CL-2021-000649 - [2025] EWHC 1333 (Comm)

As explained above, the case now put against VTBC is in substance based entirely on the Explanations Document.

On 3 March 2014 the Main Investigations Department of the Volgograd regional Chief Directorate of the Ministry of Internal Affairs (“the MIA”) wrote to Mr Marinichev summoning him to appear at the Investigations Office of the MIA in connection with a criminal investigation into the unlawful satisfaction of certain creditors by the management of VMZ and to provide certified copies of documents. On the same date Mr Elkins of VTBC sent a letter enclosing copies of certain documents relating to Loan 2 to Ms Markova of Morgan Lewis who acted for VTBC. On 24 March 2014 Mr Marinichev wrote to Mr Privalov of the FSS enclosing various notarised documents relating to Loan 2. In April 2024 Mr Smirnov of the MIA wrote to Mr Marinichev and Ms Markova requesting that they attend as representatives of VTBC to testify in relation to the criminal investigation concerning the Red October Group.

According to Mr Browne, on 10 November 2014 Mr Marinichev was contacted by the FSS and was asked to confirm and verify the contents of a briefing note prepared by the FSS concerning its investigation into the Red October Group and Mr Marinichev notified VTBC of this enquiry. Mr Browne says that around 9 December 2014 Mr Marinichev wrote to the FSS providing additional information on the insolvencies of VMZ and SWRO. A draft copy of the response (“the December 2014 Note”) has been provided. The December 2014 Note refers to the RSM Transaction and the fact that both VMZ and SWRO entered into the agreement for the foundation of RSM. When referring to the June 2010 ACVR Judgment, Mr Marinichev correctly stated that the VMZ Capital Contribution was declared illegal but did not incorrectly state (as he later did) that the SWRO Capital Contribution had also been declared unlawful. It is not suggested by the Claimants that anything in the December 2014 Note was wrong or misleading.

On 20 January 2015 Mr Marinichev wrote to VTBC informing them that on 15 January 2015 he and Mr Chertov had been questioned by the FSS concerning the circumstances of the insolvency cases in respect of VMZ and SWRO. The letter stated that the prosecutor had told Mr Marinichev that the investigation was being conducted to identify individuals who are related to the legal actions aimed at transferring the assets out of VMZ’s and SWRO’s insolvency estate and that the prosecutor had requested a detailed written summary of the facts of which VTBC is aware relating to the transfer of assets from circumstances of the insolvency cases in respect of VMZ and SWRO into RSM and the subsequent transfer of these assets to IRD, ORT and Red October Switzerland.

According to Mr Browne, Mr Marinichev responded to the FSS requests at the end of January 2015. There is no record of the response but Mr Browne exhibits a draft response referred to as the Explanations Document. As explained above, the Claimants’ case is that the Explanations Document contained a series of false statements and it is to be inferred that those false statements were incorporated in the final version.

The three alleged false statements contained in the Explanations Document are described by the Claimants as: