united states district court eastern …...2019/10/18 · a p p e a r a n c e s: for the...

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

SAM OCR RMR CRR RPR

494

UNITED STATES DISTRICT COURTEASTERN DISTRICT OF NEW YORK

- - - - - - - - - - - - - - X

UNITED STATES OF AMERICA,

-against-

JEAN BOUSTANI,

Defendant.

:::::::::::::

18-CR-00681(WFK)(WFK)

United States CourthouseBrooklyn, New York

Friday, October 18, 20199:30 a.m.

- - - - - - - - - - - - - - X

TRANSCRIPT OF CRIMINAL CAUSE FOR JURY TRIAL BEFORE THE HONORABLE WILLIAM FRANCIS KUNTZ, II

UNITED STATES DISTRICT JUDGE

A P P E A R A N C E S:

For the Government: RICHARD P. DONOGHUE, ESQ. United States Attorney Eastern District of New York

271 Cadman Plaza East Brooklyn, New York 11201

BY: MARK E. BINI, ESQ.HIRAL D. MEHTA, ESQ.

Assistant United States Attorneys

DEPARTMENT OF JUSTICE CRIMINAL DIVISION 1400 New York Avenue

Washington, D.C. 20001 BY: MARGARET MOESER, ESQ.

KATHERINE NIELSEN, ESQ.

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

SAM OCR RMR CRR RPR

495

A P P E A R A N C E S: (Continued)

For the Defendant: WILLKIE FARR & GALLAGHER, LLP 787 Seventh Avenue

New York, New York 10019-6099 BY: MICHAEL S. SCHACHTER, ESQ.

RANDALL W. JACKSON, ESQ.CASEY E. DONNELLY, ESQ.PHILIP F. DISANTO, ESQ.RAYMOND MCLEOD, ESQ.

ooo0ooo

Court Reporter: Stacy A. Mace, RMR, CRR, RPR, CCR Official Court Reporter E-mail: [email protected]

Proceedings recorded by computerized stenography. Transcript produced by Computer-aided Transcription.

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

Proceedings

SAM OCR RMR CRR RPR

496

(In open court - jury not present.)

THE COURTROOM DEPUTY: All rise. All rise.

The Honorable William F. Kuntz, II, is now

presiding.

Criminal cause for trial, Docket Number 18-CR-681,

USA versus Boustani.

Counsel, please state your appearances for the

record.

MR. BINI: Mark Bini, Hiral Mehta, Margaret Moeser,

Lillian DiNardo, Katherine Nielsen, and we'll have Special

Agent Tessone in a moment, for the United States.

Good morning, Your Honor.

(Defendant entered courtroom.)

THE COURT: Good morning.

You may be seated. We have the spellings. You may

be seated, ladies and gentlemen, and the public as well.

Thank you.

MR. JACKSON: Randall Jackson on behalf of

Mr. Boustani.

Good morning, Your Honor.


MR. SCHACHTER: Good morning, Your Honor.

Michael Schachter on behalf of Mr. Boustani.


Mr. Boustani, I note your presence. Good morning,

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

Proceedings

SAM OCR RMR CRR RPR

497

sir.

THE DEFENDANT: Good morning.

THE COURT: Go ahead.

MS. DONNELLY: Good morning.

Casey Donnelly on behalf of Mr. Boustani.


MR. DiSANTO: Good morning.

Philip DiSanto on behalf of Mr. Boustani.


MR. McLEOD: Good morning.

Ray McLeod on behalf of Mr. Boustani.

THE COURT: Good morning. Please be seated as well.

All right, do we have any procedural issues to

address before the jury comes in?

Anything from the Government?

MR. BINI: Not for the United States.

THE COURT: Thank you.

Anything from defense?

MR. JACKSON: No, Your Honor.

THE COURT: All right, would you have the CSOs bring

in the jury.

And you can have the witness resume the witness

stand, please.

MR. BINI: Thank you, Your Honor.


1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

Proceedings

SAM OCR RMR CRR RPR

498

(Jury enters.)

THE COURT: Remember, when the light is on we can

hear you. Just click that little oval space and then you

won't be heard.

(Pause.)

THE COURT: Good morning, ladies and gentlemen of

the jury. Again, I appreciate your promptness. We are at the

end of the week. We don't sit on Saturdays and Sundays,

unlike some cases I used to try in the old days. So thank

you.

Please be seated. And ladies and gentlemen of the

public, be seated as well.

You can have the witness come back to the witness

stand, and then we will resume.

(Witness entered the courtroom and resumed the

stand.)

THE COURT: Welcome back, Mr. Pearse. Good morning,

sir.

And I am going to ask you the same question: Have

you spoken with anyone about your testimony since leaving that

chair?

THE WITNESS: I have not, Your Honor.

THE COURT: Thank you, sir. Please be seated.

Counsel, please continue your inquiry.


1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

Proceedings

SAM OCR RMR CRR RPR

499

Your Honor, at this time, the Government would seek

the admission of Government's Exhibit -- before I do that,

I'll ask a question about something else.

(Continued on the following page.)

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

Pearse - direct - Bini

SAM OCR RMR CRR RPR

500

A N D R E W P E A R S E,

called as a witness by the Government, having been

previously duly sworn/affirmed, was examined and

testified further as follows:

DIRECT EXAMINATION (CONTINUING)

BY MR. BINI:

Q Yesterday, Mr. Pearse, you discussed your financial

incentive in maximizing the loan financing for these

transactions.

I'd like to ask you: Did the defendant have a

financial incentive in getting larger loans?

A Yes, he did.

Q How is that?

A Two reasons. He was an employee at the company that was

benefiting from the size of the -- the max -- the bigger the

loan was, the bigger the contract for his employer.

He was also a partner in Palomar. And in relation

to monies I received for the EMATUM and MAM transactions,

which totaled just under $35 million, that was one-third of

the distribution that was made by that company from its

profits. Mr. Boustani was a one-third owner, so he received

the same amount of money as I did in relation to those two

projects. So $34 million that I'm aware of were paid to him.

By maximizing the size of the loans, I maximized the

amount of money that I received to get to the 34 million. If

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


SAM OCR RMR CRR RPR

501

the loans had been smaller, I would have received less money.

Consequently, so would Mr. Boustani.

Q What did you mean by the contractor benefited?

A In all three -- for all three projects the contractor was

the same company, whether it was building naval vessels or

fishing boats or infrastructure for shipyards in Mozambique.

So the larger the loan, the larger the contract was that was

awarded to the contractor.

As I mentioned yesterday, the original tuna fleet

concept was for a $250 million project. Ultimately, through

the ability to raise more money, the project was finalized at

$850 million.

So what I am trying to say, sir, is that the size of

the project was dictated by the amounts of money the banks

were prepared to lend. The bigger the project, the more money

was paid to the contractor, and the more money that was paid

to myself.

Q And the defendant?

A And the defendant, sir.

MR. BINI: At this time, I would seek to move in

Government's Exhibit 2373.

THE COURT: Any objection?

MR. SCHACHTER: No objection, Your Honor.

THE COURT: It's admitted. You may publish.

(Government's Exhibit 2373 was received in

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


SAM OCR RMR CRR RPR

502

evidence.)

(Exhibit published.)

BY MR. BINI:

Q If we can look to the bottom e-mail, Mr. Pearse. What is

the date of this e-mail?

A The 31st of July of 2013.

Q Who is it from, and who is it to?

A It's from Jean Boustani to Surjan Singh.

Q What did the defendant indicate to Surjan Singh?

A He says: "Hi, we will need to make the loan 825, please.

25 on top of the 50 to the borrower. Is that possible?"

Q How did you receive this e-mail, Mr. Pearse?

A It was forwarded to me by Mr. Boustani.

MR. BINI: If we can now go to Government's

Exhibit -- or let me ask the Court if I can move into evidence

Government's Exhibit 2375?


MR. SCHACHTER: No, Your Honor.

THE COURT: You may publish. It's admitted.



evidence.)


BY MR. BINI:

Q What's this e-mail, Mr. Pearse?

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


SAM OCR RMR CRR RPR

503

A (No response.)

Q If we can go to the second page, the e-mail July 31st,

2013, at 10:42 a.m., from you to Mr. Boustani.

Could you read that e-mail to the jury, Mr. Pearse.

A "Can we name a couple of shipyards that borrower would

have contacted? And are there price comparisons we can show?"

Q What were you writing about, Mr. Pearse?

A The background was -- to this question was that I was

aware that Credit Suisse, as part of their diligence process,

would inquire whether or not Privinvest had been awarded the

contract for the fishing boats as part of a competitive tender

process.

Q What's a "competitive tender process"?

A Where there are multiple companies that provide quotes;

or offer to supply the ships, in this case. And they -- the

government of Mozambique has a choice to choose from a number

of different options and potentially by reference to what was

the cheapest or the most efficient, but they would have had

more than one option to look at.

Q Why would that be important to Credit Suisse in

considering the EMATUM loan and bond?

A Because the time period, it was the end of July, 2013.

This was three months after Credit Suisse had made the

original $372 million loan to Proindicus involving Privinvest

as a contractor. The Proindicus loan had increased by this

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


SAM OCR RMR CRR RPR

504

stage by another 100 million to 472 million. Again, the

$372 million loan to Proindicus had just been increased by

$100 million in June with the same contractor, Privinvest.

And now, Credit Suisse was being asked to consider

another project in Mozambique with the same contractor for

even more vessels. And I knew as a former banker -- or still

current banker, that one of the questions I would have asked

was, why Privinvest? Why did Mozambique choose Privinvest

again for another project so soon after the first one?

MR. BINI: Ms. DiNardo, can we go to the first page?

BY MR. BINI:

Q And, Mr. Pearse, I'll ask you to read the defendant's

response to your e-mail.

A "I'd really prefer that price to be done by CS. We are

very, very comfortable. The trimaran and trawler are pretty

much unique designs. Can't benchmark them to other products."

Q Let me stop you right there.

What did you understand the "trimaran and trawler"

to refer to?

A The -- at this stage, the project was designed to include

fishing trawlers and three offshore patrol vessels. Those

offshore patrol vessels were trimarans.

Q Okay.

A They had three hulls.

Q Three hulls?

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


SAM OCR RMR CRR RPR

505

A It's a boat with three -- three hulls, yes.

Q Okay. If you could read the rest of the defendant's

response.

A "Let's say they contacted South African yards and Spanish

and Portuguese. Without naming."

Q What did you understand the defendant to mean when he

wrote: "Let's say they contacted South African yards and

Spanish and Portuguese"?

A He was suggesting that Credit Suisse be told that EMATUM

had contacted South African shipyards, Spanish shipyards, and

Portuguese shipyards, prior to awarding the contract to

Privinvest.

Q How did you respond?

A "Can you let me know when you are free to speak?"

Q And how did the defendant respond?

A "Bro, the three names of shipyards, FYI, Damen: Holland;

Fincantieri: Italy; and Navantia: Spain."

Q Do you know if -- well, let me ask first, what did you

understand the defendant to be putting here with these three

names of shipyards?

A He was providing details of competitor shipyards, whose

names could be provided to Credit Suisse as shipyards that had

been involved in tendering for the EMATUM fishing boat

project.

Q Do you know if it was true?

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


SAM OCR RMR CRR RPR

506

A It wasn't true.

Q How do you know that?

A I discussed it with the defendant.

Q Was this information important to Credit Suisse in

considering this loan and bond?

A It was one of the important pieces of information.

Q Why would that information be important?

A Because it would justify why -- that Mozambique has

chosen Privinvest, and would take away a concern that was in

their mind as to what would -- what would motivate Mozambique

to do another project with the same contractor so soon after

the previous one.

MR. BINI: Thank you. You can take that down,

Ms. DiNardo.

Your Honor, at this time, the Government would offer

Exhibit 2377.





evidence.)


BY MR. BINI:

Q I am going to ask you, Mr. Pearse, if you can look at the

e-mail from the defendant to you on the first page on

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


SAM OCR RMR CRR RPR

507

July 31st, 2013, at 00:11.

And take a moment to read that, and then tell the

jury what the defendant was setting out.

A This is an e-mail to me asking for my comments on what

would ultimately be sent by Mr. Boustani to Surjan Singh, who

was at Credit Suisse running the due diligence process. And

it was in response to a question from Credit Suisse as to why

had ADM been appointed by EMATUM as the contractor, and --

Q What's "ADM"?

A Abu Dhabi MAR, the subsidiary and contractor for -- a

subsidiary of Privinvest and contractor for the EMATUM

project.

So the items listed in this e-mail are designed to

help justify why Abu Dhabi MAR was chosen, and it -- also to

give broad details as to the profitability of the project for

Privinvest.


wrote: "Let me know if we put all info into one doc and we

send it to Surj"?

A He was asking whether or not, after I commented on these

points, he should then write a separate document, which

included everything that was in here or any other further

comments, and send it to Surjan Singh at Credit Suisse.

Q I am going to ask you about point 4.

Do you see where the defendant writes: "The trawler

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


SAM OCR RMR CRR RPR

508

cost is 11.8 million" -- is that euro or pound?

A Euro.

Q -- "euro and the cost of the trimaran is 23.8 million

euro"?

Do you know what the defendant meant in point 4?

A That this was the cost price for building each of the

vessels. The trawlers were 11.8 million euro, and the

trimaran cost was 23.8 million euros, I believe was indicated

the price to build.

Q What would that be in dollars?

A I believe at the time, and the exchange rates at the

time, that would have been approximately 14-1/2, $15 million

for the trawler, and 26, $27 million for the trimarans.

Q And what did you understand point 5 to mean?

If you can read that to the jury first.

A "The ToT cost is 150,000 euro for the trawler and 300,000

euro for the trimaran."

Q What did you understand "ToT cost" to mean?

A "ToT" stands for transfer of technology.

As part of the contract, Privinvest were providing

technical specification of the vessels to EMATUM to allow, in

theory, EMATUM to be able to build the same vessels, itself.

And that transfer of technology, that was valued by Privinvest

at 150,000 euros per trawler, and 300,000 euros per trimaran.

Q What would that be, approximately, in United States

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


SAM OCR RMR CRR RPR

509

dollars, Mr. Pearse?

A Approximately $180,000 for the trawlers, and $360,000 for

the trimarans.

Q Now, I want to ask you about point 6. The defendant

said: "Adding all of that, you are at a 480M$ cost."

What did you understand the defendant to mean?

A Taking all of the above costs, the cost per trawler and

the cost per trimaran, plus the cost of the transfer of

technology, if you multiplied those numbers by the number of

trawlers and trimarans being supplied, he arrived at a total

cost of $480 million.

Q What does that represent?

A I believe that is representing the cost to Privinvest of

building those vessels.

Q Is this the 24 fishing boats and the three trimarans that

would be the EMATUM deal?

A Excuse me. Yes, that's right. Twenty-four fishing

trawlers and three trimarans or offshore vessels.

Q What does the defendant set out in point 7?

A He sets out the elements, which are built into pricing

via any contractor for its goods. So the previous values of

4 -- Items 4 and 5 of his e-mail have been the cost to

Privinvest of building the vessel.

And then on top of that, he was adding costs for

insurance, for management, for overhead, for various other

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


SAM OCR RMR CRR RPR

510

expenses of running a business, to arrive at a additional cost

over and above the pure cost to build the vessels.

Q What was that additional percentage that he indicated

would be required?

A 36.5 percent.

Q Can you tell me, Mr. Pearse, looking at point 8, what

does the defendant then set out?

A He then sets out a calculation, whereby he is trying to

multiply 480 million, that's -- which was the cost to

Privinvest of construction, by -- to add to the 36 percent

margin or profit, cost provision, to arrive at $754 million.

Q Is his math right?

A It doesn't appear to me to be correct, no.

Q Why don't you think it's right?

A Because if I multiplied 485 by 136 percent, which I think

is the correct math, I don't arrive at 754.

Q What do you arrive at, approximately?

A 640.

Q $640 million?

A So, yes, $640 million.

Q After you received this e-mail, what did you do?

A I responded -- sorry, excuse me.

I forwarded that e-mail to an e-mail address called

Dilawar Property Limited, a Gmail address.

Q Whose Gmail address was that?

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


SAM OCR RMR CRR RPR

511

A That's the personal Gmail address of Surjan Singh.

Q Why were you sending this information to Surjan Singh's

personal e-mail address?

A So that he had the information to be able to convey to

Credit Suisse as to how the -- how Privinvest were pricing the

project, and to be able to describe the profit margin.

Q Why didn't you send it to his Credit Suisse e-mail?

A At this point in time, Surjan Singh's primary role in the

scheme was to ensure that the due diligence process for EMATUM

was -- went as seamlessly as possible.

I was providing this information to him in advance

of it being sent to Credit Suisse, so that he was aware and he

was able to position the transaction as favorably as possible

within Credit Suisse.


Ms. DiNardo.

At this time, the Government would seek the

admission of Exhibit 2384 and 2384-A.

THE COURT: Any objection to the admission of those

exhibits?


THE COURT: They are admitted. You may publish.


(Government's Exhibits 2384 and 2384-A were received

in evidence.)

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


SAM OCR RMR CRR RPR

512


BY MR. BINI:

Q If we can look to 2384, and look to the top portion of

the first page of the e-mails.

What's the date of these e-mails, Mr. Pearse?

A August 2nd, 2013.

Q Looking to the top e-mail, who is that from?

A It's from Jean Boustani.

Q Who is it to?

A Detelina Subeva and myself.

Q Is that using your private e-mails?

A Yes.

Q What did the defendant forward you?

A He was forwarding me documents that he'd received from

employees at Credit Suisse.

Q Is that the e-mail one below?

A Yes.

Q Who are those employees?

A Edward Kelly, Surjan Singh, and Galina Barakova.

Q What were the materials related to?

A These were the documents that set out the due diligence

questions and due diligence areas that Credit Suisse was going

to focus on when they came to Mozambique for their due

diligence trip, which was scheduled to be around about the

same time.

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


SAM OCR RMR CRR RPR

513

Q Why was the defendant sending you, to your personal

e-mail, the due diligence questions for EMATUM?

A So that we were aware of the questions, that I was aware

of the questions. And in order to be able to assist in

preparing the answers to some of the questions.

Q Did the defendant know you were going to do that?

A Yes, that's why he sent it to me.

MR. BINI: If we can look to 2384-A.


BY MR. BINI:

Q What's that, Mr. Pearse?

A This is the first page of the due diligence questions

that was referred to in the previous e-mail that were to be

asked of the Ministry of Finance of Mozambique.

MR. BINI: And if we can go to 2384-B.


BY MR. BINI:

Q What's that, Mr. Pearse?

A This is the second document, which addresses questions

which are more specific to the actual project, rather than to

the financial position of the Government of Mozambique.

The previous -- excuse me. The previous document

had focused on the economic situation of Mozambique, who was

to be the guarantor. These questions relate to the underlying

project that was being developed.

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


SAM OCR RMR CRR RPR

514

MR. BINI: Your Honor, at this time, I would ask to

admit -- oh, Your Honor, I just want to be clear.

I am not sure that I mentioned 2384-B. I would ask

its admission with 2384-A and 2384.

THE COURT: Any objection to 2384-B being admitted?



MR. BINI: Thank you.

(Government's Exhibit 2384-B was received in

evidence.)

MR. BINI: Your Honor, at this time, I would request

permission to admit 2391.


MR. SCHACHTER: May I have just a moment, Your

Honor?

THE COURT: 2391.

(Pause.)

MR. SCHACHTER: No objection.




evidence.)


BY MR. BINI:

Q I'd like to ask you to look to the e-mail from Surjan

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


SAM OCR RMR CRR RPR

515

Singh on the bottom of the first page that also is on the top

of the second page.

MR. BINI: If you could blow that up, Ms. DiNardo,

for Mr. Pearse.

BY MR. BINI:

Q What's the date of this e-mail, Mr. Pearse?

A The 2nd of August, 2013.

Q Who is it from, and who is it to?

A It's from Surjan Singh to Jean Boustani.

Q What's the subject?

A "DD Trip."

Q What does "DD Trip" refer to?

A Due diligence trip.

Q What was going on at this time period?

A Credit Suisse was doing the background work, the due

diligence, to understand the EMATUM fishing project; and was

about to arrive in Mozambique to ask the questions that were

referred to in those previous documents we've looked at.

Q Looking up to the next e-mail in the chain, what did the

defendant do?

A He forwarded that to myself and Detelina Subeva.

Q Why?

A In order that we had the information Surj had provided in

his e-mail to Mr. Boustani.

Q Are you and Ms. Subeva still Credit Suisse employees at

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


SAM OCR RMR CRR RPR

516

this time?

A On this day, yes.

Q Yesterday I had asked you about when you left Credit

Suisse. When was that again?

A Approximately the 13th of September of 2013.

Q Do you know when Ms. Subeva left Credit Suisse?

A I do not know her termination date, no.

Q Do you know the approximate time period?

A To the best of my knowledge, it was approximately the

same as mine.

Q How did you respond to the defendant, Jean Boustani?

A "John, do you know if the fishing lady and Isaltina are

up to speed with the project?"

Q What did you mean to refer to -- who did you mean to

refer to when you said "the fishing lady"?

A The Deputy Minister of Fisheries in the Government of

Mozambique.

Q Who did you mean to refer to when you said "Isaltina"?

A That was a reference to Isaltina Lucas, the National

Director of Treasury at the Ministry of Finance of Mozambique.

Q Were they the people who would be involved in the

approval process for EMATUM on the Mozambican side?

A In this context, the -- they were -- they were to be

involved in the due diligence process for the EMATUM project.

Q Who was going to ask questions of them?

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


SAM OCR RMR CRR RPR

517

A Credit Suisse.

Q Why would they ask the Ministry of Fisheries in

Mozambique about this tuna fishing project?

A Because it was a fishing project sponsored by the

Government of Mozambique, the most logical ministry to have

oversight was the Ministry of Fisheries.

Q How did the defendant respond regarding whether Ms. Lucas

and the head of the Ministry of Fisheries would be ready for

due diligence questions regarding this loan?

A "I am sure they're not. They just completed today EMATUM

papers. Tony signed as chairman and we have contract in

30 min. Will start crocodiling from Sunday."

Q Who did you understand "Tony" to refer to?

A Antonio do Rosario.

Q As chairman -- when the defendant writes: Tony signed as

chairman, we have contract in 30 minutes, what did you

understand him to mean?

A That he was referring to the fact that Antonio do Rosario

was chairman of EMATUM and was in the process of signing the

contract for the supply of the -- of the fishing vessels with

Abu Dhabi MAR.

Q How much is this loan going to be for at this point?

A I don't recall whether it's 800 or $850 million.

Q And is he indicating that do Rosario has signed-off on

the contract, but the Ministry of Fisheries is not ready to

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


SAM OCR RMR CRR RPR

518

answer questions about it?

A That is how I read that e-mail, yes.


wrote: "Will start crocodiling from Sunday"?

A I understood that to mean that he would start discussing

the project with Armando Guebuza, the son of the President --

the then President of Mozambique.

Q "Crocodiling," what does that mean?

A The defendant had a nickname for Armando Guebuza, the

son, which was "crocodilo." "Croco" means crocodile.

Q How did you respond to the defendant's e-mail?

A "I spoke to him. I told him to focus questions relating

to the project on Antonio and generic stuff specific to

fishing to fishing lady. He understands."

Q Who were you referring to?

A The reference to "him" is to Surjan Singh.

Q Why had you spoken to Surjan Singh?

A I had spoken to Surjan Singh to make him aware that the

Ministry of Fisheries -- the Deputy Minister of Fisheries was

potentially unaware of the project. And to ensure that when

he spoke to her, as the Credit Suisse representative, he ask

questions that reflected the fact she may not know about the

project.

Q What did you write next to the defendant?

A "Antonio needs just to be prepared and you can help him,

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


SAM OCR RMR CRR RPR

519

so no worries."

Q What did you mean by that?

A I meant that Antonio do Rosario needed to be provided

with full information relating to the project, but it wasn't

so important in relation to Antonio. Because Jean Boustani

could be in that meeting and correct any mistakes that

Antonio do Rosario might make in answering due diligence

questions.

Q Why would that be important?

A It was important to convey to Credit Suisse that all

parts of Mozambican government were aware of, supported, and

understood the need for the fishing project.

If in the process of asking the questions it was

clear to the bank that one of the key personnel was unfamiliar

with the project or didn't support it, it would have -- it

would have materially undermined the due diligence process.

Antonio do Rosario was the chairman, so he would have been

expected to know everything about the project.


Ms. DiNardo.


Government's Exhibit 2393 and 2393-A through C.

THE COURT: Any objection to those documents?

MR. SCHACHTER: One moment, Your Honor, please.

THE COURT: Do we need to take them seriatim?

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


SAM OCR RMR CRR RPR

520

MR. SCHACHTER: Your Honor, I just don't -- I don't

think I have them.

MR. BINI: I can walk over and provide a copy.

THE COURT: Yes. Do you have them or do you need

counsel to provide a copy to you now?

MR. SCHACHTER: I don't believe that we have them.

THE COURT: All right, would you provide a copy to

your adversary, so he can take a look at them and advise the

Court if he has any objection.

MR. BINI: Yes.

(Pause.)


THE COURT: Fine. They're admitted. You may

publish.

(Government's Exhibits 2393 and 2393-A through C

were received in evidence.)



1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


MDL RPR CRR CSR

521

DIRECT EXAMINATION

BY MR. BINI: (Continuing)

Q What is Government Exhibit 2393?

A This is an e-mail from Mr. Boustani to Surjan Singh,

Edward Kelly, and Galina Barakova, which attaches the signed

procurement contract for EMATUM and various corporate

documents that relate to EMATUM as a company.

Q What is attached to the e-mail? If we go to 2393A,

What's this?

A This appears to be the front page of the contract that

was referred to in the previous e-mail.

Q Who are the parties to the contract?

A Abu Dhabi MAR and Empresa Mozambicana de Atum.

THE COURT: Would you spell that for the reporter,

please?

THE WITNESS: Of course, Your Honor. E-M-P-R-E-S-A.

Next word, M-O-C-A-M-B-I-C-A-N-A. Next word D-E, and the

final word is A-T-U-M.

Q If we can go to -- is that the name for EMATUM?

A EMATUM is the acronym.

Q If we can go to second page of the contract. If you can

take a look at the preamble, I would ask you to take a moment

to review that, and if you would, explain it to the jury in

your own words.

A This sets out the reasons why Mozambique has created

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


MDL RPR CRR CSR

522

EMATUM, the assets that have been approved by Mozambique to be

purchased by EMATUM, namely the vessels, the boats we

discussed before and sets out the fact that Abu Dhabi MAR is

going to provide those vessels under the terms of this

contract.

Q If we go down to assets, are those defined in the

definitions on the bottom of page 1?

A Yes.

Q And is that similar to the preamble?

A Yes, it's the same vessels.

Q And then if we go to the next page, is there a Roman

numeral II subject to the contract?

A Yes, there is.

Q And what is set out there?

A A description of the same vessels.

Q If we can go to the page that has Roman numeral VII.

What does this cost?

A This is the price to be paid by EMATUM to Abu Dhabi MAR

and is described as 785,400,000 U.S. dollars.

MR. BINI: Can we side by side that with 2377, Ms.

DiNardo, and over on the left, with respect to the contract,

could you go back to that price in Roman numeral VII.

Q What was the price in the contract?

A 785,400,000 U.S. dollars.

Q In that e-mail that we looked at earlier today in 8, what

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


MDL RPR CRR CSR

523

was the price?

MR. BINI: Can you make that bigger, Ms. DiNardo.

A Based on the calculation made by the defendant, the price

was 754 million U.S. dollars.

Q Was that the calculation that you explained earlier you

thought was off by about $100 million too high?

A It's in my opinion that calculation is incorrect.

Q If we can just go back to the contract.

And now I would like to ask you, Ms. DiNardo, if you

could side by side 2393A with 2391, the top of 2391, just the

top e-mail where the CS is speaking to investors.

Q Mr. Pearse, what did you indicate to the defendant at the

bottom of that e-mail that we read?

I just want you to read the last two sentences that

you wrote to the defendant.

A "CS is speaking to investors early next week, so expect

to have a strong view by the end of the week. Proindicus

upsize for Friday is fine - size to be determined Tuesday."

Q Was the defendant aware that you were going to outside

investors in order to finance this EMATUM contract?

A I was not going to outside investors.

Q Was the defendant aware that Credit Suisse was going to

outside investors in order to market the EMATUM contract loan?

A Yes. The defendant was aware that Credit Suisse was

talking to investors in order to market the money.

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


MDL RPR CRR CSR

524

Q Is that what you're indicating in this e-mail?

A Yes, I'm conveying that information to the defendant.

Q What's the last sentence about?

A The Proindicus loan, which by this date was now had $472

million was increased again in August by Credit Suisse by a

further $32 million. This is the reference to -- so the

reference to Proindicus upsize is the reference to the fact

that the Proindicus loans to be increased again.

MR. BINI: Thank you. You can take that down.

At this time the Government would ask to admit

Government Exhibit 2396.


MR. SCHACHTER: Your Honor, I don't believe I have

that one either.

THE COURT: Would you walk it over to him, please?


THE COURT: You may publish. It is admitted.

(Government's Exhibit 2396 received in evidence.)

MR. BINI: It's on the screen.

Q Do you recognize this document, Mr. Pearse?

MR. BINI: If you can blow up the top e-mail.

Q Who is it from and who is it to?

A This is from Detelina Subeva to Antonio do Rosario

copying Jean Boustani and myself.

Q And what is Ms. Subeva setting out in this e-mail?

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


MDL RPR CRR CSR

525

A This e-mail is a briefing paper, a document which is

being sent to Antonio do Rosario in his capacity as the

chairman of EMATUM, which sets out the questions that Credit

Suisse would be likely to ask of Mr. Rosario in that meeting

and it suggests answers to those questions.

Q And what were the -- what was the reason for sending this

e-mail?

A It was to ensure that Antonio do Rosario was briefed on

the details of the project, particularly the elements which

had been used by Ms. Subeva to build a financial model and

business plan for EMATUM.

MR. BINI: Your Honor, would this be an appropriate

time for a short break?

THE COURT: Yes. Why don't we take a short

15-minute break. That will be our mid-morning break.

Again, do not talk about the case amongst yourselves

and we will see you in 15 minutes. Thank you.

(Jury exits the courtroom.)

THE COURT: You may step down, Mr. Pearse. The jury

has left the courtroom. You may be seated, ladies and

gentlemen.

Do we have any issues that we need to address

outside the presence of the jury? From the Government?

MR. BINI: Not from the Government.

THE COURT: From the defense?

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


MDL RPR CRR CSR

526


THE COURT: Thank you. We will take our 15-minute

break. I will see you in 15 minutes.

(Recess.)


THE COURTROOM DEPUTY: Judge Kuntz presiding.

THE COURT: You may be seated. They are producing

the defendant.

Do we have any procedural issues to address before

we bring the jury in?

MR. BINI: Not from the United States.


THE COURT: Mr. Jackson, let the CSO know and we can

have the witness come back to the witness stand, please.

MR. BINI: Yes, Your Honor.

THE COURT: Thanks.

Have a seat, sir.

THE WITNESS: Thank you, Your Honor.

THE COURT: Again, feel free to move that microphone

closer to you and tilt it so Madam Reporter can hear you.

THE WITNESS: Thank you.

(Jury enters the courtroom.)

THE COURT: Welcome back, ladies and gentlemen of

the jury. Again, I thank you for your continued promptness.

Please be seated and we will continue with the examination of

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


MDL RPR CRR CSR

527

the witness.

MR. BINI: Your Honor, at this time, the Government

would offer Government Exhibit 2397.






BY MR. BINI:

Q Mr. Pearse, when this e-mail comes up, I would like to

direct your attention to the second from the top e-mail, the

e-mail from Ms. Subeva. What is the date of this e-mail, Mr.

Pearse?

A 4th of August, 2013.

Q Who is it from? Who is it to you?

A It's from Detelina Subeva to myself.


A Financial model.

THE COURT: Just again, pull the microphone closer

to you and keep your voice up and I'm sure Madam Reporter is

able to hear you. Go ahead.

Q Do you know what the financial model referred to, Mr.

Pearse?

A Yes.

Q What was it?

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


MDL RPR CRR CSR

528

A It was a spreadsheet which included a projection of the

expected financial performance of EMATUM as a project.

Q Who prepared that spreadsheet?

A Ms. Subeva.

Q Why was it prepared?

A It was prepared to be provided to Credit Suisse to show

that the EMATUM project was expected to generate significant

revenue over the lifetime of the project.

Q Did that, in fact, occur?

A Yes, the model was sent to Credit Suisse.

Q Did EMATUM actually generate significant revenue over the

life of its project?

A No, it did not.

Q What did Ms. Subeva write in her e-mail?

A "Hi. By the way, does Antonio know not to mention me or

you at all? Because obviously he thought I was from Credit

Suisse. Has Jean spoken to him and that lady from fisheries

should treat them as a separate team?"

Q What did you understand Ms. Subeva to be concerned about?

A She was concerned that Credit Suisse did not discover

that she had been working on the EMATUM project behind the

scenes when meeting Mozambican officials for their diligence.

Q Why would that be a problem?

A Neither she nor I were allowed, under the terms of our

contracts with Credit Suisse, to work during our garden leave.

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


MDL RPR CRR CSR

529

THE COURT: Go ahead. Continue your answer.

A Plus, had Credit Suisse been aware that she and I were

working behind the scenes, it is unlikely that they would have

approved the loan.

Q Why?

A They would not -- as I understood it, from my experience

at working at Credit Suisse, that fact would have been a red

flag, which would have prevented them from moving forward.

Q Was Credit Suisse aware, as far as you know, that Ms.

Subeva had prepared the financial model for EMATUM?

A They were not as far as I'm aware.

Q How did you respond to Ms. Subeva?

A I told them, but you never know.

Q What did you mean by that?

A I was responding to her e-mail and telling her that I had

told the relevant Mozambican parties and Mr. Boustani that I

was not in a position to control what they said.

MR. BINI: At this time, Your Honor, the Government

would seek to admit Government Exhibit 2398?





(Government's Exhibit 2398 received in evidence. )

Q Looking to the bottom e-mail from Ms. Subeva, what's the

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


MDL RPR CRR CSR

530

date of that e-mail, Mr. Pearse?


Q Who did she write to?

A Jean Boustani and myself.

Q What did she write?

A "Hi, just spoke with Antonio to set a time to speak later

today to discuss the model. He confirmed all meetings are

set."

Q Let me stop you there. What did you mean -- what did you

understand Ms. Subeva to mean when she wrote just spoke with

Antonio to set a timeframe to speak later today to discuss the

model?

A She was reporting a conversation she had with Antonio do

Rosario where she set up a time to discuss the financial model

for EMATUM.

Q What did Ms. Subeva write in the third sentence?

A "He said that" -- I'm sorry, that's the fourth.

"I also told him that if there are any questions

that are too specific, he can say he will revert in writing."

Q Do you know why she wrote that?

A Yes.

Q Why?

A Because the information that was required to prepare the

financial model as detailed. Antonio do Rosario may not have

been aware of all those details. So she was providing Antonio

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


MDL RPR CRR CSR

531

do Rosario with a response in order to delay having to answer

any difficult question or any question he could not answer

that came from Credit Suisse.

Q What's the next thing that Ms. Subeva wrote?

A He said that Isaltina, the Minister of Finance and HE all

have the feasibility study.

Q What did you understand that to mean?

A I understood that to mean that the feasibility study for

the EMATUM project had been provided to Isaltina Lucas, who

was the National Director of Treasuries; Minister of Finance,

Manuel Chang, and his Excellency, the President of Mozambique,

Armando Guebuza.

Q What is the last sentence in the email from Ms. Subeva?

A "Jean, just ant to confirm if you've had a chance to send

to, discuss with Antonio the answers to why ADM?"

Q What did you understand Ms. Subeva to be referring to

there?

A She was referring to the discussion we showed the Court

earlier as to the justification for why EMATUM had appointed

Abu Dhabi MAR and the process EMATUM had gone through in order

to appoint Abu Dhabi MAR through a competitive process.

MR. BINI: If we can set this side by side to 2375.

If you can blow up the top of that e-mail, 2375, it says why

ADM?

Q Was Ms. Subeva indicating that the defendant could handle

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


MDL RPR CRR CSR

532

this portion, the why ADM portion of the due diligence?

A Yes.

Q If we go back to 2398 BY itself and I will ask you to

look at the top portion of the e-mail. Actually, let's go to

the middle e-mail from the defendant Jean Boustani. How did

he respond to Ms. Subeva?

A I will do why ADM with Tony, no worries, hayeti habibi.

Q What did you understand the defendant to mean?

A I understood him to mean that he would answer the

questions as to why ADM had been appointed by EMATUM if asked

by Credit Suisse.

MR. BINI: If we can go to the very top e-mail.

Q How did Ms. Subeva respond?

A "Aww. Please remind Antonio not to mention Andrew and

myself to Credit Suisse team. They cannot know we are

involved in this project. If there is a slipup, say he knows

us from the previous deal. Thank you. Habibi.

Q What was Ms. Subeva concerned with in that e-mail?

A She was concerned that Antonio do Rosario would disclose

to Credit Suisse that she was working on the EMATUM project

behind the scenes.

MR. BINI: Okay. You can take that exhibit down.




1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


MDL RPR CRR CSR

533





Q If we can go to the e-mail that's on the bottom of page 1

and most of page 2. Let's just look starting with the who it

is from and to.

A It is from myself to Jean Boustani copying Detelina

Subeva.

Q What is the date?


Q And if you would now look to the email, take a look at it

and if you can explain, summarize to the jury what you were

writing to the defendant and Ms. Subeva?

A I'm providing an update how much Credit Suisse was

expected to underwrite of the EMATUM bonds, together with an

estimate of the timetable and the price of the bonds.

Q And if we look to item B, the one that says CS needs to

involve Morgan Stanley to sell the bonds. What are you

setting out there, Mr. Pearse?

A When an investment bank is an underwriter of bonds, it is

common to involve another bank or a series of banks.

Q Let me ask you, what is an underwriter of bonds, what

does that mean?

A It is the bank that is responsible for -- has the

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


MDL RPR CRR CSR

534

agreement with the company that will -- or Government that's

going to issue the bond and is primarily responsible for

finding investors for that bond.

Q Was Morgan Stanley being considered as joining the group

of banks that would offer and underwrite the bond?

A Yes. In the context of -- in a normal market condition,

the lead underwriting bank would tend to involve -- normally

involved other banks in order to -- for those banks to help

find investors, particularly if the other bank had an

expertise in finding investors for certain types of companies

or Governments. In this case, at this point in time, Credit

Suisse had indicated that they were going to involve Morgan

Stanley.

Q Where is Morgan Stanley located?

MR. SCHACHTER: Objection.

A It is a U.S. investment bank with an office in London.

Q Was there a significance of potentially involving a U.S.

investment bank?


THE COURT: Read the question back.

(Record read.)

THE COURT: You may answer.

A In my opinion, yes. Morgan Stanley, as a U.S. investment

bank, had better access to U.S. investors than Credit Suisse.

Credit Suisse had its own expertise in investors in Europe and

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


MDL RPR CRR CSR

535

other parts of the world. But my understanding of why Credit

Suisse wanted to involve Morgan Stanley at this point in time

was to maximize the number of investors it could show the

transaction to and would potentially be interested in buying

and that included U.S. investors.

Q Did Morgan Stanley ultimately underwrite this bond?

A No.

MR. BINI: Now, I would ask to admit Government

Exhibit 2427.


If you can't find it, you can publish to him

electronically.


THE COURT: It is admitted. You may publish it to

the jury.




Q If we can go to the bottom e-mail from you to the

defendant and Detelina Subeva.

MR. SCHACHTER: May I have a moment with Mr. Bini?

THE COURT: I'm sorry, you said you had no

objection? Why don't you sit down and use the microphone. No

speaking objection.

If you have an objection, we will take it at the

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


MDL RPR CRR CSR

536

sidebar. Do you have an objection?

MR. SCHACHTER: Yes, Your Honor.

THE COURT: We will take it at the sidebar.

Sorry, ladies and gentlemen.

(Sidebar held outside the hearing of the jury.)

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

Sidebar

MDL RPR CRR CSR

537

(The following occurred at sidebar.)

THE COURT: May I have the document, please?


THE COURT: 2427; is that right.


THE COURT: You have an objection to the admission

of Government Exhibit 2427. It is a two-page document,

e-mails. What is your objection?

Do you have 2427 in front of you?

MR. SCHACHTER: Your Honor, I apologize. I withdraw

the objection.

THE COURT: That's fine. Thank you.

MR. SCHACHTER: I'm sorry, Your Honor. One more --

THE COURT: We are back on 2427. Do you have an

objection?

MR. SCHACHTER: Yes, Your Honor. I apologize. We

just got this from the Government.

MR. BINI: We provided this before.

THE COURT: Please. Please.

MR. BINI: I'm sorry.

THE COURT: Quit trying the case. I assume

everything was produced. I assume given the amounts of paper,

occasionally one, in good faith, forgets, or perhaps it wasn't

copied. I did this for 33 years. Now we can deal with what's

the issue?

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

Sidebar

MDL RPR CRR CSR

538

MR. SCHACHTER: Your Honor, we would ask that the

line on the bottom of Mr. Boustani's e-mail at the top be

redacted.

THE COURT: Will strip for you online though. To

entertain your guests, okay? Mr. Boustani said that in this

e-mail.


THE COURT: Overruled. It comes in.

(Sidebar concluded.)


1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


MDL RPR CRR CSR

539

(In open court - jury present.)

THE COURT: The objection is overruled. You may

publish it.


THE COURT: The "it" being 2427 in evidence. Go

ahead.


Q If we can look to the e-mail between you and Jean

Boustani and Ms. Subeva. What is the date of this e-mail?



