LM-2023-000035 - [2025] EWHC 1989 (Comm)

Chronology Part IV: The apparent watershed and fresh start

Negotiations with MacCap started up again in March 2022, but on the Defendant’s case, this time on a wholly new basis and quite apart from the deal struck by Xtellus and CCI (as it then was) but now terminated by CCI. To underline this new beginning Dominik Leszczyński emphasised that dealings were now (for the first time) with the Defendant and were also now (for the first time) with Macquarie Euro Limited and Mr Antolovich.

On 22 March 2022 Mr Fehmi contacted Newton Gillies (who by then had moved to Australia) and asked to be put in touch with Mr Antolovich. Mr Gillies responded, copied in Casper Hauge, and noted that Alexi Antolovich could be brought into discussions as and when needed.

On 24 March 2022, Katarzyna Dorosz-Wosiek ceased to be Prokurist but joined the Management Board of the Defendant.

Blazej Stodulkiewicz and Casper Hauge at MacCap continued to discuss terms and each included Mr Fehmi. On 25 March 2022 Blazej Stodulkiewicz emailed Mr Antolovich, with further proposals. The email was copied to Dominik Leszczyński and Wirginia Leszczyńska. After a brief WhatsApp exchange, Blazej Stodulkiewicz forwarded the latest term sheet being discussed with MacCap to Mr Fehmi. Mr Fehmi forwarded the term sheet to Casper Hauge on 29 March 2022 copying in Blazej Stodulkiewicz and Dominik Leszczyński. Mr Hauge responded with some proposals shortly thereafter, again copying in Mr Fehmi.

These exchanges (in particular the inclusion of Mr Fehmi) appear to have irritated Dominik Leszczyński. On the same day of the exchanges just described, Dominik Leszczyński instructed Blazej Stodulkiewicz to “cut out the middleman.” Later the same day Dominik Leszczyński emailed Blazej Stodulkiewicz and Wirginia Leszczyńska discussing new terms to be put to MacCap. He said: “we have to prepare ourselves for negotiations with [MacCap] - we have gone a long way with them, so it will be easier to get the process going with them” (underlining added). Blazej Stodulkiewicz responded to Mr Hauge’s proposal on the same day, this time not including Mr Fehmi and effectively (as he had been instructed to) cutting him out.

On 12 April 2022 (shortly after the attempt to remove Mr Fehmi from the dealings) the term sheet between Macquarie Euro Limited and the Defendant was signed. The signature of Dominik Leszczyński appears beneath the words.

The term sheet is almost entirely redacted. The only visible term makes it clear that the identity of the lender has not been finalised. The lender is identified as “Macquarie Limited or its nominated affiliate.”

Wirginia Leszczyńska’s evidence was that she had authorised her brother to sign. A facility agreement was signed on 20 September 2022 with Psary Invest II sp. z o.o. I have seen a copy of the 253-page facility agreement. Save for the front sheet and that section of the agreement that identifies the parties, it is entirely redacted. The Defendant does not appear to be a party.