Day 32

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

Day 32

April 4, 2016

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April 4, 2016 Day 32

1 Monday, 4 April 2016

2 (10.00 am)

3 MR JUSTICE HILDYARD: Yes.

4 MR LORD: May it please your Lordship. I think we need to

5 swear in a new translator first, before we have the

6 evidence of Ms Mironova.

7 MR JUSTICE HILDYARD: Right. Yes please.

8 MS HELENA BAYLISS, Interpreter (Affirmed)

9 MR JUSTICE HILDYARD: Thank you.

10 MR LORD: Thank you, my Lord. May I call Ms Mironova, who

11 will need to be sworn in.

12 MS KRISTINA BORISOVNA MIRONOVA (Affirmed)

13 (All questions and answers interpreted except where

14 otherwise indicated)

15 MR JUSTICE HILDYARD: Thank you. Please do sit down.

16 I hope you have some water. If you need a break, you

17 must let me know.

18 Examination-in-chief by MR LORD

19 MR LORD: Your Lordship will find the translation of

20 Ms Mironova’s statement at {B1/4/1}.

21 Ms Mironova, could you please give his Lordship your

22 full name and address for the record, please.

23 A. Kristina Mironova. I live in St Petersburg. The

24 address is Kollontai Street, 17 3 207.

25 Q. Thank you, Ms Mironova. Could you please turn in

1 A. I had one session with Bond Solon.

2 Q. Thank you. May I also ask you this: I appreciate you

3 have made your witness statement in Russian; do you

4 understand any English at all, say if there is a simple

5 document, will you understand it or is literally

6 everything has to be translated into Russian?

7 A. I have very insignificant knowledge of English. I can

8 try to look at a document in English, but it is quite

9 likely that I might require it to be translated into

10 Russian, or at least assisted with it by an interpreter.

11 Q. Thank you. Now, can you please be shown {D197/2962/1}

12 and on the other screen {D197/2961/1}. I am afraid

13 there seems to be a mistake, and the document is twice

14 there in the English version rather than Russian and

15 English, but I suppose we will manage.

16 I will ask to zoom in the cell with most text we can

17 see there, and then I will explain to Ms Mironova what

18 it is and what it says. I am afraid here we are …

19 MR JUSTICE HILDYARD: I think we may have the Russian

20 version now.

21 MR STROILOV: If anyone has the paper version —

22 MR JUSTICE HILDYARD: I think we have the Russian version

23 now {D197/2961/3}.

24 MR STROILOV: Yes, good. Thank you.

25 Ms Mironova, this is a document which comes from the

1

1 the bundle in front of you to {B1/4/31}, and the page

2 numbering is in the bottom right-hand corner; can you

3 see that page?

4 A. Yes.

5 Q. Ms Mironova, is that the first page of a witness

6 statement you have given in relation to these

7 proceedings?

8 A. Yes, indeed.

9 Q. Could you please turn on in the statement to {B1/4/77}.

10 A. Yes, I’ve got it.

11 Q. Where you ought to see the final page of that statement

12 which has been signed by you on 28 August 2015; is that

13 your signature?

14 A. Yes, it is.

15 Q. And have you read this witness statement recently?

16 A. Yes, as I was making myself ready for giving evidence,

17 I re-read the statement.

18 Q. And can you confirm that the contents are true to

19 the best of your knowledge and belief on oath today?

20 A. Yes, I confirm.

21 MR LORD: If you wait there, Ms Mironova, there will be some

22 questions for you.

23 Cross-examination by MR STROILOV

24 MR STROILOV: Good morning, Ms Mironova. Have you had any

25 training for this cross-examination?

3

1 website of Bank of St Petersburg setting out major

2 shareholders at this time; do you understand?

3 A. Yes.

4 Q. And so that indicates that some 27 per cent or

5 28 per cent of the Bank’s shares are held by a company

6 called Verniye Druzya; do you follow?

7 A. Well, I don’t have sight of the entire table. I only

8 see the cell called «Ownership structure».

9 Q. Well, let’s —

10 A. But looking at the printed version, yes, indeed, it

11 shows 27.68 per cent held by them.

12 Q. And looking at this table, you seem to be one of

13 the beneficiaries of Verniye Druzya.

14 A. I am one of the owners, one of the shareholders of

15 the company Verniye Druzya.

16 Q. So in the cell which I caused to be zoomed in perhaps

17 prematurely, that suggests that you are a beneficial

18 owner of some 26.5 per cent shareholding of

19 Verniye Druzya; is that correct?

20 A. Sir, in the Russian version of the table I can see that

21 I hold 100 per cent of the company share capital in

22 the BVI Zugradia Enterprises, and that in turn holds and

23 owns Noroyia Assets 100 per cent, and Noroyia Assets

24 holds 26 and a bit per cent of share capital of

25 Verniye Druzya. This is what I see.

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1 Q. And that makes you indirectly a 26.5 per cent

2 shareholder of Verniye Druzya, does it not?

3 A. Yes, it’s true.

4 Q. So given that Verniye Druzya holds some 27/28 per cent

5 shareholding in the Bank and you hold some 26.5 in

6 Verniye Druzya, that makes you, again, indirectly,

7 something like roughly 7.5 per cent shareholder of

8 the Bank; is that correct?

9 A. If your maths are correct, then yes, indeed.

10 Q. Ms Mironova, the question — surely you know how big

11 your shareholding in the Bank is, don’t you? I am not

12 asking you a maths question, I’m asking you a factual

13 question.

14 A. Yes, you are right.

15 Q. Now, if we could look — I am afraid we still haven’t

16 got an English translation, but it is a fairly simple

17 document so hopefully we will manage, and I am just

18 interested in one fact. I do apologise, my Lord. It is

19 {D198/2972/1}. That seems to be an entry from the

20 Russian database called Kartoteka, that’s a company

21 database, relating to Verniye Druzya; can you see that?

22 If we could scroll down one page, {D198/2972/2}, you

23 will see the historic changes in registered

24 shareholding, and so what appears to have happened is

25 that for a period of time between May and July 2015,

1 A. No, I don’t remember this.

2 Q. Now if we could have a look at {D197/2969/1}. The

3 Russian version is at the same tab, it starts at

4 {D197/2969/9}. So this is an entry from the Russian

5 Unified State Register of Corporate Entities relating to

6 that company, Sovet Direktorov LLC, if you can see that.

7 If we scroll down one page on each screen, you can see

8 the list of founders, and, Ms Mironova, really when

9 a Russian document refers to «founders» of a company, it

10 is correct to understand this as a reference to

11 shareholders, isn’t that right?

12 A. If we are talking about a limited liability company,

13 they are not called shareholders, they are called

14 participants.

15 Q. That’s right, but «founders» comes to the same thing: it

16 means ownership rather than historic involvement in

17 setting up the company; is that your understanding?

18 A. I would say that a founder is a person who sets up the

19 company and a current participant is somebody who owns

20 or holds a particular share in the company, a particular

21 holding in the company.

22 Q. But looking at this entry, well, just at the first entry

23 you can see that Oksana Savelyeva has a 17 per cent

24 share or contribution in Verniye Druzya. So do you

25 understand that to mean that she is a 17 per cent

5

1 these three offshore vehicles, belonging respectively to

2 yourself, to Mr Reutov and Mr Filimonenok, held

3 the shares in — equal shares, one third of

4 Verniye Druzya each. Does that sound right to you?

5 A. Judging from this document, yes.

6 Q. And judging by your recollections?

7 A. Yes, that is what I recollect as well.

8 Q. And then in July 2015, the shares were redistributed so

9 that the offshore vehicle of Oksana Savelyeva held

10 19.95 per cent and the rest of the shareholding is still

11 held equally between you and two other top managers of

12 the Bank; is that consistent with your recollection?

13 A. Yes, it is. It is consistent with my recollection.

14 Q. So the fact of that was that really your share, as well

15 as the shares of Mr Reutov and Mr Filimonenok, they

16 actually fell down in the — your indirect shareholding

17 in the Bank fell down at that point in time,

18 in July 2015; is that right?

19 A. Yes, this is how it works out.

20 Q. Right. Then it appears that before these offshore

21 vehicles came on board in May 2015, prior to that,

22 between February and May 2015, the 100 per cent

23 shareholder of Verniye Druzya was the company called

24 Sovet Direktorov LLC or in English, Board of Directors

25 LLC; do you recall that?

7

1 shareholder?

2 A. I understand it that she is a current participant of

3 this limited liability company, which is exactly what

4 the document says.

5 Q. We are looking at Sovet Direktorov —

6 MR JUSTICE HILDYARD: I think you did say Verniye Druzya

7 whereas in fact we are looking at Board of Directors

8 LLC. I think it is just a slip of the tongue but you

9 had best correct it.

10 MR LORD: It is just a slip of the tongue, it is just I

11 wanted to tidy it up —

12 MR STROILOV: Ms Mironova, in case it was mistranslated to

13 you, we are looking at the profile from the Russian

14 register of Sovet Direktorov LLC rather than

15 Verniye Druzya, just to be clear what we are looking at.

16 I am just hoping that this may remind you about this

17 company, so you can see that it is owned jointly by

18 Oksana Savelyeva 17 per cent, Alexander Savelyev

19 17 per cent, then if we could scroll down one page on

20 both screens {D197/2969/3}.

21 You can see that Sergei Serdyukov, former defence

22 minister of Russia, is recorded as holding 16 per cent,

23 then a lady called Nadezhda Dolgopolova is recorded as

24 holding 16 per cent, then Mr Filimonenok is recorded to

25 be a 6 per cent shareholder. Then if we could scroll

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1 down one page again on both screens, we can see you

2 recorded to be a 6 per cent shareholder, and Mr Reutov

3 being a 6 per cent shareholder. {D197/2969/4},

4 {D197/2969/12}.

5 Does that refresh your recollection of this company

6 in any way?

7 A. I am a participant, a 6 per cent participant of Board of

8 Directors company.

9 Q. Do you recall it now? Do you recall that company?

10 A. Yes.

11 Q. So it appears that the purpose of that company was at

12 one time to hold — it was a vehicle for

13 holding shareholding in the Bank, for distributing the

14 shares of Bank of St Petersburg, is that a correct

15 understanding of the purpose of Sovet Direktorov?

16 A. Could you explain again how you understand the purpose

17 of this company, please?

18 Q. The purpose of the company was to distribute indirect

19 shareholding in the Bank between the individuals who are

20 the participants of Sovet Direktorov LLC, isn’t that so?

21 A. As far as I know, no, it’s not true.

22 Q. Obviously if Sovet Direktorov was at one time

23 a 100 per cent shareholder of Verniye Druzya,

24 Verniye Druzya was one of the major shareholders of

25 Bank of St Petersburg, and you and seven other

1 members; they are the professionals I meant.

2 Q. So are you suggesting that the shareholders we have

3 looked at are not necessarily the beneficial

4 shareholders of the Bank? They may be involved simply

5 as nominees for the purpose of management rather than

6 beneficial ownership of the shareholding?

7 A. I didn’t talk about beneficial ownership or nominal

8 ownership. I just said that they are participants of

9 Sovet Direktorov company, Board of Directors company,

10 and that each of them is a professional in their own

11 sphere and they are there to take adequate and

12 thought-out decisions to manage St Petersburg Bank

13 shares held by Verniye Druzya company.

14 Q. Can you expand a little? What do you mean by «manage

15 the shares of Bank of St Petersburg»? What do these

16 people do with these shares? What did these people do

17 with these shares through Sovet Direktorov LLC?

18 A. They didn’t do anything at that point because

19 I personally, as you can see from this document, became

20 owner of a share only on 30 December 2015.

21 Q. And that was some time after Sovet Direktorov held

22 100 per cent in Verniye Druzya? So at the moment it’s

23 just — it is just a minority shareholder, is it not?

24 A. Could you be more precise? Do you mean that the Board

25 of Directors is a minority shareholder in

9 11

1 individuals are shareholders of Sovet Direktorov, well

2 that comes to indirect shareholding in

3 Bank of St Petersburg, does it not?

4 A. Yes, indeed, indirect shareholding in St Petersburg Bank

5 is what comes out of this, but I disagree with your

6 statement about the purpose for which this company was

7 set up, and this is why I said no to your previous

8 question.

9 Q. So what was the purpose of that company?

10 A. The purpose for setting up this company was to involve

11 a wide range of various professionals for a proper and

12 multi-faceted management of the shareholding package of

13 Verniye Druzya.

14 Q. Now, if you could scroll down one more page

15 {D197/2969/5}, {D197/2969/13} you will see that the

16 general doctor is a man called Aleksei Vitalyevich

17 Maleev. Is he one of the professionals you have been

18 referring to?

19 A. No, he is not one of the participants of the company; he

20 is not a shareholder.

21 Q. Well, you suggested that the purpose of Sovet Direktorov

22 was to involve professionals to manage the shareholding

23 of Verniye Druzya, so what did you mean? I assumed you

24 meant that Sovet Direktorov would employ such people.

25 A. No, the participants of Sovet Direktorov are the

1 Verniye Druzya; is that what you are asking?

2 Q. Yes.

3 A. Yes, that is true.

4 Q. I am still not quite sure I understand what you are

5 saying about the involvement of these professionals in

6 the management of a shareholding held by Verniye Druzya.

7 Can you expand a little: what is the intention? What is

8 Sovet Direktorov LLC meant to be doing with the shares

9 in Bank of St Petersburg it is controlling through — or

10 it is involved and controlled through Verniye Druzya?

11 A. The company Verniye Druzya has several participants:

12 Two gentlemen you named, Filimonenok and Reutov, also

13 myself and Oksana Savelyeva. In addition, it is the

14 Board of Directors company with the list of physical

15 persons that are participants of that company in turn.

16 All these people are professionals in various aspects of

17 economics and they have to take well thought-out

18 decisions so as to vote at the Bank of St Petersburg’s

19 AGM on behalf of Verniye Druzya, which holds 29 per cent

20 of Bank of St Petersburg.

21 Q. Now, do the shareholders of Sovet Direktorov LLC receive

22 any remuneration for this professional work?

23 A. It is assumed that they should receive remuneration, but

24 the amount of this remuneration depends on

25 Bank of St Petersburg’s performance.

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1 Q. Now, you have said they are professionals, so in what —

2 so what are the professional — what is the area of

3 professional expertise of Mr Serdyukov for which he was

4 involved in this company?

5 A. You know, unfortunately I’m not familiar with

6 Mr Serdyukov, so I can’t offer any comment on the

7 professional expertise that he has. In the nearest

8 future it is quite likely that we are going to meet at

9 the board of directors and each will exchange his or her

10 own professional experience.

11 Q. So is the answer simply that you don’t know why

12 a particular individual was involved in this? Is that

13 what you mean?

14 A. Yes.

15 Q. Because obviously Mr Sergei Serdyukov is known as the

16 former defence minister. He is also known for being

17 involved in a major corruption scandal and fired as

18 a result, so what expertise can he bring into the

19 management of shares of Bank of St Petersburg?

20 A. You know, as far as I recall, even though maybe my

21 memory doesn’t serve me right, the name of the former

22 defence minister is Anatoly Serdyukov, not

23 Sergei Serdyukov.

24 Q. I beg your pardon, yes, you are right actually.

25 Sergei Serdyukov seems to be the son of the former

1 Q. Can we please call on the screen {D210/3064/74}, and on

2 the other screen {D210/3064.1/75}. This is a page from

3 the Bank of St Petersburg annual report for 2014 which

4 sets out members of the management board. As you can

5 see, the second entry relates to you, and in the second

6 paragraph of that entry, it is explained that through

7 100 per cent ownership of two offshore companies, you

8 hold 9.43 per cent of ordinary shares, and 9.22 per cent

9 of charter capital as of 2014.

10 A. Thank you very much for showing the document. Yes,

11 indeed, that is true. Here we have the management board

12 of the Bank of St Petersburg as of 2014.

13 Q. Right, and again, we can go into the document, if we

14 need that, but from the 2013 report it seems that at

15 that point in time you had no shareholding in the Bank

16 at all; is that correct?

17 A. Yes, it is correct.

18 Q. So it seems that your shareholding has undergone quite

19 a number of changes in recent years, so in 2014 it seems

20 to have increased from 0 to 9.4 per cent, or

21 thereabouts; is that right?

22 A. Yes, it is indeed so.

23 Q. And then I think the structure was changed, but

24 essentially, originally, you held approximately the same

25 share through Verniye Druzya; is that right?

13 15

1 defence minister. I beg your pardon, I am mistaken

2 about that.

3 So are you saying that to your knowledge each of

4 these people hold shares on their own behalf, or can

5 they be nominees?

6 A. They each hold shares for themselves in the company, the

7 shares in the company Sovet Direktorov.

8 Q. Well, because Mr Savelyev told the court before Easter

9 that his daughter, Oksana Savelyeva, was a medical

10 doctor. So are you really saying that the expertise of

11 a medical doctor is required for the management of

12 Bank of St Petersburg shareholding?

13 A. Oksana Savelyeva I think is the heiress of the estate of

14 Mr Savelyev, so she is not going to share her medical

15 knowledge for the Sovet Direktorov company, but it will

16 be an opportunity for her to draw on the experience of

17 other participants.

18 Q. Now, Ms Mironova, it appears, we can look at the

19 documents if necessary, but it appears that in 2014 your

20 shareholding in Bank of St Petersburg, again, your

21 indirect shareholding through certain offshore vehicles,

22 was between 9 and 10 per cent, 9.3 per cent, I think.

23 Is that consistent with your recollection?

24 A. Could we please have a look at the document we are

25 referring to, Mr Stroilov?

1 A. Like in 2014, I had 100 per cent of the two offshore

2 companies in Cyprus and BVI. That holding did not

3 undergo any changes at all, and the number of the shares

4 of the Bank, both in percentages and in numbers,

5 changed.

6 Q. Indeed. Then I think it appears that the last change

7 was in June 2015 your share reduced from 9.4 per cent to

8 something like 7.5 per cent — I am talking

9 approximately — after Oksana Savelyeva got her share in

10 Verniye Druzya. So that reduced your shareholding to

11 almost — by almost 2 per cent; is that right?

12 A. Absolutely correct.

13 Q. Now, in these two major changes, you are quite over

14 9 per cent in 2014, and then you — let’s start from

15 2014. So did you buy this 9 per cent shareholding on

16 commercial terms in 2014?

17 A. They were acquired at the current market value at the

18 time.

19 Q. So you acquired 9.4 per cent of the Bank’s capital at

20 market price, did you? Is that what you are saying?

21 A. Yes.

22 Q. And you paid for it out of your own funds, did you?

23 A. No. It was a promissory note issued by the company

24 Zugradia Enterprises.

25 Q. And has the payment under that promissory note

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1 subsequently been paid?

2 A. No, it wasn’t subsequently paid and currently it is not

3 paid.

4 Q. So what is the term when it will have to be paid?

5 A. This promissory note was issued for the period of

6 15 years and it must be paid.

7 Q. And that was a promissory note for how much,

8 approximately?

9 A. Approximately for €2 million.

10 Q. And is that the market price of 9.4 per cent

11 shareholding in Bank of St Petersburg as of 2014; is

12 that what you are saying?

13 A. As far as I remember, yes.

14 Q. Well, that looks like rather a cheap bank, does it not?

15 So the whole bank, by this calculation, appears to cost,

16 what, just over — well, just between €20 million and

17 €25 million, isn’t that rather low? Doesn’t that strike

18 you as rather low?

19 A. Yes, rather low, Mr Stroilov.

20 Q. So that seems to be that the — and obviously you were

21 given 15 years’ delay for payment of that €2 million,

22 you were allowed to pay by promissory note for 15 years.

23 So it seems that these terms were not commercial, were

24 they?

25 A. Nevertheless, those were the payment terms.

1 what you said in the witness statement in paraphrase.

2 A. Your Honour, that is exactly how I answered it in my

3 witness statement because, as any person, I separate

4 distinctly my private life and my professional life, and

5 as a mother of a small child, a daughter, I am

6 particularly concerned about the well-being of my

7 daughter and I didn’t consider it necessary to expand or

8 enlarge additionally on this comment of Mr Arkhangelsky.

9 Q. Yes, Ms Mironova, I very much understand your feelings,

10 but in substance, I am afraid you are wrong: this is

11 relevant. So can you just confirm these allegations —

12 MR LORD: I am sorry, my Lord. It has to be put, I think,

13 my Lord. It has to be put to the witness, I think,

14 really, otherwise she won’t know what she is being

15 asked. If it is going to be pursued, it really must be

16 put to her.

17 MR JUSTICE HILDYARD: I think Mr Stroilov was seeking to be

18 tactful in deference to, amongst other things, the fact

19 that, as I now know, this witness has a small child.

20 However, if it is your preference, or insistence, that

21 the matter be put more directly, and without the varnish

22 of tact, which may obfuscate things, then I dare say

23 Mr Stroilov will feel more free.

24 MR LORD: Is your Lordship asking why — it is to avoid any

25 uncertainty on the witness’s part as to what is being

17 19

1 Q. Now then, in June 2015, as your shareholding reduced by

2 2 per cent, were you paid any consideration for this

3 2 per cent shareholding which was transferred from you

4 to Oksana Savelyeva?

5 A. Yes. The amount of the promissory note was reduced.

6 Q. Ms Mironova, you hold this shareholding as a nominee, do

7 you not?

8 A. I hold this share as the proprietor, the owner of

9 the share, under which I have an obligation to pay.

10 Q. But surely the dividends you will receive in these

11 15 years will far exceed what you have to pay in

12 15 years, in 2029, will they not?

13 A. It is unknown because dividends always depend on the

14 actual KPI of the Bank.

15 Q. Right. Ms Mironova, I am afraid there is — should

16 I say there are a few questions I am rather reluctant to

17 ask, but I have to ask, and I will do my best to do it

18 as tactfully as possible, but … well, let me try.

19 I think you will recall that there have been certain

20 allegations made in these proceedings about your family

21 life; do you recall what I am talking about?

22 A. Yes, I recall it.

23 Q. And in relation to that, you said in your witness

24 statement, well, essentially: it’s not relevant, it’s

25 nobody’s business, I am not commenting on that. That’s

1 put to her.

2 MR JUSTICE HILDYARD: I understand that.

3 MR LORD: I am not criticising Mr Stroilov, I am not at all

4 criticising him, but in fairness to the witness, she may

5 need to know what the allegations are about her family

6 life. That’s a very wide-ranging topic —

7 MR JUSTICE HILDYARD: I agree with you.

8 MR LORD: — and it is out of fairness to her. I am not

9 criticising —

10 MR JUSTICE HILDYARD: I agree with you in terms of where we

11 are knowing where we are going, assuming a blank sheet

12 of paper, I am sure you are right, and on that footing,

13 maybe Mr Stroilov will simply have to feel released from

14 the more tactful course he may have thought it

15 appropriate or constrained to adopt.

16 MR LORD: My Lord, these allegations are pleaded, so the

17 witness could be shown the pleading, for example. That

18 would be an obvious way of doing it without necessarily

19 going through it in glorious technicolour.

20 MR JUSTICE HILDYARD: All right. Mr Stroilov, I understand

21 your sensitivity, just as I understand the witness’s

22 sensitivity, but as Mr Lord reminds us, it is pleaded,

23 and whilst there is a tendency to think that the

24 pleading is under the water, whereas what is said in

25 court is broadcast to the world, which may explain your

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1 sensitivity, nevertheless, I think you can treat it as

2 being released from those sensitivities and you must put

3 the case as directly as you can.

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

5 Ms Mironova, I am afraid, you have heard translated,

6 so I have to be more direct, and I do apologise for

7 that.

8 Mr Savelyev is the father of your child, is he not?

9 A. No, it’s not so.

10 Q. Have you ever had a relationship with Mr Savelyev?

11 A. No.

12 Q. If what you are saying is true, surely rather than

13 simply protesting against these allegations being made

14 in your witness statement, you would have denied them as

15 well, wouldn’t you?

16 A. Your Honour, I’ve explained why I answered the way I did

17 in my written witness statement, and I was ready for

18 this question at the hearing and I was ready to answer

19 it honestly, which I did. If we are going to go that

20 much into my personal life details, I am happy to

21 provide my daughter’s birth certificate, which will

22 confirm that the father is totally different and I can

23 also bring my partner.

24 Q. Right. Well, I will then leave it there.

25 Now, Ms Mironova, I move on to a completely

1 crisis; would you agree with that?

2 A. Yes.

3 Q. And are you aware of any reason why Oslo Marine Group

4 would be an exception, why Oslo Marine should have been

5 insulated from the effects of the global economic

6 crisis?

7 A. Well, each company had its own reasons whether to fall

8 prey to the financial crisis or to stand strong, but

9 default of its own obligations were to befall those who

10 had too many loans, I would say extreme amount of loans

11 and credits.

12 Q. To your knowledge, Ms Mironova, was OMG in any way

13 insulated or protected from the global economic crisis?

14 A. In my opinion no, because the company was a financial

15 pyramid which was paying interest for old loans

16 borrowing under new loans. Therefore it ought to have

17 suffered because the banks decreased the amount of loans

18 or credits issued on new projects.

19 Q. Now, Ms Mironova, would you agree that a number of

20 businesses which were not financial pyramids were still

21 adversely affected by the global economic crisis?

22 A. Indeed, a considerable number of companies later on in

23 2009 also came across difficulties, but those

24 difficulties were not connected with immediate decrease

25 of bank finance. Those were the difficulties of

21 23

1 different subject. As I understand the system, all OMG

2 companies who borrowed from the Bank had their accounts

3 in the Bank; is that the correct understanding?

4 A. They had to open a current account in the Bank. It was

5 a requirement in order to get a loan.

6 Q. And there were also covenants between the Bank and the

7 respective corporate borrowers about the aggregate

8 turnover which would have to go through those accounts;

9 is that correct?

10 A. Yes. Each loan agreement stipulated its own obligations

11 on turnover. Sometimes it was set out in percentages.

12 Sometimes it was the overall sum of turnover in roubles.

13 Those conditions were, indeed, present.

14 Q. And the Bank monitored those bank accounts on a regular

15 basis to ensure compliance with those covenants, did it

16 not?

17 A. Yes, quite right. It was an obligation on the part of

18 the credit desk who were following up and who were

19 working on that particular loan.

20 Q. And there has been quite a massive global economic

21 crisis towards the end of 2008, was there not?

22 A. Yes, I do agree with you, Mr Stroilov. It started at

23 the start of 2008 the world over, and it reached Russia

24 towards the autumn of 2008.

25 Q. And a lot of businesses were adversely affected by the

1 a different nature with the changes in

2 the macroeconomics.

3 Q. Can you please be shown {D98/1261/1}, and on the other

4 screen {D98/1261/2}. That seems to be a letter from

5 Mr Arkhangelsky to Mr Savelyev, dated 28 November 2008.

6 Do you recall that letter? Have you seen it before?

7 A. I saw it for the first time in the course of preparation

8 for this hearing. I had never set eyes on it prior to

9 that.

10 Q. So you were not aware of that letter at the time; is

11 that right?

12 A. Absolutely correct.

13 Q. But now that you have read it, would you agree that the

14 letter seems to indicate that the group was in

15 considerable difficulty?

16 A. The group was experiencing difficulties, of which

17 Mr Arkhangelsky was speaking at the time, and that is

18 why in November of 2008 the Bank offered support and

19 rendered support to the group.

20 Q. Ms Mironova, what he seems to be asking in this letter

21 is really a moratorium on all payments for one year, and

22 an extension of capital repayments for three years for

23 the whole loan portfolio. That’s nearly RUB 4 billion.

24 So that seems to indicate rather serious difficulties.

25 Temporary difficulties, but rather serious, wouldn’t you

22 24
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1 agree?

2 A. You know, I do agree that four-year moratorium, as you

3 put it, on repayment of indebtedness is a considerable

4 difficulty, and I would not call them temporary

5 difficulties because, as I said, at the time, I did not

6 see the letter and I only knew that there were

7 short-term difficulties of a financial nature.

8 Q. In December 2008, Mr Arkhangelsky was asking the Bank

9 for a six-month moratorium, was he not?

10 A. Mr Arkhangelsky was asking to support his business,

11 which was unable to restore its ability to pay during

12 one month, December, and he was asking for deferrals of

13 interest which were due in December 2008.

14 Q. Well, what I mean by moratorium — I don’t want there to

15 be any semantic difficulty about that, so let me define

16 it. What I mean when I say moratorium, I mean he was

17 asking for a restructuring whose effect would include

18 that the group does not have to pay anything until the

19 end of June 2009. He was asking for it, was he not?

20 A. I don’t recall him asking it the way you just put it

21 now, Mr Stroilov.

22 Q. Could we please call on the screen the transcript of

23 {Day30/44:1}. Then if we could have {Day30/45:1} on the

24 other screen or below. I just need the top of the page.

25 Sorry, that doesn’t seem to be quite the right page.

1 So it seems to be Mr Savelyev’s recollection that,

2 really, Mr Arkhangelsky did come to the meeting asking

3 for the six-month moratorium, whether or not the Bank

4 was prepared to give it is a different matter, but he

5 was asking for it; does that sound right to you,

6 Ms Mironova?

7 A. I don’t recall the word «moratorium» ever uttered in

8 those negotiations or in those words of Mr Arkhangelsky.

9 I remember that he said that he would be grateful for

10 six months, it would aid him, and then the Bank and the

11 client started negotiating and agreeing on each and

12 every specific loan agreement.

13 Q. So the answer is yes, you do recall him asking for six

14 months?

15 A. Yes, he was talking about approximately six months, and

16 finally, as a result, we, on some agreements, agreed for

17 three months. On other loan agreements we immediately

18 extended them for a year. Different maturities were

19 selected.

20 Q. We will come to that. What I am on at the moment is

21 that — well, asking for a six-month moratorium on all

22 payments, that still seems to indicate considerable

23 financial difficulties of a business, would you agree

24 with that?

25 A. Mr Stroilov, I remember that in December 2008

25

1 Sorry, my Lord. Let me find it on the computer.

2 MR JUSTICE HILDYARD: That’s all right.

3 MR STROILOV: I’m not sure I have exactly the page I wanted.

4 Now, could we have {Day30/43:1} actually, rather

5 than 44. So this, Ms Mironova, is an extract from the

6 transcript of the cross-examination of Mr Savelyev, and

7 we were talking about the meeting of 25 December. Let

8 me just read out one passage from that, and then it will

9 be translated for you. Unfortunately we don’t have the

10 Russian version.

11 A. Thank you very much.

12 Q. So starting at line 3, my question is:

13 «Question: Now, Mr Savelyev, you admitted last week

14 that Mr Arkhangelsky came to the meeting asking for

15 a six-month moratorium, didn’t you?»

16 To which Mr Savelyev responds:

17 «Answer: I admitted this. As far as I recall,

18 there was a discussion about that, but I would like to

19 confirm with the court one more time that there was such

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

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

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

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

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

25 Mr Arkhangelsky requested, but not all of them.»

27

1 Mr Arkhangelsky requested maturity — moratorium or

2 delay of six months on interest payment, and he admitted

3 at that time that his problems were not as short term as

4 arrears from his partners for a particular supply of

5 timber, that he had slightly more significant problems

6 and, therefore, he was asking for a delay with interest

7 payment, not just for a month back in November, but for

8 a longer period.

9 Q. So he was quite candid with you about his financial

10 position, was he not?

11 A. I’m not willing to judge on his sincerity. All I can

12 say is talk to you about my knowledge or recollection.

13 Q. Well, from your general knowledge of the way the Bank

14 works, it would be impossible for Mr Arkhangelsky to

15 misrepresent the scope of his financial difficulties

16 simply because you monitored all his bank accounts, all

17 the bank accounts of the companies in the group;

18 wouldn’t you agree with that?

19 A. Absolutely, correct. By that time it was obvious that

20 cash flow coming into his accounts was totally

21 insignificant.

22 Q. Again, I am afraid there is a document which is not

23 available in Russian, but may I read you a passage from

24 the defendants’ banking expert report to see if you

25 agree with that?

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1 If we could call on the screen {E2/10/21}, and there

2 in paragraph 62, Professor Guriev writes this:

3 «It is axiomatic that a default of a major borrower

4 is generally not in the bank’s interest, and should be

5 avoided if possible. Where there is a risk of default,

6 the bank would usually consider restructuring of

7 the relevant loan. In deciding whether to offer such

8 a restructuring, the ultimate criteria is whether or not

9 there is a real prospect that the borrower would restore

10 solvency. So much is common practice. However,

11 assessment of the borrower’s prospects is, of course,

12 a matter of commercial judgment for the bank.»

13 Now, I don’t propose to read it further, but if we

14 could scroll down a little, scroll down one page, just

15 so that my Lord and my learned friends see it, and if

16 I am challenged to read further, I am prepared to do so.

17 But, really, my question, Ms Mironova, is simply

18 this: would you agree that this is how the Bank would

19 approach a situation of this kind in general terms: the

20 principal question you would answer when asked for

21 restructuring or facing the risk of default is whether

22 the borrower has the prospect of restoring solvency; is

23 that your understanding of the right criteria?

24 A. Yes, this is true. Correct.

25 Q. So presumably that’s what the Bank did in December 2008,

1 that’s at {D107/1537/1}. That’s for the English

2 version, and the Russian version I think starts at

3 {D107/1537/3} of the same tab.

4 Obviously you recall this document. If we could

5 scroll down one page on each screen. Sorry, if we could

6 scroll up again. If we could scroll up one page again.

7 So at 1.1.2 you can see the loans of

8 Vyborg Shipping. So you can see that 310 million was

9 due on 26 March, and then three further loans of

10 approximately the same size in April. So

11 in March/April, Vyborg Shipping was due to repay over

12 RUB 1 billion; can you see that?

13 A. Yes.

14 Q. And of course, any shipping business based in

15 St Petersburg is frozen, in a literal sense, during the

16 winter, isn’t it? It’s not operating, in practice.

17 A. Yes, it’s true. St Petersburg port freezes over.

18 Q. So did you expect in December 2008 that Vyborg Shipping

19 would be able to repay over RUB 1 billion

20 in March/April 2009?

21 A. Well, first of all, as far as I understand, the

22 maturities were established on the basis of income or

23 revenue stated in the business plan when the loan is

24 being given. I can only assume, because I wasn’t party

25 to giving these loans.

29 31

1 isn’t it?

2 A. You mean that the Bank was trying to assess future

3 solvency of the company?

4 Q. Yes, presumably you were taking the decision whether to

5 offer a restructuring or whether to allow the group to

6 default, were you not?

7 A. Yes, of course. Of course we were assessing it.

8 Q. And you made that decision on the basis of the group’s

9 prospects of restoring solvency, did you not?

10 A. The decision was taken on the basis of multiple factors,

11 including the hope that the company will restore its

12 solvency because the group was, indeed, significantly

13 diversified and it was active in different sectors of

14 the economy. That’s factor number one.

15 Secondly, it was not quite clear what would happen

16 with the macroeconomics at the time and how deep the

17 crisis would go.

18 Q. So did you or did you not think that OMG would restore

19 solvency by March 2009?