A Bond update.

Q Can you read -- it is lengthy. I'm going to stop you a

few times, but if you could read it to the jury?

A Hayati.

Q What does hayati mean?

A My love, I believe.

Q In what language, if you know?

A Arabic.

Q After "hayati," what did you write?

A "The plan of CS is to launch the bond on Tuesday, 3rd of

September. Launch means it will be public and in the

newspaper. Launch will not happen if there is a big move in

financial markets on Monday."

Q I'm going to stop you there for a moment. What launch

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


MDL RPR CRR CSR

540

are you referring to?

A This is the launch of the EMATUM bond.

Q What do you mean by if there is a big move in the

financial markets on Monday?

A I meant that if there was a big move in interest rates on

Monday or credit market that Credit Suisse could delay the

launch.

Q Why is that important?

A Because the bonds, the success of issuing the bonds is

dependent on the price, which is a function of the interest

rate on that day, potentially, and also the credit appetite

for the Government of Mozambique risk at the time.

Q "Credit appetite," does that mean desire of outside

investors to purchase?

A Excuse me, sir. Yes, that's correct.

Q Okay. What did you write after you wrote that, about the

financial markets?

A "I believe this is unlikely given this is Labor Day in

U.S., so U.S. markets are closed and U.K. Parliament voted

against military action against Syria yesterday."

Q Why are the U.S. markets important when you are launching

a bond?

A It was a U.S. dollar-denominated bond. So U.S. interest

rates and markets were relevant to the launch of the bond.

Q What did you write after that?

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


MDL RPR CRR CSR

541

A "If it doesn't launch on Tuesday, 3rd, it will be the

following week."

Q If we can go to the next page. What did you write?

A "They will launch a 500 million to 750 million size with

a price of 8.25 percent."

Q Let me stop you there. Can you explain that to the jury?

A The final size of the EMATUM bond had not been decided at

this time. The hope was that it would be $850 million, but

the bank, Credit Suisse had not confirmed it could place $850

million with investors. So they were proposing to launch --

announce to the investor community a bond of a size between

$500 and $750 million with a price indicated at 8.25 percent.

That is the interest rate that would be paid to investors who

bought the bond.

Q What did you write next?

A "It is possible to up size to $850 million, if the demand

is there, but unlikely. If it launches on the 3rd, it will

close on Thursday, 5th of September."

Q What does that mean?

A The launch is the date that -- the fact the bond is going

to be issued becomes public, becomes a matter of public

record. There is a gap between that date and when the bank

finalizes its order book from investors and closes the bond

transaction and the date at which the bank says I know got

sufficient investors for in this case $500 million.

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


MDL RPR CRR CSR

542

Q Can you read the sentence settlement and funding?

A Settlement and funding of our loan takes place five

business days after close of the bond i.e., 12 September.


A After the bond closes, investors have committed to buy

the bond from, in this case, Credit Suisse, there is a period

of time for payment by the investors of the monies for buying

the bond to the bank and, consequently, there is a time period

after the bond closes before the bank was to make payments to

Privinvest under the procurement contract.

Q So which comes first, the bond or the payment to

Privinvest?

A The bank was needed to have investors for at least 500

million from the bond market before it would make the loan to

pay Privinvest.

Q Now, if we can go to the next e-mail on page 1. The

e-mail from Mr. Pearse at 11:51 p.m. on August 30.

MR. BINI: If you could expand that for us, Ms.

DiNardo.

Q Did you write something else to the defendant?

A Yes, I did.

Q What did you write?

A "Oh, one more thing. It's my birthday on 6th, so I'm

having a party in London on 5th night if you would like to

come. Hopefully a double celebration."

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


MDL RPR CRR CSR

543

Q What were you hoping to celebrate in addition to your

birthday?

A The closing of the EMATUM bond.

Q Why would that be a cause for celebration?

A Because that would personally have meant that I received

a fee, a significant amount of fee for that financing closing.

Secondly, it was -- would have resulted in

Privinvest receiving money under the procurement contract in

relation to the tuna fishing fee that was being purchased from

them.

Q Would that have been profitable for the defendant?

A Yes. As it was for me, it was for Mr. Boustani.

Q And how did the defendant respond to your request to have

this celebration?

A "I will do my best. Ouuuuuu hayati habibi oumri."

Q What do you understand that to mean, if you know?

A The first, I don't.

"Hayati habibi " is my love, my dear. "Oumri," I

don't know. I assume it's Arabic.

Q What did the defendant write after that?

A Happy birthday, my angel. I wish I could, bro, will be

in Paris with Chopstick.

Q Who is Chopstick?

A Manuel Chang, who was the Minister of Finance of

Mozambique.

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


MDL RPR CRR CSR

544

Q Was that a nickname that you sometimes heard the

defendant used to refer to him?

A Frequently, yes.

Q Do you know, or did you have any discussions with the

defendant whether he went to Paris with Manuel Chang?

A I do not know whther he went to Paris, but I was aware

that Manuel Chang was in the South of France at the estates of

Iskandar Safa the weekend that followed this Friday.

Q What, if anything, did the defendant tell you about that?

A I had sent the defendant a presentation relating to a

fund we were developing, an investment fund idea that we were

developing, and he told me he was meeting with Manuel Chang,

wanted to show him the proposal.

(Continued on next page.)

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

PEARSE/DIRECT/BINI

LISA SCHMID, CCR, RMR

545

(Continuing.)


would seek to admit Government's Exhibit 2428.


MR. SCHACHTER: (No response.)

THE COURT: And again, if defense counsel is having

trouble finding it, you can publish it just to defense counsel

for his review electronically, then he can advise the Court if

he has an objection. That will help move things along.


THE COURT: It's admitted. You made publish.


(Government's Exhibit 2428 was received in evidence.)

(Publishes exhibit to the jury.)

BY MR. BINI:

Q I want to look at the email from Ms. Subeva. Is this an

email in response to your email regarding the launch of the

bond?

THE COURT: Pull the mic to you if you're going to

wander, Counsel, over here.

MR. BINI: Sorry, Your Honor.

THE COURT: Flip the T. You can move it that way.

A Yes, it is.

BY MR. BINI:

Q And if we go up to the email from 2144, from Ms. Subeva

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

PEARSE/DIRECT/BINI


546

to you. Subject: Re: Bond update, what did Ms. Subeva

write?

A "I'm sure. Do we have confirmation that it will

definitely -- definitely be part of the JPM Index?"


A Apparently, yes.

Q What is the JPM Index?

A JPM stands for JP Morgan. It's a U. S. Investment bank

that publishes an index of emerging market bonds.

Q Is it important to -- if you have a bond, to get into the

JP Morgan Index?

A It is beneficial to get into the JP Morgan Index.

Q Why?

A Because bonds that are listed in the JP Morgan Index are

required to be bought by investors that use that index as a

means to sell all their bond products to other investors,

consumers.

So a bond that was listed in the JP Morgan Index

would have more buyers, potentially, more buyers than a bond

that was outside the JP Morgan Index.

Q Why is that?

A Because more investors were required to buy the bonds

that were in the index because of the underlying products they

sold their customers.

Q Is the United States market important in the bond market?

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

PEARSE/DIRECT/BINI


547

A Yes. It's the largest bond market.

MR. BINI: Your Honor, at this time the Government


THE COURT: Any objection to 251?



(Government Exhibit 251 was received in evidence.)



BY MR. BINI:

Q Mr. Pearse, looking to the top of Government's Exhibit --

MR. BINI: I wandered. I apologize, Your Honor.

BY MR. BINI:

Q Looking to the top of Government's Exhibit 251, what is

that exhibit?

A That is the front page of the offering circular for the

first $500 million of the Mozambique or EMATUM bond.

Q What is an offering circular?

A This is the document that is sent to investors to enable

them to decide whether to invest in the bond.

Q And does it say at the top, "USD five hundred thousand --

excuse me, $500 million loan participation note due

September 2020"?

A Yes.


1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

PEARSE/DIRECT/BINI


548

A That is the description of the type of bond, the amount,

and the type of bond that was being issued, and the date it

would mature, i.e, be repaid.

Q When you look down to the bottom of the first page, does

it indicate the joint lead managers?

A Yes.

Q Who are they?

THE COURT: It's a little tough to read. Could you

enhance it for the jury, please?

MR. BINI: No, the joint lead managers, just at the

very bottom Ms. DiNardo.


THE COURT: BNP Paribas, Credit Suisse, the usual

suspects, right?

THE WITNESS: Yes, Your Honor.

BY MR. BINI:

Q And what is the date of this loan participation note

offering circular?

A Ten September, 2013.

Q Were you still an employee of Credit Suisse when this

launched?

A Yes.

Q Had you worked on this project?

A I worked on the project behind the scenes, but not while

at Credit Suisse.

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

PEARSE/DIRECT/BINI


549

Q Did anyone at Credit Suisse know that you had been

working behind the scene in the emails that we have been

looking at this morning?

A Yes.

Q Who?

A Surjan Singh.

Q Did Detelina Subeva also know your role in the EMATUM

loan?

A Excuse me. Yes, she did, as well.

Q Did anyone else know at Credit Suisse that you were

secretly working on this project?

A Not that I'm aware of.

Q Do you know how this offering circular was used?

A Generically, yes.

Q How?

A It was sent by Credit Suisse and BNP Paribas to their

clients who invest in bonds of this type.

Q Who would be responsible for that role at Credit Suisse,

if you know?

A The team was called a debt capital markets team, and at

the time, it was headed by a gentleman called Chris Toughy.

Q Who's Chris Toughy?

A He was a managing director at Credit Suisse, in charge of

the bond capital markets desk in Europe.

Q Was his role similar that that gentleman, Dominic

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

PEARSE/DIRECT/BINI


550

Schultens you mentioned earlier?

A No, he was much more senior.

Q Did he also market loan instruments?

A In that respect, yes. Mr. Toughy was responsible for a

team that sold bonds in the same way that Dominic Schultens

was responsible in my group for selling loans.

Q Okay. And if we go to page 15 of this document. The

offering circular. It's 20 in the document.

MR. BINI: Ms. DiNardo, I'm going to ask about the

borrower on page 15 of the offering circular, Ms. DiNardo. I

think it's up on 16. Right after lender. Do you see that?

If you could blow that up?

BY MR. BINI:

Q Is there a portion that summarizes the loan agreement?

A Yes.

Q Why is that summarized in this offering circular?

A Because the type of bonds that were issued were known

technically as loan participation notes, which means that the

bond holders would receive all the money that was paid by

EMATUM on the loan, would be passed through to them as bond

holders.

Q And is there a section just below that --

MR. BINI: If we could expand that for the jury, Ms.

DiNardo? It says "Use of Proceeds of the Loan."

BY MR. BINI:

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

PEARSE/DIRECT/BINI


551

Q What does it indicate, Mr. Pearse?

A It indicates that EMATUM will apply the money borrowed to

buy 27 vessels, an operation center and related training.

Q Is that the material that we saw set out in the

procurement contract between EMATUM and Privinvest?

A Yes.

Q I would like to now ask you to go to page 44 of the

offering circular.

MR. BINI: You can go one page up. Ms. DiNardo.

I'm sorry. Page 44 at the bottom. If you'd expand the top

portion where it says "The Loan Documents."

BY MR. BINI:

Q Mr. Pearse, what appears at page 44 of the offering

circular?

A It's a summary page which relates to the fact that the

loan documents are appended and attached to the offering

circular.

Q Okay. And if we go to the next page, what is this?

A That is a copy of the front page of the loan agreement

between Credit Suisse and EMATUM.

Q Yesterday, we spent some time going through the

Proindicus loan agreement. Is this loan agreement similar to

that one?

A Yes.

Q Why is that?

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

PEARSE/DIRECT/BINI


552

A This was the loan agreement that had been agreed between

Credit Suisse and EMATUM, that -- and guaranteed by the

Ministry of Finance, which Credit Suisse then repackaged into

the bonds that were issued to investors.

Q Was this loan agreement sent with the offering circular

to potential investors?

A It's part of the offering circulars, included within it.

Q And does this loan agreement -- if we go to the next page

and look at the table of contents.

THE COURT: Cough drops, nothing more. Let the

record reflect nothing more.

Go ahead.

If you need anymore, we've got more?

JUROR: Thank you.

THE COURT: Okay.


Able to get 251 up?

If it's not working, I can, with the Court's

permission, do this old school with the projector.

THE COURT: Yes, you can use the projector. It's

called the Elmo, which I used to think meant Electronic Light

Modification Ordinance. It is the name of the company that

makes the machines that everyone's talking about. We use the

Elmo.


1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

PEARSE/DIRECT/BINI


553

THE COURT: You may have to adjust it or dim the

lights a little bit, Mr. Jackson, so the jurors can see it

more clearly.

Can you see, ladies and gentlemen of the jury?

That's okay?

MR. BINI: So this is a loan agreement --

THE COURT: Again, microphone. Twist it to you.

They're the finders of fact. They've got to see it. They've

got to hear it.

Go ahead.

MR. BINI: Yes, Your Honor. Thank you.

BY MR. BINI:

Q Is this the loan agreement that we have been looking at,

Mr. Pearse?

A Yes.

Q And is the next page table of contents with clauses?

A Yes.

Q Are these clauses many of the same clauses that we saw in

the Proindicus loan agreement?

A Yes. It's based on the same underlying standard form

document.

Q What was that called again?

A It's document which is published by the Loan Markets

Association, in London.

Q I don't want to spend a lot of time on this, because we

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

PEARSE/DIRECT/BINI


554

did this yesterday.

THE COURT: I'm glad to hear that. So is the jury.

Go ahead.

BY MR. BINI:

Q On page 13, does it set out the purpose of the loan?

A Yes.

Q And is that the -- is that to finance the project?

A Yes.

Q Okay. And is the project defined earlier as what we have

been talking about, the EMATUM fishing vessels?

A To the best of my recollection, yes.

Q Okay. And does this have -- this is the loan agreement

that we had yesterday -- a definition of the word "clause"

regarding compliance of laws?

A Yes, it does.

Q And if you can just summarize what does this compliance

with laws clause state in your own words?

A It relation to the clause 19-2A, it's referring to

compliance with anti-corruption laws i.e., what that means is,

borrowers, promising not to pay bribes or kickbacks.

Q Is this part of what went to investors?

A Yes.

Q Okay. Now, I'm going to ask you --

MR. BINI: Your Honor, I would ask to admit

Government's Exhibit 2783 and 2783A.

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

PEARSE/DIRECT/BINI


555

THE COURT: Any objection to 2783 and 2783A?

MR. SCHACHTER: May I just have a moment, Your

Honor?

THE COURT: You may.


THE COURT: You may publish. They're admitted.


(Government Exhibits 2783 and 2783A were received in

evidence.)

BY MR. BINI:

Q What is 2783?

A That is an email from myself to Surjan Singh on the 25th

of July, 2014.

Q And if we look to -- what did you ask?

A I asked him if he could send me a copy of the loan

agreements and guarantee for EMATUM.

Q And what did Mr. Singh respond?

A He said, "Please see attached," and he attached those

documents.

Q Okay. This is all the way in 2014, is that right?

A Yes.

Q Okay. What is 2783A?

A I'm sorry. I can't see what that is.

THE COURT: You have to center it, counsel.

MR. BINI: (Complies.)

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

PEARSE/DIRECT/BINI


556

THE COURT: Also, what language is it in?

BY MR. BINI:

Q Is the beginning part of this in Portuguese?

A Yes, it is.

Q And if we turn to the third page, what's after those two

pages in Portuguese?

A That is a copy of the first page of the loan facility

between Credit Suisse and EMATUM.

Q I just want to go back to the signature pages. Was an

unsigned copy of this loan agreement attached to the offering

circular sent to investors and potential investors in the

EMATUM loan participation note?

A Yes.

Q Who signed the actual facility agreement?

A Antonio Do Rosario.

Q On behalf of whom?

A On behalf of EMATUM.

Q Who signed on behalf of Credit Suisse?

A Surjan Singh and Malaf Paki.

Q Did Surjan Singh have a financial incentive in signing

this?

A Yes, he did.

Q Why?

A Prior to this date, he had negotiated through me to

receive just over $4 million from Privinvest for his

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

PEARSE/DIRECT/BINI


557

assistance in getting Credit Suisse to make this loan.

Q Who if anyone did you negotiate with Privinvest regarding

the fee or kickback to Surjan Singh?

A The defendant, Jean Boustani.

Q Does the loan agreement in any place describe the

payments to you or Surjan Singh?

A No.

Q In your experience, is that something that would have

been important to investors?


THE COURT: Overruled.

In your view, would it have been important to

investors to know you were getting bribes and kickbacks?

THE WITNESS: Yes.

MR. BINI: May I have one moment to confer with my

colleagues, Your Honor?

THE COURT: Yes. Of course.

MR. BINI: (Confers with co-counsel.)

(Pause in proceedings.)

BY MR. BINI:

Q Okay. At this time -- before do I that, let me ask you

one other question. Mr. Pearse, would Credit Suisse have

funded this loan if they had known that Surjan Singh was

getting kickbacks?

A No.

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

PEARSE/DIRECT/BINI


558

MR. BINI: At this time, Your Honor, I would seek to

admit Government's Exhibit 2452.


MR. SCHACHTER: May I have a moment, Your Honor?

THE COURT: Sorry?

MR. SCHACHTER: May I have moment.

THE COURT: Yes, you may.






BY MR. BINI:

Q I'm going to ask you to look to an email from

September 10th, 2013, from Isaltina Lucas to Surjan Singh.

Nicolas Samara at Citi.com, Jean Boustani, Galina Barakova, Ed

Kelly, Antonio Do Rosario, Jessica Foong at Simmons-.com,

regarding final version of facility agreement?

THE COURT: See what happens when you don't pull the

mic towards you? The reporter can't hear you.

MR. BINI: Final version of the facility agreement.

BY MR. BINI:

Q Did this email later get forwarded to you, Mr. Pearse?

A Yes, it did.

Q Can you read Ms. DeLucas's email?

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

PEARSE/DIRECT/BINI


559

A "Dear Singh and Nicholas. It was with some concern that

we, the Government of Mozambique, took note that there is an

emission of sovereign bond of the Mozambican Government to

finance EMATUM Enterprise. This information being divulgate

in the economic international media, including Bloomberg.

Many financial institutions in and outside the country

informed us that they have received from JP Morgan an

invitation to participate on that operation. To have a better

clarification on the matter, we hereby kindly request your

help in order to find in the financial agreement or in the

guarantee an article where it allows the issues of sovereign

on behalf of the Government of Mozambique. We would also like

to attract your attention to article 35 of the finance

Agreement. In order to avoid much more constraints as this

matter is turning, we kindly request your response as soon as

it is possible."

Q What did you understand Ms. DeLucas to be complaining

about?

A The issue of the EMATUM bond.

Q What was she saying --


Q -- of her understanding?

A She was expressing surprise that --

MR. SCHACHTER: Your Honor, objection.

THE COURT: In your view, what was she saying?

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

PEARSE/DIRECT/BINI


560

Overruled.

THE WITNESS: She was expressing concern that it

appeared that the Government of Mozambique had issued a

sovereign bond.

She is asking Surjan Singh and Nicholas Samara to

clarify under what terms of the loan agreement, financial

agreement referred to earlier, that there is an article or

provision that allows for the issue of a sovereign bond on

behalf of the Government of Mozambique. She is also

referencing article 35 of that agreement.

Q What was Ms. DeLucas' position in Mozambique?

A She was at this time national director of treasury.

Q She's indicating that she didn't know about this?

A That is correct. Yes.

Q Okay.

A Sorry could I --

Q Could you explain --

A -- that answer a little bit more fully.

Does this refer to the letter that -- she is

explaining through this letter that she was surprised or did

not know about the issue of the EMATUM bond.

Q And now, I'm going to ask you to look at who responded to

that email. Who's that from?

A It was from Jean Boustani.

Q And what did Mr. Boustani write back after Ms. DeLucas

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

PEARSE/DIRECT/BINI


561

note?

A "Dear Surjan, after discussing this matter with" --

THE COURT: Slow it down. It's Vader, not Rock.

Take your time. Court reporter's got to hear it. Loud and

slow.

Go ahead.

THE WITNESS: I apologize.

A "After discussing this matter with Madam Lucas, we

realized that there was a misunderstanding. Since the bond is

not issued directly from the Ministry of Finance of

Mozambique, but from the private company, EMATUM, supported

and guaranteed by the MoF, so all clear, and no issues at all.

Thank you."


A He was responding -- he was responding in relation Ms.

Isaltina Lucas' letter which had been specifically referencing

the issue of a sovereign bond, and he's distinguishing between

a sovereign bond and the EMATUM bond that was issued, which

was a loan participation note guaranteed by the Ministry of

Finance of Mozambique.

Q Did Ms. DeLucas respond?

A Subsequently, yes.

Q What did she write?

A "Clear."

Q Did this email then get forwarded to you?

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

PEARSE/DIRECT/BINI


562

A Yes, it did.

Q By whom?

A By Mr. Boustani.

Q And how did you respond to Mr. Boustani on September 10,

2013?

A "Bro, this is okay, but not really good enough. Can you

get the full email out of him?"

Q What did you mean when you said, this is okay, but really

not good enough?

A The letter that Ms. DeLucas had sent to Credit Suisse was

complaint letter. It indicated that Credit Suisse had issued

a bond on behalf of Government of Mozambique without having

the approval of the Government of Mozambique.

This was a serious matter within Credit Suisse. It

was a breach of contract and protocol. So, the most

appropriate response was from the Ministery of Finance, not

from the contractor, Mr. Boustani.

So, I felt that Ms. DeLucas should send a more full

explanation as to why the complaint would be withdrawn, not

simply reference the explanation given by Mr. Boustani.

MR. BINI: Your Honor, I understand that the laptop

is working again. Can I switch back to that and turn this

off?

THE COURT: Yes, you can.

Can we do that, Mr. Jackson?

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

PEARSE/DIRECT/BINI


563

THE CLERK: Yes, Judge.


MR. BINI: At this time, the Government would seek

to admit Government's Exhibit 5083.

THE COURT: Any objection to 5083.





BY MR. BINI:

Q And what's the date of this email chain?

THE COURT: It's just a little blurry. Can you make

it a bit more accessible, please? Thank you.

A September 11, 2013.

BY MR. BINI:

Q Who is it from, who is it to?

A It's from myself to Dilawar Property, Limited.

MR. BINI: If you can, Ms. DiNardo, get the top two

emails, so we can see the email that was responding to.

BY MR. BINI:

Q Why were you emailing Surjan Singh, "Please send a

passport copy, including residency page"?

A In order that I could send that to Pauline Kamel at Abu

Dhabi Commercial Bank, so that she would open an account, a

bank account for Mr. Singh.

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

PEARSE/DIRECT/BINI


564

Q Why were you doing that?

A In order for him to open an account to receive the

payment from Privinvest.


would admit or seek to admit Government's Exhibit 2456.


MR. SCHACHTER: May I have just a moment?

No objection.





BY MR. BINI:

Q Do you recognize this email chain, Mr. Pearse?

A Yes.

Q What's the top email, who's it from, who's it to?

A It's from myself to Pauline Kamel.

Q And what were you sending Pauline Kamel?

A A copy of Mr. Singh's passport, including the residency

stamp.


would seek to admit Government's Exhibit 2457 and 2458.




1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

PEARSE/DIRECT/BINI


565

(Government's Exhibits 2457 and 2458 were received in

evidence.)

(Exhibit published to the jury.)

BY MR. BINI:

Q Before we go there, I'll just ask you, Mr. Pearse, who

sent you the -- Surjan Singh's passport?

A He did.

THE COURT: He being?

THE WITNESS: Excuse me, Your Honor. Surjan Singh

did.

THE COURT: Okay. Go ahead.

BY MR. BINI:

Q Okay. Now we can go to 2457.

MR. BINI: And you could flip that upside. Thank

you, Ms. DiNardo. You can blow up the page that has a picture

of an individual.

BY MR. BINI:

Q What's 2457?

A That is a copy of the photo page from the passport of Mr.

Singh.

Q And if we go to 2458, what is 2458?

A This is a copy of the residency stamp in Mr. Singh's

passport.

Q Did you have any conversations with the defendant or

Surjan Singh regarding how his -- Surjan Singh had a residency

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

PEARSE/DIRECT/BINI


566

permit for the United Arab Emirates?

A Yes.

Q Who you did speak to and what did they the tell you?

A I spoke to the defendant, Surjan Singh and Najib Allam.

Q And what did they tell you?

A They agreed to assist in the opening of the bank account,

and obtaining the residency permit.

Q What was indicated as the employer or the sponsor for

Surjan Singh?

A Privinvest Holding, Abu Dhabi.

Q What position was he indicated as having?

A Archives clerk.

Q What was Surjan's Singh's position at this time, in

reality?

A He was managing director, head of the global finance

group in Europe for Credit Suisse.


would seek to admit Government's Exhibit 3125?



THE COURT: All right. Sidebar.

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

SIDEBAR


567

(Sidebar.)

THE COURT: May I see the document, please, counsel?

Counsel who is offering it should hand it up.

MR. BINI: I'm grabbing a copy. I think I grabbed

the wrong binder. I apologize.

THE COURT: That's all right.

MR. SCHACHTER: Your Honor, I withdraw the objection

again.

THE COURT: Okay.

(Sidebar concluded.)

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

PEARSE/DIRECT/BINI


568

(In open court - jury present.)

THE COURT: The objection is withdrawn. The

document is admitted. You may publish it to the jury, it

being Government Exhibit 3125 in evidence.

(Government's Exhibit 3125 was received in evidence.)

(Exhibit published the jury.)


THE COURT: You may proceed.

BY MR. BINI:

Q If we can go to the email from you to David Langford, at

2:44 p.m., the bottom email? Who is this email from and who

is it to?

A It's from myself to David Langford and Chris Langford,

and the defendant.

Q What is the subject?

A Palomar Holding.

Q And if you could review it and then explain to the jury

what were you emailing about.

A I was emailing about how the fee that Palomar was to

receive from Privinvest for advising on the EMATUM bond would

be paid to the shareholders of Palomar.

Q Why were you emailing David Langford, Chris Langford and

Jean Boustani, the defendant?

A David Langford, as well as Mr. Safa, and was a person I

would email in relation to matters that affected Mr. Safa. I

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

PEARSE/DIRECT/BINI


569

did not have Mr. Safa's email address.

Chris Langford is the father of the David Langford,

who established the companies in the British Virgin Islands,

that was Palomar Holdings, and Jean Boustani was a partner in

Palomar Holdings.

Q How did the defendant respond?

A "ADM will transfer $49,200,000 to Palomar. I think we

need to conduct the shareholders' loan of PH first, as agreed,

and the rest goes to the others. Do you want to leave some

OPEX, up to you my friend."


A Firstly, that Abu Dhabi Mar would pay Palomar $49,00,000

as a fee for advising on the EMATUM loan.

Secondly, that from that $49,200,000, a shareholder

loan which had previously been made would be repaid. And

after deducting that amount, the rest of the $49,200,000

would be paid to the owners.

He then asked me if I would like Palomar to retain

some of those monies in Palomar's account for operating

expenses.

MR. BINI: Okay. At this time, the Government would

seek to admit Government's Exhibit 2493.



THE COURT: It's admitted. You may publish to the

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

PEARSE/DIRECT/BINI


570

jury.




BY MR. BINI:

Q If we can look at the top email. Mr. Pearse, what's the

date of this email?

A First October, 2013.

Q What did the defendant write to you?

A "Sure. What I'm trying to say, Bro, is that we have a

green light to package as much as we want, but the IMF celing

will remain a problem. Anything we secure as extra seating

will be for us though."


A I understood that to mean that he had the political

support to raise as much financing as possible in Mozambique,

subject to not exceeding the IMF ceiling, the IMF's ceiling

was the maximum amount of borrowing that had been agreed

between Mozambique and the IMF for commercial borrowing.

Q Why was that important?

A It was important because that was -- the IMF ceiling was

a number that was published by the IMF from time to time. It

changed from time to time.

But it was publicly available, as was the total

amount of borrowing that Mozambique had been made. So any

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

PEARSE/DIRECT/BINI


571

bank who was to lend would know the size of the difference

between the ceiling and the amount that had been borrowed at

any given point in time. So that was the maximum any bank

would ever lend.

MR. BINI: At the time, this Government would seek




THE COURT: It's admitted. You you may publish it

to the jury.



BY MR. BINI:

Q I want to ask you to look at the email from Felipe

Berliner October 11, 2013, at 10:47. What did Mr. Berliner

write here?

A "The settlement of the note has cleared, and we sent the

money to Citi's account as paying agent."

Q I'll stop you there, and I'll ask you, who was Felipe

Berliner?

A He was an employee of VTB Bank.

Q And who is Makram Abboud?

A He's also an employee of VTB Bank.

Q Is that the banker you told us about two days ago?

A Yes, he was the most senior banker that I met from VTB in

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

PEARSE/DIRECT/BINI


572

relation to these projects.

(Continued on the next page.)

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


SAM OCR RMR CRR RPR

573

EXAMINATION CONTINUING

BY MR. BINI:

Q What had happened around this time, October 2013?

A VTB had underwritten a further 350 million of EMATUM

bonds.

Q So we had the 500 million from Credit Suisse, and now 350

additional sold by VTB?

A Yes.

Q What's the next sentence from Mr. Berliner?

A Citi should now confirm receipt (we haven't received

confirmation yet) and then Citi shall transfer the money to

Credit Suisse as facility agent.

Q Can you explain what that meant?

A The paying agent is the person in a bond transaction, it

was the entity in the bond transaction that receives all

payments on behalf of bondholders and pays all banks'

bondholders. In the same way that I described yesterday, a

facility agent in a syndicated loan is the entity that

receives monies from borrower and pays it to the banks in the

syndicate. The paying agent has the same -- the same function

in respect of multiple bondholders.

When a bond is first sold, the money flows from the

investors through the paying agent, through the facility agent

back to the borrower. So Mr. Berliner is describing the chain

of events that occur when the investors pay their money to the

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


SAM OCR RMR CRR RPR

574

paying agency to buy the bond. That was Citibank. And then

the paying agent then transfers -- transfers it to Credit

Suisse, who was the facility agent under the loan. And then

Credit Suisse would then pay those monies as directed by the

borrower to Privinvest.

Q Okay, if we can go to the top e-mail, what did Felipe

Berliner send then?

A He sends a copy of the payment instruction from Citibank

to Credit Suisse.

Q And if we look to the line that starts with 32A.

MR. BINI: If you can blow that up or make it

yellow, Ms. DiNardo. 32A.

Can you blow it up? It's very hard to read.

BY MR. BINI:

Q How much was being sent and to whom?

A $312 million -- sorry, $312,900,000 was being sent.

Q Where was that to go eventually?

A In -- in this instruction it's being sent from Citibank

to Credit Suisse.

Q And do you know where it was supposed to go from there?

A From there, Credit Suisse was to send it, as directed by

the borrower, to Privinvest.

Q Okay.

A Excuse me, Abu Dhabi MAR.

Q Thank you.

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


SAM OCR RMR CRR RPR

575

MR. BINI: At this time the Government would seek to







evidence.)

MR. BINI: And I would ask Ms. DiNardo if you can

show the top e-mail.


BY MR. BINI:

Q Who is this e-mail from and who is it to?

A It's from Mr. Boustani to myself, Naji Allam and David

Langford.

Q What's the date?

A 16th of October 2013.

Q What is the defendant writing about here?

A He's setting out how the fee to Palomar will be

calculated now that the final piece of the loan was -- piece

of the bond has been -- been finalized and the total of

$850 million has been lent.

Q Why is the defendant e-mailing, if you know?

A The end result of this calculation is to determine how

much is paid to the partners in Palomar. He was a partner in

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


SAM OCR RMR CRR RPR

576

Palomar, plus he was the person that had the most visibility

on the numbers that were used to calculate the final

distribution, the final amount that was paid to the fund.

Q How much did you ultimately receive for the EMATUM

500-million-dollar original bond and the 350-million-dollar

upset?

A $23.4 million.

Q Do you have any understanding if the defendant was

compensated for these loans?

A Yes, it's my belief he was compensated for the loans.

Q Why?

A He was a partner in Palomar. It was my expectation he

would receive the same amount of money as I did.

Q Did he also have a benefit from Privinvest for ceding

business?

A Yes, he was also an employee of Privinvest and

responsible for having developed this project and obtained it

on behalf of Privinvest.





THE COURT: It's admitted, you may publish.


evidence.)

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


SAM OCR RMR CRR RPR

577


BY MR. BINI:

Q If we can look to the bottom e-mail. What's the date of

this e-mail?

A 20th of October, 2013.

Q Who is it from, who is it to?

A It's from myself to Mr. Boustani.

Q And what did you write?

A Bro, Uncle's details are as follows:

I then provided account details at Abu Dhabi

commercial bank.

Hope that is enough... If we can do something this

week he would appreciate it.

Q Who is Uncle?

A Uncle is Surjan Singh.

Q Is that a nickname that you used to refer to him?

A Yes.

THE COURT: Why was he called Uncle?

THE WITNESS: He was a close friend of mine who's

known to my children, and I described him as Uncle Surjan.

THE COURT: Okay, go ahead.

BY MR. BINI:

Q And then after you provided Surjan Singh's account

details, you had written: If we could do something this week

he would appreciate it.

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


SAM OCR RMR CRR RPR

578

What did you mean?

A I was asking Mr. Boustani to arrange for the payment of

the kickback that had been agreed with Surjan for the EMATUM

loan.

Q And how did the defendant respond?

A Done.


A Love you.







evidence.)


MR. BINI: If we can look to the top e-mail.

BY MR. BINI:

Q What's the date of this e-mail, Mr. Pearse?

A 21st of October, 2013.

Q And who is it from, who is it to?

A From myself to Mr. Boustani and Ms. Subeva.

Q What did you write to the defendant?

A I am speaking to Surjan and Makram so we can get max out

of them. Please tell Said that until we have updated project

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


SAM OCR RMR CRR RPR

579

plan he should wait.

Q What did you mean when you wrote: I am speaking to

Surjan and Makram so we can get the max out of them?

A I was discussing with Surjan and Makram who -- the

prospect of increasing the size of the Proindicus loan.


would seek to admit 2567.





evidence.)


BY MR. BINI:

Q And I'll ask you to look at the top e-mail again.

Is this around the time, Mr. Pearse, that you were

seeking to upsize the Proindicus loan as you discussed in the

earlier e-mail?

A Yes, this is the 1st of November, it's the same period.

Q And who is this e-mail from and who is it to?

A It is from Felipe Berliner to Detelina Subeva, Makram

Abboud, Jean Boustani, Hamet Aguemon, and myself.

Q And what did Felipe Berliner ask you?

A Hi Andy, any news on the breakdown of lenders/amounts

under the loan? We look forward to it. Thanks.

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


SAM OCR RMR CRR RPR

580

Q What did you understand Felipe Berliner to be asking?

A He was asking for the list of the syndicate of lenders

and investors that had currently bought parts of the

Proindicus loan.

Q Why is that important to VTB Bank?

A At this time VTB were considering whether they could

purchase a further $118 million of the Proindicus loan and

they wanted to know who Credit Suisse had previously sold the

loan to in order to establish whether they had other investors

they could sell that were not the same as the ones that Credit

Suisse had used.

Q What's the time of this e-mail?

A 12:36 p.m.


would seek to admit Government's Exhibit 2568?


MR. SCHACHTER: None.



evidence.)


BY MR. BINI:

Q And looking to the top e-mail, what did the defendant

write to you?

A Is what Berliner from VTB is asking for? There is a list

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


SAM OCR RMR CRR RPR

581

of banks at the bottom of the Increase Notice.

Q Did the defendant know the members of the Proindicus

syndicate of outside loan investors?


THE COURT: If you know.

A Yes, he did.

Q And what time is this e-mail at?

A 12:43 p.m.

MR. BINI: If we can put side-by-side so the jury

can see, Ms. DiNardo, 2567 and 2568.


BY MR. BINI:

Q How much after 2567 is 2568?

A Seven minutes.

Q Is it the same e-mail chain?

A Yes, it is -- no, it isn't. Sorry.

Q What is the defendant doing seven minutes later in the

second e-mail, 2568?

A He is asking me whether the document he's attaching to

this e-mail has the information that Berliner from VTB is

requesting.

Q Okay.

MR. BINI: Your Honor, I would seek to admit 2568-A

and 2568-B.

MR. SCHACHTER: No objection. Sorry.

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


SAM OCR RMR CRR RPR

582

THE COURT: A and B, any objection?

MR. SCHACHTER: No.


(Government's Exhibits 2568-A and 2568-B were

received in evidence.)


BY MR. BINI:

Q Okay, if we can go to 2568-A, what is that?

A This is a copy of the Increase Notice that was sent from

Proindicus to Credit Suisse in order to increase the

Proindicus loan in August by $32 million.

Q And if we look to the back, is this attached to the

e-mail that the defendant sent you at 12:43?

A Yes.

Q Why did he attach it? I am going to ask you to look to

Schedule 1.


THE COURT: Make it more legible, please.

MR. BINI: If we can go to Schedule 1 and blow that

up.

BY MR. BINI:

Q What is Schedule 1?

A That was the list of lenders, members of the syndicate,

for Proindicus as of that date.

Q Were two ICE-Canyon-owned funds members of the syndicate

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


SAM OCR RMR CRR RPR

583

at that point?

A Two funds managed by ICE Canyon were members of the

syndicate, yes.

Q What are those funds?

A ICE 3: Global Credit CLO Limited and ICE Global Credit

CLO Limited.

Q How much had they invested?

A In total, $15 million.

Q Where is ICE Canyon located?

A Los Angeles.





THE COURT: You may publish, it's admitted.


evidence.)


BY MR. BINI:

Q At the top e-mail, what's the date of that e-mail?

A November 1st, 2013.

Q And who is it from, who is it to?

A It's from Ms. Subeva to myself.

Q What is this? If you can take a look at it and then tell

the jury what it discusses.

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


SAM OCR RMR CRR RPR

584

A This is wording that Ms. Subeva is proposing be sent to

Credit Suisse.

Q Why?

A In response to a request from Credit Suisse who had been

contacted by a financial reporter asking questions about

Credit Suisse's involvements -- involvement in the loans to

Mozambique.

Q Was an article regarding this issue of concern to you and

the Mozambique officials who were part of this criminal

scheme?

A No, the proposed response from Credit Suisse to the

financial reporter was of concern.

Q Why?

A Because Credit Suisse had proposed in that response to

refer to the Proindicus loan.

Q Why was that a concern to the Mozambican officials, you

and the other members of this criminal scheme?

A At that time the only Mozambican loan that was known to

the public was EMATUM. Proindicus -- the loan to Proindicus,

rather, was a secret and had not been communicated to the

outside world.

Q And did you later learn that Mozambican, certain

Mozambican officials were deliberately not telling the IMF

about the Proindicus loan?


1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


SAM OCR RMR CRR RPR

585

THE COURT: Did you learn that?

THE WITNESS: I subsequently learned that the IMF

had not been informed of the details of the Proindicus loan.

THE COURT: The objection is overruled. That is the

answer.

Go ahead.







evidence.)


BY MR. BINI:

Q I am going to ask you to look at the top e-mail. Who is

that from and who is that to?

A This is from myself to Felipe Berliner, Ms. Subeva,

Makram Abboud, Mr. Boustani and Hamet Aguemon.

Q What were you e-mailing about?

A I was setting out for VTB the list of syndicate members,

banks and investors who had invested in the Proindicus loan as

at that date.

Q Okay. How much did ICE Canyon have invested?

A $15 million.

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


SAM OCR RMR CRR RPR

586

MR. BINI: Your Honor, at this time I would ask to

admit 2594.





evidence.)


BY MR. BINI:

Q And if you can take a look at it, Mr. Pearse, I just want

to ask you to start on -- does this relate to -- let me ask

you this:

Does this e-mail relate to a different deal that is

not the deals in this case?

A It relates to a potential deal that didn't happen.

Q Okay.

Going to the second page of 2594, do you see the

sentence at the top: Do you know what Junior's angle is on

this?

THE COURT: Can you make it more legible, please?

BY MR. BINI:

Q Is that part of an e-mail, you responding to the

defendant?

A Yes.

Q Who were you referring to when you said: Do you know

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


SAM OCR RMR CRR RPR

587

what Junior's angle is on this?

A I was referring to Armando Guebuza, the son of the then

president of Mozambique.

Q Okay. And if you go up to the first page of the e-mail

chain, is there an e-mail of you with an expletive talking

about that you shouldn't do the deal?

THE COURT: Highlight it, please, so the jury can

see it.

MR. BINI: The top two e-mails, Ms. DiNardo.


A Yes, there is.

Q Okay.

And what did you mean when you said: Need guidance

from Croc as to why he is supportive on this one?

A I needed to understand from Armando Guebuza why he wanted

to do this particular transaction.

Q But were you not in favor of it?

A Not at all.

Q Okay.

How did the defendant respond?

A That I will tell him, drop it Croco?

Q Who is Croco again?

A Croco is Crocodilio, who is Armando Guebuza, the son of

then president of Mozambique.

Q Over the course of your criminal conduct with the

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


SAM OCR RMR CRR RPR

588

defendant, did you ever hear him use nicknames to refer to

certain people?

A Yes.

Q I just wanted to ask you about a few of them.

You already spoke about Uncle. Who is that?

A Surjan Singh.

Q Croco, who is that?

A Armando Guebuza.

Q Junior, who is that?

A Also Armando Guebuza.

Q We saw earlier today Chopstick. Who did the defendant

use that to refer to?

A Manuel Chang.

Q Did you ever see the name Pantero?

A Yes.

Q Who, if anyone, did the defendant use to refer to using

the name Pantero?

A Manuel Chang.

Q What about the name Marshal?


