Day 8

Bank St Petersburg v Vitaly Arkhangelsky [Master]

Day 8

Bank St Petersburg v Vitaly Day 8
Arkhangelsky [Master]

1 :1 Tuesday, 9 February 2016
2 (10.00 am)
3 Housekeeping
4 MR LORD: May it please your Lordship.

5 MR JUSTICE HILDYARD: Good morning.

6 MR LORD: Before I call Ms Volodina, your Lordship will see

7 that there is a screen but an empty chair in Nice. We

8 were told last night by Mr Stroilov that neither Dr nor

9 Mrs Arkhangelsky would be attending Nice today. That

10 came too late for us to be able to cancel the facility

11 today, and therefore a cost of some €3,000, or

12 thereabouts, has been incurred. It is a point that

13 I will raise later when we get to housekeeping and

14 timetabling later today. I thought your Lordship should

15 know why we have a screen up: the answer is that it is

16 set up by Regus, as I understand it, and so therefore it

17 has been set up even though in the event it has not been

18 required. I am not sure your Lordship needs to deal

19 with it any further today, I will make some points

20 later. We are coming onto housekeeping and timetabling,

21 there are some timetabling issues and it may be a point

22 we could raise then, because it would obviously be

23 sensible, if there is no need for this Nice facility, if

24 we could be given sufficient notice of that that we

25 could spare or save that particular day’s expense, and

2 :1 I am sure that could be put in place so we have enough
2 notice, but we can perhaps deal with that later, unless

3 your Lordship wishes to deal with it now.

4 MR JUSTICE HILDYARD: Let’s deal with it at the time of

5 housekeeping. It goes without saying that if this was

6 a matter that should have been and could have been

7 focused on earlier, then it is only a matter of

8 politeness, as well as efficient use of resource, that

9 notice should have been given. If it was an accident,

10 such as no one could foresee it, well that may be

11 a different matter, but it is obvious, Mr Stroilov, that

12 the fact you are not paying for something does not mean

13 that you should be entirely careless about it, and I am

14 sure Mr and Mrs Arkhangelsky know that, and therefore

15 I imagine there is good reason, and I will hear about

16 that later.

17 MR STROILOV: Indeed, there. Perhaps I could explain

18 briefly, since it has been raised? It is just that

19 Mr Arkhangelsky is still too unwell to attend. He will

20 be following it online. He would like to attend, but he

21 is still ill with this flu, or whatever it is, and

22 Mrs Arkhangelsky is dealing with matters arising out of

23 your Lordship’s order with the bank, and complying with

24 the order for the provision of information, because

25 obviously time is running short.

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Bank St Petersburg v Vitaly Day 8

Arkhangelsky [Master]

3 :1 I do apologise. We gave notice as soon as we knew
2 they would be unable to attend.

3 MR JUSTICE HILDYARD: We will leave it, then, and also if it

4 is possible to anticipate when they may not need the

5 facility, or won’t need the facility in the future, then

6 obviously the more forethought that can be brought to

7 the matter, the better. We will park this until we deal

8 with the other matters.

9 Just while I am speaking, and this is really

10 addressed to you, Mr Lord, presently — but I will give

11 you time to think about this — I do not see that there

12 is any sufficient justification for the deletion of

13 the figures in the agreement with Mrs Malysheva, and

14 they would probably assist me, for reasons which will

15 become plain. So I wanted to give you forewarning of

16 that. I don’t see that confidentiality is any

17 particular bar, but you may have different thoughts on

18 that, in which case, of course, at the housekeeping

19 session perhaps you could raise that.

20 MR LORD: I will.

21 MR JUSTICE HILDYARD: The other thing is that I should

22 appreciate an organogram or reporting lines diagram so

23 that I know more clearly what the reporting lines within

24 the Bank were. Those are two matters I thought I would

25 alert you to for the purposes of housekeeping.

4 :1 MR LORD: Thank you, my Lord.
2 MR JUSTICE HILDYARD: Thank you.

3 MR STROILOV: If I may just raise one minor matter, I think

4 I owe you an apology and a correction in relation to

5 cross-examination of Mrs Shabalina. At one point I said

6 that only two corporate loan applications were

7 disclosed, and it appears I was mistaken because I have

8 seen four loan applications being uploaded on Magnum as,

9 probably, a reaction to that. So there were, in fact,

10 four. I don’t think it affected the answers which

11 Mrs Shabalina gave, because she said all of them should

12 be there, but just for the sake of accuracy, I think

13 there are actually four. I don’t think any prejudice

14 was caused, because the point I was making was that they

15 don’t seem to offer personal guarantees, and my brief

16 look to those applications which were uploaded, those

17 applications also don’t offer a personal, and I don’t

18 think any guarantees, but I just wanted to correct that.

19 MR JUSTICE HILDYARD: All right, I will have a look at that

20 in due course.

21 I also should have mentioned, Mr Lord, that the

22 agreement you provided me with yesterday during the

23 course of Mr Guz’s examination referred to a labour

24 contract of 2006. At the moment I don’t see why that

25 should not be disclosed also.

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Bank St Petersburg v Vitaly Day 8

Arkhangelsky [Master]

5 :1 MR LORD: I will take instructions on that.
2 MR JUSTICE HILDYARD: Okay. I am so sorry to have talked

3 over you in this way, but is that a good time?

4 MR LORD: Yes, may I call Ms Volodina, please.

5 MS OLGA DMITRIEVNA VOLODINA (Affirmed)

6 (All questions and answers interpreted except where
7 otherwise indicated)
8 MR JUSTICE HILDYARD: Do feel free to sit down and I hope

9 you have some water there. If you need a rest at any

10 time, you must tell me.

11 Examination-in-chief by MR LORD

12 MR LORD: Ms Volodina, could you give his Lordship your full

13 name and address, please?

14 A. My name is Olga Dmitrievna Volodina, Malookhtinsky

15 Prospekt 64.

16 Q. Ms Volodina, could you please be shown your witness

17 statement, which is behind divider 5 in bundle B1

18 {B1/5/1}, and the Russian version is at {B1/5/19}. Do

19 you see that page, Ms Volodina?

20 A. Yes, I do.

21 Q. And that seems to be the first page of your witness

22 statement; is that right?

23 A. That is correct.

24 Q. And if you could turn on, please, Ms Volodina, to page

25 {B1/5/37} — the numbers are in the bottom right

6 :1 corner — can you see that appears to be your signature
2 on 27 August 2015?

3 A. Yes, this is my signature.

4 Q. Have you read the contents of this statement recently?

5 A. Yes, I have had that opportunity.

6 Q. And can you confirm on oath to his Lordship today that

7 the contents are true to the best of your knowledge and

8 belief?

9 A. I can confirm that the contents are true. Yes.

10 MR LORD: Thank you.

11 Cross-examination by MR STROILOV

12 MR STROILOV: Good morning, Mrs Volodina. Were you in court

13 yesterday when Mr Guz was cross-examined?

14 A. Yes, I was in the courtroom in the afternoon.

15 Q. Did you have any specific training for this

16 cross-examination?

17 A. Mrs Malevska from Bond Solon explained to me how

18 I should behave while in court, and I do apologise if

19 I make any faux pas, but it is just because I do not

20 have much experience being cross-examined.

21 Q. Not at all, and I do not mean to criticise you for

22 anything, that is not where it is going. I just thought

23 that the court should be aware if you have been trained.

24 Mrs Volodina, I understand that you know

25 Mr Arkhangelsky for quite a long time; isn’t that right?

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Bank St Petersburg v Vitaly Day 8

Arkhangelsky [Master]

7 :1 A. I saw him once, and that was in 2002.
2 Q. And at that time you were working for the Bank called

3 Telecom Bank, weren’t you?

4 A. That is correct, at that time I was with Telecom Bank.

5 Q. And Mr Arkhangelsky and some of his companies were

6 insuring some of the pledges for Telecom Bank, isn’t

7 that right?

8 A. No. Mr Arkhangelsky came to see me at the request of my

9 boss, Igor Novikov, as a representative of Scan Marine,

10 because he was seeking to get finance to get a loan for

11 his insurance company.

12 Q. If you look at paragraph 5 of your witness statement, it

13 seems to be your evidence that he approached

14 Telecom Bank as a person working in the insurance

15 sector, at that time requesting accreditation from the

16 Bank as a risk insurance specialist {B1/5/2}, {B1/5/20}.

17 A. Correct.

18 Q. So which was it: was he asking for a loan or was he

19 asking for accreditation?

20 A. He asked to be accredited as an insurance company, but

21 he was not accredited, he did not get accreditation

22 because we did not work with vessels as a potential

23 collateral.

24 Q. Well, it is his evidence that by the time he met you, he

25 was already insuring pledges, mostly cars, which were

8 :1 pledged to Telecom Bank; do you accept that?
2 A. No, I do not accept that because Telecom Bank was

3 working with a specific sector telecom companies, and

4 such companies usually included two insurance companies,

5 Medexpress and Renaissance Insurance, that had been

6 accredited as insurers that insured that kind of risk.

7 Q. We will have to disagree about that. Mrs Volodina,

8 I understand that since that time, between 2002 and

9 until you began working for Bank of St Petersburg and

10 while you were working in Bank of St Petersburg, you

11 remained rather friendly with Mr Arkhangelsky

12 personally; isn’t that right?

13 A. After that meeting that took place in 2002, I have never

14 seen Mr Arkhangelsky.

15 Q. Mrs Volodina, I understand that the Oslo Marine Group

16 companies which were borrowing from the Bank all had

17 their accounts in the Bank; is that correct?

18 A. When I first started dealing with those companies, and

19 that was when the credit committee, the loan committee,

20 was hearing a matter in 2006, the company was asking to

21 raise a loan and they opened accounts with Investrbank.

22 Q. And I understand that over time, after 2006, more and

23 more OMG companies began borrowing from the Bank, isn’t

24 that correct?

25 A. Investrbank was actively working with Oslo Marine Group,

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Bank St Petersburg v Vitaly Day 8

Arkhangelsky [Master]

9 :1 so they were serviced by the Bank.
2 Q. And all these companies had bank accounts in

3 Bank of St Petersburg, all the borrowers?

4 A. That was a compulsory term and condition for advancing

5 a loan, a checking account had to be opened.

6 Q. And I understand that in addition to that there were

7 covenants between the Bank and the borrower about the

8 turnover and the level of turnover, the level of cash

9 which had to go through this account every month; is

10 that correct?

11 A. Yes, that is correct.

12 Q. And I understand that the Bank was monitoring these bank

13 accounts to check that the borrowers were compliant with

14 these requirements; is that right?

15 A. Yes, and that monitoring was conducted by Investrbank.

16 So under the terms and conditions of the contract, in

17 case of default, the Bank had the right to increase the

18 interest rate unilaterally.

19 Q. Right. So this monitoring, is it right to say that the

20 Bank had a very clear picture of the overall financial

21 position of the group?

22 A. Correct, your understanding is correct.

23 Q. And isn’t it right, to your knowledge, that

24 since September or October 2008, you could see from

25 these accounts that the financial position of the group

10 :1 was worsening?
2 A. Our branch did reach out to BKK and the board, in case

3 the ratios were not complied with, and they asked for

4 the interest rate not to be raised, because that was

5 described as temporary difficulties in the operations of

6 the company.

7 Q. But is it right — do you recall there being any

8 information in the autumn of 2008 about OMG’s position

9 getting worse?

10 A. So far as I can recall, that did happen in September

11 or October, yes.

12 Q. And was that exceptional for OMG as a borrower, to

13 experience difficulties in that period, or were other

14 clients also experiencing difficulties?

15 A. Well, at that time, the financial situation was quite

16 difficult. Many customers, many clients, experienced

17 difficulties. As of September — I would actually say

18 as of the summer of that year, the Bank encountered

19 difficulties in terms of having interest paid in

20 a timely manner, and with the turnover ratios not being

21 complied with as per the relevant contracts.

22 Q. And against the background of the global crisis, you

23 didn’t find that surprising, did you?

24 A. It was not surprising.

25 Q. And Oslo Marine Group companies in no way stood out as

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Bank St Petersburg v Vitaly Day 8

Arkhangelsky [Master]

11 :1 having greater difficulties or lesser difficulties than
2 you would expect, and than other borrowers had?

3 A. At that time, many companies, large industrial

4 companies, working in the same sectors, did come to

5 the Bank, asking for the terms and conditions of their

6 contracts to be changed, asking for the repayment

7 schedules to be changed, asking for the interest

8 payments to be restructured. That was due to

9 the financial crisis, that’s true.

10 At that time, speaking from memory, about 15

11 companies, including large industrial corporate clients,

12 were encountering problems, and the Bank did have to

13 look into the restructuring of the arrears. There was

14 a special group that was put in place, that included

15 heads of the various client departments who were

16 monitoring on an ongoing basis the condition of, or the

17 status of those other clients that were encountering

18 difficulties, and also some of the deputy chairmen who

19 were supervising the client business were actually

20 working with some of the large clients who were

21 encountering such problems. Malysheva, Irina Malysheva,

22 was the person who was working with OMG in addition to

23 some other companies as well.

24 Q. Irina Malysheva, isn’t that right?

25 A. Yes, correct.

12 :1 Q. And since when was Mrs Malysheva responsible for OMG
2 relations? Since what point in time?

3 A. I think this was in November, or maybe in December,

4 speaking from memory.

5 Q. Thank you. Could we call on the screen D98/1260, and on

6 one screen I would like to have {D98/1260/3} and on the

7 other, {D98/1260/4}. I am making a mistake, it is

8 actually {D98/1261/1}. So the next tab. Right, that’s

9 page 2, and page 1 on the other. Thank you very much.

10 {D98/1261/2}. Mrs Volodina, do you recall seeing this

11 letter at the time?

12 A. I did not see this letter, no.

13 Q. Do you recall being told in November or December that

14 OMG was asking for a restructuring of its loan

15 portfolio?

16 A. I have no recollection of that.

17 Q. Well, but surely I think you give evidence about the

18 meeting at the end of December where that restructuring

19 was discussed?

20 A. At the end of December, yes. But on 28 November, I did

21 not see this letter. At the end of December, I was

22 summoned to see the chairman of the board.

23 Q. Well, when did you first become aware that OMG was

24 asking for a restructuring of its loan portfolio?

25 A. At the end of December.

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Bank St Petersburg v Vitaly Day 8

Arkhangelsky [Master]

13 :1 Q. Well, was it some time before the meeting, or was it
2 earlier?

3 A. I discussed that matter with Kristina Borisovna

4 Mironova, prior to the meeting.

5 Q. And at that time you obviously had, from reviewing the

6 turnover on bank accounts, you had a very clear picture

7 of OMG’s cash flow position, didn’t you?

8 A. Correct. Kristina told me about that, but then there

9 are some limits, some constraints related to the changes

10 in the financial position and the loan background

11 restructuring that may require four additional

12 provisions to be put in place. Because I was in charge

13 of all the provisions within the Bank, any restructuring

14 had to be agreed by myself, so that was the guiding

15 principle, as it were.

16 Q. Now, Mrs Volodina, it has been suggested by a banking

17 expert in this case, the defendants’ banking expert,

18 Professor Guriev, that the standard practice when

19 the Bank is asked for restructuring on the one hand and

20 is facing the risk that the borrower would default on

21 the other, that the criteria which would be applied is

22 whether there is a real prospect of the borrower

23 restoring solvency if restructuring is given. Would you

24 agree that was your approach at the time?

25 A. Well, for that the client has to come up with

14 :1 a financial turnaround plan. Based on the plan, the
2 Bank will look at the outlook of any restructuring,

3 because for the Bank, it’s important to get interest

4 paid. The performance of other conditions precedent has

5 to be complied with, and it is important for the Bank to

6 understand what the financial position of the client is.

7 Q. So your understanding is that, providing such a plan —

8 well, it was for the borrower, really, to explain how he

9 would recover, and on that condition the Bank would be

10 prepared to give restructuring; is that correct?

11 A. Absolutely.

12 Q. So, to your knowledge, at some point prior, or around

13 the meeting at the end of December, OMG did provide some

14 plan of how it intended to restore solvency; is that

15 your understanding?

16 A. I did not see any such plan because the client did not

17 provide that plan. They did have a problem with paying

18 interest. There was a three-day delay in December, and

19 they had problems with interest payments in November.

20 So for any decisions to be made quite quickly after

21 the meeting with Mr Savelyev, the client, in order to

22 resolve his problems, received a personal loan, and that

23 was used to pay the interest and the loan by Tekno

24 which, in October, had provided a loan to him.

25 MR LORD: My Lord, just one point, just to clarify. It

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Bank St Petersburg v Vitaly Day 8

Arkhangelsky [Master]

15 :1 seems from that question that it is accepted that OMG
2 was insolvent at the end of 2008. I am assuming that is

3 the basis for these questions, but if that could just be

4 clarified by Mr Stroilov, and what he means by that,

5 that would certainly help me.

6 MR STROILOV: I think it is accepted, my Lord, that there

7 was a risk of default unless a restructuring, including

8 a six months moratorium, was provided. I think that has

9 always been our case.

10 Now, Mrs Volodina, going back to your previous

11 answer, isn’t there some confusion in terms of dates?

12 I understand it is the Bank’s case that the personal

13 loan was given at the end of November, and we are

14 talking about the restructuring which happened at the

15 end of December.

16 A. Well, the personal loan to pay the interest under

17 Russian banking accounting standards is part of

18 a restructuring.

19 Q. So is it your evidence, Mrs Volodina, that by the time

20 the personal loan was allegedly given, there was already

21 a decision in principle to give larger — much more

22 massive restructuring of the whole OMG loan portfolio?

23 A. When the personal loan was issued to Mr Arkhangelsky,

24 the loan was issued to repay — to deal with temporary

25 difficulties that the client faced, connected with

16 :1 non-payment of interest and non-payment of loans,
2 according to schedule. There was a temporary measure

3 and the Bank met the client halfway, because the client

4 said that he was expecting some injection of funds that

5 would allow to repay the loan, and that loan was

6 extended exactly for 30 days.

7 Q. I think, Mrs Volodina, you have said earlier — and

8 I may have asked the question in an imperfect way —

9 I think you said earlier that there was a very serious

10 decrease of cash flow on all OMG accounts in the autumn

11 of 2008, isn’t that right?

12 A. There were some primary hallmarks of that. At that

13 period in time, many clients had decreased cash flow.

14 That was to do with the economic situation.

15 Q. And, Mrs Volodina, haven’t you accepted, I think, that

16 in December, at least, OMG was asking for a rather

17 broad-ranging restructuring of its debts?

18 A. In December the client contacted the Bank,

19 Investrbank — I mean the branch of Investrbank — with

20 a request to consider the possibility of restructuring

21 due to the fact that the client had another problem with

22 paying interest in December.

23 Q. Now, Mrs Volodina, I put it to you that, in fact, the

24 so-called personal loan was arranged by the Bank without

25 Mr Arkhangelsky’s knowledge to avoid default in November

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Bank St Petersburg v Vitaly Day 8

Arkhangelsky [Master]

17 :1 and to avoid the need to create reserves.
2 A. No. I am not aware of such information because I have

3 seen the credit agreement signed by Mr Arkhangelsky.

4 Q. Just to clarify, you are saying you have seen the

5 document with his signature, isn’t that right?

6 A. Yes.

7 Q. But I mean you are not saying that the agreement was

8 signed in your presence?

9 A. I am not saying that.

10 Q. So I think you said earlier, Mrs Volodina, that in

11 principle, the Bank would only give restructuring if it

12 was satisfied that the borrower had a realistic plan; is

13 that what you said, just to clarify?

14 A. Yes, this is what I said.

15 Q. So from that it follows, doesn’t it, that since the Bank

16 did agree to restructuring in the end of December, the

17 Bank was satisfied that OMG had a realistic plan of

18 recovery?

19 A. At that point in time the turnover plan had to be

20 submitted by the client to the Investrbank branch.

21 Q. Mrs Volodina, do you know a gentleman by the name

22 Mikhail Efimovich Soshnik?

23 A. Yes, I do.

24 Q. Is he a friend of yours?

25 A. He is a general director of fish processing plant

18 :1 number 1, and he received loans.
2 Q. Is he a friend of yours?

3 A. I have good relations with him.

4 Q. Would you describe him as a friend?

5 A. Rather not.

6 Q. Now, Mrs Volodina, I apologise if I don’t follow the

7 chronology quite exactly. I would like to ask you about

8 some of the decisions made in 2009, and then perhaps

9 come back to the events of 2008.

10 If we could please have on the screen

11 {D122/1943/0.1} on one screen, and {D122/1943/1} on the

12 other. Do you recall that decision of the management

13 board?

14 A. Yes, I do.

15 Q. So that was a decision, wasn’t it, to transfer the

16 assets of the company called Western Terminal to

17 a different company called SKIF, isn’t that right?

18 A. Yes.

19 Q. So was that proposed by Mrs Malysheva?

20 A. Yes, she discussed this with me over the phone.

21 Q. Right. So what was the purpose of that transfer?

22 A. As Ms Malysheva said, the main purpose was to protect

23 the assets, but at the same time, the bank retained

24 encumbrance of the collateral. However, that deal did

25 not go ahead because — I know that because I signed the

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Bank St Petersburg v Vitaly Day 8

Arkhangelsky [Master]

19 :1 consent.
2 Q. Right. Let’s take it in stages. What I’m asking about

3 now is what was the original intention. You said it was

4 to protect the assets. Protect them: you mean protect

5 them against a possible court proceedings brought by

6 OMG; is that correct?

7 A. I meant what Mrs Malysheva told me, and she worded it as

8 «protection of assets».

9 Q. Protection against what? What did you understand this

10 to mean?

11 A. I did not discuss this with her because she was

12 responsible for the strategy of working with the

13 company, and since I headed the BKK, and in order to

14 include this into the agenda she called me and explained

15 that this operation is done in order to protect the

16 asset.

17 Q. And there were no further explanations as to the meaning

18 of «protect» at the meeting of the big credit committee,

19 was there?

20 A. With regards to the creditor’s position, only the issue

21 of collateral changed, and the encumbrance remained with

22 the Bank. The most important thing was that the person

23 extending the collateral had good financial standing,

24 and this is what Mrs Malysheva told me.

25 Q. Right. So there was no scrutiny by the committee of

20 :1 the actual proposal to transfer the shares, was there?
2 I beg your pardon, to transfer the assets, was there?

3 A. In order — for the second —

4 THE INTERPRETER: I just asked the witness to slow down

5 a bit.

6 A. The most important thing for the second source of

7 repaying the loan for the pledge, it is the most

8 important to preserve the pledge.

9 MR STROILOV: So what I am just trying to establish, did the

10 committee go beyond that, or did the committee, being

11 satisfied that the pledge is preserved, did it just vote

12 for it and leave the rest to Mrs Malysheva; is that how

13 the decision was taken?

14 A. The committee made a decision from the viewpoint of

15 minimising the risks for the Bank. The pledge was

16 preserved, the financial status of the pledgor was good.

17 Q. Do you recall at the same time there was a similar

18 proposal to transfer the assets of

19 Scandinavia Insurance, part of Onega Terminal, to

20 a company called Naziya? It was discussed on the same

21 day; do you recall that?

22 A. Yes, Mrs Malysheva discussed this matter with me as

23 well.

24 Q. Was the purpose the same as with Western Terminal

25 transfer to SKIF?

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Bank St Petersburg v Vitaly Day 8

Arkhangelsky [Master]

21 :1 A. The principle of making of the decision was the same.
2 Q. And did the management board take the same approach as

3 you have described in relation to the big credit

4 committee?

5 A. Yes, after Mrs Malysheva’s proposal, the board has

6 accepted this proposal.

7 MR JUSTICE HILDYARD: Did you examine the rationale of that

8 proposal? Did you consider what Mrs Malysheva’s

9 reasoning for this making the pledge more secure was?

10 A. We have considered the matter linked to preserving the

11 collateral, and with regard to the creditor, the pledge

12 was preserved. So this site was exactly the same the

13 way the original pledgor had it, the second — the

14 re-pledgor had it in the same way.

15 The financial position of the pledgor was good

16 compared to the Scan position, who was dropping down

17 from average to bad.

18 MR STROILOV: I think the witness is asked to repeat the

19 last sentence, because the interpreters are not up to

20 speed, so if you could please repeat your last sentence,

21 Mrs Volodina.

22 A. The financial position of the pledgor, the initial

23 pledgor, was not falling within the standards in order

24 to discount the reserves, and the financial status of

25 the new pledgors, SKIF and Naziya, allowed to discount

22 :1 the reserves for the Bank’s — their crude reserves.
2 This improved the situation with regard to the

3 Bank’s reserves.

4 Q. Right. Do you remember the subsequent — I beg your

5 pardon, it seems that something is wrong with the

6 translation. I have Russian in my headphones.

7 MR JUSTICE HILDYARD: Yes, I had it as well.

8 MR STROILOV: Let me start again. Do you recall the big

9 credit committee giving consent to subsequent —

10 (Pause).

11 Should I start again? (Pause).

12 THE INTERPRETER: Please continue, Mr Stroilov. We have

13 sorted out the technical difficulty.

14 MR STROILOV: Thank you.

15 Do you recall that the Bank gave consent to a lease

16 agreement between Western Terminal and the company

17 called Gunard Enterprises Limited towards the end of

18 2009?

19 A. Yes, I do.

20 Q. And was that also a proposal of Mrs Malysheva?

21 A. I have discussed this matter with Mrs Malysheva.

22 Q. And was that her proposal?

23 A. That was her proposal. As she put it to me, in order to

24 protect the assets, she explained to me that that

25 agreement, that lease agreement, was done because Gunard

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Bank St Petersburg v Vitaly Day 8

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23 :1 is one of the Renord Group companies, and that loan
2 agreement could be terminated at any point in time.

3 Thus we thought that that agreement was for — that

4 could be terminated at any time, until needed. That was

5 until it was required.

6 Q. Could we look at the actual lease agreement? That will

7 be at {D128/2060/1}, and then I think the Russian

8 version is at {D128/2060/4} of the same.

9 So you will see in clause 1.1, Mrs Volodina, that

10 this relates to all the real estate at Western Terminal,

11 doesn’t it?

12 A. Yes.

13 Q. And then in clause 1.3 you will see that the term of

14 the lease is 49 years from the state registration?

15 A. Yes, I can see that.

16 Q. And then in clause 2.1.1, you see that the property is

17 to be transferred to the lessee no later than in three

18 days from the date of this agreement.

19 A. Yes, I can see that.

20 Q. And the date of the agreement, as you can see at the top

21 of this page, is 20 August 2009.

22 A. Yes, I can see that.

23 Q. And if we could scroll down one page on each screen.

24 {D128/2060/2}, {D128/2060/5}. In clause 3.1 you can see

25 that the lease payments are $20,000 per month.

24 :1 A. Yes, I can see that.
2 Q. And in clause 3.3, you can see that the rent is payable

3 not later than the last day of the term under this

4 agreement. So in the end of 49 years the entire

5 accumulated sum is to be paid, but not before; is that

6 right?

7 A. Yes, I can see that.

8 Q. And then you can see in clause 5.2, a provision for

9 continuation of this agreement after the expiry of

10 the lease, provided both parties don’t object to that?

11 A. Yes, I can see that.

12 Q. Now, Mrs Volodina, weren’t you concerned at the time

13 that the terms were uncommercial?

14 A. Yes, the terms were uncommercial. I was concerned about

15 that prior to the BKK meeting. I called Mrs Malysheva

16 and discussed with her this very matter, and she

17 explained to me that this transaction is carried out in

18 order to protect the asset, and she also said that this

19 agreement, due to the fact that Gunard is an entity

20 which is part of the Renord Group, this lease agreement

21 can be terminated at any time and, moreover, the

22 encumbrance is deemed legal only when the lease

23 agreement is registered in the authority that is

24 authorised to register it. Only then it becomes

25 binding, acquires legal force, and this lease agreement

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25 :1 was not registered and, accordingly, it did not come
2 into force, ie, there was no encumbrance.

3 Q. Now, but obviously the plan was to create

4 an encumbrance, wasn’t it?

5 A. As Ms Malysheva explained to me, yes.

6 Q. And wouldn’t you agree that this encumbrance would

7 dramatically reduce the market value of the pledge?

8 A. I agree with you. Considering if the object is sold, if

9 the object were to be sold, it would reduce its market

10 value, in the event if the lease agreement were to be

11 registered.

12 Q. Now, I think what you have said slightly earlier

13 suggests that you were satisfied that should the Bank

14 give instruction to Renord to terminate the agreement,

15 you had no doubt that Renord would do so?

16 A. I did not say that the Bank would give instructions.

17 I said that Ms Malysheva told me that this agreement

18 could have been terminated at any time, because the

19 company was part of Renord Group.

20 Q. Well, what I mean — let me start again. Well, did she

21 suggest to you that it was up to Renord to continue to

22 use this agreement, to go ahead with it, or to terminate

23 it, or did she suggest it was up to the Bank?

24 A. She told me that this agreement could have been

25 terminated at any time.

26 :1 Q. Whose decision would that be to terminate it?
2 A. To me it sufficed what she told me.

3 Q. But Mrs Volodina, any agreement can be terminated at any

4 time that the parties agree, and if it is — if both

5 parties are controlled by the same entity, if that

6 entity decides, well, surely your concern would be that

7 it has to be terminated if the Bank says so. Isn’t that

8 right?

9 A. It was enough for me that Mrs Malysheva told me.

10 I trusted her. I cannot not trust her.

11 MR LORD: My Lord, I’m sorry to interrupt, but the witness

12 should be shown the terms of the lease.