20 A. Of course we were counting on the company restoring its

21 solvency by the maturity dates specified in the loan

22 agreements.

23 Q. I think in — well, if we could perhaps — I think the

24 loans are conveniently set out in the memorandum of

25 30 December as a list, so if we could look at that,

1 Secondly, the credit portfolio had cargo shipment

2 agreements that Vyborg Shipping Company was exercising,

3 and these agreements showed that they never actually

4 used St Petersburg port; that they always operate in

5 warm seas and therefore they have all year round

6 navigation.

7 Q. So you did expect on the basis of your knowledge of

8 financial position of Vyborg Shipping and the group as

9 a whole, as of December 2008, is it your evidence that

10 you expected Vyborg Shipping to be able to meet these

11 three repayment dates?

12 A. In December 2008 we were assessing the possibility of

13 interest repayment for December 2008, and for the

14 nearest month, which is exactly what Oslo Marine was

15 asking us, and we were also looking at the possibility

16 or impossibility of receiving repayment of loans

17 in December 2008. The prospects of loan repayments

18 in March or April 2009 were not studied

19 in December 2008.

20 Q. I think you said a few minutes ago that your criteria in

21 making the decision on restructuring was ultimately the

22 prospect of restoring solvency; didn’t you say that?

23 A. Yes. Yes, indeed. This is a wish and the purpose of

24 any bank vis-a-vis a borrower in financial difficulties:

25 soonest return to solvency, if possible.

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1 Q. So did you expect Vyborg Shipping to restore solvency

2 by March/April 2009; yes or no?

3 A. I once again repeat my answer: we did not assess the

4 prospects of Vyborg Shipping repaying its loans

5 in May 2009. We were looking at the possibility of

6 interest payment in the current month, and it was

7 obvious that that company was not capable of it.

8 Q. And the reason why you didn’t assess the prospects of

9 restoring solvency was because you intended to take over

10 the group’s businesses for yourselves, for the Bank, or

11 for the companies connected with the Bank; isn’t that

12 the explanation?

13 A. Not at all. This is absolutely not right. This is

14 an untrue and incorrect statement.

15 Q. Now, looking at this memorandum, you would agree that it

16 does not set out any terms of the loan restructuring,

17 does it?

18 A. You are right, because such terms were set out in each

19 specific loan agreement, which are enumerated here,

20 listed here.

21 Q. And it also refers to — well, if you could, perhaps,

22 scroll down one page so that we can see what we are

23 talking about {D107/1537/2}, {D107/1537/4}. There are

24 references to various special companies which will

25 acquire the shares in Western Terminal and

1 agreement reached in December. The details of —

2 operational details and details of implementation, they

3 were written down in each — in additional agreements

4 attached to each original loan agreement.

5 Q. Fine, we will come back to that.

6 Now, I understand that your recollection is that the

7 meeting between Mr Arkhangelsky and Mr Savelyev took

8 place on 25 December; is that right?

9 A. Yes.

10 Q. I am just trying to understand the sequence of events.

11 Prior to that meeting, you recall that you had some

12 discussions about the possible deal with Mr Arkhangelsky

13 and/or Mr Berezin. So I think is that a fair summary of

14 what you say?

15 A. Yes, quite right.

16 Q. So at the meeting obviously there were Mr Arkhangelsky,

17 Mr Savelyev, possibly Mr Berezin. You were present from

18 the beginning and then at some point Mr Guz joined and

19 left and Mrs Volodina came and went; is that a correct

20 summary, to your recollection?

21 A. I disagree in some details with your summary.

22 Q. Yes, so will you please identify those details, or shall

23 I go, again, point by point?

24 A. Well, if I may, I will say that I agree that

25 Mr Arkhangelsky and Mr Berezin represented the client,

33 35

1 Scandinavia Insurance. There are various undertakings

2 on behalf of those companies in clause 3, but these

3 companies are not named; can you see that? What I am

4 suggesting to you, Ms Mironova, is that the memorandum

5 only records part of the deal, not the whole deal

6 reached between the Bank and OMG towards the end

7 of December 2008; would you agree with that?

8 A. No. I disagree more than I agree.

9 Q. What I mean is that the agreement the Bank and OMG

10 reached in December included some restructuring of

11 the loans, did it not?

12 A. Yes, yes indeed, it included restructuring of some

13 loans.

14 Q. And it also included some more detailed agreement on the

15 repo arrangement between OMG and the special companies,

16 as were referred in the memorandum. That was also part

17 of the deal, was it not?

18 A. Well, it does say here that some purchases appear.

19 Maybe I didn’t understand your question, Mr Stroilov.

20 Q. What I am simply suggesting is that the memorandum

21 records some but not all the terms of the deal which

22 was, in substance, reached in December. There are some

23 other terms which are not recorded in this document;

24 would you accept that?

25 A. No. The memorandum reflects all the principal points of

1 they were present at the meeting, just as you said. The

2 Bank was represented by Mr Savelyev, by Mr Guz and

3 Mrs Volodina.

4 I do not remember them coming later, leaving

5 earlier, I don’t have such recollection, and I myself

6 was also at that meeting.

7 Q. Now, towards the end of the meeting, Mr Savelyev and

8 Mr Arkhangelsky had some further conversation

9 one-on-one, was it not so?

10 A. I’m sorry, but I do not remember this. I remember that

11 I took Mr Arkhangelsky and Mr Berezin to another

12 building, I accompanied them to another building.

13 Q. So straight from the meeting with Mr Savelyev, you took

14 Mr Arkhangelsky and Mr Berezin to see Mrs Malysheva; is

15 that right?

16 A. Yes, absolutely correct.

17 Q. So there was no break, really. It was immediately after

18 you left Mr Savelyev, and you just walked straight to

19 Mrs Malysheva; is that how you recall it?

20 A. Well, this was a long time ago, but this is exactly what

21 I recall.

22 Q. And she was already expecting you, was she not?

23 A. Well, she was in her office, at her workplace.

24 Q. But did you have to explain why you were seeing her, or

25 did she seem already to know what it was about?

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1 A. Most likely she knew because two other deputy chairmen

2 were present at the meeting and I was already late for

3 another meeting at the head office, so I could not

4 remain at the meeting between Mr Arkhangelsky and

5 Mrs Malysheva, so I simply introduced Mr Arkhangelsky

6 and Mrs Malysheva to each other and apologised and left.

7 Q. So presumably someone had talked to Mrs Malysheva either

8 before the meeting or, really, while you,

9 Mr Arkhangelsky and Mr Berezin were walking physically

10 from Mr Savelyev’s office to Mrs Malysheva’s office; is

11 that how you understand it?

12 A. Yes.

13 Q. So presumably it must have been Mr Savelyev who informed

14 her?

15 A. Unfortunately I cannot know this. I would be guessing.

16 Q. And then Mrs Malysheva was then responsible principally

17 for drafting this memorandum which you see on the

18 screen; is that correct?

19 A. I am not sure that she physically drafted it. As far as

20 I know, physically another person was responsible for

21 preparing it, but she was managing the process. She was

22 in charge, as far as I know.

23 Q. Yes, and as I understand it, when you say another person

24 was drafting, you mean Ms Stalevskaya, don’t you?

25 A. Yes, indeed.

1 A. Additional agreements to accompany loan agreements,

2 collateral agreements, et cetera, they were not prepared

3 and signed on 29 December 2008, but in January 2009.

4 Q. Now, may I ask you to consider a hypothetical situation?

5 Supposing that the memorandum has been signed,

6 Mr Arkhangelsky duly transfers the shares in

7 Western Terminal and Scandinavia Insurance to

8 the special companies, still on 30 December, and then on

9 1 January — I know that didn’t happen, but would the

10 Bank be entitled to turn around and to tell

11 Mr Arkhangelsky: you know what, we have changed our

12 mind, we are not giving you the restructuring, you are

13 in default.

14 Would that be within the Bank’s rights, as you

15 understand it?

16 A. To be honest, I do not understand such a hypothetical

17 possibility or probability and I am not willing to

18 assess whether the Bank is entitled to do such things or

19 not.

20 Q. I am trying to understand what was the agreement the

21 Bank and OMG reached. So the obligations of OMG are

22 clear, to transfer the shares, but what — so did the

23 Bank undertake any specific obligations in return?

24 That’s what I am trying to establish.

25 A. Of course. All these obligations were reflected in

37

1 Q. And then I think the terms of the loan agreements,

2 I think it’s just what the court was told; that you

3 actually inserted the terms of the loan agreements in

4 clause 1. So Ms Stalevskaya asked you to fill in that

5 part of the memorandum, and you did that particular bit,

6 did you not?

7 A. Quite correct. Ms Stalevskaya sent me the memorandum

8 and asked me to fill in part 1, to sort of list loan

9 agreements. I forwarded it to my employees, Blinova and

10 Yashkina, and asked them to perform this technical

11 operation. So I was just a post box. I was a postman.

12 I just forwarded Stalevskaya’s memorandum to my

13 subordinates.

14 Q. And then by 30 December this memorandum was ready and it

15 was signed on 30 December; is that correct, to your

16 knowledge?

17 A. I assume so because it’s dated 30 December, isn’t it?

18 I can’t affirm, as you did, because I wasn’t present at

19 the signing.

20 Q. Now, Ms Mironova, I understand that unlike …

21 Then there are a number of various addenda to

22 the individual loan agreements, which are also dated 29

23 or 30 December, but they were in fact prepared later,

24 they were prepared in January or perhaps even

25 in February; is that correct?

39

1 the management board of the Bank’s decisions, and the

2 terms of restructuring each and every loan agreement

3 were reflecting this as well. At the same time on 30

4 December the shares for Western Terminal and

5 Scandinavia Insurance, they did not leave

6 Mr Arkhangelsky’s control, because property transfer had

7 not been registered in the tax inspectorate yet.

8 Q. No, but Ms Mironova, the question is, really, between

9 Mr Arkhangelsky signing the memorandum and share

10 transfer agreements on 30 December, and the terms of

11 restructuring being recorded in January, did — the Bank

12 was already obliged to give any restructuring?

13 A. Yes, of course. You are quite right, the Bank was

14 obligated according to the agreements which were reached

15 with the client, and based on the decisions of

16 the management board which were adopted

17 in December 2008, the Bank ought to have signed all the

18 supplementary agreements to the loan agreements

19 in December of 2008.

20 Q. So it comes to this: there was an oral agreement towards

21 the end of December, and the memorandum and the addenda

22 and the share purchase contracts were all executed

23 pursuant to that agreement; is that the correct

24 understanding of what happened?

25 A. Mr Stroilov, I do apologise. What do you mean «after

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1 that oral agreement»? I want to answer your question

2 correctly, so please do allow me this clarification.

3 Q. What I am suggesting to you is that there has been

4 a certain deal reached between the Bank and

5 Oslo Marine Group, but that deal is not recorded in any

6 single document: it was an oral deal and then there are

7 a number of documents which reflect that deal but are

8 not the contract itself, if that makes sense.

9 A. This oral agreement which we discussed with the client

10 in relation to each separate credit agreement was

11 reflected in the decision of the management of the board

12 on every loan agreement. As far as I remember,

13 Mr Arkhangelsky was shown copies of all of those

14 decisions. Indeed, we ought to have signed

15 supplementary agreements in December of 2008 in order

16 for Mr Arkhangelsky not to have any doubts, but since

17 that was just before the new year and the amount of

18 documents — you can see from disclosure yourself what

19 a huge volume of documents there were — it was

20 physically impossible to prepare it all and I asked

21 Mr Arkhangelsky to meet us halfway, because it would be

22 beneficial both for the Bank and for ourselves, because

23 the director general and he had to stay during the

24 Christmas and new year holidays and sort out the

25 documents.

1 memorandum, so that’s {D107/1537/1} on one screen, and

2 {D107/1537/3} on the other. Really I just suggest that

3 we — the reason I am putting it on the screen is

4 because it lists all loans, and that makes it easier to

5 follow.

6 Now, Ms Mironova, I am just trying to — I will be

7 referring to some individual loans, and just try to

8 understand where we disagree on the terms of

9 the restructuring which were agreed in December.

10 I think you do accept that where the loan expires

11 after the end of June 2009, the Bank was prepared to

12 roll up the interest and commission payments to the end

13 of June; is that correct?

14 A. On some loans the Bank agreed to deferred interest

15 payments until June 2009.

16 Q. I think that applies to all loans which expire after

17 that date. So where it is only a question of paying

18 interest, you were prepared to agree to what

19 Mr Arkhangelsky called a moratorium. In relation to

20 those loans, that was the case, is that fair to say?

21 A. Please allow me to clarify. When you say «those ones»,

22 which particular ones do you mean?

23 Q. Well, for instance, in 1.1.1, we see the LPK Scandinavia

24 loan with a number ending 852 which expires on

25 27 November 2009. On that loan there was no problem.

41 43
1 Therefore, we agreed to execute to do it immediately 1 You gave him a moratorium on interest payments until the
2 after the holiday period, and as far as the accounting 2 end of June 2009.
3 balance of the Bank is concerned, we did everything that 3 A. It is likely. You know, to be absolutely sure I need to
4 was necessary accounting-wise in order to implement the 4 go into the supplemental agreement signed in relation to
5 decision of the management of the board about the 5 this credit agreement to make sure what exactly the
6 agreement with the client. We did not allow the default 6 deferred terms were.
7 to happen on each of the credit or loan agreements of 7 Q. Yes, well I am just anxious that we don’t spent too much
8 Oslo Marine Group. 8 time on things on which we agree. So if, perhaps, we
9 MR STROILOV: Thank you. My Lord, I think this may be 9 could go to your witness statement at {B1/4/15}, and
10 a good moment for a 10-minute break. 10 I wonder if … I am looking at paragraph 83. Could it
11 MR JUSTICE HILDYARD: Yes. 11 be found in the Russian version or do I need to identify
12 (11.34 am) 12 the page? Paragraph 83 in the Russian version
13 (A short break) 13 {B1/4/55}. I think it is around the middle of that
14 (11.48 am) 14 paragraph in both versions. You explain that:
15 MR STROILOV: May it please your Lordship. It just occurred 15 «The terms for each loan differed. Some of
16 to me that you perhaps should be aware there is some 16 the loans were repayable in the second half of 2009, in
17 technical difficulty, so Mr Arkhangelsky can’t speak, 17 which case the Bank was prepared to defer the monthly
18 he can hear us all right but we can’t hear him. I hope 18 interest payments for 6 months until the end
19 someone is looking into this and it will be sorted out, 19 of June 2009.»
20 it’s not an immediate major problem because he is not 20 Have you found that element? That’s in the middle
21 meant to speak immediately, but just so that you know. 21 of paragraph 83.
22 MR JUSTICE HILDYARD: I am sorry about that. It may be that 22 A. Yes, I can see that.
23 it will be capable of repair, but we will see how we go. 23 Q. And presumably by saying that, you mean that really in
24 MR STROILOV: Yes, my Lord. I am grateful. 24 terms of the loans which expired after the end of June,
25 Now if we could perhaps again look at the 25 there is no disagreement. You may or may not like the
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1 word «moratorium», but effectively there was what — the

2 restructuring was as Mr Arkhangelsky describes it: there

3 were no payments to be made until the end of June 2009.

4 So on these loans we agree, don’t we?

5 A. Yes.

6 Q. But now in a number of loans, you agreed to a similar

7 moratorium on capital repayments, did you not? They

8 were also — capital repayments were also rolled up

9 until the end of June?

10 A. No, in some loans there was a prolongation of 12 months

11 until December and not until June 2009.

12 Q. That’s right, but that would still be consistent with

13 a moratorium. If you prolong the capital repayment for

14 a year and roll up interest until the end of June,

15 that’s what Mr Arkhangelsky wanted, is it not?

16 A. Well, if one were to follow directly what you say, that

17 he was only asking about the six months’ deferral, then

18 it is strange that the Bank decided to prolong it

19 immediately for a year. Therefore, we agreed in

20 relation to this particular loan because there was not

21 a specific request about the six months’ deferral in all

22 loans.

23 Q. Didn’t you say just before the break, and didn’t

24 Mr Savelyev say, that there was a request for a six

25 months’ deferral? What we disagree about is whether you

1 Q. Yes, well perhaps if we could, I think we just need to

2 illustrate what I mean. I think we will have to have

3 a look at the actual contractual documents, which may

4 take a little time, but I will try to go through this as

5 quickly as I can.

6 Now, if we could call on the screen {D13/301/1}, and

7 then the Russian version will start at {D13/301/9}. So

8 that is the first Onega loan contract, and then if

9 perhaps we could scroll down one page on each screen

10 {D13/301/2}, {D13/301/10}, in clause 3.2 you will see

11 the reference to a schedule of capital repayments, which

12 is annexed to the loan agreement and its integral part,

13 that’s towards the end of the first paragraph of 3.2.

14 A. Yes, I can see it, Mr Stroilov. The reference to

15 the schedule, I’m trying to find this schedule to which

16 you are referring.

17 Q. Yes. We will come to that. It was actually changed

18 several times by agreement, so I would like to take you

19 to the one which was in force as of December 2008,

20 rather than the one appended to the original agreement.

21 We can look at it just for the sake of completeness, but

22 it is all out of date. It is page 8 and page 16

23 respectively in the same …

24 So you can see that essentially it is monthly

25 payments. That was changed several times. I just don’t

45

1 accepted it at the time. But it is common ground that

2 there was this request, was there not?

3 A. Yes, Mr Stroilov, I did agree with this statement of

4 yours before the break, and I confirm it now.

5 Originally, historically, the request of Mr Arkhangelsky

6 was that he required approximately six months in order

7 to be able to restore the ability to pay of the OMG

8 group, but in relation to each separate agreement, it

9 was a different time. It was sometimes three months,

10 sometimes six months, sometimes 12 months, because it

11 suited at the time both the Bank and the client.

12 Q. Now, if you could perhaps scroll down your statement,

13 I think it is two pages on each screen. I am looking at

14 subparagraph 89(f) {B1/4/17}, {B1/4/58}. Just as one of

15 the examples, the first Onega loan, you describe briefly

16 there was schedule of capital repayments. We can look

17 at the terms of the contract but, essentially, capital

18 repayments were divided between the outstanding months

19 until the end of June 2009. By the restructuring agreed

20 in December, all these repayments were also rolled up to

21 27 June.

22 A. Specifically paragraph (f) states that a deferral was

23 provided to pay interest from 21 November until

24 20 June — until 27 June 2009, which is the date of

25 the final settlement of the loan.

47

1 want to proceed on a false premise, so perhaps we can

2 very quickly look at the latest addendum to that

3 agreement, which was in force at the end of 2008, that

4 the agreement — that’s the additional agreement of

5 27 June 2008 at {D50/874/1}, and then the Russian

6 version is at {D50/874/4}, and if we could scroll down

7 two pages on each screen {D50/874/3}, {D50/874/6} you

8 will see the schedule of capital repayments as it was up

9 to date in December 2008. So they were payments due in

10 the end of January, in the end of February, in the end

11 of March, and so on until the end of June.

12 A. Yes, indeed, this is exactly what this schedule says.

13 Q. And then if we could now go to {D105/1479.1/1},

14 {D105/1479.1/0.1}, I think that’s fine, that is the

15 management board decision where it summarises the — you

16 can see that in paragraph 2 of this decision, rather

17 than having the schedule of capital repayments, the

18 entire loan becomes repayable on 27 June; do you see

19 that?

20 A. Yes, I can see it. You are correct.

21 Q. And that is one of the decisions made pursuant to

22 the December 2008 agreement on restructuring, is it not?

23 A. Yes, indeed.

24 Q. So in relation to that loan as well, what we see is

25 perfectly consistent with what Mr Arkhangelsky says

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1 about an agreed six-month moratorium, is it not?

2 A. Yes, we can see here that this particular loan

3 agreement, for this we cancelled the monthly payment

4 schedule. A single one-time repayment was established

5 for 27 June and all other accrued interest for six

6 months was also to be repaid on that date.

7 Q. Now then, there was — again, I don’t know how much you

8 remember. Perhaps we have to go through documents. I’m

9 just trying to go through this quick. There was

10 an overdraft facility for LPK Scandinavia, was there

11 not?

12 A. Yes, so LPK Scandinavia did have an overdraft facility.

13 Q. And an overdraft means — well, in this particular case

14 it had, I think, a repayment period of two months. So

15 essentially if you have an overdraft at the end

16 of December, you have to repay that at the end

17 of February; is that how it worked as of February?

18 A. No, Mr Stroilov. This is not how it worked. If

19 necessary, I can give certain explanations on this

20 matter, if the court is interested. If you are not

21 interested, then I can just say: no, this is not

22 correct.

23 Q. Please explain how the overdraft works. What I am

24 suggesting to you is that there were — that under that

25 overdraft facilities, LPK Scandinavia was under

1 A. Mr Stroilov, if I remember correctly and without

2 referring to the documents, we extended this loan

3 agreement by 12 months. In this case it doesn’t fully

4 reflect the wish of the client for a six-month deferral.

5 For some reason the Bank and the client at this

6 particular point agreed on a longer extension, and the

7 reasons were very simple: financial position of

8 the borrower LPK Scandinavia, it was obvious that the

9 client could not repay this loan in six months’ time,

10 and therefore we agreed to extend it by a year and to

11 defer interest payment by six months. That’s how it

12 worked.

13 Q. Ms Mironova, isn’t a one-year extension of a loan —

14 that’s just a triviality that happens, really, as

15 a matter of course in the Bank; isn’t that the case?

16 A. You know, I would refrain from using such adjectives as

17 «trivial» or «not trivial» when we assess banks’

18 operations. This is an event which does, in fact, take

19 place in a bank when a client requests it, a bank looks

20 at the possibility of extending the loan sum. Loan

21 agreements with Oslo Marine Group had the opportunity of

22 extending such loans, as we have already seen loans to

23 Vyborg Shipping Company.

24 As for this particular loan for LPK Scandinavia,

25 this did not contain a clause of possible extension

49 51

1 an obligation to make certain repayments, capital

2 repayments, effectively, in the first half of 2009; is

3 that correct?

4 A. No. Pursuant to a loan agreement with LPK Scandinavia,

5 as far as I recall now without looking at the documents,

6 this company was given a loan and an overdraft. It had

7 the opportunity to spend money more than it had on the

8 account with a 30-day period. It means that every 30

9 calendar days, the debt had to be fully repaid.

10 In November 2008 already this 30-day period was violated

11 by the client, then we extended it for 45 days to

12 the end of December 2008.

13 So it was granted an extension for 45 days, but then

14 in December 2008 when it became obvious that the client

15 will not be able to repay the overdraft, we changed the

16 type of loan, we cancelled the overdraft to turn it into

17 an ordinary loan which we then extended for a longer

18 time. This is how we acted upon agreement with the

19 client, and also we deferred interest payment

20 until June 2009, if I remember correctly.

21 Q. That’s right, Ms Mironova, and that’s another instance

22 of where you were prepared to defer all payments under

23 particular loans to the end of June or later. Put

24 another way, that’s another loan where you accepted

25 Mr Arkhangelsky’s request for a moratorium, did you not?

1 initially. Nevertheless, the Bank and the client agreed

2 to extend it in December 2008.

3 Q. Now, I think there is — again, we can look back at the

4 memorandum. There was also a promissory note of

5 Scandinavia Insurance, which expired on 15 January 2009.

6 Can we perhaps have a look? It is a good idea to keep

7 the memorandum near, really. Sorry, now I can’t find

8 it.

9 Yes, so it’s {D107/1537/1}, and {D107/1537/3}

10 respectively. Then if it could be scrolled down one

11 page on each screen {D107/1537/2}, {D107/1537/4}, so in

12 clause 1.1.6 you see there a reference to

13 a Scandinavia Insurance promissory note for

14 RUB 55 million expiring on 15 January.

15 A. Yes, I have read this clause.

16 Q. And the decision taken in relation to it — well, we

17 don’t have to look at the actual decision, but again, as

18 part of the restructuring, it was replaced by another

19 promissory note, so that no payment was due on

20 15 January. Well, perhaps we had better look at the

21 decision of the board. That’s {D105/1479.2/0.1} on one

22 screen, and {D105/1479.2/1} on the other screen.

23 So that seems to be a decision to replace that

24 promissory note with another one, this time for

25 RUB 66.5 million, for another year.

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1 A. Yes, I agree.

2 Q. So, again, that’s another example of a capital repayment

3 which was due in January 2009, and it was pursuant to

4 the agreement on restructuring reached between OMG and

5 the Bank, it was postponed until after the end

6 of June 2009; would you agree with that?

7 A. Yes, I agree, it was extended by 12 months.

8 Q. Now, I think then the alleged personal loan, which we

9 say was a bogus loan created by the Bank itself, really,

10 to avoid default, but it was created without

11 Mr Arkhangelsky’s knowledge, but nevertheless, the point

12 is that that personal loan was due for repayment at the

13 end of December, and again, the capital repayment was

14 extended for a year, interest payments were rolled up to

15 the end of June 2009. So that’s also consistent with

16 the moratorium, is it not?

17 A. Yes, indeed. The loan was extended by 12 months, by

18 a year, whereas the interest was rolled over

19 to June 2009.

20 In addition, if I remember correctly, additional

21 security was required for this loan.

22 Q. So it seems, Ms Mironova, really, if we could perhaps

23 again have a look at the memorandum, that’s

24 {D107/1537/1} on one screen, {D107/1537/3} on the other

25 screen.

1 pursuant to different loan agreements, depending on

2 their initial terms, different deferrals were agreed,

3 both on interest and principal repayment.

4 Q. Now, could you please look at {D112/1623/1}, and then

5 {D112/1623/2} on the other screen. So that seems to be

6 an e-mail from you to Mrs Volodina, dated

7 24 February 2009, where you ask her to agree a decision

8 of the committee for management of assets and liability

9 dated, or rather backdated, 23 December 2008.

10 Then if we scroll down to pages 3 and 4

11 respectively, you can see that that is still part of

12 the December restructuring. That rolls up the PetroLes

13 loan interest payments to the date of maturity on

14 5 March; can you see that?

15 So all I am suggesting to you is that this document

16 suggests that you were actually working on formalising

17 and recording all the decisions on the restructuring

18 until the end of February. Not just in January, but

19 in February as well, so the December restructuring may

20 be dated December, but in reality you worked on it

21 in January and also until the end of February; do you

22 accept that?

23 A. I accept one thing only: up until 24 February 2009, as

24 it is shown in this e-mail, we were cleaning up all the

25 nuances. We, a branch, had to clean it all up to comply

53 55

1 So if you look at that list, or your list of loans,

2 it seems that the only loans which we disagree about in

3 terms of moratorium or no moratorium are three of the

4 Vyborg Shipping loans in 1.1.2, so the three first ones,

5 that’s where we say there was a moratorium and you say

6 there were none.

7 Then if we scroll down {D107/1537/2}, {D107/1537/4},

8 then the two PetroLes loans. On the rest of the loan

9 portfolio, you agree the restructuring whereby there

10 would be no payments in the first half of 2009; do you

11 accept that? Well, ask to scroll it up or down as you

12 please, if you are not sure about…

13 A. I think we looked at 83 in my witness statement, where

14 I said that the loans due after June were extended by

15 six months. Those loans which were due prior

16 to June 2009, interest payment was deferred to the date

17 of principal repayment.

18 So in this part, yes, that’s how it was.

19 Q. Yes, but it went further than that, did it not? You

20 have just looked at a number of loans where capital

21 repayment was due before the end of June 2009, and we

22 saw it postponed. So it went further than that, did it

23 not?

24 A. Yes, on some loans we extended by 12 months, and we have

25 just discussed it with you. All I’m saying is that

1 with internal banking procedures. At the moment of

2 December restructuring we have forgotten a few things

3 because it was all taking very quickly. We had

4 forgotten to have a formal decision of this committee.

5 So this was technical work, a technical operation, which

6 had nothing to do with the agreement of our clients.

7 This was a technical operation to fill in the loan

8 portfolio documents with appropriate decisions.

9 Q. Now, may I ask you about this business of backdating

10 decisions? I think evidence has been suggested that

11 there is a practice in the Bank, which I will try to

12 summarise, and you just tell me if I am mistaken

13 anywhere. So the practice is, sometimes, rather than

14 having a meeting of one committee or another and

15 discussing issues in the ordinary course, sometimes

16 a management board or minor credit committee, big credit

17 committee, can take a decision simply by signing — the

18 members of the committee putting their signature on

19 a piece of paper and that becomes a decision of

20 the committee; is that correct? So that happens between

21 the meetings by simply looking at the draft and putting

22 the signatures; is that a correct understanding?

23 A. A short answer is no.

24 Q. Right, well explain why I am wrong, then.

25 A. Not a single official, be that in a bank or any other

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1 organisation, would ever sign a document if this

2 official disagrees with the document or doesn’t

3 understand what it is that he or she is signing. If

4 a branch or an additional office brings an issue which

5 is not in the agenda of the meeting of the large credit

6 committee or the management board of the Bank, then the

7 representatives of this office, the director, deputy

8 director, head of credit, goes to the head office of

9 the Bank, approaches each and every member of

10 the committee of the management board of the Bank,

11 explains the essence of the deal, and the members of

12 the committee express their agreement with a signature

13 or disagreement with a lack of signature, this is how

14 voting in absentia takes place.

15 Q. Sorry, I formulated that poorly. All I mean is, really,

16 that some of the decisions are taken not at the meetings

17 of various committees, but between the meetings; is that

18 right?

19 A. There are instances when very urgent matters have to be

20 decided on between official dates when the committee

21 sits, yes, you are right.

22 Q. And that actually relates to urgent matters, does it

23 not?

24 A. Yes, of course. Prior to that, a permission of

25 a particular chairman of a particular committee is

1 A. Most likely this is what I will be told, but everything

2 depends on their circumstances. Sometimes every day is

3 very important or valuable and it is impossible to wait

4 for a day, if we are talking in general about banking

5 practice.

6 Q. And my understanding is that the management board has

7 meetings once a week, does it not?

8 A. Yes, you are right.

9 Q. And the big credit committee has committee meetings once

10 a week, does it not?

11 A. Yes, indeed.

12 Q. And the small credit committee, that’s at Investrbank

13 level, also had meetings once a week?

14 A. The smaller credit committees, they exist at the level

15 of branches or additional offices. They meet as often

16 as they need to.

17 Q. I see. So presumably … sorry.

18 Now, could we please call on the screen

19 {D111/1615/1}, and then I think the Russian version

20 starts at {D111/1615/13}.

21 So that seems to be the opinion of the credit

22 department on the proposed extension of PetroLes loan,

23 and I think it’s — I am looking for the date.

24 Now, sorry, we will look at this later. If you

25 could now go to {D112/1621/0.1} on one screen, and

57 59

1 needed for such a matter to be voted between the

2 meetings of the committee. So urgency has to be

3 justified.

4 Q. Then what happens is that if the decision is taken —

5 I think two things can happen from what I recall, and

6 from the evidence of your colleagues. The normal course

7 would be if, say, a decision is taken between the two

8 meetings, then it will be backdated to the date of

9 the last meeting, would it not?

10 A. Yes, indeed. In the past this is exactly what took

11 place. Now we have a different practice in place.

12 Q. But then sometimes, and I think I will be corrected if

13 I am wrong, but I think Mr Belykh, if I am not mistaken,

14 has mentioned that sometimes, you know, if the next

15 meeting is closed, this issue can be rather dated the

16 date of the next meeting. Say if the meeting is on

17 Thursday and the decision is taken on Wednesday, then it

18 can be dated Thursday rather than last Thursday, if you

19 get my meaning.

20 A. I get your meaning but I am not aware of such instances.

21 Q. But presumably if you are asking, say, for the decision

22 to be made under this urgent procedure, and the next

23 meeting is the next day, well, you are likely to be

24 told: well, just wait until tomorrow and then the

25 committee will decide; is that the normal practice?

1 {D112/1621/1} on the other screen. That seems to be the

2 letter from PetroLes addressed to Investrbank, dated

3 24 February 2009, and requesting to extend one of

4 the PetroLes loans for another year, and to roll up all

5 the interest and commission payments to 28 June 2009.

6 Now, Ms Mironova, what might have given PetroLes the

7 idea to ask for a roll up until 28 June and no other

8 date? Do you have any knowledge of that?

9 A. No. I suppose you ought to ask Mr Shevelev, who signed

10 this letter.

11 Q. And then just for completeness, if we go to

12 {D112/1622/1} on one screen, and {D112/1622/2} on the

13 other. On the same date Mr Shevelev seems to be

14 requesting a similar restructuring for the second

15 PetroLes loan. So, Ms Mironova, are you really saying

16 that it was his own initiative, it just occurred to him

17 that it was a good idea to have it rolled up to 28 June,

18 there was no prior discussion with the Bank on that; is

19 that what you are saying?

20 A. I don’t recall having ever met Mr Shevelev. Moreover,

21 I don’t remember having ever discussed any deferrals

22 with him, if I understood your question to me correctly.

23 Q. Right, and if we could now go to the document at which

24 we looked before, that’s {D111/1615/1} on one screen,

25 and {D111/1615/14} on the other. So that’s the opinion

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1 of Investrbank credit department, which is in relation 1 restructuring would be provided to each of the company,
2 to — as you can see at the top, that relates to the 2 that’s why they were formalised later.
3 proposed restructuring of the two PetroLes loans. 3 As far as the request of Mr Shevelev
4 That’s at the top line, the right column, you can see 4 in February 2009 is concerned, unfortunately I can’t
5 «Extension of the following loan contracts … » and 5 remember or recall anything about it. I saw those
6 then the extension. Then if we could slowly scroll down 6 requests, well it looks like when I was reading the
7 page by page just so that everyone sees what is in 7 opinion and analysing PetroLes then, mainly I have
8 there. Just leave it for a few seconds, I am not 8 recollections of what is written in the credit opinion.
9 suggesting reading the whole — {D111/1615/2}, 9 Q. Yes, quite, but obviously it is odd, is it not,
10 {D111/1615/15}, and if you could eventually scroll down 10 Ms Mironova, that you and four of your colleagues
11 to {D111/1615/5} in the English and I think to 11 suddenly had this odd idea to roll up PetroLes payments
12 {D111/1615/19} in the Russian, but I may be wrong. Stop 12 to 28 June, and then suddenly Mr Shevelev in PetroLes
13 there. Yes, that’s the Russian final page. Yes, so 13 office, without actually talking to you, suddenly has
14 that’s the end. Then at the bottom box you see the 14 the same idea. Isn’t the explanation that there had
15 recommendation, which is to petition the relevant 15 been a previously agreed extension to that date?
16 committees for precisely this kind of extension which 16 A. I think that in all honesty I would provide a different
17 PetroLes is asking for on 24 February. 17 explanation if the dates are different, provided there
18 Then you can see that the production date of 18 were no mistakes when drawing up the documents.
19 the opinion is stated as 20 February, and it is signed 19 Mr Shevelev, well, I have never seen him in the Bank.
20 by Ms Blinova, Ms Borisova, Mr Doktorov and you, and 20 I didn’t know him, I wasn’t acquainted with him. Of all
21 also agreed by Mr Platonov. 21 the Oslo Marine Group up until April of 2009 I knew two
22 Now, isn’t the explanation, Ms Mironova, that the 22 people only: Mr Arkhangelsky and Mr Berezin. Therefore
23 Investrbank credit department, it was actually their 23 it is more likely that it would have been oral
24 idea and then it was the idea of Investrbank to put in 24 conversations of one or the other with my employees, and
25 place these changes to PetroLes loan contracts, and then 25 oral requests about restructuring which were afterwards
61 63

1 PetroLes was asked to make a formal application for that

2 restructuring; isn’t that the explanation?

