Day 7

Bank St Petersburg v Vitaly Arkhangelsky [Master]

Day 7

Contents

Bank St Petersburg v Vitaly Day 7
Arkhangelsky [Master]

1 :1 Monday, 8 February 2016
2 (10.30 am)
3 (Proceedings delayed)
4 (10.48 am)
5 Housekeeping
6 MR JUSTICE HILDYARD: Good morning.

7 MR LORD: Your Lordship, unfortunately there has been

8 an internet connection issue in the office, which is,

9 amongst other things, housing this Nice link, and their

10 internet has been down, I think, and it has been

11 reinstated but has some intermittent …

12 MR JUSTICE HILDYARD: I think we have the Superbowl.

13 (Pause).

14 Do we know why the Superbowl is on? Most

15 interesting, but … or is it my machine? It’s me.

16 I thought we were having some entertainment.

17 Well, is there anything that can be done in

18 the short term?

19 MR LORD: My Lord, there are certain housekeeping points,

20 and Mr Stroilov wants to raise a couple of housekeeping

21 points so we could probably deal with those. It

22 obviously may be appropriate for us to start even if

23 there is a problem, or an intermittent problem with this

24 link, subject to your Lordship’s views. Mr Guz is here.

25 This is the second time he has come over. He is

2 :1 the chairman of the Bank. Your Lordship may take the
2 view that with Mr Stroilov conducting the case, it is

3 appropriate to start. Obviously it is a matter for

4 your Lordship.

5 MR JUSTICE HILDYARD: It may come to that but, equally, if

6 we can avoid that within a reasonable period, that would

7 be preferable. What a reasonable period is, I hesitate

8 to say.

9 I understand it is an internet connection with the

10 office in Nice which is —

11 MR LORD: Yes, and, as your Lordship can see, sometimes

12 tantalisingly we get the connection and it seems to be

13 working all right and then it goes. I think it is

14 affecting the whole building, the business centre, in

15 which this is just one cell. So it is not local to this

16 link and this room; I understand it is in the whole

17 building.

18 MR JUSTICE HILDYARD: Yes.

19 Good morning, Mrs Arkhangelskaya, can you hear me?

20 MRS ARKHANGELSKAYA: Yes, my Lord. I can hear you very

21 well. The connection is somewhat intermittent, although

22 I can hear your Lordship quite well at this point in

23 time. Good morning, sir.

24 MR JUSTICE HILDYARD: And has this been …

25 THE INTERPRETER: My Lord, this is the interpreter speaking,

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Bank St Petersburg v Vitaly Day 7

Arkhangelsky [Master]

3 :1 just to repeat, Mrs Arkhangelskaya has said to
2 your Lordship that at this point in time she can hear

3 you quite well but the connection keeps coming and

4 going. It is quite intermittent.

5 MR JUSTICE HILDYARD: Right. I think that we won’t know,

6 obviously, until it goes off, so we should start,

7 Mr Stroilov, and hope against hope that things are going

8 to continue.

9 MR STROILOV: Quite, my Lord. No objection. I think we

10 agreed with Mr Lord that perhaps we deal with the

11 housekeeping at the end of today because it is quite

12 disruptive if we keep Mr Guz waiting again, so we are

13 quite happy to proceed.

14 MR JUSTICE HILDYARD: All right, you will call Mr Guz.

15 MR LORD: I will, my Lord. I think the only point to raise

16 before we start is obviously the order about the bank

17 accounts, which I understand has been confirmed last

18 night. That was the only thing that seemed to me to be

19 on the urgent pile.

20 MR JUSTICE HILDYARD: As I understand it, I have signed it

21 and therefore it will be sealed in due course.

22 MR LORD: Has your Lordship served both orders, there were

23 two?

24 MR JUSTICE HILDYARD: Yes.

25 MR LORD: Sorry, my Lord, that is fine.

4 :1 MR JUSTICE HILDYARD: You were content with those,
2 Mr Stroilov?

3 MR STROILOV: Yes, my Lord, if there is anything that can be

4 done in terms of speeding up this sealing, then it would

5 obviously be helpful because the bank —

6 MR JUSTICE HILDYARD: Yes, I understood that and we stayed

7 late on Friday in order to accommodate that. So we have

8 done all we could, but we had to wait 48 hours for your

9 side to do this.

10 MR STROILOV: That’s right, and I think I need to mention,

11 I do apologise that Mr Arkhangelsky is not here. He is

12 unwell today, so apologies, my Lord.

13 MR JUSTICE HILDYARD: I am sorry to hear that.

14 MR LORD: My Lord, with your Lordship’s permission, I will

15 call Mr Guz, who is in the witness box, and his

16 statement is behind divider 2 of bundle B1. {B1/2/1}.

17 MR VLADISLAV STANISLAVOVICH GUZ (Affirmed)

18 MR JUSTICE HILDYARD: Thank you, Mr Guz. Do sit down. You

19 have some water, tell me if you need a break.

20 Examination-in-chief by MR LORD

21 MR LORD: Mr Guz, could you please turn up your witness

22 statement which you will find behind divider 2 of that

23 bundle B1, and it starts at {B1/2/1}. Do you have that

24 page, Mr Guz?

25 A. B1?

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Arkhangelsky [Master]

5 :1 Q. {B1/2/1}. Mr Guz, if you turn over the pages, you ought
2 to see, if you go to {B1/2/6}.

3 A. Yes.

4 Q. You will see what looks to be your signature on

5 25 August 2015.

6 A. Yes, this is my signature.

7 Q. And have you read the contents of this witness statement

8 recently?

9 A. Yes, I have.

10 Q. And can you confirm on oath to his Lordship that the

11 contents are true to the best of your information and

12 belief today?

13 A. Yes. I do confirm that.

14 MR LORD: Thank you.

15 A. Thank you.

16 Cross-examination by MR STROILOV

17 MR STROILOV: Good morning Mr Guz, and I would like to begin

18 by apologising for your wasted trip last week. The

19 fault is entirely mine.

20 A. Good morning, Mr Stroilov. Thank you.

21 Q. Incidentally, since I have mentioned this, you were in

22 court when I cross-examined Mr Belykh last week?

23 A. Yes, I was here last week.

24 Q. Yes. May I ask you, did you have any special training

25 for this cross-examination?

6 :1 A. No.
2 Q. Right. I understand you have worked for

3 Bank of St Petersburg since 2003?

4 A. Yes, that’s true.

5 Q. I see that your witness statement doesn’t say much about

6 your background before you joined Bank of St Petersburg.

7 A. So?

8 Q. Do you know a gentleman called Albert Gennadievich

9 Mazanov?

10 A. Yes, my Lord, I used to know this gentleman.

11 Q. He used to be a rather high-ranking Soviet official,

12 wasn’t he?

13 A. I wouldn’t say so. At least I don’t know about that.

14 When I knew him, he was the director of the branch of

15 the Moscow Bank called, if I am not mistaken, Transport

16 Bank, or something.

17 Q. Mr Guz, have you ever been an officer in any of

18 the Russian secret services?

19 A. No, my Lord. I have never been an officer of Russian

20 secret service, of any secret service. I served in

21 the Soviet army and I was private.

22 Q. Mr Mazanov told Mr Arkhangelsky that you were an FSB

23 officer?

24 A. I am sorry, my Lord, but I wouldn’t believe that because

25 it would sound ridiculous to anyone who knows me.

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Bank St Petersburg v Vitaly Day 7

Arkhangelsky [Master]

7 :1 Q. Right. Does the name Viktor Cherkesov tell you
2 anything?

3 A. As far as I remember, he was the representative of the

4 President of Russian Federation in the north west region

5 of Russia.

6 Q. And he is one of the top FSB generals, isn’t he?

7 A. Could be. I’ve never been too much acquainted with the

8 FSB structure.

9 Q. And his wife Natalia Chaplina is a well known person

10 too, isn’t she?

11 A. I’ve heard this name but I’ve never met her and I don’t

12 know anything about her.

13 Q. But she is the director of a news agency called Rosbalt,

14 isn’t she?

15 A. I don’t know.

16 Q. Do you know a gentleman called Nikolay Dmitrievich

17 Negodov?

18 A. No, I don’t know this man.

19 Q. Now, I understand that before you joined

20 Bank of St Petersburg you were one of the founders and

21 deputy directors of the St Petersburg branch of

22 Alfa Bank, isn’t that right?

23 A. Yes, my Lord, it’s true.

24 Q. And it was in 2003 that you moved straight from

25 Alfa Bank to Bank of St Petersburg?

8 :1 A. Exactly, my Lord.
2 Q. And shortly before you left Alfa Bank, there was

3 a criminal investigation into major VAT fraud and

4 money-laundering in the St Petersburg branch of

5 Alfa Bank; isn’t that correct?

6 A. Yes, there was an investigation about my colleagues in

7 the branch.

8 Q. Mr Guz, isn’t it true that your move from Alfa Bank to

9 Bank of St Petersburg was organised by federal security

10 service, FSB?

11 A. Of course not. It’s completely untrue.

12 Q. Well, that is what General Negodov told Mr Arkhangelsky.

13 A. My Lord, I have already told Mr Stroilov that I have

14 never met with Mr Negodov and I don’t know this

15 gentleman.

16 Q. Could we please have on the screen document

17 {D10/228.01/1}. And on the other screen,

18 {D10/228.01/2}.

19 MR JUSTICE HILDYARD: Can I just mention that — ah, we’re

20 back now.

21 A. Yes.

22 MR STROILOV: So, Mr Guz, if you look at it, you will see

23 that there was an article published about your departure

24 from Alfa Bank, whose purpose seems to be specifically

25 to assert that you were not implicated in

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Arkhangelsky [Master]

9 :1 the investigation into money laundering.
2 A. My Lord, this was the official press release by

3 Alfa Bank, and it was reported by many information

4 agencies, not only by Rosbalt but by many others. So it

5 was a press release, and actually because there was, as

6 Mr Stroilov said, there was an investigation about

7 some — my colleagues within Alfa Bank branch, the top

8 management of Alfa Bank, because they were thankful to

9 me because I stayed for two or three months and was

10 chief executive officer of the branch for this time, and

11 kept the business of Alfa Bank at that difficult period,

12 and they were thankful to me and that’s why they issued

13 a special press release to say that I really did have

14 nothing to do with the investigation.

15 Q. Well, Mr Guz, could we now have on the screen

16 {D10/228.03/0.1}, and I think — I’m not sure where the

17 Russian version is. (Pause). I beg your pardon,

18 Mr Guz. (Pause).

19 Yes, I am grateful.

20 I am interested in the article you see on the top.

21 A. Mm hmm.

22 Q. And that’s the article published in Kommersant and

23 Delovoy Peterburg at the time?

24 A. Yes, I see.

25 Q. So even though it appears on some website, that was

10 :1 published in some reputable business papers at the time.
2 So if you look at the second paragraph of that

3 article, it appears to suggest that you and a number of

4 other managers of St Petersburg branch of Alfa Bank had

5 to leave because of the investigation.

6 A. Mr Stroilov, my Lord, I can only repeat that I left

7 Alfa Bank not because of the investigation but because

8 Mr Savelyev invited me to go to Bank of St Petersburg

9 and it seemed to me at that time more interesting and

10 much more ambitious to be the deputy chairman of

11 the board of the big regional bank than to be the deputy

12 director of St Petersburg branch of Alfa Bank.

13 I can assure you that I never dealt with any

14 investigation of FSB or police regarding this matter, or

15 any other criminal matter. I was not only not accused,

16 I was not examined and I didn’t even talk to any of

17 the investigators in this case. This is true, and

18 that’s it.

19 Q. Well, that sounds rather surprising, Mr Guz. How come

20 there is a major investigation into your branch and you

21 are not even interviewed?

22 A. No. Believe it or not, but no.

23 You know, this particular investigation, as far as

24 I understand, was thoroughly prepared by the police, or

25 whatever it was, and they were getting ready for that

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Arkhangelsky [Master]

11 :1 and they didn’t have anything about me, so I didn’t even
2 speak to them.

3 Q. Now, Mr Guz, it was Mr Mazanov who introduced you to

4 Mr Arkhangelsky, isn’t it?

5 A. No, that’s not true.

6 Q. Anyway, you first met Mr Arkhangelsky in 2006.

7 A. I think about that. About that time.

8 Q. And it was you, wasn’t it, who introduced

9 Mr Arkhangelsky to Mr Belykh and set up this line of

10 communication relations?

11 A. No. No. That was Mrs Shabalina who introduced

12 Mr Arkhangelsky to me.

13 Q. But you were the line manager of Mr Belykh, weren’t you?

14 A. Yes, that’s true, my Lord.

15 Q. I think Mr Belykh told us that he was Mr Arkhangelsky’s

16 point of contact in the Bank at the time?

17 A. Yes, that’s true, because he was the head of

18 the department of the clients and the branches.

19 Q. And, presumably, Mr Belykh was reporting to you about

20 his discussions with Mr Arkhangelsky from time to time?

21 A. He was reporting, but not much. In the beginning it was

22 Mrs Shabalina who reported to me about Mr Arkhangelsky

23 most of the time.

24 Q. So that suggests that actually you received information

25 both from Mrs Shabalina and from Mr Belykh?

12 :1 A. Mostly from Mrs Shabalina, before the problems with the
2 debt occurred.

3 Q. Well, wouldn’t it be correct to say, then, that, among

4 other things you were doing in the Bank at that time,

5 you had general oversight of relations with

6 Oslo Marine Group?

7 A. Actually, I met with Mr Arkhangelsky four or five times

8 altogether for the whole period of time.

9 Q. Well, Mr Arkhangelsky’s evidence is rather different.

10 He says it was quite often that following his meetings

11 with Mr Belykh, Mr Belykh would take him to see you in

12 your office, or sometimes it would be arranged for the

13 three of you to meet together; do you have any

14 recollection of that?

15 A. I don’t think it’s really true. Probably once it could

16 happen that Mr Belykh could have brought Mr Arkhangelsky

17 to my office to discuss some things, but I don’t think

18 it was more often than that.

19 Q. And on some occasions it would also happen that

20 Mr Savelyev would also participate in the meeting,

21 wouldn’t it?

22 A. No. No, that’s not true. Mr Savelyev didn’t meet

23 Mr Arkhangelsky before autumn 2008.

24 Q. So your evidence is that that was the first time they

25 ever met; is that your evidence?

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Bank St Petersburg v Vitaly Day 7

Arkhangelsky [Master]

13 :1 A. My evidence is that it was the first time they ever
2 discussed any business problems. Probably they could

3 meet somewhere on the official meetings or something,

4 but before that they didn’t discuss anything regarding

5 business of Mr Arkhangelsky or his business with

6 Bank of St Petersburg.

7 Q. Well, don’t you recall being informed about various

8 criminal investigations into Mr Arkhangelsky, and the

9 raids on his offices in 2007?

10 A. I cannot recollect that, my Lord. I don’t remember

11 that.

12 Q. And on that occasion, Mr Belykh organised a meeting

13 between Mr Arkhangelsky and Mr Savelyev to discuss that?

14 A. I don’t think it could be possible, my Lord, because if

15 Mr Belykh would organise anything, any meeting with

16 Mr Savelyev, I would know about that.

17 Q. I accept that, but I put it to you that you did know

18 about that.

19 A. No.

20 Q. On the whole, would it be fair to say that you were

21 informed, in general terms, at least about the end of

22 2008 or the second half of 2008, about what was

23 happening in this Oslo Marine Group?

24 A. Yes, I was informed in general terms right from the very

25 beginning.

14 :1 Q. And, of course, you do recall that towards the end of
2 2008 there was quite a big global financial crisis; do

3 you recall that?

4 A. Yes, of course I know.

5 Q. And would you agree that a lot of businesses were

6 adversely affected by it?

7 A. That’s also true.

8 Q. And were you aware of any reason why Oslo Marine Group

9 should have been an exception to that rule?

10 A. My Lord, Oslo Marine Group was not an exception, and at

11 that time there were, at least, a dozen of bad loans and

12 borrowers that suffered real difficulties, and what we

13 did, we split those borrowers among the members of

14 the board, and we were dealing with them, each member of

15 the board was dealing with a certain group or

16 a borrower, and helping them to repay their debts to

17 the Bank, and actually from that dozen, Mr Arkhangelsky

18 was the only one who had those problems continuing until

19 now with the Bank.

20 All the other, they were either repaid or written

21 off, but those clients, they were cooperating with the

22 Bank.

23 Q. So who was the board member responsible for

24 Mr Arkhangelsky?

25 A. It was Mrs Malysheva.

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Bank St Petersburg v Vitaly Day 7

Arkhangelsky [Master]

15 :1 Q. Right. Now if we could have a look at {D98/1260/1}.
2 A. D?

3 Q. Yes, that’s correct. If you could scroll down. If we

4 could scroll down yet further {D98/1260/2}.

5 Can we try D99. I beg your pardon, {D98/1261/1},

6 I’m sorry about this. And the next page on the other

7 screen, if possible.

8 A. Do you have the same letter in Russian?

9 Q. Yes, it will be put on the screen now.

10 A. Not because I can’t read in English, but I think in

11 the Russian version I could recollect more if I saw it.

12 Q. Yes, quite. I think it should now be on your other

13 screen {D98/1261/2}.

14 A. Yes, I now see it.

15 Q. Mr Guz, do you now recall seeing that letter at the

16 time? (Pause)

17 A. My Lord, I cannot recollect this particular letter, but

18 considering the text and the date, I think that this

19 letter could take place at that time.

20 Q. Yes, from that answer, I take it that you do recall

21 Oslo Marine Group asking for a restructuring of its

22 debts?

23 A. Yes, I do recall that, that Oslo Marine Group was asking

24 about restructuring of its debt. Yes, I do remember

25 that.

16 :1 Q. And that at this point in time, as we see from the
2 letter, what was proposed by OMG was a one-year

3 moratorium on all payments and the three-year extension

4 of all loans; do you recall that?

5 A. Well, I don’t recall that, but they could ask for

6 anything. It doesn’t mean that it would be good for the

7 Bank and that the Bank would agree with that.

8 Q. Right. But, well, this rather indicates that the Group

9 was in difficulty, doesn’t it?

10 A. We knew by that time that the Group is getting in

11 difficulties, because before that there were problems

12 with the paying interest, and if you can see the date on

13 this letter, 28 November, usually it’s the period of

14 paying interest. So that’s why, probably, they were

15 sending this letter to Mr Savelyev.

16 Q. What I am putting to you, Mr Guz, is that

17 Mr Arkhangelsky was perfectly open with Mr Savelyev and

18 with the Bank about his difficulties.

19 A. So …

20 Q. Would you agree with that?

21 A. According to this letter, I cannot understand whether he

22 was absolutely open before the Bank. He is asking for

23 restructuring, but — and that’s it. He was — at that

24 time, he was telling the Bank that it was a short term

25 problem with the overdue payment for the timber he

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Bank St Petersburg v Vitaly Day 7

Arkhangelsky [Master]

17 :1 supplied to Finland, and as soon as he was supposed to
2 get this payment, everything was supposed to be okay.

3 Q. But Mr Guz, this letter suggests rather more serious

4 problems than a delay with a payment for one supply of

5 timber, doesn’t it?

6 A. My Lord, as I told before, I cannot recollect this

7 letter. I just said that this letter could possibly

8 take place and that Mr Arkhangelsky could possibly ask

9 for restructuring in these particular terms,

10 restructuring of his debt with the Bank. That’s it.

11 Q. Now, in any event, Mr Arkhangelsky asked for

12 restructuring and so the choice the Bank had in practice

13 was either to offer him some restructuring or to allow

14 OMG to go into the default. Is that a correct

15 description of the decision you had to make?

16 A. Of course not, because the only task, and the only aim

17 of the Bank in this case would be to make it possible

18 for the borrower to repay the debt, and at that time we

19 were considering two ways, either to defer the interest

20 payments until the end of the maturity period of

21 the debt, or to prolongate some of the loans of

22 Mr Arkhangelsky, because some of them — the maturity

23 date of some of them was the end of the year.

24 Q. So you did not consider the possibility of OMG going

25 into default before the end of the year?

18 :1 A. At that time we were trying to do our best that it
2 wouldn’t happen.

