Day 40

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

Day 40

April 18, 2016

Opus 2 International — Official Court Reporters

Phone: +44 (0)20 3008 5900

Email: transcripts@opus2.com
Website: http://www.opus2.com

April 18, 2016 Day 40

1 Monday, 18 April 2016

2 (10.00 am)

3 MR JUSTICE HILDYARD: Yes, Mr Stroilov, good morning.

4 MR STROILOV: Good morning.

5 MS ELENA VLADIMIROVNA YATVETSKY (Continued)

6 Cross-examination by MR STROILOV (Continued)

7 (All questions and answers interpreted except where

8 otherwise indicated)

9 MR STROILOV: Good morning, Ms Yatvetsky. May I ask you

10 about the transfer of Scan shares from original to

11 subsequent purchasers.

12 Now, there have obviously been six transfers of

13 shares, isn’t that right?

14 A. Yes, five or six, indeed.

15 Q. Yes. And if — we can go to the actual documents, but

16 only if necessary. Now, the first of those share

17 purchase agreements is dated 20 March 2009; does that

18 sound right to you? We can perhaps have a look, just so

19 that you know what I’m talking about. If we could

20 please call on the screen {D112/1631.1/6} and I think

21 {D112/1631.1/14} will be the Russian version.

22 So chronologically the first transfer appears to be

23 the transfer from Medinvest to Khortitsa under

24 the contract dated 20 March; does that look right to

25 you?

1 Q. Now, Mr Sklyarevsky told the court that he believed all

2 the arrangements were made by Renord lawyers. This

3 being so, so who could this, if not you?

4 A. There is a legal department in Renord.

5 Q. So do you mean — that is Ms Guz’s department, is that

6 right?

7 A. Ms Guz, she came later.

8 Q. Right. Now then obviously prior to this shareholders’

9 meeting a notice of that meeting had to be given to the

10 then director generals of the two companies, is that

11 correct?

12 A. Basically, yes, as one of the options. With the

13 exception of those cases whereby there is a majority of

14 votes in any particular company. In this case,

15 notification procedure may be avoided. But as far as

16 I remember, some kind of notices had been sent. I don’t

17 remember the details, because I didn’t deal with it

18 personally, but notices had indeed been sent.

19 Q. Mr Arkhangelsky recalls that it was around 10 March that

20 he learnt about notice being given to Western Terminal;

21 can this be right?

22 A. I don’t know, because I wasn’t dealing with sending

23 notices.

24 Q. And Mr Sklyarevsky told the court that he believed that

25 notices had to be given some 20 days before the

1 3

1 A. Yes, yes, it is right. It is correct as far as this

2 agreement is concerned.

3 Q. Yes. And if we could now scroll the English version to

4 page {D112/1631.1/1} and the Russian version to — no,

5 that doesn’t look right. Sorry, something … we could

6 try — sorry, this is … page — Yes, I’m very

7 grateful. That seems to be chronologically the latest

8 of the six agreements, dated 6 April. Does that look

9 right to you? {D112/1631.1/9}.

10 A. Yes, it is correct.

11 Q. So we have looked at two, and the other four share

12 purchase agreements, they are dated variously between

13 these two days, between 20 March and 6 April. You are

14 not arguing with that, are you?

15 A. No, I’m not contesting dates on these agreements.

16 Q. Now, on 7 April 2009 there were purported shareholder

17 conferences of Scan and Western Terminal respectively to

18 replace the management of the two companies, is that

19 correct?

20 A. Yes, it is correct.

21 Q. Now, I think you say in the witness statement that you

22 were not personally involved in the replacement of

23 management, is that right?

24 A. It is correct, I wasn’t involved in change of

25 management.

1 respective conferences, which brings us to 17 March.

2 Can this be correct according to your knowledge?

3 A. Yes, quite possible that notices had to be given 20 days

4 prior to the meeting.

5 Q. However, Mr Sklyarevsky also thought it was possible —

6 he didn’t say he knew it happened but he said it was

7 possible, that Renord lawyers actually prepared these

8 notices in early April and then backdated them. Do you

9 think that is possible?

10 A. It is hard for me to say, because I wasn’t dealing with

11 notices, but the very fact of sending notices in this

12 case was absolutely irrelevant, because Scandinavia

13 Insurance was 100% owned by Renord-Invest and it had 99%

14 shares in Western Terminal and in this case, the

15 notification procedure may be not complied with,

16 pursuant to the legislation on limited — companies with

17 limited liabilities.

18 Q. Now, so it appears, if we try to restore the chronology,

19 so it appears if notices were given or backdated, the

20 notices are on 17 March. Then on 20 March, Renord

21 starts the process of transferring the shares from

22 original purchasers to subsequent purchasers, then on

23 6 April, that process is completed and on 7 April you

24 have shareholder conferences replacing the management.

25 Now, it follows, does it not, that quite clearly

2 4
Opus 2 International transcripts@opus2.com
Official Court Reporters +44 (0)20 3008 5900

April 18, 2016 Day 40

1 these two processes were closely connected, as far as

2 Renord was concerned, isn’t that right?

3 A. No, it is not right. These processes were run in

4 parallel. Change of shareholders in Scandinavian

5 Insurance took place much later after 7 April, after

6 shareholder meetings, with change of CEOs. Registration

7 took place in May. The first general shareholders’

8 meeting took place to change the general directors or

9 CEOs and thereafter, thereafter, shareholders were

10 changed.

11 Q. So are you saying that this sequence of dates and the

12 proximity of dates is just a coincidence; is that what

13 you are saying?

14 A. Absolutely. Quite right.

15 Q. Now, I think I asked you previously, last week, about

16 a company called Boyarin.

17 Could we … it doesn’t seem to be —

18 MR JUSTICE HILDYARD: I’m so sorry, I’m sorry to ask a silly

19 question, if it is, but the shareholders’ meetings to

20 remove and replace the directors were on 7 April.

21 MR STROILOV: Yes, my Lord.

22 MR JUSTICE HILDYARD: And you say that the original

23 purchasers were still shareholders at that time; is that

24 right?

25 A. Yes.

1 work, so I assumed it had nothing to do with

2 Renord-Invest, but I cannot be asked to know all the

3 companies that Renord-Invest owned.

4 Q. Right, and also, I think if we scroll down two pages —

5 perhaps we scroll up one now page.

6 {D176-D191/2918.1T/2134}. There is a sections at the

7 very bottom of this page, called «Participation in share

8 capital», meaning obviously companies which Boyarin owns

9 or part owns. And then if you scroll down another page,

10 {D176-D191/2918.1T/2135}, then you can see that it is

11 recorded as being 100 per cent shareholder of Dom Na

12 Maloi Moike, as of now, and I believe Dom Na Maloi Moike

13 is a Renord company, isn’t it?

14 A. Dom Na Maloi Moike, yes, indeed, it is a Renord company.

15 Q. Yes, so your evidence, as I understand it, is it may

16 well be a Renord company, but you just don’t know

17 whether it is; is that your evidence?

18 A. It is possible. I assumed it wasn’t one of our

19 companies, but judging by the fact the director general

20 was Mr Solovev it is possible that Mr Solovev was

21 a director general as a controlling important. I have

22 no idea, I never came across this company in my work.

23 Q. Right. And there is another company called Andreevskiy

24 Rynok; is that a Renord company to your knowledge?

25 A. I don’t know if it is a Renord company at present but in

5 7

1 MR JUSTICE HILDYARD: Thank you. Thank you. So sorry.

2 MR STROILOV: My Lord, I beg your pardon, I think there is

3 some connection problem. Hopefully it will resolve

4 itself, because it identifies problems differently, so

5 hopefully something is going on. I’m sorry, my Lord.

6 Something is … I beg your pardon, my Lord.

7 Okay —

8 MR JUSTICE HILDYARD: Don’t worry.

9 MR STROILOV: I think it is getting restored.

10 Now could we please have a look at

11 {D176-D191/2918.1T/2133}.

12 This is a SPARK profile for Boyarin, and I apologise

13 for not having the Russian version, but there are just

14 a couple of things which I will translate to you.

15 Firstly, if you look at this page, at the bottom,

16 there is a history of manager changes and there is an

17 entry dated 1 January 2009, recording the director

18 general as Konstantin Valentinovich Solovev. Is that

19 not Mr Solovev who is one of the top managers of Renord?

20 A. It can be assumed that yes, it is him.

21 Q. And presumably if that is so, he would be working as

22 director general of Boyarin as part of his job for

23 Renord, wouldn’t he?

24 A. I can’t answer this question, because I don’t know.

25 I didn’t come across Boyarin, a company, at all in my

1 the past indeed it belonged to Renord.

2 Q. Thank you. Now so if we could now come back to Nevskaya

3 Management Company and perhaps again have a look at the

4 SPARK profile just so that if we need to check

5 something. If we could please go in the same tab to

6 page {D176-D191/2918.1T/2194}. And the Russian version,

7 that is a different database, I am afraid, but better

8 than nothing so that is {D199/2993/1} and if we could

9 scroll down one page, so you can see, and on the English

10 screen as well {D199/2993/2}, {D176-D191/2918.1T/2195}

11 and perhaps one more page on the English screen

12 {D176-D191/2918.1T/2196}. If you look at the list of

13 present shareholders, it appears that Nevskaya

14 Management Company is controlled by Renord, is it not?

15 A. To some extent, yes, Renord-Invest does control this

16 company because it is a joint business between

17 Mr Lestovkin and Mr Smirnov.

18 Q. Right. I think you have indicated on Friday that

19 originally SKIF was also a partner in Nevskaya company,

20 is that right?

21 A. Yes, it is correct.

22 Q. And what happened to SKIF’s shareholding in Nevskaya

23 subsequently?

24 A. I don’t know anymore, but it is quite possible that

25 Mr Sklyarevsky had sold it.

6 8
Opus 2 International transcripts@opus2.com
Official Court Reporters +44 (0)20 3008 5900

April 18, 2016 Day 40

1 Q. If he had sold it, well, judging by the list of present

2 shareholders and the development of shareholding,

3 he would have sold it to Renord, wouldn’t he?

4 A. Yes, to Renord.

5 Q. And how much was he paid for his shareholding?

6 A. I think that pursuant to the share capital and in

7 accordance with the nominal share value.

8 Q. Right. Now, to your knowledge, did Mr Zelyenov ever

9 have an interest in Nevskaya Management Company?

10 A. Mr Zelyenov never had shares in Nevskaya Management

11 Company to my knowledge.

12 Q. Are you in doubt about that or are you sure that he was

13 never involved?

14 A. I know that Mr Lestovkin never had any joint business

15 with Mr Zelyenov.

16 Q. If we look at the list of historic shareholders, if we

17 scroll down, again one page on both screens, you can see

18 {D199/2993/3}, {D176-D191/2918.1T/2197}

19 Firma Komavtotrans as one of the shareholders in 2008,

20 can’t we, and in 2006 as well. So in 2006 Komavtotrans’

21 share is 15%, by 2008 it is reduced to 4.27%; can you

22 see that?

23 A. Yes, I can see.

24 Q. And I think you have given evidence that you don’t

25 recall that company, did you?

1 2012, and if we scroll down further in to page

2 {D176-D191/2918.1T/1185} you see in the list of historic

3 shareholders again, you see Mr Zelyenov as 100 per cent

4 shareholder from 2007 to 2012. But then if you in the

5 participation in share capital section which starts at

6 the bottom of this page and then if we could scroll down

7 one further page, {D176-D191/2918.1T/1186}, you will

8 find it is arranged alphabetically here. You will find

9 Firma Komavtotrans here and a record of its being 80%

10 shareholding in 2005 and 76% shareholding in 2009. So

11 it appears that if we believe the claimants’ assertion

12 that Mr Zelyenov is the beneficial owner of Gelios, that

13 Mr Zelyenov had indirect interest in Nevskaya Management

14 Company through Komavtotrans. So in the light of this,

15 do you revise — would you want to change or revise your

16 evidence about Mr Zelyenov’s involvement in Nevskaya?

17 A. No, I wouldn’t like to. Mr Zelyenov had nothing to do

18 with Nevskaya Management Company.

19 Q. He was holding Gelios company just as a nominee, wasn’t

20 he?

21 A. I can’t give you the answer with 100 per cent certainty

22 I know that Gelios was a company of Mr Zelyenov. That

23 is all I know.

24 Q. But you don’t know whether he owned it beneficially or

25 on behalf of someone else; is that your evidence?

9 11

1 A. It seems to me it isn’t one of Renord’s companies. If

2 I remember correctly, it was some kind of Moscow company

3 which belonged to Renord’s partners.

4 Q. And who were those partners?

5 A. I have no idea.

6 Q. Now, the reason — well, there has been a company called

7 Komavtoservis which was a joint venture between

8 Mr Savelyev and Mrs Matvienko. Could Komavtotrans be

9 related to it in any way?

10 A. I’m sure it couldn’t, no.

11 Q. Well, what makes you sure of it?

12 A. I remember it was some kind of Moscow business, and it

13 was a totally third party company, it had absolutely

14 nothing to do with Renord.

15 Q. Right. Now if we can please go on the English screen to

16 page 1183. I’m afraid I don’t have the Russian

17 translation, so I will have to be translating it to you,

18 Ms Yatvetsky. So this is the SPARK profile for

19 a company called Gelios LLC, and that is one of the

20 regional purchasers. {D176-D191/2918.1T/1183} and

21 I think it has been described to us in these proceedings

22 by the claimants as a company of Mr Zelyenov.

23 I think if we scroll down one page, you can see, in

24 history of manager changes, you can see that Mr Zelyenov

25 appears to have been the director general from 2009 to

1 A. I have no knowledge of that, but it seems to me it was

2 his own company.

3 Q. Right. Now, may I now ask you about a company called

4 Leasing Company St Petersburg. I think Mr Zelyenov

5 describes the Leasing Company as Renord’s partner and

6 co-investor; is that correct?

7 A. The Leasing Company is Renord’s business, it is correct.

8 Q. Right. And I don’t think it is necessary for us to look

9 at the profile. The address of Leasing Company

10 St Petersburg is identical with the present address of

11 Bank of St Petersburg. It is 64A Malookhtinsky

12 Prospekt?

13 A. I don’t know the address of the leasing company.

14 Q. Right. Now …

15 A. However, I know for certain one thing, that the Leasing

16 Company territorially is not within the Bank, it is on

17 the Petrograd part of St Petersburg. Perhaps it is

18 their legal address. They have their office in

19 a different location.

20 Q. All right. Now may I ask you about Guideh Insurance

21 Company. Does Mr Smirnov, to your knowledge, have any

22 interest in Guideh?

23 A. Yes, Renord-Invest had a stake at different times, a

24 different number of shares, at one time, I think if my

25 memory doesn’t fail me, it reached 75%. Subsequently,

10 12
Opus 2 International transcripts@opus2.com
Official Court Reporters +44 (0)20 3008 5900

April 18, 2016 Day 40

1 Renord sold that stake in Guideh.

2 Q. Does Renord or Mr Smirnov hold any share in Guideh now,

3 to your knowledge?

4 A. As far as I know, no.

5 Q. Yes. Do you accept that Guideh is a company which has

6 been co-owned by Bank of St Petersburg for a long time?

7 A. I don’t know whether this company was owned by

8 Bank of St Petersburg. I know that it is a publicly

9 owned company, any owner can own shares in this company,

10 and it is a fairly well known company. It has been in

11 existence for quite a while.

12 Q. Yes. Now though perhaps I do think we need to look at

13 the profile. If we could again, still the same tab, if

14 we could go to page {D176-D191/2918.1T/3049} and I think

15 I will find the Kartoteka profile at least. It is not

16 perfect, but better than nothing. Yes, if we could

17 please go to {D207/3056/1}. Now if we could now — if

18 we could scroll down to — I think on the English screen

19 we can safely scroll down to page

20 {D176-D191/2918.1T/3052} and on the Russian — yes,

21 I think the Russian is actually not very satisfactory.

22 It doesn’t give a lot of — yes, you have on the first

23 page, you do have some information about the present

24 ownership, even though I think not as full as in the

25 English version.

1 A. I don’t see Bank of St Petersburg, at least for the time

2 being.

3 Q. Yes, I think, I beg your pardon —

4 A. I have found it. Yes, I have found it. I would like to

5 repeat that it is quite possible that

6 Bank of St Petersburg could also own those shares

7 because Guideh was a publicly owned company, a very well

8 known public company at that.

9 Q. Yes. And now I think you can also see a company called

10 System Technologies, Sistemnye Tekhnologii, as a former

11 shareholder?

12 A. Yes, I can see System Technologies.

13 Q. And System Technologies, as Mr Savelyev gave evidence

14 about this company, and he told the court that was his

15 vehicle for controlling some shareholding in

16 Bank of St Petersburg. So would you accept that

17 Mr Savelyev was also one of Renord’s partners in this

18 company?

19 A. No, he was not a partner in this company. I believe

20 that Bank of St Petersburg, just as Renord, had plans to

21 use this company Guideh in some of their projects, but

22 there was no joint project between the Bank and Renord

23 relating to the insurance company Guideh, did not exist.

24 It is an insurance company. It is used in a number of

25 types of activities.

13 15

1 Now, one thing I wanted to ask you about. If you

2 could scroll down the English version one page further

3 {D176-D191/2918.1T/3053}. Now I think you can see a 76%

4 shareholder, a company called Modul. That is the same

5 company you mentioned last week as a potential third

6 party buyer of OMG assets who had been allegedly

7 approached by Renord about possible sale of OMG assets;

8 is that the same Modul?

9 A. I can suppose that yes, it is, it could be.

10 Q. Yes. And then — right. Now, if we look at the change

11 history, and I think we need to scroll down the Russian

12 version one page {D207/3056/2}. And I think one more

13 page {D207/3056/3}. Now —

14 THE INTERPRETER: Could you speak into the microphone,

15 please, sir.

16 MR STROILOV: Yes.

17 So you can see a number of Renord companies there,

18 can’t you? I don’t really want to go through exact

19 figures, but Renord seems to be present for long periods

20 of time?

21 A. Yes, as I mentioned, Renord owned a share in Guideh for

22 a certain period of time.

23 Q. Now, as you can see, Bank of St Petersburg is also on

24 the list of historic shareholders. So were Renord and

25 the Bank partners in this business?

1 Q. Right. Now can we go to the transcript of Day 23,

2 page 40. {Day23/40:1}. Now, this, I asked about this,

3 I asked Mr Sklyarevsky about these companies, and

4 I would like to read to you, so that it is translated,

5 some elements of his evidence. Because I think they may

6 be rather lengthy, I will tell you from the start that

7 if you disagree with something he said, I want you to

8 make a mental note of it and then once I have finished

9 reading, to say so.

10 So I think starting at — so we are looking at

11 page 40, aren’t we, and starting at line 4 I ask him:

12 «Question: Isn’t it a fact that Leasing Company

13 St Petersburg is trading from the Bank’s office at

14 Malookhtinsky 64A?

15 «Answer: Yes, that is correct. One could proffer

16 a general qualification so that you could have an idea

17 about the other issues, other companies. When we

18 started in 2006 to work with Bank of St Petersburg we

19 had this idea of developing business around the banking

20 business, a managing company, a leasing company and

21 insurance company and so on and so forth. We had

22 various ideas with regard to how to develop this

23 business.

24 «As far as I understand, these companies are not

25 quite owned by the Bank of St Petersburg, but we are

14 16
Opus 2 International transcripts@opus2.com
Official Court Reporters +44 (0)20 3008 5900

April 18, 2016 Day 40

1 talking about 2006, 2007, 2008, and subsequently

2 I stopped being involved in these projects for other

3 reasons because I got other businesses.»

4 And then I think he goes on to talk about something

5 more specific and I am not particularly interested in

6 that.

7 Now, does this sound right to you? Were you at any

8 time aware of this project to develop a number of

9 various businesses around the Bank, as Mr Sklyarevsky

10 puts it?

11 A. No, I was not aware, and I cannot provide any comment,

12 particularly since we are talking about 2006, and

13 I don’t quite understand what is meant here, that the

14 company is traded out of the Bank. In what context that

15 was mentioned I also don’t quite understand.

16 Q. I think I asked him — I think I’m hearing Russian.

17 I asked him essentially the same question as I asked

18 you about whether this leasing company was trading from

19 the Bank’s office, and you will see that obviously there

20 is a discrepancy between your evidence and his?

21 A. Could you clarify what you mean by saying it was traded

22 out of the Bank’s office?

23 Q. Well, I don’t know if it is lost in translation,

24 obviously if a company is said to be trading from some

25 office, that means it is operating in that office.

1 I think the element I’m interested in, if we could

2 look at page {Day22/99:1} what Mr Sklyarevsky says in

3 the end, it starts at line 20:

4 «Answer: I completely trusted Mr Smirnov and we had

5 no — well, we have the situations in reverse, when

6 Mr Smirnov and his companies were used by me. So we

7 trust each other completely.»

8 And so Mr Sklyarevsky also indicated, I think it is

9 a fair paraphrase, that in the case of Mercury, he would

10 be signing documents effectively without checking them,

11 just because Mr Smirnov would ask him to do that.

12 Is this consistent with your knowledge about the

13 relationship between Renord and SKIF?

14 A. I don’t know what agreements were reached between

15 Mr Smirnov and Sklyarevsky, but I can suspect that

16 Mr Smirnov, just as Mr Sklyarevsky, trusted each other.

17 Q. Right. And if we can now go back to Day 23, and to

18 page 19. {Day23/19:11}. Then at line 11, I went back

19 to this subject and let me read to you the relevant part

20 of the transcript:

21 «Question: Now, you also indicated on Friday that

22 it was not unusual, as between you and Mr Smirnov, to

23 use each other’s companies, so to speak, to lend

24 a company to one another; is that so?

25 «Answer: The companies for projects, yes. We

17 19

1 A. Leasing Company has a totally different address in

2 St Petersburg, at the Petrograd site, as I already

3 mentioned earlier. And what is meant by trading

4 operations, I don’t quite understand either.

5 Q. Now, Mr Skylarevsky — among the companies which

6 according to Mr Skylarevsky were part of this project he

7 named the Leasing Company, Guideh and Nevskaya

8 Management Company; I think you indicated on Friday that

9 you don’t quite agree with this description of Nevskaya

10 company, is that right?

11 A. Yes, I know that Nevskaya Management Company was a joint

12 Renord business, Mr Sklyarevsky and Mr Lestovkin

13 initially.

14 Q. Yes. Now, I think if we could now please go to Day 22.

15 So that is another day of Mr Sklyarevsky’s

16 cross-examination. And if we go to page 98, I think.

17 {Day22/98:1}.

18 Well, I suppose unless my learned friend feels it is

19 unfair, I will just summarise the context and then get

20 to the point. So I asked him about Mercury and

21 Mr Sklyarevsky explained that essentially Mercury was

22 his company but on this occasion in relation to OMG

23 assets, he effectively lent that company to Mr Smirnov

24 and was signing documents as a shareholder and director

25 to Mr Smirnov’s instructions.

1 sometimes would lend each other companies for projects,

2 at least for 2007 to 2010, for that time period.»

3 So Mr Sklyarevsky seems to indicate that it was a

4 rather regular practice as between SKIF and Renord to

5 lend companies to each other? Are you aware of any such

6 arrangements?

7 A. I’m not aware of any such arrangements between

8 Mr Smirnov and Mr Sklyarevsky.

9 Q. And it —

10 A. However, this does not mean that there were no such

11 arrangements.

12 Q. I think you indicated last week that you believed there

13 was an arrangement of similar kind between Mr Zelyenov

14 and Renord, in relation to Solo; do you recall that, or

15 do we need to go to the transcript? In the context of

16 the question of auction, you indicated that you believed

17 that Solo was a company owned by Mr Zelyenov, who then

18 allowed Renord to use it?

19 A. Let’s go to the transcript, because I remember

20 I mentioned we acquired Mr Zelyenov’s company.

21 Q. Right. Let’s look at it. If we could, please, go to

22 Day 39, page 34, just for the context. {Day39/34:1}.

23 Now, the context is we are looking at the minutes of

24 the auction sale and then I think at page 35, so if we

25 scroll down one page {Day39/35:1} we reach — so

18 20
Opus 2 International transcripts@opus2.com
Official Court Reporters +44 (0)20 3008 5900

April 18, 2016 Day 40

1 although previously you confirm that Kiperort is

2 a Renord company and then at line 3:

3 «Question: Another one is Solo, which is also

4 a Renord company, is it not?

5 «Answer: At that time, if I remember correctly, it

6 belonged to Mr Zelyenov. We told him that participation

7 in the auction was being planned, and we assumed that

8 most likely nobody would come to this auction, we needed

9 a second participant, we told him that an auction was

10 being held and we asked him to participate with this

11 company. Further on, we acquired this company from

12 Mr Zelyenov.»

13 So isn’t this an arrangement of a similar kind as

14 described by Mr Sklyarevsky, only between Mr Zelyenov

15 and Renord?

16 A. In that case, as far as the Solo company was concerned,

17 I was the person making that arrangement, reaching that

18 agreement.

19 Q. Well, right, but so your evidence was correct, was it

20 not?

21 A. Yes, correct.

22 Q. And you mean the evidence you gave last week and which

23 we have just read, not your evidence a few minutes ago,

24 when you said that you bought the company from

25 Mr Zelyenov?

1 Q. And so was there a commercial deal for the acquisition

2 of Medinvest?

3 A. I believe yes, because there was a big project, a big

4 medical hospital centre.

5 Q. Now, and isn’t it the case that for a number of years

6 until I think 2011, from memory, Mr Kalinin, Renord’s

7 financial director, was 50% shareholder of SKIF?

8 A. Yes, for a certain time Mr Kalinin did own a 50% stake

9 in the SKIF company. That was in connection with one

10 project, Nevskaya 58.

11 Q. Now, it wasn’t in connection with one project. If you

12 own 50% in a company, you own 50% in all its projects;

13 isn’t that right?

14 A. No, this is not correct. In that case Mr Kalinin owned

15 a 50% stake only in connection with this project,

16 Nevskaya 58.

17 Q. And so for purposes of other projects, what happened?

18 Did he hold this 50% as a nominee for someone else, or

19 what?

20 A. Yes, as a nominal shareholder. As a kind of an

21 oversight body. At that time Renord was interested only

22 in that project, Nevskaya 58. And it is quite possible

23 that between Mr Smirnov and Mr Sklyarevsky there were

24 some agreements regarding that the oversight will be

25 ensured only with respect to this project.

21 23

1 A. After the auction, Renord purchased from Mr Zelyenov the

2 Solo company.

3 Q. Now, there have been quite a number of companies which

4 at different times belonged both to SKIF and Renord,

5 weren’t there?

6 A. Yes, at a certain period of time there were transactions

7 made between SKIF and Renord to acquire different

8 companies.

9 Q. Right. Now I think one of those companies is Khortitsa,

10 is it not?

11 A. Yes, Khortitsa was acquired by Renord from

12 Mr Sklyarevsky in 2007, if my memory doesn’t fail me.

13 Q. And for how much would that be?

14 A. If I remember well, at that time that company had

15 nothing, and most likely it was purchased at nominal

16 value. This is quite usual practice.

17 Q. And then there is a company, there is a Renord company

18 called Medinvest, isn’t there?

19 A. Yes, there was a company under that name.

20 Q. And its previous name is SKIF Medinvest, is it not?

21 A. If I remember correctly, after a certain point it was

22 also owned by Mr Sklyarevsky, and possibly at one time

23 it was called SKIF Medinvest. It is a company that was

24 acquired from Mr Sklyarevsky in the framework of the

25 project.

1 The other projects, if there were other projects

2 under SKIF, Mr Sklyarevsky managed himself.

3 Q. And Mr Kalinin held this 50% shareholding in SKIF on

4 behalf of Renord, didn’t he?

5 A. Yes, on behalf of Renord.

6 Q. Now, just to sum up, so SKIF was co-owned by one of

7 Renord’s top managers and Mr Sklyarevsky.

8 Mr Sklyarevsky is trusted by Renord in exactly the same

9 way as Renord trusts its own employees. Isn’t the

10 simple explanation of that is that SKIF is quite simply

11 one of the companies in Renord group, for all practical

12 purposes?

13 A. No, this is not true. SKIF is a totally independent

14 business of Mr Sklyarevsky. It is not a Renord company.

15 Q. Now may I ask you about the company called Assets

16 Management Agency. Do you know that company?

17 A. Yes, it is Mr Zelyenov’s company and I guess that is all

18 I know about it.

19 Q. I’m very sorry to say I haven’t got the Russian version

20 again, but if we could go to perhaps the English version

21 of SPARK and I will do my best to translate this for

22 you. So that is again this mad reference

23 {D176-D191/2918.1T/1285}. So that is the — now if you

24 look at the legal address line, once again we find

25 Sankt-Peterburg, Ispolkomskaya 15, and then apartment

22 24
Opus 2 International transcripts@opus2.com
Official Court Reporters +44 (0)20 3008 5900

April 18, 2016 Day 40

1 455. That is Renord’s office in Olimp office, is it

2 not?

3 A. As such, it is not Renord’s offices. It is a business

4 centre where it is located and many other companies have

5 offices. It is also a large Mercedes showroom, there is

6 a large tobacco company is based there. A lot of legal

7 entities are based in that business centre, including

8 Renord-Invest.

9 Q. And now if we look at the history of manager changes you

10 can see a gentleman called Andrei Romashov at the bottom

11 of this page recorded to be a director general in 2009;

12 can you see that?

13 A. Yes, I can see that.

14 Q. And Mr Romashov is now working as a corporate secretary

15 of Bank of St Petersburg, is he not?

16 A. I am not acquainted with Mr Romashov, I don’t know about

17 him.

18 Q. And he had previously been one of the Bank’s lawyers.

19 And if we could scroll down to {D176-D191/2918.1T/1286},

20 you will see he was at one point recorded to be a 100%

21 shareholder in Assets Management Agency, although in

22 fairness there seems to be Mr Romashov and Mr Potapov

23 both recorded in 2001 as 100% shareholders so it is not

24 very clear who came first and who came later.

25 Now, isn’t it possible, Ms Yatvetsky, that you are

1 Bank at some point in time, but I may be mistaken.

2 Q. Well, indeed he was the director of the Bank’s

3 investment directorate in about the same period, until

4 2007 or thereabouts.

5 Now, and again, I think if I may be excused for

6 making a summary of things, it appears that at that

7 time, Solo was also a vehicle for the management of the

8 Bank holding shares in the Bank, if that makes sense.

9 MR JUSTICE HILDYARD: Were you asking that as a question,

10 or …

11 MR STROILOV: Yes, unless Ms Yatvetsky has any comment to

12 offer, I can simply move on. I am really putting this

13 as —

14 A. I know for sure that at the time when we acquired Solo,

15 it was a totally empty shell. After the auction the

16 only thing it acquired were property, real estate at

17 auction. It had nothing else, no assets, at that point

18 in time, and whatever it had owned prior to that is

19 insignificant, because this company was acquired as

20 a commodity.

21 Q. But obviously I think you have given evidence previously

22 that by the time you, meaning Renord, allegedly acquired

23 that company from Mr Zelyenov it owned the assets at

24 Onega Terminal and the land at Sestroretsk. Doesn’t

25 that follow from your evidence?

25 27

1 mistaken when you describe Asset Management Agency as

2 Mr Zelyenov’s company and in fact it is the Bank’s

3 company?

4 A. No, as far as I know it is Mr Zelyenov’s company.

5 Q. May I now come back to the company called Solo LLC,

6 where you are also a nominee shareholder at one time.

7 Now, Solo used to be 13% shareholder of

8 Bank of St Petersburg in 2005 to 2007, isn’t that right?

9 A. If you are talking about Solo where I was a shareholder,

10 I can neither confirm nor deny. I know for sure that

11 when Renord was acquiring Solo, the company had no

12 assets. It held no assets. I personally checked that

13 out.

14 Q. Now, I’m not suggesting that it was a shareholder of BSP

15 in 2009 or 2010, but are you aware that previously and

16 especially in the period when it was a shareholder of

17 Bank of St Petersburg, its 100 per cent shareholder was

18 a gentleman called Lokai?

19 A. I don’t know who owned this company previously. Quite

20 often, companies are traded in Russia, as if they were

21 just a simple commodity in the market.

22 Q. Do you know Mr Lokai?

23 A. I’m not acquainted with Mr Lokai.

24 Q. Well, do you know who he is?

25 A. If I remember correctly, I think he had worked in the

1 A. Hang on, hang on. I said that Mr Zelyenov used this

2 company as an auction participant and finally he won the

3 auction and these assets were acquired by this company,

4 and initially there was an agreement that were

5 Mr Zelyenov to win the auction, we will acquire the

6 company from him, and this is exactly what happened.

7 Q. Right. But nevertheless you acquired the company for

8 a nominal value, is that your evidence?

9 A. Yes, because we paid for the real estate ourselves, and

10 there was nothing else that this company possessed.

11 Q. So how was the money transferred from Renord to Solo?

12 A. I think at that time it must have been a loan agreement.

13 MR JUSTICE HILDYARD: A loan by Renord to Solo?

14 A. Yes, indeed. Because at that time, Solo owned nothing

15 at all, it had no cash, and so we transferred the cash

16 so it would pay for the property it acquired at the

17 auction.

18 MR JUSTICE HILDYARD: What happened to that loan?

19 A. I think that for a while, Solo was repaying the loan to

20 Renord.

21 MR STROILOV: Right, now, if we could — well, I’m just —

22 again, I can’t find the English translation. I hope it

23 was uploaded. Perhaps it is a good moment for a short

24 break, and if we could make it 15 minutes, I hope to

25 make some photocopies, because probably that is the

26 28
Opus 2 International transcripts@opus2.com
Official Court Reporters +44 (0)20 3008 5900

April 18, 2016 Day 40

1 easiest way around my logistical difficulty and then

2 perhaps we can take back some time from the lunch break

3 or something, an extra five minutes.

4 MR JUSTICE HILDYARD: Right. Does that signify you are not

5 as confident about 3.30 as you were once?

6 MR STROILOV: No, I think — well, I am pretty confident

7 I think 3.30 is reasonable — well, closer to lunch

8 I can perhaps take your Lordship we can have a longer —

9 MR JUSTICE HILDYARD: Okay, 15 minutes.

10 (11.15 am)

11 (A short break)

12 (11.35 am)

13 MR STROILOV: May it please your Lordship.

14 Now in fact before I go to the document I had in

15 mind, could we please have, I think, another look at the

16 SPARK profile of Khortitsa, I think we did already, but

17 there are a few more points that I would like to ask

18 about. That is again {D176-D191/2918.1T/3493}.

19 Now, so that is the SPARK profile for Khortitsa and

20 I’m afraid again only in the English version, but there

21 isn’t a lot really I want to ask you about.

22 If we scroll down to page ending

23 {D176-D191/2918.1T/3494}, you have the history of

24 manager changes in Khortitsa and it is recorded as

25 from February 2007 it is Mr Sklyarevsky, who is recorded

1 Mr Sklyarevsky:

2 «Question: What happened? Did you just pass it on

3 between yourselves just for convenience, or what?

4 «Answer: I think, talk about myself and say some

5 other major client, which is my client that I worked

6 with, then I worked with many legal entities and I could

7 have taken part in those projects, and talking about

8 Bank of St Petersburg, the group always has a basket of

9 legal entities which are managed from a specific

10 financial centre.»

11 «So SKIF would have one financial centre, Renord

12 would have a different financial centre. If we are

13 selling a company or transferring a company, if we don’t

14 need it, or if there is some project, it’s an ongoing

15 work situation in the work of investment groups that

16 share assets, sell assets, trade them, so I do not

17 recall very well how the Khortitsa deal was put

18 together. I remember we created it, we initiated it.

19 I remember other deals, for example, Medinvest deal, but

20 I do not recall the Khortitsa situation. I’m not quite

21 sure why I sold it to Mr Lestovkin. Maybe I didn’t need

22 it at the time.»

23 Is what Mr Sklyarevsky explaining here, is that

24 consistent with your understanding of the relationship

25 between these different entities?

29 31

1 to be the general director, then from 30 June 2008 to

2 31 March 2009 it is Mr Lestovkin who is the director

3 general of Nevskaya Management Company.

4 Then from 31 March 2009, it is Mr Pavel Gavrilov who

5 is obviously a Renord employee, and then starting from

6 30 June 2009 it is you, Ms Yatvetsky.

7 So it looks like this company — well either

8 Khortitsa has changed a lot of hands in terms of

9 ownership or really you were quite freely managed — it

10 was quite freely managed by representatives of what you

11 say are independent companies, doesn’t it? So it seems

12 to have passed from SKIF to Nevskaya Management Company

13 and then from Nevskaya Management Company to Renord

14 quite easily?

15 A. No, this is not accurate. In 2007 Khortitsa was

16 acquired from Mr Sklyarevsky by Renord and Mr Lestovkin

17 in 2008 was director general and managed the company

18 solely on instructions from Mr Smirnov.

19 Q. Right. Now, when I asked Mr Sklyarevsky about this

20 sequence — perhaps we could go to Day 23 and then

21 page 47. {Day23/47:1}, and perhaps if we could have

22 page 48 just below on the other screen, it would be much

23 easier.

24 So I think having drawn his attention to this

25 sequence of manager changes, starting at line 16 I asked

1 A. As far as I understand, Mr Sklyarevsky is saying that he

2 does not recall and I do recall that in 2007

3 Renord-Invest acquired Khortitsa .

4 Q. No, what I mean is his general description of how this

5 migration of companies became groups would go on so that

6 you have different financial centres, as he puts it,

7 which may be passing companies between each other as it

8 suits various projects.

9 Is that how Renord and SKIF operate?

10 A. I don’t think I understand which financial centre

11 Mr Sklyarevsky is referring to, but I know that at a

12 certain time one company is no longer needed by somebody

13 and it is best to sell it, than to close it down.

14 Closing down a company is an expensive proposition.

15 Somebody needs a company, and it is acquired at nominal

16 value. Just as any commodity.

17 Q. Now if we could now go to — I think just for the record

18 I will give the Magnum reference, but we will use the

19 paper version because it is easier and the English

20 translation is better. {D10/217.71/2}. Perhaps if one

21 copy could be handed to my Lord and the other to the

22 witness, and I imagine your Lordship doesn’t need the

23 Russian version and Ms Yatvetsky doesn’t need —

24 actually — no, I think I can give your Lordship the

25 Russian version as well.

30 32
Opus 2 International transcripts@opus2.com
Official Court Reporters +44 (0)20 3008 5900

April 18, 2016 Day 40

1 If the usher could please help me.

2 So I think, Ms Yatvetsky, you don’t really need an

3 English version, because I’m one short. I have given an

4 extra copy to the other side. So yes, just the one to

5 the witness and both to my Lord.

6 So if Ms Yatvetsky feels she wants an English

7 version, I can spare my own, I suppose, but since what

8 she said about her English not being very good, so

9 probably we can manage.