13 MR JUSTICE HILDYARD: Do you mean the last bit of 5.2?

14 MR LORD: Yes.

15 MR JUSTICE HILDYARD: I mean, he has inferentially dealt

16 with it.

17 MR LORD: He has inferentially, but it has been put there is

18 no basis in this agreement. I am not going to interrupt

19 again, but …

20 MR JUSTICE HILDYARD: Well, you had better show the witness

21 5.2.

22 MR STROILOV: I think I did.

23 MR JUSTICE HILDYARD: But you didn’t do the last sentence,

24 which provides for termination on three months’ notice.

25 MR STROILOV: Yes. Mrs Volodina, I’m sorry about that,

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27 :1 I thought you had read it. If you could read the last
2 sentence of clause 5.2 of the lease. (Pause).

3 A. The thing is, I don’t know what are the articles of 619

4 and 620 of the Civil Code of the Russian Federation.

5 I know that this agreement did not come into legal force

6 and, therefore, there was no encumbrance.

7 MR JUSTICE HILDYARD: I think you are explaining that it

8 didn’t come into legal force because it wasn’t

9 registered.

10 A. Yes, my Lord.

11 MR JUSTICE HILDYARD: But otherwise it was complete and

12 legally effective, subject only to registration. Could

13 Gunard have unilaterally obtained registration?

14 A. Not without the Bank’s consent. That would have been

15 unlikely.

16 MR STROILOV: My Lord, should I …?

17 When you say it would have been unlikely without the

18 Bank’s consent, do you mean there was any formal

19 requirement for the Bank’s consent to registration, or

20 do you mean it is simply how it then —

21 A. Yes, yes, I signed an official letter with regard to

22 the Bank’s consent to registration.

23 Q. So, in fact, it was — well, subsequently, presumably,

24 Renord and Mrs Malysheva agreed not to register the

25 lease, despite the Bank giving consent to it.

28 :1 A. Apparently so, but I do not know the history of
2 negotiation between Mrs Malysheva and Renord.

3 Q. Thank you.

4 MR JUSTICE HILDYARD: I’m sorry, I’m sorry to interrupt, but

5 I am not sure I fully understand. The official letter

6 that you signed related to this particular lease, did

7 it?

8 A. Yes, my Lord.

9 MR JUSTICE HILDYARD: And it gave the Bank’s consent in

10 advance, did it?

11 A. Yes.

12 MR JUSTICE HILDYARD: Thank you.

13 A. But the agreement was not registered — I’m sorry to

14 reiterate again — therefore, the encumbrance did not

15 occur.

16 MR STROILOV: If we could have a look at {D134/2207/0.1},

17 and then I think as per usual, 0.1 is the English

18 version, and {D134/2207/1} is the Russian version.

19 Is that the consent letter you were referring to?

20 A. Yes.

21 Q. And that is consent to registration of the lease as

22 opposed to consent to the lease agreement; is that

23 right?

24 A. That is consent to enter into a lease agreement and to

25 register it with the state, to state registration

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29 :1 thereof.
2 Q. So as far as you are aware, having this letter and

3 having the lease agreement, Renord was free to go and

4 register the lease. There would be no obstacles to

5 that?

6 A. That’s right, there would have been no obstacles to

7 that.

8 Q. And I think it is right, isn’t it, I don’t think there

9 is a date on this letter, but that was towards the end

10 of November 2009, isn’t it?

11 A. I cannot see the dates so I would not be able to say.

12 Apparently that must have been after the decision has

13 been made.

14 Q. Yes. So just so that we are clear on dates, if we could

15 look at {D134/2202.1/0.1} and, once again,

16 {D134/2202.1/1} on the other screen. If we could scroll

17 down both pages. {D134/2202.1/0.3} {D134/2202.1/3}. So

18 that is the relevant decision of the big credit

19 committee, isn’t it, Ms Volodina?

20 A. I would think so, yes. Yes.

21 Q. So that really relates to the same contract.

22 If you now could scroll up both screens just one

23 page.

24 So, as you can see — I think there is a mistake in

25 translation. The Russian version is dated 23 November,

30 :1 isn’t it? {D134/2202.1/0.1}, {D134/2202.1/1}.
2 A. Yes, it says the 23rd in Russian.

3 Q. So I hope someone is taking a note that the English

4 translation is incorrect, just for the sake of good

5 order.

6 Presumably, Mrs Volodina, this suggests that the

7 consent was given shortly after that date?

8 A. I would not rule that out.

9 Q. Now, could we please look at {D134/2203/1}, and, once

10 again, {D134/2203/0.1} on the other screen. Do you

11 recall this e-mail, Ms Volodina?

12 A. I do not recall it but I can explain it.

13 Q. Please do, yes.

14 A. It was Investrbank who put this on the agenda of BKK.

15 It was a problem client. It was the client monitoring

16 directorate that was in charge of monitoring the work

17 with them, and it was headed by Kristina Mironova, and

18 so she was dealing with Irina Malysheva, who was

19 supervising that, and she was in charge of the strategy

20 for the work with bad debts and the company that was

21 working with the bad assets was Renord-Invest, and so as

22 a result, as an outcome of the negotiations, and perhaps

23 based on the recommended by lawyers, the term was

24 reduced from 49 years to 30 years.

25 Q. And so minutes of big credit committee were then

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31 :1 substituted?
2 A. I would need to turn this up, sir.

3 Q. Yes, let me show you the minutes.

4 A. You see the consent form, that was the previous

5 document. The consent form referred to 30 years.

6 Q. That’s right, and that’s consistent. I think the lease

7 agreement, as you will recall, refers to 49 years. Then

8 if we look at the big credit committee decision, I hope

9 that’s the right document, {D134/2202.1/1} and

10 {D134/2202.1/0.1}. I beg your pardon. Actually — yes,

11 let’s have that and then once you have that, scroll down

12 one page on each screen, and if you could scroll down.

13 {D134/2202.1/3}, {D134/2202.1/0.3}.

14 So you can see that the term here is 30 years?

15 A. Yes, and the consent is with 30 years so the contract

16 for 49 years would not have been registered if there was

17 a consent for 30 years only. Most likely if the

18 contract was there, it was a contract for 30 years but

19 it was not registered, so the encumbrance did not

20 develop full force and effect. I’m so sorry to be

21 coming back and back to this again.

22 Q. Yes, I’m just trying to understand the chronology of how

23 that worked. So first Mrs Malysheva comes up with this

24 agreement for a 49-year lease. That is considered at

25 the meeting of the big credit committee. The big credit

32 :1 committee agrees to that. Then subsequently
2 Mrs Mironova tells you: I’ve had another word with

3 Renord, for whatever reason they prefer to change this

4 from 49 years to 30 years, can we please change the

5 decision, and there is no problem from your side and it

6 is changed to 30 years; is that how you understand what

7 happened?

8 A. I think so, I just do not recall exactly, not sitting

9 here today.

10 Q. Thank you.

11 So I understand that — all right, I think I will

12 move on.

13 Do you recall the events in connection with the sale

14 of Scandinavia Insurance assets through Russian Auction

15 House around the same time, in October 2009?

16 A. I was not dealing with this matter.

17 Q. If we could have on the screen {D126/2007/1}, and on the

18 other — I beg your pardon. On the other screen

19 {D126/2007/4}: I think the translation is rather

20 imperfect. Well, it’s quite imperfect, actually.

21 Isn’t this an out of court settlement agreement

22 about an extra judicial realisation of the pledge?

23 A. Judging from what it says here, it’s an agreement to

24 enforce a collateral without going to court. Extra

25 judicial enforcement of collateral, yes. That’s what it

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Bank St Petersburg v Vitaly Day 8
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33 :1 says.
2 Q. So that is the agreement between Bank of St Petersburg
3 and Scandinavia Insurance on out of court settlement,
4 isn’t that right?
5 A. I do not recall the circumstances of this, I am afraid.
6 Q. If you could scroll down to pages {D126/2007/3} and
7 {D126/2007/6} respectively. In the addresses and
8 signature section, you will see that you signed it on
9 behalf of the Bank.
10 A. I can see that it does mention my name, patronymic and
11 surname, but I do not see my signature here, because
12 I was the only one who held a power of attorney with
13 respect to all mortgages or pledges of real estate.
14 I had the authority to sign this, however, sitting here
15 today, I do not recall whether I signed this or not.
16 I do not see my signature on this document.
17 Q. I believe it is a question of you not recalling it; it’s
18 not that you deny that you signed it?
19 A. I simply do not recollect this. I may have signed this
20 because, as I said, I was the only one in the Bank who
21 had the power of attorney enabling me to do that.
22 MR STROILOV: Yes. Thank you.
23 My Lord, it may be a good moment for a 10-minute
24 break.
25 MR JUSTICE HILDYARD: Yes. 10 minutes.
34 :1 (11.10 am)
2 (A short break)
3 (11.24 am)

4 MR STROILOV: May it please your Lordship.

5 Could we please call on the screen {D149/2493.1/1},

6 and {D149/2493.1/0.1}.

7 Now, I do apologise for the quality of translation,

8 and perhaps if we could go through the material points

9 with Mrs Volodina, and then it can be translated.

10 That is a decision of the big credit committee,

11 dated 29 August 2011, isn’t it?

12 A. Yes.

13 Q. And that is a decision to provide the Bank’s consent for

14 enforcement against the property pledged to the Bank,

15 enforcement which takes place in different proceedings,

16 isn’t that right?

17 A. Correct.

18 Q. And do you recall the decision, Ms Volodina?

19 A. I took part in this meeting, I can see my name here, but

20 I do not recall this decision.

21 I would like to invite your attention, my Lord, is

22 that Konstantin Balandin was the chairman of the credit

23 committee. It was not me, it was Mr Balandin.

24 Q. But obviously you participated in the meeting, didn’t

25 you?

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35 :1 A. Yes, I did.
2 Q. Do you have any recollection of that decision, you,

3 personally?

4 A. No, I cannot recollect this. Can I just add a couple of

5 words? As of December 2010, I was no longer in charge

6 of the loan directorates. It was Mr Balandin,

7 Konstantin Balandin who was in charge of loan risks.

8 I did take part in the meeting but I do not recall this

9 resolution, this decision.

10 Q. And so you wouldn’t know why the Bank’s consent was

11 required and what it is all about; do you have any

12 recollection of that?

13 A. I am afraid not.

14 Q. Just while we are looking at the document, you can see

15 that there is a non voting member at the board,

16 Mr Evgeny Kolpachkov, whose name, I am afraid, again got

17 translated in the English version, it is actually Mr

18 Evgeny Kolpachkov. Can you explain who he is and why he

19 was participating in a non-voting role?

20 A. Evgeny Kolpachkov is the deputy director of the client

21 monitoring department. The board, the management board,

22 decided that the client directorate should be part of

23 the large credit committee because they work with

24 problem debts, but he was a non-voting member because he

25 did not take part in the decision-making process; he was

36 :1 just attending the meeting. He was physically present
2 there.

3 Q. Yes. Thank you. Just while we are on that subject,

4 I understand that it was Ms Mironova who was the

5 director of client monitoring directorate at that time?

6 A. I think that on 29 August that was the case, yes.

7 Q. And what was the role of Mrs Malysheva in relation to

8 client monitoring directorate?

9 A. On 1 December 2010, Mrs Malysheva became responsible for

10 three directorates: legal directorate general counsel,

11 security department and client monitoring department, so

12 that was a block, as it were, that was a set of

13 departments that worked with bad debts, or problem

14 debts.

15 Q. Yes. Thank you.

16 Just about this decision, let me try and explain the

17 background in the hope it may refresh your

18 recollections.

19 This relates to a claim from Renord company — by

20 a Renord company called Sevzapalians, which was at that

21 time holding the shares of Western Terminal and that was

22 a claim against Western Terminal, so against its own

23 subsidiary in a way, and under that claim there was

24 a writ of execution, and Sevzapalians, or rather Renord,

25 requested the Bank’s consent to that execution; does

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37 :1 that ring any bells?
2 A. I am afraid there is a disconnect between what we see

3 here and what you just explained. The lists — the

4 consent form is with respect to the enforcement, and

5 this is part of the Banking regulations. But what you

6 have just set out is not part of this document,

7 therefore it does not jog my recollection.

8 Q. If we could, very briefly, while we are talking about

9 this decision, I want to ask an administrative question,

10 really, about what documents mean.

11 If we could have on the screen {D150/2495.1/1} and

12 {D150/2495.1/0.1}: so that is the same decision, but

13 this time by the management board. I think the

14 substance is the same. What I wanted to ask you about,

15 I’m not sure it’s reflected in the English version, but

16 you can see in the Russian version, in the upper table,

17 in point 2, that originally the draft was to instruct

18 Mr Savelyev to sign the documents, and then you see

19 a handwritten correction with the name of Mr Savelyev

20 crossed out and the name of Mrs Malysheva substituted.

21 Do you recall why it was done, or can you, really

22 from your experience of these meetings, suggest why it

23 may have been done?

24 A. I do not recall how it was done, naturally so because

25 there were many decisions taken over that period of

38 :1 time, but I understand the logic of this decision, since
2 Mrs Malysheva was looking after the department working

3 with bad debts, and naturally having this power of

4 attorney, it would have been more logical for her to

5 sign the necessary documents. Therefore, the secretary

6 of the board, Mr Petrov, as far as I understand —

7 that’s his signature — he made the appropriate

8 amendments.

9 Q. Thank you. Could we now have a look at

10 {D159/2682.2/0.2}, and on the other screen

11 {D159/2682.2/2} sorry, I think my system has some

12 irregularity.

13 A. I haven’t got the document yet either.

14 Q. Yes, then could we have page 1 on one screen and

15 page 0.1 on the other, just as a wild guess

16 {D159/2682.2/01} and {D159/2682.2/1}. So that is

17 another minutes of the big credit committee. That’s

18 dated 28 May 2012. Once again, I apologise to the court

19 for the quality of the translation.

20 If we could scroll down both versions. Don’t scroll

21 down in the English version yet {D159/2682.2/3}.

22 Mrs Volodina, if you can see at the bottom of the page

23 you have on the screen the heading of the issue of

24 the item on the agenda, and if you could perhaps read it

25 out in Russian so that my Lord knows what it is, because

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39 :1 the English version is very confusing.
2 A. About providing the Bank’s consent to realise the

3 collateral with preserving the encumbrance by the Bank

4 under the obligations of OOO Vyborg Shipping Company.

5 Q. And then if you could read the last line, the name of

6 the speaker, or the reporter.

7 A. EM Kolpachkov.

8 Q. Yes, so that’s deputy director of client monitoring

9 directorate. Could we scroll down in the Russian

10 version again.

11 As you can see, Mrs Volodina, that is the decision

12 to provide consent for the sale of Western Terminal

13 assets pledged to the Bank from a company called

14 Nefte-Oil to a company called VECTOR Invest; is that

15 right?

16 A. Yes, and my signature is here.

17 Q. And do you recall that decision by the committee?

18 {D159/2682.2/5}

19 A. I do not recall it. However, I could clarify —

20 Q. Yes.

21 A. — that in accordance with the Central Bank instructions

22 in place, such consent had to be passed as BKK and the

23 Bank’s board, sale of the assets has to be done without

24 any breach of the creditor’s rights with the encumbrance

25 being preserved.

40 :1 Q. Well, were you aware of the fact that Nefte-Oil is one
2 of the companies in Renord Group?

3 A. Now I do not recall, but I can surmise that that could

4 have taken place.

5 Q. And were you aware of the fact that VECTOR Invest was

6 another company in the Renord Group?

7 A. Now I do not recall, but I surmise that that could have

8 taken place.

9 Q. And is it right to assume that at that stage, these kind

10 of decisions and whatever operations(?) with OMG assets,

11 they are still in the hands of Mrs Malysheva?

12 A. Working with bad debts, that was something that

13 Malysheva’s department was in charge of, therefore the

14 strategy with working with bad debtors was also

15 determined by Mrs Malysheva, and it is logical that that

16 matter would be tabled at the BKK by the deputy director

17 of the client monitoring agency, Mr EM Kolpachkov.

18 Q. Thank you. Now, if we can — I beg your pardon,

19 my Lord. I am not sure it is in the bundle, so perhaps

20 the best thing to do is simply to — at any rate, we

21 have obtained a decent translation of the document, so

22 that may be of some assistance. (Pause).

23 I beg your pardon for the delay, I just want to

24 cross-reference everything to everything. I just hope

25 to find the document in the bundle rather than have to

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41 :1 hand it up. (Pause).
2 Now, if we could please have on the screen

3 {D148/2466.5/0.1}, {D148/2466.5/1}. I think there is

4 a proper translation of that here. Let me just check.

5 Yes, if I could hand this up. (Handed).

6 I don’t know if — Mrs Volodina, are you confident

7 in the English version, I am afraid I am one copy short,

8 so I think one has to go to the translators, I am told.

9 A. Thank you, sir. I’ve been given the document.

10 Q. Thank you. Do you recall that decision? I think it has

11 been taken by — you must have participated in that

12 three times as part of the big credit committee, as part

13 of the assets and liabilities management committee, and

14 as a member of the management board, but it is,

15 essentially —

16 A. I’m very sorry, sir, I don’t even see my surname in this

17 document.

18 Q. Yes, I see it is not there, sorry.

19 Do you recall the essence of the decision? I will

20 find another one where the — I think the board

21 decision. Let’s try the board decision. I really

22 apologise.

23 If we could … I beg your pardon. (Pause).

24 If we could then have document {D148/2466.2/1}

25 something is wrong with my system, I think it will be

42 :1 page 1, but I am not sure. (Pause).
2 Yes, then I think {D148/2466.2/0.1} on the other

3 screen, if I may, and I also have the approval sheet in

4 Russian and in English versions in hard copies. I am

5 sorry for this chaos. So perhaps there is a rather

6 complex system, because I think my learned friends need

7 only the English version. (Handed).

8 I am one copy short, so that is for my learned

9 friends, that is for the witness. I think I can give

10 the English and Russian version to the learned judge for

11 the sake of … and perhaps, my Lord, you don’t need the

12 Russian version; should I give it to my learned friends

13 so that they can take care of the bundle?

14 MR JUSTICE HILDYARD: Sure.

15 MR STROILOV: I don’t give the English version to my Lord,

16 and both versions to the translators. (Handed).

17 It’s not the same document but it is a related

18 document, so what you have in the paper version is the

19 approval sheet on that decision, and what you have on

20 the screen are the minutes of the meeting, and I think

21 you are there. So the decision was on the assignment of

22 the creditors’ rights under one of the loan agreements

23 to a company called Mercury LLC; do you recall anything

24 about that decision?

25 A. I do not recall it, but I will be able to explain why

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43 :1 this was done.
2 Q. Yes, perhaps if you have any knowledge of that, yes,

3 please explain.

4 A. In this particular case it is about the reassignment of

5 the rights to claim, and under the Russian standards,

6 means restructuring. Accordingly, all the decisions of

7 such nature have to be passed at the board at the big

8 credit committee.

9 Q. But do you remember anything about the rationale for

10 this decision?

11 A. The main motivation in case of reassignment is to reduce

12 the reserve requirements, because we are talking about

13 novation, and therefore reserves are decreased, as it

14 seems to me.

15 Q. Yes. You see, Mrs Volodina, well it seems — actually,

16 at that time, Mercury LLC was holding the pledge, so

17 actually you sold the creditor’s right to Mercury LLC,

18 whereby Mercury became both the pledgor and the pledgee,

19 if that makes sense?

20 A. I do not recall that decision.

21 Q. All right, thank you.

22 If I may ask one more question in case it really

23 stirs some recollections, you can see in 23.2.1 that the

24 price of that was established as 12 — I am not sure.

25 Is it 12 …?

44 :1 A. 12,695.4.
2 Q. So is it 12.5 million roubles, roughly? Is that how you

3 understand it?

4 A. This is what it says here.

5 Q. Yes, I just want to establish, that it seems to be in

6 millions rather than billions; is that your

7 understanding?

8 A. If I understand correctly, yes, but there wasn’t such

9 an indebtedness of 12 billion.

10 Q. Yes. So I understand that this sum is significantly

11 lower than the valuations of assets at which the assets

12 were pledged; do you recall anything about why it could

13 have been sold at such a prima facie undervalue?

14 A. I do not recall this decision, but I would be able to

15 clarify that most likely there was a valuation there.

16 Either the market valuation was sufficiently low, or

17 there was a buyer which was prepared to buy only at that

18 particular price.

19 Q. Mrs Volodina, if you could help a little further from

20 your general knowledge. Aren’t you supposed, as

21 a general rule, to realise the pledge with proper

22 marketing at a public auction so that to put whatever

23 assumptions are made about the market price to the test;

24 isn’t that the normal procedure?

25 A. I was not involved in realising the pledged assets,

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45 :1 another department was dealing with that, however, I was
2 involved in selling the Bank assets when I was acting

3 as — when I was an operating director. The sale of

4 collateral is not always done at an auction. There

5 could be a direct sale if there is a buyer, and it’s

6 done under a sale and purchase agreement. In this

7 specific case I do not recall how the decision was made,

8 but I can repeat my explanation that possibly there was

9 a valuation or there was a buyer that was prepared to

10 buy at that particular price.

11 Q. Thank you. Were you aware that Mercury is one of

12 the companies in Renord Group?

13 A. Unfortunately I do not know all the Renord Group

14 companies, but I can surmise that it could have been the

15 case.

16 Q. Could we have on the screen {D160/2705.2/0.1} and

17 {D160/2705.2/1}. These are — I am sorry, my Lord,

18 I keep apologising for the poor translation. So these

19 are the minutes of a meeting of the big credit committee

20 on 13 August 2012, aren’t they?

21 A. Yes.

22 Q. And so you are recorded as being present, and if we

23 could scroll down the Russian version — I beg your

24 pardon, I think it is not — sorry, it is not quite the

25 substantive decision. Let me …

46 :1 I think it is better to look at the management board
2 decision, actually. Yes, Mrs Volodina was there, on the

3 face of the document.

4 Could we have on the screen {D160/2707.2/1}, and

5 {D160/2702.2/0.1}. So that these are the minutes of

6 the management board meeting on 15 August 2012. If we

7 could scroll down the Russian version, and you will see

8 that the item on the agenda was about concluding

9 a settlement agreement with VECTOR Invest, and

10 Mr Kolpachkov was reporting; is that correct,

11 Ms Volodina?

12 A. Yes.

13 Q. I am saying it just for the transcript, because I am

14 afraid we have a bit of chaos with the translations.

15 Can this be scrolled down two pages further, I think.

16 {D160/2707.2/4}. Thank you. Here is the substance of

17 the decision and let me look at what is happening with

18 the English version. Yes, I think we are still on the

19 first page of the English version. {D160/2707.2/0.1}

20 Ms Volodina, do you recall that management board

21 decision?

22 A. I was participating in the board meeting but I do not

23 recall this decision. I understand why Mr Kolpachkov,

24 EO, was making the decision. Obviously Mrs Mironova

25 must have been away on leave. It is logical that the

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47 :1 head of department working with bad debts within the
2 strategy approved would table this question at the board

3 meeting of the Bank.

4 Q. Right. Well, do you recall, if nothing else, from the

5 previous decision, that VECTOR Invest was a Renord

6 company to which Western Terminal assets were sold, or

7 transferred some time previously; is that correct, to

8 your knowledge?

9 A. It seems to me that you have asked me already about

10 VECTOR Invest. I cannot recall all the companies which

11 are within the Renord Group, but I quite can surmise

12 that VECTOR Invest was part of that group of companies.

13 Q. Yes, and you can see that the terms of

14 the settlement agreement were that the VECTOR Invest

15 would pay the bank 1 billion — well, just under

16 1.210 billion roubles in relation to — and in

17 consideration of that the pledge would go. So,

18 effectively, VECTOR Invest would be buying your pledge

19 rights, as in the Mercury decision we looked at

20 previously, VECTOR Invest would effectively buy the

21 rights of the pledgee from the Bank for this sum; is

22 that your understanding of the effect of that decision?

23 A. This is — I understand, and I understand that was done,

24 at the pledge value. Correct. That’s what it says

25 here.

48 :1 Q. That’s right. This sum I think is pretty much — I will
2 be corrected if I am wrong, but I think that’s exactly

3 the sum of the outstanding loan under which it has been

4 pledged. That’s very close. So the entire loan would

5 be paid by VECTOR Invest who would then have

6 an unencumbered pledge to dispose of.

7 A. I do not recall this decision. However, the board has

8 accepted it, has passed it, and Mr Kolpachkov was

9 putting the issue on the agenda because he was deputy

10 director of the directorate working with bad debts. So

11 the logic of making that decision is here.

12 MR LORD: Sorry, my Lord. Mr Stroilov invited correction if

13 he wasn’t right about that assumption. My understanding

14 is that that value, the 1.2 billion roubles, is drawn

15 from the agreed value under the original pledge. That’s

16 {D55/951/7}, paragraph 2.2.

17 MR STROILOV: Could we have that on the screen so that

18 I could …

19 MR LORD: Does your Lordship see paragraph 2.2?

20 MR JUSTICE HILDYARD: Yes.

21 MR LORD: So this is the original pledge of the Western

22 Terminal assets, and the parties seem to have agreed in

23 that document what value to assign to the pledged

24 collateral which, to my understanding, is what informs

25 this figure now.

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Bank St Petersburg v Vitaly Day 8

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49 :1 MR STROILOV: I’m grateful. Yes, I got that wrong.
2 Did you catch that, Ms Volodina?

3 A. Yes.

4 Q. So does that seem logical to you, to have this kind of

5 agreement with the pledgor?

6 A. It seems to me logical that such decisions have to be

7 passed at the bank’s board meetings.

8 Q. Right, but you don’t recall anything about the

9 substance, do you?

10 A. No, I do not. I didn’t work with bad debts.

11 Q. Right. I think just for completeness, I have to mention

12 that, in fact that agreement was not implemented, and

13 subsequently the Bank sued VECTOR Invest in court, and

14 pursuant to that lawsuit, there was a sale at a public

15 auction, and that was for a considerably smaller price.

16 That doesn’t ring any bells with you, does it,

17 Mrs Volodina? There was an auction sale, pursuant to

18 the Bank’s claim against VECTOR Invest, a company called

19 Kontor?

20 A. I do not recall it, but I assume, I surmise, that the

21 public auction will show the market value of the asset

22 if there was an additional valuation as well.

23 Q. But you were not involved personally, were you?

24 A. Of course not.

25 Q. Now, Mrs Volodina, let me pass on to a different

50 :1 subject, as I said, to the events of 2008, and we go
2 back in time to December 2008. I am just trying to

3 understand the chronology of events. The meeting

4 between Mr Savelyev and Mr Arkhangelsky, part of which

5 you witnessed, took place on 25 December, didn’t it?

6 A. It was at the end of December, correct.

7 Q. Do you know anything about the memorandum being signed

8 between Mr Savelyev and Mr Arkhangelsky? You could call

9 it on the screen. That will be {D107/1537/1}. That’s

10 the English version. I think the Russian version will

11 be two pages down, from memory {D107/1537/3}, if we

12 could have it on the other screen. Have you seen that

13 document?

14 A. I have heard people speak about this. I think it was

15 either Kristina Mironova or Mrs Malysheva who mentioned

16 this to me, and I may have seen this at some point in

17 time. But it was definitely not on 30 December.

18 Q. It was at some later point, wasn’t it?

19 A. It was at some later point in time, yes. I did not take

20 part in the drawing up of this document, but I’m aware

21 of this.

22 Q. So that was in early January at some point, wasn’t it?

23 A. I am not sure about the exact date, but I do know that

24 it was either Kristina Mironova or Mrs Malysheva who

25 mentioned this to me.

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Bank St Petersburg v Vitaly Day 8

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51 :1 Now, with respect to the dates, it was either
2 in January or in February.

3 Q. Right. And is it also the case that various terms of

4 the addenda to the loan agreements, which are variously

5 dated 29 and 30 December, were, in fact, agreed and

6 formalised in documents during January or February;

7 isn’t that also right?

8 A. Sorry, what are the decisions that you are referring to?

9 Could you please be more specific?

10 Q. I beg your pardon, it is my fault. There have been

11 certain additional agreements to the respective loan

12 agreements with corporate borrowers concluded at that

13 time, for example, some additional agreement between the

14 Bank and Vyborg Shipping and another additional

15 agreement between the Bank and PetroLes, and so on.

16 A. I understand the gist of your question, sir. On

17 25 December I was invited to attend a meeting in

18 the offices of Mr Savelyev, Mr Arkhangelsky attended

19 that meeting, his finance representative was there.

20 I think Kristina Mironova was there, and Vladislav Guz

21 was there.

22 I was invited to attend that meeting in order to

23 explain the reserves or the provisions that the Bank

24 would have to put in place in case the interest payments

25 were to be restructured.

52 :1 I explained to Mr Savelyev, and there was
2 an attendance, that this restructuring was possible, it

3 was allowable within the existing maturity dates, with

4 respect to the relevant loans.

5 Q. And was that because if you extended — an extension of

6 maturity dates would entail increase in the reserves; is

7 that correct?

8 A. Yes, if you extend it beyond the contractual maturity,

9 you have to restructure, ie you have to increase the

10 provisions or reserves, as we call them. At that

11 meeting, the details were not discussed. The mechanism

12 was agreed between us and Kristina Mironova.

