Day 9

Bank St Petersburg v Vitaly Arkhangelsky [Master]

Day 9

Bank St Petersburg v Vitaly Day 9

Arkhangelsky [Master]

1 :1 Friday, 12 February 2016
2 (10.00 am)

3 MR JUSTICE HILDYARD: Good morning.

4 MR LORD: May it please your Lordship. With your Lordship’s

5 permission I will call Ms Stalevskaya, whose witness

6 statement is behind divider 8 of bundle B1. {B1/8/1}

7 I wonder if Ms Stalevskaya could come up to the witness

8 box, please.

9 MS TATYANA ALEKSANDROVNA STALEVSKAYA (Affirmed)

10 (All questions and answers interpreted except where
11 otherwise indicated)
12 MR JUSTICE HILDYARD: Thank you. Do sit down. I hope you

13 have some water. If you need a break you must tell me.

14 Examination-in-chief by MR LORD

15 MR LORD: Ms Stalevskaya, I hope you can be shown the first

16 page of your witness statement at {B1/8/9}, please. Is

17 that in front of you?

18 A. Yes.

19 Q. You can see that that is the first page of your witness

20 statement, and if you go on to {B1/8/15}, you will see

21 your signature on 28 August 2015.

22 A. Yes.

23 Q. Have you read that witness statement recently?

24 A. Yes.

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

2 :1 the contents are true to the best of your knowledge and
2 belief?

3 A. Yes.

4 Q. Thank you, Ms Stalevskaya. If you wait there,

5 Mr Stroilov will have some questions for you.
6 Cross-examination by MR STROILOV
7 MR STROILOV: Morning, Mrs Stalevskaya. Did you have any

8 training for this cross-examination?

9 A. No. Only Bond Solon training with Mrs Malevska and she

10 told me about how to behave in court.

11 Q. Thank you. Now, I understand that you worked in the

12 corporate finance department of the Bank

13 until November 2010, isn’t that right?

14 A. Yes, I worked at the directorate of corporate finance.

15 Q. And then you moved to client monitoring directorate;

16 isn’t that correct?

17 A. Yes, in 2010 I moved to the client monitoring

18 department — directorate.

19 Q. This may be a rather basic question, but can you explain

20 a bit more what corporate finance department does in

21 the Bank?

22 A. The corporate finance directorate was created in 2006 in

23 the Bank in order to provide consulting services to

24 clients of the Bank in part of implementing the

25 investment projects, reorganising, issuing securities,

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Bank St Petersburg v Vitaly Day 9

Arkhangelsky [Master]

3 :1 shares, promissory notes and bonds.
2 Q. So that’s — you are not actually dealing with the loans

3 as such, or financing as such. Your role is to provide

4 consulting in relation to projects financed through

5 other departments; is that correct?

6 A. At that point in time, I worked at the directorate of

7 corporate finance and was not involved in crediting the

8 Bank’s clients, in issuing loans.

9 Q. I think we came across in other evidence, instances

10 when, for example, the Bank would recommend to a client

11 to use Renord-Invest as a consultancy company; is that

12 the kind of thing you would be doing in the corporate

13 finance department?

14 A. No. I personally did not recommend Renord-Invest,

15 therefore I don’t know whether other employees did so.

16 Q. But generally speaking, would you be recommending some

17 consultancy companies to borrowers so as to assist with

18 their projects? Would that be a part of your job in the

19 corporate finance directorate?

20 A. No.

21 Q. So would you provide that consulting yourself, as

22 corporate finance directorate?

23 A. The Bank represented by the directorate of corporate

24 finance also could provide consulting services to

25 the Bank’s clients.

4 :1 Q. Yes, I am just trying to get a feel of what your
2 day-to-day job was prior to November 2010; what would

3 you be doing. I think you only described that very

4 briefly in your witness statement. If we could look at

5 paragraph 6 of your witness statement. That’s {B1/8/2},

6 the English version. Is it possible to find paragraph 6

7 of the Russian version, just so that Mrs Stalevskaya can

8 look at it. {B1/8/10}

9 So all you say is that:

10 «I had a wide range of responsibilities. I was

11 involved in corporate restructuring, issuing bonds,

12 providing corporate consultancy services and working

13 with clients on investment projects.»

14 Could you expand on this a bit?

15 A. Sir, would you be able to rephrase your question,

16 because I do not quite understand what you would like to

17 hear from me?

18 Q. Yes, for instance when you say «I was involved in

19 corporate restructuring», can you explain in a little

20 more detail what kind of work that would be? What would

21 be happening, what would be the Bank’s role, what would

22 be the directorate’s role, what would be your role?

23 A. The Bank provided services with regard to corporate

24 restructuring, and that meant that we consulted clients

25 with regard to how it could be possible to organise

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Bank St Petersburg v Vitaly Day 9

Arkhangelsky [Master]

5 :1 a holding, either for a group of companies, how to
2 correctly structure assets within the group of

3 companies, between the companies of the group, perhaps

4 to advise some corporate restructuring with regard to

5 joining the companies together, mergers, or vice versa,

6 separating them out.

7 Q. Did you provide that service to Renord Group?

8 A. No.

9 Q. Right. What about issuing bonds? Who issued bonds and

10 what was your role?

11 A. Again, we were providing services with regard to issuing

12 bonds. We were in the role of the financial consultant

13 in the market. We would prepare the emission memorandum

14 decision to issue securities. We would support the

15 disclosure for the client in the process of emitting

16 securities, and we were the organiser; we were placing

17 securities at the stock exchange.

18 Q. So is it all consultancy, or is there anything else? Is

19 it all basically just advising the client? Is that all

20 the corporate finance directorate does, or is there

21 anything else?

22 A. This is what I was involved in when working at the

23 directorate of corporate finance.

24 Q. Thanks. Did you, in the course of your work, either for

25 corporate finance or for client monitoring directorate,

6 :1 did you come across a company called Lizingovaya
2 Kompaniya Saint-Petersburg; Leasing Company

3 St Petersburg?

4 A. No.

5 Q. You haven’t heard of that? Have you ever heard of that

6 company?

7 A. Yes, of course. I’ve heard that there is such

8 a company, that this company is the Bank’s client, but

9 I did not work with it.

10 Q. Is it a client, or is it part of the Bank’s business?

11 A. This is the Bank’s client.

12 Q. The reason I’m asking is because it is trading from the

13 Bank’s main office at Malookhtinsky 64A.

14 A. I don’t know where Leasing Company St Petersburg is

15 located or where it is registered or where it is

16 physically located, where its office is located.

17 Q. Right. Now let me ask you some questions about the

18 preparation of the memorandum, dated 30 December 2008,

19 on which you have given evidence.

20 So it seems from your evidence, I think you don’t

21 quite give the exact date, but it seems that the

22 memorandum was prepared between 25 December and

23 30 December, and signed on that date; is that correct,

24 to your knowledge?

25 A. Yes.

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Bank St Petersburg v Vitaly Day 9

Arkhangelsky [Master]

7 :1 Q. So it wasn’t signed later and backdated? The date is
2 correct?

3 A. Yes.

4 Q. Mr Arkhangelsky said that the signed memorandum was

5 delivered by Mr Vasiliev to you on 31 December; does

6 that sound right?

7 A. As far as I recall, Mr Vasiliev brought the memorandum,

8 which was signed on behalf of Mr Arkhangelsky, on

9 30 December.

10 Q. Right, and the repo contracts with the original

11 purchasers, were they signed at the same time?

12 A. Yes.

13 Q. And so Mr Vasiliev delivered repo contracts and

14 memorandum together in the signed versions, didn’t he?

15 A. Yes.

16 MR LORD: My Lord, I’m sorry to interrupt so early, but

17 Mr Arkhangelsky, in his witness statement, says:

18 «As far as I recall, I signed the Memorandum in

19 the office of Mrs Malysheva at the Bank on 30 December

20 2008.»

21 At paragraph 140 at {C1/1/36}. It may only be

22 a small point, but …

23 MR STROILOV: I beg your pardon, it must be some …

24 MR LORD: It is picking a quarrel with a witness on what

25 appears to be a quite false basis, which can be

8 :1 unsettling and unfair, and I just draw that to the
2 court’s attention. Paragraph 140, {C1/1/36}. This is

3 taken from Mr Arkhangelsky’s witness statement.

4 MR STROILOV: I beg your pardon, that’s my mistake.

5 Let me reformulate it. Mrs Stalevskaya. So

6 Mr Arkhangelsky’s evidence is that he signed the

7 memorandum in Mrs Malysheva’s office on 30 December; is

8 that correct, to your knowledge?

9 A. No. As far as I know, and I recall that clearly,

10 Mr Vasiliev brought to me the memorandum, which was

11 signed by Mr Arkhangelsky, on 30 December.

12 Q. Right. So that was — I think if we look at

13 paragraph 150 of Mr Arkhangelsky’s statement, if we

14 could, please, scroll down to 150. I’m sorry there is

15 no Russian version {C1/1/39}.

16 So here, Mr Arkhangelsky says that Mr Vasiliev

17 delivered the repo contracts to you, and then in

18 paragraph 151 he says that Mr Vasiliev delivered the

19 repo contracts to you.

20 So I think that’s what you said as well, but your

21 evidence is that the memorandum was also delivered as

22 part of the same package of documents; is that right?

23 A. My Lord, would I be able to ask these two paragraphs to

24 be translated into Russian for me to understand

25 correctly what they say?

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Bank St Petersburg v Vitaly Day 9

Arkhangelsky [Master]

9 :1 Q. Yes. Let me read them out, and then the interpreters,
2 I think, will interpret for Mrs Stalevskaya: {C1/1/39}

3 «The agreements were e-mailed to the Group’s in

4 house lawyer, Yaroslav Vasiliev, by Mrs Stalevskaya of

5 the Bank on 30 December 2008. I received a call from

6 the Bank complaining that Mr Vasiliev was too slow in

7 getting the documents completed. Nevertheless, that

8 same day, I signed the agreements on behalf of OMGP (in

9 respect of Western Terminal) and GOM (in respect of

10 Scan).

11 «151. On 31 December 2008, Mr Vasiliev personally

12 returned the signed contracts to the Bank and delivered

13 them into the hand of Mrs Stalevskaya.»

14 MR JUSTICE HILDYARD: I think in order for the witness to

15 know what is being said were the relevant agreements,

16 you need to read 149 as well.

17 MR STROILOV: Yes, apologies, I am concerned that —

18 MR JUSTICE HILDYARD: It’s just that —

19 MR STROILOV: I will have to read the whole bit again,

20 I suppose, then. Let me read 149 and then if

21 Mrs Stalevskaya is confused, I will have to read the

22 whole bit again. I am sorry about the …

23 MR JUSTICE HILDYARD: No, that’s all right.

24 MR STROILOV: Paragraph 149 as well: {C1/1/39}

25 «Separate agreements were prepared for each

10 :1 purchasing company. For each transaction, the Bank
2 prepared a share purchase agreement in respect of

3 the initial share sale to the purchasing company, as

4 well as an agreement for the resale of the shares by the

5 purchasing company to the original owner.»

6 Then he explains what I have read out before.

7 I apologise for the confusion. I hope you understand

8 what is being said or do I need to read further, once

9 again?

10 A. I understood what it says here, and then, please, sir,

11 could you restate your question, because I’ve already

12 forgotten what the question was.

13 Q. Yes, so I just wanted you to confirm that, to your

14 recollection, it was on 30 December that both repo

15 contracts and the memorandum were delivered to you

16 already signed; is that correct?

17 A. Yes. And the repo agreement and the memorandum were

18 personally brought to me by Mr Vasiliev on

19 30 December 2008.

20 Q. And I understand the first time you heard about this

21 matter was on 25 December, wasn’t it?

22 A. Sir, could you please rephrase your question?

23 Q. I beg your pardon. I am looking at paragraph 9 of your

24 witness statement, so {B1/8/2} for the English version.

25 If we could scroll down to the Russian version, that

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Bank St Petersburg v Vitaly Day 9

Arkhangelsky [Master]

11 :1 will be {B1/8/10}.
2 So if you could read that, Mrs Stalevskaya.

3 A. I have read it.

4 Q. So I think, from the other evidence in this case, it

5 appears that the date of these events was 25 December;

6 is that consistent with your recollection?

7 A. I do not recall the exact date. I recall that that was

8 the second half of December.

9 Q. Well, was it your understanding that the meeting between

10 Mr Savelyev and Mr Arkhangelsky had taken place on the

11 same day?

12 A. I know that at the period when Ms Malysheva asked me to

13 draw up the memorandum and the repo documents, there was

14 a meeting of Mr Arkhangelsky and Mr Savelyev, and I do

15 not know the exact date because I wasn’t present at that

16 meeting.

17 Q. No, what I am suggesting is was it your understanding,

18 when you were called into the office of Mrs Malysheva,

19 and from what she explained to you, was it your

20 understanding that the meeting had taken place hours or

21 minutes ago, rather than some days ago?

22 A. I understood that the meeting was a recent one.

23 Q. But you can’t tell the court whether it was the same day

24 or a few days before?

25 A. I surmise that most likely the meeting happened on the

12 :1 same day before that, but I would not be able to assert
2 because I wasn’t present in the meeting.

3 Q. So that means that you were summoned to Mrs Malysheva’s

4 office on the 25th or later, and then your evidence is

5 that by the 30th, the memorandum and repo agreements

6 were already prepared.

7 So that suggests that you only had a few days to

8 work on this?

9 A. Sir, would you be able to split your question, please,

10 or ask it in a more precise way?

11 Q. I’m simply asking you to confirm that you only had a few

12 days to carry out the work which you described.

13 A. Yes, I prepared the repo agreements and the memorandum

14 for just a few days.

15 Q. Yes, and you were told that you have to finish before

16 the new year, that was the deadline given to you in

17 advance; isn’t that right?

18 A. Yes. I was asked to do that all quickly.

19 Q. And obviously you had to work together with

20 representatives of Oslo Marine Group to finish the job;

21 isn’t that right?

22 A. Yes, I could have involved Oslo Marine with regard to

23 receiving the necessary information from them in order

24 to prepare the documents.

25 Q. Yes, and these were, I think, Mr Vasiliev, the lawyer,

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Bank St Petersburg v Vitaly Day 9

Arkhangelsky [Master]

13 :1 and I think a lady called Mrs Vasilenko, if I am not
2 mistaken. Let me check your statement. Yes,

3 Mr Vasiliev and Mrs Vasilenko; isn’t that correct?

4 A. The contact persons for the group were Mr Vasiliev, his

5 assistant, Mrs Vasilenko, and Mr Berezin, the financial

6 director. Those were the people who had been introduced

7 to me.

8 Q. And as I understand your evidence, while working with

9 these people on preparing documents, you noticed no

10 reluctance on their part to enter the contracts, the

11 deal, in general?

12 A. That is correct. OMG representatives were not reluctant

13 to enter into that transaction.

14 Q. Was there any suggestion from their side that OMG, or

15 Mr Arkhangelsky, may need some time to consider the

16 terms of the deal before signing the documents?

17 A. I do not recall them asking for any additional time. So

18 far as I can recall, they were quite happy with

19 everything.

20 Q. Now, for example, did any of them at any time suggest

21 that before signing the documents, OMG would want to see

22 the exact terms of the loan restructuring which the Bank

23 would offer?

24 A. No. No one asked me to provide any additional

25 documents.

14 :1 Q. Now, was it your understanding that, actually, the
2 material terms of the deal between the Bank and OMG had

3 already been agreed before your involvement?

4 A. Yes. I thought that everything had been agreed upon

5 because representatives of OMG did not show any

6 reluctance, they were not unhappy, they were not upset.

7 They provided all the documentation and all the

8 documents that were needed for the documents to be

9 executed.

10 Q. Thank you. I understand that you say that the section

11 of the memorandum, where there is a list of

12 the outstanding loans, was actually drafted by

13 Ms Mironova, rather than by you. That’s paragraph —

14 A. Could I please be referred to the memorandum, if I may?

15 Q. Yes. Sure. That will be {D107/1537/1}, I think, and

16 that will be the English version. The Russian version

17 begins at {D107/1537/3}. If you look at clause 1.1, as

18 I understand your evidence, this particular bit was not

19 drafted by you; it was drafted by Ms Mironova?

20 A. I drafted the general part of the memorandum on the

21 understanding that this was going to deal with the

22 loans, and then I sent it to Mrs Mironova for her input.

23 Then she returned it back to me and, amongst other

24 things, she filled in all the data that are contained in

25 1.1.

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Bank St Petersburg v Vitaly Day 9

Arkhangelsky [Master]

15 :1 Q. So does this mean that Mrs Malysheva and you did not
2 know about the details of specific loans at the time?

3 A. I can only speak for myself. I was not aware of the

4 details of the loans because I had — I was not involved

5 in the loan work and I did not take any part in loans

6 being issued to any companies, including OMG.

7 Q. But I understand that you drafted the rest of

8 the memorandum on the basis of the information given to

9 you by Mrs Malysheva; isn’t that right?

10 A. Yes, that is correct. I set out all the general terms,

11 apart from 1.1, based on the information and the input

12 that I received from Irina Malysheva.

13 Q. So presumably, it was necessary to ask Ms Mironova to

14 help, because Mrs Malysheva didn’t have all the

15 information for 1.1; isn’t that the right inference?

16 A. I’m not sure I understand this inference; could you be

17 more specific? Maybe could you perhaps reformulate what

18 you have just said?

19 Q. Well, I understand it was Mrs Malysheva’s and your

20 responsibility, in general terms, to prepare the draft

21 memorandum; isn’t that so?

22 A. Yes. Irina asked me to draw up a draft memorandum. So

23 far as the outstanding loans were concerned, that had to

24 go to Kristina Mironova because there was some input

25 that only she could provide, ie the things that I was

16 :1 not aware of.
2 Q. Thank you. Now, just as a matter of detail, I think

3 your evidence is that representatives of each original

4 purchaser company signed the repo contracts before you

5 sent them to OMG for signature; is that right?

6 A. Would I be allowed to read this portion once again, if

7 I may?

8 Q. No problem. I will try to identify the paragraph for

9 you. I am sorry I am not … I think paragraph 23,

10 that’s where I am looking at. That’s {B1/8/4} for the

11 English version, and if paragraph 23 can be found in

12 the Russian version, that would be very helpful.

13 A. I have already found it. Thank you.

14 Q. Right. {B1/8/13}. So you recall now, don’t you?

15 A. I do.

16 Q. So just to understand how it worked, when the documents

17 were prepared, the first thing that happened was that

18 the representatives of the original purchasers signed

19 the contracts; they didn’t sign the memorandum, did

20 they?

21 A. I drafted the documents and the original purchasers,

22 again, speaking from memory, were the first ones to

23 execute those documents. After that, I sent the

24 contracts to Mr Vasiliev to have them executed by

25 Mr Arkhangelsky.

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Bank St Petersburg v Vitaly Day 9

Arkhangelsky [Master]

17 :1 Q. Yes, so what you sent to Mr Vasiliev were (a) repo
2 contracts already signed by original purchasers, and (b)

3 the memorandum as yet unsigned by anyone?

4 A. So far as I can recall — mind you, this was back in

5 2008 — we exchanged e-mail correspondence with

6 Mr Vasiliev, we agreed on the whole set of documents.

7 After that, I sent him the contracts, which had already

8 been executed by the original purchasers, and the

9 memorandum, which had not been executed, because the

10 idea was that Mr Arkhangelsky was going to be the first

11 one to execute this document, therefore that document

12 was e-mailed to them.

13 Q. Right. Thanks.

14 Now, if we could look at some of the e-mail

15 correspondence from that time, which is at

16 {D105/1454/0.6} on one page, and {D105/1454/6} on the

17 other. Thank you very much.

18 If you could have a look at your e-mail of

19 10 February 2009, which starts from the words:

20 «Yaroslav, dobry den …»

21 «Dear Yaroslav,

22 «My colleagues went to view the mooring structures

23 and land plot …»

24 And so on. If you could just read that e-mail

25 through, just to refresh your recollection. (Pause)

18 :1 A. I have read it, thank you.
2 Q. Do you recall that e-mail?

3 A. Not specifically this one, but I can see that this was

4 my letter addressed to Yaroslav Vasilev and Irina

5 Vasilenko.

6 Q. Yes, but what I was hoping you might remember is who

7 were your colleagues who visited Western Terminal on

8 that occasion?

9 A. I am afraid I do not recall who those colleagues were.

10 Q. Well, do you recall anything about that trip, being told

11 anything about the visit to Western Terminal? Or is it

12 just what you see in the e-mail?

13 A. After I drafted the memorandum and the repo documents,

14 I no longer worked with or had any dealings with OMG

15 group. So I think it was just a one-off request on the

16 part of my bosses because they knew that I had been in

17 contact with Irina and Yaroslav and I knew those people

18 and that those people knew me. So that might have been

19 a one-off request on the part of my superiors.

20 Q. Thank you. Now, I think I would want to go slightly

21 back in time into the drafting issue. I think that has

22 not been uploaded and I am afraid it is an earlier draft

23 which hasn’t been translated, but it differs from the

24 actual memorandum only in one word, so hopefully that

25 will be clear from the discussion.

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Bank St Petersburg v Vitaly Day 9

Arkhangelsky [Master]

19 :1 If the witness could have a copy of the document
2 I have in hard copy, that’s document N109 in

3 the claimant’s disclosure. I only have a Russian

4 version, and I don’t know if my learned friends need it,

5 but it is really just one word I am interested in.

6 Perhaps one for the translators.

7 My Lord, I don’t think you need it because it is in

8 Russian and the difference is one word. I have a copy,

9 if necessary, but I just don’t want to swamp you with

10 unnecessary papers. (Handed)

11 So that document, Mrs Stalevskaya, it seems to be in

12 one of the early drafts of the memorandum, which is not

13 different from the final draft in any respect, except

14 that instead of «Memorandum», it is headed «Agreement»,

15 «Soglasheniye», isn’t that right?

16 A. To be honest, I cannot make any assertions as to what

17 the nature of this document is, or whether or not this

18 draft actually existed, because it has been a long time

19 and I do not recall what the other draft said. I do

20 recall the final document that I wrote. That I do

21 recall.

22 Q. But surely when you draft a document, there would be

23 some early drafts which wouldn’t be accepted? That

24 seems only natural, doesn’t it?

25 A. Yes, I would agree with your statement that one may not

20 :1 always be in a position to recall all the drafts that
2 one has written, but this specific document I simply do

3 not recall. I mean, when I say «this document», I mean

4 the document with this particular title.

5 Q. Yes. Well, what this suggests, Mrs Stalevskaya, is that

6 initially, you drafted what later became the memorandum

7 as an agreement, but then Mrs Malysheva told you to

8 change that. Wouldn’t that be a logical conclusion from

9 the fact that this draft exists?

10 A. I would like to invite your Lordship’s attention to

11 the fact that I do not recall this document. I do not

12 recall the existence of a document titled «Agreement».

13 The way I recall it, we have always had a documents

14 on our disks which was entitled «Memorandum».

15 Q. What I am suggesting to you is that Mrs Malysheva at

16 that stage did not want that document to be a formal,

17 legally binding contract which could be enforced through

18 courts.

19 A. So far as I can recall, Irina never asked me to give any

20 specific title to that document. That’s why it was

21 called «Memorandum». Whether or not it used to have

22 a different title, I simply do not recollect.

23 Q. And I further put it to you that Mrs Malysheva

24 instructed you to change the heading because at that

25 stage, she already intended to breach the terms of that

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Bank St Petersburg v Vitaly Day 9

Arkhangelsky [Master]

21 :1 document.
2 A. No. This is not the case and I have no recollection of

3 this, and I do not believe that Irina would have asked

4 me to do that.

5 Q. Well, let’s take it in stages. You say you don’t

6 believe she would ask you to change the heading of

7 the document; is that what you mean?

8 A. That is correct. I did say that I do not recall Irina

9 asking me to change the title of the document, and she

10 would have hardly even thought about doing this because

11 everyone understood that this was just an arrangement

12 that was being recorded on a piece of paper, and under

13 Russian law, this was just an oral agreement that was

14 recorded on a piece of paper. Nothing but that. It was

15 just this; not more than that.

16 Q. Right. So are you saying that the draft I have just

17 handed to you couldn’t have been one of the drafts you

18 were working with Mrs Malysheva on?

19 A. My Lord, I simply do not recall this document and I do

20 not recall any drafts existing with that title. So

21 I really have no comment to offer with respect to

22 the title, ie an «Agreement».

23 Q. Yes, well, what I am trying to ask you about, obviously

24 you were working with Mrs Malysheva on what became the

25 memorandum, at any rate.

22 :1 Now, you may know something about her intentions at
2 that time. So did she intend for the Bank to comply

3 with this agreement, to your knowledge?

4 MR LORD: I’m sorry, my Lord. It has to be framed in a way

5 that is fair to the witness. She may have a basis for

6 it, but you can’t ask that sort of question, really,

7 directly of her.

8 MR JUSTICE HILDYARD: Can I ask, when Mrs Malysheva gave you

9 instructions to draft these agreements, as I understand

10 she did, did she ask you to draft an agreement or

11 a memorandum?

12 A. The way I recall it, she asked me to draft a memorandum.

13 MR JUSTICE HILDYARD: Do you recall her differentiating or

14 emphasising that it was only to be a memorandum and not

15 an agreement?

16 A. I do not recall there being any discussion at all with

17 respect to the title of the document.

18 MR JUSTICE HILDYARD: So her instructions to you were along

19 the lines of: please provide a written record of

20 the following things; is that right?

21 A. Correct.

22 MR JUSTICE HILDYARD: Do you recall her rejecting or

23 suggesting amendment of any draft of what she had asked

24 you to provide?

25 A. Well, because it has been a long time — mind you, we

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23 :1 are talking about 2008 — sitting here today, I do not
2 recall her making any amendments. She may have come up

3 with some comments, but I just do not recollect, sitting

4 here today. There may have been immaterial comments,

5 but nothing that sticks in my memory, sitting here

6 today.

7 MR JUSTICE HILDYARD: Did you form, or did she give you, any

8 impression, so far as your recollection goes, that the

9 memorandum or agreement, whatever its heading, was not

10 intended to have legally enforceable effect?

11 A. No. That was not discussed. There was no discussion as

12 to how this was or was not going to be enforced. The

13 idea was that the oral agreements were going to be

14 recorded on paper so that both parties understand what

15 they had agreed upon and what they were going to do

16 going forward; in other words, what their dealings,

17 their mutual dealings from now on, were going to be.

18 MR JUSTICE HILDYARD: Does that …?

19 MR STROILOV: I am much obliged, my Lord, and I am sorry for

20 doing it poorly.

21 MR JUSTICE HILDYARD: Not at all. As long as it covers what

22 you wanted to ask.

23 MR STROILOV: Yes, my Lord, I think that’s correct.

24 I think I will take it one question further, and if

25 I mustn’t, you stop me.

24 :1 MR JUSTICE HILDYARD: Yes.
2 MR STROILOV: Did Mrs Malysheva at that time tell you

3 anything which would suggest that the Bank did not

4 intend to comply with its obligations under the

5 memorandum?

6 A. No, it was always intended that the Bank was going to

7 fully comply with the memorandum and it was going to

8 perform its obligations thereunder. There was no

9 discussion to the fact that this memorandum was not

10 going to be complied with.

11 Q. As I understand it, the purpose of the repo deal was to

12 assist the Bank in a potential realisation of security

13 under the loans; is that correct?

14 A. If I understood you correctly, your question is whether

15 this was an additional security for the loan that had

16 been advanced to OMG. My answer is: yes, this was

17 an additional security, an additional guarantee, as it

18 were, or a safeguard, rather, on the part of OMG to

19 support the loans that had been issued by the Bank.

20 Q. So at that time, as I understand it, the Bank believed,

21 rightly or wrongly, that the market value of the assets

22 owned by the two companies and pledged to the Bank was

23 much higher than the overall indebtedness to the Bank;

24 is that your understanding as well?

25 A. I never advanced any loans to OMG, I never valued their

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Arkhangelsky [Master]

25 :1 assets, therefore I am not in a position to tell you
2 what the Bank thought the value of the securities, the

3 pledges, of OMG were. So unfortunately I am not in

4 a position to answer your question.

5 Q. So did Mrs Malysheva really discuss with you at all what

6 might be the next steps of the parties after the

7 memorandum?

8 A. I am not sure I understood your question; could you

9 reformulate, please?

10 Q. Obviously you drafted the memorandum, you would had to

11 give some thought to its purpose and why it is there and

12 how the conditions might operate, wouldn’t you?

13 A. When I was drafting the memorandum, my understanding was

14 that I was recording the agreements that had been

15 achieved between the Bank and Mr Arkhangelsky as

16 a representative of the OMG group, and that this was

17 an additional safeguard to the Bank with respect to

18 the loans the Bank had advanced. So there was no

19 intention on the part of the Bank to own those companies

20 or to engage in any dealings with those companies. The

21 understanding was that Mr Arkhangelsky was going to

22 repay his loans and then the assets were going to be

23 sold back.

24 Q. Yes. Well, obviously, when you consider what might

25 happen under the memorandum, yes, one scenario is that

26 :1 he repays his loans and the shares are returned, but
2 there is a second possibility: what would happen if he

3 cannot repay his loans. So did you have any discussions

4 with Mrs Malysheva on that?

5 A. No. I did not discuss this with Irina Malysheva.

6 Q. Well, did you think about that while formulating the

7 terms of the memorandum?

8 A. Well, I may have thought about this. I may have thought

9 about the possible instance of non-compliance, but I did

10 not really give any thought to the implications of this,

11 because this was not within my remit. I had been asked

12 to draft the documents and this is exactly what I did.

13 Q. Yes. Can we look at the memorandum again. That’s at

14 {D107/1537/1}, the English version, and {D107/1537/3} is

15 the Russian version. Then if we could scroll down one

16 page in each version {D107/1537/2}, {D107/1537/4} so

17 that we can see clause 3.

18 Now, may I ask you to read clause 3,

19 Mrs Stalevskaya. (Pause)

20 A. I’ve read it.

21 Q. Yes. So, as you can see, this memorandum is not signed

22 by the original purchasers, but nevertheless it purports

23 to record some undertakings given by them; is that

24 correct?

25 A. Yes. This document, the memorandum, was not signed by

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27 :1 the original purchasers; this document was signed by the
2 Bank.

3 Q. Yes, so how could the Bank be sure that clause 3 would

4 be complied with?

5 A. The Bank drafted in the original purchasers, involved

6 them, and they worked in the Bank’s interests. That is,

7 they were nominal holders and they did not plan to

8 dispose of these shares, and this is what it says in

9 clause 3: that no one planned — or planned to interfere

10 in the commercial activities of the companies whose

11 shares were purchased by the original purchasers.

12 Q. So is it your understanding that it was agreed between

13 the Bank and the original purchasers that they would

14 only hold the shares to the Bank’s instructions?

15 A. Yes. This was under the repo deal, that it was purely

16 a temporary ownership, until the obligations are

17 fulfilled, are performed by the other party.

18 Q. And to your knowledge, are you aware of any steps which

19 Renord, or any of the original purchasers, has taken in

20 relation to these companies without the Bank’s consent?

21 A. No. I am not aware of that. As I already said, I only

22 drafted the documents, and subsequently I had nothing to

23 do with interaction with regard to OMG group.

24 Q. All right. I think you mention in paragraph 11 of your

25 statement that you were involved in some other repo

28 :1 arrangements, in one or two, I think you say? {B1/8/2}
2 A. Yes.

3 Q. Was that in the course of your work for the Bank?

4 A. Yes.

5 Q. And was that also at the request of Mrs Malysheva?

6 A. I developed these transactions based on the instructions

7 of my bosses, including Irina Malysheva.

8 Q. Now, were those — actually, you say «one or two»; was

9 it one or two, prior to OMG repo?

10 A. I do not recall exactly. As far as I recall, one or two

11 were being worked on, and thus, I do not recall exactly,

12 considering so much time has gone by.

13 Q. And after this repo arrangement with OMG, were you

14 involved in any repo arrangements subsequently?

15 A. No.

16 Q. So in total, your experience of repos amounts to two or

17 three, and one of them is OMG; is that a correct

18 calculation?

19 A. Yes.

20 Q. Now, in that other repo or two, was it structured in

21 a similar way? By which I mean it would be a repo

22 between the Bank’s borrower and a third party acting on

23 behalf of the Bank?

24 A. Could you please specify the question, sir? I do not

25 quite understand what specifically are you trying to ask

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29 :1 here.
2 Q. Yes, well obviously, a very simple scenario is if there

3 is a repo contract between the Bank itself and the

4 borrower, that’s the simplest scenario, isn’t it?

5 A. Possibly the simplest scenario. However, the Bank did

6 not do repo deals for itself and did not even imagine

7 that. As far as I know, it did not encompass that

8 because repo is the temporary ownership of the shares,

9 and the Bank, as a public company, had to provide

10 consolidated accounts. Therefore, the Bank was

11 involving partners.

12 Q. Right. So on each occasion, the actual repo contracts

13 would be between a borrower and a partner of the Bank

14 performing the same role as the original purchasers in

15 this case; isn’t that right?

16 A. Yes.

17 Q. Now, I think Mr Guz told the court earlier that he

18 thought there might have been some other repos where

19 Renord performed this role of a partner for a repo

20 transaction; do you recall any such repo deals?

21 A. I would not be able to speak for what Mr Guz has said.

22 Perhaps he knows more than I do. I am only responsible

23 for and I only do what my management asks me to do.

24 I can only be responsible for my knowledge, for what

25 I said in my witness statement.

30 :1 And with regard to other transactions, well, I have
2 no knowledge of that because I did not take part in

3 them.

4 Q. Well, I am asking you now about one or two other repos

5 you have been involved in. Did those one or two repos

6 involve Renord?

7 A. No.

8 Q. Did that repo or either of them involve Agentstvo po

9 upravleniyu aktivami assets management agency, one of

10 the original purchasers?

11 A. No.

12 Q. Did that repo, or either of them, involve Gelios LLC?

13 A. No.

14 Q. Did that repo, or either of them, involve SKIF LLC?

15 A. No.

16 Q. So in that case, who was acting as the Bank’s partner,

17 holding shares on its behalf?

18 A. I am not sure I would be able to disclose the

19 information which is the Bank’s commercial secrets; that

20 was another company, which was not part of the Renord

21 holding. It was simply the Bank’s partner. I don’t

22 know; as far as I understand, I am not at liberty to

23 disclose these company names.

24 Q. Well, I would suggest, my Lord, subject — and it may be

25 a totally extravagant arrangement — I would suggest

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31 :1 that Mrs Stalevskaya is asked to disclose the names to
2 RPC, so that they look at it and if they think it’s

3 relevant, she is asked to make a further witness

4 statement.

5 MR LORD: My Lord, the issue, really, is keeping it

6 confidential. We are very concerned, for the reason

7 your Lordship knows, about sometimes what happened to

8 information that is generated in the litigation. This

9 is obviously exactly the sort of information which it

10 may well be right for your Lordship to be privy to, and

11 the parties, but should not find its way into the public

12 domain. There shouldn’t be lots of PR about other Bank

13 clients, who happen to have come up in the story like

14 this.

15 MR JUSTICE HILDYARD: I think Mr Stroilov is indicating

16 that, so far as he is concerned, it should be on

17 a restricted circle basis.

18 MR LORD: Yes.

19 MR JUSTICE HILDYARD: I think he would have to, on behalf of

20 himself and Mr Arkhangelsky and Mrs Arkhangelskaya,

21 undertake to me that it would not be revealed for any

22 purpose.

23 MR STROILOV: Quite, my Lord. I have no problem with that,

24 and I would really be satisfied with RPC looking at it.

25 If they say it is not relevant, we will accept that, but

32 :1 if it is one of the companies featuring in these
2 proceedings in any way, that would be something that

3 must be disclosed.

4 MR JUSTICE HILDYARD: I would suggest that at the break,

5 Mr Lord should ask the witness who it is, look at it.

6 If it is obviously irrelevant and you are prepared for

7 them to take that view, fine. If there is any doubt

8 whatsoever, or if they don’t wish to make a decision,

9 then, against an undertaking from you and from Mr and

10 Mrs Arkhangelsky, I should have thought that you can

11 know it, but it should not be part of the transcript.

12 MR LORD: Yes, my Lord. My only hesitation is speaking to

13 a witness in the course of her cross-examination.

14 MR JUSTICE HILDYARD: I will release you for that purpose.

15 MR LORD: And in terms of whether it is relevant or not,

16 I will know who the name is but whether I will know —

17 can I take instructions on that?

18 MR JUSTICE HILDYARD: As it strikes me, you are probably not

19 wanting to make the decision yourself.

20 MR LORD: I am not.

21 MR JUSTICE HILDYARD: And that probably the name against

22 this undertaking should be revealed.

23 MR LORD: Yes.

24 MR JUSTICE HILDYARD: But it is not to go beyond you,

25 Mr Stroilov.

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33 :1 MR LORD: Yes.
2 MR JUSTICE HILDYARD: And if you think that you need

3 instructions on it, you must make a further application

4 to me, I think; do you see what I mean?