3 A. No, unfortunately I can’t envisage such an explanation,

4 but, equally, to explain why the date is the 20th and it

5 is dated 24th, I can’t, equally, I’m sorry, I can’t

6 remember it.

7 Q. Well, I think you are giving evidence — I can find that

8 in your statement, but you will remember it, that is

9 what you say happened with the earlier changes to the

10 PetroLes contracts: you asked the borrower companies —

11 not only PetroLes, really, all OMG contracts — you

12 asked the borrower companies to make these kind of

13 formal applications, backdate them to December, whereas

14 in reality it was all agreed in the end of December and

15 formalised in January and perhaps in February.

16 So isn’t it likely that the same thing happened now

17 with the further extension of the PetroLes loan? Is

18 that possible? You may not remember. You may remember.

19 Is that something you would rule out?

20 A. I confirm and, indeed, it says so in my witness

21 statement, that we asked all the companies of OMG group

22 to provide us with backdated letters from December 2008

23 for the restructuring that was orally agreed. That

24 happened because at the end of December, 20 December,

25 neither the Bank nor the client knew which type of

1 drafted in a relevant letter, and then the employees

2 started analysing these requests and issuing credit

3 opinions. I think that it is — if we were to come back

4 to page 2, to the very same opinion, because you see on

5 page 2 of this opinion, at the very bottom there is

6 a table entitled «Analysis of monetary flows», and you

7 can see that monetary flows fell dramatically.

8 Q. Sorry to interrupt you for a moment, I am just asking to

9 come back to pages {D111/1615/2} and {D11/1615/16}

10 respectively. Sorry, Ms Mironova.

11 A. I do apologise.

12 Q. Sorry, I just want my Lord to see what you are talking

13 about. That is {D111/1615/2}, and that, I think, will

14 be page 13 in the Russian version. 13 possibly.

15 {D111/1615/13}.

16 A. Yes, this is the page I was referring to, and the table

17 at the bottom.

18 Q. One page down, please, in the Russian version.

19 {D111/1615/14}. Sorry, Ms Mironova. Keep going, yes.

20 Please continue.

21 A. Paragraph 2.7 of this opinion is the analysis of

22 monetary flows of the client from which one can see the

23 penultimate line, that the monetary flows fell

24 dramatically, therefore it is obvious that the

25 Investrbank knew that the company judged by the flows

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1 will not be able to pay in March, therefore at the minor

2 credit committee we looked at the possibility and

3 opportunity to restructure this loan and prolong the

4 date. It was a usual credit agreement which we would

5 review.

6 Q. Since you mention it, can we go to {D111/1614/1}, and

7 {D111/1614/2} on the other screen. So this seems to be

8 an extract from the minutes of the meeting of the small

9 credit committee on 20 February again and that is

10 essentially the same decision as the one proposed by the

11 credit department. You propose the same extension for

12 PetroLes loans as credit department recommends on the

13 same day, and PetroLes will request in four days’ time.

14 A. Yes. This corresponds to the conclusions drawn in

15 the credit opinion, and in a similar fashion they were

16 signed by the minor credit committee members. (Pause).

17 Q. Could we now have a look at {D115/1674/1}, and

18 {D115/1674/2} on the other screen. So that seems to be

19 a letter from Vyborg Shipping addressed to you, dated

20 19 March 2009, requesting a further extension of two of

21 the Vyborg loans — is it just two, I think there must

22 be — of the three Vyborg loans expiring in March/April,

23 for one year, and then to roll up the interest until

24 28 June.

25 Now, Ms Mironova, do you know what gave Mrs Krygina

1 the branch affiliate office, we did not feel able or

2 equal to the task of taking the final decision to refuse

3 any prolongation, because it was an important and

4 significant client for the whole bank, and the level of

5 taking the decision in such matters unequivocally rested

6 with the head office of the Bank.

7 Q. Well, Ms Mironova, isn’t the reason why you did so — if

8 I could put it slightly differently, well it was

9 Mr Savelyev who promised a six-month moratorium, so it

10 was for Mr Savelyev to decide whether to keep that

11 promise; wasn’t that your reason?

12 A. Mr Stroilov, I would put it differently: It was

13 Mr Arkhangelsky who was asking Mr Savelyev to defer the

14 payment of interest for a period of approximately six

15 months, therefore, to agree or not to agree with such

16 deferrals, especially when default on one of the loans

17 did happen in respect of OMG.

18 Q. Now, can we please have a look at {D106/1481/1}, and on

19 the other screen {D106/1481/3} of the same tab. That

20 seems to be a chain of e-mails. Essentially there is

21 a — the one at the top is from Mrs Volodina to

22 Mrs Bazilevskaya and I am not really concerned about

23 that. What I am interested in is your e-mail to

24 Mrs Volodina of 25 December at 16.14. So that seems to

25 be the same day as the meeting between Mr Arkhangelsky

65 67

1 the idea to ask for that date for payment? Do you have

2 any knowledge of that?

3 A. No, Mr Stroilov, I have no knowledge of that. I could

4 only suppose.

5 Q. Then if we could look at {D115/1684/1}. I’m sorry, for

6 some reason there is no Russian original. I beg your

7 pardon, Ms Mironova. I will try and do something about

8 it in a sec. I will just try and find a different

9 version of the document, or a similar one. (Pause).

10 Okay, I think what we can do, if we go to … it’s

11 a terrible translation, but I think it must be — the

12 document must be …

13 Now, if you could go to {D115/1689/25}, and

14 {D115/1689/26} on the other screen. So that seems to be

15 a 20 March decision of the minor credit committee. You

16 are recorded as being present, even though in our

17 translation it’s not — your name is slightly distorted,

18 but you can see that you are there, and there is

19 a unanimous vote for this further extension of

20 Vyborg Shipping repayment, as requested in the letters

21 of Mrs Krygina (inaudible); do you recall that?

22 A. Yes, absolutely correct. We reviewed it at the minor

23 credit committee and approved this petition. But, as

24 I said in my written statement, we did it because at the

25 level of the minor credit committee, at the level of

1 and Mr Savelyev, but after the meeting.

2 So essentially you are discussing the mechanics of

3 the urgent things you need to do to avoid the default of

4 OMG, and then if we could scroll down one page on each

5 screen, it is suggested in the last paragraph

6 {D106/1481/2}, {D106/1481/4}:

7 «Subsequently, the interest repayment periods for

8 all the Group’s debts must be restructured

9 after 01.01.09 (180 day deferral of payment), which will

10 not require the allocation of additional reserves.»

11 So, Ms Mironova, what this e-mail seems to be

12 suggesting is that the reason why you wouldn’t record

13 the six-month moratorium in the December additional

14 agreements is because that would require forming

15 additional reserves, and that’s why it was agreed

16 in December that further additional agreements would be

17 made in 2009 with the effect of it all being deferred

18 for 180 days, or, put another way, six months.

19 A. This is not quite so, Mr Stroilov. This letter was

20 written by me literally two hours after the meeting of

21 Mr Arkhangelsky and Mr Savelyev. If I recall correctly,

22 the meeting was in the morning. It was immediately

23 after lunch. Those suggestions or proposals which I put

24 on paper in this letter to Mrs Volodina were not in fact

25 realised or implemented, because Mrs Volodina, as the

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1 manager of the credit department of the whole bank,

2 considered them unacceptable, both for the client and

3 for the Bank, from the point of view of the relationship

4 and also considering the negotiations that took place

5 during the meeting. Indeed what is reflected here is

6 180 days, because all of us heard from Mr Arkhangelsky

7 the request of 180 days.

8 Q. Right, and if we could now look at {D106/1484/1}, and

9 {D106/1484/4} on the other screen. That seems to be the

10 e-mail from you to Mrs Volodina and Mrs Bazilevskaya on

11 the next day, the next morning, discussing the same

12 subject, discussing options which the Bank has in terms

13 of mechanics of the restructuring; is that the correct

14 description?

15 A. Yes, because the previous day Mrs Volodina responded

16 that it is impossible to issue loans to pay interest,

17 therefore the whole evening was dedicated to thinking of

18 mechanisms of restructuring.

19 Q. And you can now see what you — if you could just

20 scan-read through what you propose is option 1. That’s

21 essentially based on refinancing and that will result in

22 a surplus on the released reserve, and then again at the

23 end of option 1 you can see the reference to further

24 restructuring after 1 January.

25 Then option 2 being based on extension, and

1 reserves. We were consulted in the real time method by

2 Mrs Volodina about it, about the formation of

3 the reserves.

4 MR STROILOV: I am sorry to raise this. It’s something odd.

5 I kind of heard it — right, sorry, no, it’s all

6 right…

7 Now, my Lord, this being 1.00 pm, I think this is

8 a good moment for a lunch break.

9 MR JUSTICE HILDYARD: 2.00 pm.

10 Ms Mironova, you must not speak about this case to

11 anyone at all over all the time that you are in the

12 witness box, except of course to answer questions.

13 Thank you.

14 A. I understand, your Honour.

15 (1.00 pm)

16 (The Luncheon Adjournment)

17 (2.00 pm)

18 MR STROILOV: May it please your Lordship. I am afraid

19 I will have to hand up, I think, two documents which are

20 not translated into English, and I do apologise for that

21 in advance. I will try to minimise the harm from that

22 but essentially I will have to ask Ms Mironova to read

23 them out, the relevant passages, in Russian and for that

24 to be translated for your Lordship. I do apologise,

25 my Lord, but it is as a result of our technical

69 71

1 restructuring before December 2008, and if we could

2 scroll down both screens one page {D106/1484/2},

3 {D106/1484/5} so that results in a significant reserve

4 being formed by the 31st. Then option 3 discusses

5 with — well, really concerns different things being

6 done in relation to different loans.

7 Then if we could, having scan-read through this,

8 then scroll down one page {D106/1484/3}, {D106/1484/6}

9 then you can see the continuation of that. Then, again,

10 the bottom paragraph in bold, it again refers to

11 the restructuring of interest payment period for 180

12 days after 1 January, and that would release the

13 reserves.

14 So, Ms Mironova, there are several things I would

15 like to put to you. First, it seems to be — the way it

16 is structured, it seems to be that the need to release

17 OMG from any payment obligations for the first half of

18 2009 is taken for granted on that day; is it not?

19 A. No, I can’t agree fully with you in what you say because

20 none of the three options we scan-read through was

21 implemented either, because there was a considerable

22 amount of things which were not taken into account, and

23 we couldn’t know it as a branch, as an affiliate office,

24 regarding the instructions from the Central Bank of

25 Russia which was given to us about the formation of

1 logistical difficulties and our resources, so I am sorry

2 about that.

3 Now, Ms Mironova, I think you made a statement in

4 the BVI proceedings towards the end of 2011, didn’t you?

5 A. At the very start of 2012, if my memory serves me right,

6 my written statement is dated.

7 Q. Yes. If we could go to {D155/2603/1}, and that’s the

8 English version, then the Russian version I think starts

9 at — that’s 18, I think. No, 17. You are quite right,

10 it is dated 1 January 2012 {D155/2603/17}.

11 Ms Mironova, at the time you made the statement,

12 your recollection of the events of 2008 and 2009 is, of

13 course, fresher than it is now, isn’t that right?

14 A. You know, not quite, because my witness statement for

15 the BVI procedure were compiled in such a rush, such

16 a hurry, in such a short time frame without any proper

17 analysis of the original document, but the final

18 version, as you can see, was read by me and signed on

19 1 January, which is the holiday period, and

20 unfortunately I was reading this version remotely, being

21 in Italy at the time, and I signed it remotely, whilst

22 being in Italy. Therefore, it was very, very rushed and

23 it was done purely using recollections I had in my head

24 without any sort of documents.

25 Q. Right. Well, with this qualification, would you say

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1 that at the time you tried to tell the truth to the best

2 of your recollection?

3 A. Of course, Mr Stroilov, I always try to tell the truth.

4 Q. And so putting documents on one side, your

5 recollections, as far as your recollections are

6 concerned, were fresher in the end of December 2011 than

7 they are now, wouldn’t that be right to say that?

8 A. You know, I would put it like that. I would say that,

9 you know, «fresher» is rather sort of a vague adjective.

10 I had something in my head. I will recall more now

11 because now we got all the electronic exchanges which at

12 the time I didn’t have in my head. We also looked at

13 all the original documents when I was preparing these

14 witness statements, and I would say that when preparing

15 my witness statement in the English procedure,

16 I referred and looked at a lot more materials, and

17 therefore I recalled a lot more circumstances and events

18 than when preparing for the BVI witness statement.

19 Q. Could we please scroll down to page {D155/2603/6} in

20 the English statement, and in the Russian also six pages

21 down, I am interested in paragraph 13, so if you try six

22 pages down in the Russian version {D155/2603/22}.

23 Ms Mironova, could you read paragraph 13 to

24 the bottom of the page in the Russian version, and then

25 say when you have reached the bottom and I will cause it

1 section starts. Then in the Russian version, if we

2 could go — I think it will be around page 20. I am

3 looking at paragraph 19, so probably page 20 or

4 thereabouts. {M1/10/20}.

5 As you can see, Ms Mironova, in paragraph 19

6 Mr Savelyev explains that there was a meeting in

7 the first half of December where you were present, among

8 others. Then in paragraph 20 he seeks to relay what

9 Mr Arkhangelsky said at that meeting. Towards the end

10 of that paragraph, he explains:

11 «At this meeting there was no discussion regarding

12 what assistance the Bank could offer; the discussion was

13 about what was happening with the Group’s business and

14 what the Group needed.»

15 Now, if we could scroll down the English version

16 {M1/10/6}, then I think if we could just scan-read

17 paragraph 21, I don’t suggest we need to read it very

18 carefully.

19 Ms Mironova, is it all right to scroll it down. You

20 are looking at the paper version anyway, so if we could

21 scroll down the Russian version as well {M1/10/21}.

22 Then under the heading, «Period between the Second

23 and Third Meeting», Mr Savelyev in paragraph 22 names

24 you as the person who was given a task of a rather

25 comprehensive review of the group’s position. Can you

73

1 to be scrolled down for you {D155/2603/23}.

2 A. I’ve read it.

3 Q. Now, you refer to Mr Savelyev’s witness statement here.

4 Did you read it prior to signing your own witness

5 statement?

6 A. I looked at the statement of Mr Savelyev in relation to

7 what he said about the meetings, to which I refer in

8 this paragraph.

9 Q. Right. So obviously at that time you did not — you

10 don’t recall seeing there anything you would object to,

11 as it appears from this statement? We will look at the

12 statement in a moment, but I just want you — whether

13 you recall.

14 A. Mr Stroilov, which document are you referring to,

15 please?

16 Q. In Mr Savelyev’s BVI witness statement, to which you

17 refer here.

18 A. From his witness statement I looked exclusively at the

19 recollection of his, of meetings between Savelyev and

20 Arkhangelsky. Other paragraphs I don’t recall

21 consulting. Again, considering it was prior to

22 1 January and then the new year holidays, which are the

23 official public holidays in Russia, when nobody works.

24 Q. Yes, so could we now, please, look at Mr Savelyev’s

25 statement, at {M1/10/5}, that’s where the relevant

75

1 see that in paragraph 22? Do you see that?

2 A. Well, I can only see what is written there: that

3 I myself and my team were tasked with checking a number

4 of points. I was charged with being responsible for the

5 credit work of the Investrbank and the assessment of

6 the condition of all the entities given loans. That was

7 my job description.

8 Q. And then in paragraph 23 there is a further reference to

9 the financial review of the group carried out by

10 Ms Mironova and her team, and then he describes that

11 there were more fundamental financial difficulties.

12 Then if you could scroll down the English version one

13 page {M1/10/7}, then he is explaining that there was

14 a risk of default. Then in paragraph 24 he is talking

15 about a work meeting of the management board, and then

16 if we could scroll down {M1/10/22} in the Russian

17 version to paragraph 25, Mr Savelyev’s evidence in

18 the BVI seems to have been that in that period, between

19 the meeting in the first half of December and the

20 meeting towards the end of December, there was the

21 decision taken to:

22 «… defer the payment of interest on most of the

23 loans until late June 2009 and also extend the repayment

24 date for the principal borrowing of a proportion of

25 the Group’s loan portfolio [with] … the Bank.»

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1 Then he explains the rationale for that, and I am

2 not suggesting that we need to consider it very

3 carefully.

4 If we could now scroll down both screens one page

5 {M1/10/8}, {M1/10/23}.

6 A. Sorry, which paragraph should we scroll to?

7 Q. If you could look at paragraph 30, then essentially

8 there Mr Savelyev seems to say that you communicated the

9 proposal as to the restructuring and the repo

10 arrangement in relation to shares to Mr Arkhangelsky

11 still before the meeting towards the end of December or,

12 as he says it, in mid-December.

13 Only then does he start describing, in paragraph 31,

14 the meeting which he says took place in mid-November,

15 and now I think we are agreed it took place on

16 25 December, where these proposals were finally agreed

17 with Mr Arkhangelsky.

18 So, Ms Mironova, obviously at the time you made your

19 BVI statement, you didn’t disagree with this sequence?

20 A. But why should I disagree with this one now? Or is the

21 question different? Then I do apologise, I don’t

22 understand your question.

23 Q. So now would you say that this sequence which

24 Mr Savelyev has given in his evidence in BVI, is that

25 accurate, to your recollection?

1 documents.

2 Q. So are you sure now that there was no meeting in

3 the first half of December?

4 A. You know, I could not find any confirmation, any

5 documentary evidence of that. To rely on one’s memory

6 about the events which took place eight years ago would

7 be now quite optimistic.

8 Q. Do you recall carrying out any financial review of

9 Oslo Marine Group in December?

10 MR JUSTICE HILDYARD: December, what date?

11 MR STROILOV: At any time in December prior —

12 MR JUSTICE HILDYARD: 2008?

13 MR STROILOV: Yes, 2008, I beg your pardon, yes, my Lord.

14 A. Yes, we did look, myself and the team, at the current

15 financial status, the turnover in relation to

16 the various group companies we had analysed, and tried

17 to find out the reasons why the turnover fell sharply.

18 We asked questions, put questions to

19 the Oslo Marine Group representatives, and there was

20 usual standard and additional work, which was carried

21 out with the client to clarify its financial status.

22 Q. Now, could we please have a look at {D151/2542/1}.

23 MR JUSTICE HILDYARD: Can I just ask this? I’m sorry to

24 interrupt you, but just for my note. Is the Russian

25 translation of Mr Savelyev’s first affidavit in the BVI

77 79
1 A. No. As I say in my written statement, for this 1 contemporaneous? Does he sign that one? Could you take
2 particular hearing, when we started digging deeply into 2 me to the last page?
3 all the documents and looking at all the correspondence 3 MR STROILOV: Yes, could we scroll down the Russian —
4 we’ve exchanged, we understood that there was no meeting 4 MR JUSTICE HILDYARD: I just don’t have this in my M1.
5 between Mr Savelyev and Mr Arkhangelsky at the start 5 MR STROILOV: — version before going to …
6 of December. It was likely to have been other contacts, 6 Yes, my Lord.
7 not with him, maybe with other persons. The lack of 7 MR JUSTICE HILDYARD: Thank you.
8 the meeting, or the absence of the meeting at the start 8 MR STROILOV: And you will see the date.
9 of December is referred to in my current witness 9 So if your Lordship doesn’t need this page anymore,
10 statement as a mistake I have made in my witness 10 if we could call {D151/2542/3}. I am afraid that’s one
11 statement in BVI hearing. 11 of the documents with the terrible mechanical
12 Q. So it looks like towards the end of 2011, both 12 translation. That seems appears to be an e-mail from
13 Mr Savelyev and you had a recollection of two meetings 13 the Bank’s press secretary, Anna Barkhatova to a large
14 in December, and by now, having studied the documents, 14 circulation list which suggests — which is attaching
15 you discover there is no documentary trace of the first 15 a note setting out the Bank’s position in relation to
16 meeting; is that a fair summary? 16 the conflict with Mr Arkhangelsky. You can see that.
17 A. When we were — sorry, when I was preparing my witness 17 If we could now scroll down the English version to
18 statement in December of 2011 I had to prepare them — 18 {D151/2542/4} and the Russian version to {D151/2542/6},
19 my witness statement during two weeks. It was 19 you can see the actual document. Now, from looking at
20 physically impossible to refer to any documents. I was 20 it briefly, Ms Mironova, it is the case that you are the
21 drawing it up purely based on my recollections, 21 one who drafted the text, is it not?
22 therefore, I conveyed them onto the paper. 22 A. No, Mr Stroilov, it was not me who wrote this document.
23 However, when we were preparing to the London 23 Q. The reason — I will be taking you to some of
24 hearing, we referred, we delved deeply to all the 24 the drafts. What we had disclosed was a number of
25 documents and then we clarified it against the original 25 electronic files which appear to be drafts of this
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1 fairly similar in text, and the metadata suggests that 1 the text.
2 this is a document — that most of these documents were 2 Q. Yes. Now, if I could ask you, Ms Mironova — well, it’s
3 created by you, so if you could look through the text 3 duplicating in a way, but if I could ask you to read the
4 and try to recall, perhaps you will recall drafting 4 third paragraph from the top aloud, just so that it is
5 this, and then I will be taking you to earlier drafts of 5 translated for my Lord.
6 it. (Pause). 6 A. The third one?
7 A. No, Mr Stroilov, I do recall that for myself I tried to 7 Q. Yes, starting from it «At the end of 2008 …», that
8 draft my recollections about the events of that period 8 one.
9 because in November of 2011, as I see, Mr Arkhangelsky 9 A. «At the end of 2008, Oslo Marine Group started to say
10 started actively to publish in the media those court 10 about its inability to make payments or servicing of
11 decisions which he obtained in the BVI regarding the 11 the loans and approached or requested deferred payments
12 arrest of Mr Savelyev’s assets, which really was 12 of interest. At the same time, the impact of the world
13 discussed a lot, not only in St Petersburg but also 13 credit crunch did not impact the Russian economy.
14 naturally was of interest to the management, and the 14 Taking into consideration oral and written assurances of
15 managers of the Bank were not familiar with the details 15 Mr Arkhangelsky that all the obligations of the group
16 of the situation: they were asking us questions. That 16 before the Bank shall be discharged or met or complied
17 is why, as I recall, this document was prepared by the 17 with, the Bank rendered support to the companies which
18 press office. 18 obtained loans. There was a provision for several
19 What I was doing, I was drafting for myself some 19 months of deferral, not only in relation to the capital
20 notes which I was using in the BVI hearing, if the press 20 sum of the loan, but also of interest, and the terms of
21 service used my recollections, but I can assure you that 21 repayment were prolonged or extended. It turned out
22 this document was not done by me. 22 later that the business of the Oslo Marine Group was
23 Q. Just looking at the text, and perhaps take your time, 23 arranged along the lines of a credit or loan pyramid.»
24 I’m not sure I was very fair on you, not inviting you to 24 Q. Thanks very much. Well, what this document seems to
25 read it through. Looking at the text, do you recognise 25 suggest is that the restructuring or moratorium applied
81 83

1 this, or parts of it, as a text you have written?

2 A. Well, then, if you don’t mind, I will take a few minutes

3 to read it fully?

4 Q. Please, yes. (Pause).

5 MR JUSTICE HILDYARD: Is this being translated? It is

6 a somewhat curious translation.

7 MR STROILOV: I am afraid that is another machine

8 translation, my Lord, and I am sorry we were not doing

9 anything about it. (Pause).

10 I wonder to save time perhaps I could ask

11 Ms Mironova to read it aloud, and then we have

12 a translation and Ms Mironova has read it.

13 MR JUSTICE HILDYARD: I don’t know whether the substance of

14 it is important or not.

15 MR STROILOV: I don’t think it is terribly important. There

16 are a couple of points I would like — I will probably

17 ask Ms Mironova to read out later, but probably it’s

18 best …

19 MR JUSTICE HILDYARD: Focus on those.

20 MR STROILOV: — if Ms Mironova just reads it to herself.

21 I just hope she will recall the …(Pause).

22 A. (Untranslated).

23 Q. Do you recall this as a text written by you? Do you

24 recognise it as such, or any part of it?

25 A. No, I don’t recall. Neither the whole text nor parts of

1 not only to interest payments but also to capital

2 repayments. That is correct, is it not?

3 A. Absolutely correct, and we’ve already seen it today in

4 the supplementary agreement signed between the Bank and

5 the company, the borrower.

6 Q. And now if I could show you a document, which I am

7 afraid is only available in Russian, and which appears

8 to be an earlier draft of the document of the same

9 nature, that’s a comprehensive note on the history of

10 the dispute, so I do apologise for only having it in

11 Russian. The disclosure reference number is at the

12 bottom of the page. So the usual distribution, one to

13 my Lord, one to my learned friends, one to the witness

14 and one to the interpreters.

15 If we could call the previous document back on the

16 screen, because it may be a good idea to compare. If

17 you just glance at it, Ms Mironova, that seems to be

18 an earlier draft, well, another draft of the same text,

19 does it not?

20 A. Well, it’s difficult for me to judge whether it is the

21 same text or not. I can see that it contains much more

22 factual information than in the document I’ve just read.

23 Q. Yes, and if we could, now, please have a look at

24 {P1/12/75}. Not terribly good. If we could zoom in

25 the left two-thirds of the page just so that it is more

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1 visible. Yes, that’s perfect.

2 So this is a page from the claimant’s sixth

3 supplemental disclosure list, and the numbers in the top

4 left column, these are disclosure reference numbers and

5 if you look at the paper page, you will find that one of

6 them corresponds to this document, so the one ending at

7 2753. Have you found it? It is around the middle of

8 the page.

9 A. Yes, I can see the number.

10 Q. And then the column you see at the right, which is not

11 the extreme right column in the table, but the one you

12 see on the right, that’s the fifth column from the left,

13 that indicates the author of the document, according to

14 the metadata of the electronic file.

15 So this seems to be one of the drafts produced by

16 you on 5 June 2009, and around it I suppose you can also

17 see that there have been a number of similar drafts

18 because they are called, I think in Russian, like draft

19 OMG 3, draft OMG 4, so they seem to be similar and,

20 indeed, they are similar, from looking at the facts.

21 So does that look right?

22 A. What do you mean? What should look right?

23 Q. Well, does this persuade you that the document which you

24 hold now must have been a document, an electronic file

25 produced by you in 2009?

1 A. «The management of St Petersburg Bank and OMG group

2 reached an agreement on restructuring the group’s debt

3 to the Bank. The main provisions of this restructuring

4 were registered in a memorandum signed by the chairman

5 of the Bank’s management board, Savelyev, and holding

6 GOM President Arkhangelsky on 30 December 2008. The

7 basic terms of this restructuring were the sale of

8 100 per cent shares in Scandinavia Insurance and

9 99 per cent shares in Western Terminal to the Bank’s

10 institutions on condition of their back sale once OMG

11 group has performed all its loan terms with the Bank.

12 In turn, the Bank obliged itself, committed itself, not

13 to interfere into the operations and business activity

14 of these organisations, and not to increase interest

15 rates on these loans, and not to call for these loans

16 before their maturity, notwithstanding the worsening of

17 the debtors’ financial state.

18 «The OMG group organisations were given a grace

19 period for interest payments and de facto the main

20 obligation of the group was to pay back only the

21 interest to the Bank in 2009, in accordance with

22 a preferential schedule. St Petersburg Bank was forced

23 to accept this proposed restructuring because OMG group

24 could neither provide additional collateral, nor could

25 it service its loan portfolio without this preferential

85 87
1 A. Judging by the metadata I can see here, this is 1 restructuring regime.
2 a document from my computer. Unfortunately at this 2 «The overall restructuring scheme was proposed by
3 moment, as I’ve already said, I don’t recall this 3 the group’s president, Arkhangelsky, and was discussed
4 document, so I can’t tell you whether I prepared it or 4 at the Bank’s management board several times.»
5 whether it was saved on my computer and perhaps edited 5 Q. So, Ms Mironova, it seems that as of June 2009, you
6 in some way, I simply do not recall, I have no 6 believed the terms of the loan restructuring to be
7 recollection. I’m sorry. 7 different from what you say now, isn’t that right?
8 Q. Was at the time anybody else using your computer at the 8 A. No, I cannot see the difference. What is the
9 Bank? 9 difference?
10 A. No, nobody else was using my computer, but a file 10 Q. Well, this document says that the principal
11 prepared by someone else might come to my computer and 11 obligation — that following the restructuring, the
12 then I edit that file, then in metadata it will be shown 12 principal obligation of OMG in 2009 was limited to
13 as a file from my computer, but I truly do not recall 13 paying interest under a preferential schedule. Now you
14 such a document now. 14 say that there were capital repayments for some billions
15 Q. Could you please — I think as you said a few moments 15 of dollars.
16 ago — I am sorry, we are hearing Russian. Is that 16 A. Mr Stroilov, I’ve already apologised and said that I do
17 fixed now? Yes. 17 not remember this document, but all the obligations of
18 I think as you said a few minutes ago, this draft 18 the group are registered and written out in the loan
19 is, indeed, more detailed than the 2011 version. Now, 19 agreement, in the supplementary agreements, and each
20 if you could, please — again, I’m sorry to exploit you 20 loan agreement had its own terms and obligations for
21 like that, but if you could read the third paragraph 21 when to pay what: the principal, interest, et cetera.
22 from the top in the paper version which you hold here in 22 Q. And I think also, towards the end of this paragraph,
23 the RPC 2 and so on document. 23 what is suggested here is that the terms proposed by
24 A. Should I read this long paragraph? 24 Mr Arkhangelsky were fully accepted by the Bank; isn’t
25 Q. Yes, I will be much obliged. 25 that a fair reading of this document?
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1 A. Well, I don’t know how to interpret this document. When

2 a bank and a client agreed and found an acceptable

3 restructuring regime for both sides, that’s an obvious

4 fact. We signed supplementary restructuring agreements,

5 we signed the memorandum, therefore we found

6 an agreement.

7 Q. I think the point this document is making is not that

8 you met each other mid-way, but rather that the Bank

9 gave Mr Arkhangelsky exactly the restructuring which he

10 asked for; isn’t that a fair reading?

11 A. I do not know what this document really is, Mr Stroilov.

12 We have discussed all the terms of the restructuring, we

13 have discussed what Mr Arkhangelsky asked for — more or

14 less six months. We also discussed that on most loans

15 we have indeed given him a postponement, a deferment of

16 six months. On some loans we have extended it for 12

17 months, on other loans three and a bit months. There

18 were different structuring regimes for each loan

19 agreement.

20 Q. Ms Mironova, I put it to you that the likeliest

21 explanation of how this document turned out to be on

22 your computer is that you wrote it; wouldn’t you agree

23 with that?

24 A. I cannot deny it, nor can I confirm it. I would be

25 delighted to recall something about this document, but

1 situation.

2 Q. And Mrs Krygina actually — in this dispute or conflict

3 between the Bank and Mr Arkhangelsky, Mrs Krygina took,

4 squarely, the Bank’s side, did she not?

5 A. I wouldn’t put it this way, Mr Stroilov. She was always

6 on the side of the Vyborg Shipping Company and on her

7 own side, because she was the director general. She

8 always protected herself in her capacity of director

9 general of Vyborg Shipping Company who took a multi-

10 billion loan from the Bank and was unable to repay it.

11 Q. Well, again, I wouldn’t want, especially as it isn’t in

12 your — the metadata doesn’t point to your computer, it

13 is someone else’s but the Bank’s disclosure contains

14 some electronic files which appear to be draft letters

15 from Vyborg Shipping Company under the Vyborg Shipping

16 letterhead, Word documents signed by Mrs Krygina, and

17 dated 20 June 2009.

18 So that suggests to me that, really, there was quite

19 a close cooperation between Mrs Krygina and the Bank as

20 early as June 2009, to the extent of the Bank helping to

21 draft her letters; do you know anything about that?

22 A. I know nothing about this. Moreover, I can’t give you

23 an extended answer to this question because the

24 documents we are discussing are not in front of me.

25 Q. Yes. Well, perhaps I could show you very briefly.

89 91

1 I simply don’t.

2 Q. Then obviously there is also a rather intriguing

3 reference in the same paragraph to the Bank’s

4 organisations to which the shares are said to have been

5 transferred. So was it your understanding at the time

6 that the purchaser companies actually belonged to

7 the Bank?

8 A. No. If we are saying that this document was written by

9 me, even though I can’t remember it now, the Bank’s

10 companies or the companies presented by the Bank, that

11 is, I think, as far as I remember, what is written in

12 our memorandum.

13 Q. Now, Ms Mironova, do you know the lady called

14 Olga Krygina?

15 A. Yes, I do, a former director of Vyborg Shipping Company.

16 Q. And I think you were in touch with her on quite a number

17 of occasions after the Vyborg Shipping Company filed for

18 bankruptcy, were you not?

19 A. I met her only in April 2009 when the company declared

20 its inability to repay and to service its loans. This

21 took place in the Investrbank office where they came

22 together with one of the Oslo Marine Group lawyers, and

23 following the initiation of bankruptcy procedure for

24 Vyborg Shipping Company, I was forced to communicate

25 with Madame Krygina much more often to understand the

1 Again, I am afraid these are only in Russian, but just

2 so that you have an idea of what we are talking about,

3 and perhaps it can help you to recall. Again, this is

4 a set of documents, so each pack again to my Lord, to my

5 learned friends, to the witness and to the interpreters.

6 As you can see, the remarkable thing which I have to

7 explain rather than you will see it here, these are Word

8 documents, so you have the letterhead of Vyborg Shipping

9 Company, the Word file in the Bank’s computers, and then

10 various letters written under that.

11 These seem to be the draft letters dated

12 20 July 2009 from Vyborg Shipping to various other OMG

13 companies, asking to acknowledge various debts from

14 those respective OMG companies to Vyborg Shipping, and

15 that is — there is no signature because it is a Word

16 document, but they are meant to be signed by

17 Mrs Krygina. Does that remind you of anything?

18 A. No, it doesn’t. This is the first time I have sight of

19 these documents. I’m sorry.

20 Q. Well, but what this seems to be suggesting, I just

21 wonder if you agree with that, what this seems to be

22 suggesting is that by July 2009, Mrs Krygina was working

23 together with the Bank to try and help the Bank recover

24 more money through the bankruptcy of Vyborg Shipping

25 Company by recovering various loans from other companies

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1 in OMG group. Doesn’t that look logical?

2 A. No, this is not logical.

3 Q. Now, if we could look at {D153/2567.1/1} on one screen,

4 and {D153/2567.1/2} on the other, and I am afraid the

5 language of this e-mail is a little bit colourful, for

6 which I apologise, but that’s not my e-mail.