3 Q. Yes. When the banks have to make this kind of decision,

4 I understand from what the banking expert says in this

5 case — that’s the defendants’ banking expert,

6 Professor Guriev, we can look at the report if

7 necessary — that the criteria the Bank would normally

8 apply, or the question you ask yourself, is whether

9 there is a real prospect of the borrower restoring

10 solvency if given more time; would you agree that’s the

11 approach the Bank took?

12 A. Yes, this is the common practice.

13 Q. And presumably you would agree that Mr Arkhangelsky, in

14 that period, was trying to persuade you that he would

15 restore solvency in the long run?

16 A. I can only repeat that at that time, in particular,

17 in November 2008, all that Mr Arkhangelsky was assuring

18 us about is that he had temporary, short term problems

19 with overdue payments for the products he exported from

20 Russia, and as soon as he was supposed to be repaid the

21 overdue payments, he would pay the interest and also he

22 would be paying the principals of the debt, that he

23 would continue.

24 Q. But what about the global financial crisis, Mr Guz,

25 haven’t you forgotten about that?

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Bank St Petersburg v Vitaly Day 7
Arkhangelsky [Master]

19 :1 A. I don’t forget about that but, my Lord, the crisis was
2 considering not only the borrowers of the banks, but the
3 whole economy of Russia and the whole bank system. What
4 we also had to think about was to save not only the
5 borrowers but the Bank itself.
6 MR JUSTICE HILDYARD: I think what’s been put to you is that
7 if one outstanding payment was the only problem that was
8 facing OMG at the time, then it was in an unusual
9 position; is that right?
10 MR STROILOV: That’s right, my Lord, I’m grateful.
11 A. Could you repeat, please: unusual position?
12 MR JUSTICE HILDYARD: If the only problem facing OMG at
the
13 time was a debt outstanding on some timber supplied to
14 Scandinavia, then OMG was in a rather privileged
15 position: most companies, many companies, were suffering
16 more significantly than that because of the global
17 financial crisis. I think that’s what’s being put to
18 you.
19 A. I absolutely agree with you, my Lord, and that’s why we
20 were helping Mr Arkhangelsky and his business to repay
21 the outstanding interest payments. That’s why he was
22 granted this personal loan. Otherwise we wouldn’t have
23 done that.
24 MR JUSTICE HILDYARD: Did Mr Savelyev show you this
letter?
25 A. No. I don’t see — I didn’t see this letter, but it

20 :1 could take place, probably.
2 By the way, I don’t see any signature for

3 Mr Arkhangelsky here.

4 MR STROILOV: So what are you suggesting, in terms of

5 signature?

6 A. I’m just explaining that I didn’t see this letter.

7 I don’t suggest anything, but probably my question is

8 whether this letter was sent to Mr Savelyev at all.

9 Q. Well, it probably was, because it comes from the Bank’s

10 disclosure, unless I’m mistaken.

11 A. Well, it could be in the Bank’s disclosure, but it

12 doesn’t mean that it was sent. It’s not registered

13 properly.

14 Q. Mr Guz, I think I just want to clarify your answer: are

15 you sure you didn’t see this letter at the time, or you

16 simply can’t recollect?

17 A. I can’t recollect that I saw this letter, and I just say

18 that probably this letter could take place. That’s it.

19 I cannot be sure about that.

20 Q. Now, so, presumably, since I think it is common ground

21 that you offered some loan restructuring, presumably

22 this means that at the time, the Bank expected that OMG

23 would restore solvency?

24 A. Yes, that’s true.

25 Q. Were you aware of Mr Arkhangelsky’s negotiations with

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Arkhangelsky [Master]

21 :1 various western banks to obtain refinancing of his
2 loans?

3 A. No, I don’t remember that, but probably my managers were

4 telling me about that, but it — at that time,

5 I wouldn’t pay much attention to that because the crisis

6 was not only in Russia, but all over the world.

7 Q. But wouldn’t that be something you would like to look at

8 carefully if you were deciding — if you had to decide

9 what were OMG’s prospects?

10 A. No, I don’t think so. If you — my Lord, if you will

11 permit, I can — I would give more information about

12 that and recollect more earlier periods of our

13 cooperation with Mr Arkhangelsky.

14 Q. I’m not sure that’s the question.

15 A. That would — I’m sorry, that would explain why I didn’t

16 think really seriously about his opportunity to get

17 western financing.

18 Q. Mr Guz, I think what I’m trying to establish is the

19 reasons for your judgment that OMG would restore

20 solvency, and that was the judgment you made

21 in December 2008, wasn’t it?

22 A. In November, I would say.

23 Q. Right. So you decided to help them?

24 A. It was not my personal decision. Actually, this

25 decision was made after — as far as I remember after

22 :1 meeting Mr Arkhangelsky with Mr Savelyev, and this
2 decision was adopted by the committees of the Bank.

3 Q. So in making this judgment, when did you expect OMG to

4 restore solvency?

5 A. I don’t remember. At that time my recollection is that

6 I was thinking only about payment of the interest — on

7 the interest in November, and what was told to me, that

8 the only problem, current problem of Mr Arkhangelsky,

9 was that overdue payment for the timber sold in Finland.

10 Q. And you believed that was the case, did you?

11 A. Why shouldn’t I have? We are always trying to believe

12 our borrowers.

13 Q. Let me try again. Because it was impossible, there was

14 a global crisis, and I think you have accepted a few

15 minutes ago that OMG was not insulated from that crisis.

16 A. Well, that’s true, but not all the companies and not all

17 the business in Russia fall down. So at that time

18 I didn’t know, and I couldn’t think, that OMG group

19 would be in default, and that’s what Mr Arkhangelsky was

20 trying to assure the Bank.

21 Q. Now, I don’t accept it and I move on.

22 A. Okay.

23 Q. Mr Guz, I think, then, in early March 2009 you had to

24 consider pretty much the same dilemma, didn’t you, and

25 on that occasion you chose to call a default, and not to

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Bank St Petersburg v Vitaly Day 7

Arkhangelsky [Master]

23 :1 offer further restructuring; isn’t that right?
2 A. Yes.

3 Q. So, logically, from what we have just discussed, that

4 seems to suggest that you took the view that OMG had no

5 real prospects of restoring solvency; is that correct?

6 A. Yes, that’s true.

7 Q. What about Mr Arkhangelsky’s refinancing negotiations?

8 A. I don’t remember any negotiations about refinancing.

9 I was not discussing this with Mr Arkhangelsky, and

10 I was not reported about that. And even if I would,

11 I wouldn’t believe that, because of their situation

12 I wouldn’t believe that Mr Arkhangelsky could get any

13 refinancing from anywhere at that particular stage and

14 at that particular situation.

15 Q. Now, Mr Guz, I think I would like to deviate slightly

16 from that timeline, and I am not going to be quite

17 chronological. I would like to ask you about the

18 procedure you would follow in making decisions of this

19 kind, such as restructuring, extension of a loan, and so

20 on.

21 I understand you were a member of a big credit

22 committee, weren’t you?

23 A. That’s true.

24 Q. And you were also a member of the management board?

25 A. That’s true.

24 :1 Q. So, as I understand it, before any proposal comes to
2 the management board, it first has to go through the big

3 credit committee, isn’t that right?

4 A. Usually it is so.

5 Q. And what you consider in big credit committee, or the

6 first thing you receive in the big credit committee

7 would be a proposal from a body called the small credit

8 committee; is that right?

9 A. Usually it is so.

10 Q. And the small credit committee operates in a branch and

11 big credit committee operates in the Bank’s head office;

12 is that right?

13 A. Yes, you know the structure very well.

14 Q. And so I understand it simply goes like if — supposing

15 a borrower makes an application for an extension of

16 a loan, it is first considered by the small credit

17 committee.

18 A. Usually, yes, but sometimes it can be in the other way.

19 But usually yes.

20 Q. If it is accepted by the small credit committee and the

21 loan is big, or significant enough, then it goes to big

22 credit committee?

23 A. Right.

24 Q. And if it is rejected by the small credit committee, it

25 goes no further?

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Bank St Petersburg v Vitaly Day 7

Arkhangelsky [Master]

25 :1 A. No, that’s not true. It can go further. It is the
2 decision of the director of the branch. It could — he

3 or she can proceed with this question to the big credit

4 committee, and even if the big credit committee rejected

5 their application, the deputy chairman of the board can

6 proceed to the management board.

7 Q. Right, I see. I think the hierarchy is clear.

8 Isn’t it the case, Mr Guz, that on some occasions,

9 despite these formalities, decisions, in fact, are made

10 rather differently; that is to say, an important client

11 can go straight to Mr Savelyev, there is a rather

12 informal meeting and that is where an agreement is

13 actually made without formalities?

14 A. No, that’s not true. Of course Mr Savelyev can meet

15 with any client he wishes, and sometimes it happens and

16 sometimes it did happen, but still the final decision is

17 made by the — in this case by the board or the big

18 credit committee. And I can — and I know several

19 examples, at least, when Mr Savelyev was trying to make

20 the decision, but they would reject it.

21 Q. Overruled by the board.

22 A. Sorry?

23 Q. Overruled by the board?

24 A. Yes.

25 Q. Any such examples related to OMG?

26 :1 A. No, not from OMG.
2 MR STROILOV: Right. My Lord, I wonder whether it may be

3 a good moment for a 10-minute break if we are to have

4 one, otherwise I think I may go on for some half an hour

5 and then we have one at 12.00. What would be your

6 preference?

7 MR JUSTICE HILDYARD: What did you say about the half hour?

8 MR STROILOV: I think I am about to begin a line which may

9 be rather long, so I was wondering whether now is a good

10 time for a break or after?

11 MR JUSTICE HILDYARD: Well, we started rather late, so

12 I want to organise breaks to the transcript writers.

13 Would you appreciate a break now or would you prefer

14 a break in, say, half an hour’s time?

15 If you are all right, Mr Stroilov, I think that

16 might be better. Also we have Mrs Arkhangelskaya on the

17 other side, so I am anxious to keep cracking on.

18 MR STROILOV: I am grateful. Could we have on the screen

19 {D113/1647/1}. And on the other screen the second page

20 of the same document {D113/1647/2}.

21 Mr Guz, that is the draft of the decision which the

22 management board considered on 4 March, isn’t it?

23 A. This can be, if this particular document was disclosed

24 to you, then yes.

25 Q. And, of course, that was rejected by the board?

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27 :1 A. Sorry?
2 Q. And that proposal was rejected by the board, wasn’t it?

3 A. Yes.

4 Q. However, the substance of the proposal seems rather

5 inconsistent with what you say in your statement,

6 doesn’t it?

7 A. Why?

8 Q. Well, because that suggests an extension of two PetroLes

9 loans for one year into 2010, and to roll up the

10 interest under that loan until 28 June; whereas you say

11 that the grand, or big credit committee, was only

12 prepared to grant an extension until 26 March, don’t

13 you, of the same year?

14 A. You mean my statement?

15 Q. That’s right, we can look at it if that helps.

16 A. Yes. Yes, that’s true. The credit committee was ready

17 to postpone the repayment of the debt until the maturity

18 of the second loan, that’s true.

19 Q. But then the management board seems to consider again

20 a much bigger extension.

21 A. Well, that was the application of the client. That’s

22 what he was trying to get. But this particular proposal

23 on this particular application was rejected by the

24 board, because the situation with the client declined,

25 and it was continuing to decline and we didn’t see any

28 :1 prospective for the borrower to repay the debt.
2 Q. Well, why didn’t, then, you reject the proposal at the

3 big credit committee?

4 A. Because, anyway, the big credit committee understood

5 that this particular question would be transferred to

6 the decision of the management board. This was

7 the first reason. The other reason was that the big

8 credit committee agreed for a short term prolongation,

9 only for less than a month. So in this case anyway, the

10 decision was to be made by the board, and the big credit

11 committee just didn’t want to make this decision, let’s

12 say.

13 Q. So what you are saying is that the decision of the big

14 credit committee was simply a decision not to make

15 a decision?

16 A. That’s true, because if the big credit committee would

17 have rejected this, this wouldn’t go to the big board,

18 and in this case that would be the decision of the big

19 credit committee, which big credit committee didn’t

20 want.

21 Q. So effectively, even though the decision may say

22 differently, but the decision of the big credit

23 committee was simply to refer the issue to the board;

24 isn’t that right?

25 A. Mostly, yes.

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Arkhangelsky [Master]

29 :1 Q. Do you remember that, or is that you just figure out
2 from looking at documents?

3 A. Well, I can slightly recollect that. (Pause).

4 Q. Now, Mr Guz, any idea why the draft decision is

5 structured in this rather unexpected way, roll up until

6 28 June: not before, not after, the end of June; any

7 idea why?

8 A. No idea, probably it was a mistake, because I don’t see

9 any reason to prolongate the interest payments later

10 than the repayment of the principal. It sounds strange,

11 very strange.

12 So I think it was a technical mistake, but I’m not

13 sure.

14 Q. Don’t you —

15 A. But I was not preparing this document.

16 Q. Well, don’t you recall, is that the kind of decision you

17 don’t normally take, to roll up interest to a particular

18 date in this way?

19 A. If this date is after the repayment of the principal, it

20 is not usual.

21 Q. Yes, but obviously the original proposal, as you can

22 see, is to extend the loan for one year, and to roll up

23 interest to —

24 A. That’s why, probably, it was a mixture of those

25 proposals, and it was a technical mistake, but I am not

30 :1 sure about that.
2 It simply sounds to me strange that the repayment of

3 the interest is later than the repayment of

4 the principal. We have never done it before.

5 Q. Just to avoid a misunderstanding, I am looking at the

6 document you see on the screen. That’s the draft board

7 decision, isn’t it? And it proposes to extend the loan,

8 well, both loans, for one year to March 2010, but to

9 roll up all interest prior to the end of June to

10 28 June; is that a normal structure for a loan

11 extension?

12 A. If the repayment of the principal would be (inaudible)

13 and prolongated for longer than half a year or one year

14 or whatever, in this case it would be normal that the

15 repayment of the interest could be before that and it

16 could be postponed until half a year, or eight months,

17 or something like that.

18 Q. Well, are you aware of any reason why it would be

19 postponed from 5 March to 28 June; do you know what is

20 the logic behind that?

21 A. No, I don’t see any logic to this.

22 Q. Well, Mr Guz, the logic is that on 25 December, there

23 was a meeting between Mr Savelyev and Mr Arkhangelsky,

24 and you were there as well, where a general moratorium

25 on all payments was agreed for six months, wasn’t there?

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Arkhangelsky [Master]

31 :1 A. No. That’s not true. We are not talking about any
2 moratorium, we are talking about some restructuring of

3 the debts of Mr Arkhangelsky, but not about a moratorium

4 for any period.

5 All we could discuss at that time is that some of

6 the debts that were outstanding already, by the end of

7 the year they could be prolongated, but of course we

8 wouldn’t discuss anything, any moratorium for the

9 further maturity dates and repayments of the loan. And

10 it — it was not being discussed, I don’t remember that.

11 Q. Mr Guz, I don’t want us, really, this to become

12 an argument about semantics. We call it moratorium, you

13 call it restructuring, but the question is: what were

14 its real terms in terms of loans, isn’t it?

15 A. At that particular meeting, no special details were

16 being discussed.

17 Q. I think you have said that there were — you haven’t

18 heard any threats being made at that meeting; is that

19 your evidence?

20 A. Yes, of course.

21 Q. Then what made Mr Arkhangelsky to transfer the shares to

22 the companies nominated by Mr Savelyev? What could be

23 his reasons for that?

24 A. I don’t know. I don’t see it, and I don’t think it

25 would be strange, because according to this transfer, he

32 :1 would have got all his shares back after repayment of
2 the debt, and I think that was his only opportunity to

3 restructure the loan.

4 Q. Well, but you say that no specific terms of

5 restructuring were agreed at the meeting.

6 A. Well, the reason is very simple: if you remember by the

7 end of the year, at December, there was a maturity date

8 for some of the loans in the amount of a few hundred

9 million roubles, in case there was no agreement about

10 any restructuring, the default would happen in the end

11 of 2008. That was the major reason.

12 Q. But you say there was no agreement on restructuring at

13 the meeting?

14 A. There was no specific details for restructuring, but it

15 was agreed that there would be restructuring.

16 Q. Let me try and understand that. Well, you say there was

17 no pressure specifically put on Mr Arkhangelsky?

18 A. No.

19 Q. So, presumably, you are suggesting that his

20 consideration for transferring — his reasons for

21 transferring the shares were commercial?

22 A. What do you mean, «commercial»?

23 Q. Well, that it was, from his commercial point of view,

24 a reasonable thing to do?

25 A. Absolutely reasonable, if he was planning to repay all

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Bank St Petersburg v Vitaly Day 7

Arkhangelsky [Master]

33 :1 the debts, then it was absolutely reasonable, because
2 otherwise the default, as I told already, the default

3 would have happened in December 2008. If it’s a threat,

4 I think, yes, it’s a threat, for the businessman to have

5 a default, and I don’t really know who actually

6 suggested the transfer of the shares; it could be

7 Mr Arkhangelsky himself.

8 Q. But Mr Guz, so what did Mr Arkhangelsky get in exchange

9 for transferring the shares?

10 A. I think that there were supposed to be some documents

11 signed by Mr Arkhangelsky and the Bank. I was not

12 engaged in this particular deal, but some restructuring

13 had been made.

14 I don’t remember what exactly had been done, but the

15 structuring had been made, otherwise I think

16 Mr Arkhangelsky wouldn’t have signed the — transferred

17 the shares.

18 Q. Mr Guz, I appreciate you were not involved in preparing

19 documents, but you were at the meeting where the deal

20 was agreed, weren’t you?

21 A. The deal was agreed, but no specific details of the

22 restructuring itself were discussed in my presence.

23 Q. So what you are saying is that the Bank promised

24 Mr Arkhangelsky not to call a default in December, but

25 having received the shares, the Bank was perfectly

34 :1 entitled to call a default in the end of January; is
2 that what you are saying?

3 A. There was a restructuring, at least of the interest

4 payments. It should have been done. I don’t really

5 remember the details. That was not my responsibility to

6 do this.

7 Q. We will look at that in a moment. What I am trying to

8 get you to explain is what was agreed at the meeting,

9 not in subsequently prepared documents?

10 A. My Lord, I again say that at my presence at that

11 meeting, no specific details were discussed. That’s it.

12 (Pause).

13 Q. Well, can we perhaps look at {D105/1479.4/0.1}, and on

14 the other screen, the same tab and page 1

15 {D105/1479.4/1}. I am sorry it’s not a very good

16 translation, but I think the gist is — the essence of

17 the document is clear. So that’s the decision, dated

18 24 December, but I think it is agreed between the

19 parties that it was prepared subsequently to the meeting

20 and backdated.

21 So that’s one of the loans. You will see that the

22 interest was rolled up to 28 June 2009, and there is

23 your signature, isn’t there?

24 A. Yes, it’s my signature, I think.

25 Q. So in relation to this particular loan, the

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Arkhangelsky [Master]

35 :1 restructuring, you have agreed, was a six-month
2 moratorium on interest, wasn’t it? (Pause).

3 A. According to this document, yes, but I cannot recollect

4 it. What it was, and why. What loan that was? When

5 was the maturity date of this loan?

6 Q. We can look at that in a second. Let me … if you look

7 at the memorandum, there is a list of loans with

8 maturity dates, so that’s helpful.

9 I wonder, I will want to keep calling documents on

10 the screen, so I wonder if it could be opened in paper

11 copy, if that’s possible for your Lordship and Mr Guz.

12 It is at {D107/1537/1}, and there is the memorandum of

13 30 December with —

14 A. Can you show me?

15 Q. I wonder if it can be shown to Mr Guz, because I would

16 prefer to have both screens available to call documents.

17 So that particular loan is actually in section 111, and

18 it is the first one, the one ending —

19 A. So the maturity date is November 2009. In this case,

20 I don’t see anything strange about rolling up the

21 interest until the middle of the year; so what?

22 Q. I’m not saying it is strange. I am saying it is

23 consistent with there being agreed a six months

24 moratorium, would you agree?

25 A. No. No. It is not saying about any moratorium. It is

36 :1 just postponement of the interest payments, because it
2 was difficult for Mr Arkhangelsky to pay the interest.

3 Q. But what is the difference beyond semantics? There

4 was — I say there was a moratorium on interest payments

5 under this loan; do you accept that?

6 A. No. What you are trying to do, you are trying to make

7 certain agreements, certain restructuring on certain

8 loans, as the general decision for all the loans of

9 Mr Arkhangelsky. Here we are talking about the loan

10 with a maturity date in the end of 2009, and default had

11 happened with the loans, the maturity date which was

12 in March. So I don’t see any reason to talk about any

13 moratorium here.

14 Q. We will come to other loans in a moment. What I am

15 suggesting to you, that in relation to this one

16 particular loan, to LPK Scandinavia, that under the loan

17 contract number ending 852, there was a six months

18 moratorium on payments of interest; do you accept that?

19 A. Well, we don’t use the word «moratorium» in our

20 practice, so what I can say, that it was postponement of

21 the interest payments for half a year. That’s it. It

22 was not moratorium.

23 Q. That’s semantics. It’s the same thing as moratorium.

24 A. I don’t know, maybe it is semantics, maybe it doesn’t

25 matter, but in our discussions there was no word

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Bank St Petersburg v Vitaly Day 7

Arkhangelsky [Master]

37 :1 «moratorium» at all.
2 Q. Perhaps slightly inconveniently, I won’t quite follow

3 the order of loans as they are in the memorandum; I will

4 follow my own order, which seems to me more logical to

5 explore this issue, but I think I will go through all of

6 them, or nearly all of them.

7 MR JUSTICE HILDYARD: Is that a good time for a break?

8 MR STROILOV: I think it is, because otherwise there is

9 a risk I will go on until lunch.

10 MR JUSTICE HILDYARD: Right. Let’s have a 10-minute break,

11 then.

12 (11.56 am)
13 (A short break)
14 (12.04 pm)

15 MR STROILOV: May it please your Lordship.

16 Mr Guz, just to save us the need to go through too

17 many loans, would you accept that in relation to all

18 loans which expired after the end of June 2009, interest

19 was rolled up to the end of June 2009; do you accept

20 that?

21 A. No. No. It was rolled up only for this particular loan

22 with a maturity at the end of 2009.

23 Q. Can we look at {D106/1520/1}. And if we could have

24 page 1 on one screen, and page 3 on the other

25 {D106/1520/3}. I beg your pardon, I think that’s not

38 :1 the document I wanted. Sorry.
2 I think the translation is wrong. Can I have

3 {D106/1520/3} on one screen, and I am trying to find the

4 correct translation, because I have a translation of

5 an addenda to a guarantee, whereas the Russian text is

6 the addendum to the loan agreement.

7 I beg your Lordship’s pardon.

8 MR LORD: My Lord, I am not sure that is the right

9 translation for that word, «guarantee», but I stand to

10 be corrected, Mr Stroilov doubtless knows. Is that

11 actually right from the Russian, is that correct?

12 MR STROILOV: I think — the Russian version says «Addendum

13 number 3 to the loan agreement».

14 MR JUSTICE HILDYARD: I think that’s his point; that the two

15 don’t correlate.

16 MR LORD: And it looks like it is Mr Stroilov’s translation.

17 There is a «Bidault» at the bottom of the page which

18 appears to be the deponent the other day.

19 MR STROILOV: No, I don’t think it has been. I am looking

20 at my learned friend’s contractual documents bundle and

21 it seems that the translation doesn’t match the

22 original, so at least I was looking at that summary

23 schedule, but I am now trying to find it in the actual

24 contractual bundle and see if there is any better.

25 MR JUSTICE HILDYARD: Leaving aside the description of

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Bank St Petersburg v Vitaly Day 7

Arkhangelsky [Master]

39 :1 «guarantee», does the rest of the document correlate or
2 not?

3 MR STROILOV: I think it very broadly correlates in terms of

4 meaning, but it is definitely a translation of

5 a different document. That’s the point.

6 I beg your pardon, my Lord, for …

7 MR JUSTICE HILDYARD: You say you think the translation at

8 1520 is not of the document at 1520/3?

9 MR STROILOV: That’s right, yes, my Lord.

10 MR LORD: My Lord, we think {D106/1523/1} might be

11 a better …

12 MR JUSTICE HILDYARD: One of the reasons I ask …

13 MR LORD: We think that might be a better translation of

14 the document that Mr Stroilov is on at the moment.

15 MR STROILOV: That’s a better translation but it is

16 a different contract. I’m terribly sorry.

17 MR JUSTICE HILDYARD: I’m just wondering whether the one at

18 {D106/1520/1} just has one error, which is in

19 the heading — obviously this is a complete guess on my

20 part — but I do notice in paragraph 2, at the foot of

21 the page almost, it says:

22 «All other provisions of the loan contract remain

23 unchanged.»

24 Rather suggesting that it is the heading which is

25 wrong rather than the rest.

40 :1 But, you know, I have no idea. I just suggest that.
2 MR STROILOV: Yes, I think actually your Lordship and my

3 learned friends are right. The only mistake is the

4 contract of guarantee.

5 MR JUSTICE HILDYARD: So perhaps we could record that that,

6 for whatever reason, is a misdescription at the top of

7 the page, but otherwise the two documents appear to be

8 the same, but one in the Russian, and one in the English

9 translation.

10 MR STROILOV: That’s right.

11 MR JUSTICE HILDYARD: Is that right?

12 MR STROILOV: That’s right, the words «loan agreement»

13 should be substituted for the word «contract of

14 guarantee», my Lord. I do apologise for the chaos.

15 Sorry, Mr Guz, if you could look at that agreement,

16 that’s —

17 A. Which one? Russian or English?

18 Q. It is the same, except the mistake we have just

19 discussed. So the substance of it seems to be if the

20 same date, or all this — there was a whole series of

21 additional agreements on 29 and 30 December, and you see

22 another loan, the one you would find in the memorandum

23 in point 114, and then the second bullet point. That’s

24 another loan which expires in December 2009, and you see

25 the same term of restructuring, all interest rolled up

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Arkhangelsky [Master]

41 :1 to the end of June.
2 A. So what’s the question?

3 Q. So do you accept — so that’s another instance of

4 interest being rolled up for half a year as a result of

5 the meeting on 25 December between Mr Arkhangelsky and

6 Mr …

7 A. Yes, I will repeat again, my Lord, that no specific

8 details were discussed at this particular meeting. The

9 rolling up of the interest at those two loan agreements,

10 I don’t see anything strange about that because those

11 two loans were prolongated until the end of the year

12 2009, and for them it’s natural that for the borrower,

13 who were in difficulties, that the interest payments

14 were rolled up until the middle of the year, and it

15 doesn’t mean that for any other loans the same procedure

16 would be applicable.

17 Q. Mr Guz, let me take that in stages.

18 Was there a deal reached at the meeting?

19 A. No. Specific details at my presence, I wouldn’t say

20 about the meeting, the whole meeting, because I was not

21 present right from the very beginning, but at my

22 presence no specific details of restructuring were

23 discussed. So this was the job and the work of my

24 colleagues afterwards, after the meeting, that the

25 specific agreements and specific details, specific

42 :1 prolongation, specific rollings up that were discussed
2 and agreed.

3 Q. So —

4 A. That was not with my presence.

5 Q. So as far as you are concerned, that was just

6 a discussion. It was — then there was no agreement at

7 the meeting?

8 A. It was not a discussion. When I came, I was informed

9 about the agreement that the shares would be transferred

10 in the exchange of the restructuring, and the

11 restructuring itself and the transfer of the shares were

12 to be prepared and organised by the borrower and the

13 managers of the Bank. It was not me.

14 Q. There was a definite agreement that shares would be

15 transferred, was there?

16 A. I was informed that there’s going to be a repo deal with

17 some shares of some companies of Mr Arkhangelsky.

18 That’s what I was told at the meeting.

19 Q. So you didn’t — so perhaps the terms were agreed and

20 you simply were not told about them?

21 A. Well, I haven’t heard about those terms and usually, as

22 far as I know, at the meetings with Mr Savelyev, he is

23 not discussing the specific details.

24 Q. Yes, but how — in a way, Mr Guz, you have to get to

25 some level of detail to reach an agreement. It’s one

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Bank St Petersburg v Vitaly Day 7

Arkhangelsky [Master]

43 :1 thing if the interest is rolled up for a few days. It’s
2 another if it is rolled up for one month. It’s yet

3 another matter if it is rolled up for six months.

4 Didn’t commercial considerations apply?

5 A. No, not in this particular case, my Lord, because in

6 this particular case, the major point was that the

7 client wanted restructuring of his loans, but he didn’t

8 have any additional pledge of collateral, and what was

9 being discussed whether the Bank would agree at all to

10 make any restructuring, any prolongation, any rolling up

11 and so on, or there was another opportunity to call

12 a default right at the end of December. That was the

13 major point.

14 Q. So the broad terms of the deal, as far as you are

15 concerned was: no default in the end of December, you

16 transfer the shares and then we will see, is that —

17 A. No, no, no. No default at the end of December, transfer

18 of the shares in exchange of the restructuring agreed

19 with the borrower. So this was the major point

20 discussed as far as I can understand at the meeting.

21 MR JUSTICE HILDYARD: Restructuring for all the loans?

22 A. No. Some of the loans, because some of the loans were

23 not mature at that date. So some of the loans were

24 supposed to be restructured. Some of the interest

25 payments were supposed to be rolled up, until the end of

44 :1 the maturity date, or some of them until the other date,
2 and the other loans were not restructured, I mean, the

3 repayment of the principal.

4 So there were no specific details. The details were

5 supposed to be agreed with the borrower after the

6 meeting.

7 Q. But Mr Guz, you must understand, if you are obviously

8 involved in business, that makes no sense. You can’t

9 have some restructuring in exchange for a transfer of

10 very specific and valuable shares. Mr Arkhangelsky had

11 to consider whether it would save him from default.

12 A. Of course. But he wouldn’t have signed the transfer of

13 the shares before they agreed upon their details of

14 restructuring. But at that particular meeting, the

15 details were not discussed. The details of

16 restructuring were discussed afterwards, and those

17 things were made all together.

18 Q. Right. So at that particular meeting, the Bank really

19 took no obligations. It preserved all its —

20 A. Specific obligations, no. The only obligation, as far

21 as I understand, although I didn’t hear exactly about

22 that, the only obligation arising right from the meeting

23 was that there was no default in December, and all the

24 other things were supposed to be discussed and agreed

25 with the borrower.

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Arkhangelsky [Master]

45 :1 Q. And you are not involved personally?
2 A. No.

3 Q. Mr Guz, wasn’t there another meeting earlier the

4 same December where you participated, as well as

5 Mr Savelyev, Mr Arkhangelsky and Ms Mironova?

6 A. No, there was no such meeting.

7 Q. Are you sure of that?

8 A. Yes, I cannot remember any other meeting where we both

9 were present with Mr Savelyev and Mr Arkhangelsky.

10 There was only one.

11 Q. Can we please look at {D157/2677/1}, and let me see.

12 Yes, on the other screen if we could please have

13 {D157/2677/6}. So you can see, Mr Guz, that this is the

14 evidence given by Mr Savelyev in the French proceedings.

15 So if we could scroll down to paragraph 6 in both

16 versions. {D157/2677/3}, {D157/2677/8} so you can see

17 at that stage, in 2012, Mr Savelyev explains to the

18 French court that there was a meeting with —

19 A. Which paragraph?

20 Q. Paragraph 6. So if you could read paragraph 6 through.

21 A. I don’t remember this meeting. I don’t know why, so

22 I think you had better ask Mr Savelyev about that, but

23 I don’t remember this meeting and I was not present

24 there.

25 Q. Are you sure —

46 :1 A. Yes.
2 Q. — it didn’t take place?

3 A. Yes.

4 Q. Then I think there is, if you go a little further, well,

5 if you read paragraph 7 as well, Mr Guz, what I am —

6 obviously you wouldn’t know what Ms Mironova was doing,

7 well, if you do, you please tell his Lordship, but what

8 I am interested in is the statement that:

9 «The members of the Bank’s Management Board

10 discussed this at the working meeting soon after the

11 second meeting with Mr Arkhangelsky and took the

12 decision to provide temporary support to the Group.»

13 So that would be at some time in mid-December. Do

14 you recall any such discussion at the management board

15 meeting?

16 A. Actually I don’t recall any specific details about that,

17 but I can say that it could happen because at the board

18 meetings we were discussing problem questions, and this

19 also could be in line, but I do not recollect exactly

20 what we have been discussing.

21 Q. Yes, well if you could read the first sentence of

22 paragraph 8 of the same statement:

23 «The Bank decided to agree to the rescheduling of

24 the repayment of interest for most of the loans up to

25 the end of June 2009, and to extend the date of

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47 :1 repayment of the principal in respect of part of
2 the Group’s credit portfolio at the Bank.»

3 Do you recall any discussions on that at the

4 management board meeting?

5 A. That’s what we’ve been discussing before. You have the

6 minutes of the board meeting where we made — where we

7 took this decision about this restructuring of some

8 loans. Those actually were the loans with the maturity

9 date, as far as I understand, in the end of December.

10 Those loans were prolongated and the interest was rolled

11 up until the middle of the year. That’s what is said

12 here.

13 Q. So are you saying that these discussions and decisions

14 of the management board actually took place before the

15 meeting on 25 December; is that right?

16 A. I think that some of the loans were being discussed

17 before that, but I don’t remember actually which ones.

18 Q. Perhaps if we could scroll down both documents just one

19 page, {D157/2677/4}, {D157/2677/9}, and I would ask you

20 to look at the end of paragraph 8, starting with the

21 words:

22 «Based on their internal discussions …»

23 A. So?

24 Q. That seems that still before the meeting in the end

25 of December, the management board had already reached

48 :1 a plan in terms of repo, isn’t that right? Do you
2 recall any of this?

3 A. I don’t recollect any plan for this specific transfer of

4 the shares of Mr Arkhangelsky. What I can recall is

5 that on one of the board meetings, there were

6 discussions about the assets pledged in favour of

7 the Bank, and there were started to be problems with

8 enforcement on the pledge in case of default, because

9 the borrowers were trying to — by all means to protect

10 their assets, and to prevent the Bank to make

11 enforcement and in order to repay the debt.

12 So this was really discussed in the end of the year,

13 that probably it would be better to have those repo

14 deals with the problem borrowers in case there will be

15 a default and there will be problems with enforcement on

16 the pledge.

17 Q. Right. Well, you can see overall — I don’t know,

18 perhaps you would like to read paragraph 9 for

19 completeness as well.

20 Have you finished the paragraph?

21 A. Yes, what is the question?

22 Q. Wouldn’t you agree that overall the story which

23 Mr Savelyev tells here is quite different from what you

24 are telling to this court in evidence; wouldn’t you

25 agree with that?

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49 :1 A. Different with what?
2 Q. With your evidence to this court.

3 A. I don’t see any difference. It was — because I was not

4 engaged in these particular details, that’s why I knew

5 about the transfer of the shares on the meeting.

6 Q. So for all you know, really, the only mistake here is

7 the reference to you being present at the first meeting,

8 is that what you are saying?

9 A. Second meeting.

10 Q. Yes. You are quite right, the one in the beginning

11 of December?

12 A. Yes.

13 Q. Otherwise, for all you know, this statement is accurate?

14 A. I don’t know, because I was not aware of all this, but

15 if Mr Savelyev says so, I don’t have any reason to

16 doubt.

17 Q. Yes. He has made some changes to his account, we will

18 explore that —

19 A. You had better ask him about that.

20 Q. I will.

21 Now, so you say you didn’t know anything about

22 specific terms of the restructuring?

23 A. No.

24 Q. No.

25 A. I was not in charge of this particular bad loan,

50 :1 fortunately.
2 Q. Yes, and Mrs Malysheva was in charge?

3 A. Yes.

4 Q. And you were in charge of some other bad loans with

5 other clients; is that right?

6 A. Yes, I had quite a lot of things to do at that time.

7 Q. Yes. Mr Guz, I put it to you that to exercise your

8 functions as a member of the big credit committee, you

9 had to know what was agreed between Mr Savelyev and

10 Mr Arkhangelsky in December 2008. You had to know the

11 precise terms of the restructuring?

12 A. No, I had to know about that right before the meetings

13 of the big credit committee, not before that.

14 Q. Well, if a company, a borrower, is asking you to extend

15 the loan for a year and to roll up interest, for

16 whatever reason, to 28 June, wouldn’t you want to know

17 the reason why such a date?

18 A. No. You said it was 28 June?

19 Q. Yes.

20 A. I can explain you why; because it’s the date before the

21 half-year financials.

22 Q. So apart from that, you say you’re not aware of any —

23 A. Apart from that, I don’t see any reason why it’s

24 28 June.

25 Q. Right. In fact, Mr Guz, you knew that Mr Savelyev had

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51 :1 given his word that no payments would need to be made
2 until that date.

3 A. Of course not.

4 Q. And that’s why, whenever the question came to you, you

5 would approve the decision to defer payment.

6 A. No. That’s not true. I gave you the only one reason

7 for that is that for the Bank it was really important to

8 have the interest payments paid until the half-year

9 financials. That’s why it was done the 28 June.

10 I don’t know, and I don’t see any other reason for that.

11 Q. Then when this question of PetroLes extension with

12 interest rolled up to the same date comes before you,

13 you refer the matter to the management board, again

14 simply because that was a matter for Mr Savelyev?

15 A. No. Absolutely not. It’s because of the amount of

16 the loan which was the responsibility of the management

17 board, and I have already told that there was not

18 intention of big credit committee to make such crucial

19 decisions. That’s why it was referred to the decision

20 of the management board.

21 Q. Mr Guz, do you recall Mr Arkhangelsky ever asking for

22 a moratorium?

23 A. No.

24 Q. Or he was just surviving each month?

25 A. Sorry?

52 :1 Q. He wasn’t asking for a longer term —
2 A. Well, with me he didn’t discuss any moratorium, so

3 that’s why I don’t know and I don’t remember.

4 MR JUSTICE HILDYARD: Are you using the word «moratorium»

5 specifically?

6 A. No.

7 MR JUSTICE HILDYARD: Or do you mean he never discussed any

8 reconstruction, any extension, any deferment, any

9 prolongation?

10 A. My Lord, with me directly he didn’t discuss any

11 prolongation, any restructuring and of course, any

12 moratorium, because this word is not in practice with

13 us. (Pause).

14 MR STROILOV: Now, Mr Guz, I think I have asked this

15 question, but I am not sure you have answered. Let me

16 just, just to be on the safe side, let me ask you again:

17 When you were considering possible restructuring

18 in December, so what was your expectation, when did you

19 think OMG might restore solvency?

20 A. I can tell you that in the end of December there was —

21 among us there was not a definite opinion that OMG had

22 already lost its solvency, and Mr Arkhangelsky was

23 assuring us that those problems were short term and

24 temporary.

25 So we understood that the group of Mr Arkhangelsky

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Arkhangelsky [Master]

53 :1 had already lost mostly its solvency in the beginning
2 of March, and that’s why we had to make default on this,

3 because there was no payments coming through the

4 accounts of Mr Arkhangelsky, they were overdue payments

5 under marine law on his vessels, and we knew that in

6 case they were not paid as soon as any vessel would be

7 in any port, the vessel could be arrested and we lose

8 our pledge. There were many other reasons that

9 permitted us to consider that his group had lost his

10 solvency. That’s why we decided not to prolongate the

11 loan of PetroLes, and you can believe me, it was

12 a really difficult decision for us.

13 Q. So what was the opinion of Mr Savelyev at that

14 management board meeting?

15 A. He was upset.

16 Q. He was absent from the meeting on —

17 A. He was upset about that.

18 Q. Upset. But what was his view in terms of what should be

19 done? Was he in favour of the default?

20 A. Of course he couldn’t be in favour of the default, he

21 wouldn’t like that, but we had no choice, because

22 otherwise we would start losing collateral, if we didn’t

23 do it. And there was no prospective for Mr Arkhangelsky

24 to recover.

25 Q. Mr Guz, we have been through this earlier. Small credit

54 :1 committee took the view that the loan should be
2 extended, didn’t it?

3 A. I don’t know about the decision of small credit

4 committee, and I never, ever read the minutes of

5 the small credit committees because that was not my

6 responsibility.

7 Q. The big —

8 A. And even — I’m sorry — and even if it had positive

9 decisions, it wouldn’t mean anything.

10 Q. If you don’t know, you don’t know.

11 Sorry, Mr Guz, the big credit committee voted

12 unanimously to extend the loan, if only for a few days?