5 MR STROILOV: Yes.

6 MR LORD: Yes.

7 MR JUSTICE HILDYARD: So it is as if there were

8 a confidentiality club, restricted to the RPC

9 representatives here, and you, and if you wish to extend

10 that confidentiality club to Mr and Mrs Arkhangelsky,

11 which you may, then you must apply for that. But, in

12 any event, it must not go into the public domain unless

13 and until I so direct; does that make sense?

14 MR LORD: Yes, my Lord.

15 MR STROILOV: I am grateful, my Lord.

16 Mrs Stalevskaya, I am sorry for the interruption.

17 Does the Bank have any internal instruction or

18 regulation or some other document, which sets out in

19 general terms how a repo arrangement should be

20 organised?

21 A. No, the Bank doesn’t have any instructions with regard

22 to repo.

23 Q. Right. Now, I think you say that since November 2010,

24 you work in client monitoring directorate of the Bank.

25 Now, isn’t that the directorate which is dealing with

34 :1 problematic debtors? Is that correct?
2 A. Sir, would you be able to break your question in two,

3 please?

4 Q. I don’t think so. I’m just asking you to confirm that

5 the client monitoring directorate is the same

6 directorate we have been hearing about in these

7 proceedings a lot, the one which is dealing with problem

8 debtors of the Bank?

9 A. Yes, I work at the client monitoring directorate, the

10 function of which includes working with problem

11 indebtedness, and we especially watched debt in

12 the Bank.

13 Q. And that is the directorate which is headed by

14 Ms Mironova; isn’t that correct?

15 A. That directorate was headed by Mrs Mironova, and then,

16 when she became a member of the board, currently the

17 directorate is headed by Viktoria Yashkina.

18 Q. Right. But Ms Mironova was the head of the directorate

19 at the time you began working for it, and until

20 recently?

21 A. Yes.

22 Q. And one of her deputies was a gentleman called

23 Evgeny Kolpachkov?

24 A. Yes.

25 Q. And you were another deputy, weren’t you?

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35 :1 A. Yes.
2 Q. So there have been a lot of various transactions with

3 these former OMG assets, which we were told were

4 essentially prepared — let me start again.

5 There were a lot of decisions of the bank prepared,

6 as we were told by the client monitoring directorate,

7 concerning various transactions with former OMG assets;

8 do you recall being involved in the preparation of any

9 of these decisions?

10 A. My Lord, I would like to clarify that the client

11 monitoring directorate has three deputies. Indeed, when

12 Mrs Mironova headed the directorate, there were three

13 deputies: Mr Kolpachkov, Ms Yashkina, and myself. My

14 function was to always see, not the problem debtors, but

15 providing monitoring to specially-watched debt; ie the

16 Bank’s clients, they did not become problem debtors yet,

17 but possibly might become such problem debtors in

18 the near future.

19 We analysed their financial position and we provide

20 recommendations to Bank’s branches as to how to work

21 with these clients, and in this regard, with regard to

22 problem debts, I was not involved in working with OMG

23 group, and I said that I knew a lot only in the process

24 of preparing to this hearing, when I was shown a number

25 of documents, and all of that was new to me because

36 :1 I did not work with that. These were not my
2 transactions, therefore I wouldn’t be able to speculate

3 about what the decisions might have been. I would not

4 be able to do that.

5 Q. That’s helpful. I think I will have to ask Ms Mironova

6 in due course about those matters.

7 My Lord, I think this may be a good moment for

8 a short break.

9 MR JUSTICE HILDYARD: Yes, indeed. We will reconvene at

10 11.30 am.

11 (11.19 am)
12 (A short break)
13 (11.33 am)

14 MR STROILOV: May it please your Lordship.

15 Now, Mrs Stalevskaya, isn’t it right that you were

16 interviewed by a police investigator,

17 Colonel Levitskaya, on 26 March 2010?

18 A. Yes, on 26 March 2010 I was interviewed by

19 Mrs Levitskaya.

20 Q. Was it in her office or in your office, or where?

21 A. The interview took place in Mrs Levitskaya’s office.

22 Q. Now, isn’t it right that Mrs Malysheva was interviewed

23 by the same investigator on the same day?

24 A. Yes, Irina and myself were interviewed on the same day.

25 First Irina was interviewed and then I was interviewed.

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37 :1 Q. So she and you actually went to the investigator’s
2 office together; is that right?

3 A. Yes. We used the same car, together with Irina, to go

4 to Colonel Levitskaya’s office.

5 Q. Now, if we could look at the record of your interview at

6 {D137/2279/1}, and the Russian version begins at

7 {D137/2279/4}.

8 Is that the record of that interview?

9 A. Yes.

10 Q. Now, if we could scroll the English version down one

11 page, {D137/2279/2}, but not the Russian version. At

12 the bottom of page 1 in the Russian version and at the

13 top of page 2 in the English version, you see the words:

14 «I am informed about penal responsibility for the

15 refusal to testify according to article 308 of Code of

16 Penal Procedure of the Russian Federation and for

17 intentionally false testimony according to article …»

18 I beg your pardon. I wonder if — I think the

19 translation is slightly inaccurate, so perhaps if I can

20 ask you, Mrs Stalevskaya, to read out that last

21 paragraph you see on page 1, so that the interpreters

22 can interpret it. {D137/2279/4}

23 A. «I have been warned about legal liability for any

24 refusal to give evidence under article 308 of the Penal

25 Code of the Russian Federation and for giving knowingly

38 :1 false evidence under article 307 of the Criminal Code of
2 the Russian Federation.»

3 MR STROILOV: Yes, thank you. I was concerned that the

4 translation says «Code of Penal Procedure», and that’s

5 not quite correct.

6 Now, that is your signature, isn’t it, just under

7 these words; isn’t that correct?

8 A. Yes, so far as I can see, this is my signature.

9 Q. And I take it that it is consistent with your

10 recollection that you have been warned that you must

11 tell the truth?

12 A. Yes.

13 Q. Now, if you could scroll down the Russian version one

14 page. {D137/2279/5}. If we could go through the

15 contents of your evidence point by point.

16 In the first paragraph I am actually looking at —

17 starting on the third sentence: {D137/2279/2}

18 «In December 2008, she informed me that

19 ‘Oslo Marine’ Group, the bank’s borrower, was selling

20 one of the group’s legal entities, ‘Zapadny Terminal’

21 LLC. Malysheva … asks me to help with this

22 transaction and gave me the contact telephone numbers of

23 the seller and the purchaser. I was requested to

24 provide technical support of the transaction,

25 transmission of documents, coordination of the parties

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39 :1 to the transaction, transmission of information.»
2 Then you set out the details of people involved.

3 Now, Mrs Stalevskaya, pausing here, that is quite

4 misleading, isn’t it?

5 A. No. Well, for me this is not misleading.

6 Q. Well, but obviously in this interview, you presented the

7 deal as no more and no less than a genuine sale of

8 a company; isn’t that right?

9 A. In 2010 this was a complete surprise for me, when I was

10 summonsed before this interview. Therefore I was not

11 able to read any documents in preparation for this.

12 I answered Colonel Levitskaya’s questions in her office,

13 and then she wrote the minutes, she drafted the minutes

14 herself.

15 The way I see it now, should it not include

16 everything in the minutes of the interview, in

17 the record of the interview, actually, it should be, but

18 I just wanted to get over with this as fast as possible,

19 question, answer, question, answer, signature, and then

20 leave the office. That’s what I was looking to achieve.

21 Because I had been summoned literally one day prior to

22 the date of the actual interview, I was not able to read

23 up on this or review any documents.

24 Q. But did you explain that this was a repo deal?

25 A. So far as I can recall, I did. I did explain to

40 :1 Colonel Levitskaya that there was a repurchase
2 transaction, a mirror transaction, for the assets to go

3 back.

4 Q. So is it your evidence that you made it clear that the

5 purpose of the deal was not to sell the company, but to

6 provide the Bank with additional security?

7 A. So far as I can recall, yes, that was the explanation

8 that I gave her.

9 Q. And you made it clear, is that your evidence, that

10 Sevzapalians, which is one of the original purchasers,

11 was acting on behalf of the Bank?

12 A. I’m not sure that I actually said that much to

13 Ms Levitskaya — once again, this was back in 2010 —

14 and I’m not sure whether I explained to her that

15 Sevzapalians was acting on behalf of the Bank, but I did

16 explain to her that this was a repo transaction.

17 Q. Now, if we could scroll down the English version one

18 page, and the Russian version one page too. I beg your

19 pardon, scroll back up one page in the Russian version.

20 {D137/2279/3}, {D137/2279/5}

21 The paragraph I am looking at is at the top of

22 the English version, and it is the second paragraph from

23 the bottom in the Russian version, starting from the

24 words «Mne neizvestno»; do you see that,

25 Mrs Stalevskaya?

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41 :1 A. Yes, I can see that.
2 Q. So that is clearly untrue, isn’t it?

3 A. It is true, because the way I understood, because people

4 had not discussed this in my presence, I was not in

5 a position to testify that they had agreed on anything.

6 I knew this from Irina, not straight from the horse’s

7 mouth.

8 So when Mrs Levitskaya included this particular

9 paragraph in the minutes, in the record of

10 the interview, I had nothing against that.

11 Q. Well, but surely the answer to the question why he

12 «decided to sell Western Terminal», the answer to that

13 question is: because that was his deal with the Bank?

14 A. Well, possibly this is what I should have said, but I do

15 not recall exactly, sitting here today, what I said to

16 her in the course of the interview. But when the record

17 was drafted, I thought that I — there was no way

18 I could know what that person’s intentions were. I have

19 not dealt with him, I have not reached any arrangements

20 with him and, therefore, I did not know what his actual

21 intentions were. So I was not in a position to set that

22 out.

23 Q. Did you tell her about the memorandum?

24 A. I have no recollection of that now.

25 Q. If we could now scroll down in the Russian version, just

42 :1 one page {D137/2279/6}. I am sorry, can it be scrolled
2 up? I apologise for the quality of the translation,

3 that’s our translation, but I think one line got

4 missing. {D137/2279/5}.

5 Mrs Stalevskaya, sorry to exploit you like that, but

6 could you read out the last sentence there, the last

7 three lines, starting from, «Takzhe bol’she nie

8 obschalas’ …» and so on, so that the interpreters can

9 interpret?

10 THE INTERPRETER: My Lord, this is the interpreter speaking.

11 Could we ask the IT assistants please to scroll the

12 Russian text down, because we do not have what she is

13 reading out now.

14 MR JUSTICE HILDYARD: Do you have it now?

15 THE INTERPRETER: Thank you very much, my Lord. I now have

16 that.

17 MR STROILOV: Sorry, it’s a very inconvenient place where to

18 miss a line.

19 THE INTERPRETER: We have now scrolled up to the previous

20 page, so I think we have to go back to the previous one.

21 MR STROILOV: Yes, can we scroll up to the previous page

22 now. So starting from the words, «Takzhe bol’she nie

23 vstrechalas …», if you can, Mrs Stalevskaya.

24 A. «I also did not have any meetings with Mr Gavrilov, nor

25 did I make any phone calls to him after I gave him the

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43 :1 excerpt and the certificate. I do not know why they did
2 not deal directly, but this is part of my professional

3 responsibilities, therefore I believe that what

4 Mrs Malysheva had instructed me to do was a normal,

5 working task.»

6 Q. Right, thank you very much. I just wanted it to be

7 translated in full for the record.

8 If you could look at the last paragraph of

9 the substantive text, {D137/2279/6}, really one last

10 sentence:

11 «I cannot say anything else about this issue.»

12 Mrs Stalevskaya. You have read that, haven’t you?

13 A. Yes, I have.

14 Q. And then, slightly below, you see the line saying that

15 the minutes were read in person, and you have no

16 comments. Then your signature; can you see that?

17 A. Yes, I can see that.

18 Q. So what does it mean? Did you read the text of

19 the record, or did the investigator read it to you?

20 A. The way I recall it, I read the record myself, and as

21 I have already mentioned, the summons to her offices

22 came as a surprise to me. I wanted to get over with

23 this as fast as possible, therefore I did not see

24 anything that was against my beliefs here, and that’s

25 why I signed this record.

44 :1 Q. Were you told what the criminal case was about?
2 A. I can presume that I was, but sitting here today, I do

3 not recall any explanation being given to me at that

4 time as to what the gist of the matter was.

5 Q. But you do recall being told at that time, don’t you?

6 A. Could you be more specific, please?

7 Q. Well, at the time you were summoned, did anyone give you

8 a summary of what the case was about?

9 A. Not that I can recall. No, I think it was said to me

10 that the matter was — the case was against OMG, but

11 no one explained to me what the gist of the matter was.

12 When I was preparing for these proceedings, my Lord,

13 when I was shown a number of documents, I did see that

14 that was a claim that had been brought by the Maritime

15 Bank, or Morskoy Bank.

16 Q. Well, if we could scroll up, I think, one page on the

17 Russian screen and possibly two pages on the English

18 {D137/2279/5}, {D137/2279/2}.

19 Now, at the top of the Russian version, and slightly

20 below in the English version, you can see that your

21 evidence starts with the words:

22 «Concerning the criminal case I can testify the

23 following …»

24 Now, Mrs Stalevskaya, surely, before you could

25 testify, you had to know what it was about?

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45 :1 A. Yes, I can see this sentence here in the record but the
2 way I perceive this is a standard formula that goes into

3 the record of police interviews, and I did not really

4 focus on this. I did not pay this much attention.

5 I really wanted to be released from the interview.

6 I was not interested in the details of the criminal

7 case.

8 Q. But how did you know what to talk about?

9 A. In the course of the interview, I only answered the

10 questions asked by Colonel Levitskaya. She asked me to

11 clarify this Western Terminal share sale transaction,

12 and this is exactly what I explained to her.

13 Q. So is it your evidence, and you are sure of that, that

14 you did explain —

15 MR JUSTICE HILDYARD: Yes, we are hearing the Russian.

16 MR STROILOV: I will wait for the interpreter’s signal to us

17 when it is sorted out.

18 Are you sure, Mrs Stalevskaya, that you did explain

19 everything you are explaining to this court now, about

20 repo transaction, and that it was a form of additional

21 security for the Bank, and it was the investigator who

22 left that out?

23 A. Well, sitting here today, I no longer recall very well

24 what questions were being asked of me and the extent of

25 detail that we went into when we discussed the

46 :1 transaction. I was really answering the questions that
2 were being asked of me. I did not go into the details.

3 When I was preparing for these proceedings,

4 I perused all the documents that I had created at that

5 time, and I think I did a better job preparing for these

6 proceedings, just to make sure that I can recall

7 everything that I am physically in a position to recall

8 about those events. But when I was going to see

9 Colonel Levitskaya, that was a complete surprise. I had

10 not had sight of any documents, and I was just answering

11 her questions.

12 Q. Now, could we have a look at the evidence given by

13 Mrs Malysheva on the same occasion.

14 MR JUSTICE HILDYARD: Can I just clarify, I have got

15 a little confused. Earlier you told me that you did

16 explain to Colonel Levitskaya that there was

17 a repurchase transaction, a mirror transaction, for the

18 assets to go back. But that does not appear in

19 the notes of the interview. I think you were asked

20 whether you were sure that you had said to

21 Colonel Levitskaya that there had been a repo or mirror

22 transaction, and that your only explanation for it not

23 being in the record is because the Colonel didn’t insert

24 it.

25 A. My Lord, I cannot be absolutely certain that I can now

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Arkhangelsky [Master]

47 :1 reproduce the whole discussion with Mrs Levitskaya, but
2 the way I recall it, I did mention repo to her.

3 I think all I have to say, with respect to the fact

4 that this was not mentioned on the record, was because

5 in July of that year, changes were made in the Russian

6 legislation, and therefore any sale and purchase

7 contract had to be notarised, whereas our contract was

8 just in a simple, written form.

9 So I understood at that time that this transaction

10 could not be entered into. Therefore I did not insist

11 on the second part of the repo transaction being

12 reflected in the note, or in the record, of

13 the interview.

14 Once again, believe me, I wanted to be released from

15 the interview as soon as possible. Maybe I was not as

16 cautious at that time as I should have been.

17 MR JUSTICE HILDYARD: Were you reluctant to say anything

18 because legislation suggested to you that the repo

19 transaction was not in a form consistent with Russian

20 law?

21 A. At that time it was no longer consistent with Russian

22 law. I did mention the repo transaction, but I did not

23 insist on having that detail reflected in the note of

24 the interview.

25 MR STROILOV: My Lord, may I …?

48 :1 MR JUSTICE HILDYARD: Yes, I’m sorry. Yes.
2 MR STROILOV: I think if I may take this a little further.

3 MR JUSTICE HILDYARD: Yes.

4 MR STROILOV: I think I will take it in a slightly different

5 order.

6 Now, let me — I am afraid I have a rather poor

7 Russian copy of this document, so perhaps if you can’t

8 read anything — let me just explain to you what the

9 criminal — or remind you, rather, what the criminal

10 case was about.

11 If you could call on the screen the international

12 arrest warrant issued against Mr Arkhangelsky. The

13 English version is at {D138/2293/1}, and I am afraid the

14 rather poor Russian version is at page 6 of the same

15 tab, and it is quite a poor copy. {D138/2293/6}. We

16 only need the gist, so perhaps I will read the material

17 bits in English, and they can be translated to you.

18 I fear that you probably cannot read anything in

19 this. If we could scroll down…

20 MR JUSTICE HILDYARD: Is there a paper version which might

21 be clearer?

22 MR STROILOV: Is that any better? Is it any better? Can

23 you read it?

24 A. With great difficulty, sir. Basically I can’t read

25 a word.

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Arkhangelsky [Master]

49 :1 MR STROILOV: Well, I wonder, we have two ways forward with
2 this. I suppose I can just read the material bits in

3 English, and it is really just the essence, it’s not

4 that every word is important; or perhaps if we could

5 have a short break I could try and print out a better

6 copy? Or if we could have an early lunch break and then

7 I would do it during the lunch break. Or perhaps RPC

8 could assist.

9 I am sure there is a better copy. I have seen it.

10 MR JUSTICE HILDYARD: Is there a better copy? I mean, I am

11 not sure what the comparison is, but it is obviously

12 rotten on the screen.

13 MR STROILOV: Yes.

14 MR LORD: My Lord, we can check, but we think this has come

15 from the defendants’ disclosure.

16 MR STROILOV: It does, that’s right, but —

17 MR LORD: So if there is a better copy, then Mr Stroilov

18 might be able to help. We will check. I don’t know

19 why, if there is a better copy, that wasn’t uploaded.

20 I can’t help any more than that at this stage, I am

21 afraid. We will check as quick as we can if there is

22 a better version.

23 MR STROILOV: Yes, there should be. I’m sorry, my Lord.

24 I can probably do it right now on my feed and just find

25 the version I have on the computer. I am very sorry

50 :1 about the … (Pause)
2 Yes, I think I have a much better one, a really much

3 better one.

4 MR LORD: I assume that’s been disclosed?

5 MR STROILOV: Of course. I’m looking at the file which was

6 sent at the time to Baker & McKenzie, but probably in

7 some process of copying, it was … and it is clearly

8 a copy of the same document, but it is much better. It

9 is readable.

10 I wonder, might it be possible, really, to give

11 a copy now and someone shows it to Mrs Stalevskaya on

12 the computer, if I just give a PDF on a memory stick or

13 something? I don’t know if I can spare my computer.

14 MR LORD: If it could be e-mailed, we can maybe print it

15 off.

16 MR JUSTICE HILDYARD: Do you want a five-minute break to

17 achieve this?

18 MR LORD: Yes, my Lord.

19 MR STROILOV: Sorry, my Lord, yes.

20 MR JUSTICE HILDYARD: Tell me when you are ready.

21 (12.04 pm)
22 (A short break)
23 (12.18 pm)

24 MR STROILOV: May it please your Lordship, I do apologise

25 for that. I think we have a legible, not a perfect, but

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Arkhangelsky [Master]

51 :1 a legible copy for Ms Stalevskaya and everybody else can
2 look at the English one.

3 MR JUSTICE HILDYARD: Thank you.

4 MR STROILOV: I think it will be on the first page of

5 the Russian version, near the bottom. We will see the

6 words: {D138/2293/6}

7 «The preliminary investigation has determined …»

8 Near the end of the Russian version and at the very

9 end of the English version {D138/2293/1}; have you found

10 that? It will be the third paragraph from the bottom of

11 the page; have you found that? Then if you could scroll

12 down in the English version one page {D138/2293/2}, and

13 if I may ask you, Mrs Stalevskaya, to read through the

14 text from the words:

15 «The preliminary investigation has determined …»

16 And then if you read to the bottom of the first page

17 and the whole of the second page, and I will ask

18 your Lordship to read the entire second page in

19 the English version. It is just a summary of what the

20 criminal case is.

21 THE INTERPRETER: My Lord, this is the interpreter speaking.

22 It would be very helpful to have the Russian version.

23 MR JUSTICE HILDYARD: I am sorry, do you not have the new

24 copy?

25 MR STROILOV: I believe it is on its way, as my learned

52 :1 friends have indicated. It’s just we do not wish to
2 delay the proceedings. That’s why I am asking people

3 simply to read it and it will be brought to

4 the interpreters as soon as possible, I believe.

5 THE INTERPRETER: I am grateful.

6 MR BIRT: My Lord, I think the latest news is that RPC have

7 a printer in a room outside, but the witness’s copy came

8 out quite pink because one of the cartridge is on the

9 blink. It is quite legible, however the second copy,

10 I am being told, through sign language, by the look of

11 it, has failed to come out because the printer is out of

12 ink. So, I don’t think we will, unfortunately, have

13 a second copy of this document. We could get one

14 produced. I am sure my chambers could run one off and

15 bring one up, but it would obviously take 15 to

16 20 minutes for someone to run up the road, my Lord.

17 MR JUSTICE HILDYARD: How are we doing on timing generally?

18 MR STROILOV: My Lord, I am not yet quite sure. I think

19 there is a good hope of finishing today. On the other

20 hand, I think I will have to ask for a slightly longer

21 lunch break. The reason is because there has been some

22 last-minute correspondence on a document exhibited by

23 Mrs Stalevskaya, and I complained, and I appreciate it

24 was short notice that it was redacted. I wanted

25 an unredacted copy and I am told I will be given a less

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Arkhangelsky [Master]

53 :1 redacted copy, and it will also be more legible and
2 possibly better translated. But that means I need some

3 time to look at it, if I am to cross-examine on it.

4 So I would hope that I will finish today, but —

5 well, that’s really the most important thing.

6 I wonder if an earlier lunch break is … I don’t

7 know what is happening in terms of that document, but

8 perhaps an early break might be a good idea, and then to

9 reconvene at something like 1.40?

10 MR JUSTICE HILDYARD: Is it important for you to deal with

11 this document now? I don’t wish to blow you off course

12 in any way, but …

13 MR STROILOV: I think I can — I suppose I can summarise the

14 essence of the criminal case in my own words for

15 Mrs Stalevskaya. The purpose I am calling it is I just

16 wanted to have it in something official. Perhaps if

17 I just summarise what the essence of the criminal case

18 is in my own words, and if my learned friend takes any

19 objection with fairness of my summary, then he can say

20 so, and that’s all I wanted to bring to the witness’s

21 attention.

22 MR JUSTICE HILDYARD: So this document is only being used as

23 a brief description of the criminal proceedings?

24 MR STROILOV: Quite, my Lord.

25 MR JUSTICE HILDYARD: Have you any objection to this course,

54 :1 Mr Lord, as being …?
2 MR LORD: No, that’s fine, my Lord. That’s fine, I think.

3 I will see how the summary goes.

4 MR JUSTICE HILDYARD: Shall I read this page myself?

5 MR STROILOV: Perhaps that would be a good idea, so that

6 I am controlled.

7 MR JUSTICE HILDYARD: Would that be all right?

8 MR STROILOV: Yes.

9 MR JUSTICE HILDYARD: In the meantime, the witness has

10 a good copy, does she? And at some point that can be

11 transferred over to the translators?

12 MR STROILOV: Yes, I think that may be a good idea. Well,

13 I don’t know. If it is all right with Mrs Stalevskaya,

14 I don’t really need her to look at the copy while I am

15 asking questions.

16 MR JUSTICE HILDYARD: Let me read this, and watch my lips

17 move as I do so, no doubt, and then you give your

18 description, which can be translated, and then any

19 disagreement can be expressed. (Pause)

20 I have got to the bottom of page 2.

21 MR STROILOV: Yes, I think if we could scroll down one page,

22 and I will ask you to read to the text in bold, just for

23 completeness. That, there, is a factual summary of what

24 is alleged. {D138/2293/3}

25 For Mrs Stalevskaya, just to be sure — yes, so that

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Arkhangelsky [Master]

55 :1 will be on page 3, Mrs Stalevskaya, just to the end of
2 that factual section and the words «To jest’ v

3 soversheniyi prestupleniya, predusmotrennogo …» and so

4 on.

5 MR JUSTICE HILDYARD: Yes.

6 MR STROILOV: I think everyone has had enough preparation.

7 So, Mrs Stalevskaya, you see that the gist of

8 the case is that Mr Arkhangelsky misrepresented the

9 position to Morskoy Bank. He failed to disclose that

10 Sevzapalians was the majority shareholder of Western

11 Terminal, and therefore it is alleged Sevzapalians had

12 to approve that transaction; do you see that?

13 A. Yes.

14 Q. I am just giving you a summary. So, obviously, it is

15 quite material whether or not Sevzapalians was a genuine

16 shareholder, isn’t it?

17 A. Sevzapalians was a member and the owner of 99 per cent

18 of Western Terminal, in accordance with the extract from

19 the Russian Register of Legal Entities.

20 Q. But didn’t you tell the court this morning that

21 Sevzapalians was holding shares on behalf of the Bank as

22 additional security?

23 A. I said that a repo deal was entered into and the repo

24 deal presumes two parts: actual purchase by the initial

25 purchasers, with the obligation of subsequent sale, and

56 :1 considering the sale and purchase agreement was drafted
2 and registered at the Unified Register of Legal

3 Entities. Then Sevzapalians has legally become the

4 owner of 99 per cent of the shares in the Western

5 Terminal.

6 Q. Mrs Stalevskaya, don’t you recall the clause in

7 the memorandum whereby — I understand it was drafted by

8 you, and Sevzapalians and other original purchasers

9 undertook not to interfere in the commercial activities

10 of the companies; wasn’t that material for the criminal

11 case?

12 A. If we look at the memorandum, it says there that the

13 bank, and accordingly the initial purchasers, the

14 original purchasers, undertake not to interfere with the

15 commercial activities, on the condition that the other

16 party complies with its obligations. As far as I know,

17 at that point in time, Mr Arkhangelsky has already

18 breached his obligations before the Bank.

19 Q. Well, Mrs Stalevskaya, do you accept that the nature of

20 the arrangement and the memorandum are crucial for the

21 criminal case, as it has been summarised?

22 A. I am not a criminal lawyer, and I do not know much about

23 similar cases, therefore I would be loath to speculate

24 as to what is or is not material or crucial.

25 Q. But I just put it to you, Mrs Stalevskaya, that when the

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Arkhangelsky [Master]

57 :1 investigator was questioning witnesses, her questions
2 were likely to focus on whether or not there had been

3 a genuine sale from OMGP to Sevzapalians.

4 A. I do not recall Mrs Levitskaya asking that question of

5 that particular form. To be honest, I do not remember

6 exactly what she was asking, what form her questions

7 were taking, or what she was interested in.

8 So far as I can recall, I did explain the repo

9 transaction to her, but most likely, it was just not

10 materially important for her.

11 Q. Do you still think so now that you have been reminded

12 what the criminal case was about?

13 A. So far as the gist of the criminal case is concerned,

14 this is the first time I ever see this document, and

15 I was not interested in the detail of the case, why it

16 had been initiated, or by whom. It was not important to

17 me. Therefore, in legal terms, Sevzapalians did become

18 the holder of 99 per cent of shares in Western

19 Terminal LLC, and this is a fact. The transaction had

20 been properly registered.

21 Q. So you do think, on the basis of what you know and what

22 you have seen, that Mr Arkhangelsky is guilty of fraud?

23 A. I cannot sit in judgment, making verdicts is not within

24 my remit. I do not have the information that, for

25 instance, the investigator had or the court had.

58 :1 Therefore I cannot make any decision here.
2 All I can say is that, had Mr Arkhangelsky complied

3 with his obligations as per the memorandum, the Bank

4 would have returned these shares in the two companies,

5 Western Terminal and SK Scandinavia, insurance company

6 Scandinavia.

7 Q. Are you aware of any reason why the investigator might

8 want to distort your evidence?

9 A. No, I’m not.

10 Q. And you have no reason to think that she did that

11 deliberately, do you?

12 A. No.

13 Q. If we could now call on the screen {D137/2278/1}, and on

14 the other screen, I am afraid it is again — can we try

15 {D137/2278/4}? I am afraid again it is a terrible copy.

16 Yes, I am terribly sorry, my Lord.

17 My Lord, I beg your pardon, I think I will simply

18 need a break to print out all the legible Russian copies

19 of all documents I intend to refer to.

20 MR JUSTICE HILDYARD: Have we got very many that we are

21 going to look at?

22 MR STROILOV: Well, I think there are a few, and they may

23 be — they come from the same source, so it may be —

24 well, I think there may be four more, and this is the

25 fifth. So I fear it may be —

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MR JUSTICE HILDYARD: You want to break now, is what you are
2 saying?

3 MR STROILOV: Yes, I would suggest we reconvene at 2.00 pm,

4 and hopefully I am given a proper copy of those tables

5 in good time, and then I will print out proper copies

6 for the witness in terms of these documents, and I have

7 a little time to look at the tables. I do apologise,

8 but it is being quite unsatisfactory and not efficient,

9 really, to progress like this.

10 MR JUSTICE HILDYARD: 2.00 pm is rather a longer break than

11 would be usual. I know you said you needed a long

12 break, but if I agree to that, are we going to run up

13 against the timetable at the end of the day?

14 MR STROILOV: Well, I really hope to be able to finish by

15 4.00 pm or something. But I think really it will be

16 more efficient in the round; it is going to save time to

17 have a longer break and then to progress quickly, rather

18 than …

19 MR JUSTICE HILDYARD: I was alerted to various housekeeping

20 matters, which I haven’t really taken on board, because

21 I only just got out of the meeting, so I will look at

22 those over the short adjournment. When is it proposed

23 that those be dealt with?

24 MR LORD: It was hoped to do it today, my Lord. Today is

25 the last day before — well, next week is obviously

60 :1 France, so we would hope to tidy up a few points to make
2 sure that any logistics had been cleared away, or issues

3 arising —

4 MR JUSTICE HILDYARD: Are these matters that can be deferred

5 until Monday if it is absolutely necessary, or will your

6 team be travelling?

7 MR LORD: I think some of them can be; in fact most of them

8 probably can be. We had in mind that the court wouldn’t

9 want to be moved just for a one-hour housekeeping. We

10 had very much hoped that we could try and clear it away

11 today so your Lordship had a clear day, really.

12 MR JUSTICE HILDYARD: That’s thoughtful and good, but if we

13 can’t do it, we can’t do it.

14 MR LORD: Very well.

15 MR JUSTICE HILDYARD: Just one matter, and this may be

16 excessive on my part, but I wondered whether the days in

17 Paris, the transcripts should, in accordance with the

18 general spirit of open justice, given that Paris is not

19 our usual sitting place, whether the transcripts of

20 those proceedings ought to be online, if you see what

21 I mean? I just throw it out as an idea. I don’t know

22 whether it is a good one or a bad one, but I thought

23 I would raise it with you.

24 MR LORD: Yes.

25 MR JUSTICE HILDYARD: It is an oddness, isn’t it? People

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Arkhangelsky [Master]

61 :1 don’t usually attend court but, equally, it is their
2 right to do so. If there is a sign outside saying «Go

3 to Paris», they might feel that their access to

4 the court was not as complete as it might have been.

5 That is unavoidable and is part of the European

6 regulatory system, but nevertheless it just occurred to

7 me.

8 Mr Stroilov, you may say that if that is to happen,

9 then to give balance, all the rest of the transcripts,

10 when your client is not giving evidence and others are,

11 need to be made available, in which case I shall have to

12 think about that too.

13 I simply raise it as a concern. If it is misplaced

14 or excessive, you shouldn’t hesitate to tell me, but

15 I just raise it now to get you thinking.

16 MR LORD: My Lord, we did have a bundle for housekeeping.

17 It looks rather formidable. Is that on

18 your Lordship’s …

19 MR JUSTICE HILDYARD: I am not conscious of it being so.

20 MR LORD: It may be we thought there were enough bundles up

21 on your Lordship’s bench.

22 MR JUSTICE HILDYARD: This is in lieu of a sandwich, is it?

23 MR LORD: Yes, it may be more indigestible than that,

24 my Lord, I fear, but it has a little agenda at the

25 front, and all I would suggest is the idea was to put

62 :1 behind in that bundle the most recent letters and
2 drafts. So I don’t think your Lordship needs to spend

3 too long on —

4 MR JUSTICE HILDYARD: No. That’s very kind of you, thank

5 you.

6 MR LORD: The idea was to collate it. Mr Stroilov has

7 a copy, just so it is in one place, rather than having

8 to click on Magnum.

9 MR JUSTICE HILDYARD: Thank you. Well, I will get out of

10 your hair just so you have some time. 2.00 pm.

11 (12.40 pm)
12 (The Luncheon Adjournment)
13 (2.00 pm)

14 MR STROILOV: My Lord, if I may indicate at this stage,

15 I think there is a dispute between us as to whether

16 redactions in the table initially exhibited — in two

17 tables, actually, initially exhibited by this witness

18 are justified. I think some of the elements have been

19 unredacted, literally now, and a new version given to

20 me.

21 I am still not satisfied with it. I wonder if,

22 perhaps, a good time to resolve this might be after

23 I have cross-examined on what I have, but with

24 a reserved right, if your Lordship decides that it must

25 be unredacted, then with a reserved right to recall the

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63 :1 witness, to apply to recall the witness, because that is
2 a table which Mrs Stalevskaya says she compiled.

3 I don’t know if perhaps it makes sense for it to be

4 handed up so that you can …

5 MR JUSTICE HILDYARD: Will it make me the wiser?

6 MR STROILOV: Well, perhaps we can just go on and see how it

7 goes. At one point I will begin cross-examining on the

8 redacted version which I have, but without prejudice to

9 our position that it should be disclosed in

10 an unredacted version, and then we may need to see what

11 happens then, but I suppose the claimants might well

12 want to call the witness again to give evidence on the

13 unredacted version.

14 MR JUSTICE HILDYARD: I am not sure that I have fully got to

15 grips with this, but, Mr Lord, do you have any comment?

16 MR BIRT: My Lord, it may be me. I am worried to hear

17 I need interpretation for your Lordship to have the

18 headphones on for me to speak, but that may be

19 an indication of my previous submissions.

20 MR JUSTICE HILDYARD: I’m sorry, I now have you so tangled

21 up, I don’t know. Anyway, yes, thank goodness it is

22 a Friday.

23 MR BIRT: Can I hand up the copies? These are documents

24 which are already on Magnum. Mr Stroilov drew to our

25 attention that they weren’t very good copies, and he was

64 :1 right about that.
2 MR JUSTICE HILDYARD: Right.

3 MR BIRT: What has been produced now are better copies.

4 Mr Stroilov also pointed out that the redactions were

5 not well highlighted, so he couldn’t tell what was

6 a redaction and what was just a blank section of

7 the document, so that has also now been corrected. The

8 black lines are redactions and where there is a white

9 space, that is an empty page of the document. (Handed)

10 Mr Stroilov also noted that some translations

11 weren’t very good, so we have hopefully cleaned some of

12 those up as well. My Lord will see that there are

13 a number of redactions on the document, and

14 your Lordship may have seen Ms Stalevskaya’s witness

15 statement, where she introduces these documents and

16 gives some evidence about them. I don’t particularly

17 want, with Ms Stalevskaya in the box, to give my own

18 gloss or summary of that.

19 MR JUSTICE HILDYARD: No.

20 MR BIRT: But my Lord will see what she says about those

21 draft documents that she had a hand in preparing.

22 Without going into too much detail, they relate to

23 a number of entities, some of which have an involvement

24 in these proceedings, and a number of which have no

25 involvement in these proceedings. There are a lot of

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Arkhangelsky [Master]

65 :1 customers of the Bank who are listed on there. There
2 are obviously issues in any banking case with listing

3 information relating to other customers, and my Lord has

4 already been introduced to the difficult position in

5 relation to the Russian banking secrecy on a number of

6 occasions in this case.

7 So the approach that has been adopted is that lines

8 dealing, essentially, with the original purchasers, the

9 subsequent purchasers, other companies that came to own

10 the assets the subject of the counterclaim, or

11 Scan Insurance and Western Terminal, they have all been

12 unredacted. Those potentially relevant to the case, in

13 other words.

14 We don’t necessarily accept that all the cells are

15 relevant, but we have tried to take a pragmatic approach

16 in just disclosing those parts of the document that we

17 can, having been able to obtain the consent of those

18 customers whose entries have been unredacted. There is

19 obviously a difficulty if you don’t get consent with

20 Russian banking secrecy, so that’s the way we have tried

21 to solve that.

22 The other lines, dealing with other customers of

23 the Bank and their business, their projects, their

24 shareholders, not being relevant to issues in the case

25 and it not being relevant that they were customers of

66 :1 the Bank, and with the issues of Russian banking secrecy
2 law, those have not been revealed.

3 There was a re-check overnight, following

4 Mr Stroilov’s e-mail, and RPC did identify two

5 particular entries, which ought not to have been

6 redacted, and those redactions have now been lifted, so

7 there has been a re-check.

8 My Lord, that is the position. We haven’t more

9 formally set that out, but that is the position with the

10 document.

11 Mr Lord reminds me, I think the first time that

12 these redactions were queried was very late on Wednesday

13 night, but they weren’t queried earlier or when Withers

14 were on the record. But we’ve tried to (inaudible),

15 my Lord; we haven’t had any more formal challenge, but

16 I think that is probably all I can and should say for

17 now unless I can help your Lordship further.

18 MR JUSTICE HILDYARD: Anyway, in light of the concerns, this

19 has been rechecked by your instructing solicitors, and,

20 as I rather suspected, seeing it does not necessarily

21 bring me any huge understanding of where the issues may

22 lie. I suspect that if I were looking at this, line 34

23 might intrigue me, but that may not be one of any import

24 at all.

25 I mean, I think I have to, in the first instance,

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Arkhangelsky [Master]

67 :1 rely on the check and recheck. Of course, in this
2 court, Russian bank secrecy would be neither here nor

3 there; it is just one of the perils of litigation.

4 MR BIRT: Quite, my Lord. As I hope I emphasised, we have

5 redacted for information that we regard not being

6 relevant.

7 MR JUSTICE HILDYARD: If it is not relevant or not

8 necessary, then there is sufficient reason ordinarily to

9 require the conflicts between the obligation of the

10 disclosure and the obligations under the relevant law;

11 but if there is good ground, obviously it is the

12 disclosure obligation which wins out.

13 MR BIRT: My Lord, yes, and my Lord is quite right: RPC have

14 done a recheck, and the basis, let me make it clear, has

15 not been to redact information which is thought to be

16 relevant.

17 MR JUSTICE HILDYARD: No.

18 MR BIRT: We are not seeking to hide behind banking secrecy

19 to redact relevant information.

20 MR JUSTICE HILDYARD: Thank you.

21 Well, Mr Stroilov, I think it may be that there is

22 no alternative but to proceed, unless and until it

23 becomes clear that you wish to crystallise a point.

24 If, after examining, there are lines or issues which

25 arise, we will have to deal with them, and in that

68 :1 circumstance, if you were to persuade me, and with
2 apologies to Ms Stalevskaya, she would have to return on

3 Monday or some convenient other day.

4 MR STROILOV: Indeed, my Lord. That’s what I suggested to

5 you, and I’m ready to progress on that basis.

6 MR LORD: My Lord, that’s fine.

7 Just one other housekeeping point. Your Lordship

8 will see on your Lordship’s bench a little typed-up

9 extract.

10 MR JUSTICE HILDYARD: Yes, I did, and it was brought out to

11 me on the other —

12 MR LORD: And I have given it to Mr Stroilov. That was the

13 upshot of the check process that those instructing me

14 carefully did at that time. That’s the upshot. I would

15 ask that that be kept confidential. If Mr Stroilov

16 wants to discuss it, advance it, question the basis, if

17 he could approach your Lordship for permission first

18 to —

19 MR JUSTICE HILDYARD: This is in respect of the repo?

20 MR LORD: It was, that question where your Lordship

21 suggested a helpful solution for that. That’s the

22 upshot of the check. I would just ask that it be kept

23 confidential pending any further ruling by

24 your Lordship.

25 MR JUSTICE HILDYARD: Right.

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69 :1 MR STROILOV: Yes, my Lord.
2 MR JUSTICE HILDYARD: Thank you.

3 I am so sorry to talk over you, and we will now

4 return to your examination.

5 MR STROILOV: Yes.

6 Mrs Stalevskaya, may I apologise, it is my fault we

7 are progressing so chaotically.

8 Would you mind looking at paragraph 43 of your

9 statement. That’s at {B1/8/6}, and I think the Russian

10 version will be at 15, if I am not mistaken. {B1/8/15}

11 Yes, here it is.

12 Do you see — have you found it, Mrs Stalevskaya?

13 A. One second, sir. Which paragraphs am I looking for?

14 Q. 43.

15 A. I can see 40 paragraphs in my witness statement.

16 Q. Yes, I think the numbering is somehow —

17 MR LORD: It has jumped.

18 MR STROILOV: — different. If you look, it will be in

19 the Russian version. That will be 39, and in

20 the English, it will be 43. Sorry about this.

21 MR JUSTICE HILDYARD: Is there any particular explanation?

22 Are there different paragraph breaks, or is it

23 a different statement?

24 MR LORD: Well, she gave her statement in Russian and

25 I think the English translation which we are seeing,

70 :1 I think there has just been a mistake in the numbering.
2 MR JUSTICE HILDYARD: I see.

3 MR LORD: But the statement that was signed —

4 MR JUSTICE HILDYARD: You are right. It goes from 38 to 43,

5 I am sorry.

6 MR LORD: Yes. I don’t think there are four missing

7 paragraphs. That’s no part of the conspiracy, I don’t

8 think.

9 MR STROILOV: I am not suggesting that.

10 MR LORD: No.

11 MR JUSTICE HILDYARD: Okay.

12 MR STROILOV: So, Mrs Stalevskaya, I think the sentence

13 I would like to draw your attention to is at the end of

14 paragraph 43: {B1/8/6}

15 «I do not know now why I made reference in this

16 interview to selling shares since this did not reflect

17 the complete nature of the transaction that I have

18 explained in the statement above.»

19 Do you see that?

20 A. Yes.

21 Q. So this does not seem consistent with what you told the

22 court this morning; that you explained — I think you

23 said you explained to the investigator about the repo,

24 but the investigator didn’t record that bit.

25 A. It does not contradict what I said previously, because

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71 :1 here I am discussing purely the note of the interview
2 drawn up by Ms Levitskaya, and indeed the note does not

3 have anything about the repo transaction.

4 However, now in my evidence I am discussing repo,

5 and I mentioned that Mrs Levitskaya did discuss that as

6 well, but she did not show that in the final note, and

7 yes, I thought it was okay to sign it.

8 Q. But in your witness statement, you make no suggestion

9 that your interview may have been misrecorded; why is

10 that?

11 A. I wouldn’t be able to comment.

12 MR JUSTICE HILDYARD: Why not?

13 A. I do not quite understand what specifically I need to

14 comment upon. My Lord, would that be possible to

15 perhaps reformulate the question in some way?

16 MR STROILOV: Yes, I was thinking about that myself,

17 my Lord.

18 Mrs Stalevskaya, isn’t it the reason why — I beg

19 your pardon.

20 Mrs Stalevskaya, I put it to you that the reason why

21 you don’t give that explanation in your statement is

22 because you had not invented it by the time you made the

23 statement.

24 A. No. I didn’t invent anything. I am telling you exactly

25 the way things were, and here in my statement I said

72 :1 that I did not give proper attention to the matters
2 because I really wanted to get through the interview

3 quickly. And that confirmed — that was the truth.

4 Perhaps here it was stated somewhat more briefly that

5 now I am trying to relay to the court, but the gist is

6 the same.

7 Q. You are just trying to wriggle out of this, aren’t you,

8 Mrs Stalevskaya?

9 A. No, I don’t think so. I am endeavouring to explain why

10 my note of the interview of Ms Levitskaya is different

11 from what I am saying now. More likely it’s not that

12 it’s different; it simply is incomplete. It does not

13 contain all the information now contained in my

14 statement, but it does not distort reality. This is my

15 belief. And if it were incorrect or if I were not

16 saying the truth, I would have not signed the note of

17 interview because that is producing criminal liability;

18 that entails criminal liability.

19 Q. Are you aware of the evidence which Mrs Malysheva gave

20 to the investigator?

21 A. I know that she was giving evidence but I have never

22 read it; I’ve never seen it.

23 Q. All right, if we may call on the screen {D137/2278/1},

24 and I’ve got, I am afraid, only two copies of the best

25 available Russian version, one for the witness and one

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Arkhangelsky [Master]

73 :1 for the translators. I hope that is all right.
2 Now, if we could scroll down the English version one

3 page to the substantive bit {D137/2278/2}, and that will

4 be, I believe, on the second page as well,

5 Mrs Stalevskaya, in your copy.

6 I’m sorry, I haven’t preserved one for myself, but

7 I may perhaps open it on my computer so as to direct you

8 to the relevant bits.

9 Yes, so the substantive part starts at page 2,

10 doesn’t it. Now, what about the second paragraph. I am

11 looking at the paragraph starting:

12 «In December 2008, the head of ‘Oslo Marine’ Group

13 Arkhangelsky VD asked me for a meeting and I agreed.

14 The meeting took place in the premises of the Bank at

15 the following address: Saint-Petersburg, Nevsky 178, in

16 the meeting room. At this meeting, he told me that

17 because of the crisis, ‘Oslo Marine’ Group was no more

18 able to reimburse the loans received from ‘Bank

19 Saint-Petersburg’ JSC and that a number of group

20 companies faced the risk of bankruptcy. According to

21 him, one of these companies was ‘Zapadny Terminal’ LLC,

22 the pledger for a loan granted by

23 Bank ‘Saint-Petersburg’ JSC. According to him, the

24 group’s debt to the Bank exceeded the total value of

25 ‘Zapadny Terminal’ LLC’s assets. In these

74 :1 circumstances, in order to prevent negative consequences
2 for Bank ‘Saint-Petersburg’ JSC, namely of ‘Zapadny

3 Terminal’ LLC’s bankruptcy and the resulting

4 impossibility to reimburse the loans issued by the bank,

5 he envisaged the only solution consisting of looking for

6 a possibility of more efficient management of

7 ‘Zapadny Terminal’ LLC’s assets in order to fully

8 develop the business potential invested in this company

9 when it had been founded. Arkhangelsky VD thought that

10 the most appropriate way to achieve the above goal would

11 be the sale of the company to specialists. He clearly

12 realised that the market [value] of ‘Zapadny Terminal’

13 LLC, which was encumbered with the pledge for the loan,

14 was quite low.»

15 Have you read that in the Russian version?

16 A. Yes.

17 Q. This is a pack of lies, isn’t it?

18 A. I wouldn’t be able to comment. This is Mrs Malysheva’s

19 evidence. I didn’t witness these events, so I don’t

20 know.

21 Q. Do you agree, on the basis of what you do know, that

22 this is a pack of lies?

23 A. I would surmise only based on my own knowledge that

24 Irina Malysheva was holding negotiations with

25 Mr Arkhangelsky about the repo deal. Why she is stating

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Bank St Petersburg v Vitaly Day 9

Arkhangelsky [Master]

75 :1 different information here, this is not something I’ll
2 be able to comment upon. I cannot comment upon her

3 intentions.

4 Q. Well, clearly, would you accept, Mrs Stalevskaya, that

5 whatever her intentions were, her intentions were not to

6 tell the truth?

7 A. I wouldn’t be able to comment on her decision. That was

8 her decision to say what she said. I know that there

9 was a repo deal.

10 Q. Well, if we could read a little further. If you could

11 just scan through the next two paragraphs and then read

12 the paragraph at the bottom of the English page, and at

13 the bottom of the Russian page as well. The bottom

14 paragraph of the page. (Pause)

15 So she talks about independent valuation of

16 the shares to determine the price, and if we could

17 scroll down the English version a little. Now, she

18 mentions you as someone helping with the transaction.

19 And then in the next paragraph, if you go over the page,

20 Mrs Stalevskaya, {D137/2278/3} and that’s the second

21 paragraph in the English version and the first paragraph

22 on the third page in the Russian version, she refers to

23 an independent evaluation of the shares whereby the

24 shares were valued at about 12,000 roubles.

25 Then if you just scan through the next paragraph,

76 :1 you then see her evidence that:
2 «Later, I learnt from Gavrilov PA that

3 Arkhangelsky VD decided to sell just 99 per cent of

4 the share capital for nine thousand nine hundred

5 roubles. This price suited Gavrilov PA.

6 «I do not know why Arkhangelsky VD decided to sell

7 just 99 per cent of ‘Zapadny Terminal’ LLC’s share

8 capital.»

9 Then she talks about registration, and then she

10 says:

11 «I know very little about the future fate of

12 ‘Zapadny Terminal’ LLC and it is difficult for me to say

13 anything substantial about this issue.»

14 Mrs Stalevskaya, on the basis of what you know about

15 these events, do you accept that Mrs Malysheva told

16 a pack of lies?

17 A. If to evaluate the information that I can see here,

18 considering what I know, yes, this is not true; this

19 does not accord with what I know, because I know that

20 a memorandum has been signed, and the repo transaction

21 has been signed about the separate sale of Western

22 Terminal as a separate asset, that was never discussed,

23 at least it is not something I know.

24 Sevzapalians was simply a holder of these assets,

25 temporarily for the duration of the repo deal, and

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Arkhangelsky [Master]

77 :1 accordingly, what we can see here does not accord with
2 what I know about these events.

3 Q. Right, Mrs Stalevskaya, but there is another insight

4 from the documents we have looked at, and it is this:

5 the evidence you gave to the investigator absolutely

6 corroborates the lies told by Mrs Malysheva.

7 A. I wouldn’t be able to comment upon it. Mrs Levitskaya

8 was asking questions of me. She was typing up my

9 evidence in my presence. I have read through it and

10 signed it, and prior to me, Irina was giving her

11 evidence. What she was saying, it’s not something

12 I knew to this day, until I was shown this evidence.

13 Q. Mrs Stalevskaya, did Mrs Malysheva tell you what you

14 should tell the investigator when interviewed?

15 A. No.

16 Q. Mrs Stalevskaya, perhaps you decided to conceal the repo

17 agreement because you realised it was fraudulent; isn’t

18 that so?

19 A. No. As far as I recall, I did not conceal information

20 from Ms Levitskaya, and I told her about it. After

21 that, that information was not included in the note of

22 the interview.

23 Yes, I wasn’t careful; I did not insist on including

24 that information in the note of the interview.

25 Q. Right. Well, there are references to Mr Gavrilov, both

78 :1 in your evidence and in Mrs Malysheva’s evidence. Do
2 you really know Mr Gavrilov?

3 A. Yes, I do.

4 Q. Yes. He is a Renord employee, isn’t he?

5 A. As far as I know he is, but I would not be able to

6 assert for sure.

7 Q. Well, wasn’t he the director general of Sevzapalians at

8 the time?

9 A. Yes, he was director general of Sevzapalians

10 in December 2008.

11 Q. And to your knowledge, Sevzapalians is a Renord company,

12 isn’t it?

13 A. Yes.

14 Q. Could we call on the screen {D135/2224/1}. Yes, the

15 Russian version is as terrible as usual. I have to give

16 it to the witness and to the translators, please.

17 (Handed).

18 Then I am concerned, I think, that the translation

19 is not great, on top of it. I am sorry,

20 Mrs Stalevskaya. I keep asking you to do that, but

21 I think it would be helpful if you could read what you

22 see on page 2, really, starting from the words, «Po

23 suschestvu ugolovnogo dela mogu pokazat’ sledujuscheye»,

24 so that it is translated and then we can be sure that

25 you have read it carefully as well, which may also be

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Bank St Petersburg v Vitaly Day 9

Arkhangelsky [Master]

79 :1 helpful.
2 A. Would you like me to read it out loud?

3 Q. Yes, if you don’t mind. Just that paragraph, starting

4 from the words:

5 «In December 2008 …»

6 {D135/2224/2}

7 A. «In December 2008 the deputy chairman of the management

8 board of St Petersburg Bank, Irina Malysheva, suggested

9 that I buy some shares in Western Terminal LLC,

10 (hereinafter referred to as ‘the company’), which

11 Mr Arkhangelsky decided to sell. Mr Arkhangelsky is the

12 head of Oslo Marine Group Ports LLC, which was the owner

13 of Western Terminal LLC. I have known Irina Malysheva

14 for a long time. We have worked together and she told

15 me that Mr Arkhangelsky decided to sell Western Terminal

16 LLC because the company was the pledger of a property

17 pledged as security for Bank of St Petersburg’s loan,

18 which had been advanced to Oslo Marine Group, and

19 Oslo Marine Group was not in a position any longer to

20 service those loans while Western Terminal LLC is on the

21 verge of bankruptcy, and in order to prevent it from

22 going into bankruptcy, Mr Arkhangelsky decided to sell

23 Western Terminal LLC to turn-around managers who were

24 specialists in this area. This transaction was regarded

25 by myself as an opportunity to enter into a speculative

80 :1 transaction, even though it was a risky one, because the
2 value of the asset tends to grow with the passage of

3 time. In other words, in my capacity as general

4 director of Sevzapalians LLC, I had an opportunity which

5 was being offered to me to buy the assets at a lower

6 price with the prospect of later on selling this on to

7 third parties at a higher price. The price of

8 the acquisition was assessed on the basis of the assets

9 of the company minus its liabilities. Therefore, at the

10 time of the execution of the share purchase agreement

11 with respect to that company, ie on 30 December 2009,

12 the actual assets of the company were negative. The

13 valuation of the shares in the company was conducted by

14 Mikhail Gennadievich, a sole trader, and Sevzapalians

15 LLC had entered into a contract with Mr Petrov to that

16 effect. Based on the valuation, the value of the

17 100 per cent of shares in the company as

18 of December 2008 was 14,600 roubles.»

19 Q. Right, thank you very much, and sorry to exploit you

20 like that.

21 I think you have understood the meaning of this,

22 haven’t you, the meaning of this paragraph?

23 A. I do understand what this paragraph says, yes.

24 Q. And if you just scan through the subsequent

25 paragraphs — I am not asking you to read them

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Bank St Petersburg v Vitaly Day 9

Arkhangelsky [Master]

81 :1 carefully, because this is about the events you say you
2 don’t know about, but if you could scan through the

3 subsequent paragraph, especially the one starting from:

4 «I decided not to replace …» {D135/2224/3}

5 You will see that his evidence is calculated to

6 create an impression that it was simply a sale of

7 a company, no more and no less.

8 MR JUSTICE HILDYARD: Should I be seeing the next page or

9 not?

10 MR STROILOV: Yes, if we could. I beg your Lordship’s

11 pardon. (Pause)

12 MR LORD: My Lord, can I just establish one thing; that it

13 is the defendants’ case that any presentation of

14 the repo that didn’t reflect the repurchase aspect of it

15 was a dishonest presentation of that transaction. Can

16 I just be quite clear that that is what is being put,

17 and that is the case of both defendants, please.

18 MR STROILOV: I am not sure I quite understand the question.

19 That is false evidence. That is our case, and

20 I think that’s purely — that is something capable of

21 judicial notice and non-controversial; that telling

22 a lie under the penalty of perjury is perjury.

23 So, Mrs Stalevskaya, all I am asking you to do is

24 really to glance through this to satisfy yourself that

25 this evidence is clearly calculated to present a repo,

82 :1 whose meaning you have explained, as simply a sale of
2 the shareholding of the company; do you accept that?

3 A. I cannot tell you what this was calculated to do, but

4 when I read this document, I get the impression that it

5 only speaks about a straightforward sale of an asset, as

6 opposed to a repo transaction.

7 Q. Are you aware of any reason why both Mrs Malysheva and

8 Mr Gavrilov would want to conceal the true nature of

9 the deal?

10 A. I really do not know why Irina or Mr Gavrilov said what

11 they said in their testimony. I am not aware of any

12 rationale behind that.

13 Q. Can we please call on the screen {D138/2305/1}. I will,

14 again, give the hard copies in Russian, one to

15 the witness and one for the interpreters. (Handed)

16 Now, as we can see, this is the evidence given by

17 Mr Savelyev, if I am not mistaken, a couple of months

18 after you and Mrs Malysheva.

19 If we could scroll down one page, and I think —

20 I am sorry, let me direct the witness to the relevant

21 place in the Russian version. That’s also the second

22 page. So if we could look at … yes, I fear even that

23 copy is not terribly good, but I think in what is the

24 fourth paragraph from the top, in the substantive part

25 of the evidence, if you follow that, Mr Savelyev gives

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83 :1 evidence about the meeting in December 2008.
2 {D138/2305/2}.

3 If you look at that paragraph, Mr Savelyev presents

4 these talks consistently with what Mrs Malysheva,

5 Mr Gavrilov and you have told the investigator. He

6 says —

7 A. Yes.

8 Q. Yes, so he, again, presents this as a genuine sale of

9 the company and he represents that the Bank had no

10 interest in that sale.

11 If you also look at what is the third paragraph from

12 the bottom in the Russian version, and the bottom

13 paragraph in the English version, which then goes over

14 the page, so if my Lord can signal when it should be

15 scrolled down. {D138/2305/3}

16 MR JUSTICE HILDYARD: I have got to the bottom, if everyone

17 else has.

18 MR STROILOV: Yes, so if this could be scrolled down,

19 please.

20 So you can see, Mrs Stalevskaya, that Mr Savelyev

21 apparently denied that there was any loan restructuring.

22 To your knowledge, this is false, isn’t it?

23 A. Yes, I can see that Mr Savelyev, in his testimony, says

24 that he was not engaged in any negotiations apart from

25 as mentioned herein above, and that he did not have any

84 :1 meeting with Mr Arkhangelsky. But so far as I know, he
2 did agree with Mr Arkhangelsky to restructure the loans

3 and to enter into the repo transaction. Therefore, this

4 is inconsistent with what I know about this transaction.

5 I mean, what is written here is inconsistent with what

6 is within my knowledge.

7 Q. Yes. Also I think you will recall from the evidence of

8 Mr Gavrilov — I don’t know if you quite caught that —

9 there is reference to the new director general of

10 Western Terminal, Mr Maslennikov, isn’t there?

11 A. You mean the new CEO of Western Terminal? No.

12 Q. Is that right?

13 A. No.

14 Q. Do you know him at all?

15 A. No. I do not. I am not familiar with the people from

16 either Scandinavia or Western Terminal. I was in charge

17 of the purely technical side of the matter. I did the

18 transaction and I no longer dealt with those people.

19 I mean, I know Mr Vasiliev, Mrs Vasilenko and

20 Mr Berezin, whom I saw, but apart from those people,

21 I did not deal with anyone else.

22 Q. Yes, but Mr Maslennikov was the new director general

23 appointed by Renord after the transfer of the shares.

24 Don’t you know a Renord employee called Mr Maslennikov?

25 A. No, I do not.

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Bank St Petersburg v Vitaly Day 9

Arkhangelsky [Master]

85 :1 Q. Because it was actually Mr Maslennikov who made the
2 complaint to the police on the basis of which the

3 criminal case was started.

4 A. It may well have been the case, however this is not

5 something that is within my personal knowledge.

6 Q. Right. Well, if we could perhaps have a look at his

7 evidence to the investigator, that is at {D132/2167/1},

8 and if I may also hand the hard copy of the Russian

9 version to the witness and to the translators.

10 (Handed).

11 I am afraid my Magnum is malfunctioning. Hopefully

12 it will be back. I think it is fine now. Thank you.

13 (Pause).

14 So, as you see, he is marked as the victim of

15 the crime. He is the one who complained. If we scroll

16 down one page {D132/2167/2}, he only refers to this

17 event by way of background. So I will only ask you to

18 read the first paragraph of the substantive evidence.

19 (Pause)?

20 A. Is this the one that starts with «Insurance company

21 Gayde …»?

22 Q. Yes, if you could just read it to yourself, I don’t

23 think I will ask you to read it throughout, but if you

24 could … (Pause).

25 So what I am suggesting to you, Mrs Stalevskaya, is

86 :1 that this evidence is also misleading and calculated to
2 support the same version of events as was subsequently

3 provided by Mrs Malysheva, you, Mr Gavrilov and

4 Mr Savelyev; do you see that?

5 A. I cannot really sit in judgment in terms of what the

6 intention here was, particularly because the events that

7 this refers to, ie when Mr Maslennikov became the CEO,

8 or the general director, is not something that I’m aware

9 of.

10 So how all this happened is really something that

11 I cannot offer any comment on, I am afraid.

12 Q. Well, if we could — there is also a gentleman called

13 Igor Borisovich Chernobrovkin; do you know the name?

14 A. I may have heard that surname, but I’m not familiar with

15 that person. Somewhere among the various documents,

16 I may have seen the name. The name may have cropped up.

17 Q. Yes, well, Mr Chernobrovkin was another Renord employee

18 who was appointed Mr Maslennikov’s deputy after Renord

19 took over Western Terminal. He also gave evidence in

20 these proceedings, so if we could have on the screen

21 {D134/2218/1}, and again, a Russian version has to go to

22 the witness and the interpreters in hard copy. (Handed)

23 If we could scroll down one page, {D134/2218/2},

24 and — so if you would just scan through the substantive

25 evidence, I think the only paragraph I would like to

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Bank St Petersburg v Vitaly Day 9

Arkhangelsky [Master]

87 :1 draw your attention to is the one, I think at the third
2 page of the document, starting from: {D134/2218/3}

3 «As since 30.12.2008, Oslo Marine Group Ports LLC

4 has not been —»

5 THE INTERPRETER: I am so sorry, Mr Stroilov, this is the

6 interpreter speaking. Could you refer us to that

7 paragraph again. I may not have heard those words

8 properly. Thank you.

9 MR STROILOV: Yes, I beg your pardon, I will …

10 I beg your pardon, I will … I am sorry, I am

11 actually … have a difficulty.

12 So in the middle of page 2 of the Russian version,

13 there is a paragraph starting from the words:

14 «Uchityvaya, chto tritsatogo … December 2008 …»

15 And that corresponds to the paragraph we see on the

16 screen near the top: {D134/2218/3}

17 «As since 30.12.2008 …»

18 Again, no need to read it very carefully; what I am

19 putting to you is that this is another piece of evidence

20 which represents the matters as if it was simply

21 a genuine sale of shareholding, no more and no less.

22 A. My Lord, I’m not sure I understand what question I am

23 expected to be answering.

24 Q. Yes, it will come on this in a moment.

25 Mrs Stalevskaya, simply looking at these six

88 :1 testimonies, would you agree that this is a clear
2 example of a fabricated criminal case?

3 A. I am not sure I understand what you mean by

4 «a fabricated criminal case». I can only speak for

5 myself. I do believe that there is some similarity

6 amongst all these pieces of evidence. They are

7 referring only to a straightforward sale; that I can

8 assert.

9 Q. And that is not true, is it? And in the evidence of

10 these six witnesses which you have looked through, all

11 of it tells the same lie, doesn’t it?

12 A. The background, the history of the purchase of

13 the shares in this evidence is not consistent with the

14 knowledge that I have now, sitting here today, and it

15 only shows the first component of the repo transaction

16 without referring to the second component, which had

17 been agreed upon, ie the repurchase of the shares in

18 the event that Mr Arkhangelsky complied with his part of

19 the deal, ie the obligations that he had assumed under

20 the memorandum.

21 Q. Now, Mrs Stalevskaya, unlike some other people whose

22 evidence we have looked at, you probably don’t have any

23 particular reason to conceal the truth in your own

24 interests. You just told a lie because your superior

25 instructed you to tell a lie to the investigator.

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Arkhangelsky [Master]

89 :1 A. No. No one issued any instructions to me as to what
2 I should be saying, therefore I told Mrs Levitskaya what

3 I had told her. I do recall telling her about the repo

4 transaction, but because I was just a technical banking

5 official who was working on this transaction, and I was

6 really keen to leave the premises of the investigations

7 committee.

8 Q. Mrs Stalevskaya, now, having looked at this document,

9 are you concerned that you share responsibility for

10 criminal persecution of an innocent man?

11 A. In my evidence, I have told the truth and I cannot

12 reproach myself of anything. It is true that I did not

13 insist on having everything that I had said properly

14 recorded in the note of the interview. Now, whether or

15 not the criminal case was initiated on proper grounds is

16 not something that I can sit in judgment on.

17 I’m so sorry, I think I would need a break, my Lord.

18 MR JUSTICE HILDYARD: Yes. We will break for 10 minutes.

19 (2.59 pm)
20 (A short break)
21 (3.11 pm)

22 MR STROILOV: May it please your Lordship. I think my

23 learned friend has quite rightly drawn it to my

24 attention that I should clarify that there are two

25 complaints in the criminal case. One is from

90 :1 Mr Maslennikov, as I said, but the other is from
2 Morskoy Bank, and that is separate. Just so that your

3 Lordship is aware.

4 Mrs Stalevskaya, I suggest to you that, perhaps, at

5 the time you gave that evidence, you didn’t think it was

6 particularly important whether it was a repo or simply

7 a sale of a shareholding; isn’t that so?

8 A. Most likely. Indeed, I didn’t think about whether it

9 was important or not to mention the repo. I do not rule

10 this out. I do not recall my thoughts at the time when

11 I went to give that evidence.

12 Q. Mrs Stalevskaya, but now you have seen that your

13 evidence was used by people who are much more evil than

14 you, for much more evil purposes than anything you have

15 ever contemplated; do you see that?

16 A. I do not know for what purposes and who used my

17 evidence. I can see that you put to me the notes of

18 interviews of other people, and what it said there in

19 the part that I know of does not accord with what

20 I know. I know that there was a repo deal and that was

21 a temporary ownership of the shares.

22 Q. But the result of that is criminal persecution of

23 an innocent man; doesn’t that terrify you?

24 A. I don’t know what to say to this. I have given my

25 evidence. Other people have given their evidence.

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Bank St Petersburg v Vitaly Day 9

Arkhangelsky [Master]

91 :1 Perhaps when the investigator or the board was making
2 their decision, they were guided, or it was guided, by

3 the information they had. I don’t even know what

4 the decision that was made under the criminal case was.

5 Perhaps the court, within its remit, if there was

6 a criminal — if there were criminal proceedings in

7 Russia — unfortunately I don’t know about that, I don’t

8 know about the decision. Perhaps the court was also

9 guided by this witness evidence as well.

10 Q. Well, quite, and aren’t you concerned that the

11 authorities dealing with this were misled by the

12 evidence of other people, but also by your evidence?

13 Aren’t you concerned about that?

14 A. Of course I am concerned about how my evidence was used,

15 but here I am only responsible for what I said, and

16 I said the truth. I — with regard to how it was

17 evaluated and what decision was made, well …

18 Q. Well, I think from the record which we have seen and

19 which had been drawn to your attention previously and on

20 which you comment in your witness statement, one can see

21 that, whatever you may have said, you put your signature

22 to something that was not true; isn’t that so?

23 A. I have signed what I considered, and still consider, to

24 be the truth. Yes, possibly not everything was included

25 in the final note of the interview drawn up by

92 :1 Ms Levitskaya, and I did not insist that she would input
2 everything I told her.

3 Q. But now, I suppose you can see that that is the whole

4 point of the case; whether it was simply a sale or

5 whether it was more complicated than that, as you

6 explained to this court.

7 A. I don’t know whether that was the key turning point for

8 the criminal case in question, my Lord, because I don’t

9 know the gist of the criminal case and the evidence that

10 was called for, and what was considered. So I would not

11 be able to comment how my evidence could have impacted

12 the results, and to change something in any way.

13 Q. Well, I understand when you were preparing your witness

14 statement in these proceedings, the evidence was

15 obviously drawn to your attention, wasn’t it?

16 A. No.

17 Q. Well, if we could again have a look at this misnumbered

18 paragraph, which is 39 in the Russian version of

19 the witness statement, and 43 in the English version, so

20 that will be {B1/8/6}, and I think it is page 16, isn’t

21 it? {B1/8/16} Yes, that’s right. If you could just have

22 a look at this.

23 I think you acknowledge in your statement, do you

24 not, that the evidence is not quite accurate?

25 A. My Lord, would I be okay asking to reformulate the

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Bank St Petersburg v Vitaly Day 9

Arkhangelsky [Master]

93 :1 question? Again, I do not understand what I am supposed
2 to confirm.

3 Q. I think — well, the way I read these last two

4 paragraphs of your witness statement is that you accept

5 that your evidence in criminal proceedings was not quite

6 accurate; is that what you meant to say in this witness

7 statement?

8 A. Yes. I wanted to say that my evidence in the criminal

9 case are true, however not everything was stated there

10 that I have now stated in my witness statement. My

11 current witness statement is fuller and reflects the

12 full picture of everything that was going on and

13 everything that I have knowledge of and what

14 I witnessed.

15 Q. Did you do anything to inform the investigator that your

16 evidence was incomplete, misleading, and shouldn’t be

17 relied on?

18 A. No, because I have given the evidence and I tried to

19 forget about giving it because, for me, it wasn’t

20 important.

21 Q. No, but then, when you were preparing this witness

22 statement, you were reminded about that, weren’t you?

23 A. Yes, in the preparation towards these proceedings, I was

24 shown my evidence, and I have familiarised myself one

25 more time with it.

94 :1 Q. And didn’t you then think it necessary to inform the
2 authorities that your evidence was not the whole truth?

3 A. No.

4 Q. Do you intend to do so now?

5 A. No.

6 Q. Thank you. I will move on to the next subject.

7 If we could look at the table of information on the

8 physical persons which you exhibit. I think the Magnum

9 version is still the old version, which is imperfect in

10 many ways, so if my learned friends could help and hand

11 the document to everyone who needs to see it.

12 {D140/2337/3}

13 I am looking at the A4 sheet, which is the

14 information on the physical persons as opposed to

15 the legal persons. Does everyone have that?

16 Mrs Stalevskaya, the first thing I would like to ask

17 you about is there seems to be a — if you look at the

18 heading with the columns, there is one, the number; two,

19 the name; three, the company, and then ten, the

20 shareholding. So where are the columns 4 to 9? Why are

21 they missing?

22 A. I would not be able to comment upon this in any way.

23 Perhaps there was a numeration error; I don’t know.

24 Q. Well, but at the time you were preparing this table,

25 were there columns 4 to 9?

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Bank St Petersburg v Vitaly Day 9

Arkhangelsky [Master]

95 :1 A. I do not recall. That was a long time ago. I don’t
2 recall.

3 Q. Now, if you could go down the list of names you see

4 there, you see many of them are redacted. But could you

5 go down this list of names and identify people whom you

6 know to be former or present employees of

7 Bank of St Petersburg. Do you understand?

8 A. Mr Smirnov, Mikhail Alexandrovich, used to be a Bank of

9 St Petersburg employee at some point in time.

10 Q. Right, if you go further?

11 A. Solovyev, Constantine Valentinovich.

12 Q. Yes, if you could also say the number of the line when

13 you are naming people, just so that … so that’s 66,

14 isn’t it?

15 A. Yes.

16 Q. Right.

17 A. Mr Smirnov — I can assert with confidence that

18 Mr Smirnov and Mr Solovyev worked at

19 Bank of St Petersburg and I wouldn’t be able to comment

20 upon the others. Most likely they were not the Bank’s

21 employees.

22 Q. What about Mr Kolmakov, whom you see at line 8 on the

23 first page; isn’t he another of the former Bank’s

24 employees?

25 A. At the Bank of St Petersburg there are over 2,000 people

96 :1 and, at different points in time, various people worked
2 there. I do not know for sure whether he was the Bank’s

3 employee or not. I would not be able to assert that.

4 Q. Right. Well, I was wondering if you perhaps might know

5 these people from your work in the corporate finance

6 department, but if you cannot, you cannot.

7 Did you actually — so you don’t know Mr Kolmakov,

8 do you?

9 A. I met him at Renord, but since I knew there was this

10 person called Igor Kolmakov. That’s all.

11 Q. So, as far as you know, you have only known him as

12 a Renord manager; is that your evidence?

13 A. Yes.

14 Q. Now, putting the table on one side for the moment,

15 I would like to ask you about some other people with

16 whom you may have worked together in the Bank. Did you

17 work together with Mr Valery Fedorenko?

18 A. I did not work together with Valery Fedorenko, but

19 I know that Renord had such an employee.

20 Q. Don’t you know what he was doing for the Bank before he

21 joined Renord?

22 A. No.

23 Q. What about Mr Dmitri Gubko. Don’t worry about the table

24 for the moment, I am just asking you about former

25 employees you may or may not know from the Bank.

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Bank St Petersburg v Vitaly Day 9

Arkhangelsky [Master]

97 :1 Mr Dmitri Gubko, did you come across him while working
2 in the bank?

3 A. I know Dmitri Gubko. We worked together. Not at the

4 bank, but in AVK investment company.

5 Q. AVK. Did you work at AVK?

6 A. Yes.

7 Q. I see. Now, what about Mr Nikolai Lokai?

8 A. Yes. I know Nikolai Lokai. That is a former employee

9 of St Petersburg Bank.

10 Q. Right, and what did he become after he left the Bank, if

11 he did?

12 A. As far as I know, he had — he has his own business.

13 Q. Are you aware of his working for Renord?

14 A. No.

15 Q. Right. What about Ms Valeria Brodetskaya? Did you work

16 together at Bank of St Petersburg, to your knowledge?

17 A. Yes, Valeria Brodetskaya did work at the bank. I think

18 she spent about one year there. But, again, this is

19 someone that I had known back from the years where I was

20 with AVK, at the investment company.

21 Q. Right. At what time did you work at AVK?

22 A. It was between 2002 and until 2006.

23 Q. And wasn’t that at the same time as Mrs Malysheva worked

24 there, or partly? Did you work together with

25 Mrs Malysheva in AVK?

98 :1 A. Yes. Yes, when I joined AVK investment company, Irina
2 was one of the top managers of that company.

3 Q. And I understand that at that time, Mr Smirnov was also

4 working there, wasn’t he?

5 A. Yes. Mikhail Smirnov was an analyst with AVK within one

6 of the group companies, or maybe the name of the company

7 was «Analytic» or something like that, if my memory

8 serves me right.

9 Q. Right, well I believe he was a director general of

10 the branch of — or the arm of AVK, called AVK Tsennyye

11 Bumagi, or AVK Securities, translated.

12 A. I’m not sure I recall the exact title, but he was with

13 one of the group companies, and he was a top manager

14 within one of the companies. Now, what his position

15 was, I am afraid I am not too sure.

16 Q. Right. In your own work for AVK, did you actually work

17 together with Mrs Malysheva and/or Mr Smirnov?

18 A. No.

19 Q. So did you know them since that time, or didn’t you?

20 A. Correct.

21 Q. So you knew them as work colleagues from the time you

22 worked together at AVK? I just want to see the history.

23 You met them before you all began to work for

24 Bank of St Petersburg, isn’t that correct?

25 A. Correct. So far as Irina Malysheva and Mikhail Smirnov

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Bank St Petersburg v Vitaly Day 9

Arkhangelsky [Master]

99 :1 were concerned, those were the two people I had met
2 while I was still with AVK, the investment company.

3 Q. What about Mr Sklyarevsky, wasn’t he working for AVK at

4 the time?

5 A. Yes. I also met him while working at AVK.

6 Q. And I believe that the Bank’s press secretary, Anna

7 Barkhatova was also AVK press secretary at that time,

8 wasn’t she?

9 A. I do know that Anna Barkhatova used to work with AVK,

10 but I do not know what her position with AVK was.

11 Q. And wasn’t the Bank known as St Petersburg Bank of

12 Reconstruction and Development, or SPBRR, as the Russian

13 abbreviation goes. Wasn’t that one of the parts of AVK

14 group?

15 A. So far as I know, yes, it did.

16 Q. And so can you explain a little more about what your own

17 role in AVK was?

18 A. I was a leading expert with AVK, and my tasks included

19 preparing securities issue prospectuses, commercial

20 offers to Russian regions and Russian republics with

21 respect to the possible issue of securities; preparing

22 decisions with respect to the issue of securities,

23 shares and bonds; and helping the issuers, who were

24 thinking about placing their securities, disclose the

25 necessary information that had to be disclosed.

100 :1 Q. And I understand that AVK group consisted of quite
2 a number of companies, didn’t it?

3 A. I do not really know how many companies it comprised.

4 I would be hard put to answer that question, but it was

5 definitely more than one. I just don’t know how many

6 exactly.

7 Q. And which company did you work for?

8 A. Investment company, AVK ZAO. «ZAO» stands for closed

9 joint stock company.

10 Q. Thank you. Now, I think you said Mr Gubko was also

11 working there; what was his role?

12 A. I really don’t know.

13 Q. And I think you said Mr — correct me if I am wrong,

14 I am not checking it from the transcript, I am saying it

15 from memory. I think you said Mr Fedorenko was also

16 working for AVK, or didn’t you? I may be mistaken.

17 A. No, I have not said that. I do not know whether he had

18 been employed by AVK or not.

19 Q. I do apologise then, and I am not asserting that he was.

20 I think you said about Mrs Brodetskaya, that she was

21 working for AVK, didn’t you?

22 A. Yes, Mrs Brodetskaya used to be employed by one of

23 the companies within the AVK group.

24 Q. Yes. So do you know which company?

25 A. No.

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Bank St Petersburg v Vitaly Day 9

Arkhangelsky [Master]

101 :1 Q. And do you know anything about her role and work
2 responsibilities?

3 A. No.

4 Q. Thank you.

5 I think I will now ask you to look at this bigger

6 table, the table of corporate entities. Do you have

7 that?

8 A. Yes. I have it in front of me.

9 Q. So I think you say in your statement, and I suppose

10 that’s just a mistake, you say in your statement that

11 column 8 actually represents loans advanced by the bank,

12 but here it seems to say that it was authorised capital,

13 or charter capital. I think in paragraph 37 of your

14 statement, you say: {B1/8/5}

15 «The eighth column lists the loans provided to

16 the company…»

17 And I think in the Russian version you can see the

18 abbreviation «UK», which stands for ustavnoy kapital;

19 that’s to say, charter capital.

20 A. Possibly. It’s very difficult for me to recall exactly

21 what that column included at that time.

22 Q. Well, what «UK» may, in your opinion, stand for, as

23 an abbreviation?

24 A. Well, most likely it means the share capital.

25 Q. Yes, well, we can go through the publicly available data

102 :1 on the companies we see there and I can show to you that
2 the figures you have correspond to the charter capital

3 they had registered at the time. Is that necessary, or

4 do you accept it is charter capital?

5 A. Most likely «UK» here means ustavnoy kapital, the share

6 capital.

7 Q. Thank you. If you look at line 1, just for an example,

8 you can see that it is then subdivided into two lines.

9 Number 1, that relates to SCYTH(?). In both sublines

10 Mr Sklyarevsky is identified as the manager, of the head

11 of it, and then you see the same expense(?) number.

12 Then in the fifth column, the first difference is in

13 the name of the founder.

14 So, just to avoid confusion, I will call the upper

15 line the Sklyarevsky line and the lower line the Kalinin

16 line, if that’s all right.

17 Now, obviously, parts of it have been redacted,

18 rightly or wrongly, but can you explain, is there any

19 particular reason why Nevsky58 as a project should be in

20 the Sklyarevsky line, and the shareholding in

21 Scandinavia Insurance should be in the Kalinin line; is

22 there any reason for that?

23 A. The projects column does not refer to the founders but

24 to the organisation in column 2; in other words, SCYTH

25 took part in an investment project which went by the

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Bank St Petersburg v Vitaly Day 9

Arkhangelsky [Master]

103 :1 name Nevsky58. That was the name of the project.
2 I can assume that there was perhaps yet another

3 project which was redacted in this particular version of

4 this document.

5 Q. I suppose — it was redacted, obviously. So for the

6 sake of just to call it something, let’s assume there is

7 a project called Nevsky59. Now, are you saying that

8 actually the table won’t be jeopardised if you just

9 change them around, so that you have Nevsky59 in

10 Sklyarevsky line and Nevsky58 in Kalinin line, or you

11 would —

12 A. I don’t think anything will change because the project,

13 once again, does not refer to column 5, but to column 1,

14 «Organisation», ie the company name. In other words,

15 SCYTH was carrying on some projects which are listed in

16 column 9, irrespective of the sequence in which those

17 are listed in this document.

18 Q. Right. So that’s simply a list, isn’t it?

19 A. Correct.

20 Q. Thanks. I suppose it will be the same, if you go to

21 line 2, you have three sublines for Khortitsa and you

22 only have two founders named, Goncharuk and Donov(?),

23 and then in the third line, where you have no founder,

24 you have, again, shareholding of Scan.

25 So it could have been in any of these three lines;

104 :1 it doesn’t matter.
2 A. Yes. My Lord, can I take a minute to explain this

3 table? You see, the number of lines or entries in each

4 subclause, as it were, was limited. Had there been ten

5 projects, there would have been ten entries, and the

6 names of the company, the INN, the general director,

7 would have been listed on ten occasions.

8 Now, had this company taken part in five, six or

9 other companies, or held participations in five, six or

10 seven other companies, the number of entries would

11 correspond to that number of companies.

12 So this is absolutely immaterial. It is just — it

13 just refers to the number of projects. Whichever is the

14 largest, in other words. Whichever the largest number

15 is, that would be the number of entries or lines that

16 you would see in this Excel spreadsheet.

17 Q. Yes, I see. Thanks.

18 So what you are saying is this is simply a list. It

19 doesn’t matter that it corresponds to a particular

20 founder; it’s just a list which can go in any …?

21 A. Correct.

22 Q. Going back to column 8 for a moment. This suggests,

23 then, that this cannot be the amount of the loan,

24 because if it was the amount of the loan, there would be

25 a separate loan for each project, wouldn’t there; and if

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Bank St Petersburg v Vitaly Day 9

Arkhangelsky [Master]

105 :1 it is charter capital, then it would be one for each
2 company, as we see in the table?

3 A. Correct.

4 Q. Now, but then I suppose if you look more carefully at

5 columns 5, 6 and 7, there the position is different,

6 isn’t it? Again, taking as an example line 1, this

7 suggests that Mr Sklyarevsky holds 50 per cent of

8 shares, and Mr Kalinin holds another 50 per cent of the

9 shares; is that … ?

10 A. That’s correct, Sklyarevsky 50 per cent, Kalinin

11 50 per cent, right.

12 Q. So further, if we go one line down, so Mrs Goncharuk

13 holds 96 per cent in Khortitsa and Mr Donov 4 per cent;

14 is that how the table works?

15 A. Yes.

16 Q. Now, something I would like to draw your attention to is

17 this: if we go down column 6 and try to find every entry

18 where it says «Partner», rather than «the Bank», so you

19 will see that in line 7, which has been mostly redacted,

20 the company is — so you see both «Bank» and «Partner»;

21 isn’t that right? That’s in relation to the same

22 company. The same in line 10, it’s «Bank» and then

23 «Partner». Then the same in line 11; the same in line

24 12; then I don’t know about lines 15 to 19; then in line

25 24 you again have «Partner» and «Bank»; in line 25 the

106 :1 same; and then you have apparently stopped filling this.
2 But unless I have overlooked anything, every time

3 there is a partner mentioned, there is also «Bank»

4 mentioned in relation to the same company on the list;

5 isn’t this fair?

6 A. The partners are mentioned when the spreadsheet says

7 that the investment projects listed here were not

8 financed just by the Bank, but were also funded by

9 another person, and then it says that there was another

10 partner who was also providing some funding, apart from

11 the Bank.

12 Q. Right.

13 Now, I think, just to avoid confusion, if we look at

14 the heading of columns 5 and 6, so at the top you have

15 the word «Uchreditel», which is literally translated as

16 «Founder», but it is a slightly archaic term of art in

17 Russian business and in Russian law, isn’t it? That is

18 to say, supposing I have founded a company and then gave

19 all my shares to you, then you would be called the

20 founder of the company rather than me; isn’t that so?

21 A. Could you reformulate your question, please?

22 Q. Well, I am just suggesting that for whatever reasons of

23 history or semantics, but in Russian, the word

24 «Uchreditel» in relation to a company actually means

25 owner and controller of the company; isn’t that fair?

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Bank St Petersburg v Vitaly Day 9

Arkhangelsky [Master]

107 :1 A. Yes. As a rule, yes.
2 Q. Right.

3 Then you can see, obviously, that column is split in

4 two, and column 5 is headed «Name». So I think you can

5 confirm that the abbreviation which, for whatever

6 reason, we have an «SNP». That stands for the name of

7 a physical person, «FIO», surname, first name, and

8 patronymic.

9 A. Correct.

10 Q. Yes, so it is name/company, and then the sixth column is

11 headed «Belonging».

12 A. Correct. That’s what it says.

13 Q. Yes. Isn’t it obvious, Mrs Stalevskaya, that what you

14 have here is the nominal owner, or nominal shareholder

15 in column 5, and the real owner in column 6?

16 A. No. No.

17 Q. Obviously this table is not organised around projects,

18 is it?

19 A. It’s not.

20 Q. It is a list of companies, isn’t it?

21 A. It is a list of corporates, of companies that received

22 loans in order to be able to conduct investment

23 projects, and they were monitored by the client

24 monitoring directorate, therefore we compiled a list of

25 borrowers and all the individuals and corporates

108 :1 affiliated with them, or associated with them.
2 Q. Well, but surely, if it was the list of borrowers, you

3 would want to indicate the amounts of loans and this

4 kind of information; you wouldn’t have a column called

5 «Belonging» as a subheading of «Founder», and put «Bank»

6 there.

7 A. No. This table was compiled with a view to monitoring

8 the links that might exist between corporates, the

9 companies, and I did this at the request of my boss and

10 I then handed it up to the credit risk department.

11 So at some point in time, speaking from memory

12 I think it was at the end of 2010, the credit risk

13 department took over all the work with respect to all

14 the borrowers, and then started compiling spreadsheets

15 of all the individuals, all the corporates, all the

16 persons that are associated with each other and so on

17 and so forth; ie the information that the Central Bank

18 would require to be provided.

19 Q. So are you suggesting that it was actually client

20 monitoring department who was responsible for the loans

21 to SCYTH, to Khortitsa, Deytedot Technology and so on?

22 A. No. No. This spreadsheet was something that I created

23 when I was with the corporate finance department. You

24 can see that the bulk, the majority of the projects we

25 were monitoring was where all the funding had been

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109 :1 provided by the Bank. There were very few partner
2 funding projects here, and starting with page 3,

3 {D139/2329/3} we even stopped filling in this column

4 because it became moot. There was no point in doing

5 this, therefore we stopped filling it in.

6 Q. But starting from page 4 {D139/2329/4} you have stopped

7 filling the projects column; how is that consistent with

8 what you say?

9 A. Okay, it’s quite consistent with what I’ve just said.

10 For us the priority was to monitor the list of

11 individuals and corporates, whereas the actual name of

12 the project was not that material, because that

13 information was passed on to Mrs Busilevska at the

14 credit risk department, and Mrs Busilevska is now in

15 charge of all the loans across the board throughout the

16 bank, and she is in charge of creating these kind of

17 spreadsheets at this point in time.

18 Q. Unfortunately, we haven’t got all the lines where you’ve

19 got both «Bank» and «Partner», have been redacted, so we

20 can’t see what is there.

21 If you look at line 1, are you really saying that

22 the word «Bank» in column 6, between the name of

23 Mr Sklyarevsky and between his shareholding of

24 50 per cent, are you saying it doesn’t relate to

25 Mr Sklyarevsky and his shareholding; it only relates to

110 :1 some funding for the company’s projects?
2 A. Yes. This is related to the project which is mentioned

3 in column 9.

4 My Lord, if I can clarify, I did not come up with

5 the idea of the spreadsheet. This was a given for me.

6 People explained to me what the rationale behind these

7 columns was, and so I fill it in based on my

8 understanding and on the knowledge that had been given

9 to me, as it were, by other people.

10 Q. Well, obviously it wasn’t — no one is suggesting it was

11 your idea. What I am suggesting is that because you

12 worked on this table for quite a long time, it is

13 substantial work, you must understand its logic.

14 Now, I put it to you that it makes a lot of sense

15 if — well, supposing, to take a hypothetical example,

16 if, say, a company is owned 50 per cent by

17 Mr Sklyarevsky and 50 per cent by Mr Kalinin, and then

18 you put «Bank» to show that Mr Sklyarevsky owns the

19 shares as a nominee of the Bank but, for example,

20 Mr Kalinin is just a «partner» or is a nominee for

21 a partner, or whatever. But it makes no sense to put

22 «Bank» in this way in this place.

23 A. I really cannot sit in judgment in terms of whether or

24 not this is logical. It just so happened, historically,

25 that we listed the name of the person who was providing

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111 :1 funding for the project and, as I have already
2 mentioned, almost all the projects were funded by the

3 Bank and it was very rare for a partner to be brought on

4 board. And, secondly, the rationale behind this

5 spreadsheet was in the interests of monitoring the

6 various associations that might exist between

7 individuals and the corporates in the interests of

8 the credit risk department, and then we even stopped

9 filling that particular column in.

10 Q. Mrs Stalevskaya, but don’t you see that your explanation

11 simply doesn’t hold water? It is — with all due

12 respect, it is a rather clumsy lie.

13 A. I am speaking the truth. I am only saying exactly what

14 I did. I was filling in the table once a month, on

15 a monthly basis, and the main updates done by me were

16 pertaining to owners, to directors. Projects, yes,

17 initially we did state the projects financed by the Bank

18 where partner finance was also brought in, but since

19 then we moved on to purely financing investment projects

20 by the Bank. That particular column because unnecessary

21 and we didn’t fill it in. In the same way as the

22 projects column, we stopped filling that in as well.

23 Q. Well. I don’t accept it. We will have to disagree.

24 My Lord, I fear I have to ask for a 10-minute break

25 just to check I haven’t forgotten anything, and it may

112 :1 be I have finished or it may be that there are 10 or
2 15 minutes more.

3 MR JUSTICE HILDYARD: A 10-minute break. Not long to go.

4 (4.01 pm)
5 (A short break)
6 (4.10 pm)

7 MR STROILOV: May it please your Lordship.

8 Mrs Stalevskaya, thank you very much for your

9 answers. If you stay there, my learned friend Mr Lord

10 will perhaps have some questions for you.

11 MR LORD: I don’t have any questions.

12 MR JUSTICE HILDYARD: I’m so sorry to detain you. It has

13 been a very long day for you.

14 Questions by MR JUSTICE HILDYARD

15 MR JUSTICE HILDYARD: I want to ask you first some questions

16 about your reporting line with Mrs Malysheva, whose

17 office was, you tell me in your witness statement, just

18 a few doors down from your own. Was she part of

19 the corporate finance department?

20 A. Irina Malysheva was deputy chairman of the board, ie

21 a member of the board. She was overseeing the

22 directorate of corporate finance, but was not a part or

23 an employee thereof.

24 MR JUSTICE HILDYARD: And was her overseeing role, as it

25 were, one of a number of departments she was overseeing,

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113 :1 given that she was a board member, or the exclusive
2 department she was overseeing?

3 A. Speaking about 2008, Irina Malysheva was overseeing only

4 one directorate; that was the corporate finance

5 directorate.

6 After we reorganising the Bank at the end of 2010,

7 she started overseeing the client monitoring directorate

8 and the security directorate.

9 MR JUSTICE HILDYARD: And you moved to the client monitoring

10 at about the time that she became responsible for client

11 monitoring; is that right?

12 A. Yes. The corporate finance directorate was made

13 obsolete, and I was proposed to move to work at the

14 directorate of client monitoring, and I did so, and

15 I still reported to Mrs Malysheva at that point in time.

16 MR JUSTICE HILDYARD: So until she left in 2015, you always

17 reported throughout your career until then at the bank

18 to Mrs Malysheva; is that right?

19 A. Not quite the case. She stopped overseeing us as soon

20 as Kristina Mironova became a member of the board. That

21 happened in 2013, and from that moment onwards, my boss

22 became Kristina Mironova and not Irina Malysheva, and

23 I did not report to Irina Malysheva any more.

24 MR JUSTICE HILDYARD: Thank you. But you worked with

25 Mrs Malysheva between 2002 and 2013, first at AVK and

114 :1 then at the Bank?
2 A. Yes. We worked at the same entity but at AVK I did not

3 report directly to her. We simply worked for the same

4 entity where she was a top manager and I was a lay

5 employee.

6 MR JUSTICE HILDYARD: Thank you.

7 When you went together in the car to

8 Colonel Levitskaya’s interview, did you talk about why

9 you were being called to give evidence to the police?

10 A. I could surmise that most likely, yes, we did discuss

11 it, but I do not recall how that was, what we talked

12 about. Nothing is stuck in my memory, nothing at all.

13 MR JUSTICE HILDYARD: I am asking you because you had quite

14 a long-standing business relationship with her, and it

15 is an unusual event, I should imagine, being called off

16 to give evidence to the police, but you can’t remember

17 anything worth me knowing about as regards your

18 conversation in the car?

19 A. Irina called me when I was still at the Bank and told me

20 that Ms Levitskaya is calling me for an interview. She

21 couldn’t tell me why exactly it was me called up for

22 an interview; she simply explained that I was

23 a technical employee, drawing up the deal, documenting

24 the deal, and that I had to tell everything I knew.

25 I do not recall any details that we would have

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115 :1 discussed, maybe because of the passage of time it
2 didn’t stick in my memory. Plus I would like to say

3 that it’s not one of those most pleasant memories, and

4 I tried to wipe it out of my memory.

5 MR JUSTICE HILDYARD: Right. At the end of your interview

6 with Colonel Levitskaya, were you given a copy of

7 the report you had signed, of the evidence that you had

8 signed?

9 A. No.

10 MR JUSTICE HILDYARD: Did you discuss this rather ghastly

11 experience with Mrs Malysheva in the car back? Did you

12 travel back together?

13 A. We did not go together with her. She left as soon as

14 she had given her evidence, so I was returning on my

15 own, and the notes were not given to me, I didn’t ask

16 for it to be given to me.

17 MR JUSTICE HILDYARD: And in consequence, or in any event,

18 you didn’t discuss your evidence with her, nor she with

19 you, at that time or thereafter; is that right?

20 A. At least, I do not recall that we discussed it with her

21 in any way.

22 MR JUSTICE HILDYARD: Can we just have a quick look at

23 paragraph 39 in the Russian, {B1/8/15}, 43 in

24 the English, in your witness statement at {B1/8/6}.

25 Did you yourself prepare these words, or were they

116 :1 given to you?
2 A. I stated the gist and the lawyers assisted me in

3 formulating it, in formulating the document.

4 MR JUSTICE HILDYARD: Did you have any qualms or

5 reservations as to whether this was a sufficiently

6 complete explanation of the difference between what you

7 now understood to be the position and the position that

8 the Colonel had recorded of your evidence?

9 A. Yes, I did. I wanted to write a bit more, but the

10 lawyers advised me to keep it to this formula, to this

11 wording.

12 MR JUSTICE HILDYARD: You explained, I think, but tell me if

13 I am wrong, moving on to repos, that the Bank did not

14 ordinarily undertake repos on its own behalf, certainly

15 in the corporate finance department; do I have that

16 right?

17 A. Yes.

18 MR JUSTICE HILDYARD: Because I suppose repos would be one

19 way of raising money for a company, whether they were

20 share repos or asset repos, but that was not part of

21 the function of the corporate finance department; is

22 that right?

23 A. The Bank carries out repos, within the Russian

24 legislation, with regard to shares and market deals.

25 Yes, the repo deals are done by the Bank on its own

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117 :1 behalf, in accordance with the securities legislation
2 and the tax code, and repo deals are not regulated per

3 se by anything, so the repo that we have discussed,

4 I don’t know whether the Bank was doing this on its own

5 behalf. At least I was not involved in such deals.

6 MR JUSTICE HILDYARD: Just to clarify for my own sake,

7 certainly in this country, there would be standard forms

8 for repo transactions which were, in effect, funding

9 operations; is that the same in Russia?

10 A. Yes. There are funding operations that would be repo

11 within the Russian legislation, purely for securities,

12 for shares and bonds, for promissory notes of

13 the Central Bank, but a repo with shares, at that point

14 in time it did not exist. Now we have an opportunity of

15 entering into a sale and purchase agreement for shares,

16 being notarised with an option. Something that exists

17 in the English legal system, where we have a put option

18 or a call option that would be exercised depending on

19 a specific situation or event. And unfortunately, in

20 the Russian law this is only nascent; these deals are

21 only starting to appear.

22 MR JUSTICE HILDYARD: And those deals and the other deals

23 you have discussed would be rather different from the

24 repos we are looking at in this case, which weren’t

25 funding operations; they were security operations,

118 :1 I think you have explained. Is that accurate?
2 A. Yes, they did differ from what we discussed in this

3 particular case.

4 MR JUSTICE HILDYARD: Did you know, or were you told, why

5 this credit or security transaction was being asked to

6 be dealt with by you in corporate finance, who didn’t

7 really deal with security or credit issues?

8 A. I would be able to speculate that that happened because

9 I worked with securities. I was involved in organising

10 transactions for restructuring, and refinancing of

11 companies. I knew what share and purchase and sale

12 agreement, how it should be put together properly, what

13 documents should be put together, and this was exactly

14 what was needed of me to prepare a package of documents,

15 to prepare draft agreements, and lay it out on paper,

16 lay out the terms in the shape of a memorandum. It is

17 something else I did from time to time, putting thoughts

18 and the guidance on paper — the management’s thoughts

19 on paper.

20 MR JUSTICE HILDYARD: So you were, as it were, a person who

21 was the best choice to draft these one-off arrangements

22 in the perception of the people who gave you the

23 instruction to do so, it would appear; would you agree?

24 A. Apparently so, my Lord.

25 MR JUSTICE HILDYARD: Which rather suggests that there was

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119 :1 no one in the credit department, which would have been
2 the most obvious department, who had any experience of
3 doing this sort of thing; would you agree?
4 A. I would disagree, my Lord, that there were no other
5 people that would have been capable of doing this, but
6 for some reason the choice fell upon myself, maybe
7 because Mr Savelyev tasked Ms Malysheva to draw this up
8 and I reported to her and she asked me to do this.
9 MR JUSTICE HILDYARD: Did you know at that time of anyone
in
10 the credit department who had drafted such documents in?
11 A. No.
12 MR JUSTICE HILDYARD: Did you try and see whether there
was,
13 so as to lessen your workload, given the pressure of
14 time that you were under?
15 A. No, I was — I had enough time to draw it up because the
16 sale and purchase agreement wasn’t something new to me;
17 therefore I fit within the time allocated to me.
18 MR JUSTICE HILDYARD: Could we have a quick further look at
19 the memorandum. In English it is at {D107/1537/1},
20 I think.
21 I think Mr Stroilov did ask you, but I wanted to
22 clarify in my mind how you thought the Bank could make
23 promises on behalf of the purchasers, though the
24 purchasers were neither named nor signatories of
25 the memorandum.
120 :1 A. Because the bank involved its partners in purchasing the
2 shares under the repo deal, the Bank was responsible for
3 their actions and, accordingly, in the memorandum, the
4 Bank was undertaking obligations that would
5 automatically cover the original purchasers of
6 the shares.
7 MR JUSTICE HILDYARD: So, so far as you were concerned, if
8 the Bank made the promise, the purchasers were bound?
9 A. In my understanding, it is correct.
10 MR JUSTICE HILDYARD: Now, what did you know at that time
11 about Renord-Invest, at the end of 2008?
12 A. Mikhail Smirnov worked at St Petersburg Bank. I moved
13 from AVK to St Petersburg Bank together with him, he was
14 my director, director for corporate finance, and at the
15 end of 2007 he founded his own business, the investment
16 company Renord, and we came across it because we have
17 a number of investment projects organised by Renord
18 investment company and financed by the Bank.
19 Accordingly, I knew Mr Mikhail Smirnov.
20 MR JUSTICE HILDYARD: So when you say in paragraph 16 of
21 your witness statement, which is at {B1/8/12} in
22 the Russian version, {B1/8/3}, that, «The Bank had
23 a good relationship with Renord-Invest», you mean that
24 it had a good relationship because it had
25 a long-standing and good relationship with Mr Smirnov;

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121 :1 is that right?
2 A. What I meant was that Mr Smirnov was not a new person,

3 was not someone who had not been known to the Bank,

4 because the Bank had worked together with him for a long

5 time as a bank client, so the Bank trusted him.

6 MR JUSTICE HILDYARD: I am still unclear in my own mind why

7 the repo, for security purposes, needed to be done

8 through third party nominee shareholders. Can you help

9 me on that? I understand it is something to do with

10 either regulation or accounting, but I am not clearer

11 than that. Can you help me?

12 A. My Lord, the way I understand it — I did ask myself

13 that question, so I spent some time thinking about this.

14 At the end of 2007 the Bank conducted an IPO of the

15 Bank’s shares so it became a public listed company. It

16 had to file accounts, which were then in the public

17 domain. Had it acquired shares as part of its books, it

18 would then have become the legal owner, albeit

19 a temporary legal owner, of the shares, then the Bank

20 would have had to consolidate the balance sheets, the

21 books, of the acquired companies, and then it would have

22 changed the limits and the various ratios, including the

23 equity and other ratios that then have to be reported to

24 the Central Bank.

25 So the Bank could not allow this to happen, and

122 :1 therefore it involved its partners into this activity.

2 MR JUSTICE HILDYARD: Thank you very much indeed. Those are
3 my questions.

4 Do they give rise to any further questions?

5 MR STROILOV: No, I don’t think so, my Lord.

6 MR JUSTICE HILDYARD: No?

7 MR STROILOV: I don’t think so, my Lord.

8 MR JUSTICE HILDYARD: It has been a very long day. Thank

9 you very much for your attendance and for the help you

10 have given me.

11 MR ARKHANGELSKY: Your Lordship, I am sorry, can I just ask

12 one question?

13 MR JUSTICE HILDYARD: Of me or the witness?

14 MR ARKHANGELSKY: To Mrs Stalevskaya.

15 MR JUSTICE HILDYARD: Well, all right, yes. But please, we

16 have normally agreed that only one of you will

17 cross-examine, otherwise it will become something of

18 a mess.

19 Ask your question.

20 Cross-examination by MR ARKHANGELSKY

21 MR ARKHANGELSKY: Just one small question: Mrs Stalevskaya

22 said that she was invited to the police office by

23 Mrs Malysheva.

24 This seems to be a bit strange. If I can just ask

25 about a few details, how it worked?

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123 :1 MR JUSTICE HILDYARD: Is this your one question?
2 MR ARKHANGELSKY: Yes, please.
3 MR JUSTICE HILDYARD: You want to know what, or, as best
as
4 this witness can recollect, how Mrs Malysheva made the
5 suggestion that she should go with her to the police; is
6 that right?
7 MR ARKHANGELSKY: Yes, because that seems to be a bit
8 unusual from the procedural rights and habits.
9 MR JUSTICE HILDYARD: Can you remember anything about
this?
10 Can you help us with this?
11 A. Irina rang me up, called me on the phone. She said that
12 Colonel Levitskaya was summoning her and myself in for
13 questioning, for an interview, and so we went to
14 Colonel Levitskaya’s office at Obvodny Canal together.
15 MR JUSTICE HILDYARD: Anything further?
16 MR STROILOV: I don’t think so, and I apologise for the
17 chaos.
18 MR JUSTICE HILDYARD: Right.
19 Well, second time lucky. Thank you very much. You
20 are free to go. Thank you for your help.
21 (The witness withdrew)
22 Housekeeping
23 MR JUSTICE HILDYARD: Right, now, 4.35 pm.

24 MR LORD: My Lord, it is probably too late to do

25 housekeeping tonight, I fear. There is too much to do.

124 :1 If your Lordship is prepared to sit on Monday, it might
2 be better to sit at, let’s say, 2.00 pm, so that various

3 things can be done by the deadline on Monday, and we can

4 perhaps resolve housekeeping efficiently at 2.00 pm.

5 MR JUSTICE HILDYARD: My understanding is that all these

6 files are being transported some time before noon on

7 Monday. I do not know whether you need these files or

8 whether the computer, Magnum, enables us to deal with

9 any questions which arise. I only raise this, simply so

10 that I should be secure that …

11 MR LORD: It may be, but if your Lordship has the bundle,

12 the housekeeping bundle?

13 MR JUSTICE HILDYARD: Yes, but is that going to suffice?

14 MR LORD: I think it probably will, my Lord.

15 MR JUSTICE HILDYARD: Good, excellent.

16 MR LORD: With the help of Magnum.

17 I assume Mr Arkhangelsky will be here on Monday, but

18 if not, there is the question of some outstanding —

19 those questions about mirror companies and so on. We

20 haven’t had anything back in writing, despite a couple

21 of suggestions that might be useful.

22 If, for any reason, Mr Arkhangelsky were not to be

23 coming on Monday, we would certainly appreciate it if

24 the same exhortation could be made and if he is not

25 going to condescend to put anything in writing, then

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125 :1 certainly to be familiar with the documents that are
2 referred to in those letters, we will make the

3 questioning more efficient next week. In other words

4 I do want to avoid a position where I am asking about

5 a set of accounts or a circular, and it is said it is

6 the first time that Mr Arkhangelsky has seen it.

7 So having given some notice of those points, I would

8 just invite your Lordship perhaps to invite

9 Mr Arkhangelsky still to supply what he said he had

10 hoped to supply.

11 MR STROILOV: My Lord, on that point, I think you have given

12 your encouragement. You have made no order. We reserve

13 our rights to respond or not to respond and then

14 obviously Mr Arkhangelsky will respond in

15 cross-examination.

16 If he tells my learned friend that he didn’t look at

17 it, he does it at his own peril, and I suggest that’s

18 where it should end as a matter of housekeeping. We

19 might or might not write to them before the beginning of

20 cross-examination.

21 My Lord, I was —

22 MR JUSTICE HILDYARD: As to that, I had rather hoped that

23 encouragement would suffice without a direction, and

24 that Mr Arkhangelsky might consider it, for the reasons

25 I previously gave, to be in his interests to give

126 :1 a considered explanation free of the pressures which
2 cross-examination involves. So I therefore thought it

3 would be to his advantage.

4 Having not previously made a direction, I shall not

5 make one now, but I shall watch intently if he is

6 questioned about these matters if he does not appear to

7 have given them sufficient thought.

8 It is advanced warning of an exam question. It is

9 worth thinking about, I should have thought,

10 Mr Arkhangelsky.

11 MR STROILOV: Quite. What I’m thinking about is really

12 whether I can escape from the housekeeping session on

13 Monday, if we can do the timetable issues now in five

14 minutes for me and five for my learned friend, and if,

15 perhaps, on the pleadings, which I hope we might agree

16 during the week, and I only glanced through the

17 correspondence but —

18 MR JUSTICE HILDYARD: What is your estimate as to how long

19 this will take, Mr Lord? I mean, I will tell you what

20 I have done and what I have not done, in case that

21 impacts on your assessment.

22 MR LORD: Yes.

23 MR JUSTICE HILDYARD: I have very briefly, over the short

24 adjournment, flicked through the bundle you supplied.

25 I have not been able to look at the detailed points on

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127 :1 the pleadings which still remain outstanding, as
2 I understand it, including some quite detailed points as

3 to the removal of words or not removal of words.

4 MR LORD: Yes.

5 MR JUSTICE HILDYARD: That is possibly a matter which could

6 be left outstanding, though I understand that clarity of

7 pleadings is an important matter. I do not know whether

8 it affects your cross-examination.

9 As to the other matters, they appear largely to be

10 reports of things which still remain outstanding, but

11 I may have got a false impression of that.

12 There is, thirdly, the issue as to the revised

13 timetable, which wouldn’t take long, I should imagine.

14 That’s the level of my ignorance.

15 MR LORD: If your Lordship is prepared to sit a bit later,

16 I’m certainly more than happy to try and get it out of

17 the way today.

18 MR JUSTICE HILDYARD: How long?

19 MR LORD: The pleadings point is important. There are small

20 points but they are important points, particularly as to

21 how this third case, if I can put it that way, on

22 conspiracy is going to be put; and it probably should be

23 tied down satisfactorily for your Lordship and for us

24 before we start cross-examination on Wednesday.

25 If Mr Stroilov is going to take on board the points

128 :1 and he will, if you like, accede to them, then that’s
2 one thing. If he wants to argue them out, that might be

3 a slightly different point.

4 MR STROILOV: If I may respond briefly, I only had really

5 five to ten minutes to look at the latest letter. My

6 initial impression was that we are heading towards

7 an agreement which will satisfy everyone, so maybe there

8 is no need to trouble the court. But I would like to

9 work on this during the weekend and then, perhaps, if we

10 are agreed, there is no need for me to come and whatever

11 is outstanding Mr and Mrs Arkhangelsky might deal with

12 through the videolink.

13 So from my point of view, the timetable is the

14 priority. Other issues might well resolve themselves

15 over the weekend, simply because I had no time to look

16 at them before now, and the deadline is coming and they

17 may well be satisfied with the affidavit which

18 Mr Arkhangelsky will serve on Monday.

19 Again, we are chasing Mr Nazarov. There may be and

20 there has been some assurance from him and I will write

21 to RPC about this.

22 MR JUSTICE HILDYARD: I mean, I made the suggestion for this

23 evening not out of any great enthusiasm to go on past

24 5.00, but really because, out of concern for you, living

25 in Cambridge, that you should not be hauled out when you

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129 :1 are preparing matters. So given that that was my
2 concern, if you do not favour that, obviously I would,

3 subject to one point, equally not favour that.

4 But it seems to me that the pleadings point, if it

5 is to remain in issue, is a difficult one for

6 Mr Arkhangelsky to do. It is one for you, really, isn’t

7 it? I suspect that you are more au fait with the

8 pleadings and their detail than he is, with all respect

9 to him.

10 MR STROILOV: I wish I was, but in any event I am not ready.

11 I am afraid all my thoughts were devoted to

12 Mrs Stalevskaya.

13 I suppose what we will do, we will either agree it,

14 but if I see that there is to be a very acute complex

15 legal argument on pleadings on Monday, I will just have

16 to come on Monday.

17 MR JUSTICE HILDYARD: Right, and if you did that, what do

18 you think about 2.00 pm as opposed to 10.30 am?

19 MR STROILOV: That is a good idea, from my point of view.

20 MR JUSTICE HILDYARD: 2.00 is better than 10.30, so far as

21 you are concerned.

22 MR LORD: Perhaps we have 2.00 as a sort of long-stop if we

23 need it, as a way of communicating through your

24 Lordship’s clerk in good time so as not to inconvenience

25 your Lordship and others if, in fact, we don’t need to

130 :1 trouble you. I anticipate the response might not be
2 until Sunday or Monday morning, but obviously the later

3 it is left, the harder it is to stand the court down, as

4 it were.

5 MR JUSTICE HILDYARD: Yes, and so far as Monday is

6 concerned, Mr Arkhangelsky, do you or your wife intend

7 to attend if we are here at 2.00, or, given the nature

8 of the proceedings, would you not intend to do so, in

9 which case the expense of the link might be saved? It

10 is up to you. If you know what the position is, well

11 and good.

12 MR ARKHANGELSKY: I assume it is absolutely not my subject.

13 I am not a specialist in that, so I would suggest that

14 I would not join the hearing on Monday.

15 MR JUSTICE HILDYARD: Are you content with that, Mr Lord?

16 MR LORD: I suppose so, my Lord, yes.

17 MR JUSTICE HILDYARD: Again, I am thinking of you. You said

18 it cost 3,000 —

19 MR LORD: My Lord, my fear is I think it has probably been

20 incurred. The reality is it may well have been because

21 we have to give 25 hours’ notice, I’m not sure how the

22 weekends work, we were not sure whether housekeeping

23 would be dealt with —

24 MR JUSTICE HILDYARD: I will leave it this way: if, by

25 negotiation outside court, you can attain certainty as

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131 :1 to whether Mr and Mrs Arkhangelsky do want to attend and
2 if thereby you can save some money, I have tried to do

3 my best.

4 MR LORD: Thank you. We have tried.

5 My Lord, the only other point is the response on the

6 protocol, which I do think needs to be sorted out.

7 I think we are awaiting a response from the defendants

8 and Mr Stroilov on the last point on that. Again, that

9 should really be tidied up, but again, that can probably

10 wait until Monday in the hope that it could be resolved

11 over the weekend.

12 MR STROILOV: I thought we agreed on the protocol?

13 I thought we suggested some amendments and RPC said

14 okay, and I thought that was the end of it?

15 MR LORD: I think what happened was we sent a final draft

16 wording to Mr Stroilov and the defendants to say: is

17 this now agreed? And we haven’t heard back.

18 MR STROILOV: Oh, all right, well, I think I gave —

19 MR JUSTICE HILDYARD: That sounds to be a matter which the

20 weekend will put to bed.

21 MR STROILOV: Now, the only thing —

22 MR LORD: That leaves timetabling, my Lord. That is the

23 only thing to deal with.

24 MR JUSTICE HILDYARD: Yes, now you gave me a nice, sparkly

25 new timetable, did you, in blue?

132 :1 MR LORD: Yes. My Lord, as always, the timetable has moved
2 a bit —

3 MR JUSTICE HILDYARD: Yes.

4 MR LORD: — unfortunately. If I could hand this up.

5 (Handed).

6 I think there is only one change from the version in

7 the bundle, which concerns Mr Smirnov. If I could just

8 explain the one change and then explain more generally

9 why we commend it to the court.

10 Mr Smirnov is currently down for 9 and 10 March. He

11 is currently, I think, in hospital, either undergoing or

12 recovering from an operation. He is going to need

13 a little longer, he thinks, to convalesce, to get ready

14 for the proceedings. Therefore we have swapped him, we

15 have taken his slot and we have swapped him with

16 Ms Kosova. So on the timetable that your Lordship now

17 has, Ms Kosova would come on 9 and 10 March and

18 Mr Smirnov on 21 and 22 March to give him a little bit

19 more time to recover. So we are swapping those two

20 witnesses over. Other than that, my Lord, we would

21 suggest that this would be a fair timetable.

22 Your Lordship can see we have two weeks in Paris.

23 We’ve suggested an extra day for Mrs Arkhangelskaya. We

24 anticipate that there may be more questions for her in

25 the light of her involvement in some of the accounting

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133 :1 aspects of this case, and in light of the questions this
2 afternoon from Mr Stroilov, there will be some questions

3 for Mrs Arkhangelskaya. Obviously, if it finishes in

4 one day, she will be gone in a day, but we thought it

5 prudent to bring it forward to the 24th to make sure she

6 is finished no later than the 25th. So that is one new

7 feature.

8 The following week we have kept to the same time

9 estimates for cross-examination of the other witnesses

10 of the defendants. Mr Bromley-Martin has been put on

11 Wednesday 2nd. We hope to finish in a day, but we

12 reserve the position if he goes over.

13 Then we pick up with the Bank’s witnesses again:

14 Mr Sklyarevsky, Ms Kosova, Mironova, Savelyev, Smirnov,

15 Yashkina.

16 We would, my Lord, respectfully submit that those

17 are proper time estimates; that Mr Stroilov has taken

18 about a day — after the first witness, he has taken

19 about a day with most of the witnesses, and we would

20 respectfully submit that that’s probably about right,

21 and we submit that’s probably about right for the

22 remaining witnesses that we are calling. But he has two

23 days for most of these witnesses, which we submit will

24 be enough for proper and focused cross-examination, and,

25 therefore, we do suggest that would be a fair timetable.

134 :1 It does have reading days built in, it does have
2 four-day weeks, and it does involve at least finishing

3 the factual evidence by the Easter vacation.

4 We do submit it is relevant that we could have had

5 more evidence in the first two weeks as it turned out,

6 but obviously we sought to accommodate a different pace

7 at that stage and thankfully, we have actually made up

8 time.

9 So we would say that out of fairness to all parties,

10 this timetable does give a chance of completing the

11 factual evidence by the Easter vacation, and that would

12 then allow the experts to come in relatively short order

13 thereafter.

14 Does your Lordship have the final sheet of

15 the timetable? The experts are coming after the Easter

16 vacation. Your Lordship can see that on 5 April, that’s

17 the first day back, we are suggesting that the Russian

18 banking experts come, Mr Turetsky and Professor Guriev.

19 We don’t anticipate that that will take more than a day

20 in its entirety.

21 Then on the next two days, the asset valuation

22 experts, that’s Mr Millard for the Bank and Ms Simonova

23 for the defendants, a day each.

24 Then there is Mr Popov, who is the Bank’s business

25 valuation expert.

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135 :1 Your Lordship will see that we have not plugged in
2 a slot for Mr Steadman, and we have done that advisedly,

3 because in the light — and I put this rather bluntly.

4 In the light of the funding information that we have now

5 received, in our submission it would be a matter of

6 choice by the defendants if they elect not to call

7 Mr Steadman to give evidence at this trial, and

8 therefore we should really move to put that in

9 the timetable. That’s their choice, but they can’t

10 complain if the timetable is now firmed up on that

11 basis. They have enough money to pay for Mr Steadman.

12 They have enough money to pay for Mr Radley.

13 So we have taken the step, as well, for the expert

14 handwriting, to put in Dr Giles as the last day, on the

15 13th, and we’ve said «if required», because it may well

16 be that we don’t need to call her or the court directs

17 that actually, it is perhaps not going to help the

18 court.

19 So we are not saying we will definitely call

20 Dr Giles; it may well be that we don’t. But, again, the

21 funds are there for Mr Radley to come to court, but the

22 defendants have said, and they have said in very strong

23 terms, that they have no funds, on several occasions in

24 relation to expert evidence. It is a matter of concern.

25 We are on timetabling now, so I won’t pick it up now; it

136 :1 is a matter for next week with Mr Arkhangelsky.
2 But it is a concern, it has been put in very

3 trenchant terms. Split trials have been sought,

4 questions of fairness have been raised, including in

5 the Court of Appeal, on the basis that there are no

6 funds to call quantum experts or certain experts. The

7 €366,000 pot, albeit diminished in the way we agreed

8 last week, and with any tax paid out, has more than

9 enough to cover this facet of the case.

10 So really now is the time, in our submission, to

11 drop the timetable and, if you like, hold the defendants

12 to their evidential election choice here, and that would

13 leave, really, likely 11th and 12th, Russian law expert

14 evidence from Professor Maggs and Mr Gladyshev.

15 So, notwithstanding the fact that we started a bit

16 late with this trial and we haven’t made as much

17 progress in the first fortnight as we had hoped, this

18 timetable does have the trial finishing only about

19 a week after the Easter vacation, which we would submit

20 would be fair to all parties, other court users, and is

21 the right timetable to be commended to your Lordship.

22 MR STROILOV: My Lord, I will try to be quite brief.

23 I think the proposed timetable for the factual witnesses

24 is the greatest concern. It’s totally unrealistic for

25 me. These are the most important witnesses. I have

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137 :1 identified them from the start. I think I may well need
2 up to three days for each of them, with the exception of

3 Mrs Yashkina, and that’s a fair estimate. They are

4 really the key witnesses and, frankly — well, I don’t

5 know how much — and perhaps it is not worth having, but

6 as far as I am concerned, personally, really three days

7 in court each week is just how much I can keep up with.

8 I can’t — on the basis of the previous two weeks,

9 I definitely cannot do four. So that’s a given, from my

10 mind it’s physically impossible for me. So I would ask,

11 really, to prolong this very considerably.

12 I think — well, there will, I suppose, be occasions

13 to respond to what has been said about experts, so

14 perhaps I shouldn’t worry about this now, seeing the

15 time.

16 A word just very briefly about our witnesses. I am

17 concerned by the suggestion that Mrs Arkhangelskaya may

18 need to be prolonged for two days. I think

19 your Lordship has indicated from the start that you

20 expect her to be finished in one day so that she could

21 go back. There are problems in terms of the domestic

22 logistical problems with that, and I would invite you to

23 keep the claimants to that.

24 I would just flag, I think it is not quite decided,

25 we are still making arrangements, it is possible that

138 :1 we may have to change the order of our witnesses in that
2 we might move Mr Pasko to the 29th, between Ms Mironova

3 and Mr Ameli, which creates a risk of overspill of

4 Mr Ameli into the 1st, which may be all right.

5 Then we might also move Mr Nazarov to the end, so

6 that Mr Bromley-Martin, if he has to stay for two days

7 anyway, it may be a good idea to start him on the 1st

8 and then continue on the 2nd. If we are right about

9 that — well, we have the estimates from the claimants,

10 so I just wanted your Lordship to be aware that we still

11 might still change the order of these minor witnesses

12 from the 29th to the 2nd.

13 I think, my Lord, that’s all I have to say on the

14 timetable.

15 MR LORD: My Lord, can I pick up on those points? First, on

16 the rate of calling of the evidence, Mr Stroilov has

17 three weeks now: he has two weeks in Paris where he is

18 not coming, then a week where I am cross-examining

19 again, so he has 21 days to prepare his notes for the

20 following witnesses. His estimates have been too long

21 so far. Three days, if the three days is, in fact, one

22 and a half to two days which, in my submission, would

23 still be a long period for some of these witnesses, that

24 should be done in — there shouldn’t be two witnesses

25 a week. We can’t have a witness coming — we can’t have

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139 :1 one witness coming and it taking a day or a day and
2 a bit and that is the only witness we have in week six

3 and the only one in week seven. That would be to draw

4 this out needlessly, and three weeks is enough time to

5 prepare cross-examination notes so that actually the

6 matter is largely prepared by the time we come back and

7 pick up with Mr Sklyarevsky.

8 So there is no basis for building in that sort of

9 timetable. It wouldn’t be allowed the other way.

10 There’s a fair bit of pressure on us to get through this

11 as well and that wouldn’t be fair. That’s the first

12 point.

13 Secondly, on experts, it is, with respect, not

14 appropriate to keep deferring it, to kick the can down

15 the road. The issue is, bearing in mind the submissions

16 made about no funds —

17 MR JUSTICE HILDYARD: I’m not going to address this,

18 Mr Lord, now. I am not going to say one way or the

19 other, whether it is choice or circumstance with regard

20 to Mr Steadman.

21 MR LORD: Well, my Lord, the issue is whether or not —

22 whether the timetable should now be drawn up with or

23 without those witnesses.

24 MR JUSTICE HILDYARD: I am not going to venture on this now.

25 MR LORD: So my client — in terms of scheduling our

140 :1 witnesses or the other witnesses, how does
2 your Lordship —

3 MR JUSTICE HILDYARD: At the moment my understanding is

4 that, in fact, Mr Steadman is not going to attend, and

5 you are planning on that footing.

6 MR LORD: Yes.

7 MR JUSTICE HILDYARD: But whether that is choice or

8 circumstance, or any views arising from that, I make

9 absolutely no comment at all.

10 MR LORD: I understand that, my Lord. My question was

11 really purely a timetabling one, which was — so my Lord

12 understands, we have to arrange, obviously, for someone

13 like Mr Popov — he works for Deloittes, he has to be

14 told when he is coming. If he were to have to be here

15 to listen to another witness, that might be two days,

16 not one day. So it is a purely practical plea, if I can

17 put it that way.

18 MR JUSTICE HILDYARD: If I consider, subject to anything

19 Mr Stroilov says, that on what I’ve been told, and not

20 getting into the whys, wherefores, choice or

21 circumstance, that it is not their intention, and they

22 would say it is not their ability, to call

23 Mr Steadman — and they have for some time now indicated

24 that they didn’t intend to call Mr Radley; therefore the

25 timetable is proceeding on that footing.

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141 :1 MR LORD: Yes.
2 MR JUSTICE HILDYARD: If they consider otherwise, in light

3 of anything that you have said or the way their

4 preparations or the trial has unfolded thus far, they

5 must let us know as soon as possible, and I shall ask

6 this question again if we meet on Monday.

7 MR LORD: That just leaves the question of

8 Mrs Arkhangelskaya being potentially available for

9 a second day.

10 MR JUSTICE HILDYARD: Yes, I think we have had this

11 discussion previously. I do want you to do your utmost,

12 as I know you will, to complete her cross-examination

13 within the day. I understand what you say, that there

14 may be accounting questions, and it followed less

15 clearly your suggestion that matters had arisen during

16 the course of the afternoon because you had already

17 forecast that before the questions were asked and,

18 therefore, I’m not completely convinced about that.

19 MR LORD: I can deal with that straightaway, my Lord. I can

20 deal with it straightaway. There was a long line of

21 questioning about the way in which the repo was

22 presented to the Russian courts.

23 MR JUSTICE HILDYARD: Yes, and you want to ask her about

24 that.

25 MR LORD: I won’t say any more than that —

142 :1 MR JUSTICE HILDYARD: Okay.
2 MR LORD: — but the very first presentation was actually at

3 the suit of Mrs Arkhangelskaya and I put a marker down,

4 I gave Mr Stroilov fair warning, and he carried on to

5 put some very, very serious allegations to this witness.

6 I shall look at the transcript. I asked whether it was

7 on instruction, I checked it was from both defendants he

8 carried on to put those very serious points, with the

9 obvious effect on this witness, and there are some

10 matters that, I am afraid, will fall to be put to

11 Mrs Arkhangelskaya.

12 MR JUSTICE HILDYARD: Right. I have said that I think that

13 given the latitude I have given, and even taking into

14 account the position of Mr Stroilov and Mr Arkhangelsky,

15 it would not be right to formally guillotine you, but as

16 I said previously, I do urge you to try, as I know you

17 will, to complete her evidence within the day so that

18 she can go back.

19 MR LORD: I will.

20 MR JUSTICE HILDYARD: I’m troubled about the three days.

21 When I looked at this timetable, my immediate concern

22 was the weight of week seven, because Ms Mironova has

23 emerged as possibly a more important witness than I had

24 originally thought, and Mr Savelyev has always been

25 an important witness and he is a party.

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Arkhangelsky [Master]

143 :1 I was troubled about the weight of that, and
2 especially the two of them following on each other.

3 I take the point that Mr Stroilov is not travelling to

4 Paris, but nevertheless, not all his days, I dare say,

5 are committed to this, and no doubt he will also have to

6 monitor how things go on the transcript, et cetera. So

7 his time won’t be free to be devoted entirely to this

8 matter.

9 I am troubled about that. I think week seven,

10 especially taken together with week six and what is

11 coming in week eight, because Mr Smirnov may be

12 an important witness too, is in danger of being quite

13 tough.

14 MR LORD: My Lord, could we at least see if we could go with

15 this timetable, because we don’t accept, even with

16 Mr Savelyev, that there is going to be more than two

17 days’ questions. I know we are guillotining, and if

18 I genuinely thought that there were three days’ worth of

19 proper questioning, I would, of course, tell

20 your Lordship. I wouldn’t seek to put pressure on the

21 timetable and so far, the estimates we have made have

22 been borne out.

23 I do invite the court to, at least provisionally,

24 order this timetable, and then, again, we can review.

25 If a witness had to spill over into a fifth day in

144 :1 extremis and another half day was required —
2 MR JUSTICE HILDYARD: It’s not that. It’s really my concern

3 that it may be simply too much for Mr Stroilov to move

4 from Ms Mironova to Mr Savelyev without a break and do

5 both in that week. I am more concerned about that,

6 actually, than the time. Although, of course, they

7 impact, because if Ms Mironova only takes a day, so he

8 has more time to prepare for Mr Savelyev. I understand

9 that.

10 MR LORD: Yes, and if they each take a day or a day and

11 a half, that’s three days in five. In my submission,

12 the other witness — apart from the first, rather slow

13 day we had, the other days have gone pretty quickly, and

14 we’ve traversed a lot of the material, with the greatest

15 of respect.

16 MR JUSTICE HILDYARD: I think, if I may say so, that

17 Mr Stroilov has done a very good job in moving forward.

18 I think it has been extraordinary.

19 MR LORD: I am not criticising.

20 MR JUSTICE HILDYARD: But I do have concerns about that

21 week seven. I shall think about it. I don’t know

22 whether Mr Stroilov would prefer to have a day in

23 between Ms Mironova and Mr Savelyev, rather than the

24 Friday.

25 MR LORD: Yes.

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145 :1 MR JUSTICE HILDYARD: I know that may impact on his
2 preparation for Mr Smirnov, so I will let him cogitate

3 about that and I will return to this on Monday, or, if

4 necessary, thereafter.

5 Mr Stroilov, as will be apparent from my comments,

6 I am in two minds about this: three days is a light load

7 for the court, even having regard to your position,

8 because it’s my duty to move things along reasonably,

9 and it is only fair to the other side, who have other

10 commitments as well, and other litigants who are in

11 the queue.

12 I do have great sympathy for the burden of this, and

13 I am worried about that particular week, I must say.

14 MR STROILOV: My Lord, when I say it is physically

15 impossible, it is physically impossible. I don’t have

16 two juniors, I don’t have a firm of solicitors behind

17 me. I mean, I cannot do four days. It will be someone

18 else doing them.

19 I am sorry to put it like that, but it’s really —

20 I am stretched to the limit. And these are the least

21 important witnesses — well, that’s the less important

22 half.

23 MR JUSTICE HILDYARD: I will cogitate about this but,

24 Mr Lord, you mustn’t — obviously, you know, it is

25 a balance, but fairness to the trial is my principal

146 :1 concern.
2 MR LORD: Yes, my Lord.

3 MR JUSTICE HILDYARD: I worry, in the light of what

4 Mr Stroilov says, and my own observation.

5 MR LORD: Yes, my Lord, but the Bank does have to plan and

6 schedule, and people have been sent back to Russia. I’m

7 not saying it’s —

8 MR JUSTICE HILDYARD: That is a three of spades compared to

9 the ace of the fairness of the trial in the end. It is

10 absolutely crucial that in very, very difficult

11 circumstances I do my utmost to ensure both actual and

12 apparent fairness, and if I am told by Mr Stroilov that

13 he simply cannot do more than three days, that is

14 a weighty thing.

15 MR LORD: Well then, my Lord, we will have to consider

16 spacing out the witnesses and having a reading day and

17 see if in fact three days is enough to do two witnesses.

18 On the rate we have been going so far, three days will

19 be enough to deal with these witnesses, even the bigger

20 witnesses.

21 MR JUSTICE HILDYARD: Well, I think so.

22 Mr Stroilov, you can see my indecision on this. You

23 can see my understanding. I am appreciative of all that

24 you do and understanding of the fact of the burden, but

25 my worry is that three days will turn out to be two,

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147 :1 because cross-examination does sometimes go quicker
than
2 one expects; it is the tendency to slightly overestimate

3 the time that it will take, and it is a difficult task.

4 MR STROILOV: My Lord, I am prepared — obviously, if the

5 claimants are prepared to take the risk of bringing

6 witnesses on their estimates, and then it in fact takes

7 three days, as I said, and the timetable then slips,

8 well, I am prepared to live with that.

9 As I said, I just — considering the amount of

10 preparations, and I dare say I have to make enquiries

11 about what was happening in my own life while I wasn’t

12 there, and whether there are any …

13 So, really, the time spent in Paris, I rather hope

14 to be able to spend on, really, some of my own business,

15 and not just work 24/7 as I have been these two weeks.

16 MR LORD: My Lord, I am afraid I would submit that with

17 three weeks now, that is enough time. Even with three

18 or four big witnesses, that’s enough time to prepare

19 notes for all those slots. There is enough time to do

20 it, in my submission, and only having three days out of

21 five is, we would say, too great a — it is going to

22 string things out too long.

23 MR STROILOV: Really, I don’t want to bargain, but the

24 reality is if it is four days a week, then we will have

25 to do it ultimately between me and Mr Arkhangelsky, and

148 :1 I don’t know how well it will work. I just cannot do
2 four days per week in court. Really. I just cannot.

3 MR LORD: My Lord, after taking some instruction, it may be

4 that we have to see if we can get witnesses done in

5 three days, and the rest day is the middle day.

6 I am not sure if the concern is recovery rate or

7 stamina. I am not criticising, I am not sure what

8 the —

9 MR JUSTICE HILDYARD: I think the parameters are that

10 Mr Stroilov, who has experienced it over the last nine

11 days, in respect of less weighty witnesses than are to

12 come, is telling me that he cannot do more than three

13 days, and if the court is going to sit for more than

14 three days, he will have to leave to Mr Arkhangelsky the

15 other day, which would be unsatisfactory if we are in

16 the middle of a witness, for example. That’s one

17 parameter. That’s the most important parameter, in my

18 appreciation.

19 If I thought that we could definitely fill up three

20 full days, I might very well go for that. My worry is

21 that, having gone for the three-day spacing, that

22 actually, we’ll end up only doing two days, which will

23 then feel flabby.

24 I will think about it. It is some time since

25 I looked at Mr Savelyev’s and Ms Mironova’s evidence,

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149 :1 and I have not cross-checked against the documents
2 which — we are now building up a corpus of

3 oft-referred-to documents, and things might move along.

4 So I will think about that.

5 But somehow, week seven has to be adjusted, in my

6 view.

7 MR LORD: Well, my Lord, we would certainly want to try, if

8 we can, in terms of flights, to keep some flexibility,

9 so if we do find we are going more quickly, we don’t

10 have a situation we don’t have enough evidence in that

11 week, which we had already. That would be unfortunate

12 and unnecessary.

13 MR JUSTICE HILDYARD: All right.

14 Well, Mr Stroilov, I don’t want to burden your

15 weekend unduly more than it is already, but if you,

16 together with Mr Arkhangelsky, can try and think how you

17 would like six, seven and eight, which are going to be

18 the guts of your cross-examination, how they can — not

19 in terms of who comes after whom, the same sequence, but

20 how you would feel able to deal with them, looking

21 always to get as much done as is consistent with your

22 stamina, and the ability to assimilate all this, and

23 keep the witnesses separate. Then you must let us know

24 as soon as possible.

25 MR STROILOV: That would be what I was concerned in.

150 :1 I think the estimate, actually, which I proposed to
2 RPC in the beginning when we started to have this

3 debate, before any cross-examinations, the estimate for

4 six weeks has more or less justified itself.

5 MR JUSTICE HILDYARD: Well, I don’t want us to go back and

6 say: I told you so. We are now older, wiser, and have

7 had the experience of the nine days. As a matter of

8 fact, your estimates have been greater than you in fact

9 needed, as we have moved through the witnesses.

10 Now, that is a matter of commendation, not a matter

11 of criticism, but it is also a matter of experience and

12 you may feel that three days, for example, with

13 Ms Mironova, may not be necessary.

14 MR STROILOV: I think she has quite grown — as you have

15 said, she has quite grown —

16 MR JUSTICE HILDYARD: She has, quite a lot, and I will look

17 at her evidence, but equally, two days is a long time

18 cross-examining the same witness on matters which other

19 witnesses will, by then, also have dealt with, and which

20 you will be putting more precisely to witnesses that

21 follow.

22 MR STROILOV: Yes, my Lord. I will send some proposal over

23 the weekend. But I think it will be —

24 MR JUSTICE HILDYARD: As soon as possible, so we can begin

25 to get our minds in gear. My own estimate is that it

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Bank St Petersburg v Vitaly Day 9

Arkhangelsky [Master]

151 :1 may be necessary to meet on Monday at 2.00 pm in order
2 to deal with these things, and I apologise to you,

3 Mr Stroilov, but I have the comfort that after Monday,

4 you will have a freer life.

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

6 MR LORD: Can I hand up — we have an organogram. (Handed)

7 MR JUSTICE HILDYARD: Thank you.

8 Did you have any thoughts about posting the

9 transcripts? I don’t know whether anyone has ever given

10 consideration to the court suddenly whizzing off and not

11 being …

12 MR LORD: I haven’t had a chance to, my Lord.

13 MR JUSTICE HILDYARD: That’s fine. If you do, I would be

14 very grateful for any assistance.

15 MR LORD: Yes, we will ask people who have done this before.

16 We know some people who have taken evidence in Paris

17 before, with Mrs Justice Gloster.

18 MR JUSTICE HILDYARD: Yes, she did this in an earlier case.

19 MR LORD: My Lord, those organograms are not the whole Bank,

20 but they have been drafted on the basis of showing your

21 Lordship the reporting lines or relevant departments and

22 personnel who featured in this dispute. There was

23 a reorganisation, I think, in April 2009 —

24 MR JUSTICE HILDYARD: I see, so I need to —

25 MR LORD: — when the client monitoring department came into

152 :1 being. The reason for April to June, the second one, is
2 there was a degree of movement around that time.

3 Thereafter there was further movement, but rather than

4 do a chart a month and someone change it round, what has

5 been attempted is to identify on that document where

6 there were subsequent changes, so you would see, if you

7 like, in the text that’s hanging outside the boxes where

8 various people come and go, or take on different jobs.

9 Your Lordship can see that the green is the minor

10 credit committee in Investrbank, because that’s the

11 branch. Then you move into the central office, and then

12 you go up to the management. So that’s the colour

13 coding.

14 Obviously if your Lordship has questions, I will do

15 my best to take instruction on those. I will have to

16 take instruction, I think, but we have tried to identify

17 the various people in the reporting lines, in a typical

18 vertical manner that’s used to depict them.

19 MR JUSTICE HILDYARD: That’s very helpful, at first blush,

20 and I will look at it.

21 MR LORD: It has taken a long time by certain people behind

22 me. An awfully long time.

23 MR JUSTICE HILDYARD: Yes, I am very grateful to the certain

24 people.

25 I do not know whether it had happened by June 2009,

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Bank St Petersburg v Vitaly Day 9

Arkhangelsky [Master]

153 :1 I suspect not, and that it happened in 2010, but the
2 last witness explained to us that Mrs Malysheva became

3 her report when she moved in 2010 to the client special

4 care department, and it may be that you have to reflect

5 that in the third edition.

6 MR LORD: Yes.

7 MR JUSTICE HILDYARD: The impression, put another way, is

8 that this holds good until 2015, when Ms Malysheva left

9 the Bank, and I think she had other reports, at least

10 after 2010. That’s the only immediate comment I would

11 have.

12 MR LORD: Yes, I will check, but the client monitoring

13 department is on that second sheet with Ms Mironova

14 heading it up.

15 MR JUSTICE HILDYARD: But Ms Malysheva does not seem to have

16 any responsibilities.

17 MR LORD: No, I will check on that.

18 MR JUSTICE HILDYARD: Maybe another red arrow. But

19 otherwise, I am very grateful. These things take a very

20 great deal of time, and I think —

21 MR LORD: It is quite fiddly, I think, to work out who was

22 reporting to whom, when, and where.

23 MR JUSTICE HILDYARD: Yes. And the matters relating to

24 Mrs Malysheva you are also considering?

25 MR LORD: Yes, and we anticipate making a proposal to

154 :1 the defendants very shortly, probably in time to raise,
2 I hope, by Monday.

3 MR JUSTICE HILDYARD: Mr Arkhangelsky, I am rather hoping


4 I had forgotten that the office closes at 5.00 pm. I do

5 hope you are able to escape.

6 MR ARKHANGELSKY: I’m not so sure, my Lord.

7 MR JUSTICE HILDYARD: Yes, very good. All right, you will

8 let me know as soon as you can whether 2.00 on Monday is

9 needed. I have figuratively pencilled it in, and any

10 advance on the timetable, if you could let me know as

11 soon as possible.

12 Over the weekend I shall re-read the various

13 witnesses to be examined in six, seven and eight weeks,

14 and try and reach a better understanding.

15 MR LORD: Yes. My Lord, the only issue would be

16 timetabling, really. I think everything else is capable

17 of being agreed between the parties, but timetabling

18 obviously is something that your Lordship will have to

19 direct.

20 So unless your Lordship sends out some indications,

21 I can see the need to meet nonetheless, really, on

22 Monday.

23 MR JUSTICE HILDYARD: Very good. Okay. I will keep it

24 pencilled in and if I have anxieties about the

25 timetable, I will let you know.

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Bank St Petersburg v Vitaly Day 9

Arkhangelsky [Master]

155 :1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

19

20

21

22

23

24

156 :1

2

3

4

5

6

7

8

9

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

MR LORD: Does your Lordship wish us to wait for direction from your Lordship?

MR JUSTICE HILDYARD: I will get my clerk to contact you on Monday in any event.

MR STROILOV: If your Lordship feels you are able to resolve the dispute on paper, it may be a good idea and save me the detour from Cambridge —

MR JUSTICE HILDYARD: Important as these things are, it would be footling for me to set the thing in concrete, but I will have a look at it, yes.

MR STROILOV: I am grateful.

MR JUSTICE HILDYARD: Does that deal with matters? I’m sorry to keep you all so late, and the court

officials as well. So thank you very much. If we don’t meet on Monday, I hope you have a good three weeks.

Thank you. (5.20 pm)

(The court adjourned until 2.00 pm on Monday, 15 February 2016)

INDEX
PAGE
MS TATYANA ALEKSANDROVNA
STALEVSKAYA …………….. 1
(Affirmed)
Examination-in-chief by MR LORD …………… 1
Cross-examination by MR STROILOV ………….. 2
Questions by MR JUSTICE HILDYARD ………… 112
Cross-examination by MR ARKHANGELSKY …….. 122
Housekeeping ………………………………… 123

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Bank St Petersburg v Vitaly Day 9

Arkhangelsky [Master]

0

157 :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 9

Arkhangelsky [Master]

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(Affirmed) ( 2 ) 1:9 64:7 64:10 78:25
appreciate ( 2 ) 52:23

A 156:4
82:21 83:11 84:7 85:8
124:23

afraid ( 14 ) 18:9 18:22
86:1 86:12 86:19 91:8
appreciation.148:18

48:6 48:13 49:21
91:12 95:12 98:3 99:5
appreciative146:23

abbreviation ( 4 ) 99:13

58:14 58:15 72:24
99:7 100:10 100:15
approach ( 3 ) 65:7

101:18 101:23 107:5
85:11 86:11 98:15
106:3 106:8 106:10
65:15 68:17

ability, ( 2 ) 140:22
129:11 142:10 147:16
111:18 138:5 143:5
appropriate ( 2 ) 74:10

149:22
After ( 21 ) 16:23 17:7
150:11 150:19 153:24
139:14

above.» ( 3 ) 70:18
18:13 25:6 28:13
alternative67:22
approve55:12

74:10 83:25
42:25 62:22 67:24
Although,144:6
April, ( 3 ) 134:16

absolutely ( 7 ) 46:25
77:20 82:18 84:23
always ( 8 ) 20:1 20:13
151:23 152:1

60:5 77:5 104:12
86:18 97:10 113:6
24:6 35:14 113:16
archaic106:16

130:12 140:9 146:10
133:18 134:15 136:19
132:1 142:24 149:21
area.79:24

accede128:1
148:3 149:19 151:3
Ameli, ( 2 ) 138:3 138:4
aren’t ( 3 )72:7 91:10

accept ( 10 ) 31:25
153:10
amendment22:23
91:13

56:19 65:14 75:4
afternoon ( 2 ) 133:2
amendments. ( 2 ) 23:2
argue128:2

76:15 82:2 93:4 102:4
141:16
131:13
argument129:15

111:23 143:15
Again, ( 34 ) 5:11 9:19
among86:15
arise, ( 2 ) 67:25 124:9

accepted?19:23
9:22 10:9 16:6 16:22
amongst ( 2 ) 14:23
arisen141:15

access61:3
26:13 35:4 40:13
88:6
arising ( 2 ) 60:3 140:8

accommodate134:6
47:14 58:14 58:15
amount ( 3 ) 104:23
Arkhangelskaya, ( 7 )
accord ( 3 ) 76:19 77:1
63:12 82:14 83:8
104:24 147:9
31:20 132:23 133:3

90:19
86:21 87:7 87:18
amounts ( 2 ) 28:16
137:17 141:8 142:3

accordance ( 3 ) 55:18
92:17 93:1 97:18
108:3
142:11

60:17 117:1
103:13 103:24 105:6
analysed35:19
Arkhangelsky ( 59 ) 7:4

according ( 4 ) 37:15
105:25 128:19 130:17
analyst98:5
7:8 7:17 8:11 8:16

37:17 73:20 73:23
131:8 131:9 133:13
«Analytic»98:7
11:10 11:14 13:15

accordingly ( 4 ) 56:13
135:20 138:19 141:6
and/or98:17
16:25 17:10 25:15

77:1 120:3 120:19
143:24
Anna ( 2 ) 99:6 99:9
25:21 31:20 32:10

account142:14
against ( 8 ) 32:9 32:21
another ( 14 ) 30:20
33:10 48:12 55:8

accounting, ( 3 ) 121:10
41:10 43:24 44:10
34:25 77:3 86:17
56:17 57:22 58:2

132:25 141:14
48:12 59:13 149:1
87:19 95:23 103:2
73:13 74:9 74:25

accounts. ( 3 ) 29:10
agency,30:9
105:8 106:9 106:9
76:3 76:6 79:11 79:11

121:16 125:5
agenda61:24
140:15 144:1 153:7
79:15 79:22 84:1 84:2

accurate? ( 3 ) 92:24
Agentstvo30:8
153:18
88:18 122:11 122:14

93:6 118:1
ago, ( 3 ) 11:21 11:21
answer ( 7 ) 24:16 25:4
122:20 122:21 123:2

ace146:9
95:1
39:19 39:19 41:11
123:7 124:17 124:22

achieve. ( 3 ) 39:20
agree ( 9 ) 19:25 59:12
41:12 100:4
125:6 125:9 125:14

50:17 74:10
74:21 84:2 88:1
answered ( 2 ) 39:12
125:24 126:10 128:11

achieved25:15
118:23 119:3 126:15
45:9
128:18 129:6 130:6

acknowledge92:23
129:13
answering ( 3 ) 46:1
130:12 131:1 136:1

acquired ( 2 ) 121:17
agreed ( 14 ) 14:3 14:4
46:10 87:23
142:14 147:25 148:14

121:21
17:6 23:15 27:12 41:5
answers ( 2 ) 1:10 112:9
149:16 154:3 154:6

acquisition80:8
73:13 88:17 122:16
anticipate ( 4 ) 130:1
156:8

across ( 5 ) 3:9 6:1 97:1
128:10 131:12 131:17
132:24 134:19 153:25
Arkhangelsky’s ( 3 )
109:15 120:16
136:7 154:17
anxieties154:24
8:3 8:6 8:13

acting ( 4 ) 28:22 30:16
agreement ( 19 ) 10:2
anyone? ( 5 ) 17:3 44:7
arm98:10

40:11 40:15
10:4 10:17 19:14 20:7
84:21 119:9 151:9
around, ( 3 ) 103:9

actions120:3
20:12 21:13 21:22
anything ( 29 ) 5:18
107:17 152:2

activities ( 3 ) 27:10
22:3 22:10 22:15
5:21 18:10 18:11
arrange,140:12

56:9 56:15
23:9 56:1 77:17 80:10
24:3 41:5 43:11 43:24
arrangement ( 5 ) 21:11

activity.122:1
117:15 118:12 119:16
47:17 48:8 48:18 71:3
28:13 30:25 33:19

actual ( 8 ) 18:24 29:12
128:7
71:24 76:13 89:12
56:20

39:22 41:20 55:24
agreements ( 10 ) 9:3
90:14 93:15 101:1
arrangements, ( 5 )
80:12 109:11 146:11
9:8 9:15 9:25 12:5
103:12 106:2 111:25
28:1 28:14 41:19

acute129:14
12:13 22:9 23:13
114:17 117:3 123:9
118:21 137:25

additional ( 9 ) 13:17
25:14 118:15
123:15 124:20 124:25
arrest48:12

13:24 24:15 24:17
aktivami30:9
140:18 141:3
arrow.153:18

24:17 25:17 40:6
albeit ( 2 ) 121:18 136:7
Anyway, ( 3 ) 63:21
art106:16

45:20 55:22
ALEKSANDROVNA 66:18 138:7
article ( 4 ) 37:15 37:17

address: ( 2 ) 73:15
( 2 ) 1:9 156:3
apart ( 5 ) 15:11 83:24
37:24 38:1

139:17
alerted59:19
84:20 106:10 144:12
ask ( 39 ) 6:17 8:23

addressed18:4
Alexandrovich,95:8
apologies, ( 2 ) 9:17
12:10 15:13 21:6

adjourned155:18
allegations142:5
68:2
21:23 22:6 22:8 22:10

adjournment. ( 3 ) alleged. ( 2 ) 54:24
apologise ( 8 ) 10:7
23:22 26:18 28:25

59:22 62:12 126:24
55:11
42:2 50:24 59:7 69:6
32:5 36:5 37:20 42:11

adjusted,149:5
allocated119:17
100:19 123:16 151:2
51:13 51:17 52:20

adopted65:7
allow ( 2 ) 121:25
apparent ( 2 ) 145:5
54:22 68:15 68:22

advance; ( 3 ) 12:17
134:12
146:12
85:17 85:23 94:16

68:16 154:10
allowed ( 2 ) 16:6 139:9
apparently ( 3 ) 83:21
96:15 101:5 111:24

advanced ( 6 ) 24:16
almost111:2
106:1 118:24
112:15 115:15 119:21

24:25 25:18 79:18
along ( 3 ) 22:18 145:8
Appeal,136:5
121:12 122:11 122:19

101:11 126:8
149:3
appear ( 5 ) 46:18
122:24 137:10 141:5

advantage.126:3
already ( 17 ) 10:11
117:21 118:23 126:6
141:23 151:15

advise5:4
10:16 12:6 14:3 16:13
127:9
asked ( 21 ) 11:12 12:18

advised116:10
17:2 17:7 20:25 27:21
appears ( 2 ) 7:25 11:5
13:24 15:22 20:19

advisedly,135:2
43:21 56:17 63:24
application33:3
21:3 22:12 22:23

advising5:19
65:4 111:1 141:16
apply ( 2 ) 33:11 63:1
26:11 31:1 31:3 45:10

affects127:8
149:11 149:15
appointed ( 2 ) 84:23
45:10 45:24 46:2

affidavit128:17
also ( 33 ) 3:24 8:21
86:18
46:19 73:13 118:5

affiliated108:1
28:5 42:24 53:1 64:4
119:8 141:17 142:6

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asking ( 18 ) 6:12 12:11 13:17 21:9 30:4 34:4 52:2 54:15 57:4 57:6 77:8 78:20 80:25 81:23 92:25 96:24 114:13 125:4

asks ( 2 ) 29:23 38:21 aspect81:14 aspects133:1

assert ( 5 ) 12:1 78:6 88:8 95:17 96:3

asserting100:19 assertions19:16 assessed80:8 assessment.126:21 asset, ( 5 ) 76:22 80:2