Q What about the name 3 Beijos?

A Isaltina Lucas.

Q Who is Isaltina Lucas again?

A The national director of -- now? I'm sorry.

Q Then.

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


SAM OCR RMR CRR RPR

589

THE COURT: Who is that person?

Why don't you spell it, if you can.

And then is this an appropriate time to take a

luncheon recess after you do this question?


THE COURT: Go ahead, spell the name of the person

you are asking about.

MR. BINI: Oh.

BY MR. BINI:

Q If you could, Mr. Pearse, Isaltina Lucas.

A I-S-A-L-T-I-N-A, Lucas is L-U-C-A-S.

Q HE?

A His Excellency, the president of Mozambique.

Q DG?

A The Director General of SISE.

Q What's SISE again?

A SISE is the Secret Service of Mozambique.

MR. BINI: Your Honor, this would be a good time to

stop, if it's okay with Your Honor.

THE COURT: All right, ladies and gentlemen, it is a

little past 1 o'clock, why don't we resume at 2:15?

Do not talk about the case. Enjoy your lunch.

Thank you.

(Jury exits.)

THE COURT: You may step down, Mr. Pearse.

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


SAM OCR RMR CRR RPR

590

(Witness steps down.)

THE COURT: The jury has left the courtroom. You

may be seated, ladies and gentlemen.

Do we have any issues to discuss outside of the

presence of the jury?

MR. JACKSON: Yes; briefly, Your Honor.

THE COURT: I will hear first from the Government,

then from defendant.

Any issues from the Government?


THE COURT: Okay, from defense counsel; yes.

MR. JACKSON: Thank you, Your Honor.

Your Honor, at a pretrial conference in this case

one of the -- one of the representations that was made by the

Government to the Court was that this is not an omissions

case. That was at the August 21st, 2019 pretrial conference

when Ms. Moeser was addressing the Court and she said: This

is not an omissions case, Your Honor. This is a

misrepresentation case.

And we understood that that made sense, Your Honor,

because pursuant to clear Black Letter Law, the Chiarella

decision, among others, this isn't a case that could be

charged as an omissions case.

We would like to voice , Your Honor, a continuing

objection to the Government's repeated injection into the

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


SAM OCR RMR CRR RPR

591

record of questions that are pure omissions questions.

For example, Mr. Bini asked the witness the

question:

Did the loan agreement in any place describe payment

to you and Singh?

Now, we think, Your Honor, that that is a clear

violation of what the Government represented to the Court it

would do in this case and what the law allows the Government

to do.

THE COURT: Well, let me put it to you this way,

Mr. Jackson, I have not charged the jury yet with respect to

what the law is that they have to apply to the facts of this

case as they find them. We have not even had our charge

conference yet. So I think you ought, to use an expression

that someone who is, essentially, a non-skier should really

use. You are getting out over your skis when you start down

this road.

I do not think this is the time to talk about what

the law is or is not in the case. Right now the jury is

hearing facts and hearing testimony from this witness, and you

will be allowed to cross-examine quite extensively, to the

extent you wish to do so , about what the witness has

testified to on direct.

But if you are now getting into the question of what

the law is in this case, as I have told the Government and as

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


SAM OCR RMR CRR RPR

592

I have told defense counsel throughout, I will give the law to

the jury at the appropriate time and they will apply the law

as I give it to them to the facts as they find them.

So I think your concerns are, at best, premature.

MR. JACKSON: May I respond, Your Honor?

THE COURT: That's why I am here.

MR. JACKSON: Your Honor, we, of course, understand

appreciate that the Court will give all the instruction on the

law.

I think that the Government is coming very close, if

not already surpassing what the Second Circuit has warned

repeatedly the Government isn't allowed to do with regard to

the proof.

Putting aside the law, in the United States versus

D'Amelio, the Second Circuit made clear that where the proof,

itself, regardless of the instruction of the law, but where

the proof, itself, alters the core of criminality that is

presented in the case, that can constitute a constructive

amendment of the Indictment.

And so, Your Honor, we are only -- we defer to

the -- to the wisdom of the Court in terms of the

administration course, but we wanted to make a record to

explain our objection and to warn the Government that we

believe they are proceeding past the point that the Second

Circuit has said is appropriate, in terms of the proof

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


SAM OCR RMR CRR RPR

593

regardless of what law the Court will, ultimately, wisely

determine is appropriate to instruct the Court on.

THE COURT: I am sure that the Government is duly

warned by the defendant, and the Government will be so advised

and so warned by the defendant.

Now, anything else?

MR. JACKSON: Yes, Your Honor, just one more thing.


1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

Proceedings

MDL RPR CRR CSR

594

(Continuing)

MR. SCHACHTER: Your Honor, we have one additional

issue. It relates to a number of exhibits that we believe the

Government may seek to offer this afternoon.

THE COURT: Let me stop you right there. That's why

God invented lunch. Lunch is not for wimps. Lunch is a time

when counsel discuss the question of documents that might or

might not come in. After you have your non-wimpy lunch of

discussing that, let me know if after you have had that

discussion there are documents that you would like to discuss

at the sidebar. That way we will have a more productive

discussion. While some of us will be actually eating, some of

you will be working through lunch at this lovely space that is

available.

MR. SCHACHTER: I apologize if I wasn't clear. I

have already conferred with the Government and they do intend

to introduce these documents. The only thing that I was

uncertain about is whether that's going to be this afternoon

or tomorrow.

THE COURT: It won't be tomorrow.

MR. SCHACHTER: I'm sorry, Monday. Although

tomorrow, I am free.

THE COURT: Well, I'm not because I'm going on a

walk, believe it or not. It's not going to be a run, I assure

you. It is a walk that has to do with to help prevent

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

Proceedings

MDL RPR CRR CSR

595

suicide. So I am going for that walk tomorrow. I just want

the record to reflect that yes, occasionally, I do walk,

contrary to appearance.

Yes, I hear you. To the extent that when we come

back, before we bring the jury in, we need to have a

discussion about particular documents, you will present them

to me and I will make rulings to help move this along well in

advance of the time of the jury, which, as you know, is quite

precious.

Anything else?


THE COURT: Have a nice working lunch.


(Lunch recess.)

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

Proceedings

MDL RPR CRR CSR

596

AFTERNOON SESSION


THE COURTROOM DEPUTY: All rise. Judge Kuntz

presiding.

THE COURT: Good afternoon. We have the

appearances. I see counsel are present. Can we have the

defendant produced? And then we will address any procedural

issues we need to address.

Please be seated, ladies and gentlemen of the

public. Thank you.

MR. BINI: Your Honor.

THE COURT: Good afternoon. Wait for the defendant

to be seated.

MR. BINI: Yes, Your Honor. Thank you.


(Defendant present.)

THE COURT: Yes. Do we have any issues to address?

MR. BINI: Yes, Your Honor. I think there are still

certain e-mails. We did reach agreement on one e-mail. There

are still certain e-mails that we don't have agreement on.

THE COURT: All right. Do we need to talk about

those at sidebar or should we talk about them in open court?

I don't know what the nature of the e-mails is.

Sidebar, on the record or open court?

MR. BINI: Whichever.

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

Proceedings

MDL RPR CRR CSR

597

THE COURT: You guys know what they are.

MR. JACKSON: They are not sensitive, Your Honor.

THE COURT: They are not sensitive. Okay. So let's

have them described by the Government. I take it you are

offering and there is an objection?


THE COURT: Why don't you publish them so I can see

what they are, or hand them up. Whatever is easier for you

folks.

MR. BINI: I can hand you up a copy.

THE COURT: Just hand them to Mr. Jackson, he'll

hand it up to me. Thank you.

So you've got the same package and defense counsel

is starting, I take it, with GX 3127; is that right?

MR. SCHACHTER: Okay.

THE COURT: I'm asking.

MR. JACKSON: Yes, Your Honor.

THE COURT: Or whatever you want. You tell me.

MR. BINI: Oh, I'm sorry. Did I miss 5112?

MR. SCHACHTER: I think 5112 is where we are going

to start.

THE COURT: If you want to publish them

electronically so we are literally on the same page? That

might be easier. The first one I've got in this package is

3127.

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

Proceedings

MDL RPR CRR CSR

598

Do you want to do it electronically?

MS. MOESER: We are starting it up right now, Your

Honor.

THE COURT: Okay, use the microphone. You, too.


THE COURT: Go ahead. The first one is?

MR. BINI: Government's Exhibit 5112.

THE COURT: Wait until it pops up on the screen. I

can't see it yet.

MR. BINI: The top e-mail.

THE COURT: Okay.

MR. BINI: This is an e-mail from Mr. Pearse to

Gwendolyn Arnold and Markus Kroll.

THE COURT: Okay, it is offered by the witness.

Let me just turn to defense counsel, what is the

problem with this document that you can cross-examine the

witness about and that he authored? I'm assuming there is no

question that he authored it.

MR. SCHACHTER: Yes, Your Honor. But, Your Honor,

it's not relevant to Mr. Boustani's state of mind and,

therefore, we don't think it's relevant to any issue of

consequence in this case.

THE COURT: Well, on the issue of relevance I am

going to overrule it. You can cross-examine him but that's

not enough to keep it out.

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

Proceedings

MDL RPR CRR CSR

599

What else do you have, other than relevance? On

that document, anything else?


THE COURT: Okay, so you are overruled on that.

Your record is preserved for sure for sure.

Okay, next.


THE COURT: 3127, okay.

MR. BINI: The top e-mail.

THE COURT: Offered by the defendant.

All right. What's the issue with that? It's

seemingly something along the lines of an admission -- unless

you are contesting that the defendant actually authored it,

what's the objection?

MR. SCHACHTER: Your Honor, it is also irrelevant.

If the Court turns to the second page of the exhibit, this

relates to an entirely different transaction, one relating to

Mr. Pearse's desired acquisition of something called San Leon

Energy and, therefore, is not relevant to any issue in this

case.

THE COURT: Well, what is your response to the

relevance issue? Should I keep it out under 403 for

confusion, waste of time? Why do you want it in?

MR. BINI: Because, first of all, San Leon Energy is

something that is acquired by Palomar Natural Resources so it

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

Proceedings

MDL RPR CRR CSR

600

is relevant because the defendant and Mr. Pearse put their

money into that, which includes that -- that eventually

Palomar Natural Resources includes --

THE COURT: Slow it down. Vader, not Robin or Woody

Allen. Go ahead.

MR. BINI: Which includes that United States

concession, so they invest money in that.

THE COURT: I'm going to overrule the objection and

you could, again, point out how it's related or not related on

cross or you can make it clear when you examine Mr. Pearse

about what it addresses and what it doesn't.

So the objection is overruled.

MR. SCHACHTER: Your Honor, in addition to the point

Mr. Bini made, not addressing the objection to the exhibit,

but a separate matter. It is unclear to me, until Mr. Bini

said this, as to whether he intends to go into something

called Palomar Natural Resources which is not discussed in the

indictment. It is no part of this case, and I don't know if

that's a subject that he intends to explore with Mr. Pearse,

but it has nothing to do with the charges. We have gotten no

404(b) notice with respect to issues relating to some

different entity called Palomar Natural Resources or --

THE COURT: Well, let me ask the Government.

Is this an entity that the defendant has an interest

in?

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

Proceedings

MDL RPR CRR CSR

601


THE COURT: Is that why it's relevant to the issues

in this case from the Government's point of view?

MR. BINI: Yes, and --

THE COURT: Okay. That's enough. It's in.

Overruled.

Next.

MR. BINI: 2843.

THE COURT: Okay, what's the objection? Can I see

the document, please?

Okay, authored by Dominic Shultens, addressed to Mr.

Pearse. I take it you are going to ask Mr. Pearse about his

understanding about the contents of the document?


THE COURT: This is a document that presumably he

will testify he received.


THE COURT: In or about March 2nd of 2015.

What's the objection?

MR. SCHACHTER: Your Honor it is hearsay and Mr.

Shultens was not described by --

THE COURT: Is it being offered for the truth of the

matter asserted?

MR. BINI: Your Honor --

THE COURT: Is it being offered for the truth of the

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

Proceedings

MDL RPR CRR CSR

602

matter asserted?

MR. BINI: Yes.

THE COURT: In which case, it would be hearsay and I

keep it out.

MR. BINI: Your Honor, I would note that we believe

the co-conspirator exception applies, because the Government

intends to ask the defendant regarding, at this point, whether

Mr. Shultens is joined with the defendant and others in

actively lying about the existence of the Proindicus and MAM

loan.

THE COURT: Do you need the document to ask him that

question? I don't think you do. Your right, it's about the

admissibility of the document. You can ask him, Do you know

who Mr. Dominic Shultens is? Yes. Who was he? He can say

who he was, and then he can testify about his relationship

with Mr. Shultens. The question is a document that was not

authored by Mr. Pearse, but was sent to him and to Ms. Lina.

Are you going to have Mr. Shultens here as a

witness?

MR. BINI: We are not going to call Mr. Shultens.

THE COURT: Okay, well, I'm going to keep this one

out. Next.

MR. BINI: Okay. Government's Exhibit 2851.

THE COURT: Okay. Let's see it.

Mr. Shultens again?

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

Proceedings

MDL RPR CRR CSR

603


THE COURT: Again being offered for the truth of the

matter as heard?


THE COURT: No. Out. Next.

MR. BINI: May I ask the witness about the

information?

THE COURT: You can ask about the information

without -- no, this is about the admissibility of documents,

not whether or not Mr. Shultens was a co-conspirator. Don't

become a prisoner of the documents in conducting your

examination.

MR. BINI: Okay.

THE COURT: Okay. So, next.


THE COURT: All right, put it up.

MR. BINI: This is another e-mail from Dominic

Shultens.

THE COURT: Same ruling, if you are offering it for

the truth. Not coming in.

MR. BINI: Okay.

THE COURT: Next.


THE COURT: Can I see it, please?

MR. BINI: Yes. This is an e-mail from Mr.

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

Proceedings

MDL RPR CRR CSR

604

Shultens, but I'm admitting it for the purposes of --

THE COURT: No, you are not admitting it; you are

asking me to admit it. But go ahead.

MR. BINI: Okay, I am asking you to admit this one,

Your Honor, because below that is an e-mail from Najib Allam,

to Andrew Pearse, copying David Langford and Jean Boustani,

where there is a letter from Privinvest that --

THE COURT: Well, let's back up. Let's go to the

top one. You are not calling Mr. Shultens and you are

offering it for the truth of the matter asserted; correct?

MR. BINI: Well, in this one, Mr. Shultens is not

speaking.

THE COURT: So it is from Mr. Pearse, right? It

says from Pearse to Shultens, it's the top item.

MR. BINI: Oh, you are right. I'm sorry.

THE COURT: You guys are living it, but I'm looking

at it, so I don't have a problem with the statement -- the

document from Pearse to Shultens, because you've got Pearse on

the stand. So the top one, I don't see as a problem.

The second one was sent to Pearse from Allam, is

there an objection to that coming in?

MR. JACKSON: Yes, Your Honor. It's a 403 issue and

a 404(b) notice issue. This relates to interactions with

EMATUM's auditor, as I understand it. This is not part of the

indictment. There was no 404(b) notice provided of any

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

Proceedings

MDL RPR CRR CSR

605

allegations of some kind of separate misstatements to an

auditor, which I believe is what Mr. Bini is getting at.

THE COURT: Well, let's ask Mr. Bini.

Mr. Bini, what are you getting at with this

document -- or this part of the e-mail chain?

MR. BINI: This goes to the value of the goods

provided by the defendant and his company. There is, in this

e-mail chain --

THE COURT: Why don't you scroll further down

because this is just, "hi, attached." It doesn't tell me very

much. What is the gravamen, if you will, of the document?

MR. BINI: At the bottom, where Andrew Pearse writes

to David Langford and Najib Allam --

THE COURT: I don't have a problem with Pearse's

letters to his alleged co-conspirators and to the defendant,

as well, so that part of it I don't have a problem with. But

if you are offering documents authored by people who are not

in the courtroom and who are not going to be called as

witnesses for the truth of the matter asserted, that's the

problem. So if you need to present this in a redacted fashion

to address my concerns with respect to the documents, the

objections are still on the record and it preserves the

record, but you have the benefit of my ruling. So that's how

we can handle that. You may need to get some scissors and

paste or take some other old school remedies to offer portions

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

Proceedings

MDL RPR CRR CSR

606

of the document.

MR. BINI: Okay.

THE COURT: All right.

MR. BINI: The next objection, I think, is to 2876.

THE COURT: Okay. Put that up, please.

Okay, this is from Pearse.

MR. SCHACHTER: We withdraw our objection to this,

Your Honor.

THE COURT: Okay. That's in. You won that one.

Go ahead, next.


MR. BINI: 2890.

THE COURT: From Pearse?

MR. BINI: Yes.

THE COURT: That is going to come in from Mr.

Boustani. That's an admission. The next one?

MR. SCHACHTER: Your Honor?

THE COURT: I'm sorry, go ahead.

MR. SCHACHTER: I just want to raise the effect of

the subject matter, it relates to JAFZA Offshore Company,

something related to Angola. It's completely unrelated to any

issue in this case. There has been no 404(b) notice.

THE COURT: I take it you have produced this

document to the other side.


1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

Proceedings

MDL RPR CRR CSR

607

THE COURT: Okay, so why are you offering it in

connection with this case?

MR. BINI: Mr. Pearse indicates JB, referring to the

defendant, just turned into a structure, because the defendant

appears to understand complex financial transactions, and --

THE COURT: So it goes to the question of knowledge?


THE COURT: Yeah. I will allow it in on that basis.

Go ahead.

MR. BINI: The next one is 28 -- 3175.

THE COURT: Okay. That's from Shultens, that's not

coming in for the truth. So that one is out. You can

question about the subject matter, but not the document.

MR. BINI: Okay.

THE COURT: Next.

MR. BINI: 3103.

THE COURT: That's from Pearse? Any objection to

that, to Boustani?

MR. SCHACHTER: Yes, Your Honor. It is just a

matter unrelated to anything alleged in the indictment.

THE COURT: What's the purpose of offering this one?

MR. BINI: Because it shows the control of Palomar

between Pearse and Boustani.

THE COURT: Okay, I will overrule the objection.

It's allowed. Next.

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

Proceedings

MDL RPR CRR CSR

608

MR. SCHACHTER: Your Honor, may we ask to just

redact the language about paying taxes and Mr. Boustani's

desire not to pay taxes. It's prejudicial.

THE COURT: He writes: It pisses me off to pay

taxes. Spoiler alert; it probably pisses everybody off to pay

taxes. People don't like paying taxes. I believe there was

something along the lines of when Oliver Weldon Holmes

aggrandized, or one of the old guard, who said: Taxes are

what is extracted by the Government. Nobody likes to pay

taxes. Now, whether you are willing to comply with the law or

not, that's a different question, but nobody likes to pay

taxes.

No, I am going to overrule that objection.



MR. BINI: 3106.

THE COURT: From the defendant to Pearse. What's

the objection to an admission by the defendant, Government?

MR. SCHACHTER: Your Honor, this is now at a point

where we are after all of the relevant events in the

indictment. This has to do with compensating employees of

Palomar and is unrelated to any issue in the case.

THE COURT: Really? I don't think that's a very

strong argument. If that's your argument, I am going to

overrule it. Boustani to Pearse about payments, no.

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

Proceedings

MDL RPR CRR CSR

609


THE COURT: Overruled. What else?

MR. BINI: 3111.

THE COURT: From Pearse to Lina Subeva, one

defendant was convicted to another. What's the objection?

MR. SCHACHTER: It's a subject matter issue, Your

Honor. I mean, this relates to responding to some Wall Street

Journal article which is going to potentially inject some

issue about a hearsay issue --

THE COURT: Am I misreading this? Doesn't this

refer to Proindicus and to MAM?

MR. SCHACHTER: It does, Your Honor.

THE COURT: Well, if that's the basis for keeping it

out, I think that's a pretty week basis, as a non-existent.

Overruled. What else?

MR. BINI: That's it, Your Honor. I think.

MR. SCHACHTER: That's it. Thank you, Your Honor.

THE COURT: Okay. Anything else we need to address?

MR. BINI: No, Your Honor.

THE COURT: Anything else?


THE COURT: Okay. Why don't we have the witness

come back and I will have the jury brought out.

(Witness resumes stand.)

THE COURT: Please have a seat, Mr. Pearse.

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


MDL RPR CRR CSR

610


THE COURT: We are getting the jury back.


THE COURT: Good afternoon, ladies and gentlemen of

the jury. Again, thank you very much, I appreciate your

promptness. Once again, please be seated, with the thanks of

the Court.

Ladies and gentlemen of the public, you may be

seated as well. Mr. Pearse, you may be seated.

We will continue with the examination. And I assure

you, even though it's Friday afternoon, we are going to have

our hard stop at five o'clock. That clock is there and I

don't play any tricks with slowing it down and making it

break. So, five o'clock, even though it's Friday, we are done

for the day.

So, with that, continue.


MR. BINI:

Q Mr. Pearse, I want to ask you a couple of questions to go

back on something on the Proindicus loan agreement I didn't

ask you before.

MR. BINI: If we can show GX-4, in evidence, to Mr.

Pearse and the jury.

Q Is this the Proindicus loan agreement, Mr. Pearse?

A Yes, it is.

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


MDL RPR CRR CSR

611

MR. BINI: If you can go to the second page, the

table of contents, Ms. DiNardo.

Q We looked at some of the other clauses, but I want to ask

you about clause 11, Fees, on page 24.

Do you see that, Mr. Pearse?

A Yes, I do.

Q Is that standard in loan agreements like this one?

A For a close on fees to the loan agreement?

Q Yes.

A It depends on the loan agreement and the bank whose

making the loan.

Q There is one in this loan agreement; is that right?

A Yes, sir, there is.

MR. BINI: If we can go to page 24 and look to Fees.

Q What is clause 11 and clause 11.1?

A This is the clause that refers to fees that will be paid

to the arranger bank.

Q And did the loan agreement that went to investors and

potential investors speak on the issue of fees to the arranger

bank?

A The investors will have received a copy of this loan

agreement with these words relating to the fee arrangements.

Q What does it say?

A The borrower shall pay to the arranger the fees in the

amounts and at the times agreed in the arrangement fee letter.

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


MDL RPR CRR CSR

612




MR. SCHACHTER: Can I have a moment, Your Honor?

THE COURT: Why don't you publish it just to your

adversary so they can see it and tell us if they have an

objection to move things along.


THE COURT: It's admitted. You may publish to the

jury.


(Government Exhibit 7 admitted in evidence.)


Q Mr. Pearse, what is Government's Exhibit 7?

A This is a copy of the arrangement fee letter between

Credit Suisse and Proindicus from March of 2013.

Q Is this what we saw referred to in the loan agreement?

A Yes. The clause in the loan agreement refers to a fee

letter and this was the fee letter it's referring to.

Q And does this indicate that there is an arrangement fee

for Credit Suisse?

A Yes, it does.

MR. BINI: If we can go to paragraph 4.

Q Does it speak on the arrangement fee for Credit Suisse?

A Yes. It states that the arrangement fee will be $6

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


MDL RPR CRR CSR

613

million.

Q What was the kickback that you received for Proindicus?

A Five-and-a-half million dollars.

Q Were you working at Credit Suisse at the time that the

Proindicus loan was signed?

A Yes, I was.

Q Does it mention the kickback to you in this section?

A Sorry, in those words that are on the screen?

Q Yes.

A No, it doesn't.

Q Who's the person who ultimately signed the loan agreement

for Proindicus?

A I don't recall, sir.

Q Let's go back to GX-4, and go to the signature page.

A That was Surjan Singh and Tim Malton.

Q Who, if anyone, told Surjan Singh to sign this loan

agreement?

A Technically, it was the credit department of Credit

Suisse but he was under my prior authorization.

Q Thank you.

MR. BINI: You can take that down, Ms. DiNardo.

At this time, the Government would offer



MR. BINI: Oh, I'm sorry. We covered that already,

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


MDL RPR CRR CSR

614

Your Honor. I would offer Government's Exhibit 5101.


MR. SCHACHTER: May I have a moment, Your Honor?

THE COURT: Sir, why don't you publish it to him.


THE COURT: All right, that's fine.



Q What is the date of this e-mail?

A Sixteenth of January, 2014.

Q And I want to go down to the e-mail from the defendant to

you, the bottom e-mail.

What's the time of that e-mail?

A Ten past 9:00 in the morning.

Q What did the defendant write?

A F, all set to get MOF new guarantee for $500 million.

Will do it in Palomar's name. The borrowers will be

Proindicus and EMATUM and to build a maintenance

infrastructure in Moz to maintain their fleets. I think

Proindicus will borrow, as we don't want public noise. Can I

have the MOF guarantee to make him sign it next week before

procurement contract, et cetera.

Q I want to ask you about the part: I think Proindicus

will borrower, as we don't want public noise.

What was going on at this time and what does that

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


MDL RPR CRR CSR

615

refer to?

A He is referring to the fact that Proindicus is still --

not being disclosed to the public.

Q Why does he want to borrow without public knowledge?


THE COURT: If you know, in your view.

A In this context, sir, it would require me to speculate to

answer this question.

Q Well, don't do that.


A That any new borrowing should be done without being made

public.

Q Thank you.


to admit Government Exhibit 2746.




(Government Exhibit 2746 admitted into evidence.)


Q Looking to the first e-mail on page 2, what did Najib

Allam write to you.

A Hi, Andrew. I hope all went well with bank and if you

still need any document from my side, please let me know. FGB

credit cards should be received soon. All has been settled

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


MDL RPR CRR CSR

616

finally with the bank.

Q I will stop you there, and I'll just ask you, what did

you understand Najib Allam to be referring to?

A He was asking me about a meeting that I had had with my

bank in the United Arab Emirates.

Q If we can go to the first page of the e-mail, your

response.

How did you respond, Mr. Pearse?

A Would you like me to read it, sir?

Q If you could?

A Hi, Najib. The bank was a little painful. The biggest

issue is that they want the residency job description changed

to something more consistent with earnings. Can we do this?

Also they want --

Q I will stop you there.

Can you explain to the jury what was the bank

concerned with regarding your residency job description?

A The bank was concerned with the fact that my application

form for a bank account had described my job title as a tube

welder with an expected annual salary of approximately

$250,000. By this point in time, I had received approximately

$35 million into that bank account.

Q Where were you getting all that money from?

A From Privinvest.

Q And by the way, did you have substantially any other

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


MDL RPR CRR CSR

617

funds in that UAE bank account other Privinvest funds?

A No. Every penny that was in that account came from my

activities with Privinvest, from proceeds of crime.

THE COURT: I'm sorry, excuse me. This says the

bank wanted the residency job description changed? The bank

suggested to you that you change the job description?

THE WITNESS: Yes, Your Honor.

THE COURT: Okay. Go ahead.

Q And what did Mr. Allam attach to the mail, if anything?

A He attached the constitutional docs for Palomar

consulting, the articles for Palomar holding and a letter, I

believe.

Q Why did he attach those documents?

A Those were documents that had been requested -- well,

some of the documents had been requested by my bank, Abu Dhabi

Commercial Bank.


would seek to admit 2746A, 2746B and 2746C.



THE COURT: Admitted. You may publish.

(Government's Exhibits 2746A, 2746B and 2746C

received in evidence.)

(Exhibits published.)


1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

PEARSE/DIRECT/BINI


618

(Continuing.)

BY MR. BINI:

Q Can you tell us what 2746A is, Mr. Pearse?

A It is a notarial certificate from a notary public in

London.

Q What is 2746B?

A It is a copy of a commercial license for Palomar

Consulting LLC, in Abu Dhabi.

Q What is 2746C?

A This is the first page of the memorandum of Association

of Palomar Consulting.


admit 2747 and 2747A.



THE COURT: Admitted.

You may publish.


(Government Exhibit 2747A was received in evidence.)


BY MR. BINI:

Q If we can go down the bottom, is this a follow-up email

chain related to the email chain we were just looking at?

A Yes, sir, it is.

Q And after you reported that the bank was a little

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

PEARSE/DIRECT/BINI


619

painful, did Najib Allam write to you on March 21, 2014, at

15:22?

A Yes, he did.

Q What did he write?

A Hi, Andrew. I'm not copying anyone here. I had a draft

of after agreement between PISB and you which I updated. Have

a look and sign it; and we can use at the bank, if needed.

Q What did you do with this agreement?

A I'm sorry. Which agreement?

Q Oh, I'm sorry. What did you do with this email in the

document attached to it?

A The documents they said were relevant to the bank I sent

to Abu Dhabi Commercial Bank.

Q Okay. Did you forward it to yourself?

A I'm looking at the top email.

My apologies. Yes, I forwarded it to myself and my

Hotmail account.

Q And if we can now look at 2747A, what is this agreement

Mr. Pearse?

A This is the agreement that was referred to in the email

from Najib Allam, and this is the consulting agreement between

Privinvest Shipbuilding, SAO and myself, relating to

consultancy services that I provided to Privinvest

Shipbuilding in Russia and Azerbaijan.

Q What's the date of this agreement?

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

PEARSE/DIRECT/BINI


620

A 23rd of March, 2013.

Q Is this a real agreement?

A No, it's not a real agreement.

Q How it not a real agreement?

A It is untrue in that I did not provide consultancy

services to Privinvest Shipbuilding in relation to WP18 and

BR71 products in Russia and Azerbaijan.

MR. BINI: If we can go to the terms and conditions,

Ms. DiNardo, if you can blow up "Terms and Conditions,"

paragraph one.

BY MR. BINI:

Q Is that what you were referring to, Mr. Pearse, as being

untrue?

A Yes.

Q What is set out in paragraph two of the terms and

conditions?

Before do I that, let me ask you this or ask you

that. What is a WP18, if you know?

A That is one of the vessel types that is produced by

Privinvest was sold to Proindicus.

Q What is the BR71, if you know?

A I don't know.

Q Did you do any consulting in Russia for Privinvest.

A No, I did not.

Q What about consulting in Azerbaijan?

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

PEARSE/DIRECT/BINI


621

A Not there either.

Q Okay. Now if we can look at two, do you recognize those

payments?

A Yes, I do.

Q What are they?

A These are the payments I received from Privinvest in

respect of the kickbacks and unlawful payments for the

Proindicus loans.

Q Did you have discussions with the defendant, Najib Allam,

or anyone else about why you have this fake contract, setting

out all your Proindicus payments?

A Yes, I did.

Q Who did you discuss it with?

A I discussed it with the defendant and Iskandar Safa the

year preceding the date of that email that sent me this --

this contract. I described the events yesterday, sir.

Q Can you please describe what to the jury what you're

referring to?

A In March of 2013, after the first Proindicus loan was

closed, I met with Iskandar Safa and Jean Boustani the estate

of Iskandar Safa in the South of France and discussed how,

among other things, how to characterize the kickback that I

wad receiving in relation to the first Proindicus loan in the

event that I was ever asked by a third party where the money

came from.

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

PEARSE/DIRECT/BINI


622

Q Is this consistent with the conversation that you had

with Iskandar Safa and the defendant in March of 2013?

A Yes, during that conversation, Iskandar Safa told me

that, if I was ever asked, I should describe the payments as

being paid to me under the terms of a consultancy agreement

with Privinvest where I was consulting on the sale of two

vessel types, the WP18 and a DV15.

Q Are those the two boats that are set out here, if we go

back to "1"?

A The WP18 is one of those boats described by Mr. Safa.

The BR71 was not. The product he told me about in March of

2013 was a DV15 which had been the other vessel type that we

provided to Proindicus at that stage contracted to be

provided. Excuse me.

Q Is this the first time you'd ever seen this fake

contract?

A The date I received it from Najib Allam was the first

time I'd seen it.

Q If we could go back to 2747, what's the date, if we go to

the top?

A 21st of March, 2014.

Q Did the contract appear to be backdated?

A It is backdated, sir. It's from a year earlier.

Q By the way, if we look to the top, if we go back to

2747A, do you see how it said it's entered into March 23rd,

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

PEARSE/DIRECT/BINI


623

2013?

A Yes.

Q If you look down to the paragraph two, one of these

payments --

A They're all subsequent to that date.

Q Does that make sense?

A No. It would seem quite difficult to have been able to

foresee the payments on the 23rd of March, 2013.

MR. BINI: Okay. At this time I would ask to admit



MR. SCHACHTER: May I have just a moment, Your

Honor?

THE COURT: If you would publish it just to your

adversary to move it along, counsel.




MR. BINI: Your Honor, I'm actually going to go to

next exhibit in the interest of time.

THE COURT: Which is.


I'll ask to offer it now.

THE COURT: Any objection? Show it to your

adversary.

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

PEARSE/DIRECT/BINI


624





BY MR. BINI:

Q Did there come a time that you began working on the loan

for MAM?

A Yes.

Q What bank was involved that that loan?

A The VTB Bank.

Q Was that a syndicated loan?

A Not to best of my knowledge, no.

Q What type of loan was it?

A It was a loan between VTB and what was to become MAM.

Q What was the project supposed to be?

A I'm sorry.

THE WITNESS: I'm sorry, Your Honor.

May I correct my previous statement?

BY MR. BINI:

Q Yes.

MR. BINI: I should I ask Your Honor.

THE COURT: Yes, of course.

THE WITNESS: The MAM loan was drafted as a

syndicated loan. It was capable of being syndicated. I don't

know if it was syndicated because I did not work at VTB.

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

PEARSE/DIRECT/BINI


625

BY MR. BINI:

Q Okay. What was the MAM project supposed to be?

A It had two primary purposes. One was to build shipyards

to be able to allow the Mozambicans to build vessels of the

types that had been supplied under the Proindicus and EMATUM

loans, and the second element was to provide maintenance

facilities for the boats that had already been spotted or were

being in the process of being delivered for Proindicus and

EMATUM and third parties.

Q Did you think that business plan could work?

A I did not, no.

Q Why not?

A Because it relied on Proindicus and EMATUM being able to

petty MAM for the maintenance of their vessels. At this stage

it wasn't clear that either of those entities were -- had not

generated any revenue. It wasn't clear that they would

generate sufficient revenue to support the business plan.

Secondly, the shipyard's shipbuilding proposal was

for the Mozambique to build vessels of the type that had being

supplied by Privinvest, which I knew to be highly technical;

and without any expertise in the matter, it seemed unlikely

that nations would want to buy vessels built in Mozambique

when they could buy them built in Germany or France.

Q What was the loan size for the MAM loan?

A $535 million.

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

PEARSE/DIRECT/BINI


626

Q Did you think that was an appropriate loan size for the

project?

A No, because I thought the business plan was unlikely to

succeed.

Q Were you paid in relation to that loan?

A Yes, I was.

Q How much did you receive?

A Just over $10 million.

Q How did you receive that $10 million?

A I received it as a dividend from Palomar Holdings after

Palomar Holdings received a fee from Privinvest.

Q What happened to the MAM project?

A I do not know sir.

Q Was it successful?

A Not that I'm aware of.

Q Are you aware of if it made any revenues?

A I'm not, no.

Q Now looking to 5111, is this an email regarding the MAM

project?

A Yes.

Q And looking to the email, the top email from Ms. Subeva

to you, and another email and address for Ms. Subeva, what was

Ms. Subeva setting out in her email?

A She at the time was trying to build a financial model

which was to be provided for MAM to the bank. In that model

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

PEARSE/DIRECT/BINI


627

she had assumed that MAM would make revenue from selling

certain boats it built as part of the project.

The sale prices that the defendant had provided to

her for the vessels were that were being built in Mozambique

were inconsistent with the values that were being paid for the

paid for by EMATUM and Proindicus under the terms of their

contracts. Her, without reading the email --

Q Let me direct you to the second paragraph, if you could

just read that paragraph, the second practice of Ms. Subeva's

email, starting for EMATUM or EMATUM.

A "For EMATUM, we have three trimarans and 24 long liners

straight trawlers. If we now say that we sell the trimarans

for $20 million and the trawlers for $10 million, if someone

does the math, they get to cost of amount of vessels of just

$300 million. Of course, that are other equipment, center

components, and TOT fees. So no one expects to get to

$850 million, but I want to be higher than $300 million to

avoid issue."

Q I'm going to stop you there.

Did you understand Ms. Subeva to be saying the

prices for MAM made EMATUM look like way too much of a loan?

A No. I understood her to be saying that if she used the

prices that would be provided to her in MAM, it would appear

that the prices paid under the procurement contract were

higher than they were here.

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

PEARSE/DIRECT/BINI


628

Q Okay. Was the discomfort that Ms. Subeva expressed

something that you discussed with the defendant?

A Yes. The need for consistency between the transactions

was very important.

Q Why was it important?

A Because VTB had been a -- was a lender at this stage to

Proindicus and had been one of the arrangers of the EMATUM

bonds. So they were in possession of the business plans for

both of those projects and were able to cross-reference.

MR. BINI: If we can, Your Honor, at this time the

Government seeks to admit Government Exhibit 2761.






BY MR. BINI:

Q What's the date of this email, looking to the email from

the defendant?

A 9th of April, 2014.

Q Is it a response to Ms. Subeva's email?

A Yes.

MR. BINI: You can go to the top of the email,

Ms. DiNardo.

BY MR. BINI:

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

PEARSE/DIRECT/BINI


629

Q Did the defendant disagree with Ms. Subeva?

A Yes.

Q Was he pretty vehement about his disagreement?


THE COURT: Yeah, I'll sustain it. The jury has got

the document. Why don't you just call attention to what was

said by Mr. Boustani in the document --

MR. BINI: Sure.

THE COURT: -- other than characterizes it?

BY MR. BINI:

Q What was the first sentence the defendant wrote?

A "You got it wrong."

Q And if you would, does he -- if you could, read the rest

of it.

A Out loud.

Q Yes.

A Privinvest, being the manager for MAM, will insure that

MAM's parts of the jobs are estimated at these values,

trimaran trawler, et cetera. So it is not the sales price.

All components, engines, et cetera, will be paid by Privinvest

because it has a mega-discount package with all suppliers.

That is why MAM will work as part of the Privinvest network.

So the parts of the trimaran will be valued at $20 million and

will generate an NOP of $4 1/2 million. This does not

included major parts. Is it clear?

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

PEARSE/DIRECT/BINI


630

Q Did you have conversations with the defendant regarding

prices or the various component parts of the MAM, Proindicus,

and EMATUM?

A At different times.

THE COURT: What is an NOP? I'm sorry.

THE WITNESS: Net operating profit, I believe, sir.

THE COURT: Net operating.

THE WITNESS: Profit.

THE COURT: Okay. I'm sorry. Go ahead.

BY MR. BINI:

Q And would the defendant give you specific prices for

those?

A No. The defendant was always very hesitant to provide a

breakdown of the prices of the individual components of any

project.





THE COURT: It's admitted.

You may publish.



BY MR. BINI:

Q Okay. If we can go to the bottom email from the

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

PEARSE/DIRECT/BINI


631

defendant to Mr. Pearse and Ms. Subeva, what's the date of

that bottom email?


Q What did the defendant write?

A Morning, Love. Please increase MAM to $600 million.

Q What did you understand him to mean?

A The defendant wanted the financing size for MAM to be

increased to $600 million.

Q And how did you respond?

A EMATUM may need the economist again.

Q Did you respond on April 10th of 2014?

A Yes, sir.


A "Negative or positive article? Lena, my love, now we're

at $750 million. That will be at 36 DB 15 stock built in MAM

to start with. Happy with me?"

Q What did you understand her to mean there with the

750 million?

A I understood that the transaction size for MAM was being

increased to $750 million by the defendant.

Q Was it just 600 million in the email the day before?

A If I could look at that previous email, the dates,

please. Yes, it was the day before.

Q Okay. Now, if we can go to your response, how did you

respond to the defendant increasing the loan to 750 million?

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

PEARSE/DIRECT/BINI


632

A So as not freak out the banks, my suggestion will be to

start with 500 and look to upsize after three months based on

the 36 DB 15s. Docks for up to 750 but an initial business

plan would be 500 this current procurement contract. Okay

with everyone?

Q Why do you write "so as not to freak out the banks"?

A Seven hundred fifty million was just too big and

impossible to place in my view at that time.


A Okay, Bro. Go ahead.

MR. BINI: Your Honor, at this time I would seek to




THE COURT: You may publish.



MR. BINI: If we can go to the bottom email on the

second page, Ms. DiNardo.

BY MR. BINI:

Q What is the date of your email, Mr. Pearse?



A Final Contract Comments.

Q Who did you write it to?

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

PEARSE/DIRECT/BINI


633

A David Langford, Jean Boustani and Ms. Subeva.

Q What did you write to them?

A Attached, Lena's work with a little massaging from me.

Nothing too dramatic. The following are worth highlighting.

Q I'm going to stop you there. What were you sending?

A Comments on the procurement contract for MAM.

Q Okay. Did the defendant respond?

A Yes, he did.

Q What did he write?

A David, Love, let's remove all precise things like number

of employees, dock size, et cetera, so all is consistent.

Q Who does "David" refer to?

A David Langford.

Q Who typically wrote the procurement contracts for

Privinvest and subsidiaries?

A In relation to transactions I was involved in? David

Langford.


said, "let's move remove all precise things like number of

employees dock size, et cetera"?

A He was frustrated at the time by the questions from Ms.

Subeva that showed the inconsistencies between what was being

provided and what was required for the project and for the

business plan. So his solution was to remove all references

to anything that was precise in order to avoid any potential

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

PEARSE/DIRECT/BINI


634

conflict and cross-referencing errors.

MR. SCHACHTER: Objection. Move to strike, Your

Honor.

THE COURT: Overruled.

BY MR. BINI:

Q How did David Langford respond?

A I'm doing this now. Then nothing 'til Monday. I can't

just randomly take thing out, J.B., to be less precise. A

contract illegally enforceable needs to be certain.

Q I'll stop you there. What did you understand

Mr. Langford to be responding to the defendant?

