2) 46:12 apply (3) 50:10 78:14 78:19 146:6 179:15 51:14 57:4,13 14:15 15:6,16
123:24 127:17 47:2 155:20 Arranger (1) 125:22 65:17 76:3 86:12 16:19 18:12 19:8
164:1 170:18 amounts (6) 8:6 52:24 appointment (3) arrears (1) 55:25 88:8 115:11 140:3 19:12 22:1,10,15
172:17 176:13 59:1 70:8 75:18 146:14 185:9,21 arrest (6) 57:20 58:10 attract (1) 138:9 22:16,19,20 23:1,3
183:19 145:16 appreciate (5) 13:3 58:19 59:16 60:4,8 attractive (3) 106:3,4 23:5,7,10,12,15,25
Agency (1) 22:4 analogy (2) 165:6 38:1 158:5 159:24 arrested (2) 28:11 138:10 24:12 26:8,16 27:4
agenda (5) 52:12 178:8 170:18 59:12 auction (21) 65:24,25 29:11,18,20,21
54:10,22 55:1,5 analysts (1) 10:14 approach (3) 13:1 arrests (1) 60:13 66:8,10,22,24 30:6,19,22 32:15
Agentstvo (1) 22:5 Anastasia (1) 1:21 179:5,7 arrive (1) 64:24 67:11 69:20 70:2,3 32:24 33:2,4 34:2,5
AGM (1) 11:2 Andrei (2) 12:1 14:19 appropriate (12) article (8) 73:23 74:5 71:23 72:10 87:16 34:17,22 35:4 37:1
ago (3) 52:6 57:3 Andrey (1) 12:6 63:15 86:19 150:17 74:7,15 75:24 76:2 87:22 99:12 100:3 38:22 39:16 41:1,3
114:25 announced (1) 158:7 150:20 151:5,12 76:4,20 104:9,10,21 107:18 42:6,13 43:9,20
agree (19) 10:4 19:9 annoying (1) 163:10 153:17,24 157:19 aside (1) 114:3 118:16 44:5,5,7,11 45:19
33:7 34:11 43:9,22 annual (16) 11:7 163:13 173:19 asked (25) 2:13,20 auctions (6) 58:21,24 46:4,19,24 48:23
45:2,25 46:2,2 116:13,14,18,25 178:16 24:4,14 37:5 40:11 59:8 66:1,6 67:24 49:16,18,19,24
49:15 96:9,15 117:3,9,24 118:11 approval (4) 96:10 44:17 46:25 63:9 audio (2) 80:2,13 50:4,8 51:5,6,11,12
101:15 108:18 118:25 119:4,7,19 99:21 107:24 109:8 67:5 93:24 112:20 audit (3) 10:15 142:19 51:13,21,24 55:13
109:13 141:7 158:9 120:9 121:24 approved (2) 34:16 113:13 116:9 142:24 56:9,13 57:1,13,15
179:17 122:18 112:4 128:18 131:5,7 audited (2) 122:19,20 57:25 58:17,22,25
agreed (20) 29:11,13 answer (28) 4:21 approximate (1) 13:4 132:7,9 135:1,2 auditor (1) 10:11 59:1,3,5,10,11,11
29:23 33:21 35:9 20:23 21:13 24:7 approximately (5) 141:17 142:4 145:8 August (8) 12:14,16 59:17 60:11 62:20
35:11 36:9,13 38:6 24:22,25 31:22 13:2,4 67:12 71:2 161:16 12:18 97:25 100:22 63:3,6,17,20,23,25
38:18,25 42:10 44:15,18 53:6 114:10 asking (7) 38:24 43:4 101:19 105:12 64:1,1,2,2,10 65:24
44:25 46:6 48:21 93:23 95:8 100:14 April (20) 79:22 81:19 47:2 82:18 120:9 106:13 66:1,5,14,16 67:15
51:11 135:13 141:8 132:15,16 133:2 81:25 82:13 83:13 146:13 173:9 authorities (1) 185:9 67:16,18,25 70:2,7
164:5,9 134:21 141:24 83:15 84:12 136:14 asks (1) 83:15 authority (1) 34:20 72:3,4,5,11,12,17
agreement (55) 29:6 142:3,10,11,13 136:15 146:19 aspects (1) 112:23 available (10) 3:10 72:19,21,22,23,25
30:1,2,18 31:12 145:1,13,14,22 151:14 152:7,18 assert (2) 100:23,24 9:21 37:11 116:15 73:8,10,13,16 74:8
32:7,25 33:9,25 159:9 180:9 153:19 165:4,11 asserted (2) 39:14 117:2,4 118:11 74:16 75:1,4,21,23
34:10,14,15,16 answered (2) 47:5 169:18 179:20 55:24 140:21 173:17 76:17 77:2 79:17
35:16 36:5 38:2,3,4 141:23 181:24,25 asserting (1) 46:9 180:20 86:25 87:18 88:9
38:5,21,24 39:20 answering (1) 2:7 argument (1) 177:14 assertions (1) 43:12 avoid (6) 29:18 35:4 88:15,17,19,25,25
47:20 53:11 65:25 answers (4) 3:22 arising (1) 149:4 assessment (2) 41:17 37:5 42:23 46:3 89:3,5,7 90:9,10,20
66:2,4 69:4,6,14 103:21 135:15 Arkhangelskaya (4) 54:24 164:15 91:11 92:5 97:18
70:1,12,18 71:12 149:20 166:23 169:20 asset (8) 63:20 66:15 avoiding (2) 42:11 99:2,3 100:25
73:4 85:17 91:18 anticipate (2) 112:18 183:11 185:5 72:13 89:2 90:9 147:9 101:10,11,12 102:4
91:23 99:7 105:21 156:25 Arkhangelsky (106) 92:3 105:2 108:6 aware (16) 12:7 26:13 103:2 105:6 106:5
106:12,19,20,22 anticipated (1) 156:24 1:9,13 3:2,9 4:11 assets (45) 22:4 51:22 27:5 30:24 37:17 106:18 107:3,10,13
107:2,7 113:8,16 Antonenko (5) 70:21 4:12 23:8 28:23 60:24,25 61:2,2,4,8 37:19 51:7 70:21 107:17 109:21
114:1 115:8 118:21 71:14,15,22 72:6 29:5,12,17,19,22 61:9,11,25 62:4,10 89:25 93:21,22 110:3 112:11,13
127:3 138:12,22 anxiety (2) 158:25 29:23 30:4,16,23 62:20 63:18 64:5 106:23 108:8 113:12 114:14,18
139:3 164:25 34:3,6,19 35:3,23 64:19 66:9,21 67:2 109:16,18 113:4 114:19,25 115:2,6
agreements (12) anxious (3) 147:8 36:9,12,17 37:4,7 67:7,23 69:20 awful (1) 182:12 115:6,18,21 116:7
30:10 32:23 36:16 152:6 167:18 37:12,21 38:6,18 71:23 73:5 75:23 116:10,13,15,19
38:15 43:10 46:8 anybody (4) 2:4,6 38:20 39:10 41:14 87:3,21,21 88:10 B 117:11,19 118:23
46:23 96:13 107:7 7:19 78:14 42:9,21 43:4,14,20 88:12,24 96:25 b (1) 44:15 119:7 120:24 122:6
115:4,5 135:23 anyway (1) 74:6 43:21 44:17,21 97:4,10,16 99:17 122:9,10,14,16,24
B1/4/27 (1) 27:10
agreements’ (1) 46:10 apart (4) 5:2 45:2 65:9 45:14,16,23 46:18 99:22 100:2,9 123:12 124:8,23
B1/4/28 (2) 27:9,21
aimed (1) 97:3 172:25 46:24 47:1 48:15 104:11,15 107:24 126:4,6 127:24
B1/4/75 (1) 27:13
Aktivami (1) 22:5 apologies (8) 31:13 55:23 56:3,11 108:22,25 128:19,22 129:21
B1/4/76 (1) 27:23
Aleksei (1) 23:21 70:19 134:10,14,17 57:11,12,16 58:10 assign (2) 95:3 98:18 129:24 130:5,25
back (22) 12:10 29:5
Alexander (4) 3:21 149:13 166:14 64:17 70:16 79:18 assigned (1) 98:21 137:6,11,13,15,15
35:20 48:23 81:8
81:24 115:22 187:4 179:8 81:18 82:4,13,15 assignment (6) 89:13 137:19,19,20 138:1
89:1 93:11 125:6
allegation (1) 27:24 apologise (2) 81:12 83:1,3,13 84:3,13 89:20 92:5 94:7,14 138:7,7,9,11,13,19
127:7 133:12,17,17
allegations (6) 27:25 110:11 85:15 86:11 87:5 96:7 139:7,25 140:6,10

Opus 2 International transcripts@opus2.com
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189
March 21, 2016 Day 30

140:15,22 141:8,11 beseech (1) 179:22 bold (1) 123:12 call (20) 17:1 24:9 148:2,8,15 162:22 164:18 15:20 19:6 21:9,10

142:8,12,16,21,25 best (24) 2:24 5:8 6:4 bolster (1) 46:6 31:5 49:14,16 68:2 central (7) 49:19 50:4 172:5 174:19 22:8,14 34:24 38:7
143:3,9,11,17,20 12:20 13:3 18:24 book (1) 178:13 80:16 81:14 83:7 51:13 137:7 147:15 clear-cut (1) 177:15 50:12 61:21 71:25
143:22 144:1,6,8,9 40:7 74:4 81:3 borrowed (1) 88:16 88:24 90:14 118:18 148:25 157:16 clearly (7) 39:6 48:14 73:14 75:22 134:11
144:14,16,21,21 84:20 110:13 borrower (12) 33:4,11 121:19 141:3 centre (1) 137:10 113:24 127:9 134:15 144:2,4,5
145:16,18,18 146:9 129:25 130:9 33:20 41:3 42:2 142:20 151:24 CEO (3) 19:17 25:11 130:19 151:13 146:10
146:15 147:2,7,14 134:18 153:20 45:7 51:15,20 152:14 155:5 143:21 182:9 company (75) 6:18,19
147:22,23 148:1,5 157:12 158:17 52:15 70:7 83:1 165:21 178:2 CEOs (1) 143:18 client (11) 44:8 50:8 6:23 8:10 9:1 13:21
148:9,10,18,23 160:4 163:4,16 110:2 called (40) 1:21,25 certain (11) 7:19 11:9 52:14,16 70:6 15:15,24 16:1,9,9
Bank’s (41) 10:8 23:11 164:11 166:9 borrowers (16) 42:5 6:18 9:1 11:13 12:1 24:6 39:12 57:8 72:24 75:3,7,18 17:15 18:21,23
24:1 26:8 41:5 43:2 169:15 184:23 44:5,6,8 49:20 50:7 15:3 18:21 19:15 113:2,3 115:12 76:15 140:23 19:15 20:5,6,7,10
43:11 45:8,10 46:6 better (13) 16:25 50:12 55:14 67:19 20:1 21:22 25:6 136:3 153:7 165:15 clients (19) 29:22 30:1 20:19 21:22,23,25
47:9,14,17,19 48:7 17:11 68:25 69:10 67:20 75:24 76:18 29:18 49:23 50:14 certainly (8) 1:10 41:20 44:2,5 65:13 22:6 25:5,11,16,20
58:7,16 59:4,22 70:20 146:5 153:23 77:1,1 88:16 60:18 62:24 63:7 41:11 58:23 136:11 66:7,13 72:16,18 26:1,4,15,18 32:20
63:19 66:7 68:8 169:4,5 172:8 109:21 63:14 67:2,2 69:6,7 148:8 150:22 72:25 88:15 108:24 66:17 67:2 76:24
69:2 72:5 75:19 175:4 179:14 borrowing (1) 61:7 70:6,21 73:24 74:1 162:18 180:16 140:23 144:21 87:10 89:11 91:10
80:16 85:11 87:11 180:24 borrowings (1) 63:1 87:10 89:11 94:15 certainty (1) 175:3 164:25 172:22 92:22 94:15 99:1
100:4 101:9 116:15 beyond (2) 180:17,18 bottom (10) 16:7,8,16 99:2 104:12,14 chaired (2) 105:15,17 179:17 180:2 99:25 100:2 104:12
117:2 118:15 big (5) 70:12,14 81:22 17:17 18:13 27:14 105:4 131:20 132:3 chairman (17) 10:18 Clifford (1) 124:23 104:13,14,23,23
141:21 142:6,15,23 157:8 169:25 54:17 92:25 102:23 141:20 152:15,16 12:14,16 27:4 close (2) 18:3 148:13 105:3 107:19
146:15 147:9,15 billion (5) 70:15 71:2 171:10 161:7 36:21,24 47:14 closed (1) 26:4 112:24 118:1,18,19
148:25 89:21 105:23 148:1 bought (4) 67:24 99:2 calling (5) 23:14 29:25 79:16 93:20 98:18 code (1) 113:24 126:4 127:24
banking (5) 50:1 billions (1) 47:22 99:3 104:11 177:23 183:3,3 107:5 111:10 collapses (1) 170:18 128:22,23 131:7,11
156:22,25 160:19 binding (1) 49:25 box (2) 68:10 109:3 calls (1) 2:17 113:18 115:7 collateral (3) 46:6 132:3,8,13,17
160:23 Birt (1) 177:12 brackets (1) 93:6 cancellation (1) 81:24 130:24,25 140:22 86:24 96:21 133:1,10 134:19,24
bankruptcies (3) birthday (3) 1:20 2:25 brain (1) 137:19 cancelled (2) 82:17 chairmen (2) 11:8 colleagues (7) 56:23 135:24 143:5 144:8
74:23,24 75:22 5:12 brains (1) 137:10 86:7 139:25 56:24 58:7,14 74:4 144:8,20 146:2
bankruptcy (7) 74:7 bit (19) 2:15 20:20 branch (2) 58:14 capable (4) 4:13 5:2,4 challenged (1) 83:25 103:25 149:13 competition (1)
74:11,17,19 75:1,2 78:3 103:25 141:15 146:15 183:20 challenging (1) 176:6 collegiate (2) 34:17,21 139:23
75:12 146:5 152:2,5,23 brazen (1) 29:4 capacity (5) 27:4 chance (4) 46:3 collusive (4) 99:15 complaints (2) 164:16
bankrupting (1) 75:22 153:8 157:5,20 breach (1) 106:18 93:20 142:16,22 124:23 156:11 107:3,16,24 184:7
banks (7) 42:15 61:7 164:3 173:3,14 breached (1) 107:3 143:23 166:1 column (5) 69:17 complete (1) 171:14
61:16,18 96:22 174:10,12 180:5 break (15) 49:4,7,9 capital (11) 15:3,10 change (4) 3:19 13:17 117:15 124:15 completely (6) 20:16
128:14,21 186:3 77:7,8 78:13 81:6 122:24 126:18,19 33:10 133:2 126:23,23 72:3 101:15 146:4
Baranovski (1) 14:12 bite (1) 179:14 103:10,16,20,24 128:9,12,21,22 changed (6) 4:2 7:22 combining (1) 171:16 155:1 170:11
Barrister (14) 25:6 bits (2) 14:4 90:23 104:6,10,20 175:19 129:16 130:4 12:15 72:13 134:13 come (26) 29:5 53:17 completion (1) 186:5
26:9,15 131:5,6,11 BKK (1) 75:18 breaking (1) 181:13 capitalise (1) 61:2 145:7 88:6 111:12 113:10 complex (3) 55:3,4,12
132:4,8,12,17 blah (6) 35:24,24,24 brief (4) 21:13 103:21 capitalised (1) 61:4 changes (7) 14:12,16 115:15 119:9 compliance (1) 10:8
133:1,23 134:5,20 69:14,14,14 149:21 170:19 capitalising (1) 62:4 21:5 126:11,19 120:18 146:21 complicated (1) 55:4
base (2) 44:8 125:23 blame (1) 184:15 briefly (2) 8:16 26:22 care (1) 154:10 127:5 130:14 151:16 152:21 Composition (2)
based (6) 18:2 37:10 blank (4) 31:19,24 bring (3) 4:14 107:3 career (1) 115:18 charge (10) 9:20 10:1 153:16 155:21 126:21 127:6
40:1 60:24 92:12 98:4 108:19 181:24 careful (1) 108:21 10:17 36:25 77:3 157:7 158:23 160:3 conceal (1) 59:9
138:15 blinking (2) 117:13,16 broad (1) 38:3 carefully (2) 12:5 86:18 107:6 115:13 161:22 164:24 concealed (1) 57:12
basis (4) 49:2 147:1 blur (1) 64:4 brought (4) 99:20 174:5 116:2 140:23 165:20 167:3 concerned (10) 34:13
172:6 173:12 blurry (2) 68:18 69:11 105:6 106:19 carried (3) 4:4 128:16 chartered (3) 15:10 168:25 172:23 44:13 73:6 74:24
bat (1) 140:6 board (111) 9:13,14 182:23 129:2 61:17,18 173:16,17 176:7 90:19 180:3,3
bear (2) 54:3 86:3 9:15,16,18,18,19 BSP-Finans (1) 126:2 carry (3) 4:4 103:20 charters (1) 61:19 178:12 182:15 185:15
bearing (4) 150:10 9:25 10:1,3,3,18 BSPB (4) 126:18,21 174:11 check (1) 169:3 comes (3) 87:11 94:22 186:1
166:1 173:5 181:24 11:3,4,8,16,17,20 127:4 129:5 case (58) 7:15 11:11 checking (1) 129:3 169:21 concerning (1) 28:12
becoming (1) 90:12 11:21,21,25 12:1 BSPB’s (2) 124:2 127:5 11:15 21:3 22:3,7 Cheer (1) 183:25 coming (14) 39:16 concerns (2) 74:7
befall (1) 2:3 12:11,14,16 30:13 BSPB-Finans (1) 23:23 24:11,20,20 Cheradova (1) 1:21 69:24 108:1 120:5 87:14
beg (2) 16:4 110:5 34:18 36:21,25 129:23 24:21 25:1 28:2,17 Cherepanov (1) 14:13 151:17,21,21,23 concluded (2) 106:13
began (1) 54:8 37:2 41:5,10 42:3 build (1) 2:15 28:20 39:9 44:20 choice (1) 160:2 161:6,11 162:6 135:23
beginning (3) 29:3 43:2,12 45:10,18 bulk (1) 72:18 47:3 48:1,11 58:9 choices (1) 162:16 166:8 179:10 183:8 conclusions (1) 113:7
102:20 133:17 45:19 47:10,15,19 bullet (4) 91:13,17,22 58:15 62:2 63:13 chosen (1) 12:5 comma (1) 16:23 conclusive (1) 170:3
behalf (6) 6:24 20:10 48:7 50:11,23 51:1 179:14 65:24 66:4 67:23 Christ’s (1) 115:25 commend (1) 150:11 condition (5) 7:7
22:15,16 24:12 52:3,9,10,13,18 bundle (2) 127:15 70:15 78:8,15 chunky (1) 120:4 comment (7) 22:12 37:22 51:17,23
144:16 53:3,15 55:6,8,10 129:14 85:21,24 90:11 circular (3) 58:3 125:7 93:10,17 94:11 56:10
believe (13) 7:5 39:17 56:8,16 57:1,15,20 bundles (1) 120:8 96:16 97:6,8 98:17 169:12 104:24 105:16 conditions (4) 33:6,9
47:4 51:24 55:13 57:25 58:8,22 bunkering (2) 37:18 99:19 111:5,6,17 circumstances (3) 6:5 137:9 34:4 138:16
56:8,15 87:1 131:3 59:22 60:15 75:14 51:9 111:23 114:18 7:20 179:12 comments (1) 28:9 conducted (1) 56:1
138:14 139:24 75:16 76:16 79:16 burden (2) 120:14 141:24 144:17 cities (1) 58:21 commercial (2) 47:21 conferences (1) 10:25
143:8 146:14 85:11 93:20 94:16 163:24 152:9 157:25 165:4 citizenship (1) 185:21 47:24 confess (1) 167:8
believing (1) 29:2 95:3,5,15,22 96:8 business (10) 28:4 165:15,18 167:9 city (2) 44:4 91:8 commission (4) 142:7 confidence (4) 109:6
bell (1) 74:14 97:1 98:19 100:21 37:1 61:23 73:23 169:8,16 170:17 claim (4) 100:1 104:23 142:15,23,25 113:6 115:19 167:9
bells (3) 67:8 95:12 100:25 101:9 102:4 81:8 137:21 176:17 175:24 176:2,2 105:6 106:19 commissions (1) confident (1) 77:10
105:4 102:6 105:11 106:9 177:7,19,20 180:16 claimants (1) 164:2 135:23 confirm (27) 36:22
belong (1) 26:15 107:8 109:2,8 businesses (2) 63:25 cases (1) 76:17 claimants’ (1) 173:3 commitments (8) 5:7 43:7 45:6 48:12
belongs (1) 26:16 111:25 112:1,2,4,5 132:14 categorically (1) 28:10 clarification (1) 170:5,10 173:8 49:1 58:6 64:7
Belykh (1) 19:23 112:7,9 113:4,18 busy (2) 3:9 62:6 causation (1) 177:14 144:25 179:24,25 183:21 69:16 76:20,25
beneficial (4) 122:14 116:2 120:21,23 buy (3) 7:19 87:19 cause (1) 32:9 clarify (13) 20:8,14 183:21 85:25 89:23 96:23
126:24 130:15 121:4,10,12 135:20 121:19 cent (30) 5:22 6:3,3 41:6 60:22 71:17 committee (3) 76:16 98:5,9,12 108:13
134:23 136:2,4 137:18 buyer (1) 109:17 15:2,6,25 18:12 134:18 142:16 142:11,19 108:24 109:5
beneficially (1) 20:10 139:6 140:13 146:1 buyers (1) 66:1 19:10 22:4 25:20 145:2 157:20,22,24 committing (1) 86:22 116:14,17 117:1
beneficiaries (2) 49:21 board’s (2) 44:22 buying (1) 118:1 26:2 89:14 96:8,11 158:2,6 communicate (1) 122:12 123:19
50:9 47:17 117:18 118:13,17 clause (1) 106:15 41:14 126:5 135:16 185:4
beneficiary (2) 105:1 boards (2) 9:20,22 C 118:18 122:9 clean (1) 75:21 communicated (3) confirmed (2) 35:6
132:14 bodies (1) 34:17 calculated (1) 138:5 131:17,18,18 clear (9) 18:25 48:13 41:16 77:17 79:9 133:6
benefit (1) 42:8 body (2) 34:21 100:17 147:16,18,19,20,24 85:15,18 96:17 companies (20) 9:4 confirming (1) 29:3