82:5 116:20 134:21 assets ( 16 ) 5:2 24:21 25:1 25:22 30:9 35:3

35:7 40:2 46:18 65:10 73:25 74:7 76:24 80:5 80:8 80:12

assimilate149:22 assist ( 3 ) 3:17 24:12

49:8 assistance.151:14 assistant,13:5 assistants42:11 assisted116:2 associated ( 2 ) 108:1

108:16 associations111:6 assume ( 5 ) 50:4 103:2

103:6 124:17 130:12 assumed88:19 assurance128:20 attain130:25 attempted152:5 attend ( 4 ) 61:1 130:7

131:1 140:4 attendance122:9 attention. ( 12 ) 8:2

20:10 45:4 53:21 63:25 70:13 72:1 87:1 89:24 91:19 92:15 105:16

August1:21 authorised101:12 authorities ( 2 ) 91:11

94:2 automatically120:5 available, ( 4 ) 61:11

72:25 101:25 141:8 AVK ( 31 ) 97:4 97:5

97:5 97:20 97:21 97:25 98:1 98:5 98:10 98:10 98:11 98:16 98:22 99:2 99:3 99:5 99:7 99:9 99:10 99:13 99:17 99:18 100:1 100:8 100:16 100:18 100:21 100:23 113:25 114:2 120:13

avoid ( 3 ) 102:14 106:13 125:4

awaiting131:7

aware ( 12 ) 15:3 16:1 27:18 27:21 58:7 72:19 82:7 82:11 86:8 90:3 97:13 138:10

away, ( 2 ) 60:2 60:10 awfully152:22

B

{B1/8/1}1:6

{B1/8/10} ( 2 ) 4:8 11:1 {B1/8/12}120:21 {B1/8/13}.16:14

{B1/8/15}, ( 3 ) 1:20 69:10 115:23

{B1/8/16}92:21 {B1/8/2}, ( 3 ) 4:5 10:24
28:1

{B1/8/3},120:22 {B1/8/4}16:10 {B1/8/5}101:14 {B1/8/6}, ( 4 ) 69:9 70:14
92:20 115:24

{B1/8/9},1:16

back ( 22 ) 14:23 17:4 18:21 25:23 40:3 40:13 40:19 42:20 46:18 85:12 97:19 104:22 115:11 115:12 124:20 131:17 134:17 137:21 139:6 142:18 146:6 150:5

backdated?7:1 background. ( 2 ) 85:17

88:12 bad60:22

Baker50:6 balance, ( 3 ) 61:9
121:20 145:25

Bank ( 137 ) 2:12 2:21 2:23 2:24 3:10 3:23 4:23 7:19 9:5 9:6 9:12 10:1 13:22 14:2 22:2 24:3 24:6 24:12 24:19 24:20 24:22 24:23 25:2 25:15 25:17 25:18 25:19 27:2 27:3 27:5 27:13 28:3 28:23 29:3 29:5 29:9 29:10 29:13 31:12 33:17 33:21 33:24 34:8 34:12 35:5 40:6 40:11 40:15 41:13 44:15 44:15 45:21 55:9 55:21 56:13 56:18 58:3 65:1 65:23 66:1 67:2 73:14 73:18 73:23 73:24 74:2 74:4 79:8 79:17 83:9 90:2 95:7 95:8 95:19 95:25 96:16 96:20 96:25 97:2 97:4 97:9 97:10 97:16 97:17 98:24 99:11 99:11 101:11 105:18 105:20 105:22 105:25 106:3 106:8 106:11 108:5 108:17 109:1 109:16 109:19 109:22 110:18 110:19 110:22 111:3 111:17 111:20 113:6 113:17 114:1 114:19 116:13 116:23 116:25 117:4 117:13 119:22 120:1 120:2 120:4 120:8 120:12 120:13 120:18 120:22 121:3 121:4 121:5 121:5 121:14 121:19 121:24 121:25 134:22 146:5 151:19 153:9

Bank’s ( 24 )3:8 3:25 4:21 6:8 6:10 6:11 6:13 27:6 27:14 27:20 28:22 30:16 30:19 30:21 35:16 35:20 38:19 95:20 95:23 96:2 99:6 121:15 133:13 134:24

banking ( 7 ) 65:2 65:5 65:20 66:1 67:18 89:4 134:18

bankruptcy. ( 4 ) 73:20 74:3 79:21 79:22

bargain,147:23
bigger ( 2 ) 101:5
built134:1

Barkhatova ( 2 ) 99:7
146:19
bulk,108:24

99:9
binding20:17
Bumagi,98:11

based ( 5 ) 15:11 28:6
BIRT: ( 8 ) 52:6 63:16
bundle ( 7 ) 1:6 61:16

74:23 80:16 110:7
63:23 64:3 64:20 67:4
62:1 124:11 124:12

basic2:19
67:13 67:18
126:24 132:7

basically ( 2 ) 5:19
bit ( 16 ) 2:20 4:14 9:19
bundles61:20

48:24
9:22 14:18 70:24 73:3
burden ( 3 ) 145:12

basis, ( 18 ) 7:25 15:8
116:9 122:24 123:7
146:24 149:14

22:5 31:17 57:21
127:15 132:2 132:18
Busilevska ( 2 ) 109:13

67:14 68:5 68:16
136:15 139:2 139:10
109:14

74:21 76:14 80:8 85:2
bits ( 3 ) 48:17 49:2 73:8
business? ( 9 ) 6:10

111:15 135:11 136:5
black64:8
65:23 74:8 97:12

137:8 139:8 151:20
blank64:6
106:17 114:14 120:15

bearing139:15
blink.52:9
134:24 147:14

became ( 10 ) 20:6
blow53:11
buy ( 2 ) 79:9 80:5

21:24 34:16 86:7
blue?131:25

109:4 113:10 113:20
bluntly.135:3
C
113:22 121:15 153:2
blush,152:19

become ( 7 ) 35:16
board, ( 11 ) 34:16

{C1/1/36}. ( 2 ) 7:21 8:2

35:17 56:3 57:17
59:20 79:8 91:1

97:10 121:18 122:17
109:15 111:4 112:20
{C1/1/39}. ( 3 ) 8:15 9:2

becomes67:23
112:21 113:1 113:20
9:24

bed.131:20
127:25
calculated ( 4 ) 81:5

before. ( 22 ) 10:6 11:24
bol’she ( 2 )42:7 42:22
81:25 82:3 86:1

12:1 12:15 13:16
bold,54:22
calculation?28:18

13:21 14:3 16:4 39:10
Bond2:9
call ( 17 ) 1:5 9:5 48:11

44:24 56:18 59:25
bonds. ( 7 ) 3:1 4:11 5:9
58:13 63:12 72:23

96:20 98:23 124:6
5:9 5:12 99:23 117:12
78:14 82:13 102:14

125:19 127:24 128:16
books, ( 2 ) 121:17
103:6 117:18 135:6

141:17 150:3 151:15
121:21
135:16 135:19 136:6

151:17
Borisovich86:13
140:22 140:24

beg ( 10 ) 7:23 8:4 10:23
borne143:22
called ( 18 ) 6:1 11:18

37:18 40:18 58:17
borrower ( 4 ) 28:22
13:1 20:21 34:22

71:18 81:10 87:9
29:4 29:13 38:19
84:24 86:12 92:10

87:10
borrowers ( 4 ) 3:17
96:10 98:10 103:7

began ( 2 ) 34:19 98:23
107:25 108:2 108:14
106:19 108:4 114:9

begin ( 2 ) 63:7 150:24
boss ( 2 ) 108:9 113:21
114:15 114:19 114:21

beginning ( 2 ) 125:19
bosses ( 2 ) 18:16 28:7
123:11

150:2
both ( 11 ) 10:14 23:14
calling ( 4 ) 53:15

begins ( 2 ) 14:17 37:6
77:25 81:17 82:7
114:20 133:22 138:16

behalf ( 12 ) 7:8 9:8
102:9 105:20 109:19
calls42:25

28:23 30:17 31:19
142:7 144:5 146:11
Cambridge, ( 2 ) 128:25

40:11 40:15 55:21
bottom ( 12 ) 37:12
155:7

116:14 117:1 117:5
40:23 51:5 51:10
can’t ( 13 )11:23 22:6

119:23
51:16 54:20 75:12
48:7 48:24 49:20

behave2:10
75:13 75:13 83:12
60:13 60:13 109:20

behind ( 8 ) 1:6 62:1
83:12 83:16
114:16 135:9 137:8

67:18 82:12 110:6
bound?120:8
138:25 138:25

111:4 145:16 152:21
box, ( 2 ) 1:8 64:17
Canal123:14

belief? ( 2 ) 2:2 72:15
boxes152:7
cannot ( 22 ) 19:16 26:3

beliefs43:24
branch ( 2 ) 98:10
43:11 46:25 48:18

believe ( 10 ) 21:3 21:6
152:11
57:23 58:1 75:2 82:3

43:3 47:14 51:25 52:4
branches35:20
86:5 86:11 89:11 96:6

73:4 88:5 98:9 99:6
breach20:25
96:6 104:23 110:23

believed,24:20
breached56:18
137:9 145:17 146:13

«Belonging». ( 2 ) break ( 25 ) 1:13 32:4
148:1 148:2 148:12

107:11 108:5
34:2 36:8 36:12 49:5
capable ( 3 ) 81:20

below, ( 2 ) 43:14 44:20
49:6 49:7 50:16 50:22
119:5 154:16

bench. ( 2 ) 61:21 68:8
52:21 53:6 53:8 58:18
capacity80:3

Berezin, ( 2 ) 13:5 84:20
59:1 59:10 59:12
capital ( 10 ) 76:4 76:8

best ( 6 ) 2:1 72:24
59:17 89:17 89:18
101:12 101:13 101:19

118:21 123:3 131:3
89:20 111:24 112:3
101:24 102:2 102:4

152:15
112:5 144:4
102:6 105:1

better ( 17 ) 46:5 48:22
breaks,69:22
car, ( 4 ) 37:3 114:7

48:22 49:5 49:9 49:10
brief ( 2 ) 53:23 136:22
114:18 115:11

49:17 49:19 49:22
briefly ( 5 ) 4:4 72:4
care153:4

50:2 50:3 50:8 53:2
126:23 128:4 137:16
career113:17

64:3 124:2 129:20
bring ( 4 ) 52:15 53:20
careful;77:23

154:14
66:21 133:5
carefully ( 5 ) 68:14

between ( 22 ) 5:3 6:22
bringing147:5
78:25 81:1 87:18

11:9 14:2 25:15 27:12
Brodetskaya? ( 4 ) 105:4

28:22 29:3 29:13
97:15 97:17 100:20
carried ( 2 ) 142:4 142:8

62:15 67:9 97:22
100:22
carries116:23

108:8 109:22 109:23
Bromley-Martin ( 2 ) carry12:12

111:6 113:25 116:6
133:10 138:6
carrying103:15

138:2 144:23 147:25
brought ( 8 ) 7:7 8:10
cartridge52:8

154:17
10:18 44:14 52:3
cases,56:23

beyond32:24
68:10 111:3 111:18
caught84:8

big147:18
building ( 2 ) 139:8
cautious47:16

149:2
cells65:14

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cent ( 15 ) 55:17 56:4 57:18 76:3 76:7 80:17 105:7 105:8 105:10 105:11 105:13 105:13 109:24 110:16 110:17

Central ( 4 ) 108:17 117:13 121:24 152:11

CEO ( 2 ) 84:11 86:7 certain ( 4 ) 46:25 136:6

152:21 152:23 certainty130:25 certificate.43:1 cetera.143:6 chairman ( 2 ) 79:7

112:20 challenge,66:15 chambers52:14 chance ( 2 ) 134:10

151:12

change ( 12 ) 20:8 20:24 21:6 21:9 92:12 103:9 103:12 132:6 132:8 138:1 138:11 152:4

changed121:22 changes ( 2 ) 47:5

152:6 chaos.123:17 chaotically.69:7 charge ( 3 ) 84:16

109:15 109:16 chart152:4

charter ( 5 ) 101:13 101:19 102:2 102:4 105:1

chasing128:19

check ( 10 ) 13:2 49:14 49:18 49:21 67:1 68:13 68:22 111:25 153:12 153:17

checked142:7 checking100:14

Chernobrovkin; ( 2 )

86:13 86:17 choice ( 8 ) 118:21

119:6 135:6 135:9 136:12 139:19 140:7 140:20

chto87:14 circle31:17 circular,125:5

circumstance, ( 4 ) 68:1 139:19 140:8 140:21

circumstances, ( 2 )

74:1 146:11 claimant’s19:3 claimants ( 4 ) 63:11

137:23 138:9 147:5 clarify ( 7 ) 35:10 45:11 46:14 89:24 110:4

117:6 119:22 clarity127:6

clause ( 6 ) 14:17 26:17 26:18 27:3 27:9 56:6

cleaned64:11

clear ( 9 ) 18:25 40:4 40:9 60:10 60:11 67:14 67:23 81:16 88:1

cleared60:2 clearer? ( 2 ) 48:21
121:10

clearly, ( 7 ) 8:9 41:2 50:7 74:11 75:4 81:25 141:15

clerk ( 2 ) 129:24 155:3 click62:8

client ( 26 ) 2:15 2:17 3:10 5:15 5:19 5:25 6:8 6:10 6:11 33:24 34:5 34:9 35:6 35:10

61:10 107:23 108:19 113:7 113:9 113:10 113:14 121:5 139:25 151:25 153:3 153:12

clients ( 8 ) 2:24 3:8 3:25 4:13 4:24 31:13 35:16 35:21

closed100:8 closes154:4

club, ( 2 ) 33:8 33:10 clumsy111:12

Code ( 5 ) 37:15 37:25 38:1 38:4 117:2

coding.152:13 cogitate ( 2 ) 145:2

145:23 collate62:6 colleagues ( 4 ) 17:22

18:7 18:9 98:21

Colonel ( 14 ) 36:17 37:4 39:12 40:1 45:10 46:9 46:16 46:21 46:23 114:8 115:6 116:8 123:12 123:14

colour152:12 column ( 24 ) 101:11

101:15 101:21 102:12 102:23 102:24 103:13 103:13 103:16 104:22 105:17 107:3 107:4 107:10 107:15 107:15 108:4 109:3 109:7 109:22 110:3 111:9 111:20 111:22

columns, ( 6 ) 94:18 94:20 94:25 105:5 106:14 110:7

come ( 19 ) 1:7 6:1 23:2 31:13 49:14 52:11 58:23 87:24 97:1 110:4 128:10 129:16 132:17 134:12 134:18 135:21 139:6 148:12 152:8

comes149:19 comfort151:3 coming ( 8 ) 124:23

128:16 134:15 138:18 138:25 139:1 140:14 143:11

commend132:9 commendation,150:10 commended136:21 comment ( 16 ) 21:21
63:15 71:11 71:14 74:18 75:2 75:2 75:7 77:7 86:11 91:20 92:11 94:22 95:19 140:9 153:10

comments, ( 4 ) 23:3

23:4 43:16 145:5 commercial ( 5 ) 27:10 30:19 56:9 56:15
99:19

commitments145:10 committed143:5 committee. ( 2 ) 89:7

152:10 communicating129:23 companies ( 33 ) 3:17

5:1 5:3 5:3 5:5 15:6 24:22 25:19 25:20 27:10 27:20 32:1 56:10 58:4 65:9 73:20 73:21 98:6 98:13 98:14 100:2 100:3 100:23 102:1 104:9 104:10 104:11 107:20 107:21 108:9 118:11 121:21 124:19

company; ( 59 ) 3:11 6:1 6:2 6:6 6:8 6:8 6:14 10:1 10:3 10:5 16:4 29:9 30:20 30:23 39:8 40:5 58:5 74:8 74:11 78:11 79:10 79:16 80:9 80:11 80:12 80:13 80:17 81:7 82:2 83:9 85:20 94:19 97:4 97:20 98:1 98:2 98:6 99:2 100:7 100:8 100:9 100:24 101:16 103:14 104:6 104:8 105:2 105:20 105:22 106:4 106:18 106:20 106:24 106:25 110:16 116:19 120:16 120:18 121:15

company’s110:1 compared146:8 comparison49:11 compiled. ( 3 ) 63:2 107:24 108:7

compiling108:14 complain135:10 complained, ( 2 ) 52:23

85:15 complaining9:6 complaint85:2 complaints89:25 complete ( 7 ) 39:9 46:9

61:4 70:17 116:6 141:12 142:17

completed.9:7 completely141:18 completeness.54:23 completing134:10 complex129:14 complicated92:5 complied ( 4 ) 24:10
27:4 58:2 88:18 complies56:16 comply ( 3 ) 22:2 24:4
24:7

component ( 2 ) 88:15 88:16

comprised.100:3 computer. ( 5 ) 49:25

50:12 50:13 73:7 124:8

conceal ( 4 ) 77:16 77:19 82:8 88:23

concern. ( 10 ) 61:13 128:24 129:2 135:24 136:2 136:24 142:21 144:2 146:1 148:6

concerned ( 19 ) 9:17 15:23 31:6 31:16 38:3 57:13 78:18 89:9 91:10 91:13 91:14 99:1 120:7 129:21 130:6 137:6 137:17 144:5 149:25

concerning ( 2 ) 35:7 44:22

concerns, ( 3 ) 66:18 132:7 144:20

conclusion20:8 concrete,155:9 condescend124:25 condition56:15 conditions25:12 conduct107:22 conducted ( 2 ) 80:13
121:14 confidence95:17 confidential. ( 3 ) 31:6

68:15 68:23 confidentiality ( 2 ) 33:8
33:10

confirm ( 6 ) 1:25 10:13
4:11 4:12 4:19 4:23
141:12 147:1 149:18

12:11 34:4 93:2 107:5
5:4 5:20 5:23 5:25
156:6 156:8

confirmed72:3
96:5 101:6 108:23
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conflicts67:9
112:19 112:22 113:4
examinations,150:3

confused, ( 2 ) 9:21
113:12 116:15 116:21
cross-examine ( 2 )
46:15
118:6 120:14
53:3 122:17

confusion. ( 3 ) 10:7
corporates, ( 6 ) 107:21
cross-examined62:23

102:14 106:13
107:25 108:8 108:15
cross-examining ( 3 )
conscious61:19
109:11 111:7
63:7 138:18 150:18

consent? ( 3 ) 27:20
corpus149:2
crucial ( 3 ) 56:20 56:24

65:17 65:19
correct? ( 30 ) 2:16 3:5
146:10

consequence,115:17
6:23 7:2 8:8 10:16
crystallise67:23

consequences74:1
13:3 13:12 15:10 21:8
current93:11

consider ( 7 ) 13:15
22:21 23:23 24:13
currently ( 3 ) 34:16

25:24 91:23 125:24
26:24 28:17 34:1
132:10 132:11

140:18 141:2 146:15
34:14 38:5 38:7 98:20
customers ( 5 ) 65:1

considerably.137:11
98:24 98:25 100:13
65:3 65:18 65:22

consideration151:10
103:19 104:21 105:3
65:25

considered, ( 3 ) 91:23
105:10 107:9 107:12

92:10 126:1
120:9
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considering ( 5 ) 28:12
corrected.64:7

56:1 76:18 147:9
correctly ( 3 ) 5:2 8:25

{D105/1454/0.6}17:16

153:24
24:14

consisted100:1
correspond ( 2 ) 102:2
{D105/1454/6}17:16

consistent ( 9 ) 11:6
104:11
{D107/1537/1}, ( 3 )
38:9 47:19 47:21
correspondence ( 4 ) 14:15 26:14 119:19

70:21 88:13 109:7
17:5 17:15 52:22
{D107/1537/2},26:16

109:9 149:21
126:17
{D107/1537/3}. ( 2 )
consistently83:4
corresponds ( 2 ) 87:15
14:17 26:14

consisting74:5
104:19
{D107/1537/4}26:16

consolidate121:20
corroborates77:6
{D132/2167/1},85:7

consolidated29:10
cost130:18
{D132/2167/2},85:16

conspiracy, ( 2 ) 70:7
couldn’t ( 3 )21:17 64:5
{D134/2218/1},86:21

127:22
114:21
{D134/2218/2},86:23

Constantine95:11
counterclaim,65:10
{D134/2218/3} ( 2 ) 87:2

consultancy ( 4 ) 3:11
country,117:7
87:16

3:17 4:12 5:18
couple ( 2 ) 82:17
{D135/2224/1}.78:14

consultant5:12
124:20
{D135/2224/2}79:6

consulted4:24
course ( 15 ) 5:24 6:7
{D135/2224/3}81:4

consulting ( 4 ) 2:23 3:4
28:3 32:13 36:6 41:16
{D137/2278/1}, ( 2 )
3:21 3:24
45:9 50:5 53:11 53:25
58:13 72:23

contact ( 4 ) 13:4 18:17
67:1 91:14 141:16
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38:22 155:3
143:19 144:6
{D137/2278/3}75:20

contain72:13
court’s8:2
{D137/2278/4}?58:15

contained ( 2 ) 14:24
courts. ( 2 ) 20:18
{D137/2279/1},37:6

72:13
141:22
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contemplated;90:15
cover ( 2 ) 120:5 136:9
37:11 38:17 44:18

content130:15
covers23:21
{D137/2279/3},40:20

contents ( 2 ) 2:1 38:15
create81:6
{D137/2279/4}. ( 2 ) 37:7

continue138:8
created ( 3 ) 2:22 46:4
37:22

contract ( 5 ) 20:17 29:3
108:22
{D137/2279/5}. ( 4 )
47:7 47:7 80:15
creates138:3
38:14 40:20 42:4

contracts ( 13 ) 7:10
creating109:16
44:18

7:13 8:17 8:19 9:12
credit ( 9 ) 108:10
{D137/2279/6}. ( 2 ) 42:1

10:15 13:10 16:4
108:12 109:14 111:8
43:9

16:19 16:24 17:2 17:7
118:5 118:7 119:1
{D138/2293/1}, ( 2 )
29:12
119:10 152:10
48:13 51:9

contradict70:25
crediting3:7
{D138/2293/2},51:12

controlled.54:6
crime.85:15
{D138/2293/3}54:24

controller106:25
Criminal ( 31 ) 38:1 44:1
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convalesce,132:13
44:22 45:6 48:9 48:9
48:15 51:6

convenient68:3
51:20 53:14 53:17
{D138/2305/1}.82:13

conversation114:18
53:23 56:10 56:21
{D138/2305/2}.83:2

convinced141:18
56:22 57:12 57:13
{D138/2305/3}83:15

coordination38:25
72:17 72:18 85:3
{D139/2329/3}109:3

copies ( 7 ) 58:18 59:5
88:2 88:4 89:10 89:15
{D139/2329/4}109:6

63:23 63:25 64:3
89:25 90:22 91:4 91:6
{D140/2337/3}94:12

72:24 82:14
91:6 92:8 92:9 93:5
danger143:12

copy ( 29 ) 19:1 19:2
93:8
dare ( 2 ) 143:4 147:10

19:8 48:7 48:15 49:6
crisis,73:17
data ( 2 ) 14:24 101:25

49:9 49:10 49:17
criticising. ( 2 ) 144:19
date, ( 7 ) 6:21 6:23 7:1

49:19 50:8 50:11 51:1
148:7
11:5 11:7 11:15 39:22

51:24 52:7 52:9 52:13
criticism,150:11
dated6:18

52:25 53:1 54:10
cropped86:16
day, ( 42 ) 9:8 11:11

54:14 58:15 59:4 62:7
cross-checked149:1
11:23 12:1 36:23

73:5 82:23 85:8 86:22
Cross-examination 36:24 39:21 59:13

115:6
( 17 ) 2:6 2:8 32:13
59:25 60:11 68:3

copying,50:7
122:20 125:15 125:20
77:12 112:13 122:8

corporate ( 28 ) 2:12
126:2 127:8 127:24
132:23 133:4 133:4

2:14 2:20 2:22 3:7
133:9 133:24 139:5
133:11 133:18 133:19

3:12 3:19 3:22 3:23
134:17 134:19 134:23

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135:14 137:20 139:1
definitely ( 4 ) 100:5
directly ( 3 ) 22:7 43:2

139:1 140:16 141:9
135:19 137:9 148:19
114:3

141:13 142:17 143:25
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director. ( 11 ) 13:6

144:1 144:7 144:10
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78:7 78:9 80:4 84:9

144:10 144:13 144:22
delay52:2
84:22 86:8 98:9 104:6

146:16 148:5 148:5
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120:14 120:14

148:15
delivered ( 7 ) 7:5 7:13
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day-to-day4:2
8:17 8:18 8:21 9:12
2:15 2:18 2:22 3:6

days ( 43 ) 11:21 11:24
10:15
3:19 3:22 3:23 5:20

12:7 12:12 12:14
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5:23 5:25 33:24 33:25

60:16 133:23 134:1
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34:5 34:6 34:9 34:13

134:21 137:2 137:6
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137:18 138:6 138:19
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35:6 35:11 35:12

138:21 138:21 138:22
2:18 2:20 3:13 96:6
107:24 112:22 113:4

140:15 142:20 143:4
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143:17 143:18 144:11
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144:13 145:6 145:17
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146:13 146:17 146:18
116:21 119:1 119:2
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146:25 147:7 147:20
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147:24 148:2 148:5
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148:11 148:13 148:14
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148:20 148:22 150:7
112:25 151:21
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150:12 150:17
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deadline ( 3 ) 12:16
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124:3 128:16
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deal, ( 36 ) 13:11 13:16
35:11 35:13
50:4 63:9 99:25

14:2 14:21 24:11
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27:15 39:7 39:24
86:18 112:20
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19:3 49:15 67:10

55:23 55:24 67:25
12:12
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74:25 75:9 76:25 82:9
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84:21 88:19 90:20
54:18
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114:23 114:24 118:7
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120:2 124:8 128:11
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131:23 141:19 141:20
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41:4 45:25 76:22

146:19 149:20 151:2
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153:20 155:12
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dealing ( 6 ) 3:2 33:25
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34:7 65:8 65:22 91:11
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dealings ( 4 ) 18:14
39:2 45:6 46:2 114:25
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23:16 23:17 25:20
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deals ( 9 ) 29:6 29:20
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141:11

116:24 116:25 117:2
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discussions26:3

117:5 117:20 117:22
determined ( 2 ) 51:7
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117:22
51:15
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dealt ( 6 ) 41:19 59:23
detour155:7
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84:18 118:6 130:23
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150:19
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151:22 155:6

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didn’t ( 23 )7:14 15:14
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35:14 35:16 35:17
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debts,35:22
70:24 71:24 74:19
17:11 19:1 19:2 19:11

December ( 24 ) 6:18
81:14 90:5 90:8 94:1
19:17 19:20 19:22

6:22 6:23 7:5 7:9 7:19
98:19 100:2 100:16
20:2 20:3 20:4 20:11

8:7 8:11 9:5 9:11
100:21 111:21 115:2
20:12 20:16 20:20

10:14 10:19 10:21
115:15 115:18 118:6
21:1 21:7 21:9 21:19

11:5 11:8 38:18 73:12
125:16 140:24
22:17 26:25 27:1

78:10 79:5 79:7 80:11
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33:18 48:7 50:8 52:13

80:18 83:1 87:14
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«decided ( 9 ) 41:12
102:12 116:6
53:22 57:14 64:7 64:9

76:3 76:6 77:16 79:11
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64:13 65:16 66:10

79:15 79:22 81:4
20:22 48:4 69:18
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137:24
69:22 69:23 72:10
103:4 103:17 116:3

decides62:24
72:12 75:1 96:1 105:5
152:5

decision ( 10 ) 5:14
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32:8 32:19 58:1 75:7
152:8
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75:8 91:2 91:4 91:8
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documents; ( 38 ) 8:22

91:17
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9:7 11:13 12:24 13:9

decisions ( 4 ) 35:5
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13:16 13:21 13:25

35:9 36:3 99:22
101:20 129:5 146:10
14:8 14:8 16:16 16:21

defendants’ ( 12 )49:15
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16:23 17:6 18:13

81:13 81:17 131:7
difficulty, ( 3 ) 48:24
20:13 26:12 27:22

131:16 133:10 134:23
65:19 87:11
35:25 38:25 39:11

135:6 135:22 136:11
diminished136:7
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142:7 154:1
direct; ( 4 ) 33:13 73:7
46:10 58:19 59:6

deferred60:4
82:20 154:19
63:23 64:15 64:21

deferring139:14
direction, ( 3 ) 125:23
77:4 86:15 118:13

126:4 155:1

118:14 119:10 125:1
20:6 25:10 27:5 27:22
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7:5 15:1 23:18 33:13
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33:17 43:18 46:18
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49:16 54:10 66:20
drafts ( 6 ) 19:12 19:23
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70:21 70:25 71:2
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55:6 83:16 94:11

72:12 72:14 76:19
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engaged83:24
94:15 128:7

77:1 90:19 94:15
15:22 70:13 87:1
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everything. ( 13 ) 13:19

102:23 103:13 125:17
105:16 119:7 119:15
14:16 16:11 26:14
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126:6 134:1 134:1
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37:10 37:13 40:17
89:13 91:24 92:2 93:9

134:2 134:10 134:14
drawing114:23
40:22 44:17 44:20
93:12 93:13 114:24

136:18 140:1 146:5
drawn ( 6 ) 71:2 89:23
48:13 48:17 49:3 51:2
154:16

147:1 153:15 155:1
91:19 91:25 92:15
51:9 51:12 51:19
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155:12
139:22
69:20 69:25 73:2
evidence, ( 90 ) 3:9

doesn’t ( 9 )19:24
drew63:24
75:12 75:17 75:21
6:19 6:20 8:6 8:21

33:21 73:10 88:11
drop136:11
83:13 92:19 115:24
11:4 12:4 13:8 14:18

90:23 104:1 104:19
due ( 2 ) 36:6 111:11
117:17 119:19
16:3 37:24 38:1 38:15

109:24 111:11
duration76:25
enough ( 14 ) 55:6
40:4 40:9 44:21 45:13

doing ( 12 ) 3:12 4:3
during ( 4 ) 49:7 126:16
61:20 119:15 133:24
46:12 58:8 61:10

21:10 23:20 52:17
128:9 141:15
135:11 135:12 136:9
63:12 64:16 71:4

96:20 109:4 117:4
duty145:8
139:4 146:17 146:19
72:19 72:21 74:19

119:3 119:5 145:18
147:17 147:18 147:19
76:1 77:5 77:9 77:11

148:22
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77:12 78:1 78:1 81:5

domain. ( 3 ) 31:12
enquiries147:10
81:19 81:25 82:16

33:12 121:17
ensure146:11
82:25 83:1 84:7 85:7

e-mail ( 7 ) 17:5 17:14

domestic137:21
entails72:18
85:18 86:1 86:19

don’t ( 78 )3:15 6:14
17:18 17:24 18:2
enter ( 4 ) 13:10 13:13
86:25 87:19 88:6 88:9

6:20 16:14 19:4 19:7
18:12 66:4
79:25 84:3
88:13 88:22 89:11

19:9 21:5 30:21 32:8
e-mailed ( 3 ) 9:3 17:12
entered ( 3 ) 47:10
90:5 90:11 90:13

34:4 44:5 49:18 50:13
50:14
55:23 80:15
90:17 90:25 90:25

52:12 53:6 53:11
earlier ( 6 ) 18:22 29:17
entering117:15
91:9 91:12 91:12

54:13 54:14 56:6
46:15 53:6 66:13
enthusiasm128:23
91:14 92:9 92:11

60:21 61:1 62:2 63:3
151:18
entire51:18
92:14 92:24 93:5 93:8

63:21 64:16 65:14
early, ( 5 ) 7:16 19:12
entirely143:7
93:16 93:18 93:24

65:19 70:6 70:7 71:21
19:23 49:6 53:8
entirety.134:20
94:2 96:12 114:9

72:9 74:19 79:3 81:2
Easter ( 4 ) 134:3
entities, ( 5 ) 38:20
114:16 115:7 115:14

84:8 84:24 85:22
134:11 134:15 136:19
55:19 56:3 64:23
115:18 116:8 134:3

88:22 90:24 91:3 91:7
edition.153:5
101:6
134:5 134:11 135:7

91:7 92:7 92:8 94:23
effect? ( 4 ) 23:10 80:16
entitled20:14
135:24 136:14 138:16

95:1 96:7 96:20 96:23
117:8 142:9
entity ( 2 ) 114:2 114:4
142:17 148:25 149:10

100:5 100:12 103:12
efficient, ( 4 ) 59:8
entries ( 6 ) 65:18 66:5
150:17 151:16

105:24 111:10 111:23
59:16 74:6 125:3
104:3 104:5 104:10
evidential136:12

112:11 117:4 122:5
efficiently124:4
104:15
evil ( 2 ) 90:13 90:14

122:7 123:16 129:25
eight, ( 3 ) 143:11
entry105:17
exact ( 5 ) 6:21 11:7

134:19 135:16 135:20
149:17 154:13
envisaged74:5
11:15 13:22 98:12

137:4 143:15 144:21
eighth101:15
equally, ( 3 ) 61:1 129:3
exactly ( 13 ) 26:12

145:15 145:16 147:23
either ( 9 ) 5:1 5:24 30:8
150:17
28:10 28:11 31:9

148:1 149:9 149:10
30:12 30:14 84:16
equity121:23
41:15 45:12 57:6

149:14 150:5 151:9
121:10 129:13 132:11
error;94:23
71:24 100:6 101:20

155:14
elect135:6
escape ( 2 ) 126:12
111:13 114:21 118:13

done ( 13 ) 67:14
election136:12
154:5
exam126:8

111:15 116:25 121:7
elements62:18
especially ( 4 ) 34:11
examination.69:4

124:3 126:20 126:20
else? ( 9 ) 5:18 5:21
81:3 143:2 143:10
Examination-in-chief
135:2 138:24 144:17
43:11 51:1 83:17
essence, ( 3 ) 49:3
( 2 ) 1:14 156:5