A He was responding to say that he could not do what the

defendant had asked him to do, namely, take out the elements

that were being supplied under the contract.


would seek to admit 3069.




You may publish.



BY MR. BINI:

Q I'm going to ask you to look at the bottom email. What's

the date of that email?

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

PEARSE/DIRECT/BINI


635

A 15th of May, 2014.

Q Who's it from?

A Galina Barakova Perez.

Q And who was she?

A She was a member of the Global Finance Group at Credit

Suisse in London.

Q Was she making an inquiry into Antonio do Rosario?

A Yes, she was.

Q What was she asking for?

A A callback with the operational team at Credit Suisse.

Q What how did Mr. Do Rosario respond?

A Do Rosario, my secretary said that you called three times

this afternoon and wanted to talk --

THE COURT: Slow it down.

THE WITNESS: I apologize.

A "My secretary said that you called three times this

afternoon and wanted to talk to me or someone else. Had I

known it, I would have directed her to pass the phone to

Mr. Enrigue Gamato, administrator, member of the board in

charge of admin and finance.

Q I'm going to stop you there, and ask you to then go to

the first page and look to the email at May 15th, 2014, at

18:55. What happened at that point in the email chain?

A The email messages were forwarded by Antonio do Rosario

to Mr. Boustani and myself.

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

PEARSE/DIRECT/BINI


636

Q What did you understand was occurring in -- at this

point?

A He was asking for help in order to be able to answer the

question. He was worried about why creditors were phoning

him, and he wanted us to help with that business.


A "I am trying to get ahold of uncle. Don't have a call,

please, until I have spoken with him and conformed what the

fuck this is about."

Q Who were you referring to as "uncle"?

A Surjan Singh.

Q Why were you going to call Surjan Singh?

A Because I didn't know why they were calling. I wanted to

find out from him, that he would give me that information.

MR. BINI: Okay. At this time, the Government would

seek to admit Government's Exhibit 2771.







BY MR. BINI:

Q Did there come that time that you updated do Rosario and

the defendant regarding what Credit Suisse was interested in?

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

PEARSE/DIRECT/BINI


637

Can you go to the middle of the page, on May 15th, at 19:13?

A Yes.

MR. BINI: The part that says, "Uncle is sorting it

out," if could you expand that for the jury, Ms. DiNardo.

BY MR. BINI:


A "Uncle is sorting it out. There is some stupid UK

regulatory requirement that Credit Suisse accounts be

following, to speak to someone at the Martin, to confirm the

payment details, but I will get full details shortly. In any

event, I told him to tell Barakova she's fired if she doesn't

behave in the future."

Q Why did you write "uncle is sorting it out"?

A I had spoken to Surjan Singh. He explained what the

issue was, and he was sorting it out within Credit Suisse.

Q Why did you write, "I told him to tell Barakova she's

fired if she doesn't behave in the future?

A I was pretending I had some control over that issue.

Throw away line.

Q Did you actually at that point?

A No.

(Continued on the next page.)

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


SAM OCR RMR CRR RPR

638

EXAMINATION CONTINUING

BY MR. BINI:




MR. SCHACHTER: Your Honor, this has been ruled on

before.


MR. SCHACHTER: No further objection.




evidence.)


BY MR. BINI:

Q If you can look at the e-mail to you from Gwendoline

Arnal, copying Makram Abboud, Ms. Subeva, and Markus Kroll

Palomar.

Who's Markus Kroll Palomar?

A Markus Kroll was the COO of Palomar Capital Advisors.

Q What did Gwendoline Arnal write?

A I'm sorry, could you repeat the question, please?

Q What did Gwendoline Arnal write?

A "Dear Andrew, Markus, Could you please provide

confirmation that Palomar Capital Advisors, AG complied with

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


SAM OCR RMR CRR RPR

639

all laws applicable to anti-bribery and corruption? Reference

to any local laws or regulations would be most helpful. This

information is required to enable VTB Capital to satisfy our

regulatory responsibilities."

Q What did you understand Ms. Arnal to be asking you to

confirm?

A That Palomar Capital Advisors had not been involved in

any bribery or corruption.


A "Confirmed. Markus will revert with full details of

prevailing law. Thanks."


to admit 2774 and 2774-A.

THE COURT: Just state the numbers again, please.

MR. BINI: 2774 and 2774-A.





in evidence.)


MR. BINI: If we could go to the earliest e-mail on

page 3.

BY MR. BINI:

Q What is the date of this e-mail?

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


SAM OCR RMR CRR RPR

640

A The 9th of May, 2014.

Q And who is it from and to?

A From Mr. Boustani to Naji Allam.

Q What's the "Subject"?

A "MAM Contract and Signed Annexes."

MR. BINI: And if we can go to -- if we can go up.

BY MR. BINI:

Q Was this e-mail forwarded to you, Mr. Pearse?

A Yes, it was.

MR. BINI: If you can go up, Ms. DiNardo, the

May 22nd e-mail.

Q Who forwarded it to you on May 22nd?

A Mr. Boustani.

Q And looking to the first page of 2774, the very top

e-mail, who did you forward the document to, if anyone?


MR. BINI: Your Honor, I would also ask to admit at

this time 2774-B.




MR. BINI: Okay.

(Government's Exhibit 2774-B was received in

evidence.)


1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


SAM OCR RMR CRR RPR

641

BY MR. BINI:

Q Starting with 2774-A, what were you sending to

Antonio do Rosario?

A This is the procurement contract between Privinvest

Shipbuilding Investments, LLC, and MAM.

Q And what's on the first page?

A It's a certification by Antonio do Rosario that the

document is correct, complete, in full force as of -- as

effective -- and effective as of May 2014.

Q Who are the parties to this procurement contract?

A Privinvest Shipbuilding Investments and MAM.

Q Looking to the second page --


BY MR. BINI:

Q -- is there a "Preamble" section?

MR. BINI: Can you expand that, Ms. DiNardo?

A (No response.)

Q And if you can take a look at that for a moment, and then

explain to the jury, in your own words, what was the MAM

procurement contract to cover?

(Pause.)

A The contract was to provide for the construction of a

shipyard in Mozambique.

Q And if we look to page 7, Roman numeral VII, what was the

price in this procurement contract?

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


SAM OCR RMR CRR RPR

642

A $500 million.

Q And if we go to the signature page, on pages 16 and 17,

who signed on behalf of MAM?

A Antonio Rosario.

Q And who signed on behalf of Privinvest?

A Mr. Boustani.

MR. BINI: If we can look at Government's

Exhibit 2774-B.


MR. BINI: If you would scroll through to the second

page.

BY MR. BINI:

Q What is 2774-B?

A It's a short description of one of the vessels we

provided under the MAM contract.

Q Okay.

MR. BINI: You can take that down, Ms. DiNardo.

At this time, the Government would seek to admit

Government's Exhibits 301 and 302.


MR. SCHACHTER: No, no objection.

THE COURT: Publish it to your adversary so they can

see it, please, electronically.

MR. BINI: I'm sorry. Before I go to 301 and 302,

one matter --

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


SAM OCR RMR CRR RPR

643

THE COURT: Use the mic, pull it to you.


If we can go back to 2774-A for a moment.

THE COURT: That's in evidence, right?


THE COURT: Okay, please go back to that.

MR. BINI: And if we can go to page 14.


BY MR. BINI:

Q Did the MAM procurement contract have a section L on

"Remuneration," if I pronounced that correctly?

A Yes.

Q What did it say regarding payments to third-parties?

A "The contractor, as well as customer, represents and

warrants that it and no person interested or connected with it

has not and shall not offer pay or propose to pay money or to

give anything of value, directly or indirectly, to any civil

servant or any other person holding a governmental position or

who is otherwise prohibited from receiving any such money or

thing of value.

"For the execution of the project, the contractor

might require governmental or regulatory approvals/permissions

both within Mozambique and outside of Mozambique. For

obtaining such permissions, it may be necessary to receive an

adequate end-user certificate or other legal authority or

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


SAM OCR RMR CRR RPR

644

permission, issued by the customer or relevant Mozambique

authorities, including access rights to relevant facilities."

Q I'll stop you there.

What did you understand this provision to require?

A The first paragraph refers to the contractor and the

customer, being MAM, stating that they won't pay bribes or

kickbacks.

Q Okay.

MR. BINI: Now, if we can take that down and go to



BY MR. BINI:

Q Did there come a time that the MAM loan agreement was

entered into with VTB?

A Yes.

Q What was the date of that agreement?

A 20th of May, 2014.

Q Is Government's Exhibit 301 that agreement?

A Yes, as far as I know.

Q Okay.

And if we go to the Table of Contents, does this

have many of the same clauses that we've seen before?

A Would it be possible to go down, scroll down?

Q Does it have a clause with "Purpose"?

A Yes.

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


SAM OCR RMR CRR RPR

645

Q Which one is that?

A 3.

Q Is that similar in nature to the "Purpose" clauses we've

seen in the other loan agreements?

A Yes, but the clause is contained in this "Contents," sir.

Largely the same as the ones contained in the other documents,

the other agreements we looked at.

THE COURT: Try to keep your voice up. Again, move

the microphone closer to you. Speak directly into it like

this, and then you will be heard. Maybe not like this, but go

ahead.

BY MR. BINI:

Q And is there a Clause 19 with "Representations" that has

similar language on compliance with laws?

A Yes, there is.

Q And is there a Clause 28 on "Payment Mechanics"?

A Yes.

Q And does that require payment to a New York City

corresponding bank account?

A I don't know, sir. You'd have to refresh my memory. If

I could look at that page?

Q Okay.

MR. BINI: Let's go to page 73, Clause 28.1.


BY MR. BINI:

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


SAM OCR RMR CRR RPR

646

Q Where are payments to be made, according to this loan

agreement, in 28.1(b)?

A It indicates that payments will be made to Deutsche Bank

Trust Company Americas, 60 Wall Street, New York, New York,

United States of America.

Q You had discussed syndication being different on this

loan than on other loans.

Can you describe that to the jury?

A No, sir, I didn't say that. I corrected whether the loan

was drafted to enable it to be syndicated.

Q Did it have a provision, a clause that enabled

syndication at some later point?

A Would it be possible to have a look at the "Contents"

page, please?

MR. BINI: If we can go to the Table of Contents,

Ms. DiNardo.


MR. BINI: If you can keep going down.

THE WITNESS: Yes, it did.

BY MR. BINI:

Q Which clause is that?

A "Changes to Lenders," 23.

Q Okay.

MR. BINI: If we can go to page 58.

BY MR. BINI:

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


SAM OCR RMR CRR RPR

647

Q If you could take a look at that, can you explain how

this clause is similar or different to the other loan

agreements we've looked at?

A It is different from the loans for Proindicus and EMATUM

in one key respect, there's a restriction on syndication or

transfer of the loan from the original lender for one year.

Q Okay.

And if we look to the back, to the signatures, to

the last two pages, 107 and 108.

Who signed on behalf of MAM?

A I'm not sure. I can't see, sir.

MR. BINI: Can we blow up the page that has the MAM

signature.

THE WITNESS: It was signed by Antonio do Rosario

and another name which I cannot read, I'm afraid.

BY MR. BINI:

Q Okay.

And if we go to the next page, 107, there is a

Palomar Capital Advisors, Limited, signature.

MR. BINI: You can blow up the arrangers.

BY MR. BINI:

Q Was VTB one of the arrangers?

A Yes.

Q Who was the other arranger for this loan?

A Palomar Capital Advisors.

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


SAM OCR RMR CRR RPR

648

Q Why was Palomar an arranger for this loan?

A We had asked to be an arranger alongside VTB in order to

publicize our activities, help us in marketing for further

business.

THE COURT: When you say "we," you mean?

THE WITNESS: Palomar Capital Advisors.


Go ahead.

BY MR. BINI:

Q And if we go to the next page, 107, who signed on behalf

of VTB?

A Makram Abboud and Cicely Leemhuis.

Q Is Makram Abboud the person who you said the defendant

told you he paid millions of dollars to?

A Yes, sir, he is.


to admit Government's Exhibit 3129 and 3129-A.



THE COURT: You may publish. They're admitted.


in evidence.)

BY MR. BINI:

Q Who is this e-mail from?

A This is from Felipe Berliner.

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


SAM OCR RMR CRR RPR

649

Q And who is it to?

A Myself, Ms. Subeva, and Natalia Kouznitsyna. Sorry, a

terrible pronunciation.

Q And what did Felipe Berliner write to you on May 23rd,

2014?

A "Hi. As requested, please find attached the Payment

Instruction for the net amount of U.S. dollars,

406,542,056.07."

Q What was that for?

A That was the amount of the first tranche of the MAM loan

that was sent after deducting the fees that VTB wrote.

Q Okay.

And I just need to ask you now to look at

Government's Exhibit 3129-A.


Q Who is the sender of this -- what is this, first of all?

A This is a SWIFT confirmation, a payment confirmation

between banks.

Q Who is the sender on the SWIFT at the very top of the

page?

THE COURT: What is a SWIFT?

THE WITNESS: This --

THE COURT: Do you know? Yes.

THE WITNESS: Excuse me, Your Honor.

A SWIFT is a document which sets out the terms of a

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


SAM OCR RMR CRR RPR

650

bank transfer between banks. It's akin to a receipt to show

that one bank has sent money to another.

THE COURT: Why is it called a SWIFT, do you know?

THE WITNESS: Yeah, SWIFT refers to the settlement

system that is used. I do not know anything other than...

THE COURT: The acronym. All right. Thank you.

Go ahead.


BY MR. BINI:

Q Who is the receiver for the SWIFT?

A Deutsche Bank Trust Company Americas.

Q And if we look to 32A, how much money is being sent to

Deutsche Bank Trust Company Americas in New York, New York?

A $406,542,056.07.

Q What is this for?

A This is the first installment under the MAM loan that was

borrowed by MAM.

Q Who is the ordering customer?

A VTB Capital, PLC.

Q And is there an intermediary institution?

MR. BINI: If we keep going down, Ms. DiNardo.

THE WITNESS: Yes.

BY MR. BINI:

Q What institution?

A The Bank of New York Mellon, New York.

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


SAM OCR RMR CRR RPR

651

Q And where does it get remitted?

A I'm sorry, can you explain your question, please?

Q Does it indicate a remittance -- excuse me, a beneficiary

customer?

A Yes. The beneficiary customer is Privinvest Shipbuilding

Investments, LLC.


to admit 3126 and 3126-A.





in evidence.)


BY MR. BINI:

Q What is 3126? What's going on in this e-mail chain?

A Could I have the opportunity to read the whole e-mail

chain, please?

Q Sure.

(Pause.)

A This chain is an e-mail from myself to Felipe Berliner at

VTB Bank thanking him for his efforts, and asking for a copy

of the SWIFT, which is the payment instruction.

Q What's the date of the top e-mail?

A 11th of June, 2014.

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


SAM OCR RMR CRR RPR

652

Q And who is that e-mail from and to?

A That's from myself to Naji Allam, copying Mr. Boustani.

Q Why -- I'm sorry.

What happened around June 11th, 2014?

A If I recall correctly, a hundred million -- an additional

hundred million of the MAM loan was funded.

MR. BINI: If we can look to 3126-A.


BY MR. BINI:

Q Is that the attachment?

A I believe so, yes.

Q And how much is being sent here?

Who is the sender?

A VTB Capital, PLC.

Q Who is the receiver?

A Deutsche Bank Trust Company Americas, New York.

Q And looking to line 32A, how much is being sent?

A $93,457,943.93.

Q And is this for a beneficiary customer, Privinvest

Shipbuilding?

A Yes, it is.


would seek to publish to the jury Government's Exhibit 302,

already admitted in evidence.


1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


SAM OCR RMR CRR RPR

653


BY MR. BINI:

Q Is this the guaranty for the MAM loan that we looked at a

minute ago?

A Yes, it appears to be.

Q Looking to the third to last page, I want to ask you who

signed the guaranty on behalf of the Republic of Mozambique?

A Manuel Chang.


to admit Government's Exhibit 3070, 3070-A, 3070-B, and C.




And after you finish with these documents, we will

take our 12-minute break.


(Government's Exhibits 3070, 3070-A, 3070-B, and

3070-C were received in evidence.)


BY MR. BINI:

Q What is the date of this e-mail, Mr. Pearse?

A June 26th, 2014.

Q And looking to the top e-mail, who is it from and to?

A It is from Naji Allam to myself, copying David Langford

and Markus Kroll.

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


SAM OCR RMR CRR RPR

654

Q What was Naji Allam writing about, Mr. Pearse?

A In order to refresh my recollection, would it be possible

to see the preceding e-mails?

MR. BINI: Let's look to the bottom e-mail.


BY MR. BINI:


A "Hi, Najib. Did the 1.2 million from ADCB arrive in the

end? Now that the SLE deal is finished, could you please send

a reconciliation of amounts in Palomar Holdings. Thank you."

Q Okay.

MR. BINI: And if we can look to 3070-A.


BY MR. BINI:

Q Was Naji Allam settling up certain things in this e-mail?

A No, this is a copy of a -- what appears to be a bank

statement.

MR. BINI: Well, go back to 3070.


Q Was Naji Allam attaching certain documents?

A Yes, he was attaching -- excuse me -- copies of Palomar

Holdings' bank accounts at First Gulf Bank.

Q I'd like to ask you to look at the Attachment 3070-A.


What is 3070-A, Mr. Pearse, if you recognize it?

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


SAM OCR RMR CRR RPR

655

A It's one page of an account statement for Palomar

Holdings, Limited.

Q And looking to the entry on the posting date, 03/06/2014.

MR. BINI: It's on that page. No.

Ms. DiNardo, if you can go up a little bit. It's a

debit amount that says 20,100,000. Yes.

BY MR. BINI:

Q Mr. Pearse, what was this debit amount of $20,100,000

for, if you know?

A If I may? Below that, there is an amount of $10,050,000,

which was the amount I referred to earlier as the payment that

I received in relation to the MAM transaction. The fee or

the -- my share of the dividend that was paid by Palomar as a

result of receiving fees from Privinvest.

The entry above that for 20,100,000 was the other

two-thirds share. My 10 million was one-third share of the

total that was paid to Palomar Partners.


1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


MDL RPR CRR CSR

656

DIRECT EXAMINATION

BY MR. BINI: (Continuing)

Q And who did that go to, if you know?

A It went to -- a third of it went to the Boustani, Mr.

Boustani as far as I'm aware and the other third went to Mr.

Safa.

MR. BINI: Your Honor, this would be a good time for

a break.

THE COURT: All right. Let's take our 12-minute

break and we will have a hard stop at 5:00. Ladies and

gentlemen, don't talk about the case during the break.


THE COURT: You may step down, sir. Thank you.

(Witness steps down.)

THE COURT: The jury has left. You may be seated,

ladies and gentlemen. The jury has left the courtroom.

Do we have any procedural issues to discuss in the

absence of the jury, not from the Government, Your Honor.

THE COURT: The defense?


THE COURT: See you in 12 minutes.

(Recess taken.)

THE COURTROOM DEPUTY: All rise. Judge Kuntz

presiding.

THE COURT: We are waiting for the defendant to be

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


MDL RPR CRR CSR

657

produced. We have the appearances. Then can we have the

witness resume the witness stand and then we will finish up

the day with a hard stop at 5:00.

Thank you, Mr. Pearse.


THE COURT: Did you speak with anyone about your

testimony while you were out?

THE WITNESS: No, we were too busy discussing the

Yankees, Your Honor.

THE COURT: There you go. I know, very painful.

You can get the jury in now.

I promise not to bring up Brexit or anything like

that.

THE WITNESS: Appreciate that.


THE COURT: Thank you. Ladies and gentlemen of the

jury, as promised, there are cough drops as you come in, if

you want. Not a requirement, but at the end of the day.

Thank you, sir. Ladies and gentlemen of the jury, you may be

seated. Thank you for your patience. We will have our hard

stop at 5:00.

Sir, I take it you did not discuss your testimony

with anyone during the break.

THE WITNESS: I did not.

THE COURT: Thank you. Please be seated. We will

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


MDL RPR CRR CSR

658

now continue with the direct examination of the witness.


BY MR. BINI:

Q Mr. Pearse, did you take any of the money that you made

from the MAM transaction and move it somewhere else?

A Yes, I did.

Q What did you do with the funds that you earned from the

MAM transaction, Mr. Pearse?

A In part, I invested them into a company called Palomar

Natural Resources.

Q What is Palomar Natural Resources?

A It is a company that I acquired together with the

defendant and Iskandar Safa, which is an oil and gas

exploration company, originally with assets in New Mexico, the

USA, and then literally in Poland in Eastern Europe.

Q Did you invest assets before and after the MAM

transaction into those concessions?

A Yes. I invested a large part, almost $30 million of the

monies I received for these transactions in that company.

Q When you say these transactions, are you referring to the

criminal scheme that we have been discussing?

A I'm referring to -- yes, I am -- to Proindicus, and

ultimately MAM, monies I received from those projects.

Q During the course of your criminal conduct with the

defendant, did you observe or see anything -- before I ask you

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


MDL RPR CRR CSR

659

that, let me ask you, I asked you about a concession, what's a

concession?

A That is a right that is given by a Government to explore

for hydrocarbons in a certain area, a geographical area, so a

concession provides the holder of the concession with the

right to explore and drill for oil and gas in this context.

Q During your time in this criminal scheme, did you observe

anything that led you to believe the defendant had become

wealthier?

A Yes, I did.

Q What did you observe?

A I observed him buying property in London and South of

France.

Q Do you have an idea of the approximate amounts of the

properties based upon your conversations with the defendant?

A Yes. He told me that he had acquired two properties in

central London for approximately 10 to 11 million pounds,

which at that time was approximately $15 million, and a

property South of France, which is next to the golf course

which is owned by Iskandar Safa. He told me that was

approximately 2 million Euros.

Q What was the timeframe of these purchases?

A The timeframe was in the period after the MAM transaction

closed, so approximately 2015.

Q Did you have reason to believe that the additional wealth

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


MDL RPR CRR CSR

660

was from the transactions you had engaged in with him?


THE COURT: If you have a belief.

A I had that belief.

Q Why?

A Because I knew that I had made approximately $35 million

from EMATUM and MAM from Palomar Holdings, for monies I had

received from Palomar Holdings, and I was aware that the

defendant was a one-third partner in Palomar, same as myself

and would receive the same amount of money.

Q Was he an official partner of Palomar?

A No. The legal ownership structure involved another

company, another Privinvest company as being the two-thirds

owner of Palomar. I owned my one-third share in EMATUM and

the two-thirds were held by another company.

Q What, if anything, did the defendant say that led you to

believe that he was an owner of Palomar?

A Many things. When Palomar was established way back in

2013, it was established as a partnership. All discussions I

had with the defendant in relation to the payment of monies

made by Palomar were with the defendant. To the extent there

were arguments about money in relation to expenditure or

investments, they were with the defendant, we co-invested, as

I said, into Palomar Natural Resources in which we all put a

lot of money. I put $20 million. The defendant put $20

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


MDL RPR CRR CSR

661

million. When we were unable to sell that company, he was

very unhappy about not having his money repaid to him. There

were many instances I could recite.

Q What, if anything, did he say to you about that dispute

regarding money you just referred to?

A So, the largest investment we made collectively was --

we, being the defendant, myself, and Iskandar Safa, was into

Palomar Natural Resources, the oil and gas company. We

collectively put $70 million into that company.

THE COURT: How much?

THE WITNESS: 70.

THE COURT: Seven zero?

THE WITNESS: Seven zero.


A We -- I had been trying -- I tried to sell that company

in 2016 and subsequently, unfortunately, due to adverse

publicity, because of the Mozambican loans and my association,

Mr. Safa's association with those loans, it became

increasingly difficult to sell the company and ultimately we

needed to invest more money into the company. And in 2018,

end of 2018 I did not have the money to invest it, and the

conditions to which Iskandar Safa was prepared to put more

money into it involved me losing considerable amounts of my

share in the company. And I had a discussion with the

defendant at length about this in Abu Dhabi and he said to me

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


MDL RPR CRR CSR

662

unless you agree with Safa, he's going to burn the company

down, which neither of us can afford to do. He got lots of

money, but we can't afford to lose 20 million each. That was

the conversation I had with him at the end of 2018.

MR. BINI: I'd like to at this point, Your Honor, if

I could admit Government Exhibit 3127.


MR. SCHACHTER: Can I have just a moment, Your

Honor.

THE COURT: Show it to him electronically, if you

can.

MR. SCHACHTER: No further objection.

THE COURT: All right. It's admitted.





Q If we can go to the e-mail from November 12, 2014 at

15:29. What did the defendant Jean Boustani write to you

regarding this e-mail subject loan?

A He writes Palomar Capital Advisors, please.

Q What was Palomar Capital Advisors, Mr. Pearse?

A Palomar Capital Advisors was the financial advisor based

in Zurich, Switzerland we originally acquired in 2013 together

from Markus Kroll.

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


MDL RPR CRR CSR

663

Q Was the defendant officially in charge of Palomar Capital

Advisors?

A No, he wasn't.

Q What was he requesting in this e-mail?

A I'm sorry, would it be possible to see the preceding

e-mail?

MR. BINI: If we can go to the bottom e-mail, Ms.

DiNardo, so Mr. Pearse can see that.

Q I am going to ask you to take a look at it. Does that

relate to a different transaction?

A Yes, it does.

Q And are you talking about a loan?

A Yes. This was a loan that was being proposed that

Palomar made to -- Palomar made to a company called San Leon

Energy.

Q What's San Leon Energy?

A It's an oil and gas company based in London.

Q Is it related to Palomar Natural Resources?

A It is because Palomar Natural Resources bought the Polish

gas concessions from San Leon Energy and the chief -- the CEO

of Palomar Natural Resources, a gentleman called John

Buggenhagen, who had previously been an employee of San Leon

Energy.

THE COURT: What was his name?

THE WITNESS: John Buggenhagen.

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


MDL RPR CRR CSR

664

THE COURT: Would you spell that for the reporter,

at least phonetic.

THE WITNESS: John, J-O-H-N. Buggenhagen,

B-U-G-G-E-N-H-A-G-E-N.

THE COURT: Thank you, sir.

Continue.

Q And if we look to your e-mail on the bottom of the first

page into the top of the second page on November 12, 2014 at

1:55 p.m., I want to ask you about the part where you said,

"Does Sandy want to be involved and we lend out of PH or we do

this you and me?" What were you asking the defendant?

A I was asking the defendant whether Iskandar Safa wanted

to be involved in this loan. It was a profitable venture in

my opinion and asking whether the loan that we were to make to

Sandy would be from Palomar Holdings or separately, just

involving a vehicle involving the defendant and myself.

Q And if we go to the next e-mail from the defendant at

15:29. What did the defendant indicate?

A He suggests that Palomar Capital Advisors be the lender

for the transaction.

Q Okay. And if we go up to your e-mail at 6:44 p.m., what

did you set out to the defendant?

A I asked are we doing two-thirds, one-third or 50/50?

Better out of PH as it's in BV and technically PCAAD is 50

percent owned by the lawyers.

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


MDL RPR CRR CSR

665

Q What did you mean by PCAAD is 50 percent owned by the

lawyers?

A I was referring to Palomar Consulting -- I used the wrong

acronym in this e-mail -- which was a company which was

incorporated in Abu Dhabi, which was part of the Palomar

group.

Q Why did you indicate it's 50 percent owned by the

lawyers?

A Because foreigners are not allowed to own 100 percent of

a company based in Abu Dhabi. They could only own 49 percent.

So the way to get around that is for law firms to own 51

percent and hold those shares on behalf of the foreign entity.

Q If you go up to the e-mail in response from the

defendant, at 15:46, what did the defendant write to you about

that structure?

A "Bro, I don't understand. I don't do anything without

Iskandar. Palomar Abu Dhabi is controlled by us. Lawyers are

nominees, no worries. "

Q What did you understand the defendant to mean lawyers are

nominees, no worries?

A He means that the lawyers are just holding the shares;

they don't make the decisions in relation to the company.

Q Who made the decisions with respect to Palomar Holdings?

A The partners: Myself, the defendant, and Iskandar Safa.

Q You spoke about the defendant appearing to become

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


MDL RPR CRR CSR

666

wealthier during the criminal scheme. What about Iskandar

Safa, did he appear to become wealthier?

A When I first met him, he appeared to be a wealthy man

already. He did appear to become wealthier as time -- during

the period that I knew him from 2013 onwards.

Q What did you see, hear, or observe that led you to

believe that he had become wealthy?

A I saw his estate in the South of France being

significantly renovated. I saw him acquire a private jet and

I was told by a member of his staff that he had acquired a

large yacht.

Q Did you have any understanding as to what the source of

his additional wealth had been?

A I did not.

Q During the course of your involvement in this scheme, did

you travel to the United States on several occasions?

A Yes. There was a period of time that I was in the U.S.

on a number of occasions.


admit Government Exhibit 3145 and 3145A.


THE COURT: No objection? Did you say no objection?



(Government's Exhibits 3145 and 3145A received in

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


MDL RPR CRR CSR

667

evidence.)


MR. BINI: Okay if we can is show 3145.

Q What is Government Exhibit 3145?

MR. BINI: You can stop there.

Q Is this a travel reservation, Mr. Pearse?

A Yes, it is.

Q For whom?

A For myself and Ms. Subeva.

Q When were you leaving?

A 15th of September.

Q And where were you going from and to?

A From London, Heathrow to JFK, New York.

THE COURT: I'm sorry, what year is this?

MR. BINI: If we can go to the top of the e-mail.

Let's see what the date is.

THE COURT: 2014, is that the date, sir?


THE COURT: Go ahead, counsel.

Q Now, if we can go further down, does it indicate a return

flight on Friday, September 19th?

A Yes, it does.

Q If we go further down, where were you going to fly from

and to on September 19th?

A From JFK, New York to London, Heathrow.

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


MDL RPR CRR CSR

668

MR. BINI: If we can look to 3145A.

Q Is this a copy of your ticket?

A Yes, it is.

Q Did you continue to work on the Mozambican projects while

you were in New York?

A I would work on Mozambican projects wherever I was in the

world at the time, including New York.

Q Did you exchange e-mails while in New York with others

involved in the fraud scheme?

A I don't recall, sir.

Q Well, let me ask you --

MR. BINI: At this time, Your Honor, I would like to

move into evidence Government Exhibit 3154.



THE COURT: It's admitted.




Q What is the top e-mail, who is that from and to?

A That's from myself to Mr. Boustani, Dominic Shultens, and

Ms. Subeva.

Q What is the date of the e-mail?

A September 17, 2014.

Q Where were you on September 17, 2014?

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


MDL RPR CRR CSR

669

A In New York.


A "Spoke to uncle.

"They have not been discussing anything. They have

not discussed upsize with anyone. The only thing they did was

speak to Moza and BCP about potential extension. So, in

short, no idea where this came from."

Q What upsize were you discussing?

Let me stop there. Whose uncle?

A Uncle is Surjan Singh.

Q If we can go to the earliest e-mail. On September 17,

2014 at 21:42, what did the defendant write to you?

A He writes "Isaltina just called employee freaking out.

She got a call from Rand Bank saying that JP Morgan is

arranging $540 million dollars for Moz with MoF guarantee.

She is worried that this is VTB flipping the MAM deal. And

she is really panicking. I told her I very much doubt there

is strict confidentiality and non-trading restriction for one

year."

Q Let me stop you there. What did you understand the

defendant to mean when he said that Isaltina was freaking out?

A That Isaltina was very worried.

Q About what?

A About the possibility that the MAM loan would become

public.

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


MDL RPR CRR CSR

670

Q Why was that a source of concern, if you are aware?

A Because the Ministry of Finance and, indeed, the other

participants in the scheme did not want the MAM loan to become

public.

Q Do you see where the defendant wrote there is strict

confidentiality and non-trading restriction for one year?


A He's referring to two of the clauses in the MAM loan

agreement.

Q Is that that complicated clause you explained to us on

changing lenders?

A He's referring to what was -- yes. In the MAM loan there

was a very unusual provision restricting VTB from transferring

the loan for one year and there are other provisions related

to confidentiality that are in the back end of that loan.

MR. BINI: And if you go up to the next page.

Q Is there an e-mail from Dominic Shultens?

A Yes, there is.

Q If you go to the e-mail after that, did the defendant

e-mail again?

A Yes, he did.

Q What did he indicate?

A "Please, I promised Isaltina an answer tomorrow."

Q What did you understand the defendant to be asking for an

answer about?

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


MDL RPR CRR CSR

671

A An answer as to who was marketing another Mozambican loan

and -- we were trying to establish what Isaltina was referring

to when she was freaking out to Mr. Boustani at the beginning

of the e-mail chain.

Q Okay. And is that what you were responding to when you

said "spoke to uncle"?

A Yes. One of the potential parties who may have been

marketing Mozambican loans, trying to sell Mozambican loans

was Credit Suisse.

Q Was this -- all these e-mails that we've gone through,

were you in New York City when you sent and received these,

the New York City area?

A Could I look at the first e-mail, the date of the first

e-mail, please?

Q Yes.

A Yes.

Q Did you ever go back to New York City after this, while

the fraud scheme was continuing?

A Yes, I did.


admit 3160, 3159A and 3161.



THE COURT: They're admitted.

(Government's Exhibits 3160, 3159A and 3161 received

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


MDL RPR CRR CSR

672

in evidence.)



Q We can go to 3160. Look at this top e-mail. What's the

date of this e-mail?

A October 14, 2014.

Q Whose it from and whose it to?

A It's from myself Dominic Shultens.

Q What's the subject of the e-mail?

A Proindicus update.

Q What was going on in October of 2014 with respect to the

Proindicus loan, Mr. Pearse?

A At this point in time, myself and other members of

Palomar were working with Credit Suisse and VTB to extend the

terms of the Proindicus loan.

Q What do you mean by extend the terms of the Proindicus

loan?

A If I may explain. Proindicus, the original Proindicus

loan was now $622 million in size and there was an obligation

in March of 2015 to repay part of the loan, as well as the

interest that was due on that date. It was clear that

Proindicus did not have the money to make those payments, so,

Palomar, the Palomar team, myself, Mr. Laverne, Mr. Shultens

were working with Credit Suisse and VTB to change the original

terms of the Proindicus loan to make it longer to reduce the

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


MDL RPR CRR CSR

673

payment that was due the following March of 2015.

Q What did you indicate in your e-mail?

A "Thanks. I'm off to New York to finalize with Surj.

Happy house hunting."

Q What did surrender refer to?

A Surjan Singh.

MR. BINI: We can go to 3159A.

Q What is 3159A, Mr. Pearse?

A That is a copy of my flight ticket to -- from Heathrow to

Newark, New Jersey.

Q What is the date of your flight to Newark, New Jersey?

A 14 October, 14th.

Q And when were you returning from the United States back

to London?

A On the 16th of October 2014.

MR. BINI: If we go to Government Exhibit 3161.

Q What is 3161, Mr. Pearse?

A It's an e-mail from myself to the front desk of The Mark

Hotel.

Q What's the address of The Mark Hotel?

A It's 25 East 77th Street, upper east side, New York.

Q Is that in Manhattan?

A I don't know, sir.

THE COURT: It's Manhattan.

Q Mr. Pearse, while you were in the New York City area, did

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25


MDL RPR CRR CSR

674

you, in fact, meet with Surjan Singh?

A Yes, I did, on that occasion.

Q And what did you and Surjan Singh discuss while you were

in New York?

A Amongst other things, we discussed the extension of the

Proindicus loan and the potential fee that Palomar could earn

as part of the process to extend the loan.

MR. BINI: Your Honor, I see I'm hard on five

o'clock. Is this a good time to stop?

THE COURT: It is the absolute best time to stop as

promised to my jury. We are stopping at five o'clock.

Ladies and gentlemen, do not talk about the case

with anyone. Go home. And if you are a Yankees fan, you know

what to do. If you are a Mets fan, I'm sure you know to do

the opposite. Thank you. We will see you Monday, 9:30 a.m.

when we resume the trial. Have a good weekend everyone.

Thank you.


THE COURT: You may step down, Mr. Pearse. Thank

you.


1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

PROCEEDINGS


675

THE COURT: (Continuing.) Thank you, ladies and

gentlemen.

The defendants are still here? We have any

procedural matters to address before we adjourn?

You may be seated.


THE COURT: Any other procedural matters to adjourn

other than the matter we're going to take up?


THE COURT: Anything else?

MR. BINI: No, Your Honor.


THE COURT: Okay.

Ladies and gentlemen of the public, have a nice

weekend. See you later.