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

190

March 21, 2016 Day 30

conflict (3) 144:3,10 coordinate (1) 45:19
144:23 copies (2) 119:25
conflicting (1) 143:23 120:2
confront (1) 175:17 copy (5) 79:14,21
confused (3) 134:11 81:16 122:25
134:17 168:11 129:14
congratulate (1) 2:23 core (2) 67:18,20
connected (4) 26:7,10 corporate (30) 9:8,10
97:4 99:23 9:12,13,14 10:7,24
connection (6) 1:11 11:1,3,4,9,11,13,19
1:17 79:24 80:16 11:24 12:11,19
90:25 91:5 14:15,20,21 30:9
connections (1) 1:15 72:16 74:20,21
consciously (1) 156:18 90:1 119:17,20,24
consent (6) 30:18 120:20 131:10
93:2,13 97:16 corporates (1) 72:22
103:2 146:17 correct (24) 5:20 8:21
consider (8) 43:25 11:23 12:3,13
47:19 82:1 130:25 29:10 62:23 73:3
150:9,19,20 177:6 76:12 80:18 82:14
considerably (1) 82:19 110:20
180:11 121:18,21 122:13
consideration (1) 122:17,20 123:22
151:18 142:8 143:4 144:11
considerations (1) 147:6 148:17
170:3 correctly (4) 65:8
considered (1) 48:7 132:18 146:11
considering (7) 52:20 173:23
56:10 93:25 94:13 correspondence (1)
95:5 115:18,19 161:14
consistent (1) 5:23 cost (3) 61:9 62:1,1
constant (1) 177:3 counsel (1) 113:19
constantly (1) 181:12 counterclaim (1)
constraints (1) 183:18 28:14
construction (1) 63:24 counts (1) 114:14
constructively (1) couple (2) 81:13
152:8 131:4
construed (1) 159:10 course (36) 2:24 3:14
contact (2) 110:2 4:1 21:7,11 22:17
185:14 22:20 24:18 34:19
contain (1) 33:8 37:20 39:17 40:9
contains (1) 30:20 43:11 48:17 52:13
content (2) 1:13 3:1 58:22 59:3,6,11,11
context (4) 24:21 27:9 61:23 72:23 89:7
27:14 153:15 97:25 107:8 109:23
continue (3) 64:3 129:6,7 148:6,9
116:7 160:17 153:1,2 159:24
continued (6) 3:21 174:25 175:4
5:10 142:7,14 177:13
187:4,5 court (38) 12:24 20:25
continuing (1) 169:10 22:12 23:18 26:1
contract (7) 33:19 39:6,8 40:4 43:8
35:23 39:21 91:14 44:3 48:12 60:21
114:3 115:7,8 64:7 85:24 100:16
contracts (8) 32:16,17 101:16 107:4
32:18,22 92:5,13 116:23 149:20
113:22 115:4 153:25 157:25
contractual (1) 118:21 158:1,8 162:2
contribution (1) 164:2 166:5 169:4
137:22 169:10 171:17
control (5) 35:7 59:1 172:2,3 176:18
63:21 72:15 118:23 178:24 179:3
controlled (8) 21:9 181:10,13 183:20
72:3 96:21 99:16 186:18
100:12 117:19 court’s (1) 42:8
118:15 132:13 covered (1) 34:9
controlling (1) 100:17 covering (1) 34:8
controls (2) 122:8,11 covert (1) 48:22
convenient (4) 82:2 create (5) 42:6 147:15
83:16 146:22 147:20 148:2,24
166:18 created (4) 94:12
conversation (6) 147:19,24 148:7
45:14,16 175:8 credit (4) 38:20,23
177:21 178:7 182:3 69:14 91:14
conversations (1) credited (1) 56:5
181:22 creditors’ (1) 94:14
convey (1) 149:13 crew (1) 51:9
convoluted (1) 94:10 criminal (2) 28:11,20
COO (1) 143:9 critical (3) 148:1,11

154:23 criticised (1) 63:23 cross-default (1)
50:20 cross-defaults (1)

62:25

cross-examination (7)

4:10 5:10 154:24 156:21 157:15 159:21 187:5

cross-examine (7)

154:14 158:7,12,25 160:19 176:23,24

cross-examined (4)

163:23 173:23,24 173:25

cross-examiner (1)

174:8 cross-examining (2)

162:7 167:10 cross-referencing (1)

15:22

crossed (2) 98:15,21 current (3) 14:21

18:24 111:9 currently (2) 91:9
123:4

D

D105/1463/1 (1)

135:17

D105/1463/2 (1)

135:18

D107/1537/1 (1) 31:7

D107/1537/2 (2)

32:22 35:22

D107/1537/3 (2) 31:8 31:19

D107/1537/4 (2)

32:22 35:22

D110/1563/1 (1)

110:7

D113/1648.2/0.1 (1)

53:19

D113/1648.2/0.2 (1)

54:11

D113/1648.2/0.4 (1)

54:14

D113/1648.2/0.6 (2)

53:21 54:18

D113/1648.2/1 (1)

53:23

D113/1648.2/2 (1)

54:11

D113/1648.2/4 (1)

54:15

D113/1648.2/6 (1)

54:18

D115/1671/1 (1)

64:13

D115/1671/3 (1)

64:14

D117/1759.1/1 (1)

81:14

D120/1831/5 (1) 83:8 D120/1831/6 (1) 83:9

D120/1853/0.1 (1)

84:10

D120/1853/0.2 (1)

85:2

D120/1853/1 (1)

84:10

D120/1853/2 (1) 85:2

D131/2132.1/1 (1)

68:2

D131/2132.2/2 (1)

68:3

D146/2436.2/1 (1)

87:6 D207/3041/2 (1) 123:25 65:13 74:17,22
D146/2436.2/2 (1) 14:11 D211/3064.2/298 (1) 86:18 161:19 169:3
89:9 D207/3041/4 (2) 124:20 deals (1) 10:10
D146/2436.2/4 (1) 14:25 16:13 D212-D213/3066/1 … Dear (1) 81:24
87:7 D207/3041/5 (1) 129:13 debating (2) 53:4 55:7
D146/2436.2/5 (1) 15:19 D212-D213/3066/1… debtors (1) 55:24
89:9 D207/3042/1 (1) 130:13 debts (6) 29:12 32:6
D148/2466.3/0.1 (1) 13:12 D212-D213/3066/2 … 33:3 34:11 62:1
95:21 D207/3042/2 (1) 130:2 75:15
D148/2466.3/0.4 (1) 14:10 D212-D213/3066/4… December (17) 29:6
96:1 D207/3042/3 (2) 130:18 35:5 36:1,12 37:12
D148/2466.3/1 (1) 14:24 16:13 D221/3105/1 (1) 40:6 42:19 58:11
95:21 D207/3043/1 (1) 127:14 58:18 59:18,18
D148/2466.3/4 (1) 19:14 dare (7) 3:4 24:10 91:15 111:7 117:18
96:2 D207/3043/3 (1) 153:8 159:6,7 122:8 135:3,21
D148/2466.4/0.1 (1) 19:21 163:1 170:2 decent (2) 84:21
95:1 D207/3044/1 (1) darkness (1) 149:11 160:16
D148/2466.4/1 (1) 19:15 dash (1) 92:23 decide (11) 34:2
95:2 D207/3044/3 (1) data (2) 133:5,10 72:17 73:12,15
D150/2495.1/0.1 (1) 19:21 database (5) 131:24 150:22 151:7
97:12 D207/3045/1 (1) 17:3 132:2,22 133:12,22 161:18 165:24
D150/2495.1/1 (1) D207/3045/2 (1) databases (1) 131:10 177:7 178:18
97:13 17:11 date (12) 12:25 46:10 183:12
D150/2495.2/0.1 (1) D207/3045/4 (1) 67:1 82:18 94:22 decided (3) 43:11
102:9 17:13 121:24 125:22 106:9 171:5
D150/2495.2/0.4 (2) D207/3045/5 (1) 169:10,18 172:25 decision (30) 24:10,11
102:19 103:8 18:17 173:1 181:25 42:16,20 44:23
D150/2495.2/0.5 (1) D207/3046/1 (1) 17:4 dated (13) 35:24 45:9 47:16 49:13
102:23 D207/3046/3 (1) 42:19 64:17 69:4 49:16,16 50:18,20
D150/2495.2/1 (1) 17:11 69:15 79:22 81:19 50:23 53:1 75:12
102:10 D207/3046/4 (1) 84:12 91:15,19,24 95:3 96:3 97:15,23
D150/2495.2/4 (1) 18:11 135:20 146:18 98:20 101:1 102:21
102:20 D208/3057.1/1 (1) dates (2) 8:22 12:22 102:21 106:2,13
D150/2495.2/5 (1) 116:20 daughter (6) 132:19 107:14 108:11
102:23 D208/3057.1/84 (1) 132:23,25 133:9 153:12 162:22
D160/2707.1/0.1 (1) 117:8 134:12,18 179:7
108:10 D208/3057/1 (1) day (42) 56:8 78:6 decisions (8) 42:22,25
D160/2707.1/1 (1) 116:21 111:14 112:17 43:1 102:7 112:2,6
108:9 D208/3057/84 (1) 114:15 131:9 132:6 139:13 140:14
D160/2707.2/0.1 (1) 117:8 132:8,9,10 143:6 declared (4) 42:13
105:9 D209/3059.1/1 (1) 150:4,21 152:24 63:6 147:13,22
D160/2707.2/0.4 (1) 119:6 155:6 159:5,5 declined (2) 82:21
105:18 D209/3059.1/10 (1) 162:2 164:13,23,23 85:22
D160/2707.2/1 (1) 119:16 165:11 166:16 default (25) 29:18,25
105:10 D209/3059.1/11 (1) 168:6,7 171:2,3 35:4 37:5 42:11,14
D160/2707.2/4 (1) 121:3 172:11 173:20 42:23 46:3 49:15
105:19 D209/3059/1 (1) 175:25,25 178:17 49:17,22 50:10,14
D174/2907/1 (1) 119:5 178:18 182:12,18 60:18 62:24 63:6,6
73:20 D209/3059/10 (1) 182:20,23 183:8,17 63:14 109:10 135:5
D174/2907/2 (1) 121:3 185:24 186:2,5 147:9,10,13,21
73:22 D209/3059/9 (1) day-to-day (3) 178:17 148:16
D192/2920/14 (1) 119:16 178:22 179:6 defaulted (1) 50:14
73:18 D210/3064.1/1 (1) Day27/111:1 (1) defence (1) 28:13
D196/2936/1 (1) 121:23 131:9 defendants (5) 4:9
90:15 D210/3064.1/88 (1) Day27/27:1 (1) 150:17 153:5,24
D206/3011/1 (2) 25:5 122:3 141:17 176:5
133:20 D210/3064/1 (1) Day27/40:24-25 (1) defendants’ (1) 28:13
D206/3011/2 (1) 121:23 143:7 defends (1) 114:6
134:1 D210/3064/86 (1) Day28/147:1 (1) deferral (1) 39:17
D206/3011/3 (2) 122:3 132:6 deferred (1) 39:8
25:15 134:2 D211-D212/3065/1 … days (23) 106:14 definite (1) 47:12
D206/3011/4 (4) 125:2 140:8 162:7 164:12 definitely (6) 94:2
25:19 131:25 D211-D212/3065/1… 165:12 167:20,22 108:6 110:4 144:2
133:13 134:3 126:17 167:23 168:4,6,17 144:4 159:20
D206/3011/5 (1) D211-D212/3065/1… 168:18,24 173:20 degree (1) 151:15
133:16 126:21 173:24,25 174:1,20 delay (1) 43:21
D206/3016/1 (2) 25:4 D211-D212/3065/1… 175:23,23 176:1 delayed (2) 1:3
133:18 127:2 178:13 183:23 149:14
D206/3016/2 (1) D211-D212/3065/1… deadline (2) 171:24 delaying (1) 156:17
134:1 126:11 172:1 deliberately (1) 63:10
D206/3016/3 (2) D211-D212/3065/2 … deadlines (4) 52:24 deliberations (1)
25:15 134:2 125:19 136:15,18 175:22 54:16
D206/3016/4 (3) D211/3064.2/1 (1) deal (12) 29:13 46:5 Deloitte (1) 176:10
25:19 133:14 134:3 123:3 47:21,24 74:25 Delovoy (1) 73:24
D206/3016/5 (1) D211/3064.2/135 (1) 100:11,12 105:1 demurrage (1) 51:10
25:22 124:11 107:24 138:24 deniability (1) 101:5
D207/304/4 (1) 15:5 D211/3064.2/2 (1) 150:12 177:19 denied (2) 28:5 57:17
D207/3041/1 (1) 123:9 dealer (1) 125:22 deny (6) 28:10 66:11
13:13 D211/3064.2/29 (1) dealing (8) 30:12 65:2 101:25 102:2,6

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191

March 21, 2016 Day 30

107:13 dire (1) 7:8 distinct (1) 72:15 159:8,19 161:19 enlarge (2) 1:12 3:4 9:3 12:23 17:25
department (10) 2:1 direct (1) 32:21 distressed (2) 75:23 163:9 166:20 169:8 enormously (1) 44:16 39:23 40:15 44:25
10:9,10 11:12 direction (1) 61:21 77:1 169:9 171:4,12 ensure (2) 101:4 45:21 51:4 53:9
12:21,24 74:22 directions (2) 36:25 distributed (1) 65:1 172:19 175:12 153:9 57:4 64:12 69:18
75:4 76:15 141:22 182:11 distribution (2) 65:15 179:13,20 ensuring (1) 97:3 69:22 75:10 111:2
departure (2) 112:12 directly (4) 8:3 66:9 86:16 Eduardovna (1) 18:3 enter (2) 92:4 115:20 137:25 141:16
113:10 85:9 145:11 divide (2) 153:12 effect (4) 3:19 114:17 entered (8) 32:16,18 154:2 173:11
dependant (1) 18:20 director (14) 14:22 169:15 144:9 172:18 65:25 70:8 113:8 183:18
depending (1) 148:24 17:6 19:6 21:21 divider (5) 120:8 effectively (2) 49:16 115:12 127:25 examination (1)
depends (10) 53:12 22:10 25:15 93:4 125:5,17 127:14 173:25 129:21 149:15
53:14 55:4,12 113:20 132:19 129:14 effort (2) 3:8 140:9 entering (3) 29:20 examined (2) 168:15
101:22 133:2 141:21 143:5,21 division (6) 75:3,7,19 efforts (7) 1:7 4:7,14 30:7 113:22 175:2
168:23 169:12,13 144:14,15 76:15 86:16 175:16 31:23 109:16 140:7 enterprise (2) 138:8 example (3) 143:5
172:7 directorate (1) 12:7 document (24) 30:3 170:11 139:1 151:20 173:10
deposit (2) 115:4,8 directors (5) 9:19 31:23 71:19 79:14 EGRUL (1) 21:5 enthusiastic (1) exasperating (1)
depository (1) 123:15 11:21,25 143:18 85:3 87:13 90:3,13 either (10) 26:16 181:17 167:16
deputies (21) 10:17 144:2 94:12 95:12,14 40:18 65:12 85:10 entire (4) 49:17,23 exasperation (1)
10:18 36:16 45:17 disagree (2) 19:10 98:18 101:25 109:7 134:24 143:11,18 50:10 105:25 167:14
48:6 64:25 65:3,10 82:25 117:1 118:13 123:4 146:15 151:20,21 entirely (2) 155:22 exceeded (1) 62:10
82:22,25 85:9 86:1 disagreed (2) 46:20 123:6,25 124:22 elected (1) 12:17 174:4 excellent (1) 154:24
86:8,17 101:8,10 93:8 126:10 127:19,22 election (1) 177:25 entitled (6) 34:5 43:9 exception (1) 160:17
101:14 102:5,8 disagreeing (1) 94:18 129:17 elements (1) 38:4 119:19 124:13 exceptions (2) 36:5
107:11 109:6 disappearing (1) documents (9) 1:23 Elena (1) 131:19 130:13 156:10 45:4
deputy (15) 11:8 27:4 134:16 59:17 73:8 77:15 Elevatornaya (1) 91:9 entity (4) 72:16 73:16 excessively (2) 154:23
36:20 41:19 45:20 disaster (1) 161:2 78:20 98:14 116:11 else’s (1) 44:14 74:21 90:1 156:3
48:13 65:11 98:18 discharged (1) 56:12 120:12 122:22 emotive (1) 175:22 entrant (1) 174:19 exchange (5) 29:12
107:5 111:9 115:7 disclose (3) 10:13,16 doing (20) 4:13 5:4 emphasised (2) entrepreneur (1) 30:4 38:10 46:7
115:13 116:2 10:22 11:5 30:6 77:9 83:5 157:14 164:22 139:13 47:23
139:25 140:21 disclosed (5) 10:6,19 116:3,3 137:18 employed (4) 142:21 entries (1) 121:7 exchanges (1) 135:15
describe (1) 70:14 10:20 102:14 118:9 140:10 152:5 153:6 142:25 143:3,20 entry (2) 132:1,22 exclude (1) 160:24
described (3) 7:3 discloses (1) 10:12 154:1 157:4,12 employee (5) 113:23 envisaged (1) 31:12 excruciatingly (1)
108:3 137:4 disclosure (4) 58:17 162:3,19 168:5 114:6,7,9 144:6 EPAM (1) 1:21 163:9
deserved (1) 167:15 68:8 69:2 87:12 170:10 175:18 employees (11) 23:1 Equally (1) 155:4 executive (1) 136:2
desk (1) 168:9 disconnected (1) domain (1) 139:4 23:15 41:1 115:6 equity (2) 6:7 138:15 exercising (1) 19:7
Despite (1) 4:7 80:24 door (1) 177:4 142:12 143:25 error (1) 108:14 exhausted (1) 160:10
detail (4) 40:9 58:13 discount (6) 89:14 Dorozhnik (1) 76:23 144:1,14,20,21 escape (1) 185:22 exhaustion (2) 4:21
137:3 145:3 92:7,8,10 96:7,11 doubt (4) 124:24 147:2 especially (2) 159:6 4:23
detailed (1) 111:8 discounted (2) 51:19 127:10 129:9 employer (1) 114:7 162:14 expect (3) 74:25
details (11) 36:23,24 148:6 166:15 employment (5) essence (2) 29:13,16 156:10 158:8
37:2 38:2 41:4 discourse (1) 52:7 doubts (1) 161:5 113:9,17,21 114:5 essentially (1) 150:24 expected (2) 87:2
56:16 89:25 100:9 discovering (1) 58:17 dozen (1) 167:23 143:23 establish (2) 8:2 88:22
106:8 112:7 157:19 discuss (15) 38:20 Dr (13) 1:9,13 135:4 enable (1) 107:3 145:10 expecting (2) 39:12
devalued (1) 115:10 39:5 42:1 45:8,18 151:2,6 152:13 encapsulate (1) 24:5 established (1) 177:5 55:25
develop (1) 61:1 52:11,22,25 53:11 153:3,6,14 165:19 encounter (1) 42:6 estate (4) 99:10 expense (2) 164:22
development (3) 73:14 77:14 78:18 182:2 183:3,4 encumbered (1) 97:17 104:17,18,22 180:6
44:11 61:8,24 104:2 155:7 159:3 draft (5) 25:2 115:7 encumbrance (2) 92:3 estimate (4) 139:17 expenses (1) 24:2
deviate (1) 9:6 discussed (29) 8:17 145:2,4,8 92:12 167:7 168:24 174:1 expensive (2) 23:6
devoted (1) 101:11 15:24 16:10 25:7 drafted (1) 115:5 endeavour (2) 21:13 estimates (1) 164:20 137:11
DG (2) 143:9 144:7 30:14 37:4 45:23 drastically (1) 6:5 44:2 evaded (3) 63:8 86:6 experience (3) 157:11
DGs (1) 144:5 57:8,14 60:23 draw (3) 25:10 86:12 endeavours (1) 44:6 86:9 164:11 181:17
dialogue (2) 111:8 67:10,17 76:22,25 88:8 ended (4) 54:20 55:11 evaluated (1) 60:23 experiment (1)
139:14 78:14 84:5 87:16 drawing (1) 10:2 70:1 83:23 event (4) 50:7 147:11 181:16
dialogues (1) 139:11 94:16 104:10 111:9 drew (1) 113:7 endorse (1) 178:25 147:13 175:16 expert (6) 156:22
difference (3) 101:13 111:13 132:17 drivers (1) 23:24 ends (1) 87:10 events (2) 86:12 169:24 176:25
162:6 181:4 139:3,5 146:14 Druzya (5) 7:4 8:11,11 enforce (2) 105:7 101:22 177:18,24 178:2
different (29) 8:6,7,25 148:2 154:13 145:20,25 106:19 everybody (3) 3:5 experts (20) 50:17
11:22 13:1 15:10 157:18 159:9 due (6) 35:7 81:24 enforcement (6) 99:6 165:12 178:19 76:7,8 138:23
15:23 16:18 19:5 discussing (9) 21:2 128:16 129:1 130:8 99:12 100:1 106:23 everyone’s (2) 175:20 140:1,2,12,21
20:16 22:14 46:14 52:9,15 58:18 63:5 176:4 106:25 107:4 179:25 141:12 151:15
52:23,24,24 63:7 66:17,18 73:7 duties (1) 9:10 English (45) 13:11,16 Evgeni (2) 93:4,11 156:25 160:19,23
76:17 87:9 97:17 100:10 13:20 15:4 16:7,16 evidence (36) 2:5 160:25 169:19
108:12 109:21 discussion (12) 9:15 E 17:3,9,17 18:11 22:24 23:11,14,17 176:11,17 177:7
134:15 136:10 35:14 42:22 43:7 e-mail (4) 64:24,25 19:15 25:4 27:18 23:22 29:9 39:5 178:11 183:5
145:5,16,16 154:3 43:19 46:19 51:1 33:17 53:19 54:19 40:2 43:17 44:19 expiring (1) 35:25
77:17 83:21
168:10 170:19 52:2,17 55:19 64:14 68:3 83:7 48:12 52:7 57:24 explain (13) 3:6 6:4
earlier (6) 77:6 78:4
difficult (11) 4:19 7:7 57:19 172:10 84:25 96:1 103:6,7 58:5 59:24 65:6,16 39:8 50:5 59:25
94:9 109:20 145:1
97:25 162:1,14,16 discussions (3) 56:17 103:8 105:19 109:23 113:11,13 70:17 98:24 107:5
160:8
166:15 167:10,11 135:4 139:11 108:10 110:7,12 132:5,24 134:13 112:20 115:17
early (6) 38:14 77:8
180:12 183:16 dismissal (1) 112:12 116:20,21 119:15 148:14 149:11 116:5 127:1 150:18
109:13 157:7
difficulties (7) 78:21 dispatched (1) 164:24 120:9,15 121:3 152:6,22 157:15,16 explained (3) 7:5
185:10,20
146:10 164:23 disposition (4) 86:23 123:1,5,11 124:6 163:6 167:1,2,5 120:23 177:12
ears (1) 170:18
165:3 166:7,7 87:3 90:25 96:25 124:12 125:19 168:8 180:20 explaining (3) 33:14
ease (1) 174:10
174:15 disproportionate (1) 129:18 131:12 Evolution-G (2) 18:22 80:21 146:3
easier (2) 2:19 133:14
difficulty (2) 15:22 164:17 132:1 133:19 19:16 explanation (5) 48:8
East (2) 128:21,22
106:12 disputing (1) 96:15 135:18 Evolutsiya-G (1) 18:22 55:15 76:12 90:4
Easter (24) 151:10,15
digest (1) 42:15 disrespectfully (1) English-speaking (1) ex-defence (1) 18:6 116:1
152:21 153:10,16
diligence (3) 128:16 44:13 169:19 exact (3) 12:25 53:17 explanatory (1)
154:18 155:23,24
129:2 130:8 distance (1) 108:21 enhance (1) 30:5 70:8 129:19
156:1,21 158:23
diluted (1) 6:14 distanced (1) 108:23 Enjoy (1) 78:15 exactly (22) 6:12 7:24 exploit (1) 92:17