13 Now, after that the interest for PetroLes was

14 restructured until 5 and 26 March after the termination

15 of the contract with respect to the Vyborg Shipping

16 Company, 26 March and 24 April — I may be wrong with

17 the dates — consequently that was extended until June

18 for Onega — for the Onega contract it was a six months

19 extension for Arkhangelsky, it was an extension for one

20 year. The forms of loans were changed.

21 THE INTERPRETER: My Lord, I am asking her to go slower,

22 please.

23 A. So Mr Arkhangelsky’s personal loan was extended by one

24 year. The credit facility, instead of the overdraft,

25 was extended for a year, and the promissory note, that

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Bank St Petersburg v Vitaly Day 8

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53 :1 was also extended by one year.
2 Are you asking about those additional agreements,

3 those addenda? Was your question about that?

4 MR STROILOV: Well, with respect, that’s a very impressive

5 answer. I thought I would have to ask about 50

6 questions before you gave this many answers on that.

7 I wonder, if, perhaps, my Lord — I am sorry to ask

8 for this indulgence again — I would like to read the

9 transcript and see if I have any further questions on

10 that. It might be — I wonder if it might be a better

11 idea to have a short adjournment now and start shortly

12 after 1.00 pm, or I could do with a 10 or 15-minute

13 break and then we continue and have a slightly later

14 luncheon adjournment.

15 MR JUSTICE HILDYARD: Mr Lord, do you have any observations?

16 MR LORD: I am entirely in your Lordship’s hands. My Lord,

17 save that I am assuming that we are making pretty good

18 progress, we are not losing overall too much time in

19 the day and if we might finish today with this witness,

20 these mini breaks are not going to jeopardise that.

21 MR JUSTICE HILDYARD: How are we doing, Mr Stroilov?

22 MR STROILOV: I think there is a good hope of finishing

23 before 4.00. I think if we break now that will actually

24 increase efficiency, because many of the questions will

25 need to go. I am not promising to finish by 4.00, but

54 :1 I am still hoping to do that.
2 MR JUSTICE HILDYARD: So your preference is for us to

3 adjourn now until about 1.00 pm, is it, or 1.05, taking

4 an early lunch, and then have the three hours or so?

5 MR STROILOV: I think that would be sensible, from my point

6 of view.

7 MR JUSTICE HILDYARD: That’s better than breaking now for

8 about quarter of an hour and keeping broadly to

9 the usual pattern of the day?

10 MR STROILOV: Yes, I don’t want, really, an extra break,

11 I just want an earlier break.

12 MR JUSTICE HILDYARD: All right, we will break now and come

13 back at 1.05 pm, and we probably will have to have

14 a small break, because three hours is, I think, rather

15 gruesome for the transcribers, but we very much hope,

16 and you see no reason why we shouldn’t finish today.

17 MR STROILOV: I do hope so. It may be as usual there are

18 unexpected turns in cross-examination but I think so far

19 it has been to the better —

20 MR JUSTICE HILDYARD: Presently you can see we ought to

21 finish today. I think I mentioned yesterday I must

22 leave just before 4.00 pm because I need to get to

23 an appointment.

24 MR STROILOV: I keep that in mind.

25 MR LORD: And there’s just the timetabling, really, my Lord,

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Bank St Petersburg v Vitaly Day 8

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55 :1 in terms of the things that might need a few minutes.
2 We did serve another version of the timetable.

3 MR JUSTICE HILDYARD: Yes.

4 MR LORD: It has Ms Stalevskaya coming on Friday. Obviously

5 some timetabling might have to be done fairly quickly,

6 but I’m conscious we don’t want to move the court to sit

7 tomorrow just for that. Hopefully there will be 15

8 minutes —

9 MR JUSTICE HILDYARD: We will start at 1.00 to give us

10 a little bit of time for breaks in between. 1.00. You

11 must not discuss this case with anybody during the time

12 of the short adjournment.

13 (12.10 pm)
14 (The Luncheon Adjournment)
15 (1.00 pm)

16 MR STROILOV: May it please your Lordship.

17 MR JUSTICE HILDYARD: Good afternoon.

18 MR STROILOV: Mrs Volodina, I think I would like to ask you

19 some questions about the terms of the restructuring,

20 I believe towards the end of December. Before that

21 I want to understand the chronology of events.

22 MR JUSTICE HILDYARD: I think we are hearing the Russian

23 rather than you.

24 THE INTERPRETER: My Lord, my apologies, we have switched

25 the channels.

56 :1 MR STROILOV: I think the interpreters have indicated that
2 they have now sorted this out.

3 MR JUSTICE HILDYARD: Okay.

4 MR STROILOV: Was it just after the meeting that you and

5 Ms Mironova were working on the exact terms of

6 the restructuring?

7 A. Yes, the meeting of 25 December. Yes.

8 Q. And after that, in the evening of the same day, and

9 possibly in the next few days, you and Ms Mironova were

10 sorting that out; is that correct?

11 A. Yes.

12 Q. And then the formal additional agreements to the loan

13 agreements were prepared in January and backdated by 29

14 or 30 December; is that correct?

15 A. The decision was made, as far as I recall, using the

16 sheet of voting on the 22nd on the BKK, on the — so

17 22nd, if 22nd was a Monday, that was BKK. On

18 23 December, if it was a Tuesday, it was ALMCO, and on

19 24 December, if it was a Wednesday, the decision was

20 made by the board.

21 Q. Well in fact the decisions were approved after the

22 meeting and the date was slightly earlier, isn’t that

23 correct? The dates, they were backdated, isn’t that

24 right?

25 A. According to the procedure in force, it is allowed to

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Bank St Petersburg v Vitaly Day 8

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57 :1 sign using the sheet of signatures if the decision has

2 been made by BKK, by ALMCO, and the board, and decisions
3 were signed using this sheet of signatures after having

4 discussed them between myself and Kristina Mironova with

5 regard to the terms of restructuring.

6 Q. Yes. So these decisions were, in fact, made one of

7 the days after 25 December. But they were backdated to

8 22 or 24 December respectively; is that correct?

9 A. Because based on the terms of existing loan agreements,

10 both the standard one and with regard to the client, the

11 interest is paid from the 20th of the previous month to

12 the 21st of the current month. Given that the debt is

13 being paid off by 27 December, on 28 December should the

14 client not pay, we have arrears, and therefore all

15 additional agreements had to be signed prior to

16 27 December.

17 Q. That’s right. What I’m trying to ask you is that — let

18 me split it in two. The additional agreements, they had

19 to be dated still in December, but in fact they were

20 prepared and signed later, in January, and then

21 backdated; is that correct?

22 A. As of today, I do not recall exactly how it happened.

23 Q. Now, as regards the board decisions and the committee

24 decisions. In fact, the decisions were taken some days

25 after 25 December, but then they were backdated to

58 :1 the dates before 25 December respectively; is that
2 correct?

3 A. The decisions were dated by the date of the meeting,

4 using the signature sheet. If it were a Monday, of

5 the 22nd, then it would have been the 23rd and the 24th

6 and, accordingly, they were signed on the date which

7 followed 21 December — I’m sorry, 25 December.

8 Q. Mrs Volodina, what I am asking you, in fact, the

9 decisions were agreed at a later date than the date we

10 see on the face of the decision; isn’t that right?

11 A. The date that’s stated in the decisions of the bodies

12 making these decisions; do you mean the board and the

13 BKK, sir? Could you please clarify?

14 Q. That’s right. Well, we see the date is as you said.

15 I am not sure whether you or I are mistaken, but the BKK

16 decision is dated 22 February, the board decision is

17 dated 24 December, but — I’m sorry, let me start again.

18 A. 22 December, on 23 December and 24 December.

19 Q. That’s right.

20 A. However, they were signed after 25 December after the

21 meeting with Mr Savelyev.

22 Q. That’s right, thank you, and after your discussions with

23 Ms Mironova; is that right?

24 A. Yes.

25 Q. All right.

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Bank St Petersburg v Vitaly Day 8

Arkhangelsky [Master]

59 :1 I wouldn’t want to go through each individual loan,
2 so perhaps it will be quicker if I just ask you this: do

3 you accept that in relation to loans which expired after

4 the end of June 2009, interest was rolled up to the end

5 of June 2009?

6 A. Yes. With regard to loans, if my memory doesn’t fail

7 me, relating to Onega, and one Vyborg Shipping Company

8 loan.

9 Q. I think there was also, if we could perhaps look at the

10 decision at {D105/1479.4/0.1}, and {D105/1479.4/1} on

11 the other screen.

12 So this seems to be a decision to roll up interest

13 in a similar way in relation to the loan — one of

14 the loans to LPK Scandinavia, the loan agreement ending

15 852? That was also part of that restructuring, wasn’t

16 it?

17 A. That is the guarantee agreement.

18 Q. I don’t think so. It looks — it refers to the loan

19 agreement; are you looking at the same document?

20 Perhaps if you could look at the screen. Is that the

21 same document you are looking at?

22 A. I have additional agreements on my — oh, sorry, I’ve

23 got the approvals sheet and I have the different

24 document in front of me. We will sort it out in

25 a minute.

60 :1 Yes, that is correct, the 28th.
2 Q. Right. Then do you accept that on some of the loans,

3 capital repayments were also postponed till the end

4 of June or after?

5 A. No.

6 Q. Let me take it in stages. You do accept that the

7 restructuring included postponement of some of

8 the capital repayments, don’t you?

9 A. Yes, I do.

10 Q. Yes. So if we could call on the screen {D106/1493/1},

11 and on the other screen {D106/1493/3}. That is

12 an additional agreement which rolls — which this

13 applies the schedule of capital repayments under the

14 Onega loan, and rolls up all capital repayments to

15 27 June; isn’t that correct?

16 A. That is the loan which was the overdraft, sir.

17 Q. I don’t think so. Let’s look at the loan agreement.

18 I think you are confusing two different loans.

19 If we could call on the screen {D13/301/1}, and, if

20 I am not mistaken, {D13/301/9} on the other screen.

21 If you look at clause 3.2, I think you will see that

22 the loan, the original terms envisaged staged repayments

23 in accordance with an attached schedule, which is

24 an integral part of the agreement.

25 A. That is a loan with a monthly repayment schedule,

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Bank St Petersburg v Vitaly Day 8

Arkhangelsky [Master]

61 :1 4,600,000.
2 Q. That’s right, and just for completeness if we could look

3 at an earlier additional agreement, the additional

4 agreement of June 2008, which will be at {D50/874/1},

5 and on the other screen, I think, {D50/874/4}.

6 So in June 2008, that loan agreement was amended,

7 and if we can scroll down two pages in each version

8 {D50/874/6}, you will see the new schedule of capital

9 repayments. {D50/874/3}.

10 A. Yes, in accordance with 28 June 2009, when the credit

11 agreement was expiring, that is the term of

12 the agreement.

13 Q. That’s right, but for the moment, as at the time you

14 consider this in December, what was due were repayments

15 according to this schedule, isn’t that right? So there

16 would be repayments in December, in January,

17 in February, in March, in April and in June; that was

18 the position as in December 2008, isn’t that right?

19 A. Yes.

20 Q. And then as part of the restructuring which you

21 implemented in December 2008, it was all rolled up to

22 27 June?

23 A. That is the amendment of a schedule within the actual

24 term of the agreement, according to plan. Indeed this

25 is correct.

62 :1 Q. That’s correct.
2 Now, I think you also mentioned the overdraft

3 facility. I think you are mistaken in that you said it

4 applies to Onega, because actually there was

5 an overdraft agreement — an overdraft facility for LPK

6 Scandinavia.

7 A. 145 million.

8 Q. If we could perhaps, just to be sure we are talking

9 about the same thing, if we could look at {D49/853/1};

10 and then if we have {D49/853/7}: so, yes, it is

11 145 million overdraft, isn’t it?

12 A. Yes.

13 Q. So that is the one you were talking about?

14 A. Yes.

15 Q. And I think that this agreement says that the term of

16 use of overdraft is 30 days. I think subsequently it

17 was extended, wasn’t it?

18 A. Yes.

19 Q. And by the time you considered the issue in December,

20 that was 60 days, wasn’t it?

21 A. Yes. 45, sir.

22 Q. Well —

23 A. Initially it was 45 days.

24 Q. Yes, I think it was initially extended to 45, and then

25 further extended to 60, isn’t that correct? So

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Bank St Petersburg v Vitaly Day 8

Arkhangelsky [Master]

63 :1 by December what you had before you was an overdraft
2 facility with the term of use up to 60 days.

3 Obviously that was repayable at some point before

4 the end of June 2009, wasn’t it?

5 A. Yes.

6 Q. However, as part of the — if we could call on the

7 screen {D105/1479.5/1} on one screen, and

8 {D105/1479.5/0.1} on the other screen.

9 So wasn’t that the decision of the management board

10 to convert that overdraft facility to a loan which would

11 expire towards the end of 2009, and with the interest

12 rolled up to 28 June 2009?

13 A. Yes.

14 Q. And then I think there was also a promissory note from

15 Scandinavia Insurance, wasn’t there, which —

16 A. Yes. There was a limit of 120 million, and within it

17 the promissory notes.

18 Q. And that was due to expire by 15 January 2009, isn’t

19 that right?

20 A. Yes.

21 Q. And could we please have on the screen {D105/1479.2/0.1}

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

23 So by that decision it appears that the Bank agreed

24 to replace that promissory note with another promissory

25 note for a higher amount, so that repayment on

64 :1 15 January wouldn’t become necessary; is that right?
2 A. Yes, the client has no funds due to a complex financial

3 situation. I agree, sir, yes.

4 Q. And then, finally, there was something which is in

5 dispute in these proceedings, but on your records within

6 the Bank, you had a personal loan allegedly given to

7 Mr Arkhangelsky, didn’t you?

8 A. For 30 days, yes.

9 Q. That’s correct, Mrs Volodina, do you recall that?

10 A. Yes.

11 Q. And I think I put it to you earlier that we say that

12 this was a bogus loan which was simply put in place by

13 the Bank without Mr Arkhangelsky’s knowledge to avoid

14 default in November. Do you accept that?

15 A. As far as I recall, he met at the end of November with

16 Mr Savelyev, exactly with the purpose for obtaining this

17 personal loan.

18 Q. Were you at that meeting?

19 A. No.

20 Q. And in December — well, if we could look at

21 {D105/1479.3/1}, and {D105/1479.3/0.1}. You can see

22 that by this decision this alleged loan is extended to

23 31 December 2009, and in point 4 you see that the

24 interest is rolled up to 28 June, isn’t that correct?

25 A. Yes.

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Bank St Petersburg v Vitaly Day 8

Arkhangelsky [Master]

65 :1 Q. So, Mrs Volodina, do you accept now that the
2 restructuring applied to at least some of the capital

3 repayments?

4 A. The restructuring encompassed delay in the payment of

5 interests within the credit agreements, within the

6 planned repayment up to 28 June for the number of

7 agreements for PetroLes from 5 March to 26 March, for

8 the agreements of Vyborg Shipping Company, based on the

9 expiry date of 26 March, 14 April, and 28 June, with

10 subsequent — accordingly structuring the interest for

11 that period, and one year prolongation of Arkhangelsky’s

12 agreement including restructuring with regard to the

13 interest payment up to 28 June, a yearly extension and

14 overdraft changing to loans for PetroLes and

15 restructuring of interest payment up to 28 June, and

16 taking into account the new promissory notes with the

17 accrued income of 66,500,000 roubles for one year.

18 Q. Mrs Volodina, I ask this with no disrespect, but it

19 looks as if you are reciting some text you have learned

20 by heart; is that the case?

21 A. I recall the terms of the agreement because the

22 restructuring proposal was made by me, so that’s why

23 I know it so well, I know the offered options so well.

24 Because that was related to under-accrual of reserves as

25 of the end of the year.

66 :1 Q. Thank you. Could we call on the screen {D151/2542/3},
2 and I think I have a human translation for this, so if

3 this could be handed up. (Handed).

4 If I could have some assistance in handing up the

5 translation. One to the translator, one to my learned

6 friends and one to the learned judge. I don’t know if

7 the witness needs an English translation. One for my

8 learned friends, please, and one for the interpreters.

9 Does everyone have that? Ms Volodina, this is

10 an e-mail sent by the press secretary of

11 Bank of St Petersburg to a very long list of people in

12 relation to — trying to set out the Bank’s position on

13 its dispute with Mr Arkhangelsky. That was sent on

14 23 November 2011, so shortly before there was some

15 publicity in relation to the BVI proceedings. Do you

16 recall that?

17 A. Yes, I did read this story.

18 Q. If we could scroll down to page 6, {D151/2542/6}, you

19 will see the actual note, and the translation is over

20 the page in —

21 Now, if you look at the third paragraph from the

22 top, you will see that the position the Bank took at the

23 time was that the Bank provided support to

24 the borrowers. There was a postponement of not only

25 capital repayments, but also interest payments for

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Bank St Petersburg v Vitaly Day 8

Arkhangelsky [Master]

67 :1 a year. A deferment was granted for several months, not
2 only for the principal amount of the loans, but also for

3 interest, and the repayment periods were extended.

4 A. Yes.

5 Q. So isn’t that right that the Bank at that time took the

6 position that the principal repayments were also

7 extended for several months.

8 MR LORD: Sorry, you said a year. You said a year a minute

9 ago.

10 MR STROILOV: Did I say for a year? I beg your pardon,

11 I must have misspoke. I said the note says several

12 months.

13 MR LORD: You can see on the transcript.

14 MR STROILOV: I am grateful to my learned friend for

15 intervening. I misspoke. I say that — this note

16 suggests that there was an extension of principal

17 repayments, as well as interest payments, for several

18 months.

19 A. Yes, the Bank did meet the client halfway several times.

20 It did move to accommodate its concerns because the

21 financial situation in 2008, the market outlook had

22 seriously deteriorated and, amongst other things, it

23 used both a personal loan to Mr Arkhangelsky for

24 repayment to be made in November, and the interest

25 postponement.

68 :1 Also the branch agreed with the second client of
2 the other client of the branch to extend a loan, to

3 advance a loan to repay the interest that he had failed

4 to repay in October. At the same time, the terms and

5 conditions of the loans, with respect to PetroLes,

6 Scandinavia LPK, as you pointed out, had also been

7 changed.

8 Consequently, in December all — in other words,

9 they restructured the interest with respect to a number

10 of loans with respect to the scheduled maturities, for

11 some of them until 28 June, for three loan agreements,

12 including the personal loan, it was extended by a year,

13 and the interest was also rolled up until 28 June.

14 In other words, based on the relationship between

15 the lender and the borrower, the Bank was trying to

16 accommodate, to the extent it could, to accommodate

17 Mr Arkhangelsky based on his assertions that he was

18 either trying to raise finance or expecting to get the

19 300 million payment for PetroLes.

20 Some verification was run in January, and

21 in February, and unfortunately it transpired that not

22 only had he failed to refinance, and had he failed to

23 receive the payment for the PetroLes shipments, but

24 Kristina Mironova found out that all the turnover

25 in October and in November had been fictitious, had been

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Bank St Petersburg v Vitaly Day 8

Arkhangelsky [Master]

69 :1 sham turnovers.
2 I also dealt directly with Vozrozhdenie and

3 I discussed the position with respect to other creditors

4 and, therefore, the situation in March with respect to

5 that client was quite unseemly, and he was not

6 a bona fide borrower, and therefore I fully subscribe to

7 every single word here, because the Bank employees 3,000

8 people and people read the media, read the newspapers,

9 and sometimes make — do not understand exactly what is

10 being written in the newspapers, so it is not surprising

11 that the press service came up with a memorandum to

12 explain what the actual position was.

13 Therefore, in March, when the client came to

14 the branch with respect to PetroLes, I made

15 a presentation at the board and I explained the position

16 with respect to his mala fide position, not only with

17 respect to Bank of St Petersburg, but also with respect

18 to other banks, to other lenders.

19 Therefore, even though the December agreement was

20 predicated on the fact that we were helping each other,

21 the Bank was helping the borrower to refinance the

22 existing debts and to perform under its obligations with

23 respect to the proceeds coming to the accounts, they did

24 not act bona fide, and it also transpired at the end

25 of March that the client, when the decision was being

70 :1 made by the Bank, it did not tell the Bank that it had
2 some arrears with respect to a salary payment to

3 the vessel crews.

4 So he never told the Bank about this, so it

5 definitely had some impact with respect to the decision

6 that was later made by the Bank with respect to

7 enforcement of the debt.

8 Therefore, when he asked the Bank to extend and

9 restructure the loans and to extend a loan to enable him

10 to make interest payments, he was actually deceiving the

11 Bank. This is what transpired.

12 Let me also mention that Mr Arkhangelsky was not the

13 only borrower at that time that encountered certain

14 problems. We were working with quite a number of

15 borrowers, including some of the borrowers who had

16 a much larger amount of arrears, and we worked with a

17 major meat processing plant that was banking with

18 Vozrozhdenie and somehow we were able to reach

19 agreements, reach arrangements with the other borrowers

20 and they did perform under the agreements that had

21 actually been agreed between them and the Bank.

22 So this is just what I wanted to mention with

23 respect to this letter.

24 Q. Thank you, Mrs Volodina. I think it will be quicker,

25 generally, if you just answer my questions. No

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Bank St Petersburg v Vitaly Day 8

Arkhangelsky [Master]

71 :1 disrespect, but that is the idea of cross-examination.
2 Do I understand correctly that the reason you were

3 involved in December was really because your knowledge

4 was required in relation to reserves which would need to

5 be formed as a result of restructuring?

6 A. Yes. My knowledge and my competent opinion was required

7 with respect to whether or not interest could be

8 restructured, with respect to the Oslo Marine group of

9 companies.

10 Q. Could we have a look at {D106/1481/3}, and wait for

11 a few seconds before calling up the English version.

12 I think there is a mistranslation, and I will ask

13 Mrs Volodina to read the text of her e-mail at the top,

14 so that the interpreters could interpret, because

15 I think I would like an independent interpretation.

16 Would you mind reading out just one line, from your

17 e-mail of 25 December at 17.02.

18 A. I can explain.

19 Q. No, please, for the moment I am just asking you to read

20 out the text of the e-mail. We will come to the …

21 A. «We need to make sure that no loans are advanced with

22 respect to the interest payments.»

23 Q. Yes, and if we could now call up page 1 on the other

24 screen. {D106/1481/1}.

25 So if you could now — I think otherwise, if we

72 :1 could look at the e-mail from Ms Mironova, which
2 suggests — well, which sets out the payments which are

3 due until the end of December, does it not? Then it

4 sets out the reserves which need to be done. I think

5 the initial proposal of Ms Mironova was to give

6 a further loan which would permit repayment of those

7 loans and the interest, isn’t that right?

8 A. Yes.

9 Q. And your objection to that was that it shouldn’t be done

10 in a way which would mean giving a loan to repay

11 interest on other loans; isn’t that the essence of your

12 response?

13 A. Correct. With respect to all the other loans, in

14 the plural.

15 Q. That’s right, thank you. Will you tell the court what

16 was the reason why not?

17 A. In October and November, Bank of St Petersburg was being

18 checked by the regulator. It was a root to branch

19 verification, and therefore the Central Bank sent

20 a letter to the Bank which was dated some time

21 in December of 2008, which said that all the loans that

22 were being provided in order to repay the interest

23 required a 100 per cent provision to be put in place, or

24 the capital, the equity, had to be reduced.

25 Therefore, what I suggested was with respect to

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Bank St Petersburg v Vitaly Day 8

Arkhangelsky [Master]

73 :1 Arkhangelsky’s loan to restructure some of the loans
2 until 28 June, and others with respect to

3 the maturities, rather than give him a loan in

4 the amount of 130 million roubles, a personal loan.

5 Q. Thank you. And it was intended, between you and

6 Ms Mironova at the time, that in January there would be

7 some further restructuring which wouldn’t require you

8 to — which would make it easier for you in terms of

9 reserves and in terms of reporting to the Central Bank,

10 isn’t that right?

11 A. No. What was intended was that in January and

12 in February proceeds for the various shipments, in this

13 case it was timber, according to Mr Arkhangelsky’s

14 promise and that he was going to agree with VTB to have

15 it restructured, and the total amount was 1 billion

16 roubles.

17 Q. Now, Mrs Volodina, I put it to you that for the reasons

18 you have given, it was intended that the restructuring

19 would take place in two stages: one by way of various

20 additional agreements dated December 2008, and then

21 in January or February or March, there would be further

22 additional agreements to various loan agreements, which

23 would avoid the need to form results and to reflect them

24 in 2008 reporting to the Central Bank. I hope it is not

25 too complex a question.

74 :1 A. No, no, no, this is not too complex. No, this is not
2 what was intended. No additional restructuring was

3 intended. In January and February the Bank hoped to

4 receive a financial recovery plan from the client until

5 the PetroLes maturity on 5 March, a decision was

6 expected to be made as to what we do going forward.

7 But the client did not provide that plan, nor did we

8 receive any proceeds with respect to the timber

9 shipment. VTB alone was not provided, in other words,

10 the client did not perform under any of the obligations

11 that he had assumed.

12 MR LORD: I’m sorry, my Lord, I am just noting that it is

13 being suggested to this witness that there was some sort

14 of agreement there would be a further round of

15 restructuring. I may have missed it, but I don’t think

16 it is either pleaded or in Mr Arkhangelsky’s witness

17 statement. I don’t believe it was ever suggested that

18 there was some sort of bifurcation, there was

19 an agreement that there would be another round of

20 restructuring and further agreements. I may have missed

21 it, but I don’t know that that has ever been part of

22 the defendants’ case, either pleaded or in evidence.

23 MR STROILOV: My Lord, if I have to make submissions on

24 that, I am afraid, with no disrespect to Mrs Volodina,

25 I would like to do it not in the presence of

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Bank St Petersburg v Vitaly Day 8

Arkhangelsky [Master]

75 :1 the witness.
2 MR JUSTICE HILDYARD: Well, the thing is, you must

3 cross-examine the witness in accordance and consistently

4 with your case. Now, I must acknowledge that I do not

5 know what the answer to this is, whether it is being

6 suggested that you did not plead or give evidence of

7 this staged or stagnant approach to the restructuring,

8 I simply can’t remember.

9 MR STROILOV: My Lord, I hear what is being suggested. I’m

10 ready to respond. I am afraid, with no disrespect to

11 Mrs Volodina, if I am to respond, I want to respond not

12 in her presence.

13 MR JUSTICE HILDYARD: Right. Mr Lord, I propose to allow

14 this cross-examination to continue, but if there is no

15 basis in the pleading of fact for it, then of course

16 I shall have to probably ignore it, if it is not

17 consistent, subject to any amendment to the pleading

18 which may be required.

19 MR LORD: Yes, my Lord.

20 MR STROILOV: Apologies, Mrs Volodina.

21 If you could look at paragraph 57 of your witness

22 statement, {B1/5/12}, and I don’t know if it is possible

23 to find paragraph 57 in the Russian version, because it

24 would jeopardise my looking at it. Is it difficult to

25 find?

76 :1 A. I have already found it. {B1/5/32}
2 Q. Great, Mrs Volodina. So you will see you give evidence

3 about your e-mail correspondence with Ms Mironova, and

4 you mention that she outlines three options. You were

5 in favour of the third option, weren’t you?

6 Now, if we could go to the document you exhibit with

7 that, which is at {D106/1485/1}, and that’s the English

8 version, and then page 5 of the same tab {D106/1485/5}

9 is the Russian version.

10 If we could now scroll down to {D106/1485/2} of

11 the English version, just one page down, and the Russian

12 version {D106/1485/6}. Then I think if we could scroll

13 further one page on both screens {D106/1485/3},

14 {D106/1485/7}, can you read the paragraph at the bottom

15 of the page, Mrs Volodina? You will see that it was, in

16 the option you favoured, envisaged a roll-up of

17 the interest payments for 180 days after 1 January.

18 A. That was just a proposal made by Mrs Mironova.

19 I understand that this deals with all the options. The

20 bold-faced text means that if we adopt one of the three,

21 then this will apply, the one after 1 January. But I —

22 MR JUSTICE HILDYARD: I have lost the sound. Has anyone

23 else?

24 A. — proposed the option that we had —

25 MR JUSTICE HILDYARD: I have lost my feed. (Pause).

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Bank St Petersburg v Vitaly Day 8

Arkhangelsky [Master]

77 :1 THE INTERPRETER: Can you hear me, my Lord? This is the
2 interpreter speaking.

3 MR JUSTICE HILDYARD: Can everyone else hear it in English?

4 MR STROILOV: I can, my Lord.

5 MR JUSTICE HILDYARD: So sorry.

6 THE INTERPRETER: Testing the English channel. My Lord,

7 this is the interpreter speaking. Can you hear me now,

8 my Lord?

9 MR JUSTICE HILDYARD: Yes, I can.

10 THE INTERPRETER: Thank you very much, my Lord.

11 MR JUSTICE HILDYARD: Thank you, I am so sorry.

12 MR STROILOV: Now, Mrs Volodina, I understand you were not

13 participating in the meeting of 25 December from the

14 beginning, were you?

15 A. No, I did not attend from the very start. I was invited

16 by Alexander Savelyev through his secretary to join them

17 a little bit later, when they started discussing the

18 reserves, or the provisions.

19 Q. And you didn’t stay until the very end, did you?

20 A. No, I did not.

21 Q. Mrs Volodina, whether or not that was in your presence,

22 but the whole purpose of the meeting was to discuss

23 Mr Arkhangelsky’s request for a six-month moratorium on

24 all payments due from the Group to the Bank, wasn’t it?