13 A. For a short period of time.

14 Q. Yes.

15 A. Until the end of March.

16 Q. Yes.

17 A. And this decision was made only because the big credit

18 committee didn’t want to make such a serious crucial

19 decision for the Bank.

20 Q. Yes.

21 A. That’s why it made this decision, short term decision,

22 and referred the final decision to the management board.

23 Q. Yes, and in the management board, was it Mr Savelyev who

24 said: well, we have to refuse this?

25 A. No.

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Arkhangelsky [Master]

55 :1 Q. Who was that?
2 A. I don’t remember.

3 Q. What was — that decision wasn’t opposed by Mr Savelyev,

4 was it?

5 A. No, but he was really upset about that because it was

6 a default which was not good for the Bank.

7 Q. Was Mrs Malysheva in favour of that decision?

8 A. She supported this decision, yes. All the board members

9 supported the decision.

10 Q. I think you make a reference to some discussion at that

11 board management meeting about the tax investigation

12 into Mr Arkhangelsky.

13 A. Yes, there was information about the tax and criminal

14 investigation, but I don’t remember at which particular

15 meeting it was, but probably it could be at that time.

16 Q. I think you suggest in your statement that this was

17 something that contributed to your decision to …

18 A. To my recollection, I think that, yes. But major reason

19 for that was deterioration of the situation with OMG,

20 and the risk of losing a pledge.

21 Q. But wasn’t this tax investigation in 2007, wasn’t it

22 publicised in the press? Wasn’t it always a matter of

23 public knowledge?

24 A. I don’t remember that, really. I don’t remember from

25 where I got this information. It could be from the

56 :1 board members, it could be from Mrs Malysheva, it could
2 be from the press. I don’t remember, but still, there

3 were problems.

4 Q. Are you still saying that this information was

5 significant for your decision not to extend the loan?

6 A. No. The major point was that there was no prospective

7 for the business to recover and there was a risk of

8 losing collateral, and there was no activities, there

9 was no money on the accounts, and we didn’t see any idea

10 how to get out of this.

11 Q. Now, perhaps … I am afraid it is, again, a difficult

12 translation, but I am going back to the moratorium, or

13 restructuring, or whatever you call it, of December.

14 Could we have a look at {D106/1479.8/0.1} on one screen,

15 and {D106/1479.8/1} on the other screen: yes, if we

16 could scroll down to page 3 on each screen respectively.

17 Sorry, I think I am slightly ahead of myself.

18 {D106/1479.8/0.3}, and {D106/1479.8/3}. I think, in

19 the English version, if we could slightly scroll up.

20 {D106/1479.8/0.2}. Yes. I think if we could scroll up

21 the English version again, I am afraid it is not …

22 {D106/1479.8/0.1}. Yes, I think if your Lordship just

23 reads — there is only the heading on this page, for

24 whatever reason, «On the crediting …[of] Onega», and

25 then if we could scroll down {D106/1479.8/0.2}, and then

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57 :1 you can see, Mr Guz, that on the same day, and this is
2 dated 24 December, but I understand it was actually

3 prepared a few days later, and backdated following the

4 meeting, and that is when you simultaneously decide to

5 roll up interest under one Onega loan, and then in 47.2

6 you roll up the schedule of capital repayments, for all

7 capital repayments to be made at the end of June,

8 27 June.

9 Then if you look at point 48, you accept a bigger

10 promissory note from Scandinavia Insurance to replace

11 another promissory note, which was expiring on

12 15 January, as you can see from the memorandum. If the

13 Russian version could be scrolled down, slightly.

14 {D106/1479.8/4}, then the so-called personal loan

15 agreement is being extended for a year with interest

16 rolled up to 28 June.

17 Then if we could now scroll down the English

18 version, one page down. If you could just read point

19 50, the heading, and then if we could scroll down in

20 both versions. {D106/1479.8/0.4}, {D106/1479.8/5}. So

21 you will see that the interest under one of

22 the Scandinavia loans is rolled up to 28 June.

23 Then at point 51 you will see that the overdraft

24 facility of LPK Scandinavia was transferred into a loan

25 which, as you will see in 51.3, with interest rolled up

58 :1 to 28 June. Doesn’t that ring any bells, pausing here?
2 A. No, that only proves what I said before, that there were

3 structuring details that were discussed between

4 Mr Arkhangelsky and the Bank, and they were implemented

5 and the different loans were prolongated for different

6 periods of time. Some of them were prolongated. Those

7 which had already maturity at that time, the others no,

8 and the interest payments were rolled up until the end

9 of the first half of the year. I explained why.

10 Probably I think that probably Mr Arkhangelsky was

11 asking for the roll-up of the interest until the

12 maturity date, but we didn’t agree because it was

13 important for the Bank to get those interest payments

14 for the half-year financials.

15 MR LORD: My Lord, I think while on this document, in

16 fairness to the witness, he should be put the other

17 sections of this document.

18 MR STROILOV: I am going — I am going down the document,

19 I just wanted to put that.

20 So if you could go down on both versions, scroll

21 down. If you now look at point 52, and here for the

22 first time, as my learned friend was rightly pointing

23 out, you see the difference {D106/1479.8/0.5},

24 {D106/1479.8/6} Vyborg Shipping loans, you only see the

25 interest rolled up to the date of maturity in relation

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Bank St Petersburg v Vitaly Day 7

Arkhangelsky [Master]

59 :1 to the first three loans. Then in relation to
2 the fourth loan you again get to the date 28 June.

3 Right, Mr Guz?

4 A. That only proves what I’ve said.

5 Q. If you could now go down slightly on both —

6 A. Excuse me, you can see here that the rolling up of

7 the interest doesn’t exceed the maturity date. That’s

8 what I am telling before.

9 Q. That’s right, Mr Guz, and I will put to you some matters

10 on that in a moment.

11 I wonder if you can scroll down to the end of it.

12 What about one further page down {D106/1479.8/8}. No,

13 I see. I just want to find the PetroLes decision as

14 well.

15 My Lord, I think it will be best, if you don’t mind,

16 we have a break now and then I will just make some

17 further investigation of documents, that will be

18 quicker.

19 MR JUSTICE HILDYARD: Right. Well, what do we do, shall we

20 reconvene at 1.55 pm?

21 MR STROILOV: That would be good, yes, my Lord.

22 (12.51 pm)
23 (The Luncheon Adjournment)
24 (1.55 pm)

25 MR JUSTICE HILDYARD: Yes, good afternoon.

60 :1 MR STROILOV: Mr Guz, from the documents we have seen, it
2 appears that the restructuring agreed in December 2008

3 included at least, in relation to the majority of

4 the loans, a roll up of all payments to the end

5 of June 2009; do you agree with that?

6 A. I wouldn’t say a majority. I would say that some of

7 the loans were, yes.

8 Q. It appears that the exceptions to this were only loans

9 given to two companies: PetroLes and Vyborg Shipping.

10 A. No, I would say that there were loans that had later

11 maturity dates than those that were restructured.

12 Q. I beg your pardon? I don’t quite follow. So the loans

13 with maturity dates after the end of June —

14 A. No, no, no, no, no. The loans that had maturity dates

15 at that period of time, in the end of the year, and

16 those loans of PetroLes, they had maturity dates later,

17 in March, so that’s why they were not restructured.

18 Q. That’s correct, Mr Guz. What happened immediately after

19 the meeting was that the interest under these two

20 PetroLes loans — no, I beg your pardon, let me start

21 again. The interest under the three Vyborg Shipping

22 loans was rolled up to the maturity date, and in

23 relation to the first PetroLes loan, the schedule of

24 capital repayments was also rolled up to the final date

25 of 5 March.

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Bank St Petersburg v Vitaly Day 7

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61 :1 A. Yes, until the end of March — until the beginning
2 of March, sorry.

3 Q. Yes, but that it was intended at that time, wasn’t it,

4 that between the beginning of the year and 5 March, the

5 PetroLes loan would be further extended, and the

6 interest further rolled up to the end of June?

7 A. No. Why? I don’t see any connection with this.

8 Q. And it was also intended, wasn’t it, that under all

9 Vyborg Shipping loans there would be further extensions

10 and the interest would also be rolled up —

11 A. No.

12 Q. — to the end of June?

13 A. No.

14 Q. Mr Guz, when you made the decision on 4 March to call

15 a default on PetroLes, did you understand that to mean

16 that this meant a default of all OMG companies?

17 A. Well, it was not 100 per cent this, but we understood

18 that it could happen; that it would be cross default

19 because we saw that the situation with all the

20 operations of all the OMG companies declined, and there

21 was no money on the accounts, there were claims from

22 other creditors, there were overdue payments under

23 marine law, and so on and so on.

24 So we didn’t have any illusions that it will

25 recover.

62 :1 Q. Well, Mr Guz, wasn’t it the Bank who actually was
2 working on the ways to make sure that cross-default

3 happens as soon as possible after the default of

4 the person?

5 A. Of course not. If Mr Arkhangelsky continued paying

6 interest and principal payments on other loans, the Bank

7 would never have been interested in cross-default.

8 Q. Could we call on the screen, please, {D114/1653/1}, and

9 on the other screen {D114/1653/3}.

10 Now, that’s an e-mail chain. What I would like to

11 draw your attention to, the e-mail which starts at the

12 very bottom of that page from Kristina Mironova on

13 11 March at 12.41, and that’s addressed to you.

14 Then if we could scroll down on both screens, the

15 Russian and English version.

16 A. Addressed to me what?

17 Q. That’s an e-mail from Ms Mironova to you {D114/1653/2},

18 {D114/1653/4}. Here is the text on the next page.

19 If you read it, you will see that she sets out

20 a plan of how to make the default under the first

21 PetroLes loan to cause a domino effect on other loans.

22 This concludes by the words:

23 «Thus we can put forward the claims for all

24 Oslo Marine Group loans by the end of March.

25 «Please confirm the suggested model.»

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Bank St Petersburg v Vitaly Day 7

Arkhangelsky [Master]

63 :1 Please read it through. (Pause).
2 A. I cannot really recollect this particular letter, but

3 I don’t see anything strange about that because it was

4 understood at that time that there’s going to be

5 cross-default, and the sooner we declared the

6 cross-default, the more chances would be that we can get

7 any money from that.

8 Q. So for these reasons the Bank, indeed, was making

9 efforts to speed up the cross-default?

10 A. We were not making efforts to speed up the

11 cross-default, but we had to do this because we were

12 protecting our money.

13 Q. Now, Mr Guz, in order to protect your money, you were

14 planning and making efforts to speed up the

15 cross-default, weren’t you?

16 A. Because we understood at that time that there were no

17 chances for OMG group to recover.

18 Q. But the answer is yes. You may have had reasons, but

19 the answer is yes, isn’t it?

20 A. No, I don’t say so. I said that it was natural for us

21 to act like this.

22 Q. Yes, and you did act like this, didn’t you?

23 A. It’s true to say that I don’t remember exactly, but

24 I remember that it was a cross-default but how it was

25 done I really don’t remember, because as I told you,

64 :1 I was not responsible for this, for this particular
2 loan.

3 Q. Thank you.

4 Now, if I can move on to a different subject. Do

5 you know of the company called Renord-Invest?

6 A. Yes, I know this company.

7 Q. And its CEO is your former colleague, Mr Smirnov, is it?

8 A. Yes, Mikhail Smirnov.

9 Q. And one of his deputies is your sister, Svetlana Guz,

10 isn’t she?

11 A. She used to be. She is not — she is no longer.

12 Q. When did she stop to be deputy CEO?

13 A. When she born her second child, in summer, last summer,

14 she retired from there.

15 Q. So this summer?

16 A. Yes, this summer.

17 Q. Now, the office of Renord-Invest is in the building

18 called Olimp, isn’t it?

19 A. Yes, I think so.

20 Q. And that’s located at Ispolkomskaya, isn’t it?

21 A. That’s true.

22 Q. So isn’t it just round the corner from the old offices

23 of the Bank at Nevsky Prospekt?

24 A. I wouldn’t say that it’s around the corner, it’s next —

25 next quarter, I would say. It’s not round the corner;

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Arkhangelsky [Master]

65 :1 I think something about, like, 10 minutes’ walk.
2 Q. Didn’t the Bank have the office in the same building

3 in —

4 A. The Bank had a small branch, retail branch, there, and

5 to my knowledge, probably for some period of time there

6 were some people from the Bank, dealers or something,

7 traders, on security and the foreign exchange market.

8 Q. So this was one of the Bank’s offices, wasn’t it?

9 A. No, it was not one of the Bank’s offices, but some

10 premises, a few rooms, probably, I don’t know how many

11 exactly because I’ve never been there, were rented by

12 the Bank, because we were planning to move to a new

13 office, and meanwhile we are renting — we were renting

14 there some space.

15 Q. Are you familiar with the allegations made against the

16 Bank by Mr Arkhangelsky in this case?

17 A. No.

18 Q. Are you aware that Mr and Mrs Arkhangelsky and OMG Ports

19 have alleged expressly in their case that Renord-Invest

20 was trading from one of the Bank’s offices?

21 A. Trading what?

22 Q. Operating. A company, that it was a company trading

23 from one of the Bank’s offices?

24 A. No, I haven’t heard about that because Renord-Invest

25 never was located in any of the Bank’s offices.

66 :1 Q. I think you said a moment ago that the Bank — that
2 a certain team from the Bank and a certain retail

3 officer of the Bank was operating from the same building

4 as Renord-Invest?

5 A. The same building, yes, but it was not the office of

6 the Bank. It was not the building of the Bank and it

7 didn’t belong to the Bank and doesn’t belong to

8 the Bank.

9 The Bank was just one of the tenants, as well as

10 Renord-Invest. And I really don’t remember how many

11 rooms there was, and how many people there was, but not

12 many, for sure. And they did nothing to do with their

13 clients and with the corporate clients.

14 Q. Mr Guz, hasn’t the Bank since then moved its main office

15 to Malookhtinsky 64A?

16 A. Yes, that’s true.

17 Q. And that’s a new building, isn’t it, or, rather, a new

18 large complex of buildings?

19 A. It’s one building, which belongs to the Bank, major

20 building, big tower.

21 Q. Right. And isn’t another office of Renord-Invest at

22 Malookhtinsky 64V?

23 A. I don’t know. I’ve never been to the offices, not in

24 Ispolkomskaya Street or anywhere else, so I haven’t

25 heard about their being located next to the Bank

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Bank St Petersburg v Vitaly Day 7

Arkhangelsky [Master]

67 :1 building. Maybe it’s the legal address of one of their
2 companies, but I haven’t heard that they were located

3 there. And still it’s for sure — it’s not the Bank’s

4 building. I mean, in a major building, there’s not any

5 other offices but the Bank. Because there are

6 restaurants and some tenants, but no business.

7 Q. Right. It appears, Mr Guz, that you were the first, so

8 far as we can see from the documents, to suggest a repo

9 arrangement with Oslo Marine Group as a condition of

10 restructuring debts?

11 A. It didn’t mean the repo of the shares. What I was

12 suggesting, it was in autumn, I was talking about a repo

13 deal of any assets pledged to enforce the collateral,

14 but not about the shares.

15 Q. This suggests that repo is something that — the kind of

16 deal which has been used by the Bank from time to time?

17 A. We, at that time, particularly, at that time we started

18 to consider the possibility of such deals because, as

19 I told before, there were problems with the enforcement

20 on the pledge with the other customers they were trying

21 to protect, they were trying to arrest them and so on

22 and so on. That’s why at that time we started to

23 discuss the possibility of those repo transactions,

24 though the repo transactions were the essence, it’s not

25 actually a repo transaction in itself because repo

68 :1 transaction means the transaction with the shares,
2 securities and so on.

3 So this particular — my suggestion was purchase

4 with the later buying out after the fulfilment of them.

5 Q. And did you ever use repo arrangements of this kind with

6 other borrowers?

7 A. I think yes. I think yes, but at that time I don’t

8 think there were such examples. We were just discussing

9 the current practice for that time, how it could be

10 bettered to protect the collateral.

11 Q. Are you aware of other, subsequent repo arrangements

12 with borrowers?

13 A. I think yes.

14 Q. And were they arrangements of the same kind; that is to

15 say, you would have third parties holding shares or

16 assets on behalf of the Bank?

17 A. Yes.

18 Q. And would Renord perform that role for the Bank in any

19 other repo arrangements?

20 A. I think yes, but not under my supervision.

21 Q. Thank you.

22 Now, I would like to ask you about some of

23 the decisions of the management board and big credit

24 committee. If we could — now, this doesn’t seem to be

25 translated, I am afraid, though let me … I am afraid

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Bank St Petersburg v Vitaly Day 7

Arkhangelsky [Master]

69 :1 it is a very imperfect translation, but could we go to
2 {D122/1943.3/0.1} and {D122/1943.3/1} on the other

3 screen. So that’s 17 June 2009. If we could scroll

4 down the Russian version — well, you can see your name

5 there, don’t you?

6 A. Not yet.

7 Q. I beg your pardon. If you could scroll up for a moment.

8 A. Yes, I see.

9 Q. So you are recorded as being present.

10 A. Yes.

11 Q. So if you could scroll down the Russian version one

12 page, and you can see that two issues were discussed.

13 I think in the English version it is just after the

14 omission of page 2 and 3. One is for the transfer, for

15 the Bank consenting to the transfer of Western Terminal

16 assets to SKIF, and another is to — for the transfer of

17 Scandinavia assets to a company called Naziya; do you

18 recall that meeting?

19 A. I can slightly recall the meeting, but probably, yes.

20 Q. Yes. If we could scroll down further, I think to page 5

21 in the Russian version {D122/1943.3/5}, and in

22 the English version it will be {D122/1943.3/0.2}

23 So this suggests, Mr Guz, that after these repo

24 arrangements and shares were passed to mainly Renord

25 companies, there was a further decision to transfer the

70 :1 assets of those two companies, the physical assets, to
2 a Renord company called Naziya, and to SKIF.

3 A. Mm hmm.

4 Q. Whose suggestion was that?

5 A. As I told you before, my Lord, my colleague,

6 Mrs Malysheva, was taking care about this loan, and at

7 the board meeting for sure it should have been her

8 suggestion to do this.

9 Q. Thank you.

10 If we could now go to {D134/2202.1/0.1}, and in

11 the Russian {D134/2202.1/1}. So you can see that’s the

12 minutes of the meeting of the large credit committee.

13 Again, you can see your name as one of those being

14 present. That’s on 21 November 2009. Could we scroll

15 down in both versions one page {D134/2202.1/0.3},

16 {D134/2202.1/3}. So that’s a decision on providing

17 consent for Western Terminal to lease all its real

18 estate to a company called Gunard Enterprises Limited;

19 do you recall anything about that?

20 A. Being true, I don’t recall this particular decision and

21 those minutes of this credit committee. The thing is

22 that at that time I was already working in Moscow, and

23 I was participating at the committees through the video

24 conference. This particular decision I don’t recollect,

25 but … well.

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Bank St Petersburg v Vitaly Day 7

Arkhangelsky [Master]

71 :1 Q. Yes.
2 A. But if you have any questions about that, I may try to

3 answer you.

4 Q. Right. Well, perhaps — do you know anything about the

5 company called Gunard Enterprises Limited?

6 A. No.

7 Q. It is one of Renord-Invest’s companies, isn’t it?

8 A. I don’t know. Could be.

9 Q. Could we then look at the actual lease agreement, at

10 {D128/2060/1}, and on the other screen {D128/2060/0.1}.

11 A. Do you have the Russian version of that?

12 Q. Yes, I think it should be {D128/2060/4}, I am sorry.

13 You will see that it covers all real estate of Western

14 Terminal. Then — I beg your pardon. I need to draw

15 your attention to some specific clauses, which may be

16 quicker. (Pause).

17 So the first —, I think I would like you to look at

18 clause 1.3, which specifies that the term of the lease

19 is 49 years from the state registration of

20 the agreement. Then in clause 2.1.1 you can see that

21 the property is being passed to the lessee, so to

22 Gunard, no later than three days from the date of this

23 agreement, and you can see at the top that the date is

24 20 August.

25 Then if you don’t mind, I would like to scroll down

72 :1 both {D128/2060/2}.
2 A. No, I don’t mind.

3 Q. If you have seen everything there is to see.

4 {D128/2060/5}. Then you can see in clause 3.1 that the

5 lease payment is US $20,000 per month, including VAT,

6 and then in clause 3.3 you see that the payment is only

7 made on the last day for the term of this agreement, and

8 then in clause 5.2, you see that the term is extendable,

9 and may be renewed automatically for an indefinite

10 period with the consent of the lessor.