explosive (1) 165:7 exponentially (1) 24:1 export (1) 56:1 express (1) 112:8 expressed (1) 146:17 expresses (1) 55:8 extend (3) 30:19

44:21 61:19 extendable (2) 33:19

36:1

extended (9) 34:1,3 36:2 43:13 56:14 62:21 63:5 71:5 136:12

extending (1) 62:18 extension (15) 31:4 31:11 33:1,21 35:12 39:2,4,7

42:18 46:8 48:15 49:14 54:12 57:17 135:13

extent (4) 11:9 24:7 72:3 160:10

extinguished (1)

105:24

extract (2) 93:17 135:20

extracts (1) 102:14 extraordinarily (1)

23:6

extremely (3) 32:12

51:24 108:4 eyebrows (1) 115:14

F

face (1) 167:16 face-to-face (1)
115:16 faced (2) 146:10

175:12 facility (1) 91:7

fact (26) 22:19 25:11 28:19 30:15 41:2 50:11 56:10 60:25 65:1 76:3,9,10 127:7 132:17 133:7 133:8 144:19 147:23 167:10 170:20 171:17 174:22,24 175:1 178:20 180:19

factors (1) 168:23 factual (6) 23:14

29:15 49:2 52:7 76:13 177:6

fading (1) 149:10 failed (1) 83:14

fair (14) 64:20 103:13 139:16,20 143:19 147:11 165:17 170:7 174:12 175:1 176:3 179:4,4 180:4

fairly (6) 68:24 129:19 137:11,11 155:17 185:10

fairness (6) 24:24 32:3 95:4 164:1 173:4 178:13

fait (3) 155:9 156:8 159:16

fall (1) 162:11 fallback (1) 158:11 fallen (1) 6:2 falling (1) 136:24 falls (1) 185:7 false (1) 32:2 falsely (1) 176:20

Opus 2 International transcripts@opus2.com
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192

March 21, 2016 Day 30

familiar (2) 22:20 100:7
family (5) 17:23 27:1 27:25 28:15 116:6

family-related (1)

115:12

Fantastic (1) 1:6 far (27) 12:8 28:6,6

31:18 34:13 43:6 45:15 47:5 48:6 55:22,22 67:9 111:11 128:15 132:16 142:20 148:4,23 160:8 161:2,18 162:15 163:7,21 168:1 171:6 185:15

fashioned (2) 2:16 181:9

fault (1) 67:4

favour (4) 90:21 96:4 150:22 181:10 feared (3) 172:21,21

172:22

February (3) 14:22 30:11 56:7

Federation (1) 51:14 fee (1) 170:20

feel (9) 4:8 5:4 31:20 155:25 157:4 162:16 170:16,25 184:12

feeling (2) 150:14 174:15

feelings (1) 164:16 felt (2) 68:24 156:9 fewer (1) 174:23 field (1) 159:12 fifth (1) 175:25 figure (7) 13:4 53:17

55:2 69:19 84:20 139:12 148:6

figures (1) 96:12 files (2) 120:2 122:25 final (6) 104:25 105:1

124:20 135:1 161:13 183:22

finally (2) 131:19 132:12

finance (3) 51:25 71:21 128:5

financed (2) 66:5,15 financial (5) 10:10

51:14,23 56:9 93:4 financing (7) 51:17

52:16 66:1 88:9 123:20 126:3 129:23

find (16) 1:23 27:11 70:18 77:18 78:22 82:18 109:17 110:6 110:10,14 120:8 127:8 147:9 164:6 176:3 181:10

fine (1) 100:9

finish (18) 35:1 78:1,6 78:7,17 151:14 152:18 153:19 163:5,6 164:12 165:25 167:3 171:20 173:1 175:20 182:1,21

finished (7) 2:16 45:15 88:6 97:20 154:15 166:11 167:5

finishes (2) 152:6,6 finishing (3) 5:2 77:10

152:10

first (20) 15:9 17:1 19:16 20:21 39:10 39:14 55:23 56:2 69:18 84:3 90:2 91:13 92:24 131:20 133:18 135:8 136:11 141:17 161:16 179:7

firstly (1) 147:12 fit (1) 184:11 fitted (2) 165:24

184:7

five (4) 54:21 81:3 106:14 173:25 five-day (2) 167:25

169:13 fixed (3) 110:20

181:16 185:16 flagrant (1) 144:22 float (1) 177:11 floor (1) 55:9

focus (5) 38:1 43:15 62:7,11 64:4

focused (3) 52:12

53:13 63:19 focusing (2) 45:2 64:2 fold (1) 173:18 follow (3) 69:9,20

106:16 followed (1) 16:23 following (8) 3:9

32:14 86:19 91:6 91:11 92:6 147:14 174:17

follows (2) 21:6 92:4 font (1) 68:17

foot (2) 125:20 134:4 force (1) 10:8

forced (1) 154:20 forget (1) 170:12 forgot (1) 185:20 form (3) 108:12 123:14 129:1 formal (1) 127:3 formalise (1) 42:18 formalised (1) 44:24

formally (1) 38:15 formed (4) 40:23

41:24 147:5 148:20 former (5) 7:23 18:10

21:16 113:18 130:25

formula (1) 33:17 formulated (1) 59:15 forth (2) 51:10 114:8 forthcoming (1) 61:12 fortnight (3) 167:5,24

179:2 forward (5) 8:14

70:10 128:10 163:25 184:13 found (9) 37:22 56:6 58:6 60:14 72:8 115:10 119:23 120:3 140:16

four (11) 121:6 136:7 136:10 163:20 167:25 168:17,18 168:24 173:24 174:20 186:5

fourth (2) 134:2 175:25

frame (3) 80:22 133:3 133:3

France (3) 59:13 163:23 185:9 frank (1) 154:10 frankly (4) 40:5 140:18 150:16

171:3

fraud (3) 86:22,25

97:7

fraudulent (2) 102:25 103:2

free (2) 31:20 151:24 freed (1) 172:4 fresh (1) 151:6 Friday (6) 30:14 34:9

35:14,18 66:20 84:2

friend (3) 114:21 160:11 169:14 friends (1) 111:20

Frolov (1) 1:25

front (3) 31:19 110:19 119:6

frozen (2) 80:4,22 fuel (1) 37:19 fulfilled (1) 34:4 full (10) 3:15 30:21

32:14 37:21 57:12 58:20 109:6 115:21 116:6 147:11

fully (2) 167:13 183:13

fund (1) 128:23 funding (1) 52:1 fundraising (1) 127:25 funds (11) 23:3,11

39:19 58:24 61:1,4 61:17,19 64:9 69:3 73:9

funny (1) 53:21 further (11) 15:19

24:13 25:18 46:19 51:22 57:17 83:12 114:21 156:13 160:20 166:7

future (4) 8:14 55:21 62:13 156:17

G

Galina (1) 17:18 gathers (1) 9:16 Gavani (1) 91:8 Gayde (1) 16:9 GDR (1) 123:16 general (23) 10:25

14:21 17:6 19:6 21:21 22:11 25:16 36:25 37:4 38:21 42:22 43:19 44:25 45:8,9 47:18 52:7 113:19 132:19 143:5,18,21 144:1

generally (2) 45:11 176:1

Generalnaya (1) 16:21 generals (2) 144:15,15 genesis (1) 146:5 gentleman (5) 12:1

14:14 20:1 21:15 141:20

gentlemen (1) 131:20 genuinely (1) 153:11 geometrically (1) 24:1 getting (3) 56:7

139:19 152:24 gird (1) 175:15 gist (2) 29:16 40:10 give (19) 4:7 6:19

22:23 23:17,22 54:23 58:4 94:22 97:16 113:10,13 149:1 151:20 152:22 155:8 159:1 160:20 170:25

171:21

given (19) 5:7 12:4 20:22 24:25 57:2 73:2,7 77:7 79:12 93:2,13 115:25 122:5 139:9 146:9 157:20 160:22 161:17 180:21

gives (2) 2:5 186:4 giving (5) 40:1 152:7

152:19,20 171:12

Gladyshev (1) 183:4 global (1) 123:15

go (54) 17:3,15 23:24 24:12 26:21 27:8 30:25 33:11 35:20 36:23 37:3 38:1,4 64:15 73:18,20 81:2,11 83:25 90:23 97:12 102:9 103:5 104:3 110:5 110:16 121:2 125:20 126:16 127:6,14 129:8,8 132:5 133:12,17,17 133:19,25 141:4,17 145:3,21 149:16 163:14,23 168:21 174:7 175:3 179:9 179:12,17 180:17 184:13

goal (4) 96:18 97:5 152:7,10

God (1) 116:8 God-sent (1) 140:18 goes (3) 89:1 143:16

152:1

going (83) 1:9 2:8,8 3:8,14,19 6:1 7:13 8:14 10:13,16,22 30:5 32:20,25 33:1 35:6,8,11,13 36:6,7 36:8 46:13 49:5 56:14 61:21 70:10 78:12 84:18 103:15 112:19 123:5 135:14 138:11,13 138:14 152:14 153:16,20 154:15 154:17 155:10,11 155:11 157:25 158:11 159:5 161:19 164:22 165:21,23 166:3,5 166:6 167:21,24 168:5 169:14 171:1 172:2,19,25 173:16 173:18,20 175:14 175:16 176:5,9,15 177:6 178:11,18 179:3,12 182:20,21 183:4,12 184:2,6 184:11

golden (1) 50:1 Goncharuk (3) 174:20

178:10 183:14

Goncharuk’s (1) 168:8 good (21) 3:24,25

5:11 14:6 21:12 44:7,8 49:3,6 77:7 77:22 88:15 103:11 112:25 114:18 139:12,12 154:21 156:11 185:2 186:16

Governance (4)

119:17,20,24

120:20 grant (1) 156:6

Granted (1) 52:14 grasp (2) 88:15
151:12

grateful (11) 5:9 20:7 24:18 27:13 31:9 47:6 62:16 71:18 90:24 91:4 149:18

greater (1) 170:15 greetings (1) 5:12 gritty (1) 111:13 gross (1) 107:25 ground (1) 34:9 group (40) 30:22

32:14 35:4,8 37:22 41:4 42:23 46:4 47:8 48:3 49:17,20 49:22,23 50:7,10 50:11,13,15,20 51:5,12,22 52:1,22 55:15 56:6,10,12 61:1,7,24 62:19 64:18 65:2,14 76:21 112:14,17 147:25

Group’s (2) 60:24 62:2 grow (2) 137:21 140:6 growing (2) 138:20

140:10

Gudina (2) 131:19 132:4

guidance (1) 148:19 guideline (1) 148:23 guillotine (1) 175:21 Guriev (4) 151:20,21

161:4 183:4 Guz (8) 65:12 82:9

83:2 84:6 98:10,11 105:15,17

H

habit (1) 90:12 half (14) 23:4 43:22
67:7 77:12 78:3,5 84:3 109:12 121:12 147:17 162:6 163:1 168:7 184:25

halfway (3) 34:6 38:22 44:7

hand (2) 89:2 169:17

Handed (1) 120:3 hands (4) 7:22 72:13

87:10 97:4 handwriting (2) 82:7

98:16 handwritten (8) 82:5

90:23 92:18,24 93:14,22 98:6,7 happen (5) 66:12

151:4 171:1 183:12 183:12

happened (19) 30:8 36:15 40:6 60:16 66:11,13 70:4,11 71:24 72:12 83:5 97:9 98:1 100:15 101:18 112:15,15 115:3 163:20

happening (4) 21:10 85:18 151:10 180:7

happens (5) 20:21 21:6 55:6 168:3 180:5

happily (1) 81:11 happy (11) 29:8 35:5

46:18,22 51:25 72:23 76:25 109:5 112:20 135:16 142:18

hard (8) 1:15 119:25 120:2 122:25 129:14 156:7 167:15 168:4 hardware (3) 137:14 137:16 138:2

harsh (2) 156:3 158:3 haul (1) 149:12

head (1) 18:23 headed (2) 22:9 75:7 heading (5) 68:9

119:17 124:1 126:17 127:5 heads (1) 168:3

health (1) 170:13 hear (13) 2:10,10,11

2:11 4:17 20:18 80:1,8,13,18 127:18 176:17 177:7

heard (9) 30:13 37:1 56:9,15 57:23,25 105:20 177:5 183:8

hearing (2) 149:19 182:8

hears (1) 76:17 heart (3) 59:6 137:19

166:13 heated (1) 177:11 heaven (1) 141:8 hectic (1) 155:7

held (14) 6:17 8:6,25 19:25 20:1 22:15 26:1 30:6 118:8,16 131:17,19 138:23 145:15

help (20) 1:23 2:3 4:9 4:11 29:24 35:5 37:5 44:3,10 47:23 50:6 70:13 74:16 144:18 155:10,13 155:24 158:16 170:11 179:21

helped (1) 68:10 helpful (2) 3:15

156:19 helpfully (1) 127:16 helping (1) 171:7 helps (1) 96:13 hereon (1) 163:12 hesitant (1) 26:21 hiatus (1) 12:9 hide (1) 101:16

high (3) 41:23 59:7,14 higher (1) 148:5 highly (3) 28:1,15,22

HILDYARD (159) 2:23 3:12,16,20,24 4:1 4:16,20,24 5:6 24:3 24:20 25:1 27:12 46:25 49:5 62:6,22 77:20 78:10,12,25 79:6,24 80:6,11,14 80:19 81:1,4,8 103:5,9,12,15,23 104:15,19 106:4 120:13,17 125:3,10 125:16 136:22,23 137:3,9,22 138:4 138:25 139:8,16,22 140:17 141:14 142:22 143:2,14 144:7,12,18,24 146:3 147:5 148:12 148:18 149:1,8,10 149:23 150:1,4,8 150:11 154:4,9,22 155:21 156:2,24 157:10,13,18,23,25

158:13,18 159:11 160:7,14,16,22 161:3,7,9,15,24 162:5,10,18,25 163:8 164:14 166:12 167:7 168:8 168:13,18,25 169:7 170:2,16,23 171:10 171:25 172:2,11,14 172:20,24 173:9 174:2,14 175:7 176:12,18,22 177:10 178:7,20 179:6,19,24 180:9 180:14,25 181:3,6 181:12,20 182:4,13 182:19,22 183:9,25 184:4,11,22 185:4 185:13,23 186:4,9 186:11,13,16 187:7

history (5) 5:16 7:24 14:11,16 25:23 hold (7) 16:19 20:9 21:7 73:15 86:1 125:10 179:9 holding (6) 6:23 7:1

9:4 19:7,12 169:22 holiday (1) 156:1 honest (9) 5:1,5 20:19

52:19 67:6 94:20 95:14 116:8 172:5

hope (13) 5:14 77:23 86:18 127:19 129:18 155:17,23 155:25 156:2,18 173:14 182:17 184:24

hopefully (3) 31:21

77:11 186:7 hoping (3) 166:10

184:1,5 horrible (1) 174:15 hour (11) 53:7 77:12

77:12 150:10 151:22 152:16 161:17 162:6 163:1 163:2 184:25

hours (10) 49:6 53:7,7 54:22 77:24 78:3,5 152:17 186:4,5

House (11) 65:24,25 66:8,10,22 67:11 69:20 70:3 72:10 87:16,22

housekeeping (7) 1:5 150:3 172:9 181:18 186:2 187:3,8

HR (1) 113:20 huge (1) 108:5 human (2) 101:20

113:1

humanly (1) 155:18 humble (1) 90:10 hypothesis (1) 179:1

I

idea (10) 69:25 70:3,5 71:23 77:7 94:11 112:10,10 146:8,11

ideal (1) 143:10 ideas (1) 155:20 identified (5) 24:6

45:4 135:11 160:18 174:16

identify (9) 39:3 43:17 50:6 57:22 104:15 123:6 128:10 140:12 151:9

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

193
March 21, 2016 Day 30

identifying (1) 143:15 inform (1) 111:2 interrupts (1) 2:7 128:12 130:4 140:23,25 141:1,4 lateness (2) 150:10 93:3 131:14,15