10 So Ms Yatvetsky, this is what SPARK gives you for

11 a search for the name of Mr Lokai, and as you can see,

12 there are quite a number of companies he is associated

13 with.

14 Now I want to draw your attention to several entries

15 here. So you can see there are two tables, essentially.

16 Well, the top table, that is full coincidence, that is

17 where his taxpayer’s number coincides and then in the

18 next table is high probability of coincidence where it

19 is just his name and the region, but it is very likely,

20 especially as Lokai is not such a widespread name in

21 Russia.

22 So looking at the table, at the top table, complete

23 coincidence, in line 1 you can see a company called

24 Olimp Finans and its legal address is Ispolkomskaya 15A;

25 do you see that?

1 name of the company as SK St Petersburg LLC, and then

2 the position of Mr Lokai is described in the second and

3 third columns from the left as former director general

4 of BSPB LLC.

5 And then next, you see again a company called

6 Forward Capital and again, he is described as the

7 director general of IFK BSPB LLC, and then in line 4,

8 you have got UK Malaya Ohta LLC and Mr Lokai is

9 described as former director of UK IFK BSPB LLC, and if

10 you look at the address you can see the new address of

11 the Bank, Malookhtinsky 64A and office 536.

12 You don’t know anything about Malaya Ohta?

13 A. No, I do not know anything about Malaya Ohta.

14 Q. And in line 6 you have a company called Pole-Stroy LLC

15 and once again its legal address is Ispolkomskaya 15; do

16 you see that?

17 A. Yes, I do.

18 Q. And then in line 12 you have got ADK LLC, and once

19 again, the address is Ispolkomskaya 15.

20 A. Yes, I can see that.

21 Q. Now, isn’t it quite clear that Mr Lokai was managing

22 a number of various companies closely connected with the

23 Bank?

24 A. I do not know Mr Lokai, I don’t know his type of

25 business, and then I don’t understand, looking at this

33 35

1 A. Yes, I do.

2 Q. And then we have in line 2, we have Solo LLC, then in

3 line 3 we have got a company called Evolution G or

4 Evolutsiya G LLC and again, the legal address is at St

5 Petersburg Ispolkomskaya 15, office 455.

6 Now, do you know about either Olimp Finans or

7 Evolution G being located in the same Olimp office as

8 Renord?

9 A. No, I do not. I have to say that sometimes here we have

10 a column which says registered address; sometimes

11 a company has one registered address but in fact it is

12 located at a different place.

13 Q. Right. Let’s go, let’s look at a few others, in case

14 you can tell my Lord anything about them. If you look

15 at the second table, in line 1, it is recorded that

16 Mr Lokai is director general and co-owner of a company

17 called IFK BSPB LLC and once again, the legal address is

18 St Petersburg, Ispolkomskaya 15, 455, the apartment 455.

19 Do you know anything about IFK BSPB?

20 A. No, I do not know anything about BFK BSPB.

21 Q. But that sounds like a company connected with the Bank,

22 doesn’t it?

23 A. I cannot tell. I don’t know. Not necessarily.

24 Q. Yes. And then in the next line you can see it is

25 a different address, but intriguingly you have got the

1 table, when the search was initiated, at what time and

2 what date.

3 Q. Yes.

4 A. Based only on technical assumptions, right. And I don’t

5 see — in most cases there is «former», «former»,

6 «former».

7 Q. Yes: but, well, still, it is important to understand

8 history of various businesses connected with the Bank.

9 And isn’t it more than a coincidence that such a number

10 of businesses by former bank managers have legal address

11 at Ispolkomskaya 15?

12 A. I already mentioned that Ispolkomskaya 15 is a big

13 business centre. It has a whole number of companies

14 there, and furthermore, quite often such business

15 centres provide a service. They provide a registered

16 address for a company that has to register this address

17 into the founding document, but it is not necessarily

18 the case that that company is actually at this address.

19 Q. Now let’s recall some of the companies on which you know

20 that they are operating from that address. Renord is or

21 was operating from that address, wasn’t it?

22 A. Renord is actually at the address Ispolkomskaya 15.

23 Q. And Nevskaya Management Company is actually or was

24 actually working from that address, was it not?

25 A. Nevskaya Management Company continues to be at address

34 36
Opus 2 International transcripts@opus2.com
Official Court Reporters +44 (0)20 3008 5900

April 18, 2016 Day 40

1 Ispolkomskaya 15. 1 office.
2 Q. And the Bank had at one time one of its offices at 2 Q. I think the distinction is drawn quite clearly.
3 Ispolkomskaya 15, isn’t that right? 3 Moreover, subsequently the claimants in these
4 A. As far as I know, the bank at no time was located at 4 proceedings admitted that not only a subsidiary office,
5 Ispolkomskaya 15 Street. There was a cash register, but 5 but at least one of the central departments of the Bank
6 a cash register is a kind of a cash machine, only with 6 also operated from that address.
7 an actual person there, and at that time it provided 7 A. I don’t know this. I didn’t see any affiliate office or
8 services solely to the clients of the Mercedes Benz shop 8 any department of Bank of St Petersburg. Given the fact
9 that frequently come to pay for their purchase either in 9 that the business centre is indeed a huge place, but
10 hard currency or paying with a large amount of money. 10 still, I don’t know of any affiliate office, I only know
11 It is true that there was a cash register office there. 11 about the cash desk.
12 Q. Now, well, we had quite a debate about this in these 12 Q. Now, the Bank has a unit called Financial Market
13 proceedings, so let me read to you, if we go to 13 Operations Directorate, and it operated — from the
14 {I8&19/18/40}, here you can see the letter from the 14 beginning of 2008 until August 2011, it operated from
15 Bank’s lawyers to his Lordship and if we scroll down to 15 the Olimp office; isn’t that right?
16 page {I18&19/18/41}, I am starting from the middle 16 A. I do not know.
17 obviously of that debate, but it just would be too long 17 Q. Now, do you accept at least that Renord and Nevskaya
18 to set out everything. 18 Management Company are sharing an office, or were
19 I think they are quoting an earlier letter from 19 sharing an office?
20 themselves in paragraph 11 where they seem to admit — 20 A. Renord and Nevskaya Management Company are located at
21 I will read out to you the exact quotation, but they 21 the Olimp office at the address Ispolkomskaya. However,
22 seem to admit that apart from that cash office there was 22 we have different offices.
23 a subsidiary office of the bank called Olimp. Let me 23 Q. Can you please be shown {D143/2396/0.01} and the Russian
24 read you the exact quotation. It says: 24 version will begin at page 1 and I hope it can be zoomed
25 «… St Petersburg, Ispolkomskaya 15 — it is 25 in to make it convenient for Ms Yatvetsky.

37

1 correct that BSP had a subsidiary office at this address

2 called Olymp. This subsidiary office operated from this

3 address from November 2006 to December 2001. As your

4 client is aware, it was not the subsidiary [if we could

5 now scroll down, please] office by which his and OMG’s

6 accounts were managed. After this subsidiary office

7 closed in 2010, BSP forfeited its lease at this address,

8 and the documents held at that premises were archived

9 and destroyed in the ordinary course of business.»

10 Then there is some discussion of documents which I’m

11 not concerned about, but then it explains:

12 «Since 2010 until 2015, BSP has operated a cash desk

13 at this address, in a car showroom.»

14 I don’t think I need more than that.

15 So it seems that prior to there being a cash desk

16 which you have described and which Mr Smirnov describes

17 in his witness statement, apart from that there was

18 something called subsidiary office, Olimp, which was one

19 of the bank’s offices, operating from that address;

20 isn’t that right?

21 A. I know only about the cash desk. I don’t know of any

22 affiliate office of St Petersburg Bank at

23 Ispolkomskaya 15. I didn’t see any sign or any office

24 Olimp. I don’t quite understand. Perhaps what is

25 referred to is actually that cash desk, as an affiliate

39

1 {D143/2396/1}.

2 Well, I’m sorry about that, it is rather small

3 script for you. I see you are being given the paper

4 version, so hopefully that is readable there.

5 So that seems to be an article published by the

6 Russian agency called RBK, Russian Business Consulting,

7 which is a reputable business newspaper, is it not?

8 A. Yes. Yes, it can be said.

9 Q. Now, and that concerns certain oilfields being bought in

10 Russia, and those oilfields, as we see, they were bought

11 on that occasion by Renord companies, one by at Razvitie

12 Sankt Peterburga and another by Khortitsa; can you see

13 that?

14 If I can ask you to read paragraphs 3 and 4 from the

15 top, just read them to yourself. (Pause).

16 A. I read them.

17 Q. Now, do you recall being approached by the journalists

18 in this way?

19 A. Yes, I remember there was a telephone call from some

20 journalists.

21 Q. And it appears that in fact, far from having different

22 offices, Nevskaya Management Company is actually

23 answering phone calls on a number given for Khortitsa,

24 and then have no particular difficulty in passing the

25 phone to you as a Renord lawyer.

38 40
Opus 2 International transcripts@opus2.com
Official Court Reporters +44 (0)20 3008 5900

April 18, 2016 Day 40

1 Would you like to revise your evidence on that

2 point, on the interrelations of offices within Olimp?

3 A. No, I don’t want to revise anything. My room, my

4 office, is close to Nevskaya Management Company, and

5 there are not that many numbers registered in Olimp

6 Business Centre, so they must have transferred the call

7 first to the Nevskaya Management Company and from there

8 they transferred the call to me.

9 Q. Who is your landlord at Olimp?

10 A. The owner, at the moment it is another Moscow company,

11 but in the past, Olimp company, I think, owned the

12 company, eponymous, and then the office was sold and

13 remain in the same premises, we signed another agreement

14 with the new owners and we continue occupying these

15 premises, just like Nevskaya Management Company. They

16 remain at Olimp as well.

17 Q. Hasn’t Renord now got another office at

18 Malookhtinsky 64B?

19 A. No, Renord doesn’t have an office at Malookhtinsky 64B.

20 There was a point in time when former owners of

21 Olimp, prior to selling off their business, they

22 informed us they were selling off the business and there

23 was a need to move very urgently, I remember that. And

24 at that time we needed to move the close vicinity of

25 Olimp and the only sort of relatively big finished

1 landlord would be, at Malookhtinsky, wouldn’t you?

2 A. Yes, and it was not the Bank.

3 Q. Now if we could have a look at {D197/2966/1}, and the

4 Russian version starts at page {D197/2966/3}. So that

5 is another article from Russian press, and it is

6 focusing on Mr Serdyukov, the former defence minister.

7 But if we scroll down one page on both screens

8 {D197/2966/2}, {D197/2966/4}, starting from the very top

9 of the English version — and in the Russian version

10 that will be kind of six lines, the large paragraph

11 around the middle of the page, starting [Russian

12 spoken].

13 Now, you can see that it is explained that

14 Mr Serdyukov is related to that complex of buildings and

15 then if you go down, I think to — if you skip the two

16 next paragraphs, you will see that there is an

17 explanation that the management company of St Petersburg

18 Plaza is UK Malaya Ohta and then 99% of that company is

19 owned by a company called Baltstar, and then a co-owner

20 of Baltstar is Olga Savelyeva, and then it is connected

21 with the 40, Bolshaya Ordynka.

22 Now, is this consistent with your understanding of

23 who was your landlord at Malookhtinsky?

24 A. I do not know. And the first thing I want to say is

25 that in this case we are shown an article and there can

41

1 offices were in Malookhtinsky, and initially we thought

2 we would move there. We rented small premises there, as

3 far as I know, initially and registered it as our legal

4 address, but further on, when new owners of Olimp were

5 finalised, we managed to agree with them and we remained

6 at the premises in Ispolkomskaya Street 15 and at

7 Malookhtinsky I think we just had a postbox and

8 occasionally we collect correspondence. We don’t have

9 any premises there. In Malookhtinsky 64B we don’t have

10 any premises.

11 Q. So the fact that your one office at Ispolkomskaya

12 happened to be in the same building as one of the Bank’s

13 offices, and then when you had to move, you moved again

14 to the new premises or intended to move to the new

15 premises which are obviously part of the complex of

16 buildings built for the Bank; are you say that is just

17 a coincidence?

18 A. The office buildings in Malookhtinsky 64B, as far as

19 I know, does not belong to Bank of St Petersburg at all.

20 It is just a huge business centre, and I would repeat it

21 again, we looked at the possibility of moving there,

22 because we wanted to move within the same region, within

23 the same area.

24 Q. And presumably you, since you meant to move there and

25 negotiated with the owner, you would know who your

43

1 be no certainty, no 100% certainty, not any certainty,

2 that whatever it says is the truth. Whereas the

3 previous article linked with Khortitsa — unfortunately

4 I haven’t got the document any more — and what it said

5 about myself was not true, at least with relation to

6 where I got my degree, so one can’t be certain that the

7 information here is true, we can’t be certain that the

8 information was verified and reflects the truth and the

9 reality, and I cannot comment on it, because I simply

10 have no knowledge.

11 Q. Right. Well, if we could look at the SPARK profile for

12 Baltstar, which you have seen mentioned here, just to

13 verify, and you said — the English version will be at

14 {D206/3013/1} and the Russian version will be at

15 {D206/3018/1}. You will see that Baltstar company, you

16 will see that its director general is Mr Aleksei Maleev,

17 who you have mentioned earlier. Then if we scroll down

18 on each screen one page, I think — three pages on each.

19 So to go to page 4 on each. {D206/3013/4},

20 {D206/3018/4}. So you can see the shareholders are,

21 starting from 2015, but from that point, the

22 shareholders are Mr Alexander Savelyev and his daughter,

23 Oksana Saveleva, and then previously the shareholders

24 were a company, a Cyprus company, called Mizeks Trading

25 Limited and Mr Lokai.

42 44
Opus 2 International transcripts@opus2.com
Official Court Reporters +44 (0)20 3008 5900

April 18, 2016 Day 40

1 And if you look at the participation in share

2 capital section, which think on your screen, on the

3 Russian screen, will be one page down, you can see that

4 it is UK, that is the Russian for Upravliajushaha

5 Kompania, Management Company Malaya Ohta, and you can

6 see the address is again, it matches the Bank’s address

7 at Malookhtinsky 64A, and then it has also got a small

8 share in a company called Ordynka 40, which I think

9 Mr Savelyev told the court was the company which owns

10 the Moscow office of the Bank.

11 Now, can’t it be that you are mistaken, and in fact,

12 this property ultimately belongs to Mr Savelyev’s

13 family?

14 A. When we were trying to rent our new premises and when

15 this question was on the agenda, it was all the same to

16 us, we didn’t care who the office belonged to, we didn’t

17 care. So the person who acted as the landlord and

18 wanted to rent this to us, we didn’t ask who the final

19 beneficial owner was of the offices. When you are

20 renting premises, you are interested in this particular

21 premises and it is not at all important who owns it.

22 Q. Yes. And then still I appreciate all you say, but

23 I will still ask you a couple more questions about

24 landlords. So your landlord at Olimp was a company

25 called Olimp and I think Mr Savelyev said it was managed

1 independent entrepreneur, he has his own business, he is

2 a dealer, he is a car dealer. Maybe he has a joint

3 business with Mr Lokai, maybe they did have a joint

4 business, but I have no knowledge of that. I’m not sure

5 that the owner of Olimp’s Christian name and patronymic

6 was Vadim Evgenevich, as it is here for Mr Voitenkov.

7 Q. Right. Now can we scroll down to page 6 on each page,

8 on each screen, {D207/3040/6}, and if we could scroll

9 down to page 7 on the Russian screen {D206/3039/7}, but

10 scroll up for a moment on the English screen. Yes, so

11 keep the Russian as it is, but just to see that it is

12 the shareholders {D207/3040/5}, and if we could now

13 scroll down the English version {D207/3040/6}. So we

14 can see quite a long list of historic shareholders of

15 Olimp Finans and here you do find Mr Lokai and you also

16 find a company called Malaya Okhta 2, with the address

17 at Malookhtinsky 64B, and then a little further down you

18 find Aleksandr Savelev with the shareholding in the

19 region of between 23 to 27.6%.

20 I think if we scroll down the English version, but

21 not the Russian version {D207/3040/7} you will see two

22 Mr Voitenkovs, two gentlemen by the name of Mr Voitenkov

23 and one is called Mr Evgeni Mikhailovich Voitenkov and

24 the other one is called Vadim Evgenevich Voitenkov and

25 then there are two ladies who seem to be also part of

45 47

1 by a gentleman called Mr Voitenkov, is that right?

2 A. Yes, the owner of the business was Mr Voitenkov, indeed,

3 as far as I remember.

4 Q. And isn’t the company called Olimp Finans part of that

5 group?

6 A. I have no idea.

7 Q. Now if we could please — I will look at {D207/3040/1}

8 and for the Russian version, if we could please go to

9 {D206/3039/1}, so you can see a company, Olimp Finans,

10 the address does match, it is Ispolkomskaya 15, and then

11 if we scroll down — I beg your pardon — so yes, at the

12 moment the director general is someone called

13 Mr Loginov, but if we scroll down to page 4 on each

14 screen {D207/3040/4}, {D206/3039/4}, so you can see in

15 the list of historic directors that Mr Voitenkov was

16 indeed the director general from 2009 to the beginning

17 of 2013, apparently, and then Mr Lokai became the

18 director general of that company.

19 So it appears that — again, that person was in some

20 way involved. Can you see that?

21 A. I can see first of all, I will repeat, that I’m not

22 familiar with Olimp Finans company. If I haven’t said

23 it before, I’m saying it now. I don’t know this

24 company. Mr Voitenkov. Now, I don’t remember the name

25 of the owner of Olimp. Even if that is him, he is an

1 that family: Elena Voitenkova and Viktoriya Evgenevna

2 Voitenkova.

3 Doesn’t it look likely to you that actually these

4 are members of the same family?

5 A. It doesn’t look likely because I don’t know.

6 Q. Right. And it looks likely that Mr Savelyev did have

7 some interest in Olimp property, didn’t he?

8 A. To be honest, I can’t make this conclusion on the basis

9 of what I’m looking at. Moreover, I once again repeat

10 that it is totally irrelevant. When a company is

11 renting premises in a particular business centre, I am

12 particularly concerned with the premises, and who owns

13 that premises, that is irrelevant. St Petersburg is

14 a small city and many things are intertwined, and it is

15 totally irrelevant who owns this particular business

16 centre.

17 Q. Now, if we could perhaps have a look at the witness

18 statement of Mr Smirnov at {B2/12/1}, but I’m then

19 interested in paragraph 12 of his statement. So that is

20 at page 3 {B2/12/3} in the English version. In the

21 Russian version it will be something like 18, yes, thank

22 you very much. {B2/12/18}. So in paragraph 12 he

23 describes the management team at Renord.

24 Now, Mr Smirnov himself is a former top manager of

25 the Bank of St Petersburg, isn’t he?

46 48
Opus 2 International transcripts@opus2.com
Official Court Reporters +44 (0)20 3008 5900

April 18, 2016 Day 40

1 A. Mr Smirnov, if I remember correctly, if my knowledge is

2 correct, he was the director of the Corporate Finance

3 Directorate until either early or middle 2007.

4 Q. Indeed. And then his deputy and chief operating

5 officer, Mr Gubko is also a former employee of the Bank,

6 is he not?

7 A. I don’t know exactly, but it is quite probable, yes.

8 Q. And then Mr Constantine Solovyev, another deputy and

9 chief investment officer, is also a former employee of

10 the Bank, is he not?

11 A. Possibly. I have never wondered or never knew, really.

12 Q. And then Ms Guz is the sister of the CEO of the Bank,

13 isn’t she?

14 A. To be honest, I didn’t know. I have never asked her.

15 Q. Now, and is Mr Kalinin also a former employee of the

16 Bank?

17 A. I know for sure that Mr Kalinin had never worked in the

18 Bank.

19 Q. And isn’t Ms Brodestskaya a former employee of the Bank?

20 A. Possibly, yes.

21 Q. And what about Mr Kolmakov?

22 A. I don’t know about Mr Kolmakov.

23 Q. And what about Mr Fedorenko?

24 A. I don’t know whether Mr Fedorenko had ever worked in the

25 Bank.

1 in a number of companies. Now he is, for instance,

2 a director general of a company called Verniye Druzya.

3 Do you know anything about that company?

4 A. No, I do not know anything about the company

5 Verniye Druzya, Sure Friends.

6 Q. Yes. Now, that is a company which is a vehicle for

7 several managers of the Bank, and the daughter of

8 Mr Savelyev, Oksana Savelyeva, holding a very

9 significant shareholding in Bank of St Petersburg,

10 something I think roughly in the region of 23%, or

11 something of that kind, and Mr Maleev is its director

12 general. Mr Sklyarevsky has explained to the court that

13 that vehicle is in fact a device for his exercising his

14 control over the Bank through certain option

15 arrangements which in some certain circumstances will

16 permit his daughter to buy other managers out of the

17 company. So that is one of Mr Maleev’s jobs.

18 Then he is also the director general of a company

19 called Sovet Direktorov, Board of Directors; do you know

20 about that company?

21 A. No, I don’t.

22 Q. So that is another company which holds some shareholding

23 which resides all the time in Verniye Druzya, in turn.

24 And then it is also, its own shares are distributed

25 between Mr Savelyev, his daughter, several top managers

49 51

1 Q. Yes. Now, for completeness if we could scroll down to

2 paragraph 22 {B2/12/4}. Mr Smirnov seems to say that

3 Mr Gubko and Mr Kolmakov and Mr Fedorenko have also

4 worked with him at the Bank.

5 So it does look like you and Mr Kalinin are two

6 exceptions. The general rule is that Renord is run by

7 former Bank employees or people otherwise connected with

8 the Bank, such as Ms Guz?

9 A. Yes, some of the company management used to work in

10 Bank of St Petersburg, but they also used to work with

11 Mr Smirnov in AVK company. It is a common occurrence

12 when one of the managers from a group is changing jobs

13 and moves to another company or creates his own

14 business, usually the backbone of his staff moves along

15 with him. This happens quite often.

16 Q. Now, isn’t this the case, that Renord is very dependent

17 on the Bank in its business?

18 A. No. It is not correct. The only relationship in

19 principle between the Bank and Renord is the

20 relationship between a creditor and a borrower.

21 Q. Now, I would like to ask you a little more about the

22 gentleman we mentioned a few times previously, someone

23 called Aleksei Maleeva; do you know him?

24 A. I saw him perhaps one or two times.

25 Q. Right. So Mr Maleev, he occupies a managerial position

1 of the Bank and also a gentleman called Mr Serdyukov,

2 the son of the former defence minister. Mr Maleev is

3 the director general of that company.

4 Now he is also the director general of a company

5 called Ordynka 40, which I think we have seen mentioned

6 here. What do you know about Ordynka 40?

7 A. I do not know anything about the company Ordynka 40.

8 Q. Yes, now Ordynka 40 is a joint venture between

9 Mr Savelyev’s daughter and Mr Serdyukov and it seems to

10 be to own the Bank’s office in Moscow.

11 Now, do you know anything, I think Mr Maleev is also

12 100% shareholder of a company called AK Gambit; do you

13 know anything about that company?

14 A. No, I don’t.

15 Q. No. I think then there is now — I think Mr Maleev also

16 used to be director of a company called

17 Teknopark Pulkovo. Do you know anything about that

18 company?

19 A. No, I don’t.

20 Q. Right. Well, that appears to be a project of

21 a gentleman called Mr Andre Savelyev; that is the

22 brother of Mr Alexander Savelyev, and Mr Maleev had been

23 working as director general of that company.

24 Now, what I’m putting to you, Ms Yatvetsky, is that

25 Mr Maleev acts habitually on behalf of members of

50 52
Opus 2 International transcripts@opus2.com
Official Court Reporters +44 (0)20 3008 5900

April 18, 2016 Day 40

1 Savelyev family to manage their businesses or to hold

2 their businesses on their behalf, and that is the

3 function which he performed as the shareholder and

4 director general of Barrister LLC. So contrary to what

5 Mr Smirnov has told the court and contrary to what you

6 told the court, Mr Maleev was not a nominee of

7 Mr Smirnov, but rather a nominee of Mr Savelyev and in

8 that capacity, he co-owned Renord; what do you say to

9 that?

10 A. Mr Maleev was a nominal owner of the Barrister company

11 that owned Renord-Invest and he conducts his business,

12 as far as I understand, on a professional basis. Most

13 likely that he provides similar services to the Bank.

14 Barrister was owned in the interests of Renord-Invest on

15 instruction of Mr Smirnov.

16 Q. Now, is there any written evidence of that?

17 A. I believe that there must have been some agreements

18 reached between Mr Maleev and Mr Smirnov. I don’t know

19 if there is any written record of that.

20 Q. So essentially the court — well, we are all agreed that

21 Mr Maleev was a nominee, but as to whose nominee he is,

22 you are inviting the court simply to believe you; you

23 can’t do any better than that, can you?

24 A. I know that Mr Maleev was a nominee for Barrister only

25 in the interests of Mr Smirnov. Mr Smirnov manages

1 course to finish earlier than 3.30. It will probably be

2 closer to 3.00 or something just before 3.00, but

3 I think a break now might be a good idea, so that I can

4 organise the remainder …

5 MR JUSTICE HILDYARD: So what do you propose, 1.45?

6 MR STROILOV: 1.45 would be fine with me.

7 MR JUSTICE HILDYARD: Yes. All right.

8 (12.41 pm)

9 (The short adjournment)

10 (1.45 pm)

11 MR STROILOV: May it please your Lordship.

12 Now, Ms Yatvetsky, Renord is a fairly big business,

13 is it not?

14 A. Yes, it is a large business.

15 Q. And it was a fairly large business in 2008, was it not?

16 A. Yes, it was a large business.

17 Q. Do you know Mr Vladimir Malyshev?

18 A. I’m not acquainted with him.

19 Q. Can you please be shown {D35/570.2/1} and page 3 will be

20 the Russian version. {D35/570.2/3}. Now, this has been

21 disclosed to us at a very late stage in these

22 proceedings as proof that in March 2008, Mr Malyshev

23 sold his 75% of shareholding in Renord to Mr Smirnov.

24 Are you familiar with this contract?

25 A. I know that he was selling the shares, but I wasn’t

53 55

1 Renord-Invest independently. He doesn’t get any

2 instructions. He takes all the decisions independently.

3 This is his own independent business.

4 Q. Now, there have been two companies called Renord-Invest,

5 haven’t there?

6 A. Yes, there were two companies.

7 Q. And both of them were, or in the present case, are,

8 closed joint stock companies, aren’t they?

9 A. Correct.

10 Q. And the way it works in Russia and probably everywhere

11 else is that the shareholders of a closed joint stock

12 company don’t have to appear in any public records;

13 isn’t that right?

14 A. If a company is non-public, it does not have to be made

15 public, but there is a register where it is registered.

16 Q. But the shareholders’ register is kept within the

17 company’s own possession, isn’t that right?

18 A. No.

19 Q. So where is it kept?

20 A. There is a special register. In the past, the companies

21 could hold such a register themselves, but I believe

22 starting in 2012 or 2011 all the registers were handed

23 over to a professional register manager.

24 MR STROILOV: My Lord, I think if I may suggest having

25 a slightly earlier lunch break, I think I am actually on

1 familiar with this particular agreement. I did not

2 draft it. I know that this agreement existed.

3 Q. And you can see a reference to TRACK LLC, acting by its

4 director general, Mr Kolmakov, can you see that?

5 A. Yes, I can see that.

6 Q. And Mr Kolmakov is a Renord employee, is he not?

7 A. Yes, he is.

8 Q. And TRACK is a Renord company, is it not?

9 A. Yes, TRACK is a Renord company.

10 Q. And if we look at clause 1.4 in this agreement, you can

11 see that Mr Malyshev’s shareholding was allegedly sold

12 for 7,500 roubles. That was not a market price of 75%

13 shareholding of Renord, was it?

14 A. Well, first of all, as far as I know, Mr Malyshev was

15 not investing into Renord’s business, although at the

16 initial stage he was planning to do it, but there were

17 no further or subsequent investment from him. That is

18 the first thing that I wanted to say. Secondly, usually

19 parties establish value for their holdings upon their

20 own discretion, even if the business has assets and even

21 large assets, shareholdings may be sold on nominal value

22 upon agreement and discretion of the parties.

23 Q. Do you know in what circumstances that shareholding and

24 when that shareholding passed from TRACK LLC to

25 Barrister LLC?

54 56
Opus 2 International transcripts@opus2.com
Official Court Reporters +44 (0)20 3008 5900

April 18, 2016 Day 40

1 A. If I remember correctly, this transaction also took 1 Mrs Malysheva at the time she was still the CEO of AVK,
2 place in March 2008. 2 so some time ago, and I think the date, if we scroll
3 Q. And that was also for a nominal price, was it not? 3 down to {D10/225/3} and {D10/225/0.3}, you will see that
4 A. I think so. I think that you are right. 4 the date is May 2002, so a while ago.
5 Q. Now, it follows from these sales at nominal price, does 5 If we could then scroll up again to {D10/225/0.1}
6 it not, that Mr Malyshev and TRACK and Barrister have 6 and {D10/225/1} respectively, may I — if you can find
7 the same persons or entities behind them; they are all 7 in the Russian text around the middle of the page there
8 nominees or in the case of companies, SPVs, aren’t they? 8 is a passage starting from the words [Russian spoken],
9 A. As for companies TRACK and Barrister, yes, I agree. As 9 that is a quotation from Mrs Malysheva; have you found
10 for Mr Malyshev, he was actually exiting the business. 10 it?
11 He was selling his share, his holding. 11 A. Just one second. I’m still looking.
12 Q. He wasn’t selling his holding, he was giving it away, 12 Q. Yes, please, if you can.
13 for — 75% of a major business, which is said to be 13 MR BIRT: My Lord, I don’t know if it is helpful, I have
14 worth hundreds of millions of dollars, and he gives it 14 noticed there is another translation, I don’t know if
15 away for 7,500 roubles. Now, the reason he does that is 15 Mr Stroilov also knows about that at 0.01.
16 because he was a nominee and he was told by the 16 MR JUSTICE HILDYARD: I’m sorry, I didn’t hear that. I was
17 beneficial owner to pass it on; isn’t that so? 17 hearing the Russian. Could you say again?
18 A. No, that is not so. Mr Malyshev independently took his 18 MR BIRT: My Lord, I was pointing out, in case it is
19 decision to pass this holding on to Mr Smirnov, because 19 helpful, I don’t know if it is or not, I think there is
20 as far as I know he decided to leave the business, to 20 a second English translation on Magnum at
21 exit the business, but in fact, he never entered the 21 {D10/225/0.01}. I simply point it out just in case.
22 business. His priorities changed and he engaged in some 22 MR JUSTICE HILDYARD: I am very grateful.
23 other business. That is number one. 23 MR STROILOV: Yes, I think that looks a lot better.
24 Number two, pursuant to existing legislation in the 24 MR JUSTICE HILDYARD: Thank you very much.
25 Russian Federation and its judicial practice, when the 25 MR STROILOV: So if your Lordship could read the bottom
57 59

1 price in an agreement, especially, and in particular an

2 agreement for sales and purchase of shares, the parties

3 are free to set the price upon their own discretion.

4 This is not an agreement to gift a holding. This is

5 a sales and purchase of shares agreement, and this is

6 supported by the law of the Russian Federation and its

7 judicial practice to date.

8 MR JUSTICE HILDYARD: I can quite understand it may be an

9 enforceable contract, but to the extent that the price

10 charged is less than the true value, there is an element

11 of gift. It is a gift; is that not right?

12 A. The courts of the Russian Federation confirm that the

13 element of gift may be present only in those cases

14 whereby parties don’t transfer something in exchange,

15 whereas if there is a payment, then this is not

16 a contract of gift, whereas an amount of payment, the

17 parties are free to establish upon their own agreement

18 and upon their own discretion.

19 MR STROILOV: Thank you, my Lord.

20 If you can now be shown {D10/225/0.1} on one screen

21 and {D10/225/1} on the other. I do apologise, there is

22 a machine translation, but I will ask Ms Yatvetsky to

23 translate a couple of elements which are relevant. Now

24 this, Ms Yatvetsky, is an interview published in

25 Delevoy Petersburg newspaper, that is an interview of

1 paragraph, starting from:

2 «After my graduation», and Ms Yatvetsky, have you

3 found that bit? I think the actual paragraph is

4 slightly unclear, but it starts from [Russian spoken],

5 «After the graduation»?

6 A. I haven’t found it yet.

7 Q. It is in the middle of the first page, when she is

8 talking about the work —

9 A. Yes, yes, I can see it now. It is just that it all goes

10 as a text without any paragraphs, that is why.

11 Q. I do apologise for that, but if you could read —

12 I think my Lord now has a decent translation, so if you

13 could just read to yourself that passage and then

14 Mr Malyshev’s comment as well until the words {Russian

15 spoken}, «You cannot make me give orders».

16 MR JUSTICE HILDYARD: What date did you say this was?

17 MR STROILOV: That is 2002, my Lord.

18 MR JUSTICE HILDYARD: 2002.

19 A. I have read it.

20 MR STROILOV: What I want to suggest to you, Ms Yatvetsky,

21 is that Mr Malyshev, judging by this interview, has no

22 professional interest or experience in investment

23 business whatsoever. He is a computer hardware

24 specialist, isn’t he?

25 A. I think you have formed a wrong impression. As far as

58 60
Opus 2 International transcripts@opus2.com
Official Court Reporters +44 (0)20 3008 5900

April 18, 2016 Day 40

1 I know, Mr Malyshev has his own independent business.

2 Q. But isn’t it in reality the person who deals with

3 investment, isn’t it Mrs Malysheva, whereas Mr Malyshev

4 acts as her nominee or possibly sub nominee?

5 A. I repeat, as far as I know, Mr Malyshev has a business

6 of his own. Moreover, it is impossible to speculate

7 about people’s personal qualities on the basis of an

8 article which was published rather a long time ago.

9 That is simply ridiculous.

10 Q. Well, if Mrs Malysheva came here I could have asked her

11 questions myself, but unfortunately she didn’t.

12 A. Well, I cannot answer for Mrs Malysheva, can I?

13 Q. Now —

14 MR JUSTICE HILDYARD: When you say he has his own business,

15 what business is it?

16 A. If I know correctly, I believe Mr Malyshev is engaged in

17 some kind of construction business.

18 MR STROILOV: My Lord, just a second. If we could now go

19 once again, a few SPARK entries, I’m afraid.

20 {D176-D191/2918.1T/1551}. I think it is a little … if

21 we could please — I beg your pardon. If we could go

22 {D176-D191/2918.1T/1548}. This is a profile of

23 a company called Neva Oil. Do you know that company?

24 A. I’m not sure.

25 Q. Yes. I will draw your attention to the relevant

1 what Mr Smirnov has to say about the ownership of

2 Baltic Fuel Company, but it appears to be his evidence

3 that really the ownership of the group is split between

4 Renord and Mr Korneev, isn’t that right?

5 A. Yes, today the ownership is split between Mr Smirnov and

6 Mr Korneev.

7 Q. And can you confirm that Neva Oil seems to be a vehicle

8 for holding the Renord share in BTK? It is not

9 Mr Korneev’s shareholding, it is Renord’s shareholding;

10 isn’t that right?

11 A. Possibly. If I understand Mr Malyshev held this company

12 for only two months.

13 Q. Yes.

14 A. I don’t remember the owners of the companies BTK,

15 Kontur, Kontur SPB. Perhaps the company Neva Oil was on

16 behalf of Renord. Today, the split is 75 to 25.

17 However, at a certain time there was a different split.

18 I believe there were a number of transactions involved.

19 Q. Right, but the position now suggests that I think

20 essentially Banofo can only be a Renord company, can it

21 not?

22 A. I do not know this company. I cannot provide an answer.

23 Q. Right. Well, we will come back to this, I think. Well,

24 perhaps it is best to look at Baltic Fuel Company

25 profile first. If we could please go to page

61

1 elements, and then you will either recognise it or not.

2 So the CEO of that company is Mr Andrei Smirnov, so that

3 seems to be the brother of Mr Mikhail Smirnov, doesn’t

4 it?

5 A. Possibly.

6 Q. Now, the main company or parent company, apparently, is

7 a company called Banofo Investments Ltd, which appears

8 to be an offshore vehicle; are you aware of any company

9 of that name being a Renord offshore company?

10 A. No, I don’t.

11 Q. Now we can scroll down one page

12 {D176-D191/2918.1T/1549}, you will see that 100%

13 shareholder in that company, for a few months in 2011,

14 was Mr Igor Malyshev, that is the son of Mrs Malysheva.

15 And then in November 2011, this offshore vehicle, Banofo

16 Investments, was substituted.

17 And if we scroll down one more page

18 {D176-D191/2918.1T/1550} you can see the section called

19 «Participation in share capital» and that company is

20 recorded to be 23.5% shareholder in three

21 companies: BTK, which is the Russian abbreviation for

22 Baltic Fuel Company, Kontur SPB and Kontur. So does

23 that ring any bells?

24 A. BTK, Kontur SPB and Kontur are the companies of BTK.

25 Q. Right. And I think it appears from — we can look at

63

1 {D176-D191/2918.1T/1905} and I apologise for not having

2 the Russian version. I will again have to mention the

3 relevant bits.

4 So obviously the director general is

5 Mr Korneev Stanislav. We all know that.

6 If we could go to the shareholders’ section. That

7 starts at {D176-D191/2918.1T/1906}, at the bottom of the

8 page, and if we could scroll down one page.

9 {D176-D191/2918.1T/1907}. So you can see that the

10 shareholding is split between Timus LLC, which is

11 a company traded from Malookhtinsky 64V, and that is

12 51%. We have Mr Korneev holding 25.5% and we have

13 Neva Oil holding 23.5%.

14 Now, we can compare this with what Mr Smirnov says

15 in his evidence, but I think it is reasonably clear that

16 he is the beneficiary, is the ultimate beneficial owner

17 of both Timus and Neva Oil; do you understand that to be

18 the case?

19 A. If we take into account that Mr Smirnov has a 75% stake

20 and Mr Korneev, we can see about 25%, it is quite

21 possible.

22 Q. Right. Now, did Renord — so it appears that at some

23 stage the ownership of Neva Oil passed from Mr Igor

24 Malyshev to an offshore vehicle. Now, my question is

25 did Mr Malyshev hold that shareholding on behalf of

62 64
Opus 2 International transcripts@opus2.com
Official Court Reporters +44 (0)20 3008 5900

April 18, 2016 Day 40

1 Renord?

2 A. I cannot answer this question. I believe it was

3 a condition of the transaction with Mr Zelenko, when at

4 the time he was still involved in business, he was still

5 alive. When the stake was transferred, there was

6 a condition that Mr Malyshev had within a certain period

7 of time, had to hold that stake. Somehow this way —

8 I don’t think I would be able to provide greater detail.

9 I believe he held it on behalf of Renord, but I can only

10 suppose.