148:4 149:21 151:15
84:21 118:17 145:18
53:14 53:17
examined154:13

Donov(?), ( 2 ) 103:22
154:16
essentially ( 2 ) 35:4
examining,67:24

105:13
emerged142:23
65:8
example, ( 9 ) 3:10

doors112:18
emission5:13
establish81:12
13:20 88:2 102:7

doubt ( 3 ) 32:7 54:17
emitting5:15
estimate ( 5 ) 126:18
105:6 110:15 110:19

143:5
emphasised,67:4
137:3 150:1 150:3
148:16 150:12

down. ( 29 ) 1:12 8:14
emphasising22:14
150:25
exceeded73:24

10:25 26:15 37:10
employed ( 2 ) 100:18
estimates ( 7 ) 133:9
Excel104:16

38:13 40:17 41:25
100:22
133:17 138:9 138:20
excellent.124:15

42:12 48:19 51:12
employee, ( 10 ) 78:4
143:21 147:6 150:8
except ( 2 ) 1:10 19:13

54:21 73:2 75:17
84:24 86:17 95:9 96:3
European61:5
exception137:2

82:19 83:15 83:18
96:19 97:8 112:23
evaluate76:17
excerpt43:1

85:16 86:23 95:3 95:5
114:5 114:23
evaluated91:17
excessive ( 2 ) 60:16

105:12 105:17 112:18
employees ( 5 ) 3:15
evaluation75:23
61:14

127:23 130:3 132:10
95:6 95:21 95:24
even ( 12 ) 21:10 29:6
exchange.5:17

139:14 142:3
96:25
80:1 82:22 91:3 109:3
exchanged17:5

draft ( 18 ) 15:20 15:22
empty64:9
111:8 142:13 143:15
exclusive113:1

18:22 19:13 19:18
enables124:8
145:7 146:19 147:17
execute ( 2 ) 16:23

19:19 19:22 20:9
encompass29:7
evening128:23
17:11

21:16 22:9 22:10
encouragement. ( 2 ) event, ( 8 ) 33:12 85:17
executed. ( 4 ) 14:9

22:12 22:23 26:12
125:12 125:23
88:18 114:15 115:17
16:24 17:8 17:9

64:21 118:15 118:21
encumbered74:13
117:19 129:10 155:4
execution80:10

131:15
end ( 16 ) 51:8 51:9 55:1
events ( 8 ) 11:5 46:8
exercised117:18

drafted ( 17 ) 14:12
59:13 70:13 108:12
74:19 76:15 77:2 81:1
exhibit.94:8

14:19 14:19 14:20
113:6 115:5 120:11
86:2 86:6
exhibited ( 3 ) 52:22

15:7 16:21 18:13
120:15 121:14 125:18
62:16 62:17

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exhortation124:24 exist ( 3 ) 108:8 111:6

117:14 existed,19:18 existence20:12 existing21:20

exists? ( 2 ) 20:9 117:16 expand4:14 expect137:20 expected87:23 expects;147:2 expense(?) ( 2 ) 102:11

130:9

experience ( 5 ) 28:16 115:11 119:2 150:7 150:11

experienced148:10 expert ( 5 ) 99:18

134:25 135:13 135:24 136:13

experts ( 8 ) 134:12 134:15 134:18 134:22 136:6 136:6 137:13 139:13

explain ( 16 ) 2:19 4:19 39:24 39:25 40:16 45:14 45:18 46:16 48:8 57:8 72:9 99:16 102:18 104:2 132:8 132:8

explained ( 14 ) 11:19 40:14 44:11 45:12 70:18 70:22 70:23 82:1 92:6 110:6 114:22 116:12 118:1 153:2

explaining45:19 explains10:6 explanation ( 8 ) 40:7

44:3 46:22 69:21 71:21 111:10 116:6 126:1

exploit ( 2 ) 42:5 80:19 expressed.54:19 extend33:9 extent45:24 extra132:23

extract ( 2 ) 55:18 68:9 extraordinary.144:18 extravagant30:25 extremis144:1

F

fabricated ( 2 ) 88:2

88:4 faced73:20 facet136:9

factual ( 5 ) 54:23 55:2 134:3 134:11 136:23

failed ( 2 ) 52:11 55:9 fair ( 11 ) 22:5 106:5

106:25 132:21 133:25 136:20 137:3 139:10 139:11 142:4 145:9

fairness ( 6 ) 53:19 134:9 136:4 145:25 146:9 146:12

fait129:7 fall142:10

false ( 6 ) 7:25 37:17 38:1 81:19 83:22 127:11

familiar ( 3 ) 84:15 86:14 125:1 familiarised93:24

far ( 33 ) 7:7 7:18 8:9 13:18 15:23 17:4 20:19 23:8 28:10 29:7 30:22 31:16 38:8

39:25 40:7 56:16 57:8 57:13 77:19 78:5 84:1 96:11 97:12 98:25 99:15 120:7 129:20 130:5 137:6 138:21 141:4 143:21 146:18
fast ( 2 ) 39:18 43:23 fate76:11

fault69:6

favour ( 2 ) 129:2 129:3 fear ( 7 ) 48:18 58:25

61:24 82:22 111:24 123:25 130:19

feature.133:7 featured151:22 featuring32:1 February ( 3 ) 1:1 17:19
155:19

Federation ( 3 ) 37:16 37:25 38:2

Fedorenko? ( 3 ) 96:17 96:18 100:15

feed49:24

feel ( 5 ) 4:1 61:3 148:23 149:20 150:12

feels155:5 fell119:6

few ( 9 ) 11:24 12:7 12:11 12:14 58:22 60:1 109:1 112:18 122:25

fiddly,153:21

fifth. ( 3 ) 58:25 102:12 143:25

figuratively154:9 figures102:2

file ( 2 ) 50:5 121:16 files ( 2 ) 124:6 124:7 fill ( 3 ) 110:7 111:21

148:19 filled14:24

filling ( 7 ) 106:1 109:3 109:5 109:7 111:9 111:14 111:22

final ( 6 ) 19:13 19:20 71:6 91:25 131:15 134:14

finance ( 23 ) 2:12 2:14 2:20 2:22 3:7 3:13 3:19 3:22 3:24 5:20 5:23 5:25 96:5 108:23 111:18 112:19 112:22 113:4 113:12 116:15 116:21 118:6 120:14

financed ( 4 ) 3:4 106:8 111:17 120:18

financial ( 3 ) 5:12 13:5 35:19

financing ( 2 ) 3:3 111:19

find ( 5 ) 4:6 31:11 49:24 105:17 149:9

fine. ( 6 ) 32:7 54:2 54:2 68:6 85:12 151:13 finish ( 5 ) 12:15 12:20 53:4 59:14 133:11

finished ( 3 ) 112:1 133:6 137:20

finishes133:3 finishing ( 3 ) 52:19
134:2 136:18

«FIO»,107:7 firm145:16 firmed135:10

first ( 33 ) 1:15 1:19 10:20 16:17 16:22 17:10 36:25 38:16 51:4 51:16 57:14 66:11 66:25 68:17 75:21 85:18 88:15 94:16 95:23 102:12

107:7 112:15 113:25
function ( 3 ) 34:10
giving ( 6 ) 37:25 55:14
happened ( 10 ) 11:25
62:9 63:5 63:14 63:20

125:6 133:18 134:5
35:14 116:21
61:10 72:21 77:10
16:17 31:7 86:10
64:2 64:19 66:18 67:7

134:17 136:17 138:15
funded ( 2 ) 106:8 111:2
93:19
110:24 113:21 118:8
67:17 67:20 68:10

139:11 142:2 144:12
funding, ( 9 ) 106:10
Gladyshev.136:14
131:15 152:25 153:1
68:19 68:25 69:2

152:19
108:25 109:2 110:1
glance81:24
happening, ( 3 ) 4:21
69:21 70:2 70:4 70:11

fit119:17
111:1 117:8 117:10
glanced126:16
53:7 147:11
71:12 81:8 83:16

five, ( 7 ) 104:8 104:9
117:25 135:4
gloss64:18
happens63:11
89:18 112:3 112:12

126:13 126:14 128:5
funds ( 4 ) 135:21
Gloster.151:17
happy ( 2 ) 13:18
112:14 112:15 112:24

144:11 147:21
135:23 136:6 139:16
goal74:10
127:16
113:9 113:16 113:24

five-minute50:16
further, ( 15 ) 10:8
GOM9:9
hard ( 5 ) 19:2 82:14
114:6 114:13 115:5

flabby.148:23
20:23 23:24 31:3
Goncharuk ( 2 ) 103:22
85:8 86:22 100:4
115:10 115:17 115:22

flag,137:24
33:3 48:2 66:17 68:23
105:12
harder130:3
116:4 116:12 116:18

flexibility,149:8
75:10 95:10 105:12
gone ( 4 ) 28:12 133:4
hardly21:10
117:6 117:22 118:4

flicked126:24
119:18 122:4 123:15
144:13 148:21
hasn’t18:23
118:20 118:25 119:9

flights,149:8
152:3
Good ( 29 ) 1:3 36:7
hauled128:25
119:12 119:18 120:7

focus ( 2 ) 45:4 57:2
future. ( 2 ) 35:18 76:11
52:19 53:8 54:5 54:10
haven’t ( 13 )6:5 43:12
120:10 120:20 121:6

focused133:24
54:12 59:5 60:12
59:20 66:8 66:15 73:6
122:2 122:6 122:8

follow ( 2 ) 82:25 150:21
G 60:22 62:22 63:25
80:22 109:18 111:25
122:13 122:15 123:1

followed141:14
64:11 67:11 82:23
124:20 131:17 136:16
123:3 123:9 123:15

following ( 7 ) 22:20
120:23 120:24 120:25
151:12
123:18 123:23 124:5

gave ( 15 ) 22:8 38:22

44:23 66:3 73:15
124:15 129:19 129:24
head ( 4 ) 34:18 73:12
124:13 124:15 125:22

133:8 138:20 143:2
40:8 42:25 69:24
130:11 138:7 144:17
79:12 102:10
126:18 126:23 127:5

footing. ( 2 ) 140:5
72:19 77:5 86:19 90:5
153:8 154:7 154:23
headed ( 7 ) 19:14
127:18 128:22 129:17

140:25
106:18 118:22 125:25
155:6 155:15
34:13 34:15 34:17
129:20 130:5 130:15

footling155:9
131:18 131:24 142:4
goodness63:21
35:12 107:4 107:11
130:17 130:24 131:19

forecast141:17
Gavrilov, ( 10 ) 42:24
granted73:22
heading ( 7 ) 20:24 21:6
131:24 132:3 139:17

forget93:19
76:2 76:5 77:25 78:2
grateful, ( 7 ) 33:15 52:5
23:9 94:18 106:14
139:24 140:3 140:7

forgotten ( 3 ) 10:12
82:8 82:10 83:5 84:8
151:5 151:14 152:23
128:6 153:14
140:18 141:2 141:10

111:25 154:4
86:3
153:19 155:11
headphones63:18
141:23 142:1 142:12

form, ( 6 ) 23:7 45:20
Gayde85:21
great ( 6 ) 48:24 78:19
hear ( 2 ) 4:17 63:16
142:20 144:2 144:16

47:8 47:19 57:5 57:6
gear.150:25
128:23 145:12 147:21
heard ( 7 ) 6:5 6:5 6:7
144:20 145:1 145:23

formal, ( 2 ) 20:16 66:15
Gelios30:12
153:20
10:20 86:14 87:7
146:3 146:8 146:21

formally ( 2 ) 66:9
general? ( 14 ) 13:11
greater150:8
131:17
148:9 149:13 150:5

142:15
14:20 15:10 15:20
greatest ( 2 ) 136:24
hearing ( 4 ) 34:6 35:24
150:16 150:24 151:7

former ( 6 ) 35:3 35:7
33:19 60:18 78:7 78:9
144:14
45:15 130:14
151:13 151:18 151:24

95:6 95:23 96:24 97:8
80:3 84:9 84:22 86:8
green152:9
held104:9
152:19 152:23 153:7

formidable.61:17
98:9 104:6
grips63:15
help, ( 13 ) 15:14 38:21
153:15 153:18 153:23

forms117:7
generally ( 3 ) 3:16
ground,67:11
49:18 49:20 66:17
154:3 154:7 154:23

formula ( 2 ) 45:2
52:17 132:8
grounds89:15
94:10 121:8 121:11
155:3 155:8 155:12

116:10
generated31:8
group ( 23 ) 5:1 5:2 5:3
122:9 123:10 123:20
156:7

formulating ( 3 ) 26:6
Gennadievich,80:14
5:7 12:20 13:4 18:15
124:16 135:17
himself31:20

116:3 116:3
gentleman ( 2 ) 34:22
25:16 27:23 35:23
helpful. ( 7 ) 16:12 36:5
historically,110:24

forth;108:17
86:12
38:19 73:12 73:17
51:22 68:21 78:21
history ( 3 ) 88:12 98:22

fortnight136:17
genuine ( 5 ) 39:7 55:15
73:19 79:12 79:18
79:1 152:19
106:23

forward; ( 4 ) 23:16 49:1
57:3 83:8 87:21
79:19 87:3 98:6 98:13
helping ( 2 ) 75:18
hold ( 3 ) 27:14 111:11

133:5 144:17
genuinely143:18
99:14 100:1 100:23
99:23
136:11

found ( 5 ) 16:11 16:13
get ( 16 ) 4:1 39:18
Group’s ( 3 )9:3 38:20
here, ( 35 ) 8:16 10:10
holder ( 2 ) 57:18 76:24

51:9 51:11 69:12
43:22 52:13 61:15
73:24
23:1 23:4 23:5 29:1
holders27:7

founded. ( 3 ) 74:9
62:9 65:19 72:2 82:4
grow80:2
33:9 39:3 41:15 43:24
holding, ( 5 ) 5:1 30:17

106:18 120:15
127:16 132:13 139:10
grown ( 2 ) 150:14
44:2 45:1 45:23 58:1
30:21 55:21 74:24

founder. ( 6 ) 102:13
148:4 149:21 150:25
150:15
67:2 69:11 71:1 71:25
holds ( 4 ) 105:7 105:8

103:23 104:20 106:16
155:3
guarantee,24:17
72:4 75:1 76:17 77:1
105:13 153:8

106:20 108:5
getting ( 2 ) 9:7 140:20
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84:5 86:6 88:14 91:15
honest, ( 2 ) 19:16 57:5

founders ( 2 ) 102:23
ghastly115:10
97:3 100:10
101:12 102:5 106:7
hope ( 16 ) 1:12 1:15
103:22
Giles ( 2 ) 135:14
guidance118:18
107:14 109:2 124:17
10:7 52:19 53:4 59:14

four ( 7 ) 58:24 70:6
135:20
guided, ( 3 ) 91:2 91:2
130:7 136:12 140:14
60:1 67:4 73:1 126:15

137:9 145:17 147:18
gist ( 8 ) 44:4 44:11
91:9
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131:10 133:11 147:13

147:24 148:2
48:16 55:7 57:13 72:5
guillotine142:15
(hereinafter79:10
154:2 154:5 155:15

four-day134:2
92:9 116:2
guillotining,143:17
herself.39:14
hoped ( 5 ) 59:24 60:10

fourth82:24
give ( 26 ) 6:21 20:19
guilty57:22
hesitate61:14
125:10 125:22 136:17

framed22:4
23:7 25:11 26:10
Guriev.134:18
hesitation32:12
hopefully ( 4 ) 18:24

France,60:1
37:24 44:7 50:10
guts149:18
hide67:18
59:4 64:11 85:11

frankly137:4
50:12 54:17 61:9
Guz ( 2 ) 29:17 29:21
higher ( 2 ) 24:23 80:7
hoping ( 2 ) 18:6 154:3

fraud?57:22
63:12 64:17 71:21
highlighted,64:5
horse’s41:6

fraudulent;77:17
72:1 78:15 82:14
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free ( 3 ) 123:20 126:1
90:11 114:9 114:16
1:12 9:14 9:18 9:23
hours ( 2 ) 11:20 130:21

143:7
122:4 125:25 130:21
22:8 22:13 22:18
house9:4

habits.123:8

freer151:4
132:18 134:10 135:7
22:22 23:7 23:18
housekeeping ( 12 )
Friday, ( 3 ) 1:1 63:22
given ( 34 ) 6:19 12:16
hair62:10
23:21 24:1 31:15
59:19 60:9 61:16 68:7

144:24
15:8 26:23 44:3 46:12
half ( 5 ) 11:8 138:22
31:19 32:4 32:14
123:22 123:25 124:4

friends ( 3 ) 19:4 52:1
52:25 59:4 60:18
144:1 144:11 145:22
32:18 32:21 32:24
124:12 125:18 126:12

94:10
62:19 68:12 82:16
hand ( 8 ) 9:13 52:20
33:2 33:7 36:9 42:14
130:22 156:9

front ( 3 ) 1:17 61:25
90:24 90:25 93:18
63:23 64:21 85:8
45:15 46:14 47:17
However, ( 5 ) 29:5 52:9

101:8
110:5 110:8 113:1
94:10 132:4 151:6
48:1 48:3 48:20 49:10
71:4 85:4 93:9

fulfilled,27:17
115:6 115:14 115:15
(Handed) ( 11 ) 19:10
50:16 50:20 51:3
huge66:21

full ( 3 ) 43:7 93:12
115:16 116:1 119:13
21:17 63:4 64:9 78:17
51:23 52:17 53:10
hundred76:4

148:20
122:10 125:7 125:11
82:15 85:10 86:22
53:22 53:25 54:4 54:7
hypothetical110:15

fuller93:11
126:7 129:1 130:7
108:10 132:5 151:6
54:9 54:16 55:5 58:20

fully ( 3 ) 24:7 63:14
137:9 142:13 142:13
handwriting,135:14
59:1 59:10 59:19 60:4
I
74:7
151:9
hanging152:7
60:12 60:15 60:25

gives ( 2 ) 64:16 82:25
61:19 61:22 62:4

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I’ll75:1

I’m ( 31 )6:12 7:16 8:14 12:11 15:16 22:4 34:4 40:12 40:14 48:1 49:23 50:5 58:9 63:20 68:5 73:6 86:8 86:14 87:22 89:17 98:12 112:12 126:11 127:16 130:21 139:17 141:18 142:20 146:6 154:6 155:13

I’ve ( 7 )6:7 10:11 26:20 72:22 72:24 109:9 140:19

idea ( 13 ) 17:10 23:13 53:8 54:5 54:12 60:21 61:25 62:6 110:5 110:11 129:19 138:7 155:6

identified ( 2 ) 102:10 137:1

identify ( 5 ) 16:8 66:4 95:5 152:5 152:16

ignorance.127:14

Igor ( 2 ) 86:13 96:10 imagine ( 3 ) 29:6

114:15 127:13 immaterial ( 2 ) 23:4

104:12

immediate ( 2 ) 142:21 153:10

impact, ( 2 ) 144:7 145:1

impacted92:11 impacts126:21 imperfect94:9 implementing2:24 implications26:10 import66:23 important; ( 19 ) 49:4
53:5 53:10 57:10 57:16 90:6 90:9 93:20 127:7 127:19 127:20 136:25 142:23 142:25 143:12 145:21 145:21 148:17 155:8
impossibility74:4 impossible ( 3 ) 137:10

145:15 145:15 impression, ( 6 ) 23:8

81:6 82:4 127:11 128:6 153:7

inaccurate,37:19 (inaudible),66:14 include39:15 included ( 5 ) 41:8

77:21 91:24 99:18 101:21

includes34:10 including ( 6 ) 15:6 28:7

77:23 121:22 127:2 136:4

incomplete. ( 2 ) 72:12 93:16

inconsistent ( 2 ) 84:4 84:5

inconvenience129:24 inconvenient42:17 incorrect72:15 incurred.130:20 indebtedness ( 2 )

24:23 34:11 indecision146:22 independent ( 2 ) 75:15
75:23

INDEX156:1 indicate ( 2 ) 62:14
108:3

indicated) ( 4 ) 1:11 52:1 137:19 140:23

indicating31:15

indication63:19
42:19 51:21 51:21
isn’t ( 45 )2:13 2:16

indications,154:20
52:5 87:5 87:6
12:17 12:21 13:3 15:9

indigestible61:23
interpreter’s45:16
15:15 15:21 19:15

individuals ( 4 ) 107:25
interpreters, ( 6 ) 9:1
29:4 29:15 33:25

108:15 109:11 111:7
37:21 42:8 52:4 82:15
34:14 36:15 36:22

inference? ( 2 ) 15:15
86:22
38:6 38:7 39:4 39:8

15:16
interrupt7:16
41:2 55:16 60:25

inform ( 2 ) 93:15 94:1
interruption.33:16
71:18 74:17 77:17

information ( 27 ) 12:23
interview ( 31 ) 36:21
78:4 78:12 83:22

15:8 15:11 15:15
37:5 37:8 39:6 39:10
84:10 90:7 91:22

30:19 31:8 31:9 39:1
39:16 39:17 39:22
92:20 95:14 95:23

57:24 65:3 67:5 67:15
41:10 41:16 45:5 45:9
98:24 103:18 105:6

67:19 72:13 75:1
46:19 47:13 47:15
105:21 106:5 106:17

76:17 77:19 77:21
47:24 70:16 71:1
106:20 106:25 107:13

77:24 91:3 94:7 94:14
71:9 72:2 72:10 72:17
107:20 129:6

99:25 108:4 108:17
77:22 77:24 89:14
issued ( 6 ) 5:9 15:6

109:13 135:4
91:25 114:8 114:20
24:19 48:12 74:4 89:1

informed ( 2 ) 37:14
114:22 115:5 123:13
issuers,99:23

38:18
interviewed ( 7 ) 36:16
issues ( 9 ) 60:2 65:2

initial ( 4 ) 10:3 55:24
36:18 36:22 36:24
65:24 66:1 66:21

56:13 128:6
36:25 36:25 77:14
67:24 118:7 126:13

initially, ( 4 ) 20:6 62:16
interviews, ( 2 ) 45:3
128:14

62:17 111:17
90:18
issuing ( 5 ) 2:25 3:8

initiated, ( 2 ) 57:16
into ( 26 ) 8:24 9:13
4:11 5:9 5:11

89:15
11:18 13:13 18:21
It’s ( 21 )9:18 31:2

ink.52:12
31:11 33:12 45:2
42:17 49:3 52:1 72:11

INN,104:6
45:25 46:2 47:10
72:12 77:11 101:20

innocent ( 2 ) 89:10
55:23 64:22 79:22
104:20 105:22 107:19

90:23
79:25 80:15 84:3
109:9 115:3 136:24

input. ( 4 ) 14:22 15:11
102:8 117:15 122:1
137:10 144:2 144:2

15:24 92:1
138:4 140:20 142:13
145:8 145:19 146:7

insert46:23
143:25 151:25 152:11
its ( 19 ) 6:16 23:9 24:4

insight77:3
intrigue66:23
24:8 25:11 30:17

insist ( 5 ) 47:10 47:23
introduced ( 2 ) 13:6
31:11 51:25 56:16

77:23 89:13 92:1
65:4
80:9 91:5 110:13

instance ( 4 ) 4:18 26:9
introduces64:15
116:14 116:25 117:4

57:25 66:25
invent71:24
120:1 121:17 122:1

instances3:9
invented71:22
134:20

instead19:14
invested74:8
itself ( 3 ) 29:3 29:6

instructed ( 3 ) 20:24
investigation ( 2 ) 51:7
150:4

43:4 88:25
51:15

instructing ( 2 ) 66:19
investigations89:6
J
68:13
investigator, ( 17 )
instruction ( 6 ) 33:17
36:16 36:23 43:19

jeopardised103:8

118:23 142:7 148:3
45:21 57:1 57:25 58:7

152:15 152:16
70:23 70:24 72:20
jest’55:2

instructions ( 8 ) 22:9
77:5 77:14 83:5 85:7
job ( 5 ) 3:18 4:2 12:20

22:18 27:14 28:6
88:25 91:1 93:15
46:5 144:17

32:17 33:3 33:21 89:1
investigator’s37:1
jobs.152:8

insurance ( 4 ) 58:5
investment ( 14 ) 2:25
join130:14

65:11 85:20 102:21
4:13 97:4 97:20 98:1
joined ( 2 ) 96:21 98:1

intend ( 7 ) 22:2 24:4
99:2 100:8 102:25
joining5:5

58:19 94:4 130:6
106:7 107:22 111:19
joint100:9

130:8 140:24
120:15 120:17 120:18
JSC ( 3 ) 73:19 73:23

intended ( 3 ) 20:25
Investrbank,152:10
74:2

23:10 24:6
invite ( 5 ) 20:10 125:8
judgment, ( 4 ) 57:23

intention ( 3 ) 25:19
125:8 137:22 143:23
86:5 89:16 110:23

86:6 140:21
invited122:22
judicial81:21

intentionally37:17
involve ( 5 ) 30:6 30:8
July47:5

intentions ( 6 ) 22:1
30:12 30:14 134:2
jumped.69:17

41:18 41:21 75:3 75:5
involved ( 17 ) 3:7 4:11
June, ( 2 ) 152:1 152:25

75:5
4:18 5:22 12:22 15:4
juniors,145:16

intently126:5
27:5 27:25 28:14 30:5
justified. ( 2 ) 62:18

interaction27:23
35:8 35:22 39:2 117:5
150:4

interest83:10
118:9 120:1 122:1

interested ( 4 ) 19:5
involvement? ( 4 ) 14:3
K
45:6 57:7 57:15
64:23 64:25 132:25

interests. ( 5 ) 27:6
involves.126:2
Kalinin ( 7 ) 102:15

88:24 111:5 111:7
involving29:11

102:21 103:10 105:8

125:25
IPO121:14

105:10 110:17 110:20

interfere ( 3 ) 27:9 56:9
Irina ( 26 ) 15:12 15:22

kapital; ( 2 ) 101:18

56:14
18:4 18:17 20:19 21:3

internal33:17
21:8 26:5 28:7 36:24
102:5

keen89:6

international48:11
36:25 37:3 41:6 74:24

interpret ( 3 ) 9:2 37:22
77:10 79:8 79:13
keep ( 9 ) 78:20 116:10

137:7 137:23 139:14

42:9
82:10 98:1 98:25

149:8 149:23 154:23

interpretation63:17
112:20 113:3 113:22

155:13

interpreted1:10 113:23 114:19 123:11

keeping31:5

INTERPRETER: ( 9 ) irrelevant32:6

kept ( 3 ) 68:15 68:22

42:10 42:10 42:15
irrespective103:16

133:8

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key ( 2 ) 92:7 137:4

Khortitsa ( 3 ) 103:21 105:13 108:21

kick139:14

kind ( 5 ) 3:12 4:20 62:4 108:4 109:16

knew ( 11 ) 18:16 18:17 18:18 35:23 41:6 77:12 96:9 98:21 114:24 118:11 120:19

know ( 111 ) 3:15 6:14 8:9 9:15 11:12 11:15 15:2 19:4 22:1 29:7 30:22 32:11 32:16 32:16 41:18 41:20 43:1 44:25 45:8 49:18 50:13 53:7 54:13 56:16 56:22 57:21 59:11 60:21 63:3 63:21 70:15 72:21 74:20 74:21 75:8 76:6 76:11 76:14 76:18 76:19 76:19 76:23 77:2 78:2 78:5 81:2 82:10 84:1 84:4 84:8 84:14 84:19 84:24 86:13 90:16 90:19 90:20 90:20 90:24 91:3 91:7 91:8 92:7 92:9 94:23 95:6 96:2 96:4 96:7 96:11 96:19 96:20 96:25 97:3 97:8 97:12 98:19 99:9 99:10 99:15 100:3 100:5 100:12 100:17 100:24 101:1 105:24 117:4 118:4 119:9 120:10 123:3 124:7 127:7 130:10 137:5 141:5 141:12 142:16 143:17 144:21 145:1 145:24 148:1 149:23 151:9 151:16 152:25 154:8 154:10 154:25

knowing114:17 knowingly37:25 knowledge ( 16 ) 2:1

6:24 8:8 22:3 27:18 29:24 30:2 74:23 78:11 83:22 84:6 85:5 88:14 93:13 97:16 110:8

known ( 5 ) 79:13 96:11 97:19 99:11 121:3 knows ( 2 ) 29:22 31:7

Kolmakov, ( 3 ) 95:22 96:7 96:10

Kolpachkov? ( 2 )

34:23 35:13

Kompaniya6:2

Kosova. ( 3 ) 132:16

132:17 133:14

Kristina ( 3 ) 15:24

113:20 113:22

L

lady13:1 land17:23 language,52:10

largely ( 2 ) 127:9 139:6 largest, ( 2 ) 104:14
104:14

last ( 12 ) 37:20 42:6 42:6 43:8 43:9 59:25 93:3 131:8 135:14 136:8 148:10 153:2

last-minute52:22 late ( 4 ) 66:12 123:24
136:16 155:13

later ( 8 ) 7:1 12:4 20:6 76:2 80:6 127:15 130:2 133:6

latest ( 2 ) 52:6 128:5 latitude142:13 lawyer, ( 3 ) 9:4 12:25
56:22

lawyers ( 2 ) 116:2 116:10

lay ( 3 ) 114:4 118:15 118:16

leading99:18 learnt76:2

Leasing ( 2 ) 6:2 6:14 least ( 8 ) 76:23 115:20 117:5 134:2 143:14

143:23 145:20 153:9 leave ( 5 ) 39:20 89:6

130:24 136:13 148:14 leaves ( 2 ) 131:22
141:7

left ( 7 ) 45:22 97:10 113:16 115:13 127:6 130:3 153:8

legal ( 10 ) 37:23 38:20 55:19 56:2 57:17 94:15 117:17 121:18 121:19 129:15

legally ( 3 ) 20:17 23:10 56:3

legible, ( 5 ) 50:25 51:1 52:9 53:1 58:18

legislation, ( 5 ) 47:6 47:18 116:24 117:1 117:11

less ( 8 ) 39:7 52:25 81:7 87:21 141:14 145:21 148:11 150:4

lessen119:13

let ( 17 ) 6:17 8:5 9:1 9:20 13:2 35:4 48:6 48:8 54:16 67:14 82:20 141:5 145:2 149:23 154:8 154:10 154:25

let’s ( 3 )21:5 103:6 124:2

letter ( 2 ) 18:4 128:5 letters ( 2 ) 62:1 125:2 level127:14

Levitskaya, ( 21 ) 36:17 36:19 40:1 40:13 41:8 45:10 46:9 46:16 46:21 47:1 57:4 71:2 71:5 72:10 77:7 77:20 89:2 92:1 114:20 115:6 123:12

Levitskaya’s ( 5 )36:21 37:4 39:12 114:8 123:14

liabilities.80:9

liability ( 3 ) 37:23 72:17 72:18

liberty30:22

lie. ( 6 ) 66:22 81:22 88:11 88:24 88:25 111:12

lies, ( 4 ) 74:17 74:22 76:16 77:6

lieu61:22

life ( 2 ) 147:11 151:4 lifted,66:6

light ( 8 ) 66:18 132:25 133:1 135:3 135:4 141:2 145:6 146:3

like ( 23 ) 4:16 20:10 31:13 35:10 42:5 53:9 59:9 70:13 79:2 80:20 86:25 94:16 96:15 98:7 105:16 115:2 128:1 128:8 136:11

140:13 145:19 149:17 152:7

likely ( 10 ) 11:25 57:2 57:9 72:11 90:8 95:20 101:24 102:5 114:10 136:13

limit.145:20 limited.104:4 limits121:22

line ( 28 ) 42:3 42:18 43:14 66:22 95:12 95:22 102:7 102:15 102:15 102:15 102:16 102:20 102:21 103:10 103:10 103:21 103:23 105:6 105:12 105:19 105:22 105:23 105:23 105:24 105:25 109:21 112:16 141:20

lines ( 14 ) 22:19 42:7 64:8 65:7 65:22 67:24 102:8 103:25 104:3 104:15 105:24 109:18 151:21 152:17

link130:9 links108:8 lips54:16

list ( 12 ) 14:11 95:3 95:5 103:18 104:18 104:20 106:4 107:20 107:21 107:24 108:2 109:10

listed ( 7 ) 65:1 103:15 103:17 104:7 106:7 110:25 121:15

listen140:15 listing65:2 lists101:15 literally ( 3 ) 39:21
62:19 106:15 litigants145:10 litigation. ( 2 ) 31:8 67:3 little ( 12 ) 4:19 46:15

48:2 59:7 61:24 68:8 75:10 75:17 76:11 99:16 132:13 132:18

live147:8 living128:24 Lizingovaya6:1

LLC? ( 16 ) 30:12 30:14 38:21 57:19 73:21 74:13 76:12 79:9 79:12 79:13 79:16 79:20 79:23 80:4 80:15 87:3

LLC’s ( 4 )73:25 74:3 74:7 76:7

load145:6

loan ( 10 ) 13:22 15:5 24:15 73:22 74:13 79:17 83:21 104:23 104:24 104:25

loans ( 25 ) 3:2 3:8 14:12 14:22 15:2 15:4 15:5 15:23 24:13 24:19 24:25 25:18 25:22 26:1 26:3 73:18 74:4 79:20 84:2 101:11 101:15 107:22 108:3 108:20 109:15

loath56:23

located ( 3 ) 6:15 6:16 6:16

logic.110:13

logical ( 2 ) 20:8 110:24 logistical137:22 logistics60:2

Lokai? ( 2 ) 97:7 97:8 long ( 22 ) 19:18 22:25 23:21 59:11 62:3 79:14 95:1 110:12

112:3
112:13 121:4
Malevska2:9
meantime,54:9

122:8 126:18 127:13
malfunctioning.85:11
meet ( 4 ) 141:6 151:1

127:18 138:20 138:23
Malookhtinsky6:13
154:21 155:15

141:20 147:22 150:17
Malysheva ( 54 ) 7:19
meeting ( 14 ) 11:9

152:21 152:22
11:12 11:18 15:1 15:9
11:14 11:16 11:20

long-standing ( 2 ) 15:12 15:14 20:7
11:22 11:25 12:2

114:14 120:25
20:15 20:23 21:18
59:21 73:13 73:14

long-stop129:22
21:24 22:8 24:2 25:5
73:16 73:16 83:1 84:1

longer ( 9 ) 18:14 45:23
26:4 26:5 28:5 28:7
meetings42:24

47:21 52:20 59:10
36:22 38:21 43:4
member ( 5 ) 34:16

59:17 79:19 84:18
46:13 72:19 74:24
55:17 112:21 113:1

132:13
76:15 77:6 77:13
113:20

look ( 44 ) 4:4 4:8 8:12
79:8 79:13 82:7 82:18
memorandum ( 58 )
14:17 17:14 17:18
83:4 86:3 97:23 97:25
5:13 6:18 6:22 7:4