IFRS (1) 10:15 information (31) 9:16 interview (1) 23:5 judging (4) 30:14 73:8 157:6 161:17 132:11,15 141:18
illegible (1) 68:16 9:17,21 10:6,12,13 Invest (4) 105:4,6,22 85:19 133:10 knocks (1) 174:8 latest (1) 133:5 145:8 169:22
illiquid (1) 108:4 10:19,22 16:3 107:17 judicial (1) 107:23 know (125) 3:16 4:2 launched (1) 137:25 171:10
image (3) 4:3 44:7 20:22 37:10 58:23 invested (3) 60:25 June (6) 12:13 91:24 4:14 6:25 9:3 13:9 law (8) 10:8 49:25 lines (7) 74:15 79:20
114:15 59:9,10,23 63:7 61:2,8 95:15 125:23 17:23,25 20:4,6,12 113:17,21 114:5,8 79:22 132:7,10,24
imagine (2) 81:15 73:2 112:18 117:10 investment (3) 69:6 135:13 136:13 20:13 21:6,8,9,11 169:24 177:19 143:7
137:9 117:12,14 122:5,13 69:17 141:22 JUSTICE (159) 2:23 21:15,17,18,19,24 lawfully (1) 87:1 link (2) 1:14 167:11
imagined (1) 184:16 124:25 127:11 investments (2) 61:11 3:12,16,20,24 4:1 22:8,11,17,21 laws (2) 49:22 114:4 liquidation (2) 14:7,9
immediately (10) 129:3,6,10 130:14 62:2 4:16,20,24 5:6 24:3 26:11 41:3,7,16,17 lawsuit (1) 114:11 liquidator (1) 14:8
40:18 41:22 42:19 131:1 134:5 investors (2) 128:8,10 24:20 25:1 27:12 55:22 56:17,20,22 lawyers (3) 1:22 59:5 list (8) 17:14 18:9,20
88:18 105:3 111:10 informed (3) 3:7 Investproekt (4) 9:1 46:25 49:5 62:6,22 58:20 60:10,11 75:19 87:21 88:7 125:8
126:24 158:19 58:13 110:2 16:17,22 17:6 77:20 78:10,12,25 62:12 66:25 67:16 lays (1) 152:3 127:8 132:20
168:10 185:13 initial (1) 6:10 Investproject (1) 9:1 79:6,24 80:6,11,14 68:1,14 70:5,10 lead (3) 129:18 130:3 listed (8) 26:17 31:10
imminent (1) 39:15 initially (2) 146:7 Investrbank (1) 58:14 80:19 81:1,4,8 71:25 72:7 74:10 130:5 76:19 87:24 124:14
immovable (1) 93:16 147:16 invite (5) 24:15 41:9 103:5,9,12,15,23 74:13 76:20,23 leader (1) 18:24 132:23 134:10
implement (2) 140:4 initiate (1) 75:12 76:3 126:12 173:2 104:15,19 106:4 77:4 78:22 79:21 learn (1) 58:4 136:15
140:7 initiated (2) 74:8 99:6 invited (7) 7:9 41:5 120:13,17 125:3,10 80:11 82:16 86:4 learned (2) 114:21 listen (3) 169:23
implemented (1) injury (1) 184:12 111:12 115:15 125:16 136:22,23 87:5 88:5,17,22 169:14 173:2 174:5
38:17 innovation (1) 182:14 116:4 139:6 158:18 137:3,9,22 138:4 90:2,22 92:21 leaser (1) 111:19 lists (2) 74:20 76:22
implementing (1) input (1) 40:22 invitee (3) 142:23 138:25 139:8,16,22 93:12,14,18,18 Leasing (2) 15:24,25 literally (2) 14:1 174:9
141:9 inserted (1) 98:22 143:1,2 140:17 141:14 94:12,21 95:17 leave (5) 70:20 112:10 literature (1) 40:1
implication (2) 118:5 inside (2) 88:25 inviting (2) 40:20 142:22 143:2,14 99:5 100:10,14 123:6 178:10 little (15) 2:15 4:25
118:7 100:11 159:13 144:7,12,18,24 104:25 105:8 185:25 9:7 15:19 50:5 68:6
implodes (1) 170:21 insofar (2) 161:5,22 involved (28) 11:2,6,9 146:3 147:5 148:12 107:10 109:4 leaving (2) 113:12 69:10 78:3 94:8
implore (1) 179:21 install (1) 139:23 36:23 45:13 59:5,5 148:18 149:1,8,10 111:11 112:15 183:16 109:22 141:15
importance (3) 12:4 instance (4) 56:23 63:24 65:12 70:24 149:23 150:1,4,8 131:11 138:5 141:5 left (16) 3:19 45:16 146:5 162:23
157:14 169:18 77:2 144:3,22 71:7,10 74:11,12 150:11 154:4,9,22 141:16 149:5 72:4 98:4 108:19 163:19 173:14
important (14) 5:6 instruction (2) 50:6 75:12,14 86:15 155:21 156:2,24 150:23 152:12 111:7 112:20 live (1) 162:15
32:13 57:22 73:21 179:16 88:12 89:24 93:15 157:10,13,18,23,25 153:21 154:12,19 114:25 115:1 140:1 LLC (13) 69:4 89:11
110:15 111:18 instructions (4) 50:3 93:21 100:8,11 158:13,18 159:11 154:24 155:12,14 145:21 163:23 91:5,14,18,23 92:6
119:1 151:8 156:23 51:13 147:15 108:25 111:20 160:7,14,16,22 155:14 157:6,23 167:22 178:3,3,5 92:11,15,16 131:6
159:22 174:17 148:22 115:9 117:11 161:3,7,9,15,24 158:5,8,21 159:4 left-hand (2) 117:15 132:12 135:24
181:20 185:9 186:1 Insurance (3) 16:9 182:15 162:5,10,18,25 159:15 161:3 121:7 loan (65) 30:4,10,18
impose (2) 113:23 32:20 66:21 Irina (1) 115:16 163:8 164:14 162:19,20 165:18 legal (10) 12:7,21,23 31:12 33:25 35:23
153:18 intelligence (1) irrespective (1) 50:11 166:12 167:7 168:8 167:15,20 168:5 15:13 64:10 75:4 36:4 37:3 38:14
imposition (1) 164:18 150:13 Ispolkomskaya (2) 168:13,18,25 169:7 170:4,21 172:7 76:15 114:1 122:14 42:18 43:10,22
impossible (3) 59:9 intend (1) 33:15 19:2,17 170:2,16,23 171:10 174:21 175:2,11,14 124:22 45:3 46:8,9 47:19
155:16 185:14 intended (3) 71:21,21 issuance (1) 125:25 171:25 172:2,11,14 176:5 178:12,13 legible (1) 68:13 49:14 51:18 52:23
impression (2) 147:5 98:13 issue (6) 40:22 54:24 172:20,24 173:9 180:4,6,9 183:5,7 lender (2) 33:4 51:3 53:11,15 54:12
148:20 intention (2) 33:14 95:6 130:22 144:24 174:2,14 175:7 185:17 186:13,14 lends (1) 89:1 56:14 57:18 62:24
imprisoned (1) 28:11 37:23 178:24 176:12,18,22 knowing (1) 153:15 length (1) 154:13 67:17 69:4,5 70:1
improper (1) 118:8 interconnected (1) issued (4) 51:18 177:10 178:7,20 knowledge (18) 17:21 lengthy (2) 13:8 21:10 70:12,18 71:2,5,12
inaccurate (1) 131:2 50:9 122:23 126:1 179:6,19,24 180:9 20:9 28:23 56:21 lent (1) 67:25 71:13,20 72:6 73:4
include (3) 113:15,25 interest (20) 5:24 8:3 129:22 180:14,25 181:3,6 57:21 58:5 60:5 lest (1) 119:1 73:10 76:16 87:18
160:23 29:25 43:22 59:3,6 issues (5) 6:8,15 181:12,20 182:4,13 67:20 71:7 83:2 let’s (8) 13:1 29:8 89:13,21 91:15,18
included (2) 67:7,21 91:21 92:1 97:1 166:5,6 173:3 182:19,22 183:9,25 102:1 116:4 129:5 38:4 43:15 45:24 91:19,23,24 92:7
includes (8) 11:2,16 117:24 118:19 item (1) 135:21 184:4,11,22 185:4 129:25 130:10 54:4 145:5 160:7 92:13 96:7 97:17
11:17 87:17 89:4 121:16 122:14,15 items (3) 54:9,22 185:13,23 186:4,9 134:19 140:24 letter (36) 64:16,22 99:2,3,7 105:22,25
89:10,13,20 134:24 144:3,23 55:17 186:11,13,16 187:7 142:9 64:23 65:3,5,7,9,16 115:4,8 125:25
including (6) 61:19 145:11,23 147:10 Ivannikova (14) 5:18 juxtaposition (1) known (4) 8:5 59:23 65:18,20 79:8,11 126:6 129:21,24
97:1 107:7 121:16 interested (6) 14:9 6:17,24 7:1,11,16 174:18 145:15 148:22 79:14,22 81:10,18 135:5,23
121:19 138:11 59:12 63:17 64:8 8:4 15:1,12 98:5 knows (5) 154:1 81:22 82:18,24 loaned (1) 69:13
income (1) 51:6 72:19 112:23 108:15 145:12,23 K 158:15 164:11 83:12,17,18,20 loans (46) 30:19 31:2
incorrect (1) 23:16 interesting (2) 64:6 145:25 Kalinin (2) 93:4,11 167:9 174:12 84:6,12,15,18 85:5 31:10 32:24 35:12
indebtedness (2) 138:10 Ivannikova’s (2) 6:7 Kolpachkov (2) 93:7 85:7,12 86:11 35:13 36:6,8,13
keen (2) 77:25 152:11
49:17 60:20 interests (11) 8:8,12 13:22 105:21 110:17 111:2 37:24 38:11 39:1,3
keep (8) 23:14 48:9
indecent (1) 5:3 8:13 33:11 61:25 Kolyakin (2) 131:20 146:18,19 161:12 41:22 43:13,24
64:1,2 113:20
independent (1) 101:12 124:18 J 132:4 letters (10) 64:24 84:2 44:20,23,24 45:15
136:25 164:4
139:12 135:22 145:17,24 January (4) 25:21 Kompaniya (1) 21:22 84:4,8 85:19,25 52:20,23 60:19
183:21
independently (1) 175:20 Kompanyia (1) 16:22 86:2,2,18,20 62:3,11,18,21 63:4
30:10 56:6 111:5 keeps (1) 183:16
58:18 interfere (1) 73:17 Kosova (1) 163:21 level (1) 4:16 64:18 66:16 73:7
jeopardised (1) kept (2) 56:7 134:15
INDEX (1) 187:1 internal (3) 90:20 Kristina (1) 26:25 liabilities (1) 50:14 91:12 92:6,9,12
170:11 key (2) 127:4 175:24
indicate (3) 69:3 142:19,24 liaison (1) 140:23 94:15 95:4 96:19
jeopardy (2) 170:14 kind (12) 4:14 17:16
71:20 93:8 international (1) 2:17 L lie (6) 29:1,1,2,4 154:2 126:3 135:9,12,13
170:15 73:15 74:17 79:17
indicated (4) 3:23 interpretation (1) 186:7 136:7,11,12 144:19
join (7) 1:13 7:10 81:21 82:3 106:2 labour (1) 113:24
44:18 169:2 177:2 40:2 lies (1) 34:21 located (1) 91:8
40:19,21 138:13 134:23 154:6 land (5) 91:6 104:21
indicates (3) 82:21 interpreted (2) 3:22 life (3) 170:14,17,20 logic (1) 107:21
139:6 141:8 169:12 185:22 152:3 154:2 168:9
92:19 94:19 95:8 lifted (2) 92:4,13 logical (4) 45:25 77:8
joined (5) 7:6 137:14 kindly (6) 36:9 42:10 landing (1) 165:3
indicative (1) 53:6 interpreter (5) 35:1 light (2) 78:16 159:6 94:9 141:3
137:15 138:7 42:24 71:17 79:9 language (1) 169:24
indirect (1) 134:23 80:21 128:13,18 likelihood (2) 175:17 logo (1) 123:12
139:24 82:8 languishing (1) 138:3
indirectly (2) 8:3 180:19 179:12 loins (1) 175:15
joining (1) 7:12 kinds (1) 37:8 large (10) 10:6 39:11
145:12 interpreters (2) 2:13 limit (1) 155:19 Lokai (10) 19:22
joint (3) 118:23 130:3 Kiperort (3) 74:9,25 41:2 44:5,5,8 52:14
individual (2) 26:7 79:21 limited (6) 25:6 26:9 141:15,20,21 142:5
130:5 75:5 52:14,20 75:15
30:9 interpreters’ (1) 165:5 126:1 131:5 133:23 142:14,18 143:4,8
joint-stock (4) 26:4 knew (16) 37:21 late (9) 102:14 103:25
industry (1) 141:2 interrelated (3) 49:18 134:20 143:15
91:10 126:4 127:24 48:17,20 51:5 109:13 142:5,8
inevitably (1) 62:25 49:20 50:9 limits (1) 175:21 London (4) 22:25
journalist (1) 76:4 57:12 59:11,21,22 152:5 165:7 170:24
inferred (1) 118:4 interrupting (1) 68:12 line (14) 25:2 63:24 30:15 59:13 80:22
JP (4) 125:22 126:7 60:4,8 86:21 185:12
influence (2) 139:8,10 interruption (1) 2:9 69:18 79:13 92:24 long (34) 13:2,5 22:19

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

194

March 21, 2016 Day 30

52:17,20 53:10,16 149:17,18 150:5,6
54:24 55:16 57:3 150:6,9,16,17,17
60:12 78:6,16 81:1 150:23 151:8 152:4
112:25 115:17,18 153:21 154:16,19
120:6,11,12 141:13 155:6,12 157:3
149:12 150:4,21 159:18,19,25
157:16 168:14 160:20 161:12
170:17 172:22,22 162:21,23,23 163:3
173:24 175:10 163:3,11,11 164:1
176:1 177:16 186:2 164:11,22 165:9,9
longer (4) 57:16 166:25,25 167:19
142:21 160:10 168:12 169:11
183:19 170:4 171:5,11
look (36) 14:1 19:13 172:16,18,18,21
25:3 32:8 37:8 173:2,2,11,11
53:18 60:2 63:21 174:7 175:5,5,10
64:13 77:18 84:9 175:10 176:13
87:6 90:6 94:6,25 177:12,17,17 178:5
95:18 96:12 105:9 178:9,9,24,24
108:9 114:18 116:5 179:16,21 180:2,2
117:4,15 121:9 180:13,13 181:1,2
136:8 145:5 146:18 181:2,9,13,16
158:21 163:4 182:2,2,7,16,16,17
165:13 167:1,1,21 182:25 183:1,1,24
172:2 177:20 179:3 184:13 185:8,15,18
looked (3) 60:12 185:20,24,24 186:7
119:21 145:8 186:8,10,12,15
looking (13) 42:13 187:6
48:18 65:14 70:11 Lord’s (3) 5:12 159:7
73:2 95:19 141:12 161:16
146:20 150:23 Lordship (75) 1:6,12
163:25 173:15 1:19 2:20,21 7:5,25
183:2 184:21 20:14 27:15 28:18
looks (10) 54:6,21 29:10 32:13 36:22
98:13 106:3 117:9 43:19 45:7 47:25
120:22 121:15 49:11 52:19 61:14
129:20 130:2 76:14 79:4 86:15
159:25 104:8,25 109:5
Lord (254) 1:6 3:6,15 112:21 115:1,3
3:18,19 4:6,18 5:9 116:14 118:20
6:6,22 7:21 8:9,22 120:8 122:12 123:6
9:3 11:23 12:3,22 123:19 124:1,4,6
13:6,24 17:8,22 124:16,22 125:8,14
18:8 20:6,12 22:8 126:5,22,25 127:8
22:25 23:23 24:18 127:20 128:3,7
25:9 27:2,13,18,22 136:21 149:19
28:6 30:8 31:13 150:18,20,24 153:1
35:17,20 37:10 153:18 154:1 160:4
40:4,14 43:18 46:2 161:22 163:15
47:6 49:3 52:10,19 165:17 167:19,20
53:8 54:25 57:3 173:2,7,21 176:4
58:6 60:3,21 62:16 176:15 177:2,4,22
62:17 63:2,3 65:18 177:24 179:21,23
65:22 66:7 69:10 181:10 182:9
70:5,19 71:9 73:7 Lordship’s (13) 76:3
76:2,14 77:6,24,24 112:18 118:24
79:5 80:1,2,2,12,23 123:23 126:10,13
81:3,3,12 82:7 83:4 126:16,20 127:15
83:19 84:5,24 85:6 129:15 130:12,17
85:8 86:23 88:11 152:9
90:12 93:10 94:16 loss (2) 141:10 180:5
95:13 97:24 100:7 loss-making (2) 138:8
100:23 102:3,15 148:9
103:10,18 104:4,18 lost (7) 20:20 113:6
109:22 110:6,11,18 114:13,18 128:19
112:12 113:17 152:23 154:20
114:21,23,24 115:4 lot (25) 11:6 12:6
118:25 119:25 20:21 21:8 23:2,3
120:4,14,14,18 52:25 53:4 55:4,7
122:17,20 125:5,12 55:12 62:1 94:2
125:13,17 127:13 108:5 115:14 116:9
133:24 136:20 137:13,13 153:21
137:1,2,8,13 138:7 156:15 163:6 172:7
139:10,21,24 140:5 177:19 181:19
140:20 142:18,24 182:12
143:8,25 144:17 lots (5) 11:1 66:1,5
145:19 146:13,24 115:9 134:14
147:12 148:17,21 lower (1) 18:19
149:5,6,7,7,9,9,17 LPK (5) 89:18 91:18,23

92:8,15 luck (1) 74:3

lucky (2) 168:22,22 lunch (3) 65:22 77:6

185:19

Luncheon (1) 79:2

M

magnificent (1) 3:7 Magnum (15) 1:23 3:10 13:24 31:14

53:21 65:21 68:21 77:16 78:23 79:10 81:11 85:20 119:3 123:2 134:16

main (6) 39:21 41:7 43:22 46:10 63:20 66:13

maintain (1) 92:14 major (2) 76:16
128:24

making (7) 9:20 49:15 72:20 97:2 140:7 156:14 176:4

Maleev (7) 23:21 24:21,25 25:16 131:17 132:5,19

Malysheva (15) 65:13 98:15,19 101:24 111:10,12,24 112:8 112:20 113:1,2,6 114:10,25 115:11

Malysheva’s (3) 98:22 111:18 112:12

man (3) 1:25 35:18 62:6

manage (1) 75:23 managed (2) 120:24

140:15 managed— (1) 120:24 management (55)

9:12,15,16,18,25 10:3 11:3,8,16,20 22:4,16 30:13 34:18 36:21 41:10 41:19,19 42:1 50:23 51:1 52:3,8 52:17 56:8,25 57:15,20 63:19 75:14,16 76:16 93:20 95:2 100:21 105:11 106:9 110:3 111:25 112:1 113:18 116:1 118:16,22 121:10 121:12 122:10 135:20 136:4 139:6 140:13 152:9 165:15,18 180:7

manager (4) 14:11,16 111:3 139:12

managers (10) 7:10 8:6,9 109:21 130:3 130:5 138:9,10 145:15,18

manna (1) 141:8 March (18) 1:1 48:20
49:13 50:18 51:5 58:18 59:18,19 60:1,6,7,16 64:17 134:6,6 135:14 136:14 186:19