11 Q. Right. Well, at the time Mr Malyshev’s share passed

12 from his hands to that offshore company; to your

13 knowledge, was he paid only nominal consideration or

14 full and proper consideration?

15 A. I do not know.

16 Q. Now, since we are here looking at the entry for

17 Baltic Fuel Company, if you can look at the — obviously

18 it is in English, but looking at the change history of

19 shareholding, once again you find Mr Malyshev holding

20 directly 21% shareholding at one point. So it appears

21 that — obviously I think you have said you just don’t

22 know the reason, but it may have been — your

23 understanding is that it may have been on behalf of

24 Mr Zelenko or on behalf of Renord; is that your

25 evidence?

1 obviously the Bank needed some companies to hold shares

2 in Scandinavian Insurance and Western Terminal and

3 Renord offered those companies; isn’t that right?

4 A. No, that was not the case. The Bank, specifically

5 Mrs Malysheva, as I remember, she asked Mr Smirnov to

6 provide their companies and to act as a sort of a

7 guarantor, to ensure the repo transaction success.

8 Q. And then the Bank entrusted very significant assets to

9 Renord, did it not?

10 A. Could you please say what you mean by entrusted

11 considerable assets to Renord.

12 Q. What I mean is that Renord became a nominal shareholder

13 of two companies of some value — how great is in

14 dispute, but of some value — without paying any

15 consideration and without any written arrangement with

16 the Bank. So the bottom line is the Bank trusted you

17 a lot.

18 A. I believe that Mrs Malysheva indeed trusted Mr Smirnov.

19 Q. And there was no documentary trail of that arrangement,

20 isn’t that right?

21 A. I’m not aware of it, but I don’t think there was.

22 Q. So isn’t there a remarkable similarity between this

23 rather singular way in which Renord is organised, where

24 everything is built on trust to employees who hold

25 companies, and as you explained to his Lordship, it is

65 67

1 A. It could be either Mr Zelenko or Renord.

2 Q. Yes. Well, now, do you have any idea why Mr Zelenko or

3 Renord might choose Mr Malyshev Junior as the nominal

4 holder of the shares?

5 A. No, I have no idea in this regard.

6 Q. And isn’t the explanation that Mr Malyshev Junior held

7 these shares on behalf of his mother?

8 A. I don’t think so. The business always belonged to

9 Mr Zelenko, Mr Korneev and Mr Smirnov. When Mr Zelenko

10 was no longer there, Mr Korneev and Mr Smirnov owned the

11 business.

12 Q. Well, I think it is unnecessary, really, to go through

13 the profiles. I just want to put it to you that Mr Igor

14 Malyshev in the same period also held an interest in

15 Kontur LLC and Kontur SPB LLC. Do you think it was for

16 the same reasons as you have identified?

17 A. I believe so, if that is indeed the case. I just don’t

18 know who owned shares in Kontur. I know that the

19 business belonged first to three people and then to two

20 people, two persons.

21 Q. Now, obviously in this case Renord offered a number of

22 its companies to the Bank to use for the Bank’s own

23 purposes; isn’t that right?

24 A. No.

25 Q. I mean, in the case of dealing these OMG assets,

1 never put in writing and nevertheless, it is all based

2 on simply a word given to the company, and there is

3 a Bank entrusted assets to Renord; do you understand?

4 It seems that this trust between you is not limited to

5 Renord company, but goes further, to cover the Bank and

6 vice versa. The Bank trusts Renord quite unreservedly;

7 isn’t that right?

8 A. Correct. This happens often in Russian business,

9 because business in Russia, comparing to other

10 countries, is fairly recent, and our legislation is not

11 perfect, and sometimes agreements between the parties

12 could be on a piece of paper, on a small document, or

13 they don’t exist at all. But they are very important,

14 and it is precisely them are important, and then

15 agreements, transactions, are concluded.

16 Q. Now, being obviously honest and having to be totally

17 honest, would you say that Renord never abused the

18 Bank’s trust in this case?

19 A. Renord cannot abuse or not abuse the trust of the Bank.

20 The Bank is the creditor, if we look at it in general

21 terms, and Renord is the borrower, the debtor. And as

22 far as the Oslo Marine Ports, it was some kind of

23 a favour to the Bank, because Mrs Malysheva trusted

24 Mr Smirnov.

25 Q. Is Renord a commercial company?

66 68
Opus 2 International transcripts@opus2.com
Official Court Reporters +44 (0)20 3008 5900

April 18, 2016 Day 40

1 A. A commercial company, yes.

2 Q. And as Mr Smirnov told the court, Renord was interested

3 in OMG assets for its own projects, was it not?

4 A. I would say it is not quite accurate. I already

5 mentioned that Mr Smirnov got involved in the situation

6 by the force of accidents, and the Oslo Marine Ports’

7 assets interested him only after a certain period of

8 time.

9 Q. Well, but they did, didn’t they?

10 A. He understood, he gave his word to the Bank, and he had

11 to help the Bank realise those assets, and given the

12 fact that there were no outside buyers, that was in fact

13 the only way out.

14 Q. This is not what he says, Ms Yatvetsky. Isn’t this an

15 afterthought on your part, because you think that is

16 a better thing to say for the Bank’s case in these

17 proceedings? Mr Smirnov says Renord became interested

18 in the assets. We can look at the statement.

19 A. Mr Smirnov, in his evidence, also says that he always

20 tried to find the end buyer.

21 Q. Now, as a commercial company which is interested in the

22 assets, Renord would obviously try to acquire them for

23 as low a price as possible, wouldn’t it?

24 A. To give you an example, if Renord would like to buy at

25 the lowest price, then the auction that was conducted

1 Mr Smirnov.

2 Q. But you see, there is no documentary evidence at all

3 that you, all of you Renord employees, really hold all

4 those companies on behalf of Renord-Invest, rather than

5 the Bank or Mr Savelyev; there is no documentary

6 evidence of that, is there?

7 A. No, there are documentary evidence that the Renord

8 owners own the companies of Renord and not the employees

9 of the Bank.

10 Q. And there is simply no documentary evidence to show that

11 people who at various times are legal owners of Renord,

12 through many years of Mr Smirnov, and not someone else?

13 A. There are oral agreements and this is quite sufficient

14 for Mr Smirnov.

15 Q. And for all we know, Mr Smirnov himself may be a nominee

16 holding these businesses on behalf of the Bank and/or

17 the Bank’s managers?

18 A. No, this is not the case.

19 Q. And Mr Vladimir Malyshev may have been a nominee of his

20 wife or the Bank or any other managers of the Bank,

21 isn’t that so?

22 A. No, this is not true. This is not accurate.

23 Q. And Renord and the Bank are part of the same business,

24 are they not?

25 A. No, this is not correct.

69 71

1 through the Russian Auction House, most likely

2 Mr Smirnov would not have purchased at the price which

3 in fact was the market price.

4 Q. Now, you do see that if Renord was acting in good faith

5 on behalf of the Bank, trying to maximise recovery, and

6 at the same time was interested in the assets for its

7 own purposes, that was a conflict of interest if there

8 ever was one?

9 A. I don’t see any conflict of interest here. The Bank has

10 always pursued the goal to sell the assets at the

11 maximum price, and the price that was generated at the

12 time was in fact the maximum price. Mr Smirnov could

13 not dictate terms to the Bank. The Bank wanted the

14 highest price. Mr Smirnov took the decision whether to

15 buy the assets at that price or not.

16 Q. Now, isn’t the truth that Renord is simply a collective

17 name for various companies which are beneficially owned

18 by the Bank and/or by the Bank’s top managers?

19 A. Perhaps I would like to clarify this through

20 translation.

21 Q. I am suggesting to you that Renord is no more than

22 a collective name for various companies which are

23 beneficially owned by the Bank and/or by the Bank’s top

24 managers, through various nominees?

25 A. No. Renord is an independent business, owned by

1 MR STROILOV: Thank you very much. If you stay there, my

2 learned friend may have some further questions.

3 Re-examination by MR BIRT

4 MR BIRT: My Lord, I have only got a few questions in

5 re-examination.

6 One of the topics involves going to a small number

7 of documents. I notice on the system that some of the

8 references seem to have jumped around since I put my

9 notes down, I think some of the translations have been

10 updated. It might be slightly chaotic, or with

11 a five-minute break, I know it might not be terribly

12 convenient, I can probably get them sorted out and we

13 can do it a bit more smoothly.

14 MR JUSTICE HILDYARD: Is five minutes going to be enough or

15 would you prefer 10?

16 MR BIRT: Well, maybe 10 to be on the safe side. I’m sorry

17 about that.

18 (2.29 pm)

19 (A short break)

20 (2.39 pm)

21 MR BIRT: Thank you, my Lord.

22 Ms Yatvetsky, I have a few further questions arising

23 out some of the things that Mr Stroilov asked you.

24 You gave some evidence on Thursday last week about

25 the auction of the Western Terminal assets at which

70 72
Opus 2 International transcripts@opus2.com
Official Court Reporters +44 (0)20 3008 5900

April 18, 2016 Day 40

1 Nefte-Oil was the successful bidder.

2 And if I could ask you to look at the transcript for

3 last Thursday. That is Day 38, page 151, please.

4 {Day38/151:1}. So that is where you are asked some

5 questions. And if we can just look at {Day38/152:1},

6 please, it was put to you by Mr Stroilov, I am reading

7 at the top of that page:

8 «Question: …the assets, the entire assets of

9 Western Terminal were sold to Nefte-Oil for RUB 161,500;

10 is that right?

11 «Answer: No, 161,000 was the price of the ancillary

12 assets, speaking from memory, but the total value was,

13 I think, about RUB 6 million. The total sale price was

14 about 6 million.»

15 Mr Stroilov asked you some questions about one of

16 the protocols which showed 161,000. He asked you at

17 line 18 of the transcript, if you have got it there:

18 «Question: So I think you were mistaken about the

19 price, were you not?

20 «Answer: I think I’m not, because so far as I can

21 recall there were two protocols. There was another one

22 because this protocol lists only one railway.»

23 Mr Stroilov suggested to you at line 23, he said:

24 «Question: … are you suggesting that the

25 remaining — you are quite right about that, and I don’t

1 and have a glance at section 2 as well, please, and

2 perhaps clause 2.3 — 2.1 to 2.3.

3 A. Yes, this is the second protocol about the railway line.

4 The railway line was being sold, Roslyakovskiy, and it

5 was sold for 5,646,700 roubles.

6 Q. Thank you very much. On a different topic now, please.

7 On Friday you gave some evidence about land at

8 Tsvelodubovo, that was formerly owned by Scandinavia

9 insurance, and you gave some evidence about

10 Mr Arkhangelsky’s purchase of it and the price he paid

11 for it. If we could look, please, at Day 39, page 178.

12 That can’t be right. Sorry, it must be page 78

13 {Day39/78:1}.

14 Do you see, you were asked some questions about this

15 land. Mr Kalinin is holding it on behalf of Renord and

16 if you look at line 14 you were asked:

17 «Question: Now, on what basis did that land plot

18 pass from Scan to Meridian?

19 «Answer: It was based on a sale contract.

20 «Question: Was that sale contract on commercial

21 terms?

22 «Answer: The sale price was about half a million

23 roubles, or thereabouts [you say]… and Mr Arkhangelsky

24 bought that land for 700 million or maybe 900 million

25 roubles, again speaking from memory.»

73

1 really know why. There may be another one …»

2 I think he is there talking about the railways:

3 «… so are you suggesting [over to page 153,

4 please] another railway was sold as a separate lot, or

5 what are you suggesting?

6 «Answer: Yes, speaking from memory, yes, that was

7 the case. At least I remember that there were two

8 protocols: we have Roslyakovskiy track and there was

9 another spur which were outside of the perimeter of

10 Western Terminal.

11 «Question: And to the best of your recollection,

12 that remaining railway track or tracks, because I think,

13 again, in different documents we have three or two

14 tracks, so that was sold for something substantially

15 higher, something just under 6 million; is that your

16 recollection?

17 «Answer: Yes…»

18 I don’t think it was ever shown to you whether you

19 were right or not about that. Could I just ask you to

20 turn up the document at {D154/2588/0.1}, which will be

21 the English, and I expect the Russian is at page

22 {D154/2588/1}.

23 Can you see the date of this protocol,

24 23 December 2011, and you can see the subject matter of

25 the protocol in section 1 — do have a glance down it,

75

1 A. Yes, I misspoke. He bought it for 700 or 900,000

2 roubles, not million roubles. I misspoke.

3 Q. Yes, thank you. I think that must be the case from

4 context, but I wanted to give you the chance to make

5 that clear. Thank you.

6 And then on Friday you were also asked about the

7 market price of the land at the Onega Terminal that had

8 been owned by Scan insurance. You gave some evidence

9 about the price at which Mr Arkhangelsky had purchased

10 that land, and you also gave some evidence about the

11 land that came to be owned by LPK Scandinavia at Onega

12 Terminal.

13 Can I just ask you to look at that, first, please.

14 That is again Day 39, pages 65 to 66, please.

15 {Day39/65:14}. Perhaps we can have {Day39/66:1}

16 And on 65 at line 14, Mr Stroilov was asking you

17 about the figure of 28 million roubles or thereabouts,

18 which was the money paid in relation to the assignment

19 by the Bank to Mercury. And it was put to you:

20 «Question: [Are you saying that]… 28 million

21 roubles … that was the market value of LPK land at

22 Onega Terminal? Is that what you are suggesting?

23 «Answer: Yes, this is what I am saying, 27 million

24 roubles was the value of the — the cost of the transfer

25 agreement was established on the basis of the market

74 76
Opus 2 International transcripts@opus2.com
Official Court Reporters +44 (0)20 3008 5900

April 18, 2016 Day 40

1 value for LPK Scandinavia property, the land plot, and 1 was put into those.
2 if I remember, a workshop building, and I think the 2 Can we just turn up, please, {D25&D26/461/302} and
3 price was totally market based, especially taking into 3 the Russian should be — the English should be at
4 account that literally two years prior to the auction 4 {D25&D26/461/0.1}.
5 Mr Arkhangelsky had acquired this building, this 5 I will wait for you to have the document. This is
6 workshop building for 2 million roubles. The value also 6 an agreement bearing the date at the top,
7 included leasing rights for the land plot. Over a year 7 23 November 2005. It appears to be between
8 he privatised the land plot on which the workshop 8 BALTIC-SERVIS LLC and Scandinavia Insurance LLC, and it
9 building was standing. Given the price for 9 relates to the sale and purchase of a number of items of
10 privatisation at that point in time, I think his 10 property; do you know what those items of property are,
11 expenditure was no more than a million roubles. 11 looking at this agreement?
12 Therefore, the purchase price for Mr Arkhangelsky was 12 A. Yes, yes, I made a mistake about the year. It was the
13 3 million roubles altogether. He acquired this for the 13 end of 2005. Here Scandinavia Insurance is acquiring
14 books of his — for the balance of his company called 14 from BALTIC-SERVIS some property — the buildings one
15 SKIF. Later when he privatised the land plot, he sold 15 and something — they were subject to the auction at
16 these very same assets to another one of his companies 16 that time. I thought that that this was all acquired
17 for 43 million roubles. At the same time there had been 17 for about 105 million roubles.
18 no capital investment according to the technical 18 Q. And if you have a look at clause 2.1, I think there is
19 specifications for the building.» 19 a price there.
20 And you went on to talk about when it had been 20 MR JUSTICE HILDYARD: Do we have to scroll down?
21 built, no investment and so on. But I just want to take 21 MR BIRT: I’m sorry, I haven’t given any page references.
22 you back first of all to lines 8 and 9 of the transcript 22 That will be on {D25&26/461/0.5} in the English. I’m
23 there, where you said: 23 sorry, my Lord. I can see the witness working from the
24 «Mr Arkhangelsky acquired this for the books — for 24 hard copy.
25 the balance of his company called SKIF.» 25 MR JUSTICE HILDYARD: I’m sorry, yes.
77 79

1 And was that what you meant to say? We have heard

2 about SKIF a great deal in a different context in this

3 case?

4 A. No, I’m sorry. I said OOO SVIR. So the name is SVIR

5 Limited, which was Mr Arkhangelsky’s company. OOO SVIR.

6 S-V-I-R.

7 Q. Thank you very much, S-V-I-R. Can I just also take you

8 to Day 39, pages 41 and 42, please. {Day39/41:1}.

9 Mr Stroilov was here asking you about the land owned by

10 Scandinavian Insurance at the Onega Terminal. Starting

11 at line 15, sorry this is after he had asked your about

12 the auction of those assets at which Solo had been the

13 successful bidder. He asked you:

14 «Question: … are you saying that the assets we

15 have just gone through were sold at this auction for

16 their market price?

17 «Answer: Absolutely, it was a fair market price,

18 particularly considering that, speaking from memory,

19 a valuation was conducted to prior to the auction, and

20 if you look at the Onega assets, the ones we are looking

21 at now, the total price, I think was 207 million

22 roubles, and shortly from before that, one year, maybe

23 two years prior to that, Mr Arkhangelsky purchased those

24 assets for 105 million roubles.»

25 Then you were asked a bit about the investment that

1 A. Sale price, 102. 102 million roubles.

2 MR BIRT: And could you tell the court is this or is this

3 not the property you were referring to in your answer to

4 Mr Stroilov that I showed you?

5 A. Yes, this is the property I actually had in mind.

6 MR BIRT: Thank you very much, Ms Yatvetsky, if you wait

7 there, his Lordship may have some questions for you.

8 Questions by MR JUSTICE HILDYARD

9 MR JUSTICE HILDYARD: Apologies ahead of time that I haven’t

10 done as much homework as Mr Birt did in terms of

11 reassessing the references, which have changed a little

12 bit.

13 A general question first, so that I know that I have

14 understood your evidence. You, on various occasions,

15 three or four in all, I think, referred to Renord’s role

16 or position as being in effect that of a guarantor, and

17 you related that back to the repo transactions.

18 What truly do you mean by «guarantor» of the

19 arrangements?

20 A. Well, there were certain agreements between

21 Mr Arkhangelsky and the Bank. As far as I know, they

22 even signed a memorandum about it, and the memorandum

23 contained certain terms, as it came to light later.

24 Once I have seen this memorandum and it said that

25 Mr Arkhangelsky is committed to fulfil his obligations,

78 80
Opus 2 International transcripts@opus2.com
Official Court Reporters +44 (0)20 3008 5900

April 18, 2016 Day 40

1 that Renord, companies that will buy these shares,

2 commit themselves not to interfere with the economic

3 activity and I see Renord here as an entity that holds

4 shares for a while and it maintains neutrality, as it

5 were.

6 In our case, we had the situation with the Maritime

7 Bank, and that was witness to the fact that

8 Mr Arkhangelsky violated the conditions of the

9 memorandum. That meant that in turn Renord had to hold

10 these shares to some extent in the interests of the

11 Bank. Had Mr Arkhangelsky complied with the terms of

12 the memorandum, had he complied with all his obligations

13 vis à vis the Bank and paid off his debts, Renord would

14 have held these shares until all the obligations would

15 have been extinguished and then he would have handed

16 them over to Mr Arkhangelsky.

17 So at the time when the memorandum was in force, if

18 Mr Arkhangelsky was paying off his debt to the Bank, if

19 he needed any corporate procedures or anything, Renord

20 would have given its agreement as the owner of shares in

21 Western Terminal or Scandinavia, for normal economic

22 activity, would have agreed to huge transactions, for

23 example, et cetera.

24 MR JUSTICE HILDYARD: But at this first stage, when the

25 original purchasers had taken the shares on the terms of

1 A. Yes, if we look at it in this light, then only as the

2 Bank’s agent, you are right.

3 MR JUSTICE HILDYARD: So at that first stage, it wasn’t

4 a guarantor or anything else, was it? It was simply

5 holding, subject to the instructions of the Bank; is

6 that not right?

7 A. Well, Renord was subject to the Bank’s instructions, but

8 as far as I understand Renord was still verifying and

9 checking out whether the Bank’s, a bank requirement

10 would have been lawful or unlawful at a particular

11 period of time.

12 MR JUSTICE HILDYARD: Do you mean whether its instructions

13 were lawful, instructions to Renord? What do you mean?

14 What might have been unlawful?

15 A. Yes, I think so, at least. When we learned about

16 Maritime Bank, I remember that Mr Smirnov, I think, was

17 talking to Mr Sklyarevsky and he was asking him to

18 verify whether this information was true or not, so he

19 needed to understand whether things were as they were

20 presented or not.

21 MR JUSTICE HILDYARD: I see.

22 You also describe Renord, I assume in the same

23 context, that is to say, even at this first stage,

24 before the subsequent purchases, as a hostage. What did

25 you mean by that?

81 83

1 the original purchase agreement, which was subject to

2 a repurchase agreement, I had understood, I think from

3 other witnesses, that at that stage, at least, Renord

4 was merely an agent, subject to the directions of the

5 Bank. There is a question as to what happens at

6 subsequent stages, but at that stage, are you saying

7 that Renord had some independent function in the matter?

8 A. Well, this is how I see it and understand it. The thing

9 is, the agreement between the Arkhangelskys and the bank

10 were made in the absence of Renord. Had they been

11 reached at a meeting where Renord would have been an

12 invited party, the relationship would have been

13 a tripartite relationship, but Mr Arkhangelsky himself

14 removed himself and at that time Renord could get

15 information only from the Bank, but nevertheless the

16 fact that Mr Arkhangelsky non-complied in his

17 obligations vis à vis the Bank, I’m sure had been

18 verified by Mr Smirnov.

19 MR JUSTICE HILDYARD: Maybe I have misunderstood, but I’m

20 not sure that answers the question as to whether your

21 appreciation and the appreciation of Renord was that at

22 least at this first stage, Renord held the shares which

23 had been purchased simply as agent for the Bank, and

24 I have asked you whether it had in consequence any

25 independent discretion in the matter.

1 A. What I meant was that Mr Smirnov was hostage to his

2 word, given to Mrs Malysheva, that he promised to help

3 her.

4 MR JUSTICE HILDYARD: So he was just — he felt bound in to

5 do everything he could to assist, is that right?

6 A. In that case, he was bound by an obligation not so much

7 to the Bank, but to Mrs Malysheva, because they have

8 a long-standing friendship. I know about this.

9 MR JUSTICE HILDYARD: Right. But that might have been

10 a friendship or moral obligation; it wasn’t a legal one,

11 was it — or was it?

12 A. Between the Bank and Renord, as far as I know there was

13 no legal, documented transaction regarding the repo

14 transaction. There was only an oral understanding

15 between Mrs Malysheva and Mr Smirnov.

16 MR JUSTICE HILDYARD: But at least at the first stage,

17 Renord didn’t have to do anything, did it, except hold

18 the shares, subject to the instructions of the Bank? It

19 wasn’t a hostage in any sense in that respect, was it?

20 A. Yes, true. It had to hold the shares, in that case in

21 the interests, on behalf of the Bank. But at a certain

22 point when Mr Smirnov understood that this would be

23 a problematic asset, he tried expressing concern in this

24 regard. However, he understood that he had obligations

25 to Mrs Malysheva. He promised to help her out.

82 84
Opus 2 International transcripts@opus2.com
Official Court Reporters +44 (0)20 3008 5900

April 18, 2016 Day 40

1 MR JUSTICE HILDYARD: Yes. Now, I asked you a question, and 1 And the questions begin at line 4, and what I’m wanting
2 just to remind you, if I can find it, I think it was at 2 to ask you about is that your evidence was that some of
3 about page 92 of Day 39. I’m so sorry. I have misled 3 the money that was realised, pursuant to the sale of the
4 you. It was at page 89 from line 16 to 22. 4 plot of land, would possibly go to reduce the
5 {Day 39/92:16}. I asked you this: 5 outstanding debt, and you were asked:
6 «Can I just ask, you are a lawyer: who under Russian 6 «Question: On what basis will the money go to the
7 law do you think owned those assets at that time, and 7 Bank to reduce the outstanding debt, as you say? On
8 subject to what, if any, obligation?» 8 what basis would that happen?»
9 And I add: 9 And you say:
10 «Presumably you had to work this out for the 10 «Answer: I cannot tell you exactly, sitting here
11 purposes of, amongst other things, doing a proper 11 today. This is something that will be decided upon
12 account, insurance, all sorts of things. Who in law 12 between the Bank and Mr Smirnov.»
13 owned those assets at that time? 13 Now, on what legal ground would there be for
14 «Answer: It was owned by Renord.» 14 Mr Smirnov to do anything other than retain any assets
15 So your evidence to me, is this right, is that at 15 inuring to Renord free and clear of the Bank? It seems
16 that stage, the stage of the subsequent purchasers — 16 that you are envisaging that Mr Smirnov is going to
17 MR BIRT: I’m so sorry, my Lord, I just don’t want confusion 17 arrange for some payment to the Bank; is that right, or
18 to creep in. It is at that time. It may or may not 18 have I got it wrong?
19 have been clear. I think what Mr Stroilov was asking 19 A. I believe yes, my Lord.
20 about, I stand to be corrected, is 2011. 20 MR JUSTICE HILDYARD: That I have got it wrong?
21 MR JUSTICE HILDYARD: Yes, that is after the subsequent 21 A. No, my Lord. I believe that some kind of a payment
22 purchases and pursuant to the — 22 would be arranged, from Renord to the benefit of the
23 MR BIRT: I think after the auction. 23 Bank. Perhaps it would be some kind of an agency
24 MR JUSTICE HILDYARD: — and pursuant the auctions. 24 agreement.
25 MR BIRT: Apologies for standing up. 25 MR JUSTICE HILDYARD: I see.

85

1 MR JUSTICE HILDYARD: Yes.

2 After the auctions, the terms of which we have seen,

3 your evidence to me was, it was your appreciation as the

4 in-house legal adviser, or one of them, was that Renord

5 entirely owned those assets, free and clear of any

6 interests of the Bank; is that right?

7 A. When I provided an answer to this question I thought

8 that the question related to the shares that were

9 transferred within the repo transaction, and now we are

10 talking about an auction. Frankly, I’m a little

11 confused. Are we talking about the assets that were

12 sold at the auction?

13 MR JUSTICE HILDYARD: Yes. Do you remember all those

14 actions we saw, normally involving Kiperort and Solo in

15 which Solo invariably was the winner, at one stage up

16 from the auction minimum.

17 A. At the auctions, the insurance company, Scandinavia,

18 offered the assets in agreement with the Bank. Legally

19 they were owned by Renord. When the auctions happened,

20 Solo became the winner, that was also acquired by

21 Renord.

22 MR JUSTICE HILDYARD: Yes.

23 Can I just ask you about page 76, then. It starts

24 really at 75. {Day39/75:4} and I think this relates to

25 Western Terminal. I will be corrected if I am wrong.

87

1 A. But the monies would be transferred.

2 MR JUSTICE HILDYARD: I see. Well, you have previously said

3 you are not sure exactly how that would be, so I don’t

4 think I can take it further, unless you wish me to.

5 You explained to me on Day 39 also that the transfer

6 from Nefte-Oil to VECTOR was for tax reasons, because

7 you explained that under Russian law, if you forego any

8 part of the benefit of the debt, you get taxed on it, as

9 I understand it; is that right?

10 A. Income.

11 MR JUSTICE HILDYARD: If you forego any income on the debt,

12 do you mean?

13 A. No. We were talking that Sevzapalians could not forgive

14 debt to the Western Terminal.

15 MR JUSTICE HILDYARD: Right.

16 A. And as far as Western Terminal was concerned, the debt

17 was 70 trillion Russian roubles, and if Sevzapalians

18 forgave that debt to Western Terminal, then the entire

19 amount of the debt would be a taxable income of

20 Western Terminal.

21 MR JUSTICE HILDYARD: Right. I think I have confused both

22 you and myself. Can I take you to pages 5 and 6 of the

23 transcript of Day 39 {Day39/5:12} and take it up from

24 line 12. You were being asked about paragraph 60 of

25 Mr Smirnov’s witness statement. And the question to you

86 88
Opus 2 International transcripts@opus2.com
Official Court Reporters +44 (0)20 3008 5900

April 18, 2016 Day 40

1 was:

2 «Question: So you can see that what, in

3 paragraph 60, Mr Smirnov explains that really the

4 purpose effectively, the purpose of transferring the

5 assets from Nefte-Oil to VECTOR Invest was to ensure

6 that this VECTOR Invest rather than Nefte-Oil, that

7 becomes a party to the enforcement proceedings; is that

8 fair to say?»

9 And you say:

10 «Answer: Mr Smirnov says that VECTOR invest was

11 supposed to become party to the enforcement proceedings,

12 yes.»

13 Then it was put to you that you explained the

14 position differently in your own evidence. And taking

15 it up at line 25:

16 «Question: So you explain that by tax

17 considerations …»

18 And it is put to you that that is inconsistent and

19 you are asked which you think, on reflection is true.

20 And you say, in line 5 of page 6:

21 «Answer: Both are actually true. Mr Smirnov, when

22 referring to the fact that Nefte-Oil did not want to be

23 a party to enforcement proceedings, what he went was the

24 tax burden, the tax liability that they would have

25 incurred had Nefte-Oil sold the assets. Now,

1 balance and that was the reason why it was possible to

2 avoid the tax consequences.

3 MR JUSTICE HILDYARD: Yes. I’m not sure I fully follow

4 that, but anyway, I will read it with care.

5 I had imagined that it was because VECTOR Invest had

6 a pool of losses which it could apply against any

7 profits, but maybe I’m wrong about that.

8 Can I take you to a completely different question,

9 which was simply to give you a chance to help me as to

10 the purpose of a transfer of shares in Western Terminal

11 from Sevzapalians, and it is at Day 38, I hope at about

12 page 149, actually, 151, {Day38/151:1}, where you are

13 being asked about a transfer to Altriwa Limited, which

14 was a Cyprus company, and it was being put to you at

15 line 8:

16 «Question: Whereas having transferred the

17 shareholding to Altriwa Limited, a Cyprus Company, the

18 way these proceedings would be presented to the world is

19 that there is one company, Sevzapalians, which is

20 totally independent of Western Terminal, which is owned

21 by some Cyprus offshore — [company] there is no

22 connection except a historical connection [one]; isn’t

23 that so?

24 «Answer: Altriwa Limited was also owned by Renord

25 and the transfer of the shareholding had nothing to do

89 91
1 considering Nefte-Oil’s investment projects, that would 1 with enforcement proceedings.»
2 wreaked havoc with their financial statements, and this 2 Then Mr Stroilov says:
3 was not something that they could afford.» 3 «Question: I don’t accept that.»
4 Now, what I didn’t understand was how the position 4 And he puts to you that:
5 was resolved by the introduction of VECTOR Invest. Is 5 «…the purpose of transferring the shareholding at
6 it because VECTOR Invest had a pool of tax losses which 6 about the same time as Morskoy Bank loan rights were
7 you had obtained the benefit of by the acquisition of 7 assigned, the purpose of that was precisely to make that
8 VECTOR Invest? Have I understood what your answer 8 auction look honest and lawful. What do you say to
9 really entails? 9 that?»
10 A. Yes, my Lord. When Nefte-Oil was purchasing assets at 10 You say:
11 the auction, let’s say for 6 trillion roubles, and as 11 «Answer: This was not the case. The auction would
12 far as the sales conducted by the Bank was concerned, it 12 have taken place even if Sevzapalians still continued to
13 would entail removing the guarantee and the sales of the 13 hold on to those shares.»
14 asset at full price, 675 million to be exact. That is 14 I felt I should ask you, what was the purpose, then,
15 to say, there would be a difference, a balance of 15 of that transfer?
16 675 million, minus 6 million that VECTOR Invest paid at 16 A. The thing was that Sevzapalians, starting somewhere in
17 the auction. 17 2010, they had a joint project with the city. There was
18 In fact, this would be profit, and this would have 18 a state contract and they were establishing reading
19 tax consequences for VECTOR Invest, and as a result, 19 meters for heat around the city, and as far as
20 a negative financial balance. And a negative financial 20 Western Terminal was concerned, it was reported in the
21 balance could not be an acceptable solution for 21 press all the time and at a certain time, it became
22 VECTOR Invest, because its operations related to state 22 clear that Sevzapalians, in order to continue its
23 contracts and entailed obtaining bank guarantees. 23 relationship with the city, could not have some
24 With negative financial results, it is impossible to 24 problematic assets.
25 obtain bank guarantees, and VECTOR Invest had a negative 25 MR JUSTICE HILDYARD: How does that require the sale from
90 92
Opus 2 International transcripts@opus2.com
Official Court Reporters +44 (0)20 3008 5900

April 18, 2016 Day 40

1 Sevzapalians to this Cyprus company?

2 A. Because as soon as Sevzapalians sold their problematic

3 asset, it didn’t have it on its books.

4 MR JUSTICE HILDYARD: Oh, I see. And the transfer to

5 another Renord company would clear one Renord company of

6 an obligation, would it, and the other Renord company

7 would hope that it didn’t have to assume it; is that

8 right? Because they were both Renord companies, weren’t

9 they?

10 A. Yes, they were both Renord companies, but it was

11 important that Sevzapalians at that time did not own

12 those problematic assets, not to damage the relationship

13 with the city.

14 MR JUSTICE HILDYARD: I see. Right.

15 At I think, whilst at that page — actually, I can’t

16 see it on there. Yes. At {Day38/115/5}, you were being

17 asked about various investments by Renord and you say at

18 line 5:

19 «Answer: Renord has many projects …

20 Western Terminal assets can be used in different

21 sectors.»

22 And at line 15 you say this, and this is what my

23 question relates to:

24 «Answer: That is why I’m saying that Mr Smirnov was

25 determining himself whether, if we are finally forced to

1 guarantor of relations such as these in relation to

2 arrangements made with this Bank or any bank? Has it

3 ever done this sort of thing before or since?

4 A. You mean the repo transaction, my Lord?

5 MR JUSTICE HILDYARD: The repo transaction is the foundation

6 of it, but has it acted as the guarantor, as you put it,

7 or as a hostage as you also put it, in any other context

8 but the context we have seen over the course of the last

9 three days, which involve Bank of St Petersburg.

10 A. I don’t think so, my Lord.

11 MR JUSTICE HILDYARD: And just so I get a picture of how

12 Renord is operating, who runs Renord in Mr Smirnov’s

13 absence?

14 A. Either Mr Kalinin and Mr Smirnov when he is absent. Now

15 Mr Kalinin runs the company, but in general, Mr Smirnov

16 is always within reach.

17 MR JUSTICE HILDYARD: And it is those two, is it?

18 A. In principle, Mr Smirnov’s deputy, every deputy has

19 a certain amount of work that that person is responsible

20 for. However, at present they are reporting to

21 Mr Kalinin.

22 MR JUSTICE HILDYARD: Yes, well I think those are my

23 questions. Do they give rise to any?

24 MR STROILOV: I think three or four.

25 MR JUSTICE HILDYARD: Okay.

93 95

1 acquire this asset, whether we will be using it for port

2 business or some other business or warehousing

3 business.»

4 What was forcing Mr Smirnov or Renord to acquire any

5 particular asset?

6 A. I believe perhaps I didn’t express myself clearly or it

7 was mistranslated. What I was referring to, Mr Smirnov

8 would decide himself for what business, for port

9 business or warehouse business, he could use those

10 assets in his business operations.

11 MR JUSTICE HILDYARD: Right. You said today, at the

12 beginning of today, that you couldn’t really be expected

13 to know all the companies in the Renord empire or group;

14 can you just give me a feel about how many there might

15 be?

16 A. I would like to repeat that I don’t know all of them,

17 but roughly, indicatively, the companies I know, perhaps

18 there could be 50, perhaps 60.

19 MR JUSTICE HILDYARD: And can you tell me whether to your

20 own knowledge any of those companies, and if so, which,

21 acted as guarantor or hostage to this Bank or any bank

22 in any similar way to what we have spent three days

23 looking at, on any other occasion but those occasions?

24 A. You mean precisely to the Bank, hostage to the Bank?

25 MR JUSTICE HILDYARD: Hostage to this Bank or any bank, or

1 Further cross-examination by MR STROILOV

2 MR STROILOV: Now, Ms Yatvetsky, I think you have explained

3 in response to my Lord’s question that at the first

4 stage, the original purchasers’ stage, as we might term

5 it, Renord companies held the shares to the instructions

6 of the Bank, subject only to checking whether the Bank’s

7 instructions were lawful; is that a fair summary of your

8 answer?

9 A. That was not a condition. Mr Smirnov decided for

10 himself that everything had to be double-checked.

11 Q. And do you know whether Mr Zelyenov adopted the same

12 approach at that time?

13 A. I do not know.

14 Q. And is it the case that after the Bank’s instructions

15 were to sell or transfer shares onwards and change the

16 management of the companies, Mr Zelyenov considered

17 these instructions to be unlawful?

18 A. No, this is not accurate.

19 Q. And that is the reason why Mr Zelyenov decided to

20 withdraw from the arrangement, isn’t it?

21 A. No, this is not true. He just understood that at that

22 time the asset would become a problematic asset. Any

23 problematic asset for any business has implications, has

24 consequences. A problematic asset in terms of court

25 hearings, resources have to be dedicated to court

94 96
Opus 2 International transcripts@opus2.com
Official Court Reporters +44 (0)20 3008 5900

April 18, 2016 Day 40

1 hearings, and so on. 1 that?
2 MR STROILOV: We will have to disagree about that. Thank 2 A. No, not VECTOR Invest, no. Nefte-Oil, of course.
3 you very much. 3 MR BIRT: Yes, thank you very much.
4 Further re-examination by MR BIRT 4 MR JUSTICE HILDYARD: Yes, thank you very much. It is
5 MR BIRT: Just one point arising out of my Lord’s questions. 5 clearer to me now.
6 Could we just have a look, please, at {draft} 6 MR BIRT: I am grateful. And I don’t know if it assists,
7 page 88 of today’s transcript. 7 one of my Lord’s other questions was about —
8 Ms Yatvetsky, you are being asked here about 8 MR JUSTICE HILDYARD: I am sorry.
9 Nefte-Oil and VECTOR Invest, if you remember, and 9 MR BIRT: — I am not re-examining on this, I’m simply
10 my Lord was asking you, you see right at the top of that 10 giving a reference to your Lordship, one of my Lord’s
11 page, asking you a question about whether this was 11 other questions about the transfer to Altriwa, and
12 a situation relating to VECTOR Invest having a pool of 12 Ms Yatvetsky had covered that, in case my Lord wants to
13 tax losses which you had obtained the benefit of by the 13 read it very briefly, at paragraph 25 of her statement.
14 acquisition of VECTOR Invest. 14 MR JUSTICE HILDYARD: Yes, I think I had that, because it
15 And then you answered, starting at {draft} line 5, 15 was that which was contrasted with …
16 about Nefte-Oil having purchased the assets at auction, 16 MR BIRT: I am very grateful.
17 and then if you skip down to line 10, you can see what 17 MR JUSTICE HILDYARD: Is that it?
18 you said there was that there were 675 million, minus 18 MR BIRT: My Lord, it is from me, thank you.
19 6 million, that — and then you say that VECTOR Invest 19 MR STROILOV: Yes, my Lord.
20 paid at auction. 20 MR JUSTICE HILDYARD: It is good night from you and good
21 Then you go on at line 13 to talk about there being 21 night from you.
22 tax consequences for VECTOR Invest and a negative 22 Very good.
23 financial balance could not be an acceptable solution 23 Thank you very much indeed. It has been a long
24 for VECTOR Invest, because its operations related to 24 haul, but that concludes your turn, and you are
25 state contracts and entailed obtaining bank guarantees; 25 released, if requested, and thank you for your

97

1 is there anything you want to correct in relation to

2 that answer?