11 So these are not commercial terms, are these,

12 Mr Guz?

13 A. Well, actually they don’t sound commercial, but I think

14 there could be at least a few reasons for such

15 an agreement to be concluded.

16 Q. Do you recall what reasons were they?

17 A. No, I don’t recall the agreement itself, as I told

18 before, but if you want to hear my opinion, my Lord,

19 I can say.

20 Q. Not really. I would like some recollections about what

21 was said at the big credit committee.

22 A. I don’t remember. I cannot recall it.

23 Q. Well, but wouldn’t you be concerned that the value of

24 the pledge encumbered by such an agreement would be

25 reduced dramatically?

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Bank St Petersburg v Vitaly Day 7

Arkhangelsky [Master]

73 :1 A. It depends upon what it was done for. There could be
2 two reasons: one of them, if Gunard, for example, was

3 a potential buyer, this lease agreement could be the

4 part of the deal, but if you say that the Gunard company

5 was the company of the Renord group, and in this case

6 I think it could be done only in order to protect the

7 asset, that’s what exactly the repo transaction was done

8 for: to protect the asset.

9 Q. So that was for the further protection of the pledge —

10 A. Yes.

11 Q. — from any possible action taken by OMG or

12 Mr Arkhangelsky in Russian courts; is that what you are

13 saying?

14 A. By them or by other creditors, because

15 Bank of St Petersburg was not the only one creditor of

16 Mr Arkhangelsky.

17 Q. Right. Thank you.

18 A. Because it could be arrested by any court, criminal, or

19 arbitrage, or whatever. So in this case, it sounds

20 reasonable to protect these particular assets by

21 conclusion of lease agreement, long term agreement on

22 not commercial terms.

23 Q. If you could now look at {D159/2682.2/0.1}, and

24 {D159/2682.2/1}. Now, that’s obviously more recent,

25 that’s May — I beg your pardon. You don’t seem to be

74 :1 there. Sorry, Mr Guz, my mistake. I probably needn’t
2 trouble you with this. (Pause).

3 I am sorry, I am slow. I just need to find the

4 right document. (Pause).

5 Could we have {D149/2474/1}. {D149/2474/10}. Yes,

6 I am sorry, that’s not quite the document I wanted. If

7 you could have {D148/2466.2/1}, and {D148/2466.2/0.1}.

8 So these are the minutes of the meeting of the big

9 credit committee. You can see your name, Mr Guz, there

10 as one of those being present. That’s in June 2011.

11 Would you be back in St Petersburg, I anticipate, in

12 person?

13 A. Not yet. I was still in Moscow.

14 Q. Still in Moscow. Right, if we could scroll down the

15 Russian version, just one page, and I think the

16 translation of it is on the same page of the English

17 version after the omission of pages 2 to 15.

18 Now, Mr Guz, looking at it now, do you recall that

19 meeting and that discussion?

20 A. Truly to say no.

21 Q. I beg your pardon?

22 A. No.

23 Q. No, you don’t.

24 A. But I can try to answer the questions if you have.

25 Q. Well, I don’t think that makes sense, frankly. With no

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Bank St Petersburg v Vitaly Day 7
Arkhangelsky [Master]

75 :1 disrespect, we need, really, your recollections.
2 A. Up to you, Mr Stroilov. I was still in Moscow at that
3 time and I was still the member of the big credit
4 committee, but because I was in charge of the business,
5 corporate business in Moscow, I was mostly paying
6 attention to the questions being discussed at the
7 committees and at the board that were regarding the
8 projects in Moscow.
9 Q. So, essentially, you left this problem of OMG assets,
10 you left it to the people who were dealing with it, and
11 that’s Mrs Malysheva.
12 A. Right in the beginning, as I told you. Before there
13 were some bad loans that were split among the members of
14 the board, and this one was not in my responsibility.
15 Q. Incidentally, who is Mr Kolpachkov?
16 A. Mr Kolpachkov, he used to, as far as I remember, work at
17 this department, clients monitoring department.
18 Q. So was he a deputy of Mrs Malysheva, or Mrs Mironova?
19 A. For sure, not of Mrs Malysheva. He could be the deputy
20 of Mrs Mironova whilst she was the head of this
21 department.
22 Q. Does he still work at the Bank?
23 A. I don’t think so.
24 Q. When did he leave?
25 A. Don’t remember.
76 :1 MR JUSTICE HILDYARD: Where is he mentioned? I’m so
sorry,
2 I can’t find it.

3 MR STROILOV: I beg your pardon, my Lord?

4 MR JUSTICE HILDYARD: Is he on the page?

5 MR STROILOV: Yes, he is …

6 MR JUSTICE HILDYARD: I can’t find it. I’m so sorry.

7 MR STROILOV: Yes, I am afraid his name got translated as

8 «EM Cap» but it is actually Mr Kolpachkov. I am afraid

9 the machine has translated his name.

10 MR JUSTICE HILDYARD: I see. Right.

11 MR STROILOV: Right, and Mr Guz, I understand that

12 Mrs Malysheva left the Bank this year, didn’t she?

13 A. Last year.

14 Q. Last year, yes, of course.

15 So we have recently been disclosed a copy of

16 the agreement on her departure and it has her and your

17 signature on it, but I understand from the evidence

18 that, in fact, it was Mr Savelyev’s decision, wasn’t it?

19 A. I think that was their mutual decision. I mean,

20 Mrs Malysheva and Mr Savelyev.

21 Q. What I’m trying to establish is that it wasn’t really

22 your decision, was it?

23 A. No. It was not.

24 MR STROILOV: My Lord, I think I have made surprisingly

25 quick progress. I think I will have one rather short

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Bank St Petersburg v Vitaly Day 7

Arkhangelsky [Master]

77 :1 line of questioning, and that will conclude my
2 cross-examination. I wonder if — I know it is

3 irregular and rather early in the day — I think it will

4 be slightly more efficient if I am given 10 minutes’

5 break now and then I conclude, I think, in not longer

6 than 10 minutes, probably five.

7 MR JUSTICE HILDYARD: Yes. Is the agreement, to which you

8 last referred, in the bundle?

9 MR STROILOV: I think it was e-mailed to us recently and

10 I think it was uploaded as well.

11 MR LORD: It is, my Lord.

12 MR JUSTICE HILDYARD: I wonder if I could have a copy.

13 MR LORD: Yes. It was following your Lordship’s question to

14 me at the beginning of the trial, were there any

15 documents. We looked and uploaded, that’s why it has

16 been recently disclosed.

17 MR JUSTICE HILDYARD: Yes, I would quite like a look at that

18 in hard copy, please.

19 Right, we will come back at 2.50 to give you plenty

20 of time on the footing that you will complete fairly

21 speedily.

22 MR STROILOV: Thank you very much.

23 (2.37 pm)

24 (A short break)
25 (2.50 pm)
78 :1 MR STROILOV: May it please your Lordship.
2 My Lord, I forgot to tell you previously,

3 Mrs Arkhangelskaya will have to leave at 3.30 to collect

4 children from school, so she will have to leave with

5 apologies, but I will finish sooner than that.

6 Right, Mr Guz, I think there are two small issues.

7 Have you been told at any point between 2009, inclusive,

8 and now that you must not destroy any documents relevant

9 to the relations with Oslo Marine Group?

10 A. By whom?

11 Q. By anyone.

12 A. I think there were — our first lawyers, they were

13 telling this.

14 Q. I beg your pardon, I didn’t quite …

15 A. Who — Baker …

16 Q. I don’t think I — I have to be careful here, I am not

17 asking you to disclose the privileged legal advice given

18 by Baker & McKenzie, but were you aware of the fact that

19 you must preserve the documents relevant to

20 Oslo Marine Group and you mustn’t destroy such

21 documents?

22 A. Well, I don’t keep any documents. All the documents

23 I kept are either in a computer or in the archives.

24 I don’t keep myself any documents. That’s not my

25 responsibility of keeping documents.

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Bank St Petersburg v Vitaly Day 7

Arkhangelsky [Master]

79 :1 Q. What about electronic documents? Were you warned not to
2 delete e-mails?

3 A. Why should I have been delete e-mails?

4 Q. Do you keep all your e-mails?

5 A. I don’t keep anything. There is a special IT department

6 in the Bank that keeps all those documents, not myself.

7 I don’t keep and I don’t destroy.

8 Q. Yes.

9 Now, Mr Guz, I think — I apologise, my Lord, there

10 is no English translation of this document, but there

11 isn’t a lot to read. If we could have on the screen

12 {N26/66/183}.

13 Mr Guz, this is a decision approved by you, and

14 dated 4 March 2015, on the destruction of a long list of

15 documents. I beg your pardon. There are two dates,

16 actually, oddly. One is 4 March 2015, and then I think

17 it is approved by you, the act is compiled on 14 March

18 and it is approved by you on 17 June 2015.

19 If we could scroll down one page, you can see that

20 as number 393 you have certain documents from Olimp

21 additional office.

22 A. So?

23 Q. Well, Mr Guz, I put it to you that it was — Olimp

24 office playing quite a significant part in these

25 proceedings.

80 :1 A. It couldn’t have played any significant part in these
2 proceedings because this particular additional office

3 was only a retail office with quite a small range of

4 operations. So it couldn’t be anything connected with

5 this particular case.

6 Q. The difficulty is, Mr Guz, is that it has been alleged

7 by the defendants and OMG Ports that the Olimp office

8 was shared by the Bank and Renord-Invest, and that’s

9 an important point in this case.

10 A. Do you know what means «kassovye dokumenty» in Russian?

11 Q. Well, you tell the court.

12 A. It’s only that documents that are connected with cash

13 transactions of the individuals, retail customers,

14 giving cash, mostly — in this particular case, giving

15 cash for purchase of cars, because this outlet was

16 located at Olimp, and probably getting some cashback on

17 credit cards or something, and nothing else. There were

18 no corporate accounts.

19 Q. Yes, the problem is, Mr Guz, is that we have been — we

20 have received no documents at all from Olimp office.

21 A. Because they were — there couldn’t be any documents

22 that could be disclosed at this particular case.

23 Q. Yes. Well, Mr Guz, we say that the reason is that the

24 Bank and Renord are part of the same business, operating

25 from the same offices, and you didn’t want to disclose

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Bank St Petersburg v Vitaly Day 7

Arkhangelsky [Master]

81 :1 documents — well, you as the Bank, I am not saying you
2 personally —

3 A. I am not — I’m sorry.

4 Q. — which evidence that.

5 A. My Lord, neither Renord nor any other corporate client

6 of the Bank could deal anything with this particular

7 outlet of Bank of St Petersburg, and there couldn’t be

8 any documents there, and it is written here that those

9 are cash documents. Cash documents, it’s the documents

10 that complied with the cash transactions of private

11 people, individuals. This is said here, «Cash

12 documents».

13 MR JUSTICE HILDYARD: Where does it say that, sorry? It

14 says that in the bold bit?

15 A. It is 393, it said «cash documents»: «cashier’s

16 documents».

17 MR JUSTICE HILDYARD: And what is the heading?

18 A. It’s cash transactions. It is like, in other words,

19 this outlet, that was that big, there was a window, so

20 there was sitting a cashier and an individual willing to

21 buy a car. He went there, put in cash, and this cash

22 was on his account and then it was payment for the car.

23 That’s it.

24 MR JUSTICE HILDYARD: But had you been to those offices?

25 A. I saw that office, I mean this particular outlet, when

82 :1 I was helping to buy the car of one of my relatives.
2 This was once when I saw this particular outlet, but

3 I’ve never been to any other offices of Olimp.

4 MR JUSTICE HILDYARD: And the darker bit, just above 393, is

5 that what you have been reading from? Or what is that

6 heading?

7 A. It is headed 393, cashier’s documents of —

8 MR JUSTICE HILDYARD: That’s in the box, but just above

9 that, the bolder bit?

10 A. That’s for the other office. For outlet Olimp, there’s

11 only one point, «cashier’s documents», nothing else.

12 MR STROILOV: That’s correct, my Lord, just as a Russian

13 speaker, I can confirm.

14 MR JUSTICE HILDYARD: Yes.

15 MR STROILOV: Finally, Mr Guz, I am not sure — I may be

16 repeating myself, actually, but it is my duty to put it

17 to you that the discussion on 25 January at that

18 meeting, that actually focused on the six months’

19 moratorium requested by Mr Arkhangelsky.

20 A. I’m sorry, there was no meeting of 25 January.

21 MR STROILOV: I beg your pardon, 25 December.

22 A. There was no discussions about moratorium.

23 Q. So the discussion was, really, on what conditions, what

24 the Bank should require OMG to do, in order to be able

25 to provide the moratorium, but moratorium was a given?

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Bank St Petersburg v Vitaly Day 7

Arkhangelsky [Master]

83 :1 A. No, it was not a given, and you showed me the documents
2 where there’s certain loans, they were prolongated,

3 certain interest rates were rolled up, but it didn’t

4 mean the loans with a maturity date afterwards. I don’t

5 think they were discussing this.

6 MR STROILOV: Right. Thank you very much, Mr Guz.

7 A. Thank you.
8 Re-examination by MR LORD
9 MR LORD: Mr Guz, you were asked some questions earlier

10 today by Mr Stroilov concerning the way in which OMG’s

11 problems around the end of 2008 were presented to

12 the Bank; do you remember those questions —

13 A. Yes.

14 Q. — you were asked whether they were short term, and

15 there was a question from his Lordship about that?

16 A. Yes.

17 Q. Can I please show you Mr Arkhangelsky’s first witness

18 statement. Could you be shown {C1/1/31}, please.

19 A. Yes.

20 Q. Mr Guz, could you be kind enough, please, to read

21 paragraph 124 and 125? {C1/1/32}.

22 A. Could you scroll further? Ah, okay.

23 Yes, it is saying about the short term problems with

24 liquidity. That’s what was I told at that time,

25 exactly.

84 :1 Q. Yes, thank you.
2 Thank you, Mr Guz, you can put that away.

3 A. Thank you.

4 Q. You were asked some questions about the resolutions,

5 resolving, or asking the Bank’s consent to transfers for

6 Western Terminal to SKIF — I think that’s right —

7 A. Yes.

8 Q. — and Scan to a company called Naziya. As far as you

9 are aware, Mr Guz, did those transfers ever take place?

10 A. I don’t know. I think no. No.

11 Q. And you were asked some questions about the Gunard

12 lease; do you remember those questions?

13 A. Yes.

14 Q. To the best of your knowledge, was that Gunard lease

15 ever implemented by the Bank?

16 A. I don’t think so, because otherwise there couldn’t have

17 been further transaction for that.

18 MR LORD: Does your Lordship have any questions for this

19 witness?

20 Questions by MR JUSTICE HILDYARD

21 MR JUSTICE HILDYARD: Yes, Mr Guz, thank you very much for

22 attending, and I’m sorry to detain you a little bit

23 more. I just wanted to find out a little bit more,

24 first of all, about the interface between you and

25 Mrs Malysheva. Did she report to you? Were you equals?

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Bank St Petersburg v Vitaly Day 7

Arkhangelsky [Master]

85 :1 Could you explain to me a bit the relationship within
2 the Bank that you had with her?

3 A. At that time we were equals. She didn’t report to me.

4 MR JUSTICE HILDYARD: So you were each —

5 A. Yes, we were both deputy chairmen of the executive

6 board, so we were equals.

7 MR JUSTICE HILDYARD: Yes. And you told me, with respect to

8 her, that in about November 2008, possibly earlier, you

9 had about ten or so clients who were in difficulties

10 pursuant to the global financial crisis, and who were

11 finding it difficult to maintain their payments; do you

12 remember that? It was in the course of the morning.

13 A. Yes, but it was a little bit later than November. It

14 was late December.

15 MR JUSTICE HILDYARD: Right. At that time I think you said

16 that Mrs Malysheva took on the responsibility of being

17 the person at your level with particular responsibility

18 for the OMG.

19 A. Yes.

20 MR JUSTICE HILDYARD: That’s right, is it?

21 A. Yes.

22 MR JUSTICE HILDYARD: Now, by that time, then, presumably

23 the decision to put OMG, as it were, in what we might

24 here call special measures, under special relationship,

25 so that its activities could be specifically monitored,

86 :1 seems to suggest some greater difficulty than non
2 payment of a single debt, even if that debt was quite

3 a large one; would you agree with that?

4 A. You know, by the end of — that’s why I said that it was

5 not November, but December, because by the end

6 of December there was maturity dates of some much bigger

7 loans than it was in October when there were overdraft

8 loans, there was checking plus accounts, and just

9 difficulties with the interest payments.

10 Because by the end of December there were at least

11 hundreds of millions to be repaid in principle, and

12 there was the problem with that.

13 MR JUSTICE HILDYARD: Right. So you say — I am reading

14 what you told me, and I think it is at about [draft]

15 page 13 of today’s transcript, although it may have

16 altered a little bit as they correct it. Can we have

17 a look at [draft] page 13 and onwards?

18 I think you were asked, and this is at [draft] line

19 10 of page 13 on my version:

20 «Question: On the whole, would it be fair to say

21 that you were informed, in general terms, at least about

22 the end of 2008 or the second half of 2008, about what

23 was happening in this Oslo Marine Group?

24 «Answer: Yes, I was informed in general terms…»

25 Do you see that bit?

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Arkhangelsky [Master]

87 :1 «… right from the very beginning.
2 «Question: And, of course, you do recall that

3 towards the end of 2008 there was quite a big global

4 financial crisis; do you recall that?

5 «Answer: Yes, of course I know.

6 «Question: And would you agree that a lot of

7 businesses were adversely affected by it?

8 «Answer: That’s also true.»

9 And then you deal with the particular position of

10 Oslo Marine.

11 «Answer: … not an exception … at least a dozen

12 of bad loans… actually from that dozen,

13 Mr Arkhangelsky was the only one who had those problems

14 continuing … all the other, they were either repaid or

15 written off….»

16 «Question: So who was the board member

17 responsible…?

18 «Answer: It was Mrs Malysheva.»

19 Now, you are explaining, are you, that the

20 impression I had got from that, that that was

21 coincidental in time with the global financial crisis at

22 the beginning of October 2008, that it was not until

23 later; is that right?

24 A. The crisis, yes, it started in autumn 2008, but the

25 problems with the loans of the clients, at least when we

88 :1 were aware of that, it was a little bit later.
2 MR JUSTICE HILDYARD: Right.

3 A. So the split among the members of the board was

4 late December, or even the beginning of January,

5 something like that, but not in autumn.

6 MR JUSTICE HILDYARD: So, just to be quite clear,

7 Mrs Malysheva did not become specifically responsible

8 because of these problems until right at the end of

9 2008; is that right?

10 A. Yes, that’s right.

11 MR JUSTICE HILDYARD: Yes.

12 A. And probably she started, maybe in January. That’s why

13 probably I was present at the meeting on 25 December.

14 MR JUSTICE HILDYARD: Yes.

15 A. And afterwards she was dealing with that.

16 MR JUSTICE HILDYARD: I see. Yes, was she present at that

17 meeting?

18 A. At that meeting, no.

19 MR JUSTICE HILDYARD: I wanted to ask you about that

20 because, as I understand it, you weren’t initially at

21 that meeting and neither was Mrs Volodina.

22 A. Yes, she was present a little bit later.

23 MR JUSTICE HILDYARD: Yes, and you were suddenly called in

24 by Mr Savelyev’s secretary?

25 A. Yes.

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Arkhangelsky [Master]

89 :1 MR JUSTICE HILDYARD: Both of you?
2 A. As for me, yes. I don’t know about Ms Volodina.

3 MR JUSTICE HILDYARD: Right.

4 A. But I was called by the secretary of Mr Savelyev.

5 MR JUSTICE HILDYARD: And given that you must have been

6 a very busy man with considerable responsibilities

7 within the Bank, that must have been rather an unusual

8 occurrence, suddenly to be asked to turn up there and

9 then to a meeting?

10 A. No, it was usual. For Mr Savelyev, it was usual, and

11 it’s still usual for him.

12 MR JUSTICE HILDYARD: What, you would suddenly get a call

13 mid-morning saying: could you turn up to my meeting?

14 A. It can happen, yes.

15 MR JUSTICE HILDYARD: That did happen, did you say?

16 A. It did happen that time. I mean it can happen, it could

17 happen any other time also.