margin (2) 62:10 69:22

Marine (22) 30:22 35:8 41:4 42:23 46:4 47:8 48:3 50:20 51:22 52:22

55:15 56:6 60:24 41:20 44:6 82:21 17:17 18:19 126:8
61:1,7,24 62:2 65:2 83:6 166:17 175:5 Millard (2) 173:17
76:21 112:14,17 175:10 180:15,22 176:11
147:25 meeting (104) 9:17,19 million (13) 35:25
market (6) 10:6,21,22 9:23,25 11:7 29:5 67:12,14 70:14
108:3 129:6 148:22 29:17 34:20 35:5 87:19 89:21 91:16
marketing (1) 109:16 36:11,17 37:2,3,20 92:20 107:19 108:2
mass (1) 114:16 38:3,18,19 39:4,7 108:4 128:15 148:3
match (1) 69:18 39:10,14 40:6,13 mind (12) 52:10 64:5
matches (1) 69:21 40:19,21 41:6,15 70:10 133:4 150:10
material (2) 133:9 42:3,4,4,21,25 43:4 150:13 162:25
174:12 43:15,16,20,25 166:1 173:5 174:11
materially (1) 131:1 45:2,22,23,25 181:25 183:16
matrix (1) 29:15 46:11,17,19 47:1,7 mine (3) 64:23 95:16
matter (28) 17:2 26:5 47:11,15 48:7,13 102:2
45:13 52:13 53:5 48:16,16 51:2 52:3 minimum (1) 136:25
55:7 57:14 107:6 52:11,13 53:24 minister (1) 18:7
111:14 114:12,12 54:6,8,20 55:5,9,11 minority (1) 8:23
118:24 124:3 56:16 57:10,15 minute (2) 54:3 79:5
125:14 133:8 58:11 81:25 82:1,9 minutes (21) 10:2,5
144:19 151:9 82:12,17,19,23,25 40:19 49:7 53:7,9
152:25 157:20 83:3,4,14,15 85:23 53:10,23 54:6 81:3
158:4,13 159:11 86:1,6,9 94:16 95:19,20 96:3
160:5 165:1 166:11 95:15,22 100:21,25 102:12,13 103:14
167:10 171:17 102:4,6,12,17 103:19 104:3
178:5 103:16 105:11,17 105:11 112:5
matters (16) 9:15 107:8 109:2,8 114:24
37:25 47:16 52:11 111:11 115:16 minutiae (3) 94:3
53:1 54:25 55:3,5 135:3 146:16 100:13 112:6
55:12 77:11 111:9 149:14,16 Mironova (35) 4:10,25
115:13 116:2 meetings (9) 30:14 26:25 27:3,6,9,24
126:14 127:1 45:1 48:2 55:23 28:19 75:8 151:3
182:10 56:3 58:22 86:7 152:20 153:10
maturities (1) 52:24 102:13 112:9 154:14 155:4
maturity (2) 43:10 member (11) 9:12 157:13 158:7,20,23
46:10 26:25 55:7 75:14 158:25 162:4,7
Matvienko (8) 137:4 121:12 133:9 142:6 163:8 166:19 169:8
138:11,15,17 139:8 142:15,19,24 146:1 171:4,8,12 172:18
139:15 140:17 members (22) 9:21 174:16 175:2,12
141:1 10:2 41:5,9 53:14 178:10 179:8,19
Matvienko’s (1) 56:25 57:25 58:7 183:14
137:22 59:22 60:15 96:25 Mironova’s (1) 28:7
maximise (4) 64:8 101:8 115:6,21 misdescribed (1) 48:1
86:24 96:23,24 116:1,6 118:22 misheard (3) 6:20
maximising (1) 59:2 121:4 137:17 139:5 128:13 172:14
maximum (2) 64:11 140:12 142:11 mislead (1) 7:25
90:7 memorandum (22) misleading (1) 37:12
McKenzie (1) 160:11 30:16,20,25 31:1,3 misrepresented (1)
mean (40) 2:8 24:3 31:21 32:5,5,23 176:14
37:15 44:12 49:25 33:7,15,16,22 34:5 missed (1) 16:14
56:12,19,19,19 34:7,10 35:20 mistake (1) 98:2
66:9 68:22 74:18 36:18 42:12 46:7 mistaken (2) 31:1
74:19 75:25 88:14 48:25 111:15 55:17
90:19 91:2 95:20 memory (9) 6:12 31:6 mistress (1) 27:6
96:22 110:20 51:8 67:4 96:14 misunderstood (2)
115:25 150:12 101:2 177:10,11 160:8 182:6
154:12,23 156:20 178:1 misused (1) 61:4
159:24 162:13 men (1) 36:3 Miveks (8) 6:18,21,25
163:13 167:8,14 mention (4) 8:10 7:1 13:15 15:13,13
169:9,12 171:15 59:16 109:25 18:9
174:9 175:25 177:2 145:19 moment (9) 14:7 49:3
178:1 181:5 183:15 mentioned (17) 5:17 52:6 63:4,5 103:11
184:1 6:15 8:5,11 10:21 120:12 150:13
meaning (1) 75:24 18:22 56:4 60:17 155:24
meaningful (1) 5:5 86:14 90:8 109:20 momentarily (1)
meaningfully (1) 4:9 115:2 139:24 142:6 140:14
means (14) 4:3,20 145:14,20,25 Monday (1) 1:1
18:25 23:11 33:19 mentioning (1) 107:6 money (20) 35:6 56:4
46:22 51:16 58:24 mentions (2) 31:11 61:20 67:24 69:13
88:17 101:10 87:5 69:19,25 70:9
107:12 117:6 171:4 Mercury (10) 89:11,14 71:20 72:4,5,7,8
172:18 91:1,5 92:6,10,13 73:3,11 88:16,25
meant (10) 2:19 33:2 94:8,15 95:4 108:5 130:22
64:12 84:6 93:12 merited (1) 139:18 137:14
107:8 155:4 156:16 microphone (1) 2:9 monitor (1) 9:5
167:5 177:18 microphones (1) 2:12 monitoring (5) 10:10
mechanical (1) 90:16 mid-trial (1) 182:13 75:3,7,18 76:15
media (2) 58:2 114:16 mid-way (1) 5:4 monstrous (2) 29:1,1
meet (11) 34:5 38:22 middle (4) 16:15 months (2) 43:13 46:8

morass (1) 140:15 moratorium (9) 43:5
44:18 45:5 46:16 46:21,22 47:3 48:9 48:18

Morgan (4) 125:22 126:7 128:12 130:4

morning (7) 1:10 3:24 3:25 5:11 78:16 168:10 185:20

Morskoy (1) 99:3 mortgage (1) 92:1 Moscow (1) 124:23 move (6) 140:13

144:24 163:8 166:19 169:4 171:11

moved (3) 72:5,11 169:8

movement (1) 80:12 moving (2) 80:24

171:4

mustn’t (1) 184:13

N

N1 (1) 89:10 N22/53/55 (2) 110:16
110:21

nailed (1) 175:11 name (20) 6:19 21:18

26:17 33:11 73:5 76:4 98:5,15,21,22 101:23,24 108:15 121:6,8,11 128:19 134:12 168:10 183:15

named (3) 21:15 45:4 143:17

names (4) 6:23 74:20 74:24 134:15

Naturally (1) 3:2 nature (4) 28:1,16,22

182:13

near (4) 14:16 16:8 17:17 18:18

nearly (1) 49:6 necessarily (3) 2:10

142:12 150:21 necessary (11) 1:23 84:1 98:14,18 162:16,18,20 166:17 175:7 178:16 181:23 need (41) 1:19 22:22 27:10 40:22 42:1 61:2 77:11,14,15

78:20 80:10 84:18 125:12 147:20 151:16,24 152:16 156:12 161:18 167:20 171:16 173:5 175:17,25 176:5,17 177:7 178:12,12,13,18 180:21 181:7,8 182:3,4,11,14 183:1,5 185:6

needed (3) 137:20 164:19,19

needs (3) 92:4 175:6 182:8

Nefte-Oil (2) 104:12

104:14 negative (1) 51:16

negotiations (1) 73:15 neither (1) 56:2

net (1) 88:23 nettle (1) 151:13

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

195
March 21, 2016 Day 30

never (16) 21:9 23:25 113:19 116:4 opinions (1) 60:24 121:12 122:1,2,4 106:16 135:22 phone (1) 115:23 108:2 124:5 137:3

28:19 46:21 63:17 123:10 140:23 opportunities (2) 124:7,7,11,19,20 payments (3) 33:1 picture (2) 30:21 138:16,20 140:5
64:3,4 65:16 66:11 150:7 152:25 154:6 42:14 45:8 125:5,6,8,20,20 39:12 51:6 80:25 145:2 146:4 148:10
72:4 86:9 90:3 154:19 155:15 opportunity (2) 85:16 126:10,17,20,20 pays (1) 51:14 pictures (1) 3:4 152:12 154:21
96:18 100:12 157:9,11,16 158:10 140:18 127:2,7,8 130:2,12 peanuts (2) 108:3,3 piece (4) 40:1 94:21 155:15 157:3 163:3
108:23 164:8 159:19 160:4 opposed (3) 102:13 131:9,14,15 132:6 people (27) 7:23 11:1 101:4,17 166:24 176:16
nevertheless (4) 165:21 169:18 144:20,21 133:18,19,19,25 11:6,17,18 23:4 place (8) 7:22 24:7 180:15 184:1,5
84:19 156:5 170:4 170:9 171:3,6 option (5) 7:2,18 134:1,2,4 143:7 24:6 29:2 41:20 36:9 52:5 102:7 pointed (1) 19:11
170:20 182:2 183:1 117:25 118:18 145:2,4,4,8 187:2 50:13 53:13 95:24 103:17 108:19 points (4) 152:4
new (6) 23:14 61:19 occasion (2) 152:23 121:19 pages (9) 17:9,10 99:16 115:9 141:1 110:10 175:24 178:9 182:9
82:1 161:13 174:19 181:20 oral (6) 31:20 34:14 19:20 25:14 27:15 141:5,8,10 143:16 plan (14) 87:8 88:4 poorly (1) 59:15
183:14 occasions (1) 24:6 34:15,16 46:23 54:14 81:13 130:17 144:13 155:20 93:9 94:1,3,5,7,8 Popov (9) 152:1
news (1) 4:7 occupied (1) 12:18 48:2 130:18 173:4 175:14 179:1 94:14,18 161:1 165:20,22 176:6,10
newspaper (1) 73:24 occupies (1) 12:12 order (19) 21:1 23:17 paid (5) 61:20 69:19 180:20 183:20 167:2 178:22 176:12,19,22 177:3
Nice (5) 1:9,10,14 3:3 occupy (1) 181:18 29:17 35:4 44:4,7 70:2 108:6 138:14 186:7 184:18 port (1) 57:10
3:11 occupying (1) 19:5 45:18 46:5 47:8 paper (4) 81:16 94:21 percentage (3) 138:25 planned (3) 103:18 portfolio (1) 135:6
night (1) 136:24 October (2) 66:24 64:18 80:24 86:24 101:4,17 139:2,18 149:16 158:22 position (31) 9:5,7,11
night’s (1) 183:11 129:20 87:23 92:3 101:4 par (2) 72:22 89:7 perception (6) 33:20 Platonov (2) 54:13,23 12:4,12,19 19:5
Nikolai (1) 141:20 odd (3) 35:18 36:3 102:15 138:9 paragraph (14) 27:11 50:19 60:19 62:8 play (5) 142:7 153:22 34:18 37:22 51:15
nitty (1) 111:13 158:8 167:19 181:23 27:17,20,22 28:7 147:6 156:9 158:4 159:12 166:8 51:15 53:2 93:23
nominal (1) 100:3 Oddly (1) 70:18 orders (1) 182:11 28:13 32:13 35:22 perfectly (1) 159:2 played (1) 139:15 114:9 141:16 142:2
non (3) 51:8,9 144:8 offer (14) 28:9 29:23 ordinary (3) 117:19 76:5 117:16,17 perform (3) 35:8 plc (2) 126:2 129:23 145:3 150:15 154:5
non-Russian (1) 37:6,9 46:13 51:23 118:14 122:9 118:21 122:7 127:2 39:20 48:19 plea (1) 166:13 158:11 160:8,9,12
166:22 90:4 93:10 94:11 organisation (2) 10:25 paragraphs (1) 122:4 performance (1) pleasant (1) 148:10 160:14 161:3,9
normal (4) 73:1 105:16 123:15 11:2 parameters (2) 159:15 32:14 please (70) 1:6 6:19 169:1 176:13,14
101:20,20 186:5 146:8,9 147:4 organisations (1) 162:21 period (17) 12:20 13:8 8:18 13:9 20:8,24 177:5 178:22
nostalgic (1) 181:13 offered (5) 29:19 46:5 143:12 pardon (2) 16:4 110:5 21:11 22:9,19 35:9 25:14 27:8 31:20 possibilities (1)
note (31) 82:5,6,8,21 51:20 52:16 147:1 organise (4) 37:9 part (35) 6:13,13,14 38:24 40:18 53:10 35:21 39:19 49:11 158:21
90:20 93:8,14,22 offering (3) 123:14 83:14,15 166:14 23:1,15 30:19 32:7 53:16 60:12 63:3 62:7,11 73:18 possibility (4) 82:1
94:6,19 108:15,16 125:7 144:20 organising (2) 82:1 39:1 40:24 43:13 109:17 113:3 78:14 79:4 81:23 113:22 159:13
118:24 123:23 office (6) 36:17 42:4 140:8 43:24 44:20,23 147:17 165:12 81:25 83:7 85:1 179:10
124:4,6,15,17 45:16 48:17 111:8 original (2) 22:6 98:20 48:5 49:21 50:3 179:1 87:6 95:9 97:12,21 possible (23) 9:3
125:14 126:7,10,13 115:22 originally (3) 5:22 69:7 73:16 87:14 periods (6) 8:7,25 102:9 104:8 110:5 14:25 20:23 22:13
126:17,20 129:15 officers (1) 144:5 98:13 153:5 88:1,13 89:17 16:18 19:5 46:10 110:16 115:1,3 26:23 44:9 58:25
129:22 130:3,12,17 offshore (1) 61:20 Oslo (22) 30:22 35:8 107:14 112:24 145:17 116:13,18,22 117:5 59:7,14 68:5 71:14
130:20,21 offshores (1) 61:20 41:4 42:23 46:4 117:24 126:6 permission (1) 156:6 117:7,7 119:5,14 72:24 80:25 85:13
notes (6) 83:20 92:19 Oh (2) 89:16 125:10 47:8 48:3 50:20 128:14,21,22 129:2 permit (1) 112:22 119:15 120:3 121:2 96:19 116:23
126:1,25 129:22 okay (5) 31:17,25 51:22 52:22 55:15 131:23 152:11 permutations (2) 121:22 122:1,21,22 152:17 155:18
130:22 39:19 68:22 186:10 56:6 60:24 61:1,7 163:16 177:8 151:25 154:3 123:3 124:10,19 163:6 177:13 184:3
November (2) 35:24 old (2) 2:16 181:9 61:24 62:2 65:2 179:10 persistently (1) 85:16 125:2 126:16 127:6 185:17 186:14
91:19 Olimp-Finans (3) 76:21 112:14,17 participants (3) 10:23 person (4) 3:18 80:16 127:22 129:8 131:9 possibly (38) 6:17,22
nuance (1) 40:9 143:6,10,11 147:25 47:15 128:11 80:17 110:2 131:24 132:5,6 12:15 18:8 21:24
nuances (1) 100:9 OMG (15) 29:12 41:14 ostensibly (1) 71:21 participate (4) 40:12 personal (9) 27:25 133:12,14,25 134:1 22:10 30:10,12
number (26) 6:8 7:9 51:5 60:19 65:14 ought (6) 60:25 78:5,7 40:14 160:11 185:5 28:1,15,16,22 36:4 134:3 137:9 141:17 40:14,14 42:3 65:9
28:10 35:23 52:20 67:23 71:22 73:5 117:16 125:6 participates (1) 146:2 39:22,24 45:3 142:17 149:13 66:7,25 67:6,13,22
54:11 62:20 69:5 94:15 96:21 108:22 151:13 participation (7) 15:3 personally (4) 63:19 164:15 184:12 68:1 71:1,15 82:15
87:11 91:9,14,18 108:25 111:3 135:5 outrageous (1) 164:8 40:25 41:1 47:17 74:12,18 100:8 185:4 85:8 86:3,14 87:2
91:23 93:6 95:24 146:22 outside (3) 2:2 28:23 126:1,7 129:22 persons (1) 117:10 pleased (1) 127:18 88:11,16,21 89:5
111:20 112:5 OMG’s (4) 51:2 55:20 184:24 particular (7) 7:15 persuasive (1) 96:6 pledge (7) 51:23 89:19 96:10 98:23
119:17,23 124:16 56:5 60:20 outstanding (2) 75:15 11:15 51:14 52:12 pertaining (1) 41:4 89:22 92:14 97:18 103:17 105:8 142:3
126:14 134:10 OMT (2) 76:22,23 182:10 117:6 156:22 pertains (1) 20:19 100:4 105:7 109:12 160:24 166:21
151:11,25 168:23 once (14) 19:1 36:22 overall (3) 43:20 166:19 peruse (2) 13:25 pledged (12) 61:16 183:11
177:20 37:20 53:8 82:17 44:25 45:13 particularly (1) 14:9 74:13 62:10 64:9 66:16 posted (1) 51:17
84:13 88:11 89:23 overnight (1) 159:3 parties (5) 18:21 Peterburg (1) 73:24 88:19 89:3,5 90:9 postponed (3) 33:2
O 93:15,19 96:23 overpaid (1) 138:6 33:10 97:4 99:16 Petersburg (42) 1:12 90:10 91:10 99:11 35:13 103:17
oath (2) 4:2 29:4 104:9 105:2 181:16 overseas (1) 1:17 153:18 1:18 2:1 5:17 15:6 100:9 potential (2) 7:9
one-off (1) 147:21 owed (1) 33:3 partners (2) 130:6,6 15:24 16:1 18:12 pledger (1) 92:11 135:5
objection (1) 68:25
Onega (10) 67:7 69:7 owned (5) 49:20 50:8 parts (2) 87:9 128:24 19:1,8,12 21:22,23 pledges (8) 30:5 60:19 potentially (1) 152:2
objective (3) 41:8
69:9,19 87:9,14 50:13 87:15 89:18 party (6) 51:3 52:16 21:25 44:4,11 67:8 62:19 63:4,16,18 power (1) 47:9
61:11 149:19
89:17 91:14 92:7 owner (2) 15:13 99:23 143:1 180:10 67:25 72:11,19 64:10 94:7 powers (2) 65:1 172:4
objectively (2) 21:13
92:15 141:19 180:11 73:24 74:8 79:9,13 plenty (3) 23:16 42:14 practically (1) 184:14
23:17
ones (1) 123:1 owners (1) 7:23 pass (2) 2:20 172:23 79:16 87:18 91:8 62:19 pre-empt (2) 112:19
obligations (10) 32:15
ongoing (1) 86:12 ownership (1) 116:10 passed (4) 98:25 91:11 92:5 103:19 Ploschadka (1) 91:9 177:21
33:10 35:9 36:8
online (2) 137:21 owns (2) 6:10 91:6 100:15 102:7 116:10,22 119:10 plot (1) 91:6 precisely (1) 20:25
47:12 48:20 56:11
140:11 109:12 122:6,16,24 124:8 plummeted (2) 113:4 precision (1) 182:22
56:13 113:23
OOO (3) 16:22,23 P passing (1) 56:8 126:4,6 127:24 115:10 premature (1) 175:9
143:23
69:13 patronymic (1) 18:2 129:21,24 pm (19) 54:8,20 55:11 premise (1) 32:3
obligee (1) 92:11 page (82) 14:24 15:19
open (6) 59:10 72:23 pause (14) 2:15,16 Petersburg’s (2) 1:22 78:18,25 79:1,3 premises (1) 76:13
observe (2) 61:5 16:13,15,16 17:12
91:10 126:4 127:23 14:2 65:19,22 123:12 81:5,7 103:18 preparation (3) 11:6
170:5 18:10,13,16 19:16
129:6 70:17 73:17 74:2 PetroLes (22) 35:15 104:5,7 149:14 163:18 171:13
observed (1) 173:21 25:18 27:12,13,16
open-ended (1) 166:4 79:4 80:19,20 35:16,18 36:3 39:7 185:23 186:4,7,9 preparatory (1) 147:1
obtain (2) 4:24 59:14 27:23 32:8 35:21
open-minded (1) 94:24 95:10 110:4 39:18,20 40:17 186:17,18 prepare (5) 4:11 9:22
obtained (1) 69:3 35:21 54:10 73:21
153:2 pausing (2) 19:4 69:25 42:18 45:3 48:14 Po (1) 22:5 158:16 168:4 171:8
obtaining (1) 51:2 84:23,25 87:24
operation (1) 138:2 pay (3) 28:18 30:15 48:19 49:14,15 point (39) 2:6 23:7 prepared (14) 10:15
obviously (37) 2:19 89:8 95:25 102:22
operations (2) 51:10 105:23 50:19 54:12 56:2 29:15 32:5 41:2 22:23 23:21 30:10
7:11 37:19,23 103:5,7,8 116:20
56:1 paying (3) 37:17,18 56:14 57:18 62:24 42:9 51:4,21 57:5 38:22 48:5 105:23
52:25 53:9 55:10 117:7,9 118:11
operative (1) 107:14 140:3 135:9,11 62:18 69:23 71:5 146:16,18 158:14
70:5,10 71:9 72:19 119:7,14,15 120:18
opinion (4) 10:11 55:8 payment (7) 39:15 Petrovich (1) 20:2 75:9 86:4 88:8,18 158:25 159:2
77:8,24 78:5 99:15 120:22 121:2,2,5,9
76:8 112:8 43:21 51:9,9 72:21 Petrovski (1) 140:22 91:13,17,22 99:23 169:23 171:18