(Trial adjourned to Monday, October 21, 2019, at 9:30 a.m.)

ooo0ooo

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

SAM OCR RMR CRR RPR

676

I N D E X

WITNESS PAGE

ANDREW PEARSE

DIRECT EXAMINATION BY MR. BINI (Cont'd) 500

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

SAM OCR RMR CRR RPR

677

E X H I B I T S

Government's Exhibit 2373 501



Government's Exhibits 2384 and 2384-A 511

Government's Exhibit 2384-B 514


Government's Exhibits 2393 and 2393-A

through C 520





1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

SAM OCR RMR CRR RPR

678

E X H I B I T S (Cont'd)



Government Exhibit 251 547

Government Exhibits 2783 and 2783A 555




Government's Exhibits 2457 and 2458 565





1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

SAM OCR RMR CRR RPR

679






Government's Exhibits 2568-A and 2568-B 582








1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

SAM OCR RMR CRR RPR

680


Government's Exhibits 2746A, 2746B and 2746C 617


Government Exhibit 2747A 618










1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

SAM OCR RMR CRR RPR

681


Government's Exhibit 2774-B 640



Government's Exhibits 3070, 3070-A, 3070-B,

and 3070-C 653


Government's Exhibits 3145 and 3145A 666


Government's Exhibits 3160, 3159A and 3161 671

$

$10 [3] - 626:8, 626:9, 627:13$10,050,000 [1] - 655:10$100 [2] - 504:3, 523:6$118 [1] - 580:7$15 [4] - 508:12, 583:8, 585:25, 659:18$180,000 [1] - 509:2$20 [4] - 627:13, 629:23, 660:25$20,100,000 [1] - 655:8$250 [1] - 501:10$250,000 [1] - 616:21$27 [1] - 508:13$30 [1] - 658:18$300 [2] - 627:15, 627:17$312 [1] - 574:16$312,900,000 [1] - 574:16$32 [2] - 524:6, 582:11$34 [1] - 500:23$35 [3] - 500:19, 616:22, 660:6$360,000 [1] - 509:2$372 [2] - 503:24, 504:2$406,542,056.07 [1] - 650:14$472 [1] - 524:4$480 [1] - 509:11$49,00,000 [1] - 569:12$49,200,000 [3] - 569:7, 569:14, 569:16$500 [6] - 541:12, 541:25, 547:17,

547:22, 614:16, 642:1$535 [1] - 625:25$540 [1] - 669:15$600 [2] - 631:5, 631:8$622 [1] - 672:19$640 [2] - 510:19, 510:20$70 [1] - 661:9$750 [3] - 541:12, 631:15, 631:20$754 [1] - 510:11$850 [7] - 501:12, 517:23, 541:8, 541:9,

541:16, 575:22, 627:17$93,457,943.93 [1] - 652:18

0

00:11 [1] - 507:103/06/2014 [1] - 655:3

1

1 [8] - 522:7, 533:5, 542:16, 582:16, 582:19, 582:22, 589:21, 622:9

1.2 [1] - 654:81/2 [1] - 629:2410 [3] - 562:4, 655:16, 659:17100 [2] - 504:1, 665:910019-6099 [1] - 495:4107 [3] - 647:9, 647:18, 648:10108 [1] - 647:910:42 [1] - 503:310:47 [1] - 571:15

10th [2] - 558:15, 631:1111 [5] - 563:14, 571:15, 611:4, 611:15,

659:1711.1 [1] - 611:1511.8 [2] - 508:1, 508:711201 [1] - 494:1811:51 [1] - 542:1711th [2] - 651:25, 652:412 [4] - 542:3, 656:21, 662:18, 664:812-minute [2] - 653:15, 656:912:36 [1] - 580:1312:43 [2] - 581:8, 582:1313 [1] - 554:5136 [1] - 510:1513th [1] - 516:514 [3] - 643:7, 672:6, 673:1214-1/2 [1] - 508:121400 [1] - 494:2214th [1] - 673:1215 [5] - 525:17, 526:3, 550:7, 550:10,

631:1515-minute [2] - 525:15, 526:2150,000 [2] - 508:16, 508:2415:22 [1] - 619:215:29 [2] - 662:19, 664:1815:46 [1] - 665:1415s [1] - 632:315th [4] - 635:1, 635:22, 637:1, 667:1116 [2] - 550:11, 642:216th [2] - 575:17, 673:1517 [4] - 642:2, 668:24, 668:25, 669:1117th [1] - 533:1118 [1] - 494:718-CR-00681(WFK)(WFK [1] - 494:318-CR-681 [1] - 496:518:55 [1] - 635:2319 [1] - 645:1319-2A [1] - 554:1819:13 [1] - 637:119th [3] - 632:22, 667:21, 667:241:55 [1] - 664:91st [2] - 579:19, 583:21

2

2 [3] - 533:6, 615:21, 659:2120 [2] - 550:8, 662:320,100,000 [2] - 655:6, 655:1520001 [1] - 494:222013 [32] - 502:6, 503:3, 503:22, 507:1,

512:6, 515:7, 516:5, 527:14, 530:2, 533:11, 539:10, 548:19, 558:15, 562:5, 563:14, 570:8, 571:15, 573:3, 575:17, 577:5, 578:20, 583:21, 612:16, 620:1, 621:19, 622:2, 622:12, 623:1, 623:8, 660:19, 662:24, 666:5

2014 [27] - 555:13, 555:20, 614:10, 619:1, 622:21, 628:20, 631:3, 631:11, 632:22, 635:1, 635:22, 640:1, 641:9,

All Word // USA v Jean Boustani

SAM OCR RMR CRR RPR

1

644:17, 649:5, 651:25, 652:4, 653:22, 662:18, 664:8, 667:17, 668:24, 668:25, 669:12, 672:6, 672:11, 673:15

2015 [4] - 601:18, 659:24, 672:20, 673:12016 [1] - 661:162018 [3] - 661:20, 661:21, 662:42019 [3] - 494:7, 590:16, 675:172020 [1] - 547:2320th [2] - 577:5, 644:1721 [2] - 619:1, 675:172144 [1] - 545:2521:42 [1] - 669:1221st [3] - 578:20, 590:16, 622:2122nd [2] - 640:11, 640:1223 [1] - 646:2223.4 [1] - 576:723.8 [2] - 508:3, 508:82373 [3] - 501:21, 501:25, 677:42375 [5] - 502:16, 502:21, 531:22,

531:23, 677:62377 [4] - 506:16, 506:20, 522:20, 677:82384 [5] - 511:18, 511:24, 512:3, 514:4,

677:102384-A [5] - 511:18, 511:24, 513:8,

514:4, 677:102384-B [5] - 513:15, 514:3, 514:5, 514:9,

677:122391 [6] - 514:12, 514:16, 514:21,

523:10, 677:142393 [4] - 519:22, 520:15, 521:3, 677:162393-A [3] - 519:22, 520:15, 677:162393A [2] - 521:8, 523:102396 [3] - 524:11, 524:18, 677:192397 [3] - 527:3, 527:7, 677:212398 [4] - 529:19, 529:24, 532:3, 677:2323rd [4] - 620:1, 622:25, 623:8, 649:424 [4] - 509:15, 611:4, 611:14, 627:112406 [3] - 532:24, 533:4, 677:252427 [9] - 535:9, 535:17, 537:4, 537:7,

537:9, 537:14, 539:5, 539:7, 678:32428 [3] - 545:3, 545:13, 678:52452 [4] - 558:2, 558:3, 558:11, 678:112456 [4] - 564:5, 564:6, 564:11, 678:152457 [5] - 564:22, 565:1, 565:13,

565:18, 678:172458 [5] - 564:22, 565:1, 565:21, 678:172493 [3] - 569:22, 570:3, 678:2125 [2] - 502:11, 673:212509 [4] - 571:6, 571:7, 571:11, 678:23251 [6] - 547:3, 547:4, 547:7, 547:14,

552:17, 678:72528 [3] - 576:20, 576:24, 679:32567 [6] - 579:7, 579:8, 579:11, 581:10,

581:13, 679:72568 [6] - 580:15, 580:19, 581:10,

581:13, 581:18, 679:92568-A [4] - 581:23, 582:4, 582:8,

679:112568-B [3] - 581:24, 582:4, 679:11

2570 [3] - 583:12, 583:16, 679:132573 [3] - 585:8, 585:12, 679:152594 [4] - 586:2, 586:6, 586:17, 679:172596 [1] - 613:2325th [1] - 555:1226 [1] - 508:1326th [1] - 653:2227 [1] - 551:3271 [1] - 494:172746 [3] - 615:15, 615:19, 679:252746A [4] - 617:18, 617:22, 618:3, 680:32746B [4] - 617:18, 617:22, 618:6, 680:32746C [4] - 617:18, 617:22, 618:9, 680:32747 [4] - 618:13, 618:18, 622:19, 680:52747A [5] - 618:13, 618:19, 619:18,

622:25, 680:72761 [3] - 628:11, 628:15, 680:132763 [3] - 630:17, 630:22, 680:152771 [3] - 636:16, 636:21, 680:212774 [5] - 639:13, 639:15, 639:19,

640:14, 680:252774-A [6] - 639:13, 639:15, 639:19,

641:2, 643:3, 680:252774-B [5] - 640:18, 640:23, 642:8,

642:13, 681:32783 [5] - 554:25, 555:1, 555:8, 555:11,

678:92783A [5] - 554:25, 555:1, 555:8,

555:22, 678:928 [2] - 607:10, 645:1628.1 [1] - 645:2328.1(b [1] - 646:22843 [1] - 601:82851 [1] - 602:232876 [3] - 606:4, 606:11, 679:192890 [1] - 606:122:15 [1] - 589:212:44 [1] - 568:112nd [3] - 512:6, 515:7, 601:18

3

3 [4] - 583:5, 588:21, 639:23, 645:230 [3] - 517:12, 517:16, 542:17300,000 [2] - 508:16, 508:24301 [4] - 642:19, 642:24, 644:10, 644:18302 [3] - 642:19, 642:24, 652:233069 [3] - 634:16, 634:21, 680:193070 [4] - 653:10, 653:17, 654:18, 681:93070-A [6] - 653:10, 653:17, 654:12,

654:23, 654:25, 681:93070-B [3] - 653:10, 653:17, 681:93070-C [2] - 653:18, 681:103097 [1] - 603:153098 [1] - 603:2330th [1] - 539:103103 [1] - 607:163106 [1] - 608:163111 [1] - 609:3

3112 [3] - 623:10, 623:18, 680:93123 [3] - 632:12, 632:16, 680:173125 [5] - 566:18, 566:19, 568:4, 568:5,

678:193126 [4] - 651:8, 651:12, 651:16, 681:73126-A [4] - 651:8, 651:12, 652:7, 681:73127 [7] - 597:14, 597:25, 599:7, 599:8,

662:6, 662:14, 681:123129 [3] - 648:17, 648:21, 681:53129-A [4] - 648:17, 648:21, 649:14,

681:53132 [3] - 575:2, 575:7, 678:253145 [5] - 666:20, 666:25, 667:3, 667:4,

681:143145A [4] - 666:20, 666:25, 668:1,

681:143154 [3] - 668:13, 668:17, 681:163159A [5] - 671:21, 671:25, 673:7,

673:8, 681:183160 [4] - 671:21, 671:25, 672:4, 681:183161 [5] - 671:21, 671:25, 673:16,

673:17, 681:183175 [1] - 607:1031st [3] - 502:6, 503:2, 507:132A [4] - 574:10, 574:12, 650:12, 652:1733 [1] - 537:2434 [1] - 500:2535 [2] - 559:13, 560:10350 [2] - 573:4, 573:6350-million-dollar [1] - 576:536 [3] - 510:10, 631:15, 632:336.5 [1] - 510:53rd [3] - 539:21, 541:1, 541:17

4

4 [7] - 507:24, 508:5, 509:22, 556:25, 612:23, 629:24

403 [2] - 599:22, 604:22404(b [4] - 600:21, 604:23, 604:25,

606:22406,542,056.07 [1] - 649:844 [3] - 551:7, 551:10, 551:13472 [1] - 504:1480 [1] - 510:9480M [1] - 509:5485 [1] - 510:1549 [1] - 665:104th [2] - 527:14, 530:2

5

5 [2] - 508:14, 509:2250 [4] - 502:11, 664:24, 665:1, 665:750/50 [1] - 664:23500 [6] - 541:4, 542:13, 573:6, 632:2,

632:4, 676:6500-million-dollar [1] - 576:5501 [1] - 677:4502 [1] - 677:6


SAM OCR RMR CRR RPR

2

506 [1] - 677:85083 [4] - 563:4, 563:5, 563:8, 678:135092 [4] - 578:10, 578:11, 578:14, 679:551 [1] - 665:115101 [3] - 614:1, 614:7, 679:23511 [1] - 677:105111 [4] - 623:22, 624:3, 626:18, 680:115112 [6] - 597:19, 597:20, 598:7, 638:4,

638:12, 680:23514 [2] - 677:12, 677:14520 [1] - 677:17524 [1] - 677:19527 [1] - 677:21529 [1] - 677:23533 [1] - 677:25539 [1] - 678:3545 [1] - 678:5547 [1] - 678:7555 [1] - 678:9558 [1] - 678:11563 [1] - 678:13564 [1] - 678:15565 [1] - 678:17568 [1] - 678:19570 [1] - 678:21571 [1] - 678:23575 [1] - 678:25576 [1] - 679:3578 [1] - 679:5579 [1] - 679:758 [1] - 646:24580 [1] - 679:9582 [1] - 679:11583 [1] - 679:13585 [1] - 679:15586 [1] - 679:175:00 [3] - 656:10, 657:3, 657:215th [2] - 541:18, 542:24

6

6 [2] - 509:4, 612:2560 [1] - 646:4600 [1] - 631:21606 [1] - 679:19612 [1] - 679:21614 [1] - 679:23615 [1] - 679:25617 [1] - 680:3618 [2] - 680:5, 680:7623 [1] - 680:9624 [1] - 680:11628 [1] - 680:13630 [1] - 680:15632 [1] - 680:17634 [1] - 680:19636 [1] - 680:21638 [1] - 680:23639 [1] - 680:25

640 [2] - 510:18, 681:3648 [1] - 681:5651 [1] - 681:7653 [1] - 681:10662 [1] - 681:12666 [1] - 681:14668 [1] - 681:16671 [1] - 681:186:44 [1] - 664:216th [1] - 542:23

7

7 [6] - 509:19, 612:2, 612:12, 612:14, 641:24, 679:21

70 [1] - 661:1173 [1] - 645:23750 [4] - 541:4, 631:18, 631:25, 632:3754 [2] - 510:16, 523:477th [1] - 673:21785,400,000 [2] - 522:19, 522:24787 [1] - 495:3

8

8 [2] - 510:6, 522:258.25 [2] - 541:5, 541:12800 [1] - 517:23825 [1] - 502:10

9

9:00 [1] - 614:149:30 [3] - 494:8, 674:15, 675:179th [3] - 628:20, 631:3, 640:1

A

A-T-U-M [1] - 521:18a.m [4] - 494:8, 503:3, 674:15, 675:17Abboud [6] - 571:22, 579:22, 585:19,

638:17, 648:12, 648:13ability [1] - 501:11Able [1] - 552:17able [11] - 508:22, 511:4, 511:6, 511:13,

513:4, 527:21, 623:7, 625:4, 625:13, 628:9, 636:3

absence [1] - 656:18absolute [1] - 674:10Abu [20] - 507:10, 507:14, 517:21,

521:13, 522:3, 522:18, 531:20, 531:21, 563:23, 566:10, 569:12, 574:24, 577:10, 617:15, 618:8, 619:13, 661:25, 665:5, 665:10, 665:17

access [2] - 534:24, 644:2accessible [1] - 563:13according [1] - 646:1account [15] - 563:24, 563:25, 564:2,

566:6, 569:19, 571:18, 577:10, 577:23, 616:19, 616:22, 617:1, 617:2,

619:17, 645:19, 655:1accounts [2] - 637:8, 654:22acquire [1] - 666:9acquired [5] - 599:25, 658:12, 659:16,

662:24, 666:10acquisition [1] - 599:18acronym [3] - 521:20, 650:6, 665:4action [1] - 540:20actively [1] - 602:9activities [2] - 617:3, 648:3actual [2] - 513:20, 556:14ADCB [1] - 654:8add [1] - 510:10adding [2] - 509:5, 509:24addition [2] - 543:1, 600:13additional [7] - 510:1, 510:3, 573:7,

594:2, 652:5, 659:25, 666:13address [17] - 497:14, 510:23, 510:24,

510:25, 511:1, 511:3, 525:22, 526:9, 569:1, 596:7, 596:8, 596:17, 605:21, 609:18, 626:22, 673:20, 675:4

addressed [1] - 601:11addresses [2] - 513:19, 600:11addressing [2] - 590:17, 600:14adequate [1] - 643:25adjourn [2] - 675:4, 675:7adjourned [1] - 675:17adjust [1] - 553:1ADM [8] - 507:8, 507:9, 531:15, 531:24,

532:1, 532:7, 532:10, 569:7admin [1] - 635:20administration [1] - 592:22administrator [1] - 635:19admissibility [2] - 602:13, 603:9admission [8] - 499:2, 511:18, 511:19,

514:4, 537:6, 599:12, 606:16, 608:18admit [47] - 514:2, 514:12, 524:10,

529:19, 535:8, 545:3, 547:3, 554:24, 558:2, 563:4, 564:5, 564:22, 566:18, 569:22, 571:6, 575:2, 576:20, 578:10, 579:7, 580:15, 581:23, 583:12, 585:8, 586:2, 604:3, 604:4, 612:2, 615:15, 617:18, 618:13, 623:9, 628:11, 630:17, 632:12, 634:16, 636:16, 638:4, 639:13, 640:17, 642:18, 648:17, 651:8, 653:10, 662:6, 666:20, 671:21

admitted [49] - 501:24, 502:19, 506:19, 511:22, 514:5, 514:7, 514:19, 520:13, 524:17, 527:6, 529:22, 533:2, 535:14, 545:11, 547:6, 555:6, 558:9, 563:7, 564:9, 564:25, 568:3, 569:25, 571:9, 575:5, 576:23, 578:13, 579:10, 580:18, 582:3, 583:15, 585:11, 586:5, 612:9, 612:12, 615:18, 615:19, 617:21, 630:20, 636:19, 638:10, 639:18, 640:21, 648:20, 651:11, 652:24, 662:13, 666:24, 668:16, 671:24

Admitted [6] - 618:16, 623:17, 624:2,


SAM OCR RMR CRR RPR

3

628:14, 634:19, 653:13admitting [2] - 604:1, 604:2advance [2] - 511:11, 595:8adversary [5] - 520:8, 612:6, 623:15,

623:25, 642:22adverse [1] - 661:16advise [2] - 520:8, 545:8advised [1] - 593:4advising [2] - 568:20, 569:13advisor [1] - 662:23Advisors [11] - 638:20, 638:25, 639:7,

647:19, 647:25, 648:6, 662:21, 662:22, 662:23, 663:2, 664:19

affected [1] - 568:25afford [2] - 662:2, 662:3afraid [1] - 647:15African [3] - 505:4, 505:7, 505:10afternoon [8] - 594:4, 594:18, 596:5,

596:12, 610:4, 610:11, 635:13, 635:17AFTERNOON [1] - 596:1AG [1] - 638:25agency [1] - 574:1agent [9] - 571:18, 573:12, 573:14,

573:18, 573:20, 573:23, 574:2, 574:3Agent [1] - 496:11aggrandized [1] - 608:8ago [2] - 571:24, 653:4agree [1] - 662:1agreed [6] - 552:1, 566:6, 569:8,

570:18, 578:3, 611:25Agreement [1] - 559:14agreement [51] - 534:1, 550:14, 551:19,

551:22, 552:1, 552:5, 552:8, 553:6, 553:13, 553:19, 554:12, 556:10, 556:14, 557:5, 558:18, 558:21, 559:10, 560:6, 560:7, 560:10, 591:4, 596:19, 596:20, 610:20, 610:24, 611:8, 611:10, 611:12, 611:18, 611:22, 612:17, 612:18, 613:11, 613:17, 619:6, 619:8, 619:9, 619:18, 619:20, 619:21, 619:25, 620:2, 620:3, 620:4, 622:5, 644:13, 644:16, 644:18, 646:2, 670:9

agreements [5] - 555:16, 611:7, 645:4, 645:7, 647:3

Aguemon [2] - 579:22, 585:19ahead [27] - 497:3, 527:21, 529:1,

539:6, 552:12, 553:10, 554:3, 561:6, 565:11, 577:21, 585:6, 589:6, 598:6, 600:5, 604:3, 606:10, 606:18, 607:9, 608:15, 617:8, 630:9, 632:10, 645:11, 648:8, 650:7, 661:14, 667:19

ahold [1] - 636:7aided [1] - 495:17akin [1] - 650:1alert [1] - 608:5Allam [18] - 566:4, 575:14, 604:5,

604:20, 605:13, 615:22, 616:3, 617:9, 619:1, 619:21, 621:9, 622:17, 640:3, 652:2, 653:24, 654:1, 654:15, 654:20

allegations [1] - 605:1alleged [2] - 605:15, 607:20Allen [1] - 600:5allow [3] - 508:21, 607:8, 625:4allowed [5] - 528:24, 591:21, 592:12,

607:25, 665:9allows [3] - 559:11, 560:8, 591:8almost [1] - 658:18alongside [1] - 648:2alters [1] - 592:17amendment [1] - 592:19AMERICA [1] - 494:3America [1] - 646:5Americas [4] - 646:4, 650:11, 650:13,

652:16amount [18] - 500:22, 500:25, 543:6,

548:1, 569:16, 570:18, 570:25, 571:2, 576:3, 576:13, 627:14, 649:7, 649:10, 655:6, 655:8, 655:10, 655:11, 660:10

amounts [6] - 501:14, 537:22, 611:25, 654:10, 659:14, 661:23

ANDREW [1] - 676:5Andrew [6] - 532:14, 604:6, 605:12,

615:23, 619:5, 638:24Andy [1] - 579:24angel [1] - 543:21Angeles [1] - 583:10angle [2] - 586:18, 587:1Angola [1] - 606:21Annexes [1] - 640:5announce [1] - 541:11annual [1] - 616:20answer [13] - 518:1, 529:1, 531:1,

531:2, 532:9, 534:22, 560:18, 585:5, 615:8, 636:3, 670:23, 670:25, 671:1

answering [1] - 519:7answers [3] - 513:5, 525:5, 531:15ant [1] - 531:14anti [2] - 554:19, 639:1anti-bribery [1] - 639:1anti-corruption [1] - 554:19Antonio [30] - 517:14, 517:18, 518:13,

518:25, 519:3, 519:5, 519:7, 519:17, 524:23, 525:2, 525:8, 528:15, 530:6, 530:11, 530:13, 530:24, 530:25, 531:15, 532:14, 532:19, 556:15, 558:17, 588:20, 635:7, 635:24, 640:16, 641:3, 641:7, 642:4, 647:14

apologies [1] - 619:16apologize [7] - 537:10, 537:16, 547:12,

561:7, 567:5, 594:15, 635:15appear [5] - 510:13, 622:22, 627:23,

666:2, 666:4appearance [1] - 595:3appearances [3] - 496:7, 596:6, 657:1appeared [2] - 560:3, 666:3appearing [1] - 665:25appended [1] - 551:16appetite [2] - 540:11, 540:13

applicable [1] - 639:1application [1] - 616:18applies [1] - 602:6apply [3] - 551:2, 591:12, 592:2appoint [1] - 531:21appointed [3] - 507:8, 531:19, 532:10appreciate [6] - 498:7, 577:13, 577:25,

592:8, 610:5, 657:14appropriate [7] - 525:12, 562:16, 589:3,

592:2, 592:25, 593:2, 626:1approval [2] - 516:22, 562:13approvals/permissions [1] - 643:22approved [2] - 522:1, 529:4approximate [2] - 516:8, 659:14April [4] - 628:20, 631:3, 631:11, 632:22Arab [2] - 566:1, 616:5Arabic [2] - 539:19, 543:19Archives [1] - 566:12area [4] - 659:4, 671:12, 673:25areas [1] - 512:22argument [2] - 608:24arguments [1] - 660:22Armando [8] - 518:6, 518:9, 531:12,

587:2, 587:15, 587:23, 588:8, 588:10Arnal [4] - 638:17, 638:21, 638:23,

639:5Arnold [1] - 598:13arrange [1] - 578:2arrangement [5] - 611:25, 612:15,

612:20, 612:24, 612:25arrangements [1] - 611:22arranger [6] - 611:17, 611:19, 611:24,

647:24, 648:1, 648:2arrangers [3] - 628:7, 647:20, 647:22arranging [1] - 669:15arrive [6] - 510:1, 510:11, 510:16,

510:17, 515:17, 654:8arrived [1] - 509:10article [7] - 559:11, 559:13, 560:7,

560:10, 584:8, 609:8, 631:14articles [1] - 617:11aside [1] - 592:14asserted [4] - 601:23, 602:1, 604:10,

605:19assets [4] - 522:1, 522:6, 658:14,

658:16assist [2] - 513:4, 566:6assistance [1] - 557:1Assistant [1] - 494:19Association [2] - 553:24, 618:10association [2] - 661:17, 661:18assume [3] - 537:21, 537:22, 543:19assumed [1] - 627:1assuming [1] - 598:17assure [2] - 594:24, 610:10attach [3] - 582:15, 617:9, 617:13attached [10] - 521:8, 551:16, 555:18,

556:10, 582:12, 605:10, 617:10, 619:11, 649:6


SAM OCR RMR CRR RPR

4

Attached [1] - 633:3attaches [1] - 521:5attaching [3] - 581:19, 654:20, 654:21attachment [1] - 652:10Attachment [1] - 654:23attention [3] - 527:11, 559:13, 629:6Attorney [1] - 494:16Attorneys [1] - 494:19attract [1] - 559:13Atum [1] - 521:13auditor [2] - 604:24, 605:2August [10] - 512:6, 515:7, 524:5,

527:14, 530:2, 533:11, 539:10, 542:17, 582:11, 590:16

authored [6] - 598:17, 598:18, 599:13, 601:11, 602:17, 605:17

authorities [1] - 644:2authority [1] - 643:25authorization [1] - 613:19available [2] - 570:24, 594:14Avenue [2] - 494:22, 495:3avoid [3] - 559:14, 627:18, 633:25awarded [2] - 501:8, 503:10awarding [1] - 505:11aware [21] - 500:23, 503:9, 511:12,

513:3, 518:18, 519:11, 523:19, 523:22, 523:24, 529:2, 529:9, 529:11, 530:25, 544:6, 549:12, 626:15, 626:16, 656:5, 660:8, 670:1

aww [1] - 532:14Azerbaijan [3] - 619:24, 620:7, 620:25

B

B-U-G-G-E-N-H-A-G-E-N [1] - 664:4backdated [2] - 622:22, 622:23background [2] - 503:8, 515:15bank [46] - 519:14, 533:21, 533:22,

533:25, 534:7, 534:9, 534:16, 534:18, 534:24, 541:9, 541:22, 541:24, 542:8, 542:9, 542:13, 546:8, 563:25, 566:6, 571:1, 571:3, 577:11, 611:10, 611:17, 611:20, 615:23, 616:1, 616:5, 616:11, 616:16, 616:18, 616:19, 616:22, 617:1, 617:5, 617:15, 618:25, 619:7, 619:12, 624:9, 626:25, 645:19, 650:1, 650:2, 654:16, 654:22

Bank [15] - 563:24, 571:21, 571:23, 580:5, 617:16, 619:13, 624:10, 646:3, 650:11, 650:13, 650:25, 651:22, 652:16, 654:22, 669:14

banker [4] - 504:6, 504:7, 571:24, 571:25

banks [12] - 501:14, 533:22, 534:5, 534:8, 573:19, 581:1, 585:22, 632:1, 632:6, 649:18, 650:1

banks' [1] - 573:16Barakova [6] - 512:19, 521:5, 558:16,

635:3, 637:11, 637:16based [7] - 523:3, 553:20, 632:2,

659:15, 662:23, 663:17, 665:10basis [3] - 607:8, 609:13, 609:14BCP [1] - 669:6became [1] - 661:18become [9] - 603:11, 624:14, 659:8,

665:25, 666:2, 666:4, 666:7, 669:24, 670:3

becomes [2] - 541:21BEFORE [1] - 494:12began [1] - 624:6beginning [2] - 556:3, 671:3behalf [19] - 496:18, 496:23, 497:5,

497:8, 497:11, 556:16, 556:17, 556:18, 559:12, 560:9, 562:12, 573:16, 576:18, 642:3, 642:5, 647:10, 648:10, 653:7, 665:12

behave [2] - 637:12, 637:17behind [5] - 528:21, 529:3, 532:21,

548:24, 549:2Beijos [1] - 588:21belief [3] - 576:10, 660:3, 660:4below [4] - 512:16, 550:22, 604:5,

655:10benchmark [1] - 504:16beneficial [1] - 546:12beneficiary [3] - 651:3, 651:5, 652:19benefit [2] - 576:14, 605:23benefited [1] - 501:3benefiting [1] - 500:15Berliner [15] - 571:15, 571:20, 573:9,

573:24, 574:7, 579:21, 579:23, 580:1, 580:25, 581:20, 585:18, 648:25, 649:4, 651:21

best [6] - 516:9, 543:15, 554:11, 592:4, 624:12, 674:10

better [3] - 534:24, 559:8, 664:24between [20] - 539:8, 541:11, 541:22,

551:5, 551:20, 552:1, 556:8, 561:17, 570:19, 571:2, 607:23, 612:15, 619:6, 619:21, 624:14, 628:3, 633:22, 641:4, 649:18, 650:1

big [4] - 539:23, 540:3, 540:5, 632:7bigger [4] - 500:15, 500:16, 501:15,

523:2biggest [1] - 616:11binder [1] - 567:5Bini [8] - 496:9, 535:21, 591:2, 600:14,

600:15, 605:2, 605:3, 605:4BINI [336] - 494:18, 496:9, 497:16,

497:24, 498:25, 500:6, 501:20, 502:3, 502:14, 502:20, 502:24, 504:10, 504:11, 506:13, 506:23, 511:15, 511:23, 512:2, 513:8, 513:10, 513:15, 513:17, 514:1, 514:8, 514:11, 514:20, 514:24, 515:3, 515:5, 519:19, 520:3, 520:10, 521:2, 522:20, 523:2, 524:9, 524:19, 524:21, 525:12, 525:24, 526:11, 526:15, 527:2, 527:9, 529:18, 529:23, 531:22, 532:12, 532:22, 533:3, 535:8, 535:16, 537:3, 537:5,

537:18, 537:20, 539:4, 542:18, 545:2, 545:12, 545:15, 545:21, 545:24, 547:2, 547:9, 547:10, 547:12, 547:13, 548:10, 548:16, 550:9, 550:13, 550:23, 550:25, 551:9, 551:12, 552:16, 552:25, 553:6, 553:11, 553:12, 554:4, 554:24, 555:10, 555:25, 556:2, 557:15, 557:18, 557:20, 558:1, 558:10, 558:13, 558:21, 558:22, 562:21, 563:3, 563:10, 563:15, 563:18, 563:20, 564:4, 564:10, 564:13, 564:21, 565:4, 565:12, 565:14, 565:17, 566:17, 567:4, 568:7, 568:9, 569:21, 570:2, 570:5, 571:5, 571:13, 573:2, 574:11, 574:14, 575:1, 575:6, 575:9, 575:12, 576:19, 577:2, 577:22, 578:9, 578:17, 578:18, 579:6, 579:14, 580:14, 580:22, 581:9, 581:12, 581:23, 582:7, 582:19, 582:21, 583:11, 583:19, 585:7, 585:15, 586:1, 586:9, 586:21, 587:9, 589:5, 589:8, 589:9, 589:18, 590:10, 595:13, 596:11, 596:14, 596:18, 596:25, 597:6, 597:10, 597:19, 598:7, 598:10, 598:12, 599:7, 599:9, 599:24, 600:6, 601:1, 601:4, 601:8, 601:14, 601:17, 601:24, 602:2, 602:5, 602:20, 602:23, 603:1, 603:4, 603:6, 603:13, 603:15, 603:17, 603:21, 603:23, 603:25, 604:4, 604:11, 604:15, 605:6, 605:12, 606:2, 606:4, 606:12, 606:14, 606:25, 607:3, 607:7, 607:10, 607:14, 607:16, 607:22, 608:16, 609:3, 609:16, 609:19, 610:17, 610:18, 610:22, 611:1, 611:14, 612:1, 612:11, 612:23, 613:21, 613:25, 615:14, 617:17, 618:2, 618:12, 618:21, 620:8, 620:11, 623:9, 623:19, 623:22, 624:5, 624:19, 624:21, 625:1, 628:10, 628:17, 628:23, 628:25, 629:8, 629:10, 630:10, 630:16, 630:24, 632:11, 632:18, 632:20, 634:5, 634:15, 634:23, 636:15, 636:20, 636:23, 637:3, 637:5, 638:2, 638:3, 638:11, 638:15, 639:12, 639:15, 639:22, 639:24, 640:6, 640:7, 640:10, 640:17, 640:22, 641:1, 641:14, 641:16, 642:7, 642:10, 642:12, 642:17, 642:24, 643:2, 643:5, 643:7, 643:9, 644:9, 644:12, 645:12, 645:23, 645:25, 646:15, 646:18, 646:20, 646:24, 646:25, 647:12, 647:16, 647:20, 647:21, 648:9, 648:16, 648:23, 650:8, 650:9, 650:21, 650:23, 651:7, 651:15, 652:7, 652:9, 652:22, 653:2, 653:9, 653:16, 653:20, 654:4, 654:6, 654:12, 654:14, 654:18, 655:4, 655:7, 656:2, 656:7, 658:2, 658:3, 662:5, 662:16, 663:7, 666:19, 667:3, 667:5, 667:15, 667:18, 668:1, 668:12, 670:16,


SAM OCR RMR CRR RPR

5

671:20, 673:7, 673:16, 674:8, 675:6, 675:9, 675:11, 676:6

birthday [3] - 542:23, 543:2, 543:21bit [4] - 553:2, 560:18, 563:13, 655:5Black [1] - 590:21Bloomberg [1] - 559:5blow [11] - 515:3, 524:21, 531:23,

550:12, 565:15, 574:11, 574:13, 582:19, 620:9, 647:12, 647:20

blurry [1] - 563:12BNP [2] - 548:13, 549:16board [1] - 635:19boat [2] - 505:1, 505:23boats [8] - 501:6, 503:11, 509:15, 522:2,

622:8, 622:10, 625:7, 627:2bond [55] - 503:21, 506:5, 534:2, 534:3,

534:5, 535:6, 539:21, 540:2, 540:22, 540:23, 540:24, 541:7, 541:11, 541:14, 541:20, 541:23, 542:3, 542:5, 542:6, 542:8, 542:9, 542:11, 542:14, 543:3, 545:18, 546:10, 546:16, 546:18, 546:19, 546:25, 547:1, 547:17, 547:20, 548:1, 548:2, 549:24, 550:19, 550:20, 559:3, 559:19, 560:4, 560:8, 560:21, 561:9, 561:17, 561:18, 562:12, 568:20, 573:14, 573:15, 573:22, 574:1, 575:21, 576:5

Bond [2] - 539:12, 546:1bondholders [3] - 573:16, 573:17,

573:21bonds [16] - 533:16, 533:17, 533:19,

533:21, 533:23, 540:9, 546:9, 546:14, 546:22, 549:17, 550:5, 550:17, 552:4, 573:5, 628:8

book [1] - 541:23borrow [2] - 614:20, 615:4borrowed [3] - 551:2, 571:2, 650:17borrower [9] - 502:11, 503:5, 550:10,

573:19, 573:24, 574:5, 574:22, 611:24, 614:24

borrowers [2] - 554:20, 614:17borrowing [4] - 570:18, 570:19, 570:25,

615:11bottom [24] - 502:4, 515:1, 522:7,

523:13, 529:25, 533:5, 535:19, 538:2, 548:4, 548:11, 551:10, 568:11, 577:3, 581:1, 605:12, 614:12, 618:22, 630:25, 631:2, 632:18, 634:24, 654:4, 663:7, 664:7

bought [4] - 541:14, 546:15, 580:3, 663:19

BOUSTANI [1] - 494:8Boustani [61] - 496:6, 496:19, 496:23,

496:25, 497:5, 497:8, 497:11, 500:21, 501:2, 502:8, 502:13, 503:3, 507:5, 512:8, 515:9, 515:24, 516:11, 519:5, 521:4, 524:24, 529:16, 530:4, 532:5, 533:8, 538:5, 539:9, 543:12, 557:4, 558:16, 560:24, 560:25, 562:3, 562:4, 562:17, 562:20, 568:23, 569:4,

575:14, 577:7, 578:2, 578:22, 579:22, 585:19, 604:6, 606:16, 607:18, 607:23, 608:25, 621:20, 629:7, 633:1, 635:25, 640:3, 640:13, 642:6, 652:2, 656:4, 656:5, 662:19, 668:21, 671:3

Boustani's [3] - 538:2, 598:20, 608:2BR71 [3] - 620:7, 620:21, 622:11breach [1] - 562:15break [10] - 525:13, 525:15, 526:3,

610:14, 653:15, 656:8, 656:10, 656:11, 657:23

breakdown [2] - 579:24, 630:14Brexit [1] - 657:12bribery [2] - 639:1, 639:8bribes [3] - 554:20, 557:13, 644:6briefed [1] - 525:8briefing [1] - 525:1briefly [1] - 590:6bring [4] - 497:20, 526:10, 595:5,

657:12British [1] - 569:3bro [2] - 543:21, 665:16Bro [5] - 505:16, 562:6, 570:10, 577:9,

632:10broad [1] - 507:15Brooklyn [2] - 494:6, 494:18brought [1] - 609:23Buggenhagen [3] - 663:22, 663:25,

664:3build [9] - 508:9, 508:22, 510:2, 525:10,

614:18, 625:3, 625:4, 625:19, 626:24building [4] - 501:5, 508:6, 509:14,

509:23built [6] - 509:20, 625:22, 625:23, 627:2,

627:4, 631:15burn [1] - 662:1business [12] - 510:1, 525:11, 542:3,

576:15, 625:10, 625:17, 626:3, 628:8, 632:3, 633:24, 636:5, 648:4

busy [1] - 657:8buy [6] - 542:5, 546:22, 551:3, 574:1,

625:22, 625:23buyers [2] - 546:19buying [3] - 535:4, 542:7, 659:12BV [1] - 664:24BY [102] - 494:18, 494:23, 495:4, 500:6,

502:3, 502:24, 504:11, 506:23, 512:2, 513:10, 513:17, 514:24, 515:5, 521:2, 527:9, 532:3, 545:15, 545:24, 547:10, 547:13, 548:16, 550:13, 550:25, 551:12, 553:12, 554:4, 555:10, 556:2, 557:20, 558:13, 558:22, 563:10, 563:15, 563:20, 564:13, 565:4, 565:12, 565:17, 568:9, 570:5, 571:13, 573:2, 574:14, 575:12, 577:2, 577:22, 578:18, 579:14, 580:22, 581:12, 582:7, 582:21, 583:19, 585:15, 586:9, 586:21, 589:9, 618:2, 618:21, 620:11, 624:5, 624:19, 625:1, 628:17, 628:25, 629:10, 630:10, 630:24, 632:20,

634:5, 634:23, 636:23, 637:5, 638:2, 638:15, 639:24, 640:7, 641:1, 641:14, 642:12, 643:9, 644:12, 645:12, 645:25, 646:20, 646:25, 647:16, 647:21, 648:9, 648:23, 650:9, 650:23, 651:15, 652:9, 653:2, 653:20, 654:6, 654:14, 655:7, 656:2, 658:3, 676:6

C

Cadman [1] - 494:17calculate [1] - 576:2calculated [1] - 575:20calculation [5] - 510:8, 523:3, 523:5,

523:7, 575:24callback [1] - 635:10cannot [2] - 532:15, 647:15Canyon [4] - 582:25, 583:2, 583:9,

585:24capable [1] - 624:24capacity [1] - 525:2Capital [14] - 638:20, 638:25, 639:3,

639:7, 647:19, 647:25, 648:6, 650:19, 652:14, 662:21, 662:22, 662:23, 663:1, 664:19

capital [2] - 549:20, 549:24cards [1] - 615:25case [29] - 503:15, 525:16, 534:11,

537:21, 541:25, 542:6, 586:14, 589:22, 590:13, 590:16, 590:18, 590:19, 590:22, 590:23, 591:8, 591:13, 591:19, 591:25, 592:18, 598:22, 599:20, 600:18, 601:3, 602:3, 606:22, 607:2, 608:22, 656:11, 674:12

cases [1] - 498:9CASEY [1] - 495:5Casey [1] - 497:5CAUSE [1] - 494:11CCR [1] - 495:15ceding [1] - 576:14ceiling [4] - 570:17, 570:21, 571:2celebrate [1] - 543:1celebration [3] - 542:25, 543:4, 543:14celing [1] - 570:11center [3] - 551:3, 555:24, 627:15central [1] - 659:17CEO [1] - 663:20certain [10] - 534:10, 584:22, 588:2,

596:19, 596:20, 627:2, 634:9, 654:15, 654:20, 659:4

certificate [2] - 618:4, 643:25certification [1] - 641:7cetera [5] - 614:22, 629:19, 629:20,

633:11, 633:20chain [15] - 515:19, 563:11, 564:14,

573:24, 581:15, 587:5, 605:5, 605:8, 618:23, 635:23, 651:16, 651:18, 651:21, 671:4

chair [1] - 498:21chairman [6] - 517:11, 517:15, 517:16,


SAM OCR RMR CRR RPR

6

517:19, 519:17, 525:3chance [1] - 531:14Chang [8] - 531:11, 543:24, 544:5,

544:7, 544:12, 588:13, 588:18, 653:8change [2] - 617:6, 672:24changed [3] - 570:23, 616:12, 617:5changes [1] - 646:22changing [1] - 670:11characterize [1] - 621:22characterizes [1] - 629:9charge [4] - 549:23, 591:13, 635:20,

663:1charged [2] - 590:23, 591:11charges [1] - 600:20cheapest [1] - 503:18Chiarella [1] - 590:21chief [1] - 663:20children [1] - 577:20choice [1] - 503:16choose [2] - 503:16, 504:8Chopstick [3] - 543:22, 543:23, 588:11chosen [2] - 506:9, 507:14Chris [5] - 549:21, 549:22, 568:13,

568:22, 569:2Cicely [1] - 648:12Circuit [3] - 592:11, 592:15, 592:25circular [12] - 547:16, 547:18, 548:18,

549:13, 550:8, 550:10, 550:16, 551:8, 551:14, 551:17, 552:5, 556:11

circulars [1] - 552:7Citi [2] - 573:10, 573:11Citi's [1] - 571:18Citi.com [1] - 558:16Citibank [3] - 574:1, 574:8, 574:18City [5] - 645:18, 671:11, 671:12,

671:17, 673:25civil [1] - 643:17clarification [1] - 559:9clarify [1] - 560:6clause [14] - 554:13, 554:17, 554:18,

611:4, 611:15, 611:16, 612:18, 644:24, 645:5, 646:11, 646:21, 647:2, 670:10

Clause [3] - 645:13, 645:16, 645:23clauses [7] - 553:16, 553:18, 611:3,

644:22, 645:3, 670:8clear [12] - 514:2, 519:14, 561:12,

590:21, 591:6, 592:15, 594:15, 600:10, 625:15, 625:16, 629:25, 672:21

Clear [1] - 561:24cleared [1] - 571:17clearly [1] - 553:3CLERK [1] - 563:1clerk [1] - 566:12click [1] - 498:3clients [1] - 549:17CLO [2] - 583:5, 583:6clock [1] - 610:12

close [5] - 541:18, 542:3, 577:19, 592:10, 611:8

closed [3] - 540:19, 621:20, 659:24closer [3] - 526:20, 527:19, 645:9closes [3] - 541:23, 542:5, 542:9closing [2] - 543:3, 543:6co [5] - 557:18, 602:6, 603:10, 605:15,

660:23co-conspirator [2] - 602:6, 603:10co-conspirators [1] - 605:15co-counsel [1] - 557:18co-invested [1] - 660:23colleagues [1] - 557:16collectively [2] - 661:6, 661:9comfortable [1] - 504:15coming [4] - 592:10, 603:20, 604:21,

607:12commented [1] - 507:20Comments [2] - 632:24, 633:6comments [2] - 507:4, 507:23commercial [3] - 570:19, 577:11, 618:7Commercial [3] - 563:24, 617:16,

619:13committed [1] - 542:5common [1] - 533:22communicated [1] - 584:20community [1] - 541:11companies [3] - 503:14, 534:10, 569:3company [28] - 500:14, 500:20, 501:5,

521:7, 534:1, 552:22, 561:11, 605:7, 658:9, 658:12, 658:14, 658:19, 660:13, 660:15, 661:1, 661:8, 661:9, 661:15, 661:19, 661:20, 661:24, 662:1, 663:14, 663:17, 665:4, 665:10, 665:22

Company [5] - 606:20, 646:4, 650:11, 650:13, 652:16

comparisons [1] - 503:6compensated [2] - 576:9, 576:10compensating [1] - 608:21competitive [3] - 503:11, 503:13,

531:21competitor [1] - 505:21complaining [1] - 559:17complaint [2] - 562:11, 562:19complete [1] - 641:8completed [1] - 517:10completely [1] - 606:21complex [1] - 607:5compliance [4] - 554:14, 554:16,

554:19, 645:14complicated [1] - 670:10complied [1] - 638:25Complies [1] - 555:25comply [1] - 608:10component [1] - 630:2components [3] - 627:16, 629:20,

630:14Computer [1] - 495:17

Computer-aided [1] - 495:17computerized [1] - 495:17concept [1] - 501:10concern [7] - 506:9, 559:1, 560:2,

584:8, 584:12, 584:16, 670:1concerned [6] - 528:19, 528:20, 532:18,

532:19, 616:17, 616:18concerns [2] - 592:4, 605:21concession [5] - 600:7, 659:1, 659:2,

659:5concessions [2] - 658:17, 663:20concluded [2] - 538:9, 567:10condition [1] - 534:6conditions [3] - 620:8, 620:16, 661:22Conditions [1] - 620:9conduct [3] - 569:8, 587:25, 658:24conducting [1] - 603:11confer [1] - 557:15conference [3] - 590:13, 590:16, 591:14conferred [1] - 594:16confers [1] - 557:18confidentiality [3] - 669:18, 670:6,