25 A. I did not attend the whole of the meeting, therefore

78 :1 I cannot confirm or deny this.
2 Q. It was agreed, whether in your presence or not, but it

3 was agreed at the meeting that the Bank would find a way

4 to implement that six-month moratorium.

5 A. Well, at least two of the participants, Guz and

6 Mr Savelyev, signed all the terms and conditions with

7 respect to the restructuring in December, and those did

8 not provide for yet another additional restructuring to

9 take place going forward. Had this been the case,

10 Alexander Savelyev or Vladislav Guz would have shared

11 this with me because any additional restructuring after

12 the current restructuring would require additional

13 reserve requirements, therefore, this was not something

14 that could have been done without me, without my input.

15 Q. Mrs Volodina, your discussions with Ms Mironova, which

16 you have given evidence about a few minutes ago, they

17 were about mechanics of implementing the agreement on

18 moratorium, which was reached at the meeting, weren’t

19 they?

20 A. I meant the proposal that I had come up with. Then the

21 answer is yes.

22 Q. Now, Mrs Volodina, it was simply that for reasons of

23 forming reserves, it was calculated by Ms Mironova and

24 you that some of the agreements have to be

25 backdated December 2008, some others can and should be

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Bank St Petersburg v Vitaly Day 8

Arkhangelsky [Master]

79 :1 made in 2009.
2 A. Mrs Mironova at that time was just the deputy director

3 of the branch. There is no way she could have taken any

4 strategic decisions with respect to the impact of these

5 client’s reserves to the total loan portfolio.

6 Therefore decisions with respect to reserves and

7 provisions were taken by myself, and I’m really sorry

8 about that, but it was my decision.

9 Q. Nevertheless, Mrs Volodina, your decisions were about

10 the mechanics, and it was pursuant to the general

11 agreement to which Mr Savelyev agreed orally that no

12 payments would be due before the end of June.

13 A. I did discuss the matter with Alexander Savelyev, and he

14 did not tell me that a second restructuring was on its

15 way.

16 Q. Then I think for the — then you have just a few minutes

17 ago given the court a number of reasons why you thought

18 the Bank was justified in breaching that agreement

19 in March 2009, didn’t you?

20 A. No.

21 Q. You said that Mr Arkhangelsky was dishonest, he

22 misrepresented the position to the Bank at the time the

23 agreement was reached; that’s why you felt that you were

24 justified in breaking that agreement, isn’t that so?

25 A. On 5 March, the PetroLes loan matured, therefore the

80 :1 client came to the branch and asked whether that loan
2 could be further extended for a further period of time.

3 Now, we looked into this and, based on the solvency

4 position of the client and whether or not he was able to

5 perform his obligations, unfortunately he was

6 a male fide borrower, not only with respect to the Bank,

7 but also with respect to his — the crew, his seafarers

8 on the vessel that had been pledged. Therefore I told

9 the members of the board that I do not believe that we

10 can extend this loan. We had tried to accommodate the

11 client on a number of occasions, yet he had not

12 fulfilled his obligations, not a single time.

13 We worked with other clients, we restructured many,

14 many of the loans for other clients. We restructured

15 the interests. Many times we moved to accommodate our

16 clients. He had given many promises with respect to

17 the cash flows, to the proceeds, they were not realistic

18 with respect to refinancing via other banks, and also by

19 that point in time it became clear that he had problems

20 with other lenders as well and, therefore, in terms of

21 extensions of any loans, this was simply not viable.

22 This was not something that could be done.

23 Q. Mrs Volodina, what do you think might have given

24 PetroLes the idea to request a roll-up of all interest

25 to the end of June in March?

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Bank St Petersburg v Vitaly Day 8

Arkhangelsky [Master]

81 :1 A. I do not really know because I did not deal with
2 PetroLes, but I believe that, with respect to other loan

3 agreements, they had a grace period until June, so they

4 liked that position, whereby we met them halfway, so

5 they — I think their thinking process was more or less

6 along the following lines: why don’t I give it a try?

7 Q. And is it your evidence that Vyborg Shipping requested,

8 in addition to extension of the three loans, they also

9 requested a roll-up of interest to 28 June, didn’t they?

10 Do you say that was for the same reasons you have just

11 given in relation to PetroLes?

12 A. All the other agreements in terms, the decision was made

13 to refuse extension for the second PetroLes loan for

14 26 March date for Vyborg Shipping, ie the client had the

15 opportunity. We could have enforced all the loans as of

16 3 March, however, the board took that decision with

17 a heavy heart, because that was a large client at that

18 point in time. It had a positive — relatively positive

19 credit history and, accordingly, we did not enforce it.

20 We did not enforce all the loans, and that was

21 Alexander’s decision. We thought that in March, when

22 Vyborg would come up for payment, and in April and in

23 May when the other loans would become due, the client

24 would hold up to his word, perhaps would refinance for

25 everyone as he promised, or he was going to get some

82 :1 monies for the sold goods, and repay the existing loans,
2 and the client did not do so.

3 At the same time, the client started publishing in

4 the media various not very nice articles with regard to

5 our bank, and you have put that to me. We were forced

6 to write to our own employees about the real picture of

7 things, so that our employees would not feel sorry for

8 our bank, would not be embarrassed.

9 Q. Was it before or after the beginning of March that you

10 learned about the arrest of the vessels?

11 A. The vessels. Kristina Mironova. No, I do not recall

12 exactly, I think it was in March. Kristina Mironova

13 called me, and she received phone calls from the crew

14 members, I think that’s the way it was, because all the

15 phone calls were to Ms Mironova, to Investrbank, because

16 Investrbank was the creditor.

17 Q. I’m sorry, I must have missed what you said. Was it

18 before or after the beginning of March? You must have

19 said that, but I must have missed it.

20 A. That was in March. I think that was towards the end

21 of March.

22 Q. So that did not influence your decision on PetroLes, did

23 it?

24 A. On 5 March when the decision was made with regard to

25 PetroLes, there were many other compounding factors

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Bank St Petersburg v Vitaly Day 8

Arkhangelsky [Master]

83 :1 relating to non-performance by the client of his
2 obligations with regard to re-crediting of the existing

3 loans, and with regard to proceeds.

4 Plus, of course, the cash flow was reduced and

5 everything related to solvency, and the turnovers on the

6 accounts were not there.

7 Q. I think what you have said suggests that the Bank was

8 aware of Mr Arkhangelsky’s refinancing negotiations with

9 other banks in that period.

10 A. That was what Mr Arkhangelsky was saying to the branch,

11 and he was asking — he was requesting an extension, and

12 accordingly he was saying that at the meeting to

13 Mr Alexander Savelyev at the end of December.

14 Q. In fact, Mrs Volodina, Mr Arkhangelsky promptly informed

15 Investrbank about the arrest of, at that stage, one

16 ship, Tosno, in November.

17 A. I am not aware of that. And at the December meeting,

18 this matter was not discussed by Mr Arkhangelsky. He

19 didn’t want to confirm his negative credit history,

20 I think. He should have done, though.

21 Q. He did. I just put it to you that he did.

22 Mrs Volodina, I think you — I can’t help noticing

23 that you are giving, with respect, very detailed answers

24 in relation to the moratorium, aren’t you? To

25 the extent that it seems to me that they are

84 :1 premeditated and rehearsed.
2 A. That was my proposal that I told about to Mr Savelyev,

3 to Ms Mironova and the members of the board. I thought

4 it through because this is within my professional remit,

5 and the main principles there were to optimise the

6 reserve requirements. That’s why I recall everything so

7 well. Not with regard to Mr Arkhangelsky alone, but

8 also with regard to other problem debtors that the Bank

9 had at the time.

10 Q. Mrs Volodina, but why your witness statement is

11 completely silent about the later decisions in which you

12 participated and about which I asked you this morning?

13 You don’t seem to remember much. Why this silence?

14 A. Because the other decisions that you asked me about,

15 sir, were in 2011 and 2012, when I did not oversee the

16 credit work directorate, and accordingly, I was not

17 responsible for reserve requirements in the Bank. In

18 2011 and 2012 I was operations director and I had

19 a different remit, and I took part in the board

20 meetings, signed, and when someone would report, when

21 the branch would report with regard to several changes

22 with the subject of collateral, of course I would make

23 a decision, but since that was not a part of my remit,

24 I simply do not recall the essence of the matters, and

25 accordingly, I do not recall how that impacted the

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Bank St Petersburg v Vitaly Day 8

Arkhangelsky [Master]

85 :1 reserves, because from 1 December 2010 I was not
2 responsible for reserves in the Bank.

3 MR STROILOV: Isn’t it the case, Mrs Volodina, that the

4 presence of —

5 MR JUSTICE HILDYARD: Can I pause a bit. My machine has

6 stopped.

7 MR STROILOV: Yes, my Lord, I will wait for your signal,

8 my Lord. (Pause)

9 MR JUSTICE HILDYARD: Yes, ready. Thank you.

10 MR STROILOV: Yes, my Lord.

11 Mrs Volodina, in terms of reserve requirements, do

12 I understand correctly that if the loan is secured by

13 a corporate guarantee of a company like

14 Scandinavia Insurance, then that puts the loan into

15 a lower risk category?

16 A. The risk of credit requirement, credit quality, has two

17 qualifying factors: financial status and credit history.

18 If there is an opportunity given by the regulator

19 with regard to discounted reserves, with regard to

20 a debtor’s assets, the property of the debtor, which is

21 in the second category quality-wise, allows for the

22 reserves even with a fourth or fifth category to be

23 discounted, and the Scan Insurance guarantee was falling

24 within the second category because the capital of Scan

25 was within 5 per cent, and we only have two cases in

86 :1 the Russian Federation when the corporate guarantee
2 allowed to discount the reserves.

3 Q. So would it be the position that if the financial

4 position of the principal borrower deteriorates, you are

5 still able to avoid forming extra reserves because of

6 the presence of the corporate guarantee?

7 A. This is not ruled out — well, the financial status is

8 not ruled out in this situation, the financial status

9 has to be good. Why did we take corporate guarantee for

10 Onega, that was the first loan issued to

11 Mr Arkhangelsky, because there the position was actually

12 average, medium, and the credit history was bad, was

13 poor, because the client was not serviced at our bank

14 and hasn’t paid interest to the Bank yet, so apart from

15 the collateral that would discount the reserve, that

16 would be falling within the third quality category.

17 The corporate guarantee and Mr Arkhangelsky’s

18 guarantee was taken, because he was the general director

19 of Onega.

20 Q. I don’t accept that it was actually taken, but if I may,

21 again, you are explaining it in a way, in a too clever

22 way for me. Can you answer yes or no: the corporate

23 guarantee may reduce the amount of reserves you need to

24 form; is that the case, yes or no?

25 A. It may, if the guarantee falls within the second quality

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87 :1 category of the collateral, of the security.
2 Q. And that was the case for Scandinavia Insurance, wasn’t

3 it?

4 A. At the moment of the decision being made, that was the

5 case.

6 Q. And you are referring to December 2008, aren’t you?

7 A. Onega loan was issued in 2006. I refer to the Onega

8 loan.

9 Q. I see.

10 Mrs Volodina, it was you, wasn’t it, who insisted

11 that Mr Arkhangelsky uses Lair as the valuation company

12 to value the pledges, wasn’t it?

13 A. Sorry, do you mean I — sorry, the branch works with the

14 client, and the choice of valuation company, because all

15 of them have accreditation, they are all published on

16 the website. That is up to the borrower. If

17 Mr Arkhangelsky chose Lair, it was his free will.

18 I have got nothing to do with that.

19 Q. His evidence was that it was your insistence on Lair

20 that really made him choose that company.

21 A. I met him once in 2002. Secondly, in Mr Savelyev’s

22 office on 25 September. In between these two days we

23 had no communication with him whatsoever.

24 MR STROILOV: My Lord, I think I am approaching the end,

25 actually. If I could have this time a 20-minute break

88 :1 just to go once again through the statement and the
2 notes to see if there is anything I need to put to this

3 witness, and then I hope to be finished by 3.00 pm.

4 MR JUSTICE HILDYARD: If we go to 2.30, is that going to be

5 enough for you?

6 MR STROILOV: 2.35 I would feel more comfortable with. I am

7 sorry to bargain.

8 MR JUSTICE HILDYARD: You feel you will finish by 3.00 in

9 that case, do you?

10 MR STROILOV: I do feel so, yes.

11 MR JUSTICE HILDYARD: Very well. 2.35 pm.

12 (2.15 pm)
13 (A short break)
14 (2.36 pm)

15 MR STROILOV: May it please your Lordship.

16 My Lord, I suppose it is best to have headphones on,

17 I think they are working properly.

18 Now, if you could call on the screen document

19 {D114/1653/1} and, on the other screen, {D114/1653/3}.

20 Now, Mrs Volodina, I don’t know if you have seen

21 this chain, you are not in it, but because I think you

22 suggested that after PetroLes default it was envisaged

23 that a cross-default could be avoided.

24 If you could look at the bottom of this, you see

25 an e-mail from Ms Mironova of 11 March 2009 at 12.41 to

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89 :1 Mr Guz, and then if we could scroll down on both screens
2 you will see the text of that e-mail. So if you could

3 just read it through and indicate when you have read it.

4 (Pause) {D114/1653/2}.

5 A. I have read it.

6 Q. So, Ms Volodina, this rather suggests that by that time

7 the Bank was already planning this, almost as a

8 (inaudible), was planning a cross-default of the entire

9 group to be caused as soon as possible, isn’t that so?

10 A. Let me repeat myself, if I may: on 5 March, the PetroLes

11 loan matured. On 4 March, the matter was on the agenda

12 of the management board. It was a very difficult

13 decision for the board because Alexander Savelyev is

14 a soft touch kind of boss. He always proceeds on the

15 assumption that we need to help our clients.

16 I set out all the circumstances showing that

17 Mr Arkhangelsky was a bad faith borrower.

18 It also sets out all the liabilities and obligations

19 of the client that were outstanding at that time,

20 including the matter that on 25 March, the next PetroLes

21 loan was going to mature, and then there was another one

22 for Vyborg Shipping, and in this case, Kristina Mironova

23 is setting out the implications that may take place if

24 we decide to do the things that we discussed at the

25 board meeting.

90 :1 Let me say once again that Kristina Mironova, at
2 that point in time, was deputy director of Investrbank.

3 Therefore, all matters relating to strategy with respect

4 to this client, ie when enforcement should be started

5 and so on and so forth, was something that was decided

6 by Irina Malysheva and the management board.

7 Q. I think in the end of this e-mail, she says, doesn’t

8 she:

9 «Please confirm the suggested model.»

10 And I think you can confirm that this — it may be

11 a slightly confusing translation. What the Russian text

12 says, this asks for approval for her plan, isn’t it?

13 A. Do you mean I am asking for approval?

14 Q. No, Ms Mironova. Isn’t that what the e-mail says? It

15 just seems inconsistent with what you said?

16 A. Yes, yes, I can see that, because I may have

17 misunderstood your question.

18 Did Vladislav Guz approve this? Did I approve this?

19 Q. I don’t think you did, but if you could scroll up now

20 one page on each screen, then you will see just above

21 the beginning of that e-mail, you will see Mr Guz

22 writing back on the same day:

23 «I agree. Please affirm this with the legal and

24 credit directorates.»

25 I think, again, looking at the Russian text, what he

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91 :1 suggests is that it should be agreed with the legal
2 directorate and the credit directorate.

3 A. Yes. Volodina is one of the recipients, the director,

4 Victoria Savina is also a recipient, and I do not

5 believe that we approved that scheme or that

6 arrangement.

7 Q. Do you recall making any objections?

8 A. I do recall that the client had the deadlines of

9 26 March, 14 April, and some time in June, and therefore

10 those loans were falling in arrears. This is what I do

11 recall. So for those loans we had to put in place some

12 reserves. I did not approve this arrangement, to answer

13 your question.

14 Q. But do you recall this correspondence?

15 A. I do not.

16 Q. Then how can you be sure that you didn’t approve this

17 one?

18 A. Because I do not recall this. Had I approved this,

19 I would have some recollection with respect to this

20 chain of e-mails.

21 Q. Thank you.

22 Now, I would like to ask you a few questions, just

23 going slightly back in time, about the decision to

24 refuse PetroLes extension.

25 MR JUSTICE HILDYARD: Can I just ask: was it for you to

92 :1 approve, or were you simply being informed so that you
2 could advise as to the proper reserving to be made?

3 I thought you told me that the strategic decisions were

4 matters for other people.

5 A. I am simply being kept in the loop and being informed

6 for me to set out my opinion with respect to the reserve

7 requirements if we call a cross-default with respect to

8 Oslo Marine.

9 But at 4 March board meeting, that was something

10 that was being discussed, and the decision was made that

11 those will be declared in arrears on 5 March, by

12 6 March, and so on and so forth, depending on the exact

13 maturity dates which I no longer recall as I sit here

14 today.

15 MR STROILOV: Yes, my Lord. I will go on.

16 Just getting back to the PetroLes extension refusal.

17 Do I understand your evidence correctly, that

18 effectively this decision — the decision of the big

19 credit committee was simply to refer the matter to

20 the management board? In effect, that was the decision?

21 A. Yes, correct, because originally, and just to step back,

22 now the decision was made at the level of the CEO,

23 the chairman of the board, and the strategy was also

24 then within the remit of the management board.

25 Q. Right. Well, if we could — actually, if we could have

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93 :1 a look at that decision, just quickly. It will be at
2 D113/ … sorry, no, that doesn’t seem to be the …

3 {D113/1648/1}. No, I don’t think so. I’m sorry,

4 my Lord. I need the big credit committee decision.

5 1638, I am told. Thank you very much.

6 If we could have the Russian — yes, thank you very

7 much. {D113/1638/1}, {D113/1638/2}.

8 Now, this decision, on the face of it, it looks

9 rather strange, Mrs Volodina, doesn’t it? What is

10 especially puzzling is the suggestion at the bottom of

11 the page to roll up interest for the period of up to

12 20 June 2009 to 26 March. Isn’t it the case —

13 A. I have no explanation. It could be just a typo.

14 Because it was between 21 November and 5 March, because

15 the grace period was December — 21 November

16 until December, and then for all the subsequent months

17 when interest was being restructured until the maturity.

18 So the date should be 26 March here, so I think that it

19 is just a duplication with one of the previous consent

20 form for another borrower, and this must just be a typo.

21 Q. And if you look just above this in paragraph 55.1, that

22 suggests that the second PetroLes loan is also extended

23 to 26 March, and that makes no sense, does it, because

24 the second PetroLes loan expired on 26 March.

25 A. Yes.

94 :1 Q. Couldn’t it be the case that, in fact, the big credit
2 committee decision was to provide the extension as

3 requested, or alternatively, an extension to the end

4 of June, and to roll up the interest until the end

5 of June?

6 A. I think we need to punish the person who sent this

7 decision to the BKK. Thank you for drawing my attention

8 to this. This is a technical mistake, most likely.

9 Q. So do you actually recall what the decision was?

10 A. Because the second contract matured on 26 March, as

11 a temporary decision until the board decision not to

12 fall in arrears, because we did not know whether the

13 board was going to approve that, the idea was to extend

14 it until 26 March, therefore the interest under the

15 contract which matured on 5 March had to be extended or,

16 rather, restructured between 21 November 2008 until

17 26 March. So that is the decision that should have been

18 made. At least that was the proposal that I had made to

19 the board. The board failed to support me having heard

20 my presentation with respect to what the client was

21 doing and what his conduct and behaviour had been as of

22 the time of that decision.

23 Q. What I am suggesting to you, Mrs Volodina, is that

24 actually the mistake is the other way round: the

25 decision was to extend the loan until the end of June or

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95 :1 after the end of June; isn’t that so? But then the
2 management board made a different decision. Isn’t that

3 a possible …

4 A. It just makes no sense to make a decision with respect

5 to the end of June for one loan when you need to make

6 a decision with respect to all the loans of

7 Oslo Marine Group of companies.

8 Q. Right. Now, I would like to — if I may just like to

9 summarise the evidence you have given about the reasons

10 for refusing extension ultimately. I think what

11 I understand you have said, that the reasons were —

12 I beg your pardon. I think you mentioned in your

13 statement that you had learned about a previous criminal

14 investigation into Mr Arkhangelsky. I think you also

15 mentioned that you have heard some rumours from Bank

16 Vozrozhdenie which reflected on his character, and

17 certainly I think you have suggested that you discovered

18 that turnover in OMG accounts in the autumn consisted of

19 sham transactions. Is that a fair summary, these three

20 reasons?

21 A. The 4 March board meeting where they discussed

22 a possible extension or otherwise with respect to the

23 PetroLes loan, I told the members of the board that this

24 is not rumours, not something that comes from

25 Vozrozhdenie because I used to work with all those

96 :1 people in Telecom Bank and I’m friends with the chief
2 accountant of Vozrozhdenie, so that was a competent,

3 informed opinion of the Vozrozhdenie Bank. They knew

4 that the client was in default, it was not performing

5 under its obligations, that’s number one.

6 Number two, Kristina Mironova as she looked at the

7 cash flow position, she found out that the client was

8 doing some fictitious operations on its accounts. He

9 promised to me personally that he was going to receive

10 300 million from PetroLes in January/February. He did

11 not keep his word.

12 Also, when Tekno made available some money and

13 Mr Platonov wrote to me and he discussed that with

14 Mr Platonov and Mr Savelyev that at the time the

15 decision was being made he was thinking about raising

16 refinance in the amount of 1 billion from VTB, and by

17 the way there were some press reports to the effect that

18 Mr Arkhangelsky is trying to raise some debt on the

19 market in order to repay its problem debts.

20 Now, based on my presentation, I spoke with VTB and

21 there was no negotiation there. I know the deputy

22 director of the VTB branch. So when I reported all this

23 to the members of the board, the decision was made that

24 was to refuse any extension of the loan. Now

25 subsequently, when the second loan was discussed, then

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97 :1 the seafarers, crew came up as yet another problem. Not
2 only was he in default on his tax payments, he

3 apparently was not even paying salaries to his crew even

4 though all those vessels had been pledged to us, so we

5 had to repay all that debt at the end of the day. So we

6 took a lot of flak. We suffered, if anything.

7 Q. Now, Mrs Volodina, will you look at paragraph 65 of your

8 statement. Mrs Volodina, at the time you made this

9 statement you said you couldn’t recall which pieces of

10 information were brought to your attention at what time,

11 or by whom; how come you have recalled that now?

12 {B1/5/14}, {B1/5/33}.

13 A. Mrs Mironova discussed the cash flow with me, therefore

14 I reported this to the management board, based on

15 something that I had discussed with the chief accountant

16 of Vozrozhdenie Bank. She’s a friend of mine, and she

17 is head of — my former employee is now head of the loan

18 department, back from my time with Telecom Bank. So

19 this comes, really, straight from the horse’s mouth. So

20 I reported this straight to the management board.

21 Q. Mrs Volodina, it must be my fault. My question is not

22 about that. My question is why did you not put all this

23 in your witness statement? You couldn’t recall that at

24 the time you made the witness statement, isn’t that

25 right?

98 :1 A. Why not? I was referring to the tax audits and the
2 criminal case against Mr Arkhangelsky.

3 MR LORD: My Lord, I think in fairness to the witness,

4 paragraph 72 should probably be drawn to her attention

5 {B1/5/15}, {B1/5/35}.

6 MR STROILOV: I am grateful. If you could read

7 paragraph 72.

8 A. My apologies, it was not Rosselkhozbank, it was Bank

9 Vozrozhdenie at that time.

10 Q. I am grateful to my learned friend and I apologise for

11 being wrong about this.

12 Now, turning to the tax and criminal investigation

13 you mention. Now was that really an important part of

14 your decision-making?

15 A. With regards to audits and criminal investigation, this

16 is non-payment of taxes and I think that most likely

17 that was the security services of the Bank that provided

18 the information, or someone else. It is an important

19 information because that corroborates the fact of

20 negative credit history of that client, not just for the

21 Bank, but also before the taxation, before the audit,

22 which is also a creditor, because the client owes them.

23 Q. But that was in 2006, wasn’t it, the investigation?

24 A. Now I do not recall what year that was, but I recall

25 that I had that information.

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Bank St Petersburg v Vitaly Day 8

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99 :1 Q. And he was cleared at that time?
2 A. That is something along the lines: can a male fide

3 borrower be a bona fide creditor?

4 Q. I’m not sure what you mean. The investigation into the

5 alleged tax evasion cleared Mr Arkhangelsky of any

6 allegations.

7 A. Based on all the factors that were subsequently

8 discussed at the board, ie negative credit history, due

9 to decrease in cash flows and fictitious cash flows,

10 information from other competent creditors and based on

11 the totality of facts, also a criminal investigation at

12 some point in time. So the decision was not just made

13 based on the criminal investigation, but on the totality

14 of all the factors.

15 Q. And the reason he was cleared in that investigation was

16 because Mr Savelyev asked the authorities to clear him.

17 A. I do not hold such information.

18 Q. Now, I don’t think — again, I look to be corrected if

19 I am wrong — this allegation about sham transactions,

20 about the turnover on OMG accounts consisting of sham

21 transactions. I don’t believe it is in your statement,

22 is it?

23 A. The turnover on the accounts, it’s a part and parcel of

24 the credit agreement. That is one of the factors of

25 negative credit history of a client, because that

100 :1 history based on the agreements.
2 If I recall correctly, the first question you asked

3 me was about the turnover obligations that were not

4 upheld by him, and with regard to fictitious turnover,

5 that was something that Kristina Mironova obtained

6 during the audit in January and February.

7 Q. Right. Well …

8 Now, how do you — I think did you say — I may have

9 misheard. Did you say that Bank Vozrozhdenie provided

10 you with some information which suggested

11 Mr Arkhangelsky was dishonest, had bad debt with them?

12 A. I shall repeat myself, if I may. It wasn’t Vozrozhdenie

13 Bank, it was the chief accountant of Vozrozhdenie Bank

14 and the head of the credit department. They are my

15 friends, because we used to work together at Telecom

16 Bank, where I met Mr Arkhangelsky in 2002. Then my boss

17 was Novikov Yuri, who sent Mr Arkhangelsky to me in

18 order to gain accreditation.

19 Q. Just for the record, what are the names of those two

20 people who gave you that information, the chief of

21 accountant and the head of the credit department?

22 A. Yekaterina Polyakova(?) and Galina Delaglazava(?).

23 Q. How is your evidence to be reconciled with the fact that

24 Bank Vozrozhdenie continued to finance Mr Arkhangelsky’s

25 projects up until at least the end of 2011?

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Arkhangelsky [Master]

101 :1 A. Apparently that must have been the strategy of
2 the management of Vozrozhdenie Bank, to carry on

3 financing and crediting, however, nevertheless,

4 Vozrozhdenie Bank, we had another joint debtor in

5 a different line of business, and Bank Vozrozhdenie and

6 ourselves jointly restructured the indebtedness of

7 another problem debtor, and we swapped collaterals,

8 currently, because that was expedient and currently that

9 debtor has paid off all their obligations. So it turns

10 out that there are people able to uphold their

11 obligations, even with regard to bad debts, including in

12 Vozrozhdenie Bank.

13 Q. How is your evidence to be reconciled with the fact that

14 Vozrozhdenie initially funded Mr Arkhangelsky’s claim

15 against Bank of St Petersburg in the British Virgin

16 Islands?

17 A. I don’t have such information.

18 Q. Mrs Volodina, I have to put it to you that your evidence

19 about the reasons for the management board decision to

20 refuse extension of PetroLes loan is untrue.

21 A. I disagree with you, sir, because it is true.

22 Q. And the real reason why that decision was taken, whether

23 or not it was told to the management board, the real

24 reason was that Mr Savelyev and Mrs Malysheva intended

25 to appropriate OMG assets, which had been transferred

102 :1 under the repo deal; what do you say to that?
2 A. I don’t have information in this matter, and it’s

3 unlikely that Mr Savelyev could have made such

4 a decision, as far as I know my boss.

5 MR STROILOV: Thank you very much, Mrs Volodina. If you

6 stay there, my learned friend, Mr Lord, might have some

7 further questions.
8 Re-examination by MR LORD
9 MR LORD: Ms Volodina, could you be shown, please,

10 {D114/1653/1}?

11 You were asked some questions about this. Do you

12 remember you were asked some questions about this string

13 of e-mails that were addressing the issue of

14 cross-default? {D114/1653/3}

15 A. I cannot recall. Most likely I was asked with regard to

16 creating reserves in the event —

17 Q. Sorry, Ms Volodina, I asked you whether you recall the

18 line of questioning earlier today?

19 A. Today, yes, I do. Thank you sir.

20 Q. If you could be shown, please, {D114/1656/1}, the e-mail

21 you were just shown, or the e-mails you were shown

22 earlier, they were dated 11 March 2009. The document

23 I have just asked you to be shown looks like it is

24 an e-mail exchange on 12 March 2009; can you see that,

25 Ms Volodina?

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103 :1 A. Yes, I can.
2 Q. It’s an e-mail from Ms Mironova to you on 12 March 2009.

3 Can you see that?

4 A. Yes, I can.

5 Q. And the subject is «Forecast reserve for

6 Oslo Marine Group calculation of reserve in case of

7 delay.doc».

8 Can you see that?

9 A. Yes.

10 Q. And it starts off by saying:

11 «If we implement the plan to announce cross-defaults

12 of the entire Oslo Marine Group during March 2009, it

13 will be necessary for us to create the following

14 reserves …»

15 Can you see that?

16 A. Yes.

17 Q. Does that document help you in any way recollect what

18 was going on at this time, as far as you were concerned,

19 in relation to this cross-default matter?