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196

March 21, 2016 Day 30

prepares (3) 9:15,17 professional (6) 32:12 114:1 148:15
10:11 124:21 130:19 provisions (1) 33:5
present (15) 11:24 156:5 166:7 173:7 prying (1) 4:20
19:22 25:11 41:6 174:14 public (15) 26:5 58:21
45:21 95:23 100:24 Professor (5) 151:20 58:23,24 67:24
102:17 105:14 151:21 161:4 71:23 74:13 99:12
151:7 156:8 159:16 168:25 183:4 99:22 100:3 104:21
182:3,4,5 profile (8) 13:14,15 107:18 116:3
presented (2) 140:17 25:5,25 26:3 134:5 118:13 139:4
176:20 134:7,9 publicly (4) 8:5 116:15
presenting (1) 24:11 profit (4) 58:25 59:2 118:11 145:15
preserved (1) 100:4 148:5,7 publishing (1) 114:16
President (3) 79:18 profitable (1) 147:23 pull (3) 4:8 31:23
82:4 146:22 programme (7) 126:7 140:15
press (3) 3:16 148:19 127:9 128:14 pulled (1) 54:2
161:24 129:22 130:3,20,21 purchase (12) 32:16
pressure (1) 159:25 programmers (2) 32:17,22 38:7
presumably (2) 75:11 140:12,20 66:15 67:14 71:22
138:25 programmes (4) 128:4 73:5 88:9 89:10
pretend (1) 48:25 128:6,9 129:2 118:16,18
pretext (2) 72:6,8 progress (1) 40:21 purchased (3) 61:15
pretty (3) 78:4 161:13 progressing (1) 24:1 92:6 138:1
171:20 project (16) 63:22 purchaser (1) 105:1
prevailed (1) 114:17 66:18 68:9 69:8,11 purchasers (1) 22:6
previous (4) 25:15 70:22,24 71:3,8,10 purchases (1) 66:5
132:8 137:17 71:14,15,22 77:4 purchasing (1) 66:8
152:23 86:15 130:7 purpose (12) 20:4,7
previously (6) 20:1 projects (1) 63:24 40:20 67:25 73:4
78:13 82:14 87:15 promise (6) 34:18,23 89:21 107:1,23
138:1 140:21 45:11,12 47:23 111:1 126:2 129:23
price (4) 59:7 69:22 48:10 130:5
100:3 123:15 promised (5) 38:10 purposes (2) 71:3,13
prices (1) 32:18 43:15 45:5 48:9 pursuant (4) 99:12
Prichaly (5) 87:11,17 172:6 102:15 106:12
88:10 89:1,10 proper (5) 155:8 107:16
Principal (2) 124:11 157:15 165:6,8 pursued (1) 96:18
124:14 171:1 pursuing (1) 99:25
print (1) 68:17 properly (2) 8:13 push (1) 86:7
printed (2) 90:22 138:5 put (38) 20:22 21:1,14
98:20 properties (2) 87:20 26:14 61:23 62:3
prior (7) 7:12 9:19 91:6 62:14,17 77:11,15
41:14 58:13 66:4 property (6) 21:23,25 78:20 100:13 107:1
66:10 113:10 64:9 88:18 100:18 109:5 115:19 117:3
priority (2) 63:22 177:18 118:6 121:25
159:21 property-related (1) 127:11 129:4
privately (1) 139:4 93:16 131:13,22 139:22
pro (1) 164:3 proportion (1) 139:17 149:21 150:12
probably (15) 17:10 proposal (3) 92:4 153:10,22 163:13
18:24 23:7 65:21 150:18 161:17 163:14 164:17
68:22 84:20 103:14 proposals (1) 152:13 165:14,16 173:19
118:24 124:3 propose (1) 158:9 174:4 175:21,24,24
158:16 171:9,15 proposed (4) 93:9 179:22
178:3 182:11,12 150:19 153:4 154:2 puts (1) 170:14
problem (6) 64:20 proposing (2) 153:25 putting (5) 26:6 76:11
80:11,14,20 134:14 169:14 85:19 106:4 159:25
169:25 prospective (1) Puzikov (9) 8:16,19,23
problems (4) 2:2 42:6 128:24 8:25 9:4 16:19
55:13 80:12 prospects (2) 51:2 17:20,24 18:9
procedure (1) 148:21 55:20 Puzikova (3) 17:18,24
proceed (4) 4:6 32:2 prospectus (13) 18:6
150:15 154:11 123:21 124:13,25 pyramid (2) 61:14,14
proceeding (1) 169:8 125:7,18,23,25
proceedings (30) 1:3 127:12,23 129:10 Q
22:25 23:2,3,4,6,15 129:16 130:9 131:1 qualify (1) 86:25
27:6 28:12,20,25 prospectuses (6)
question (40) 2:7
57:3 60:23 71:16 120:5,7,11 122:23
20:18,19,22 21:5
74:7,11,17,20 75:2 128:2 129:4
26:21 44:15,15
75:13 99:6,13,15 protected (1) 8:14
47:4 54:12 62:7,7
99:20 106:24 107:4 protects (1) 114:6
62:11,14,15,22
107:16 112:16 protested (1) 164:9
63:8,12 84:19
113:11 181:24 prove (1) 155:18
132:12 135:1
proceeds (1) 56:1 provide (4) 39:4 51:11
141:19,25 142:1,5
process (8) 22:25 51:17 113:22
142:14 143:15
23:24 72:3 86:21 provided (6) 24:16
144:25 145:6,10
88:23 89:4 154:20 39:2 63:4 67:14
150:6 154:10 158:1
180:4 137:6 150:14
163:11 165:21
produced (1) 120:1 providing (3) 33:9
169:20 174:6 176:7
production (1) 130:9 51:25 144:19
176:9 178:11
productive (1) 181:6 provision (4) 30:17

questioned (1) 165:20 questioning (1) 2:14 questions (38) 3:22

5:16 20:24,25 21:12,14 24:5 31:20 38:1 40:11 49:13 53:14 66:20 93:24 97:9 100:13 100:19 103:22 104:1 112:19 114:21 116:9 118:5 119:1 131:4 135:1 135:2,6,15 136:20 136:21,22 149:3,4 149:21 168:21 174:23 187:7

quick (3) 103:16,24 137:1

quickly (3) 14:1 110:10 140:13

quid (1) 164:3

quite (33) 2:18 3:6 5:3 11:6 14:17 17:22 46:22 53:4,13 62:17 63:2 93:1 106:3 112:5 113:19 115:14 125:3 126:13 128:6 134:10 138:23 143:14 154:9 155:3 157:16,24 162:15 163:9 169:17 172:5 172:5 177:19 184:15

quo (1) 164:3

R

RAD (1) 66:6 raider (1) 28:12
raise (6) 122:24 128:4 130:22 163:11 166:5,6

raised (4) 28:9 61:1 115:14 128:15 raising (1) 129:16

rarely (1) 41:20

rate (3) 50:18 131:20 146:7

rationale (1) 107:9 re-amended (1) 28:13 re-examination (4)

104:1 114:23 120:6 187:6

reach (3) 85:17 115:23 165:3

reached (14) 29:6 30:1,22 34:15 35:16 36:5,6 38:4 42:12 48:2 77:7 84:23,24 155:19

reaction (1) 24:8 read (38) 10:4 27:15

27:17 28:7,24 31:25 33:23 35:21 40:16 68:17 74:5 76:2 79:11,19 81:21,22 82:8 84:15,18,22 85:3 88:3,4 91:3 92:24 95:7 97:21,22 110:12,16,17,25 117:23 121:10 123:9 125:21 132:1 168:9

readdress (1) 157:21 reader (2) 120:22

124:17 reading (5) 82:19

90:21 92:20 97:20 receipt (1) 86:20 region (2) 6:2 77:13
181:22 receipts (1) 123:15 registered (2) 105:2
reads (1) 82:11 receive (6) 7:13 35:6 141:19
ready (1) 152:24 35:12 39:19 55:25 registration (1) 92:1
real (5) 97:5 99:10 87:3 regrettably (1) 179:17
104:17,17,22 received (7) 39:13 regulations (2) 50:3
realisation (6) 88:24 56:22 58:23 61:17 148:13
89:4 97:16 108:22 73:9 87:2 138:15 regulator (1) 49:19
108:24 109:11 receiving (5) 42:17 regulatory (1) 148:19
realise (2) 90:6 92:3 51:6 84:2 85:4 reinforcement (1)
realised (1) 184:17 87:18 91:7
realistic (4) 161:1 reception (2) 64:25 reinserted (1) 1:14
184:2,6,20 83:21 related (6) 18:20
realistically (1) 184:14 receptionist (1) 23:23 26:12 41:1 62:8
reality (4) 61:5,6 reckoning (1) 183:22 63:25 145:6
72:12 107:22 recognising (2) 163:5 relates (4) 89:17 94:7
really (82) 24:10 165:2 98:24 145:1
26:11,22 28:22 recollect (4) 70:23 relation (10) 7:3 28:11
32:3 34:9 37:25 83:4 98:1 105:17 50:19 118:1 128:2
40:24 41:21 42:16 recollection (16) 5:23 128:17 130:8,20
48:24 52:6 55:11 6:4 12:20 13:3 135:4 136:6
68:20 77:22 78:4 39:22,24 40:5,7 relations (1) 111:3
84:1 87:5 88:14,17 41:13 46:12 52:8 relationship (4) 17:23
88:21 89:4 90:1,4 65:7 94:17,20 27:3 113:1 124:1
92:21 93:10 94:10 95:13 106:7 relationships (1)
94:12,17,21 95:17 recommendations (1) 124:8
99:9 105:16 109:4 112:3 relative (5) 17:20,23
109:23 112:23 reconnected (1) 80:24 17:25 18:1,4
114:12 120:18 reconsider (1) 132:24 relatives (1) 111:20
123:23 125:13 reconvene (2) 77:21 relay (1) 103:24
137:3 150:25 78:10 release (2) 89:22
151:13 152:4,10,11 record (9) 12:8 15:15 179:14
152:11,12,14 153:7 16:5 26:5 34:10 released (2) 149:17
153:11 154:10 54:16 58:16 96:3 149:24
155:2,7,9,13,19,23 158:19 relevance (2) 28:2,16
155:24 156:16,17 recorded (5) 36:16 relevant (1) 14:4
157:8 159:10 95:23 98:11 102:16 reliable (1) 164:21
160:21 162:22 105:14 relying (2) 36:19
164:4 166:16 167:6 records (1) 102:24 176:22
167:18 168:17 recourse (1) 126:2 remain (2) 36:9 72:22
169:5,12 171:4,9 recover (1) 165:12 remained (7) 61:5
172:8 174:10,16 recovering (1) 96:18 89:5 90:9,10 137:6
175:11 178:4,5,14 recovery (4) 86:24 142:1,22
179:22 96:23,24 171:13 remaining (6) 153:13
reason (20) 16:22 recuperate (1) 156:11 159:22 167:1,2,20
24:4 26:3 28:21 recuperation (2) 176:2
63:13 68:20 77:16 156:12 166:16 remains (4) 40:10
99:20 101:7 105:15 recycled (1) 88:25 89:2 97:17 117:1
110:8 124:24 redacted (1) 55:1 remark (1) 160:9
127:10 129:9 reduce (1) 6:5 remarkable (1) 101:22
130:24 131:3 refer (6) 31:4 76:20 remember (18) 40:7
145:25 151:23 76:21 84:4 93:13 40:16,17 52:3 67:4
177:24 182:6 94:4 74:14 100:19,25
reasons (1) 164:25 reference (10) 33:19 101:19 102:3 110:9
recall (76) 5:24 6:12 69:8 71:11,12 131:6,8 135:6,14
6:18,23 7:24 8:22 96:11 106:22 137:7,8 183:18
12:8,22,23 13:6 118:20 123:7 125:4 remind (3) 4:1 25:16
21:20 22:2 25:9 139:18 133:21
31:3 39:23 40:10 referring (8) 15:11 reminded (1) 56:23
40:15 43:6 45:15 30:2 33:16 36:20 reminders (1) 57:2
45:21 48:6 51:4 60:5 66:25 74:21 reminding (1) 113:20
52:5,10,15,17 53:2 88:1 reminisce (1) 181:12
53:8 55:19,22 refers (2) 31:5 83:14 remit (4) 75:3,16
56:16,20 57:5,19 refinancing (2) 51:2 88:13 160:22
57:19,22 65:18 51:11 remonstrations (1)
66:2,3,20,22 67:1,3 reflects (1) 122:15 165:8
67:6 70:7 71:3,9 refresh (3) 31:6 67:3 remunerated (1)
75:10 83:19 84:2,8 96:13 156:4
85:4 87:16 93:25 refusal (2) 46:16 47:2 Renord (14) 93:5
94:3,13,18 95:5 refuse (1) 49:13 98:25 99:25 100:2
97:23,24 106:2,8 refused (1) 113:14 104:11,22,23 105:3
106:20 109:22,24 regard (18) 38:23 39:1 107:19 109:17
112:14 128:15 40:9,17 43:10 111:19 168:19,20
132:16,18 135:10 44:22 45:14 59:2 168:21
135:11 142:20 65:2,14 86:2 95:14 Renord-Invest (2)
148:4,23 155:15 100:17 141:16 26:2,4
185:8 158:9,19 161:9 repaid (2) 105:22
recapitalised (1) 170:8 135:14
138:19 regards (2) 79:17 82:3 repay (2) 37:23 64:18

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

197
March 21, 2016 Day 30

repeat (1) 128:19 82:24 83:18 85:7 22:3,9,15,17,18,22 29:7 30:25 31:15 32:19 66:21 68:9 18:14,15,21 19:2,3 separate (4) 10:9 77:3

repeatedly (1) 180:4 response (5) 40:11 22:23 24:22 25:2 33:13 34:8,23 69:8,11 87:15 19:16,18,21,23,24 144:24 146:4
reply (1) 20:25 47:1 63:12 86:5 room (4) 1:19,24 2:2,4 36:11 37:25 40:12 89:18 91:18,23 20:2,3 21:4 25:7,12 separately (4) 47:20
repo (9) 29:13,20 30:7 142:14 rouble (3) 113:3 115:2 40:20 41:21 43:3 92:8,16 25:19,22 26:17 53:12 76:18 77:3
37:9 38:7 46:5 responsibilities (3) 115:10 44:12,17 45:24 scenario (1) 169:16 27:20,22 31:10,13 September (3) 69:5
63:15 99:1 146:6 65:15 86:16,17 roubles (1) 47:22 46:11 47:21 48:8 scenarios (1) 177:20 32:4,10 33:17,24 69:15 128:1
report (16) 10:15 56:9 responsibility (2) rough (1) 139:17 48:24 49:12 52:2 scene (2) 157:8,12 36:18 46:7 53:25 Serdyukov (1) 18:7
56:15 57:7 61:13 157:1 175:16 roughly (1) 159:4 53:20,25 54:21 scheduled (1) 82:13 54:1,5,7,8,20,25 Seredyuk (8) 20:2
105:20 116:19,25 responsible (3) 10:7 route (2) 163:15 55:19 57:21 58:3,9 screen (56) 1:12 3:15 55:18 61:3,10 65:4 21:15,21 25:12,20
117:10,24 118:11 10:24 111:3 177:16 59:16 60:18 62:6 13:9,15,20,24,24 68:8 69:10,17,23 26:7 131:21 132:4
119:5,7,19 120:9 rest (9) 36:20 78:16 RPC (3) 77:15 78:18 63:8,13 64:13,15 14:17 15:4,18 73:25 75:20,24,25 Sergei (4) 137:4
121:24 160:16,22 162:19 79:8 64:16 65:6,23 17:17,18 18:17,18 80:8,10,12,18,20 138:11,15,22
reported (1) 85:10 166:20 170:13 RUB (22) 35:25 67:12 66:14 68:6,7 69:9 18:19 19:11 20:17 81:15 82:5 83:10 series (4) 96:17 125:9
reporter (1) 53:12 184:18 185:2 67:14 69:21,22 70:20 71:11,19 31:6,14,18,19,24 84:15 85:12,16 130:19 182:10
reporting (4) 40:4 restoring (1) 55:20 87:19 89:21 91:15 72:2 73:25 74:3,10 31:24 54:3,10 55:2 86:6,11 87:17 serious (2) 11:5 158:4
53:2 54:13,23 restructure (1) 29:11 91:16,20,20,25,25 75:11 76:11 77:11 68:2,13,21 74:1 88:20 89:8,11,14 services (1) 144:20
reports (10) 56:22 restructured (3) 36:7 92:7,8,9,10,20 77:17 78:1,6,12 80:13 81:14 83:7 89:20 90:3 95:4,23 session (1) 181:6
62:9 114:17 116:13 41:22 52:21 105:23 107:19 79:8,11,17,24 84:10 90:15 95:1 96:3,5,12 97:15,19 set (17) 30:18 32:17
116:15 117:3 restructuring (21) 108:2,4 80:10,21 81:15 95:22 96:1,2 97:13 97:20 98:3,6,8,16 33:5,5 34:4 61:14
118:25 119:3,25 30:3 31:2 32:6 33:3 Rubezh (1) 76:24 82:11,12 83:10,25 102:10,22 105:19 98:22 99:13,23 81:25 106:8 113:24
122:19 33:3,6,8,12 34:11 rudely (1) 183:15 84:14 85:4,15,22 105:20 110:22 100:4 102:5,16,17 114:3 116:12 121:5
represented (1) 34:13 36:14 38:10 rule (3) 49:23,25 50:1 86:5,21 87:8 88:23 117:13 119:14 102:20,24 103:1 121:11,17 131:1
180:11 38:13,17 40:23 rules (3) 4:4 78:13 90:18 92:17 93:2 120:16,18 123:8,25 104:2 105:12,25 167:19 173:1
reproduce (1) 28:24 44:23 46:13,14 180:7 93:12 94:6,13 124:10 131:24 106:1,15,16,20 sets (12) 32:23 33:9
reputation (2) 114:14 47:12 48:15 135:5 run (1) 24:20 95:18 96:17 97:3,7 134:16 135:19 108:14,14 109:10 74:15 117:10,24
114:15 result (5) 20:17 21:4 running (1) 185:25 99:13 101:3 103:15 185:6 111:7,12 112:6 124:7,17,20 126:13
request (6) 42:23 43:9 88:23 92:10,14 runs (1) 124:7 104:9 105:12 106:2 screens (3) 19:20 114:20 116:20 130:18 132:3,4
43:23,24,25 66:13 resulted (1) 111:15 Russia (4) 1:8 77:25 107:1 108:12,21 54:14 68:15 117:8,11,14,16,21 settle (1) 39:16
requested (4) 43:14 resume (1) 2:19 152:22 179:18 109:19 110:15,17 scroll (28) 14:10,23 117:23 118:2,3,20 settled (1) 165:1
43:21 44:21 66:8 rethink (1) 160:25 Russian (78) 1:22 110:24 111:1,17 15:4 16:12 17:9,12 119:9,13,18,20 settlement (6) 105:21
requesting (1) 46:5 return (5) 5:8 64:8 13:12,17,25 14:24 112:24 114:20,24 18:10,16 19:20 120:12,20 121:4,5 106:19,20,22 107:2
require (2) 41:23 65:21 137:5 159:4 15:4,18 16:8,24,25 116:9,18,22,25 25:14,18,21 27:23 121:6,8,9,10,13,14 107:7
152:15 revalued (1) 61:16 17:10,13 18:16 117:9,20,23 118:12 35:21 53:22 54:10 121:18 122:3,6 Sevkabel (1) 76:22
required (1) 153:16 reverse (1) 32:15 19:14 25:22 27:10 118:16,23 119:4,6 54:13,17 87:20,23 123:11,17 124:1,16 Sevzapalians (3) 99:1
requirements (2) review (1) 182:14 31:7 51:12,13 119:8,9,18 120:10 89:8 95:25 102:19 124:22 125:20,24 99:2,6
148:25 171:23 revision (5) 142:6,11 53:20 64:14 65:23 120:19 121:6,15,22 102:22 103:7 126:22,25 132:6,10 shape (2) 4:15 181:24
requiring (2) 170:6,7 142:15,19,23 65:25 66:8,10,22 122:1,4,8,10,18,21 105:18 133:16,18 133:15,23 134:4,8 share (15) 5:21 6:8,15
rescinded (1) 115:8 right (70) 3:20 5:19 67:11 68:4 69:20 123:3,4,8,10 124:5 scrolled (6) 15:18 134:12 135:19,21 15:3,9,25 18:1
research (1) 181:22 6:11 8:15 9:2 16:6 70:3 72:10 73:20 124:12,24 125:18 27:16,18 32:9 135:25 136:1,2,3,5 19:25 118:17
reservations (1) 164:6 24:17 33:16,20 79:10 81:12,23 126:5,15 127:10,18 84:23,25 136:6,8,9,10,24 123:16 126:18,19
reserve (5) 147:19,21 34:1,21 36:2 40:12 83:8 87:7,15,22 129:9,17,20 130:21 Scythian (3) 69:13 140:17 142:22 139:1,2,9
147:24 148:2,7 49:1 50:16 55:19 90:13,22,22 96:2 131:4,16,25 132:7 70:6,9 146:20,21 152:2,17 shareholder (18) 5:19
reserves (9) 40:22 60:7 62:15 69:1 97:14 98:8 102:10 132:20 133:15,21 seamen (1) 37:18 160:7 162:13 169:7 6:9 8:23 15:2,13,16
41:24 42:5,5 51:17 75:11 79:6,19 80:2 105:10,19 107:4 134:4 135:2,19 seaport (1) 67:8 175:15 184:11,25 21:16 22:4 25:20
51:19 147:11,15 94:24 101:3 113:15 108:9 110:6,8,14 136:11,20,23 search (1) 141:4 seeing (7) 3:13 20:17 121:16 124:11
148:24 114:2 119:22,23 110:18,20 113:17 145:11 149:10 second (21) 2:6 14:17 65:7,18 74:3 80:22 126:23,24 127:6
Residential (2) 21:23 120:25 121:17 113:21 114:4 115:2 163:22 164:12 28:14 39:10,14 150:24 132:23,25 134:12
21:25 122:18,19 129:25 115:10 116:22 173:23 174:3,17 56:2 91:17 110:7 seek (2) 96:22 159:16 134:19
resides (1) 47:9 130:4 133:20 119:5,15 120:19 187:4 110:15 120:7,10 seeking (1) 83:13 shareholders (29)
resignation (1) 113:16 137:10 140:6,19 122:2 123:1,24 Savelyev’s (2) 5:7 125:5 127:2 128:19 seeks (1) 182:5 10:14 11:7 15:1
resigning (1) 113:23 143:14,22 146:3 127:16,19 133:13 68:11 128:20 129:14 seen (19) 43:12 65:3 17:14 18:10 19:22
resolution (8) 64:23 148:16 150:4 133:15,22 135:18 saw (2) 13:24 129:7 133:25 135:8 149:1 83:19,24 85:8,14 23:12 26:5,8 49:21
65:4 83:23 84:6 153:17 154:16 166:24 169:24,24 saying (29) 24:9 33:22 152:21 180:15 85:25 86:2 90:3 63:23 64:1 124:2,9
85:13 86:3 135:20 156:15 161:9,15 180:19,20 35:17,19 36:11,14 secondly (1) 6:9 94:8 102:21 111:16 124:14 126:18,22
136:7 165:15,16 168:1,2 37:13 39:15 46:12 secretaries (2) 11:9,20 117:12 118:10 127:4 128:25
resolutions (1) 136:3 169:23 173:4,7 S 47:13,14 48:2,4,11 secretary (19) 9:8,10 129:4 130:16 130:14,15 131:14
resolve (3) 54:24 177:17,23 178:9,14 safe (1) 78:8 50:2 60:10 61:25 9:12,13,14,20 10:7 132:20,22 161:12 131:16,22 132:3,18
144:9 178:11 178:14,15,20 179:3 63:3 84:6 86:5 10:24 11:1,3,4,11 sees (1) 125:6 132:21 133:16
safer (1) 185:19
resolved (3) 107:15 180:25 183:24 93:12,25 94:19 11:14,25 12:11,19 seized (3) 37:15 51:8 144:4
sake (2) 115:25
136:2 161:6 184:15 185:11 102:3 155:21 14:15,20,21 57:9 shareholders’ (2)
169:24
respect (26) 7:15 186:9,16 156:17 159:2 section (8) 15:2 selective (1) 157:6 10:25 127:3
salary (1) 138:14
24:25 30:3,17 right-hand (1) 121:11 175:19 177:25 119:18,19 120:20 self (1) 129:19 shareholding (18)
sale (16) 32:16,17,21
31:21 32:15,19,24 rights (9) 87:1 89:13 says (36) 14:22 15:9 124:7,13 126:11 sell (5) 6:11 59:6,12 5:16 8:4,16,20
59:14 60:14 64:9
33:24 35:13,15,16 92:15 94:14 95:3 16:5 28:3,8,21 130:13 64:19 92:13 13:22 15:5 16:19
64:11 69:20 87:9
44:9 53:15 56:9,15 96:7 99:2,3 114:8 32:14 33:24,25 sector (1) 141:3 sellers (1) 32:20 18:12 19:8 26:2
88:12 91:5 99:22
74:19 76:17 78:19 ring (4) 67:8 74:14 34:7 35:22,25 securities (1) 127:23 selling (4) 64:10 100:2 34:24 118:8 119:1
100:18 104:9,10
90:5 93:10 114:4 95:12 105:4 48:19 69:11 76:5 security (14) 29:19,23 100:8 107:24 122:6,13 126:12
105:2
135:9 143:15 rise (1) 81:3 79:20 80:23 82:8 30:5 37:6,7,8 46:4 send (1) 86:5 145:12,23
sales (1) 58:24
173:22 174:3 risk (5) 41:17,19,19 83:17 87:4 92:23 51:20 90:7 91:11 sending (1) 82:17 shareholdings (2)
saved (1) 160:5
respectability (1) 42:1 78:2 93:3,5,6 98:17 115:13 116:2 146:9 senior (1) 126:3 25:23 116:12
Savelyev (201) 1:20
99:22 road (2) 24:13 159:17 101:1 106:6 107:13 147:3 sense (5) 26:25 97:18 shares (40) 6:10,11,13
2:5,7,18,25 3:15,21
respectful (1) 173:22 ROK (5) 87:10,17 107:14 118:13 see (207) 13:13,14,16 107:9,12 178:21 6:14,14,17,23 7:1
3:24 5:2,11,15 6:16
respectfully (4) 28:18 88:10 89:1,10 123:12 134:5 14:7,11,12,16,18 sensible (4) 150:22 7:13,17,19 8:7,12
8:3 9:6 13:10,13,17
79:18 82:3 146:22 role (5) 111:18,19,21 136:14 146:20 14:19,19,25 15:1,5 154:15 165:8 167:4 8:25 9:5 19:7 20:9
13:23 15:7 16:15
respective (4) 9:22 139:15 142:7 159:25 160:5 15:7,8,14,15,17,19 sent (9) 39:11 64:24 21:7 22:15 38:6
17:1,16 18:13,19
10:5 38:14 51:21 Romashov (23) 12:2,6 scale (1) 157:4 15:21,23,25 16:1,7 65:9,9 77:17 79:14 46:1 47:22 89:10
19:18,23 20:4
respectively (3) 9:18 12:15,21 14:13,14 scan-read (2) 87:24 16:9,10,11,17,20 83:21 85:9 152:22 90:25 91:5 116:10
22:13 23:19 25:8
10:1,3 14:19 17:5 19:4,17 95:6 16:21,21 17:5,18 sentence (2) 28:21 117:19 118:1,14
26:2,6,20 27:15,20
respond (4) 27:24 19:22 20:1,9 21:7 Scandinavia (11) 17:19 18:9,11,13 35:2 121:19 122:9