3 A. Yes, perhaps I confused all the names in the course of

4 my statement. What I was referring to, that Nefte-Oil

5 acquired at the auction Western Terminal facilities for

6 an average of 6 million Russian roubles. When it became

7 clear that the Bank would be selling off the asset and

8 remove the pledge, this removal of the pledge and the

9 sale of the asset would result in a situation that

10 Nefte-Oil would have a profit in the amount of

11 675 million, minus 6 million. This would have been the

12 profit that Nefte-Oil had to pay taxes for.

13 And that is why Nefte-Oil, the sale of Nefte-Oil

14 could not be allowed, and that is why Nefte-Oil handed

15 over to VECTOR Invest these assets at the same price.

16 That had a negative balance on its sheets, and the

17 subsequent sales resulted in that VECTOR Invest

18 generated a profit of 675 million minus 6 million

19 Russian roubles.

20 However, VECTOR Invest incurred costs that were

21 capable of covering up that profit.

22 Q. And when you referred in the answer to my Lord at line

23 16, when you said VECTOR Invest had operations related

24 to state contracts and entailed obtaining bank

25 guarantees, is there anything else you want to say about

99

1 attendance. Have a good journey back.

2 Housekeeping

3 MR BIRT: My Lord, I’m grateful.

4 MR JUSTICE HILDYARD: Right.

5 MR BIRT: There are one or two points which have arisen, not

6 relating to this witness, but relating to other aspects

7 of the case which it may be sensible to raise with your

8 Lordship before we break. I don’t know whether my Lord

9 wants to have a break or whether we can plough straight

10 on.

11 MR JUSTICE HILDYARD: Shall we just carry on.

12 You are free to go. I mean, you have a good vantage

13 point if you would prefer to stay there, but otherwise,

14 I would not mind if you left.

15 (The witness withdrew)

16 MR BIRT: My Lord, the topics I have in mind, subject to

17 anything else Mr Stroilov has or that my Lord wants to

18 raise are written closing submissions, whether we should

19 have any discussion about that. The logistics for our

20 return on 3 May, that week. Mr Stroilov’s, I think it

21 was email this morning, forwarding on an email from

22 Mr Arkhangelsky and referring to Mr Milner returning for

23 the Russian law evidence —

24 MR JUSTICE HILDYARD: Yes.

25 MR BIRT: — and there are some points there relating to

98 100
Opus 2 International transcripts@opus2.com
Official Court Reporters +44 (0)20 3008 5900

April 18, 2016 Day 40

1 some funds and the freezing order as well.

2 MR JUSTICE HILDYARD: Yes.

3 MR BIRT: And there may be a small number of other

4 logistical matters that I ought to run through before we

5 break to make sure we are on the same page in certain

6 other respects, but those are the main points, I think.

7 MR JUSTICE HILDYARD: Yes.

8 MR BIRT: Maybe I can just make our position clear in

9 relation to the email from this morning, from the

10 defendants.

11 MR JUSTICE HILDYARD: Yes.

12 MR BIRT: Certainly the email we got, there were three —

13 I’m sorry, I don’t know if this is on Magnum yet, but

14 the email we got had three numbered paragraphs. The

15 first related to a delay in the bank transfer of £22,000

16 to Withers to cover their and counsel’s fees, which we

17 are told in this email has been ordered by

18 Mrs Arkhangelsky but it has apparently not been

19 transferred and it is feared that it is perhaps hampered

20 by the existence of the freezing order, and so they ask,

21 as I understand it, that that transfer is expressly

22 authorised by an order of the court.

23 My Lord, as far as that point goes, I can confirm we

24 don’t object to that, subject to drafting the order

25 which we may just have to come back to.

1 will require a realisation of the life assurance policy

2 with Soc Gen, for a further amount of 55,000 euros, and

3 we slightly stop there, not to deliberately stand in the

4 way, but simply to say it appears to us that there might

5 be a little bit more information that ought to be

6 provided at that stage.

7 My Lord my remember that when this matter cropped up

8 at the beginning of February, there was furnished to the

9 court an affidavit of Ms Bidault who set out what funds

10 were required for what, in round amounts, and we would

11 have thought that it would be sensible to have a similar

12 breakdown at this stage, whether or not it need be

13 provided by witness statement or affidavit, I leave over

14 for now, but some sort of explanation, and I also

15 mention, and indeed, remind the defendants, that under

16 the arrangements that were made on that occasion at the

17 beginning of February, my Lord may remember I think

18 a sum of some 75,000 euros at that stage was permitted

19 to be realised from the policy and there was licence for

20 certain expenditure to be made from that sum, as had

21 been outlined by Ms Bidault in her affidavit.

22 And there was a court order that the defendants were

23 to furnish the claimants with documentary records of the

24 discharge of those expenses, in order that a proper

25 record could be kept.

101

1 In relation to the second point, it is noted, it

2 says here, that the defendants and OMGP will instruct

3 Withers and Mr Milner to represent them at the

4 cross-examination of the Russian law experts, on the

5 same basis as previously, so there is proposed to be a

6 further transfer of £20,000 to Withers on account of

7 their and counsel’s fees and again, they ask for that to

8 be authorised by a consent order.

9 My Lord, in relation to the first part of that,

10 namely Withers and Mr Milner’s reappearance, we adopt

11 the same approach really as we did on the last occasion

12 when it was proposed that Withers come on the record and

13 Mr Milner appear, which is of course we don’t seek to

14 stand in the way of that. There will no doubt be

15 submissions at a later date along the lines of choice of

16 use of funds, and so on, if that should arise, and in

17 its right context, but we don’t object to their coming

18 on the record.

19 In relation to a smooth processing of the transfer

20 and so on, again, we don’t object, if it is thought

21 necessary, that that be reflected in an order, but

22 again, there may be points on the drafting to make sure

23 that that is all tidied up.

24 On the third point, we were told those expenses, as

25 well as the defendants’ prospective living expenses,

103

1 If I could just ask to be brought up on screen

2 {J1/26/1}. I think this is the order that my Lord made

3 in early February. It was 4 February. And, my Lord,

4 you may remember some aspects of this. This was the

5 order by which it is required that the defendants serve

6 an affidavit in their own names fulfilling a number of

7 criteria. Can we just go to the next page, please

8 {J1/26/2}, which included confirming Ms Bidault’s

9 affidavit, confirming various other points relating to

10 the asset position, exhibiting documents and bank

11 account statements, and so on.

12 If we just go to page {J1/26/3}, please. Skipping

13 paragraph 2 of the order, the order was that:

14 «On payment by or on behalf of the Defendants of any

15 of the items referred to at paragraph 12 of Bidault 1,

16 the Defendants will provide to the Claimants documentary

17 evidence of those payments having been made.»

18 My Lord may or may not remember what those included,

19 but we could have a quick look at them at {H2/37/3}. So

20 the items in paragraph 12 included a payment of income

21 tax, which is payable before 15 February. There were

22 taxes and fees relating to the apartment in Nice. There

23 were travel and dwelling expenses in Paris and

24 witnesses’ travel expenses, and rental payments and

25 taxes for CoFrance. So those together added up to some

102 104
Opus 2 International transcripts@opus2.com
Official Court Reporters +44 (0)20 3008 5900

April 18, 2016 Day 40

1 47,000, maybe 50,000 euros, in terms of payments in some

2 period coming up that the CoFrance payment was said to

3 be monthly, for example, the income tax was spread over

4 three tranches, so there was obviously going to be some

5 further ongoing series of payments as well. But

6 my Lord’s order did say we were supposed to be provided

7 with documentary evidence showing the discharge; in

8 other words, how the sums were being used.

9 So bearing in mind the burdens on the defendants, we

10 haven’t sought to chase that documentary record with any

11 detail to date, but it does seem to us that before

12 further funds are released, that ought to be put in

13 order, those details ought to be furnished and

14 a sensible, I say, appropriate, account and breakdown of

15 what it is proposed the further monies be spent on be

16 provided, my Lord.

17 And this is obviously against the background of

18 further sums being paid on Mr Milner. That will account

19 for, we can obviously see, a reasonable proportion of

20 those funds, and it may be the account will not then be

21 that long, once one has got that further sum out of the

22 way, but we say that would be appropriate, my Lord.

23 So in short, on point 3, we don’t stand in the way

24 in principle, but it does seem to us that it would be

25 appropriate now to have a breakdown both of the payments

1 Mr Stroilov.

2 MR JUSTICE HILDYARD: Shall we clear these out of the way.

3 MR STROILOV: Yes, my Lord, well, obviously, as I think

4 I indicated in my email, it is with regret that I am

5 once again really being difficult about assisting your

6 Lordship with cross-examination of Russian law experts,

7 but you will appreciate that I have been neglecting my

8 own life for quite a long time and it is becoming

9 increasingly difficult to carry on like that, so I would

10 say that really a large degree of responsibility for

11 pushing the defendants down this road is mine. I didn’t

12 quite say: I won’t do it unless you instruct Mr Milner,

13 but I didn’t leave them a lot of choice.

14 MR JUSTICE HILDYARD: Mr Stroilov, you have thus far

15 undertaken a formidable task and discharged it with

16 great application and skill, I think, and I quite

17 understand that on matters of Russian law and having

18 been at it since February, that it is no sorry thing for

19 you that Mr Milner can do this.

20 MR STROILOV: Indeed, my Lord. I’m grateful.

21 So, so long as your Lordship does not have concerns

22 with this matter in principle, of course we all

23 appreciate that this arrangement is imperfect whereby

24 lawyers come in for discrete tasks, but in the

25 circumstances, that is the best that can be done for

105 107
1 which have been made, which is simply asking the 1 everyone in my submission.
2 defendants to comply with your Lordship’s order 2 MR JUSTICE HILDYARD: Yes. I don’t for the moment see any
3 from February, of paragraph 2, and a short account of 3 reason to say anymore than I said last time, except to
4 what it is now proposed those sums will be spent on. 4 emphasise that this is a truly exceptional case, and the
5 My Lord, in relation to the draft order that was 5 context in which I’m envisaging short tours of duty
6 attached to the email, I just haven’t had the 6 followed by other tours of duty if finances allow is not
7 opportunity since it came through shortly after 7 a practice which I would encourage or even contemplate
8 9 o’clock this morning, either to focus personal 8 in most other circumstances, but I think on a previous
9 attention or to take detailed instructions on it. It 9 occasion I said take your own course, and I say that
10 does seem to us there might have be something further 10 once more.
11 added to it, in relation to paragraph 2, such that 11 MR STROILOV: Yes, my Lord. In terms of freezing order and
12 Withers — it is upon some sort of undertaking from 12 my learned friend’s points, well, obviously I’m not
13 Withers that they told the sums pursuant to the order of 13 criticising because, if anything, we should be
14 the court and only discharged against invoices or 14 criticised for bringing this up at short notice.
15 something like that. I’m not drafting it on my feet, 15 Obviously I haven’t — but this is the first time
16 but I’m sure there is some wording from one of the 16 I really hear these concerns being expressed. And I
17 previous orders that we can borrow for that, my Lord. 17 think I am instructed, and you can see the video link is
18 There may be other points, but as I say, I simply 18 not functioning perfectly, so if possibly
19 haven’t had the chance to take instructions, but 19 Mr Arkhangelsky, again, he might have been able to
20 I imagine they will be in the nature of drafting points 20 assist you more on these points, but effectively I am
21 or points along that line, rather than an in principled 21 instructed he can’t see us and probably can’t talk.
22 problem with it, my Lord. 22 But I think it is correct that we have not complied
23 So trying to be helpful, that is our position on 23 with the requirement to inform the claimants of the
24 each of those points. I don’t know if it would be 24 expenditure to date, for which we apologise and we will
25 helpful for me to sit down now and my Lord can hear 25 do so, but I would urge against allowing this to delay
106 108
Opus 2 International transcripts@opus2.com
Official Court Reporters +44 (0)20 3008 5900

April 18, 2016 Day 40

1 progress further. Very much a downside of the freezing

2 orders is that there is a lot of correspondence and

3 a lot of requirements to be complied with and then the

4 further delay on the part of the banks and then the

5 actual progress is delayed greatly, whereas time is

6 precious, obviously if it needs to be done by Withers

7 and Mr Milner they have to prepare and they have to have

8 some comfort about being paid for the work they have

9 done and be paid in the normal way for the work they are

10 asked to do now.

11 So perhaps there can be — some wording can be found

12 to make that the order effective only upon the provision

13 of the information required by the previous order, but

14 I would respectfully urge you against postponing the

15 matter until the information is provided and then

16 perhaps criticised and then there might be some

17 criticism back, and so on. It may take days and delay

18 in present circumstances is quite undesirable.

19 So I think that is all.

20 MR JUSTICE HILDYARD: When do you think that you can comply

21 with the terms of the previous order in February to

22 provide the details which are required by paragraph 12?

23 MR BIRT: Sorry, my Lord. It is paragraph 2, my Lord.

24 MR JUSTICE HILDYARD: Paragraph 2, I am sorry.

25 MR STROILOV: My Lord, I would be guessing, perhaps just as

1 MR STROILOV: Yes, I appreciate that, my Lord, but at the

2 same time really what we are asking for is not to alter

3 the position, really, in any way, it is simply to set

4 out the position as it is in reality, simply for the

5 benefit of third parties concerned, such as the banks,

6 so that they don’t delay logistical matters which are

7 necessary for proper progress.

8 MR JUSTICE HILDYARD: I understand what has caused you to

9 come to court and I respect it, but it does not answer

10 why I should not put you under constraint to ensure that

11 the answers you were required to give back in February

12 are now given.

13 MR STROILOV: Well, my Lord, I take the criticism.

14 Nevertheless, it is in everybody’s interests to have

15 a practical way forward which would not delay things.

16 MR JUSTICE HILDYARD: It is, which is why I was asking how

17 long. I perfectly accept you have to take instructions.

18 Mr Stroilov, I will tell you what my attitude is.

19 I want to have some firm timeline, notwithstanding the

20 various very great pressures there have been on you and

21 everybody, especially your client as well, but I want

22 some firm commitment as to when the paragraph 2

23 historical details are provided. They were ordered, it

24 is no real answer now to say that you are only making an

25 application in order to ensure that which should have

109 111

1 you would be — well, guessing — I haven’t taken

2 instructions, but guessing, I suppose if expenditure has

3 been made then it is likely that the evidence is

4 available, if it hasn’t been made, we can say so. So

5 I don’t think it is going to take long. But if you need

6 a more precise answer, a kind of factual rather than

7 guessing I would need to take instructions.

8 MR JUSTICE HILDYARD: Right. The thing is that courts are,

9 for obvious reasons, reluctant to give further — it is

10 not an indulgence, because it is their money, but having

11 given an order, it is — which has not been complied

12 with, the court can be difficult about granting another

13 similar order, simply because it expects its orders, as

14 it was, to be obeyed and looks askance if months later

15 they have not been.

16 MR STROILOV: But my Lord, but obviously this is a minor

17 omission —

18 MR JUSTICE HILDYARD: Well, no failure — I don’t wish to

19 sound unduly pompous, but I equally make quite clear

20 that no order of the court is a minor matter, it just

21 isn’t. It is a matter which the court has thought fit

22 to direct and it expects its orders to be complied with,

23 and in particular, if they are not to be, because there

24 is some insuperable difficulty, it expects to be

25 explained what the reason for that deficiency is.

1 been done anyway is done. I want those done. I’m not

2 going to be excessively draconian about it, but I want

3 some firm commitment in that regard. That is one point.

4 The second is that as I perceive it, the immediate

5 urgency may well relate to the payment of the amounts

6 required by Withers as regards the previous exercise and

7 as regards the forthcoming exercise with respect to the

8 Russian experts, and I think that you and Mr Birt need

9 to discuss with each other what the order should reflect

10 in that regard to demonstrate that the monies go to

11 Withers for the purposes outlined. No one is doubting

12 that that will happen, but it just needs — the i’s have

13 to be dotted and the t’s crossed in that respect.

14 Now, as regards the future living expenses and other

15 matters for which the monies are also to be raised, I do

16 not know whether these exceed the limit which was

17 prescribed under the original orders as extended.

18 MR STROILOV: That is not envisaged my Lord. What is

19 envisaged is to take advantage of this 2,000 weekly

20 allowance, which they have under the original order.

21 Obviously it has to be taken out of the life

22 insurance —

23 MR JUSTICE HILDYARD: Yes.

24 MR STROILOV: — and put into the ordinary bank account in

25 advance, because it takes — again, it takes

110 112
Opus 2 International transcripts@opus2.com
Official Court Reporters +44 (0)20 3008 5900

April 18, 2016 Day 40

1 procedurally some time.

2 MR JUSTICE HILDYARD: Yes.

3 MR STROILOV: And if your Lordship has, I think,

4 obviously — it is our fault, well, we haven’t provided

5 the evidence, but if you can look at Madame Bidault’s

6 breakdown, plus the sums for Withers, you will see that

7 this pretty much fills the 75,000 limit, if not over the

8 top. I’m not quite sure.

9 MR JUSTICE HILDYARD: Yes.

10 MR STROILOV: So obviously there needs to be the next —

11 MR JUSTICE HILDYARD: Well, I’m not going to hold up the

12 order pending the supply of the information, but I want

13 a definition of the information to cover any gap, what

14 it is that is to be provided and I will want you to

15 commit to a timetable for that, as well as the previous,

16 just to make sure that as the trial nears its

17 conclusion, all the housekeeping matters and the things

18 that previously were ordered and should be ordered now

19 have been complied with.

20 MR STROILOV: Yes, my Lord. I will need to take

21 instructions before I can give your Lordship any

22 deadline.

23 MR JUSTICE HILDYARD: Very good.

24 Subject to that point, that deals with it. Are any

25 there any tax consequences of realisation of these

1 a part of the same homework.

2 MR JUSTICE HILDYARD: Yes, thank you.

3 Does that deal with that, then?

4 MR STROILOV: I think it does, unless Mr Birt has any

5 concerns, I think that is …

6 MR JUSTICE HILDYARD: Yes. What I am looking for is for you

7 to take instructions, come up with a time and then refer

8 it back to me in writing with an agreed order which

9 I can initial and need not trouble you again. Subject,

10 of course, to any points you have, Mr Birt.

11 MR BIRT: My Lord, yes. We will work with the defendants on

12 that.

13 Can I just pick up a very small number of points.

14 We fully understand that this needs to be dealt with.

15 We don’t know how urgent it is. Withers are obviously

16 secured, in a sense, because these funds are all held

17 currently pursuant to a freezing order and the bank

18 won’t release them subject to an order of this court and

19 I’m not saying it is exactly the same as sitting with

20 the money in their account —

21 MR JUSTICE HILDYARD: The funds are, but their payment

22 isn’t.

23 MR BIRT: Well their payment isn’t. Many solicitors don’t

24 get paid until a week or two after — I am simply saying

25 it doesn’t have to be done overnight, but obviously we

113 115
1 products that have to be taken into account, or are 1 are not going to stand in the way and be awkward about
2 there expenses which have to be taken into account which 2 it, my Lord.
3 might substantially affect the sum 366,000 euro headline 3 MR JUSTICE HILDYARD: No.
4 value of the relevant insurance policy? 4 MR BIRT: In relation to — I think I made it clear, I ought
5 MR STROILOV: Well, again, it is better to take instructions 5 to make it clear, that in relation to Mr Milner and
6 on that. 6 Withers coming back on the record, I didn’t want to go
7 MR JUSTICE HILDYARD: Yes. 7 through all the points we took last time again but in
8 MR STROILOV: Generally speaking, I believe the answer is 8 a sense they still stand as our position, I just for
9 yes, there are tax consequences, but they are 9 this pragmatic stance today just wanted to say as
10 unavoidable, because without it, the life insurance 10 before, as today on this, and I think my Lord’s position
11 policy just remains the life insurance policy and 11 is in a sense the same; we have all made our position
12 nothing else. 12 clear before, and we are moving on in a practical way,
13 MR JUSTICE HILDYARD: I understand that, but it is of some 13 and we may have to come back to it in relation to
14 relevance, particularly as regards the issue of choice, 14 timetabling. Of course, Russian law was postponed on
15 to know whether the headline figure, which I presently 15 the basis of Mr Stroilov doing it and now Mr Milner is
16 take to be 366,000 less the amounts which have been 16 doing it. I am not seeking to reverse that, we are with
17 specifically authorised, or which are authorised under 17 where we are. There may be other points at a later date
18 the terms of the freezing orders as originally granted, 18 to make as to how we have got here, but that is, as
19 what further deductions have to be made in respect of 19 I say, not for now.
20 tax or other expenses. 20 In relation to the practical way going forward, do
21 The 366,000 may or may not constitute a proper 21 I understand the order my Lord seeks to make to be
22 appreciation of the value in the hands of Dr and 22 a variation of the freezing order, essentially, or the
23 Mrs Arkhangelsky of the product, of the insurance 23 sort of order that Mr Stroilov has produced, not made
24 product. 24 conditional upon the provision of further information or
25 MR STROILOV: Yes, my Lord. Well, I suppose that is really 25 from past compliance, but a separate provision also made
114 116
Opus 2 International transcripts@opus2.com
Official Court Reporters +44 (0)20 3008 5900

April 18, 2016 Day 40

1 about providing information as to how the funds are to 1 that both Withers, and for that matter, Mr Milner, will
2 be used? I just want to make sure that we know the 2 want to know that the money is coming in to them.
3 ground rules of the drafting, as it were. 3 MR BIRT: My Lord, yes.
4 MR JUSTICE HILDYARD: Yes. It will really be in three basic 4 MR JUSTICE HILDYARD: As well as being safe at the French
5 parts, I think. One, it will reflect the previous order 5 bank, for the meantime.
6 and make a provision for that, for some extension of 6 MR BIRT: My Lord, we will take that forward between us.
7 time for that order now to be complied with. 7 MR JUSTICE HILDYARD: Are you content with that,
8 MR BIRT: Yes. 8 Mr Stroilov?
9 MR JUSTICE HILDYARD: It will make provision for 9 MR STROILOV: Yes, my Lord, I am grateful.
10 identification of the payments to be made to Withers on 10 MR JUSTICE HILDYARD: Yes.
11 their account and on Mr Milner’s account. 11 MR BIRT: I think the next topic is coming back on 3 May.
12 MR BIRT: Yes. 12 MR JUSTICE HILDYARD: Yes.
13 MR JUSTICE HILDYARD: Identify what the residual amount 13 MR BIRT: Now, we have already had agreed and explained to
14 which is sought and the categories of payments and their 14 my Lord that the interpreters are not required for the
15 amounts to be made, and then it will also give the 15 week of 3 May, we understand, and so they have not been
16 liberty — it will affirm for the purposes of what 16 booked for that purpose. This may be the last time we
17 I understand to be the requirements of the French banks, 17 hear from them for a while. I just wanted to thank them
18 in order that they should be fully secure for releasing 18 on all our behalves, really. I know they are not all
19 the money, that those monies are released. 19 here, but especially the last few weeks, there has been
20 But I will not require the information be provided 20 a constant change of personnel because we have really
21 before that order takes effect, as regards its third 21 tried to keep them covered, but I think everybody would
22 limb. Is that reasonably clear? 22 agree we have been treated to some quite excellent
23 MR BIRT: My Lord, yes. I think I understand. I am just 23 service from the interpreters, my Lord.
24 checking what my Lord has said. 24 MR JUSTICE HILDYARD: I would very much like to say so
25 MR JUSTICE HILDYARD: Yes. 25 myself. With that, Mr Birt, it is a sort of miracle to
117 119

1 MR BIRT: So we will have in the order an identification of

2 the residual amount, by which I think my Lord meant the

3 non-Withers amount.

4 MR JUSTICE HILDYARD: Yes.

5 MR BIRT: The residual amount which is sought and the

6 categories of payments and the amounts to be made in

7 relation — so that is to go into the order, my Lord.

8 MR JUSTICE HILDYARD: Yes, but at a fairly high level,

9 I don’t expect to be told what sort of personal living

10 expenses, simply that there is X for living expenses.

11 MR BIRT: My Lord, I entirely understand.

12 MR JUSTICE HILDYARD: Yes.

13 MR BIRT: Well, I’m sure we will be able to come to an

14 agreement on that. We will wait for Mr Stroilov to take

15 instructions and to let us know his proposed timescale

16 for providing the information which is to be provided,

17 which won’t necessarily be provided before the order is

18 agreed and sent through to my Lord.

19 MR JUSTICE HILDYARD: Naturally, if there was an issue, you

20 would either have to refer it back to me or come and

21 talk to me about it at some time during this break

22 between now and 3 or 4 May, but I would hope that this

23 is a matter capable of being resolved and so far as the

24 order is concerned, I would very much hope that it could

25 be sooner rather than later, because I do understand

1 me that it can be done in this way, and I’m very

2 grateful for the changing teams and each of them.

3 MR BIRT: My Lord, yes.

4 MR JUSTICE HILDYARD: And to the transcribers for that. It

5 is quite extraordinary that on most occasions I have had

6 the transcript before 6 o’clock every evening, which is

7 extraordinarily helpful, but very, very impressive.

8 MR BIRT: It is, my Lord.

9 MR STROILOV: And my Lord, as I have the benefit of

10 understanding both languages, so may I absolutely

11 associate myself and it was really beyond brilliant, the

12 work of the translators and of the transcribers as well.

13 MR JUSTICE HILDYARD: Yes, thank you, Mr Stroilov, and thank

14 you to them.

15 MR BIRT: Just so my Lord knows as well, that Mr Stroilov

16 confirmed to me last week that Mr Arkhangelsky doesn’t

17 require the videolink for the time when we come back for

18 the Russian law experts, so that, the cost of that will

19 be saved for that week as well.

20 MR JUSTICE HILDYARD: What about written closing? Is there

21 to be Russian translation and/or video — sorry, the

22 oral closing in the end?

23 MR BIRT: We haven’t had a conversation between ourselves

24 about that, my Lord.

25 MR JUSTICE HILDYARD: It simply may affect the court, which

118 120
Opus 2 International transcripts@opus2.com
Official Court Reporters +44 (0)20 3008 5900

April 18, 2016 Day 40

1 court is required, and also given the difficulties that

2 we have had after the 19th, just to remind you, if —

3 which I’m sure is unnecessary, but just in case, that if

4 it is required, well, then, we had better — it is all

5 the more important to fix on the date when the event is

6 to occur.

7 MR BIRT: My Lord, yes, and that will be a topic to come to

8 shortly, I think, my Lord.

9 MR JUSTICE HILDYARD: Yes.

10 MR BIRT: And it may be Mr Stroilov can indicate now or if

11 he can’t, he can indicate overnight whether he and the

12 defendants anticipate requiring either or both of the

13 videolink or interpreters for oral closing submissions.

14 MR STROILOV: I don’t think interpreters may be required.

15 Well videolink may be more complicated. Our expectation

16 at the moment is that we can do without this, especially

17 as the Magnum realtime will still be there, as

18 I understand it.

19 It may be that, well, for one reason or another,

20 I will find myself in a difficulty in doing it, and will

21 only assist in preparing written submissions and then —

22 but we hope to avoid that, so I think for the moment it

23 is safe to assume that videolink and interpreters will

24 not be required for that.

25 MR JUSTICE HILDYARD: Well, can I just ask a little bit

1 which may be difficult particularly as we near the end

2 of the summer term, or whatever it is.

3 MR STROILOV: Yes, of course we will, but we just hope to

4 avoid the trouble.

5 MR JUSTICE HILDYARD: Yes, okay.

6 MR BIRT: That is helpful, my Lord.

7 Thank you, Mr Stroilov.

8 So in relation to 3 May, we will be back with, first

9 of all, Professor Maggs’ evidence, who now we understand

10 will be cross-examined by Mr Milner.

11 MR JUSTICE HILDYARD: Yes.

12 MR BIRT: And then followed by the evidence of Dr Gladyshev,

13 who I will cross-examine, and I think my Lord has

14 indicated we have three days that week, but if we need

15 a bit of time on the Friday, subject —

16 MR JUSTICE HILDYARD: I think not on the Friday, I think I

17 wasn’t keen — I think I have got something else on the

18 Friday for a morning, haven’t I?

19 MR BIRT: I think last time my Lord told us about it was

20 down for an hour at some point on the Friday morning.

21 MR JUSTICE HILDYARD: Yes. Well, we would be able to

22 continue if necessary, but I am taking it, since

23 I haven’t been told otherwise, that notwithstanding the

24 change of pilot, it is not Mr Milner’s anticipation that

25 he will take much more than a day, and therefore we can

121 123

1 about that. The written submissions, did you say you

2 would or wouldn’t be doing those?

3 MR STROILOV: I would be.

4 MR JUSTICE HILDYARD: You would.

5 MR STROILOV: Yes.

6 MR JUSTICE HILDYARD: But the oral submissions, answering to

7 the written submissions, you may or may not, or you will

8 be?

9 MR STROILOV: I am hesitant to promise, my Lord, but I very

10 much hope to be able to do that, simply because — well,

11 I don’t really see who else can do that. It is slightly

12 megalomaniac of me, but —

13 MR JUSTICE HILDYARD: Well, in case it assists, I would

14 imagine that the oral part following the written

15 submissions will largely be questions that I have on

16 your written submission, and their written submission,

17 and obviously, close familiarity with the written

18 submissions is extremely important in those

19 circumstances.

20 MR STROILOV: Yes. I will absolutely do my best, my Lord.

21 MR JUSTICE HILDYARD: Yes, okay. But for the moment you

22 think you will not require a videolink, nor a Russian

23 translation. I think if you are instructed or minded

24 otherwise, you must let Reynolds Porter know as soon as

25 possible, so they may put the arrangements in place,

1 fit it in easily within the 3rd, 4th, 5th, but if we

2 couldn’t, we do have part of the 6th in reserve; is that

3 right?

4 MR STROILOV: I don’t really know, my Lord, but it is

5 a stretch of imagination, expecting Mr Milner to come

6 saying that he needs a lot longer than everyone thought.

7 Normally the other way round.

8 MR JUSTICE HILDYARD: Again, I shall very much be working on

9 the footing that that week will result in the completion

10 of the expert evidence, and I’m likely to need very

11 considerable persuasion why it should not because

12 I think I will then almost certainly have other things

13 planned and I think there could well be a difficulty, if

14 I haven’t been given advance notice.

15 MR STROILOV: I don’t anticipate any …

16 MR JUSTICE HILDYARD: Very good.

17 MR BIRT: And as we understand it, Mr Milner will be

18 attending to cross-examine Professor Maggs. We don’t

19 know whether he will be attending to call and re-examine

20 Dr Gladyshev. I don’t know if Mr Stroilov knows that or

21 not.

22 MR STROILOV: I’m afraid I’m not sure, so an update will be

23 provided in writing I’m sure, pretty soon.

24 MR JUSTICE HILDYARD: Again, as soon as possible so we know

25 what is going to happen.

122 124
Opus 2 International transcripts@opus2.com
Official Court Reporters +44 (0)20 3008 5900

April 18, 2016 Day 40

1 MR BIRT: My Lord, I’m grateful.

2 I think we have been advised by the court service

3 that we can have this court back, my Lord, home from

4 home. If that proves to be the case, all well and good.

5 If it doesn’t —

6 MR JUSTICE HILDYARD: For the Russian experts?

7 MR BIRT: For the Russian experts, my Lord, yes.

8 MR JUSTICE HILDYARD: Yes. And in that context, I have

9 asked my clerk to liaise with all of you to see how we

10 can square the circle between the requirements of this

11 event next week —

12 MR BIRT: Yes.

13 MR JUSTICE HILDYARD: — and minimum disruption to the many

14 wires which have been installed.

15 MR BIRT: My Lord, yes. I mean, I have been told by those

16 behind me that they have been told that the equipment

17 can stay, but the bundles have to go, but anyway, I’m

18 going to leave that to them to get clear and get sorted

19 out and liasing with the court service, my Lord.

20 MR JUSTICE HILDYARD: Me too.

21 MR BIRT: I think probably the next topic that we should

22 raise with your Lordship is the dates for the written

23 closing submissions, unless my Lord wants to postpone

24 that discussion until the week of 3 May.

25 MR JUSTICE HILDYARD: Well, I would like a general

1 a little wayward, and I don’t criticise those, it is

2 simply the context to where we are. We remember in

3 particular the defendants, I think were about a week

4 behind the original deadline for their written opening

5 submissions. It seems to us that setting a date for the

6 written closings is important and we need to have a date

7 that both sides can be confident that each will work to

8 and that the other will meet.

9 I think my Lord made a comment on a previous

10 occasion that we do need to have a fixed — once the

11 timetable is fixed for closings, subject to the points,

12 of course, that my Lord has made about what do we do

13 with Steadman and Popov, we need to all be working to

14 that timetable.

15 So with respect to Mr Stroilov’s three weeks we do

16 wonder if it would be sensible to build a little more of

17 a buffer zone, if we might call it that, and have

18 a little bit more than three weeks. There are also

19 professional commitments on this side of the court,

20 including other hearings, that could then be slightly

21 better accommodated.

22 It just seems to us, stepping back, that if the

23 position is as your Lordship’s clerk has explained to

24 us, that it is not really until 17 June that my Lord

25 will have a serious week to read the written closings —

125 127

1 indication. The exact date may have to be finalised

2 later. We still have the outrider of the Steadman/Popov

3 issue —

4 MR BIRT: My Lord, yes.

5 MR JUSTICE HILDYARD: — as to whether it will have to be

6 carved out in the time between either 3 May and the

7 written closings or thereafter, so we have to keep that

8 in mind.

9 MR BIRT: My Lord, yes. Would it be helpful if I just

10 explain to your Lordship how we see how things might

11 progress?

12 MR JUSTICE HILDYARD: Yes.

13 MR BIRT: Your Lordship’s clerk helpfully forwarded to us

14 all, including Mr Arkhangelsky and Mr Stroilov at the

15 end of last week, some dates that my Lord would or would

16 not have for the reading of written closing submissions.

17 MR JUSTICE HILDYARD: Yes.

18 MR BIRT: And we understood from that that my Lord wouldn’t

19 be able to devote full attention to reading them until

20 probably Friday, 17 June.

21 We also know that Mr Stroilov has previously said

22 he would need at least three weeks after completion of

23 the Russian law evidence, and we note that while

24 Mr Stroilov has proved resourceful and capable during

25 the whole course of this trial, some estimates have been

1 MR JUSTICE HILDYARD: Can I just interrupt there. I haven’t

2 got a copy of his email with me, but I did ask him to

3 send it, so I am glad that that was done and grateful to

4 him.

5 There is a court vacation, and I am stealing an

6 extra two days. I therefore return on Thursday the 9th.

7 But I have another issue which would mean that

8 I couldn’t sit on those days. But I probably could read

9 on those days, if it was required. So has he indicated

10 that I’m not available on those dates?

11 MR BIRT: My Lord, no, and I was coming back to that.

12 MR JUSTICE HILDYARD: I’m sorry.

13 MR BIRT: We have been told exactly that, my Lord, that you

14 would be available to read on 9 and 10 June, although

15 you have a two- to three-day CMC.

16 MR JUSTICE HILDYARD: I have an RBS matter I think in the

17 following week, and as it is a three-day CMC it may very

18 well be that at least part of the 9th and 10th will have

19 to be devoted to that. It is on that footing that you

20 say the 17th.