20 A. Actually, most likely the credit directorate was

21 recalculating and rechecking the e-mail sent by

22 Ms Mironova, and as far as I recall a decision was made

23 for loans to be put for reserve in order to give

24 a chance to repay them, in order not — to avoid forming

25 reserves.

104 :1 Q. You were asked some questions earlier by Mr Stroilov to
2 the effect that after the December 2008 meeting, there

3 was an agreement for a six-month moratorium on all

4 payments; do you remember that line of questioning?

5 A. Not for all payments for six months, but simply for the

6 interest component for a number of loans.

7 Q. I think it was suggested to you that there was some

8 agreement that there would be another set of

9 restructuring; do you remember that question, or those

10 questions?

11 A. I have not heard about such agreements, and I have not

12 received instructions from the management in order to

13 prepare such a project.

14 Q. Could I ask you please to look at your witness

15 statement, at paragraph 68. The English is at {B1/5/14}

16 and the Russian is at {B1/5/34}, and the heading is

17 «PetroLes seeks extension», can you see that?

18 A. Yes, I can.

19 Q. And in that paragraph 68 and the subsequent paragraphs,

20 you give some evidence about PetroLes asking for

21 an extension of time in February 2009, don’t you?

22 A. It contacted the branch in February in order to contact

23 the board in March.

24 Q. Yes, and I want to show you, please, the extension

25 requests that came in from PetroLes at the time.

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Bank St Petersburg v Vitaly Day 8

Arkhangelsky [Master]

105 :1 I wonder if you could be shown, please, {D112/1622/1}
2 and also have up on screen {D112/1622/2}, and the one at

3 2 is the Russian and 1 is the English.

4 Ms Volodina, if you could quickly read to yourself,

5 please, the Russian version of that document.

6 A. I have read it, sir.

7 Q. And you can see that that is a request by PetroLes for

8 an extension of time under, I think it is the first

9 PetroLes loan; that’s right, isn’t it?

10 A. Yes. Yes, to be repaid on 5 March.

11 Q. And you can see what is being asked for there. PetroLes

12 seems to be asking the Bank to consider prolonging the

13 loan for one year; can you see that?

14 A. Yes.

15 Q. And also asking for a holiday on interest and fees from,

16 I think, March 2009 up to 28 June 2009; can you see

17 that?

18 A. Yes.

19 Q. Is that the first PetroLes loan extension that the Bank

20 received in February 2009? Just confirm it is the

21 document you got.

22 A. The loan was given for a year, it was a right to extend

23 for another year, and that loan has been already

24 extended one year ago. That was the second request to

25 extend it, and, accordingly, they had to write about the

106 :1 accrued interest from 21 November, not from 5 March.
2 Q. Yes, Ms Volodina, if you just listen to the question:

3 I was just asking whether you could confirm that that

4 was the extension that PetroLes submitted to the Bank

5 in February 2009. That is the document that we see at

6 {D112/1622/2}.

7 A. This document was given by Mr Platonov, I see it for the

8 first time, but I know that the branch contacted BKK

9 with such a request, because such documents are not sent

10 to me. Usually they are sent in the branch. Yes, the

11 branch did bring that matter up.

12 Q. And if you could be shown, please {D112/1621/0.1} and

13 {D112/1621/1}. And at {D112/1621/1} you should see the

14 original document in Russian, and the translation is at

15 {D112/1621/0.1}. This looks like a request from

16 PetroLes for an extension of the second PetroLes loan;

17 do you agree with that?

18 A. Yes.

19 Q. And it looks, doesn’t it, as if what was being sought by

20 PetroLes was an extension of one year for the loan and

21 for a holiday on the payment of other amounts under the

22 loan until 28 June 2009.

23 A. Yes. Yes, this is what I read here.

24 Q. Looking at those PetroLes extension requests, do they

25 cast any information or light, upon whether or not there

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Bank St Petersburg v Vitaly Day 8

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107 :1 had been some agreement in place at that time that there
2 would be a moratorium on interest up to June 2009

3 already agreed?

4 A. I do not recall such agreement. If I understand

5 correctly, Mr Stroilov was talking about six months

6 moratorium, here they were requesting a year-long one,

7 and we calculate the initial prolongation on

8 the December terms. That goes beyond six months, we get

9 nine months, because there was another extension

10 in December, and the interest was accrued from

11 21 November 2008 up to 5 March, and they were requesting

12 from the 26th to the 28th. That, if we count it, would

13 be nine months already, not six months.

14 Q. I wonder if you could be shown {D115/1674/2}, please,

15 and if we could have {D115/1674/1}, please, brought up.

16 Have you seen this document before, Ms Volodina?

17 A. No. They are submitted to the branch because clients,

18 in order to prepare something — prepare a document for

19 the BKK, it has to be done by a head of a branch.

20 Q. You can see —

21 A. I see this letter for the first time, in the same way as

22 I’ve seen the previous two letters for the first time.

23 Q. And if you look at it you will see that it appears to be

24 a request by Vyborg Shipping Company to prolong or

25 extend the first, second and third Vyborg loans by one

108 :1 year; can you see that?
2 A. Yes.

3 Q. As well as deferring interest until 28 June 2009.

4 A. Yes, I can see that.

5 Q. Now you have seen that extension request, does that cast

6 any light upon the state of the agreement between the

7 Bank of St Petersburg and Vyborg Shipping as to

8 the maturity dates of loans at the time this request was

9 received?

10 A. As far as I recall, based on the December

11 extension, December restructuring of the interest, and

12 prolonging three agreements, a delay in paying interest

13 on agreements in place was done up to the 28th, and for

14 the rest of the agreements based on the maturity dates.

15 Accordingly, PetroLes and Vyborg Shipping have not

16 complied with their obligations based on the maturity

17 terms of the loans. They contacted the Bank for

18 extension for another year, because the original terms

19 were one year plus one year plus one year. They also

20 requested amnesty for interest up to 28 June 2009, but

21 the interest amnesty was already in place from November

22 2008 and if we count correctly that wouldn’t be six

23 months’ amnesty, that would be nine months. If they are

24 talking about the six months’ amnesty that would not be

25 within an agreement. That means there was no

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109 :1 understanding. I also do not recall Mr Savelyev saying
2 that he promised some further restructuring across all

3 the loans of the above mentioned companies.

4 MR LORD: Thank you, Ms Volodina. Thank you, my Lord.
5 Questions by MR JUSTICE HILDYARD
6 MR JUSTICE HILDYARD: Ms Volodina, there are one or two

7 things perhaps you could help me on.

8 Your responsibility was really to work out what

9 reserves would be required and whether the circumstances

10 were such that you could no longer avoid making them; is

11 that a fair description of your primary role?

12 A. Yes, my Lord. Yes.

13 MR JUSTICE HILDYARD: And you have very fairly explained in

14 your witness statement that you were very cautious about

15 making reserves, and the corollary of that, in a way, is

16 that you would be more open to extending loan facilities

17 if that would avoid you having to make those reserves;

18 would you agree with that?

19 A. If extending a credit line was already set out in

20 the initial agreement terms. If extending a loan was

21 not stipulated in the initial credit terms, that was

22 counted as unplanned extension, and if that was preceded

23 by restructuring or of an overdue interest, as with

24 Mr Arkhangelsky in October, and the restructuring based

25 on the schedules of repayment, that considerably

110 :1 impacted the credit history, and that would move it,
2 downgrade it to average, if there were delays up to five

3 days, and then it would make it a poor credit history.

4 In every story, for each client, the number of

5 extensions and restructurings would impact the reserve

6 created. That was individual for each client.

7 MR JUSTICE HILDYARD: Thank you.

8 Now, help me on the process and timing of making

9 reserves. Would you have to post a necessary reserve

10 immediately and, if so, how would you do that?

11 A. As soon as — there are two qualifying hallmarks for

12 reserve creation: that will be the client’s financial

13 position and the credit history. The financial position

14 would be judged based on the qualified opinion based on

15 the quarterly reports.

16 MR JUSTICE HILDYARD: I’m sorry, I have confused you. I am

17 so sorry. I am not asking you as to the circumstances

18 which would give rise to the need for a reserve, but

19 once you have decided that there is a need for reserve,

20 do you make provision immediately and, if so, how?

21 A. A bank transfer is done through the accounts department.

22 If there is a negative credit history, that’s done

23 immediately. If there is an over five days or ten days

24 or 30 days’ delay it’s done immediately. If a regulator

25 has motivated its decision, I write and say that the

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111 :1 credit history is worse than is qualified and,
2 accordingly, I have to form the reserve straightaway.

3 If a deterioration in financial position of a client

4 has been ascertained, there is a table saying — it’s

5 a judgment on the grade, on the quality of the credit

6 request, and an employee of the department supporting

7 the business is entering things in the table, updating

8 the information, and daily updates on the credit

9 history, because on a daily basis, only the credit

10 history can impact the reserve creation because the

11 credit history is changing day on day, whereas the

12 financial position is changing on a quarterly basis.

13 So the employee of that department would write

14 a document within their remit about creating the

15 reserve. The reserve can be discounted for the fair

16 value of the collateral, which is determined by the

17 Bank’s analytical department, and transfer with regard

18 to discounting of such reserves are done by the same

19 employee of the support department.

20 Also there are a number of things in the regulator

21 provisions. For example, if a collateral is a piece of

22 real estate, then the reserves can be discounted with

23 regard to personal guarantee. If they do not fall

24 within grade 2 of security —

25 MR JUSTICE HILDYARD: I think you are now entering into the

112 :1 quantity of the reserve rather than my question, which
2 is as to once you have decided that a reserve is

3 necessary, and you have decided what the reserve has to

4 be, what steps you then take and when, and I think you

5 are saying that once you have decided there has to be

6 a reserve of, say, 100 million, you must arrange for the

7 capital position of the Bank to be diminished by

8 100 million immediately; is that right? Or is it

9 a quarterly posting or a weekly posting? What is

10 the …?

11 A. It’s done on a daily basis, my Lord.

12 MR JUSTICE HILDYARD: A daily basis.

13 A. However, there are categories, but there are grades,

14 quality grades, which reduce the taxation base with

15 regard to reserves and the ones that don’t reduce the

16 taxation base, there are standard loans and non-standard

17 loans do not reduce the taxation grades, and all the

18 other doubtful loans or hopeful or bad loans impact the

19 taxation base, and when I plan reserves for the

20 financial department, I correlate the sums of reserves

21 with regard to quality portfolio of similar grades, so

22 grade number 1, number 3, number 5, et cetera.

23 MR JUSTICE HILDYARD: Yes. Can I remind you of paragraph 80

24 of your witness statement, which is at {B1/5/16} in

25 the English version and {B1/5/36} in the Russian

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113 :1 version, where, in the first sentence, you tell me,
2 referring to the events after March 2009 that you were:

3 » … responsible for creating the reserves and

4 liaising with the Bank’s auditors and regulators.»

5 How often would you liaise with the Bank’s auditors

6 and regulators?

7 A. In 2008 the Bank — all the banks of the top 30 had to

8 raise funds from Vneshsconombank, and there was

9 a separate instruction of the Central Bank introducing

10 the curatorship system. Accordingly, all the minutes of

11 the credit committee, initially the notices and then the

12 minutes, had to be sent to the Central Bank, to

13 the regulator.

14 Accordingly, the curator could have been present at

15 the board meetings, and BKK meetings started from 2008

16 and, in accordance with that decision, when always it

17 was discussed at what grades of security a specific

18 client would have, the curator can reclassify any

19 decision that the Bank would have made, assigning

20 a certain grade of quality to a specific client.

21 Moreover, there is a decision on a complex audit,

22 a comprehensive audit of the Central Bank, once every

23 two years, and based on the comprehensive audit results,

24 should any material breaches be ascertained, then a step

25 by step plan is developed whereby a regulator has the

114 :1 right to come back in another year and recheck, and
2 apart from all that, based on the Russian standards, we

3 had the auditors on international standards of

4 accounting and on Russian standards, and all of

5 the auditors draw up their auditors’ reports for the

6 investors once a year, usually it is done for the

7 shareholders’ meeting, which is held in April, and thus

8 I interact with that curator on a daily basis, should he

9 require so, and with the regulator on the comprehensive

10 audit we communicate once or twice a year, and with the

11 auditors, based on the international accounting

12 standards and Russian standards, that is on a yearly

13 basis, every quarter, quarter by quarter, because we

14 publish our accounting reports and naturally we have to

15 have an auditor’s report.

16 Plus, due to the fact that we have ratings, once

17 a year some investors visit us, investors are our

18 shareholders, and they hold a series of interviews. At

19 the interview, the head of credit risk department should

20 always be present, and by 1 December 2010 that was

21 myself, and after that, that was Konstantin Balandin.

22 From 2014 that is Kristina Mironova.

23 MR JUSTICE HILDYARD: Thank you.

24 In your witness statement at paragraph 64, {B1/5/14}

25 in the English version, {B1/5/33} in the Russian

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115 :1 version, you explain that you were not personally
2 involved with the structure or implementation of

3 the repo, but it was part of your function to monitor

4 the Bank’s reserves and, therefore, you were interested

5 in the mechanics of the repo.

6 Now, you explain that if the Bank itself held the

7 shares of an OMG company, then the Bank would need to

8 create further reserves in respect of the OMG debts; do

9 you mean further reserves over and above the written-off

10 amount of indebtedness?

11 A. My Lord, there are two important Central Bank

12 requirements. Number one is posting impaired loan

13 provisions and other potential losses provisions; ie

14 with respect to all the liabilities, payables,

15 receivables, out of balance sheet liabilities and so on

16 and so forth, that was within the remit of Mr Balandin,

17 because he, at that time, was in charge and he was

18 responsible vis-a-vis the Central Bank with respect to

19 the provisions with respect to other instruments.

20 But then there is also another requirement by the

21 Central Bank, ie two liabilities, or two requirements,

22 that need to be connected with each other. For

23 instance, with respect to the loans, I have

24 3,900,000,000 and my receivables is 900, then the

25 reserves would be the same as for the 3 billion.

116 :1 In other words, the larger it is, the more it
2 subsumes the other liabilities with respect to the other

3 instruments.

4 MR JUSTICE HILDYARD: Yes, but supposing you had decided

5 that you had to, in effect, make reserves for, say, the

6 3.8 billion or so which was outstanding, and subject to

7 discounting, the reserve is 3.8 billion. What

8 additional reserve would or could you have to make,

9 simply because the shares in the company which had

10 undertaken that indebtedness were being held by the

11 Bank?

12 A. There are very strict requirements with respect to

13 the financial instruments in terms of the regulators’

14 requirements. They have to be listed.

15 Now, the shares that were received under the repo

16 transactions did not comply with those requirements,

17 therefore the Central Bank would have taken a dim view

18 of the Bank having accepted illiquid equity on its

19 balance sheet.

20 Let me just reiterate that this was not within my

21 remit. This was part of the responsibility of

22 Mr Vladimir Reutov.

23 MR JUSTICE HILDYARD: Right. But what was within your remit

24 was to determine whether that would require you to

25 create further reserves, and I was just trying to

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117 :1 understand why.
2 A. You see the loan portfolio for other non-credit

3 liabilities is within the remit of the department that

4 is responsible for putting it on the balance sheet. So

5 if we are looking at securities, this is the treasury

6 department, so they have to make an informed decision,

7 and so far as I can recall, this document does not

8 provide for booking shares which are not listed, because

9 no one knows what their value is.

10 I was responsible for everything that was related to

11 credit interests and part of the out of balance sheet

12 instruments of a credit instrument, guarantees on used

13 loans and letters of credit, but not securities. Not

14 securities.

15 MR JUSTICE HILDYARD: But does the mere fact that you hold,

16 say, all the shares in a company, mean you must make

17 reserves in respect of that company’s liabilities?

18 A. Yes. Yes. And the value of the shares is vitally

19 important here, so there has to be a valuation and they

20 have to be somehow quoted. This has to be a traded

21 security. It has to be a listed or traded security.

22 Once again, my Lord, I am not aware of the details

23 of this, so you would need to ask this question of

24 someone who has worked with those instruments closely.

25 MR JUSTICE HILDYARD: Right, and I should ask them, should

118 :1 I, whether under Russian banking procedure or Russian
2 law, a shareholder is in any way liable for the debts of

3 the corporation in which it holds the shares? I would

4 have to ask somebody else about that, would I?

5 A. We do post provisions for all balance sheet instruments,

6 and when we post those provisions, we incur costs, so

7 that does impact the financial result, the bottom line

8 of the company, therefore we are looking at the value of

9 our shares and our shareholders definitely have a vested

10 interest in achieving this.

11 MR JUSTICE HILDYARD: Right. Can I ask you to look at

12 {D114/1656/1} again, please. I don’t know whether you

13 can be shown the Russian as well {D114/1656/3}. Could

14 you tell me what the last sentence on the page — can

15 you read it in Russian and let us have a translation?

16 THE INTERPRETER: My apologies, my Lord, this is the

17 interpreter speaking. I was using the wrong channel.

18 I will translate it right away.

19 A. «Before we enter into any cross-default we first need to

20 make sure whether we actually can post reserves or

21 provisions in that amount.»

22 THE INTERPRETER: My apologies, sir.

23 MR JUSTICE HILDYARD: Yes. Are you there stating that it

24 may be beyond the capital capacity of the Bank to make

25 the reserves which are necessary if you implement the

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119 :1 cross-defaults?
2 A. Yes.

3 MR JUSTICE HILDYARD: And if that is the case, what is the

4 alternative?

5 A. Well, we could enforce the loan agreement and then it

6 would fall in arrears as of the date of its maturity.

7 Therefore, I would then have to post reserves only when

8 the loan falls in arrears, because, according to

9 the regulator’s requirements and regulations, the credit

10 history only looks at the number of days during which

11 the loan has been in arrears. If a client — unless

12 a client has filed for bankruptcy. If he does file for

13 bankruptcy, then the reserves have to be posted to

14 the extent of 50 per cent, and it has to be done right

15 away and as soon as the bankruptcy procedures have been

16 closed, we have to post a 100 per cent provision.

17 In addition to that, until the arrears occur, we can

18 discount the collateral if the financial condition of

19 the pledger is above average. The same goes for grade 2

20 type of securities, and that’s goods in circulation,

21 equipment, plant and machinery which have been properly

22 valued by a valuer that has been accredited by the Bank

23 in terms of complying with the regulator’s requirements.

24 MR JUSTICE HILDYARD: So it follows from that, does it not,

25 that the decision of a bank to call a default or

120 :1 a cross-default may be driven as much, and possibly
2 exclusively, by its own capital position rather than by

3 the creditor’s wish for any further facility?

4 A. My Lord, any decision is made on the merits of the case,

5 and it is always client-specific, because sometimes

6 a deferral may bring about the loss of the collateral.

7 It may bring about a bankruptcy. It may bring about all

8 sorts of actions on the part of various persons,

9 including the pledgee.

10 So sometimes it is easier to post a loss, but to

11 enforce the loan, by declaring it in arrears, and so

12 going through all the legal hoops that one has then to

13 go through.

14 MR JUSTICE HILDYARD: Right.

15 A tiny point, back to your witness statement at

16 {B1/5/11} in the English version at paragraph 50, and

17 therefore, at {B1/5/30} in the Russian version. This

18 simply brings to, I hope, a short point, what the

19 evidence that you gave as regards to the extension of

20 loans was. You say:

21 «I understand that Mr Arkhangelsky alleges that at

22 the meeting [this is the 25 December meeting] the Bank

23 agreed to a six-month moratorium on all payments for all

24 OMG loans. That is wrong.»

25 The summary of your evidence is that what you are

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121 :1 meaning when you say «that is wrong» is that you say
2 that any extension did not apply to all loans, but did

3 apply to some of the loans.

4 A. Yes, my Lord. Yes. Because some of the loans were for

5 six months, and then three of them were extended

6 for a year, with an interest deferral two loans

7 until March, and the Vyborg Shipping loans were with

8 respect to April and March.

9 MR JUSTICE HILDYARD: Yes, so you recounted them and I will

10 look back at those.

11 Thank you very much. Does anyone have any questions

12 as a result?

13 Further cross-examination by MR STROILOV

14 MR STROILOV: I think just one or two.

15 Mrs Volodina, it appears to be your evidence that

16 the only exception from the six-month moratorium were

17 the loans which expired between the beginning of March

18 and the end of June, isn’t that right?

19 A. I am not sure I understood your question, sir. Could

20 you repeat your question, please? I’m sorry, I’m just

21 too tired, I am afraid.

22 Q. I think you have accepted in response to my Lord’s

23 questions that on some loans there was an extension

24 until the end of June, and on some others, there wasn’t.

25 A. It’s not the loans until the end of June, but only with

122 :1 respect to the interest for some of the loans. We
2 looked into the possibility of restructuring interest

3 until the end of June. For some of them that applied to

4 the maturity of the contract, March, April and June, and

5 for three loans the extension was made for one year.

6 I am not going to re-hash this. That includes the

7 discounted notes.

8 The accrued interest was included in the amount of

9 the bill. There was no interest restructuring at all.

10 It just included the interest accrued. For

11 Arkhangelsky’s loan, the interest deferral was until the

12 end of June, and the same goes for LPK Scandinavia, and

13 this is something that I said in response to his

14 Lordship’s question.

15 MR STROILOV: Thank you very much.

16 MR JUSTICE HILDYARD: Mrs Volodina, thank you very much for

17 your attendance. I am glad that you were completed

18 within the day, and can now be released. You are free

19 to enjoy yourself.

20 A. Thank God. Thank you very much.

21 (The witness withdrew)
22 Housekeeping
23 MR JUSTICE HILDYARD: We only have five minutes, Mr Lord.

24 Can we deal with any stuff, then?

25 MR LORD: Can I hand up a copy of a timetable?

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123 :1 MR JUSTICE HILDYARD: Yes. (Handed).
2 Is this agreed, in principle?

3 MR STROILOV: I am afraid not. All my thoughts overnight

4 were really devoted to Mrs Volodina.

5 MR LORD: As I told your Lordship, we would try to

6 reschedule things given what remains to be adduced and

7 what we have done in the last two weeks. We have come

8 up with a revised timetable, which we think is fair and

9 proportionate, and realistic in terms of slots, with

10 sufficient flexibility in, particularly given the speed

11 with which matters are now going.

12 MR JUSTICE HILDYARD: Well, I shall have to look at this,

13 and so will Mr Stroilov.

14 The important one is Ms Stalevskaya.

15 MR LORD: I was going to suggest if we could at least clear

16 this Friday we could maybe then revisit it on Friday and

17 we could maybe settle it then.

18 MR STROILOV: Yes, Friday is fine with me. Yes, my Lord.

19 MR JUSTICE HILDYARD: So you are prepared to cross-examine

20 Ms Stalevskaya on Friday?

21 MR STROILOV: Yes, my Lord.

22 MR JUSTICE HILDYARD: But you would like the two days now,

23 subject to any further housekeeping points which we have

24 to deal with, in order to prepare for her and other

25 matters?

124 :1 MR STROILOV: Yes, I don’t think — unless Mr Lord has
2 anything urgent, I don’t think, sir, from our side we

3 would welcome some decision on transcripts as soon as

4 possible. I understand there have been some —

5 MR JUSTICE HILDYARD: Did you manage to do some research on

6 those, Mr Lord?

7 MR LORD: Yes, I did, my Lord.

8 We think the position is that your Lordship doesn’t

9 need to make a decision on it. We think that the issue,

10 really, is the rights of Magnum, or Opus, in those

11 transcripts, because obviously what happens in open

12 court — anybody can make a note of what happens in open

13 court, make their own record of it, and they can then

14 promulgate that. They can’t sort of covertly record it,

15 but they can obviously make a note of the proceedings,

16 they are in public, and that person can then disseminate

17 their notes or their record of those proceedings.

18 We think the issue that arises here is potentially

19 the fact that this is a work product, this is a record

20 that has been produced by a professional transcript

21 service, transcription service, and there may or may not

22 be issues as to whether or not they are entitled to ask

23 for a fee or the like. So we are not sure it is for

24 your Lordship to say yes or no, really, it is really

25 a matter for the defendants to raise with Magnum Opus as

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125 :1 to whether or not they are entitled and/or should be
2 allowed to use these transcripts for purposes other than

3 those which they have currently been provided in these

4 proceedings.

5 MR JUSTICE HILDYARD: Well, the way I see it, which may

6 coincide with that, is there are really three sources:

7 One is the DART or court transcription which is not

8 available except on request and usually with the

9 permission of the judge. The second is Magnum Opus,

10 which may be the same thing, but which may be a parallel

11 record. That probably belongs either to Magnum or to

12 the parties who acquired it and paid for it. The third

13 is private notes which, of course, people are entitled

14 to make, but if they release them and they prove to be

15 force for some purpose, that may land them in trouble.

16 There is another source of material which is

17 commentary or opinion. That is awkward for any persons

18 involved in the case, lest they are trespassing on

19 matters which are sub judice, the rest will be matters

20 for propriety and the laws of defamation. I think you

21 are right, therefore, that unless the court feed and the

22 Magnum Opus feed are one and the same, or the record

23 made by both, then I probably need not involve myself.

24 MR LORD: I think it is a matter for the defendants and the

25 counterclaimants to raise with the producer, and I think

126 :1 probably the owner, of the said transcripts.
2 MR JUSTICE HILDYARD: I don’t know whether you acquire the

3 right to copy or what. I simply don’t know.

4 What I would say, and I think this was, in fairness,

5 in part Mr Stroilov’s request, is that an accurate

6 record is better than an inaccurate record.

7 MR LORD: Yes.

8 My Lord, can I just — I know your Lordship has to

9 go — can I just raise a couple of points? One is

10 whether the Arkhangelskys are going to attend on Friday,

11 because if they are not going to come, for whatever

12 reason, then we have enough time now to stand down the

13 provider, and we can maybe pick up on Friday a sort of

14 ongoing system so we make sure that we don’t waste

15 money. That’s really the first point, it is a short

16 point.

17 MR JUSTICE HILDYARD: What is the position there?

18 MR STROILOV: I will take instructions and write to them as

19 soon as possible. I appreciate they need notice.

20 MR LORD: We have to give 25 hours’ notice, and there is

21 a small logistical complication in that we have to clear

22 out the files and make sure that our clutter is removed

23 from the office, from the room.

24 MR JUSTICE HILDYARD: I understand. I don’t know the nature

25 of Mr Arkhangelsky’s illness or the consequent

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127 :1 repercussions on the deployment of his wife.
2 MR LORD: I am just pointing out that, working back from

3 that, having 36 hours’ or so notice, in other words,

4 let’s assume that the hearing was on Friday, we have to

5 give notice by very, very early Thursday, we would

6 respectfully submit that being told by lunchtime on

7 Wednesday whether or not someone is or isn’t coming —

8 MR JUSTICE HILDYARD: Well, if that is possible, Mr Lord,

9 but sometimes when you ask people how they are going to

10 feel on Friday, they look at you as if you are faintly

11 off your trolley. I don’t know. If it is a serious

12 illness he may be able to say he certainly won’t. If he

13 has flu, then he may be able to say he does. I really

14 cannot entertain much more than that, except to

15 urge a responsible attitude on behalf of

16 the Arkhangelskys, as if they were having to spend the

17 money themselves.

18 MR LORD: Yes, my Lord.

19 The other point is that there are a number of

20 requests still outstanding for responses —

21 MR JUSTICE HILDYARD: Yes. How is Mr Nazarov getting on?

22 MR LORD: No notes from Nazarov, no redactions, explanation,

23 and nothing from Withers on the metadata, and those have

24 been out now for some 10 or 11 days. To the extent that

25 matters have to be raised with the Arkhangelskys in

128 :1 Paris, time is now getting very short. There is no
2 basis we can see, they are all fairly straightforward

3 questions, and they ought to be complied with, really.

4 MR JUSTICE HILDYARD: Well, that sounds right, doesn’t it?

5 They should be complied with. I know you haven’t got

6 many levers of control, that’s what you say.

7 MR STROILOV: Just to take it one after another, one minute

8 for each very quickly. I think there has been some

9 reassurance from Mr Nazarov that — it is not the first

10 time he says he will do it this week, but he has said he

11 will do it this week.

12 MR JUSTICE HILDYARD: He is a lawyer coming to give evidence

13 in a court of law. I am sure that he would not want to

14 have fallen down on what is clearly something he should

15 be doing.

16 MR STROILOV: On redactions, I think I said in court, and

17 this relates to FTI investigation documents, and of

18 course, they were meant to be confidential and

19 privileged, and they have asked to redact some names of

20 the people involved in the investigation, and we have

21 done so on the grounds of proportionality.

22 Then I think there is a separate category of

23 something which Withers considers falls outside the

24 scope of the disclosure order. I don’t really know what

25 it is, but —

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129 :1 MR JUSTICE HILDYARD: Well I think it is a little vague for
2 the moment for me to be able to say anything about it.

3 MR STROILOV: Certainly on metadata, I think the position we

4 have reached is that RPC would write to Withers about

5 it. We don’t object to this, we didn’t object to this,

6 we didn’t encourage this, for the reasons I have

7 explained at the time: Withers have been doing a lot,

8 really, without payment and we don’t want them to regret

9 that too much. So there is a limit to how much we can

10 exploit them.