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

198

March 21, 2016 Day 30

123:14,14 137:5 simultaneously (1) 172:16 185:17 69:2,10 71:12 147:21 128:12
138:6,21 139:18 32:21 186:14 squeeze (1) 184:9 straits (1) 7:8 subsequent (1) 5:8
145:16,24 146:8 single (6) 30:17,18 sooner (1) 175:18 St (44) 1:12,18,22 2:1 Strakhovaya (1) 16:21 subsequently (5)
sheet (3) 75:22 96:10 37:3 53:15 77:2 sorry (50) 4:16,18 5:17 15:6,24 16:1 strange (1) 100:18 38:14 59:4,13
109:8 160:17 5:14 10:20 59:22 18:12 19:1,8,12 strength (1) 155:25 85:10 102:1
Shepskis (1) 14:8 sir (10) 13:16 19:11 60:25 68:12,21 21:22,23,25 44:4 strive (1) 23:9 subsidiary (3) 15:20
ship (1) 59:12 66:17 74:21 82:25 73:19 79:5 90:14 44:11 67:8,25 Stroilov (172) 3:1,6,13 99:7 100:1
shipment (2) 39:11,13 84:18 85:19 97:22 92:17 103:6 104:18 72:11,19 73:24 4:6,18,23 5:1,9,10 substantially (1)
Shipping (2) 135:24 104:13,24 108:8 117:4 120:4 74:8 79:9,13,16 5:11 8:1 20:8 21:1 179:13
136:7 Sistemnye (3) 118:14 120:10,14,24 87:18 91:8,11 92:5 23:5,8 24:8,17,18 substitute (1) 174:21
ships (9) 58:21 59:1,4 118:17,19 121:25 124:12 103:19 116:10,22 24:24 25:3 27:13 substituted (2) 98:16
59:7 60:13,14 sister (1) 18:6 125:18 128:13,18 119:10 122:6,16,24 30:2 31:20 32:10 101:23
61:15,16,18 sitting (9) 6:22 56:17 129:8,17 136:19,23 123:12 124:8 126:4 33:7 34:15 36:15 successful (5) 64:3,3
shocked (1) 156:13 57:6 71:9 137:16 136:25 144:21 126:6 127:24 40:11 46:9 47:6,25 128:4,6 130:21
shop (2) 91:7 156:10 140:2 163:16 145:7 146:4 149:2 129:21,24 49:1,3,11 54:2 57:9 suddenly (1) 164:6
short (9) 35:9 49:3,9 165:10 167:23 149:7,8,12,20 staff (6) 11:16,17 58:20 62:14,17,23 sued (2) 106:18 114:2
55:25 79:11 81:6 situation (3) 56:5 155:10 157:10 115:6,21 181:11,14 63:2 64:5 68:12,16 suffered (1) 114:16
104:3,6 184:8 60:22 180:12 158:3 161:24 164:8 stage (12) 5:8 6:10 73:9 77:5,22 78:4,8 sufficient (5) 52:22
shortcut (1) 177:16 six (2) 43:13 46:8 168:12 172:14,15 29:7 58:17 67:5 78:11,22 79:4,7 53:3 62:19 68:23
shorten (1) 37:25 six-month (4) 43:5 182:19 184:4 185:8 87:8,13,17 89:9 80:7,10 81:9 87:4 170:25
shorter (2) 46:14 45:5 46:16 48:9 185:19 94:8 147:14,14 88:2,14 90:8 93:24 suggest (11) 1:11 31:1
184:16 size (1) 6:7 sort (17) 77:23 93:17 stake (3) 6:7 114:13 100:10 103:7,10,13 49:5 72:2 77:20
shortly (7) 115:1 sizeable (1) 11:12 130:15 139:17 138:15 104:4,8,17,20 78:9,11 101:3,23
120:6 127:21,21 SKIF (15) 69:4 70:1,5,9 147:13 151:1,11,17 stamp (2) 99:21 106:5 110:23 151:17 153:23
128:3,7 171:14 70:24 71:3,13 72:8 151:18 153:8 158:3 107:23 112:22 114:20,22 suggested (4) 35:17
show (8) 13:11 16:14 72:15,15 73:3,8,9 164:5,15 166:4 stand (2) 1:10 166:3 116:11 120:1 75:20 98:20 146:6
65:20 70:13,17 73:11,12 171:18 178:17 standalone (2) 72:15 126:14 131:6,10,22 suggesting (6) 59:19
95:20 122:21,22 SKIF’s (1) 72:5 181:21 73:16 132:2,8,11,21 59:21 151:2,3
showing (2) 85:20 Sklyarevsky (1) sorting (1) 79:7 standard (5) 101:20 133:3,6 134:10 160:13 163:15
148:5 163:21 sorts (4) 128:7,10 117:3 148:18,21 141:18 145:9 149:5 suggestion (3) 24:15
shown (12) 20:15 sleep (1) 183:11 164:25 171:16 186:6 150:5,15,16 151:1 154:7 156:14
64:23 79:8 116:18 slight (1) 162:5 sought (5) 85:16 standards (1) 186:5 152:13 153:3,5,9 suggests (1) 64:18
116:19 119:4 slightly (5) 107:18 86:12 96:24 122:24 start (18) 16:24,25 153:13 154:4,6,19 sum (1) 69:18
121:22 122:1 123:3 145:5 156:13 123:20 29:2 38:13 40:13 155:9,23 156:16 summarise (3) 9:9
125:2 129:13 174:20 185:11 soul-searching (1) 40:15 64:6 78:3 157:2,11,17,22,24 68:23 74:6
135:17 slim (1) 152:2 181:22 108:8 141:9 151:2 158:10,15 159:6,19 summarised (1) 90:19
shut (1) 156:10 slippage (1) 173:12 sound (2) 128:19 152:1 162:3,23,25 160:13,15,20,24 summarising (2)
side (9) 47:21 63:24 slippers (1) 165:5 158:3 174:19 179:20 161:5,8,12,21 68:24 75:25
78:8 80:8 114:5 slot (1) 151:22 source (4) 56:20 181:9 162:1,9,13,21 summary (2) 29:11
121:7 158:19 166:5 slots (16) 151:11 57:21,23 58:5 start-up (1) 6:10 164:8,14 165:18 64:20
178:1 153:17,18 154:16 sources (4) 20:16,16 started (8) 4:25 54:1 166:15 167:15 supervisory (12) 9:14
sides (1) 183:7 163:13,14 165:14 60:11 74:13 57:3 77:8 114:16 168:14,16,19 169:2 9:19 10:1,3 11:4,17
sight (2) 115:21 116:6 165:15 173:4,19 space (3) 98:3 164:19 138:2,20 157:7 169:11 170:9,22 11:21,25 12:11,16
sign (3) 30:3 98:14 176:4 179:22 181:18 starting (8) 21:3 171:3,24 172:1,7 120:21 121:4
109:7 180:22 181:16 SPARK (8) 13:14,15 138:20 140:6,7 172:13 175:19 supplied (1) 124:25
signature (19) 10:5 183:6,7 26:3 131:23 132:1 152:20 155:5,15 176:13,20,24 supply (1) 137:23
82:3,11 95:5,16 slow (1) 176:21 132:22 133:12,22 169:9 177:22 178:21 support (3) 2:14
98:4,6,7,10 101:3 small (5) 44:4 68:17 speak (3) 45:7 87:22 startled (1) 174:20 180:23,24 181:4,15 44:10 140:25
101:10,13,16,25 68:17 73:22 138:8 104:22 starts (1) 117:17 182:8,17,20,25 supported (1) 101:8
102:2 108:16,19 smaller (1) 75:17 speaker (1) 166:22 state (2) 60:21 99:21 183:10,13,24 184:1 supports (1) 114:9
109:3,3 Smirnov (7) 26:1,10 speaking (5) 6:12 40:5 stated (6) 39:6,11,21 184:5,7,20 185:2,3 suppose (8) 24:8
signatures (3) 102:5 26:12,16 168:19 51:7 63:11 104:16 42:7 46:23 48:14 185:8,18 186:10,12 27:19 41:25 162:13
108:13 109:7 174:22,22 specialist (3) 41:18 statement (7) 27:8 186:15 187:5 162:17 170:1 172:8
signed (10) 30:16 smuggle (1) 177:3 42:1 80:23 28:8 40:16 58:2,4 Stroilov’s (4) 100:19 172:9
33:14 42:12 46:21 snookering (1) 178:8 specific (16) 9:17 59:24 88:20 103:21 118:5 supposed (1) 185:10
46:21 48:18 79:17 so-and-so (1) 152:15 20:24 21:3,12 stating (2) 40:7 139:9 150:14 suppositions (1)
101:11,14 112:7 so-called (8) 67:24 32:24 38:23 43:9 station (1) 3:3 Stroilov(sic) (1) 111:7 23:13
significant (4) 5:18 99:11 100:3 104:9 45:9,15 47:16 Steadman (2) 161:10 Stroymontazh (1) sure (53) 2:18 8:13,22
8:19 19:8,11 104:21 108:22 66:17,20 93:16 165:21 76:21 17:22 20:18 28:23
signing (3) 33:16 109:10,11 102:15 117:14 steer (1) 171:1 structure (2) 17:15 33:13 50:1 52:21
98:17 111:15 software (14) 137:6,7 133:5 steered (1) 177:25 126:12 52:25 53:3 57:14
silver (1) 165:5 137:10,14,16,23 specifically (3) 38:21 step-by-step (2) 88:3 subject (5) 7:2,18 9:6 60:4,9 67:4,16 68:1
similar (2) 7:2 67:10 138:1,12 139:19,23 106:9 151:9 148:24 40:24 171:11 71:16 72:20 75:17
Simonova (3) 177:17 140:2,8,24 141:9 specifics (5) 45:17,22 Stepan (3) 20:2 21:15 subjects (1) 141:14 78:1,4 95:15 97:2
183:2,3 sold (11) 6:13 58:21 48:4,5 111:13 25:12 submission (14) 90:11 97:11 110:14
simple (1) 48:8 59:2,4 66:21 67:11 specify (1) 133:4 Stepanova (1) 121:20 124:3 153:9 159:7 112:19 124:16
simply (30) 3:7 4:13 87:15,21 99:11 speculate (1) 141:11 steps (3) 87:23 88:4 163:19 165:17 125:3,12 134:11
4:19 5:3 21:18 22:8 104:22 107:17 speed (2) 44:16 183:9 166:4 167:25 141:5,13,15 143:12
22:21 25:10,16 sole (1) 126:2 113:19 stick (2) 81:2 101:1 173:22 175:11 143:25 144:17
31:5 32:2,7 34:20 Solo (18) 67:2,21 speed-read (1) 168:16 stock (1) 153:25 176:1 178:15 179:5 150:21 151:1
52:15 56:17 76:19 69:19 70:2 71:7,10 spend (7) 6:1 53:3 stolen (1) 155:5 183:5 152:18 153:7
77:4 99:21 100:14 72:9 73:5 74:8,24 55:6 168:6 171:7 stools (2) 162:12 submissions (2) 156:20 157:2,22,24
111:18 137:23 75:1,13 87:16,20 182:23 183:22 185:7 153:21 176:16 158:6 160:18
140:20 145:2 147:3 87:22 88:10 89:1 spends (1) 23:3 stop (1) 24:3 submit (1) 166:25 165:25 168:4 169:5
155:14 160:3 141:20 spent (7) 12:6 23:2,10 stop-start (1) 2:17 submitting (1) 165:9 169:22 177:22
161:18 166:13,14 solution (1) 64:20 23:11 52:21,25 stopped (1) 51:5 subordinated (2) 185:1
170:12 solvency (1) 55:21 137:13 stops (1) 117:15 126:3 129:24 surely (1) 41:9
simultaneous (2) 1:8 somebody (1) 20:10 splitting (1) 177:8 stored (1) 137:24 subscribed (2) 128:8,9 surmising (1) 80:4
1:16 soon (5) 39:19 68:18 spreadsheet (4) 68:7 straightaway (1) subscribers (2) 128:8 surname (1) 18:2

surprise (1) 55:10 survival (1) 169:25 surviving (1) 54:15 suspect (1) 166:17 suspended (1) 92:2 swap (1) 141:14 Swedish (1) 128:23 switch (1) 3:17 symbolic (1) 138:18 sympathetic (1) 174:2 sympathise (1) 155:1 system (5) 85:20

117:25 118:14 121:16,20

T

tab (1) 120:15

table (8) 14:18 15:8,8 15:11 16:15 18:18 68:21 126:25

tables (3) 20:15,17

21:4

tabs (1) 122:25 tactfully (1) 26:22 take (29) 1:11 14:3

23:15 63:15 78:13 81:1 87:13 116:11 116:12 117:6 119:2 121:24 124:5 125:12 126:6 137:23 146:24 148:1 153:1 163:1 163:2 168:8 177:4 177:13 178:17 181:7 182:20,24 184:15

taken (10) 25:23 43:1 101:1 129:11 135:8 141:13 149:20 151:15 153:24 179:16

takes (3) 55:8 124:17 128:23

talk (2) 45:17 78:14 talking (11) 25:17

38:21 60:1,3 66:19 81:10 88:5 104:20 170:13 174:13 177:1

Tallinn (4) 37:15 57:10 58:20 59:13

tasked (4) 65:14 82:25 83:5 86:1

taxed (1) 126:14 team (5) 2:14 11:12

118:22 138:23 141:2

technical (1) 3:8 technicalities (1)

100:8 technological (2) 2:2

2:14

Technologies (4)

117:25 118:14 121:17,20

technology (2) 1:6 13:14

Tekhnologii (3)

118:15,17,19 telephone (1) 93:6 tell (19) 1:19 52:19

62:25 88:6 114:25 115:2 127:20 128:3 128:7 131:13 145:5 157:19 158:5 161:13 169:7 176:16 180:3 184:23 185:15