18 MR JUSTICE HILDYARD: I see. That was his way of working,

19 was it?

20 A. Yes.

21 MR JUSTICE HILDYARD: Yes. From then on, so far as you are

22 aware, it was Mrs Malysheva who was really responsible

23 for the intimate and direct contact with Mr Arkhangelsky

24 and the OMG?

25 A. I don’t know about direct contact, I don’t know about

90 :1 that. She was responsible for the whole case within the
2 Bank.

3 MR JUSTICE HILDYARD: I see.

4 A. Whether she was talking at all to Mr Arkhangelsky

5 I don’t know, because there were other people, like the

6 director of Investrbank, like Ms Mironova, Mr Belykh,

7 and anybody else. Whether she talked directly, I don’t

8 know.

9 MR JUSTICE HILDYARD: Did Mrs Mironova report to

10 Mrs Malysheva?

11 A. At that time?

12 MR JUSTICE HILDYARD: Yes.

13 A. Directly, no. Formally, legally, no, because she was

14 deputy director of Investrbank. She started to report

15 to her later, but not at that time.

16 MR JUSTICE HILDYARD: What sort of time did she start

17 reporting direct?

18 A. As far as I remember, the special department for client

19 monitoring was adopted in spring 2009. First it was

20 under the supervision of my colleague, Mr Skatin but not

21 for a long time, and afterwards it was

22 under Mrs Malysheva.

23 MR JUSTICE HILDYARD: So it was Mrs Malysheva who was

24 involved in all post-default matters, as the identified

25 person within the Bank?

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Arkhangelsky [Master]

91 :1 A. Yes. Because she was — at that time she was the person
2 who was arranging those repo transactions, supervise.

3 MR JUSTICE HILDYARD: Yes.

4 A. And because she was, according to this split between —

5 among the board members, she was responsible for this

6 particular case, she continued to work with this.

7 MR JUSTICE HILDYARD: I’m asking quite a few questions about

8 Mrs Malysheva because I don’t have the benefit of her

9 attendance.

10 A. Sure.

11 MR JUSTICE HILDYARD: And also because, I may be wrong, but

12 I don’t think you mention her at all in your witness

13 statement?

14 A. Could be, but you know, because I was speaking on behalf

15 of myself and of the Bank, so …

16 MR JUSTICE HILDYARD: The amount of the indebtedness of

17 the whole OMG group was, how much, about 4.5 billion,

18 was it?

19 A. About 4. 4 billion.

20 MR JUSTICE HILDYARD: 4.5 billion.

21 A. 4 with something.

22 MR JUSTICE HILDYARD: Which would translate into about

23 £150 million, I suppose, $180 million, or thereabouts.

24 A. It was a very substantial amount at that time for the

25 Bank.

92 :1 MR JUSTICE HILDYARD: Just under the total amount of
2 the equity-raising at the end of 2007. So a big amount.

3 A. Yes.

4 MR JUSTICE HILDYARD: In those circumstances, it just struck

5 me as unusual that you were not more directly involved,

6 all of you at the top of the Bank, considering the

7 threat that it posed if you had to write off that

8 amount.

9 A. The only reason for that is there was not only one bad

10 debt at that time, and there were some other bad loans

11 with an equal amount.

12 MR JUSTICE HILDYARD: So you were firefighting?

13 A. Yes, we were fighting for and myself, at this time I had

14 two or three cases similar to that. That’s why I was

15 doing my best to repay those loans and, by the way,

16 I succeeded.

17 MR JUSTICE HILDYARD: Yes, as you said …

18 A. Yes.

19 MR JUSTICE HILDYARD: Has your sister ever worked for

20 Bank of St Petersburg, or ever worked for them?

21 A. No, my sister worked for Renord company and she started

22 working there in summer 2010, and she is no longer

23 working there. I asked her about three weeks ago when

24 we met at my birthday party whether she had any

25 relations with this particular case, she said no, and

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Arkhangelsky [Master]

93 :1 I don’t think she would lie to me, because she was
2 a lawyer there, one of the lawyers, but this particular

3 case was not in her responsibility at all.

4 MR JUSTICE HILDYARD: Right. Yes, because she was the legal

5 adviser and deputy chief executive officer of Renord.

6 A. Used to be, yes.

7 MR JUSTICE HILDYARD: Before she …

8 A. Yes.

9 MR JUSTICE HILDYARD: Yes.

10 Help me a little bit about repos and your evidence

11 that, initially, at any rate, what you had in mind was

12 an asset repo as opposed to a share repo.

13 A. Yes.

14 MR JUSTICE HILDYARD: I am so sorry about my ignorance in

15 this, but take a ship: would a repo work with a vessel?

16 A. It’s not actually the correct term for that. As I told

17 before, that this wouldn’t be really a repo transaction;

18 that would be a temporary purchase with the right to buy

19 out.

20 MR JUSTICE HILDYARD: How does it help with a vessel,

21 because if a vessel is arrested for non payment of

22 crew’s salaries and that kind of thing, ownership of

23 the vessel is not going to help you very much, is it?

24 A. Why? For example, if it is arrested, for example

25 usually those marine payments are not that big,

94 :1 salaries, port payments, and so on. If you own the
2 vessel you can repay yourself. You can pay this salary

3 and you get there, for example, port payments, and

4 release the vessel from the arrest, but if you don’t

5 own, you are not guaranteed that the owner who owns it

6 would do that; or probably it would be better for him

7 that it’s arrested and stay arrested and not enforced

8 for the repayment of the loan.

9 MR JUSTICE HILDYARD: So the purchaser under the repo would

10 then be able to perfect its security or protect its

11 security by paying the amounts due to the crew, just

12 taking that example?

13 A. That’s true, yes.

14 MR JUSTICE HILDYARD: Another little wrinkle in the evidence

15 this morning which I needed to straighten out in my

16 mind, if you go to [draft] page 47, please, and you see,

17 you are asked something at line 10:

18 «Question: … still before the meeting in the end

19 of December, the management board had already reached

20 a plan in terms of repo, isn’t that right? Do you

21 recall any of this?

22 «Answer: I don’t recollect any plan for this

23 specific transfer of the shares of Mr Arkhangelsky.

24 What I can recall is that on one of the board meetings,

25 there were discussions about the assets pledged in

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Arkhangelsky [Master]

95 :1 favour of the Bank, and there were started to be
2 problems with enforcement on the pledge in case of

3 default, because the borrowers were trying to — by all

4 means to protect their assets, and to prevent the Bank

5 to make enforcement and in order to repay the debt.»

6 Now, when you say «the borrowers», do you mean OMG,

7 or one of the OMG companies, or are you talking

8 generally?

9 A. I’m talking generally.

10 MR JUSTICE HILDYARD: So you were encountering difficulties

11 with pledgers —

12 A. That’s true.

13 MR JUSTICE HILDYARD: — because they were beginning in

14 a desperate situation, to find their way out?

15 A. That’s true, and there were several — many ways how to

16 do it. For example, they were getting — signing loan

17 agreements with the third friendly parties, and under

18 this, for example, default of repayment of those loans,

19 they were arresting the pledged assets, and though the

20 pledge was still there with us, we couldn’t do anything

21 because the pledge, the assets were arrested according

22 to the other claim with the other court, or criminal

23 proceedings or something like that.

24 MR JUSTICE HILDYARD: Yes.

25 Do say if you can’t help me with this, because this

96 :1 may not be within your field of expertise, but my
2 understanding of what has been explained to me before is

3 that the reason why when there was a repo of the shares

4 it wasn’t carried in the Bank’s books was because the

5 Bank wanted off balance sheet?

6 A. Not only because of that. You know, because for the

7 Bank, and even from the point of view of the regulator

8 and of the Central Bank, there was a loan, there was

9 a pledge under this loan. We made provisions, if the

10 loan was bad, bad debt, so those keeping of the shares

11 by the third parties wouldn’t actually influence the

12 loan structure, because those assets were still pledged

13 within the Bank.

14 To consolidate, for example, those things wouldn’t

15 be right in this case because, actually, it was not

16 a consolidation, actually it was temporary ownership of

17 those shares, those assets by the third parties, and it

18 was not only our practice at that time. Our state-owned

19 colleagues, like Sperbank, VTB, they had next to them

20 big investment houses, like Sperbank Capital,

21 VTB Capital, who were doing the same things.

22 MR JUSTICE HILDYARD: You mean, and I don’t mean it rudely,

23 but parking the asset with —

24 A. Yes, that’s right.

25 MR JUSTICE HILDYARD: Yes.

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Arkhangelsky [Master]

97 :1 I have only briefly looked at the agreement that you
2 signed with Mrs Malysheva.
3 A. Could you show me on the screen, the agreement, so that
4 I recall, because —
5 MR JUSTICE HILDYARD: It is {I21/28/60} in the English
6 translation.
7 A. Because I am sure it was just a typical form we used for
8 any retirement in the Bank. I don’t think there was
9 anything special on that, but I want to have a look.
10 MR JUSTICE HILDYARD: {I21/28/60} in the English and in
11 the Russian {I21/28/69}.
12 MR LORD: It is {I21/28/59}.
13 A. Yes, yes it’s a typical form.
14 MR JUSTICE HILDYARD: Yes. Could you just explain to me
15 your involvement in this, if any, apart from your
16 signature?
17 A. Because I am — at that time I was already the chairman
18 of the board and so this could be only my signature,
19 nobody else’s.
20 MR JUSTICE HILDYARD: For any board member leaving?
21 A. For board member or for any other manager of the Bank,
22 unless I am absent and their letter of attorney from one
23 of my deputies to sign it. But in this case I was
24 present at that time and, of course, it was supposed to
25 be my signature.
98 :1 MR JUSTICE HILDYARD: But had you had any other
involvement
2 than that requirement that you, as the chairman, should

3 sign? Had you negotiated it, were you aware of its

4 terms?

5 A. I was negotiating this reimbursement, for example.

6 MR JUSTICE HILDYARD: Yes.

7 A. For 35 days of the leave.

8 MR JUSTICE HILDYARD: Yes.

9 A. That was not used, that I was involved, and I was

10 discussing this with her. There were discussions

11 probably for some other reimbursements, but that was —

12 that we agreed on.

13 MR JUSTICE HILDYARD: Do you know who the person who had

14 primary responsibility for negotiating this with

15 Mrs Malysheva was?

16 A. You know this was — as I told before, this was the

17 decision of them both: of Mr Savelyev and Mrs Malysheva.

18 As far as I know, they had some disagreements. He was

19 not happy about something she was doing, but I don’t

20 know exactly what.

21 MR JUSTICE HILDYARD: Questions about this are best

22 addressed to Mr Savelyev, you suggest?

23 A. Yes, but it was related to much later periods. It was

24 the end of 2014 when there was big fluctuations on the

25 currency market. So there was something about that. He

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Arkhangelsky [Master]

99 :1 didn’t like her behaviour, something in this situation,
2 but that’s all I know.

3 MR JUSTICE HILDYARD: Well, I had better ask him, or someone

4 had best ask him if he is the man who really was

5 primarily responsible.

6 A. Yes, okay. Yes, yes.

7 MR JUSTICE HILDYARD: I think the only other point that

8 I had was about the Western Terminal Gunard lease, which

9 I think you have explained was not, in the event, ever

10 executed?

11 A. No.

12 MR JUSTICE HILDYARD: I was trying to understand properly

13 your answers as to why there might be a rationale for

14 providing for the rent only to be paid at the 49th year

15 of the arrangement.

16 A. As I told, there could be two reasons.

17 MR JUSTICE HILDYARD: Yes.

18 A. First, if Gunard company was a real potential buyer for

19 the terminal. In this case, this lease agreement could

20 be part of the deal prior to the purchase, for example.

21 The other thing, if, as Mr Stroilov said, Gunard was

22 one of the companies of Renord group, in this case the

23 only one explanation could be that those actions were

24 made in order to protect the asset. That’s why this

25 lease agreement was on bad commercial terms for the

100 :1 owner, and in this case, if it was the company which
2 belonged to Mr Smirnov, this particular lease agreement

3 could be terminated in any time when it was needed for

4 reselling and so on.

5 MR JUSTICE HILDYARD: Yes, there was provision in it for

6 either side to give the other one month’s notice,

7 I think.

8 A. Yes.

9 MR JUSTICE HILDYARD: Is that the point you are referring

10 to?

11 A. Yes.

12 MR JUSTICE HILDYARD: I see. Yes. I’m sorry to ask you so

13 many questions. If there are any which give rise to

14 others —

15 A. I’m happy to answer.

16 MR JUSTICE HILDYARD: — by all means, ask them now.

17 Mr Stroilov, do you have any?

18 MR STROILOV: No, thank you, my Lord.

19 MR JUSTICE HILDYARD: Mr Lord?

20 Further re-examination by MR LORD

21 MR LORD: Just one, my Lord.

22 Mr Guz, you were asked about Mrs Malysheva’s

23 departure from the Bank. As far as you are aware, did

24 that have any connection with any of the matters in

25 dispute in these proceedings, in other words any OMG

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Arkhangelsky [Master]

101 :1 matters?
2 A. No, absolutely not.

3 MR JUSTICE HILDYARD: Anything?

4 MR STROILOV: No, my Lord, I don’t think so, thank you.

5 MR LORD: Might Mr Guz be released?

6 MR JUSTICE HILDYARD: Yes, of course.

7 Thank you very much for your attendance, I am sorry

8 you were detained in giving your evidence, I am very

9 grateful to you.

10 (The witness withdrew)
11 MR LORD: My Lord, I would now propose, with your Lordship’s
12 permission, to call Ms Volodina, who is the next
13 witness.
14 MR JUSTICE HILDYARD: Yes.
15 MR STROILOV: I am afraid I would need some break to put my
16 notes in order before Mrs Volodina. Obviously I need
17 to …
18 MR JUSTICE HILDYARD: Well, hold on, Ms Volodina, just one
19 moment.
20 Tell me about this, Mr Stroilov. Were you not
21 expecting …
22 MR STROILOV: I actually thought it would take me two days
23 to finish with Mr Guz so my estimates weren’t as
24 hopeless as they have been, so actually I would welcome
25 some break to —
102 :1 MR JUSTICE HILDYARD: What do you mean by «some
break»?
2 MR STROILOV: Well, I am looking at the time, and I think

3 we’ve discussed with my learned friend the possibility

4 of addressing the housekeeping this evening. So I don’t

5 know. I am in your hands, if I am given, say, 15 or 20

6 minutes now, I could make a start with Mrs Volodina and

7 then housekeeping has to go somewhere else, or

8 alternatively we could do housekeeping now and start

9 tomorrow morning with Mrs Volodina.

10 MR JUSTICE HILDYARD: When was Ms Volodina hoping to get

11 away? That’s a bad question. I am sure she hopes to

12 get away as soon as possible.

13 MR LORD: Well, my Lord, I was hoping if we could start her

14 today there would be a pretty good chance that she would

15 be away tomorrow and able to get back.

16 MR JUSTICE HILDYARD: Yes.

17 MR LORD: Obviously there are timetabling matters which are

18 going to arise.

19 MR JUSTICE HILDYARD: Yes, but we are ahead for once, so

20 I suppose I am … when would you finish if you start

21 tomorrow? You indicated up to two days for

22 Mrs Volodina?

23 MR STROILOV: That’s right, my Lord. It will be roughly,

24 I think, more or less the same — I think it is slightly

25 more than I have covered with Mr Guz.

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Arkhangelsky [Master]

103 :1 MR JUSTICE HILDYARD: Her witness statement is certainly
2 longer.

3 MR STROILOV: Yes, it is quite longer. So I think it is

4 likely to be two days, hopeless as my estimates are, but

5 I would still stick with a two-day estimate.

6 MR LORD: My Lord, we didn’t start until 10.45, and there

7 were Thursday, Friday, Saturday, Sunday to prepare, and

8 I am anxious that witnesses should be able to go at the

9 end of a day, if that’s reasonably possible. There must

10 be a good chance that she will get away tomorrow if, in

11 fact, the estimates go more as they appear now to be

12 going.

13 I would invite your Lordship to consider whether we

14 shouldn’t try and get at least half a hour’s worth of

15 cross-examination so we can get going. I am in

16 your Lordship’s hands, but it would be a shame if we

17 were to have tomorrow and then have a few bits and bobs

18 and the witness has to come back on Wednesday, that

19 would be a shame.

20 MR JUSTICE HILDYARD: I should reveal that I need to leave

21 at 4.00 for a doctor’s appointment tomorrow afternoon.

22 MR LORD: Today?

23 MR JUSTICE HILDYARD: Are you telling me that you would be

24 in difficulties, Mr Stroilov, in starting this witness

25 today?

104 :1 MR STROILOV: Well, I wouldn’t say it would be
2 a catastrophe. I would still welcome a 15-minute break

3 before that, 15 to 20 minutes, just to put things in

4 a little better order, because I wasn’t — well, from

5 the experience of last week I wasn’t really hoping to

6 finish with Mr Guz today.

7 MR JUSTICE HILDYARD: If we don’t have the housekeeping now,

8 when will we do it?

9 MR LORD: I don’t know. I suppose tomorrow. They are two

10 fairly short points.

11 MR JUSTICE HILDYARD: They are pretty short. Let us do the

12 housekeeping now and see where we are and move

13 accordingly. If, after the housekeeping, I decide we

14 need to do Ms Volodina, then I will give you a little

15 time to gather your thoughts.

16 MR STROILOV: Yes, it’s not a lot, but I would prefer to

17 have another look and have it clear in my head.

18 MR JUSTICE HILDYARD: So with apologies to Mrs Volodina we

19 will delay her entry into the box for a little while and

20 deal with the short housekeeping points. I think they

21 are pretty short. That may be my ignorance.
22 Housekeeping
23 MR STROILOV: Yes, my Lord. I beg your pardon, my Lord,

24 I think the first of housekeeping points is can

25 Mrs Arkhangelskaya say goodbye because she has to go and

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Arkhangelsky [Master]

105 :1 collect her children.
2 MR JUSTICE HILDYARD: I’m so sorry, Mrs Arkhangelskaya. Of

3 course, do go and collect your children. I am sorry not

4 to have specifically said so.

5 MRS ARKHANGELSKAYA: Many thanks, my Lord. Thank you,

6 goodbye.

7 MR STROILOV: My Lord, it is really two points. First,

8 I think it was in dispute for some time between the

9 parties, but somehow it got overlooked, and now that we

10 are making travel arrangements, there is a witness

11 called Mr Robin Bromley-Martin who is giving evidence —

12 MR JUSTICE HILDYARD: Yes, lives in the Isle of Man, would

13 like to get things done within a day.

14 MR STROILOV: Yes, that is right, and I would submit it is

15 simply — given obviously he is not working for us, it

16 is really very kind of him to give evidence, he is not

17 a young man, and it is also an extra expense for Mr and

18 Mrs Arkhangelsky really to accommodate him here for the

19 night. We would hope that it is possible even for him

20 to come in the morning and leave in the evening, well if

21 not, one night is tolerable. So it is inconvenient for

22 him, it is more expensive for the defendants, and,

23 really, in my submission, it is the subject of

24 refinancing is not that big a subject in the context of

25 the case. So one day is quite enough.

106 :1 MR JUSTICE HILDYARD: But you are envisaging he should fly
2 from the Isle of Man here, give his evidence and fly

3 back?

4 MR STROILOV: That’s right, my Lord, so he could fly back on

5 the same evening. We are not quite sure how —

6 MR JUSTICE HILDYARD: Is that an arrangement which has been

7 carefully researched? I mean, it looks quite — I don’t

8 know what the flights are from the Isle of Man, but it

9 is still winter —

10 MR STROILOV: It hasn’t been carefully researched, my Lord,

11 it is just that really his indication was that he would

12 like to keep it short —

13 MR JUSTICE HILDYARD: Every witness is likely to say that.

14 Yes.

15 MR STROILOV: That’s right, my Lord, but obviously it

16 causes … and since my learned friend’s estimate is

17 that it is a day or maybe slightly longer, well, in my

18 submission it’s not too harsh, really, to ask him to

19 finish within a day. He is not me.

20 MR JUSTICE HILDYARD: I suspect he might be thinking that

21 you occasionally ask for him to be — I will start

22 again. You occasionally ask for leeway in that regard.