7 This seems to be an e-mail from Mrs Krygina to you

8 and your deputy, Mr Kolpachkov, and that’s dated

9 2 December 2011, in the middle of the night; do you

10 recall that e-mail, Ms Mironova?

11 A. Unfortunately, no, I don’t.

12 Q. And I think — well, again, I am not very keen to quite

13 quote things from here, but I think the first sentence

14 of the substantive text refers to Mr Nazarov as the

15 personal lawyer of Mr Arkhangelsky, does it not?

16 A. Judging from this text, yes.

17 Q. So Mr Arkhangelsky doesn’t seem to be particularly

18 popular with Mrs Krygina, does he?

19 A. Well, it’s her personal opinion. I don’t see that I can

20 comment on it.

21 Q. And then if you look at these two small paragraphs at

22 the bottom, the second paragraph from the bottom seems

23 to suggest that Mrs Krygina has in her possession a set

24 of documents which she thinks may be of assistance to

25 the Bank.

1 from Mrs Krygina. Do you know anything about that?

2 A. I cannot remember anything about it, and I beg your

3 pardon.

4 Q. So are you saying that, to your recollection, you never

5 received any relevant documents from Mrs Krygina; is

6 that what you are saying?

7 A. Could you be a bit more specific with your question?

8 I don’t quite understand how to reply to that.

9 Q. What I mean is that — well, really in the context of

10 what I said earlier, that Mrs Krygina is offering to

11 give you any helpful documents from her archive to help

12 the Bank with this case. Do you recall ever using her

13 assistance to obtain documents?

14 A. I don’t recall us ever asking her to provide any

15 specific documents or receiving them. I simply don’t

16 remember it. I haven’t found any requests from myself

17 to her in any correspondence.

18 Q. Is it possible that Mr Kolpachkov actually used this

19 offer and obtained documents from Mrs Krygina; would

20 that be possible?

21 A. No, it is impossible. Mr Kolpachkov has always been my

22 deputy. He was never involved with Oslo Marine process,

23 neither at the beginning of the default, nor later.

24 I myself, and only me, always handled that.

25 Q. So you don’t have any explanation as to why Mrs Krygina

93

1 A. I do not know what she is talking about here. I would

2 be delighted to help you, but I simply don’t know.

3 Q. She seems to invite you and Mr Kolpachkov to give her

4 tasks, and she would find documents for you.

5 Then in the final paragraph I think there is

6 a reference to something she calls «handwritten sheet»,

7 and «it is an original, not just a copy», and that seems

8 to be a handwritten sheet of Mr Arkhangelsky, referred

9 to by the rather disrespectful nickname she is using for

10 him. Do you understand what she is referring to?

11 A. Unfortunately I have absolutely no idea what she might

12 be talking about.

13 Q. Well, wouldn’t that be a reference to something which

14 she believes to be reliable comparators for

15 Mr Arkhangelsky’s signatures, wouldn’t that be a likely

16 explanation?

17 A. I am not capable, not able of commenting it. I have no

18 explanation for this letter. I don’t remember it.

19 I can confirm unequivocally that I had no requests for

20 Mrs Krygina. I can see that she is inviting us to

21 dance, but then it is the prerogative of those who are

22 being asked to either agree to dance or not.

23 Q. Ms Mironova, we received disclosure towards the end of

24 2012 for quite a substantial number of documents which

25 seemed to be — well, which are clearly marked as coming

95

1 might have thought it appropriate to write both to you

2 and Mr Kolpachkov? You can’t assist the court on that,

3 can you?

4 A. No, of course I understand why she addressed the letter

5 to him as well. I introduced her to Mr Kolpachkov,

6 presented him as my deputy. As any other person

7 I sometimes take sick leave, sometimes I go on holiday,

8 and Mr Kolpachkov looked after all the technical matters

9 on bankruptcy procedures for the borrowers that we had.

10 Vyborg Shipping Company was under bankruptcy proceedings

11 at that time. This is why I introduced them so that the

12 information would be copied to him so that I wouldn’t

13 have to forward some documents to Mr Kolpachkov, and if

14 anything was necessary for bankruptcy procedure, for any

15 parameters that he needed, he could ask Mrs Krygina

16 directly. She, the director general of Vyborg, was

17 obliged to answer all his questions and requests.

18 Q. Now, Ms Mironova, the Bank did disclose to us several

19 lever arch files of documents which are recorded, there

20 is simply a sheet of paper at the front saying

21 «Documents receiving from Mrs Krygina», so I appreciate

22 you say you know nothing about that, but these documents

23 do not include anything that can be described as

24 a handwritten sheet, or any set of signature

25 comparators. This suggests that neither you nor

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1 Mr Kolpachkov actually asked her for the signature 1 she was telling the Bank that she was a nominee
2 comparators she had in her possession. Is that a fair 2 director, never had any opportunity to carry out any
3 inference? 3 payments, that she was only responsible for repayments
4 A. I am ready to confirm that I did not ask Mrs Krygina to 4 on loans which are signed as the director general.
5 provide documents with the signature. I don’t recall 5 Q. Did you ever ask Mrs Krygina to give evidence in these
6 that. 6 proceedings?
7 Q. Right. Now, if I may still show you a couple of 7 A. You mean the London hearings?
8 documents which are in that file of documents received 8 Q. Indeed.
9 from Mrs Krygina in case they remind you of anything, or 9 A. I didn’t ask Mrs Krygina about it, no, I didn’t.
10 you can comment in any way. 10 Q. To your knowledge, did anyone at the Bank ask
11 If we can please go to {D118/1810/1} on one screen, 11 Mrs Krygina to do that?
12 and {D118/1810/2} on the other screen. 12 A. I don’t have any information about it.
13 So as you can see, this seems to be an internal OMG 13 Q. Now, I am afraid I will have to show you another
14 e-mail exchange in April 2009. I think we haven’t got 14 document which is not available in English, for which
15 dates of all e-mails. There are only two, essentially, 15 I apologise. I will have to hand this around. The
16 or three e-mails. It’s not very convenient, but the 16 usual distribution, please. (Handed).
17 essence of it is that Mrs Krygina is circulating the 17 There is a reference, the disclosure reference is at
18 notices of demand sent by the Bank to Vyborg Shipping 18 the right bottom corner, that’s the disclosure reference
19 under the Vyborg Shipping loans; you can see that. So 19 that comes from the Bank’s disclosure, and again, this
20 in the bottom e-mail you can see that she is referring 20 is a printout of a Word file which was disclosed to us
21 to notices of demand plural, and then there is an e-mail 21 by the Bank, and if we could go back to {P1/12/80}, and
22 a little up there in the middle e-mail, she is referring 22 if we could, again, zoom in the first five columns from
23 to one more notice of demand, dated 20 April, to which 23 the left. I think that if you find that number kind of
24 Mr Arkhangelsky responds. Perhaps if you could read the 24 near the bottom of the page — apologies, it doesn’t
25 top e-mail out in Russian, I think the translation is 25 seem to be your document. Sorry, that’s my mistake.
97 99

1 not entirely accurate. So if you could read out in

2 Russian this two-line e-mail from Mr Arkhangelsky to his

3 colleagues.

4 A. I don’t quite understand. Do you want me to read the

5 first sentence, or …?

6 Q. Yes, please.

7 A. «As I understand it, this is the reaction to our court

8 procedures. Maybe our agreement (dated at the end of

9 the year) should be used here and we should write to

10 them about it.»

11 Q. So it seems to be that Mr Arkhangelsky’s reaction to

12 being told about the demands made from the Bank to

13 Vyborg Shipping, his first reaction is that this is

14 a breach of the agreement reached in the end of 2008.

15 Is it a fair reading of this?

16 A. Well, I can’t offer any interpretation. This is not the

17 first demand to pay that the group of companies

18 received. By 20 April, if my memory serves me right,

19 there were two defaults on PetroLes, one default on

20 Vyborg Shipping Company. I noted here that Mrs Krygina

21 asks the legal and the financial department to do

22 something, and though she is director general, she is

23 asking some financial department to do something about

24 it.

25 So she, in her turn, is a very emotional person and

1 Ms Mironova, just in case, do you recognise this

2 document? If you don’t, I won’t spend time on it.

3 A. This is the first time I see it, Mr Stroilov.

4 Q. All right. I beg your pardon.

5 So, Ms Mironova, if I may then forget about it,

6 I won’t spend time on it if you don’t know about it.

7 Let me just try and sum up where we are on the

8 agreement on restructuring reached in December 2008.

9 Before the meeting, after the meeting and during the

10 meeting, all parties proceed on the assumption that you

11 are talking about a six-month moratorium, isn’t that

12 a fair summary of what we have discussed today?

13 A. Not quite so, Mr Stroilov. I was always saying that

14 there was an oral request on the part of Mr Arkhangelsky

15 about the possibility of deferral for six months. We

16 agreed for different amounts of time to be deferred for

17 different loans, I confirm that.

18 Q. There is absolutely no documentary evidence of the Bank

19 at point between 25 December and 30 December telling

20 Mr Arkhangelsky: sorry, we can’t give you a moratorium,

21 we will offer you a different restructuring. There is

22 nothing to this effect in the documents, is there?

23 A. Sorry, I didn’t quite understand what the question is.

24 Q. The first documents which seem to suggest that there was

25 a different kind of restructuring given, all these

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1 documents belonged to January 2009. As far as we are

2 talking about December 2008, each and every document is

3 consistent with an oral agreement on a six-month

4 moratorium; isn’t that so?

5 A. Again, I apologise yet again. I don’t quite understand

6 the question you asked me. All the agreements we have

7 reached in respect of each separate agreement were

8 relayed in separate documents dated 29 or

9 30 December 2008, and they were signed physically

10 slightly later in January of 2009. This is what I agree

11 with.

12 Q. Ms Mironova, isn’t it the case that all actions of

13 the Bank until 4 March 2009 are entirely consistent with

14 a six-month moratorium being agreed?

15 A. I agree with you, Mr Stroilov, that all the actions of

16 the Bank prior to 4 March 2009 correspond to the

17 supplemental agreements signed to each separate loan

18 agreement. That is how it was. Separate additional

19 agreements to each loan agreement.

20 Q. And it was for the reasons of reserve requirements that

21 the formal way in which a moratorium would be

22 implemented in relation to PetroLes was split in two

23 stages: one agreement to be dated 30 December,

24 thereabouts, and another to be dated the new year, at

25 some point in the new year. So that was the intention,

1 the management of the Bank could not take a decision to

2 prolong the first loan of PetroLes, because

3 additionally, at the level of the branch, of the

4 affiliate office, we informed Ms Volodina about the

5 unfortunately negative information which we received

6 about the financial condition of the various group

7 companies.

8 Q. Then there may or may not be something in this point,

9 but the point is there was an agreement on a six-month

10 moratorium on all payments, was there not?

11 A. No, this is not so, and I repeatedly commented on it, on

12 the agreements we signed with the client, and I said

13 that the client came with a request about the

14 possibility to provide an extension or deferral for six

15 months.

16 MR STROILOV: Thank you.

17 My Lord, this may be a good moment for a smoking

18 break.

19 MR JUSTICE HILDYARD: Right, we will have about 10 minutes.

20 (3.16 pm)

21 (A short break)

22 (3.27 pm)

23 MR STROILOV: May it please your Lordship.

24 Now, Ms Mironova, one of the Vyborg Shipping vessels

25 was called OMG Tosno, was it not?

101 103

1 was it not?

2 A. No. No, I didn’t — sorry, I don’t know anything about

3 it.

4 Q. So isn’t it the case that you were, at exactly the same

5 time, between — at the end of February 2009, you were

6 finalising documenting the extension, the roll up of

7 PetroLes interest payments to 5 March, and preparing for

8 a further restructuring of PetroLes loan until the end

9 of June 2009?

10 A. We prepared all the documents about deferrals of

11 the loans and also the interest deferrals at the start

12 of January 2009, and we signed with the client these

13 supplemental agreements and then we’ve prepared the

14 opinion, the major credit committee at the end

15 of February 2009, about additional prolongation of

16 PetroLes, both capital and interest. We did have a look

17 at all of those documents in the morning, yes.

18 Q. And for quite a long period of time after these events,

19 the Bank’s position seemed to be based not on

20 an outright denial of the moratorium agreement, but

21 rather on a suggestion that the agreement was

22 invalidated because Mr Arkhangelsky had been acting in

23 bad faith. Wasn’t that your stance for some months or

24 years, starting from the beginning of 2009?

25 A. This is the explanation of the reasons why unfortunately

1 A. Yes.

2 Q. And at some point in December 2008, OMG Tosno was

3 arrested in Tallinn pursuant to a claim by a bunkering

4 company, was it not?

5 A. No, it’s not so. As far as I found out, it was arrested

6 in Tallinn, but to start with, it was arrested by the

7 company Bergen Bunkers and it was only in 2009 when the

8 second arrest was made by the Bank that time.

9 Q. I wonder if anything was lost in translation. I think

10 that’s what I said. I said it was a bunkering company.

11 Then obviously at some point the Bank learned about

12 that arrest, did it not?

13 A. Mr Stroilov, I do have to apologise. I think that the

14 first question was incorrectly translated. Let’s

15 revisit it, please.

16 Q. I’m saying — your answer, I agree with your answer: It

17 was arrested pursuant to a claim by Bergen Bunkers, the

18 bunkering company.

19 A. Absolutely correct, Bergen Bunkers.

20 Q. So are you saying that when the Bank learned about that

21 arrest, you were very concerned; is that a correct

22 reading of your evidence?

23 A. What are you referring to, please?

24 Q. Well, I am looking at your witness statement at

25 {B1/4/22}, paragraph 101(b), and then I think the

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1 Russian version will be somewhere in the region of

2 page 50, I think. If paragraph 101 could be found in

3 the Russian version. {B1/4/66}, I’m very grateful to

4 Mr Lord.

5 There you are saying that you learned about the

6 arrest of Tosno and you were very concerned.

7 A. Yes, that is true.

8 Q. Now, presumably that concern was shared by a number of

9 people in the Bank; would you agree with that?

10 A. May I ask, what is exactly your question?

11 Q. Well, I suggest that you were not the only person in

12 the Bank who was concerned about the arrest of Tosno.

13 That was quite a matter of concern for a number of

14 people in the Bank who worked on OMG.

15 A. As soon as I learned about it, I informed my director,

16 Mr Platonov. I also informed Mrs Volodina in the head

17 office.

18 Q. The Bank was and is under an obligation to disclose all

19 relevant e-mails and other documents from that period,

20 is it not?

21 A. Yes, of course, and we’ve done it.

22 Q. And there is not a single reference to the arrest of

23 Tosno in the documents belonging to the period

24 between December 2008 and 5 March 2009.

25 A. Quite right, because at that time we did not know that

1 outbox where I would have informed Mrs Volodina in

2 a written form about this fact, but this doesn’t mean

3 that I didn’t report and talk to her orally.

4 Q. Mrs Mironova, isn’t it the case that in fact the Bank

5 learned about the arrest of Tosno from Mr Arkhangelsky

6 soon after it happened in December 2008?

7 A. Unfortunately this is not true at all.

8 Q. Mr Arkhangelsky discussed this matter in December 2008

9 with at least three of your colleagues at Investrbank,

10 namely Ms Borisova, Ms Prokhor and Mr Platonov, didn’t

11 he?

12 A. Mrs Prokhor you are naming, by that time was — no

13 longer worked in the auxiliary office of Investrbank so

14 she in no way could have communicated and worked with

15 Mr Arkhangelsky.

16 As for Borisova and Platonov, I have no knowledge of

17 whether such facts had been communicated to them or not.

18 Judging by the fact that Mr Platonov could not confirm

19 it when our disclosure package was being prepared

20 in December 2008, he did not have this information

21 either.

22 Moreover, I think that Mr Arkhangelsky was present

23 at meetings with much higher ranking leaders of

24 St Petersburg Bank in December 2008, so if he had indeed

25 wanted to give us oral information about the ship’s

105 107

1 the ship had been arrested. That’s why we don’t have

2 a single document about it. We received this

3 information only in February 2009, which is what I wrote

4 in my witness statement, supported by letters from

5 Bergen Bunkers company that we had received.

6 Q. But there are no documents about the arrest of Tosno

7 dated the end of February 2009 or the beginning

8 of March 2009. There are none. There are no e-mails,

9 no communications through any of your system saying:

10 look, Mrs Volodina, what a scandal, Tosno has been

11 arrested, for instance. There is nothing of that kind;

12 what do you say to that?

13 A. I can say to that that I reported the information

14 orally. In my disclosed documents there is an e-mail

15 which deals with telephone calls onto the general bank

16 number from the representative of the Transport Workers

17 Federation. He wanted to try and find somebody in

18 the Bank he could talk to. There is my letter to

19 Mrs Volodina dealing with that and this has all been

20 disclosed.

21 Q. I stand to be corrected: I don’t recall any letter from

22 you to Mrs Volodina from the period before 4 March 2009

23 dealing with the arrest of Tosno. I don’t think there

24 is any?

25 A. Prior to 4 March I hadn’t found a single e-mail in my

1 arrest, he could have done it at meetings with Savelyev,

2 Guz, Malysheva. He had meetings with the top management

3 of the Bank.

4 Q. And he was — again, I think he recalls that he referred

5 to it at the December meeting with Mr Savelyev; what do

6 you say to that?

7 A. I did not hear it at the December meeting with

8 Mr Savelyev, although I was present during the entire

9 meeting.

10 Q. I think you have said this morning that you don’t

11 actually recall whether you were present during the

12 entire meeting and whether there was a one-on-one

13 between Mr Savelyev and Mr Arkhangelsky. I think you

14 said that this morning, that you don’t recall that you

15 were there throughout the meeting?

16 A. In the morning you put another question to me. In

17 the morning you asked me whether Savelyev and

18 Arkhangelsky had a tête-à-tête after the meeting, and it

19 is to this question that I replied that I do not recall

20 that they had a private meeting, but we could look at

21 the record; it will all be there.

22 Q. I think you are describing it quite accurately in

23 substance.

24 Now, isn’t it the case that in December 2008, you,

25 meaning the Bank, were taking a much broader look at the

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1 OMG financial position, and isn’t that — so that rather

2 than just looking at an arrest of a particular ship, you

3 were having a comprehensive view of the situation,

4 wouldn’t that be a fair statement?

5 A. Mr Stroilov, in December 2008, the Bank wasn’t dealing

6 with arrests of any ships of Vyborg Shipping Company.

7 So in that part your statement is not at all correct.

8 In terms of assessment of the financial position of

9 OMG group, I already confirmed that we were trying to

10 pay careful attention to the financial position of the

11 group in its entirety. We were told that Tosno is in

12 drydock being repaired in Tallinn, and so for a while we

13 were not being given any contracts on shipment and time

14 charters, we were only given contracts on Gatchina and

15 Kolpino ships, so in December I knew that Tosno ship is

16 in drydock being repaired in Tallinn.

17 Q. Isn’t it the case that, in fact, Mr Arkhangelsky did

18 inform you about the arrest but the Bank didn’t pay much

19 attention to it because the difficulties of OMG at which

20 you were looking were much wider in scope and much more

21 important to you than an arrest of a particular ship.

22 Isn’t that the explanation, Ms Mironova?

23 A. No, not at all, not in this. Moreover, an arrest, as

24 you say, of one particular ship would have led to

25 the Bank suspending any negotiations on any

1 client like this and for sure this is the reason not to

2 have a new relationship with a new potential client if

3 we have any information that this client is acting in

4 bad will vis-a-vis the state.

5 Q. So even if there was only a suspicion of tax evasion

6 over two years previously, the Bank would still take

7 a very grim view of this; is that what you are saying?

8 A. I insist that the Bank took this on board when looking

9 at the matter.

10 Q. And even if your client, who was suspected of tax

11 evasion over two years ago, was then cleared by the

12 state investigators of those suspicions, the Bank would

13 still take a stricter view that would undermine

14 relations, as you say, very significantly; is that what

15 you are saying?

16 A. Are we having a hypothetical discussion, or are we

17 talking about a particular client of the Bank’s?

18 Q. I am just trying to — obviously we all know what you

19 say about the reasons for developments in your relations

20 with Mr Arkhangelsky. I am just testing whether it is

21 consistent with your general policy.

22 So is it normal for the Bank, in a hypothetical

23 situation where there was over two years ago a suspicion

24 of tax evasion against a client, from which he was

25 cleared, and then two years on, the Bank learns about

109

1 restructuring altogether because we would have had to

2 sort out the problem of the company and what is

3 happening to the company in real life, given its

4 additional arrears vis-a-vis its suppliers, counter

5 agents and clients, and not just dealing with its debts

6 to the Bank, because at the time, the company was

7 maintaining that apart from bank debts, it had no other

8 outstanding commitments, financial commitments.

9 Q. Now, may I ask you something more — a more general

10 question about the Bank’s general policies or

11 philosophy, if you like.

12 Now, is it the case that the Bank has, so to speak,

13 a zero tolerance approach to tax evaders? Is that your

14 practice?

15 A. I agree with the fact that people who evade paying taxes

16 in the Russian Federation and in any other country of

17 the world subject themselves and their counter agents to

18 significant risks, ie the risk of being prosecuted by

19 the state.

20 Q. So is it the Bank’s policy — so if there is any

21 suspicion of tax evasion against a client of the Bank,

22 essentially is it the Bank’s policy to break off

23 relations with such a client at once?

24 A. This is an important factor to revisit and to think very

25 carefully about the Bank’s relationship with a current

111

1 it; is it your practice then to reconsider the whole

2 relationship?

3 A. If we are talking hypothetically and if such a client

4 is, indeed, acquitted and if, indeed, any suspicion in

5 tax evasion is cleared, then this could have no impact

6 on the Bank-client relationship, but coming back to my

7 statement and the situation I am describing in my

8 statement, we had no information that these allegations

9 have been cleared. We had no information about any

10 procedures leading to an acquittal of Mr Arkhangelsky.

11 I am not stating that unequivocally a client

12 suspected of tax evasion by the state, that he should

13 immediately climb the scaffold and he would be subject

14 to some kind of sanctions or measures. What I say is

15 that the Bank pays particular additional attention to

16 such a client. This is what I say.

17 Q. Obviously the reference in your witness statement is to

18 what you know to have been an investigation in 2006, is

19 it not?

20 A. I don’t remember the details, otherwise I would have

21 clearly stated them in my witness statements. What

22 I heard from Mr Platonov is exactly what I wrote in

23 paragraph (a), 102 of my witness statement.

24 Q. Well (a) of that witness statement is rather vague. Are

25 you talking about a contemporaneous tax investigation or

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1 a historic tax investigation?

2 A. Can you be a bit more specific in your question?

3 Q. Well, you refer to rumours that criminal proceedings

4 have been initiated against Mr Arkhangelsky for tax

5 evasion. Do you mean that the criminal proceedings, to

6 your understanding, were ongoing as of February

7 or March 2009, or do you mean to say that at some time

8 in the past, Mr Arkhangelsky had this kind of skeleton

9 in his closet?

10 A. I mean exactly what I say. Mr Platonov did not impart

11 any details on the circumstance to me. He might have

12 reported in greater detail to the head office. I wrote

13 exactly what I knew.

14 Q. As of February and March 2009, did you understand the

15 rumours conveyed to you by Mr Platonov to refer to

16 a contemporaneous criminal investigation or to

17 an investigation which happened some years ago?

18 A. At that time I understood it as follows: that the fact

19 of tax non-payment took place in the past, not

20 currently, but that investigation or enquiry had not

21 been finished yet, and this is exactly the understanding

22 that I maintain to this day.

23 Q. Were you aware of any other OMG troubles with tax

24 authorities at that time?

25 A. No, I can’t recall.

1 2007 to complain at the harassment by the police and tax

2 authorities, and asked Mr Savelyev to fix that; are you

3 aware of that?

4 A. No, I am not aware of it at all.

5 Q. And Mr Savelyev duly obliged. He telephoned the head of

6 St Petersburg police, General Piotrovsky, and all

7 criminal proceedings against Mr Arkhangelsky immediately

8 stopped at that time.

9 A. Did Mr Savelyev tell you that?

10 Q. I am not suggesting that Mr Savelyev said that, but I am

11 suggesting to you that that’s what actually happened.

12 A. Did Mr Savelyev confirm this?

13 Q. Well, can you confirm or deny that?

14 A. I have already replied that I cannot confirm it because

15 I know nothing about it.

16 Q. Can you please be shown {D110/1574.1/1}, and then

17 {D110/1574.1/3} on the other screen. So this seems to

18 be an order by the Federal Tax Service, sent to

19 Investrbank branch on 26 January 2009. Can you see

20 that? That’s an order to freeze the bank accounts of

21 Vyborg Shipping in Investrbank branch. As you can see

22 after the word «Decided», and then:

23 «… to suspend in the Bank Investrbank… all

24 operations of payment from the following accounts… »

25 And then it lists the accounts of Vyborg Shipping.

113 115

1 Q. Now, so you are talking about no more than a rumour of

2 certain suspicions of tax evasion against

3 Mr Arkhangelsky which were there in 2006 and possibly he

4 hadn’t been cleared. Are you seriously saying that that

5 had a material impact on your decision to call a default

6 in March 2009? Is that what you are suggesting?

7 A. I am suggesting exactly the facts that I learned at that

8 time and the facts that I reported up to the head

9 office. As to which facts became critical for the

10 decision that was taken by the board of the Bank not to

11 extend the first PetroLes loan are unknown to me,

12 because at that time I was not part of the Bank’s

13 management board. All I did was I gathered all the

14 additional materials that I had by that time, and I have

15 just simply passed them on and informed Mrs Volodina.

16 Q. Now, Ms Mironova, isn’t it the case that the Bank knew

17 full well that Mr Arkhangelsky had been cleared of all

18 suspicion of tax evasion in 2007?

19 A. Alas, I know nothing about it, but if that was true, we

20 have a security service in the Bank and our security

21 service must have informed the members of the management

22 board of the Bank that the worries, the concerns that

23 I mentioned were no longer valid.

24 Q. Well, there was something better than that, Ms Mironova.

25 It was Mr Arkhangelsky went straight to Mr Savelyev in

1 Can you see that on the first page?

2 A. Yes, I can see that.

3 Q. And there is a stamp confirming that the Bank received

4 that on 3 February 2009.

5 A. Yes, I can see that.

6 Q. There are various handwritten notes; do you recognise

7 any of the handwriting at the top, at the bottom, who of

8 your colleagues were dealing with it; can you tell

9 anything to the court about who of your colleagues were

10 dealing with this document from looking at the …

11 A. No, unfortunately I can’t from looking at the

12 handwriting, but I can speculate. I can think that as

13 we are dealing with clients’ current accounts, it was

14 the accounts department that was working on this

15 document.

16 Q. Then if we could scroll down one page {D110/1574.1/2},

17 {D110/1574.1/4} you see at the top of the page that:

18 «Amount to be recovered [is] RUB 99,63 in accordance

19 with the decision on recovery from the money in bank

20 accounts …»

21 And so on. By the then conversion rate that would

22 be about £2.50, would it not?

23 A. Quite possibly. I don’t know what kind of exchange rate

24 was prevailing at the time.

25 Q. But that sounds about right: it’s not a very big amount.

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1 A. About $3, I suppose, £2.50, yes. 1 and turnover you saw that the position was not good.
2 Q. Do you recall this decision at all, Ms Smirnov, now that 2 Now, isn’t it the case, Ms Mironova, that that was
3 you have looked at it? 3 not significantly different from the position
4 A. No, I don’t remember it. 4 in December or November?
5 Q. Now, it would be a very unlikely supposition that the 5 A. It did not differ greatly from the position in December.
6 financial state of Vyborg Shipping was so bad that it 6 It was only worsening dynamic-wise.
7 couldn’t raise RUB 99.63 to pay a debt to the tax 7 Q. And now if we skip to (c), because that refers to
8 service; would you agree with that? 8 the correspondence we looked at earlier {B1/4/65}.
9 A. I cannot agree because these RUB 99 had not been paid. 9 Now, isn’t it the case that the request from
10 The tax service made its decision, sent us the letter, 10 Mr Shevelev came pursuant to an earlier agreement with
11 asked us to seize, to arrest the Bank account. To be 11 the Bank?
12 honest with you, I’m not surprised by this, because as 12 A. I can suppose that this request of Mr Shevelev, the
13 far as I remember, by that time, the current account — 13 director general of PetroLes, was connected with the
14 no cash came into the current accounts of 14 original request of Mr Arkhangelsky that deferred
15 Vyborg Shipping Company in St Petersburg Bank at all. 15 payments were to be arranged for six months on interest.
16 Q. Now isn’t the true explanation, Ms Mironova, that the 16 Q. And that rather suggests, Ms Mironova, that at no time
17 tax service manufactured that decision to assist the 17 prior to 24 February 2009 did the Bank respond to
18 Bank to paralyse the operations of Vyborg Shipping and 18 Mr Arkhangelsky with a firm «no» to that request?
19 to create the conditions for a default? 19 A. A firm response to Mr Arkhangelsky’s request was
20 A. Mr Stroilov, can I ask you, are you joking in this way? 20 expressed in December 2008 by means of signing a
21 Is this sort of the way of being funny? (Pause). 21 supplementary agreement to each loan agreement.
22 My Lord, I cannot imagine that this statement could 22 Q. We have to disagree about that. Then if we look at your
23 have anything to do with reality, so I simply cannot 23 (d). From the document we have just seen, this seems to
24 comment. 24 be wrong, does it not?
25 Q. So to you this looks like this document should be taken 25 A. Wrong in what way?
117 119

1 at face value: There was a genuine debt of RUB 99 and

2 whatever it is kopecks, and the Vyborg Shipping couldn’t

3 afford that, and that’s why the accounts were frozen; is

4 that what you are saying?

5 A. I state exactly what I see in the document. The

6 document says that as RUB 99.63 have not been paid in

7 tax, this is exactly the amount of money that has to be

8 seized on all the accounts of Vyborg Shipping. As soon

9 as this amount is paid, the accounts can be unblocked.

10 This is what this statement and this document means.

11 MR STROILOV: Sorry, something is wrong with my headphones,

12 I think.

13 MR JUSTICE HILDYARD: I’m so sorry, I didn’t hear you.

14 MR STROILOV: Something seems to be wrong with my

15 headphones. I am trying to get another one, but this

16 one keeps … thank you very much.

17 MR JUSTICE HILDYARD: All well?

18 MR STROILOV: Yes, now I think it is. From the echo it

19 sounds as if everything is right.

20 Now, could we now go back to your witness statement,

21 Ms Mironova, {B1/4/21}, and again, I think at {B1/4/65},

22 if I remember correctly, we will find paragraph 100.

23 {B1/4/64}.

24 Now, if you look at (a), you explain that

25 in January 2009, from your monitoring of OMG’s accounts

1 Q. That’s another misleading — your (d) in this paragraph

2 is rather misleading, is it not? So the reality was

3 that the accounts of Vyborg Shipping in

4 Bank of St Petersburg were frozen. That’s the reason

5 why there was no money coming into that account.

6 A. No, it is not true because firstly there was — the

7 decree by the tax committee is dated 3 February;

8 secondly, as we read it, both of us, it says that it is

9 not their accounts which are frozen, but purely

10 an amount of the laughable three dollars, RUB 99, are

11 frozen or blocked, and as soon as the accounts of the

12 tax inspection are credited with the RUB 99 then

13 everything is released from the arrest, then I say that

14 the Vyborg Shipping Company had an obligation to have

15 all the turnover in the Bank of St Petersburg despite

16 the fact that they had a different account in

17 the Vozrozhdenie Bank and the shipping company breached

18 that obligation and we found out about that breach of

19 an obligation.

20 Q. Now, to your knowledge was that limited income, as

21 Vyborg Shipping was receiving, was that under or over

22 RUB 99.67?

23 A. At the moment I can’t recall, Mr Stroilov, whether it

24 was higher or — I am almost sure that it was higher

25 than $3.

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1 Q. So in that case Vyborg Shipping would have had no

2 difficulty in discharging its obligation or alleged

3 obligation to Federal Tax Service, and releasing its

4 accounts from an arrest.

5 A. Yes, likely, so it’s doubly surprising for me why such

6 a demand for $3 arose to such a big company which

7 possessed 2 billion in loans and three container

8 vessels.

9 Q. Ms Mironova, were you aware at the time of

10 Mr Arkhangelsky’s negotiations with various other banks

11 to obtain refinancing of OMG’s indebtedness to the Bank?

12 A. Could you please clarify your question?

13 Q. Were you aware at the period, let’s say, starting from

14 December 2008 to early March 2009 of any negotiations

15 which Mr Arkhangelsky had with other banks to obtain

16 refinancing of his loans to Bank of St Petersburg?

17 A. You know, I do recall that in December of 2008 only the

18 words of Mr Arkhangelsky that the Bank Vozrozhdenie

19 continued to render support to him, that the Bank

20 Vozrozhdenie discussed the restructuring options with

21 him, and that Mr Arkhangelsky gave Bank Vozrozhdenie as

22 an example to me, to which, as he thought,

23 a St Petersburg Bank might aspire to in its relationship

24 with the clients.

25 Q. Ms Mironova, for instance, were you aware of

1 the financing of the development of Vyborg Port? Did

2 you know anything at all about that?

3 A. About those negotiations, I didn’t know anything for

4 sure, because Vyborg Port was financed not in

5 the Bank of St Petersburg, but it was financed in

6 the Bank Vozrozhdenie.

7 Q. So the decision to call default on the group

8 in March 2009 was made without any considerations of

9 the group’s financial prospects; isn’t that the case?

10 A. No, it is not the case. We had a thorough analysis of

11 the financial prospect for the group based on its

12 current monetary flows, based on the announced and

13 unrealised plans to invest additional money, mainly

14 borrowed, in the development of their acquired assets,

15 and in the long term analysis of exit from the projects

16 and sales, all of it was comprehensively assessed and

17 analysed.

18 Q. Now, can we please call on the screen {D114/1653/1}, and

19 then {D114/1653/3} is the Russian version of the same.

20 Ms Mironova, this seems to be a chain of internal

21 e-mails from the Bank on 11 March 2009.

22 Now, at the bottom of the page, so obviously as the

23 e-mails go, it goes in reverse chronological order. At

24 the bottom of the page is your e-mail to Mr Guz, and

25 there is just the address at the bottom of this page,

121 123

1 Mr Arkhangelsky’s negotiations with BNP Paribas about

2 raising a syndicated loans of some $300 million, which

3 would refinance all the indebtedness to your bank and

4 the rest of the money, the majority of the money would

5 be going to the development of Western Terminal; did you

6 hear anything about that in the end of 2008, the

7 beginning of 2009?

8 A. I don’t recall having heard anything about it at the end

9 of 2008. As far as I remember, at the start of 2009,

10 in January and February, I practically didn’t

11 communicate with Mr Arkhangelsky at all or, to put it

12 better, I don’t recall a single conversation between us.