21 MR BIRT: My Lord, yes. Really the bottom line of my Lord’s

22 clerk’s email was although there were two days there,

23 immediately before what would no doubt be a heavy CMC,

24 it wasn’t until 17 June that my Lord would get full

25 attention for written submissions. And we were

126 128
Opus 2 International transcripts@opus2.com
Official Court Reporters +44 (0)20 3008 5900

April 18, 2016 Day 40

1 wondering on this side of the court whether that would 1 But it seemed to us that at least it might be
2 not be safer to aim for. 2 sensible to put, if I can put it this way, a fallback or
3 MR JUSTICE HILDYARD: That is in effect six weeks. 3 default position so that in the event my Lord decided no
4 MR BIRT: It would be six weeks from — I suppose it would 4 oral evidence was required, we could have oral closings
5 be six weeks from 6 May, my Lord. My Lord, I hadn’t 5 in one of those two weeks at the end of June or at the
6 done that calculation, but that must be right. One of 6 beginning of July, my Lord.
7 the reasons we say that, against my Lord potentially 7 MR JUSTICE HILDYARD: Yes. I mean, I will hear what
8 having 9 and 10 June as well, is that when we debated 8 Mr Stroilov has to say about the six weeks. The
9 Steadman and Popov last week, one of the things that 9 disadvantages of six weeks are that it narrows the time
10 my Lord put on his own list of things to do, if I can 10 before the end of July, as it were, in case there is
11 put it like that, was to read those reports in more 11 slippage on the Popov/Steadman front.
12 detail, either before or in conjunction with the written 12 MR BIRT: Yes.
13 closings. So it seemed to us that if my Lord ended up 13 MR JUSTICE HILDYARD: And the other is that your
14 with, can I put it, reading time for this case before 14 familiarity, certainly my familiarity, with the case
15 submissions and written closings, my Lord would not be 15 diminishes with passing weeks. I dare say the latter is
16 short of things to do. 16 inevitable anyway, and one week will not make much of
17 It seemed to us, both in the context of my Lord 17 a difference. I’m a little bit worried about the
18 probably wanting to sit down and read the written 18 Popov/Steadman thing, but I understand that these
19 closings without interruption from other things, but 19 timetables are being calibrated by reference to all the
20 I simply don’t know what my Lord’s working practice is, 20 factors, including counsel availability — which isn’t
21 but also given the potential for slippage of 21 a sort of clinching argument, but nevertheless is
22 Mr Stroilov’s three weeks based on past experience — 22 something I would take into account, given the overflow
23 I don’t criticise, I simply note. And based on 23 from the original timetable.
24 commitments on this side of the court, I think each of 24 MR BIRT: My Lord, yes. And I suppose, standing back, we
25 the three of us have other hearings coming up in 25 just wondered whether there would be a sufficient prize
129 131
1 forthcoming weeks. It seemed to us that heading for 1 of getting them in earlier if my Lord wasn’t going to
2 17 June for written closings would be a safe and secure 2 have enough time to read them really until that week
3 date that we could all start to get used to and start to 3 anyway, even with a couple of days in the middle
4 plan for at this stage, knowing that everybody could 4 of June.
5 meet that, and knowing that then my Lord would, 5 MR JUSTICE HILDYARD: Yes, yes.
6 certainly as things currently stand, have time to get on 6 MR BIRT: Whether one was really just overreaching. We are
7 with reading them, rather than, for example, forcing an 7 happy to stick to an earlier timetable if my Lord thinks
8 early date for maybe not much gain, if my Lord was 8 that there might be material gain to be made from it,
9 otherwise occupied in the week before in any event, 9 but —
10 my Lord. 10 MR JUSTICE HILDYARD: I mean, I would hope even before the
11 So that is what we were thinking about written 11 written submissions, if given enough time, which is
12 closing on this side. And then we can come to on 12 never quite — unlike a trial, then I would have begun
13 discuss oral closings. But our current thinking, 13 to very particularly identify if Steadman/Popov is
14 my Lord, is that you suggested a reading time of a full 14 required, where the fault lines on which they would
15 week for the written closings, and we wondered whether 15 require — and I would feel free to do that even before
16 in that regard the sensible thing then would be to at 16 your written submissions, which might accelerate
17 least pencil in the week commencing 27 June or, if it 17 matters.
18 was thought a week was too skinny and a fortnight was 18 MR BIRT: My Lord, yes. And as I say, if you like, the
19 required, the week starting 4 July, as at least the 19 default that I put forward is obviously entirely without
20 default position for oral closing submissions, on the 20 prejudice to it being —
21 understanding, of course, that my Lord may decide or ask 21 MR JUSTICE HILDYARD: — to that.
22 for argument in relation to whether oral evidence was 22 MR BIRT: I don’t want to say —
23 required on the Popov and Steadman issues, either before 23 MR JUSTICE HILDYARD: What do you think about these
24 that date or on that date, in either event requiring 24 timetables, Mr Stroilov?
25 postponement of that. 25 MR STROILOV: Well, my Lord, in a way, it is obviously
130 132
Opus 2 International transcripts@opus2.com
Official Court Reporters +44 (0)20 3008 5900

April 18, 2016 Day 40

1 natural for both parties to want more time to prepare 1 MR JUSTICE HILDYARD: Perhaps you could correspond and let
2 submissions, and your Lordship is the one who would be 2 me know. I will need a full undisturbed working week at
3 prejudiced by the delay. So obviously I would welcome 3 the least. That is because I think it will take me
4 to have six weeks. If I was given six months I would be 4 a bit of time to read it, but my experience has been
5 even happier, but that is not … so it is really for 5 that when you have to cross-refer to numerous exhibits
6 your Lordship to say. But I feel — I absolutely accept 6 and work out where the witnesses spoke to them for
7 what has been said about my — I am notorious for too 7 yourself, that that is a very laborious task and so
8 optimistic estimates. 8 I feel some anxiety whether a week would be sufficient.
9 MR JUSTICE HILDYARD: You have covered — all of you have 9 MR STROILOV: Yes, my Lord.
10 covered a great deal of ground. The references to the 10 MR JUSTICE HILDYARD: It seems a long time, but it quickly
11 bundles have been very far ranging and there has been 11 goes.
12 a lot of evidence given and there will also be the 12 MR STROILOV: Yes.
13 complexities of Russian law. So I think it would be — 13 MR JUSTICE HILDYARD: Yes.
14 I think three weeks was really quite brave, if I can put 14 MR BIRT: We will wait to liaise with Mr Stroilov about his
15 it that way and what I would propose, therefore, is 15 availability for oral closings and that will, to some
16 simply to direct this all subject to review, we will 16 extent, inform that. If it comes down to wanting to do
17 return on 3 May. We will complete the expert evidence 17 it starting on 27 June, we could —
18 during that week. We will then adjourn the matter for 18 MR JUSTICE HILDYARD: I think you would have accelerate the
19 my consideration, it being my intention at some time to 19 arrival of the written stuff.
20 give further directions with regard to Mr Steadman and 20 MR BIRT: We would have to make sure that they were not
21 Mr Popov. 21 served on 17 June, but at least by 6.00 pm on the
22 I am acutely aware that the longer that is delayed, 22 following evening, if my Lord was still in court on the
23 the narrower the prospects of getting Mr Steadman or 23 Thursday —
24 Mr Popov, because they will be busy men and the summer 24 MR JUSTICE HILDYARD: I think I would probably accelerate by
25 then creeps up and people go away, et cetera, so I will 25 slightly less than a week, because although I will have
133 135

1 earnestly try to do that, but without any firm

2 commitment.

3 We will have the effectively six weeks for written

4 closings so that they will come in once I have done the

5 other matters which I’m rostered to do on 17 June, and

6 we will look to pencil in the 27 June or 4 July.

7 I think it is likely to be 4 July, because I imagine

8 that your written submissions may be quite substantial

9 and I will need to make quite a few references in

10 accordance with the copious footnotes which I weakly

11 anticipate.

12 I’m hoping that my bundles have over the course of

13 time as regards the D bundles been supplemented by the

14 documents to which reference has been made, but that is

15 a matter which can be ongoing, with apologies and thanks

16 to all concerned, and I think that in that way you will

17 all have enough time and so will I.

18 MR STROILOV: I am grateful, my Lord.

19 I’m not sure — from memory I’m trying to check, the

20 beginning of July might be difficult for me.

21 MR JUSTICE HILDYARD: The 4 July?

22 MR STROILOV: The first week of July might be difficult for

23 me in terms of attendance. The last week of June is

24 something I would prefer. I am speaking from memory,

25 I am not properly checking the diary.

1 a CMC, I can do evening reading time, so I would

2 probably accelerate. I really do think that one week

3 would be stretching it, and I would like some reading

4 time to do them justice.

5 MR BIRT: My Lord, yes. Well, we will wait to liaise with

6 Mr Stroilov about his date for the oral closings, then

7 on that basis, and then come back to my Lord about the

8 date for the written closings in the light of that, and

9 whether that would be the week before the 17th, which

10 would be the —

11 MR JUSTICE HILDYARD: And you can update me more fully on

12 3 May, which is not that far away.

13 MR BIRT: My Lord, no. And it may be that if Mr Stroilov is

14 not going to come at all for the Russian lawyers, this

15 might be an aspect on which he can provide very short

16 instructions to Mr Milner so we don’t have the

17 unfortunate issue of we being here on 3 May to discuss

18 that and nobody with the information on the other side.

19 There must be a workable way of dealing with it,

20 my Lord, is what I am saying.

21 MR STROILOV: We will do our best.

22 MR JUSTICE HILDYARD: Please continue to cooperate between

23 yourselves and give us as much clear guidance as you

24 possibly can for all the reasons which are obvious and

25 which we have discussed. Very good. Well, 40 days and

134 136
Opus 2 International transcripts@opus2.com
Official Court Reporters +44 (0)20 3008 5900

April 18, 2016 Day 40

1 40 nights, really, but more to come.

2 MR BIRT: My Lord, I say this simply by way of in a sense

3 reminder to Mr Stroilov and the defendants, though for

4 your Lordship’s note as well that there are one or two

5 points which are outstanding and we anticipate coming in

6 the near future. One of them is subject to an order

7 my Lord made which hasn’t yet fallen due, so this is not

8 something they are in breach of, but it is the case that

9 the defendants’ statement of case is going to be nicely

10 tidied up with the right underlining and strike-out.

11 MR JUSTICE HILDYARD: Yes, by 27 April.

12 MR BIRT: I had written down the 29th.

13 MR JUSTICE HILDYARD: Oh, 29th, very good.

14 MR BIRT: In any event, that is still some time off, but

15 I hope my Lord doesn’t mind me just mentioning that for

16 the transcript.

17 Secondly, the Wednesday before Easter, one of the

18 points on our housekeeping menu was the documents held

19 by Mr Nazarov that had been made available, and we left

20 it on that occasion, not pressing for an order, but that

21 Mr Stroilov was going to come up with a proposal for how

22 he would see those being dealt at least to some extent

23 and I think we had proffered some potentially sensible

24 ways of his trying to cut through it, whether that be by

25 way of sampling or anyway, some sort of proposal. We

1 picked up from Russian court websites that Vbank had

2 taken against Mr Arkhangelsky and his companies that we

3 just asked about, and there seem to be some recent

4 judgments and we await a response on that. We haven’t

5 teed that up to bring it before my Lord in any more

6 formal way but it is out there and we hope to receive a

7 response shortly.

8 My Lord, I think that completes the only things that

9 I had on a list to mention to my Lord today.

10 MR JUSTICE HILDYARD: Yes. There was one small point which

11 was in the course of your examination or

12 cross-examination of Mr Savelyev, Mr Stroilov, you were

13 dissuaded from going into the answers to the further and

14 better information that had been provided on the footing

15 that it had been — the answers had been provided only

16 by the Bank. I received correspondence I think last

17 week, possibly the week before, to the effect that

18 Mr Savelyev has confirmed or would be willing to

19 confirm, at any rate, that the answers given are, so far

20 as he is concerned, accurate also.

21 Do you want to say anything about that? Is that

22 something which caused you concern in that you might

23 have asked some more questions or anything else?

24 MR STROILOV: No, my Lord, I think it doesn’t, and obviously

25 what he says about it is — well, is what he says.

137 139

1 haven’t had anything on that yet and Mr Stroilov has

2 been busy cross-examining, we haven’t wanted to push,

3 but it seems to us that that might be something that

4 with a little bit of the pressure off, I underline

5 «little», of course, there might be a proposal that

6 comes and we can just sensibly consider it.

7 Again, my Lord, we haven’t sought to go over the top

8 on this, but we do think and I think my Lord endorsed

9 this last time, that the defendants can’t just sort of

10 shut their eyes to the two crates of documents in the

11 corner. There just needs to be a sensible proposal for

12 working out what to do, and that is simply what we ask.

13 MR STROILOV: I agree, and I keep that in mind and I intend

14 to send some samples. What I mean to do is really to

15 take some more or less random documents, let’s say,

16 every 40th document, then I can review and disclose and

17 then we decide how we —

18 MR JUSTICE HILDYARD: I leave it to you how you do it, but

19 after a little pause for breath, I think you must get on

20 with this. It won’t get any better as a task.

21 MR STROILOV: Absolutely, yes, my Lord.

22 MR BIRT: I won’t not run through them all in court,

23 particularly with the hour it is. There are one or two

24 items of correspondence outstanding. There is one, for

25 example, in relation to further proceedings that we had

1 I reserve the right to make such closing submissions

2 about it as I will, but other than that, no, I’m not

3 asking to get —

4 MR JUSTICE HILDYARD: The only reason I ask is when I was

5 re-reading the transcript I saw that you sort of leapt

6 off it because we all suddenly spotted that it was only

7 the Bank that in fact had given the answers, but as long

8 as you are content.

9 MR STROILOV: I am grateful, my Lord, I am grateful for

10 raising it, but it is not the end of the world.

11 MR JUSTICE HILDYARD: Good. Is that it?

12 MR STROILOV: I think it is.

13 MR BIRT: My Lord, I hesitate to say, I think it is.

14 MR JUSTICE HILDYARD: Well, I shall miss you, naturally.

15 I am very grateful also to the court staff who have had

16 to put up with a more flexible timetabling than

17 otherwise more usually is the case, and I shall see you

18 on 3 May, generically, not you, Mr Stroilov, but of

19 course, if you are to handle Professor Gladyshev, I will

20 see you then also.

21 MR BIRT: I think 3 May will be Professor Maggs, my Lord.

22 MR JUSTICE HILDYARD: The first one, yes.

23 MR BIRT: And I don’t when your Lordship wants to sit, shall

24 we work to 10.30 for tradition’s sake, unless we hear

25 otherwise from Mr Milner, who thinks he might be longer.

138 140
Opus 2 International transcripts@opus2.com
Official Court Reporters +44 (0)20 3008 5900

April 18, 2016 Day 40

1 MR JUSTICE HILDYARD: Yes, I think you are quite right, we

2 will revert to tradition, 10.30, and my preference would

3 be, given the nature of the evidence, to sit 10.30 to

4 4.15 or 4.30 and so when counsel are working out how

5 many days they need, they should bear that in mind,

6 rather than the longer days.

7 MR BIRT: We all have happy memories of Mr Milner’s

8 cross-examination of last week, where we had

9 a commendably short day, so we don’t know whether it

10 will repeat itself.

11 MR JUSTICE HILDYARD: Yes, well, he has a proud record to

12 uphold. Very good. Okay, have a good break from the

13 case.

14 (4.30 pm)

15 (The hearing adjourned until 10.30 am on

16 Tuesday, 3 May 2016)

17

18

19

20

21

22

23

24

25

141
1 INDEX
2 PAGE
3 MS ELENA VLADIMIROVNA YATVETSKY ………………….1 (Continued)

4 Cross-examination by MR STROILOV (Continued) ………1

5 Re-examination by MR BIRT ……………………..72

6 Questions by MR JUSTICE HILDYARD ………………..80

7 Further cross-examination by MR STROILOV …………96

8 Further re-examination by MR BIRT ……………….97

9 Housekeeping …………………………………100

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

142
Opus 2 International transcripts@opus2.com
Official Court Reporters +44 (0)20 3008 5900

143

April 18, 2016 Day 40

A

à (2) 81:13 82:17 abbreviation (1) 62:21 able (6) 65:8 108:19

118:13 122:10 123:21 126:19 absence (2) 82:10

95:13 absent (1) 95:14

absolutely (8) 4:12 5:14 10:13 78:17 120:10 122:20 133:6 138:21

abuse (2) 68:19,19 abused (1) 68:17 accelerate (4) 132:16

135:18,24 136:2 accept (6) 13:5 15:16

39:17 92:3 111:17 133:6

acceptable (2) 90:21 97:23

accidents (1) 69:6 accommodated (1)

127:21 account (16) 64:19

77:4 85:12 102:6 104:11 105:14,18 105:20 106:3 112:24 114:1,2 115:20 117:11,11 131:22

accounts (1) 38:6 accurate (5) 30:15
69:4 71:22 96:18 139:20

acquainted (3) 25:16 26:23 55:18

acquire (5) 22:7 28:5 69:22 94:1,4 acquired (20) 20:20 21:11 22:11,24 27:14,16,19,22 28:3,7,16 30:16

32:3,15 77:5,13,24 79:16 86:20 98:5
acquiring (2) 26:11 79:13

acquisition (3) 23:1 90:7 97:14

act (1) 67:6

acted (3) 45:17 94:21 95:6

acting (2) 56:3 70:4 actions (1) 86:14 activities (1) 15:25 activity (2) 81:3,22 acts (2) 52:25 61:4 actual (4) 1:15 37:7

60:3 109:5 acutely (1) 133:22 add (1) 85:9 added (2) 104:25

106:11

address (37) 12:9,10 12:13,18 18:1 24:24 33:24 34:4 34:10,11,17,25 35:10,10,15,19 36:10,16,16,18,20 36:21,22,24,25 38:1,3,7,13,19 39:6 39:21 42:4 45:6,6 46:10 47:16

adjourn (1) 133:18 adjourned (1) 141:15 adjournment (1) 55:9 ADK (1) 35:18

admit (2) 37:20,22 11:21 16:15 19:4 75:10 78:5
admitted (1) 39:4 19:25 21:5 31:4 Arkhangelskys (1)
adopt (1) 102:10 61:12 63:22 65:2 82:9
adopted (1) 96:11 73:11,20 74:6,17 arrange (1) 87:17
advance (2) 112:25 75:19,22 76:23 arranged (2) 11:8
124:14 78:17 80:3 85:14 87:22
advantage (1) 112:19 86:7 87:10 89:10 arrangement (7)
advised (1) 125:2 89:21 90:8 91:24 20:13 21:13,17
adviser (1) 86:4 92:11 93:19,24 67:15,19 96:20
affect (2) 114:3 96:8 98:2,22 110:6 107:23
120:25 111:9,24 114:8 arrangements (9) 3:2
affidavit (5) 103:9,13 answered (1) 97:15 20:6,7,11 51:15
103:21 104:6,9 answering (2) 40:23 80:19 95:2 103:16
affiliate (4) 38:22,25 122:6 122:25
39:7,10 answers (7) 1:7 82:20 arrival (1) 135:19
affirm (1) 117:16 111:11 139:13,15 article (5) 40:5 43:5
afford (1) 90:3 139:19 140:7 43:25 44:3 61:8
afraid (5) 8:7 10:16 anticipate (4) 121:12 askance (1) 110:14
29:20 61:19 124:22 124:15 134:11 asked (37) 5:15 7:2
afterthought (1) 137:5 16:2,3 17:16,17,17
69:15 anticipation (1) 18:20 21:10 30:19
agency (5) 24:16 123:24 30:25 49:14 61:10
25:21 26:1 40:6 anxiety (1) 135:8 67:5 72:23 73:4,15
87:23 anymore (2) 8:24 73:16 75:14,16
agenda (1) 45:15 108:3 76:6 78:11,13,25
agent (3) 82:4,23 83:2 anyway (6) 91:4 112:1 82:24 85:1,5 87:5
ago (4) 21:23 59:2,4 125:17 131:16 88:24 89:19 91:13
61:8 132:3 137:25 93:17 97:8 109:10
agree (5) 18:9 42:5 apart (2) 37:22 38:17 125:9 139:3,23
57:9 119:22 138:13 apartment (3) 24:25 asking (11) 27:9 76:16
agreed (5) 53:20 34:18 104:22 78:9 83:17 85:19
81:22 115:8 118:18 apologies (3) 80:9 97:10,11 106:1
119:13 85:25 134:15 111:2,16 140:3
agreement (24) 2:2 apologise (5) 6:12 aspect (1) 136:15
21:18 28:4,12 58:21 60:11 64:1 aspects (2) 100:6
41:13 56:1,2,10,22 108:24 104:4
58:1,2,4,5,17 76:25 apparently (3) 46:17 assertion (1) 11:11
79:6,11 81:20 82:1 62:6 101:18 asset (13) 26:1 84:23
82:2,9 86:18 87:24 appear (2) 54:12 90:14 93:3 94:1,5
118:14 102:13 96:22,22,23,24
agreements (11) 1:17 appears (17) 1:22 98:7,9 104:10
2:8,12,15 19:14 4:18,19 8:13 10:25 assets (50) 14:6,7
23:24 53:17 68:11 11:11 27:6 40:21 18:23 24:15 25:21
68:15 71:13 80:20 46:19 52:20 62:7 26:12,12 27:17,23
ahead (1) 80:9 62:25 63:2 64:22 28:3 31:16,16
aim (1) 129:2 65:20 79:7 103:4 56:20,21 66:25
AK (1) 52:12 application (2) 107:16 67:8,11 68:3 69:3,7
Aleksandr (1) 47:18 111:25 69:11,18,22 70:6
Aleksei (2) 44:16 apply (1) 91:6 70:10,15 72:25
50:23 appreciate (4) 45:22 73:8,8,12 77:16
Alexander (2) 44:22 107:7,23 111:1 78:12,14,20,24
52:22 appreciation (4) 82:21 85:7,13 86:5,11,18
alive (1) 65:5 82:21 86:3 114:22 87:14 89:5,25
allegedly (3) 14:6 approach (2) 96:12 90:10 92:24 93:12
27:22 56:11 102:11 93:20 94:10 97:16
allow (1) 108:6 approached (2) 14:7 98:15
allowance (1) 112:20 40:17 assigned (1) 92:7
allowed (2) 20:18 appropriate (3) assignment (1) 76:18
98:14 105:14,22,25 assist (3) 84:5 108:20
allowing (1) 108:25 April (10) 1:1 2:8,13 121:21
alphabetically (1) 11:8 2:16 4:8,23,23 5:5 assisting (1) 107:5
alter (1) 111:2 5:20 137:11 assists (2) 99:6 122:13
altogether (1) 77:13 archived (1) 38:8 associate (1) 120:11
Altriwa (4) 91:13,17 area (1) 42:23 associated (1) 33:12
91:24 99:11 arguing (1) 2:14 assume (3) 83:22 93:7
amount (10) 37:10 argument (2) 130:22 121:23
58:16 88:19 95:19 131:21 assumed (4) 6:20 7:1
98:10 103:2 117:13 arisen (1) 100:5 7:18 21:7
118:2,3,5 arising (2) 72:22 97:5 assumptions (1) 36:4
amounts (5) 103:10 Arkhangelsky (22) assurance (1) 103:1
112:5 114:16 3:19 75:23 76:9 attached (1) 106:6
117:15 118:6 77:5,12,24 78:23 attendance (2) 100:1
ancillary (1) 73:11 80:21,25 81:8,11 134:23
and/or (4) 70:18,23 81:16,18 82:13,16 attending (2) 124:18
71:16 120:21 100:22 101:18 124:19
Andre (1) 52:21 108:19 114:23 attention (6) 30:24
Andreevskiy (1) 7:23 120:16 126:14 33:14 61:25 106:9
Andrei (2) 25:10 62:2 139:2 126:19 128:25
answer (36) 6:24 Arkhangelsky’s (2) attitude (1) 111:18

auction (31) 20:16,24 21:7,8,9 22:1 27:15 27:17 28:2,3,5,17 69:25 70:1 72:25 77:4 78:12,15,19 79:15 85:23 86:10 86:12,16 90:11,17 92:8,11 97:16,20 98:5

auctions (4) 85:24

86:2,17,19

August (1) 39:14 authorised (4) 101:22

102:8 114:17,17

availability (2) 131:20 135:15

available (4) 110:4

128:10,14 137:19 average (1) 98:6

AVK (2) 50:11 59:1 avoid (3) 91:2 121:22

123:4 avoided (1) 3:15 await (1) 139:4 aware (9) 17:8,11

20:5,7 26:15 38:4 62:8 67:21 133:22

awkward (1) 116:1

B

B2/12/1 (1) 48:18 B2/12/18 (1) 48:22 B2/12/3 (1) 48:20 B2/12/4 (1) 50:2 back (24) 8:2 19:17,18

26:5 29:2 63:23 77:22 80:17 100:1 101:25 109:17 111:11 115:8 116:6 116:13 118:20 119:11 120:17 123:8 125:3 127:22 128:11 131:24 136:7

backbone (1) 50:14 backdated (2) 4:8,19 background (1)

105:17

balance (8) 77:14,25 90:15,20,21 91:1 97:23 98:16

Baltic (4) 62:22 63:2 63:24 65:17

BALTIC-SERVIS (2)

79:8,14

Baltstar (4) 43:19,20

44:12,15

bank (132) 12:11,16 13:6,8 14:23,25 15:1,6,16,20,22 16:18,25 17:9,14 25:15 26:8,17 27:1 27:8,8 31:8 34:21 35:11,23 36:8,10 37:2,4,23 38:22 39:5,8,12 42:16,19 43:2 45:10 48:25 49:5,10,12,16,18 49:19,25 50:4,7,8 50:10,17,19 51:7,9 51:14 52:1 53:13 66:22 67:1,4,8,16 67:16 68:3,5,6,19 68:20,23 69:10,11 70:5,9,13,13,18,23 71:5,9,16,20,20,23 76:19 80:21 81:7 81:11,13,18 82:5,9

82:15,17,23 83:5,9 83:16 84:7,12,18 84:21 86:6,18 87:7 87:12,15,17,23 90:12,23,25 92:6 94:21,21,24,24,25 94:25 95:2,2,9 96:6 97:25 98:7,24 101:15 104:10 112:24 115:17 119:5 139:16 140:7

bank’s (22) 16:13 17:19,22 25:18 26:2 27:2 37:15 38:19 42:12 45:6 52:10 66:22 68:18 69:16 70:18,23 71:17 83:2,7,9 96:6 96:14

banking (1) 16:19 banks (3) 109:4 111:5

117:17

Banofo (3) 62:7,15 63:20

Barrister (7) 53:4,10 53:14,24 56:25 57:6,9

based (8) 25:6,7 36:4 68:1 75:19 77:3 129:22,23

basic (1) 117:4 Basically (1) 3:12 basis (10) 48:8 53:12

61:7 75:17 76:25 87:6,8 102:5 116:15 136:7

basket (1) 31:8 bear (1) 141:5

bearing (2) 79:6 105:9 becoming (1) 107:8 beg (5) 6:2,6 15:3

46:11 61:21 beginning (7) 39:14

46:16 94:12 103:8 103:17 131:6 134:20

begun (1) 132:12 behalf (17) 11:25 24:4

24:5 52:25 53:2 63:16 64:25 65:9 65:23,24 66:7 70:5 71:4,16 75:15 84:21 104:14

behalves (1) 119:18 believe (17) 7:12

11:11 15:19 23:3 53:17,22 54:21 61:16 63:18 65:2,9 66:17 67:18 87:19 87:21 94:6 114:8

believed (4) 3:1,24 20:12,16

bells (1) 62:23 belong (1) 42:19 belonged (7) 8:1 10:3

21:6 22:4 45:16 66:8,19

belongs (1) 45:12 beneficial (4) 11:12

45:19 57:17 64:16 beneficially (3) 11:24

70:17,23 beneficiary (1) 64:16 benefit (6) 87:22 88:8

90:7 97:13 111:5 120:9

Benz (1) 37:8

best (7) 24:21 32:13 63:24 74:11 107:25

122:20 136:21 better (11) 8:7 13:16

32:20 53:23 59:23 69:16 114:5 121:4 127:21 138:20 139:14

beyond (1) 120:11 BFK (1) 34:20 Bidault (3) 103:9,21

104:15

Bidault’s (2) 104:8

113:5

bidder (2) 73:1 78:13 big (5) 23:3,3 36:12

41:25 55:12

Birt (88) 59:13,18 72:3 72:4,16,21 79:21 80:2,6,10 85:17,23 85:25 97:4,5 99:3,6 99:9,16,18 100:3,5 100:16,25 101:3,8 101:12 109:23 112:8 115:4,10,11 115:23 116:4 117:8 117:12,23 118:1,5 118:11,13 119:3,6 119:11,13,25 120:3 120:8,15,23 121:7 121:10 123:6,12,19 124:17 125:1,7,12 125:15,21 126:4,9 126:13,18 128:11 128:13,21 129:4 131:12,24 132:6,18 132:22 135:14,20 136:5,13 137:2,12 137:14 138:22 140:13,21,23 141:7 142:5,8

bit (11) 60:3 72:13 78:25 80:12 103:5 121:25 123:15 127:18 131:17 135:4 138:4

bits (1) 64:3 Board (1) 51:19 body (1) 23:21 Bolshaya (1) 43:21 booked (1) 119:16 books (3) 77:14,24

93:3

borrow (1) 106:17 borrower (2) 50:20

68:21

bottom (8) 6:15 7:7 11:6 25:10 59:25 64:7 67:16 128:21

bought (5) 21:24 40:9 40:10 75:24 76:1

bound (2) 84:4,6 Boyarin (5) 5:16 6:12

6:22,25 7:8 brave (1) 133:14 breach (1) 137:8 break (12) 28:24 29:2

29:11 54:25 55:3 72:11,19 100:8,9 101:5 118:21 141:12

breakdown (4) 103:12 105:14,25 113:6

breath (1) 138:19 briefly (1) 99:13 brilliant (1) 120:11 bring (1) 139:5 bringing (1) 108:14 brings (1) 4:1

Brodestskaya (1)

49:19

Opus 2 International transcripts@opus2.com
Official Court Reporters +44 (0)20 3008 5900

144

April 18, 2016 Day 40

brother (2) 52:22 62:3 brought (1) 104:1
BSP (4) 26:14 38:1,7 38:12

BSPB (6) 34:17,19,20 35:4,7,9

BTK (5) 62:21,24,24

63:8,14 buffer (1) 127:17 build (1) 127:16 building (6) 42:12

77:2,5,6,9,19 buildings (4) 42:16,18

43:14 79:14 built (3) 42:16 67:24

77:21

bundles (4) 125:17 133:11 134:12,13

burden (1) 89:24 burdens (1) 105:9 business (67) 8:16 9:14 10:12 12:7

14:25 16:19,20,23 18:12 24:14 25:3,7 35:25 36:13,14 38:9 39:9 40:6,7 41:6,21,22 42:20 46:2 47:1,3,4 48:11 48:15 50:14,17 53:11 54:3 55:12 55:14,15,16 56:15 56:20 57:10,13,20 57:21,22,23 60:23 61:1,5,14,15,17 65:4 66:8,11,19 68:8,9 70:25 71:23 94:2,2,3,8,9,9,10 96:23

businesses (7) 17:3,9 36:8,10 53:1,2 71:16

busy (2) 133:24 138:2 buy (4) 51:16 69:24

70:15 81:1 buyer (2) 14:6 69:20 buyers (1) 69:12

C

calculation (1) 129:6 calibrated (1) 131:19 call (6) 1:20 40:19

41:6,8 124:19 127:17
called (48) 5:16 7:7,23 10:6,19 12:3 14:4 15:9 22:18,23 24:15 25:10 26:5 26:18 33:23 34:3 34:17 35:5,14 37:23 38:2,18 39:12 40:6 43:19 44:24 45:8,25 46:1 46:4,12 47:16,23 47:24 50:23 51:2 51:19 52:1,5,12,16 52:21 54:4 61:23 62:7,18 77:14,25

calls (1) 40:23 capable (3) 98:21

118:23 126:24 capacity (1) 53:8 capital (7) 7:8 9:6 11:5

35:6 45:2 62:19 77:18

car (2) 38:13 47:2 care (3) 45:16,17 91:4 carry (2) 100:11 107:9 carved (1) 126:6

case (44) 3:14 4:12,14 circle (1) 125:10 129:25 137:5 63:15,20,22,24 consequences (6) costs (1) 98:20
19:9 21:16 23:5,14 circumstances (6) commencing (1) 64:11 65:12,17 90:19 91:2 96:24 counsel (2) 131:20
34:13 36:18 43:25 51:15 56:23 107:25 130:17 68:2,5,25 69:1,21 97:22 113:25 114:9 141:4
50:16 54:7 57:8 108:8 109:18 commendably (1) 77:14,25 78:5 consider (1) 138:6 counsel’s (2) 101:16
59:18,21 64:18 122:19 141:9 86:17 91:14,17,19 considerable (2) 102:7
66:17,21,25 67:4 city (5) 48:14 92:17,19 comment (5) 17:11 91:21 93:1,5,5,6 67:11 124:11 countries (1) 68:10
68:18 69:16 71:18 92:23 93:13 27:11 44:9 60:14 95:15 consideration (4) couple (4) 6:14 45:23
74:7 76:3 78:3 81:6 claimants (5) 10:22 127:9 company’s (1) 54:17 65:13,14 67:15 58:23 132:3
84:6,20 92:11 39:3 103:23 104:16 commercial (5) 23:1 compare (1) 64:14 133:19 course (18) 38:9 55:1
96:14 99:12 100:7 108:23 68:25 69:1,21 comparing (1) 68:9 considerations (1) 95:8 98:3 99:2
108:4 121:3 122:13 claimants’ (1) 11:11 75:20 complete (2) 33:22 89:17 102:13 107:22
125:4 129:14 clarify (2) 17:21 70:19 commit (2) 81:2 133:17 considered (1) 96:16 108:9 115:10
131:10,14 137:8,9 clause (3) 56:10 75:2 113:15 completed (1) 4:23 considering (2) 78:18 116:14 123:3
140:17 141:13 79:18 commitment (3) completely (3) 19:4,7 90:1 126:25 127:12
cases (3) 3:13 36:5 clear (19) 25:24 35:21 111:22 112:3 134:2 91:8 consistent (3) 19:12 130:21 134:12
58:13 64:15 76:5 85:19 commitments (2) completeness (1) 50:1 31:24 43:22 138:5 139:11
cash (12) 28:15,15 86:5 87:15 92:22 127:19 129:24 completes (1) 139:8 constant (1) 119:20 140:19
37:5,6,6,11,22 93:5 98:7 101:8 committed (1) 80:25 completion (2) 124:9 Constantine (1) 49:8 court (35) 3:1,24
38:12,15,21,25 107:2 110:19 116:4 commodity (3) 26:21 126:22 constitute (1) 114:21 15:14 45:9 51:12
39:11 116:5,12 117:22 27:20 32:16 complex (2) 42:15 constraint (1) 111:10 53:5,6,20,22 69:2
categories (2) 117:14 125:18 136:23 common (1) 50:11 43:14 construction (1) 61:17 80:2 96:24,25
118:6 clearer (1) 99:5 companies (61) 2:18 complexities (1) Consulting (1) 40:6 101:22 103:9,22
caused (2) 111:8 clearly (3) 4:25 39:2 3:10 4:16 7:3,8,19 133:13 contained (1) 80:23 106:14 110:12,20
139:22 94:6 10:1 14:17 16:3,17 compliance (1) 116:25 contemplate (1) 108:7 110:21 111:9
cent (4) 7:11 11:3,21 clerk (3) 125:9 126:13 16:24 18:5 19:6,23 complicated (1) content (2) 119:7 115:18 120:25
26:17 127:23 19:25 20:1,5 22:3,8 121:15 140:8 121:1 125:2,3,19
central (1) 39:5 clerk’s (1) 128:22 22:9 24:11 25:4 complied (9) 4:15 contesting (1) 2:15 127:19 128:5 129:1
centre (13) 23:4 25:4 client (4) 31:5,5 38:4 26:20 30:11 32:5,7 81:11,12 108:22 context (15) 17:14 129:24 135:22
25:7 31:10,11,12 111:21 33:12 35:22 36:13 109:3 110:11,22 18:19 20:15,22,23 138:22 139:1
32:10 36:13 39:9 clients (1) 37:8 36:19 40:11 51:1 113:19 117:7 76:4 78:2 83:23 140:15
41:6 42:20 48:11 clinching (1) 131:21 54:4,6,8,20 57:8,9 comply (2) 106:2 95:7,8 102:17 courts (2) 58:12 110:8
48:16 close (4) 32:13 41:4 62:21,24 63:14 109:20 108:5 125:8 127:2 cover (3) 68:5 101:16
centres (2) 32:6 36:15 41:24 122:17 66:22 67:1,3,6,13 computer (1) 60:23 129:17 113:13
CEO (3) 49:12 59:1 closed (3) 38:7 54:8 67:25 70:17,22 concern (2) 84:23 continue (4) 41:14 covered (4) 99:12
62:2 54:11 71:4,8 77:16 81:1 139:22 92:22 123:22 119:21 133:9,10
CEOs (2) 5:6,9 closely (2) 5:1 35:22 93:8,10 94:13,17 concerned (12) 2:2 136:22 covering (1) 98:21
certain (21) 12:15 closer (2) 29:7 55:2 94:20 96:5,16 5:2 21:16 38:11 continued (5) 1:5,6 crates (1) 138:10
14:22 22:6,21 23:8 closing (10) 32:14 139:2 48:12 88:16 90:12 92:12 142:3,4 created (1) 31:18
32:12 40:9 44:6,7 100:18 120:20,22 company (210) 3:14 92:20 111:5 118:24 continues (1) 36:25 creates (1) 50:13
51:14,15 63:17 121:13 125:23 5:16 6:25 7:13,14 134:16 139:20 contract (7) 1:24 creditor (2) 50:20
65:6 69:7 80:20,23 126:16 130:12,20 7:16,22,23,24,25 concerns (4) 40:9 55:24 58:9,16 68:20
84:21 92:21 95:19 140:1 8:3,14,16,19 9:9,11 107:21 108:16 75:19,20 92:18 creep (1) 85:18
101:5 103:20 closings (15) 126:7 9:25 10:2,6,13,19 115:5 contracts (3) 90:23 creeps (1) 133:25
certainly (4) 101:12 127:6,11,25 129:13 10:22 11:14,18,19 concluded (1) 68:15 97:25 98:24 criteria (1) 104:7
124:12 130:6 129:15,19 130:2,13 11:22 12:2,3,4,5,7 concludes (1) 99:24 contrary (2) 53:4,5 criticise (2) 127:1
131:14 130:15 131:4 134:4 12:9,13,16,21 13:5 conclusion (2) 48:8 contrasted (1) 99:15 129:23
certainty (4) 11:21 135:15 136:6,8 13:7,9,9,10 14:4,5 113:17 control (2) 8:15 51:14 criticised (2) 108:14
44:1,1,1 CMC (4) 128:15,17,23 15:7,8,9,14,18,19 condition (3) 65:3,6 controlled (1) 8:14 109:16
cetera (2) 81:23 136:1 15:21,23,24 16:12 96:9 controlling (2) 7:21 criticising (1) 108:13
133:25 co-investor (1) 12:6 16:20,20,21 17:14 conditional (1) 116:24 15:15 criticism (2) 109:17
chance (3) 76:4 91:9 co-owned (3) 13:6 17:18,24 18:1,7,8 conditions (1) 81:8 convenience (1) 31:3 111:13
106:19 24:6 53:8 18:10,11,22,23 conducted (3) 69:25 convenient (2) 39:25 cropped (1) 103:7
change (10) 2:24 5:4,6 co-owner (2) 34:16 19:24 20:17,20 78:19 90:12 72:12 cross-examination (9)
5:8 11:15 14:10 43:19 21:2,4,11,11,16,24 conducts (1) 53:11 conversation (1) 1:6 18:16 96:1
65:18 96:15 119:20 CoFrance (2) 104:25 22:2,14,17,17,19 conferences (3) 2:17 120:23 102:4 107:6 139:12
123:24 105:2 22:23 23:9,12 4:1,24 cooperate (1) 136:22 141:8 142:4,7
changed (4) 5:10 30:8 coincidence (6) 5:12 24:14,15,16,17 confident (3) 29:5,6 copious (1) 134:10 cross-examine (2)
57:22 80:11 33:16,18,23 36:9 25:6 26:2,3,4,5,11 127:7 copy (4) 32:21 33:4 123:13 124:18
changes (5) 6:16 42:17 26:19 27:19,23 confirm (6) 21:1 26:10 79:24 128:2 cross-examined (1)
10:24 25:9 29:24 coincides (1) 33:17 28:2,3,6,7,10 30:3 58:12 63:7 101:23 corner (1) 138:11 123:10
30:25 collect (1) 42:8 30:7,12,13,17 139:19 corporate (3) 25:14 cross-examining (1)
changing (2) 50:12 collective (2) 70:16,22 31:13,13 32:12,14 confirmed (2) 120:16 49:2 81:19 138:2
120:2 column (1) 34:10 32:15 33:23 34:3 139:18 correct (22) 2:1,10,19 cross-refer (1) 135:5
chaotic (1) 72:10 columns (1) 35:3 34:11,16,21 35:1,5 confirming (2) 104:8,9 2:20,24 3:11 4:2 crossed (1) 112:13
charged (1) 58:10 come (23) 6:25 8:2 35:14 36:16,18,23 conflict (2) 70:7,9 8:21 12:6,7 16:15 currency (1) 37:10
chase (1) 105:10 21:8 26:5 37:9 36:25 39:18,20 confused (3) 86:11 21:19,21 23:14 current (1) 130:13
check (2) 8:4 134:19 63:23 101:25 40:22 41:4,7,10,11 88:21 98:3 38:1 49:2 50:18 currently (2) 115:17
checked (1) 26:12 102:12 107:24 41:12,15 43:17,18 confusion (1) 85:17 54:9 68:8 71:25 130:6
checking (5) 19:10 111:9 115:7 116:13 43:19 44:15,24,24 conjunction (1) 98:1 108:22 cut (1) 137:24
83:9 96:6 117:24 118:13,20 120:17 45:5,8,9,24 46:4,9 129:12 corrected (2) 85:20 Cyprus (5) 44:24
134:25 121:7 124:5 130:12 46:18,22,24 47:16 connected (6) 5:1 86:25 91:14,17,21 93:1
chief (2) 49:4,9 134:4 136:7,14 48:10 50:9,11,13 34:21 35:22 36:8 correctly (7) 10:2 21:5
choice (3) 102:15 137:1,21 51:2,3,4,6,17,18,20 43:20 50:7 22:21 26:25 49:1 D
107:13 114:14 comes (2) 135:16 51:22 52:3,4,7,12 connection (6) 6:3 57:1 61:16 D (1) 134:13
choose (1) 66:3 138:6 52:13,16,18,23 23:9,11,15 91:22 correspond (1) 135:1
D10/217.71/2 (1)
Christian (1) 47:5 comfort (1) 109:8 53:10 54:12,14 91:22 correspondence (4)
32:20
chronologically (2) coming (8) 102:17 56:8,9 61:23,23 consent (1) 102:8 42:8 109:2 138:24
D10/225/0.01 (1)
1:22 2:7 105:2 116:6 119:2 62:2,6,6,7,8,9,13 consequence (1) 139:16
59:21
chronology (1) 4:18 119:11 128:11 62:19,22 63:2,11 82:24 cost (2) 76:24 120:18