670:15confirm [4] - 531:14, 573:10, 637:9,

639:6confirmation [5] - 546:3, 573:11,

638:25, 649:17confirmed [3] - 530:7, 541:9, 639:10conflict [1] - 634:1conformed [1] - 636:8confusion [1] - 599:23connected [1] - 643:15connection [1] - 607:2consequence [1] - 598:22consequently [2] - 501:2, 542:8consider [1] - 504:4considerable [1] - 661:23considered [1] - 534:4considering [3] - 503:21, 506:5, 580:6consistency [1] - 628:3consistent [3] - 616:13, 622:1, 633:11conspirator [2] - 602:6, 603:10conspirators [1] - 605:15constitute [1] - 592:18constitutional [1] - 617:10constraints [1] - 559:14construction [2] - 510:10, 641:22constructive [1] - 592:18consultancy [3] - 619:23, 620:5, 622:5consulting [5] - 617:11, 619:21, 620:23,

620:25, 622:6Consulting [3] - 618:8, 618:11, 665:3consumers [1] - 546:17Cont'd [5] - 676:6, 678:1, 679:1, 680:1,

681:1contacted [5] - 503:6, 505:4, 505:7,

505:10, 584:5contained [2] - 645:5, 645:6contents [4] - 552:9, 553:16, 601:13,


SAM OCR RMR CRR RPR

7

611:2Contents [4] - 644:21, 645:5, 646:13,

646:15contesting [1] - 599:13context [4] - 516:23, 534:6, 615:7,

659:6continue [8] - 498:24, 526:25, 529:1,

610:10, 610:16, 658:1, 664:6, 668:4Continued [11] - 495:1, 499:5, 520:19,

538:10, 544:15, 572:3, 593:9, 617:25, 637:22, 655:19, 674:22

continued [1] - 526:24CONTINUING [3] - 500:5, 573:1, 638:1continuing [4] - 521:2, 590:24, 656:2,

671:18Continuing [4] - 545:1, 594:1, 618:1,

675:1Contract [2] - 632:24, 640:5contract [41] - 500:16, 501:7, 503:11,

505:11, 508:20, 517:11, 517:16, 517:20, 517:25, 521:6, 521:10, 521:12, 521:21, 522:5, 522:12, 522:21, 522:23, 523:8, 523:20, 523:23, 542:10, 543:8, 551:5, 562:15, 614:22, 621:10, 621:16, 622:16, 622:22, 627:24, 632:4, 633:6, 634:9, 634:14, 641:4, 641:10, 641:20, 641:22, 641:25, 642:15, 643:10

contracted [1] - 622:13contractor [16] - 501:3, 501:4, 501:8,

501:16, 503:25, 504:3, 504:5, 506:11, 507:8, 507:10, 507:11, 509:21, 562:17, 643:14, 643:21, 644:5

contracts [3] - 528:25, 627:7, 633:14contrary [1] - 595:3control [3] - 529:17, 607:22, 637:18controlled [1] - 665:17conversation [4] - 530:13, 622:1, 622:3,

662:4conversations [3] - 565:24, 630:1,

659:15convey [2] - 511:4, 519:10conveying [1] - 524:2convicted [1] - 609:5COO [1] - 638:20copied [1] - 537:24copies [1] - 654:21copy [22] - 520:3, 520:5, 520:7, 551:19,

555:15, 556:7, 556:10, 563:22, 564:19, 565:19, 565:22, 567:4, 574:8, 582:9, 597:10, 611:21, 612:15, 618:7, 651:22, 654:16, 668:2, 673:9

copying [7] - 524:24, 533:8, 604:6, 619:5, 638:17, 652:2, 653:24

core [1] - 592:17corporate [1] - 521:6correct [8] - 510:13, 510:16, 519:6,

540:15, 560:14, 604:10, 624:18, 641:8corrected [1] - 646:9correctly [2] - 643:11, 652:5

corresponding [1] - 645:19corruption [3] - 554:19, 639:1, 639:8cost [19] - 508:1, 508:3, 508:6, 508:8,

508:16, 508:18, 509:5, 509:7, 509:8, 509:11, 509:13, 509:22, 510:1, 510:2, 510:9, 510:11, 522:17, 627:14

costs [2] - 509:7, 509:24Cough [1] - 552:10cough [1] - 657:17counsel [16] - 496:7, 498:24, 520:5,

545:6, 545:7, 555:24, 557:18, 567:2, 590:11, 592:1, 594:7, 596:6, 597:13, 598:15, 623:15, 667:19

Counsel [2] - 545:20, 567:3country [1] - 559:6couple [2] - 503:5, 610:19course [10] - 521:16, 557:17, 587:25,

592:7, 592:22, 624:22, 627:15, 658:24, 659:19, 666:15

Court [16] - 495:15, 495:16, 502:15, 520:9, 531:18, 545:8, 561:4, 590:15, 590:17, 591:7, 592:8, 592:21, 593:1, 593:2, 599:16, 610:7

COURT [349] - 494:1, 496:14, 496:21, 496:24, 497:3, 497:6, 497:9, 497:12, 497:17, 497:20, 497:25, 498:2, 498:6, 498:17, 498:23, 501:22, 501:24, 502:17, 502:19, 506:17, 506:19, 511:19, 511:22, 514:5, 514:7, 514:13, 514:16, 514:19, 519:23, 519:25, 520:4, 520:7, 520:13, 521:14, 524:12, 524:15, 524:17, 525:14, 525:19, 525:25, 526:2, 526:7, 526:13, 526:16, 526:19, 526:23, 527:4, 527:6, 527:19, 529:1, 529:20, 529:22, 532:25, 533:2, 534:20, 534:22, 535:10, 535:14, 535:22, 536:3, 537:2, 537:4, 537:6, 537:12, 537:14, 537:19, 537:21, 538:4, 538:8, 539:2, 539:5, 545:4, 545:6, 545:11, 545:19, 545:22, 547:4, 547:6, 548:8, 548:13, 552:10, 552:15, 552:20, 553:1, 553:7, 554:2, 555:1, 555:4, 555:6, 555:24, 556:1, 557:11, 557:17, 558:3, 558:5, 558:7, 558:9, 558:19, 559:25, 561:3, 562:24, 563:2, 563:5, 563:7, 563:12, 564:6, 564:9, 564:23, 564:25, 565:8, 565:11, 566:19, 566:21, 567:2, 567:6, 567:9, 568:2, 568:8, 569:23, 569:25, 571:7, 571:9, 575:3, 575:5, 576:21, 576:23, 577:18, 577:21, 578:11, 578:13, 579:8, 579:10, 580:16, 580:18, 581:5, 582:1, 582:3, 582:18, 583:13, 583:15, 585:1, 585:4, 585:9, 585:11, 586:3, 586:5, 586:20, 587:7, 589:1, 589:6, 589:20, 589:25, 590:2, 590:7, 590:11, 591:10, 592:6, 593:3, 594:5, 594:20, 594:23, 595:12, 596:5, 596:12, 596:15, 596:17, 596:21, 597:1, 597:3, 597:7, 597:11, 597:16, 597:18,

597:22, 598:4, 598:6, 598:8, 598:11, 598:14, 598:23, 599:4, 599:8, 599:10, 599:21, 600:4, 600:8, 600:23, 601:2, 601:5, 601:9, 601:15, 601:18, 601:22, 601:25, 602:3, 602:11, 602:21, 602:24, 603:2, 603:5, 603:8, 603:14, 603:16, 603:19, 603:22, 603:24, 604:2, 604:8, 604:13, 604:16, 605:3, 605:9, 605:14, 606:3, 606:5, 606:9, 606:13, 606:15, 606:18, 606:23, 607:1, 607:6, 607:8, 607:11, 607:15, 607:17, 607:21, 607:24, 608:4, 608:15, 608:17, 608:23, 609:2, 609:4, 609:10, 609:13, 609:18, 609:20, 609:22, 609:25, 610:2, 610:4, 612:3, 612:5, 612:9, 613:24, 614:2, 614:4, 614:6, 615:6, 615:16, 615:18, 617:4, 617:8, 617:19, 617:21, 618:14, 618:16, 623:11, 623:14, 623:17, 623:21, 623:24, 624:2, 624:22, 628:12, 628:14, 629:5, 629:9, 630:5, 630:7, 630:9, 630:18, 630:20, 632:13, 632:15, 634:4, 634:17, 634:19, 635:14, 636:17, 636:19, 638:5, 638:8, 638:10, 639:14, 639:16, 639:18, 640:19, 640:21, 642:20, 642:22, 643:1, 643:4, 643:6, 645:8, 648:5, 648:7, 648:18, 648:20, 649:21, 649:23, 650:3, 650:6, 651:9, 651:11, 652:25, 653:11, 653:13, 656:9, 656:13, 656:15, 656:19, 656:21, 656:25, 657:6, 657:10, 657:16, 657:25, 660:3, 661:10, 661:12, 661:14, 662:7, 662:10, 662:13, 662:15, 663:24, 664:1, 664:5, 666:22, 666:24, 667:2, 667:14, 667:17, 667:19, 668:14, 668:16, 668:18, 671:22, 671:24, 672:2, 673:24, 674:10, 674:19, 675:1, 675:7, 675:10, 675:13

court [7] - 496:1, 526:5, 539:1, 568:1, 596:2, 596:22, 596:24

Court's [1] - 552:18Courthouse [1] - 494:5courtroom [12] - 496:13, 498:15,

525:18, 525:20, 526:22, 590:2, 605:18, 610:3, 656:12, 656:16, 657:15, 674:18

COURTROOM [4] - 496:2, 526:6, 596:3, 656:23

cover [1] - 641:20covered [1] - 613:25created [1] - 521:25credit [5] - 540:6, 540:11, 540:13,

613:18, 615:25Credit [96] - 503:9, 503:20, 503:23,

504:4, 505:9, 505:22, 506:4, 507:6, 507:7, 507:23, 511:5, 511:7, 511:12, 511:14, 512:15, 512:22, 515:15, 515:25, 516:3, 516:6, 517:1, 518:21,


SAM OCR RMR CRR RPR

8

519:10, 523:22, 523:24, 524:5, 525:3, 528:6, 528:10, 528:16, 528:20, 528:25, 529:2, 529:7, 529:9, 531:3, 532:11, 532:15, 532:20, 533:15, 534:11, 534:24, 534:25, 535:1, 540:6, 541:9, 542:6, 548:13, 548:20, 548:25, 549:1, 549:10, 549:16, 549:18, 549:23, 551:20, 552:2, 552:3, 556:8, 556:18, 557:1, 557:22, 562:10, 562:11, 562:14, 566:16, 573:6, 573:12, 574:2, 574:4, 574:9, 574:19, 574:21, 580:8, 580:10, 582:10, 583:5, 584:2, 584:4, 584:6, 584:11, 584:14, 612:16, 612:21, 612:24, 613:4, 613:18, 635:5, 635:10, 636:25, 637:8, 637:15, 671:9, 672:14, 672:24

creditors [1] - 636:4crime [1] - 617:3criminal [7] - 584:9, 584:17, 587:25,

658:21, 658:24, 659:7, 666:1Criminal [1] - 496:5CRIMINAL [2] - 494:11, 494:21criminality [1] - 592:17Croc [1] - 587:14croco [1] - 518:10Croco [4] - 587:21, 587:22, 587:23,

588:7crocodile [1] - 518:10crocodiling [3] - 517:12, 518:4, 518:8Crocodilio [1] - 587:23crocodilo [1] - 518:10cross [6] - 591:21, 598:16, 598:24,

600:10, 628:9, 634:1cross-examine [3] - 591:21, 598:16,

598:24cross-reference [1] - 628:9cross-referencing [1] - 634:1CRR [1] - 495:15CS [5] - 504:14, 523:11, 523:16, 533:18,

539:21CSO [1] - 526:13CSOs [1] - 497:20current [2] - 504:7, 632:4customer [7] - 643:14, 644:1, 644:6,

650:18, 651:4, 651:5, 652:19customers [1] - 546:24

D

D'Amelio [1] - 592:15D.C [1] - 494:22Damen [1] - 505:16date [45] - 502:5, 512:5, 515:6, 516:7,

524:4, 527:12, 530:1, 533:10, 539:9, 541:20, 541:22, 541:24, 548:2, 548:17, 556:24, 563:11, 570:7, 575:16, 577:3, 578:19, 582:24, 583:20, 585:23, 614:9, 619:25, 621:15, 622:17, 622:19, 623:5, 628:18, 631:1, 632:21, 634:25,

639:25, 644:16, 651:24, 653:21, 655:3, 667:16, 667:17, 668:23, 671:13, 672:5, 672:21, 673:11

dates [1] - 631:22David [15] - 568:10, 568:13, 568:22,

568:24, 569:2, 575:14, 604:6, 605:13, 633:1, 633:10, 633:12, 633:13, 633:16, 634:6, 653:24

days [3] - 498:9, 542:3, 571:24DB [2] - 631:15, 632:3DD [2] - 515:11, 515:12de [1] - 521:13DE [1] - 521:17deal [8] - 509:16, 532:17, 537:24,

586:13, 586:15, 587:6, 654:9, 669:16deals [1] - 586:14Dear [2] - 559:1, 561:2dear [2] - 543:18, 638:24debit [2] - 655:6, 655:8debt [1] - 549:20decide [1] - 547:20decided [1] - 541:7decision [1] - 590:22decisions [2] - 665:22, 665:23deducting [2] - 569:16, 649:11DEFENDANT [1] - 497:2Defendant [2] - 495:3, 496:13defendant [151] - 494:9, 500:10, 501:18,

501:19, 502:9, 505:6, 505:15, 505:19, 506:3, 506:25, 507:3, 507:17, 507:25, 508:5, 509:4, 509:6, 509:19, 510:7, 512:13, 513:1, 513:6, 515:20, 516:11, 517:7, 517:15, 518:3, 518:9, 518:24, 523:3, 523:12, 523:15, 523:19, 523:22, 523:24, 524:2, 526:8, 531:25, 532:5, 532:8, 533:14, 535:20, 542:20, 543:11, 543:13, 543:20, 544:2, 544:5, 544:9, 544:10, 557:4, 561:14, 565:24, 566:4, 568:14, 568:23, 569:6, 569:11, 570:9, 570:14, 575:18, 575:23, 576:8, 578:5, 578:23, 580:23, 581:2, 581:17, 582:13, 586:23, 587:20, 588:1, 588:11, 588:16, 590:8, 593:4, 593:5, 596:7, 596:12, 596:16, 599:10, 599:13, 600:1, 600:24, 602:7, 602:8, 605:7, 605:15, 607:4, 608:17, 608:18, 609:5, 614:11, 614:15, 615:10, 621:9, 621:14, 622:2, 627:3, 628:2, 628:19, 629:1, 629:11, 630:1, 630:11, 630:13, 631:1, 631:4, 631:7, 631:13, 631:20, 631:25, 632:9, 633:7, 633:18, 634:11, 634:13, 636:25, 648:13, 656:25, 658:13, 658:25, 659:8, 659:15, 660:9, 660:16, 660:20, 660:21, 660:23, 660:25, 661:7, 661:25, 662:19, 663:1, 664:11, 664:12, 664:16, 664:17, 664:18, 664:22, 665:14, 665:19, 665:24, 665:25, 669:12, 669:21, 670:5, 670:7, 670:19, 670:24

defendant's [3] - 504:12, 505:2, 518:11

defendants [1] - 675:3defense [9] - 497:18, 525:25, 545:6,

545:7, 590:11, 592:1, 597:13, 598:15, 656:19

defer [1] - 592:20defined [2] - 522:6, 554:9definitely [2] - 546:4definition [1] - 554:13definitions [1] - 522:7delay [2] - 531:1, 540:6deliberately [1] - 584:23delivered [1] - 625:8DeLucas [5] - 559:17, 560:25, 561:21,

562:10, 562:18DeLucas' [1] - 560:11DeLucas's [1] - 558:25demand [1] - 541:16denominated [1] - 540:23department [1] - 613:18DEPARTMENT [1] - 494:21dependent [1] - 540:10Deputy [2] - 516:16, 518:19DEPUTY [4] - 496:2, 526:6, 596:3,

656:23describe [6] - 511:6, 557:5, 591:4,

621:17, 622:4, 646:8described [8] - 522:19, 573:17, 577:20,

597:4, 601:21, 616:19, 621:16, 622:10describing [1] - 573:24description [7] - 522:15, 548:1, 616:12,

616:17, 617:5, 617:6, 642:14designed [2] - 504:20, 507:13designs [1] - 504:16desire [2] - 540:13, 608:3desired [1] - 599:18desk [2] - 549:24, 673:18detailed [1] - 530:24details [11] - 505:21, 507:15, 525:9,

530:25, 577:9, 577:10, 577:24, 585:3, 637:10, 639:10

Detelina [8] - 512:10, 515:21, 524:23, 527:16, 533:8, 535:20, 549:7, 579:21

determine [2] - 575:24, 593:2determined [1] - 523:18Deutsche [4] - 646:3, 650:11, 650:13,

652:16developed [2] - 513:25, 576:17developing [2] - 544:11, 544:12DG [1] - 589:14Dhabi [20] - 507:10, 507:14, 517:21,

521:13, 522:3, 522:18, 531:20, 531:21, 563:24, 566:10, 569:12, 574:24, 577:10, 617:15, 618:8, 619:13, 661:25, 665:5, 665:10, 665:17

dictated [1] - 501:14difference [1] - 571:1different [10] - 503:17, 586:13, 599:17,

600:22, 608:11, 630:4, 646:6, 647:2, 647:4, 663:10


SAM OCR RMR CRR RPR

9

difficult [3] - 531:2, 623:7, 661:19Dilawar [2] - 510:24, 563:17diligence [16] - 503:9, 507:6, 511:9,

512:21, 512:22, 512:24, 513:2, 513:12, 515:13, 515:16, 516:24, 517:9, 519:7, 519:16, 528:22, 532:1

dim [1] - 553:1DiNardo [34] - 496:10, 504:10, 506:14,

511:16, 515:3, 519:20, 522:21, 523:2, 523:9, 542:19, 548:11, 550:9, 550:10, 550:24, 551:9, 563:18, 565:15, 574:12, 575:9, 581:10, 587:9, 611:2, 613:21, 620:9, 628:24, 632:19, 637:4, 640:10, 641:16, 642:17, 646:16, 650:21, 655:5, 663:8

DIRECT [4] - 500:5, 521:1, 656:1, 676:6direct [4] - 527:11, 591:23, 627:8, 658:1directed [3] - 574:4, 574:21, 635:18directly [3] - 561:10, 643:17, 645:9director [4] - 549:23, 560:12, 566:15,

588:24Director [3] - 516:20, 531:10, 589:15disagree [1] - 629:1disagreement [1] - 629:3DISANTO [1] - 495:6diSANTO [1] - 497:7DiSanto [1] - 497:8disclose [1] - 532:19disclosed [1] - 615:3discomfort [1] - 628:1discount [1] - 629:21discover [1] - 528:20discuss [11] - 530:7, 530:11, 530:14,

531:15, 590:4, 594:7, 594:10, 621:13, 656:17, 657:22, 674:3

discussed [11] - 500:7, 506:3, 522:3, 579:17, 600:17, 621:14, 621:21, 628:2, 646:6, 669:5, 674:5

discusses [1] - 583:25discussing [9] - 518:5, 561:2, 561:8,

579:4, 594:9, 657:8, 658:21, 669:4, 669:8

discussion [5] - 531:18, 594:10, 594:12, 595:6, 661:24

discussions [3] - 544:4, 621:9, 660:19dispute [1] - 661:4distinguishing [1] - 561:17distribution [2] - 500:20, 576:3DISTRICT [3] - 494:1, 494:1, 494:12District [1] - 494:17dividend [2] - 626:10, 655:13DIVISION [1] - 494:21divulgate [1] - 559:4doc [1] - 507:18dock [2] - 633:11, 633:20Docket [1] - 496:5Docks [1] - 632:3docs [1] - 617:10document [36] - 507:21, 513:19, 513:22,

524:20, 525:1, 537:2, 537:7, 547:19, 550:7, 550:8, 553:21, 553:23, 567:2, 568:3, 581:19, 598:16, 599:2, 601:10, 601:13, 601:15, 602:11, 602:13, 602:16, 604:18, 605:5, 605:11, 606:1, 606:24, 607:13, 615:24, 619:11, 629:6, 629:7, 640:15, 641:8, 649:25

documents [22] - 512:14, 512:21, 515:18, 519:23, 521:7, 551:16, 555:19, 594:7, 594:10, 594:17, 595:6, 603:9, 603:11, 605:17, 605:21, 617:13, 617:14, 617:15, 619:12, 645:6, 653:14, 654:20

Documents [1] - 551:11dollar [1] - 540:23dollar-denominated [1] - 540:23dollars [9] - 508:10, 509:1, 522:19,

522:24, 523:4, 613:3, 648:14, 649:7, 669:15

Dominic [8] - 549:25, 550:5, 601:11, 602:14, 603:17, 668:21, 670:17, 672:8

done [4] - 504:14, 578:6, 610:14, 615:11Donnelly [1] - 497:5DONNELLY [2] - 495:5, 497:4DONOGHUE [1] - 494:16double [1] - 542:25doubt [1] - 669:17down [33] - 506:13, 511:15, 519:19,

522:6, 524:9, 525:19, 532:22, 535:23, 548:4, 561:3, 589:25, 590:1, 591:16, 600:4, 605:9, 610:13, 613:21, 614:11, 618:22, 623:3, 635:14, 642:17, 644:9, 644:23, 646:18, 650:21, 656:13, 656:14, 662:2, 667:20, 667:23, 674:19

draft [1] - 619:5drafted [2] - 624:23, 646:10dramatic [1] - 633:4drill [1] - 659:6drop [1] - 587:21drops [2] - 552:10, 657:17due [18] - 507:6, 511:9, 512:21, 512:22,

512:23, 513:2, 513:12, 515:13, 515:15, 516:24, 517:9, 519:7, 519:16, 532:1, 547:22, 661:16, 672:21, 673:1

duly [2] - 500:3, 593:3during [9] - 528:25, 622:3, 656:11,

657:23, 658:24, 659:7, 666:1, 666:4, 666:15

DV15 [2] - 622:7, 622:12

E

E-M-P-R-E-S-A [1] - 521:16e-mail [138] - 502:4, 502:5, 502:12,

502:25, 503:2, 503:4, 504:13, 506:25, 507:4, 507:13, 509:22, 510:21, 510:23, 511:3, 511:7, 512:7, 512:16, 513:2, 513:13, 514:25, 515:6, 515:19, 515:24, 518:2, 518:11, 521:4, 521:8, 521:11, 522:25, 523:11, 523:13,

524:1, 524:21, 524:25, 525:1, 525:7, 527:10, 527:11, 527:12, 528:14, 529:15, 529:25, 530:1, 531:23, 532:4, 532:5, 532:12, 532:18, 533:5, 535:19, 538:2, 538:6, 539:8, 539:9, 542:16, 542:17, 574:6, 575:10, 575:13, 577:3, 577:4, 578:17, 578:19, 579:15, 579:18, 579:20, 580:12, 580:23, 581:7, 581:15, 581:18, 581:20, 582:13, 583:20, 585:16, 586:13, 586:22, 587:4, 587:5, 596:19, 598:10, 598:12, 599:9, 603:17, 603:25, 604:5, 605:5, 605:8, 614:9, 614:11, 614:12, 614:13, 615:21, 616:6, 638:16, 639:22, 639:25, 640:8, 640:11, 640:15, 648:24, 651:16, 651:17, 651:21, 651:24, 652:1, 653:21, 653:23, 654:4, 654:15, 662:18, 662:20, 663:4, 663:6, 663:7, 664:7, 664:17, 664:21, 665:4, 665:13, 667:15, 668:20, 668:23, 669:11, 670:17, 670:19, 670:20, 671:4, 671:13, 671:14, 672:4, 672:5, 672:9, 673:2, 673:18

E-mail [1] - 495:16e-mailing [2] - 575:23, 585:20e-mails [11] - 512:4, 512:5, 512:11,

537:8, 587:9, 596:19, 596:20, 596:23, 654:3, 668:8, 671:10

earliest [2] - 639:22, 669:11early [1] - 523:16earn [1] - 674:6earned [1] - 658:7earnings [1] - 616:13easier [2] - 597:8, 597:24East [2] - 494:17, 673:21east [1] - 673:21EASTERN [1] - 494:1Eastern [2] - 494:17, 658:15eating [1] - 594:12economic [2] - 513:23, 559:5economist [1] - 631:10Ed [1] - 558:16Edward [2] - 512:19, 521:5effect [1] - 606:19effective [2] - 641:9efficient [1] - 503:18efforts [1] - 651:22either [3] - 524:14, 621:1, 625:15Electronic [1] - 552:21electronically [6] - 535:12, 545:8,

597:23, 598:1, 642:23, 662:10element [1] - 625:6elements [3] - 509:20, 525:9, 634:13Elmo [2] - 552:21, 552:24email [53] - 531:13, 533:12, 545:16,

545:17, 545:25, 555:12, 558:14, 558:23, 558:25, 560:23, 561:25, 562:7, 563:11, 563:19, 564:14, 564:16, 568:10, 568:11, 568:25,


SAM OCR RMR CRR RPR

10

569:1, 570:6, 570:7, 571:14, 618:22, 618:23, 619:10, 619:15, 619:20, 621:15, 626:18, 626:21, 626:22, 626:23, 627:7, 627:10, 628:18, 628:21, 628:23, 630:25, 631:2, 631:21, 631:22, 632:18, 632:21, 634:24, 634:25, 635:22, 635:23, 635:24

emailing [4] - 563:21, 568:18, 568:19, 568:22

emails [2] - 549:2, 563:19EMATUM [80] - 500:18, 503:21, 505:9,

505:23, 507:8, 507:11, 508:21, 508:22, 509:16, 511:9, 513:2, 515:16, 516:22, 516:24, 517:10, 517:19, 521:6, 521:7, 521:19, 521:20, 522:1, 522:2, 522:18, 523:20, 523:23, 525:3, 525:11, 528:2, 528:7, 528:11, 528:21, 529:10, 530:15, 531:9, 531:19, 531:20, 532:10, 532:20, 533:16, 540:2, 541:7, 543:3, 547:17, 549:7, 550:20, 551:2, 551:5, 551:20, 552:2, 554:10, 555:16, 556:8, 556:12, 556:17, 559:4, 559:19, 560:21, 561:11, 561:18, 568:20, 569:13, 573:4, 576:4, 578:3, 584:19, 614:18, 625:5, 625:9, 625:13, 627:6, 627:10, 627:11, 627:21, 628:7, 630:3, 631:10, 647:4, 660:7, 660:14

EMATUM's [1] - 604:24emerging [1] - 546:9Emirates [2] - 566:1, 616:5emission [1] - 559:3employee [7] - 500:14, 548:20, 571:21,

571:23, 576:16, 663:22, 669:13employees [6] - 512:15, 512:18, 515:25,

608:21, 633:11, 633:20employer [2] - 500:16, 566:8Empresa [1] - 521:13enable [3] - 547:19, 639:3, 646:10enabled [1] - 646:11end [10] - 498:8, 503:22, 523:17,

575:24, 643:25, 654:9, 657:18, 661:21, 662:4, 670:15

end-user [1] - 643:25Energy [6] - 599:19, 599:24, 663:15,

663:16, 663:20, 663:23enforceable [1] - 634:9engaged [1] - 660:1engines [1] - 629:20enhance [1] - 548:9enjoy [1] - 589:22enough.. [1] - 577:12Enrigue [1] - 635:19ensure [3] - 511:9, 518:20, 525:8entered [4] - 496:13, 498:15, 622:25,

644:14Enterprise [1] - 559:4enters [4] - 498:1, 526:22, 610:3, 657:15entertain [1] - 538:5

entirely [1] - 599:17entities [1] - 625:15entity [5] - 573:15, 573:18, 600:22,

600:24, 665:12entry [2] - 655:3, 655:15equipment [1] - 627:15errors [1] - 634:1ESQ [10] - 494:16, 494:18, 494:19,

494:23, 494:23, 495:4, 495:5, 495:5, 495:6, 495:6

essentially [1] - 591:15establish [2] - 580:9, 671:2established [3] - 569:3, 660:18, 660:19estate [2] - 621:20, 666:8estates [1] - 544:7estimate [1] - 533:17estimated [1] - 629:18et [5] - 614:22, 629:19, 629:20, 633:11,

633:20euro [7] - 508:1, 508:2, 508:3, 508:4,

508:7, 508:16, 508:17Europe [4] - 534:25, 549:24, 566:16,

658:15Euros [1] - 659:21euros [3] - 508:8, 508:24event [2] - 621:24, 637:11events [3] - 573:25, 608:20, 621:16eventually [2] - 574:17, 600:2evidence [63] - 502:1, 502:15, 502:22,

506:21, 511:25, 514:10, 514:22, 520:16, 524:18, 527:7, 529:24, 533:4, 535:17, 539:5, 539:7, 545:13, 547:7, 555:9, 558:11, 563:8, 564:11, 565:2, 568:4, 568:5, 570:3, 571:11, 575:8, 576:25, 578:15, 579:12, 580:20, 582:5, 583:17, 585:13, 586:7, 606:11, 610:22, 612:12, 614:7, 615:19, 617:23, 618:18, 618:19, 623:18, 624:3, 628:15, 630:22, 632:16, 634:21, 636:21, 638:13, 639:20, 640:24, 643:4, 648:22, 651:13, 652:24, 653:18, 662:14, 667:1, 668:13, 668:17, 672:1

EXAMINATION [6] - 500:5, 521:1, 573:1, 638:1, 656:1, 676:6

examination [4] - 526:25, 603:12, 610:10, 658:1

examine [4] - 591:21, 598:16, 598:24, 600:10

examined [1] - 500:3example [1] - 591:2exceeding [1] - 570:17Excellency [2] - 531:11, 589:13exception [1] - 602:6exchange [2] - 508:11, 668:8excuse [10] - 509:17, 510:22, 513:22,

540:15, 547:22, 574:24, 617:4, 649:24, 651:3, 654:21

Excuse [3] - 549:9, 565:9, 622:14execution [1] - 643:21

exhibit [22] - 532:22, 545:14, 547:8, 547:15, 555:7, 558:12, 563:9, 564:12, 570:4, 571:12, 599:16, 600:14, 614:8, 615:20, 618:20, 623:20, 624:4, 628:16, 630:23, 632:17, 634:22, 636:22

Exhibit [196] - 499:2, 501:21, 501:25, 502:2, 502:15, 502:16, 502:21, 502:23, 506:16, 506:20, 506:22, 511:18, 512:1, 513:9, 513:16, 514:9, 514:21, 514:23, 519:22, 520:17, 521:3, 524:11, 524:18, 527:3, 527:7, 527:8, 529:19, 529:24, 532:24, 533:4, 535:9, 535:17, 535:18, 537:7, 539:7, 545:3, 545:13, 547:3, 547:7, 547:11, 547:14, 548:12, 554:25, 558:2, 558:11, 563:4, 563:8, 564:5, 564:11, 564:22, 565:3, 566:18, 568:4, 568:5, 568:6, 569:22, 570:3, 571:6, 571:11, 575:2, 575:7, 575:11, 576:20, 576:24, 577:1, 578:10, 578:14, 578:16, 579:11, 579:13, 580:15, 580:19, 580:21, 581:11, 582:6, 582:17, 583:12, 583:16, 583:18, 585:8, 585:12, 585:14, 586:6, 586:8, 587:10, 598:7, 599:7, 602:23, 603:15, 603:23, 606:11, 612:2, 612:12, 612:13, 612:14, 613:23, 614:1, 614:7, 615:15, 615:19, 618:18, 618:19, 623:10, 623:18, 623:22, 624:3, 628:11, 628:15, 630:17, 630:22, 632:12, 632:16, 634:21, 636:16, 636:21, 638:4, 638:12, 638:14, 639:21, 640:23, 640:25, 641:13, 642:8, 642:9, 643:8, 644:10, 644:11, 644:18, 645:24, 646:17, 648:17, 649:14, 649:15, 651:14, 652:8, 652:23, 653:1, 653:10, 653:19, 654:5, 654:13, 654:19, 654:24, 662:6, 662:14, 662:17, 666:20, 667:4, 668:13, 668:17, 668:19, 672:3, 673:16, 677:4, 677:6, 677:8, 677:12, 677:14, 677:19, 677:21, 677:23, 677:25, 678:3, 678:5, 678:7, 678:11, 678:13, 678:15, 678:19, 678:21, 678:23, 678:25, 679:3, 679:5, 679:7, 679:9, 679:13, 679:15, 679:17, 679:19, 679:21, 679:23, 679:25, 680:5, 680:7, 680:9, 680:11, 680:13, 680:15, 680:17, 680:19, 680:21, 680:23, 681:3, 681:12, 681:16

exhibits [3] - 511:20, 594:3, 617:24Exhibits [25] - 511:24, 520:15, 555:8,

565:1, 582:4, 617:22, 639:19, 642:19, 648:21, 651:12, 653:17, 666:25, 671:25, 677:10, 677:16, 678:9, 678:17, 679:11, 680:3, 680:25, 681:5, 681:7, 681:9, 681:14, 681:18

existence [1] - 602:9existent [1] - 609:14


SAM OCR RMR CRR RPR

11

exits [4] - 525:18, 589:24, 656:12, 674:18

expand [5] - 542:18, 550:23, 551:10, 637:4, 641:16

expect [1] - 523:16expectation [1] - 576:12expected [5] - 519:18, 528:2, 528:7,

533:16, 616:20expects [1] - 627:16expenditure [1] - 660:22expenses [2] - 510:1, 569:20experience [2] - 529:6, 557:8expertise [3] - 534:10, 534:25, 625:21explain [12] - 521:23, 533:13, 541:6,

560:17, 568:17, 573:13, 592:23, 616:16, 641:19, 647:1, 651:2, 672:18

explained [3] - 523:5, 637:14, 670:10explaining [1] - 560:20explanation [2] - 562:19, 562:20expletive [1] - 587:5exploration [1] - 658:14explore [3] - 600:19, 659:3, 659:6expressed [1] - 628:1expressing [2] - 559:23, 560:2expression [1] - 591:14extend [3] - 672:14, 672:16, 674:7extension [2] - 669:6, 674:5extensively [1] - 591:21extent [3] - 591:22, 595:4, 660:21extra [1] - 570:12extracted [1] - 608:9

F

facilities [2] - 625:7, 644:2facility [8] - 556:7, 556:14, 558:18,

558:21, 573:12, 573:18, 573:23, 574:3fact [12] - 517:18, 518:22, 522:3, 524:7,

528:9, 529:7, 541:20, 551:15, 553:8, 615:2, 616:18, 674:1

facts [3] - 591:12, 591:20, 592:3faith [1] - 537:23fake [2] - 621:10, 622:15fan [2] - 674:13, 674:14far [4] - 529:9, 529:11, 644:19, 656:5FARR [1] - 495:3fashion [1] - 605:20father [1] - 569:2favor [1] - 587:17favorably [1] - 511:13feasibility [2] - 531:6, 531:8fee [18] - 543:6, 543:9, 557:3, 568:19,

569:13, 575:19, 611:22, 611:25, 612:15, 612:18, 612:19, 612:20, 612:24, 612:25, 626:11, 655:12, 674:6

Fees [2] - 611:4, 611:14fees [7] - 611:8, 611:16, 611:19, 611:24,

627:16, 649:11, 655:14Felipe [10] - 571:14, 571:19, 574:6,

579:21, 579:23, 580:1, 585:18, 648:25, 649:4, 651:21

felt [1] - 562:18few [2] - 539:14, 588:4FGB [1] - 615:24fifty [1] - 632:7Final [2] - 558:21, 632:24final [6] - 521:18, 541:7, 558:18, 575:20,

576:2, 576:3finalize [1] - 673:3finalized [2] - 501:11, 575:21finalizes [1] - 541:23finally [1] - 616:1Finance [11] - 513:14, 516:20, 531:5,

531:10, 543:24, 552:3, 561:10, 561:20, 562:16, 635:5, 670:2

finance [6] - 523:20, 554:7, 559:4, 559:13, 566:15, 635:20

financial [22] - 500:7, 500:11, 513:21, 525:10, 527:18, 527:22, 528:2, 529:10, 530:14, 530:24, 539:24, 540:4, 540:17, 556:20, 559:6, 559:10, 560:6, 584:5, 584:12, 607:5, 626:24, 662:23

financing [4] - 500:8, 543:6, 570:16, 631:7

Fincantieri [1] - 505:17finders [1] - 553:8fine [4] - 520:13, 523:18, 537:12, 614:6finish [2] - 653:14, 657:2finished [1] - 654:9fired [2] - 637:11, 637:17firms [1] - 665:11first [39] - 504:9, 504:10, 505:18,

506:25, 508:15, 512:4, 513:12, 515:1, 542:11, 543:17, 547:17, 548:4, 556:7, 569:8, 573:22, 587:4, 590:7, 597:24, 598:6, 599:24, 615:21, 616:6, 618:10, 621:19, 621:23, 622:15, 622:17, 629:11, 635:22, 640:14, 641:6, 644:5, 649:10, 649:16, 650:16, 664:7, 666:3, 671:13

First [2] - 570:8, 654:22Firstly [1] - 569:12fisheries [1] - 528:17Fisheries [7] - 516:16, 517:2, 517:6,

517:8, 517:25, 518:19fishing [17] - 501:6, 503:11, 504:21,

505:23, 509:15, 509:17, 515:16, 516:12, 516:15, 517:3, 517:4, 517:20, 518:14, 519:12, 543:9, 554:10

five [7] - 542:2, 547:21, 610:12, 610:14, 613:3, 674:8, 674:11

five-and-a-half [1] - 613:3flag [1] - 529:8fleet [1] - 501:9fleets [1] - 614:19flight [3] - 667:21, 673:9, 673:11flip [1] - 565:14Flip [1] - 545:22

flipping [1] - 669:16flows [1] - 573:22fly [1] - 667:23focus [2] - 512:23, 518:12focused [1] - 513:23folks [1] - 597:9follow [1] - 618:22follow-up [1] - 618:22followed [1] - 544:8following [10] - 499:5, 520:19, 537:1,

538:10, 541:2, 593:9, 633:4, 637:9, 655:19, 673:1

follows [2] - 500:4, 577:9Foong [1] - 558:17FOR [1] - 494:11force [1] - 641:8foreign [1] - 665:12foreigners [1] - 665:9foresee [1] - 623:8forgets [1] - 537:23form [2] - 553:20, 616:19former [1] - 504:6forward [5] - 512:13, 529:8, 579:25,

619:14, 640:15forwarded [9] - 502:13, 510:23, 515:21,

558:23, 561:25, 619:16, 635:24, 640:8, 640:12

forwarding [1] - 512:14four [1] - 509:17fourth [1] - 530:17France [6] - 544:7, 621:21, 625:23,

659:13, 659:19, 666:8FRANCIS [1] - 494:12fraud [2] - 668:9, 671:18freak [2] - 632:1, 632:6freaking [3] - 669:13, 669:21, 671:3free [3] - 505:14, 526:19, 594:22frequently [1] - 544:3Friday [6] - 494:7, 523:18, 544:8,

610:11, 610:14, 667:21friend [2] - 569:10, 577:19front [5] - 521:10, 537:9, 547:16,

551:19, 673:18frustrated [1] - 633:21fuck [1] - 636:9full [6] - 519:4, 562:7, 562:18, 637:10,

639:10, 641:8fully [1] - 560:18function [2] - 540:10, 573:20fund [3] - 544:11, 576:3funded [2] - 557:23, 652:6funding [2] - 542:1, 542:2funds [6] - 582:25, 583:2, 583:4, 617:1,

658:7future [2] - 637:12, 637:17FYI [1] - 505:16


SAM OCR RMR CRR RPR

12

G

Galina [4] - 512:19, 521:5, 558:16, 635:3

GALLAGHER [1] - 495:3Gamato [1] - 635:19gap [1] - 541:22garden [1] - 528:25gas [5] - 658:13, 659:6, 661:8, 663:17,

663:20General [1] - 589:15generate [4] - 528:7, 528:11, 625:17,

629:24generated [1] - 625:16generic [1] - 518:13Generically [1] - 549:14gentleman [3] - 549:21, 549:25, 663:21gentlemen [19] - 496:16, 498:6, 498:11,

525:21, 526:23, 536:4, 553:4, 589:20, 590:3, 596:9, 610:4, 610:8, 656:11, 656:16, 657:16, 657:19, 674:12, 675:2, 675:14

geographical [1] - 659:4Germany [1] - 625:23given [5] - 537:22, 540:18, 562:20,

571:3, 659:3glad [1] - 554:2global [1] - 566:15Global [3] - 583:5, 635:5Gmail [3] - 510:24, 510:25, 511:1God [1] - 594:6golf [1] - 659:19goods [2] - 509:21, 605:6government [4] - 503:16, 519:11,

628:15, 680:13Government [129] - 494:16, 497:15,

499:1, 500:2, 506:15, 511:17, 513:21, 516:16, 517:5, 519:21, 521:3, 524:10, 524:11, 525:23, 525:24, 527:2, 527:3, 529:18, 529:19, 532:23, 534:1, 535:8, 537:7, 537:17, 540:12, 545:2, 547:2, 547:7, 555:8, 558:11, 559:2, 559:3, 559:12, 560:3, 560:9, 562:12, 562:13, 563:3, 563:8, 564:4, 564:11, 564:21, 566:17, 568:4, 569:21, 570:3, 571:5, 571:11, 575:1, 576:19, 578:9, 579:6, 580:14, 583:11, 585:7, 590:7, 590:9, 590:10, 590:15, 591:7, 591:8, 591:25, 592:10, 592:12, 592:23, 593:3, 593:4, 594:4, 594:16, 597:4, 600:23, 602:6, 608:9, 608:18, 612:1, 612:12, 613:22, 615:14, 615:15, 615:19, 617:17, 618:12, 618:18, 618:19, 623:18, 624:3, 628:11, 630:16, 630:22, 632:16, 634:15, 634:21, 636:15, 636:21, 638:3, 639:12, 642:18, 648:16, 651:7, 652:22, 653:9, 656:18, 659:3, 662:6, 666:19, 666:20, 667:4, 668:13, 671:20, 673:16, 675:9, 678:7, 678:9, 678:11, 678:13, 678:15,