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

199

March 21, 2016 Day 30

telling (2) 42:5 109:22 46:25 47:4 49:6 55:7,13 57:2,3,5,10 135:21 138:9,10
tells (1) 171:11 51:25 53:16,25 58:6 60:8,10,12,18 145:18 159:21
tend (2) 174:4,10 55:17,17 59:15 62:8,9,18,22,23 Tosno (6) 57:20 58:10
tender (1) 139:22 62:17 64:20 66:12 63:3 64:1 71:5 58:19 59:17 60:4,8
tendering (1) 176:6 66:20 71:14 74:2,4 72:21 74:14,14 total (1) 92:9
tenders (1) 140:9 74:5 75:2,24 77:9 75:9 77:20 82:2,18 totally (2) 110:9 141:7
tends (1) 181:18 77:15,22 80:2,2,10 83:16 86:4 90:2 toxic (1) 63:18
term (3) 55:25 112:25 80:19 83:25 84:1,5 94:2 100:6 103:19 track (2) 12:8 103:12
113:15 84:20,21 92:18 103:19 104:13 transaction (8) 29:16
Terminal (19) 32:19 93:4 95:18 96:1,20 108:2,4 113:3 29:20 30:7 37:9
67:7 69:7,19 87:9 98:2,2 99:19 115:17 124:5 89:24 100:5 102:1
87:14 89:17 97:10 100:21 101:9,20 131:17 133:3,3,8,9 103:3
97:16 98:25 99:4,8 103:13,14,23 135:22 137:7,13 transactions (5) 70:8
99:10 104:17,18,21 105:10 106:6 138:7,16 139:4,24 93:16 96:18 115:12
105:24 107:17 109:12 110:15 140:5,9,11 141:7 115:20
109:11 118:4,4,6 126:14 141:11,13,19,21 transcript (4) 3:13
terminated (1) 113:9 130:11 132:2 134:6 142:20 143:9,13,17 84:1 131:12 145:4
terms (22) 1:18 33:5,9 134:6,25 136:17,17 144:5,13 145:17 transfer (3) 38:6 46:1
34:4 36:14 39:20 136:17,19 137:4 146:10,21 147:17 99:22
47:12,18 52:18 142:5 143:6 144:12 148:10 149:14,19 transferred (4) 34:24
74:3 118:6 122:13 145:1,7 146:6 151:12,14 152:14 72:9 99:17 105:3
138:6,16 139:9 149:3 152:16 152:21,23 153:24 transfers (2) 47:22
140:10 151:8 154:16,22 155:23 154:16 156:12 89:25
161:13 163:18,23 156:6,9,14,18 157:20 159:8,9 translate (1) 131:12
165:18 183:1 158:7 159:4,8,11 164:19 165:4 translated (3) 110:13
terrible (2) 155:11,12 161:15 162:5,8,9 166:18 168:1 127:17 169:20
terribly (1) 90:14 162:21 163:5 170:25 172:22,23 translation (8) 18:25
terrorem (2) 153:9 164:17 165:14 173:20,21 175:23 84:21 90:17 98:3
154:8 167:8,18 168:17 175:24 181:3,7 108:14 122:2
testing (1) 13:13 169:2 170:23 171:3 182:23 184:18 166:24 180:21
text (20) 13:25 31:3 171:17,18 172:20 185:16,16,25 translators (1) 173:6
31:13 33:23,24 172:24 174:3,24,25 times (4) 63:9,9 traversed (1) 174:11
75:25 79:20 81:21 175:3 176:15 100:17 109:23 trial (16) 23:22 152:6
84:15 88:1 90:22 177:10,22 178:2,3 timetable (14) 150:23 153:6 155:16,17
90:22 91:3 93:13 180:24 182:2,4 159:9 160:5 163:4 157:4 166:4 167:2
94:5,10 110:18,21 183:24 184:9,12 164:10 165:2,13 170:12 171:14,21
117:5 119:15 185:10 166:20 167:19 173:1 174:8 175:13
thank (47) 4:5 5:13 thinking (6) 156:22 169:13 177:3 184:2 178:16 181:18
13:19 14:6 16:24 160:21 177:14 184:6,8 tried (2) 86:7 150:12
19:13 23:18 26:24 181:15 184:20,21 timetables (1) 164:4 tries (1) 29:21
31:9 32:1,10 44:12 thinks (1) 164:11 timetabling (7) 151:8 trouble (2) 169:11
54:5,18,19 62:16 third (7) 51:3 52:16 151:18,24 152:12 185:24
77:5 80:19 83:10 91:22 117:16 134:1 163:12 173:3 180:6 Trout (1) 172:3
85:2 92:17 95:10 143:1 152:11 tip-toed (1) 151:11 true (27) 8:24 17:8
95:11 103:9 110:22 thorough (1) 151:18 tired (7) 154:25,25 27:7 28:3 29:16
110:22 114:20,22 thought (10) 3:10 155:1 165:7 170:23 34:25 35:3 40:25
116:23 119:8,12,23 74:22 132:25 149:9 170:24,24 47:7 58:12 63:17
120:14,17 121:22 155:8 156:6 157:2 titled (1) 126:24 72:14 86:23 101:6
137:2 143:14 149:6 175:8 179:11 182:7 today (36) 1:20 5:7 103:4 108:20,23
149:11,18,23,25 thoughts (1) 168:13 6:22 8:10 12:10 109:9,15 111:21,22
150:1 182:16 185:3 thousand (9) 23:4 19:18 37:10 40:4,8 111:24 135:16
186:12,16 91:20,20,25,25 48:11,19 56:18 136:14 138:19
Theoretically (1) 92:7,8,9,10 57:6,9 60:10,11 139:21 174:14
143:10 thrashed (1) 175:6 61:3,6,10 71:9 73:7 truly (1) 162:19
thing (14) 11:5 20:14 three (22) 13:7 23:4 77:10 78:1,17 trust (6) 57:16 102:8
20:21 64:8,12 53:7 63:8,9 77:24 100:10 109:5 120:2 109:6 115:19 141:1
101:18 137:12 92:12 94:15 109:12 145:1,19 152:25 141:6
138:18 162:10 122:4 136:11 152:4 162:2 163:17 truth (3) 63:11,11
165:15,16,23 163:20,22 168:6,22 165:11 167:4,22 116:8
166:12 168:2 168:24 173:20 182:6 try (26) 13:1 17:12
things (23) 1:10,19 174:1 175:23 today’s (1) 43:12 21:12 24:5 37:25
6:6,6 41:6 44:16 184:20 186:4 told (12) 26:1 29:10 44:2 45:24 68:18
49:18 113:2,5,20 Thursday (1) 179:11 48:21 58:10 60:3 74:6 78:22 85:16
136:3 151:1,19 ticked (1) 174:9 85:24 143:6 164:10 103:21 109:17
152:2 164:15 166:3 tidy (1) 182:12 172:6 176:10,25 136:24 150:12,25
170:10 171:16 tie (1) 151:19 179:1 151:18 152:8 153:9
172:8 173:5 174:10 timber (2) 39:11,13 tomorrow (20) 10:13 154:17,17 160:21
178:10 182:12 time (145) 6:1 8:7 10:16,21 150:20 166:18 173:18
think (157) 1:18 2:9 10:19,19 12:6,9,15 151:3,6 153:23 181:9 186:13
3:14,18,18 4:17,17 13:8,10 21:8,10 157:21 159:4 trying (16) 8:2 24:19
5:1,7,17,25 6:13 22:9,19 23:2,10 161:20 163:19 27:10 28:24 43:17
10:9 11:16 12:17 30:6 31:22 33:14 166:18 171:2,7 67:3 74:2 75:21
15:22 16:4,4,12 33:21 35:9 37:14 172:9,11,11 175:5 93:17 140:4 145:10
18:3,11 19:10 23:7 38:19,24 40:18 175:8 180:15 151:14 161:2 165:2
23:16,20 24:3,4,12 41:2,18 42:9 43:8 tonight (1) 152:5 165:25 181:15
24:24 25:6 26:14 43:18 44:14,14 top (16) 8:9 14:17,17 Tuesday (3) 151:14
27:14,18 30:20 45:6 48:4 49:6 51:4 15:12 18:18 68:9 152:7 172:12
34:8 35:17 36:3 51:18,21 52:18,22 82:5 109:21 110:3 tunnel (1) 78:17
41:18 42:2,7 45:24 52:25 53:4,4,10,16 111:2 124:14 Turetsky (1) 151:25

turn (2) 28:25 165:5 undertakings (2) 98:8 102:11 108:10
turned (4) 112:5 46:23 48:2 108:11 110:6,7,8
133:6,11 134:15 undervalue (1) 107:25 110:14 120:9,16,19
turning (1) 73:9 unequivocally (1) 121:3 124:12
twice (1) 7:22 101:18 125:19 133:22
two (57) 1:19 6:6,6 unexpected (1) versions (2) 16:13
9:21 11:19,22 13:7 110:10 123:1
17:9,10 19:6,20 unfair (1) 32:4 vessel (1) 57:9
25:14 30:19 34:24 unfortunately (14) vessels (3) 37:14,16
35:10 36:4 49:6 31:16 45:21 52:5 51:7
53:7 54:14 55:23 54:2,25 67:9 68:13 vested (1) 97:1
71:25 74:23,24 85:6 94:23 105:8 video (2) 80:3,8
77:15 79:20,22 107:10 113:17 videolink (8) 1:8,8,18
87:9 94:15 95:3 117:13 137:15 3:8 4:12 158:12
116:11 119:2 120:2 unhelpfully (2) 65:20 160:4 161:22
122:22 130:5,18 127:15 view (6) 29:15 111:21
131:4,19 135:12 unjust (2) 23:16,20 151:4 163:3 167:4
143:12 151:10,13 unknown (1) 61:22 176:12
152:5,16,24 160:24 unpledged (1) 99:11 views (2) 112:8 181:8
162:7,12 163:17,25 unrealistic (2) 164:10 virtual (2) 61:5,6
164:12 165:10 184:9 virtually (1) 7:6
167:3 168:2 171:12 untoward (1) 118:7 vis-a-vis (2) 56:13
175:23 178:19 untrue (2) 28:5 29:3 92:15
183:25 unusually (1) 77:9 Vitaliy (1) 1:25
two-week (1) 178:25 upholds (1) 114:8 Vitaly (1) 146:23
type (1) 123:13 uploaded (2) 81:11 voice (1) 4:4
types (1) 115:5 118:25 Volodina (10) 39:18
typical (2) 14:20 125:6 upper (1) 17:16 40:12 41:13,17,21
Upravleniyu (1) 22:5 42:17 48:13 82:9
U urge (1) 159:18 83:2 84:7
Ugolnaya (1) 91:8 use (3) 72:24 167:22 Volodina’s (2) 39:5
169:10 40:2
ultimate (1) 183:18
usual (1) 183:10 volume (1) 120:10
ultimately (2) 125:13
usually (1) 20:17 voluntarily (2) 146:16
152:25
utmost (3) 47:8,19,23 146:25
unanimous (2) 96:4
voluntary (1) 158:4
102:24
V vote (3) 96:4,8 102:24
unanimously (1) 96:8
VTB (1) 130:4
unclear (2) 93:1 vacation (1) 169:10
Vyborg (2) 135:24
145:21 Valeri (1) 17:20
136:7
undated (3) 90:21 valuable (4) 60:20

94:21,23 63:16 107:24
W
undecided (1) 171:5 137:12

underpinnings (1) valuation (6) 61:10 wages (1) 37:17
107:11 62:9 92:19,22 wait (2) 44:14 54:4
understand (71) 1:9 176:17 177:7 waiting (1) 2:1
5:21 6:11,16 8:19 value (4) 44:9 62:10 waive (1) 169:23
9:8 11:19,24 12:12 90:7 138:4 want (40) 5:25 27:17
15:8,10 16:2 21:1 valuers (1) 60:23 29:24 32:2,4 33:23
24:13 28:6 29:9 valuing (1) 177:18 42:10 46:13 66:11
32:23 37:11 48:25 various (22) 1:15 2:13 86:6 116:11,12
51:22 61:3,10 20:16 22:15 30:9 117:6 118:10
62:22 63:12 65:8 30:19 53:14 55:12 121:24 122:21,22
67:9 69:24 71:17 63:18 66:5,21 132:5,23 133:21
76:14 79:12 85:17 72:21 74:13,23 146:8 153:2 159:7
88:21 94:4 99:4,8,9 76:17 117:10 120:5 159:14,15,16 165:8
99:18 103:23 124:8,21 132:13 165:19,20,22 171:2
107:20,21,25 108:1 136:3 151:15 171:2 176:7 177:10
110:13 134:21 Vasilievitch (4) 3:21 177:21 179:9
142:1,13 143:3 14:20 81:24 187:4 180:16 181:6,21
146:5 153:3,14 Vasilyevich (1) 12:1 182:7
154:25 155:3 156:3 VECTOR (8) 105:4,6,22 wanted (12) 16:14
156:4 157:13 163:9 105:23 106:14,18 43:25 61:13 63:14
164:14 165:9 106:23 107:17 64:4,4 65:20 73:19
167:13 168:11 vehicle (2) 13:22 110:1 146:5 153:11
169:17 173:9 177:1 16:18 159:20
179:24,25,25 180:2 vehicles (1) 19:7 wanting (1) 166:16
180:13,18 182:7 venues (1) 1:17 wants (2) 64:11
183:13 Verniye (5) 7:4 8:11 171:22
understandably (1) 8:11 145:20,25 warehouse (3) 137:17
186:3 version (46) 13:11,12 138:3 140:3
understanding (3) 13:18,20 14:24 wasn’t (15) 13:7
42:9 173:15 182:5 16:8,8,17,24,25 21:21 40:20,23,24
understandings (1) 17:4,10,13 18:11 42:16,17,19 100:11
42:11 19:14 25:4,22 125:3 141:22 148:9
understood (2) 57:15 27:10,18 31:7 160:13 174:4
146:11 53:19,20 54:19 177:13
undertaken (1) 68:3,4 73:21 83:8,8 waste (2) 91:7 140:9
173:11 87:7 90:16 97:14 wasted (2) 140:8

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200

March 21, 2016 Day 30

141:12 173:6,16,17 176:3
wasting (1) 31:22 177:6 183:2
watching (1) 3:12 won (2) 114:10,13
wave (1) 181:13 wonder (11) 14:4 68:5
way (38) 2:12 10:12 68:10,19,22 77:6
16:2 26:9 29:20 77:16 80:3 127:20
30:7,23 37:16 133:3,15
51:23 53:8 61:14 wonderfully (1) 184:8
63:12 67:17 71:7 wondering (3) 174:7
72:7,8 73:10,17 177:14 185:18
90:2,5 101:2,14 word (4) 31:2 32:6
111:25 113:25 33:8 175:21
114:4 115:22 116:7 words (5) 9:9 33:15
118:8,9 120:15,23 68:23 129:3 167:21
140:19 147:9 161:1 work (29) 2:12 12:21
166:2,10 178:3 13:8 22:10,18,21
182:23 23:4 63:23 114:4
ways (1) 137:11 137:5,21,24 138:4
we’re (2) 170:24 138:10,12 139:19
176:8 139:19 140:11,25
we’ve (5) 60:22 67:17 143:11,20 147:2
139:11 163:21 152:8 154:20
168:21 165:12 166:13,18
weary (1) 186:3 180:22 183:17
website (3) 116:16 worked (12) 1:15
117:2,4 22:19 44:10 62:25
Wednesday (17) 8:17 66:10 67:18 77:2
151:4 155:5 171:8 115:17 124:21
172:8,12,13,17 127:9 139:1 180:18
179:10 180:15,24 working (22) 5:14
180:25 181:3 12:6 22:14 64:2
184:22 185:7,16 74:18 80:3,8,17
186:19 103:20 111:24
week (16) 4:10 5:5,18 112:4 116:7 141:2
15:25 25:7,24 29:9 143:9,12,16,21
35:15 43:3 55:10 144:1,9,14,15
106:14,15 155:2 167:16
162:19 171:15 works (1) 176:10
172:3 world (1) 143:10
weekend (3) 1:7 worried (5) 162:11
155:6 166:15 172:25 174:18
weeks (12) 151:10 175:7,8
163:17,20,25 worry (1) 154:9
165:11 167:3,25 worse (1) 56:7
168:2 169:13 worst (1) 184:23
171:12 183:25 worth (6) 47:22 91:20
184:21 92:1 108:7 138:21
went (5) 36:13 45:17 138:21
47:11 54:21 70:9 worthless (1) 7:7
weren’t (1) 136:18 wouldn’t (12) 3:10
Western (13) 32:19 22:11 28:5 39:3
97:10,16 98:25 96:9 100:23 114:18
99:4,8,10 104:17 144:10 156:15
104:18,21 105:24 157:3 163:16
107:17 109:11 166:24
whilst (1) 143:3 writing (4) 46:24
wholly (1) 170:19 82:15 86:13 92:22
wind (1) 103:13 written (3) 3:14 10:4
wish (8) 4:21 23:13 76:4
62:14 78:10 103:24 wrong (5) 29:10 59:20
156:3 180:21,22 76:12 143:4 155:18
wished (1) 99:18 wrongly (1) 127:19
wishes (3) 1:13 2:24 wrote (1) 93:11
185:5
withdrew (1) 150:2 X
witness (20) 2:15 23:9 X (8) 24:15,15 61:15
24:9 27:8 28:8 35:1
92:14,14 152:15
58:2,4 113:13
168:6,7
119:2 125:12

127:16 128:18
Y
150:2 168:19,20
Y (1) 168:6
174:9,17 179:2
year (17) 6:1,1 12:18
183:14
13:6 34:1 36:1,2
witness’s (1) 23:10
41:23 43:22 56:7
witnesses (18) 23:17
94:22 102:15 128:1
148:20 153:7,15
146:20 147:17,18
156:13 157:8
148:3
159:23 160:25
year-end (1) 148:12
163:22 164:2,20,24

year-on-year (1)

147:23

years (5) 13:7,7 30:20 100:15 109:12 yesterday (2) 132:16

163:19

Z

zero (3) 51:16 138:21 138:22
zero-in (1) 154:17 Zhilischnaya (1) 21:22 zoom (5) 68:5,16,18

73:21 74:2

0

06 (1) 81:25

1

1 (11) 6:3 14:22 53:22 87:11,13,17 89:21 122:25 124:16 125:5 187:3

1.1.7 (1) 35:22 1.2 (1) 105:23

1.30 (10) 78:9,10,11 78:18,25 79:3 186:4,7,9,18
1.38 (1) 81:5
1.40 (1) 77:22
1.44 (1) 81:7
1.5 (1) 71:2

10 (7) 49:7 53:7,9 69:22 104:3 119:15 121:2

10-minute (1) 103:10

10.30 (6) 181:9,21

184:22 185:6,10,14 100 (6) 22:4 118:17

118:18 131:17 147:19,20
109,658.95 (1) 92:7
11 (4) 6:3 15:6 118:13
121:2
11.12 (1) 49:8
11.25 (1) 49:10
111 (2) 131:9,14
112 (1) 131:15
114 (1) 187:6
115 (1) 126:17
11th (2) 169:4,5 12,346.66 (1) 91:25
12.00 (1) 162:24
12.41 (1) 79:1
12th (1) 169:1
13 (1) 25:2
130 (2) 35:25 92:23
130-250 (1) 92:20
135 (1) 124:11
136 (1) 187:7
136,341.05 (1) 92:9
138 (3) 27:11,20 28:7
13th (1) 173:10

14 (5) 5:22 6:3 126:10 165:12 168:4

14.00 (1) 81:25

144,998.74 (1) 91:25
145 (1) 130:12
147 (1) 132:6
148 (1) 130:12
15 (10) 11:16 19:2,17
53:9 54:9,22 103:19 105:12 111:5 136:14

150 (1) 187:8

16 (3) 54:9 55:17 134:6

16.20 (1) 123:16

17 (2) 125:23 128:1

18 (3) 15:25 64:17 132:11

18.00 (1) 103:18

19 (6) 151:14 152:7 152:18 153:19 165:4 169:18

19th (6) 163:5 166:1 166:11,21 171:14 180:18

2

2 (11) 32:13 35:21,21 73:21 76:5 89:9 91:9 122:25 125:17 125:20 130:2

2.00 (3) 54:8 162:24 185:23

2.46 (1) 104:5

2.56 (1) 104:7

20 (2) 52:11 106:13

200 (2) 70:14 128:15

2001 (1) 7:23

2002 (2) 6:16 7:21

2004 (3) 16:5 21:3,6

2005 (5) 6:16 7:24 8:20 14:13 15:6

2006 (1) 15:6

2007 (10) 14:13,22 91:15,19 116:18,25 117:18 123:20 128:2 142:2

2008 (17) 15:6 35:24 36:1 42:19 59:18 91:24 125:23 126:8 127:11 128:2 135:3 135:21 136:15,17 147:7 148:4,4

2009 (34) 30:11 38:14 42:18 48:20 49:13 59:19 60:1 64:17 66:24 69:5,15 70:11 79:22 81:19 81:25 82:13 84:3 84:12 109:13 111:5 119:4,7,19 128:1,2 129:10 135:13,14 136:13,17,18,19 146:19,20

2011 (4) 95:15 97:25 100:15 101:19

2012 (7) 21:4,6 65:24 105:12 109:13 142:5,8

2013 (2) 129:15,20

2014 (6) 12:13,14 14:12 16:4 121:24 122:8

2016 (5) 1:1 25:21 134:6,7 186:19

207 (2) 67:12,14

207,305,340-somet…

69:21

20th (1) 166:22

21 (9) 1:1 132:7,10,15 147:16,24 148:2,8 148:15

22 (2) 145:8 181:25 22nd (5) 171:21,24

172:1 173:1 180:17 23 (1) 186:19 24 (6) 83:13 131:14

132:7,10 135:21 143:7

24.6 (1) 117:18 24/7 (1) 140:11

25 (12) 29:6 35:5 36:12 37:12 40:6

58:11 69:5,15 91:24 111:7 135:3 143:7

250 (1) 92:23 254(p) (1) 148:22 25th (1) 171:19

26 (4) 48:20 66:24 91:15 136:14

26th (1) 171:19

27 (3) 89:21 131:9 143:6

27th (2) 171:17,19 28 (4) 35:24 132:6,10

136:15

298 (1) 125:4

3

3 (3) 122:25 127:14 187:4
3.5 (1) 19:10

3.55 (1) 18:12

30 (5) 52:11 84:12 91:19 124:7 140:8

31 (6) 36:1 97:25 100:22 101:19 117:18 122:8

31/08/2004 (1) 16:3 343,344 (1) 91:20 343,753.49 (1) 92:8 36 (1) 55:18 387 (1) 127:7

4

4 (18) 50:18 51:5 60:1 60:6,7,16 70:15 119:17,18,24 120:20 123:1 129:14 131:15 148:1 165:11 179:20 181:24

40 (4) 52:11 103:13 140:8 143:7

400 (1) 87:19

400,000 (1) 91:15

427,395.27 (1) 92:10

45 (1) 103:13

469 (1) 130:17

470 (1) 130:17 48(f) (1) 28:13 4th (1) 169:9

5

5 (3) 120:8,15 187:5

5.28 (1) 186:17

5.40 (1) 123:15

50 (4) 25:20 131:18 131:18 147:18

50,682,707 (1) 123:14

52 (1) 135:21

52.3 (1) 122:9

53,412.44 (1) 91:16

6

6 (4) 79:22 81:19 82:13 146:19
6.00 (2) 103:18 149:14

6.1.1 (1) 106:15 6.55 (1) 55:11 63,046.92 (1) 91:20

7

7 (2) 141:18 145:8

7.00 (1) 54:20

700 (3) 107:19 108:2 108:4

75 (3) 26:2 27:12,13

8

8 (5) 54:11 95:15 145:2,4,4
800 (1) 148:3

86 (1) 122:2

88 (1) 122:2

9

9 (2) 119:14 120:18

9.15 (1) 1:2

9.20 (1) 1:4

92 (1) 76:23

97 (3) 89:14 96:8,11

99.4 (2) 15:2,9

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