Opus 2 International transcripts@opus2.com
Official Court Reporters +44 (0)20 3008 5900

145

April 18, 2016 Day 40

D10/225/0.1 (2) 58:20 44:15 127:4 105:13 109:22
59:5 D206/3018/4 (1) deal (7) 3:17 23:1 111:23
D10/225/0.3 (1) 59:3 44:20 31:17,19 78:2 determining (1) 93:25
D10/225/1 (2) 58:21 D206/3039/1 (1) 46:9 115:3 133:10 develop (2) 16:22
59:6 D206/3039/4 (1) dealer (2) 47:2,2 17:8
D10/225/3 (1) 59:3 46:14 dealing (4) 3:22 4:10 developing (1) 16:19
D112/1631.1/1 (1) 2:4 D206/3039/7 (1) 47:9 66:25 136:19 development (1) 9:2
D112/1631.1/14 (1) D207/3040/1 (1) 46:7 deals (3) 31:19 61:2 device (1) 51:13
1:21 D207/3040/4 (1) 113:24 devote (1) 126:19
D112/1631.1/6 (1) 46:14 dealt (2) 115:14 devoted (1) 128:19
1:20 D207/3040/5 (1) 137:22 diary (1) 134:25
D112/1631.1/9 (1) 2:9 47:12 debate (2) 37:12,17 dictate (1) 70:13
D143/2396/0.01 (1) D207/3040/6 (2) 47:8 debated (1) 129:8 difference (2) 90:15
39:23 47:13 debt (9) 81:18 87:5,7 131:17
D143/2396/1 (1) 40:1 D207/3040/7 (1) 88:8,11,14,16,18 different (20) 8:7
D154/2588/0.1 (1) 47:21 88:19 12:19,23,24 18:1
74:20 D207/3056/1 (1) debtor (1) 68:21 22:4,7 31:12,25
D154/2588/1 (1) 13:17 debts (1) 81:13 32:6 34:12,25
74:22 D207/3056/2 (1) December (2) 38:3 39:22 40:21 63:17
D176-D191/2918.1T… 14:12 74:24 74:13 75:6 78:2
10:20 D207/3056/3 (1) decent (1) 60:12 91:8 93:20
D176-D191/2918.1T… 14:13 decide (3) 94:8 differently (2) 6:4
11:2 D25&26/461/0.5 (1) 130:21 138:17 89:14
D176-D191/2918.1T… 79:22 decided (5) 57:20 difficult (6) 107:5,9
11:7 D25&D26/461/0.1 (1) 87:11 96:9,19 110:12 123:1
D176-D191/2918.1T… 79:4 131:3 134:20,22
24:23 D25&D26/461/302 (1) decision (2) 57:19 difficulties (1) 121:1
D176-D191/2918.1T… 79:2 70:14 difficulty (5) 29:1
25:19 D35/570.2/1 (1) 55:19 decisions (1) 54:2 40:24 110:24
D176-D191/2918.1T… D35/570.2/3 (1) 55:20 dedicated (1) 96:25 121:20 124:13
61:22 damage (1) 93:12 deductions (1) 114:19 diminishes (1) 131:15
D176-D191/2918.1T… dare (1) 131:15 default (3) 130:20 direct (2) 110:22
62:12 database (1) 8:7 131:3 132:19 133:16
D176-D191/2918.1T… date (21) 36:2 58:7 defence (2) 43:6 52:2 directions (2) 82:4
62:18 59:2,4 60:16 74:23 defendants (15) 133:20
D176-D191/2918.1T… 79:6 102:15 105:11 101:10 102:2 directly (1) 65:20
61:20 108:24 116:17 103:15,22 104:5,14 director (32) 3:10
D176-D191/2918.1T… 121:5 126:1 127:5 104:16 105:9 106:2 6:17,22 7:19,21
64:1 127:6 130:3,8,24 107:11 115:11 10:25 18:24 23:7
D176-D191/2918.1T… 130:24 136:6,8 121:12 127:3 137:3 25:11 27:2 30:1,2
64:7 dated (5) 1:17,24 2:8 138:9 30:17 34:16 35:3,7
D176-D191/2918.1T… 2:12 6:17 defendants’ (2) 35:9 44:16 46:12
64:9 dates (6) 2:15 5:11,12 102:25 137:9 46:16,18 49:2 51:2
D176-D191/2918.1T… 125:22 126:15 deficiency (1) 110:25 51:11,18 52:3,4,16
6:11 128:10 definition (1) 113:13 52:23 53:4 56:4
D176-D191/2918.1T… daughter (5) 44:22 degree (2) 44:6 64:4
7:6 51:7,16,25 52:9 107:10 directorate (3) 27:3
D176-D191/2918.1T… day (17) 16:1 18:14 delay (7) 101:15 39:13 49:3
7:10 18:15 19:17 20:22 108:25 109:4,17 directors (4) 5:8,20
D176-D191/2918.1T… 30:20 73:3 75:11 111:6,15 133:3 46:15 51:19
8:6 76:14 78:8 85:3,5 delayed (2) 109:5 Direktorov (1) 51:19
D176-D191/2918.1T… 88:5,23 91:11 133:22 disadvantages (1)
8:10 123:25 141:9 Delevoy (1) 58:25 131:9
D176-D191/2918.1T… Day22/98:1 (1) 18:17 deliberately (1) 103:3 disagree (2) 16:7 97:2
8:12 Day22/99:1 (1) 19:2 demonstrate (1) discharge (2) 103:24
D176-D191/2918.1T… Day23/19:11 (1) 112:10 105:7
9:18 19:18 deny (1) 26:10 discharged (2) 106:14
D176-D191/2918.1T… Day23/40:1 (1) 16:2 department (3) 3:4,5 107:15
13:14 Day23/47:1 (1) 30:21 39:8 disclose (1) 138:16
D176-D191/2918.1T… Day38/115/5 (1) departments (1) 39:5 disclosed (1) 55:21
13:20 93:16 dependent (1) 50:16 discrepancy (1) 17:20
D176-D191/2918.1T… Day38/151:1 (2) 73:4 deputy (4) 49:4,8 discrete (1) 107:24
14:3 91:12 95:18,18 discretion (5) 56:20
D176-D191/2918.1T… Day38/152:1 (1) 73:5 describe (2) 26:1 56:22 58:3,18
29:18 Day39/34:1 (1) 20:22 83:22 82:25
D176-D191/2918.1T… Day39/35:1 (1) 20:25 described (6) 10:21 discuss (3) 112:9
29:23 Day39/41:1 (1) 78:8 21:14 35:2,6,9 130:13 136:17
D197/2966/1 (1) 43:3 Day39/5:12 (1) 88:23 38:16 discussed (1) 136:25
D197/2966/2 (1) 43:8 Day39/65:14 (1) describes (3) 12:5 discussion (3) 38:10
D197/2966/3 (1) 43:4 76:15 38:16 48:23 100:19 125:24
D197/2966/4 (1) 43:8 Day39/66:1 (1) 76:15 description (2) 18:9 dispute (1) 67:14
D199/2993/1 (1) 8:8 Day39/75:4 (1) 86:24 32:4 disruption (1) 125:13
D199/2993/2 (1) 8:10 Day39/78:1 (1) 75:13 desk (5) 38:12,15,21 dissuaded (1) 139:13
D199/2993/3 (1) 9:18 days (15) 2:13 3:25 38:25 39:11 distinction (1) 39:2
D206/3013/1 (1) 4:3 94:22 95:9 destroyed (1) 38:9 distributed (1) 51:24
44:14 109:17 123:14 detail (3) 65:8 105:11 document (7) 29:14
D206/3013/4 (1) 128:6,8,9,22 132:3 129:12 36:17 44:4 68:12
44:19 136:25 141:5,6 detailed (1) 106:9 74:20 79:5 138:16
D206/3018/1 (1) deadline (2) 113:22 details (4) 3:17 documentary (9)

67:19 71:2,5,7,10 103:23 104:16 105:7,10

documented (1)

84:13 documents (12) 1:15

18:24 19:10 38:8 38:10 72:7 74:13 104:10 134:14 137:18 138:10,15

doing (5) 85:11 116:15,16 121:20 122:2

dollars (1) 57:14

Dom (3) 7:11,12,14 dotted (1) 112:13 double-checked (1)

96:10

doubt (3) 9:12 102:14 128:23

doubting (1) 112:11 downside (1) 109:1

Dr (3) 114:22 123:12

124:20

draconian (1) 112:2 draft (4) 56:2 97:6,15

106:5

drafting (5) 101:24 102:22 106:15,20 117:3

draw (2) 33:14 61:25 drawn (2) 30:24 39:2

Druzya (3) 51:2,5,23 due (1) 137:7

duty (2) 108:5,6 dwelling (1) 104:23

E

earlier (7) 18:3 37:19 44:17 54:25 55:1 132:1,7

early (4) 4:8 49:3 104:3 130:8 earnestly (1) 134:1

easier (2) 30:23 32:19 easiest (1) 29:1 easily (2) 30:14 124:1

Easter (1) 137:17 economic (2) 81:2,21 effect (4) 80:16

117:21 129:3 139:17

effective (1) 109:12 effectively (5) 18:23 19:10 89:4 108:20

134:3

either (15) 18:4 30:7 34:6 37:9 49:3 62:1 66:1 95:14 106:8 118:20 121:12 126:6 129:12 130:23,24

element (3) 19:1

58:10,13 elements (3) 16:5

58:23 62:1

Elena (3) 1:5 48:1 142:3

email (10) 100:21,21 101:9,12,14,17 106:6 107:4 128:2 128:22

emphasise (1) 108:4 empire (1) 94:13 employee (6) 30:5

49:5,9,15,19 56:6 employees (5) 24:9 50:7 67:24 71:3,8

empty (1) 27:15 encourage (1) 108:7 ended (1) 129:13 endorsed (1) 138:8 enforceable (1) 58:9 enforcement (4) 89:7

89:11,23 92:1 engaged (2) 57:22

61:16

English (25) 2:3 8:9,11 10:15 13:18,25 14:2 24:20 28:22 29:20 32:19 33:3,6 33:8 43:9 44:13 47:10,13,20 48:20 59:20 65:18 74:21 79:3,22

ensure (4) 67:7 89:5 111:10,25

ensured (1) 23:25 entail (1) 90:13 entailed (3) 90:23

97:25 98:24 entails (1) 90:9 entered (1) 57:21 entire (2) 73:8 88:18 entirely (3) 86:5

118:11 132:19 entities (5) 25:7 31:6

31:9,25 57:7 entity (1) 81:3 entrepreneur (1) 47:1 entries (2) 33:14

61:19

entrusted (3) 67:8,10 68:3

entry (2) 6:17 65:16 envisaged (2) 112:18

112:19 envisaging (2) 87:16

108:5 eponymous (1) 41:12 equally (1) 110:19 equipment (1) 125:16 especially (7) 26:16

33:20 58:1 77:3 111:21 119:19 121:16

essentially (6) 17:17 18:21 33:15 53:20 63:20 116:22

establish (2) 56:19 58:17

established (1) 76:25 establishing (1) 92:18 estate (2) 27:16 28:9 estimates (2) 126:25

133:8

et (2) 81:23 133:25 euro (1) 114:3 euros (3) 103:2,18

105:1 evening (3) 120:6

135:22 136:1 event (6) 121:5
125:11 130:9,24 131:3 137:14
everybody (3) 111:21 119:21 130:4

everybody’s (1)

111:14

Evgenevich (2) 47:6 47:24

Evgenevna (1) 48:1 Evgeni (1) 47:23 evidence (48) 7:15,17

9:24 11:16,25 15:13 16:5 17:20 21:19,22,23 27:21

27:25 28:8 41:1 53:16 63:2 64:15 65:25 69:19 71:2,6 71:7,10 72:24 75:7 75:9 76:8,10 80:14 85:15 86:3 87:2 89:14 100:23 104:17 105:7 110:3 113:5 123:9,12 124:10 126:23 130:22 131:4 133:12,17 141:3

Evolution (2) 34:3,7 Evolutsiya (1) 34:4 exact (5) 14:18 37:21

37:24 90:14 126:1 exactly (7) 24:8 28:6

49:7 87:10 88:3 115:19 128:13

examination (1)

139:11 example (6) 31:19

69:24 81:23 105:3 130:7 138:25

exceed (1) 112:16 excellent (1) 119:22 exception (1) 3:13 exceptional (1) 108:4 exceptions (1) 50:6 excessively (1) 112:2 exchange (1) 58:14 excused (1) 27:5 exercise (2) 112:6,7 exercising (1) 51:13 exhibiting (1) 104:10 exhibits (1) 135:5 exist (2) 15:23 68:13 existed (1) 56:2 existence (2) 13:11

101:20 existing (1) 57:24 exit (1) 57:21 exiting (1) 57:10 expect (2) 74:21

118:9

expectation (1)

121:15 expected (1) 94:12 expecting (1) 124:5

expects (3) 110:13,22 110:24

expenditure (4) 77:11 103:20 108:24 110:2

expenses (10) 102:24 102:25 103:24 104:23,24 112:14 114:2,20 118:10,10

expensive (1) 32:14 experience (3) 60:22 129:22 135:4

expert (2) 124:10 133:17

experts (6) 102:4 107:6 112:8 120:18 125:6,7

explain (2) 89:16 126:10

explained (11) 18:21 43:13 51:12 67:25 88:5,7 89:13 96:2 110:25 119:13 127:23

explaining (1) 31:23 explains (2) 38:11

89:3

explanation (4) 24:10 43:17 66:6 103:14

express (1) 94:6

Opus 2 International transcripts@opus2.com
Official Court Reporters +44 (0)20 3008 5900

146

April 18, 2016 Day 40

expressed (1) 108:16 expressing (1) 84:23 expressly (1) 101:21 extended (1) 112:17 extension (1) 117:6 extent (5) 8:15 58:9 81:10 135:16

137:22 extinguished (1)

81:15

extra (3) 29:3 33:4 128:6

extraordinarily (1)

120:7 extraordinary (1)
120:5

extremely (1) 122:18 eyes (1) 138:10

F

facilities (1) 98:5 fact (21) 4:11 7:19
16:12 26:2 29:14 34:11 39:8 40:21 42:11 45:11 51:13 57:21 69:12,12 70:3,12 81:7 82:16 89:22 90:18 140:7

factors (1) 131:20 factual (1) 110:6 fail (2) 12:25 22:12 failure (1) 110:18 fair (4) 19:9 78:17

89:8 96:7

fairly (5) 13:10 55:12 55:15 68:10 118:8

fairness (1) 25:22 faith (1) 70:4 fallback (1) 131:2 fallen (1) 137:7 familiar (3) 46:22

55:24 56:1 familiarity (3) 122:17

131:14,14

family (4) 45:13 48:1 48:4 53:1

far (32) 2:1 3:15 5:1 13:4 16:24 21:16 26:4 32:1 37:4 40:21 42:3,18 46:3 53:12 56:14 57:20 60:25 61:5 68:22 73:20 80:21 83:8 84:12 88:16 90:12 92:19 101:23 107:14 118:23 133:11 136:12 139:19

fault (2) 113:4 132:14 favour (1) 68:23 feared (1) 101:19 February (10) 29:25

103:8,17 104:3,3 104:21 106:3 107:18 109:21 111:11

Federation (3) 57:25

58:6,12

Fedorenko (3) 49:23 49:24 50:3

feel (4) 94:14 132:15 133:6 135:8

feels (2) 18:18 33:6 fees (3) 101:16 102:7

104:22 feet (1) 106:15

felt (2) 84:4 92:14 figure (2) 76:17

114:15 forwarded (1) 126:13 46:12,16,18 50:6
figures (1) 14:19 forwarding (1) 100:21 51:2,12,18 52:3,4
fills (1) 113:7 found (6) 15:4,4 59:9 52:23 53:4 56:4
final (1) 45:18 60:3,6 109:11 64:4 68:20 80:13
finalised (2) 42:5 foundation (1) 95:5 95:15 125:25
126:1 founding (1) 36:17 Generally (1) 114:8
finally (2) 28:2 93:25 four (3) 2:11 80:15 generals (1) 3:10
Finance (1) 49:2 95:24 generated (2) 70:11
finances (1) 108:6 framework (1) 22:24 98:18
financial (12) 23:7 Frankly (1) 86:10 generically (1) 140:18
31:10,11,12 32:6 free (6) 58:3,17 86:5 gentleman (6) 25:10
32:10 39:12 90:2 87:15 100:12 26:18 46:1 50:22
90:20,20,24 97:23 132:15 52:1,21
Finans (6) 33:24 34:6 freely (2) 30:9,10 gentlemen (1) 47:22
46:4,9,22 47:15 freezing (7) 101:1,20 getting (3) 6:9 132:1
find (13) 11:8,8 13:15 108:11 109:1 133:23
24:24 28:22 47:15 114:18 115:17 gift (5) 58:4,11,11,13
47:16,18 59:6 116:22 58:16
65:19 69:20 85:2 French (2) 117:17 give (16) 11:21 13:22
121:20 119:4 32:18,24 60:15
fine (1) 55:6 frequently (1) 37:9 69:24 76:4 91:9
finish (1) 55:1 Friday (10) 8:18 18:8 94:14 95:23 110:9
finished (2) 16:8 19:21 75:7 76:6 111:11 113:21
41:25 123:15,16,18,20 117:15 133:20
firm (4) 111:19,22 126:20 136:23
112:3 134:1 friend (2) 18:18 72:2 given (29) 3:9,20,25
Firma (2) 9:19 11:9 friend’s (1) 108:12 4:3,19 9:24 27:21
first (28) 1:16,22 5:7 Friends (1) 51:5 33:3 39:8 40:3,23
13:22 25:24 41:7 friendship (2) 84:8,10 68:2 69:11 77:9
43:24 46:21 56:14 front (1) 131:11 79:21 81:20 84:2
56:18 60:7 63:25 Fuel (4) 62:22 63:2,24 110:11 111:12
66:19 76:13 77:22 65:17 121:1 124:14
80:13 81:24 82:22 fulfil (1) 80:25 129:21 131:22
83:3,23 84:16 96:3 fulfilling (1) 104:6 132:11 133:4,12
101:15 102:9 full (8) 13:24 33:16 139:19 140:7 141:3
108:15 123:8 65:14 90:14 126:19 gives (2) 33:10 57:14
134:22 140:22 128:24 130:14 giving (2) 57:12 99:10
Firstly (1) 6:15 135:2 glad (1) 128:3
fit (2) 110:21 124:1 fully (4) 91:3 115:14 Gladyshev (3) 123:12
five (3) 1:14 29:3 117:18 136:11 124:20 140:19
72:14 function (2) 53:3 82:7 glance (2) 74:25 75:1
five-minute (1) 72:11 functioning (1) 108:18 go (40) 1:15 8:5 10:15
fix (1) 121:5 funds (8) 101:1 13:14,17 14:18
fixed (2) 127:10,11 102:16 103:9 16:1 18:14,16
flexible (1) 140:16 105:12,20 115:16 19:17 20:15,19,21
focus (1) 106:8 115:21 117:1 24:20 29:14 30:20
focusing (1) 43:6 furnish (1) 103:23 32:5,17 34:13
follow (2) 27:25 91:3 furnished (2) 103:8 37:13 43:15 44:19
followed (2) 108:6 105:13 46:8 61:18,21
123:12 further (31) 11:1,7 63:25 64:6 66:12
following (3) 122:14 14:2 21:11 42:4 87:4,6 97:21
128:17 135:22 47:17 56:17 68:5 100:12 104:7,12
follows (2) 4:25 57:5 72:2,22 88:4 96:1 112:10 116:6 118:7
footing (3) 124:9 97:4 102:6 103:2 125:17 133:25
128:19 139:14 105:5,12,15,18,21 138:7
footnotes (1) 134:10 106:10 109:1,4 goal (1) 70:10
force (2) 69:6 81:17 110:9 114:19 goes (5) 17:4 60:9
forced (1) 93:25 116:24 133:20 68:5 101:23 135:11
forcing (2) 94:4 130:7 138:25 139:13 going (17) 6:5 72:6,14
forego (2) 88:7,11 142:7,8 87:16 105:4 110:5
forfeited (1) 38:7 furthermore (1) 36:14 112:2 113:11 116:1
forgave (1) 88:18 future (2) 112:14 116:20 124:25
forgive (1) 88:13 137:6 125:18 132:1
formal (1) 139:6 136:14 137:9,21
formed (1) 60:25 G 139:13
former (16) 15:10 G (3) 34:3,4,7 good (20) 1:3,4,9
35:3,9 36:5,5,6,10 28:23 33:8 55:3
gain (2) 130:8 132:8
41:20 43:6 48:24 70:4 99:20,20,22
Gambit (1) 52:12
49:5,9,15,19 50:7 100:1,12 113:23
gap (1) 113:13
52:2 124:16 125:4
Gavrilov (1) 30:4
formerly (1) 75:8 136:25 137:13
Gelios (4) 10:19 11:12
formidable (1) 107:15 140:11 141:12,12
11:19,22
forth (1) 16:21 graduation (2) 60:2,5
Gen (1) 103:2
forthcoming (2) 112:7 granted (1) 114:18
general (34) 5:7,8
130:1 granting (1) 110:12
6:18,22 7:19,21
fortnight (1) 130:18 grateful (14) 2:7 59:22
10:25 16:16 25:11
forward (5) 35:6 99:6,16 100:3
30:1,3,17 32:4
111:15 116:20 107:20 119:9 120:2
34:16 35:3,7 44:16
119:6 132:19 125:1 128:3 134:18

140:9,9,15 great (5) 67:13 78:2

107:16 111:20 133:10

greater (1) 65:8 greatly (1) 109:5 ground (3) 87:13 117:3 133:10

group (6) 24:11 31:8 46:5 50:12 63:3 94:13

groups (2) 31:15 32:5 guarantee (1) 90:13 guarantees (4) 90:23

90:25 97:25 98:25 guarantor (7) 67:7

80:16,18 83:4 94:21 95:1,6

Gubko (2) 49:5 50:3 guess (1) 24:17 guessing (4) 109:25

110:1,2,7 guidance (1) 136:23 Guideh (10) 12:20,22

13:1,2,5 14:21 15:7 15:21,23 18:7

Guz (3) 3:7 49:12 50:8

Guz’s (1) 3:5

H

H2/37/3 (1) 104:19 habitually (1) 52:25 half (1) 75:22 hampered (1) 101:19 handed (4) 32:21

54:22 81:15 98:14 handle (1) 140:19 hands (3) 30:8 65:12

114:22 hang (2) 28:1,1 happen (3) 87:8

112:12 124:25 happened (8) 4:6 8:22 23:17 28:6,18 31:2

42:12 86:19 happens (3) 50:15

68:8 82:5 happier (1) 133:5 happy (2) 132:7 141:7 hard (3) 4:10 37:10

79:24 hardware (1) 60:23 haul (1) 99:24 havoc (1) 90:2 heading (1) 130:1

headline (2) 114:3,15 hear (6) 59:16 106:25 108:16 119:17

131:7 140:24 heard (1) 78:1 hearing (3) 17:16

59:17 141:15 hearings (4) 96:25

97:1 127:20 129:25 heat (1) 92:19

heavy (1) 128:23 held (13) 21:10 24:3

26:12 38:8 63:11 65:9 66:6,14 81:14 82:22 96:5 115:16 137:18

help (5) 33:1 69:11 84:2,25 91:9 helpful (7) 59:13,19

106:23,25 120:7 123:6 126:9

helpfully (1) 126:13 hesitant (1) 122:9

hesitate (1) 140:13 high (2) 33:18 118:8 higher (1) 74:15 highest (1) 70:14 HILDYARD (155) 1:3

5:18,22 6:1,8 27:9 28:13,18 29:4,9 55:5,7 58:8 59:16 59:22,24 60:16,18 61:14 72:14 79:20 79:25 80:8,9 81:24 82:19 83:3,12,21 84:4,9,16 85:1,21 85:24 86:1,13,22 87:20,25 88:2,11 88:15,21 91:3 92:25 93:4,14 94:11,19,25 95:5 95:11,17,22,25 99:4,8,14,17,20 100:4,11,24 101:2 101:7,11 107:2,14 108:2 109:20,24 110:8,18 111:8,16 112:23 113:2,9,11 113:23 114:7,13 115:2,6,21 116:3 117:4,9,13,25 118:4,8,12,19 119:4,7,10,12,24 120:4,13,20,25 121:9,25 122:4,6 122:13,21 123:5,11 123:16,21 124:8,16 124:24 125:6,8,13 125:20,25 126:5,12 126:17 128:1,12,16 129:3 131:7,13 132:5,10,21,23 133:9 134:21 135:1 135:10,13,18,24 136:11,22 137:11 137:13 138:18 139:10 140:4,11,14 140:22 141:1,11 142:6

historic (5) 9:16 11:2 14:24 46:15 47:14

historical (2) 91:22 111:23

history (7) 6:16 10:24 14:11 25:9 29:23 36:8 65:18

hold (14) 13:2 23:18 53:1 54:21 64:25 65:7 67:1,24 71:3 81:9 84:17,20 92:13 113:11

holder (1) 66:4 holding (14) 11:19

27:8 51:8 57:11,12 57:19 58:4 63:8 64:12,13 65:19 71:16 75:15 83:5

holdings (1) 56:19 holds (2) 51:22 81:3 home (2) 125:3,4 homework (2) 80:10

115:1

honest (5) 48:8 49:14 68:16,17 92:8

hope (13) 28:22,24 39:24 91:11 93:7 118:22,24 121:22 122:10 123:3 132:10 137:15 139:6

hopefully (3) 6:3,5

40:4

hoping (1) 134:12 hospital (1) 23:4 hostage (7) 83:24

84:1,19 94:21,24 94:25 95:7

hour (2) 123:20 138:23

House (1) 70:1 housekeeping (4)

100:2 113:17 137:18 142:9 huge (3) 39:9 42:20

81:22 hundreds (1) 57:14

I

i’s (1) 112:12

I18&19/18/41 (1)

37:16

I8&19/18/40 (1)

37:14

idea (8) 7:22 10:5 16:16,19 46:6 55:3 66:2,5

ideas (1) 16:22 identical (1) 12:10 identification (2)

117:10 118:1 identified (1) 66:16 identifies (1) 6:4 identify (2) 117:13

132:13

IFK (4) 34:17,19 35:7 35:9

Igor (3) 62:14 64:23 66:13

imagination (1) 124:5 imagine (4) 32:22

106:20 122:14 134:7

imagined (1) 91:5 immediate (1) 112:4 immediately (1)

128:23 imperfect (1) 107:23 implications (1) 96:23 important (9) 7:21

36:7 45:21 68:13 68:14 93:11 121:5 122:18 127:6

impossible (2) 61:6 90:24

impression (1) 60:25 impressive (1) 120:7 in-house (1) 86:4 included (4) 77:7

104:8,18,20 including (4) 25:7

126:14 127:20 131:20

income (5) 88:10,11 88:19 104:20 105:3

inconsistent (1) 89:18 increasingly (1) 107:9 incurred (2) 89:25

98:20

independent (9)

24:13 30:11 47:1 54:3 61:1 70:25 82:7,25 91:20

independently (3)

54:1,2 57:18

INDEX (1) 142:1 indicate (3) 20:3 121:10,11 indicated (10) 1:8

8:18 18:8 19:8,21 20:12,16 107:4

Opus 2 International transcripts@opus2.com
Official Court Reporters +44 (0)20 3008 5900

147

April 18, 2016 Day 40

123:14 128:9 indication (1) 126:1 indicatively (1) 94:17 indirect (1) 11:13 indulgence (1) 110:10 inevitable (1) 131:16 inform (2) 108:23

135:16

information (16)

13:23 44:7,8 82:15 83:18 103:5 109:13 109:15 113:12,13 116:24 117:1,20 118:16 136:18 139:14

informed (1) 41:22 initial (2) 56:16 115:9 initially (4) 18:13 28:4

42:1,3 initiated (2) 31:18

36:1

insignificant (1) 27:19 installed (1) 125:14 instance (1) 51:1 instruct (2) 102:2

107:12

instructed (3) 108:17 108:21 122:23 instruction (1) 53:15

instructions (22)

18:25 30:18 54:2 83:5,7,12,13 84:18 96:5,7,14,17 106:9 106:19 110:2,7 111:17 113:21 114:5 115:7 118:15 136:16

insuperable (1)

110:24 insurance (19) 4:13

5:5 12:20 15:23,24 16:21 67:2 75:9 76:8 78:10 79:8,13 85:12 86:17 112:22 114:4,10,11,23

intend (1) 138:13 intended (1) 42:14 intention (1) 133:19 interest (8) 9:9 11:13 12:22 48:7 60:22

66:14 70:7,9 interested (10) 17:5

19:1 23:21 45:20 48:19 69:2,7,17,21 70:6

interests (6) 53:14,25 81:10 84:21 86:6 111:14

interfere (1) 81:2 interpreted (1) 1:7

INTERPRETER (1)

14:14 interpreters (5)
119:14,23 121:13 121:14,23

interrelations (1) 41:2 interrupt (1) 128:1 interruption (1)

129:19 intertwined (1) 48:14 interview (3) 58:24,25

60:21 intriguingly (1) 34:25 introduction (1) 90:5 inuring (1) 87:15 invariably (1) 86:15 invest (22) 89:5,6,10

90:5,6,8,16,19,22 90:25 91:5 97:9,12

97:14,19,22,24 92:25 93:4,14 84:8,12 94:13,16
98:15,17,20,23 94:11,19,25 95:5 94:17 96:11,13
99:2 95:11,17,22,25 99:6 100:8 101:13
investing (1) 56:15 99:4,8,14,17,20 106:24 112:16
investment (10) 27:3 100:4,11,24 101:2 114:15 115:15
31:15 49:9 56:17 101:7,11 107:2,14 117:2 118:15 119:2
60:22 61:3 77:18 108:2 109:20,24 119:18 122:24
77:21 78:25 90:1 110:8,18 111:8,16 124:4,19,20,24
investments (3) 62:7 112:23 113:2,9,11 126:21 129:20
62:16 93:17 113:23 114:7,13 135:2 141:9
invited (1) 82:12 115:2,6,21 116:3 knowing (2) 130:4,5
inviting (1) 53:22 117:4,9,13,25 knowledge (13) 4:2
invoices (1) 106:14 118:4,8,12,19 7:24 9:8,11 12:1,21
involve (1) 95:9 119:4,7,10,12,24 13:3 19:12 44:10
involved (8) 2:22,24 120:4,13,20,25 47:4 49:1 65:13
9:13 17:2 46:20 121:9,25 122:4,6 94:20
63:18 65:4 69:5 122:13,21 123:5,11 known (2) 13:10 15:8
involvement (1) 11:16 123:16,21 124:8,16 knows (3) 59:15
involves (1) 72:6 124:24 125:6,8,13 120:15 124:20
involving (1) 86:14 125:20,25 126:5,12 Kolmakov (5) 49:21
irrelevant (4) 4:12 126:17 128:1,12,16 49:22 50:3 56:4,6
48:10,13,15 129:3 131:7,13 Komavtoservis (1)
Ispolkomskaya (18) 132:5,10,21,23 10:7
24:25 33:24 34:5 133:9 134:21 135:1 Komavtotrans (4)
34:18 35:15,19 135:10,13,18,24 9:19 10:8 11:9,14
36:11,12,22 37:1,3 136:4,11,22 137:11 Komavtotrans’ (1)
37:5,25 38:23 137:13 138:18 9:20
39:21 42:6,11 139:10 140:4,11,14 Kompania (1) 45:5
46:10 140:22 141:1,11 Konstantin (1) 6:18
issue (5) 114:14 142:6 Kontur (9) 62:22,22
118:19 126:3 128:7 62:24,24 63:15,15
136:17 K 66:15,15,18
issues (2) 16:17 Kalinin (11) 23:6,8,14 Korneev (7) 63:4,6
130:23 64:5,12,20 66:9,10
24:3 49:15,17 50:5
items (5) 79:9,10 Korneev’s (1) 63:9
75:15 95:14,15,21
104:15,20 138:24
Kartoteka (1) 13:15
L
keen (1) 123:17
J
keep (4) 47:11 119:21 laborious (1) 135:7

J1/26/1 (1) 104:2 126:7 138:13 ladies (1) 47:25
J1/26/2 (1) 104:8 kept (3) 54:16,19 land (15) 27:24 75:7
J1/26/3 (1) 104:12 103:25 75:15,17,24 76:7
January (1) 6:17 Khortitsa (14) 1:23 76:10,11,21 77:1,7
job (1) 6:22 22:9,11 29:16,19 77:8,15 78:9 87:4
jobs (2) 50:12 51:17 29:24 30:8,15 landlord (5) 41:9 43:1
joint (11) 8:16 9:14 31:17,20 32:3 43:23 45:17,24
10:7 15:22 18:11 40:12,23 44:3 landlords (1) 45:24
47:2,3 52:8 54:8,11 kind (14) 3:16 10:2,12 languages (1) 120:10
92:17 20:13 21:13 23:20 large (9) 25:5,6 37:10
journalists (2) 40:17 37:6 43:10 51:11 43:10 55:14,15,16
40:20 61:17 68:22 87:21 56:21 107:10
journey (1) 100:1 87:23 110:6 largely (1) 122:15
judging (3) 7:19 9:1 Kiperort (2) 21:1 late (1) 55:21
60:21 86:14 latest (1) 2:7
judgments (1) 139:4 knew (2) 4:6 49:11 law (12) 58:6 85:7,12
judicial (2) 57:25 58:7 know (119) 1:19 3:22 88:7 100:23 102:4
July (8) 130:19 131:6 6:24 7:2,16,25 8:24 107:6,17 116:14
131:10 134:6,7,20 9:14 11:22,23,24 120:18 126:23
134:21,22 12:13,15 13:4,7,8 133:13
jumped (1) 72:8 17:23 18:11 19:14 lawful (4) 83:10,13
June (16) 30:1,6 24:16,18 25:16 92:8 96:7
126:20 127:24 26:4,10,19,22,24 lawyer (2) 40:25 85:6
128:14,24 129:8 27:14 32:11 34:6 lawyers (6) 3:2 4:7
130:2,17 131:5 34:19,20,23 35:12 25:18 37:15 107:24
132:4 134:5,6,23 35:13,24,24 36:19 136:14
135:17,21 37:4 38:21,21 39:7 leapt (1) 140:5
Junior (2) 66:3,6 39:10,10,16 42:3 learned (4) 18:18 72:2
justice (156) 1:3 5:18 42:19,25 43:24 83:15 108:12
5:22 6:1,8 27:9 46:23 48:5 49:7,14 learnt (1) 3:20
28:13,18 29:4,9 49:17,22,24 50:23 lease (1) 38:7
55:5,7 58:8 59:16 51:3,4,19 52:6,7,11 leasing (12) 12:4,5,7,9
59:22,24 60:16,18 52:13,17 53:18,24 12:13,15 16:12,20
61:14 72:14 79:20 55:17,25 56:2,14 17:18 18:1,7 77:7
79:25 80:8,9 81:24 56:23 57:20 59:13 leave (5) 57:20 103:13
82:19 83:3,12,21 59:14,19 61:1,5,16 107:13 125:18
84:4,9,16 85:1,21 61:23 63:22 64:5 138:18
85:24 86:1,13,22 65:15,22 66:18,18 left (3) 35:3 100:14
87:20,25 88:2,11 71:15 72:11 74:1 137:19
88:15,21 91:3 79:10 80:13,21 legal (17) 3:4 12:18