26:13 31:2 32:5 37:5
98:17 98:25 112:16
7:7 7:14 7:18 8:7 8:10

43:8 46:12 51:2 52:10
112:20 113:3 113:15
8:21 10:15 10:17

53:3 54:14 56:12
113:18 113:22 113:23
11:13 12:5 12:13

58:21 59:7 59:21
113:25 115:11 119:7
14:11 14:14 14:20

69:18 82:22 83:3
122:23 123:4 153:2
15:8 15:21 15:22

83:11 85:6 92:17
153:8 153:15 153:24
16:19 17:3 17:9 18:13

92:22 94:7 94:17
Malysheva’s ( 5 )8:7
18:24 19:12 19:14

101:5 102:7 105:4
12:3 15:19 74:18 78:1
20:6 20:14 20:21

106:13 109:21 115:22
man? ( 2 ) 89:10 90:23
21:25 22:11 22:12

119:18 125:16 126:25
management ( 5 ) 29:23
22:14 23:9 24:5 24:7

128:5 128:15 142:6
30:9 74:6 79:7 152:12
24:9 25:7 25:10 25:13

150:16 152:20 155:10
management’s118:18
25:25 26:7 26:13

looked ( 6 ) 77:4 88:10
manager; ( 4 ) 96:12
26:21 26:25 41:23

88:22 89:8 142:21
98:13 102:10 114:4
56:7 56:12 56:20 58:3

148:25
managers ( 2 ) 79:23
76:20 88:20 118:16

looking ( 16 ) 10:23
98:2
119:19 119:25 120:3

16:10 31:24 38:16
manner152:18
memories,115:3

39:20 40:21 50:5
many ( 5 ) 58:20 94:10
memory, ( 9 ) 16:22

66:22 69:8 69:13
95:4 100:3 100:5
23:5 50:12 98:7

73:11 74:5 87:25
March ( 5 ) 36:17 36:18
100:15 108:11 114:12

94:13 117:24 149:20
132:10 132:17 132:18
115:2 115:4

looks61:17
Marine ( 9 ) 12:20 12:22
mention ( 4 ) 27:24 47:2

Lordship. ( 45 ) 1:4 38:19 73:12 73:17
47:22 90:9

1:25 31:7 31:10 36:14
79:12 79:18 79:19
mentioned, ( 9 ) 43:21

50:24 51:18 60:11
87:3
47:4 71:5 83:25 106:3

62:2 62:24 63:17
Maritime44:14
106:4 106:6 110:2

64:14 66:17 68:7
marked85:14
111:2

68:17 68:20 68:24
marker142:3
mentions75:18

89:22 90:3 112:7
market. ( 4 ) 5:13 24:21
mergers,5:5

122:11 124:1 124:11
74:12 116:24
mess.122:18

125:8 127:15 127:23
Maslennikov, ( 6 ) met ( 4 ) 96:9 98:23 99:1

129:25 132:16 132:22
84:10 84:22 84:24
99:5

134:14 134:16 135:1
85:1 86:7 90:1
middle ( 3 ) 87:12 148:5

136:21 137:19 138:10
Maslennikov’s86:18
148:16

140:2 143:20 151:21 material ( 8 ) 14:2 48:16
might ( 38 ) 18:6 18:18

152:9 152:14 154:18
49:2 55:15 56:10
25:6 25:12 25:24

154:20 155:1 155:2
56:24 109:12 144:14
29:18 35:17 36:3

155:5
materially57:10
48:20 49:18 50:10

Lordship’s ( 7 )1:4 matter ( 22 ) 10:21 16:2
53:8 58:7 61:3 61:4

20:10 61:18 61:21
44:4 44:10 44:11
62:22 63:11 66:23

68:8 81:10 129:24
60:15 84:17 104:1
96:4 108:8 111:6

lot, ( 8 ) 34:7 35:2 35:5
104:19 125:18 127:5
124:1 124:21 125:19

35:23 64:25 110:14
127:7 131:19 135:5
125:19 125:24 126:15

144:14 150:16
135:24 136:1 139:6
128:2 128:11 128:14

lots31:12
143:8 150:7 150:10
130:1 130:9 138:2

loud?79:2
150:10 150:11
138:5 138:11 140:15

low.»74:14
matters. ( 13 ) 36:6
148:20 149:3

lower ( 2 ) 80:5 102:15
59:20 60:4 72:1 87:20
Mikhail ( 6 ) 80:14 95:8

lucky.123:19
126:6 127:9 129:1
98:5 98:25 120:12

lunch ( 4 ) 49:6 49:7
141:15 142:10 150:18
120:19

52:21 53:6
153:23 155:12
Millard134:22

Luncheon62:12
Maybe ( 8 ) 15:17 47:15
mind ( 9 ) 17:4 22:25

50:14 98:6 115:1
60:8 69:8 79:3 119:22

M 119:6 128:7 153:18
121:6 137:10 139:15

McKenzie,50:6
minds ( 2 ) 145:6

mean ( 18 ) 15:1 20:3
150:25

Maggs136:14

20:3 21:7 28:21 33:4
minor ( 2 ) 138:11 152:9

Magnum. ( 6 ) 62:8
43:18 49:10 60:21
minus80:9

63:24 85:11 94:8
66:25 84:5 84:11
minute104:2

124:8 124:16
84:19 88:3 120:23
minutes ( 11 ) 11:21

main ( 2 ) 6:13 111:15
126:19 128:22 145:17
39:13 39:13 39:16

majority ( 2 ) 55:10
meaning ( 3 ) 80:21
41:9 43:15 52:16

108:24
80:22 82:1
89:18 112:2 126:14

makes ( 3 ) 63:3 110:14
means ( 5 ) 12:3 53:2
128:5

110:21
101:24 102:5 106:24
Mironova, ( 20 ) 14:13

making ( 5 ) 23:2 57:23
meant ( 3 ) 4:24 93:6
14:19 14:22 15:13

91:1 137:25 153:25
121:2
15:24 34:14 34:15

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34:18 35:12 36:5 113:20 113:22 133:14 138:2 142:22 144:4 144:7 144:23 150:13 153:13

Mironova’s148:25 mirror ( 4 ) 40:2 46:17

46:21 124:19 misleading, ( 4 ) 39:4

39:5 86:1 93:16

misled91:11 misnumbered92:17 misplaced61:13 misrecorded;71:9 misrepresented55:8 miss42:18

missing. ( 3 ) 42:4 70:6 94:21

mistake. ( 3 ) 8:4 70:1 101:10

mistaken. ( 4 ) 13:2 69:10 82:17 100:16

«Mne40:24 mogu78:23

moment ( 7 ) 36:7 87:24 96:14 96:24 104:22 113:21 140:3

Monday ( 25 ) 60:5 68:3 124:1 124:3 124:7 124:17 124:23 126:13 128:18 129:15 129:16 130:2 130:5 130:14 131:10 141:6 145:3 151:1 151:3 154:2 154:8 154:22 155:4 155:15 155:19

money ( 4 ) 116:19 131:2 135:11 135:12

monitor ( 2 ) 109:10 143:6

monitored107:23 monitoring ( 20 ) 2:15

2:17 5:25 33:24 34:5 34:9 35:6 35:11 35:15 107:24 108:7 108:20 108:25 111:5 113:7 113:9 113:11 113:14 151:25 153:12
month, ( 2 ) 111:14 152:4

monthly111:15 months82:17 mooring17:22 moot.109:4 morning. ( 5 ) 1:3 2:7

55:20 70:22 130:2

Morskoy ( 3 ) 44:15 55:9 90:2

mostly105:19 mouth.41:7

move ( 10 ) 54:17 94:6 113:13 135:8 138:2 138:5 144:3 145:8 149:3 152:11

moved ( 9 ) 2:15 2:17 60:9 111:19 113:9 120:12 132:1 150:9 153:3

movement ( 2 ) 152:2 152:3

moving ( 2 ) 116:13 144:17

must ( 12 ) 1:13 7:23 32:3 33:3 33:11 33:12 38:10 62:24 110:13 141:5 145:13 149:23

mustn’t, ( 2 )23:25 145:24

mutual23:17

myself. ( 14 ) 15:3 35:13 36:24 43:20 54:4

71:16 73:6 79:25 88:5 89:12 93:24 119:6 121:12 123:12

N

N10919:2

name ( 17 ) 32:16 32:21 86:13 86:16 86:16 94:19 98:6 102:13 103:1 103:1 103:14 107:4 107:6 107:7 109:11 109:22 110:25

name/company,107:10 named, ( 2 ) 103:22

119:24 namely74:2

names. ( 5 ) 30:23 31:1 95:3 95:5 104:6

naming95:13 nascent;117:20 natural,19:24

nature ( 5 ) 19:17 56:19 70:17 82:8 130:7

Nazarov. ( 2 ) 128:19

138:5

near ( 4 ) 35:18 51:5 51:8 87:16

necessarily ( 2 ) 65:14 66:20

necessary ( 11 ) 12:23 15:13 19:9 60:5 67:8 94:1 99:25 102:3 145:4 150:13 151:1

need ( 28 ) 1:13 9:16 10:8 13:15 19:4 19:7 33:2 48:16 53:2 54:14 58:18 61:11 63:10 63:17 71:13 87:18 89:17 124:7 128:8 128:10 129:23 129:25 132:12 135:16 137:1 137:18 151:24 154:21

needed ( 6 ) 14:8 59:11 118:14 121:7 150:9 154:9

needlessly,139:4 needs ( 3 ) 62:2 94:11
131:6

negative ( 2 ) 74:1 80:12

negotiation130:25 negotiations ( 2 ) 74:24
83:24

neither ( 2 ) 67:2 119:24 neizvestno»;40:24 never ( 6 ) 20:19 24:25

24:25 72:21 72:22 76:22

Nevertheless, ( 4 ) 9:7 26:22 61:6 143:4

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Nevsky58 ( 3 ) 102:19

103:1 103:10

Nevsky59. ( 2 ) 103:7 103:9

news52:6

next ( 10 ) 25:6 59:25 75:11 75:19 75:25 81:8 94:6 125:3 134:21 136:1

nice,131:24

nie ( 2 ) 42:7 42:22 night,66:13

Nikolai ( 2 ) 97:7 97:8 nine ( 4 ) 76:4 76:4

148:10 150:7 nominal ( 3 ) 27:7 107:14 107:14

nominee ( 3 ) 110:19 110:20 121:8

non-compliance,26:9 non-

controversial;81:21 nonetheless,154:21 noon124:6

nor ( 4 ) 42:24 67:2 115:18 119:24

normal,43:4 normally122:16 notarised, ( 2 ) 47:7
117:16

note, ( 11 ) 47:12 47:23 71:1 71:2 71:6 72:10 72:16 77:21 77:24 89:14 91:25

noted64:10

notes ( 8 ) 3:1 46:19 90:17 115:15 117:12 138:19 139:5 147:19

Nothing ( 6 ) 21:14 23:5 27:22 41:10 114:12 114:12

notice ( 4 ) 52:24 81:21 125:7 130:21

noticed13:9 notwithstanding136:15 November ( 3 ) 2:13 4:2
33:23

number ( 20 ) 35:24 44:13 64:13 64:23 64:24 65:5 73:19 94:18 95:12 100:2 102:9 102:11 104:3 104:10 104:11 104:13 104:14 104:15 112:25 120:17

numbering ( 2 ) 69:16 70:1

numbers38:22 numeration94:23

O

oath1:25

objection ( 2 ) 53:19 53:25

obligation ( 3 ) 55:25 67:9 67:12

obligations ( 9 ) 24:4 24:8 27:16 56:16 56:18 58:3 67:10 88:19 120:4

obliged,23:19 obschalas’42:8 observation.146:4 obsolete,113:13 obtain65:17 obvious, ( 3 ) 107:13

119:2 142:9 obviously ( 31 ) 12:19

21:23 25:10 25:24 29:2 31:9 32:6 39:6 49:11 52:15 55:14 59:25 65:2 65:19 67:11 92:15 102:17 103:5 107:3 107:17 110:10 125:14 129:2 130:2 133:3 134:6 140:12 145:24 147:4 152:14 154:18

Obvodny123:14 occasion? ( 3 ) 18:8

29:12 46:13 occasions ( 4 ) 65:6

104:7 135:23 137:12 occurred61:6 oddness,60:25

offer? ( 3 ) 13:23 21:21 86:11

offered80:5 offers99:20

office ( 18 ) 6:13 6:16 7:19 8:7 11:18 12:4 36:20 36:20 36:21 37:2 37:4 39:12 39:20 112:17 122:22 123:14 152:11 154:4

offices43:21

official. ( 2 ) 53:16 89:5 officials155:14 oft-referred-to149:3

Okay. ( 7 ) 70:11 71:7 92:25 109:9 131:14 142:1 154:23

old94:9 older,150:6

OMG ( 21 ) 13:12 13:14 13:21 14:2 14:5 15:6 16:5 18:14 24:16 24:18 24:25 25:3 25:16 27:23 28:9 28:13 28:17 35:3 35:7 35:22 44:10

OMGP ( 2 ) 9:8 57:3 once ( 6 ) 10:8 16:6

40:13 47:14 103:13 111:14

one-hour60:9

one-off ( 3 ) 18:15 18:19 118:21

ones16:22 online,60:20 onwards,113:21 open ( 2 ) 60:18 73:7 operate,25:12 operation.132:12 operations; ( 4 ) 117:9

117:10 117:25 117:25 opinion,101:22 opportunity ( 3 ) 79:25

80:4 117:14

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94:14 129:18 option. ( 3 ) 117:16 117:17 117:18

oral ( 2 ) 21:13 23:13 order ( 14 ) 2:23 9:14

12:23 48:5 74:1 74:7 79:21 107:22 125:12 134:12 138:1 138:11 143:24 151:1

ordinarily ( 2 ) 67:8 116:14

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102:24 103:14 organise4:25 organised? ( 3 ) 33:20

107:17 120:17 organiser;5:16 organising118:9 organogram.151:6 organograms151:19 original ( 20 ) 7:10 10:5

16:3 16:18 16:21 17:2 17:8 26:22 27:1 27:5 27:11 27:13 27:19 29:14 30:10 40:10 56:8 56:14 65:8 120:5

originally142:24

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others ( 3 ) 61:10 95:20 129:25

otherwise ( 4 ) 1:11 122:17 141:2 153:19

ought ( 2 ) 60:20 66:5

outside, ( 4 ) 52:7 61:2

130:25 152:7 outstanding ( 7 ) 14:12

15:23 124:18 127:1 127:6 127:10 128:11

over ( 19 ) 39:18 43:22 54:11 59:22 69:3 75:19 83:13 86:19 95:25 108:13 126:23 128:15 131:11 132:20 133:12 143:25 148:10 150:22 154:12

overall24:23 overestimate147:2 overlooked106:2 overnight,66:3 overseeing ( 7 ) 112:21

112:24 112:25 113:2 113:3 113:7 113:19

overspill138:3

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owner.» ( 9 ) 10:5 55:17 56:4 79:12 106:25 107:14 107:15 121:18 121:19

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pace134:6

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package ( 2 ) 8:22

118:14 pages44:17 paid136:8

paper, ( 8 ) 21:12 21:14 23:14 48:20 118:15 118:18 118:19 155:6

papers.19:10 parameter. ( 2 ) 148:17

148:17 parameters148:9 pardon, ( 10 ) 7:23 8:4

10:23 37:18 40:19 58:17 71:19 81:11 87:9 87:10

Paris, ( 8 ) 60:17 60:18 61:3 132:22 138:17 143:4 147:13 151:16

part ( 29 ) 2:24 3:18 6:10 8:22 13:10 14:20 15:5 18:16 18:19 24:18 25:19 30:2 30:20 32:11 43:2 47:11 60:16 61:5 70:7 73:9 82:24 88:18 90:19 102:25 104:8 112:18 112:22 116:20 121:17

participations104:9 particular ( 14 ) 14:18

20:4 41:8 57:5 66:5 69:21 88:23 102:19 103:3 104:19 111:9 111:20 118:3 145:13

particularly ( 4 ) 64:16 86:6 90:6 127:20

parties ( 8 ) 23:14 25:6 31:11 38:25 80:7 134:9 136:20 154:17

partly?97:24 partner ( 16 ) 29:13

29:19 30:16 30:21 105:18 105:20 105:23 105:25 106:3 106:10 109:1 109:19 110:20 110:21 111:3 111:18

partners. ( 4 ) 29:11 106:6 120:1 122:1

parts: ( 4 ) 55:24 65:16 99:13 102:17

party. ( 5 ) 27:17 28:22 56:16 121:8 142:25

Pasko138:2

passage ( 2 ) 80:2 115:1 passed109:13 past128:23 patronymic.107:8 (Pause) ( 9 ) 17:25

26:19 50:1 54:19 75:14 81:11 85:13 85:19 85:24

pausing39:3

pay ( 3 ) 45:4 135:11 135:12

PDF50:12

penal ( 4 ) 37:14 37:16 37:24 38:4

penalty81:22 pencilled ( 2 ) 154:9

154:24 pending68:23

people ( 34 ) 13:6 13:9 18:17 18:18 39:2 41:3 52:2 60:25 84:15 84:18 84:20 88:21 90:13 90:18 90:25 91:12 95:5 95:13 95:25 96:1 96:5 96:15 99:1 110:6 110:9 118:22 119:5 146:6 151:15 151:16 152:8 152:17 152:21 152:24

per ( 18 ) 55:17 56:4 57:18 58:3 76:3 76:7 80:17 105:7 105:8 105:10 105:11 105:13 105:13 109:24 110:16 110:17 117:2 148:2

perceive45:2 perception118:22 perfect,50:25 perform24:8 performed ( 2 ) 27:17

29:19 performing29:14 perhaps ( 36 ) 5:3 15:17

19:6 29:22 37:19 48:7 48:16 49:4 49:7 53:8 53:16 54:5 62:22 63:3 63:6 71:15 72:4 73:7 77:16 85:6 90:4 91:1 91:5 91:8 94:23 96:4 103:2 112:10 124:4 125:8 126:15 128:9 129:22 135:17 137:5 137:14

peril,125:17 perils67:3 period ( 2 ) 11:12
138:23

perjury ( 2 ) 81:22 81:22 permission ( 2 ) 1:5
68:17

persecution ( 2 ) 89:10 90:22

person, ( 8 ) 43:15 86:15 96:10 106:9

107:7 110:25 118:20 121:2

person’s41:18 personal85:5 personally ( 4 ) 3:14

9:11 10:18 137:6 personnel151:22 persons ( 5 ) 13:4 94:8

94:14 94:15 108:16 persuade68:1 pertaining111:16 perused46:4 Petersburg? ( 13 ) 6:3

6:14 79:8 95:7 95:9 95:19 95:25 97:9 97:16 98:24 99:11 120:12 120:13

Petersburg’s79:17 Petrov80:15 phone ( 2 ) 42:25
123:11

physical ( 3 ) 94:8 94:14 107:7

physically ( 5 ) 6:16 46:7 137:10 145:14 145:15

pick ( 4 ) 133:13 135:25 138:15 139:7

picking7:24 picture93:12

piece ( 3 ) 21:12 21:14 87:19

pieces88:6 pink52:8

place ( 9 ) 11:10 11:20 36:21 42:17 60:19 62:7 73:14 82:21 110:22

placing ( 2 ) 5:16 99:24 plan ( 2 ) 27:7 146:5 planned ( 2 ) 27:9 27:9 planning140:5 plea,140:16 pleadings, ( 7 ) 126:15

127:1 127:7 127:19 129:4 129:8 129:15

pleasant115:3 pledge74:13 pledged ( 2 ) 24:22
79:17

pledger ( 2 ) 73:22 79:16

pledges,25:3 plot17:23 plugged135:1

Plus115:2 pointed64:4

points ( 10 ) 60:1 96:1 125:7 126:25 127:2 127:20 127:20 127:25 138:15 142:8

pokazat’78:23

police ( 7 ) 36:16 45:3 85:2 114:9 114:16 122:22 123:5

poor ( 3 ) 48:6 48:14 48:15

poorly.23:20 Popov, ( 2 ) 134:24

140:13 portion16:6

Ports ( 2 ) 79:12 87:3 position ( 23 ) 20:1 25:1

25:4 35:19 41:5 41:21 46:7 55:9 63:9 65:4 66:8 66:9 79:19 98:14 99:10 105:5 116:7 116:7 125:4 130:10 133:12 142:14 145:7
possibility: ( 2 ) 26:2 74:6

possible ( 15 ) 4:6 4:25 26:9 39:18 43:23 47:15 50:10 52:4 71:14 99:21 137:25 141:5 149:24 150:24 154:11

Possibly ( 9 ) 29:5 35:17 41:14 44:17 53:2 91:24 101:20 127:5 142:23

posting151:8 pot,136:7

potential ( 2 ) 24:12 74:8

potentially ( 2 ) 65:12 141:8

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51:15

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preparation ( 6 ) 6:18 35:8 39:11 55:6 93:23 145:2

preparations ( 2 ) 141:4 147:10

prepare ( 10 ) 5:13 12:24 15:20 115:25 118:14 118:15 138:19 139:5 144:8 147:18

prepared ( 15 ) 6:22 9:25 10:2 12:6 12:13 16:17 32:6 35:4 35:5 124:1 127:15 139:6 147:4 147:5 147:8

preparing ( 12 ) 13:9 35:24 44:12 46:3 46:5 64:21 92:13 93:21 94:24 99:19 99:21 129:1

presence, ( 2 ) 41:4 77:9

present ( 4 ) 11:15 12:2 81:25 95:6

presentation ( 3 ) 81:13 81:15 142:2

presented ( 2 ) 39:6 141:22

presents ( 2 ) 83:3 83:8 preserved73:6

press ( 2 ) 99:6 99:7 pressure ( 3 ) 119:13 139:10 143:20

pressures126:1 prestupleniya,55:3 presumably,15:13 presume44:2 presumes55:24 pretty144:13

prevent ( 2 ) 74:1 79:21 previous ( 5 ) 42:19

42:20 42:21 63:19 137:8

previously, ( 6 ) 70:25 91:19 125:25 126:4 141:11 142:16

price, ( 5 ) 75:16 76:5 80:6 80:7 80:7

principal145:25 print ( 4 ) 49:5 50:14
58:18 59:5

printer ( 2 ) 52:7 52:11 prior ( 4 ) 4:2 28:9 39:21
77:10

priority ( 2 ) 109:10 128:14

privy31:10

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problem. ( 8 ) 16:8 31:23 34:7 34:10 35:14 35:16 35:17 35:22

problematic34:1 problems ( 2 ) 137:21

137:22 procedural123:8 Procedure ( 2 ) 37:16

38:4 proceed,67:22 proceeding140:25 proceedings ( 17 ) 32:2

34:7 44:12 46:3 46:6 52:2 53:23 60:20 64:24 64:25 86:20 91:6 92:14 93:5 93:23 130:8 132:14

process ( 4 ) 5:15 35:23 50:7 68:13

produced. ( 2 ) 52:14 64:3

producing72:17 professional43:2 Professor ( 2 ) 134:18

136:14 progress ( 4 ) 59:9

59:17 68:5 136:17 progressing69:7 project ( 10 ) 102:19

102:25 103:1 103:3 103:7 103:12 104:25 109:12 110:2 111:1

projects, ( 22 ) 2:25 3:4 3:18 4:13 65:23 102:23 103:15 104:5 104:13 106:7 107:17 107:23 108:24 109:2 109:7 110:1 111:2 111:16 111:17 111:19 111:22 120:17

prolong137:11 prolonged137:18 promise,120:8 promises119:23 promissory ( 2 ) 3:1
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proper ( 7 ) 59:4 59:5 72:1 89:15 133:17 133:24 143:19

properly ( 4 ) 57:20 87:8 89:13 118:12

property79:16 proposal ( 2 ) 150:22
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proposed ( 4 ) 59:22 113:13 136:23 150:1

prospect80:6 prospectuses,99:19 protocol, ( 2 ) 131:6
131:12

provide ( 13 ) 2:23 3:3 3:21 3:24 5:7 13:24 15:25 22:19 22:24 29:9 35:19 38:24 40:6

provided ( 6 ) 4:23 14:7 86:3 101:15 108:18 109:1

providing ( 5 ) 4:12 5:11 35:15 106:10 110:25

provisionally,143:23 prudent133:5

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public ( 5 ) 29:9 31:11
91:10 92:24 93:5
21:8 21:19 21:20
regarded79:24
40:16 45:20 46:21
result90:22

33:12 121:15 121:16
100:1 109:9 110:12
22:12 22:13 22:16
regards114:17
47:2 47:11 47:18
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publicly101:25
113:19 114:13 126:11
22:22 23:2 28:10
regions99:20
47:22 55:23 55:23
results,92:12

purchase ( 9 ) 10:2
127:2 136:22 137:24
28:10 28:11 29:20
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57:8 68:19 70:23 71:3
return ( 3 ) 68:2 69:4

47:6 55:24 56:1 80:10
143:12 150:14 150:15
35:8 39:25 40:7 41:15
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71:4 74:25 75:9 76:20
145:3

88:12 117:15 118:11
150:16 153:21
43:20 44:3 44:5 44:9
56:2 57:20 102:3
76:25 77:16 81:14
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81:25 82:6 84:3 88:15
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purchased27:11
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purchaser ( 2 ) 16:4
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regulation ( 2 ) 33:18
116:25 117:2 117:3
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16:18 16:21 17:2 17:8
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putting ( 4 ) 87:19 96:14
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repurchase ( 4 ) 40:1
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re-check ( 2 ) 66:3 66:7
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quality42:2
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66:13
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116:8
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4:15 10:11 10:12
26:20 37:20 39:11
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reservations116:5
16:12 19:3 19:8 21:13

10:22 12:9 22:6 23:24
39:22 42:6 43:12
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127:10 129:5
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24:14 25:4 25:8 28:24
43:15 43:18 43:19
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34:2 39:19 39:19
43:20 48:8 48:16
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38:2 38:13 40:18

41:11 41:13 57:4
48:18 48:23 48:24
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68:16 68:20 71:15
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81:18 87:22 92:8 93:1
51:18 52:3 54:4 54:16
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124:4 128:14 155:5
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100:4 106:21 121:13
54:22 72:22 74:15
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122:12 122:19 122:21
75:10 75:11 77:9
95:4 102:17 103:3
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51:5 51:8 51:22 55:19

123:1 124:18 126:8
78:21 78:25 79:2
103:5 105:19 109:19
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10:2 19:13 21:21
58:18 65:5 65:20 66:1

140:10 141:6 141:7
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67:2 69:9 69:19 69:24

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93:3
64:4 64:8 64:13 66:6
127:3
99:22 108:13 111:12
75:22 78:15 82:14

123:13 125:3 141:21
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129:8 139:13 144:15
82:21 83:12 85:8

143:19
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29:19 30:6 30:20 78:4
148:11
86:21 87:12 92:18

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102:23 103:13
78:11 84:23 84:24
respectfully ( 2 ) 133:16
99:12 99:20 99:20

2:5 6:17 39:12 45:10
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86:17 86:18 96:9
133:20
101:17 106:17 106:17

45:24 46:1 46:11
129:10 132:13
84:9
96:12 96:19 96:21
respond ( 5 ) 125:13
106:23 115:23 116:23

54:15 57:1 57:6 77:8
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references77:25
97:13 120:16 120:17
125:13 125:14 128:4
117:11 117:20 120:22

112:10 112:11 112:14
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referred ( 3 ) 14:14
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137:13
134:17 136:13 141:22

112:15 122:3 122:4
realised ( 2 ) 74:12
79:10 125:2
3:14 120:11 120:23
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124:9 124:19 132:24
77:17
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reorganisation,151:23
131:5 131:7
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133:1 133:2 136:4
reality. ( 3 ) 72:14
88:16
reorganising, ( 2 ) 2:25
responsibilities. ( 4 )
141:14 141:17 143:17
130:20 147:24
refinancing118:10
113:6
4:10 43:3 101:2

152:14 156:7
reason ( 16 ) 6:12 31:6
reflect ( 3 ) 70:16 81:14
repay ( 2 ) 25:22 26:3
153:16
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queue.145:11
52:21 58:7 58:10
153:4
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responsibility, ( 3 ) 25:17

quick ( 3 ) 49:21 115:22
67:8 71:18 71:20 82:7
reflected ( 2 ) 47:12
rephrase ( 2 ) 4:15
15:20 37:14 89:9
Saint-Petersburg; ( 5 )
119:18
88:23 102:19 102:22
47:23
10:22
responsible ( 6 ) 29:22
6:2 73:15 73:19 73:23

quicker147:1
107:6 119:6 124:22
reflects93:11
replace81:4
29:24 91:15 108:20
74:2

quickly. ( 5 ) 12:18
152:1
reformulate ( 6 ) 8:5
repo ( 69 ) 7:10 7:13
113:10 120:2
sake ( 2 ) 103:6 117:6

59:17 72:3 144:13
reasonably,145:8
15:17 25:9 71:15
8:17 8:19 10:14 10:17
rest ( 3 ) 15:7 61:9
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149:9
reasons ( 2 ) 106:22
92:25 106:21
11:13 12:5 12:13 16:4
148:5
45:11 47:6 55:25 56:1

quite ( 40 ) 4:16 6:21
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refresh17:25
17:1 18:13 24:11
restate10:11
57:3 74:11 76:21 81:6

7:25 13:18 28:25
recall, ( 61 ) 7:7 7:18 8:9
refusal ( 2 ) 37:15 37:24
27:15 27:25 28:9
restricted ( 2 ) 31:17
82:1 82:5 83:8 83:10

31:23 38:5 39:3 48:15
11:7 11:7 13:17 13:18
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28:13 28:14 28:20
33:8
87:21 88:7 90:7 92:4

52:8 52:9 52:18 53:24
16:14 17:4 18:2 18:9
5:4 5:11 12:22 27:23
28:21 29:3 29:6 29:8
restructure84:2
117:15 118:11 119:16

55:15 59:8 67:4 67:13
18:10 19:19 19:20
30:1 33:21 35:21
29:12 29:19 29:20
restructuring, ( 7 ) 4:11
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71:13 74:14 81:16
19:21 20:1 20:3 20:11
35:21 67:5 91:16
30:8 30:12 30:14
4:19 4:24 5:4 13:22
9:8 11:11 11:23 12:1

81:18 84:8 89:23
20:12 20:13 20:19
116:24 139:19 145:7
33:19 33:22 39:24
83:21 118:10
29:14 34:5 36:23

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36:23
36:24 37:3
113:8
117:25 118:5
Sevzapalians, ( 17 ) 76:20 76:21 77:10
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46:13
48:14 50:8
118:7 121:7
40:10 40:15 55:10
91:23 115:7 115:8
113:19 115:13 141:5

58:23
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149:24 150:24 154:8

97:23 102:11 103:20
13:21 18:3 18:12
55:21 56:3 56:8 57:3
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105:21 105:22 105:23
26:17 26:21 33:4
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105:23 106:1 106:4
35:14 37:13 37:21
78:11 80:4 80:14
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119:3 129:22 139:8

111:21 114:2 114:3
38:8 39:15 40:24 41:1
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sorted ( 2 ) 45:17 131:6

117:9 124:24 133:8
43:14 43:16 43:17
126:4 126:5 141:5
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sought ( 2 ) 134:6 136:3

149:19 150:18
43:23 44:13 44:20
142:6 144:21 154:12
simplest ( 2 ) 29:4 29:5
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sandwich,61:22
45:1 46:8 51:5 54:3
shape118:16
since ( 8 ) 33:23 70:16
sounds131:19

satisfactorily127:23
55:7 55:12 57:14
share ( 11 ) 10:2 10:3
87:3 87:17 96:9 98:19
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satisfied ( 3 ) 31:24
60:20 63:6 63:10
45:11 76:4 76:7 80:10
111:18 148:24
soversheniyi55:3

62:21 128:17
64:12 64:20 68:8
89:9 101:24 102:5
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satisfy ( 2 ) 81:24 128:7
69:12 69:15 70:2
116:20 118:11
10:22 12:9 28:24 34:2
spacing ( 2 ) 146:16

save ( 3 ) 59:16 131:2
70:19 76:1 76:17
shareholder ( 3 ) 55:10
48:24 69:13
148:21

155:6
77:1 78:22 81:5 82:16
55:16 107:14
sit ( 9 ) 1:12 57:23 86:5
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saved?130:9
83:20 83:23 85:14
shareholders, ( 2 ) 89:16 110:23 124:1
spare50:13

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86:4 87:15 90:15
65:24 121:8
124:2 127:15 148:13
sparkly131:24

11:14 82:17 82:25
90:17 91:20 92:3
shareholding ( 8 ) 82:2
sitting ( 8 ) 23:1 23:3
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83:3 83:20 83:23 86:4
94:11 95:3 95:4 95:22
87:21 90:7 94:20
23:5 41:15 44:2 45:23
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119:7 133:14 142:24
97:7 98:22 101:17
102:20 103:24 109:23
60:19 88:14
63:18 88:4

143:16 144:4 144:8
102:1 102:8 102:11
109:25
situation ( 2 ) 117:19
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144:23
104:3 104:16 104:17
shares, ( 37 ) 3:1 10:4
149:10
16:22 32:12 42:10

Savelyev’s148:25
105:2 105:19 105:20
26:1 27:8 27:11 27:14
six ( 9 ) 87:25 88:10
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saw,84:20
107:3 108:24 109:20
29:8 30:17 55:21 56:4
104:8 104:9 139:2
111:13 113:3

saying ( 16 ) 21:16
111:10 119:12 129:14
57:18 58:4 70:16
143:10 149:17 150:4
speaks82:5

43:14 59:2 61:2 72:11
132:22 134:16 135:1
75:16 75:23 75:24
154:13
special153:3

72:16 77:11 89:2
143:14 146:17 146:22
79:9 80:13 80:17
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specialist130:13

100:14 103:7 104:18
146:23 148:4 151:24
84:23 88:13 88:17
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109:21 109:24 111:13
152:6 152:9 154:21
90:21 99:23 105:8
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135:19 146:7
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102:10 102:15 102:20
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81:8 137:14
116:24 117:12 117:13
103:10 105:7 105:10
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75:11 75:25 80:24
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117:15 120:2 120:6
109:23 109:25 110:17
20:2 20:20 44:6

81:2 86:24 103:24
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121:15 121:17 121:19
110:18 133:14 139:7
117:19

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153:13
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28:25 71:13

scenario ( 4 ) 25:25
19:11 19:24 94:17
sheets,121:20
37:19 43:14 44:19
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29:2 29:4 29:5
101:12 122:24 123:7
short ( 10 ) 36:8 36:12
48:4 52:20 106:16
speculate ( 3 ) 36:2

schedule,146:6
129:4
49:5 50:22 52:24
128:3 147:2
56:23 118:8

scheduling139:25
seen ( 8 ) 49:9 57:22
59:22 89:20 112:5
slips,147:7
speculative79:25

screen ( 10 ) 44:17
64:14 72:22 86:16
126:23 134:12
slot ( 2 ) 132:15 135:2
spend ( 2 ) 62:2 147:14

48:11 49:12 58:13
90:12 91:18 125:6
shortly,154:1
slots.147:19
spent ( 3 ) 97:18 121:13

58:14 72:23 78:14
sell ( 7 ) 40:5 41:12
should ( 36 ) 31:11
slow ( 2 ) 9:6 144:12
147:13

82:13 86:20 87:16
76:3 76:6 79:11 79:15
31:16 32:5 32:10
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scroll ( 19 ) 8:14 10:25
79:22
32:11 32:22 33:19
127:19
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26:15 37:10 38:13
seller38:23
39:15 39:17 41:14
Smirnov, ( 17 ) 95:8
split ( 3 ) 12:9 107:3

40:17 40:19 41:25
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47:16 49:23 60:17
95:17 95:18 98:3 98:5
136:3

42:11 42:21 44:16
80:6
63:9 66:16 77:14
98:17 98:25 120:12
spreadsheet. ( 5 )
48:19 51:11 54:21
semantics,106:23
81:8 83:14 89:2 89:24
120:19 120:25 121:2
104:16 106:6 108:22

73:2 75:17 82:19
send150:22
102:19 102:21 114:15
132:7 132:10 132:18
110:5 111:5

85:15 86:23
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118:12 118:13 123:5
133:14 143:11 145:2
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scrolled ( 4 ) 42:1 42:19
sense? ( 4 ) 33:13 63:3
124:10 125:18 126:9
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108:14 109:17

83:15 83:18
110:14 110:21
127:13 127:22 128:25
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stage ( 5 ) 20:16 20:25

SCYTH(?). ( 4 ) 102:9
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131:9 135:8 138:24
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49:20 62:14 134:7

102:24 103:15 108:21
16:23 17:1 17:7 50:6
139:22
sole80:14
stages.21:5

second ( 18 ) 11:8 26:2
131:15 146:6
shouldn’t ( 5 )31:12
solicitors, ( 2 ) 66:19
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40:22 47:11 51:17
sentence: ( 5 ) 38:17
61:14 93:16 137:14
145:16
1:7 1:9 1:15 2:4 2:7

51:18 52:9 52:13
42:6 43:10 45:1 70:12
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69:13 73:4 73:10
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75:20 82:21 88:16
76:21 76:22 90:2
102:1 110:18
95:18
26:19 31:1 33:16

123:19 141:9 152:1
104:25 149:23
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solution ( 2 ) 68:21 74:5
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153:13
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solve65:21
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secondly, ( 2 ) 111:4
sequence ( 2 ) 103:16
44:13 77:12 93:24
somehow ( 2 ) 69:16
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139:13
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secrecy ( 5 ) 65:5 65:20
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66:1 67:2 67:18
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59:15 75:1 76:23
76:14 77:3 77:13

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98:11 99:19 99:21
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99:22 99:24 117:1
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118:17 119:16 121:9
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117:11 118:9
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45:21 55:22 79:17
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standard ( 2 ) 45:2 117:7

stands ( 3 ) 100:8 101:18 107:6

start ( 5 ) 35:4 127:24 137:1 137:19 138:7

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starting ( 13 ) 38:17 40:23 42:7 42:22 73:11 78:22 79:3 81:3 87:2 87:13 109:2 109:6 117:21

starts ( 4 ) 17:19 44:21 73:9 85:20

stated ( 4 ) 72:4 93:9 93:10 116:2

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timetable ( 28 ) 59:13
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98:12 98:15 130:21
84:10 84:11 84:16
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130:12 140:18
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135:23 136:3 137:21
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65:9 80:24 81:3 152:6
129:7 153:1
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subsequently ( 3 ) suspected,66:20
testimonies,88:1
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27:22 28:14 86:2
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testimony ( 3 ) 37:17
143:18 144:11 145:6
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substantive ( 6 ) 43:9
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140 ( 2 ) 7:21 8:2

149 ( 3 ) 9:16 9:20 9:24

150 ( 2 ) 8:13 8:14

151 ( 2 ) 8:18 9:11 178,73:15

1st, ( 2 ) 138:4 138:7

2

2.00 ( 13 ) 59:3 59:10 62:10 62:13 124:2 124:4 129:18 129:20 129:22 130:7 151:1 154:8 155:18