11 So, well, we wouldn’t want to be ordered to be

12 chasing them, so they have written, they have already

13 provided some support —

14 MR JUSTICE HILDYARD: Likewise. As I whilst I understand

15 Withers’ position, they nevertheless accepted

16 the commission and I know that they would want to assist

17 the court within any reasonable limits.

18 MR STROILOV: Yes, my Lord.

19 MR JUSTICE HILDYARD: You will take under advisement the

20 issues I have raised as to the contractual severance of

21 Mrs Malysheva’s arrangements with the Bank, and the

22 amounts, her salary and the amounts of payment, and the

23 original contract, as I perceive it to be?

24 MR LORD: Yes, and so your Lordship knows, I need a day, or

25 I need some time to take full instruction. So

130 :1 your Lordship understands, we will attend to that.
2 There are likely to be some personal data issues

3 arising, and we would like your Lordship, without

4 setting homework — I wouldn’t be as impertinent as to

5 set homework — we would like some consideration given

6 as to how, assuming that that information is furnished

7 to this court, that information is only used for the

8 purpose that it is required for.

9 MR JUSTICE HILDYARD: Yes.

10 MR LORD: That is a very significant concern and I don’t

11 want to say anything out of turn.

12 MR JUSTICE HILDYARD: No.

13 MR LORD: If I could leave that so that I don’t take

14 your Lordship by surprise with that —

15 MR JUSTICE HILDYARD: No. I shall need your help on it.

16 MR LORD: Yes.

17 MR JUSTICE HILDYARD: But it is no secret. It is obvious,

18 and becomes more so with every witness, that the court

19 would have been much assisted by the attendance of

20 Mrs Malysheva, and one wonders whether it might not have

21 been secured as part of the arrangements for her

22 severance.

23 MR LORD: Yes, my Lord. And the organogram, we will also be

24 working on that.

25 MR JUSTICE HILDYARD: Good. 10.30 am on Friday? I have

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Bank St Petersburg v Vitaly Day 8

Arkhangelsky [Master]

131 :1 a meeting at 9.00 am, so I wouldn’t want to promise
2 10.00 am. I could mark you «not before 10.00 am» if you

3 would prefer that, but you might want a fixed start?

4 MR STROILOV: I think, from my point of view — I am

5 concerned, obviously, that it is Friday, and in case

6 I don’t finish — I don’t think that’s likely, really.

7 Terrible as my estimates are in terms of accuracy,

8 I would suggest 10.30 am because I, once again, have to

9 travel from Cambridge.

10 MR LORD: It sounds as if we can start at 10.30 assuming

11 that we ought to finish on Friday. We have assumed that

12 Ms Stalevskaya won’t be more than one full court day.

13 MR JUSTICE HILDYARD: Is that right?

14 MR STROILOV: Unless it is quite an extraordinary witness

15 making very long answers, I think that is overwhelmingly

16 likely.

17 MR JUSTICE HILDYARD: I will leave it this way: we will

18 start at 10.30 am as a fixed time but if, over the

19 course of tomorrow, whenever you are working, you think

20 you need a 10.00 am start, then you must, by the end of

21 tomorrow, have told Mr Lord’s solicitors so that they

22 have an appropriate time to be able to inform the

23 witness she will have to turn up a little bit earlier.

24 In which case I will mark it not before 10.00 am. I am

25 afraid I can’t promise to be here at 10.00 am because of

132 :1 my previous meeting.
2 (4.00 pm)

3 (The court adjourned until not before 10.00 am on
4 Friday, 12 February 2016)

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 8

Arkhangelsky [Master]

133 :1 INDEX
2 PAGE
3 Housekeeping ………………………………….. 1
4 MS OLGA DMITRIEVNA VOLODINA …………………….. 5
5 (Affirmed)
6 Examination-in-chief by MR LORD …………… 5
7 Cross-examination by MR STROILOV ………….. 6
8 Re-examination by MR LORD ………………. 102
9 Questions by MR JUSTICE HILDYARD ………… 109
10 Further cross-examination by MR STROILOV ….121
11 Housekeeping ………………………………… 122

11

12

13

14

15

16

17

18

19

20

21

22

23

24

0

134 :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 8

Arkhangelsky [Master]

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$

$20,00023:25

A

above ( 5 ) 90:20 93:21 109:3 115:9 119:19

Absolutely.14:11 accept ( 8 ) 8:1 8:2 59:3

60:2 60:6 64:14 65:1 86:20

accepted ( 8 ) 15:1 15:6 16:15 21:6 48:8 116:18 121:22 129:15

accident,2:9 accommodate ( 5 )

67:20 68:16 68:16 80:10 80:15

accordance ( 5 ) 39:21 60:23 61:10 75:3 113:16

according ( 6 ) 16:2 56:25 61:15 61:24 73:13 119:8

accordingly, ( 13 ) 25:1 43:6 58:6 65:10 81:19 83:12 84:16 84:25 105:25 108:15 111:2 113:10 113:14

account ( 3 ) 9:5 9:9 65:16

accountant ( 4 ) 96:2 97:15 100:13 100:21

accounting ( 4 ) 15:17 114:4 114:11 114:14

accounts ( 14 ) 8:17 8:21 9:2 9:13 9:25 13:6 16:10 69:23 83:6 95:18 96:8 99:20 99:23 110:21

accreditation ( 5 )

7:15 7:19 7:21 87:15 100:18

accredited ( 4 ) 7:20 7:21 8:6 119:22 accrued ( 5 ) 65:17

106:1 107:10 122:8 122:10

accumulated24:5 accuracy, ( 2 ) 4:12

131:7 accurate126:5 achieving118:10 acknowledge75:4 acquire126:2 acquired125:12 acquires24:25 across109:2 acting45:2 actions120:8 actively8:25

actual ( 5 ) 20:1 23:6 61:23 66:19 69:12

addenda ( 2 ) 51:4 53:3 addition ( 4 ) 9:6 11:22

81:8 119:17 additional ( 20 ) 13:11

49:22 51:11 51:13 51:14 53:2 56:12 57:15 57:18 59:22 60:12 61:3 61:3 73:20 73:22 74:2 78:8 78:11 78:12 116:8

address,5:13 addressed3:10 addresses33:7 addressing102:13

adduced123:6 adjourn54:3 adjourned132:3 adjournment ( 4 ) 53:11
53:14 55:12 55:14 administrative37:9 adopt76:20 advance, ( 2 ) 28:10

68:3 advanced71:21 advancing9:4 advise92:2 advisement129:19 affected4:10 affirm90:23 (Affirmed) ( 2 ) 5:5

133:5

afraid. ( 11 ) 33:5 35:13 35:16 37:2 41:7 46:14 74:24 75:10 121:21 123:3 131:25

After ( 33 ) 8:13 8:22 14:20 21:5 24:9 29:12 30:7 38:2 52:13 52:14 53:12 56:4 56:8 56:21 57:3 57:7 57:25 58:20 58:20 58:22 59:3 60:4 76:17 76:21 78:11 82:9 82:18 88:22 95:1 104:2 113:2 114:21 128:7

afternoon. ( 2 ) 6:14 55:17

again. ( 21 ) 22:8 22:11 25:20 26:19 28:14 29:15 30:10 31:21 35:16 38:18 39:10 53:8 58:17 86:21 88:1 90:1 90:25 99:18 117:22 118:12 131:8

against ( 9 ) 10:22 19:5 19:9 34:14 36:22 36:22 49:18 98:2 101:15

agency,40:17 agenda ( 6 ) 19:14

30:14 38:24 46:8 48:9 89:11

ago. ( 4 ) 67:9 78:16 79:17 105:24

agree ( 10 ) 13:24 17:16 25:6 25:8 26:4 64:3 73:14 90:23 106:17 109:18

agreed ( 17 ) 13:14 27:24 48:15 48:22 51:5 52:12 58:9 63:23 68:1 70:21 78:2 78:3 79:11 91:1 107:3 120:23 123:2

agreement ( 75 ) 3:13 4:22 17:3 17:7 22:16 22:25 22:25 23:2 23:3 23:6 23:18 23:20 24:4 24:9 24:19 24:20 24:23 24:25 25:10 25:14 25:17 25:22 25:24 26:3 26:18 27:5 28:13 28:22 28:24 29:3 31:7 31:24 32:21 32:23 33:2 45:6 46:9 47:14 49:5 49:12 51:13 51:15 59:14 59:17 59:19 60:12 60:17 60:24 61:3 61:4 61:6 61:11 61:12 61:24 62:5 62:15 65:12 65:21 69:19 74:14 74:19 78:17 79:11 79:18 79:23 79:24 99:24 104:3

104:8 107:1 107:4 108:6 108:25 109:20 119:5

agreements ( 29 ) 42:22 51:4 51:11 51:12 53:2 56:12 56:13 57:9 57:15 57:18 59:22 65:5 65:7 65:8 68:11 70:19 70:20 73:20 73:22 73:22 74:20 78:24 81:3 81:12 100:1 104:11 108:12 108:13 108:14

agrees32:1

ahead ( 2 ) 18:25 25:22 alert3:25

Alexander ( 5 ) 77:16 78:10 79:13 83:13 89:13

Alexander’s81:21 allegation99:19 allegations.99:6 alleged ( 2 ) 64:22 99:5 allegedly ( 2 ) 15:20

64:6 alleges120:21

allow ( 2 ) 16:5 75:13 allowable52:3 allowed ( 4 ) 21:25

56:25 86:2 125:2 allows85:21

ALMCO, ( 2 ) 56:18 57:2 almost89:7

alone ( 2 ) 74:9 84:7 along ( 2 ) 81:6 99:2 already ( 11 ) 7:25

15:20 47:9 76:1 89:7 105:23 107:3 107:13 108:21 109:19 129:12

also ( 48 ) 3:3 4:17 4:21 4:25 10:14 11:18 22:20 24:18 40:14 42:3 51:3 51:7 53:1 59:9 59:15 60:3 62:2 63:14 66:25 67:2 67:6 68:1 68:6 68:13 69:2 69:17 69:24 70:12 80:7 80:18 81:8 84:8 89:18 91:4 92:23 93:22 95:14 96:12 98:21 98:22 99:11 105:2 105:15 108:19 109:1 111:20 115:20 130:23

alternative?119:4 alternatively,94:3 always ( 6 ) 15:9 45:4

89:14 113:16 114:20 120:5

amended,61:6 amendment ( 2 ) 61:23

75:17 amendments.38:8 amnesty ( 4 ) 108:20

108:21 108:23 108:24 amongst67:22 amount, ( 10 ) 63:25

67:2 70:16 73:4 73:15 86:23 96:16 115:10 118:21 122:8

amounts ( 3 ) 106:21 129:22 129:22

analytical111:17 and/or125:1 announce103:11 another ( 24 ) 16:21

32:2 38:17 40:6 41:20 45:1 51:14 55:2 63:24 74:19 78:8 89:21 93:20 97:1 101:4 101:7 104:8 105:23

107:9 108:18 114:1 115:20 125:16 128:7

answer ( 8 ) 1:15 15:11 53:5 70:25 75:5 78:21 86:22 91:12

answers ( 5 ) 4:10 5:6 53:6 83:23 131:15

anticipate3:4 anybody ( 2 ) 55:11
124:12

anyone ( 2 ) 76:22 121:11

anything, ( 11 ) 6:22 42:23 43:9 44:12 49:8 50:7 88:2 97:6 124:2 129:2 130:11

apart ( 2 ) 86:14 114:2 apologies, ( 5 ) 55:24 75:20 98:8 118:16
118:22

apologise. ( 7 ) 3:1 6:18 18:6 34:7 38:18 41:22 98:10

apologising45:18 apology4:4 Apparently ( 4 ) 28:1

29:12 97:3 101:1 appears ( 5 ) 4:7 6:1

63:23 107:23 121:15 applications ( 4 ) 4:6

4:8 4:16 4:17 applied ( 3 ) 13:21 65:2
122:3

applies ( 2 ) 60:13 62:4 apply, ( 3 ) 76:21 121:2

121:3 appointment.54:23 appreciate ( 2 ) 3:22

126:19

approach ( 3 ) 13:24 21:2 75:7

approached7:13 approaching87:24 appropriate ( 3 ) 38:7

101:25 131:22 approval ( 4 ) 42:3

42:19 90:12 90:13 approvals59:23 approve ( 6 ) 90:18

90:18 91:12 91:16 92:1 94:13

approved ( 4 ) 47:2 56:21 91:5 91:18

April ( 8 ) 52:16 61:17 65:9 81:22 91:9 114:7 121:8 122:4

Aren’t ( 4 )44:20 45:20 83:24 87:6

arises124:18

arising ( 2 ) 2:22 130:3

Arkhangelsky ( 38 )

1:9 2:14 2:19 2:22 6:25 7:5 7:8 8:11 8:14 15:23 17:3 50:4 50:8 51:18 52:19 64:7 66:13 67:23 68:17 70:12 79:21 83:10 83:14 83:18 84:7 86:11 87:11 87:17 89:17 95:14 96:18 98:2 99:5 100:11 100:16 100:17 109:24 120:21

Arkhangelsky’s ( 14 )

16:25 52:23 64:13 65:11 73:1 73:13 74:16 77:23 83:8 86:17 100:24 101:14 122:11 126:25

Arkhangelskys ( 3 )

126:10 127:16 127:25

around ( 2 ) 14:12 32:15 arrange112:6 arranged16:24 arrangement. ( 2 ) 91:6

91:12 arrangements ( 3 )

70:19 129:21 130:21 arrears. ( 12 ) 11:13

57:14 70:2 70:16 91:10 92:11 94:12 119:6 119:8 119:11 119:17 120:11

arrest ( 2 ) 82:10 83:15 articles ( 2 ) 27:3 82:4 ascertained, ( 2 ) 111:4
113:24

ask ( 20 ) 18:7 37:9 37:14 43:22 53:5 53:7 55:18 57:17 59:2 65:18 71:12 91:22 91:25 104:14 117:23 117:25 118:4 118:11 124:22 127:9

asked ( 21 ) 7:20 10:3 13:19 16:8 20:4 21:18 47:9 70:8 80:1 84:12 84:14 99:16 100:2 102:11 102:12 102:15 102:17 102:23 104:1 105:11 128:19

asking ( 21 ) 7:18 7:19 8:20 11:5 11:6 11:7 12:14 12:24 16:16 19:2 52:21 53:2 58:8 71:19 83:11 90:13 104:20 105:12 105:15 106:3 110:17

asks90:12 assertions68:17 asset. ( 3 ) 19:16 24:18
49:21

assets ( 21 ) 18:16 18:23 19:4 19:8 20:2 20:18 22:24 30:21 32:14 39:13 39:23 40:10 41:13 44:11 44:11 44:25 45:2 47:6 48:22 85:20 101:25

assign48:23 assigning113:19 assignment42:21 assist ( 2 ) 3:14 129:16 assistance. ( 2 ) 40:22

66:4 assisted130:19 assume ( 3 ) 40:9 49:20

127:4

assumed. ( 2 ) 74:11 131:11

assuming ( 4 ) 15:2 53:17 130:6 131:10

assumption. ( 2 ) 48:13

89:15

assumptions44:23 attached60:23 attend. ( 9 ) 2:19 2:20

3:2 51:17 51:22 77:15 77:25 126:10 130:1

attendance, ( 3 ) 52:2 122:17 130:19

attended51:18 attending ( 2 ) 1:9 36:1 attention, ( 4 ) 34:21

94:7 97:10 98:4 attitude127:15 attorney ( 3 ) 33:12
33:21 38:4

Auction ( 6 ) 32:14 44:22 45:4 49:15 49:17 49:21

audit, ( 6 ) 98:21 100:6 113:21 113:22 113:23 114:10

auditor’s114:15 auditors ( 6 ) 113:4

113:5 114:3 114:5 114:5 114:11

audits ( 2 ) 98:1 98:15 August ( 6 ) 6:2 23:21

34:11 36:6 45:20 46:6 authorised24:24 authorities99:16 authority ( 2 ) 24:23

33:14

autumn ( 3 ) 10:8 16:10 95:18

available ( 2 ) 96:12 125:8

average ( 4 ) 21:17 86:12 110:2 119:19

avoid ( 8 ) 16:25 17:1 64:13 73:23 86:5 103:24 109:10 109:17

avoided.88:23

aware ( 11 ) 6:23 12:23 17:2 29:2 40:1 40:5 45:11 50:20 83:8 83:17 117:22

away ( 3 ) 46:25 118:18 119:15

awkward125:17

B

{B1/5/1},5:18 {B1/5/11}120:16 {B1/5/12},75:22 {B1/5/14}, ( 3 ) 97:12
104:15 114:24

{B1/5/15},98:5 {B1/5/16}112:24 {B1/5/19}.5:18 {B1/5/2},7:16 {B1/5/20}.7:16 {B1/5/30}120:17 {B1/5/32}76:1 {B1/5/33}. ( 2 ) 97:12

114:25

{B1/5/34},104:16 {B1/5/35}.98:5 {B1/5/36}112:25 {B1/5/37}5:25

back ( 15 ) 15:10 18:9 31:21 31:21 50:2 54:13 90:22 91:23 92:16 92:21 97:18 114:1 120:15 121:10 127:2

backdated ( 6 ) 56:13 56:23 57:7 57:21 57:25 78:25

background ( 3 ) 10:22

13:10 36:17

bad. ( 15 ) 21:17 30:20 30:21 36:13 38:3 40:12 40:14 47:1 48:10 49:10 86:12 89:17 100:11 101:11 112:18

balance ( 5 ) 115:15 116:19 117:4 117:11 118:5

Balandin ( 6 ) 34:22 34:23 35:6 35:7 114:21 115:16

bank, ( 145 ) 2:23 3:24 7:2 7:3 7:4 7:6 7:14 7:16 8:1 8:2 8:9 8:10 8:16 8:17 8:23 9:1 9:2 9:3 9:7 9:12 9:12

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9:17 9:20 10:18 11:5
40:23 41:23 45:23
87:16 89:17 93:20

11:12 13:6 13:13
51:10 67:10 95:12
99:3

13:19 14:2 14:3 14:5
began ( 2 ) 8:9 8:23
borrowers? ( 8 ) 9:3

14:9 16:3 16:18 16:24
beginning, ( 5 ) 77:14
9:13 11:2 51:12 66:24

17:11 17:15 17:17
82:9 82:18 90:21
70:15 70:15 70:19

18:23 19:22 20:15
121:17
borrowing ( 2 ) 8:16

22:15 25:13 25:16
behalf ( 2 ) 33:9 127:15
8:23

25:23 26:7 27:25 33:2
behave6:18
boss, ( 4 ) 7:9 89:14

33:9 33:20 34:14 39:3
behaviour94:21
100:16 102:4

39:13 39:21 45:2 47:3
behind5:17
both ( 12 ) 24:10 26:4

47:15 47:21 49:13
belief?6:8
29:17 29:22 38:20

51:14 51:15 51:23
believe ( 7 ) 33:17 55:20
42:16 43:18 57:10

63:23 64:6 64:13
74:17 80:9 81:2 91:5
67:23 76:13 89:1

66:11 66:22 66:23
99:21
125:23

67:5 67:19 68:15 69:7
bells? ( 2 ) 37:1 49:16
bottom ( 6 ) 5:25 38:22

69:17 69:21 70:1 70:1
belongs125:11
76:14 88:24 93:10

70:4 70:6 70:8 70:11
best ( 3 ) 6:7 40:20
118:7

70:21 72:17 72:19
88:16
branch ( 19 ) 10:2 16:19

72:20 73:9 73:24
better. ( 7 ) 3:7 26:20
17:20 68:1 68:2 69:14

74:3 77:24 78:3 79:18
46:1 53:10 54:7 54:19
72:18 79:3 80:1 83:10

79:22 80:6 82:5 82:8
126:6
84:21 87:13 96:22

83:7 84:8 84:17 85:2
between ( 21 ) 8:8 9:7
104:22 106:8 106:10

86:13 86:14 89:7
22:16 28:2 33:2 37:2
106:11 107:17 107:19

95:15 96:1 96:3 97:16
50:4 50:8 51:13 51:15
breach39:24

97:18 98:8 98:17
52:12 55:10 57:4
breaches113:24

98:21 100:9 100:13
68:14 70:21 73:5
breaching79:18

100:13 100:16 100:24
87:22 93:14 94:16
break. ( 10 ) 33:24 34:2

101:2 101:4 101:5
108:6 121:17
53:13 53:23 54:10

101:12 101:15 105:12
beyond ( 4 ) 20:10 52:8
54:11 54:12 54:14

105:19 106:4 108:7
107:8 118:24
87:25 88:13

108:17 110:21 112:7
bifurcation,74:18
breaking ( 2 ) 54:7

113:7 113:9 113:12
big ( 16 ) 19:18 21:3
79:24

113:19 113:22 115:6
22:8 29:18 30:25 31:8
breaks ( 2 ) 53:20 55:10

115:7 115:11 115:18
31:25 31:25 34:10
brief4:15

115:21 116:11 116:17
38:17 41:12 43:7
briefly, ( 2 ) 2:18 37:8

116:18 118:24 119:22
45:19 92:18 93:4 94:1
bring ( 4 ) 106:11 120:6

119:25 120:22 129:21
bill.122:9
120:7 120:7

Bank’s ( 20 )15:12 22:1
billion. ( 9 ) 44:9 47:15
brings120:18

22:3 27:14 27:18
47:16 48:14 73:15
British101:15

27:19 27:22 28:9
96:16 115:25 116:6
broad-ranging16:17

34:13 35:10 36:25
116:7
broadly54:8

39:2 39:23 49:7 49:18
billions;44:6
brought ( 4 ) 3:6 19:5

66:12 111:17 113:4
binding,24:25
97:10 107:15

113:5 115:4
bit. ( 7 ) 20:5 26:13
bundle ( 4 ) 5:17 40:19

banking ( 6 ) 13:16
46:14 55:10 77:17
40:25 42:13

13:17 15:17 37:5
85:5 131:23
business ( 3 ) 11:19

70:17 118:1
BKK ( 15 ) 10:2 19:13
101:5 111:7

bankruptcy. ( 4 ) 119:12
24:15 30:14 39:22
buy ( 3 ) 44:17 45:10

119:13 119:15 120:7
40:16 56:16 56:17
47:20

banks, ( 4 ) 69:18 80:18
57:2 58:13 58:15 94:7
buyer ( 3 ) 44:17 45:5

83:9 113:7
106:8 107:19 113:15
45:9

bar,3:17
block,36:12
buying47:18

bargain.88:7
board, ( 56 ) 10:2 12:22
BVI66:15

base ( 3 ) 112:14 112:16
18:13 21:2 21:5 35:15

112:19
35:21 35:21 37:13
C
Based ( 22 ) 14:1 30:23
38:6 39:23 41:14

57:9 65:8 68:14 68:17
41:20 41:21 43:7 46:1

calculate107:7

80:3 96:20 97:14 99:7
46:6 46:20 46:22 47:2

99:10 99:13 100:1
48:7 49:7 56:20 57:2
calculated78:23

108:10 108:14 108:16
57:23 58:12 58:16
calculation103:6

109:24 110:14 110:14
63:9 69:15 80:9 81:16
call ( 14 ) 1:6 5:4 12:5

113:23 114:2 114:11
84:3 84:19 89:12
34:5 50:8 52:10 60:10

basis ( 11 ) 11:16 15:3
89:13 89:25 90:6 92:9
60:19 63:6 66:1 71:23

26:18 75:15 111:9
92:20 92:23 92:24
88:18 92:7 119:25

111:12 112:11 112:12
94:11 94:13 94:19
called ( 13 ) 7:2 18:16

114:8 114:13 128:2
94:19 95:2 95:21
18:17 19:14 20:20

became ( 3 ) 36:9 43:18
95:23 96:23 97:14
22:17 24:15 36:20

80:19
97:20 99:8 101:19
39:13 39:14 42:23

become ( 4 ) 3:15 12:23
101:23 104:23 113:15
49:18 82:13

64:1 81:23
bodies58:11
calling71:11

becomes ( 2 ) 24:24
bogus64:12
calls ( 2 ) 82:13 82:15

130:18
bold-faced76:20
Cambridge.131:9

Before ( 22 ) 1:6 13:1
bona ( 3 ) 69:6 69:24
can’t ( 4 )75:8 83:22

24:5 53:6 53:23 54:22
99:3
124:14 131:25

55:20 58:1 63:1 63:3
Bond6:17
cancel1:10
66:14 71:11 79:12
booking117:8
cannot ( 7 ) 26:10 29:11

82:9 82:18 98:21
Borisovna13:3
35:4 47:10 78:1

98:21 107:16 118:19
borrower ( 16 ) 9:7
102:15 127:14

131:2 131:24 132:3
10:12 13:20 13:22
capacity118:24

beg ( 11 ) 20:2 22:4
14:8 17:12 68:15 69:6
capital ( 12 ) 60:3 60:8

31:10 32:18 40:18
69:21 70:13 80:6 86:4
60:13 60:14 61:8 65:2

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66:25 72:24 85:24 112:7 118:24 120:2

care42:13 careless2:13 carried24:17 carry101:2 cars,7:25 cases85:25

cash ( 10 ) 9:8 13:7 16:10 16:13 80:17 83:4 96:7 97:13 99:9 99:9

cast ( 2 ) 106:25 108:5 catch49:2 categories,112:13 category? ( 7 ) 85:15

85:21 85:22 85:24 86:16 87:1 128:22 caused, ( 2 ) 4:14 89:9

cautious109:14

cent ( 4 ) 72:23 85:25 119:14 119:16

Central ( 11 ) 39:21 72:19 73:9 73:24 113:9 113:12 113:22 115:11 115:18 115:21 116:17

CEO,92:22

certain ( 3 ) 51:11 70:13 113:20

cetera.112:22

chain, ( 2 ) 88:21 91:20 chair1:7

chairman ( 3 ) 12:22 34:22 92:23

chairmen11:18 chance103:24 change ( 2 ) 32:3 32:4 changed, ( 6 ) 11:6 11:7

19:21 32:6 52:20 68:7 changes ( 2 ) 13:9

84:21

changing ( 3 ) 65:14 111:11 111:12

channel. ( 2 ) 77:6 118:17

channels.55:25 chaos. ( 2 ) 42:5 46:14 character,95:16 charge ( 7 ) 13:12 30:16

30:19 35:5 35:7 40:13 115:17

chasing129:12 check ( 2 ) 9:13 41:4 checked72:18 checking9:5

chief ( 4 ) 96:1 97:15 100:13 100:20

choice87:14 choose87:20 chose87:17 chronology ( 4 ) 18:7

31:22 50:3 55:21 circulation,119:20 circumstances ( 4 )

33:5 89:16 109:9 110:17

Civil27:4 clarified15:4

clarify. ( 6 ) 14:25 17:4 17:13 39:19 44:15 58:13

clause ( 8 ) 23:9 23:13 23:16 23:24 24:2 24:8 27:2 60:21

clear ( 7 ) 9:20 13:6 29:14 80:19 99:16 123:15 126:21

cleared ( 3 ) 99:1 99:5 99:15

clearly ( 2 ) 3:23 128:14

clever86:21

client ( 60 ) 11:15 11:19 13:25 14:6 14:16 14:21 15:25 16:3 16:3 16:18 16:21 17:20 30:15 30:15 35:20 35:22 36:5 36:8 36:11 39:8 40:17 57:10 57:14 64:2 67:19 68:1 68:2 69:5 69:13 69:25 74:4 74:7 74:10 80:1 80:4 80:11 81:14 81:17 81:23 82:2 82:3 83:1 86:13 87:14 89:19 90:4 91:8 94:20 96:4 96:7 98:20 98:22 99:25 110:4 110:6 111:3 113:18 113:20 119:11 119:12

client’s ( 2 )79:5 110:12 client-specific,120:5 clients ( 11 ) 10:14

10:16 11:11 11:17 11:20 16:13 80:13 80:14 80:16 89:15 107:17

close.48:4 closed,119:16 closely.117:24 clutter126:22 Code27:4 coincide125:6 collateral. ( 17 ) 7:23
18:24 19:21 19:23 21:11 32:24 32:25 39:3 45:4 48:24 84:22 86:15 87:1 111:16 111:21 119:18 120:6

collaterals,101:7 come ( 14 ) 11:4 13:25

18:9 25:1 27:5 27:8 54:12 71:20 78:20 81:22 97:11 114:1 123:7 126:11

comes ( 3 ) 31:23 95:24 97:19

comfortable88:6 coming ( 6 ) 1:20 31:21

55:4 69:23 127:7 128:12

commentary125:17 commission129:16 committee, ( 28 ) 8:19

8:19 19:18 19:25 20:10 20:10 20:14 21:4 22:9 29:19 30:25 31:8 31:25 32:1 34:10 34:23 35:23 38:17 39:17 41:12 41:13 43:8 45:19 57:23 92:19 93:4 94:2 113:11

communicate114:10 communication87:23 companies ( 22 ) 7:5

8:3 8:4 8:4 8:16 8:18 8:23 9:2 10:25 11:3 11:4 11:11 11:23 23:1 40:2 45:12 45:14 47:10 47:12 71:9 95:7 109:3

company. ( 32 ) 7:11 7:20 8:20 10:6 18:16 18:17 19:13 20:20 22:16 25:19 30:20 36:19 36:20 39:4 39:13 39:14 40:6 42:23 47:6 49:18 52:16 59:7 65:8 85:13 87:11 87:14 87:20