24:24 25:6 31:6,9 35:2,8,21,24 44:25
33:24 34:4,17 46:17 47:3,15
35:15 36:10 42:3 long (13) 13:6 14:19
71:11 84:10,13 37:17 47:14 61:8
86:4 87:13 99:23 105:21 107:8
Legally (1) 86:18 107:21 110:5
legislation (3) 4:16 111:17 135:10
57:24 68:10 140:7
lend (3) 19:23 20:1,5 long-standing (1) 84:8
lengthy (1) 16:6 longer (7) 29:8 32:12
lent (1) 18:23 66:10 124:6 133:22
Lestovkin (6) 8:17 140:25 141:6
9:14 18:12 30:2,16 look (47) 1:18,24 2:5
31:21 2:8 6:10,15 8:3,12
let’s (7) 20:19,21 9:16 12:8 13:12
34:13,13 36:19 14:10 19:2 20:21
90:11 138:15 24:24 25:9 29:15
letter (2) 37:14,19 34:13,14 35:10
level (1) 118:8 43:3 44:11 45:1
liabilities (1) 4:17 46:7 48:3,5,17 50:5
liability (1) 89:24 56:10 62:25 63:24
liaise (3) 125:9 135:14 65:17 68:20 69:18
136:5 73:2,5 75:11,16
liasing (1) 125:19 76:13 78:20 79:18
liberty (1) 117:16 83:1 92:8 97:6
licence (1) 103:19 104:19 113:5 134:6
life (5) 103:1 107:8 looked (2) 2:11 42:21
112:21 114:10,11 looking (12) 16:10
light (4) 11:14 80:23 20:23 33:22 35:25
83:1 136:8 48:9 59:11 65:16
limb (1) 117:22 65:18 78:20 79:11
limit (2) 112:16 113:7 94:23 115:6
limited (8) 4:16,17 looks (4) 30:7 48:6
44:25 68:4 78:5 59:23 110:14
91:13,17,24 Lord (140) 5:21 6:2,5
line (36) 16:11 19:3 6:6 32:21 33:5
19:18 21:2 24:24 34:14 54:24 58:19
30:25 33:23 34:2,3 59:13,18 60:12,17
34:15,24 35:7,14 61:18 72:4,21
35:18 67:16 73:17 79:23 85:17 87:19
73:23 75:3,4,16 87:21 90:10 95:4
76:16 78:11 85:4 95:10 97:10 98:22
87:1 88:24 89:15 99:12,18,19 100:3
89:20 91:15 93:18 100:8,16,17 101:23
93:22 97:15,17,21 102:9 103:7,17
98:22 106:21 104:2,3,18 105:16
128:21 105:22 106:5,17,22
lines (4) 43:10 77:22 106:25 107:3,20
102:15 132:14 108:11 109:23,23
link (1) 108:17 109:25 110:16
linked (1) 44:3 111:1,13 112:18
list (9) 8:12 9:1,16 113:20 114:25
11:2 14:24 46:15 115:11 116:2,21
47:14 129:10 139:9 117:23,24 118:2,7
lists (1) 73:22 118:11,18 119:3,6
literally (1) 77:4 119:9,14,23 120:3
little (14) 47:17 50:21 120:8,9,15,24
61:20 80:11 86:10 121:7,8 122:9,20
103:5 121:25 127:1 123:6,13,19 124:4
127:16,18 131:17 125:1,3,7,15,19,23
138:4,5,19 126:4,9,15,18
living (4) 102:25 127:9,12,24 128:11
112:14 118:9,10 128:13,21,24 129:5
LLC (21) 10:19 26:5 129:5,7,10,13,15
34:2,4,17 35:1,4,7 129:17 130:5,8,10
35:8,9,14,18 53:4 130:14,21 131:3,6
56:3,24,25 64:10 131:24 132:1,7,18
66:15,15 79:8,8 132:25 134:18
loan (5) 28:12,13,18 135:9,22 136:5,7
28:19 92:6 136:13,20 137:2,7
located (5) 25:4 34:7 137:15 138:7,8,21
34:12 37:4 39:20 139:5,8,9,24 140:9
location (1) 12:19 140:13,21
Loginov (1) 46:13 Lord’s (8) 96:3 97:5
logistical (3) 29:1 99:7,10 105:6
101:4 111:6 116:10 128:21
logistics (1) 100:19 129:20
Lokai (14) 26:18,22,23 Lordship (20) 29:8,13
33:11,20 34:16 32:22,24 37:15

55:11 59:25 67:25 80:7 99:10 100:8 107:6,21 113:3,21 125:22 126:10 133:2,6 140:23
Lordship’s (4) 106:2 126:13 127:23 137:4

losses (3) 90:6 91:6 97:13

lost (1) 17:23

lot (12) 13:22 25:6 29:21 30:8 59:23 67:17 74:4 107:13 109:2,3 124:6 133:12

low (1) 69:23 lowest (1) 69:25

LPK (3) 76:11,21 77:1 lunch (3) 29:2,7 54:25

M

machine (2) 37:6 58:22
mad (1) 24:22 Madame (1) 113:5 Maggs (2) 124:18

140:21

Maggs’ (1) 123:9 Magnum (4) 32:18 59:20 101:13

121:17

main (2) 62:6 101:6 maintains (1) 81:4 major (2) 31:5 57:13 majority (1) 3:13 making (3) 21:17 27:6

111:24

Malaya (6) 35:8,12,13 43:18 45:5 47:16

Maleev (13) 44:16 50:25 51:11 52:2 52:11,15,22,25 53:6,10,18,21,24

Maleev’s (1) 51:17

Maleeva (1) 50:23

Maloi (3) 7:12,12,14

Malookhtinsky (14)

12:11 16:14 35:11 41:18,19 42:1,7,9 42:18 43:1,23 45:7 47:17 64:11

Malyshev (21) 55:17 55:22 56:14 57:6 57:10,18 60:21 61:1,3,5,16 62:14 63:11 64:24,25 65:6,19 66:3,6,14 71:19

Malyshev’s (3) 56:11

60:14 65:11

Malysheva (13) 59:1,9 61:3,10,12 62:14 67:5,18 68:23 84:2 84:7,15,25

manage (2) 33:9 53:1 managed (8) 24:2

30:9,10,17 31:9 38:6 42:5 45:25 management (32)

2:18,23,25 4:24 8:3 8:14 9:9,10 11:13 11:18 18:8,11 24:16 25:21 26:1 27:7 30:3,12,13 36:23,25 39:18,20 40:22 41:4,7,15 43:17 45:5 48:23

Opus 2 International transcripts@opus2.com
Official Court Reporters +44 (0)20 3008 5900

148

April 18, 2016 Day 40

50:9 96:16 manager (7) 6:16

10:24 25:9 29:24 30:25 48:24 54:23

managerial (1) 50:25 managers (11) 6:19 24:7 36:10 50:12 51:7,16,25 70:18 70:24 71:17,20 manages (1) 53:25 managing (2) 16:20

35:21

March (11) 1:17,24 2:13 3:19 4:1,20,20 30:2,4 55:22 57:2

Marine (2) 68:22 69:6

Maritime (2) 81:6

83:16

market (10) 26:21 39:12 56:12 70:3 76:7,21,25 77:3 78:16,17

match (1) 46:10 matches (1) 45:6 material (1) 132:8 matter (13) 74:24 82:7,25 103:7

107:22 109:15 110:20,21 118:23 119:1 128:16 133:18 134:15

matters (7) 101:4 107:17 111:6 112:15 113:17 132:17 134:5

Matvienko (1) 10:8 maximise (1) 70:5 maximum (2) 70:11

70:12

mean (21) 3:5 17:21 20:10 21:22 32:4 66:25 67:10,12 80:18 83:12,13,25 88:12 94:24 95:4 100:12 125:15 128:7 131:7 132:10 138:14

meaning (2) 7:8 27:22 means (1) 17:25 meant (7) 17:13 18:3

42:24 78:1 81:9 84:1 118:2

medical (1) 23:4 Medinvest (6) 1:23

22:18,20,23 23:2 31:19

meet (2) 127:8 130:5 meeting (5) 3:9,9 4:4

5:8 82:11 meetings (2) 5:6,19 megalomaniac (1)

122:12

members (2) 48:4

52:25

memorandum (6)

80:22,22,24 81:9 81:12,17

memories (1) 141:7 memory (9) 12:25

22:12 23:6 73:12 74:6 75:25 78:18 134:19,24

men (1) 133:24 mental (1) 16:8 mention (3) 64:2 103:15 139:9

mentioned (11) 14:5 14:21 17:15 18:3 20:20 36:12 44:12

44:17 50:22 52:5 69:5

mentioning (1)

137:15 menu (1) 137:18

Mercedes (2) 25:5

37:8

Mercury (4) 18:20,21

19:9 76:19

merely (1) 82:4 Meridian (1) 75:18 meters (1) 92:19 microphone (1) 14:14 middle (6) 37:16

43:11 49:3 59:7 60:7 132:3

migration (1) 32:5 Mikhail (1) 62:3 Mikhailovich (1) 47:23 million (28) 73:13,14

74:15 75:22,24,24 76:2,17,20,23 77:6 77:11,13,17 78:21 78:24 79:17 80:1 90:14,16,16 97:18 97:19 98:6,11,11 98:18,18

millions (1) 57:14 Milner (15) 100:22 102:3,13 105:18 107:12,19 109:7

116:5,15 119:1 123:10 124:5,17 136:16 140:25

Milner’s (4) 102:10 117:11 123:24 141:7

mind (9) 29:15 80:5 100:14,16 105:9 126:8 137:15 138:13 141:5

minded (1) 122:23 mine (1) 107:11 minimum (2) 86:16

125:13

minister (2) 43:6 52:2 minor (2) 110:16,20 minus (4) 90:16 97:18

98:11,18 minutes (6) 20:23

21:23 28:24 29:3,9 72:14

miracle (1) 119:25 misled (1) 85:3 misspoke (2) 76:1,2 mistake (1) 79:12 mistaken (4) 26:1

27:1 45:11 73:18 mistranslated (1) 94:7 misunderstood (1)

82:19

Mizeks (1) 44:24

Modul (2) 14:4,8

Moike (3) 7:12,12,14 moment (8) 28:23

41:10 46:12 47:10 108:2 121:16,22 122:21

Monday (1) 1:1 money (9) 28:11

37:10 76:18 87:3,6 110:10 115:20 117:19 119:2

monies (5) 88:1 105:15 112:10,15 117:19

monthly (1) 105:3 months (4) 62:13

63:12 110:14 133:4

moral (1) 84:10 morning (8) 1:3,4,9
100:21 101:9 106:8 123:18,20

Morskoy (1) 92:6

Moscow (5) 10:2,12

41:10 45:10 52:10 mother (1) 66:7 move (8) 27:12 41:23

41:24 42:2,13,14 42:22,24

moved (1) 42:13 moves (2) 50:13,14 moving (2) 42:21

116:12

N

name (13) 22:19,20 33:11,19,20 35:1 46:24 47:5,22 62:9 70:17,22 78:4

named (1) 18:7 names (2) 98:3 104:6 narrower (1) 133:23 narrows (1) 131:9 natural (1) 133:1 naturally (2) 118:19

140:14 nature (2) 106:20

141:3

Nazarov (1) 137:19 near (2) 123:1 137:6 nears (1) 113:16 necessarily (3) 34:23

36:17 118:17 necessary (5) 1:16

12:8 102:21 111:7 123:22

need (26) 8:4 13:12 14:11 20:15 31:14 31:21 32:22,23 33:2 38:14 41:23 103:12 110:5,7 112:8 113:20 115:9 123:14 124:10 126:22 127:6,10,13 134:9 135:2 141:5

needed (6) 21:8 32:12 41:24 67:1 81:19 83:19

needs (7) 32:15 109:6 112:12 113:10 115:14 124:6 138:11

Nefte-Oil (17) 73:1,9 88:6 89:5,6,22,25 90:10 97:9,16 98:4 98:10,12,13,13,14 99:2

Nefte-Oil’s (1) 90:1 negative (6) 90:20,20 90:24,25 97:22

98:16 neglecting (1) 107:7 negotiated (1) 42:25 neither (1) 26:10 neutrality (1) 81:4

Neva (6) 61:23 63:7 63:15 64:13,17,23

never (12) 7:22 9:10 9:13,14 49:11,11 49:14,17 57:21 68:1,17 132:12

nevertheless (5) 28:7 68:1 82:15 111:14 131:21

Nevskaya (26) 8:2,13 8:19,22 9:9,10

11:13,16,18 18:7,9 136:24 ongoing (3) 31:14
18:11 23:10,16,22 obviously (34) 1:12 105:5 134:15
30:3,12,13 36:23 3:8 7:8 17:19,24 onwards (1) 96:15
36:25 39:17,20 27:21 30:5 37:17 OOO (2) 78:4,5
40:22 41:4,7,15 42:15 64:4 65:17 opening (1) 127:4
new (6) 35:10 41:14 65:21 66:21 67:1 operate (1) 32:9
42:4,14,14 45:14 68:16 69:22 105:4 operated (5) 38:2,12
newspaper (2) 40:7 105:17,19 107:3 39:6,13,14
58:25 108:12,15 109:6 operating (6) 17:25
Nice (1) 104:22 110:16 112:21 36:20,21 38:19
nicely (1) 137:9 113:4,10 115:15,25 49:4 95:12
night (2) 99:20,21 122:17 132:19,25 operations (6) 18:4
nights (1) 137:1 133:3 139:24 39:13 90:22 94:10
nominal (12) 9:7 occasion (8) 18:22 97:24 98:23
22:15 23:20 28:8 40:11 94:23 102:11 opportunity (1) 106:7
32:15 53:10 56:21 103:16 108:9 optimistic (1) 133:8
57:3,5 65:13 66:3 127:10 137:20 option (1) 51:14
67:12 occasionally (1) 42:8 options (1) 3:12
nominee (13) 11:19 occasions (3) 80:14 oral (13) 71:13 84:14
23:18 26:6 53:6,7 94:23 120:5 120:22 121:13
53:21,21,24 57:16 occupied (1) 130:9 122:6,14 130:13,20
61:4,4 71:15,19 occupies (1) 50:25 130:22 131:4,4
nominees (2) 57:8 occupying (1) 41:14 135:15 136:6
70:24 occur (1) 121:6 order (45) 92:22
non-complied (1) occurrence (1) 50:11 101:1,20,22,24
82:16 offer (1) 27:12 102:8,21 103:22,24
non-public (1) 54:14 offered (3) 66:21 67:3 104:2,5,13,13
non-Withers (1) 118:3 86:18 105:6,13 106:2,5
normal (2) 81:21 office (38) 12:18 106:13 108:11
109:9 16:13 17:19,22,25 109:12,13,21
normally (2) 86:14 17:25 25:1,1 34:5,7 110:11,13,20
124:7 35:11 37:11,22,23 111:25 112:9,20
note (4) 16:8 126:23 38:1,2,5,6,18,22,23 113:12 115:8,17,18
129:23 137:4 39:1,4,7,10,15,18 116:21,22,23 117:5
noted (1) 102:1 39:19,21 41:4,12 117:7,18,21 118:1
notes (1) 72:9 41:17,19 42:11,18 118:7,17,24 137:6
notice (5) 3:9,20 72:7 45:10,16 52:10 137:20
108:14 124:14 officer (2) 49:5,9 ordered (4) 101:17
noticed (1) 59:14 offices (10) 25:3,5 111:23 113:18,18
notices (10) 3:16,18 37:2 38:19 39:22 orders (7) 60:15
3:23,25 4:3,8,11,11 40:22 41:2 42:1,13 106:17 109:2
4:19,20 45:19 110:13,22 112:17
notification (2) 3:15 offshore (6) 62:8,9,15 114:18
4:15 64:24 65:12 91:21 ordinary (2) 38:9
notorious (1) 133:7 Oh (2) 93:4 137:13 112:24
notwithstanding (2) Ohta (5) 35:8,12,13 Ordynka (6) 43:21
111:19 123:23 43:18 45:5 45:8 52:5,6,7,8
November (3) 38:3 Oil (6) 61:23 63:7,15 organise (1) 55:4
62:15 79:7 64:13,17,23 organised (1) 67:23
number (22) 12:24 oilfields (2) 40:9,10 original (10) 1:10 4:22
14:17 15:24 17:8 okay (6) 6:7 29:9 5:22 81:25 82:1
22:3 23:5 33:12,17 95:25 122:21 123:5 96:4 112:17,20
35:22 36:9,13 141:12 127:4 131:23
40:23 51:1 57:23 Okhta (1) 47:16 originally (2) 8:19
57:24 63:18 66:21 Oksana (2) 44:23 51:8 114:18
72:6 79:9 101:3 Olga (1) 43:20 Oslo (2) 68:22 69:6
104:6 115:13 Olimp (25) 25:1 33:24 other’s (1) 19:23
numbered (1) 101:14 34:6,7 37:23 38:18 ought (5) 101:4 103:5
numbers (1) 41:5 38:24 39:15,21 105:12,13 116:4
numerous (1) 135:5 41:2,5,9,11,16,21 outlined (2) 103:21
41:25 42:4 45:24 112:11
O 45:25 46:4,9,22,25 outrider (1) 126:2
o’clock (2) 106:8 47:15 48:7 outside (2) 69:12 74:9
Olimp’s (1) 47:5 outstanding (4) 87:5,7
120:6
Olymp (1) 38:2 137:5 138:24
obeyed (1) 110:14
OMG (5) 14:6,7 18:22 overflow (1) 131:22
object (3) 101:24
66:25 69:3 overnight (2) 115:25
102:17,20
OMG’s (1) 38:5 121:11
obligation (4) 84:6,10
OMGP (1) 102:2 overreaching (1)
85:8 93:6
omission (1) 110:17 132:6
obligations (5) 80:25
once (15) 16:8 24:24 oversight (2) 23:21,24
81:12,14 82:17
29:5 34:17 35:15 owned (35) 4:13 7:3
84:24
35:18 48:9 61:19 11:24 13:7,9 14:21
obtain (1) 90:25
65:19 80:24 105:21 15:7 16:25 20:17
obtained (2) 90:7
107:5 108:10 22:22 23:14 26:19
97:13
127:10 134:4 27:18,23 28:14
obtaining (3) 90:23
Onega (6) 27:24 76:7 41:11 43:19 53:11
97:25 98:24
76:11,22 78:10,20 53:14 66:10,18
obvious (2) 110:9
ones (1) 78:20 70:17,23,25 75:8

76:8,11 78:9 85:7 85:13,14 86:5,19 91:20,24

owner (12) 11:12 13:9 41:10 42:25 45:19 46:2,25 47:5 53:10 57:17 64:16 81:20 owners (6) 41:14,20 42:4 63:14 71:8,11 ownership (6) 13:24

30:9 63:1,3,5 64:23 owns (6) 7:8,9 45:9,21

48:12,15

P

page (73) 2:4,6 6:15 7:5,7,9 8:6,9,11 9:17 10:16,23 11:1 11:6,7 13:14,19,23 14:2,12,13 16:2,11 18:16 19:2,18 20:22,24,25 25:11 29:22 30:21,22 37:16 39:24 43:4,7 43:11 44:18,19 45:3 46:13 47:7,7,9 48:20 55:19 59:7 60:7 62:11,17 63:25 64:8,8 73:3,7 74:3,21 75:11,12 79:21 85:3,4 86:23 89:20 91:12 93:15 97:7,11 101:5 104:7,12 142:2

pages (5) 7:4 44:18 76:14 78:8 88:22

paid (12) 9:5 28:9 65:13 75:10 76:18 81:13 90:16 97:20 105:18 109:8,9 115:24

paper (3) 32:19 40:3 68:12

paragraph (19) 37:20 43:10 48:19,22 50:2 60:1,3 88:24 89:3 99:13 104:13 104:15,20 106:3,11 109:22,23,24 111:22

paragraphs (4) 40:14 43:16 60:10 101:14

parallel (1) 5:4 paraphrase (1) 19:9 pardon (5) 6:2,6 15:3

46:11 61:21 parent (1) 62:6 Paris (1) 104:23 part (18) 6:22 7:9

12:17 18:6 19:19 31:7 42:15 46:4 47:25 69:15 71:23 88:8 102:9 109:4 115:1 122:14 124:2 128:18

participant (2) 21:9 28:2

participate (1) 21:10 participation (5) 7:7 11:5 21:6 45:1

62:19 particular (11) 3:14

40:24 45:20 48:11 48:15 56:1 58:1 83:10 94:5 110:23 127:3

particularly (8) 17:5 17:12 48:12 78:18

Opus 2 International transcripts@opus2.com
Official Court Reporters +44 (0)20 3008 5900

149

April 18, 2016 Day 40

114:14 123:1 18:2 15:5 23:22 25:25 prior (8) 3:8 4:4 27:18 105:15 106:4
132:13 138:23 phone (2) 40:23,25 64:21 69:23 91:1 38:15 41:21 77:4 118:15
parties (8) 56:19,22 photocopies (1) 28:25 122:25 124:24 78:19,23 proposition (1) 32:14
58:2,14,17 68:11 pick (1) 115:13 possibly (10) 22:22 priorities (1) 57:22 prospective (1)
111:5 133:1 picked (1) 139:1 49:11,20 61:4 62:5 privatisation (1) 77:10 102:25
partner (3) 8:19 12:5 picture (1) 95:11 63:11 87:4 108:18 privatised (2) 77:8,15 prospects (1) 133:23
15:19 piece (1) 68:12 136:24 139:17 prize (1) 131:25 Prospekt (1) 12:12
partners (4) 10:3,4 pilot (1) 123:24 postbox (1) 42:7 probability (1) 33:18 protocol (4) 73:22
14:25 15:17 place (8) 5:5,7,8 34:12 postpone (1) 125:23 probable (1) 49:7 74:23,25 75:3
parts (1) 117:5 39:9 57:2 92:12 postponed (1) 116:14 probably (12) 28:25 protocols (3) 73:16,21
party (6) 10:13 14:6 122:25 postponement (1) 33:9 54:10 55:1 74:8
82:12 89:7,11,23 plan (1) 130:4 130:25 72:12 108:21 proud (1) 141:11
pass (4) 31:2 57:17,19 planned (2) 21:7 postponing (1) 109:14 125:21 126:20 proved (1) 126:24
75:18 124:13 Potapov (1) 25:22 128:8 129:18 proves (1) 125:4
passage (2) 59:8 planning (1) 56:16 potential (2) 14:5 135:24 136:2 provide (9) 17:11
60:13 plans (1) 15:20 129:21 problem (2) 6:3 36:15,15 63:22
passed (4) 30:12 Plaza (1) 43:18 potentially (2) 129:7 106:22 65:8 67:6 104:16
56:24 64:23 65:11 please (35) 1:20 6:10 137:23 problematic (7) 84:23 109:22 136:15
passing (3) 32:7 40:24 8:5 10:15 13:17 practical (4) 24:11 92:24 93:2,12 provided (16) 37:7
131:15 14:15 18:14 20:21 111:15 116:12,20 96:22,23,24 86:7 103:6,13
patronymic (1) 47:5 29:13,15 33:1 38:5 practice (6) 20:4 problems (1) 6:4 105:6,16 109:15
pause (2) 40:15 39:23 46:7,8 55:11 22:16 57:25 58:7 procedurally (1) 113:1 111:23 113:4,14
138:19 55:19 59:12 61:21 108:7 129:20 procedure (2) 3:15 117:20 118:16,17
Pavel (1) 30:4 63:25 67:10 73:3,6 pragmatic (1) 116:9 4:15 124:23 139:14,15
pay (3) 28:16 37:9 74:4 75:1,6,11 precious (1) 109:6 procedures (1) 81:19 provides (1) 53:13
98:12 76:13,14 78:8 79:2 precise (1) 110:6 proceedings (11) providing (2) 117:1
payable (1) 104:21 97:6 104:7,12 precisely (3) 68:14 10:21 37:13 39:4 118:16
paying (3) 37:10 136:22 92:7 94:24 55:22 69:17 89:7 provision (5) 109:12
67:14 81:18 pledge (2) 98:8,8 prefer (3) 72:15 89:11,23 91:18 116:24,25 117:6,9
payment (10) 58:15 plot (6) 75:17 77:1,7,8 100:13 134:24 92:1 138:25 proximity (1) 5:12
58:16 87:17,21 77:15 87:4 preference (1) 141:2 process (2) 4:21,23 public (3) 15:8 54:12
104:14,20 105:2 plough (1) 100:9 prejudice (1) 132:20 processes (2) 5:1,3 54:15
112:5 115:21,23 plus (1) 113:6 prejudiced (1) 133:3 processing (1) 102:19 publicly (2) 13:8 15:7
payments (8) 104:17 pm (6) 55:8,10 72:18 premises (15) 38:8 produced (1) 116:23 published (3) 40:5
104:24 105:1,5,25 72:20 135:21 41:13,15 42:2,6,9 product (2) 114:23,24 58:24 61:8
117:10,14 118:6 141:14 42:10,14,15 45:14 products (1) 114:1 Pulkovo (1) 52:17
pencil (2) 130:17 point (22) 18:20 22:21 45:20,21 48:11,12 professional (4) 53:12 purchase (9) 1:17
134:6 25:20 27:1,17 41:2 48:13 54:23 60:22 127:19 2:12 37:9 58:2,5
pending (1) 113:12 41:20 44:21 59:21 prepare (2) 109:7 Professor (4) 123:9 75:10 77:12 79:9
people (5) 50:7 66:19 65:20 77:10 84:22 133:1 124:18 140:19,21 82:1
66:20 71:11 133:25 97:5 100:13 101:23 prepared (1) 4:7 proffer (1) 16:15 purchased (7) 22:1,15
people’s (1) 61:7 102:1,24 105:23 preparing (1) 121:21 proffered (1) 137:23 70:2 76:9 78:23
perceive (1) 112:4 112:3 113:24 prescribed (1) 112:17 profile (11) 6:12 8:4 82:23 97:16
perfect (2) 13:16 123:20 139:10 present (10) 7:25 8:13 10:18 12:9 13:13 purchasers (7) 1:11
68:11 pointing (1) 59:18 9:1 12:10 13:23 13:15 29:16,19 4:22,22 5:23 10:20
perfectly (2) 108:18 points (19) 29:17 14:19 54:7 58:13 44:11 61:22 63:25 81:25 85:16
111:17 100:5,25 101:6 95:20 109:18 profiles (1) 66:13 purchasers’ (1) 96:4
performed (1) 53:3 102:22 104:9 presented (2) 83:20 profit (5) 90:18 98:10 purchases (2) 83:24
perimeter (1) 74:9 106:18,20,21,24 91:18 98:12,18,21 85:22
period (10) 14:22 20:2 108:12,20 115:10 presently (1) 114:15 profits (1) 91:7 purchasing (1) 90:10
22:6 26:16 27:3 115:13 116:7,17 press (2) 43:5 92:21 progress (4) 109:1,5 purported (1) 2:16
65:6 66:14 69:7 127:11 137:5,18 pressing (1) 137:20 111:7 126:11 purpose (7) 89:4,4
83:11 105:2 Pole-Stroy (1) 35:14 pressure (1) 138:4 project (13) 15:22 91:10 92:5,7,14
periods (1) 14:19 policy (5) 103:1,19 pressures (1) 111:20 17:8 18:6 22:25 119:16
permit (1) 51:16 114:4,11,11 presumably (3) 6:21 23:3,10,11,15,22 purposes (7) 23:17
permitted (1) 103:18 pompous (1) 110:19 42:24 85:10 23:25 31:14 52:20 24:12 66:23 70:7
person (6) 21:17 37:7 pool (3) 90:6 91:6 pretty (3) 29:6 113:7 92:17 85:11 112:11
45:17 46:19 61:2 97:12 124:23 projects (13) 15:21 117:16
95:19 Popov (5) 127:13 previous (10) 22:20 17:2 19:25 20:1 pursuant (8) 4:16 9:6
personal (3) 61:7 129:9 130:23 44:3 106:17 108:8 23:12,17 24:1,1 57:24 85:22,24
106:8 118:9 133:21,24 109:13,21 112:6 31:7 32:8 69:3 90:1 87:3 106:13 115:17
personally (3) 2:22 Popov/Steadman (2) 113:15 117:5 127:9 93:19 pursued (1) 70:10
3:18 26:12 131:11,18 previously (12) 5:15 promise (1) 122:9 push (1) 138:2
personnel (1) 119:20 port (2) 94:1,8 21:1 25:18 26:15 promised (2) 84:2,25 pushing (1) 107:11
persons (2) 57:7 Porter (1) 122:24 26:19 27:21 44:23 proof (1) 55:22 put (24) 31:17 66:13
66:20 Ports (1) 68:22 50:22 88:2 102:5 proper (5) 65:14 68:1 72:8 73:6
persuasion (1) 124:11 Ports’ (1) 69:6 113:18 126:21 85:11 103:24 111:7 76:19 79:1 89:13
Peterburga (1) 40:12 position (17) 35:2 price (32) 56:12 57:3 114:21 89:18 91:14 95:6,7
Petersburg (33) 12:4 50:25 63:19 80:16 57:5 58:1,3,9 69:23 properly (1) 134:25 105:12 111:10
12:10,11,17 13:6,8 89:14 90:4 101:8 69:25 70:2,3,11,11 property (10) 27:16 112:24 122:25
14:23 15:1,6,16,20 104:10 106:23 70:12,14,15 73:11 28:16 45:12 48:7 129:10,11,14 131:2
16:13,18,25 18:2 111:3,4 116:8,10 73:13,19 75:10,22 77:1 79:10,10,14 131:2 132:19
25:15 26:8,17 31:8 116:11 127:23 76:7,9 77:3,9,12 80:3,5 133:14 140:16
34:5,18 35:1 37:25 130:20 131:3 78:16,17,21 79:19 proportion (1) 105:19 puts (3) 17:10 32:6
38:22 39:8 42:19 possessed (1) 28:10 80:1 90:14 98:15 proposal (4) 137:21 92:4
43:17 48:13,25 possession (1) 54:17 principle (4) 50:19 137:25 138:5,11 putting (2) 27:12
50:10 51:9 58:25 possibility (1) 42:21 95:18 105:24 propose (2) 55:5 52:24
95:9 possible (16) 4:3,5,7,9 107:22 133:15
Petrograd (2) 12:17 7:18,20 8:24 14:7 principled (1) 106:21 proposed (5) 102:5,12

Q

qualification (1) 16:16 qualities (1) 61:7 question (36) 5:19

6:24 16:12 17:17 19:21 20:16 21:3 27:9 31:2 45:15 64:24 65:2 73:8,18 73:24 74:11 75:17 75:20 76:20 78:14 80:13 82:5,20 85:1 86:7,8 87:6 88:25 89:2,16 91:8,16 92:3 93:23 96:3 97:11

questions (19) 1:7 45:23 61:11 72:2,4 72:22 73:5,15 75:14 80:7,8 87:1 95:23 97:5 99:7,11 122:15 139:23 142:6

quick (1) 104:19 quickly (1) 135:10 quite (48) 4:3,25 5:14

8:24 13:11 15:5 16:25 17:13,15 18:4,9 22:3,16 23:22 24:10 26:19 30:9,10,14 31:20 33:12 35:21 36:14 37:12 38:24 39:2 47:14 49:7 50:15 58:8 64:20 68:6 69:4 71:13 73:25 107:8,12,16 109:18 110:19 113:8 119:22 120:5 132:12 133:14 134:8,9 141:1

quotation (3) 37:21

37:24 59:9 quoting (1) 37:19

R

railway (5) 73:22 74:4 74:12 75:3,4
railways (1) 74:2 raise (3) 100:7,18

125:22 raised (1) 112:15 raising (1) 140:10

random (1) 138:15 ranging (1) 133:11 rate (1) 139:19 Razvitie (1) 40:11 RBK (1) 40:6

RBS (1) 128:16 re-examination (5)

72:3,5 97:4 142:5,8 re-examine (1) 124:19 re-examining (1) 99:9 re-reading (1) 140:5 reach (2) 20:25 95:16 reached (4) 12:25

19:14 53:18 82:11 reaching (1) 21:17 read (22) 16:4 19:19

21:23 37:13,21,24 40:14,15,16 59:25 60:11,13,19 91:4 99:13 127:25 128:8 128:14 129:11,18 132:2 135:4

readable (1) 40:4 reading (10) 16:9 73:6

92:18 126:16,19 129:14 130:7,14

136:1,3

real (3) 27:16 28:9 111:24

realisation (2) 103:1 113:25

realise (1) 69:11 realised (2) 87:3

103:19

reality (3) 44:9 61:2 111:4

really (36) 14:18 27:12 29:21 30:9 33:2 49:11 63:3 66:12 71:3 74:1 86:24 89:3 90:9 94:12 102:11 107:5 107:10 108:16 111:2,3 114:25 117:4 119:18,20 120:11 122:11 124:4 127:24 128:21 132:2,6 133:5,14 136:2 137:1 138:14

realtime (1) 121:17 reappearance (1)

102:10

reason (9) 10:6 57:15 65:22 91:1 96:19 108:3 110:25 121:19 140:4

reasonable (2) 29:7 105:19

reasonably (2) 64:15 117:22

reasons (6) 17:3 66:16 88:6 110:9 129:7 136:24

reassessing (1) 80:11 recall (9) 9:25 20:14 31:17,20 32:2,2

36:19 40:17 73:21 recalls (1) 3:19 receive (1) 139:6 received (1) 139:16 recognise (1) 62:1 recollection (2) 74:11

74:16

record (9) 11:9 32:17 53:19 102:12,18 103:25 105:10 116:6 141:11

recorded (8) 7:11 25:11,20,23 29:24 29:25 34:15 62:20

recording (1) 6:17 records (2) 54:12

103:23 recovery (1) 70:5 reduce (2) 87:4,7 reduced (1) 9:21

refer (2) 115:7 118:20 reference (6) 24:22

32:18 56:3 99:10 131:19 134:14

references (5) 72:8 79:21 80:11 133:10 134:9

referred (4) 38:25 80:15 98:22 104:15

referring (6) 32:11 80:3 89:22 94:7 98:4 100:22

reflect (2) 112:9 117:5 reflected (1) 102:21 reflection (1) 89:19 reflects (1) 44:8 regard (7) 16:22 66:5

84:24 112:3,10

Opus 2 International transcripts@opus2.com
Official Court Reporters +44 (0)20 3008 5900

150

April 18, 2016 Day 40

130:16 133:20 14:21,24 15:20,22 130:24
regarding (2) 23:24 18:12 19:13 20:4 reserve (2) 124:2
84:13 20:14,18 21:2,4,15 140:1
regards (6) 112:6,7,14 22:1,4,7,11,17 resides (1) 51:23
114:14 117:21 23:21 24:4,5,8,9,11 residual (3) 117:13
134:13 24:14 26:11 27:22 118:2,5
region (4) 33:19 42:22 28:11,13,20 30:5 resolve (1) 6:3
47:19 51:10 30:13,16 31:11 resolved (2) 90:5
regional (1) 10:20 32:9 34:8 36:20,22 118:23
register (9) 36:16 37:5 39:17,20 40:11,25 resourceful (1) 126:24
37:6,11 54:15,16 41:17,19 48:23 resources (1) 96:25
54:20,21,23 50:6,16,19 53:8 respect (7) 23:25
registered (6) 34:10 55:12,23 56:6,8,9 84:19 111:9 112:7
34:11 36:15 41:5 56:13 62:9 63:4,8 112:13 114:19
42:3 54:15 63:16,20 64:22 127:15
registers (1) 54:22 65:1,9,24 66:1,3,21 respectfully (1)
Registration (1) 5:6 67:3,9,11,12,23 109:14
regret (1) 107:4 68:3,5,6,17,19,21 respective (1) 4:1
regular (1) 20:4 68:25 69:2,17,22 respectively (2) 2:17
relate (1) 112:5 69:24 70:4,16,21 59:6
related (8) 10:9 43:14 70:25 71:3,7,8,11 respects (1) 101:6
80:17 86:8 90:22 71:23 75:15 81:1,3 response (3) 96:3
97:24 98:23 101:15 81:9,13,19 82:3,7 139:4,7
relates (3) 79:9 86:24 82:10,11,14,21,22 responsibility (1)
93:23 83:7,8,13,22 84:12 107:10
relating (7) 15:23 84:17 85:14 86:4 responsible (1) 95:19
97:12 100:6,6,25 86:19,21 87:15,22 restore (1) 4:18
104:9,22 91:24 93:5,5,6,8,10 restored (1) 6:9
relation (20) 18:22 93:17,19 94:4,13 result (3) 90:19 98:9
20:14 44:5 76:18 95:12,12 96:5 124:9
95:1 98:1 101:9 Renord’s (12) 10:1,3 resulted (1) 98:17
102:1,9,19 106:5 12:5,7 15:17 23:6 results (1) 90:24
106:11 116:4,5,13 24:7 25:1,3 56:15 retain (1) 87:14
116:20 118:7 123:8 63:9 80:15 return (3) 100:20
130:22 138:25 Renord-Invest (12) 128:6 133:17
relations (1) 95:1 4:13 7:2,3 8:15 returning (1) 100:22
relationship (8) 19:13 12:23 25:8 32:3 reverse (2) 19:5
31:24 50:18,20 53:11,14 54:1,4 116:16
82:12,13 92:23 71:4 revert (1) 141:2
93:12 rent (2) 45:14,18 review (2) 133:16
relatively (1) 41:25 rental (1) 104:24 138:16
release (1) 115:18 rented (1) 42:2 revise (4) 11:15,15
released (3) 99:25 renting (2) 45:20 41:1,3
105:12 117:19 48:11 Reynolds (1) 122:24
releasing (1) 117:18 repaying (1) 28:19 ridiculous (1) 61:9
relevance (1) 114:14 repeat (7) 15:5 42:20 right (91) 1:13,18,24
relevant (5) 19:19 46:21 48:9 61:5 2:1,5,9,23 3:6,8,21
58:23 61:25 64:3 94:16 141:10 5:2,3,14,24 7:4,23
114:4 replace (2) 2:18 5:20 8:18,20 9:8 10:15
reluctant (1) 110:9 replacement (1) 2:22 12:3,8,14,20 14:10
remain (2) 41:13,16 replacing (1) 4:24 16:1 17:7 18:10
remainder (1) 55:4 repo (6) 67:7 80:17 19:17 20:21 21:19
remained (1) 42:5 84:13 86:9 95:4,5 22:9 23:13 26:8
remaining (2) 73:25 reported (1) 92:20 28:7,21 29:4 30:19
74:12 reporting (1) 95:20 34:13 36:4 37:3
remains (1) 114:11 reports (1) 129:11 38:20 39:15 44:11
remarkable (1) 67:22 represent (1) 102:3 46:1 47:7 48:6
remember (29) 3:16 representatives (1) 50:25 52:20 54:13
3:17 10:2,12 20:19 30:10 54:17 55:7 57:4
21:5 22:14,21 repurchase (1) 82:2 58:11 62:25 63:4
26:25 31:18,19 reputable (1) 40:7 63:10,19,23 64:22
40:19 41:23 46:3 requested (1) 99:25 65:11 66:23 67:3
46:24 49:1 57:1 require (6) 92:25 67:20 68:7 73:10
63:14 67:5 74:7 103:1 117:20 73:25 74:19 75:12
77:2 83:16 86:13 120:17 122:22 83:2,6 84:5,9 85:15
97:9 103:7,17 132:15 86:6 87:17 88:9,15
104:4,18 127:2 required (16) 103:10 88:21 93:8,14
remind (3) 85:2 104:5 109:13,22 94:11 97:10 100:4
103:15 121:2 111:11 112:6 102:17 110:8 124:3
reminder (1) 137:3 119:14 121:1,4,14 129:6 137:10 140:1
removal (1) 98:8 121:24 128:9 141:1
remove (2) 5:20 98:8 130:19,23 131:4 rights (2) 77:7 92:6
removed (1) 82:14 132:14 ring (1) 62:23
removing (1) 90:13 requirement (2) 83:9 rise (1) 95:23
Renord (151) 3:2,4 108:23 road (1) 107:11
4:7,20 5:2 6:19,23 requirements (3) role (1) 80:15
7:13,14,16,24,25 109:3 117:17 Romashov (4) 25:10
8:1,14 9:3,4 10:14 125:10 25:14,16,22
13:1,2 14:7,17,19 requiring (2) 121:12 room (1) 41:3