13 But had such refinancing been provided I would have been

14 joyous at it, and if the Bank of St Petersburg had to

15 assist Oslo Marine Group to obtain such refinancing,

16 I am positive we would have rendered comprehensive

17 assistance.

18 Q. Ms Mironova, were you aware of OMG working with the bank

19 called KIT Finance and with Deutsche Bank to issue loan

20 participation notes in that period which would again

21 raise sufficient capital to overcome the financial

22 problems of the group?

23 A. No, I don’t recall it, Mr Stroilov.

24 Q. And did you know anything about OMG’s negotiations with

25 European Bank for Reconstruction and Development about

1 and now if we could scroll down both screens, you can

2 see the text of your e-mail to Mr Guz, and I think

3 a fair summary of this is that you are putting forward

4 a plan of how the one default of PetroLes could be

5 developed into a cross-default of all companies of

6 the group. Put another way, how the Bank could make

7 demands of repayments against OMG companies as quickly

8 as possible. Really what you are suggesting, within one

9 month. Within March you have a default against all OMG

10 companies; do you recall proposing such a plan?

11 A. It was not my proposal, it was the response to

12 the request of Mr Guz who telephoned me and asked me to

13 analyse whether the possibility exists to announce

14 default in relation to the rest of the loans of OMG in

15 connection with the default of the first credit of

16 PetroLes. I, together with the branch team, assessed

17 this possibility and in writing I informed the top

18 manager of the Bank about it.

19 Q. So what was your own view at the time? Did you think it

20 was a good idea?

21 A. Do you know, I don’t recall thinking anything about it

22 at the time. I simply did what I was told to do.

23 Q. Now, towards the end of this e-mail — sorry, again I am

24 hearing Russian.

25 So you can see that under the heading

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1 «26 March 2009», {D114/1653/2}, {D114/1653/4}, towards

2 the end of this, you discussed loan of Vyborg Shipping,

3 and how if one loan is not repaid on 26 March, you could

4 declare default on all Vyborg Shipping loans, and that’s

5 over RUB 2 billion.

6 Now, I just wanted to draw your attention to this,

7 because just if you give me a second, I will find one

8 more document I would like you to comment on.

9 If we could call on the screen {D115/1684/1}, and it

10 is, once again, that document which is only there in

11 English which we looked at earlier. I beg your pardon,

12 Ms Mironova, it won’t take me too long. (Pause).

13 Now, if we could please go to {D115/1689/25} on the

14 same screen as the English version, then the Russian

15 version shall be at {D115/1689/26}.

16 So that is the document at which we looked a little

17 earlier today. So that is an extract from the minutes

18 of the small credit committee meeting on 20 March 2009,

19 considering the proposed extension of Vyborg Shipping

20 loan, and you are recorded to have been present, and the

21 members of the committee have voted unanimously to

22 recommend the extension. Can you see that?

23 A. Yes, I can see that.

24 Q. And there was also — I think there is a terrible

25 translation, but if we could — yes, perhaps if we could

1 an extension to the Vyborg Shipping Company despite the

2 fact that there was already a default on the first loan

3 to PetroLes.

4 Q. So, Ms Mironova, it seems rather odd if on 11 March you

5 discuss with Mr Guz the suggestion of having a quick

6 cross-default of the group, and that includes refusal of

7 extension to Vyborg Shipping on one hand, and then on

8 20 March you vote unanimously to grant the extension to

9 Vyborg Shipping. There is a slight discrepancy in this,

10 wouldn’t you agree?

11 A. Well, in essence, I explained it already today. At the

12 level of the minor credit committee at the branch, we

13 did not think it possible to take such a major decision,

14 and we proposed to prolong or extend the loan and we

15 proposed to think about it at the level of the head

16 office. As far as my e-mail of 11 March is concerned,

17 we have just assessed now I was tasked by the top

18 manager to do it and I did what was tasked.

19 Q. Isn’t the real explanation, Ms Mironova, that your plan,

20 which you were asked to put together, the plan for

21 cross-default was treated as quite secret at that stage.

22 So you wouldn’t want other members of the small credit

23 committee to know about it, and that’s why you voted

24 unanimously to extend the loan, whereas you knew that

25 the decision was not to extend it?

125 127
1 have a look at this, there is a credit department 1 A. Mr Stroilov, my letter, dated 11 March, as we can see
2 recommendation in relation to the same proposal, and 2 from the chronology of the events, I was copying, even
3 there is an odd mixture of Russian and English, I am 3 to the regular employees Mrs Yashkina, Mrs Blinova.
4 afraid, and it is not quite — English is the machine 4 What secrecy, what conspiracy are you talking about in
5 translation, but just for the — we don’t need a lot 5 relation to the members of the minor credit committee if
6 there. If we could go to page 3 of the same tab, and 6 I copied the ordinary members of staff with it? I did
7 then to page 9 of the same tab on the other screen. 7 what I was told to do by the top manager. I asked
8 {D115/1689/3}, {D115/1689/9}, that seems to be the 8 a question he asked. As far as my voting is concerned,
9 beginning of the same document. All I want you to see 9 and the voting of the rest of the members of the minor
10 is that this does relate to the same proposal for 10 credit committee, to prolong or extend the credit
11 extension of Vyborg Shipping loan in March 2009, and 11 facility. I explained it to you twice why all of us
12 then if we could scroll down, I think to {D115/1689/8} 12 voted to extend it, to prolong it. We were not ready at
13 on the English screen and on the Russian screen to 13 the level of the branch to assume this huge
14 {D115/1689/14}, you can see that the bottom line is, 14 responsibility for the actions of the Bank. Yes, we
15 really, again to recommend the extension of 15 shifted it on the back of the top managers, of the
16 the Vyborg Shipping loan until the end of June — well, 16 management of the Bank.
17 an extension for one year and roll up of the interest 17 Maybe it was very small-minded of us, but that is
18 payments until the end of June. 18 true.
19 Now, Ms Mironova, you can see — I don’t think there 19 Q. I think just to be clear about it, if we could, again,
20 are signatures here, but your name is there, so do you 20 call on the screen {D114/1653/1} on one screen and
21 recall approving this recommendation of the credit 21 {D114/1653/3} on the other.
22 department? 22 Ms Mironova, it may be my own idiocy. I can see the
23 A. Yes, I do recall that at the minor credit committee this 23 reference of Ms Yashkina here, I don’t think I can
24 topic was hotly debated and it was decided that we will 24 see — oh yes, Mrs Blinova is also there, yes, so you
25 petition the major credit committee to provide 25 copied her in. Yes, you are right. You are right, yes.
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1 A. And I would like to know that all of it happened on

2 11 March.

3 Q. Now, Ms Mironova, if we could go back to your statement,

4 and that will be at {B1/4/24}, and I think {B1/4/68} is

5 the right Russian page. I am looking at paragraph 111.

6 {B1/4/69}.

7 So you say that in paragraph 111 that you telephoned

8 Mr Arkhangelsky the day before the alleged default of

9 PetroLes to inform him that the extension was refused;

10 can you see that?

11 A. I can see that you are not quite correct in commenting

12 my statement, because here it is written on the date of

13 refusal by the Bank to extend the loan, I called

14 Arkhangelsky immediately. I called Mr Arkhangelsky when

15 the Bank took the decision, because I don’t recall what

16 was happening the following day, whether it’s the

17 repayment date, I think it actually was more likely to

18 be on 5 March, but the following day what could have

19 happened, the repayment could have happened the

20 following day.

21 Q. Yes, I think that is not the point, Ms Mironova. The

22 point I am putting to you is that this isn’t true; this

23 didn’t happen.

24 A. That is not true, Mr Stroilov.

25 Q. All right, thanks.

1 yes.

2 MR JUSTICE HILDYARD: Ms Mironova, as we discussed before,

3 it is very important under our rules that you should not

4 discuss this case at all with anyone whilst you are in

5 the witness box, so I suggest that you think of more

6 pleasant things over the evening and we will meet again

7 at 10.00 am tomorrow morning.

8 A. Thank you very much.

9 (4.30 pm)

10 (The court adjourned until 10.00 am on

11 Tuesday, 5 April 2016)

12

13

14

15

16

17

18

19

20

21

22

23

24

25

129 131

1 My Lord, I think I am doing reasonably well in terms

2 of my three-day timetable, and logically speaking I am

3 about to embark on a kind of chapter 2. So it may be

4 the right moment to adjourn until tomorrow.

5 MR JUSTICE HILDYARD: Yes. Well that is about time anyway,

6 and it has been a long day for all of us, especially

7 Ms Mironova. What time do you suggest that we start

8 tomorrow?

9 MR STROILOV: Well, my Lord, obviously I am in two minds.

10 I don’t feel justified really in asking you to sit

11 early. I think I am fairly comfortable — on the three

12 days basis I am fairly comfortable in doing it in

13 the normal way. Well, if there is any reason why

14 your Lordship is minded to start, say, at 10.00 am,

15 I wouldn’t mind that either.

16 MR JUSTICE HILDYARD: I am meant to be attending a meeting

17 at noon, but I dare say that I may decide that it will

18 take an excessive amount of time, but just in case there

19 are points of importance that I do have to attend,

20 I think I am going to invite you to start at 10.00 am.

21 Are you in London, as it were, or does that cause you

22 great difficulty?

23 MR STROILOV: No, 10.00 doesn’t cause me any difficulty.

24 MR JUSTICE HILDYARD: Mr Lord, is that all right with you?

25 MR LORD: Yes, thank you my Lord, that is very kind of you,

130

1 INDEX
2 PAGE
3 MS HELENA BAYLISS, Interpreter …………………..1 (Affirmed)

4 MS KRISTINA BORISOVNA MIRONOVA …………………..1 (Affirmed)

5 Examination-in-chief by MR LORD ……………1

6 Cross-examination by MR STROILOV …………..2

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

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A

ability (2) 25:11 46:7 able (7) 31:19 32:10 46:7 50:15 65:1

67:1 94:17 absence (1) 78:8 absentia (1) 57:14 absolutely (11) 16:12

24:12 28:19 33:13 36:16 44:3 66:22 84:3 94:11 100:18 104:19

accept (6) 34:24 43:10 54:11 55:22,23 87:23

acceptable (1) 89:2 accepted (3) 46:1 50:24 88:24

accompanied (1)

36:12 accompany (1) 39:1 account (7) 22:4 50:8

70:22 117:11,13 120:5,16
accounting (1) 42:2 accounting-wise (1)

42:4

accounts (21) 22:2,8 22:14 28:16,17,20 115:20,24,25 116:13,14,20 117:14 118:3,8,9 118:25 120:3,9,11 121:4

accrued (1) 49:5 accurate (2) 77:25
98:1

accurately (1) 108:22 acknowledge (1)

92:13 acquainted (1) 63:20 acquire (1) 33:25 acquired (3) 16:17,19

123:14 acquittal (1) 112:10 acquitted (1) 112:4 acted (1) 50:18 acting (2) 102:22

111:3

actions (3) 101:12,15 128:14

active (1) 30:13 actively (1) 81:10 activity (1) 87:13 actual (4) 18:14 47:3

52:17 80:19 addenda (2) 38:21

40:21 addendum (1) 48:2 addition (2) 12:13

53:20 additional (18) 35:3

39:1 48:4 53:20 57:4 59:15 68:10 68:13,15,16 79:20 87:24 101:18 102:15 110:4 112:15 114:14 123:13

additionally (2) 19:8

103:3

address (3) 1:22,24 123:25

addressed (3) 60:2 65:19 96:4 adequate (1) 11:11 adjective (1) 73:9 adjectives (1) 51:16

adjourn (1) 130:4 Alas (1) 114:19 27:15 31:10 46:6
adjourned (1) 131:10 Aleksei (1) 10:16 67:14
Adjournment (1) Alexander (1) 8:18 April (9) 1:1 31:10
71:16 allegations (6) 18:20 32:18 63:21 90:19
admitted (3) 26:13,17 19:11 20:5,16 97:14,23 98:18
28:2 21:13 112:8 131:11
adopt (1) 20:15 alleged (3) 53:8 121:2 arch (1) 96:19
adopted (1) 40:16 129:8 archive (1) 95:11
advance (1) 71:21 allocation (1) 68:10 area (1) 13:2
adversely (2) 22:25 allow (4) 30:5 41:2 Arkhangelsky (84)
23:21 42:6 43:21 19:8 24:5,17 25:8
affidavit (1) 79:25 allowed (1) 17:22 25:10 26:14,25
affiliate (3) 67:1 70:23 aloud (2) 82:11 83:4 27:2,8 28:1,14 35:7
103:4 altogether (1) 110:1 35:12,16,25 36:8
affirm (1) 38:18 amount (12) 12:24 36:11,14 37:4,5,9
Affirmed (4) 1:8,12 18:5 23:10,17 39:6,11 40:9 41:13
132:3,4 41:17 70:22 116:18 41:16,21 42:17
afford (1) 118:3 116:25 118:7,9 43:19 45:2,15 46:5
afraid (15) 3:12,18 120:10 130:18 48:25 63:22 67:13
5:15 18:15 19:10 amounts (1) 100:16 67:25 68:21 69:6
21:5 28:22 71:18 analyse (1) 124:13 74:20 75:9 77:10
80:10 82:7 84:7 analysed (2) 79:16 77:17 78:5 80:16
92:1 93:4 99:13 123:17 81:9 83:15 87:6
126:4 analysing (2) 63:7 88:3,24 89:9,13
agenda (1) 57:5 64:2 91:3 93:15,17 94:8
agents (2) 110:5,17 analysis (5) 64:6,21 97:24 98:2 100:14
aggregate (1) 22:7 72:17 123:10,15 100:20 102:22
AGM (1) 12:19 Anatoly (1) 13:22 107:5,8,15,22
ago (8) 32:20 36:20 and/or (1) 35:13 108:13,18 109:17
79:6 86:16,18 Anna (1) 80:13 111:20 112:10
111:11,23 113:17 annexed (1) 47:12 113:4,8 114:3,17
agree (40) 20:7,10 announce (1) 124:13 114:25 115:7
22:22 23:1,19 announced (1) 123:12 119:14,18 121:15
24:13 25:1,2 26:20 annual (1) 15:3 121:18,21 122:11
27:23 28:18,25 answer (13) 13:11 129:8,14,14
29:18 33:15 34:7,8 21:18 26:17 27:13 Arkhangelsky’s (8)
35:24 43:18 44:8 29:20 33:3 41:1 40:6 50:25 53:11
45:4 46:3 53:1,6,7 56:23 71:12 91:23 94:15 98:11 119:19
54:9 55:7 67:15,15 96:17 104:16,16 121:10 122:1
70:19 89:22 92:21 answered (2) 19:2 arose (1) 121:6
94:22 101:10,15 21:16 arranged (2) 83:23
104:16 105:9 answers (1) 1:13 119:15
110:15 117:8,9 anxious (1) 44:7 arrangement (2)
127:10 anybody (1) 86:8 34:15 77:10
agreed (22) 27:16 anymore (1) 80:9 arrears (2) 28:4 110:4
42:1 43:9,14 45:6 anyway (2) 75:20 arrest (18) 81:12
45:19 46:19 49:1 130:5 104:8,12,21 105:6
51:6,10 52:1 55:2 apart (1) 110:7 105:12,22 106:6,23
61:21 62:14,23 apologies (1) 99:24 107:5 108:1 109:2
63:15 68:15 77:15 apologise (12) 5:18 109:18,21,23
77:16 89:2 100:16 21:6 40:25 64:11 117:11 120:13
101:14 71:20,24 77:21 121:4
agreeing (1) 27:11 84:10 93:6 99:15 arrested (6) 104:3,5,6
agreement (54) 22:10 101:5 104:13 104:17 106:1,11
27:12 33:19 34:9 apologised (2) 37:6 arrests (1) 109:6
34:14 35:1,4 39:20 88:16 asked (23) 19:15
40:2,20,23 41:1,9 appear (3) 34:18 29:20 38:4,8,10
41:10,12 42:6 44:4 80:25 91:14 41:20 62:1,10,12
44:5 46:8 47:12,18 appears (10) 5:24 62:21 79:18 89:10
47:20 48:3,4,4,22 6:20 9:11 14:18,19 89:13 94:22 97:1
49:3 50:4,18 51:3 16:6 17:15 74:11 101:6 108:17 115:2
53:4 56:6 57:12 80:12 84:7 117:11 124:12
65:4 84:4 87:2 appended (1) 47:20 127:20 128:7,8
88:19,20 89:6,19 application (1) 62:1 asking (28) 5:12,12
98:8,14 100:8 applications (1) 62:13 12:1 19:24 24:20
101:3,7,18,19,23 applied (1) 83:25 25:8,10,12,17,19
102:20,21 103:9 applies (1) 43:16 25:20 26:14 27:2,5
119:10,21,21 appreciate (2) 3:2 27:13,21 28:6
agreements (31) 96:21 32:15 45:17 58:21
26:21 27:16,17 approach (2) 29:19 61:17 64:8 67:13
30:22 32:2,3 35:3 110:13 81:16 92:13 95:14
38:1,3,9,22 39:1,1 approached (1) 83:11 98:23 130:10
39:2 40:10,14,18 approaches (1) 57:9 asks (1) 98:21
40:18 41:15 42:7 appropriate (3) 20:15 aspects (1) 12:16
51:21 55:1 68:14 56:8 96:1 aspire (1) 121:23
68:16 88:19 89:4 approved (1) 66:23 assertions (1) 26:23
101:6,17,19 102:13 approving (1) 126:21 assess (5) 30:2 33:3,8
103:12 approximately (8) 39:18 51:17
aid (1) 27:10 15:24 16:9 17:8,9 assessed (3) 123:16

124:16 127:17 assessing (2) 30:7

32:12 assessment (3) 29:11

76:5 109:8 assets (5) 4:23,23

55:8 81:12 123:14 assist (3) 96:2 117:17

122:15 assistance (4) 75:12

93:24 95:13 122:17 assisted (1) 3:10 assume (3) 31:24

38:17 128:13 assumed (2) 10:23

12:23 assuming (1) 20:11 assumption (1)

100:10 assurances (1) 83:14 assure (1) 81:21 attached (1) 35:4 attaching (1) 80:14 attend (1) 130:19 attending (1) 130:16 attention (4) 109:10

109:19 112:15 125:6

August (1) 2:12 author (1) 85:13 authorities (2) 113:24

115:2 autumn (1) 22:24

auxiliary (1) 107:13 available (3) 28:23

84:7 99:14

avoid (3) 19:24 53:10 68:3

avoided (1) 29:5 aware (11) 23:3 24:10

42:16 58:20 113:23 115:3,4 121:9,13 121:25 122:18

axiomatic (1) 29:3

B

B1/4/1 (1) 1:20

B1/4/15 (1) 44:9 B1/4/17 (1) 46:14 B1/4/21 (1) 118:21 B1/4/22 (1) 104:25 B1/4/24 (1) 129:4 B1/4/31 (1) 2:1 B1/4/55 (1) 44:13 B1/4/58 (1) 46:14 B1/4/64 (1) 118:23 B1/4/65 (2) 118:21

119:8

B1/4/66 (1) 105:3 B1/4/68 (1) 129:4 B1/4/69 (1) 129:6 B1/4/77 (1) 2:9 back (13) 28:7 35:5

52:3 64:3,9 84:15 87:10,20 99:21 112:6 118:20 128:15 129:3

backdate (1) 62:13 backdated (3) 55:9 58:8 62:22 backdating (1) 56:9 bad (3) 102:23 111:4

117:6 balance (1) 42:3

bank (190) 4:1 5:5,8 5:11 6:12,17 9:13 9:14,19,25 10:3,4 11:4,12,15 12:9,18

12:20,25 13:19 14:12,20 15:3,12 15:15 16:4 17:11 17:14,15 18:14 22:2,3,4,6,14,14 23:25 24:18 25:8 26:20 27:3,10 28:13,16,17 29:6 29:12,18,25 30:2 32:24 33:10,11 34:6,9 36:2 39:10 39:18,21,23 40:11 40:13,17 41:4,22 42:3 43:11,14 44:17 45:18 46:11 51:5,15,19,19 52:1 53:5,9 56:11,25 57:6,9,10 60:18 62:25 63:19 67:4,6 69:1,3,12 70:24 75:12 76:25 81:15 83:16,17 84:4 86:9 87:1,3,11,12,21,22 88:24 89:2,8 90:7 90:10 91:3,10,19 91:20 92:23,23 93:25 95:12 96:18 97:18 98:12 99:1 99:10,21 100:18 101:13,16 103:1 104:8,11,20 105:9 105:12,14,18 106:15,18 107:4,24 108:3,25 109:5,18 109:25 110:6,7,12 110:21 111:6,8,12 111:22,25 112:15 114:10,16,20,22 115:20,23 116:3,19 117:11,15,18 119:11,17 120:4,15 120:17 121:11,16 121:18,19,21,23 122:3,14,18,19,25 123:5,6,21 124:6 124:18 128:14,16 129:13,15

bank’s (24) 4:5 16:19 26:22 29:4 39:14 40:1 80:13,15 87:5 87:9 88:4 90:3,9 91:4,13 92:9 99:19 102:19 110:10,20 110:22,25 111:17 114:12

Bank-client (1) 112:6 banking (3) 28:24

56:1 59:4 bankruptcy (6) 90:18

90:23 92:24 96:9 96:10,14

banks (3) 23:17 121:10,15 banks’ (1) 51:17

Barkhatova (1) 80:13 based (8) 31:14 40:15

69:21,25 78:21 102:19 123:11,12

basic (1) 87:7

basis (6) 22:15 30:8 30:10 31:22 32:7 130:12

BAYLISS (2) 1:8 132:3

Bazilevskaya (2) 67:22

69:10 befall (1) 23:9
beg (7) 13:24 14:1 66:6 79:13 95:2 100:4 125:11

beginning (6) 35:18 95:23 102:24 106:7 122:7 126:9

behalf (3) 12:19 14:4 34:2

belief (1) 2:19 believed (1) 88:6 believes (1) 94:14 belonged (2) 90:6

101:1 belonging (2) 6:1

105:23

Belykh (1) 58:13 beneficial (5) 4:17 11:3,6,7 41:22

beneficiaries (1) 4:13 Berezin (7) 35:13,17 35:25 36:11,14

37:9 63:22

Bergen (4) 104:7,17 104:19 106:5

best (5) 2:19 8:9 18:17 73:1 82:18

better (3) 52:20 114:24 122:12

big (5) 5:10 56:16 59:9 116:25 121:6

billion (6) 24:23 31:12 31:19 91:10 121:7 125:5

billions (1) 88:14 birth (1) 21:21

bit (6) 4:24 38:5 89:17 93:5 95:7 113:2

blank (1) 20:11 Blinova (4) 38:9 61:20

128:3,24 blocked (1) 120:11 BNP (1) 122:1

board (28) 6:21,24 8:7 9:7 11:9,24 12:14 13:9 15:4,11 26:23 40:1,16 41:11 42:5 48:15 52:21 56:16 57:6,10 59:6 76:15 87:5 88:4 111:8 114:10,13,22

bogus (1) 53:9 bold (1) 70:10 Bond (1) 3:1 Borisova (3) 61:20

107:10,16

BORISOVNA (2) 1:12 132:4

borrowed (2) 22:2 123:14

borrower (8) 29:3,9 29:22 32:24 51:8 62:10,12 84:5

borrower’s (1) 29:11 borrowers (2) 22:7

96:9

borrowing (2) 23:16 76:24

bottom (18) 2:2 61:14 64:5,17 70:10 73:24,25 84:12 93:22,22 97:20 99:18,24 116:7 123:22,24,25 126:14

box (4) 38:11 61:14 71:12 131:5

branch (10) 55:25 57:4 67:1 70:23 103:3 115:19,21 124:16 127:12 128:13

branches (1) 59:15

Opus 2 International transcripts@opus2.com
Official Court Reporters +44 (0)20 3008 5900

134

April 4, 2016 Day 32

breach (2) 98:14

120:18 breached (1) 120:17 break (10) 1:16 36:17

42:10,13 45:23 46:4 71:8 103:18 103:21 110:22

briefly (3) 46:15 80:20 91:25

bring (2) 13:18 21:23 brings (1) 57:4 broadcast (1) 20:25 broader (1) 108:25 building (2) 36:12,12 bundle (1) 2:1 bunkering (3) 104:3

104:10,18

Bunkers (4) 104:7,17

104:19 106:5 business (9) 18:25

25:10 27:23 31:14 31:23 56:9 75:13 83:22 87:13

businesses (3) 22:25 23:20 33:10

buy (1) 16:15

BVI (13) 4:22 16:2 72:4,15 73:18 74:16 76:18 77:19 77:24 78:11 79:25 81:11,20

C

c (1) 119:7 calculation (1) 17:15 calendar (1) 50:9 call (15) 1:10 15:1

25:4,22 29:1 47:6 59:18 80:10 84:15 87:15 114:5 123:7 123:18 125:9 128:20

called (15) 4:6,8 5:20 6:23 7:13,13 8:23 10:16 43:19 85:18 90:13 103:25 122:19 129:13,14

calls (2) 94:6 106:15 cancelled (2) 49:3

50:16 candid (1) 28:9

capable (3) 33:7 42:23 94:17

capacity (1) 91:8 capital (22) 4:21,24

15:9 16:19 24:22 45:7,8,13 46:16,17 47:11 48:8,17 50:1 53:2,13 54:20 83:19 84:1 88:14 102:16 122:21

careful (1) 109:10 carefully (3) 75:18 77:3 110:25

cargo (1) 32:1 carried (2) 76:9 79:20 carry (1) 99:2 carrying (1) 79:8 case (26) 8:12 21:3

43:20 44:17 49:13 51:3,15 71:10 80:20 95:12 97:9 100:1 101:12 102:4 107:4 108:24 109:17 110:12 114:16 119:2,9 121:1 123:9,10 130:18 131:4

cash (2) 28:20 117:14 121:24 104:18 106:5 109:6 continuation (1) 70:9
cause (3) 73:25 clients’ (1) 116:13 110:2,3,6 117:15 continue (1) 64:20
130:21,23 climb (1) 112:13 120:14,17 121:6 continued (1) 121:19
caused (1) 4:16 close (1) 91:19 127:1 contract (3) 41:8
cell (3) 3:16 4:8,16 closed (1) 58:15 comparators (3) 94:14 46:17 47:8
cent (43) 4:4,5,11,18 closet (1) 113:9 96:25 97:2 contracts (7) 40:22
4:21,23,24 5:1,4,7 collateral (2) 39:2 compare (1) 84:16 61:5,25 62:10,11
6:10,22 7:23,25 87:24 compiled (1) 72:15 109:13,14
8:18,19,22,24,25 colleagues (6) 58:6 complain (1) 115:1 contractual (1) 47:3
9:2,3,7,23 11:22 63:10 98:3 107:9 completely (1) 21:25 contribution (1) 7:24
12:19 14:22,22 116:8,9 completeness (2) control (1) 40:6
15:7,8,8,20 16:1,7 colourful (1) 93:5 47:21 60:11 controlled (1) 12:10
16:8,11,14,15,19 column (5) 61:4 85:4 compliance (1) 22:15 controlling (1) 12:9
17:10 18:2,3 87:8,9 85:10,11,12 complied (1) 83:16 convenient (1) 97:16
Central (1) 70:24 columns (1) 99:22 comply (1) 55:25 conveniently (1)
certain (6) 14:21 come (7) 27:2,20 35:5 comprehensive (4) 30:24
18:19 41:4 49:19 47:17 64:3,9 86:11 75:25 84:9 109:3 conversation (2) 36:8
50:1 114:2 comes (6) 3:25 7:15 122:16 122:12
certificate (1) 21:21 10:2,5 40:20 99:19 comprehensively (1) conversations (1)
cetera (2) 39:2 88:21 comfortable (2) 123:16 63:24
chain (2) 67:20 123:20 130:11,12 computer (9) 26:1 conversion (1) 116:21
chairman (2) 57:25 coming (5) 28:20 36:4 86:2,5,8,10,11,13 conveyed (2) 78:22
87:4 94:25 112:6 120:5 89:22 91:12 113:15
chairmen (1) 37:1 comment (6) 13:6 computers (1) 92:9 cooperation (1) 91:19
challenged (1) 29:16 19:8 93:20 97:10 concern (2) 105:8,13 copied (3) 96:12
change (1) 16:6 117:24 125:8 concerned (10) 19:6 128:6,25
changed (6) 15:23 commented (1) 42:3 63:4 67:22 copies (1) 41:13
16:5 39:11 47:17 103:11 73:6 104:21 105:6 copy (1) 94:7
47:25 50:15 commenting (3) 18:25 105:12 127:16 copying (1) 128:2
changes (7) 5:23 94:17 129:11 128:8 corner (2) 2:2 99:18
15:19 16:3,13 24:1 commercial (3) 16:16 concerns (2) 70:5 corporate (2) 7:5 22:7
61:25 62:9 17:23 29:12 114:22 correct (35) 4:19 5:8,9
chapter (1) 130:3 commission (2) 43:12 conclusions (1) 65:14 7:10 8:9 9:14 15:16
charge (1) 37:22 60:5 condition (3) 76:6 15:17 16:12 22:3,9
charged (1) 76:4 commitments (2) 87:10 103:6 24:12 28:19 29:24
charter (1) 15:9 110:8,8 conditions (2) 22:13 35:19 36:16 37:18
charters (1) 109:14 committed (1) 87:12 117:19 38:7,15,25 40:23
cheap (1) 17:14 committee (33) 55:8 confirm (15) 2:18,20 43:13 48:20 49:22
checking (1) 76:3 56:4,14,16,17,18 19:11 21:22 26:19 50:3 56:20,22
child (3) 19:5,19 21:8 56:20 57:6,10,12 46:4 62:20 89:24 66:22 69:13 84:2,3
Christmas (1) 41:24 57:20,25 58:2,25 94:19 97:4 100:17 104:19,21 109:7
chronological (1) 59:9,9,12 65:2,9,16 107:18 115:12,13 129:11
123:23 66:15,23,25 102:14 115:14 corrected (2) 58:12
chronology (1) 128:2 120:7 125:18,21 confirmation (1) 79:4 106:21
circulating (1) 97:17 126:23,25 127:12 confirmed (1) 109:9 correctly (7) 41:2
circulation (1) 80:14 127:23 128:5,10 confirming (1) 116:3 50:20 51:1 53:20
circumstance (1) committees (3) 57:17 conflict (2) 80:16 91:2 60:22 68:21 118:22
113:11 59:14 61:16 connected (3) 23:24 correspond (1) 101:16
circumstances (2) common (2) 29:10 33:11 119:13 correspondence (3)
59:2 73:17 46:1 connection (1) 124:15 78:3 95:17 119:8
claim (2) 104:3,17 communicate (2) consider (4) 19:7 29:6 corresponds (2) 65:14
claimant’s (1) 85:2 90:24 122:11 39:4 77:2 85:6
clarification (1) 41:2 communicated (3) considerable (5) corruption (1) 13:17
clarified (1) 78:25 77:8 107:14,17 23:22 24:15 25:3 cost (1) 17:15
clarify (3) 43:21 79:21 communications (1) 27:22 70:21 counter (2) 110:4,17
121:12 106:9 consideration (2) 18:2 counting (1) 30:20
clause (6) 34:2 38:4 companies (27) 15:7 83:14 country (1) 110:16
47:10 51:25 52:12 16:2 22:2 23:22 considerations (1) couple (2) 82:16 97:7
52:15 28:17 33:11,24 123:8 course (19) 20:14
clean (1) 55:25 34:2,3,15 39:8 considered (1) 69:2 24:7 26:22 29:11
cleaning (1) 55:24 62:10,12,21 79:16 considering (3) 69:4 30:7,7,20 31:14
clear (4) 8:15 30:15 83:17 90:6,10,10 74:21 125:19 39:25 40:13 51:15
39:22 128:19 92:13,14,25 98:17 consistent (9) 6:12,13 56:15 57:24 58:6
cleared (6) 111:11,25 103:7 124:5,7,10 14:23 45:12 48:25 71:12 72:13 73:3
112:5,9 114:4,17 company (72) 4:5,15 53:15 101:3,13 96:4 105:21
clearly (2) 94:25 4:21 5:20 6:23 7:6 111:21 court (10) 14:8 20:25
112:21 7:9,12,17,19,20,21 conspiracy (1) 128:4 26:19 38:2 49:20
client (34) 27:11 8:3,17 9:5,8,9,11 constrained (1) 20:15 81:10 96:2 98:7
35:25 40:15 41:9 9:17,18 10:6,9,10 consulted (1) 71:1 116:9 131:10
42:6 46:11 50:11 10:19 11:9,9,13 consulting (1) 74:21 covenants (2) 22:6,15
50:14,19 51:4,5,9 12:11,14,15 13:4 contacts (1) 78:6 create (1) 117:19
51:19 52:1 62:25 14:6,7,15 16:23 contain (1) 51:25 created (3) 53:9,10
64:22 67:4 69:2 23:7,14 30:3,11,20 container (1) 121:7 81:3
79:21 89:2 102:12 32:2 33:7 50:6 contains (2) 84:21 credit (43) 22:18 32:1
103:12,13 110:21 51:23 63:1 64:25 91:13 41:10 42:7 44:5
110:23 111:1,2,3 84:5 90:15,17,19 contemporaneous (3) 56:16,16 57:5,8
111:10,17,24 112:3 90:24 91:6,9,15 80:1 112:25 113:16 59:9,12,14,21 61:1
112:11,16 92:9,25 96:10 contents (1) 2:18 61:23 63:8 64:2
clients (3) 56:6 110:5 98:20 104:4,7,10 context (1) 95:9 65:2,4,9,11,12,15

65:16 66:15,23,25 69:1 76:5 83:13,23 102:14 124:15 125:18 126:1,21,23 126:25 127:12,22 128:5,10,10
credited (1) 120:12 credits (2) 23:11,18 criminal (4) 113:3,5 113:16 115:7

crisis (7) 22:21 23:1,6 23:8,13,21 30:17

criteria (3) 29:8,23 32:20

critical (1) 114:9 criticising (3) 20:3,4,9 cross-default (3)

124:5 127:6,21

cross-examination (4)

2:23,25 26:6 132:6 crunch (1) 83:13 curious (1) 82:6 current (12) 7:19 8:2

16:17 22:4 33:6 78:9 79:14 110:25 116:13 117:13,14 123:12

currently (2) 17:2 113:20

Cyprus (1) 16:2

D

d (2) 119:23 120:1

D105/1479.1/0.1 (1)

48:14

D105/1479.1/1 (1)

48:13

D105/1479.2/0.1 (1)

52:21

D105/1479.2/1 (1)

52:22

D106/1481/1 (1)

67:18

D106/1481/2 (1) 68:6

D106/1481/3 (1)

67:19

D106/1481/4 (1) 68:6 D106/1484/1 (1) 69:8 D106/1484/2 (1) 70:2 D106/1484/3 (1) 70:8 D106/1484/4 (1) 69:9 D106/1484/5 (1) 70:3 D106/1484/6 (1) 70:8 D107/1537/1 (4) 31:1

43:1 52:9 53:24

D107/1537/2 (3)