23 Whilst I accept that you are in a different position

24 than Mr Lord, it must be a little irritating to them.

25 MR STROILOV: Well, I accept it is irritating, but we have

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Arkhangelsky [Master]

107 :1 our own difficulties on that part and, obviously, it is
2 really very kind of Mr Bromley-Martin. I understand he

3 is not a young man, I am afraid I don’t know how «not

4 young» that is, but I believe he will be in his 60s, if

5 not his 70s.

6 MR JUSTICE HILDYARD: A young man.

7 Yes, what do you say about this, Mr Lord?

8 MR LORD: Does your Lordship have the trial timetable, the

9 latest version of it? It is probably convenient, while

10 we are on this, just to touch on the rest of the week,

11 because it does look as if we are likely to finish

12 tomorrow, all being well, with Ms Volodina.

13 My Lord, in terms of Mr Bromley-Martin, it is in

14 week five he was due to come, and I think that we may

15 have put him in on Tuesday.

16 MR JUSTICE HILDYARD: Tuesday the 1st, I have him down.

17 MR LORD: Yes, in case he did spill over.

18 MR JUSTICE HILDYARD: For one day you’ve got him down.

19 MR LORD: Yes, and my Lord, we’ve given Mr Stroilov some

20 estimates today for times for the other — because we

21 weren’t sure which witnesses this query concerned in

22 those three days. Your Lordship will see there are six

23 witnesses. We think we will be an hour to an hour and

24 a half with Ms Meylanov. We were told she must have a

25 fixed start on the Monday. Mr Ameli may be about three

108 :1 hours, he deals with the French — he is a French
2 lawyer, there’s a few things for him to cover.

3 Mr Bromley-Martin is a good day, because he was

4 heavily involved with the refinancing and the

5 information memorandum, and there’s quite a bit to cover

6 with him. We would hope to get it done within a day

7 but, as your Lordship knows, it depends how well those

8 questions and answers go as to how quickly we might

9 cover the ground.

10 In terms of the other witnesses, we think no more

11 than an hour with Mr Ashurkov and perhaps two hours with

12 Mr Nazarov, he is the Russian lawyer, whose meeting

13 notes we are still awaiting, and up to one hour with

14 Mr Pasko.

15 So what we tried to do was to make sure that on

16 Monday we would definitely finish those two witnesses.

17 On Wednesday we were pretty sure that that was under

18 a day’s worth, and Mr Bromley-Martin was hopefully going

19 to be finished on the Tuesday, and if we had to spill

20 into a little bit, I don’t know, maybe an hour if we had

21 to, we still thought there was enough slack in

22 the timetable. So my Lord, we would submit that

23 Mr Bromley-Martin is an important witness. I am not

24 sure whether it is said that he is definitely going to

25 fly to and from the Isle of Man in one day. We would be

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Arkhangelsky [Master]

109 :1 concerned, particularly as your Lordship observed about
2 the winter weather. The Isle of Man airport, there can

3 be notorious difficulties there with fog and delays, and

4 it would be a great shame if we set this all up and

5 really quite an important financing witness thought he

6 was coming for one day only, made other plans and didn’t

7 get here on time and suddenly we had a very compressed

8 slot for him.

9 We would respectfully submit it must be more

10 sensible to have him come on one day perhaps and stay

11 the night and go back on the next day, or even to come

12 the night before.

13 In terms of resource, your Lordship has seen the

14 amount of money we debated last week on the insurance

15 policy. It really can’t be disproportionate to expect

16 Mr Bromley-Martin to be put up for a day or a night or

17 two, we would say, in the context of this case.

18 So we will try to finish in a day, but I would be

19 reluctant to be guillotined for an important witness,

20 particularly as no such guillotine has been applied so

21 far to the respondents.

22 I am not saying that I will take more than a day.

23 I won’t in any way prolong my questioning unnecessarily,

24 and it may be that if Mr Bromley-Martin is on top of

25 his brief and has read some of the documents that he had

110 :1 a hand in that this will go fairly quickly but I would
2 be concerned about being squeezed for him because he is

3 probably, along with Mr Ameli, the most important of

4 those supplementary witnesses.

5 MR JUSTICE HILDYARD: If, to get him done, we had to sit

6 a little late, would you object to that?

7 MR LORD: I wouldn’t, my Lord, no.

8 MR STROILOV: I think it may give some comfort that

9 I understand from him that he is approaching it rather

10 responsibly and looking through the documents and he is

11 asking whether he should be able to do that, and so

12 I think he will be well prepared.

13 MR LORD: It may be safer to start at 10.00 in the morning

14 with him to make sure that by 4.00 or 4.30 we have had

15 a good court day.

16 MR JUSTICE HILDYARD: Yes. Subject to one cloud on the

17 horizon, which is at some point during that week, though

18 that point has not been yet identified, I have another

19 matter in the hour, 9.30 to 10.30, subject to that,

20 I will be flexible.

21 I mean, it seems to me, Mr Stroilov — I will keep

22 this under review, but at the moment I don’t think it

23 would be right to formally guillotine Mr Lord. Mr Lord

24 has assured me, which really, in a sense, went without

25 saying, that he will keep Mr Bromley-Martin here only

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111 :1 for so long as is necessary. I can’t intervene in
2 the arrangements that you and your clients make with

3 him. I do think that a day trip from the Isle of Man at

4 the beginning of March takes a risk with the weather,

5 and that delay is incidental to life.

6 I also think, particularly if he is elderly, that to

7 get up early in the morning, come down, go into the box,

8 spend an entire day in the box and then pour yourself

9 onto an aeroplane late at night is pretty stressful and

10 might not be, really, in his or your client’s interest.

11 I only say that as a human observation. I leave it to

12 you otherwise.

13 I will leave him for the 1st. I will hope to get

14 him through in a day. I will, subject to the cloud that

15 I have mentioned, accommodate you for longer days if

16 necessary, but I think you must revisit whether a day

17 trip is in anybody’s interests.

18 MR STROILOV: I am grateful, my Lord. We will see what we

19 can do, given that indication.

20 MR LORD: Is he going to come, sorry to ask, on Tuesday 1st,

21 or is he going to be the Wednesday? Because Mr Stroilov

22 said, I think, that he might come on the Wednesday?

23 MR STROILOV: We haven’t yet made the arrangements, and now

24 we will have to, given what has been said, consider how

25 to do that. We would propose to keep him on 2 March,

112 :1 Wednesday evening.
2 MR JUSTICE HILDYARD: 2 March, which is the Wednesday.

3 MR STROILOV: Yes.

4 MR JUSTICE HILDYARD: I see, so you will be calling

5 Mr Ashurkov, Mr Nazarov and Mr Pasko on the 1st, will

6 you?

7 MR STROILOV: Yes, that’s right, my Lord. There might be

8 some slight changes as we are making arrangements. For

9 the moment I am not asking for any changes but —

10 MR JUSTICE HILDYARD: I think I have confused myself.

11 MR LORD: My Lord, the reason we have moved

12 Mr Bromley-Martin from the 2nd to the 1st is because we

13 were told that Mr Bromley-Martin couldn’t be here on the

14 3rd, so we had moved him from the 2nd to the 1st, so we

15 swapped the 1st and 2nd around because Mr Bromley-Martin

16 who might have gone into a second day, we were told,

17 couldn’t come on 3rd March. So that overspill day could

18 not, as we understood it, have accommodated a little bit

19 more of Mr Bromley-Martin.

20 So it is important if he is going to be put on to

21 Wednesday the 2nd that he understands, we all

22 understand, that he can, if necessary, come back on

23 Thursday 3 March.

24 MR STROILOV: I think it was a misunderstanding, really.

25 The point we made was that really we are keen to have it

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113 :1 only one day, and then perhaps RPC misunderstood this as
2 meaning that he has to go away before the 3rd. I don’t

3 believe there is any particular problem with the 3rd.

4 There is a problem with length rather than date, and

5 I was assuming that, really, the order is as it is as we

6 set it. Obviously it is our witnesses.

7 MR JUSTICE HILDYARD: So my timetable is wrong: he comes in

8 on the 2nd. The ones which I have, Mr Ashurkov,

9 Mr Nazarov, Mr Pasko, will come in on the 1st. That’s

10 the first point.

11 The second point is that although naturally he would

12 prefer to be away on the 2nd, if it has to go into the

13 3rd, despite everyone’s best efforts, he will be

14 available, regretfully, but nevertheless, he will be

15 available on that day.

16 MR STROILOV: Understood. I will convey it.

17 MR JUSTICE HILDYARD: Good.

18 MR STROILOV: My Lord, the second point is on the

19 transcripts, and I do apologise.

20 MR JUSTICE HILDYARD: Yes.

21 MR STROILOV: Having read the transcript of last week, I am

22 afraid we didn’t realise we have to ask for

23 permission —

24 MR JUSTICE HILDYARD: Well, you are right. I don’t quite

25 know, and I will ask Mr Lord whether he has any

114 :1 assistance. Of course these proceedings are in open
2 court, and that is a very important feature of them. My

3 understanding is that the transcript of the court’s

4 process is not made available, except with approval.

5 I don’t quite know the status of the transcript itself,

6 and what Magnum, or whoever the paying party is, thinks

7 about it. I don’t know what the position is on that.

8 All I know is, the only case where I have come across

9 this recently was in a case called Specsavers where the

10 solicitors who had commissioned the transcript put it on

11 their website but were directed that they could make no

12 comment nor pass any opinion on the day’s events, either

13 then or afterwards. That’s all I can assist on. I will

14 hear Mr Lord as to what he says is the position, but

15 I wanted to acknowledge that I don’t quite know what the

16 position is.

17 MR STROILOV: I suppose, to be on the safe side, we would

18 prefer — let me explain what we want to do. It’s just

19 that if a journalist asks us what happens and we say: A,

20 B and C happened, and he says: may I see a transcript,

21 we want to be in a position to provide it and then it

22 may be quoted. I don’t know if there is any objection

23 to that.

24 I suppose if you are not sure, but perhaps it is

25 safer to give permission unless there are reasons not

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115 :1 to, and then if it was unnecessary permission then we
2 will …

3 MR JUSTICE HILDYARD: Mr Lord, do you have any view on this?

4 MR LORD: My Lord, I am afraid I should know, but I’m not

5 sure of the status of a Magnum transcript. I need to

6 look it up. Your Lordship is absolutely right, because

7 it is in open court, so in theory anybody could take

8 notes and make their notes of that available.

9 I will check. I think our concern is that it

10 appears the sort of, if you like, publicity that has

11 been attendant to these proceedings certainly appears,

12 in large measure, to have been generated by the

13 defendants. I am not aware of much, if any, more

14 general reporting of this, and we are, I think,

15 concerned, at a process where my clients are paying for

16 a transcript which is being used to promulgate what

17 might be thought to be not an entirely balanced view of

18 these proceedings. There would seem to be an unfairness

19 in that, and certainly some of the reporting has

20 arguably been somewhat partisan.

21 So I would need to check whether permission is

22 actually required, and if Mr Stroilov can identify any

23 other, more general coverage, more general newspapers,

24 as opposed to, if you like, particular outlets, then

25 I would obviously need to think about it.

116 :1 MR JUSTICE HILDYARD: I suppose, in the end, I mean, I’m not
2 sure I can censor people or say one thing —

3 MR LORD: No.

4 MR JUSTICE HILDYARD: Supposing you are right and that the

5 only people who are actually interested are people

6 excited into it: that would not be an objection. It

7 might be irritating to you, as a payer for the

8 transcript, but I am not sure of itself it would be

9 an objection.

10 MR LORD: No. My Lord, can we check on the position

11 overnight?

12 MR JUSTICE HILDYARD: Yes, I think you had better.

13 MR LORD: And also, in the light of that, it may be

14 appropriate — well, I need to think about this, but in

15 the light of what transpired last week, there may be

16 a case for some contribution to be made to the Magnum

17 cost.

18 MR JUSTICE HILDYARD: Well, I won’t say anything about that.

19 I wonder about that.

20 MR LORD: I’m not saying there would, my Lord. I don’t want

21 to take my Lord by surprise. I need to think about

22 that.

23 MR JUSTICE HILDYARD: It may be — this is simply off the

24 top of my head — that since your solicitors are paying

25 for it, I divine, at any rate, that they would want to

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117 :1 put it on some website of their own without comment or
2 opinion, simply to make it available through

3 a controlled source, which doesn’t involve copying.

4 I don’t know.

5 That was what was done in the only case that I have

6 come across, where actually the cost was shared, but it

7 was put up on the solicitors’ website, they had

8 a dedicated page, I think. It was done every day at the

9 time I got it and it was subject to the caveat that they

10 had been permitted to do this but on the condition that

11 they pass no comment or other opinion on the day’s

12 events. It’s a possibility. I just mention it.

13 I want to tread a bit carefully here, Mr Stroilov.

14 I don’t know whose copyright they are. I do not know

15 the extent to which copies can be made without payment,

16 and I know that the court record is the court’s record

17 and no one gets it without the court’s say-so. I don’t

18 know whether it is the court’s record for these

19 purposes; do you see what I mean? I think I need

20 a little bit of guidance.

21 MR LORD: My Lord, can I research that. There may be

22 questions about the copyright, about the accuracy of

23 a Magnum transcript, whether they are happy for it to be

24 put out at large at this stage, there are various points

25 I need to check, both the legal, sort of, requirements

118 :1 and any other factors that may come to bear, as well as
2 your Lordship’s point about what might be a way of

3 solving it.

4 MR JUSTICE HILDYARD: Yes. Of course, Mr Stroilov, the

5 proceedings are public and there is a good deal of

6 sense, if it can be done without damaging people’s

7 rights, to a transcript being made available if there

8 are people, from whatever motive or angle, who are

9 interested in the day’s events.

10 What is not satisfactory is day-to-day commentary

11 from the people involved. That’s unsatisfactory.

12 MR STROILOV: That’s understood, my Lord.

13 I think just a couple of clarifications, if

14 necessary. Firstly, we are not proposing actually to

15 publish the transcripts; it’s just for — if journalists

16 want to verify, really, our summary of what happened is

17 correct.

18 MR JUSTICE HILDYARD: I understand that, but then the

19 question is copies of copies of copies of copies. It is

20 very sort of uncontrolled.

21 MR STROILOV: Yes. Secondly, I don’t think that’s correct

22 to say that we are generating publicity. I think there

23 are a number of publications I have seen where, really,

24 it is genuine media interest, they are quite balanced —

25 MR JUSTICE HILDYARD: It doesn’t matter to me. All I worry

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119 :1 is that people should keep within the proper law and
2 observe propriety. It wouldn’t matter to me if you were

3 the only people who are exciting the interest, though it

4 might matter to whoever is paying for the transcripts if

5 they have any right in that regard. I don’t know

6 whether they do, but if they did, they might say: it’s

7 all very well, but we’re not going to put our hands in

8 our pockets to have our property dispersed for this

9 reason. I don’t know whether that is so or not. Do you

10 see what I mean?

11 MR STROILOV: Yes, I do. I do, my Lord.

12 MR LORD: My Lord, one point arises in view of the excellent

13 progress we have made today with Mr Guz which is that

14 whether we should bring another witness along later in

15 this week because it looks likely we might just have two

16 days. For what it is worth, I think there is a decent

17 chance we might finish with Ms Volodina by the end of

18 tomorrow, and even if we didn’t, we are down for four

19 days this week and there is obviously a bit more time.

20 I wonder whether your Lordship would —

21 Ms Stalevskaya —

22 MR JUSTICE HILDYARD: Who was going to be in on the Monday.

23 MR LORD: She was, and it might be that she could come

24 towards the end of this week so we sort of make better

25 use of this week. I am very reluctant to let too many

120 :1 days go by without tucking away as much progress as we
2 can just to make sure that we are as ahead or as up with

3 the timetable as we can be and that would take a little

4 bit of pressure off next week. So I would like to float

5 the idea that Ms Stalevskaya might come on the Thursday

6 or Friday of this week, for example.

7 MR JUSTICE HILDYARD: What do you think about that,

8 Mr Stroilov?

9 MR STROILOV: Well, it rather depends. I am now rather

10 worried about making any estimates. If I am finished

11 with Mrs Volodina tomorrow, which I don’t think I would,

12 but that doesn’t carry much weight, if I have finished

13 tomorrow, then I think Mrs Stalevskaya on Friday is

14 a good idea, actually.

15 MR JUSTICE HILDYARD: On Friday?

16 MR STROILOV: On Friday, yes. I would still — I haven’t

17 really started with Stalevskaya preparations at all, so

18 I would need some time to …

19 MR JUSTICE HILDYARD: But you would need two days?

20 MR STROILOV: Yes, my Lord.

21 If Mrs Volodina spills over into Wednesday, that’s

22 more difficult, and I would prefer to have until Monday

23 to prepare for Mrs Stalevskaya.

24 MR JUSTICE HILDYARD: Yes.

25 MR STROILOV: I do appreciate it should be four days a week,

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121 :1 but given — really, given really the size of our team,
2 it is extremely intensive, even when it is three days,

3 it’s kind of extremely …

4 MR JUSTICE HILDYARD: Where is — let me just have a look.

5 Would you hold on one second.

6 MR LORD: Her statement, it is about six pages.

7 MR JUSTICE HILDYARD: Hers is not a long statement and she

8 was largely preparing documents, wasn’t she? I mean,

9 I am sure she did it very well but —

10 MR STROILOV: I would like to think about it rather

11 carefully because she was the only person who was really

12 there in the office when Mrs Malysheva was making the

13 crucial steps and the crucial decisions, so I would like

14 to…

15 I’m not even sure, but I would like some time to

16 think about this, whether there are any questions,

17 really, and not quite on the statement, but on other

18 surrounding facts which might arise from that.

19 My Lord, I think it is, as I said, if I finish

20 tomorrow with Mrs Volodina, I am comfortable to have

21 Mrs Stalevskaya on Friday, but other than that —

22 MR JUSTICE HILDYARD: When will you be able to tell me

23 a little bit more about how long you are going to be

24 with her?

25 MR STROILOV: I think lunchtime tomorrow I will have

122 :1 a better idea.

2 MR JUSTICE HILDYARD: You will be preparing Ms Stalevskaya
3 over this evening, will you, or looking at it, at any

4 rate, to try and form a view?

5 MR STROILOV: I might be able to. It would still be

6 helpful, really, well it — with no disrespect to any of

7 the witnesses, a lot depends on them, and Mr Guz was

8 very brief and to the point, with respect to him, to

9 every question.

10 MR JUSTICE HILDYARD: Yes.

11 MR STROILOV: And sometimes the witnesses are much more


12 MR JUSTICE HILDYARD: Well, it is difficult to estimate, and

13 I appreciate that. It is difficult even if you have had

14 years of experience; even more difficult when you have

15 not. Nevertheless, two-day weeks are short. Too short,

16 really.

17 MR STROILOV: Yes.

18 MR JUSTICE HILDYARD: So I think my inclination is to have

19 a second witness, the third witness, in effect, this

20 week, let us touch base tomorrow lunchtime, sort of

21 time, if that is all right with Mr Lord.

22 What do you think about the Friday suggestion?

23 MR LORD: I think we are okay, if that would help

24 Mr Stroilov, but I am in your Lordship’s hands whether

25 that is not so convenient.

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123 :1 MR JUSTICE HILDYARD: It is fine by me. You know, I am
2 detailed to the case, as it were. So yes.

3 All right, 10.30 am tomorrow?

4 MR LORD: Your Lordship would obviously prefer to start

5 Ms Volodina tomorrow?

6 MR JUSTICE HILDYARD: I’m sorry, I think so. I’m so sorry,

7 Ms Volodina, you have been all dressed up and ready to

8 go and now have been stood down, but I think in all the

9 circumstances it is better to start tomorrow.

10 MR LORD: Fair enough. If there was a chance — I do submit

11 that there is a decent chance of getting through her in

12 a day. I do submit that things are going to pick up, as

13 we had suggested they will, helping move through, and it

14 may be if we start at 10.30 — we will be putting a new

15 timetable forward shortly, taking into account the

16 adjustment of the first fortnight, and that was

17 something obviously your Lordship needs to look at and

18 we need to show Mr Stroilov as soon as we can settle on

19 some slots, we will raise that with your Lordship and

20 Mr Stroilov.

21 MR JUSTICE HILDYARD: Yes. Well, previously Mr Stroilov has

22 urged against any earlier start than 10.30 am because of

23 his travel from Cambridge; what do you say about that?