678:21, 678:23, 679:21, 679:25, 680:5, 680:7, 680:9, 680:11, 680:15, 680:17, 680:19, 680:21

Government's [124] - 499:2, 501:21, 501:25, 502:14, 502:16, 502:21, 506:20, 511:24, 514:9, 514:21, 519:22, 520:15, 524:18, 527:7, 529:24, 532:24, 533:4, 535:17, 539:7, 545:3, 545:13, 547:3, 547:11, 547:14, 554:25, 558:2, 563:4, 564:5, 564:22, 565:1, 566:18, 568:5, 569:22, 571:6, 575:2, 575:7, 576:20, 576:24, 578:10, 578:14, 579:11, 580:15, 580:19, 582:4, 583:12, 583:16, 585:8, 585:12, 586:6, 590:25, 598:7, 599:7, 601:3, 602:23, 603:15, 603:23, 606:11, 612:2, 612:14, 613:23, 614:1, 614:7, 617:22, 623:10, 623:22, 630:17, 632:12, 636:16, 638:4, 638:12, 639:19, 640:23, 642:7, 642:19, 644:10, 644:18, 648:17, 648:21, 649:14, 651:12, 652:23, 653:10, 653:17, 662:14, 666:25, 668:17, 671:25, 677:4, 677:6, 677:8, 677:10, 677:12, 677:14, 677:16, 677:19, 677:21, 677:23, 677:25, 678:3, 678:5, 678:17, 678:19, 678:25, 679:3, 679:5, 679:7, 679:9, 679:11, 679:13, 679:15, 679:17, 679:19, 679:23, 680:3, 680:23, 680:25, 681:3, 681:5, 681:7, 681:9, 681:12, 681:14, 681:16, 681:18

governmental [2] - 643:18, 643:22Governments [1] - 534:11grabbed [1] - 567:4grabbing [1] - 567:4gravamen [1] - 605:11green [1] - 570:11Group [1] - 635:5group [4] - 534:4, 550:6, 566:16, 665:6guarantee [5] - 555:16, 559:11, 614:16,

614:21, 669:15guaranteed [3] - 552:2, 561:12, 561:19guarantor [1] - 513:24guaranty [2] - 653:3, 653:7guard [1] - 608:8Guebuza [8] - 518:6, 518:9, 531:12,

587:2, 587:15, 587:23, 588:8, 588:10guests [1] - 538:5guidance [1] - 587:13Gulf [1] - 654:22guys [2] - 597:1, 604:16Gwendoline [3] - 638:16, 638:21,

638:23Gwendolyn [1] - 598:13GX [1] - 597:14GX-4 [2] - 610:22, 613:14

H

habibi [4] - 532:7, 532:17, 543:15,

543:18half [1] - 613:3Hamet [2] - 579:22, 585:19hand [5] - 567:3, 597:8, 597:10, 597:11,

597:12handle [2] - 531:25, 605:24Happy [1] - 631:16happy [2] - 543:21, 673:4hard [6] - 574:13, 610:12, 656:10,

657:3, 657:20, 674:8hayati [5] - 539:15, 539:16, 539:20,

543:15, 543:18hayeti [1] - 532:7HE [2] - 531:5, 589:12head [2] - 517:8, 566:15headed [1] - 549:21hear [11] - 498:3, 526:20, 527:21, 553:9,

554:2, 558:20, 561:4, 588:1, 590:7, 595:4, 666:6

heard [4] - 498:4, 544:1, 603:3, 645:10hearing [3] - 536:5, 591:20hearsay [3] - 601:20, 602:3, 609:9Heathrow [3] - 667:13, 667:25, 673:9held [2] - 536:5, 660:15help [10] - 507:14, 518:25, 534:8, 545:9,

559:10, 594:25, 595:7, 636:3, 636:5, 648:3

helpful [1] - 639:2hereby [1] - 559:9hesitant [1] - 630:13Hi [2] - 502:10, 619:5hi [8] - 528:15, 530:6, 579:24, 605:10,

615:23, 616:11, 649:6, 654:8high [1] - 523:6higher [2] - 627:17, 627:25highlight [1] - 587:7highlighting [1] - 633:4highly [1] - 625:20Hiral [1] - 496:9HIRAL [1] - 494:19hold [1] - 665:12holder [1] - 659:5holders [2] - 550:19, 550:21Holding [2] - 566:10, 568:16holding [3] - 617:11, 643:18, 665:21Holdings [10] - 569:4, 569:5, 626:10,

626:11, 654:10, 655:2, 660:7, 660:8, 664:15, 665:23

Holdings' [1] - 654:22Holland [1] - 505:16Holmes [1] - 608:7home [1] - 674:13Honor [195] - 496:12, 496:20, 496:22,

497:19, 497:24, 498:22, 498:25, 499:1, 501:23, 502:18, 502:20, 506:15, 506:18, 511:21, 511:23, 514:1, 514:2, 514:6, 514:11, 514:15, 514:20, 519:21, 519:24, 520:1, 520:12, 521:16, 524:13, 524:16,


SAM OCR RMR CRR RPR

13

525:12, 526:1, 526:12, 526:15, 526:18, 527:2, 527:5, 529:18, 529:21, 529:23, 532:23, 533:3, 535:16, 536:2, 537:3, 537:5, 537:10, 537:13, 537:16, 538:1, 538:7, 539:4, 545:2, 545:10, 545:12, 545:21, 547:2, 547:5, 547:9, 547:12, 548:15, 552:25, 553:11, 554:24, 555:3, 557:16, 558:1, 558:4, 558:10, 559:24, 562:21, 563:6, 564:4, 564:10, 564:21, 564:24, 565:9, 566:17, 566:20, 567:7, 568:7, 570:2, 575:4, 576:19, 576:22, 578:9, 579:6, 580:14, 581:23, 583:11, 585:7, 586:1, 589:5, 589:18, 589:19, 590:6, 590:12, 590:13, 590:18, 590:20, 590:24, 591:6, 592:5, 592:7, 592:20, 593:7, 594:2, 595:11, 595:13, 596:11, 596:14, 596:18, 597:2, 597:6, 597:17, 598:3, 598:5, 598:19, 599:3, 599:15, 600:13, 601:1, 601:14, 601:17, 601:20, 601:24, 602:5, 603:1, 603:4, 604:5, 604:22, 606:8, 606:17, 606:25, 607:7, 607:19, 608:1, 608:14, 608:19, 609:1, 609:7, 609:12, 609:16, 609:17, 609:19, 609:21, 610:1, 610:17, 612:1, 612:4, 612:11, 614:1, 614:3, 614:5, 615:17, 617:7, 617:17, 617:20, 618:15, 623:13, 623:19, 624:1, 624:17, 624:21, 628:10, 632:11, 634:3, 634:15, 636:18, 636:20, 638:6, 638:11, 639:17, 640:17, 643:2, 643:5, 648:19, 649:24, 650:8, 652:22, 653:16, 656:7, 656:18, 656:20, 657:5, 657:9, 658:2, 662:5, 662:9, 662:16, 667:18, 668:12, 674:8, 675:6, 675:11, 675:12

HONORABLE [1] - 494:12Honorable [1] - 496:3hope [3] - 541:8, 577:12, 615:23hopefully [1] - 542:25hoping [1] - 543:1Hotel [2] - 673:19, 673:20Hotmail [1] - 619:17house [1] - 673:4hulls [3] - 504:24, 504:25, 505:1hundred [4] - 547:21, 632:7, 652:5,

652:6hunting [1] - 673:4hydrocarbons [1] - 659:4

I

i.e [3] - 542:3, 548:3, 554:19ICE [6] - 582:25, 583:2, 583:5, 583:9,

585:24ICE-Canyon-owned [1] - 582:25idea [3] - 544:11, 659:14, 669:7II [3] - 494:12, 496:3, 522:12illegally [1] - 634:9IMF [7] - 570:11, 570:17, 570:19,

570:21, 570:22, 584:23, 585:2IMF's [1] - 570:17important [18] - 503:20, 506:4, 506:6,

506:7, 519:5, 519:9, 519:10, 540:8, 540:21, 546:10, 546:25, 557:9, 557:12, 570:20, 570:21, 580:5, 628:4, 628:5

impossible [1] - 632:8incentive [3] - 500:8, 500:11, 556:20include [1] - 504:20included [5] - 507:22, 528:1, 535:5,

552:7, 629:25includes [3] - 600:2, 600:3, 600:6including [5] - 559:5, 563:22, 564:19,

644:2, 668:7inconsistencies [1] - 633:22inconsistent [1] - 627:5incorporated [1] - 665:5incorrect [1] - 523:7Increase [2] - 581:1, 582:9increase [2] - 582:10, 631:5increased [6] - 503:25, 504:2, 524:5,

524:8, 631:8, 631:20increasing [2] - 579:5, 631:25increasingly [1] - 661:19indeed [1] - 670:2Index [7] - 546:4, 546:7, 546:11, 546:12,

546:14, 546:18, 546:20index [3] - 546:9, 546:15, 546:23indicate [11] - 502:9, 523:12, 548:5,

551:1, 612:20, 651:3, 664:18, 665:7, 667:20, 670:22, 673:2

indicated [7] - 508:8, 510:3, 534:12, 541:12, 562:11, 566:8, 566:11

indicates [3] - 551:2, 607:3, 646:3indicating [4] - 517:24, 524:1, 531:25,

560:13Indictment [1] - 592:19indictment [4] - 600:18, 604:25, 607:20,

608:21indirectly [1] - 643:17individual [2] - 565:16, 630:14info [1] - 507:18information [16] - 506:4, 506:6, 506:7,

511:2, 511:4, 511:11, 515:23, 519:4, 524:2, 530:23, 559:4, 581:20, 603:7, 603:8, 636:14, 639:3

informed [2] - 559:7, 585:3infrastructure [2] - 501:6, 614:19initial [1] - 632:3inject [1] - 609:8injection [1] - 590:25inquire [1] - 503:10inquiry [2] - 498:24, 635:7installment [1] - 650:16instances [1] - 661:3institution [2] - 650:20, 650:24institutions [1] - 559:6instruct [1] - 593:2

instruction [5] - 574:8, 574:18, 592:8, 592:16, 651:23

Instruction [1] - 649:7instruments [1] - 550:3insurance [1] - 509:25insure [1] - 629:17intend [1] - 594:16intends [3] - 600:16, 600:19, 602:7interactions [1] - 604:23interest [7] - 540:5, 540:10, 540:23,

541:13, 600:24, 623:20, 672:21interested [3] - 535:4, 636:25, 643:15intermediary [1] - 650:20international [1] - 559:5introduce [1] - 594:17invented [1] - 594:6invest [6] - 547:20, 549:17, 600:7,

658:16, 661:20, 661:21invested [6] - 583:7, 585:22, 585:24,

658:9, 658:18, 660:23investment [7] - 533:21, 534:16,

534:18, 534:23, 544:11, 546:8, 661:6Investments [3] - 641:5, 641:11, 651:6investments [1] - 660:23investor [1] - 541:11investors [41] - 523:11, 523:16, 523:20,

523:21, 523:23, 523:25, 534:3, 534:9, 534:10, 534:24, 534:25, 535:3, 535:5, 540:14, 541:10, 541:13, 541:23, 541:25, 542:5, 542:7, 542:13, 546:15, 546:16, 546:22, 547:19, 552:4, 552:6, 554:21, 556:11, 557:9, 557:13, 573:23, 573:25, 580:3, 580:9, 581:3, 585:22, 611:18, 611:19, 611:21

invitation [1] - 559:8involve [5] - 533:19, 533:22, 534:7,

534:12, 535:2involved [13] - 505:23, 516:21, 516:24,

532:16, 534:8, 624:9, 633:16, 639:7, 660:12, 661:23, 664:10, 664:13, 668:9

involvement [2] - 584:6, 666:15involvements [1] - 584:6involving [4] - 503:24, 534:17, 664:16irrelevant [1] - 599:15Isaltina [15] - 516:12, 516:18, 516:19,

531:5, 531:9, 558:15, 561:16, 588:22, 588:23, 589:10, 669:13, 669:21, 669:22, 670:23, 671:2

ISALTINA [1] - 589:11Iskandar [14] - 544:8, 621:14, 621:20,

621:21, 622:2, 622:3, 658:13, 659:20, 661:7, 661:22, 664:12, 665:17, 665:24, 666:1

Islands [1] - 569:3issue [25] - 534:2, 537:25, 559:19,

560:8, 560:21, 561:17, 584:8, 594:3, 598:21, 598:23, 599:11, 599:19, 599:22, 604:22, 604:23, 606:22, 608:22, 609:6, 609:9, 611:19, 616:12, 627:18, 637:15, 637:18


SAM OCR RMR CRR RPR

14

issued [9] - 541:21, 548:2, 550:17, 552:4, 560:3, 561:10, 561:18, 562:11, 644:1

issues [12] - 497:13, 525:22, 526:9, 559:11, 561:12, 590:4, 590:9, 596:8, 596:17, 600:21, 601:2, 656:17

issuing [1] - 540:9Italy [1] - 505:17item [2] - 533:18, 604:14Items [1] - 509:22items [1] - 507:13itself [4] - 508:22, 532:3, 592:16, 592:17

J

J-O-H-N [1] - 664:3J.B [1] - 634:8JACKSON [16] - 495:5, 496:18, 497:19,

526:1, 526:12, 590:6, 590:12, 592:5, 592:7, 593:7, 595:11, 597:2, 597:17, 604:22, 656:20, 675:12

Jackson [6] - 496:18, 526:13, 553:2, 562:25, 591:11, 597:11

JAFZA [1] - 606:20January [1] - 614:10JB [1] - 607:3Jean [22] - 502:8, 512:8, 515:9, 516:11,

519:5, 524:24, 528:17, 530:4, 531:14, 532:5, 533:8, 539:8, 557:4, 558:16, 560:24, 568:23, 569:4, 579:22, 604:6, 621:20, 633:1, 662:19

JEAN [1] - 494:8Jersey [2] - 673:10, 673:11Jessica [1] - 558:17jet [1] - 666:9JFK [2] - 667:13, 667:25job [5] - 616:12, 616:17, 616:19, 617:5,

617:6jobs [1] - 629:18john [1] - 664:3John [3] - 516:12, 663:21, 663:25joined [1] - 602:8joining [1] - 534:4joint [2] - 548:5, 548:10Journal [1] - 609:8JP [8] - 546:8, 546:11, 546:12, 546:14,

546:18, 546:20, 559:7, 669:14JPM [3] - 546:4, 546:7, 546:8Judge [4] - 526:6, 563:1, 596:3, 656:23JUDGE [1] - 494:12July [5] - 502:6, 503:2, 503:22, 507:1,

555:13June [4] - 504:3, 651:25, 652:4, 653:22junior [1] - 588:9Junior's [2] - 586:18, 587:1JUROR [1] - 552:14jurors [1] - 553:2jury [78] - 496:1, 497:14, 497:21, 498:7,

503:4, 507:3, 508:15, 521:23, 525:19, 525:23, 526:5, 526:10, 526:22,

526:24, 533:13, 535:15, 536:5, 539:1, 539:14, 541:6, 545:14, 547:8, 548:9, 550:23, 553:4, 554:2, 555:7, 558:12, 563:9, 564:12, 565:3, 568:1, 568:3, 568:6, 568:17, 570:1, 570:4, 571:10, 571:12, 581:9, 583:25, 587:7, 590:2, 590:5, 591:11, 591:19, 592:2, 595:5, 595:8, 596:2, 609:23, 610:2, 610:3, 610:5, 610:23, 612:10, 616:16, 618:20, 621:17, 624:4, 628:16, 629:5, 630:23, 632:17, 634:22, 636:22, 637:4, 641:19, 646:8, 652:23, 656:15, 656:16, 656:18, 657:11, 657:15, 657:17, 657:19, 674:11

JURY [1] - 494:11Jury [5] - 498:1, 525:18, 589:24, 656:12,

674:18JUSTICE [1] - 494:21justification [1] - 531:19justify [2] - 506:8, 507:14

K

Kamel [3] - 563:23, 564:17, 564:18KATHERINE [1] - 494:23Katherine [1] - 496:10keep [8] - 527:20, 598:25, 599:22,

602:4, 602:21, 645:8, 646:18, 650:21keeping [1] - 609:13Kelly [3] - 512:19, 521:5, 558:17key [2] - 519:14, 647:5kickback [5] - 557:3, 578:3, 613:2,

613:7, 621:22kickbacks [5] - 554:20, 557:13, 557:24,

621:7, 644:7kind [1] - 605:1kindly [2] - 559:9, 559:15knowledge [4] - 516:9, 607:6, 615:4,

624:12known [5] - 550:17, 557:23, 577:20,

584:18, 635:18knows [1] - 532:16Kouznitsyna [1] - 649:2Kroll [6] - 598:13, 638:17, 638:19,

638:20, 653:25, 662:25KUNTZ [1] - 494:12Kuntz [4] - 496:3, 526:6, 596:3, 656:23

L

L-U-C-A-S [1] - 589:11Labor [1] - 540:18Ladies [1] - 675:14ladies [18] - 496:16, 498:6, 498:11,

525:20, 526:23, 536:4, 553:4, 589:20, 590:3, 596:9, 610:4, 610:8, 656:10, 656:16, 657:16, 657:19, 674:12, 675:1

lady [4] - 516:12, 516:15, 518:14, 528:17

Langford [17] - 568:10, 568:13, 568:22,

568:24, 569:2, 575:15, 604:6, 605:13, 633:1, 633:13, 633:17, 634:6, 634:11, 653:24

language [4] - 539:18, 556:1, 608:2, 645:14

laptop [1] - 562:21large [2] - 658:18, 666:11largely [1] - 645:6larger [3] - 500:11, 501:7largest [2] - 547:1, 661:6last [5] - 523:14, 524:3, 531:13, 647:9,

653:6launch [12] - 539:21, 539:22, 539:23,

539:25, 540:2, 540:7, 540:24, 541:1, 541:4, 541:10, 541:20, 545:17

launched [1] - 548:21launches [1] - 541:17launching [1] - 540:21Laverne [1] - 672:23Law [1] - 590:21law [13] - 591:8, 591:12, 591:19, 591:25,

592:1, 592:2, 592:9, 592:14, 592:16, 593:1, 608:10, 639:11, 665:11

laws [6] - 554:14, 554:17, 554:19, 639:1, 639:2, 645:14

lawyers [6] - 664:25, 665:2, 665:8, 665:17, 665:19, 665:21

lead [3] - 534:7, 548:5, 548:10learn [2] - 584:22, 585:1learned [1] - 585:2least [2] - 542:13, 664:2leave [2] - 528:25, 569:9leaving [2] - 498:20, 667:10led [3] - 659:8, 660:16, 666:6Leemhuis [1] - 648:12left [7] - 516:3, 516:6, 522:21, 525:20,

590:2, 656:15, 656:16legal [2] - 643:25, 660:12legible [2] - 582:18, 586:20Lena [1] - 631:14Lena's [1] - 633:3lend [4] - 501:15, 571:1, 571:4, 664:10lender [4] - 550:11, 628:6, 647:6,

664:19Lenders [1] - 646:22lenders [3] - 580:2, 582:23, 670:11lenders/amounts [1] - 579:24length [1] - 661:25lengthy [1] - 539:13lent [1] - 575:22Leon [6] - 599:18, 599:24, 663:14,

663:16, 663:20, 663:22less [2] - 501:1, 634:8Letter [1] - 590:21letter [11] - 560:19, 560:20, 561:16,

562:10, 562:11, 604:7, 611:25, 612:15, 612:19, 617:11

letters [1] - 605:15license [1] - 618:7


SAM OCR RMR CRR RPR

15

life [1] - 528:12lifetime [1] - 528:8light [2] - 498:2, 570:11Light [1] - 552:21lights [1] - 553:2likely [1] - 525:4Lillian [1] - 496:10Limited [6] - 510:24, 563:17, 583:5,

583:6, 647:19, 655:2lina [1] - 602:17Lina [1] - 609:4line [4] - 538:2, 574:10, 637:19, 652:17liners [1] - 627:11lines [2] - 599:12, 608:7list [4] - 580:2, 580:25, 582:23, 585:21listed [3] - 507:13, 546:14, 546:18literally [2] - 597:23, 658:15living [1] - 604:16LLC [3] - 618:8, 641:5, 651:6LLP [1] - 495:3Loan [3] - 550:24, 551:11, 553:23loan [129] - 500:8, 500:16, 501:7,

502:10, 503:21, 503:24, 503:25, 504:2, 506:5, 517:9, 517:22, 523:23, 524:4, 529:4, 542:2, 542:14, 547:22, 548:17, 549:8, 550:3, 550:14, 550:18, 550:20, 551:16, 551:19, 551:22, 552:1, 552:5, 552:8, 553:6, 553:13, 553:19, 554:5, 554:12, 555:15, 556:7, 556:10, 556:12, 557:1, 557:5, 557:23, 560:6, 561:19, 569:8, 569:13, 569:15, 573:18, 574:3, 575:20, 578:4, 579:5, 579:17, 579:25, 580:4, 580:7, 580:9, 581:3, 582:11, 584:15, 584:18, 584:19, 584:24, 585:3, 585:22, 591:4, 602:10, 610:20, 610:24, 611:7, 611:8, 611:10, 611:11, 611:12, 611:18, 611:21, 612:17, 612:18, 613:5, 613:11, 613:16, 621:19, 621:23, 624:6, 624:9, 624:11, 624:13, 624:14, 624:23, 624:24, 625:24, 626:1, 626:5, 627:21, 631:25, 644:13, 645:4, 646:1, 646:7, 646:9, 647:2, 647:6, 647:24, 648:1, 649:10, 650:16, 652:6, 653:3, 662:20, 663:12, 663:13, 664:13, 664:14, 669:24, 670:3, 670:8, 670:12, 670:14, 670:15, 671:1, 672:12, 672:15, 672:17, 672:19, 672:20, 672:25, 674:6, 674:7

loans [16] - 500:11, 500:24, 501:1, 524:8, 550:6, 576:9, 576:10, 584:6, 621:8, 625:6, 646:7, 647:4, 661:17, 661:18, 671:8

local [1] - 639:2located [2] - 534:14, 583:9logical [1] - 517:5London [11] - 534:16, 542:24, 553:24,

618:5, 635:6, 659:12, 659:17, 663:17, 667:13, 667:25, 673:14

look [63] - 502:4, 503:19, 506:24, 512:3,

513:8, 514:25, 520:8, 521:22, 532:4, 533:6, 533:12, 533:18, 539:8, 545:16, 548:4, 552:9, 555:14, 558:14, 560:22, 570:6, 571:14, 574:10, 577:3, 578:17, 579:15, 579:25, 582:12, 582:15, 583:24, 585:16, 586:10, 611:14, 619:7, 619:18, 621:2, 622:24, 623:3, 627:21, 631:22, 632:2, 634:24, 635:22, 638:16, 641:18, 641:24, 642:7, 645:21, 646:13, 647:1, 647:8, 649:13, 650:12, 652:7, 654:4, 654:12, 654:23, 663:9, 664:7, 668:1, 671:13, 672:4

looked [6] - 515:18, 522:25, 611:3, 645:7, 647:3, 653:3

Looking [1] - 547:14looking [21] - 510:6, 512:7, 515:19,

529:25, 547:11, 549:3, 553:13, 580:23, 604:16, 615:21, 618:23, 619:15, 626:18, 626:21, 628:18, 640:14, 641:12, 652:17, 653:6, 653:23, 655:3

Los [1] - 583:10lose [1] - 662:3losing [1] - 661:23Loud [1] - 561:4loud [1] - 629:15love [4] - 539:17, 543:18, 578:8, 631:14Love [2] - 631:5, 633:10lovely [1] - 594:13Lucas [9] - 516:19, 517:7, 531:9,

558:15, 561:8, 588:22, 588:23, 589:10, 589:11

Lucas' [1] - 561:16Lunch [1] - 595:14lunch [7] - 589:22, 594:6, 594:8, 594:13,

595:12luncheon [1] - 589:4lying [1] - 602:9

M

M-O-C-A-M-B-I-C-A-N-A [1] - 521:17Mace [1] - 495:15machines [1] - 552:23Madam [3] - 526:20, 527:20, 561:8mail [140] - 495:16, 502:4, 502:5,

502:12, 502:25, 503:2, 503:4, 504:13, 506:25, 507:4, 507:13, 509:22, 510:21, 510:23, 511:3, 511:7, 512:7, 512:16, 513:2, 513:13, 514:25, 515:6, 515:19, 515:24, 518:2, 518:11, 521:4, 521:8, 521:11, 522:25, 523:11, 523:13, 524:1, 524:21, 524:25, 525:1, 525:7, 527:10, 527:11, 527:12, 528:14, 529:15, 529:25, 530:1, 531:23, 532:4, 532:5, 532:12, 532:18, 533:5, 535:19, 538:2, 538:6, 539:8, 539:9, 542:16, 542:17, 574:6, 575:10, 575:13, 577:3, 577:4, 578:17, 578:19,

579:15, 579:18, 579:20, 580:12, 580:23, 581:7, 581:15, 581:18, 581:20, 582:13, 583:20, 585:16, 586:13, 586:22, 587:4, 587:5, 596:19, 598:10, 598:12, 599:9, 603:17, 603:25, 604:5, 605:5, 605:8, 614:9, 614:11, 614:12, 614:13, 615:21, 616:6, 617:9, 638:16, 639:22, 639:25, 640:8, 640:11, 640:15, 648:24, 651:16, 651:17, 651:21, 651:24, 652:1, 653:21, 653:23, 654:4, 654:15, 662:18, 662:20, 663:4, 663:6, 663:7, 664:7, 664:17, 664:21, 665:4, 665:13, 667:15, 668:20, 668:23, 669:11, 670:17, 670:19, 670:20, 671:4, 671:13, 671:14, 672:4, 672:5, 672:9, 673:2, 673:18

mailing [2] - 575:23, 585:20mails [11] - 512:4, 512:5, 512:11, 537:8,

587:9, 596:19, 596:20, 596:23, 654:3, 668:8, 671:10

maintain [1] - 614:19maintenance [3] - 614:18, 625:6,

625:14major [1] - 629:25Makram [9] - 571:22, 578:24, 579:3,

579:4, 579:21, 585:19, 638:17, 648:12, 648:13

Malaf [1] - 556:19Malton [1] - 613:15MAM [51] - 500:18, 602:9, 609:11,

624:7, 624:14, 624:23, 625:2, 625:14, 625:24, 626:12, 626:18, 626:25, 627:1, 627:21, 627:23, 629:17, 629:22, 630:2, 631:5, 631:7, 631:15, 631:19, 633:6, 640:5, 641:5, 641:11, 641:19, 642:3, 642:15, 643:10, 644:6, 644:13, 647:10, 647:12, 649:10, 650:16, 650:17, 652:6, 653:3, 655:12, 658:5, 658:8, 658:16, 658:23, 659:23, 660:7, 669:16, 669:24, 670:3, 670:8, 670:12

MAM's [1] - 629:18man [1] - 666:3managed [1] - 583:2management [1] - 509:25manager [1] - 629:17managers [2] - 548:5, 548:10managing [2] - 549:23, 566:15Manhattan [2] - 673:22, 673:24Manuel [8] - 531:11, 543:24, 544:5,

544:7, 544:12, 588:13, 588:18, 653:8MAR [9] - 507:10, 507:14, 517:21,

521:13, 522:3, 522:18, 531:20, 531:21, 574:24

Mar [1] - 569:12March [12] - 601:18, 612:16, 619:1,

620:1, 621:19, 622:2, 622:11, 622:21, 622:25, 623:8, 672:20, 673:1

Margaret [1] - 496:9


SAM OCR RMR CRR RPR

16

MARGARET [1] - 494:23margin [2] - 510:11, 511:6Mark [3] - 496:9, 673:18, 673:20MARK [1] - 494:18market [10] - 523:23, 523:25, 534:6,

540:6, 542:14, 546:9, 546:25, 547:1, 550:3

marketing [3] - 648:3, 671:1, 671:8Markets [1] - 553:23markets [8] - 539:24, 540:4, 540:17,

540:19, 540:21, 540:24, 549:20, 549:24

Markus [8] - 598:13, 638:17, 638:19, 638:20, 638:24, 639:10, 653:25, 662:25

Marshal [1] - 588:19Martin [1] - 637:9massaging [1] - 633:3material [1] - 551:4materially [1] - 519:16materials [1] - 512:20math [3] - 510:12, 510:16, 627:14matter [19] - 541:21, 559:9, 559:15,

561:2, 561:8, 562:14, 600:15, 601:23, 602:1, 603:3, 604:10, 605:19, 606:20, 607:13, 607:20, 609:6, 625:21, 642:25, 675:8

matters [3] - 568:25, 675:4, 675:7mature [1] - 548:3max [3] - 500:15, 578:24, 579:3maximize [1] - 535:3maximized [1] - 500:24maximizing [2] - 500:8, 500:24maximum [2] - 570:18, 571:3MCLEOD [1] - 495:6McLeod [2] - 497:10, 497:11mean [48] - 501:3, 505:6, 507:17,

508:14, 508:18, 509:6, 516:14, 516:18, 517:17, 518:3, 518:5, 518:8, 519:2, 529:14, 530:9, 530:10, 531:7, 531:8, 532:8, 532:9, 533:24, 539:16, 540:3, 540:13, 541:19, 542:4, 543:16, 547:25, 561:14, 562:8, 569:11, 570:14, 570:15, 578:1, 579:2, 587:13, 609:7, 615:10, 631:6, 631:17, 633:18, 648:5, 665:1, 665:19, 669:21, 670:7, 672:16

means [6] - 518:10, 539:22, 546:16, 550:18, 554:19, 665:21

meant [6] - 508:5, 519:3, 540:5, 543:5, 552:21, 573:13

Mechanics [1] - 645:16media [1] - 559:5meet [1] - 674:1meeting [5] - 519:6, 525:4, 528:22,

544:12, 616:4meetings [1] - 530:7mega [1] - 629:21mega-discount [1] - 629:21MEHTA [1] - 494:19

Mehta [1] - 496:9Mellon [1] - 650:25member [3] - 635:5, 635:19, 666:10members [7] - 581:2, 582:23, 582:25,

583:2, 584:17, 585:21, 672:13memorandum [1] - 618:10memory [1] - 645:20mention [3] - 528:15, 532:14, 613:7mentioned [3] - 501:9, 514:3, 550:1messages [1] - 635:24met [3] - 571:25, 621:20, 666:3Mets [1] - 674:14Mexico [1] - 658:14mic [3] - 545:19, 558:20, 643:1Michael [1] - 496:23MICHAEL [1] - 495:4microphone [6] - 526:19, 527:19,

535:23, 553:7, 598:4, 645:9mid [1] - 525:15mid-morning [1] - 525:15middle [2] - 532:5, 637:1might [5] - 519:7, 594:7, 594:8, 597:24,

643:22military [1] - 540:20million [84] - 500:19, 500:23, 500:25,

501:10, 501:12, 503:24, 504:1, 504:2, 504:3, 508:1, 508:3, 508:7, 508:8, 508:12, 508:13, 509:11, 510:9, 510:11, 510:19, 510:20, 517:23, 523:4, 523:6, 524:5, 524:6, 541:4, 541:8, 541:10, 541:12, 541:16, 541:25, 542:14, 547:17, 547:22, 556:25, 573:4, 573:6, 574:16, 575:22, 576:7, 580:7, 582:11, 583:8, 585:25, 613:1, 613:3, 614:16, 616:22, 625:25, 626:8, 626:9, 627:13, 627:15, 627:17, 629:23, 629:24, 631:5, 631:8, 631:15, 631:18, 631:20, 631:21, 631:25, 632:7, 642:1, 652:5, 652:6, 654:8, 655:16, 658:18, 659:17, 659:18, 659:21, 660:6, 660:25, 661:1, 661:9, 662:3, 669:15, 672:19

millions [1] - 648:14min [1] - 517:12mind [2] - 506:10, 598:20mine [2] - 516:10, 577:19Minister [5] - 516:16, 518:19, 531:5,

531:10, 543:24Ministery [1] - 562:16Ministry [11] - 513:14, 516:20, 517:2,

517:6, 517:8, 517:25, 518:19, 552:3, 561:10, 561:19, 670:2

ministry [1] - 517:5minute [1] - 653:4minutes [6] - 517:16, 525:17, 526:3,

581:14, 581:17, 656:21misreading [1] - 609:10misrepresentation [1] - 590:19miss [1] - 597:19misstatements [1] - 605:1

mistakes [1] - 519:6misunderstanding [1] - 561:9model [11] - 525:10, 527:18, 527:22,

528:10, 529:10, 530:7, 530:12, 530:14, 530:24, 626:24, 626:25

Modification [1] - 552:22MOESER [2] - 494:23, 598:2Moeser [2] - 496:9, 590:17MOF [2] - 614:16, 614:21MoF [2] - 561:12, 669:15moment [18] - 496:11, 507:2, 514:14,

519:24, 521:22, 535:21, 539:25, 555:2, 557:15, 558:4, 558:6, 564:7, 612:4, 614:3, 623:12, 641:18, 643:3, 662:8

Monday [7] - 539:24, 540:4, 540:6, 594:21, 634:7, 674:15, 675:17

money [35] - 500:22, 500:25, 501:1, 501:11, 501:14, 501:15, 501:16, 523:25, 543:8, 550:19, 551:2, 571:18, 573:11, 573:22, 573:25, 576:13, 600:2, 600:7, 616:23, 621:24, 643:16, 643:19, 650:2, 650:12, 658:4, 660:10, 660:22, 660:25, 661:2, 661:5, 661:20, 661:21, 661:23, 662:3, 672:22

monies [9] - 500:18, 542:7, 569:19, 573:19, 574:4, 658:19, 658:23, 660:7, 660:20

months [2] - 503:23, 632:2Morgan [15] - 533:19, 534:4, 534:12,

534:14, 534:23, 535:2, 535:6, 546:8, 546:11, 546:12, 546:14, 546:18, 546:20, 559:7, 669:14

morning [19] - 496:12, 496:14, 496:20, 496:21, 496:22, 496:24, 496:25, 497:2, 497:4, 497:6, 497:7, 497:9, 497:10, 497:12, 498:6, 498:17, 525:15, 549:3, 614:14

Morning [1] - 631:5most [7] - 503:18, 517:5, 533:6, 562:15,

571:25, 576:1, 639:2motivate [1] - 506:10Move [1] - 634:2move [15] - 501:20, 502:15, 526:19,

539:23, 540:3, 540:5, 545:9, 545:22, 595:7, 612:7, 623:15, 633:19, 645:8, 658:5, 668:13

moving [1] - 529:8Moz [2] - 614:19, 669:15Moza [1] - 669:6Mozambican [15] - 516:22, 519:11,

528:22, 529:16, 559:3, 584:16, 584:18, 584:22, 584:23, 661:17, 668:4, 668:6, 671:1, 671:8

Mozambicana [1] - 521:13Mozambicans [1] - 625:4Mozambique [48] - 501:6, 503:16,

504:5, 504:8, 506:8, 506:10, 512:23, 513:14, 513:21, 513:23, 515:17, 516:17, 516:20, 517:3, 517:5, 518:7,


SAM OCR RMR CRR RPR

17

521:25, 522:1, 531:11, 540:12, 543:25, 547:17, 559:2, 559:12, 560:3, 560:9, 560:11, 561:11, 561:20, 562:12, 562:13, 570:16, 570:19, 570:25, 584:7, 584:9, 587:3, 587:24, 589:13, 589:17, 625:19, 625:22, 627:4, 641:23, 643:23, 644:1, 653:7

MR [465] - 496:9, 496:18, 496:22, 497:7, 497:10, 497:16, 497:19, 497:24, 498:25, 500:6, 501:20, 501:23, 502:3, 502:14, 502:18, 502:20, 502:24, 504:10, 504:11, 506:13, 506:18, 506:23, 511:15, 511:21, 511:23, 512:2, 513:8, 513:10, 513:15, 513:17, 514:1, 514:6, 514:8, 514:11, 514:14, 514:18, 514:20, 514:24, 515:3, 515:5, 519:19, 519:24, 520:1, 520:3, 520:6, 520:10, 520:12, 521:2, 522:20, 523:2, 524:9, 524:13, 524:16, 524:19, 524:21, 525:12, 525:24, 526:1, 526:11, 526:12, 526:15, 527:2, 527:5, 527:9, 529:18, 529:21, 529:23, 531:22, 532:12, 532:22, 533:1, 533:3, 534:15, 534:19, 535:8, 535:13, 535:16, 535:21, 536:2, 537:3, 537:5, 537:10, 537:13, 537:16, 537:18, 537:20, 538:1, 538:7, 539:4, 542:18, 545:2, 545:5, 545:10, 545:12, 545:15, 545:21, 545:24, 547:2, 547:5, 547:9, 547:10, 547:12, 547:13, 548:10, 548:16, 550:9, 550:13, 550:23, 550:25, 551:9, 551:12, 552:16, 552:25, 553:6, 553:11, 553:12, 554:4, 554:24, 555:2, 555:5, 555:10, 555:25, 556:2, 557:10, 557:15, 557:18, 557:20, 558:1, 558:4, 558:6, 558:8, 558:10, 558:13, 558:21, 558:22, 559:21, 559:24, 562:21, 563:3, 563:6, 563:10, 563:15, 563:18, 563:20, 564:4, 564:7, 564:10, 564:13, 564:21, 564:24, 565:4, 565:12, 565:14, 565:17, 566:17, 566:20, 567:4, 567:7, 568:7, 568:9, 569:21, 569:24, 570:2, 570:5, 571:5, 571:8, 571:13, 573:2, 574:11, 574:14, 575:1, 575:4, 575:6, 575:9, 575:12, 576:19, 576:22, 577:2, 577:22, 578:9, 578:12, 578:17, 578:18, 579:6, 579:9, 579:14, 580:14, 580:17, 580:22, 581:4, 581:9, 581:12, 581:23, 581:25, 582:2, 582:7, 582:19, 582:21, 583:11, 583:14, 583:19, 584:25, 585:7, 585:10, 585:15, 586:1, 586:4, 586:9, 586:21, 587:9, 589:5, 589:8, 589:9, 589:18, 590:6, 590:10, 590:12, 592:5, 592:7, 593:7, 594:2, 594:15, 594:21, 595:11, 595:13, 596:11, 596:14, 596:18, 596:25, 597:2, 597:6, 597:10, 597:15, 597:17, 597:19, 597:20, 598:5, 598:7, 598:10, 598:12, 598:19, 599:3, 599:7, 599:9, 599:15, 599:24, 600:6, 600:13, 601:1,

601:4, 601:8, 601:14, 601:17, 601:20, 601:24, 602:2, 602:5, 602:20, 602:23, 603:1, 603:4, 603:6, 603:13, 603:15, 603:17, 603:21, 603:23, 603:25, 604:4, 604:11, 604:15, 604:22, 605:6, 605:12, 606:2, 606:4, 606:7, 606:12, 606:14, 606:17, 606:19, 606:25, 607:3, 607:7, 607:10, 607:14, 607:16, 607:19, 607:22, 608:1, 608:14, 608:16, 608:19, 609:1, 609:3, 609:6, 609:12, 609:16, 609:17, 609:19, 609:21, 610:17, 610:18, 610:22, 611:1, 611:14, 612:1, 612:4, 612:8, 612:11, 612:23, 613:21, 613:25, 614:3, 614:5, 615:5, 615:14, 615:17, 617:17, 617:20, 618:2, 618:12, 618:15, 618:21, 620:8, 620:11, 623:9, 623:12, 623:16, 623:19, 623:22, 624:1, 624:5, 624:19, 624:21, 625:1, 628:10, 628:13, 628:17, 628:23, 628:25, 629:4, 629:8, 629:10, 630:10, 630:16, 630:19, 630:24, 632:11, 632:14, 632:18, 632:20, 634:2, 634:5, 634:15, 634:18, 634:23, 636:15, 636:18, 636:20, 636:23, 637:3, 637:5, 638:2, 638:3, 638:6, 638:9, 638:11, 638:15, 639:12, 639:15, 639:17, 639:22, 639:24, 640:6, 640:7, 640:10, 640:17, 640:20, 640:22, 641:1, 641:14, 641:16, 642:7, 642:10, 642:12, 642:17, 642:21, 642:24, 643:2, 643:5, 643:7, 643:9, 644:9, 644:12, 645:12, 645:23, 645:25, 646:15, 646:18, 646:20, 646:24, 646:25, 647:12, 647:16, 647:20, 647:21, 648:9, 648:16, 648:19, 648:23, 650:8, 650:9, 650:21, 650:23, 651:7, 651:10, 651:15, 652:7, 652:9, 652:22, 653:2, 653:9, 653:12, 653:16, 653:20, 654:4, 654:6, 654:12, 654:14, 654:18, 655:4, 655:7, 656:2, 656:7, 656:20, 658:2, 658:3, 660:2, 662:5, 662:8, 662:12, 662:16, 663:7, 666:19, 666:21, 666:23, 667:3, 667:5, 667:15, 667:18, 668:1, 668:12, 668:15, 670:16, 671:20, 671:23, 673:7, 673:16, 674:8, 675:6, 675:9, 675:11, 675:12, 676:6

MS [2] - 497:4, 598:2multiple [2] - 503:14, 573:21multiplied [2] - 509:9, 510:15multiply [1] - 510:9