Roslyakovskiy (2) 74:8

75:4

rostered (1) 134:5 roubles (22) 56:12

57:15 75:5,23,25 76:2,2,17,21,24 77:6,11,13,17 78:22,24 79:17 80:1 88:17 90:11 98:6,19

roughly (2) 51:10 94:17

round (2) 103:10 124:7

RUB (2) 73:9,13 rule (1) 50:6 rules (1) 117:3

run (4) 5:3 50:6 101:4 138:22

runs (2) 95:12,15 Russia (5) 26:20 33:21

40:10 54:10 68:9

Russian (62) 1:21 2:4 6:13 8:6 10:16 13:20,21 14:11 17:16 24:19 32:23 32:25 39:23 40:6,6 43:4,5,9,11 44:14 45:3,4 46:8 47:9,11 47:21 48:21 55:20 57:25 58:6,12 59:7 59:8,17 60:4,14 62:21 64:2 68:8 70:1 74:21 79:3 85:6 88:7,17 98:6 98:19 100:23 102:4 107:6,17 112:8 116:14 120:18,21 122:22 125:6,7 126:23 133:13 136:14 139:1

Rynok (1) 7:24

S

S-V-I-R (2) 78:6,7 safe (4) 72:16 119:4
121:23 130:2 safely (1) 13:19 safer (1) 129:2 sake (1) 140:24 sale (12) 14:7 20:24

73:13 75:19,20,22 79:9 80:1 87:3 92:25 98:9,13

sales (6) 57:5 58:2,5 90:12,13 98:17 samples (1) 138:14 sampling (1) 137:25

Sankt (1) 40:12

Sankt-Peterburg (1)

24:25 satisfactory (1) 13:21 saved (1) 120:19 Savelev (1) 47:18 Saveleva (1) 44:23 Savelyev (16) 10:8

15:13,17 44:22 45:9,25 48:6 51:8 51:25 52:21,22 53:1,7 71:5 139:12 139:18

Savelyev’s (2) 45:12

52:9

Savelyeva (2) 43:20

51:8

saw (3) 50:24 86:14 140:5

saying (14) 5:11,13

17:21 32:1 46:23 seen (5) 44:12 52:5 96:5,15
76:20,23 78:14 80:24 86:2 95:8 sharing (2) 39:18,19
82:6 93:24 115:19 sell (4) 31:16 32:13 sheets (1) 98:16
115:24 124:6 70:10 96:15 shell (1) 27:15
136:20 selling (7) 31:13 41:21 shop (1) 37:8
says (13) 19:2 34:10 41:22 55:25 57:11 short (12) 28:23 29:11
37:24 44:2 64:14 57:12 98:7 33:3 55:9 72:19
69:14,17,19 89:10 send (2) 128:3 138:14 105:23 106:3 108:5
92:2 102:2 139:25 sending (2) 3:22 4:11 108:14 129:16
139:25 sense (6) 27:8 84:19 136:15 141:9
Scan (4) 1:10 2:17 115:16 116:8,11 shortly (4) 78:22
75:18 76:8 137:2 106:7 121:8 139:7
Scandinavia (8) 4:12 sensible (8) 100:7 show (1) 71:10
75:8 76:11 77:1 103:11 105:14 showed (2) 73:16
79:8,13 81:21 127:16 130:16 80:4
86:17 131:2 137:23 showing (1) 105:7
Scandinavian (3) 5:4 138:11 shown (5) 39:23
67:2 78:10 sensibly (1) 138:6 43:25 55:19 58:20
screen (15) 1:20 8:10 sent (3) 3:16,18 74:18
8:11 10:15 13:18 118:18 showroom (2) 25:5
30:22 44:18 45:2,3 separate (2) 74:4 38:13
46:14 47:8,9,10 116:25 shut (1) 138:10
58:20 104:1 sequence (3) 5:11 side (7) 33:4 72:16
screens (2) 9:17 43:7 30:20,25 127:19 129:1,24
script (1) 40:3 Serdyukov (4) 43:6,14 130:12 136:18
scroll (34) 2:3 7:4,5,9 52:1,9 sides (1) 127:7
8:9 9:17 10:23 11:1 series (1) 105:5 sign (1) 38:23
11:6 13:18,19 14:2 serious (1) 127:25 signed (2) 41:13 80:22
14:11 20:25 25:19 serve (1) 104:5 significant (2) 51:9
29:22 37:15 38:5 served (1) 135:21 67:8
43:7 44:17 46:11 service (4) 36:15 signify (1) 29:4
46:13 47:7,8,10,13 119:23 125:2,19 signing (2) 18:24
47:20 50:1 59:2,5 services (2) 37:8 19:10
62:11,17 64:8 53:13 silly (1) 5:18
79:20 Sestroretsk (1) 27:24 similar (6) 20:13
search (2) 33:11 36:1 set (4) 37:18 58:3 21:13 53:13 94:22
second (9) 21:9 34:15 103:9 111:3 103:11 110:13
35:2 59:11,20 setting (1) 127:5 similarity (1) 67:22
61:18 75:3 102:1 Sevzapalians (10) simple (2) 24:10
112:4 88:13,17 91:11,19 26:21
Secondly (2) 56:18 92:12,16,22 93:1,2 simply (29) 24:10
137:17 93:11 27:12 44:9 53:22
secretary (1) 25:14 share (16) 1:16 2:11 59:21 61:9 68:2
section (6) 11:5 45:2 7:7 9:6,7,21 11:5 70:16 71:10 82:23
62:18 64:6 74:25 13:2 14:21 31:16 83:4 91:9 99:9
75:1 45:1,8 57:11 62:19 103:4 106:1,18
sections (1) 7:6 63:8 65:11 110:13 111:3,4
sectors (1) 93:21 shareholder (22) 2:16 115:24 118:10
secure (2) 117:18 4:24 5:6 7:11 11:4 120:25 122:10
130:2 14:4 15:11 18:24 127:2 129:20,23
secured (1) 115:16 23:7,20 25:21 26:6 133:16 137:2
see (89) 7:10 8:9 9:17 26:7,9,14,16,17 138:12
9:22,23 10:23,24 52:12 53:3 62:13 singular (1) 67:23
11:2,3 14:3,17,23 62:20 67:12 sir (1) 14:15
15:1,9,12 17:19 shareholders (16) 5:4 Sistemnye (1) 15:10
25:10,12,13,20 5:9,23 8:13 9:2,16 sister (1) 49:12
33:11,15,23,25 9:19 11:3 14:24 sit (5) 106:25 128:8
34:24 35:5,10,16 25:23 44:20,22,23 129:18 140:23
35:20 36:5 37:14 47:12,14 54:11 141:3
38:23 39:7 40:3,10 shareholders’ (5) 3:8 site (1) 18:2
40:12 43:13,16 5:7,19 54:16 64:6 sitting (2) 87:10
44:15,16,20 45:3,6 shareholding (24) 115:19
46:9,14,20,21 8:22 9:2,5 11:10,10 situation (6) 31:15,20
47:11,14,21 56:3,4 15:15 24:3 47:18 69:5 81:6 97:12
56:5,11 59:3 60:9 51:9,22 55:23 98:9
62:12,18 64:9,20 56:11,13,23,24 situations (1) 19:5
70:4,9 71:2 74:23 63:9,9 64:10,25 six (12) 1:12,14 2:8
74:24 75:14 79:23 65:19,20 91:17,25 43:10 129:3,4,5
81:3 82:8 83:21 92:5 131:8,9 133:4,4
87:25 88:2 89:2 shareholdings (1) 134:3
93:4,14,16 97:10 56:21 SK (1) 35:1
97:17 105:19 108:2 shares (31) 1:10,13 SKIF (20) 8:19 19:13
108:17,21 113:6 4:14,21 9:10 12:24 20:4 22:4,7,20,23
122:11 125:9 13:9 15:6 27:8 23:7,9 24:2,3,6,10
126:10 137:22 51:24 55:25 58:2,5 24:13 30:12 31:11
140:17,20 66:4,7,18 67:1 81:1 32:9 77:15,25 78:2
seek (1) 102:13 81:4,10,14,20,25 SKIF’s (1) 8:22
seeking (1) 116:16 82:22 84:18,20 skill (1) 107:16
seeks (1) 116:21 86:8 91:10 92:13 skinny (1) 130:18

Opus 2 International transcripts@opus2.com
Official Court Reporters +44 (0)20 3008 5900

151
April 18, 2016 Day 40

skip (2) 43:15 97:17 sort (12) 41:25 67:6 92:16 97:15 130:19 130:20 132:11,16 123:25 131:22 think (184) 1:20 2:21 29:2 31:22 32:12

Skipping (1) 104:12 95:3 103:14 106:12 135:17 133:2 134:8 140:1 135:3 138:15 4:9 5:15 6:2,9 7:4 36:1 37:2,4,7 41:20
Sklyarevsky (32) 3:1 116:23 118:9 starts (7) 4:21 11:5 subsequent (8) 1:11 taken (8) 31:7 81:25 8:18 9:6,24 10:21 41:24 51:23 59:1,2
3:24 4:5 8:25 16:3 119:25 131:21 19:3 43:4 60:4 64:7 4:22 56:17 82:6 92:12 110:1 112:21 10:23 12:4,8,24 61:8 63:17 65:4,7
17:9 18:12,21 19:2 137:25 138:9 140:5 86:23 83:24 85:16,21 114:1,2 139:2 13:12,14,18,21,24 65:11 69:8 70:6,12
19:8,15,16 20:3,8 sorted (2) 72:12 state (4) 90:22 92:18 98:17 takes (4) 54:2 112:25 14:3,11,12 15:3,9 77:10,17 79:16
21:14 22:12,22,24 125:18 97:25 98:24 subsequently (4) 8:23 112:25 117:21 16:5,10 17:4,16,16 80:9 81:17 82:14
23:23 24:2,7,8,14 sorts (1) 85:12 statement (10) 2:21 12:25 17:1 39:3 talk (6) 17:4 31:4 18:8,14,16 19:1,8 83:11 85:7,13,18
29:25 30:16,19 sought (4) 105:10 38:17 48:18,19 subsidiary (7) 37:23 77:20 97:21 108:21 20:12,24 22:9 23:6 92:6,21,21 93:11
31:1,23 32:1,11 117:14 118:5 138:7 69:18 88:25 98:4 38:1,2,4,6,18 39:4 118:21 26:25 27:5,21 96:12,22 107:8
51:12 83:17 sound (3) 1:18 17:7 99:13 103:13 137:9 substantial (1) 134:8 talking (11) 1:19 17:1 28:12,19 29:6,7,15 108:3,15 109:5
Sklyarevsky’s (1) 110:19 statements (2) 90:2 substantially (2) 74:14 17:12 26:9 31:7 29:16 30:24 31:4 111:2 113:1 115:7
18:15 sounds (1) 34:21 104:11 114:3 60:8 74:2 83:17 32:10,17,24 33:2 116:7 117:7 118:21
Skylarevsky (2) 18:5,6 Sovet (1) 51:19 stay (3) 72:1 100:13 substituted (1) 62:16 86:10,11 88:13 37:19 38:14 39:2 119:16 120:17
slightly (7) 54:25 60:4 spare (1) 33:7 125:17 success (1) 67:7 task (3) 107:15 135:7 41:11 42:7 43:15 123:15,19 126:6
72:10 103:3 122:11 SPARK (9) 6:12 8:4 Steadman (5) 127:13 successful (2) 73:1 138:20 44:18 45:2,8,25 129:14 130:6,14
127:20 135:25 10:18 24:21 29:16 129:9 130:23 78:13 tasks (1) 107:24 47:20 51:10 52:5 131:9 132:2,11
slippage (2) 129:21 29:19 33:10 44:11 133:20,23 suddenly (1) 140:6 tax (14) 88:6 89:16,24 52:11,15,15 54:24 133:1,19 134:13,17
131:11 61:19 Steadman/Popov (2) sufficient (3) 71:13 89:24 90:6,19 91:2 54:25 55:3 57:4,4 135:4,10 136:1,4
small (9) 40:2 42:2 SPB (4) 62:22,24 126:2 132:13 131:25 135:8 97:13,22 104:21 59:2,19,23 60:3,12 137:14 138:9
45:7 48:14 68:12 63:15 66:15 stealing (1) 128:5 suggest (2) 54:24 105:3 113:25 114:9 60:25 61:20 62:25 timeline (1) 111:19
72:6 101:3 115:13 speak (2) 14:14 19:23 stepping (1) 127:22 60:20 114:20 63:19,23 64:15 times (5) 12:23 22:4
139:10 speaking (6) 73:12 stick (1) 132:7 suggested (2) 73:23 taxable (1) 88:19 65:8,21 66:8,12,15 50:22,24 71:11
Smirnov (66) 8:17 74:6 75:25 78:18 stock (2) 54:8,11 130:14 taxed (1) 88:8 67:21 69:15 72:9 timescale (1) 118:15
12:21 13:2 18:23 114:8 134:24 stop (1) 103:3 suggesting (6) 26:14 taxes (3) 98:12 104:22 73:13,18,20 74:2 timetable (5) 113:15
19:4,6,11,15,16,22 special (1) 54:20 stopped (1) 17:2 70:21 73:24 74:3,5 104:25 74:12,18 76:3 77:2 127:11,14 131:23
20:8 23:23 30:18 specialist (1) 60:24 straight (1) 100:9 76:22 taxpayer’s (1) 33:17 77:10 78:21 79:18 132:7
38:16 48:18,24 specific (2) 17:5 31:9 Street (2) 37:5 42:6 suggests (1) 63:19 team (1) 48:23 80:15 82:2 83:15 timetables (2) 131:19
49:1 50:2,11 53:5,7 specifically (2) 67:4 stretch (1) 124:5 suits (1) 32:8 teams (1) 120:2 83:16 85:2,7,19,23 132:24
53:15,18,25,25 114:17 stretching (1) 136:3 sum (5) 24:6 103:18 technical (2) 36:4 86:24 88:4,21 timetabling (2) 116:14
55:23 57:19 62:2,3 specifications (1) strike-out (1) 137:10 103:20 105:21 77:18 89:19 93:15 95:10 140:16
63:1,5 64:14,19 77:19 Stroilov (103) 1:3,4,6 114:3 Technologies (3) 95:22,24 96:2 Timus (2) 64:10,17
66:9,10 67:5,18 speculate (1) 61:6 1:9 5:21 6:2,9 summarise (1) 18:19 15:10,12,13 99:14 100:20 101:6 tobacco (1) 25:6
68:24 69:2,5,17,19 spent (3) 94:22 14:16 27:11 28:21 summary (2) 27:6 teed (1) 139:5 103:17 104:2 107:3 today (8) 63:5,16
70:2,12,14 71:1,12 105:15 106:4 29:6,13 54:24 55:6 96:7 Tekhnologii (1) 15:10 107:16 108:8,17,22 87:11 94:11,12
71:14,15 82:18 split (5) 63:3,5,16,17 55:11 58:19 59:15 summer (2) 123:2 Teknopark (1) 52:17 109:19,20 110:5 116:9,10 139:9
83:16 84:1,15,22 64:10 59:23,25 60:17,20 133:24 telephone (1) 40:19 112:8 113:3 115:4 today’s (1) 97:7
87:12,14,16 89:3 spoke (1) 135:6 61:18 72:1,23 73:6 sums (5) 105:8,18 tell (7) 16:6 34:14,23 115:5 116:4,10 told (19) 3:1,24 15:14
89:10,21 93:24 spoken (4) 43:12 59:8 73:15,23 76:16 106:4,13 113:6 80:2 87:10 94:19 117:5,23 118:2 21:6,9 45:9 53:5,6
94:4,7 95:14,15 60:4,15 78:9 80:4 85:19 supplemented (1) 111:18 119:11,21 121:8,14 57:16 69:2 101:17
96:9 spotted (1) 140:6 92:2 95:24 96:1,2 134:13 term (2) 96:4 123:2 121:22 122:22,23 102:24 106:13
Smirnov’s (4) 18:25 spread (1) 105:3 97:2 99:19 100:17 supply (1) 113:12 Terminal (23) 2:17 123:13,16,16,17,19 118:9 123:19,23
88:25 95:12,18 spur (1) 74:9 107:1,3,14,20 supported (1) 58:6 3:20 4:14 27:24 124:12,13 125:2,21 125:15,16 128:13
smooth (1) 102:19 SPVs (1) 57:8 108:11 109:25 suppose (8) 14:9 67:2 72:25 73:9 127:3,9 128:16 top (15) 6:19 24:7
smoothly (1) 72:13 square (1) 125:10 110:16 111:1,13,18 18:18 33:7 65:10 74:10 76:7,12,22 129:24 132:23 33:16,22 40:15
Soc (1) 103:2 St (32) 12:4,10,11,17 112:18,24 113:3,10 110:2 114:25 129:4 78:10 81:21 86:25 133:13,14 134:7,16 43:8 48:24 51:25
sold (19) 8:25 9:1,3 13:6,8 14:23 15:1,6 113:20 114:5,8,25 131:24 88:14,16,18,20 135:3,18,24 136:2 70:18,23 73:7 79:6
13:1 31:21 41:12 15:16,20 16:13,18 115:4 116:15,23 supposed (2) 89:11 91:10,20 92:20 137:23 138:8,8,19 97:10 113:8 138:7
55:23 56:11,21 16:25 18:2 25:15 118:14 119:8,9 105:6 93:20 98:5 139:8,16,24 140:12 topic (4) 75:6 119:11
73:9 74:4,14 75:4,5 26:8,17 31:8 34:4 120:9,13,15 121:10 sure (26) 9:12 10:10 terms (15) 30:8 68:21 140:13,21 141:1 121:7 125:21
77:15 78:15 86:12 34:18 35:1 37:25 121:14 122:3,5,9 10:11 26:10 27:14 70:13 75:21 80:10 thinking (2) 130:11,13 topics (2) 72:6 100:16
89:25 93:2 38:22 39:8 42:19 122:20 123:3,7 31:21 47:4 49:17 80:23 81:11,25 thinks (2) 132:7 total (3) 73:12,13
solely (2) 30:18 37:8 43:17 48:13,25 124:4,15,20,22 51:5 61:24 82:17 86:2 96:24 105:1 140:25 78:21
solicitors (1) 115:23 50:10 51:9 95:9 126:14,21,24 131:8 82:20 88:3 91:3 108:11 109:21 third (6) 10:13 14:5 totally (9) 10:13 18:1
Solo (20) 20:14,17 staff (2) 50:14 140:15 132:24,25 134:18 101:5 102:22 114:18 134:23 35:3 102:24 111:5 24:13 27:15 48:10
21:3,16 22:2 26:5,7 stage (19) 55:21 56:16 134:22 135:9,12,14 106:16 113:8,16 terribly (1) 72:11 117:21 48:15 68:16 77:3
26:9,11 27:7,14 64:23 81:24 82:3,6 136:6,13,21 137:3 117:2 118:13 121:3 territorially (1) 12:16 thought (9) 4:5 42:1 91:20
28:11,13,14,19 82:22 83:3,23 137:21 138:1,13,21 124:22,23 134:19 text (2) 59:7 60:10 79:16 86:7 102:20 tours (2) 108:5,6
34:2 78:12 86:14 84:16 85:16,16 139:12,24 140:9,12 135:20 thank (24) 6:1,1 8:2 103:11 110:21 track (8) 56:3,8,9,24
86:15,20 86:15 96:4,4 103:6 140:18 142:4,7 suspect (1) 19:15 48:21 58:19 59:24 124:6 130:18 57:6,9 74:8,12
Solovev (4) 6:18,19 103:12,18 130:4 Stroilov’s (3) 100:20 SVIR (3) 78:4,4,5 72:1,21 75:6 76:3,5 three (19) 44:18 tracks (2) 74:12,14
7:20,20 stages (1) 82:6 127:15 129:22 system (4) 15:10,12 78:7 80:6 97:2 99:3 62:20 66:19 74:13 trade (1) 31:16
Solovyev (1) 49:8 stake (7) 12:23 13:1 stuff (1) 135:19 15:13 72:7 99:4,18,23,25 80:15 94:22 95:9 traded (4) 17:14,21
solution (2) 90:21 23:8,15 64:19 65:5 sub (1) 61:4 115:2 119:17 95:24 101:12,14 26:20 64:11
97:23 65:7 subject (19) 19:19 T 120:13,13 123:7 105:4 117:4 123:14 trading (5) 16:13
somebody (2) 32:12 stance (1) 116:9 74:24 79:15 82:1,4 t’s (1) 112:13 thanks (1) 134:15 126:22 127:15,18 17:18,24 18:3
32:15 stand (7) 85:20 83:5,7 84:18 85:8 thereabouts (3) 27:4 129:22,25 133:14 44:24
tab (2) 8:5 13:13
son (2) 52:2 62:14 102:14 103:3 96:6 100:16 101:24 75:23 76:17 three-day (2) 128:15 tradition (1) 141:2
table (6) 33:16,18,22
soon (4) 93:2 122:24 105:23 116:1,8 113:24 115:9,18 thing (13) 12:15 14:1 128:17 tradition’s (1) 140:24
33:22 34:15 36:1
124:23,24 130:6 123:15 127:11 27:16 43:24 56:18 Thursday (4) 72:24 trail (1) 67:19
tables (1) 33:15
sooner (1) 118:25 standing (3) 77:9 133:16 137:6 69:16 82:8 92:16 73:3 128:6 135:23 tranches (1) 105:4
take (28) 29:2,8 64:19
sorry (25) 2:5,6 5:18 85:25 131:24 submission (3) 108:1 95:3 107:18 110:8 tidied (2) 102:23 transaction (8) 57:1
77:21 78:7 88:4,22
5:18 6:1,5 24:19 Stanislav (1) 64:5 122:16,16 130:16 131:18 137:10 65:3 67:7 84:13,14
88:23 91:8 106:9
40:2 59:16 72:16 start (3) 16:6 130:3,3 submissions (20) things (17) 6:14 27:6 time (89) 5:23 12:24 86:9 95:4,5
106:19 108:9
75:12 78:4,11 started (1) 16:18 100:18 102:15 48:14 72:23 83:19 13:6 14:20,22 15:1 transactions (5) 22:6
109:17 110:5,7
79:21,23,25 85:3 starting (16) 16:10,11 121:13,21 122:1,6 85:11,12 111:15 17:8 20:2 21:5 22:6 63:18 68:15 80:17
111:13,17 112:19
85:17 99:8 101:13 30:5,25 37:16 43:8 122:7,15,18 125:23 113:17 124:12 22:14,22 23:8,21 81:22
113:20 114:5,16
107:18 109:23,24 43:11 44:21 54:22 126:16 127:5 126:10 129:9,10,16 26:6 27:1,7,14,18 transcribers (2) 120:4
115:7 118:14 119:6
120:21 128:12 59:8 60:1 78:10 128:25 129:15 129:19 130:6 139:8 27:22 28:12,14 120:12

Opus 2 International transcripts@opus2.com
Official Court Reporters +44 (0)20 3008 5900

152

April 18, 2016 Day 40

transcript (12) 16:1 ultimate (1) 64:16 114:22 warehouse (1) 94:9 135:6
19:20 20:15,19 ultimately (1) 45:12 vantage (1) 100:12 warehousing (1) 94:2 witnesses’ (1) 104:24
73:2,17 77:22 unavoidable (1) variation (1) 116:22 wasn’t (15) 2:24 3:22 won (1) 28:2
88:23 97:7 120:6 114:10 various (13) 16:22 4:10 7:18 11:19 wonder (1) 127:16
137:16 140:5 unclear (1) 60:4 17:9 32:8 35:22 23:11 36:21 55:25 wondered (3) 49:11
transfer (17) 1:10,22 underline (1) 138:4 36:8 70:17,22,24 57:12 83:3 84:10 130:15 131:25
1:23 58:14 76:24 underlining (1) 137:10 71:11 80:14 93:17 84:19 123:17 wondering (1) 129:1
88:5 91:10,13,25 understand (35) 7:15 104:9 111:20 128:24 132:1 word (3) 68:2 69:10
92:15 93:4 96:15 16:24 17:13,15 variously (1) 2:12 way (32) 10:9 24:9 84:2
99:11 101:15,21 18:4 32:1,10 35:25 Vbank (1) 139:1 29:1 40:18 46:20 wording (2) 106:16
102:6,19 36:7 38:24 53:12 VECTOR (23) 88:6 54:10 65:7 67:23 109:11
transferred (9) 28:11 58:8 63:11 64:17 89:5,6,10 90:5,6,8 69:13 91:18 94:22 words (3) 59:8 60:14
28:15 41:6,8 65:5 68:3 82:8 83:8,19 90:16,19,22,25 102:14 103:4 105:8
86:9 88:1 91:16 88:9 90:4 101:21 91:5 97:9,12,14,19 105:22,23 107:2 work (17) 7:1,22
101:19 107:17 111:8 97:22,24 98:15,17 109:9 111:3,15 16:18 31:15,15
transferring (4) 4:21 114:13 115:14 98:20,23 99:2 116:1,12,20 120:1 50:9,10 60:8 85:10
31:13 89:4 92:5 116:21 117:17,23 vehicle (8) 15:15 27:7 124:7 131:2 132:25 95:19 109:8,9
transfers (1) 1:12 118:11,25 119:15 51:6,13 62:8,15 133:15 134:16 115:11 120:12
translate (3) 6:14 121:18 123:9 63:7 64:24 136:19 137:2,25 127:7 135:6 140:24
24:21 58:23 124:17 131:18 venture (2) 10:7 52:8 139:6 workable (1) 136:19
translated (1) 16:4 understanding (6) verified (2) 44:8 82:18 ways (1) 137:24 worked (6) 26:25 31:5
translating (1) 10:17 31:24 43:22 65:23 verify (2) 44:13 83:18 wayward (1) 127:1 31:6 49:17,24 50:4
translation (11) 10:17 84:14 120:10 verifying (1) 83:8 weakly (1) 134:10 working (11) 6:21
17:23 28:22 32:20 130:21 Verniye (3) 51:2,5,23 websites (1) 139:1 25:14 36:24 52:23
58:22 59:14,20 understood (8) 69:10 versa (1) 68:6 Wednesday (1) 79:23 124:8 127:13
60:12 70:20 120:21 80:14 82:2 84:22 version (31) 1:21 2:3 137:17 129:20 135:2
122:23 84:24 90:8 96:21 2:4 6:13 8:6 13:25 week (37) 5:15 14:5 138:12 141:4
translations (1) 72:9 126:18 14:2,12 24:19,20 20:12 21:22 72:24 works (1) 54:10
translators (1) 120:12 undertaken (1) 29:20 32:19,23,25 100:20 115:24 workshop (3) 77:2,6,8
travel (2) 104:23,24 107:15 33:3,7 39:24 40:4 119:15 120:16,19 world (2) 91:18
treated (1) 119:22 undertaking (1) 43:4,9,9 44:13,14 123:14 124:9 140:10
trial (3) 113:16 126:25 106:12 46:8 47:13,20,21 125:11,24 126:15 worried (1) 131:17
132:12 undesirable (1) 48:20,21 55:20 127:3,25 128:17 worry (1) 6:8
tried (3) 69:20 84:23 109:18 64:2 129:9 130:9,15,17 worth (1) 57:14
119:21 undisturbed (1) 135:2 vice (1) 68:6 130:18,19 131:16 wouldn’t (7) 6:23 9:3
trillion (2) 88:17 90:11 unduly (1) 110:19 vicinity (1) 41:24 132:2 133:18 11:17 43:1 69:23
tripartite (1) 82:13 unfair (1) 18:19 video (2) 108:17 134:22,23 135:2,8 122:2 126:18
trouble (2) 115:9 unfortunate (1) 120:21 135:25 136:2,9 wreaked (1) 90:2
123:4 136:17 videolink (5) 120:17 139:17,17 141:8 writing (3) 68:1 115:8
true (11) 24:13 37:11 unfortunately (2) 44:3 121:13,15,23 weekly (1) 112:19 124:23
44:5,7 58:10 71:22 61:11 122:22 weeks (16) 119:19 written (32) 53:16,19
83:18 84:20 89:19 unit (1) 39:12 Viktoriya (1) 48:1 126:22 127:15,18 67:15 100:18
89:21 96:21 unlawful (3) 83:10,14 violated (1) 81:8 129:3,4,5,22 130:1 120:20 121:21
truly (2) 80:18 108:4 96:17 vis (4) 81:13,13 82:17 131:5,8,9,15 133:4 122:1,7,14,16,16
trust (5) 19:7 67:24 unnecessary (2) 66:12 82:17 133:14 134:3 122:17 125:22
68:4,18,19 121:3 Vladimir (2) 55:17 welcome (1) 133:3 126:7,16 127:4,6
trusted (6) 19:4,16 unreservedly (1) 68:6 71:19 went (3) 19:18 77:20 127:25 128:25
24:8 67:16,18 unusual (1) 19:22 VLADIMIROVNA (2) 89:23 129:12,15,18 130:2
68:23 update (2) 124:22 1:5 142:3 weren’t (2) 22:5 93:8 130:11,15 132:11
trusts (2) 24:9 68:6 136:11 Voitenkov (8) 46:1,2 Western (18) 2:17 132:16 134:3,8
truth (3) 44:2,8 70:16 updated (1) 72:10 46:15,24 47:6,22 3:20 4:14 67:2 135:19 136:8
try (4) 2:6 4:18 69:22 uphold (1) 141:12 47:23,24 72:25 73:9 74:10 137:12
134:1 uploaded (1) 28:23 Voitenkova (2) 48:1,2 81:21 86:25 88:14 wrong (5) 60:25 86:25
trying (5) 45:14 70:5 Upravliajushaha (1) Voitenkovs (1) 47:22 88:16,18,20 91:10 87:18,20 91:7
106:23 134:19 45:4 votes (1) 3:14 91:20 92:20 93:20
137:24 urge (2) 108:25 98:5 X
Tsvelodubovo (1) 109:14 W whatsoever (1) 60:23 X (1) 118:10
75:8 urgency (1) 112:5 wait (5) 79:5 80:6 whilst (1) 93:15

Tuesday (1) 141:16 urgent (1) 115:15 widespread (1) 33:20
118:14 135:14 Y
turn (5) 51:23 74:20 urgently (1) 41:23 wife (1) 71:20
136:5 Yatvetsky (24) 1:5,9
79:2 81:9 99:24 use (7) 15:21 19:23 willing (1) 139:18
want (26) 11:15 14:18
10:18 25:25 27:11
two (34) 2:11,13,18 20:18 32:18 66:22 win (1) 28:5
16:7 29:21 33:14
30:6 32:23 33:2,6
3:10 5:1 7:4 33:15 94:9 102:16 winner (2) 86:15,20
41:3 43:24 60:20
33:10 39:25 52:24
43:15 47:21,22,25 usher (1) 33:1 wires (1) 125:14
66:13 77:21 85:17
55:12 58:22,24
50:5,24 54:4,6 usual (1) 22:16 wish (2) 88:4 110:18
89:22 98:1,25
60:2,20 69:14
57:24 63:12 66:19 usually (3) 50:14 withdraw (1) 96:20
111:19,21 112:1,2
72:22 80:6 96:2
66:20 67:13 73:21 56:18 140:17 withdrew (1) 100:15
113:12,14 116:6
97:8 99:12 142:3
74:7,13 77:4 78:23 Withers (15) 101:16
117:2 119:2 132:22
year (3) 77:7 78:22
95:17 100:5 115:24 V 102:3,6,10,12
133:1 139:21
79:12
128:6,22 131:5 106:12,13 109:6
vacation (1) 128:5 wanted (9) 14:1 42:22
years (4) 23:5 71:12
137:4 138:10,23 112:6,11 113:6
Vadim (2) 47:6,24 45:18 56:18 70:13
77:4 78:23
two- (1) 128:15 115:15 116:6
Valentinovich (1) 6:18 76:4 116:9 119:17

type (1) 35:24 117:10 119:1
valuation (1) 78:19 138:2
Z
types (1) 15:25 witness (11) 2:21
value (16) 9:7 22:16 wanting (3) 87:1
Zelenko (6) 65:3,24
32:22 33:5 38:17
28:8 32:16 56:19 129:18 135:16
48:17 79:23 81:7 66:1,2,9,9
U
56:21 58:10 67:13 wants (6) 33:6 99:12
UK (4) 35:8,9 43:18 88:25 100:6,15 Zelyenov (24) 9:8,10
67:14 73:12 76:21 100:9,17 125:23
103:13 9:15 10:22,24 11:3
45:4 76:24 77:1,6 114:4 140:23
witnesses (2) 82:3 11:12,13,17,22

12:4 20:13,17 21:6 21:12,14,25 22:1 27:23 28:1,5 96:11 96:16,19

Zelyenov’s (5) 11:16 20:20 24:17 26:2,4

zone (1) 127:17 zoomed (1) 39:24

0

0.01 (1) 59:15

1

1 (8) 6:17 33:23 34:15 39:24 74:25 104:15 142:3,4

1.4 (1) 56:10

1.45 (3) 55:5,6,10

10 (6) 3:19 72:15,16 97:17 128:14 129:8

10.00 (1) 1:2

10.30 (4) 140:24 141:2,3,15

100 (5) 7:11 11:3,21 26:17 142:9

100% (6) 4:13 25:20 25:23 44:1 52:12 62:12

102 (2) 80:1,1

105 (2) 78:24 79:17

10th (1) 128:18

11 (2) 19:18 37:20

11.15 (1) 29:10

11.35 (1) 29:12

1183 (1) 10:16

12 (7) 35:18 48:19,22 88:24 104:15,20 109:22

12.41 (1) 55:8

13 (1) 97:21

13% (1) 26:7

14 (2) 75:16 76:16

149 (1) 91:12

15 (20) 24:25 28:24 29:9 34:5,18 35:15 35:19 36:11,12,22 37:1,3,5,25 38:23 42:6 46:10 78:11 93:22 104:21

15% (1) 9:21

151 (2) 73:3 91:12

153 (1) 74:3

15A (1) 33:24

16 (3) 30:25 85:4 98:23

161,000 (2) 73:11,16

161,500 (1) 73:9

17 (8) 4:1,20 126:20 127:24 128:24 130:2 134:5 135:21

178 (1) 75:11

17th (2) 128:20 136:9 18 (3) 1:1 48:21 73:17

19 (1) 19:18 19th (1) 121:2

2

2 (10) 34:2 47:16 75:1 77:6 104:13 106:3 106:11 109:23,24 111:22

2,000 (1) 112:19

2.1 (2) 75:2 79:18

2.29 (1) 72:18

2.3 (2) 75:2,2

2.39 (1) 72:20

20 (7) 1:17,24 2:13 3:25 4:3,20 19:3

20,000 (1) 102:6

2001 (2) 25:23 38:3

2002 (3) 59:4 60:17 60:18

2005 (4) 11:10 26:8 79:7,13

2006 (6) 9:20,20 16:18 17:1,12 38:3

2007 (10) 11:4 17:1 20:2 22:12 26:8 27:4 29:25 30:15 32:2 49:3

2008 (9) 9:19,21 17:1 30:1,17 39:14 55:15,22 57:2

2009 (11) 1:17 2:16 6:17 10:25 11:10 25:11 26:15 30:2,4 30:6 46:16

2010 (5) 20:2 26:15 38:7,12 92:17 2011 (7) 23:6 39:14 54:22 62:13,15 74:24 85:20

2012 (3) 11:1,4 54:22

2013 (1) 46:17

2015 (2) 38:12 44:21

2016 (2) 1:1 141:16

207 (1) 78:21

21% (1) 65:20

22 (3) 18:14 50:2 85:4

22,000 (1) 101:15

23 (7) 16:1 19:17 30:20 47:19 73:23 74:24 79:7

23% (1) 51:10

23.5 (2) 62:20 64:13

25 (3) 63:16 89:15 99:13

25% (1) 64:20

25.5 (1) 64:12

27 (5) 76:23 130:17 134:6 135:17 137:11

27.6 (1) 47:19

28 (2) 76:17,20 29th (2) 137:12,13

3

3 (20) 21:2 34:3 40:14 48:20 55:19 77:13 100:20 105:23 118:22 119:11,15 123:8 125:24 126:6 133:17 136:12,17 140:18,21 141:16

3.00 (2) 55:2,2

3.30 (3) 29:5,7 55:1

30 (2) 30:1,6

31 (2) 30:2,4

34 (1) 20:22

35 (1) 20:24

366,000 (3) 114:3,16 114:21

38 (2) 73:3 91:11

39 (7) 20:22 75:11 76:14 78:8 85:3 88:5,23

39/92:16 (1) 85:5 3rd (1) 124:1

4

4 (12) 16:11 35:7 40:14 44:19 46:13 87:1 104:3 118:22 130:19 134:6,7,21

4.15 (1) 141:4

4.27 (1) 9:21

Opus 2 International transcripts@opus2.com
Official Court Reporters +44 (0)20 3008 5900

153
April 18, 2016 Day 40

4.30 (2) 141:4,14 900,000 (1) 76:1
40 (10) 16:2,11 43:21 92 (1) 85:3
45:8 52:5,6,7,8 96 (1) 142:7
136:25 137:1 97 (1) 142:8
40th (1) 138:16 98 (1) 18:16
41 (1) 78:8 99% (2) 4:13 43:18
42 (1) 78:8 9th (2) 128:6,18
43 (1) 77:17
455 (4) 25:1 34:5,18
34:18
47 (1) 30:21
47,000 (1) 105:1
48 (1) 30:22
4th (1) 124:1

5

5 (4) 88:22 89:20 93:18 97:15
5,646,700 (1) 75:5

50 (1) 94:18

50% (7) 23:7,8,12,12 23:15,18 24:3

50,000 (1) 105:1

51% (1) 64:12

536 (1) 35:11

55,000 (1) 103:2

58 (3) 23:10,16,22

5th (1) 124:1

6

6 (18) 2:8,13 4:23 35:14 47:7 73:13 73:14 74:15 88:22 89:20 90:11,16 97:19 98:6,11,18 120:6 129:5

6.00 (1) 135:21

60 (3) 88:24 89:3 94:18

64A (4) 12:11 16:14 35:11 45:7

64B (5) 41:18,19 42:9 42:18 47:17

64V (1) 64:11

65 (2) 76:14,16

66 (1) 76:14

675 (5) 90:14,16 97:18 98:11,18

6th (1) 124:2

7

7 (5) 2:16 4:23 5:5,20 47:9
7,500 (2) 56:12 57:15
70 (1) 88:17
700 (2) 75:24 76:1
72 (1) 142:5
75 (2) 63:16 86:24
75% (5) 12:25 55:23
56:12 57:13 64:19
75,000 (2) 103:18
113:7
76 (1) 86:23
76% (2) 11:10 14:3
78 (1) 75:12

8

8 (2) 77:22 91:15

80 (1) 142:6

80% (1) 11:9

88 (1) 97:7

89 (1) 85:4

9

9 (4) 77:22 106:8 128:14 129:8
900 (1) 75:24

Opus 2 International transcripts@opus2.com
Official Court Reporters +44 (0)20 3008 5900