24 MR STROILOV: I think I will now experiment and try to stay

25 in some hotel because it is simply not practical really

124 :1 for every day in court.
2 MR JUSTICE HILDYARD: Right.

3 MR STROILOV: So I wouldn’t be terribly opposed to start at

4 10.00.

5 MR JUSTICE HILDYARD: Shall we start at 10.00 am, if that is

6 what you are really asking for, which gives us a little

7 bit of leeway, and also accommodates the breaks that you

8 need, because it is easier to stage things. So we will

9 start at 10.00 am tomorrow.

10 MR STROILOV: Yes. Well, I don’t object to that.

11 MR JUSTICE HILDYARD: Good. And you will let Mr and

12 Mrs Arkhangelsky know accordingly?

13 MR STROILOV: Indeed I will, my Lord.

14 MR JUSTICE HILDYARD: Yes. Very good. Thank you.

15 (4.00 pm)

16 (The court adjourned until 10.00 am on
17 Tuesday, 9 February 2016)

17

18

19

20

21

22

23

24

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125 :1 INDEX
2 PAGE
3 Housekeeping ………………………………….. 1
4 MR VLADISLAV STANISLAVOVICH GUZ …………………. 4
5 (Affirmed)
6 Examination-in-chief by MR LORD …………… 4
7 Cross-examination by MR STROILOV ………….. 5
8 Re-examination by MR LORD ……………….. 83
9 Questions by MR JUSTICE HILDYARD …………. 84
10 Further re-examination by MR LORD ……….. 100
11 Housekeeping ………………………………… 104

11

12

13

14

15

16

17

18

19

20

21

22

23

24

0

126 :1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

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Bank St Petersburg v Vitaly Day 7

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afterwards, ( 6 ) 41:24
66:21 69:16 94:14
45:9 46:11 48:4 50:10

$ 44:16 83:4 88:15
104:17 110:18 119:14
51:21 52:22 52:25

90:21 114:13
answer, ( 13 ) 15:20
53:4 53:23 55:12

again, ( 13 ) 3:12 22:13
20:14 63:18 63:19
58:4 58:10 62:5 65:16

$18091:23

27:19 34:10 41:7
71:3 74:24 86:24
65:18 73:12 73:16

$20,00072:5
51:13 52:16 56:11
87:5 87:8 87:11 87:18
82:19 87:13 89:23

56:21 59:2 60:21
94:22 100:15
90:4 94:23 105:18

A 70:13 106:22
answered.52:15
124:12

against ( 3 ) 3:7 65:15
answers ( 2 ) 99:13
Arkhangelsky’s ( 5 )
above ( 2 ) 82:4 82:8
123:22
108:8
11:15 12:9 20:25 23:7

agencies,9:4
anticipate,74:11
83:17

absent ( 2 ) 53:16 97:22

agency7:13
anxious ( 2 ) 26:17
army6:21

absolutely ( 7 ) 16:22

ago ( 3 ) 22:15 66:1
103:8
around ( 3 ) 64:24 83:11

19:19 32:25 33:1

92:23
anybody ( 2 ) 90:7
112:15

51:15 101:2 115:6

agree ( 15 ) 14:5 16:7
115:7
arranged12:12

accept ( 10 ) 13:17

16:20 18:10 18:13
anybody’s111:17
arrangement ( 3 ) 67:9

22:21 36:5 36:18

19:19 35:24 43:9
anyone ( 2 ) 6:25 78:11
99:15 106:6

37:17 37:19 41:3 57:9

46:23 48:22 48:25
anything ( 24 ) 1:17 4:3
arrangements ( 9 ) 68:5

106:23 106:25

58:12 60:5 86:3 87:6
7:2 7:12 11:1 13:4
68:11 68:14 68:19

accepted ( 2 ) 22:14

agreed ( 20 ) 3:10 28:8
13:15 16:6 20:7 31:8
69:24 105:10 111:2

24:20

30:25 32:5 32:15
35:20 41:10 49:21
111:23 112:8

accommodate ( 3 ) 4:7

33:20 33:21 34:8
54:9 63:3 70:19 71:4
arranging91:2

105:18 111:15

34:18 35:1 35:23
79:5 80:4 81:6 95:20
arrest ( 2 ) 67:21 94:4

accommodated112:18

42:2 42:19 43:18 44:5
97:9 101:3 116:18
arrested ( 7 ) 53:7 73:18

accommodates124:7

44:13 44:24 50:9 60:2
Anyway, ( 3 ) 11:6 28:4
93:21 93:24 94:7 94:7

According ( 5 ) 16:21

98:12
28:9
95:21

31:25 35:3 91:4 95:21

agreement ( 29 ) 25:12
anywhere ( 2 ) 23:13
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66:24
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104:13 124:12

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42:14 42:25 57:15
97:15
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81:22 123:15

71:9 71:20 71:23 72:7
apologies, ( 3 ) 4:12
112:5 113:8

accounts, ( 6 ) 3:17

72:15 72:17 72:24
78:5 104:18
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53:4 56:9 61:21 80:18

73:3 73:21 73:21
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76:16 77:7 97:1 97:3
40:14 79:9 113:19
17:8 18:8 23:17 39:12

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99:19 99:25 100:2
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45:22 47:19 49:19

accurate?49:13

agreements, ( 5 ) 36:7
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52:16 68:22 88:19

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40:21 41:9 41:25
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99:3 99:4 100:12

acknowledge114:15

95:17
38:18 60:2 60:8 67:7
100:16 106:18 106:21

acquainted7:7

ahead ( 3 ) 56:17 102:19
115:10 115:11
106:22 111:20 113:22

across ( 2 ) 114:8 117:6

120:2
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113:25

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aim17:16
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actions99:23

airport,109:2
25:5 27:21 27:23
83:9 83:14 84:4 84:11

activities, ( 2 ) 56:8

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86:18 89:8 92:23

85:25

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apply, ( 2 ) 18:8 43:4
94:17 100:22

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8:5 8:8 8:24 9:3 9:7
appointment103:21
asking ( 13 ) 15:21

addenda38:5

9:8 9:11 10:4 10:7
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15:23 16:22 50:14

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33:18 120:25 122:13
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38:12

allegations65:15
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78:17 84:5 91:7

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approaching110:9
110:11 112:9 124:6

43:8 79:21 80:2

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2:3 116:14
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addressed ( 3 ) 62:13

along ( 2 ) 110:3 119:14
approval.114:4
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62:16 98:22

already ( 11 ) 8:13 31:6
approve51:5
93:12 96:23 99:24

addressing102:4

33:2 47:25 51:17
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52:22 53:1 58:7 70:22
79:17 79:18
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94:19 97:17
arbitrage,73:19
69:17 70:1 70:1 73:20

adjustment123:16

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archives.78:23
75:9 94:25 95:4 95:19

adopted ( 2 ) 22:2 90:19

14:7 18:21 19:4 23:24
arguably115:20
95:21 96:12 96:17

adversely ( 2 ) 14:6

26:16 46:19 60:24
argument31:12
assist114:13

87:7

61:8 61:10 87:8 89:17
arise. ( 2 ) 102:18
assistance.114:1

advice78:17

91:11 105:17 111:6
121:18
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adviser93:5

116:13 124:7
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assure ( 2 ) 10:13 22:20

aeroplane111:9

altered86:16
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affected ( 2 ) 14:6 87:7

alternatively102:8
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affecting2:14

although ( 4 ) 2:21
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44:21 86:15 113:11
78:3 104:25 105:2
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125:5

altogether12:8
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always ( 2 ) 22:11 55:22
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68:25 68:25 76:7 76:8

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101:15 107:3 113:22
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11:6 11:9 11:12 11:20
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11:22 12:7 12:16
62:11 71:15 75:6

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52:21 75:13 88:3 91:5
12:23 13:5 13:8 13:13
attorney97:22

26:10 29:6 29:19 32:1

amongst1:9 14:17 14:24 16:17
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37:18 41:24 44:5
amount ( 9 ) 32:8 51:15
17:8 17:11 17:22
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46:10 60:13 60:18

91:16 91:24 92:1 92:2
18:13 18:17 19:20
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62:3 68:4 69:13 69:23

92:8 92:11 109:14
20:3 21:13 22:1 22:8
67:12 87:24 88:5

74:17 104:13

amounts94:11
22:19 23:9 23:12
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afternoon. ( 2 ) 59:25

angle,118:8
30:23 31:3 31:21
113:14 113:15 114:4

103:21

another ( 14 ) 40:22
32:17 33:7 33:8 33:11
115:8 117:2 118:7

40:24 41:3 43:2 43:3
33:16 33:24 36:2 36:9
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43:11 45:3 57:11
41:5 42:17 44:10 45:5
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aware ( 14 ) 14:8 20:25 30:18 49:14 50:22 65:18 68:11 78:18 84:9 88:1 89:22 98:3 100:23 115:13

away. ( 8 ) 84:2 102:11 102:12 102:15 103:10 113:2 113:12 120:1

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{B1/2/6}.5:2

back ( 11 ) 8:20 32:1 56:12 74:11 77:19 102:15 103:18 106:3 106:4 109:11 112:22

backdated. ( 2 ) 34:20 57:3

background6:6

bad ( 11 ) 14:11 49:25 50:4 75:13 87:12 92:9 92:10 96:10 96:10 99:25 102:11

Baker ( 2 ) 78:15 78:18 balance96:5 balanced ( 2 ) 115:17
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banking ( 2 ) 18:4 18:5 banks ( 3 ) 18:3 19:2

21:1 base122:20

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7:19 8:2 12:1 12:23 13:4 16:11 16:22 17:6 17:25 24:1 29:6 30:4 30:15 44:13 47:5 47:14 47:17 47:24 50:12 50:13 50:20 51:12 58:2 59:8 67:19 70:5 72:18 75:12 93:7

93:17 94:18 96:2 98:16 101:16 104:3 109:12 113:2

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begin ( 2 ) 5:17 26:8 beginning ( 14 ) 11:21

13:25 41:21 49:10 53:1 61:1 61:4 75:12 77:14 87:1 87:22 88:4 95:13 111:4

behalf ( 2 ) 68:16 91:14 behaviour,99:1 behind ( 3 ) 4:16 4:22

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believed22:10 bells,58:1

belong ( 2 ) 66:7 66:7 belonged100:2 belongs66:19

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bettered68:10 between ( 11 ) 13:13

30:23 34:18 41:5 50:9 58:3 61:4 78:7 84:24 91:4 105:8

beyond36:3 «Bidault»38:17

big ( 41 ) 10:11 14:2 23:21 24:2 24:5 24:6 24:11 24:21 24:21 25:3 25:4 25:17 27:11 28:3 28:4 28:7 28:10 28:13 28:16 28:17 28:18 28:19 28:22 50:8 50:13 51:18 54:7 54:11 54:17 66:20 68:23 72:21 74:8 75:3 81:19 87:3 92:2 93:25 96:20 98:24 105:24

bigger ( 3 ) 27:20 57:9 86:6

billion, ( 3 ) 91:17 91:19 91:20

birthday92:24

bit? ( 21 ) 81:14 82:4 82:9 84:22 84:23 85:1 85:13 86:16 86:25 88:1 88:22 93:10 108:5 108:20 112:18 117:13 117:20 119:19 120:4 121:23 124:7

bits103:17

board ( 51 ) 10:11 14:14 14:15 14:23 23:24 24:2 25:5 25:6 25:17 25:21 25:23 26:22 26:25 27:2 27:19 27:24 28:6 28:10

28:17 28:23 30:6 46:9
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46:14 46:17 47:4 47:6
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51:13 51:17 51:20
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{C1/1/31},83:18

53:14 54:22 54:23
chronological.23:17

55:8 55:11 56:1 68:23
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circumstances, ( 2 )
70:7 75:7 75:14 85:6
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92:4 123:9

87:16 88:3 91:5 94:19
22:25 31:12 31:13
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94:24 97:18 97:20
33:24 34:1 35:16
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97:21
43:11 56:13 61:14
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bobs103:17
62:8 85:24 89:12
clause ( 5 ) 71:18 71:20

body24:7
101:12
72:4 72:6 72:8

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7:13 7:16 24:7 64:5
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64:18 69:17 70:2
88:6 104:17

born64:13
70:18 71:5 84:8 88:23
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89:4 105:11 114:9
27:21 27:24 43:7 81:5

17:18 18:9 24:15 28:1
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20:17 44:8 76:2 76:6
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14:13 19:2 19:5 22:12
95:25 109:15 111:1
66:13 75:17 85:9

48:9 48:14 68:6 68:12
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87:25 111:2 115:15

95:3 95:6
16:21 17:6 20:19 35:3
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45:8 63:2 72:22
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47:18 57:20 58:20
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59:5 62:14 70:15
60:24 96:20 96:21
53:22 56:8 67:13

72:1 85:5 89:1 98:17
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bottom ( 2 ) 38:17 62:12
cards80:17
70:5 90:20

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care70:6
colleagues ( 4 ) 8:6 9:7

104:19 111:7 111:8
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41:24 96:19

branch ( 13 ) 6:14 7:21
carefully ( 5 ) 21:8
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8:4 8:7 9:7 9:10 10:4
106:7 106:10 117:13
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103:18 105:20 107:14

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109:10 109:11 111:7

26:10 26:13 26:14
cases92:14
111:20 111:22 112:17

37:7 37:10 37:13
cash ( 11 ) 80:12 80:14
112:22 113:9 114:8

59:16 77:5 77:24
80:15 81:9 81:9 81:10
117:6 118:1 119:23

101:15 101:25 102:1
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109:6

broadly39:3
cause62:21
comment ( 3 ) 114:12

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117:1 117:11

105:11 107:2 107:13
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commentary118:10

108:3 108:18 108:23
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109:16 109:24 110:25
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32:22 32:23 43:4

112:12 112:13 112:15
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112:19
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99:25

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2:17 64:17 65:2 66:3
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24:3 24:5 24:6 24:8

66:5 66:6 66:17 66:19
36:7 36:7 36:7 66:2
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66:20 67:1 67:4 67:4
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buildings?66:18
chain.62:10
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bundle ( 5 ) 4:16 4:23
25:5 97:17 98:2
28:11 28:14 28:16

38:20 38:24 77:8
chairmen85:5
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business ( 14 ) 2:14
chance ( 5 ) 102:14
50:8 50:13 51:18

9:11 10:1 13:2 13:5
103:10 119:17 123:10
54:1 54:4 54:11 54:18

13:5 19:20 22:17 44:8
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56:7 67:6 75:4 75:5
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72:21 74:9 75:4

80:24
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committees ( 4 ) 22:2

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112:8 112:9
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buyer, ( 2 ) 73:3 99:18
115:21 116:10 117:25
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buying68:4
checking86:8
61:20 67:2 69:25 70:1

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71:7 95:7 99:22

chief ( 2 ) 9:10 93:5
company, ( 15 ) 50:14

child,64:13
64:5 64:6 65:22 65:22

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69:17 70:2 70:18 71:5 73:4 73:5 84:8 92:21 99:18 100:1

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consent ( 3 ) 70:17 72:10 84:5

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contents ( 2 ) 5:7 5:11 context ( 2 ) 105:24
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contract ( 5 ) 36:17 39:16 39:22 40:4 40:13

contractual ( 2 ) 38:20 38:24

contributed55:17 contribution116:16 controlled117:3 convenient, ( 2 ) 107:9

122:25 convey113:16 cooperating14:21 cooperation21:13 copies ( 5 ) 117:15

118:19 118:19 118:19 118:19

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26:25 31:7 31:20 44:12 51:3 52:11 53:20 62:5 76:14 85:12 87:2 87:5 97:24 101:6 105:3 114:1 118:4

court’s ( 4 )114:3 117:16 117:17 117:18

courts;73:12

cover. ( 3 ) 108:2 108:5 108:9

coverage,115:23 covered102:25 covers71:13 cracking26:17

credit ( 41 ) 23:21 24:3 24:5 24:6 24:7 24:10 24:11 24:16 24:20 24:22 24:24 25:3 25:4 25:18 27:11 27:16 28:3 28:4 28:8 28:10 28:14 28:16 28:19 28:19 28:22 47:2 50:8 50:13 51:18 53:25 54:3 54:5 54:11 54:17 68:23 70:12 70:21 72:21 74:9 75:3 80:17

crediting56:24 creditor73:15 creditors, ( 2 ) 61:22

73:14 crew,94:11 crew’s93:22

criminal ( 6 ) 8:3 10:15 13:8 55:13 73:18 95:22

crisis; ( 11 ) 14:2 18:24 19:1 19:17 21:5 22:14 22:15 85:10 87:4 87:21 87:24

criteria18:7 cross61:18 cross-default ( 8 ) 62:2

62:7 63:5 63:6 63:9 63:11 63:15 63:24

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5:16 5:25 77:2 103:15 125:7

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56:14 56:22

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37:23 39:18

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date, ( 30 ) 15:18 16:12 17:23 29:18 29:19 32:7 35:5 35:19 36:10 36:11 40:20 43:23 44:1 44:1 46:25 47:9 50:17 50:20 51:2 51:12 58:12 58:25 59:2 59:7 60:22 60:24 71:22 71:23 83:4 113:4

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dates ( 8 ) 31:9 35:8 60:11 60:13 60:14 60:16 79:15 86:6

day. ( 31 ) 38:18 57:1
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72:7 77:3 103:9
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109:18 109:22 110:15
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107:22 111:15 119:16
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119:19 120:1 120:19
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120:25 121:2
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104:7 104:9 106:7
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73:1 73:6 73:7 105:13
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explaining ( 2 ) 20:6 87:19

explains45:17 explanation99:23 explore ( 2 ) 37:5 49:18 exported18:19 expressly65:19 extend ( 6 ) 29:22 30:7

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extendable,72:8 extended, ( 3 ) 54:2

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Formally, ( 2 ) 90:13 110:23

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often ( 2 ) 12:10 12:18 okay. ( 5 ) 17:2 22:22 83:22 99:6 122:23

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37:3 37:4 48:11 63:13 73:6 82:24 95:5 99:24 101:16 104:4 113:5

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read ( 14 ) 5:7 15:10 45:20 46:5 46:21 48:18 54:4 57:18 62:19 63:1 79:11 83:20 109:25 113:21

reading ( 2 ) 82:5 86:13 reads56:23

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31:23 32:20 39:12 53:8 63:8 63:18 72:14 72:16 73:2 99:16 114:25

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26:25 27:2 27:23 28:17

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36:15 37:17 58:25 59:1 60:3 60:23

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64:5 64:17 65:19 65:24 66:4 66:10 66:21 80:8

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retail ( 4 ) 65:4 66:2 80:3 80:13

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roughly,102:23
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32:21 33:6 33:9 33:17
78:6 80:3

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42:14 42:17 43:16
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64:13 86:22 112:16
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113:11 113:18 121:5
94:23 96:3 96:10
116:24 117:7

38:5 38:11 38:12 40:8
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74:15 80:10 82:12
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60:9 60:21 61:9
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94:10 94:11
104:20 104:21 106:12
88:5 91:21 94:17

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114:25
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20:2 20:6 20:15 25:7
53:18 54:1 58:16 70:7
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26:20 27:13 34:14
27:25 29:8 29:22 30:6
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30:21 31:24 34:21
103:8 103:20 106:1
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40:20 40:25 41:15
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110:11 115:4 119:1
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96:21 102:24 106:5
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57:12 57:21 57:23
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117:25 118:20 119:24

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29:24 30:6 31:1 34:11
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123:3 123:14 123:22
51.3,57:25

10.45,103:6

(10.481:4 6
10-minute ( 2 ) 26:3

37:10

60s,107:4

100 ( 2 ) 61:17 125:10

64A?66:15

…………………………………104125:11

(11.5637:12
64V?66:22

111,35:17

114,40:23
7
12.00.26:5

(12.0437:14
70s.107:5

12.41,62:13

(12.5159:22
8
12483:21

125?83:21

15-minute104:2
852,36:17

152039:8

1520/3?39:8
9
1st, ( 8 ) 107:16 111:13

111:20 112:5 112:12

112:14 112:15 113:9
9.30110:19

2

2.1.171:20 (2.3777:23

2.50 ( 2 ) 77:19 77:25

2003? ( 2 ) 6:3 7:24 2006.11:6

2007? ( 3 ) 13:9 55:21 92:2