107:24 115:7 116:9 117:16 118:8

company’s117:17 compared21:16 competent ( 3 ) 71:6

96:2 99:10 complete27:11 completed122:17 completely84:11 completeness, ( 2 )
49:11 61:2

complex ( 5 ) 42:6 64:2 73:25 74:1 113:21

compliant9:13 complication126:21 complied ( 6 ) 10:3

10:21 14:5 108:16 128:3 128:5

comply116:16 complying ( 2 ) 2:23

119:23 component104:6 compounding82:25 comprehensive ( 3 )

113:22 113:23 114:9 compulsory9:4 concern ( 2 ) 26:6

130:10

concerned ( 4 ) 24:12 24:14 103:18 131:5

concerns67:20 concluded51:12 concluding46:8 condition ( 4 ) 9:4 11:16
14:9 119:18 conditions ( 5 ) 9:16

11:5 14:4 68:5 78:6 conduct94:21 conducted9:15 confident41:6 confidential128:18 confidentiality3:16 confirm ( 8 ) 6:6 6:9

78:1 83:19 90:9 90:10 105:20 106:3

confused110:16 confusing. ( 3 ) 39:1

60:18 90:11 confusion15:11 connected ( 2 ) 15:25

115:22 connection32:13 conscious55:6 consent. ( 26 ) 19:1

22:9 22:15 27:14 27:18 27:19 27:22 27:25 28:9 28:19 28:21 28:22 28:24 30:7 31:4 31:5 31:15 31:17 34:13 35:10 36:25 37:4 39:2 39:12 39:22 93:19

consequent126:25 consequently ( 2 )
52:17 68:8

consider ( 4 ) 16:20

21:8 61:14 105:12 considerably ( 2 ) 49:15

109:25 consideration ( 2 )

47:17 130:5 considered ( 3 ) 21:10
31:24 62:19

Considering25:8 considers128:23 consisted95:18 consistent. ( 2 ) 31:6

75:17 consistently75:3 consisting99:20 constraints13:9

contact104:22
43:8 45:19 52:24
{D112/1622/1}105:1
58:3 58:6 58:9 58:9

contacted ( 4 ) 16:18
61:10 65:5 81:19
{D112/1622/2}, ( 2 ) 58:11 58:14 65:9

104:22 106:8 108:17
83:19 84:16 85:16
105:2 106:6
81:14 93:18 119:6

contents ( 3 ) 6:4 6:7
85:16 85:17 86:12
D113/93:2
dated ( 11 ) 29:25 34:11

6:9
90:24 91:2 92:19 93:4
{D113/1638/1},93:7
38:18 51:5 57:19 58:3

continuation24:9
94:1 98:20 99:8 99:24
{D113/1638/2}.93:7
58:16 58:17 72:20

continue, ( 4 ) 22:12
99:25 100:14 100:21
{D113/1648/1}.93:3
73:20 102:22

25:21 53:13 75:14
103:20 109:19 109:21
{D114/1653/1} ( 2 ) dates? ( 12 ) 15:11

continued100:24
110:1 110:3 110:13
88:19 102:10
29:11 29:14 51:1 52:3

contract ( 12 ) 4:24 9:16
110:22 111:1 111:5
{D114/1653/2}.89:4
52:6 52:17 56:23 58:1

29:21 31:15 31:18
111:8 111:9 111:11
{D114/1653/3}. ( 2 ) 92:13 108:8 108:14

31:18 52:15 52:18
113:11 114:19 117:11
88:19 102:14
day; ( 12 ) 20:21 24:3

94:10 94:15 122:4
117:12 117:13 119:9
{D114/1656/1}, ( 2 ) 53:19 54:9 56:8 90:22

129:23
crediting,101:3
102:20 118:12
97:5 111:11 111:11

contracts. ( 2 ) 10:21
creditor, ( 4 ) 21:11
{D114/1656/3}.118:13
122:18 129:24 131:12

11:6
82:16 98:22 99:3
{D115/1674/1},107:15
day’s1:25
contractual ( 2 ) 52:8
creditor’s ( 4 )19:20
{D115/1674/2},107:14
days. ( 19 ) 16:6 23:18

129:20
39:24 43:17 120:3
{D122/1943/0.1}18:11
56:9 57:7 57:24 62:16

control,128:6
creditors’ ( 3 )42:22
{D122/1943/1}18:11
62:20 62:23 63:2 64:8

controlled26:5
69:3 99:10
{D126/2007/1},32:17
76:17 87:22 110:3

convert63:10
crew, ( 4 ) 80:7 82:13
{D126/2007/3}33:6
110:23 110:23 110:24

copies.42:4
97:1 97:3
{D126/2007/4}:32:19
119:10 123:22 127:24

copy ( 4 ) 41:7 42:8
crews.70:3
{D126/2007/6}33:7
deadlines91:8

122:25 126:3
criminal ( 6 ) 95:13 98:2
{D128/2060/1},23:7
deal ( 11 ) 1:18 2:2 2:3

corner6:1
98:12 98:15 99:11
{D128/2060/2},23:24
2:4 3:7 15:24 18:24

corollary109:15
99:13
{D128/2060/4}23:8
81:1 102:1 122:24

corporate ( 9 ) 4:6
crisis, ( 2 ) 10:22 11:9
{D128/2060/5}.23:24
123:24

11:11 51:12 85:13
criteria13:21
{D13/301/1},60:19
dealing ( 5 ) 2:22 8:18

86:1 86:6 86:9 86:17
criticise6:21
{D13/301/9}60:20
30:18 32:16 45:1

86:22
cross-default ( 7 ) {D134/2202.1/0.1} ( 3 ) deals76:19

corporation118:3
88:23 89:8 92:7
29:15 30:1 31:10
dealt ( 2 ) 26:15 69:2

correct ( 35 ) 4:18 5:23
102:14 103:19 118:19
{D134/2202.1/0.3} ( 2 ) debt ( 5 ) 57:12 70:7

7:4 7:17 8:17 8:24
120:1
29:17 31:13
96:18 97:5 100:11

9:10 9:11 9:22 9:22
cross-defaults ( 2 ) {D134/2202.1/1} ( 3 ) debtor, ( 4 ) 85:20 101:4

11:25 13:8 14:10
103:11 119:1
29:16 30:1 31:9
101:7 101:9

19:6 34:17 46:10 47:7
cross-examination ( 9 ) {D134/2202.1/3}. ( 2 ) debtor’s85:20

47:24 50:6 52:7 56:10
4:5 6:11 6:16 54:18
29:17 31:13
debtors ( 2 ) 40:14 84:8

56:14 56:23 57:8
71:1 75:14 121:13
{D134/2203/0.1}30:10
debts? ( 15 ) 16:17

57:21 58:2 60:1 60:15
133:7 133:10
{D134/2203/1},30:9
30:20 35:24 36:13

61:25 62:1 62:25 64:9
cross-examine ( 2 ) {D134/2207/0.1},28:16
36:14 38:3 40:12 47:1

64:24 72:13 92:21
75:3 123:19
{D134/2207/1}28:18
48:10 49:10 69:22

corrected ( 2 ) 48:2
cross-examined? ( 2 ) {D148/2466.2/0.1}42:2
96:19 101:11 115:8

99:18
6:13 6:20
{D148/2466.2/1}41:24
118:2

correction ( 3 ) 4:4
cross-reference40:24
{D148/2466.5/0.1},41:3
deceiving70:10

37:19 48:12
crossed37:20
{D148/2466.5/1}.41:3
December, ( 72 ) 12:3

correctly, ( 7 ) 44:8 71:2
crude22:1
{D149/2493.1/0.1}.34:6
12:13 12:18 12:20

85:12 92:17 100:2
curator ( 3 ) 113:14
{D149/2493.1/1},34:5
12:21 12:25 14:13

107:5 108:22
113:18 114:8
{D150/2495.1/0.1}:37:12
14:18 15:15 16:16

correlate112:20
curatorship113:10
{D150/2495.1/1}37:11
16:18 16:22 17:16

correspondence ( 2 ) current ( 2 ) 57:12 78:12
{D151/2542/3},66:1
35:5 36:9 50:2 50:5

76:3 91:14
currently, ( 3 ) 101:8
{D151/2542/6},66:18
50:6 50:17 51:5 51:17

corroborates98:19
101:8 125:3
{D159/2682.2/0.2},38:10
55:20 56:7 56:14

cost1:11 customers,10:16
{D159/2682.2/01}38:16
56:18 56:19 57:7

costs,118:6
{D159/2682.2/1}.38:16
57:8 57:13 57:13

Couldn’t ( 3 )94:1 97:9
D {D159/2682.2/2}38:11
57:16 57:19 57:25

97:23
{D159/2682.2/3}.38:21
58:1 58:7 58:7 58:17

counsel,36:10
{D159/2682.2/5}39:18
58:18 58:18 58:18

{D105/1479.2/0.1}63:21

count ( 2 ) 107:12
{D160/2702.2/0.1}.46:5
58:20 61:14 61:16

108:22
{D105/1479.2/1}63:22
{D160/2705.2/0.1}45:16
61:18 61:21 62:19

counted109:22
{D105/1479.3/0.1}.64:21
{D160/2705.2/1}.45:17
63:1 64:20 64:23 68:8

counterclaimants125:25
{D105/1479.3/1},64:21
{D160/2707.2/0.1}46:19
69:19 71:3 71:17 72:3

couple ( 2 ) 35:4 126:9
{D105/1479.4/0.1},59:10
{D160/2707.2/1},46:4
72:21 73:20 77:13

course, ( 10 ) 3:18 4:20
{D105/1479.4/1}59:10
{D160/2707.2/4}.46:16
78:7 78:25 83:13

4:23 49:24 75:15 83:4
{D105/1479.5/0.1}63:8
{D49/853/1};62:9
83:17 85:1 87:6 93:15

84:22 125:13 128:18
{D105/1479.5/1}63:7
{D49/853/7}:62:10
93:16 104:2 107:8

131:19
{D106/1481/1}.71:24
{D50/874/1},61:4
107:10 108:10 108:11

courtroom6:14
{D106/1481/3},71:10
{D50/874/3}.61:9
114:20 120:22

covenants9:7
{D106/1485/1},76:7
{D50/874/4}.61:5
decent40:21

covertly124:14
{D106/1485/2}76:10
{D50/874/6},61:8
decide89:24

create ( 5 ) 17:1 25:3
{D106/1485/3},76:13
{D55/951/7},48:16
decided ( 7 ) 35:22 90:5

103:13 115:8 116:25
{D106/1485/5}76:8
D98/1260,12:5
110:19 112:2 112:3

created.110:6
{D106/1485/6}.76:12
{D98/1260/3}12:6
112:5 116:4

creating ( 3 ) 102:16
{D106/1485/7},76:14
{D98/1260/4}.12:7
decides,26:6

111:14 113:3
{D106/1493/1},60:10
{D98/1261/1}.12:8
decision ( 104 ) 15:21

creation: ( 2 ) 110:12
{D106/1493/3}.60:11
{D98/1261/2}.12:10
18:12 18:15 20:13

111:10
{D107/1537/1}.50:9
daily ( 5 ) 111:8 111:9
20:14 21:1 26:1 29:12

credit ( 56 ) 8:19 17:3
{D107/1537/3},50:11
112:11 112:12 114:8
29:18 31:8 32:5 34:10

19:18 21:3 22:9 29:18
{D112/1621/0.1} ( 2 ) DART125:7
34:13 34:18 34:20

30:25 31:8 31:25
106:12 106:15
data130:2
35:2 35:9 36:16 37:9

31:25 34:10 34:22
{D112/1621/1}. ( 2 ) date ( 16 ) 23:18 23:20
37:12 38:1 39:11

35:23 38:17 41:12
106:13 106:13
29:9 30:7 50:23 56:22
39:17 41:10 41:19

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41:21 41:21 42:19 42:21 42:24 43:10 43:20 44:14 45:7 45:25 46:2 46:17 46:21 46:23 46:24 47:5 47:19 47:22 48:7 48:11 56:15 56:19 57:1 58:10 58:16 58:16 59:10 59:12 63:9 63:23 64:22 69:25 70:5 74:5 79:8 81:12 81:16 81:21 82:22 82:24 84:23 87:4 89:13 91:23 92:10 92:18 92:18 92:20 92:22 93:1 93:4 93:8 94:2 94:7 94:9 94:11 94:11 94:17 94:22 94:25 95:2 95:4 95:6 96:15 96:23 99:12 101:19 101:22 102:4 103:22 110:25 113:16 113:19 113:21 117:6 119:25 120:4 124:3 124:9

decision-making ( 2 )

35:25 98:14 decisions ( 23 ) 14:20

18:8 37:25 40:10 43:6 49:6 51:8 56:21 57:2 57:6 57:23 57:24 57:24 58:3 58:9 58:11 58:12 79:4 79:6 79:9 84:11 84:14 92:3
declared92:11 declaring120:11 decrease ( 2 ) 16:10
99:9

decreased ( 2 ) 16:13 43:13

deemed24:22 defamation.125:20 default, ( 9 ) 9:17 13:20

15:7 16:25 64:14 88:22 96:4 97:2 119:25

defendants’ ( 4 )13:17 74:22 124:25 125:24

deferment67:1 deferral ( 3 ) 120:6

121:6 122:11 deferring108:3 definitely ( 3 ) 50:17
70:5 118:9

Delaglazava(?).100:22 delay ( 5 ) 14:18 40:23 65:4 108:12 110:24

delay.doc».103:7 delays110:2 deletion3:12

deny ( 2 ) 33:18 78:1 department. ( 19 )

35:21 36:11 36:11 38:2 40:13 45:1 47:1 97:18 100:14 100:21 110:21 111:6 111:13 111:17 111:19 112:20 114:19 117:3 117:6
departments ( 2 ) 11:15 36:13

depending92:12 deployment127:1 deputy ( 8 ) 11:18 35:20

39:8 40:16 48:9 79:2 90:2 96:21

describe18:4 described ( 2 ) 10:5

21:3 description109:11 despite27:25 detailed83:23

details ( 2 ) 52:11 117:22

deteriorated67:22 deteriorates,86:4 deterioration111:3 determine116:24 determined ( 2 ) 40:15

111:16 develop31:20 developed113:25 devoted123:4 diagram3:22

didn’t ( 15 )10:23 13:7 26:23 27:8 34:24 49:10 50:5 64:7 77:19 79:19 81:9 83:19 91:16 129:5 129:6

different ( 10 ) 2:11 3:17 18:17 34:15 49:25 59:23 60:18 84:19 95:2 101:5

difficult. ( 3 ) 10:16 75:24 89:12

difficulties ( 9 ) 10:5 10:13 10:14 10:17 10:19 11:1 11:1 11:18 15:25

difficulty.22:13 dim116:17 diminished112:7 direct45:5 directly69:2 director ( 13 ) 17:25

35:20 36:5 39:8 40:16 45:3 48:10 79:2 84:18 86:18 90:2 91:3 96:22 directorate ( 11 ) 30:16 35:22 36:5 36:8 36:10 39:9 48:10 84:16 91:2

91:2 103:20 directorates. ( 3 ) 35:6

36:10 90:24 disagree ( 2 ) 8:7

101:21

disclosed, ( 2 ) 4:7 4:25 disclosure128:24 disconnect37:2 discount ( 5 ) 21:24

21:25 86:2 86:15 119:18

discounted ( 5 ) 85:19 85:23 111:15 111:22 122:7

discounting ( 2 ) 111:18 116:7

discovered95:17 discuss ( 4 ) 19:11

55:11 77:22 79:13 discussed? ( 20 ) 12:19

13:3 18:20 20:20 20:22 22:21 24:16 52:11 57:4 69:3 83:18 89:24 92:10 95:21 96:13 96:25 97:13 97:15 99:8 113:17
discussing77:17 discussions ( 2 ) 58:22
78:15

dishonest, ( 2 ) 79:21 100:11

dispose48:6

dispute ( 2 ) 64:5 66:13 disrespect, ( 4 ) 65:18 71:1 74:24 75:10

disseminate124:16 divider5:17 DMITRIEVNA ( 3 ) 5:5

5:14 133:4 document ( 34 ) 17:5

31:5 31:9 33:16 35:14 37:6 38:13 40:21

40:25
41:9 41:17
e-mail, ( 16 ) 30:11
enjoy122:19
expected74:6

41:24 42:17 42:18
66:10 71:13 71:17
enough ( 4 ) 2:1 26:9
expecting ( 2 ) 16:4

46:3 48:23 50:13
71:20 72:1 76:3 88:25
88:5 126:12
68:18

50:20 59:19 59:21
89:2 90:7 90:14 90:21
entail52:6
expedient101:8

59:24 76:6 88:18
102:20 102:24 103:2
enter ( 2 ) 28:24 118:19
expense,1:25
102:22 103:17 105:5
103:21
entering ( 2 ) 111:7
experience ( 3 ) 6:20

105:21 106:5 106:7
e-mails. ( 3 ) 91:20
111:25
10:13 37:22

106:14 107:16 107:18
102:13 102:21
Enterprises22:17
experienced10:16

111:14 117:7
earlier, ( 14 ) 2:7 13:2
entertain127:14
experiencing10:14

documents ( 6 ) 37:10
16:7 16:9 17:10 25:12
entire ( 4 ) 24:4 48:4
expert ( 2 ) 13:17 13:17

37:18 38:5 51:6 106:9
54:11 56:22 61:3
89:8 103:12
expire ( 2 ) 63:11 63:18

128:17
64:11 102:18 102:22
entirely ( 2 ) 2:13 53:16
expired ( 3 ) 59:3 93:24

does ( 19 ) 2:12 33:10
104:1 131:23
entitled ( 3 ) 124:22
121:17

36:25 37:7 48:19 49:4
early ( 3 ) 50:22 54:4
125:1 125:13
expiring,61:11

49:16 66:9 72:3 93:23
127:5
entity ( 3 ) 24:19 26:5
expiry ( 2 ) 24:9 65:9

103:17 108:5 117:7
easier ( 2 ) 73:8 120:10
26:6
explain ( 12 ) 2:17 14:8

117:15 118:7 119:12
economic16:14
envisaged ( 3 ) 60:22
30:12 35:18 36:16

119:24 121:11 127:13
effect. ( 6 ) 31:20 47:22
76:16 88:22
42:25 43:3 51:23

doesn’t ( 10 )17:15
92:20 96:17 104:2
equipment,119:21
69:12 71:18 115:1

23:11 49:16 59:6
116:5
equity, ( 2 ) 72:24
115:6

90:7 93:2 93:9 106:19
effective,27:12
116:18
explained ( 10 ) 6:17

124:8 128:4
effectively, ( 3 ) 47:18
especially93:10
19:14 22:24 24:17

doing, ( 5 ) 53:21 94:21
47:20 92:18
essence ( 3 ) 41:19
25:5 37:3 52:1 69:15

96:8 128:15 129:7
efficiency,53:24
72:11 84:24
109:13 129:7

don’t ( 54 )3:16 4:10
efficient2:8
essentially41:15
explaining ( 2 ) 27:7

4:13 4:15 4:17 4:17
Efimovich17:22
establish, ( 2 ) 20:9
86:21

4:24 18:6 24:10 27:3
either. ( 9 ) 38:13 44:16
44:5
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29:8 38:20 41:6 41:16
50:15 50:24 51:1
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93:13 127:22

42:11 42:15 49:8
68:18 74:16 74:22
estate ( 3 ) 23:10 33:13
explanations19:17

54:10 55:6 59:18
125:11
111:22
exploit129:10

60:8 60:17 66:6 74:15
else, ( 5 ) 47:4 76:23
estimates131:7
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74:17 74:21 75:22
77:3 98:18 118:4
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70:8 70:9 80:10 94:13

81:6 84:13 86:20
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94:25 105:22 105:25

88:20 90:19 93:3
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69:19 85:22 97:3 97:3
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99:18 99:21 101:17
111:6 111:13 111:19
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102:2 104:21 112:15
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52:5 52:17 52:23

118:12 124:1 124:2
82:6 82:7
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52:25 53:1 62:17

126:2 126:3 126:14
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62:24 62:25 64:22

126:24 127:11 128:24
enable70:9
events ( 6 ) 18:9 32:13
67:3 67:7 68:12 80:2

129:5 129:8 130:10
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50:1 50:3 55:21 113:2
93:22 94:15 105:24

130:13 131:6 131:6
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done ( 27 ) 19:15 22:25
encountered ( 2 ) 10:18
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37:21 37:23 37:24
70:13
110:4 113:22 114:13
109:16 109:19 109:20

39:23 43:1 45:4 45:6
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47:23 55:5 72:4 72:9
11:12 11:17 11:21
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52:19 52:19 65:13

78:14 80:22 83:20
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81:25
67:16 81:8 81:13

107:19 108:13 110:21
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83:11 91:24 92:16

110:22 110:24 111:18
18:24 19:21 24:22
40:24 83:5 84:6
94:2 94:3 95:10 95:22

112:11 114:6 119:14
25:2 25:4 25:6 27:6
117:10
96:24 101:20 104:17

123:7 128:21
28:14 31:19 39:3
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104:21 104:24 105:8

doubt25:15
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35:18 35:20
105:19 106:4 106:16

doubtful112:18
end ( 43 ) 12:18 12:20
evidence ( 20 ) 7:13
106:20 106:24 107:9

down ( 22 ) 5:8 20:4
12:21 12:25 14:13
7:24 12:17 15:19
108:5 108:11 108:18

21:16 23:23 29:17
15:2 15:13 15:15
74:22 75:6 76:2 78:16
109:22 120:19 121:2

31:11 31:12 33:6
17:16 22:17 24:4 29:9
81:7 87:19 92:17 95:9
121:23 122:5

38:20 38:21 39:9
50:6 55:20 59:4 59:4
100:23 101:13 101:18
extensions ( 2 ) 80:21

45:23 46:7 46:15
60:3 63:4 63:11 64:15
104:20 120:19 120:25
110:5

50:11 61:7 66:18
65:25 69:24 72:3
121:15 128:12
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76:10 76:11 89:1
77:19 79:12 80:25
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119:14 127:24

126:12 128:14
82:20 83:13 87:24
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90:7 94:3 94:4 94:25
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95:1 95:5 97:5 100:25
21:12 32:8 48:2 57:22
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121:18 121:24 121:25
64:16 69:9 82:12

draw114:5
122:3 122:12 131:20
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enforce ( 5 ) 32:24
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face ( 3 ) 46:3 58:10

driven120:1
81:19 81:20 119:5
examine21:7

dropping21:16
120:11
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93:8

due ( 13 ) 4:20 11:8
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16:21 24:19 61:14
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63:18 64:2 72:3 77:24
34:14 34:15 37:4 70:7
127:14
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79:12 81:23 99:8
90:4
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facility ( 10 ) 1:10 1:23
114:16
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3:5 3:5 52:24 62:3

duplication93:19
30:3 35:17 37:15
exchange102:24
62:5 63:2 63:10 120:3

during ( 6 ) 4:22 51:6
38:21 39:1 41:7 42:4
exclusively,120:2
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55:11 100:6 103:12
42:7 42:10 42:15
execution, ( 2 ) 36:24
factors ( 5 ) 82:25 85:17

119:10
46:18 46:19 50:10
36:25
99:7 99:14 99:24

66:7 71:11 76:7 76:11
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fail59:6

E 77:3 77:6 104:15
existing ( 5 ) 52:3 57:9
failed ( 4 ) 68:3 68:22

105:3 112:25 114:25
69:22 82:1 83:2
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120:16
expect,11:2
faintly127:10

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fair ( 4 ) 95:19 109:11 111:15 123:8

fairly ( 3 ) 55:5 109:13 128:2

fairness ( 2 ) 98:3 126:4 faith89:17

fall ( 3 ) 94:12 111:23 119:6

fallen128:14

falling ( 4 ) 21:23 85:23 86:16 91:10

falls ( 3 ) 86:25 119:8 128:23

far ( 11 ) 10:10 29:2 38:6 54:18 56:15 64:15 102:4 103:18 103:22 108:10 117:7

fault. ( 2 ) 51:10 97:21 faux6:19

favour76:5 favoured,76:16 February ( 15 ) 1:1 51:2

51:6 58:16 61:17 68:21 73:12 73:21 74:3 100:6 104:21 104:22 105:20 106:5 132:4

Federation. ( 2 ) 27:4

86:1

fee124:23

feed. ( 3 ) 76:25 125:21 125:22

feel ( 6 ) 5:8 82:7 88:6 88:8 88:10 127:10

fees105:15 felt79:23

few ( 6 ) 55:1 56:9 71:11 78:16 79:16 91:22

fictitious, ( 4 ) 68:25 96:8 99:9 100:4 fide ( 6 ) 69:6 69:16

69:24 80:6 99:2 99:3 fifth85:22

figure48:25 figures3:13 file119:12 filed119:12 files126:22 finally,64:4

finance ( 4 ) 7:10 51:19 68:18 100:24

financial ( 27 ) 9:20 9:25 10:15 11:9 13:10 14:1 14:6 19:23 20:16 21:15 21:22 21:24 64:2 67:21 74:4 85:17 86:3 86:7 86:8 110:12 110:13 111:3 111:12 112:20 116:13 118:7 119:18

financing101:3

find ( 6 ) 10:23 40:25 41:20 75:23 75:25 78:3

fine123:18

finish ( 7 ) 53:19 53:25 54:16 54:21 88:8 131:6 131:11

finished88:3 finishing53:22 first ( 17 ) 5:21 8:18

12:23 31:23 46:19 86:10 100:2 105:8 105:19 106:8 107:21 107:22 107:25 113:1 118:19 126:15 128:9

fish17:25

five ( 3 ) 110:2 110:23 122:23

fixed ( 2 ) 131:3 131:18 flak.97:6

flexibility123:10 flow ( 6 ) 13:7 16:10

16:13 83:4 96:7 97:13 flows, ( 3 ) 80:17 99:9
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following ( 3 ) 2:20 81:6 103:13

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forced82:5 «Forecast103:5 foresee2:10 forethought3:6 forewarning3:15 form, ( 7 ) 31:4 31:5

37:4 73:23 86:24 93:20 111:2

formal ( 2 ) 27:18 56:12 formalised51:6 formed71:5 former97:17

forming ( 3 ) 78:23 86:5 103:24

forms52:20

forth, ( 3 ) 90:5 92:12 115:16

forward. ( 2 ) 74:6 78:9 found ( 3 ) 68:24 76:1
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fourth85:22

free ( 4 ) 5:8 29:3 87:17 122:18

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friendly8:11

friends ( 7 ) 42:6 42:9 42:12 66:6 66:8 96:1 100:15

front59:24

FTI128:17 fulfilled80:12

full ( 4 ) 5:12 31:20 129:25 131:12 fully ( 2 ) 28:5 69:6

function115:3 funded101:14 funds ( 3 ) 16:4 64:2

113:8 furnished130:6

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gain100:18

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36:10 44:20 44:21
110:11
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79:10 86:18
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100:1 110:1 110:3

gentleman17:21
(Handed). ( 6 ) 41:5
110:13 110:22 111:1

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42:7 42:16 66:3 66:3
111:9 111:10 111:11

7:21 14:3 54:22 68:18
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81:25 107:8
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getting ( 4 ) 10:9 92:16
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114:18 117:15

127:21 128:1
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holding ( 2 ) 36:21

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5:12 12:17 14:10
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holiday ( 2 ) 105:15

15:21 17:11 25:14
happens ( 2 ) 124:11
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25:16 42:9 42:12
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homework ( 2 ) 130:4

42:15 55:9 72:5 73:3
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75:6 76:2 81:6 103:23
hasn’t86:14
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104:20 110:18 126:20
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127:5 128:12
38:13 128:5
31:8 36:17 40:24

given ( 22 ) 1:24 2:9
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13:23 15:13 15:20
97:17 100:14 100:21
73:24 88:3 120:18

30:7 41:9 57:12 64:6
107:19 114:19
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73:18 78:16 79:17
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hopeful112:18

80:16 80:23 81:11
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85:18 95:9 105:22
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106:7 123:6 123:10
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130:5
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72:10 83:23
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6:12 18:3 19:23 20:16
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133:3 133:11

21:15 30:4 33:23
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53:17 53:22 55:17
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86:9 130:25
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48:7 58:20 63:6 81:16

goods, ( 2 ) 82:1 119:20
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101:3 112:13

grace ( 2 ) 81:3 93:15
115:6 116:10
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grade, ( 5 ) 111:5
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111:24 112:22 113:20
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112:14 112:17 112:21
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grateful. ( 4 ) 49:1 67:14
34:19 37:3 39:16
41:16 49:1 50:20

98:6 98:10
41:4 44:4 46:16 47:25
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48:11 69:7 92:13
74:12 75:9 79:7 82:17

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93:18 106:23 107:6
93:3 96:1 99:4 110:16

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117:19 124:18 131:25
121:20 121:20

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9:21 9:25 10:25 11:14
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23:1 24:20 25:19 40:2
2:4 3:3 3:21 4:2 4:19
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40:6 45:12 45:13
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47:11 47:12 71:8
26:13 26:15 26:20
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77:24 89:9 95:7 103:6
26:23 27:7 27:11 28:4
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103:12
28:9 28:12 33:25
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gruesome54:15
42:14 48:20 53:15
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guarantee ( 11 ) 59:17
53:21 54:2 54:7 54:12
illness ( 2 ) 126:25

85:13 85:23 86:1
54:20 55:3 55:9 55:17
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86:6 86:9 86:17 86:18
55:22 56:3 75:2 75:13
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86:23 86:25 111:23
76:22 76:25 77:3 77:5
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110:10 110:20 110:23