33:23 52:11 54:7

D107/1537/3 (4) 31:3 43:2 52:9 53:24

D107/1537/4 (3)

33:23 52:11 54:7

D11/1615/16 (1) 64:9

D110/1574.1/1 (1)

115:16

D110/1574.1/2 (1)

116:16

D110/1574.1/3 (1)

115:17

D110/1574.1/4 (1)

116:17

D111/1614/1 (1) 65:6 D111/1614/2 (1) 65:7

D111/1615/1 (2)

59:19 60:24

D111/1615/13 (2)

59:20 64:15

D111/1615/14 (2)

60:25 64:19

D111/1615/15 (1)

61:10

D111/1615/19 (1)

61:12

D111/1615/2 (3) 61:9 64:9,13

D111/1615/5 (1)

61:11

D112/1621/0.1 (1)

59:25

D112/1621/1 (1) 60:1

D112/1622/1 (1)

60:12

D112/1622/2 (1)

60:12

D112/1623/1 (1) 55:4 D112/1623/2 (1) 55:5

D114/1653/1 (2)

123:18 128:20

D114/1653/2 (1)

125:1

D114/1653/3 (2)

123:19 128:21

D114/1653/4 (1)

125:1

D115/1674/1 (1)

65:17

D115/1674/2 (1)

65:18

D115/1684/1 (2) 66:5 125:9

D115/1689/14 (1)

126:14

D115/1689/25 (2)

66:13 125:13

D115/1689/26 (2)

66:14 125:15

D115/1689/3 (1)

126:8

D115/1689/8 (1)

126:12

D115/1689/9 (1)

126:8

D118/1810/1 (1)

97:11

D118/1810/2 (1)

97:12

D13/301/1 (1) 47:6 D13/301/10 (1) 47:10 D13/301/2 (1) 47:10 D13/301/9 (1) 47:7

D151/2542/1 (1)

79:22

D151/2542/3 (1)

80:10

D151/2542/4 (1)

80:18

D151/2542/6 (1)

80:18

D153/2567.1/1 (1)

93:3

D153/2567.1/2 (1)

93:4

D155/2603/1 (1) 72:7

D155/2603/17 (1)

72:10

D155/2603/22 (1)

73:22

D155/2603/23 (1)

74:1

D155/2603/6 (1)

73:19

D197/2961/1 (1) 3:12 D197/2961/3 (1) 3:23 D197/2962/1 (1) 3:11 D197/2969/1 (1) 7:2 D197/2969/12 (1) 9:4

D197/2969/13 (1)

10:15

Opus 2 International transcripts@opus2.com
Official Court Reporters +44 (0)20 3008 5900

135

April 4, 2016 Day 32

D197/2969/3 (1) 8:20 55:9,12,19,20 56:2 denial (1) 102:20 44:25 57:13
D197/2969/4 (1) 9:3 62:13,14,22,24,24 denied (1) 21:14 disagrees (1) 57:2
D197/2969/5 (1) 67:24 68:13,16 deny (2) 89:24 115:13 discharged (1) 83:16
10:15 70:1 73:6 75:7 department (11) discharging (1) 121:2
D197/2969/9 (1) 7:4 76:19,20 77:11,16 59:22 61:1,23 disclose (2) 96:18
D198/2972/1 (1) 5:19 78:6,9,14,18 79:3,9 65:11,12 69:1 105:18
D198/2972/2 (1) 5:22 79:10,11 87:6 93:9 98:21,23 116:14 disclosed (4) 80:24
D210/3064.1/75 (1) 100:8,19,19 101:2 126:1,22 99:20 106:14,20
15:2 101:9,23 104:2 depend (1) 18:13 disclosure (10) 41:18
D210/3064/74 (1) 105:24 107:6,8,20 depending (1) 55:1 84:11 85:3,4 91:13
15:1 107:24 108:5,7,24 depends (2) 12:24 94:23 99:17,18,19
D50/874/1 (1) 48:5 109:5,15 119:4,5 59:2 107:19
D50/874/3 (1) 48:7 119:20 121:14,17 deputy (5) 37:1 57:7 discover (1) 78:15
D50/874/4 (1) 48:6 decide (3) 58:25 93:8 95:22 96:6 discrepancy (1) 127:9
D50/874/6 (1) 48:7 67:10 130:17 describe (1) 46:15 discuss (2) 127:5
D98/1261/1 (1) 24:3 decided (5) 26:22 described (1) 96:23 131:4
D98/1261/2 (1) 24:4 45:18 57:20 115:22 describes (2) 45:2 discussed (13) 41:9
dance (2) 94:21,22 126:24 76:10 54:25 60:21 81:13
dare (2) 19:22 130:17 deciding (1) 29:7 describing (3) 77:13 88:3 89:12,13,14
database (2) 5:20,21 decision (36) 30:4,8 108:22 112:7 100:12 107:8
date (22) 43:17 46:24 30:10 32:21 41:11 description (2) 69:14 121:20 125:2 131:2
47:22 48:9 49:6 42:5 48:15,16 76:7 discusses (1) 70:4
54:16 55:13 58:8 52:16,17,21,23 desk (1) 22:18 discussing (5) 56:15
58:16 59:23 60:8 55:7 56:4,17,19 despite (2) 120:15 68:2 69:11,12
60:13 61:18 62:4 58:4,7,17,21 65:10 127:1 91:24
63:15 65:4 66:1 66:15 67:2,5 76:21 detail (1) 113:12 discussion (5) 26:18
76:24 79:10 80:8 103:1 114:5,10 detailed (2) 34:14 60:18 75:11,12
129:12,17 116:19 117:2,10,17 86:19 111:16
dated (24) 24:5 38:17 123:7 127:13,25 details (9) 21:20 35:1 discussions (1) 35:12
38:22 55:6,9,20 129:15 35:2,2,21,22 81:15 dispute (2) 84:10 91:2
58:15,18 60:2 62:5 decisions (11) 11:12 112:20 113:11 disrespectful (1) 94:9
65:19 72:6,10 12:18 40:1,15 Deutsche (1) 122:19 distinctly (1) 19:4
91:17 92:11 93:8 41:14 48:21 55:17 developed (1) 124:5 distorted (1) 66:17
97:23 98:8 101:8 56:8,10 57:16 development (4) distribute (1) 9:18
101:23,24 106:7 81:11 122:5,25 123:1,14 distributing (1) 9:13
120:7 128:1 declare (1) 125:4 developments (1) distribution (2) 84:12
dates (5) 30:21 32:11 declared (1) 90:19 111:19 99:16
57:20 63:17 97:15 decrease (1) 23:24 differ (1) 119:5 diversified (1) 30:13
daughter (3) 14:9 decreased (1) 23:17 differed (1) 44:15 divided (1) 46:18
19:5,7 decree (1) 120:7 difference (2) 88:8,9 dividends (2) 18:10
daughter’s (1) 21:21 dedicated (1) 69:17 different (24) 21:22 18:13
day (15) 58:23 59:2,4 deep (1) 30:16 22:1 24:1 27:4,18 doctor (3) 10:16 14:10
65:13 67:25 68:9 deeply (2) 78:2,24 30:13 46:9 55:1,2 14:11
69:11,15 70:18 default (23) 23:9 29:3 58:11 63:16,17 document (68) 3:5,8
113:22 129:8,16,18 29:5,21 30:6 39:13 66:8 70:5,6 77:21 3:13,25 5:17 6:5
129:20 130:6 42:6 53:10 67:16 88:7 89:18 100:16 7:9 8:4 11:19 14:24
Day30/43:1 (1) 26:4 68:3 76:14 95:23 100:17,21,25 119:3 15:10,13 28:22
Day30/44:1 (1) 25:23 98:19 114:5 117:19 120:16 31:4 34:23 41:6
Day30/45:1 (1) 25:23 123:7 124:4,9,14 differently (2) 67:8,12 55:15 57:1,2 60:23
days (8) 50:9,11,13 124:15 125:4 127:2 difficult (1) 84:20 66:9,12 72:17
68:18 69:6,7 70:12 129:8 difficulties (14) 23:23 74:14 80:19,22
130:12 defaults (1) 98:19 23:24,25 24:16,24 81:2,17,22 83:24
days’ (1) 65:13 defence (4) 8:21 24:25 25:5,7 27:23 84:6,8,15,22 85:6
de (1) 87:19 13:16,22 14:1 28:15 32:24 72:1 85:13,23,24 86:2,4
deal (10) 34:5,5,17,21 defendants’ (1) 28:24 76:11 109:19 86:14,23 88:10,17
35:12 41:4,5,6,7 defer (5) 44:17 50:22 difficulty (7) 24:15 88:25 89:1,7,11,21
57:11 51:11 67:13 76:22 25:4,15 42:17 89:25 90:8 92:16
dealing (7) 106:19,23 deference (1) 19:18 121:2 130:22,23 99:14,25 100:2
109:5 110:5 116:8 deferment (1) 89:15 digging (1) 78:2 101:2 106:2 116:10
116:10,13 deferral (9) 45:17,21 direct (1) 21:6 116:15 117:25
deals (1) 106:15 45:25 46:22 51:4 directly (4) 19:21 21:3 118:5,6,10 119:23
debated (1) 126:24 68:9 83:19 100:15 45:16 96:16 125:8,10,16 126:9
debt (4) 50:9 87:2 103:14 director (12) 41:23 documentary (3)
117:7 118:1 deferrals (6) 25:12 57:7,8 90:15 91:7,8 78:15 79:5 100:18
debtors’ (1) 87:17 55:2 60:21 67:16 96:16 98:22 99:2,4 documenting (1)
debts (4) 68:8 92:13 102:10,11 105:15 119:13 102:6
110:5,7 deferred (8) 43:14 directors (7) 6:24 8:7 documents (52) 14:19
December (94) 11:20 44:6 50:19 54:16 9:8 11:9,25 12:14 41:7,18,19,25 47:3
25:8,12,13 26:7 68:17 83:11 100:16 13:9 49:8 50:5 51:2 56:8
27:25 29:25 30:25 119:14 Direktorov (18) 6:24 63:18 71:19 72:24
31:18 32:9,12,13 define (1) 25:15 7:6 8:5,14 9:15,20 73:4,13 78:3,14,20
32:17,19 34:7,10 delay (3) 17:21 28:2,6 9:22 10:1,21,24,25 78:25 79:1 80:11
34:22 35:1,8 38:14 delighted (2) 89:25 11:9,17,21 12:8,21 81:2 91:16,24 92:4
38:15,17,23 39:3,8 94:2 14:7,15 92:8,19 93:24 94:4
40:4,10,17,19,21 delved (1) 78:24 disagree (9) 10:5 34:8 94:24 95:5,11,13
41:15 43:9 45:11 demand (5) 97:18,21 35:21 43:8 45:25 95:15,19 96:13,19
46:20 47:19 48:9 97:23 98:17 121:6 54:2 77:19,20 96:21,22 97:5,8,8
48:22 49:16 50:12 demands (2) 98:12 119:22 100:22,24 101:1,8
50:14 52:2 53:13 124:7 disagreement (2) 102:10,17 105:19

105:23 106:6,14 doing (6) 12:8 20:18 81:19 82:8 130:1

130:12

Doktorov (1) 61:20 Dolgopolova (1) 8:23 dollars (2) 88:15

120:10 doubly (1) 121:5 doubts (1) 41:16

draft (11) 56:21 81:8 84:8,18,18 85:18 85:19 86:18 91:14 91:21 92:11

drafted (3) 37:19 64:1 80:21

drafting (4) 37:17,24 81:4,19

drafts (5) 80:24,25

81:5 85:15,17 dramatically (2) 64:7

64:24

draw (2) 14:16 125:6 drawing (2) 63:18

78:21 drawn (1) 65:14

Druzya (27) 4:6,13,15 4:19,25 5:2,4,6,21 6:4,23 7:24 8:6,15 9:23,24 10:13,23 11:13,22 12:1,6,10 12:11,19 15:25 16:10

drydock (2) 109:12,16 due (10) 25:13 31:9 31:11 48:9 52:19 53:3,12 54:14,15

54:21

duly (2) 39:6 115:5 duplicating (1) 83:3 dynamic-wise (1)

119:6

E

e-mail (22) 55:6,24 67:23 68:11 69:10 80:12 93:5,6,7,10 97:14,20,21,22,25 98:2 106:14,25 123:24 124:2,23 127:16

e-mails (7) 67:20 97:15,16 105:19 106:8 123:21,23

E2/10/21 (1) 29:1 earlier (10) 36:5 62:9

81:5 84:8,18 95:10 119:8,10 125:11,17 early (3) 91:20 121:14

130:11 easier (1) 43:4 Easter (1) 14:8 echo (1) 118:18

economic (4) 22:20 23:5,13,21

economics (1) 12:17 economy (2) 30:14

83:13 edit (1) 86:12 edited (1) 86:5

effect (3) 25:17 68:17 100:22

effectively (2) 45:1 50:2

effects (1) 23:5 eight (1) 79:6 either (5) 37:7 70:21

94:22 107:21

130:15 electronic (5) 73:11

80:25 85:14,24 91:14

element (1) 44:20 else’s (1) 91:13 embark (1) 130:3 emotional (1) 98:25 employ (1) 10:24 employees (4) 38:9

63:24 64:1 128:3

English (22) 3:4,7,8,14 3:15 5:16 6:24 31:1 61:11 71:20 72:8 73:15,20 75:15 76:12 80:17 99:14 125:11,14 126:3,4 126:13

enlarge (1) 19:8 enquiry (1) 113:20 ensure (1) 22:15 Enterprises (2) 4:22

16:24

entire (4) 4:7 48:18 108:8,12

entirely (2) 98:1 101:13

entirety (1) 109:11 entities (2) 7:5 76:6 entitled (4) 26:20 39:10,18 64:6

entry (6) 5:19 7:4,22 7:22 15:5,6

enumerated (1) 33:19 envisage (1) 62:3 equal (2) 6:3 67:2 equally (3) 6:11 62:4

62:5

especially (3) 67:16 91:11 130:6

essence (3) 57:11

97:17 127:11 essentially (13) 15:24

18:24 46:17 47:24 49:15 65:10 67:20 68:2 69:21 71:22 77:7 97:15 110:22

establish (1) 39:24 established (2) 31:22

49:4

estate (1) 14:13 et (2) 39:2 88:21

European (1) 122:25 evade (1) 110:15 evaders (1) 110:13 evasion (9) 110:21

111:5,11,24 112:5 112:12 113:5 114:2 114:18

evening (2) 69:17 131:6

event (1) 51:18 events (7) 35:10

72:12 73:17 79:6 81:8 102:18 128:2

eventually (1) 61:10 evidence (12) 1:6 2:16 32:9 56:10 58:6

62:7 76:17 77:24 79:5 99:5 100:18 104:22

exactly (18) 8:3 19:2 26:3 32:14 36:20 44:5 48:12 58:10 89:9 102:4 105:10 112:22 113:10,13 113:21 114:7 118:5 118:7

Examination-in-chie…

1:18 132:5

example (3) 20:17 53:2 121:22 examples (1) 46:15

exceed (1) 18:11 exception (1) 23:4 excessive (1) 130:18 exchange (3) 13:9

97:14 116:23 exchanged (1) 78:4 exchanges (1) 73:11 exclusively (1) 74:18 execute (1) 42:1 executed (1) 40:22 exercising (1) 32:2 exist (1) 59:14 exists (1) 124:13 exit (1) 123:15 expand (3) 11:14 12:7

19:7

expect (3) 31:18 32:7 33:1

expected (1) 32:10 expecting (1) 36:22 experience (2) 13:10

14:16 experiencing (1)

24:16 expert (1) 28:24

expertise (4) 13:3,7 13:18 14:10

expire (1) 43:16 expired (2) 44:24 52:5 expires (2) 43:10,24 expiring (2) 52:14

65:22

explain (10) 3:17 9:16 20:25 36:24 44:14 49:23 56:24 62:4 92:7 118:24

explained (4) 15:6 21:16 127:11 128:11

explaining (1) 76:13 explains (4) 57:11 75:6,10 77:1

explanation (14)

33:12 61:22 62:2,3 63:14,17 89:21 94:16,18 95:25 102:25 109:22 117:16 127:19

explanations (1)

49:19 exploit (1) 86:20 express (1) 57:12

expressed (1) 119:20 extend (11) 51:10

52:2 60:3 76:23 114:11 127:14,24 127:25 128:10,12 129:13

extended (13) 26:24 27:18 50:11,17 51:2 53:7,14,17 54:14,24 83:21 89:16 91:23

extending (2) 51:20 51:22

extension (26) 24:22 50:13 51:6,13,25 59:22 61:5,6,16 62:17 63:15 65:11 65:20 66:19 69:25 102:6 103:14 125:19,22 126:11 126:15,17 127:1,7 127:8 129:9

extent (1) 91:20

Opus 2 International transcripts@opus2.com
Official Court Reporters +44 (0)20 3008 5900

136

April 4, 2016 Day 32

extract (3) 26:5 65:8 125:17
extreme (2) 23:10 85:11

eyes (1) 24:8

F

f (1) 46:22 face (1) 118:1
facilities (1) 49:25 facility (3) 49:10,12

128:11 facing (1) 29:21

fact (16) 5:18 6:14 8:7 19:18 38:23 51:18 68:24 89:4 107:2,4 107:18 109:17 110:15 113:18 120:16 127:2

facto (1) 87:19 factor (2) 30:14

110:24 factors (1) 30:10

facts (5) 85:20 107:17 114:7,8,9

factual (2) 5:12 84:22 fair (11) 35:13 43:20 78:16 81:24 88:25

89:10 97:2 98:15 100:12 109:4 124:3

fairly (4) 5:16 81:1 130:11,12

fairness (2) 20:4,8 faith (1) 102:23 fall (1) 23:7

false (1) 48:1

familiar (2) 13:5 81:15 family (2) 18:20 20:5 far (20) 9:21 13:20

17:13 18:11 26:17 31:21 37:19,22 41:12 42:2 50:5 63:3 73:5 90:11 101:1 104:5 117:13 122:9 127:16 128:8

fashion (1) 65:15 father (2) 21:8,22 February (26) 6:22

38:25 48:10 49:17 49:17 55:7,18,19 55:21,23 60:3 61:17,19 62:15 63:4 65:9 102:5,15 106:3,7 113:6,14 116:4 119:17 120:7 122:10

Federal (2) 115:18 121:3

Federation (2) 106:17

110:16

feel (4) 19:23 20:13 67:1 130:10

feelings (1) 19:9 fell (5) 6:16,17 64:7

64:23 79:17 fifth (1) 85:12

file (8) 85:14,24 86:10 86:12,13 92:9 97:8 99:20

filed (1) 90:17

files (3) 80:25 91:14 96:19

Filimonenok (4) 6:2 6:15 8:24 12:12

fill (3) 38:4,8 56:7 final (6) 2:11 46:25

61:13 67:2 72:17 94:5

finalising (1) 102:6 finally (2) 27:16 77:16 finance (2) 23:25

122:19

financed (2) 123:4,5 financial (27) 23:8,14 23:20 25:7 27:23 28:9,15 32:8,24 51:7 76:9,11 79:8 79:15,21 87:17 98:21,23 103:6 109:1,8,10 110:8

117:6 122:21 123:9 123:11

financing (1) 123:1 find (14) 1:19 26:1 47:15 52:7 62:7

66:8 79:4,17 85:5 94:4 99:23 106:17 118:22 125:7

fine (2) 35:5 48:14 finished (1) 113:21 fired (1) 13:17 firm (2) 119:18,19

first (32) 1:5 2:5 7:22 24:7 31:21 46:15 47:8,13 50:2 54:4 54:10 70:15,17 75:7 76:19 78:15 79:3,25 92:18 93:13 98:5,13,17 99:22 100:3,24 103:2 104:14 114:11 116:1 124:15 127:2

firstly (1) 120:6 five (1) 99:22 fix (1) 115:2 fixed (1) 86:17 flow (1) 28:20

flows (6) 64:6,7,22,23 64:25 123:12

Focus (1) 82:19 follow (3) 4:6 43:5

45:16 following (8) 22:18

61:5 88:11 90:23 115:24 129:16,18 129:20

follows (1) 113:18 footing (1) 20:12 force (2) 47:19 48:3 forced (2) 87:22 90:24 forget (1) 100:5 forgotten (2) 56:2,4 form (1) 107:2 formal (4) 56:4 62:1

62:13 101:21 formalised (2) 62:15

63:2

formalising (1) 55:16 formation (2) 70:25

71:2 formed (1) 70:4

former (5) 8:21 13:16 13:21,25 90:15

forming (1) 68:14 formulated (1) 57:15 forward (2) 96:13

124:3

forwarded (2) 38:9,12 found (10) 44:11,20 85:7 89:2,5 95:16

104:5 105:2 106:25 120:18

founder (1) 7:18 founders (3) 7:8,9,15 four (2) 63:10 65:13 four-year (1) 25:2

frame (1) 72:16 70:18 15:24
free (1) 19:23 grateful (4) 21:4 27:9 HELENA (2) 1:8 132:3
freeze (1) 115:20 42:24 105:3 help (4) 92:3,23 94:2
freezes (1) 31:17 great (1) 130:22 95:11
fresher (3) 72:13 73:6 greater (1) 113:12 helpful (1) 95:11
73:9 greatly (1) 119:5 helping (1) 91:20
friends (3) 29:15 grim (1) 111:7 higher (3) 107:23
84:13 92:5 ground (1) 46:1 120:24,24
front (3) 2:1 91:24 group (41) 23:3 24:14 HILDYARD (31) 1:3,7,9
96:20 24:16,19 25:18 1:15 3:19,22 8:6
frozen (5) 31:15 118:3 28:17 30:5,12 32:8 19:17 20:2,7,10,20
120:4,9,11 41:5 42:8 46:8 26:2 42:11,22 71:9
full (2) 1:22 114:17 51:21 62:21 63:21 79:10,12,23 80:4,7
fully (5) 50:9 51:3 75:14 76:9 79:9,16 82:5,13,19 103:19
70:19 82:3 88:24 79:19 83:9,15,22 118:13,17 130:5,16
fundamental (1) 87:1,11,18,20,23 130:24 131:2
76:11 88:18 90:22 93:1 historic (3) 5:23 7:16
funds (1) 16:22 98:17 103:6 109:9 113:1
funny (1) 117:21 109:11 122:15,22 historically (1) 46:5
further (13) 29:13,16 123:7,11 124:6 history (1) 84:9
31:9 36:8 54:19,22 127:6 hold (10) 4:21 5:5
62:17 65:20 66:19 group’s (9) 30:8 33:10 9:12 14:4,6 15:8
68:16 69:23 76:8 68:8 75:13,25 18:6,8 85:24 86:22
102:8 76:25 87:2 88:3 holding (6) 7:21 8:22
future (2) 13:8 30:2 123:9 8:24 9:13 16:2 87:5
guessing (1) 37:15 holds (5) 4:22,24 5:4
G Guriev (1) 29:2 7:20 12:19
Gatchina (1) 109:14 Guz (7) 35:18 36:2 holiday (3) 42:2 72:19
108:2 123:24 124:2 96:7
gathered (1) 114:13
124:12 127:5 holidays (3) 41:24
general (16) 10:16
74:22,23
28:13 29:19 41:23
H honest (2) 39:16
59:4 91:7,9 96:16
half (7) 44:16 50:2 117:12
98:22 99:4 106:15
honestly (1) 21:19
110:9,10 111:21 54:10 70:17 75:7
honesty (1) 63:16
115:6 119:13 76:19 79:3
Honour (3) 19:2 21:16
generally (1) 29:4 halfway (1) 41:21
71:14
gentlemen (1) 12:12 hand (3) 71:19 99:15
hope (4) 1:16 30:11
genuine (1) 118:1 127:7
42:18 82:21
give (11) 1:21 27:4 Handed (1) 99:16
hopefully (1) 5:17
40:12 49:19 91:22 handled (1) 95:24
hoping (1) 8:16
94:3 95:11 99:5 handwriting (2) 116:7
hotly (1) 126:24
100:20 107:25 116:12
hours (1) 68:20
125:7 handwritten (4) 94:6
huge (2) 41:19 128:13
given (16) 2:6 5:4 94:8 96:24 116:6
hurry (1) 72:16
17:21 31:24 50:6 happen (6) 30:15 39:9
hypothetical (4) 39:4
60:6 70:25 75:24 42:7 58:5 67:17
39:16 111:16,22
76:6 77:24 87:18 129:23
hypothetically (1)
89:15 100:25 happened (11) 5:24
112:3
109:13,14 110:3 40:24 62:9,16,24

giving (4) 2:16 31:25 107:6 113:17
I
39:12 62:7 115:11 129:1,19,19

glance (1) 84:17 happening (3) 75:13 idea (12) 52:6 60:7,17
global (4) 22:20 23:5 110:3 129:16 61:24,24 63:11,14
23:13,21 happens (3) 51:14 66:1 84:16 92:2
glorious (1) 20:19 56:20 58:4 94:11 124:20
go (28) 15:13 21:19 happy (1) 21:20 identify (2) 35:22
22:8 30:17 35:23 harassment (1) 115:1 44:11
42:23 44:4,9 47:4 harm (1) 71:21 idiocy (1) 128:22
48:13 49:8,9 59:25 head (12) 37:3 57:8,8 illustrate (1) 47:2
60:11,23 65:6 67:6 72:23 73:10 imagine (1) 117:22
66:10,13 72:7 75:2 73:12 105:16 immediate (2) 23:24
96:7 97:11 99:21 113:12 114:8 115:5 42:20
118:20 123:23 127:15 immediately (9) 27:17
125:13 126:6 129:3 heading (2) 75:22 36:17 42:1,21
goes (2) 57:8 123:23 124:25 45:19 68:22 112:13
going (10) 13:8 14:14 headphones (2) 115:7 129:14
19:15 20:11,19 118:11,15 impact (4) 83:12,13
21:19 64:19 80:5 hear (5) 42:18,18 112:5 114:5
122:5 130:20 108:7 118:13 122:6 impart (1) 113:10
GOM (1) 87:6 heard (5) 21:5 69:6 implement (1) 42:4
good (11) 2:24 3:24 71:5 112:22 122:8 implementation (1)
42:10 52:6 60:17 hearing (8) 21:18 24:8 35:2
71:8 84:16,24 78:2,11,24 81:20 implemented (3)
103:17 119:1 86:16 124:24 68:25 70:21 101:22
124:20 hearings (1) 99:7 importance (1) 130:19
grace (1) 87:18 heiress (1) 14:13 important (7) 59:3
grant (1) 127:8 held (9) 4:5,11 6:2,9 67:3 82:14,15
granted (2) 50:13 6:11 11:13,21 12:6 109:21 110:24

131:3 impossibility (1) 32:16 impossible (6) 28:14

41:20 59:3 69:16 78:20 95:21

inability (2) 83:10 90:20

inaudible (1) 66:21 include (2) 25:17

96:23

included (3) 34:10,12 34:14

includes (1) 127:6 including (1) 30:11 income (2) 31:22

120:20 incorrect (1) 33:14

incorrectly (1) 104:14 increase (1) 87:14 increased (1) 15:20 indebtedness (3) 25:3

121:11 122:3

INDEX (1) 132:1 indicate (3) 24:14,24

27:22 indicated (1) 1:14

indicates (2) 4:4 85:13 indirect (5) 6:16 9:18

10:2,4 14:21 indirectly (2) 5:1,6 individual (3) 13:12

38:22 43:7 individuals (2) 9:19

10:1 inference (1) 97:3 inform (2) 109:18

129:9

information (11)

84:22 96:12 99:12 103:5 106:3,13 107:20,25 111:3 112:8,9

informed (8) 37:13 103:4 105:15,16 107:1 114:15,21 124:17

initial (1) 55:2 initially (1) 52:1 initiated (1) 113:4 initiation (1) 90:23 initiative (1) 60:16 inserted (1) 38:3 insignificant (2) 3:7

28:21 insist (1) 111:8

insistence (1) 19:20 inspection (1) 120:12 inspectorate (1) 40:7 instance (4) 43:23

50:21 106:11 121:25
instances (2) 57:19 58:20

institutions (1) 87:10 instructions (1) 70:24 insulated (2) 23:5,13 Insurance (6) 34:1

39:7 40:5 52:5,13 87:8

integral (1) 47:12 intended (1) 33:9 intention (2) 12:7

101:25 interest (43) 23:15

25:13 28:2,6 29:4 32:13 33:6 43:12 43:14,18 44:1,18 45:14 46:23 49:5 50:19 51:11 53:14

53:18 54:16 55:3 55:13 60:5 65:23 67:14 68:7 69:16 70:11 76:22 81:14 83:12,20 84:1 87:14,19,21 88:13 88:21 102:7,11,16 119:15 126:17

interested (5) 5:18 49:20,21 67:23 73:21

interfere (1) 87:13 internal (3) 56:1 97:13

123:20 interpret (1) 89:1 interpretation (1)

98:16 interpreted (1) 1:13 interpreter (3) 1:8

3:10 132:3 interpreters (2) 84:14

92:5 interrupt (2) 64:8

79:24 intriguing (1) 90:2 introduced (3) 37:5

96:5,11 invalidated (1) 102:22 invest (1) 123:13 investigation (6)

112:18,25 113:1,16 113:17,20

investigators (1)

111:12

Investrbank (13)

59:12 60:2 61:1,23 61:24 64:25 76:5 90:21 107:9,13 115:19,21,23

invite (2) 94:3 130:20 inviting (2) 81:24

94:20

involve (2) 10:10,22 involved (6) 11:4

12:10 13:4,12,17 95:22

involvement (2) 7:16 12:5

issue (4) 57:4 58:15 69:16 122:19

issued (3) 16:23 17:5 23:18

issues (1) 56:15 issuing (1) 64:2 Italy (2) 72:21,22

J

January (23) 38:24 39:3,9 40:11 48:10 52:5,14,20 53:3 55:18,21 62:15 69:24 70:12 72:10 72:19 74:22 101:1 101:10 102:12 115:19 118:25 122:10

job (1) 76:7 joined (1) 35:18 jointly (1) 8:17 joking (1) 117:20 joyous (1) 122:14

judge (2) 28:11 84:20 judged (1) 64:25 judging (5) 6:5,6 86:1

93:16 107:18 judgment (1) 29:12

July (5) 5:25 6:8,18 92:12,22

Opus 2 International transcripts@opus2.com
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137

April 4, 2016 Day 32

June (42) 16:7 18:1 25:19 43:11,13,15 44:2,19,24 45:3,9 45:11,14 46:19,21 46:24,24 48:5,11 48:18 49:5 50:20 50:23 53:6,15,19 54:14,16,21 60:5,7 60:17 63:12 65:24 76:23 85:16 88:5 91:17,20 102:9 126:16,18

JUSTICE (31) 1:3,7,9 1:15 3:19,22 8:6 19:17 20:2,7,10,20 26:2 42:11,22 71:9 79:10,12,23 80:4,7 82:5,13,19 103:19 118:13,17 130:5,16 130:24 131:2

justified (2) 58:3

130:10

K

Kartoteka (1) 5:20 keen (1) 93:12 keep (3) 52:6 64:19

67:10

keeps (1) 118:16 kind (12) 29:19 61:16

62:12 71:5 99:23 100:25 106:11 112:14 113:8 116:23 130:3,25

KIT (1) 122:19 knew (9) 25:6 37:1

62:25 63:21 64:25 109:15 113:13 114:16 127:24

know (53) 1:17 5:10 9:21 13:5,11,20 19:14,19 20:5 25:2 36:25 37:15,20,22 39:9,11 42:21 44:3 49:7 51:16 58:14 63:20 65:25 70:23 72:14 73:8,9 79:4 82:13 89:1,11 90:13 91:21,22 94:1,2 95:1 96:22 100:6 102:2 105:25 111:18 112:18 114:19 115:15 116:23 121:17 122:24 123:2,3 124:21 127:23 129:1

knowing (1) 20:11 knowledge (16) 2:19

3:7 14:3,15 23:12 28:12,13 32:7 38:16 53:11 60:8 66:2,3 99:10 107:16 120:20

known (2) 13:15,16 Kollontai (1) 1:24 Kolpachkov (9) 93:8

94:3 95:18,21 96:2 96:5,8,13 97:1

Kolpino (1) 109:15 kopecks (1) 118:2 KPI (1) 18:14 Kristina (3) 1:12,23

132:4

Krygina (28) 65:25 66:21 90:14,25 91:2,3,16,19 92:17 92:22 93:7,18,23

94:20 95:1,5,10,19 95:25 96:15,21 97:4,9,17 98:20 99:5,9,11

L

lack (2) 57:13 78:7 lady (2) 8:23 90:13 language (1) 93:5 large (2) 57:5 80:13 late (2) 37:2 76:23 latest (1) 48:2 laughable (1) 120:10 lawyer (1) 93:15 lawyers (1) 90:22 leaders (1) 107:23 leading (1) 112:10 learned (9) 29:15

84:13 92:5 104:11 104:20 105:5,15 107:5 114:7

learns (1) 111:25 leave (4) 21:24 40:5

61:8 96:7 leaving (1) 36:4 led (1) 109:24

left (7) 35:19 36:18 37:6 84:25 85:4,12 99:23

legal (1) 98:21 let’s (4) 4:9 16:14

104:14 121:13 letter (18) 24:4,6,10

24:14,20 25:6 60:2 60:10 64:1 65:19 68:19,24 94:18 96:4 106:18,21 117:10 128:1

letterhead (2) 91:16 92:8

letters (7) 62:22 66:20 91:14,21 92:10,11 106:4

level (9) 59:13,14 66:25,25 67:4 103:3 127:12,15 128:13

lever (1) 96:19 liability (3) 7:12 8:3

55:8

life (6) 18:21 19:4,4 20:6 21:20 110:3

likeliest (1) 89:20 limited (4) 7:12 8:3 88:12 120:20

line (4) 26:12 61:4 64:23 126:14

lines (1) 83:23 list (8) 7:8 12:14

30:25 38:8 54:1,1 80:14 85:3

listed (1) 33:20 lists (2) 43:4 115:25 literal (1) 31:15 literally (2) 3:5 68:20 little (7) 11:14 12:7

29:14 47:4 93:5 97:22 125:16

live (1) 1:23

LLC (9) 6:24,25 7:6 8:8 8:14 9:20 11:17 12:8,21

loan (87) 22:5,10,19 24:23 26:21 27:12 27:17 29:7 30:21 31:23 32:17 33:16 33:19 35:4 38:1,3,8 38:22 39:1 40:2,18