4:18 117:12
88:4 88:8 88:11 91:25
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109:5 109:6 109:13
impact ( 6 ) 70:5 79:4

guiding13:14
110:7 110:16 111:25
110:5 111:10 112:18

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112:12 112:23 114:23
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22:25 24:19 27:13
116:4 116:23 117:15
impacted ( 2 ) 84:25

Guriev,13:18
117:25 118:11 118:23
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119:3 119:24 120:14
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78:5 78:10 89:1 90:18
121:9 122:16 122:23
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90:21
123:1 123:12 123:19
32:20 32:20

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126:2 126:17 126:24
implement ( 3 ) 78:4

H 127:8 127:21 128:4
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128:12 129:1 129:14
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129:19 130:9 130:12
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130:15 130:17 130:25
49:12 61:21

81:4
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implications89:23

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important ( 10 ) 14:3 14:5 19:22 20:6 20:8 98:13 98:18 115:11 117:19 123:14

impressive53:4 improved22:2 inaccurate126:6 (inaudible),89:8 include19:14

included ( 5 ) 8:4 11:14 60:7 122:8 122:10

includes122:6 including ( 8 ) 11:11

15:7 65:12 68:12 70:15 89:20 101:11 120:9

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52:9 53:24 incur118:6 incurred.1:12 indebtedness ( 4 ) 44:9

101:6 115:10 116:10 independent71:15 INDEX133:1 indicate89:3 indicated) ( 2 ) 5:7 56:1 individual ( 2 ) 59:1

110:6 indulgence53:8 industrial ( 2 ) 11:3

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inferentially ( 2 ) 26:15 26:17

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10:8 17:2 97:10 98:18 98:19 98:25 99:10 99:17 100:10 100:20 101:17 102:2 106:25 111:8 130:6 130:7

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informs48:24

initial ( 5 ) 21:22 72:5 107:7 109:20 109:21

Initially ( 4 ) 62:23 62:24 101:14 113:11

injection16:4 input.78:14 insisted87:10 insistence87:19 insolvent15:2 instance,115:23 instead52:24 instruct37:17 instruction ( 3 ) 25:14

113:9 129:25 instructions ( 5 ) 5:1

25:16 39:21 104:12 126:18

instrument,117:12 instruments. ( 6 )

115:19 116:3 116:13 117:12 117:24 118:5

insurance ( 13 ) 7:11 7:14 7:16 7:20 8:4 8:5 20:19 32:14 33:3 63:15 85:14 85:23 87:2

insured8:6 insurers8:6

insuring ( 2 ) 7:6 7:25 integral60:24 intended ( 7 ) 14:14

73:5 73:11 73:18 74:2 74:3 101:24

intention.19:3

interact114:8

interest ( 61 ) 9:18 10:4 10:19 11:7 14:3 14:18 14:19 14:23 15:16 16:1 16:22 51:24 52:13 57:11 59:4 59:12 63:11 64:24 65:10 65:13 65:15 66:25 67:3 67:17 67:24 68:3 68:9 68:13 70:10 71:7 71:22 72:7 72:11 72:22 76:17 80:24 81:9 86:14 93:11 93:17 94:4 94:14 104:6 105:15 106:1 107:2 107:10 108:3 108:11 108:12 108:20 108:21 109:23 118:10 121:6 122:1 122:2 122:8 122:9 122:10 122:11

interested115:4 interests ( 3 ) 65:5
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international ( 2 ) 114:3 114:11

interpret,71:14 interpretation.71:15 interpreted5:6

INTERPRETER: ( 12 )

20:4 22:12 52:21 55:24 77:1 77:2 77:6 77:7 77:10 118:16 118:17 118:22

interpreters ( 4 ) 21:19

56:1 66:8 71:14 interrupt, ( 3 ) 26:11
26:18 28:4

intervening.67:15 interview,114:19 interviews.114:18 into ( 14 ) 11:13 19:14
25:2 27:5 27:8 28:24 65:16 80:3 85:14 95:14 99:4 111:25 118:19 122:2

introducing113:9 Invest; ( 12 ) 39:14 40:5

46:9 47:5 47:10 47:12 47:14 47:18 47:20 48:5 49:13 49:18

investigation ( 10 )

95:14 98:12 98:15 98:23 99:4 99:11 99:13 99:15 128:17 128:20

investors ( 3 ) 114:6 114:17 114:17

Investrbank. ( 11 ) 8:21 8:25 9:15 16:19 16:19 17:20 30:14 82:15 82:16 83:15 90:2

invite34:21

invited ( 4 ) 48:12 51:17 51:22 77:15

involve125:23 involved ( 7 ) 44:25

45:2 49:23 71:3 115:2 125:18 128:20

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irregularity.38:12 Islands?101:16

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62:11 62:25 63:18 64:24 67:5 72:7 72:11 73:10 79:24 85:3 89:9 90:12 90:14 93:12 95:1 95:2 97:24 105:9 121:18 127:7
issued ( 4 ) 15:23 15:24 86:10 87:7

issues ( 4 ) 1:21 124:22 129:20 130:2

it’s ( 14 )14:3 32:20 32:23 33:17 37:15 42:17 45:5 99:23 102:2 103:2 110:24 111:4 112:11 121:25

item ( 2 ) 38:24 46:8 its ( 16 ) 12:14 12:24 16:17 25:9 36:22

66:13 67:20 69:22 79:14 96:5 96:8 96:19 110:25 116:18 119:6 120:2

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January ( 16 ) 50:22 51:2 51:6 56:13 57:20 61:16 63:18 64:1 68:20 73:6 73:11 73:21 74:3 76:17 76:21 100:6

January/ February.96:10

jeopardise ( 2 ) 53:20

75:24 jog37:7 join77:16 joint101:4 jointly101:6

judge ( 3 ) 42:10 66:6 125:9

judged110:14 Judging32:23 judgment111:5 judice,125:19

judicial ( 2 ) 32:22 32:25

June ( 42 ) 52:17 59:4 59:5 60:4 60:15 61:4 61:6 61:10 61:17 61:22 63:4 63:12 64:24 65:6 65:9 65:13 65:15 68:11 68:13 73:2 79:12 80:25 81:3 81:9 91:9 93:12 94:4 94:5 94:25 95:1 95:5 105:16 106:22 107:2 108:3 108:20 121:18 121:24 121:25 122:3 122:4 122:12

justification3:12 justified ( 2 ) 79:18
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keeping54:8 kept92:5

kind ( 4 ) 8:6 40:9 49:4 89:14

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3:23 6:24 17:21 18:25 27:3 27:5 28:1 35:10 41:6 45:13 50:7 50:23 65:23 65:23 66:6 74:21 75:5 75:22 81:1

88:20 94:12 96:21
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72:13 72:21 73:1
53:17 58:12 91:7

102:4 106:8 118:12
12:21 27:21 28:5
80:14 80:21 81:8
109:10 109:15 110:8

126:2 126:3 126:8
28:19 29:2 29:9 70:23
81:15 81:20 81:23
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126:24 127:11 128:5
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82:1 83:3 91:10 91:11
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128:24 129:16
letters ( 2 ) 107:22
95:6 103:23 104:6
male ( 2 ) 80:6 99:2

knowledge ( 10 ) 6:7
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9:23 14:12 16:25 43:2
level ( 3 ) 9:8 9:8 92:22
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112:18 112:18 115:23
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117:13 120:20 120:24
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28:22 28:24 29:3 29:4
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31:6 31:24
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27:5 27:8 36:10 90:23
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41:21 60:17 127:4
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maturity ( 11 ) 52:3 52:6 52:8 74:5 92:13 93:17 108:8 108:14 108:16 119:6 122:4

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meetings, ( 5 ) 37:22 49:7 84:20 113:15 113:15

member ( 3 ) 35:15 35:24 41:14

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82:17 82:19 misspoke. ( 2 ) 67:11
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moment ( 6 ) 4:24 33:23 61:13 71:19 87:4 129:2

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month; ( 4 ) 9:9 23:25 57:11 57:12

monthly60:25 months ( 18 ) 15:8

26:24 52:18 67:1 67:7 67:12 67:18 93:16 104:5 107:5 107:8 107:9 107:13 107:13 108:23 108:23 108:24 121:5

moratorium, ( 10 ) 15:8 77:23 78:4 78:18 83:24 104:3 107:2 107:6 120:23 121:16

moreover, ( 2 ) 24:21 113:21

morning. ( 3 ) 1:5 6:12 84:12

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move ( 4 ) 32:12 55:6 67:20 110:1

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myself, ( 7 ) 13:14 57:4
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79:7 89:10 100:12
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114:21 125:23
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online.2:20
86:14 101:9 125:12

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15:13 16:25 29:10
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29:25 64:14 64:15
124:11 124:12
pardon, ( 11 ) 20:2 22:5

name ( 9 ) 5:13 5:14

66:14 67:24 68:25
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31:10 32:18 40:18

17:21 33:10 34:19
72:17 83:16 93:14
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40:23 41:23 45:24

35:16 37:19 37:20
93:15 94:16 106:1
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51:10 67:10 95:12

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107:11 108:21
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names ( 2 ) 100:19
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40:10 84:18 96:8
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128:19
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96:3 110:14 125:17
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38:3 114:14
68:9 70:14 79:17
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80:11 96:5 96:6 104:6
81:15 85:18
37:5 37:6 41:12 41:12

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127:22 128:9
112:22 112:22 115:12
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119:10 127:19
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42:11 53:25 54:22
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25:9 129:5 129:5
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73:23 86:23 88:2
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89:15 93:4 94:6 95:5
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24:18 30:5 51:22
28:6 43:4 44:18 45:10

110:18 110:19 115:7
obligations ( 12 ) 39:4
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115:22 117:23 118:19
69:22 74:10 80:5
103:23 103:24 104:12
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124:9 125:23 126:19
80:12 83:2 89:18 96:5
104:22 107:18 123:24
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129:24 129:25 130:15
100:3 101:9 101:11
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needed.23:4
observations?53:15
organogram ( 2 ) 3:22
passed ( 4 ) 39:22 43:7

needs ( 2 ) 1:18 66:7
obstacles ( 2 ) 29:4
130:23
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patronymic33:10

40:1
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negative ( 5 ) 83:19
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106:14 108:18 129:23
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98:20 99:8 99:25
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negotiation ( 2 ) 28:2
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negotiations, ( 2 ) 30:22
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never ( 2 ) 8:13 70:4
occasions,80:11
otherwise ( 4 ) 5:7
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night1:8 offices51:18
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115:9 131:18
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115:7 115:8 120:24
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note ( 10 ) 30:3 52:25
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notes. ( 7 ) 63:17 65:16
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pages. ( 5 ) 29:17 33:6

2:9 3:1 26:24 126:19
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83:9 93:11 93:15

126:20 127:3 127:5
ones112:15
46:15 50:11 61:7
periods67:3

notices113:11
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permit72:6

person ( 5 ) 7:14 11:22 19:22 94:6 124:16

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personally; ( 5 ) 8:12 35:3 49:23 96:9 115:1

persons, ( 2 ) 120:8 125:17

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physically36:1 pick126:13

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piece111:21 pieces97:9

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plan. ( 17 ) 14:1 14:1 14:7 14:14 14:16 14:17 17:12 17:17 17:19 25:3 61:24 74:4 74:7 90:12 103:11 112:19 113:25

planned65:6

planning ( 2 ) 89:7 89:8 plant ( 3 ) 17:25 70:17
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plead75:6 pleaded ( 2 ) 74:16
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pleading ( 2 ) 75:15 75:17

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pledged ( 9 ) 8:1 34:14 39:13 44:12 44:25 48:4 48:23 80:8 97:4

pledgee, ( 3 ) 43:18 47:21 120:9

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33:13 87:12 pledgor ( 7 ) 20:16

21:13 21:15 21:22 21:23 43:18 49:5

pledgors,21:25 plural.72:14

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portfolio? ( 6 ) 12:15 12:24 15:22 79:5 112:21 117:2

position ( 35 ) 9:21 9:25 10:8 13:7 13:10 14:6 19:20 21:15 21:16 21:22 61:18 66:12 66:22 67:6 69:3 69:12 69:15 69:16 79:22 80:4 81:4 86:3 86:4 86:11 96:7 110:13 110:13 111:3 111:12 112:7 120:2 124:8 126:17 129:3 129:15

positive ( 2 ) 81:18 81:18

possibility ( 2 ) 16:20 122:2

possible ( 10 ) 3:4 19:5 52:2 75:22 89:9 95:3 95:22 124:4 126:19 127:8

possibly ( 3 ) 45:8 56:9 120:1

post ( 7 ) 110:9 118:5 118:6 118:20 119:7 119:16 120:10

posted119:13 posting ( 3 ) 112:9

112:9 115:12 postponed60:3 postponement ( 3 )
60:7 66:24 67:25

potential ( 2 ) 7:22

115:13 potentially124:18 power ( 3 ) 33:12 33:21

38:3 practice13:18 preceded109:22 precedent14:4 predicated69:20 prefer ( 2 ) 32:3 131:3 preference54:2 prejudice4:13 premeditated84:1 prepare ( 4 ) 104:13

107:18 107:18 123:24 prepared ( 6 ) 14:10

44:17 45:9 56:13 57:20 123:19

presence? ( 7 ) 17:8 74:25 75:12 77:21 78:2 85:4 86:6

present ( 4 ) 36:1 45:22

113:14 114:20

presentation ( 3 ) 69:15

94:20 96:20

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preserve20:8 preserved, ( 4 ) 20:11
20:16 21:12 39:25

preserving ( 2 ) 21:10

39:3

press ( 3 ) 66:10 69:11 96:17

presumably, ( 2 ) 27:23

30:6

pretty ( 2 ) 48:1 53:17 previous ( 8 ) 15:10

31:4 47:5 57:11 93:19 95:13 107:22 132:1

previously; ( 2 ) 47:7 47:20

price ( 5 ) 43:24 44:18 44:23 45:10 49:15

prima44:13 primary ( 2 ) 16:12
109:11

principal ( 4 ) 67:2 67:6 67:16 86:4

principle, ( 5 ) 13:15 15:21 17:11 21:1 123:2

principles84:5 prior ( 4 ) 13:4 14:12

24:15 57:15 private125:13 privileged,128:19 probably ( 8 ) 3:14 4:9

54:13 75:16 98:4 125:11 125:23 126:1

problem ( 10 ) 14:17 16:21 30:15 32:5 35:24 36:13 84:8 96:19 97:1 101:7 problems, ( 6 ) 11:12

11:21 14:19 14:22 70:14 80:19

procedure? ( 3 ) 44:24 56:25 118:1

procedures119:15 proceedings ( 7 ) 19:5

34:15 64:5 66:15 124:15 124:17 125:4

proceeds ( 6 ) 69:23 73:12 74:8 80:17 83:3 89:14

process; ( 3 ) 35:25 81:5 110:8

processing ( 2 ) 17:25 70:17

produced124:20 producer,125:25 product,124:19 professional ( 2 ) 84:4
124:20

Professor13:18 progress,53:18 project.104:13 projects100:25 prolong107:24 prolongation ( 2 ) 65:11

107:7

prolonging ( 2 ) 105:12 108:12

promise ( 3 ) 73:14 131:1 131:25 promised, ( 3 ) 81:25
96:9 109:2

promises80:16 promising53:25 promissory ( 6 ) 52:25

63:14 63:17 63:24 63:24 65:16

promptly83:14 promulgate124:14 proper ( 3 ) 41:4 44:21
92:2

properly. ( 2 ) 88:17 119:21

property ( 3 ) 23:16 34:14 85:20

proportionality.128:21 proportionate,123:9 proposal ( 14 ) 20:1

20:18 21:5 21:6 21:8 22:20 22:22 22:23

65:22 72:5 76:18 78:20 84:2 94:18

propose75:13 proposed ( 2 ) 18:19

76:24 propriety125:20 prospect13:22 Prospekt5:15

protect ( 8 ) 18:22 19:4 19:4 19:4 19:15 19:18 22:24 24:18

«protection ( 2 ) 19:8 19:9

prove125:14 provide ( 8 ) 14:13

14:17 34:13 39:12 74:7 78:8 94:2 117:8

provided ( 11 ) 4:22 14:24 15:8 24:10 66:23 72:22 74:9 98:17 100:9 125:3 129:13

provider,126:13 provides26:24 providing ( 2 ) 14:7 39:2 provision ( 5 ) 2:24 24:8

72:23 110:20 119:16 provisions ( 13 ) 13:12

13:13 51:23 52:10 77:18 79:7 111:21 115:13 115:13 115:19 118:5 118:6 118:21

public ( 4 ) 44:22 49:14 49:21 124:16

publicity66:15 publish114:14 published87:15 publishing82:3 punish94:6 purchase45:6 purpose ( 7 ) 18:21

18:22 20:24 64:16 77:22 125:15 130:8

purposes ( 2 ) 3:25 125:2

pursuant ( 3 ) 49:14 49:17 79:10

puts85:14

putting ( 2 ) 48:9 117:4 puzzling93:10

Q

qualified ( 2 ) 110:14 111:1

qualifying ( 2 ) 85:17 110:11

quality ( 9 ) 34:7 38:19 85:16 86:16 86:25 111:5 112:14 112:21 113:20

quality-wise,85:21 quantity112:1

quarter ( 4 ) 54:8 114:13 114:13 114:13

quarterly ( 3 ) 110:15

111:12 112:9 question ( 21 ) 15:1

16:8 33:17 37:9 43:22 47:2 51:16 53:3 73:25 90:17 91:13 97:21 97:22 100:2 104:9 106:2 112:1 117:23 121:19 121:20 122:14
questioning ( 2 ) 102:18 104:4

questions ( 18 ) 5:6 15:3 53:6 53:9 53:24 55:19 70:25 91:22 102:7 102:11 102:12

104:1 104:10 109:5 121:11 121:23 128:3 133:9

quicker ( 2 ) 59:2 70:24 quickly ( 5 ) 14:20 55:5 93:1 105:4 128:8

quite ( 10 ) 6:25 10:15 14:20 18:7 32:20 45:24 47:11 69:5 70:14 131:14

quoted.117:20

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raise ( 11 ) 1:13 1:22 3:19 4:3 8:21 68:18 96:18 113:8 124:25 125:25 126:9

raised? ( 4 ) 2:18 10:4 127:25 129:20

raising96:15

rate ( 3 ) 9:18 10:4 40:20

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ratings,114:16 rationale ( 2 ) 21:7 43:9 ratios ( 2 ) 10:3 10:20 re-crediting83:2

Re-examination ( 2 )

102:8 133:8 re-hash122:6 re-pledgor21:14 reach ( 3 ) 10:2 70:18

70:19

reached ( 3 ) 78:18 79:23 129:4

reaction4:9

read ( 20 ) 6:4 27:1 27:1 38:24 39:5 53:8 66:17 69:8 69:8 71:13 71:19 76:14 89:3 89:3 89:5 98:6 105:4 105:6 106:23 118:15

reading71:16

ready ( 2 ) 75:10 85:9 real ( 7 ) 13:22 23:10 33:13 82:6 101:22 101:23 111:22

realisation32:22 realise ( 2 ) 39:2 44:21 realising44:25 realistic ( 4 ) 17:12

17:17 80:17 123:9 reason, ( 9 ) 2:15 32:3 54:16 71:2 72:16

99:15 101:22 101:24 126:12

reasonable129:17 reasoning21:9 reasons ( 10 ) 3:14

73:17 78:22 79:17 81:10 95:9 95:11 95:20 101:19 129:6 reassignment ( 2 ) 43:4

43:11 reassurance128:9 recalculating103:21 recall ( 69 ) 10:7 10:10

12:10 12:13 18:12 20:17 20:21 22:8 22:15 30:11 30:12 31:7 32:8 32:13 33:5 33:15 34:18 34:20 35:8 37:21 37:24 39:17 39:19 40:3 40:7 41:10 41:19 42:23

42:25 43:20 44:12
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repercussions127:1

44:14 45:7 46:20
27:24 28:25 29:4
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46:23 47:4 47:10
registered ( 7 ) 24:23
repo ( 4 ) 102:1 115:3

48:7 49:8 49:20 56:15
25:1 25:11 27:9 28:13
115:5 116:15

57:22 64:9 64:15
31:16 31:19
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65:21 66:16 82:11
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84:6 84:24 84:25
27:12 27:13 27:19
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91:7 91:8 91:11 91:14
27:22 28:21 28:25
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91:18 92:13 94:9 97:9
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97:23 98:24 98:24
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100:2 102:15 102:17
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103:22 107:4 108:10
regulator. ( 7 ) 72:18
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109:1 117:7
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recalled97:11
113:13 113:25 114:9
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recalling33:17
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receivables, ( 2 ) 119:23
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115:15 115:24
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74:8 96:9
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received ( 7 ) 14:22
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111:6 125:8 126:5

18:1 82:13 104:12
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105:20 108:9 116:15
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42:17 65:24 83:5
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rechecking103:21
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recipients,91:3
36:19 128:17
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reciting65:19
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35:11 71:4 71:6 72:23

35:4 103:17
36:7 47:16 59:3 59:13
75:18 109:9 130:8

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66:12 66:15 71:4
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35:2 35:12 37:7 91:19
81:11 83:24 103:19
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recollections. ( 2 ) relations? ( 2 ) 12:2
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36:18 43:23
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84:6 84:17 85:11 92:7

reconciled ( 2 ) 100:23 relatively81:18
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101:13
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116:14 116:16 119:9

record, ( 9 ) 100:19
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124:13 124:14 124:17
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124:19 125:11 125:22
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126:6 126:6
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recorded45:22
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records64:5
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recounted121:9
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recover,14:9
43:9 75:8 84:13
110:5 110:9 110:12

recovery? ( 2 ) 17:18
102:12 104:4 104:9
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74:4
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redact128:19
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112:6 116:7 116:8

128:16
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reduce ( 7 ) 25:7 25:9
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43:11 86:23 112:14
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112:15 112:17
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reduced ( 3 ) 30:24
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73:9 77:18 78:23 79:5

72:24 83:4
24:20 25:14 25:15
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refer ( 2 ) 87:7 92:19
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referred ( 2 ) 4:23 31:5
28:2 29:3 32:3 36:19
91:12 102:16 103:14

referring ( 5 ) 28:19
36:20 36:24 40:2 40:6
103:25 109:9 109:15

51:8 87:6 98:1 113:2
45:12 45:13 47:5
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refinance, ( 4 ) 68:22
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69:21 81:24 96:16
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refinancing ( 2 ) 80:18
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115:8 115:9 115:25

83:8
repaid105:10
116:5 116:25 117:17

reflect73:23
repay ( 10 ) 15:24 16:5
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reflected ( 2 ) 37:15
68:3 68:4 72:10 72:22
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95:16
82:1 96:19 97:5
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refresh36:17
103:24
resolution,35:9

refusal.92:16
repayable63:3
resolve14:22

refuse ( 4 ) 81:13 91:24
repaying20:7
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96:24 101:20
repayment ( 8 ) 11:6
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refusing95:10
60:25 63:25 65:6 67:3
37:4 51:1 52:4 52:15

regard ( 23 ) 21:11 22:2
67:24 72:6 109:25
53:4 68:5 68:9 68:10

27:21 57:5 57:10 59:6
repayments ( 12 ) 60:3
69:3 69:4 69:14 69:16

65:12 82:4 82:24 83:2
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83:3 84:7 84:8 84:21
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85:19 85:19 100:4
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101:11 102:15 111:17
67:17
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111:23 112:15 112:21
repeat ( 6 ) 21:18 21:20
79:4 79:6 80:6 80:7

regards ( 4 ) 19:20
45:8 89:10 100:12
80:16 80:18 81:2

57:23 98:15 120:19
121:20
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92:7 94:20 95:4 95:6 95:22 115:8 115:14 115:18 115:19 115:23 116:2 116:12 117:17 121:8 122:1

respectfully127:6 respective51:11 respectively. ( 3 ) 33:7
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respond. ( 3 ) 75:10

75:11 75:11 response? ( 3 ) 72:12
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responses127:20 responsibility ( 2 )

109:8 116:21 responsible ( 10 ) 12:1

19:12 36:9 84:17 85:2 113:3 115:18 117:4 117:10 127:15

rest ( 4 ) 5:9 20:12 108:14 125:19

restore14:14 restoring13:23 restructure, ( 3 ) 52:9

70:9 73:1 restructured. ( 11 ) 11:8

51:25 52:14 68:9 71:8 73:15 80:13 80:14 93:17 94:16 101:6

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restructurings110:5 result, ( 4 ) 30:22 71:5
118:7 121:12

results ( 2 ) 73:23 113:23

retained18:23 Reutov.116:22 reviewing13:5 revised123:8 revisit123:16

rights ( 6 ) 39:24 42:22 43:5 47:19 47:21 124:10

ring ( 2 ) 37:1 49:16 rise110:18

risk ( 7 ) 7:16 8:6 13:20 15:7 85:15 85:16 114:19

risks ( 2 ) 20:15 35:7 role? ( 3 ) 35:19 36:7
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roll-up ( 3 ) 76:16 80:24 81:9

rolled ( 5 ) 59:4 61:21 63:12 64:24 68:13 rolls ( 2 ) 60:12 60:14

room.126:23 root72:18

Rosselkhozbank,98:8 roubles, ( 6 ) 44:2 47:16

48:14 65:17 73:4 73:16

roughly?44:2

round ( 3 ) 74:14 74:19 94:24

RPC129:4

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S

sake ( 3 ) 4:12 30:4 42:11

salaries97:3

salary ( 2 ) 70:2 129:22 sale ( 8 ) 32:13 39:12

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same ( 32 ) 11:4 18:23 20:17 20:20 20:24 21:1 21:2 21:12 21:14 23:8 26:5 29:21 32:15 37:12 37:14 42:17 56:8 59:19 59:21 62:9 68:4 76:8 81:10 82:3 90:22 107:21 111:18 115:25 119:19 122:12 125:10 125:22

satisfied ( 4 ) 17:12 17:17 20:11 25:13 save ( 2 ) 1:25 53:17

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Savelyev’s87:21 Savina91:4 saw7:1

saying ( 11 ) 2:5 17:4 17:7 17:9 46:13 83:10 83:12 103:10 109:1 111:4 112:5

Scan ( 4 ) 7:9 21:16 85:23 85:24

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schedule. ( 7 ) 16:2 60:13 60:23 60:25 61:8 61:15 61:23

scheduled68:10 schedules ( 2 ) 11:7

109:25 scheme91:5 scope128:24

screen ( 44 ) 1:7 1:15 12:5 12:6 18:10 18:11 23:23 29:16 30:10 31:12 32:17 32:18 34:5 37:11 38:10 38:14 38:23 41:2

42:3 42:20 45:16 46:4 48:17 50:9 50:12 59:11 59:20 60:10 60:11 60:19 60:20 61:5 63:7 63:7 63:8 63:21 63:22 63:22 66:1 71:24 88:18 88:19 90:20 105:2

screens ( 3 ) 29:22 76:13 89:1

scroll ( 17 ) 23:23 29:16 29:22 31:11 31:12 33:6 38:20 38:20 39:9 45:23 46:7 61:7 66:18 76:10 76:12 89:1 90:19

scrolled46:15 scrutiny19:25 seafarers ( 2 ) 80:7 97:1 second ( 17 ) 20:3 20:6
21:13 68:1 79:14 81:13 85:21 85:24 86:25 93:22 93:24 94:10 96:25 105:24 106:16 107:25 125:9

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66:10 77:16 section,33:8 sector, ( 2 ) 7:15 8:3 sectors,11:4 secure21:9 secured ( 2 ) 85:12

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securities, ( 4 ) 117:5 117:13 117:14 119:20

security ( 7 ) 36:11 87:1 98:17 111:24 113:17 117:21 117:21

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seem ( 5 ) 4:15 48:22 49:4 84:13 93:2 seems ( 13 ) 5:21 7:13

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108:5
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90:4 91:1 93:18 94:17
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64:4 78:13 80:22 90:5

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92:9 95:24 97:15 99:2

72:19 94:6 100:17
shouldn’t ( 2 )54:16
100:5 107:18 122:13

103:21 106:9 106:10
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113:12
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sometimes ( 4 ) 69:9

sentence, ( 6 ) 21:19
49:21 104:24
120:5 120:10 127:9

21:20 26:23 27:2
showing89:16
soon ( 6 ) 3:1 89:9

113:1 118:14
shown ( 11 ) 5:16 26:12
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separate ( 2 ) 113:9
102:9 102:20 102:21
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106:12 107:14 118:13
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10:10 10:17 87:22
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127:11
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seriously67:22
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serve55:2
17:5 33:8 33:11 33:16
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service ( 3 ) 69:11
38:7 39:16 58:4
sounds ( 2 ) 128:4

124:21 124:21
signatures ( 2 ) 57:1
131:10

serviced ( 2 ) 9:1 86:13
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18:25 27:21 28:6 33:8
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set ( 10 ) 1:16 1:17 33:15 33:18 33:19
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36:12 37:6 66:12
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speaker,39:6

89:16 92:6 104:8
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89:18
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setting ( 2 ) 89:23 130:4
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settle123:17
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33:3 46:9 47:14
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severance ( 2 ) 129:20
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130:22
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still ( 8 ) 2:19 2:21 40:11 46:18 54:1 57:19 86:5 127:20

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18:21 20:1 20:2 20:18 20:25 110:21 111:17

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45:18 66:2 66:5 66:7
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66:19 90:11 106:14
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118:15
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translator,66:5
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