41:12 42:7 43:10 43:24,25 44:15 45:20 46:15,25 47:8,12 48:18,24 49:2 50:4,6,16,17 50:24 51:2,9,13,20 51:20,24 53:8,9,12 53:17,21 54:8 55:1 55:13 56:7 59:22 60:15 61:5,25 62:17 65:3 76:25 83:20,23 87:11,25 88:6,18,20 89:18 91:10 101:17,19 102:8 103:2 114:11 119:21 122:19 125:2,3,20 126:11 126:16 127:2,14,24 129:13

loans (64) 23:10,10,15 23:16,17 26:24 30:24 31:7,9,25 32:16 33:4 34:11 34:13 43:4,7,14,16 43:20 44:16,24 45:4,6,10,22 50:23 51:22,22 54:1,2,4,8 54:14,15,20,24 60:4 61:3 65:12,21 65:22 67:16 69:16 70:6 76:6,23 83:11 83:18 87:15,15 89:14,16,17 90:20 92:25 97:19 99:4 100:17 102:11 121:7,16 122:2 124:14 125:4

logical (2) 93:1,2 logically (1) 130:2 logistical (1) 72:1 London (3) 78:23 99:7

130:21

long (6) 36:20 86:24 102:18 123:15 125:12 130:6

longer (5) 28:8 50:17 51:6 107:13 114:23

look (43) 3:8 5:15 7:2 14:18,24 30:25 42:25 46:16 47:3 47:21 48:2 52:3,6 52:17,20 53:23 54:1 55:4 59:24 65:17 66:5 67:18 69:8 74:11,24 77:7 79:14,22 81:3 84:23 85:5,21,22 93:1,3,21 102:16 106:10 108:20,25 118:24 119:22 126:1

looked (14) 11:3 54:13,20 60:24 65:2 73:12,16 74:6 74:18 96:8 117:3 119:8 125:11,16

looking (30) 4:10,12 7:22 8:5,7,13,15 32:15 33:5,15 42:19 44:10 46:13 50:5 56:21 59:23 75:3,20 78:3 80:19 81:23,25 85:20 104:24 109:2,20 111:8 116:10,11 129:5

looks (5) 17:14 51:19 63:6 78:12 117:25 Lord (40) 1:4,10,10,18

1:19 2:21 5:18 8:10 19:12,12,13,24 20:3,8,16,16,22 21:4 26:1 29:15 42:9,24 64:12 71:7 71:25 79:13 80:6 82:8 83:5 84:13 92:4 103:17 105:4 117:22 130:1,9,24 130:25,25 132:5

Lordship (10) 1:4,19 1:21 19:24 42:15 71:18,24 80:9 103:23 130:14

lost (1) 104:9

lot (5) 22:25 73:16,17 81:13 126:5

low (3) 17:17,18,19 LPK (7) 43:23 49:10,12

49:25 50:4 51:8,24 lunch (2) 68:23 71:8

Luncheon (1) 71:16

M

M1 (1) 80:4 M1/10/20 (1) 75:4 M1/10/21 (1) 75:21 M1/10/22 (1) 76:16 M1/10/23 (1) 77:5 M1/10/5 (1) 74:25 M1/10/6 (1) 75:16 M1/10/7 (1) 76:13 M1/10/8 (1) 77:5 machine (2) 82:7

126:4

macroeconomics (2)

24:2 30:16

Madame (1) 90:25 main (2) 87:3,19 maintain (1) 113:22 maintaining (1) 110:7 major (9) 4:1 9:24

13:17 16:13 29:3 42:20 102:14 126:25 127:13

majority (1) 122:4 making (3) 2:16 32:21

89:7

Maleev (1) 10:17

Malysheva (7) 36:14

36:19 37:5,6,7,16 108:2

Malysheva’s (1) 37:10 man (1) 10:16 manage (5) 3:15 5:17

10:22 11:12,14

management (27)

10:12 11:5 12:6 13:19 14:11 15:4 15:11 40:1,16 41:11 42:5 48:15 55:8 56:16 57:6,10 59:6 76:15 81:14 87:1,5 88:4 103:1 108:2 114:13,21 128:16

manager (4) 69:1 124:18 127:18 128:7

managers (3) 6:11 81:15 128:15 managing (1) 37:21 manufactured (1)

117:17

March (32) 30:19 31:9 32:18 48:11 55:14 65:1,20 66:15 101:13,16 102:7

105:24 106:8,22,25 128:5,6,9 78:10 99:25
113:7,14 114:6 memorandum (21) mistaken (3) 14:1
121:14 123:8,21 30:24 33:15 34:4 56:12 58:13
124:9 125:1,3,18 34:16,20,25 37:17 mistakes (1) 63:18
126:11 127:4,8,16 38:5,7,12,14 39:5 mistranslated (1) 8:12
128:1 129:2,18 40:9,21 43:1 52:4,7 mixture (1) 126:3
March/April (4) 31:11 53:23 87:4 89:5 moment (11) 11:22
31:20 33:2 65:22 90:12 27:20 42:10 56:1
Marine (14) 23:3,4 memory (4) 13:21 64:8 71:8 74:12
32:14 41:5 42:8 72:5 79:5 98:18 86:3 103:17 120:23
51:21 63:21 79:9 mention (1) 65:6 130:4
79:19 83:9,22 mentioned (2) 58:14 moments (1) 86:15
90:22 95:22 122:15 114:23 Monday (1) 1:1
marked (1) 94:25 met (4) 60:20 83:16 monetary (5) 64:6,7
market (3) 16:17,20 89:8 90:19 64:22,23 123:12
17:10 metadata (5) 81:1 money (8) 50:7 92:24
massive (1) 22:20 85:14 86:1,12 116:19 118:7 120:5
material (1) 114:5 91:12 122:4,4 123:13
materials (2) 73:16 method (1) 71:1 monitored (2) 22:14
114:14 mid-December (1) 28:16
maths (2) 5:9,12 77:12 monitoring (1) 118:25
matter (9) 19:21 27:4 mid-November (1) month (5) 25:12 28:7
29:12 49:20 51:15 77:14 32:14 33:6 124:9
58:1 105:13 107:8 mid-way (1) 89:8 monthly (3) 44:17
111:9 middle (5) 44:13,20 47:24 49:3
matters (4) 57:19,22 85:7 93:9 97:22 months (32) 26:24
67:5 96:8 million (8) 17:9,16,17 27:10,14,15,17
maturities (2) 27:18 17:21 31:8 52:14 28:2 44:18 45:10
31:22 52:25 122:2 46:6,9,10,10,18
maturity (5) 26:21 mind (3) 39:12 82:2 49:6,14 51:3,11
28:1 30:21 55:13 130:15 53:7,17 54:15,24
87:16 minded (1) 130:14 67:15 68:18 83:19
mean (23) 7:25 10:23 minds (1) 130:9 89:14,16,17,17
11:14,24 13:13 minimise (1) 71:21 100:15 102:23
25:14,16,16 30:2 minister (4) 8:22 103:15 119:15
34:9 37:24 40:25 13:16,22 14:1 months’ (4) 45:17,21
43:22 44:23 47:2 minor (10) 56:16 65:1 45:25 51:9
57:15 85:22 95:9 65:16 66:15,22,25 moratorium (31)
99:7 107:2 113:5,7 126:23 127:12 24:21 25:2,9,14,16
113:10 128:5,9 26:15 27:3,7,21
meaning (3) 58:19,20 minority (2) 11:23,25 28:1 43:19 44:1
108:25 minutes (6) 32:20 45:1,7,13 49:1
means (5) 7:16 49:13 65:8 82:2 86:18 50:25 53:16 54:3,3
50:8 118:10 119:20 103:19 125:17 54:5 67:9 68:13
meant (6) 10:24 11:1 Mironova (92) 1:6,10 83:25 100:11,20
12:8 42:21 92:16 1:12,21,23,25 2:5 101:4,14,21 102:20
130:16 2:21,24 3:17,25 103:10
measures (1) 112:14 5:10 7:8 8:12 14:18 morning (9) 2:24
mechanical (1) 80:11 18:6,15 19:9 21:5 68:22 69:11 102:17
mechanics (2) 68:2 21:25 23:12,19 108:10,14,16,17
69:13 24:20 26:5 27:6 131:7
mechanisms (1) 69:18 29:17 34:4 38:20 mother (1) 19:5
media (1) 81:10 40:8 43:6 50:21 move (1) 21:25
medical (3) 14:9,11,14 51:13 53:22 60:6 multi- (1) 91:9
meet (5) 13:8 32:10 60:15 61:22 63:10 multi-faceted (1)
41:21 59:15 131:6 64:10,19 65:25 10:12
meeting (53) 26:7,14 66:7 67:7 68:11 multiple (1) 30:10
27:2 35:7,11,16 70:14 71:10,22
36:1,6,7,13 37:2,3 72:3,11 73:23 75:5 N
37:4,8 56:14 57:5 75:19 76:10 77:18 Nadezhda (1) 8:23
58:9,15,16,16,23 80:20 82:11,12,17
name (4) 1:22 13:21
65:8 67:25 68:1,20 82:20 83:2 84:17
66:17 126:20
68:22 69:5 75:6,9 88:5 89:20 90:13
named (2) 12:12 34:3
75:11,23 76:15,19 93:10 94:23 96:18
names (1) 75:23
76:20 77:11,14 100:1,5 101:12
naming (1) 107:12
78:4,8,8,16 79:2 103:24 107:4
naturally (1) 81:14
100:9,9,10 108:5,7 109:22 114:16,24
nature (3) 24:1 25:7
108:9,12,15,18,20 117:16 118:21
84:9
125:18 130:16 119:2,16 121:9,25
navigation (1) 32:6
meetings (14) 56:21 122:18 123:20
Nazarov (1) 93:14
57:16,17 58:2,8 125:12 126:19
near (2) 52:7 99:24
59:7,9,13 74:7,19 127:4,19 128:22
nearest (2) 13:7 32:14
78:13 107:23 108:1 129:3,21 130:7
nearly (1) 24:23
108:2 131:2 132:4
necessarily (2) 11:3
member (1) 57:9 Mironova’s (1) 1:20
20:18
members (11) 11:1 misleading (2) 120:1,2
necessary (5) 14:19
15:4 56:18 57:11 misrepresent (1)
19:7 42:4 49:19
65:16 114:21 28:15
96:14
125:21 127:22 mistake (3) 3:13

Opus 2 International transcripts@opus2.com
Official Court Reporters +44 (0)20 3008 5900

138
April 4, 2016 Day 32

need (16) 1:4,11,16 obliged (5) 40:12 117:18 pages (6) 46:13 48:7 115:24 113:19 precisely (1) 61:16

15:14 20:5 25:24 86:25 87:12 96:17 opinion (12) 23:14 55:10 64:9 73:20 payments (24) 24:21 plan (5) 31:23 124:4 preference (1) 19:20
44:3,11 47:1 59:16 115:5 59:21 60:25 61:19 73:22 27:22 43:12,15 124:10 127:19,20 preferential (3) 87:22
68:3 70:16 75:17 obtain (4) 95:13 63:7,8 64:4,5,21 paid (10) 16:22 17:1,2 44:1,18 45:3 47:25 plans (1) 123:13 87:25 88:13
77:2 80:9 126:5 121:11,15 122:15 65:15 93:19 102:14 17:3,4,6 18:2 117:9 48:9 50:22 53:14 Platonov (8) 61:21 prematurely (1) 4:17
needed (3) 58:1 75:14 obtained (3) 81:11 opinions (1) 64:3 118:6,9 54:10 55:13 60:5 105:16 107:10,16 premise (1) 48:1
96:15 83:18 95:19 opportunity (5) 14:16 paper (9) 3:21 20:12 63:11 83:10,11 107:18 112:22 preparation (1) 24:7
negative (1) 103:5 obvious (7) 20:18 50:7 51:21 65:3 56:19 68:24 75:20 84:1 87:19 99:3 113:10,15 prepare (2) 41:20
negotiating (1) 27:11 28:19 33:7 50:14 99:2 78:22 85:5 86:22 102:7 103:10 pleaded (2) 20:16,22 78:18
negotiations (8) 27:8 51:8 64:24 89:3 optimistic (1) 79:7 96:20 119:15 126:18 pleading (2) 20:17,24 prepared (15) 27:4
69:4 109:25 121:10 obviously (14) 9:22 option (4) 69:20,23,25 paragraph (42) 15:6 pays (1) 112:15 pleasant (1) 131:6 29:16 38:23,24
121:14 122:1,24 13:15 17:20 31:4 70:4 29:2 44:10,12,14 penultimate (1) 64:23 please (43) 1:4,7,15 39:2 43:11,18
123:3 35:16 63:9 74:9 options (3) 69:12 44:21 46:22 47:13 people (9) 10:24 1:21,22,25 2:9 3:11 44:17 50:22 81:17
neither (5) 62:25 77:18 90:2 104:11 70:20 121:20 48:16 64:21 68:5 11:16,16 12:16 9:17 14:24 15:1 86:4,11 102:10,13
82:25 87:24 95:23 111:18 112:17 oral (10) 40:20 41:1,6 70:10 73:21,23 14:4 63:22 105:9 24:3 25:22 35:22 107:19
96:25 123:22 130:9 41:9 63:23,25 74:8 75:3,5,8,10,17 105:14 110:15 41:2 42:15 43:21 preparing (7) 37:21
never (6) 24:8 32:3 occasions (1) 90:17 83:14 100:14 101:3 75:23 76:1,8,14,17 percentages (2) 16:4 49:23 54:12 55:4 73:13,14,18 78:17
63:19 95:4,22 99:2 occurred (2) 42:15 107:25 77:6,7,13 83:4 22:11 59:18 64:18,20 78:23 102:7
nevertheless (4) 60:16 orally (3) 62:23 86:21,24 88:22 perfect (1) 85:1 67:18 71:18 73:19 prerogative (1) 94:21
17:25 21:1 52:1 odd (5) 63:9,11 71:4 106:14 107:3 90:3 93:22 94:5 perfectly (1) 48:25 74:15,24 79:22 present (11) 22:13
53:11 126:3 127:4 order (7) 22:5 41:15 104:25 105:2 perform (1) 38:10 82:4 84:23 86:15 35:17 36:1 37:2
new (10) 1:5 23:16,18 offer (7) 13:6 29:7 42:4 46:6 115:18 112:23 118:22 performance (1) 86:20 97:11 98:6 38:18 66:16 75:7
41:17,24 74:22 30:5 75:12 95:19 115:20 123:23 120:1 129:5,7 12:25 99:16 103:23 107:22 108:8,11
101:24,25 111:2,2 98:16 100:21 ordinary (4) 15:8 paragraphs (2) 74:20 performed (1) 87:11 104:15,23 115:16 125:20
nickname (1) 94:9 offered (1) 24:18 50:17 56:15 128:6 93:21 period (20) 5:25 17:5 121:12 123:18 presented (2) 90:10
night (1) 93:9 offering (1) 95:10 organisation (1) 57:1 paralyse (1) 117:18 28:8 42:2 49:14 125:13 96:6
nobody’s (1) 18:25 office (19) 36:23 37:3 organisations (3) parameters (1) 96:15 50:8,10 67:14 plural (1) 97:21 president (2) 87:6
nominal (1) 11:7 37:10,10 57:4,7,8 87:14,18 90:4 paraphrase (1) 19:1 70:11 72:19 75:22 pm (7) 71:7,9,15,17 88:3
nominee (2) 18:6 99:1 63:13 67:1,6 70:23 original (8) 35:4 47:20 pardon (7) 13:24 14:1 76:18 81:8 87:19 103:20,22 131:9 press (3) 80:13 81:18
nominees (2) 11:5 81:18 90:21 103:4 66:6 72:17 73:13 66:7 79:13 95:3 102:18 105:19,23 point (19) 6:17 11:18 81:20
14:5 105:17 107:13 78:25 94:7 119:14 100:4 125:11 106:22 121:13 15:15 35:18,23,23 presumably (8) 29:25
non-payment (1) 113:12 114:9 originally (2) 15:24 Paribas (1) 122:1 122:20 51:6 53:11 69:3 30:4 37:7,13 44:23
113:19 127:16 46:5 part (15) 19:25 22:17 periods (1) 68:7 89:7 91:12 100:19 58:21 59:17 105:8
noon (1) 130:17 offices (1) 59:15 Oslo (14) 23:3,4 32:14 26:24 34:5,16 38:5 permission (1) 57:24 101:25 103:8,9 prevailing (1) 116:24
normal (4) 58:6,25 official (4) 56:25 57:2 41:5 42:8 51:21 38:8 47:12 52:18 person (8) 7:18 19:3 104:2,11 129:21,22 previous (3) 10:7
111:22 130:13 57:20 74:23 63:21 79:9,19 83:9 54:18 55:11 82:24 37:20,23 75:24 points (4) 34:25 76:4 69:15 84:15
Noroyia (2) 4:23,23 offshore (6) 6:1,9,20 83:22 90:22 95:22 100:14 109:7 96:6 98:25 105:11 82:16 130:19 previously (2) 63:15
note (13) 16:23,25 14:21 15:7 16:1 122:15 114:12 personal (5) 21:20 police (2) 115:1,6 111:6
17:5,7,22 18:5 52:4 oh (1) 128:24 ought (5) 2:11 23:16 participant (4) 7:19 53:8,12 93:15,19 policies (1) 110:10 prey (1) 23:8
52:13,19,24 79:24 Okay (1) 66:10 40:17 41:14 60:9 8:2 9:7,7 personally (1) 11:19 policy (3) 110:20,22 price (2) 16:20 17:10
80:15 84:9 Oksana (8) 6:9 7:23 outbox (1) 107:1 participants (8) 7:14 persons (2) 12:15 111:21 principal (8) 29:20
noted (1) 98:20 8:18 12:13 14:9,13 outright (1) 102:20 9:20 10:19,25 11:8 78:7 poorly (1) 57:15 34:25 54:17 55:3
notes (3) 81:20 116:6 16:9 18:4 outstanding (2) 46:18 12:11,15 14:17 persuade (1) 85:23 popular (1) 93:18 76:24 88:10,12,21
122:20 old (1) 23:15 110:8 participation (1) Petersburg (31) 1:23 port (4) 31:17 32:4 principally (1) 37:16
notice (1) 97:23 Olga (1) 90:14 overall (2) 22:12 88:2 122:20 4:1 9:14,25 10:3,4 123:1,4 printed (1) 4:10
notices (2) 97:18,21 OMG (37) 22:1 23:12 overcome (1) 122:21 particular (21) 7:20,20 11:12,15 12:9,20 portfolio (6) 24:23 printout (1) 99:20
notwithstanding (1) 30:18 34:6,9,15 overdraft (9) 49:10,12 13:12 22:19 28:4 13:19 14:12,20 32:1 54:9 56:8 prior (12) 6:21 24:8
87:16 39:21,21 46:7 53:4 49:13,15,23,25 38:5 43:22 45:20 15:3,12 17:11 76:25 87:25 35:11 54:15 57:24
November (8) 24:5,18 62:11,21 67:17 50:6,15,16 49:2,13 50:23 51:6 31:15,17 32:4 position (12) 28:10 60:18 74:4,21
28:7 43:25 46:23 68:4 70:17 85:19 owned (1) 8:17 51:24 57:25,25 81:13 87:1,22 32:8 51:7 75:25 79:11 101:16
50:10 81:9 119:4 85:19 87:1,10,18 owner (3) 4:18 11:20 78:2 109:2,21,24 107:24 115:6 80:15 102:19 109:1 106:25 119:17
nuances (1) 55:25 87:23 88:12 92:12 18:8 111:17 112:15 117:15 120:4,15 109:8,10 119:1,3,5 private (2) 19:4
number (21) 15:19 92:14 93:1 97:13 owners (1) 4:14 particularly (2) 19:6 121:16,23 122:14 positive (1) 122:16 108:20
16:3 23:19,22 103:25 104:2 ownership (6) 4:8 93:17 123:5 possessed (1) 121:7 probability (1) 39:17
30:14 38:21 41:7 105:14 109:1,9,19 7:16 11:6,7,8 15:7 parties (1) 100:10 Petersburg’s (2) 12:18 possession (2) 93:23 probably (3) 75:3
43:24 45:6 54:20 113:23 122:18 owns (2) 4:23 7:19 partner (1) 21:23 12:25 97:2 82:16,17
76:3 80:24 84:11 124:7,9,14 partners (1) 28:4 petition (3) 61:15 possibility (10) 32:12 problem (3) 42:20
85:9,17 90:16 OMG’s (3) 118:25 P parts (2) 82:1,25 66:23 126:25 32:15 33:5 39:17 43:25 110:2
94:24 99:23 105:8 121:11 122:24 P1/12/75 (1) 84:24 party (1) 31:24 PetroLes (31) 54:8 51:20 65:2 100:15 problems (3) 28:3,5
105:13 106:16 once (7) 33:3 59:7,9 passage (2) 26:8 55:12 59:22 60:2,4 103:14 124:13,17 122:22
P1/12/80 (1) 99:21
numbering (1) 2:2 59:13 87:10 110:23 28:23 60:6,15 61:3,17,25 possible (10) 18:18 procedure (5) 58:22
pack (1) 92:4
numbers (3) 16:4 85:3 125:10 passages (1) 71:23 62:1,10,11,17 63:7 29:5 32:25 35:12 72:15 73:15 90:23
package (2) 10:12
85:4 one’s (1) 79:5 passed (1) 114:15 63:11,12 65:12,13 51:25 62:18 95:18 96:14
107:19
one-on-one (2) 36:9 Pause (8) 65:16 66:9 98:19 101:22 102:7 95:20 124:8 127:13 procedures (4) 56:1
page (58) 2:1,3,5,11
O 108:12 81:6 82:4,9,21 102:8,16 103:2 possibly (4) 35:17 96:9 98:8 112:10
5:22 7:7 8:19 9:1
oath (1) 2:19 one-time (1) 49:4 117:21 125:12 114:11 119:13 64:14 114:3 116:23 proceed (2) 48:1
10:14 15:2 25:24
one-year (1) 51:13 pay (15) 17:22 18:9 124:4,16 127:3 post (1) 38:11 100:10
obfuscate (1) 19:22 25:25 26:3 29:14
Onega (2) 46:15 47:8 18:11 25:11,18 129:9 postman (1) 38:11 proceedings (8) 2:7
object (1) 74:10 31:5,6 33:22 44:12
ones (3) 43:21,22 46:7,23 65:1 69:16 philosophy (1) 110:11 postponed (2) 53:5 18:20 72:4 96:10
obligated (1) 40:14 47:9,22,22 52:11
54:4 87:20 88:21 98:17 physical (1) 12:14 54:22 99:6 113:3,5 115:7
obligation (12) 18:9 61:7,7,13 64:4,5,14
ongoing (1) 113:6 109:10,18 117:7 physically (6) 37:9,19 postponement (1) process (2) 37:21
22:17 50:1 87:20 64:16,18 68:4 70:2
open (1) 22:4 paying (4) 23:15 37:20 41:20 78:20 89:15 95:22
88:11,12 105:18 70:8 73:19,24 75:2
operate (1) 32:4 43:17 88:13 110:15 101:9 potential (1) 111:2 produced (2) 85:15,25
120:14,18,19 121:2 75:3 76:13 77:4
operating (1) 31:16 payment (18) 16:25 piece (1) 56:19 practically (1) 122:10 production (1) 61:18
121:3 80:2,9 84:12,25
operation (3) 38:11 17:21,25 28:2,7 Piotrovsky (1) 115:6 practice (9) 29:10 professional (7) 11:10
obligations (9) 22:10 85:2,5,8 99:24
56:5,7 33:6 49:3 50:19 place (12) 35:8 51:19 31:16 56:11,13 12:22 13:2,3,7,10
23:9 39:21,23,25 105:2 116:1,16,17
operational (1) 35:2 51:11 52:19 54:16 57:14 58:11,11 58:11,25 59:5 19:4
70:17 83:15 88:17 123:22,24,25 126:6
operations (4) 51:18 66:1 67:14 68:9 61:25 69:4 77:14 110:14 112:1 professionals (7)
88:20 126:7 129:5 132:2
87:13 115:24 70:11,17 76:22 77:15 79:6 90:21 precise (1) 11:24 10:11,17,22 11:1

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139

April 4, 2016 Day 32

12:5,16 13:1

Professor (1) 29:2 profile (1) 8:13 projects (2) 23:18

123:15

Prokhor (2) 107:10,12 prolong (7) 45:13,18 65:3 103:2 127:14

128:10,12 prolongation (3)
45:10 67:3 102:15 prolonged (1) 83:21 promise (1) 67:11 promised (1) 67:9 promissory (10) 16:23

16:25 17:5,7,22 18:5 52:4,13,19,24
proper (2) 10:11 72:16

property (1) 40:6 proportion (1) 76:24 proposal (4) 77:9

124:11 126:2,10 proposals (2) 68:23

77:16 propose (3) 29:13

65:11 69:20 proposed (9) 59:22

61:3 65:10 87:23 88:2,23 125:19 127:14,15

proposing (1) 124:10 proprietor (1) 18:8 prosecuted (1) 110:18 prospect (4) 29:9,22

32:22 123:11 prospects (6) 29:11

30:9 32:17 33:4,8 123:9

protected (2) 23:13 91:8

protesting (1) 21:13 provide (8) 21:21

62:22 63:16 87:24 95:14 97:5 103:14 126:25

provided (4) 46:23 63:1,17 122:13 provision (1) 83:18 provisions (1) 87:3

public (1) 74:23 publish (1) 81:10 purchase (1) 40:22 purchaser (1) 90:6 purchases (1) 34:18 purely (3) 72:23 78:21

120:9

purpose (10) 9:11,15 9:16,18 10:6,9,10 10:21 11:5 32:23 pursuant (8) 40:23 48:21 50:4 53:3 55:1 104:3,17

119:10 pursued (1) 19:15 put (23) 19:12,13,16

19:21 20:1 21:2 25:3,20 50:23 61:24 67:8,12 68:18,23 70:15 73:8 79:18 89:20 91:5 108:16 122:11 124:6 127:20

putting (6) 43:3 56:18 56:21 73:4 124:3 129:22

pyramid (2) 23:15 83:23

pyramids (1) 23:20

Q

qualification (1) 72:25 question (28) 5:10,12 5:13 10:8 21:18 26:12,13 29:17,20 34:19 40:8 41:1 43:17 60:22 77:21 77:22 91:23 95:7

100:23 101:6 104:14 105:10 108:16,19 110:10 113:2 121:12 128:8

questions (8) 1:13 2:22 18:16 71:12 79:18,18 81:16 96:17

quick (2) 49:9 127:5 quickly (4) 47:5 48:2

56:3 124:7 quite (35) 3:8 12:4

13:8 15:18 16:13 22:17,20 25:25 28:9 30:15 35:15 38:7 40:13 63:9 68:19 72:9,14 79:7 90:16 91:18 93:12 94:24 95:8 98:4 100:13,23 101:5 102:18 105:13,25 108:22 116:23 126:4 127:21 129:11

quote (1) 93:13

R

raise (3) 71:4 117:7 122:21
raising (1) 122:2 range (1) 10:11 ranking (1) 107:23 rate (2) 116:21,23 rates (1) 87:15 rationale (1) 77:1 re-read (1) 2:17 reached (14) 22:23

34:6,10,22 35:1 39:21 40:14 41:4 53:4 73:25 87:2 98:14 100:8 101:7

reaction (3) 98:7,11 98:13

read (26) 2:15 24:13 26:8 28:23 29:13 29:16 52:15 71:22 72:18 73:23 74:2,4 75:17 81:25 82:3 82:11,12,17 83:3 84:22 86:21,24 97:24 98:1,4 120:8

reading (7) 61:9 63:6 72:20 88:25 89:10 98:15 104:22

reads (1) 82:20 ready (6) 2:16 21:17

21:18 38:14 97:4 128:12

real (4) 29:9 71:1 110:3 127:19 realised (1) 68:25

reality (4) 55:20 62:14 117:23 120:2

really (29) 6:14 7:8 14:10 19:14,15 24:21 27:2 29:17 36:17 37:8 40:8 43:2 44:23 51:14 52:7 53:9,22 57:15 60:15 62:11 67:22

70:5 81:12 89:11 69:23 76:8 84:11 94:18 95:2,16 92:14
91:18 95:9 124:8 85:4 90:3 94:6,13 112:20 117:4,13 respectively (5) 6:1
126:15 130:10 99:17,17,18 105:22 118:22 122:9 47:23 52:10 55:11
reason (12) 23:3 33:8 112:17 128:23 remind (3) 8:16 92:17 64:10
43:3 51:5 66:6 67:7 references (1) 33:24 97:9 respond (1) 119:17
67:11 68:12 80:23 referred (6) 34:16 reminds (1) 20:22 responded (1) 69:15
111:1 120:4 130:13 73:16 78:9,24 94:8 remotely (2) 72:20,21 responds (2) 26:16
reasonably (1) 130:1 108:4 remuneration (3) 97:24
reasons (6) 23:7 51:7 referring (11) 10:18 12:22,23,24 response (2) 119:19
79:17 101:20 14:25 43:7 47:16 render (1) 121:19 124:11
102:25 111:19 51:2 64:16 74:14 rendered (3) 24:19 responsibility (1)
recall (59) 6:25 9:9,9 94:10 97:20,22 83:17 122:16 128:14
13:20 18:19,21,22 104:23 repaid (3) 49:6 50:9 responsible (4) 37:16
24:6 25:20 26:17 refers (5) 7:9 33:21 125:3 37:20 76:4 99:3
27:7,13 31:4 35:11 70:10 93:14 119:7 repair (1) 42:23 rest (5) 6:10 54:8
36:19,21 50:5 58:5 refinance (1) 122:3 repaired (2) 109:12,16 122:4 124:14 128:9
60:20 63:5 66:21 refinancing (5) 69:21 repay (7) 31:11,19 rested (1) 67:5
68:21 73:10 74:10 121:11,16 122:13 49:16 50:15 51:9 restore (6) 25:11 29:9
74:13,20 79:8 81:4 122:15 90:20 91:10 30:11,18 33:1 46:7
81:4,7,17 82:21,23 reflect (2) 41:7 51:4 repayable (2) 44:16 restoring (5) 29:22
82:25 86:3,6,13 reflected (3) 39:25 48:18 30:9,20 32:22 33:9
89:25 92:3 93:10 41:11 69:5 repaying (1) 33:4 restructure (1) 65:3
95:12,14 97:5 reflecting (1) 40:3 repayment (19) 25:3 restructured (1) 68:8
106:21 108:11,14 reflects (1) 34:25 32:11,13,16 45:13 restructuring (55)
108:19 113:25 refrain (1) 51:16 49:4,14 53:2,12,13 25:17 29:6,8,21
117:2 120:23 refresh (1) 9:5 54:17,21 55:3 30:5 32:21 33:16
121:17 122:8,12,23 refusal (2) 127:6 66:20 68:7 76:23 34:10,12 39:12
124:10,21 126:21 129:13 83:21 129:17,19 40:2,11,12 43:9
126:23 129:15 refuse (1) 67:2 repayments (16) 45:2 46:19 48:22
recalled (1) 73:17 refused (1) 129:9 24:22 32:17 45:7,8 52:18 53:4 54:9
recalls (1) 108:4 regard (1) 26:21 46:16,18,20 47:11 55:12,17,19 56:2
receive (3) 12:21,23 regarding (3) 70:24 48:8,17 50:1,2 84:2 60:14 61:3 62:2,23
18:10 75:11 81:11 88:14 99:3 124:7 63:1,25 69:13,18
received (8) 94:23 regime (2) 88:1 89:3 repeat (1) 33:3 69:24 70:1,11 77:9
95:5 97:8 98:18 regimes (1) 89:18 repeatedly (1) 103:11 83:25 87:2,3,7,23
103:5 106:2,5 region (1) 105:1 replace (1) 52:23 88:1,2,6,11 89:3,4
116:3 register (2) 7:5 8:14 replaced (1) 52:18 89:9,12 100:8,21
receiving (4) 32:16 registered (4) 5:23 replied (2) 108:19 100:25 102:8 110:1
95:15 96:21 120:21 40:7 87:4 88:18 115:14 121:20
recognise (4) 81:25 regular (2) 22:14 reply (1) 95:8 result (4) 13:18 27:16
82:24 100:1 116:6 128:3 repo (2) 34:15 77:9 69:21 71:25
recollect (1) 6:7 relate (1) 126:10 report (4) 15:3,14 results (1) 70:3
recollection (16) 6:12 relates (3) 15:5 57:22 28:24 107:3 return (2) 32:25 39:23
6:13 9:5 14:23 27:1 61:2 reported (3) 106:13 Reutov (4) 6:2,15 9:2
28:12 35:6,20 36:5 relating (2) 5:21 7:5 113:12 114:8 12:12
72:12 73:2 74:19 relation (20) 2:6 18:23 representative (1) revenue (1) 31:23
77:25 78:13 86:7 41:10 43:19 44:4 106:16 reverse (1) 123:23
95:4 45:20 46:8 48:24 representatives (2) review (4) 65:5 75:25
recollections (8) 6:6 52:16 61:1 70:6 57:7 79:19 76:9 79:8
63:8 72:23 73:5,5 74:6 77:10 79:15 represented (2) 35:25 reviewed (1) 66:22
78:21 81:8,21 80:15 83:19 101:22 36:2 revisit (2) 104:15
recommend (2) 124:14 126:2 128:5 request (17) 26:20 110:24
125:22 126:15 relations (3) 110:23 45:21,24 46:2,5 right (68) 1:7 5:14 6:4
recommendation (3) 111:14,19 50:25 63:3 65:13 6:18,20 7:11,15
61:15 126:2,21 relationship (7) 21:10 69:7 100:14 103:13 13:21,24 15:13,21
recommends (1) 69:3 110:25 111:2 119:9,12,14,18,19 15:25 16:11 18:15
65:12 112:2,6 121:23 124:12 20:12,20 21:24
reconsider (1) 112:1 relay (1) 75:8 requested (4) 26:25 22:17 24:11 25:25
Reconstruction (1) relayed (1) 101:8 28:1 66:20 83:11 26:2 27:5 29:23
122:25 release (2) 70:12,16 requesting (3) 60:3,14 33:13,18 35:8,15
record (3) 1:22 68:12 released (4) 20:13 65:20 36:15 40:13 42:18
108:21 21:2 69:22 120:13 requests (7) 51:19 45:12 50:21 56:24
recorded (10) 8:22,23 releasing (1) 121:3 63:6,25 64:2 94:19 57:18,21 59:8
8:24 9:2 34:23 relevant (9) 18:24 95:16 96:17 60:23 61:4 69:8
40:11 41:5 66:16 19:11 29:7 61:15 require (3) 3:9 68:10 71:5,6 72:5,9,13,25
96:19 125:20 64:1 71:23 74:25 68:14 73:7 74:9 75:19
recording (1) 55:17 95:5 105:19 required (3) 14:11 85:10,11,12,21,22
records (2) 34:5,21 reliable (1) 94:14 46:6 53:21 88:7 97:7 98:18
recover (1) 92:23 reluctant (1) 18:16 requirement (1) 22:5 99:18 100:4 103:19
recovered (1) 116:18 rely (1) 79:5 requirements (1) 105:25 116:25
recovering (1) 92:25 remain (1) 37:4 101:20 118:19 128:25,25
recovery (1) 116:19 remarkable (1) 92:6 reserve (3) 69:22 70:3 129:5,25 130:4,24
redistributed (1) 6:8 remember (29) 7:1 101:20 right-hand (1) 2:2
reduced (4) 16:7,10 17:13 27:9,25 36:4 reserves (5) 68:10,15 rights (1) 39:14
18:1,5 36:10,10 41:12 70:13 71:1,3 risk (4) 29:5,21 76:14
refer (6) 74:3,7,17 49:8 50:20 51:1 resources (1) 72:1 110:18
78:20 113:3,15 53:20 60:21 62:6,8 respect (2) 67:17 risks (1) 110:18
reference (17) 7:10 62:18,18 63:5 101:7 roll (8) 43:12 45:14
47:11,14 52:12 88:17 90:9,11 respective (2) 22:7 60:4,7 63:11 65:23

102:6 126:17 rolled (5) 45:8 46:20

53:14,18 60:17 rolls (1) 55:12 roubles (1) 22:12 roughly (1) 5:7 round (1) 32:5 RPC (1) 86:23

RUB (14) 24:23 31:12 31:19 52:14,25 116:18 117:7,9 118:1,6 120:10,12 120:22 125:5

rule (1) 62:19 rules (1) 131:3 rumour (1) 114:1

rumours (2) 113:3,15 rush (1) 72:15 rushed (1) 72:22 Russia (4) 8:22 22:23

70:25 74:23

Russian (53) 3:3,6,10 3:14,19,22 4:20 5:20 7:3,4,9 8:13 26:10 28:23 31:2 44:11,12 47:7 48:5 59:19 61:12,13 64:14,18 66:6 71:23 72:8 73:20 73:22,24 75:1,21 76:16 79:24 80:3 80:18 83:13 84:7 84:11 85:18 86:16 92:1 97:25 98:2 105:1,3 110:16 123:19 124:24 125:14 126:3,13 129:5

S

sake (1) 47:21 sale (2) 87:7,10 sales (1) 123:16 sanctions (1) 112:14 save (1) 82:10 saved (1) 86:5 Savelyev (42) 8:18

14:8,14 21:8,10 24:5 26:6,13,16 35:7,17 36:2,7,13 36:18 37:13 45:24 67:9,10,13 68:1,21 74:6,19 75:6,23 77:8,24 78:5,13 87:5 108:1,5,8,13 108:17 114:25 115:2,5,9,10,12

Savelyev’s (8) 27:1 37:10 74:3,16,24 76:17 79:25 81:12

Savelyeva (8) 6:9 7:23 8:18 12:13 14:9,13 16:9 18:4

saw (4) 24:7 54:22 63:5 119:1

saying (23) 12:5 14:3 14:10 16:20 17:12 21:12 44:23 54:25 60:15,19 90:8 95:4 95:6 96:20 100:13 104:16,20 105:5 106:9 111:7,15 114:4 118:4

says (10) 3:18 8:4 48:12,25 62:20 77:12,14 88:10 118:6 120:8

scaffold (1) 112:13

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April 4, 2016 Day 32

scan-read (4) 69:20 115:19,21 116:1,2 sharply (1) 79:17 106:25 122:12 27:12 33:19 39:23 stricter (1) 111:13
70:7,20 75:16 116:5,17 118:5 sheet (5) 20:11 94:6,8 Sir (1) 4:20 45:21 95:7,15 strike (1) 17:17
scandal (2) 13:17 124:2,25 125:22,23 96:20,24 sit (2) 1:15 130:10 113:2 Stroilov (64) 2:23,24
106:10 126:9,14,19 128:1 Shevelev (8) 60:9,13 sits (1) 57:21 Specifically (1) 46:22 3:21,24 8:12 14:25
Scandinavia (13) 34:1 128:22,24 129:10 60:20 63:3,12,19 situation (7) 29:19 specified (1) 30:21 17:19 19:17,23
39:7 40:5 43:23 129:11 119:10,12 39:4 81:16 91:1 speculate (1) 116:12 20:3,13,20 21:4
49:10,12,25 50:4 seeing (2) 36:24 74:10 shifted (1) 128:15 109:3 111:23 112:7 spend (3) 50:7 100:2 22:22 25:21 26:3
51:8,24 52:5,13 seeking (1) 19:17 ship (5) 106:1 109:2 six (23) 26:24 27:10 100:6 27:25 34:19 40:25
87:8 seeks (1) 75:8 109:15,21,24 27:13,15 28:2 spent (1) 44:7 42:9,15,24 46:3
schedule (10) 46:16 seen (6) 24:6 26:23 ship’s (1) 107:25 45:17,21,24 46:6 sphere (1) 11:11 47:14 49:18 51:1
47:11,15,15 48:8 51:22 63:19 84:3 shipment (2) 32:1 46:10 49:5 51:9,11 split (1) 101:22 66:3 67:12 68:19
48:12,17 49:4 119:23 109:13 54:15 67:14 68:18 squarely (1) 91:4 71:4,18 73:3 74:14
87:22 88:13 sees (1) 61:7 shipping (51) 31:8,11 73:20,21 89:14,16 St (33) 1:23 4:1 9:14 79:11,13 80:3,5,8
scheme (1) 88:2 seize (1) 117:11 31:14,18 32:2,8,10 100:15 103:14 9:25 10:3,4 11:12 80:22 81:7 82:7,15
scope (2) 28:15 seized (1) 118:8 33:1,4 51:23 54:4 119:15 11:15 12:9,18,20 82:20 88:16 89:11
109:20 selected (1) 27:19 65:19 66:20 90:15 six-month (12) 25:9 12:25 13:19 14:12 91:5 100:3,13
screen (46) 3:12 7:7 semantic (1) 25:15 90:17,24 91:6,9,15 26:15 27:3,21 49:1 14:20 15:3,12 101:15 103:16,23
15:1,2 24:4 25:22 sense (2) 31:15 41:8 91:15 92:8,12,14 51:4 67:9 68:13 17:11 31:15,17 104:13 109:5
25:24 29:1 31:5 sensitivities (1) 21:2 92:24 96:10 97:18 100:11 101:3,14 32:4 81:13 87:1,22 117:20 118:11,14
37:18 43:1,3 46:13 sensitivity (3) 20:21 97:19 98:13,20 103:9 107:24 115:6 118:18 120:23
47:6,9 48:7 52:11 20:22 21:1 103:24 109:6 sixth (1) 85:2 117:15 120:4,15 122:23 128:1
52:22,22 53:24,25 sent (4) 38:7 97:18 115:21,25 117:6,15 size (1) 31:10 121:16,23 122:14 129:24 130:9,23
55:5 59:18,25 60:1 115:18 117:10 117:18 118:2,8 skeleton (1) 113:8 123:5 132:6
60:12,24 65:7,18 sentence (2) 93:13 120:3,14,17,21 skip (1) 119:7 staff (1) 128:6 strong (1) 23:8
66:14 67:19 68:5 98:5 121:1 125:2,4,19 slight (1) 127:9 stage (1) 127:21 structure (2) 4:8
69:9 84:16 93:3 separate (7) 19:3 126:11,16 127:1,7 slightly (4) 28:5 66:17 stages (1) 101:23 15:23
97:11,12 115:17 41:10 46:8 101:7,8 127:9 67:8 101:10 Stalevskaya (3) 37:24 structured (1) 70:16
123:18 125:9,14 101:17,18 ships (2) 109:6,15 slip (2) 8:8,10 38:4,7 structuring (1) 89:18
126:7,13,13 128:20 sequence (3) 35:10 short (5) 28:3 42:13 slowly (1) 61:6 Stalevskaya’s (1) studied (2) 32:18
128:20 77:19,23 56:23 72:16 103:21 small (7) 19:5,19 38:12 78:14
screens (5) 8:20 9:1 Serdyukov (7) 8:21 short-term (1) 25:7 59:12 65:8 93:21 stamp (1) 116:3 subject (4) 22:1 69:12
70:2 77:4 124:1 13:3,6,15,22,23,25 show (4) 84:6 91:25 125:18 127:22 stance (1) 102:23 110:17 112:13
scroll (35) 5:22 7:7 Sergei (4) 8:21 13:15 97:7 99:13 small-minded (1) stand (2) 23:8 106:21 subordinates (1)
8:19,25 10:14 13:23,25 showed (1) 32:3 128:17 standard (1) 79:20 38:13
29:14,14 31:5,6,6 serious (2) 24:24,25 showing (1) 15:10 smaller (1) 59:14 start (13) 16:14 22:23 subparagraph (1)
33:22 46:12 47:9 seriously (1) 114:4 shown (7) 3:11 20:17 Smirnov (1) 117:2 47:7 72:5 77:13 46:14
48:6 54:7,11 55:10 serve (1) 13:21 24:3 41:13 55:24 smoking (1) 103:17 78:5,8 102:11 subsequently (3) 17:1
61:6,10 68:4 70:2,8 serves (2) 72:5 98:18 86:12 115:16 Solon (1) 3:1 104:6 122:9 130:7 17:2 68:7
73:19 75:15,19,21 service (10) 81:21 shows (1) 4:11 solvency (11) 29:10 130:14,20 substance (4) 19:10
76:12,16 77:4,6 87:25 90:20 114:20 sick (1) 96:7 29:22 30:3,9,12,19 started (6) 22:22 34:22 82:13 108:23
80:3,17 116:16 114:21 115:18 side (4) 73:4 91:4,6,7 30:21 32:22,25 27:11 64:2 78:2 substantial (1) 94:24
124:1 126:12 117:8,10,17 121:3 sides (1) 89:3 33:1,9 81:10 83:9 substantive (1) 93:14
scrolled (2) 52:10 74:1 servicing (1) 83:10 sight (2) 4:7 92:18 somebody (2) 7:19 starting (4) 26:12 83:7 suddenly (3) 63:11,12
seas (1) 32:5 session (1) 3:1 sign (2) 57:1 80:1 106:17 102:24 121:13 63:13
sec (1) 66:8 set (9) 10:7 22:11 signature (8) 2:13 somewhat (1) 82:6 starts (5) 7:3 31:2 suffered (1) 23:17
second (8) 15:5,5 24:8 30:24 33:16 56:18 57:12,13 son (1) 13:25 59:20 72:8 75:1 sufficient (1) 122:21
44:16 60:14 75:22 33:18 92:4 93:23 92:15 96:24 97:1,5 soon (4) 105:15 107:6 state (8) 7:5 87:17 suggest (8) 43:2 75:17
93:22 104:8 125:7 96:24 signatures (3) 56:22 118:8 120:11 110:19 111:4,12 83:25 93:23 100:24
secondly (3) 30:15 sets (2) 7:18 15:4 94:15 126:20 soonest (1) 32:25 112:12 117:6 118:5 105:11 130:7 131:5
32:1 120:8 setting (4) 4:1 7:17 signed (23) 2:12 38:15 sorry (34) 19:12 25:25 stated (3) 31:23 61:19 suggested (4) 10:21
seconds (1) 61:8 10:10 80:15 39:3,5 40:17 41:14 26:1 31:5 36:10 112:21 56:10 68:5 88:23
secrecy (1) 128:4 settlement (1) 46:25 44:4 60:9 61:19 42:22 52:7 57:15 statement (56) 1:20 suggesting (16) 11:2
secret (1) 127:21 seven (1) 9:25 65:16 72:18,21 59:17,24 62:5 64:8 2:6,9,11,15,17 3:3 34:4,20 41:3 49:24
secretary (1) 80:13 share (14) 4:21,24 84:4 87:4 89:4,5 64:10,12,19 66:5 10:6 18:24 19:1,3 55:15 61:9 68:12
section (1) 75:1 6:14 7:20,24 11:20 91:16 92:16 99:4 71:4,5 72:1 77:6 21:14,17 33:14 77:2 92:20,22
sectors (1) 30:13 14:14 15:25 16:7,9 101:9,17 102:12 78:17 79:23 82:8 44:9 46:3,12 54:13 114:6,7 115:10,11
security (3) 53:21 18:8,9 40:9,22 103:12 86:7,16,20 92:19 62:8,21 66:24 72:3 124:8
114:20,20 shared (1) 105:8 significant (4) 28:5 99:25 100:20,23 72:6,11,14 73:15 suggestion (2) 102:21
see (99) 2:3,11 3:17 shareholder (11) 5:2,7 67:4 70:3 110:18 102:2 118:11,13 73:18,20 74:3,5,6 127:5
4:8,20,25 5:21,23 6:23 8:1,25 9:2,3 significantly (3) 30:12 124:23 74:11,12,16,18,25 suggestions (1) 68:23
7:6,7,23 8:17,21 9:23 10:20 11:23 111:14 119:3 sort (6) 38:8 41:24 77:19 78:1,10,11 suggests (7) 4:17
9:1 10:15 11:19 11:25 signing (6) 38:19 40:9 72:24 73:9 110:2 78:18,19 104:24 55:16 80:14 81:1
15:5 25:6 28:24 shareholders (9) 4:2 56:17 57:3 74:4 117:21 106:4 109:4,7 91:18 96:25 119:16
29:15 31:7,8,12 4:14 7:11,13 9:24 119:20 sorted (1) 42:19 112:7,8,17,23,24 suited (1) 46:11
33:22 34:3 36:14 10:1 11:2,4 12:21 similar (8) 45:6 60:14 sound (2) 6:4 27:5 117:22 118:10,20 sum (4) 22:12 51:20
37:17 41:18 42:23 shareholding (25) 65:15 66:9 81:1 sounds (2) 116:25 129:3,12 83:20 100:7
43:23 44:22 47:10 4:18 5:5,11,24 6:10 85:17,19,20 118:19 statements (2) 73:14 summarise (1) 56:12
47:14,24 48:8,16 6:16 9:13,19 10:2,4 simple (3) 3:4 5:16 Sovet (18) 6:24 7:6 112:21 summarises (1) 48:15
48:18,20,24 49:2 10:12,22 11:6 12:6 51:7 8:5,14 9:15,20,22 states (1) 46:22 summary (6) 35:13,20
52:12 55:11,14 14:12,20,21 15:15 simply (18) 11:4 13:11 10:1,21,24,25 11:9 stating (1) 112:11 35:21 78:16 100:12
59:17 61:2,4,14,18 15:18 16:10,15 20:13 21:13 28:16 11:17,21 12:8,21 status (2) 79:15,21 124:3
64:4,7,12,22 66:18 17:11 18:1,3,6 29:17 34:20 37:5 14:7,15 stay (1) 41:23 supplemental (4) 44:4
69:19,23 70:9 shares (25) 4:5 6:3,3,8 56:17,21 86:6 90:1 speak (4) 42:17,21 stipulated (1) 22:10 85:3 101:17 102:13
72:18 75:5 76:1,1,2 6:15 9:14 11:13,15 94:2 95:15 96:20 71:10 110:12 Stop (1) 61:12 supplementary (6)
80:8,16,19 81:9 11:16,17 12:8 114:15 117:23 speaking (2) 24:17 stopped (1) 115:8 40:18 41:15 84:4
84:21 85:9,10,12 13:19 14:4,6,7 15:8 124:22 130:2 straight (3) 36:13,18 88:19 89:4 119:21
85:17 86:1 88:8 16:3 33:25 39:6,22 sincerity (1) 28:11 special (3) 33:24 114:25 suppliers (1) 110:4
92:6,7 93:19 94:20 40:4 77:10 87:8,9 single (7) 41:6 49:4 34:15 39:8 strange (1) 45:18 supply (1) 28:4
97:13,19,20 100:3 90:4 56:25 105:22 106:2 specific (8) 26:20 Street (1) 1:24 support (5) 24:18,19

25:10 83:17 121:19 supported (1) 106:4 suppose (6) 3:15 60:9

66:4 85:16 117:1 119:12

Supposing (1) 39:5 supposition (1) 117:5 sure (12) 12:4 20:12

26:3 37:19 44:3,5 54:12 79:2 81:24 111:1 120:24 123:4

surely (3) 5:10 18:10 21:12

surplus (1) 69:22 surprised (1) 117:12 surprising (1) 121:5 suspected (2) 111:10

112:12 suspend (1) 115:23

suspending (1) 109:25 suspicion (5) 110:21 111:5,23 112:4

114:18 suspicions (2) 111:12

114:2 swear (1) 1:5 sworn (1) 1:11

syndicated (1) 122:2 system (2) 22:1 106:9

T

tab (5) 7:3 31:3 67:19 126:6,7
table (6) 4:7,12,20 64:6,16 85:11

tact (1) 19:22

tactful (2) 19:18 20:14 tactfully (1) 18:18 take (17) 11:11 12:17

33:9 47:4,18 51:18 56:17 80:1 81:23 82:2 96:7 103:1 111:6,13 125:12 127:13 130:18

taken (11) 30:10 52:16 57:16 58:4,7 58:17 70:18,22 76:21 114:10 117:25

takes (1) 57:14 talk (4) 11:7 28:12

106:18 107:3 talked (1) 37:7 talking (20) 7:12 16:8

18:21 26:7 27:15 33:23 59:4 63:13 64:12 76:14 92:2 94:1,12 100:11 101:2 111:17 112:3 112:25 114:1 128:4

Tallinn (4) 104:3,6 109:12,16

task (2) 67:2 75:24 tasked (3) 76:3

127:17,18 tasks (1) 94:4

tax (24) 40:7 110:13 110:21 111:5,10,24 112:5,12,25 113:1 113:4,19,23 114:2 114:18 115:1,18 117:7,10,17 118:7 120:7,12 121:3

taxes (1) 110:15 team (4) 76:3,10 79:14 124:16

technical (7) 38:10 42:17 56:5,5,7

Opus 2 International transcripts@opus2.com
Official Court Reporters +44 (0)20 3008 5900

141

April 4, 2016 Day 32

71:25 96:8 118:21 124:2,19 training (1) 2:25 understand (36) 3:4,5 view (5) 69:3 109:3
technicolour (1) 20:19 125:24 126:12,19 transcript (2) 25:22 4:2 7:10,25 8:2 111:7,13 124:19
telephone (1) 106:15 127:13,15 128:19 26:6 9:16 12:4 19:9 20:2 violated (1) 50:10
telephoned (3) 115:5 128:23 129:4,17,21 transfer (3) 39:22 20:20,21 22:1 vis-a-vis (3) 32:24
124:12 129:7 130:1,11,20 131:5 40:6,10 31:21 34:19 35:6 110:4 111:4
tell (7) 39:10 56:12 thinking (2) 69:17 transferred (2) 18:3 35:10 37:11,23 visible (1) 85:1
73:1,3 86:4 115:9 124:21 90:5 38:20 39:15,16,20 Vitalyevich (1) 10:16
116:8 thinks (1) 93:24 transfers (1) 39:6 43:8 57:3 71:14 Volodina (17) 35:19
telling (2) 99:1 100:19 third (5) 6:3 75:23 translated (9) 3:6,9 77:22 90:25 94:10 36:3 55:6 67:21,24
temporary (2) 24:25 83:4,6 86:21 21:5 26:9 71:20,24 95:8 96:4 98:4,7 68:24,25 69:10,15
25:4 thorough (1) 123:10 82:5 83:5 104:14 100:23 101:5 71:2 103:4 105:16
tendency (1) 20:23 thought (3) 20:14 translation (13) 1:19 113:14 106:10,19,22 107:1
term (3) 17:4 28:3 96:1 121:22 5:16 66:11,17 understanding (10) 114:15
123:15 thought-out (2) 11:12 79:25 80:12 82:6,8 7:17 9:15 22:3 volume (1) 41:19
Terminal (5) 33:25 12:17 82:12 97:25 104:9 29:23 40:24 56:22 vote (3) 12:18 66:19
39:7 40:4 87:9 three (16) 6:1 24:22 125:25 126:5 59:6 90:5 113:6,21 127:8
122:5 27:17 31:9 32:11 translator (1) 1:5 understood (3) 60:22 voted (4) 58:1 125:21
terms (30) 16:16 46:9 54:3,4 65:22 Transport (1) 106:16 78:4 113:18 127:23 128:12
17:23,25 20:10 70:20 89:17 97:16 treat (1) 21:1 undertake (1) 39:23 voting (3) 57:14 128:8
29:19 33:16,18 107:9 120:10 121:7 treated (1) 127:21 undertakings (1) 34:1 128:9
34:21,23 38:1,3 130:11 tried (3) 73:1 79:16 unequivocally (3) 67:5 Vozrozhdenie (5)
40:2,10 43:8 44:6 three-day (1) 130:2 81:7 94:19 112:11 120:17 121:18,20
44:15,24 46:17 Thursday (3) 58:17,18 trivial (2) 51:17,17 unfortunately (13) 121:21 123:6
54:3 55:2 69:12 58:18 triviality (1) 51:14 13:5 26:9 37:15 Vyborg (54) 31:8,11
83:20 87:7,11 88:6 tidy (1) 8:11 troubles (1) 113:23 62:3 63:4 72:20 31:18 32:2,8,10
88:20,23 89:12 timber (1) 28:5 true (16) 2:18 5:3 86:2 93:11 94:11 33:1,4 51:23 54:4
109:8 130:1 time (71) 4:2 5:25 9:21 12:3 15:11 102:25 103:5 107:7 65:19,21,22 66:20
terrible (3) 66:11 6:17 9:12,22 11:21 21:12 29:24 31:17 116:11 90:15,17,24 91:6,9
80:11 125:24 15:15 16:18 24:7 105:7 107:7 114:19 Unified (1) 7:5 91:15,15 92:8,12
terribly (2) 82:15 24:10,17 25:5 117:16 120:6 unknown (2) 18:13 92:14,24 96:10,16
84:24 26:19 28:3,19 128:18 129:22,24 114:11 97:18,19 98:13,20
testing (1) 111:20 30:16 36:20 40:3 truly (1) 86:13 unrealised (1) 123:13 103:24 109:6
tête-à-tête (1) 108:18 44:8 46:1,9,11 47:4 truth (2) 73:1,3 Untranslated (1) 115:21,25 117:6,15
text (15) 3:16 80:21 50:18 51:9 52:24 try (14) 3:8 18:18 43:7 82:22 117:18 118:2,8
81:1,3,23,25 82:1 65:13 71:1,11 47:4 56:11 66:7,8 untrue (1) 33:14 120:3,14,21 121:1
82:23,25 83:1 72:11,16,21 73:1 71:21 73:3,21 81:4 urgency (1) 58:2 123:1,4 125:2,4,19
84:18,21 93:14,16 73:12 74:9 77:18 92:23 100:7 106:17 urgent (4) 57:19,22 126:11,16 127:1,7
124:2 79:11 81:23 82:10 trying (10) 30:2 35:10 58:22 68:3 127:9
thank (16) 1:9,10,15 83:12 86:8 90:5 39:20,24 43:6 usual (4) 65:4 79:20
1:25 3:2,11,24 92:18 96:11 100:2 47:15 49:9 109:9 84:12 99:16 W
15:10 26:11 42:9 100:3,6,16 102:5 111:18 118:15 usually (1) 29:6 wait (3) 2:21 58:24
71:13 80:7 103:16 102:18 104:8 Tuesday (1) 131:11 uttered (1) 27:7
59:3
118:16 130:25 105:25 107:12 turn (8) 1:25 2:9 4:22
walked (1) 36:18
131:8 109:13 110:6 113:7 12:15 39:10 50:16 V
walking (1) 37:9
thanks (2) 83:24 113:18,24 114:8,12 87:12 98:25
vague (2) 73:9 112:24 want (9) 25:14 41:1
129:25 114:14 115:8 turned (2) 83:21
valid (1) 114:23 48:1 64:12 74:12
thereabouts (3) 15:21 116:24 117:13 89:21
valuable (1) 59:3 91:11 98:4 126:9
75:4 101:24 119:16 121:9 turnover (7) 22:8,11
value (2) 16:17 118:1 127:22
thing (4) 7:15 55:23 124:19,22 130:5,7 22:12 79:15,17
various (14) 10:11 wanted (6) 8:11 26:3
62:16 92:6 130:18 119:1 120:15
12:16 33:24 34:1 45:15 106:17
things (12) 19:18,22 times (3) 47:18,25 twice (2) 3:13 128:11
38:21 57:17 79:16 107:25 125:6
39:18 44:8 56:2 88:4 two (29) 6:11 12:12
92:10,12,13,25 warm (1) 32:5
58:5 68:3 70:5,14 timetable (1) 130:2 15:7 16:1,13 37:1
103:6 116:6 121:10 wasn’t (7) 17:2 31:24
70:22 93:13 131:6 today (5) 2:19 84:3 46:13 48:7 49:14
varnish (1) 19:21 38:18 63:20 67:11
think (102) 1:4 3:19 100:12 125:17 54:8 58:5,7 61:3
vehicle (2) 6:9 9:12 102:23 109:5
3:22 8:6,8 14:13,22 127:11 63:21 65:20,21
vehicles (3) 6:1,21 water (2) 1:16 20:24
15:23 16:6 18:19 today’s (1) 26:23 68:20 71:19 78:13
14:21 way (20) 9:6 20:18
19:12,13,17 20:23 told (8) 14:8 38:2 78:19 93:21 97:15
Verniye (27) 4:6,13,15 21:16 23:12 25:20
21:1 30:18,23,23 58:24 59:1 98:12 98:19 101:22 111:6
4:19,25 5:2,4,6,21 28:13 50:24 68:18
31:2 32:20 35:13 109:11 124:22 111:11,23,25 130:9
6:4,23 7:24 8:6,15 70:15 83:3 86:6
38:1,2 42:9 43:10 128:7 two-line (1) 98:2
9:23,24 10:13,23 91:5 97:10 101:21
43:16 44:13 46:13 tolerance (1) 110:13 two-thirds (1) 84:25
11:13,22 12:1,6,10 107:14 117:20,21
47:1,2 48:14 49:14 tomorrow (4) 58:24 type (2) 50:16 62:25
12:11,19 15:25 119:25 124:6
52:3 53:8 54:13 130:4,8 131:7
16:10 130:13
56:10 58:5,12,13 tongue (2) 8:8,10 U
version (40) 3:14,20 we’ve (4) 78:4 84:3
59:19,23 61:11 top (16) 6:11 25:24 ultimate (1) 29:8
3:21,22 4:10,20 7:3 102:13 105:21
62:7 63:16 64:3,13 61:2,4 67:21 83:4
ultimately (1) 32:21 26:10 31:2,2 44:11 website (1) 4:1
65:21 66:10,11 85:3 86:22 97:25
unable (2) 25:11 44:12 47:7 48:6 Wednesday (1) 58:17
71:7,19 72:3,8,9 108:2 116:7,17
91:10 59:19 64:14,18 week (4) 26:13 59:7
75:2,16 77:15 124:17 127:17
unacceptable (1) 69:2 66:9 72:8,8,18,20 59:10,13
82:15 85:18 86:15 128:7,15
unanimous (1) 66:19 73:22,24 75:1,15 weeks (1) 78:19
86:18 88:22 89:7 topic (2) 20:6 126:24
unanimously (3) 75:20,21 76:12,17 well-being (1) 19:6
90:11,16 93:12,13 Tosno (11) 103:25
125:21 127:8,24 80:5,17,18 86:19 went (4) 35:19 54:19
94:5 97:14,25 104:2 105:6,12,23
unblocked (1) 118:9 86:22 105:1,3 54:22 114:25
99:23 104:9,13,25 106:6,10,23 107:5
uncertainty (1) 19:25 123:19 125:14,15 Western (5) 33:25
105:2 106:23 109:11,15
undergo (1) 16:3 versions (1) 44:14 39:7 40:4 87:9
107:22 108:4,10,13 totally (2) 21:22 28:20
undergone (1) 15:18 vessels (2) 103:24 122:5
108:22 110:24 touch (1) 90:16
undermine (1) 111:13 121:8 whilst (3) 20:23 72:21
116:12 118:12,18 trace (1) 78:15

131:4 wide (1) 10:11

wide-ranging (1) 20:6 wider (1) 109:20 willing (2) 28:11 39:17 winter (1) 31:16

wish (2) 32:23 51:4 witness (38) 2:5,15

3:3 18:23 19:1,3,13 19:19 20:4,17 21:14,17 44:9 54:13 62:20 71:12 72:14 73:14,15,18 74:3,4,16,18 78:9 78:10,17,19 84:13 92:5 104:24 106:4 112:17,21,23,24 118:20 131:5

witness’s (2) 19:25

20:21 wonder (4) 44:10

82:10 92:21 104:9 word (8) 27:7 45:1

91:16 92:7,9,15 99:20 115:22
words (2) 27:8 121:18 work (5) 12:22 56:5

76:5,15 79:20 worked (7) 49:17,18

51:12 55:20 105:14 107:13,14

Workers (1) 106:16 working (5) 22:19

55:16 92:22 116:14 122:18

workplace (1) 36:23 works (4) 6:19 28:14

49:23 74:23 world (4) 20:25 22:23

83:12 110:17 worries (1) 114:22 worsening (2) 87:16

119:6

wouldn’t (15) 21:15 24:25 28:18 68:12 73:7 89:22 91:5,11 94:13,15 96:12 109:4 127:10,22 130:15

write (2) 96:1 98:9 writes (1) 29:2 writing (1) 124:17 written (17) 21:17

35:3 63:8 66:24 68:20 72:6 76:2 78:1 82:1,23 83:14 88:18 90:8,11 92:10 107:2 129:12

wrong (8) 19:10 56:24 58:13 61:12 118:11 118:14 119:24,25

wrote (5) 80:22 89:22 106:3 112:22 113:12

X

Y

Yashkina (3) 38:10 128:3,23
year (18) 24:21 27:18 32:5 41:17,24 45:14,19 51:10 52:25 53:14,18 60:4 65:23 74:22 98:9 101:24,25 126:17

years (13) 15:19 17:6

17:22 18:11,12 24:22 79:6 102:24 111:6,11,23,25 113:17

years’ (1) 17:21

Z

zero (1) 110:13 zoom (3) 3:16 84:24
99:22 zoomed (1) 4:16 Zugradia (2) 4:22

16:24

0

0 (1) 15:20

01.01.09 (1) 68:9

1

1 (15) 31:12,19 38:4,8 39:9 69:20,23,24 70:12 72:10,19 74:22 132:3,4,5

1.00 (2) 71:7,15

1.1.1 (1) 43:23

1.1.2 (2) 31:7 54:4

1.1.6 (1) 52:12

10 (2) 14:22 103:19

10-minute (1) 42:10

10.00 (6) 1:2 130:14 130:20,23 131:7,10
100 (9) 4:21,23 6:22 9:23 11:22 15:7 16:1 87:8 118:22

101 (1) 105:2 101(b) (1) 104:25 102 (1) 112:23

11 (5) 123:21 127:4 127:16 128:1 129:2
11.34 (1) 42:12

11.48 (1) 42:14

111 (2) 129:5,7

12 (7) 45:10 46:10 51:3 53:7,17 54:24 89:16

13 (4) 64:14,14 73:21 73:23
15 (8) 17:6,21,22 18:11,12 52:5,14 52:20

16 (3) 8:22,24 47:22

16.14 (1) 67:24

17 (6) 1:24 7:23,25 8:18,19 72:9
18 (1) 72:9

180 (5) 68:9,18 69:6,7 70:11
19 (3) 65:20 75:3,5

19.95 (1) 6:10

2

2 (15) 16:11 17:9,21 18:2,3 48:16 64:4,5 69:25 86:23 93:9 121:7 125:5 130:3 132:6

2.00 (2) 71:9,17

2.50 (2) 116:22 117:1

2.7 (1) 64:21

20 (15) 17:16 46:24 61:19 62:24 65:9 66:15 75:2,3,8 91:17 92:12 97:23 98:18 125:18 127:8

2006 (2) 112:18 114:3

2007 (2) 114:18 115:1

2008 (55) 22:21,23,24

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142
April 4, 2016 Day 32

24:5,18 25:8,13 27:25 29:25 31:18 32:9,12,13,17,19 34:7 39:3 40:17,19 41:15 47:19 48:3,5 48:9,22 50:10,12 50:14 52:2 55:9 62:22 70:1 72:12 79:12,13 83:7,9 87:6 98:14 100:8 101:2,9 104:2 105:24 107:6,8,20 107:24 108:24 109:5 119:20 121:14,17 122:6,9

2009 (80) 23:23 25:19 30:19 31:20 32:18 33:2,5 39:3 43:11 43:15,25 44:2,16 44:19 45:3,11 46:19,24 50:2,20 52:5 53:3,6,15,19 54:10,16,21 55:7 55:23 60:3,5 63:4 63:21 65:20 68:17 70:18 72:12 76:23 85:16,25 87:21 88:5,12 90:19 91:17,20 92:12,22 97:14 101:1,10,13 101:16 102:5,9,12 102:15,24 104:7 105:24 106:3,7,8 106:22 113:7,14 114:6 115:19 116:4 118:25 119:17 121:14 122:7,9 123:8,21 125:1,18 126:11

2011 (7) 72:4 73:6 78:12,18 81:9 86:19 93:9

2012 (3) 72:5,10 94:24

2013 (1) 15:14

2014 (10) 14:19 15:3 15:9,12,19 16:1,14 16:15,16 17:11

2015 (9) 2:12 5:25 6:8 6:18,21,22 11:20 16:7 18:1

2016 (2) 1:1 131:11

2029 (1) 18:12

207 (1) 1:24 20th (1) 62:4

21 (2) 46:23 75:17

22 (2) 75:23 76:1

23 (2) 55:9 76:8

24 (6) 55:7,23 60:3 61:17 76:14 119:17

24th (1) 62:5

25 (7) 17:17 26:7 35:8 67:24 76:17 77:16 100:19

26 (5) 4:24 31:9 115:19 125:1,3

26.5 (3) 4:18 5:1,5

27 (7) 4:4 43:25 46:21 46:24 48:5,18 49:5

27.68 (1) 4:11 27/28 (1) 5:4 2753 (1) 85:7

28 (8) 2:12 4:5 24:5 60:5,7,17 63:12 65:24

29 (4) 12:19 38:22 39:3 101:8

3

3 (12) 1:24 26:12 34:2 55:10 70:4 85:19 116:4 117:1 120:7 120:25 121:6 126:6

3.16 (1) 103:20

3.2 (2) 47:10,13

3.27 (1) 103:22

30 (15) 11:20 30:25 38:14,15,17,23 39:8 40:3,10 50:8 77:7 87:6 100:19 101:9,23

30-day (2) 50:8,10

300 (1) 122:2

31 (1) 77:13

310 (1) 31:8 31st (1) 70:4

4

4 (8) 1:1 24:23 55:10 85:19 101:13,16 106:22,25

4.30 (1) 131:9

44 (1) 26:5

45 (2) 50:11,13

5

5 (6) 55:14 85:16 102:7 105:24 129:18 131:11

50 (1) 105:2

55 (1) 52:14

6

6 (5) 8:25 9:2,3,7 44:18
62 (1) 29:2

66.5 (1) 52:25

7

7.5 (2) 5:7 16:8

8

8 (1) 47:22

83 (4) 44:10,12,21 54:13

852 (1) 43:24 89(f) (1) 46:14

9

9 (4) 14:22 16:14,15 126:7
9.22 (1) 15:8

9.3 (1) 14:22

9.4 (4) 15:20 16:7,19 17:10

9.43 (1) 15:8

99 (5) 87:9 117:9 118:1 120:10,12

99,63 (1) 116:18
99.63 (2) 117:7 118:6
99.67 (1) 120:22

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