N

Naji [7] - 575:14, 640:3, 652:2, 653:24, 654:1, 654:15, 654:20

Najib [11] - 566:4, 604:5, 605:13, 615:21, 616:3, 616:11, 619:1, 619:21, 621:9, 622:17, 654:8

name [11] - 503:5, 521:19, 552:22,

588:14, 588:17, 588:19, 588:21, 589:6, 614:17, 647:15, 663:24

namely [2] - 522:2, 634:13names [3] - 505:16, 505:20, 505:22naming [1] - 505:5Natalia [1] - 649:2national [2] - 560:12, 588:24National [2] - 516:19, 531:10nations [1] - 625:22Natural [11] - 599:25, 600:3, 600:17,

600:22, 658:10, 658:11, 660:24, 661:8, 663:18, 663:19, 663:21

nature [2] - 596:23, 645:3naval [1] - 501:5Navantia [1] - 505:17necessary [1] - 643:24need [19] - 502:10, 519:12, 519:25,

520:4, 525:22, 552:13, 569:8, 587:13, 595:5, 596:8, 596:21, 602:11, 605:20, 605:24, 609:18, 615:24, 628:3, 631:10, 649:13

needed [5] - 519:3, 542:13, 587:15, 619:7, 661:20

needs [3] - 518:25, 533:18, 634:9Negative [1] - 631:14negotiate [1] - 557:2negotiated [1] - 556:24net [1] - 649:7Net [2] - 630:6, 630:7network [1] - 629:22never [1] - 529:13NEW [1] - 494:1new [2] - 614:16, 615:11New [30] - 494:6, 494:17, 494:18,

494:22, 495:4, 645:18, 646:4, 650:13, 650:25, 652:16, 658:14, 667:13, 667:25, 668:5, 668:7, 668:8, 669:1, 671:11, 671:12, 671:17, 673:3, 673:10, 673:11, 673:21, 673:25, 674:4

Newark [2] - 673:10, 673:11news [1] - 579:24newspaper [1] - 539:23next [38] - 515:19, 518:24, 521:17,

522:11, 523:16, 531:4, 541:3, 541:15, 542:16, 544:15, 551:18, 552:8, 553:16, 572:3, 573:9, 599:6, 601:7, 602:22, 603:5, 603:14, 603:22, 606:4, 606:10, 606:16, 607:10, 607:15, 607:25, 614:21, 617:25, 623:20, 637:22, 647:18, 648:10, 659:19, 664:17, 670:16, 674:22

nice [2] - 595:12, 675:14Nicholas [2] - 559:1, 560:5nickname [3] - 518:9, 544:1, 577:16nicknames [1] - 588:1Nicolas [1] - 558:16Nielsen [1] - 496:10NIELSEN [1] - 494:23night [1] - 542:24nobody [2] - 608:9, 608:11


SAM OCR RMR CRR RPR

18

noise [2] - 614:20, 614:24nominees [2] - 665:18, 665:20non [5] - 591:15, 594:8, 609:14, 669:18,

670:6non-existent [1] - 609:14non-skier [1] - 591:15non-trading [2] - 669:18, 670:6non-wimpy [1] - 594:8none [1] - 580:17NOP [2] - 629:24, 630:5normal [1] - 534:6normally [1] - 534:7notarial [1] - 618:4notary [1] - 618:4note [9] - 496:25, 547:22, 548:17,

556:12, 559:2, 561:1, 561:19, 571:17, 602:5

notes [1] - 550:18Nothing [1] - 633:4nothing [4] - 552:10, 552:11, 600:20,

634:7notice [4] - 600:21, 604:23, 604:25,

606:22Notice [2] - 581:1, 582:9November [4] - 579:19, 583:21, 662:18,

664:8Number [1] - 496:5number [8] - 503:16, 509:9, 535:3,

570:22, 594:3, 633:10, 633:19, 666:18numbers [3] - 509:9, 576:2, 639:14numeral [4] - 522:12, 522:16, 522:22,

641:24

O

o'clock [5] - 589:21, 610:12, 610:14, 674:9, 674:11

Objection [4] - 557:10, 559:21, 629:4, 634:2

objection [140] - 501:22, 501:23, 502:17, 506:17, 511:19, 514:5, 514:13, 514:18, 519:23, 520:9, 520:12, 524:12, 524:16, 527:4, 527:5, 529:20, 529:21, 532:25, 533:1, 534:15, 534:19, 535:10, 535:13, 535:23, 535:24, 535:25, 536:1, 537:6, 537:8, 537:11, 537:15, 539:2, 545:4, 545:9, 545:10, 547:4, 547:5, 555:1, 555:5, 558:3, 558:8, 559:24, 563:5, 563:6, 564:6, 564:8, 564:23, 566:19, 567:7, 568:2, 569:23, 569:24, 571:7, 571:8, 575:3, 576:21, 576:22, 578:11, 578:12, 579:8, 579:9, 580:16, 581:4, 581:25, 582:1, 583:13, 583:14, 584:25, 585:4, 585:9, 585:10, 586:3, 586:4, 590:25, 592:23, 597:5, 599:14, 600:8, 600:12, 600:14, 601:9, 601:19, 604:21, 606:4, 606:7, 607:17, 607:24, 608:13, 608:18, 609:5, 612:3, 612:7, 612:8, 613:24, 614:2, 614:5, 615:5,

615:16, 615:17, 617:19, 618:14, 623:11, 623:16, 623:24, 624:1, 628:12, 628:13, 630:18, 630:19, 632:13, 632:14, 634:17, 634:18, 636:17, 638:5, 638:8, 638:9, 639:16, 639:17, 640:19, 640:20, 642:20, 642:21, 648:18, 648:19, 651:9, 651:10, 653:11, 653:12, 660:2, 662:7, 662:12, 666:21, 666:22, 666:23, 668:14, 668:15, 671:22, 671:23

objections [1] - 605:22obligation [1] - 672:19observe [4] - 658:25, 659:7, 659:11,

666:6observed [1] - 659:12obtained [1] - 576:17obtaining [2] - 566:7, 643:24obviously [1] - 528:16occasion [1] - 674:2occasionally [2] - 537:23, 595:2occasions [2] - 666:16, 666:18occur [2] - 528:9, 573:25occurred [1] - 537:1occurring [1] - 636:1October [12] - 494:7, 570:8, 571:15,

573:3, 575:17, 577:5, 578:20, 672:6, 672:11, 673:12, 673:15, 675:17

OF [4] - 494:1, 494:3, 494:11, 494:21offer [12] - 503:15, 506:15, 519:21,

527:3, 532:23, 534:5, 594:4, 605:25, 613:22, 614:1, 623:23, 643:16

offered [5] - 598:14, 599:10, 601:22, 601:25, 603:2

offering [20] - 547:16, 547:18, 548:18, 549:13, 550:8, 550:10, 550:16, 551:8, 551:13, 551:16, 552:5, 552:7, 556:10, 567:3, 597:5, 603:19, 604:10, 605:17, 607:1, 607:21

office [1] - 534:16Official [1] - 495:16official [1] - 660:11officially [1] - 663:1officials [4] - 528:22, 584:9, 584:16,

584:23Offshore [1] - 606:20offshore [3] - 504:21, 504:22, 509:18oil [4] - 658:13, 659:6, 661:8, 663:17old [4] - 498:9, 552:19, 605:25, 608:8Oliver [1] - 608:7omissions [4] - 590:15, 590:18, 590:23,

591:1once [1] - 610:6One [2] - 537:13, 625:3one [65] - 500:19, 500:21, 503:19,

504:7, 504:9, 506:6, 506:12, 507:18, 512:16, 519:14, 519:24, 524:14, 533:18, 537:23, 542:23, 551:9, 551:23, 557:15, 557:22, 587:14, 590:14, 593:7, 594:2, 596:19, 597:24, 598:6, 599:17, 602:21, 604:4, 604:9,

604:11, 604:19, 604:20, 606:9, 606:16, 607:10, 607:12, 607:21, 608:8, 609:4, 611:7, 611:12, 620:10, 620:19, 622:10, 623:3, 627:16, 628:7, 642:14, 642:25, 645:1, 647:5, 647:6, 647:22, 650:2, 655:1, 655:16, 660:9, 660:14, 664:23, 669:18, 670:6, 670:14, 671:7

one-third [6] - 500:19, 500:21, 655:16, 660:9, 660:14, 664:23

ones [2] - 580:10, 645:6online [1] - 538:4onwards [1] - 666:5ooo0ooo [2] - 495:10, 675:21open [9] - 496:1, 526:5, 539:1, 563:24,

564:2, 568:1, 596:2, 596:22, 596:24opening [1] - 566:6operating [3] - 569:19, 630:6, 630:7operation [2] - 551:3, 559:8operational [1] - 635:10OPEX [1] - 569:10opinion [3] - 523:7, 534:23, 664:14opportunity [1] - 651:17opposite [1] - 674:15option [1] - 503:19options [1] - 503:17order [19] - 513:4, 515:23, 523:20,

523:23, 523:25, 531:1, 531:20, 534:8, 541:23, 559:10, 559:14, 563:23, 564:2, 580:9, 582:10, 633:25, 636:3, 648:2, 654:2

ordering [1] - 650:18Ordinance [1] - 552:22original [6] - 501:9, 503:24, 576:5,

647:6, 672:18, 672:24originally [2] - 658:14, 662:24otherwise [1] - 643:19ought [1] - 591:14oumri [2] - 543:15, 543:18outside [12] - 523:19, 523:21, 523:23,

525:23, 536:5, 540:13, 546:20, 559:6, 581:3, 584:21, 590:4, 643:23

ouuuuuu [1] - 543:15oval [1] - 498:3overhead [1] - 509:25overrule [5] - 598:24, 600:8, 607:24,

608:13, 608:25Overruled [5] - 538:8, 557:11, 560:1,

609:2, 634:4overruled [6] - 539:2, 585:4, 599:4,

600:12, 601:6, 609:15oversight [1] - 517:6own [7] - 521:24, 534:25, 554:17,

641:19, 665:9, 665:10, 665:11owned [6] - 582:25, 659:20, 660:14,

664:25, 665:1, 665:7owner [3] - 500:21, 660:14, 660:17owners [1] - 569:17ownership [1] - 660:12


SAM OCR RMR CRR RPR

19

P

p.m [6] - 542:17, 568:11, 580:13, 581:8, 664:9, 664:21

package [4] - 570:11, 597:13, 597:24, 629:21

Page [1] - 551:10page [81] - 499:5, 503:2, 504:10,

506:25, 512:4, 513:12, 515:1, 515:2, 520:19, 521:10, 521:21, 522:7, 522:11, 522:16, 533:5, 533:6, 537:7, 538:10, 541:3, 542:16, 544:15, 547:16, 548:4, 550:7, 550:10, 551:7, 551:9, 551:13, 551:15, 551:18, 551:19, 552:8, 553:16, 554:5, 556:5, 556:7, 563:22, 565:15, 565:19, 572:3, 586:17, 587:4, 593:9, 597:23, 599:16, 611:1, 611:4, 611:14, 613:14, 615:21, 616:6, 617:25, 618:10, 632:19, 635:22, 637:1, 637:22, 639:23, 640:14, 641:6, 641:12, 641:24, 642:2, 642:11, 643:7, 645:21, 645:23, 646:14, 646:24, 647:12, 647:18, 648:10, 649:20, 653:6, 655:1, 655:4, 655:19, 664:8, 670:16, 674:22

PAGE [1] - 676:3pages [4] - 556:6, 556:9, 642:2, 647:9paid [20] - 500:23, 501:16, 522:18,

541:13, 550:19, 568:21, 569:17, 575:25, 576:3, 611:16, 622:5, 626:5, 627:5, 627:6, 627:24, 629:20, 648:14, 655:13, 655:17

painful [3] - 616:11, 619:1, 657:10Paki [1] - 556:19Palomar [70] - 500:17, 568:16, 568:19,

568:21, 569:4, 569:5, 569:7, 569:12, 569:18, 575:19, 575:25, 576:1, 576:12, 599:25, 600:3, 600:17, 600:22, 607:22, 608:22, 617:10, 617:11, 618:7, 618:11, 626:10, 626:11, 638:18, 638:19, 638:20, 638:25, 639:7, 647:19, 647:25, 648:1, 648:6, 654:10, 654:21, 655:1, 655:13, 655:17, 658:9, 658:11, 660:7, 660:8, 660:9, 660:11, 660:14, 660:17, 660:18, 660:21, 660:24, 661:8, 662:21, 662:22, 662:23, 663:1, 663:14, 663:18, 663:19, 663:21, 664:15, 664:19, 665:3, 665:5, 665:17, 665:23, 672:14, 672:23, 674:6

Palomar's [2] - 569:19, 614:17panicking [1] - 669:17Pantero [2] - 588:14, 588:17paper [2] - 525:1, 537:22papers [1] - 517:11paragraph [7] - 612:23, 620:10, 620:15,

623:3, 627:8, 627:9, 644:5Paribas [2] - 548:13, 549:16Paris [3] - 543:22, 544:5, 544:6Parliament [1] - 540:19

part [23] - 503:9, 503:11, 508:20, 546:4, 552:7, 554:21, 556:3, 584:9, 586:22, 600:18, 604:24, 605:5, 605:16, 614:23, 627:2, 629:22, 637:3, 658:9, 658:18, 664:9, 665:5, 672:20, 674:7

participants [1] - 670:3participate [1] - 559:8participation [5] - 547:22, 548:17,

550:18, 556:12, 561:19particular [2] - 587:16, 595:6particularly [2] - 525:9, 534:9parties [6] - 521:12, 529:16, 625:9,

641:10, 643:13, 671:7partner [6] - 500:17, 569:4, 575:25,

576:12, 660:9, 660:11Partners [1] - 655:17partners [2] - 575:25, 665:24partnership [1] - 660:19parts [7] - 519:11, 535:1, 580:3, 629:18,

629:23, 629:25, 630:2party [2] - 542:24, 621:24pass [1] - 635:18passed [1] - 550:20passport [5] - 563:22, 564:19, 565:6,

565:19, 565:23past [3] - 589:21, 592:24, 614:14paste [1] - 605:25patience [1] - 657:20patrol [2] - 504:21, 504:22Pauline [3] - 563:23, 564:17, 564:18pause [5] - 498:5, 514:17, 520:11,

641:21, 651:20Pause [1] - 557:19pay [14] - 542:15, 554:20, 569:12,

573:25, 574:4, 608:3, 608:4, 608:5, 608:9, 608:11, 611:24, 643:16, 644:6

paying [8] - 571:18, 573:14, 573:20, 573:23, 574:1, 574:2, 608:2, 608:6

Payment [2] - 645:16, 649:6payment [13] - 542:7, 542:11, 564:3,

574:8, 578:2, 591:4, 637:10, 645:18, 649:17, 651:23, 655:11, 660:20, 673:1

payments [15] - 542:9, 557:6, 573:16, 608:25, 621:3, 621:6, 621:7, 621:11, 622:4, 623:4, 623:8, 643:13, 646:1, 646:3, 672:22

pays [2] - 573:16, 573:19PCAAD [2] - 664:24, 665:1PEARSE [1] - 676:5Pearse [90] - 498:17, 500:7, 502:4,

502:12, 502:25, 503:4, 503:7, 504:12, 506:24, 509:1, 510:6, 512:5, 513:11, 513:18, 515:4, 515:6, 523:12, 524:20, 525:19, 527:10, 527:13, 527:23, 530:1, 533:20, 542:17, 547:11, 551:1, 551:13, 553:14, 557:22, 558:23, 564:14, 565:5, 570:6, 578:19, 579:16, 586:10, 589:10, 589:25, 598:12, 600:1, 600:10, 600:19, 601:12, 602:17, 604:6, 604:13, 604:14,

604:18, 604:20, 605:12, 606:6, 606:13, 607:3, 607:17, 607:23, 608:17, 608:25, 609:4, 609:25, 610:9, 610:19, 610:23, 610:24, 611:5, 612:14, 616:8, 618:3, 619:19, 620:12, 631:1, 632:21, 640:8, 653:21, 654:1, 654:25, 655:8, 657:4, 658:4, 658:8, 662:22, 663:8, 667:6, 672:12, 673:8, 673:17, 673:25, 674:19

Pearse's [2] - 599:18, 605:14penny [1] - 617:2people [4] - 516:21, 588:2, 605:17,

608:6per [4] - 508:24, 509:7, 509:8percent [11] - 510:5, 510:10, 510:15,

541:5, 541:12, 664:25, 665:1, 665:7, 665:9, 665:10, 665:12

percentage [1] - 510:3Perez [1] - 635:3performance [1] - 528:2perhaps [1] - 537:23period [9] - 503:22, 515:14, 516:8,

542:6, 542:8, 579:19, 659:23, 666:5, 666:17

permission [3] - 514:12, 552:19, 644:1permissions [1] - 643:24permit [2] - 566:1, 566:7person [9] - 568:24, 573:14, 576:1,

589:1, 589:6, 613:11, 643:15, 643:18, 648:13

personal [3] - 511:1, 511:3, 513:1personally [1] - 543:5personnel [1] - 519:14petty [1] - 625:14PH [3] - 569:8, 664:10, 664:24PHILIP [1] - 495:6Philip [1] - 497:8phone [1] - 635:18phonetic [1] - 664:2phoning [1] - 636:4photo [1] - 565:19picture [1] - 565:15piece [2] - 575:20pieces [1] - 506:6PISB [1] - 619:6pisses [2] - 608:4, 608:5place [5] - 541:9, 542:2, 557:5, 591:4,

632:8plan [8] - 525:11, 539:21, 579:1, 625:10,

625:17, 626:3, 632:4, 633:24plans [1] - 628:8play [1] - 610:13Plaza [1] - 494:17PLC [2] - 650:19, 652:14plus [3] - 509:8, 529:2, 576:1point [25] - 507:24, 508:5, 508:14,

509:4, 509:19, 510:6, 511:8, 517:22, 534:11, 535:2, 571:3, 583:1, 592:24, 600:9, 600:13, 601:3, 602:7, 608:19, 616:21, 635:23, 636:2, 637:20,


SAM OCR RMR CRR RPR

20

646:12, 662:5, 672:13points [1] - 507:21Poland [1] - 658:15Polish [1] - 663:19political [1] - 570:15pops [1] - 598:8portion [6] - 512:3, 532:1, 532:4,

550:14, 551:11portions [1] - 605:25Portuguese [5] - 505:5, 505:8, 505:11,

556:3, 556:6position [7] - 511:13, 513:21, 529:17,

560:11, 566:11, 566:13, 643:18positive [1] - 631:14possession [1] - 628:8possibility [1] - 669:24possible [10] - 502:11, 511:10, 511:13,

541:16, 559:16, 570:16, 644:23, 646:13, 654:2, 663:5

posting [1] - 655:3potential [8] - 552:6, 556:11, 586:15,

611:19, 633:25, 669:6, 671:7, 674:6potentially [7] - 503:17, 518:20, 534:17,

535:4, 540:11, 546:19, 609:8pound [1] - 508:1pounds [1] - 659:17practice [1] - 627:9Preamble [1] - 641:15preamble [2] - 521:22, 522:9preceding [3] - 621:15, 654:3, 663:5precious [1] - 595:9precise [4] - 633:10, 633:19, 633:25,

634:8prefer [1] - 504:14prejudicial [1] - 608:3premature [1] - 592:4prepare [1] - 530:23prepared [7] - 501:15, 518:25, 528:3,

528:5, 528:6, 529:10, 661:22preparing [1] - 513:5presence [3] - 496:25, 525:23, 590:5present [9] - 496:1, 526:5, 539:1, 568:1,

595:6, 596:2, 596:6, 596:16, 605:20presentation [1] - 544:10presented [1] - 592:18preserved [1] - 599:5preserves [1] - 605:22President [3] - 518:6, 518:7, 531:11president [3] - 587:3, 587:24, 589:13presiding [4] - 496:4, 526:6, 596:4,

656:24presumably [1] - 601:15pretending [1] - 637:18pretrial [2] - 590:13, 590:16pretty [3] - 504:15, 609:14, 629:3prevailing [1] - 639:11prevent [1] - 594:25prevented [1] - 529:8previous [10] - 506:12, 509:21, 513:13,

513:22, 515:18, 521:11, 532:17, 624:18, 631:22

previously [4] - 500:3, 569:15, 580:8, 663:22

price [15] - 503:6, 504:14, 508:6, 508:9, 522:18, 522:22, 522:23, 523:1, 523:3, 533:17, 540:10, 541:5, 541:12, 629:19, 641:25

prices [7] - 627:3, 627:21, 627:23, 627:24, 630:2, 630:11, 630:14

pricing [2] - 509:20, 511:5primarily [1] - 534:2primary [2] - 511:8, 625:3prisoner [1] - 603:11private [3] - 512:11, 561:11, 666:9Privinvest [54] - 503:10, 503:24, 504:3,

504:8, 505:12, 506:9, 507:11, 507:16, 508:20, 508:23, 509:13, 509:23, 510:10, 511:5, 542:10, 542:12, 542:15, 543:8, 551:5, 556:25, 557:2, 564:3, 566:10, 568:20, 574:5, 574:22, 576:14, 576:16, 576:18, 604:7, 616:24, 617:1, 617:3, 619:22, 619:23, 620:6, 620:20, 620:23, 621:6, 622:6, 625:20, 626:11, 629:17, 629:20, 629:22, 633:15, 641:4, 641:11, 642:5, 651:5, 652:19, 655:14, 660:13

problem [8] - 528:23, 570:12, 598:16, 604:17, 604:19, 605:14, 605:16, 605:20

procedural [6] - 497:13, 526:9, 596:7, 656:17, 675:4, 675:7

proceed [1] - 568:8proceeding [1] - 592:24Proceedings [1] - 495:17proceedings [1] - 557:19Proceeds [1] - 550:24proceeds [1] - 617:3process [14] - 503:9, 503:12, 503:13,

507:6, 511:9, 516:22, 516:24, 517:19, 519:13, 519:16, 531:20, 531:21, 625:8, 674:7

procurement [14] - 521:6, 542:10, 543:8, 551:5, 614:22, 627:24, 632:4, 633:6, 633:14, 641:4, 641:10, 641:20, 641:25, 643:10

produced [6] - 495:17, 537:22, 596:7, 606:23, 620:19, 657:1

producing [1] - 526:7product [1] - 622:11productive [1] - 594:11products [4] - 504:16, 546:16, 546:23,

620:7profit [3] - 510:11, 511:6, 630:6Profit [1] - 630:8profitability [1] - 507:15profitable [2] - 543:11, 664:13profits [1] - 500:21prohibited [1] - 643:19Proindicus [58] - 503:24, 503:25, 504:2,

523:17, 524:4, 524:7, 524:8, 551:22, 553:19, 579:5, 579:17, 580:4, 580:7, 581:2, 582:10, 582:11, 582:24, 584:15, 584:19, 584:24, 585:3, 585:22, 602:9, 609:11, 610:20, 610:24, 612:16, 613:2, 613:5, 613:12, 614:18, 614:20, 614:23, 615:2, 620:20, 621:8, 621:11, 621:19, 621:23, 622:13, 625:5, 625:8, 625:13, 627:6, 628:7, 630:2, 647:4, 658:22, 672:10, 672:12, 672:15, 672:16, 672:18, 672:22, 672:25, 674:6

project [52] - 501:10, 501:11, 501:14, 501:15, 504:5, 504:9, 504:20, 505:24, 506:11, 507:12, 507:15, 511:6, 513:20, 513:25, 515:16, 516:13, 516:24, 517:3, 517:4, 518:6, 518:13, 518:20, 518:23, 519:4, 519:12, 519:15, 519:18, 525:9, 528:2, 528:7, 528:8, 528:12, 528:21, 531:9, 532:16, 532:20, 548:23, 548:24, 549:11, 554:7, 554:9, 576:17, 578:25, 624:15, 625:2, 626:2, 626:12, 626:19, 627:2, 630:15, 633:23, 643:21

projection [1] - 528:1projector [2] - 552:19, 552:20projects [7] - 500:23, 501:4, 572:1,

628:9, 658:23, 668:4, 668:6promise [1] - 657:12promised [3] - 657:17, 670:23, 674:11promising [1] - 554:20promptness [3] - 498:7, 526:24, 610:6pronounced [1] - 643:11pronunciation [1] - 649:3proof [4] - 592:13, 592:15, 592:17,

592:25properties [2] - 659:15, 659:16Property [2] - 510:24, 563:17property [2] - 659:12, 659:19proposal [2] - 544:13, 625:18propose [1] - 643:16proposed [3] - 584:11, 584:14, 663:13proposing [2] - 541:10, 584:1prospect [1] - 579:5protocol [1] - 562:15provide [10] - 503:14, 520:3, 520:5,

520:7, 522:4, 620:5, 625:6, 630:13, 638:24, 641:22

provided [18] - 505:22, 515:23, 519:3, 528:6, 531:9, 537:18, 577:10, 577:23, 604:25, 605:7, 619:23, 622:13, 622:14, 626:25, 627:3, 627:23, 633:23, 642:15

provides [1] - 659:5providing [5] - 505:21, 508:20, 511:11,

530:25, 533:15provision [5] - 510:11, 560:8, 644:4,

646:11, 670:13provisions [1] - 670:14public [17] - 496:16, 498:12, 539:22,


SAM OCR RMR CRR RPR

21

541:21, 584:19, 596:10, 610:8, 614:20, 614:24, 615:3, 615:4, 615:12, 618:4, 669:25, 670:4, 675:14

publicity [1] - 661:17publicize [1] - 648:3publicly [1] - 570:24publish [62] - 501:24, 502:19, 506:19,

511:22, 514:7, 514:19, 520:14, 524:17, 527:6, 529:22, 533:2, 535:11, 535:14, 539:3, 545:7, 545:11, 547:6, 555:6, 558:9, 563:7, 564:9, 564:25, 568:3, 569:25, 571:9, 575:5, 576:23, 578:13, 579:10, 580:18, 582:3, 583:15, 585:11, 586:5, 597:7, 597:22, 612:5, 612:9, 614:4, 615:18, 617:21, 618:17, 623:14, 623:17, 628:14, 630:21, 632:15, 634:20, 636:19, 638:10, 639:18, 640:21, 642:22, 648:20, 651:11, 652:23, 652:25, 653:13, 662:15, 667:2, 668:18, 672:2

published [52] - 502:2, 502:23, 506:22, 512:1, 513:9, 513:16, 514:23, 520:17, 527:8, 535:18, 548:12, 553:23, 565:3, 568:6, 570:22, 575:11, 577:1, 578:16, 579:13, 580:21, 581:11, 582:6, 582:17, 583:18, 585:14, 586:8, 587:10, 612:13, 614:8, 615:20, 617:24, 638:14, 639:21, 640:25, 641:13, 642:9, 643:8, 644:11, 645:24, 646:17, 649:15, 651:14, 652:8, 653:1, 653:19, 654:5, 654:13, 654:19, 654:24, 662:17, 668:19, 672:3

Publishes [15] - 545:14, 547:8, 555:7, 558:12, 563:9, 564:12, 570:4, 571:12, 618:20, 624:4, 628:16, 630:23, 632:17, 634:22, 636:22

publishes [1] - 546:9pull [3] - 527:19, 558:19, 643:1Pull [1] - 545:19purchase [2] - 540:14, 580:7purchased [2] - 522:2, 543:9purchases [1] - 659:22pure [2] - 510:2, 591:1purpose [2] - 554:5, 607:21Purpose [2] - 644:24, 645:3purposes [2] - 604:1, 625:3pursuant [1] - 590:21put [11] - 507:18, 581:9, 591:10, 600:1,

603:16, 606:5, 660:24, 660:25, 661:9, 661:22

putting [2] - 505:19, 592:14

Q

questions [26] - 504:7, 512:22, 513:2, 513:3, 513:4, 513:5, 513:12, 513:19, 513:24, 515:17, 516:25, 517:9, 518:1, 518:12, 518:22, 519:8, 519:13, 525:3, 525:5, 530:18, 532:10, 584:5, 591:1, 610:19, 633:21

quit [1] - 537:21quite [3] - 591:21, 595:8, 623:7quotes [1] - 503:14

R

raise [3] - 501:11, 570:16, 606:19Rand [1] - 669:14RANDALL [1] - 495:5Randall [1] - 496:18randomly [1] - 634:8rate [2] - 540:11, 541:13rates [3] - 508:11, 540:5, 540:24rather [2] - 513:20, 584:20Ray [1] - 497:11RAYMOND [1] - 495:6Re [1] - 546:1reach [1] - 596:19read [21] - 503:4, 504:12, 505:2, 507:2,

508:15, 518:2, 523:13, 523:14, 534:20, 534:21, 539:13, 539:14, 542:1, 548:8, 558:25, 574:13, 616:9, 627:9, 629:13, 647:15, 651:17

reading [1] - 627:7ready [2] - 517:8, 517:25real [3] - 620:2, 620:3, 620:4reality [1] - 566:14realized [1] - 561:9really [6] - 504:14, 562:6, 562:8, 591:15,

608:23, 669:17reason [2] - 525:6, 659:25reasons [2] - 500:14, 521:25receipt [2] - 573:10, 650:1receive [11] - 502:12, 550:19, 556:25,

564:2, 568:20, 576:4, 576:13, 626:7, 626:9, 643:24, 660:10

received [77] - 500:18, 500:21, 500:25, 501:1, 501:25, 502:21, 506:20, 510:21, 511:24, 512:14, 514:9, 514:21, 520:16, 524:18, 527:7, 529:24, 533:4, 535:17, 539:7, 543:5, 545:13, 547:7, 555:8, 558:11, 559:7, 563:8, 564:11, 565:1, 568:5, 570:3, 571:11, 573:10, 575:7, 576:24, 578:14, 579:11, 580:19, 582:5, 583:16, 585:12, 586:6, 601:16, 606:11, 611:21, 613:2, 614:7, 615:25, 616:21, 617:23, 618:18, 618:19, 621:6, 622:17, 623:18, 624:3, 626:10, 626:11, 628:15, 630:22, 632:16, 634:21, 636:21, 638:12, 639:19, 640:23, 648:21, 651:12, 653:18, 655:12, 658:19, 658:23, 660:8, 662:14, 666:25, 668:17, 671:11, 671:25

receiver [2] - 650:10, 652:15receives [2] - 573:15, 573:19receiving [4] - 543:8, 621:23, 643:19,

655:14Recess [2] - 526:4, 656:22

recess [2] - 589:4, 595:14recite [1] - 661:3recognize [4] - 524:20, 564:14, 621:2,

654:25recollection [2] - 554:11, 654:2reconciliation [1] - 654:10Record [1] - 534:21record [10] - 496:8, 541:22, 552:11,

591:1, 592:22, 595:2, 596:24, 599:5, 605:22, 605:23

recorded [1] - 495:17red [1] - 529:7redact [1] - 608:2redacted [2] - 538:3, 605:20reduce [1] - 672:25refer [17] - 504:19, 515:12, 516:14,

516:15, 516:18, 517:13, 544:2, 560:19, 577:16, 584:15, 588:1, 588:12, 588:16, 609:11, 615:1, 633:12, 673:5

reference [9] - 503:17, 516:19, 518:16, 524:6, 524:7, 562:20, 628:9, 639:1

references [1] - 633:24referencing [3] - 560:10, 561:16, 634:1referred [9] - 513:13, 515:18, 521:11,

527:22, 560:7, 612:17, 619:20, 655:11, 661:5

referring [21] - 517:18, 518:15, 531:16, 531:18, 540:1, 554:18, 586:25, 587:2, 607:3, 612:19, 615:2, 616:3, 620:12, 621:18, 636:10, 658:20, 658:22, 665:3, 670:8, 670:12, 671:2

refers [4] - 611:16, 612:18, 644:5, 650:4reflect [2] - 552:11, 595:2reflected [1] - 518:22refresh [2] - 645:20, 654:2regard [1] - 592:12regarding [16] - 517:7, 517:9, 545:17,

554:14, 557:2, 558:18, 565:25, 584:8, 602:7, 616:17, 626:18, 630:1, 636:25, 643:13, 661:5, 662:20

regardless [2] - 592:16, 593:1regulations [1] - 639:2regulatory [3] - 637:8, 639:4, 643:22relate [5] - 513:24, 521:7, 586:11,

586:13, 663:10related [8] - 512:20, 551:3, 600:9,

606:21, 618:23, 663:18, 670:14relates [7] - 551:15, 586:15, 594:3,

599:17, 604:23, 606:20, 609:7relating [7] - 518:12, 519:4, 544:10,

599:17, 600:21, 611:22, 619:22relation [16] - 500:17, 500:22, 519:5,

543:9, 554:18, 561:15, 568:25, 572:1, 620:6, 621:23, 626:5, 633:16, 655:12, 660:20, 660:22, 665:22

relationship [1] - 602:15relevance [3] - 598:23, 599:1, 599:22relevant [11] - 529:16, 540:24, 598:20,

598:21, 599:19, 600:1, 601:2, 608:20,


SAM OCR RMR CRR RPR

22

619:12, 644:1, 644:2relied [1] - 625:13remain [1] - 570:12remedies [1] - 605:25remember [1] - 498:2remind [1] - 532:14remittance [1] - 651:3remitted [1] - 651:1remove [3] - 633:10, 633:19, 633:24Remuneration [1] - 643:11renovated [1] - 666:9repackaged [1] - 552:3repaid [3] - 548:3, 569:15, 661:2repay [1] - 672:20repeat [1] - 638:22repeated [1] - 590:25repeatedly [1] - 592:12reported [1] - 618:25reporter [5] - 521:14, 558:20, 584:5,

584:12, 664:1Reporter [4] - 495:15, 495:16, 526:20,

527:20reporter's [1] - 561:4reporting [1] - 530:13represent [1] - 509:12representations [1] - 590:14Representations [1] - 645:13representative [1] - 518:21represented [1] - 591:7representing [1] - 509:13represents [1] - 643:14Republic [1] - 653:7request [5] - 514:11, 543:13, 559:9,

559:15, 584:4requested [3] - 617:14, 617:15, 649:6requesting [2] - 581:21, 663:4require [4] - 615:7, 643:22, 644:4,

645:18required [6] - 510:4, 530:23, 546:15,

546:22, 633:23, 639:3requirement [2] - 637:8, 657:18reservation [1] - 667:6residency [8] - 563:22, 564:19, 565:22,

565:25, 566:7, 616:12, 616:17, 617:5Resources [11] - 599:25, 600:3, 600:17,

600:22, 658:10, 658:11, 660:24, 661:8, 663:18, 663:19, 663:21

respect [10] - 522:21, 550:4, 573:21, 591:11, 600:21, 605:21, 621:7, 647:5, 665:23, 672:11

respond [29] - 505:13, 505:15, 516:11, 517:7, 518:11, 529:12, 532:6, 532:13, 543:13, 546:5, 555:17, 561:21, 562:4, 569:6, 578:5, 578:7, 587:20, 592:5, 616:8, 631:9, 631:11, 631:13, 631:25, 632:9, 633:7, 634:6, 635:11, 636:6, 639:9

responded [2] - 510:22, 560:22responding [9] - 529:15, 561:15,

563:19, 586:22, 609:7, 634:11, 634:12, 671:5

response [18] - 503:1, 504:13, 505:3, 507:7, 531:1, 545:5, 545:17, 559:15, 562:16, 584:4, 584:11, 584:14, 599:21, 616:7, 628:21, 631:24, 641:17, 665:13

responsibilities [1] - 639:4responsible [6] - 533:25, 534:2, 549:18,

550:4, 550:6, 576:17rest [4] - 505:2, 569:9, 569:16, 629:13restricting [1] - 670:13restriction [3] - 647:5, 669:18, 670:6result [2] - 575:24, 655:14resulted [1] - 543:7resume [5] - 497:22, 498:14, 589:21,

657:2, 674:16resumed [1] - 498:15resumes [1] - 609:24retain [1] - 569:18return [1] - 667:20returning [1] - 673:13revenue [5] - 528:8, 528:11, 625:16,

625:17, 627:1revenues [1] - 626:16revert [2] - 530:19, 639:10review [3] - 521:23, 545:8, 568:17RICHARD [1] - 494:16rights [1] - 644:2rise [4] - 496:2, 596:3, 656:23risk [1] - 540:12RMR [1] - 495:15road [1] - 591:17Robin [1] - 600:4Rock [1] - 561:3role [4] - 511:8, 549:7, 549:18, 549:25Roman [4] - 522:11, 522:16, 522:22,

641:24Rosario [27] - 517:14, 517:18, 517:24,

519:3, 519:7, 519:17, 524:23, 525:2, 525:4, 525:8, 530:14, 530:24, 531:1, 532:19, 556:15, 558:17, 588:20, 635:7, 635:11, 635:12, 635:24, 636:24, 640:16, 641:3, 641:7, 642:4, 647:14

RPR [1] - 495:15ruled [1] - 638:6ruling [2] - 603:19, 605:23rulings [1] - 595:7run [1] - 594:24running [2] - 507:6, 510:1Russia [3] - 619:24, 620:7, 620:23

S

safa [1] - 568:24Safa [17] - 544:8, 568:25, 621:14,

621:20, 621:21, 622:2, 622:3, 622:10, 656:6, 658:13, 659:20, 661:7, 661:22, 662:1, 664:12, 665:24, 666:2

Safa's [2] - 569:1, 661:18salary [1] - 616:20sale [2] - 622:6, 627:3sales [1] - 629:19Samara [2] - 558:16, 560:5San [6] - 599:18, 599:24, 663:14,

663:16, 663:20, 663:22Sandy [2] - 664:10, 664:15SAO [1] - 619:22satisfy [1] - 639:3Saturdays [1] - 498:8saw [6] - 551:4, 553:18, 588:11, 612:17,

666:8, 666:9scene [1] - 549:2scenes [4] - 528:22, 529:3, 532:21,

548:24Schachter [1] - 496:23SCHACHTER [114] - 495:4, 496:22,

501:23, 502:18, 506:18, 511:21, 514:6, 514:14, 514:18, 519:24, 520:1, 520:6, 520:12, 524:13, 524:16, 527:5, 529:21, 533:1, 534:15, 534:19, 535:13, 535:21, 536:2, 537:10, 537:13, 537:16, 538:1, 538:7, 545:5, 545:10, 547:5, 555:2, 555:5, 557:10, 558:4, 558:6, 558:8, 559:21, 559:24, 563:6, 564:7, 564:24, 566:20, 567:7, 569:24, 571:8, 575:4, 576:22, 578:12, 579:9, 580:17, 581:4, 581:25, 582:2, 583:14, 584:25, 585:10, 586:4, 594:2, 594:15, 594:21, 597:15, 597:20, 598:5, 598:19, 599:3, 599:15, 600:13, 601:20, 606:7, 606:17, 606:19, 607:19, 608:1, 608:14, 608:19, 609:1, 609:6, 609:12, 609:17, 609:21, 612:4, 612:8, 614:3, 614:5, 615:5, 615:17, 617:20, 618:15, 623:12, 623:16, 624:1, 628:13, 629:4, 630:19, 632:14, 634:2, 634:18, 636:18, 638:6, 638:9, 639:17, 640:20, 642:21, 648:19, 651:10, 653:12, 660:2, 662:8, 662:12, 666:21, 666:23, 668:15, 671:23

Schedule [3] - 582:16, 582:19, 582:22scheduled [1] - 512:24scheme [10] - 511:9, 584:10, 584:17,

658:21, 659:7, 666:1, 666:15, 668:9, 670:3, 671:18

school [2] - 552:19, 605:25Schultens [2] - 550:1, 550:5scissors [1] - 605:24screen [3] - 524:19, 598:8, 613:8scroll [3] - 605:9, 642:10, 644:23seamlessly [1] - 511:10seat [2] - 526:17, 609:25seated [19] - 496:15, 496:16, 497:12,

498:11, 498:12, 498:23, 525:20, 526:7, 526:25, 590:3, 596:9, 596:13, 610:6, 610:9, 656:15, 657:20, 657:25, 675:5

seating [1] - 570:12


SAM OCR RMR CRR RPR

23

second [17] - 503:2, 513:19, 515:2, 521:21, 527:11, 581:18, 586:17, 599:16, 604:20, 611:1, 625:6, 627:8, 627:9, 632:19, 641:12, 642:10, 664:8

Second [3] - 592:11, 592:15, 592:24secondly [1] - 543:7Secondly [2] - 569:14, 625:18secret [1] - 584:20Secret [1] - 589:17secretary [2] - 635:12, 635:16secretly [1] - 549:11section [4] - 550:22, 613:7, 641:15,

643:10secure [1] - 570:12see [37] - 507:25, 525:17, 526:3, 550:11,

553:2, 553:4, 553:8, 555:18, 555:23, 563:19, 567:2, 581:10, 586:17, 587:8, 588:14, 596:6, 597:7, 598:9, 601:9, 602:24, 603:24, 604:19, 611:5, 612:6, 622:25, 642:23, 647:11, 654:3, 656:21, 658:25, 663:5, 663:8, 666:6, 667:16, 670:5, 674:8, 674:15

See [2] - 558:19, 675:15seek [39] - 499:1, 501:20, 511:17,

529:19, 545:3, 547:3, 558:1, 563:3, 564:5, 564:22, 566:18, 569:22, 571:5, 575:1, 576:20, 578:10, 579:7, 580:15, 581:23, 583:12, 585:8, 594:4, 612:2, 615:14, 617:18, 618:12, 630:16, 632:11, 634:16, 636:16, 638:3, 639:12, 642:18, 648:16, 651:7, 652:23, 653:9, 666:19, 671:20

seeking [1] - 579:17seeks [1] - 628:11seem [1] - 623:7seemingly [1] - 599:12sell [8] - 533:19, 546:16, 580:10,

627:12, 661:1, 661:15, 661:19, 671:8selling [2] - 550:6, 627:1send [11] - 507:19, 507:23, 511:7,

531:14, 555:15, 562:18, 563:21, 563:23, 574:7, 574:21, 654:9

sender [3] - 649:16, 649:19, 652:13sending [6] - 511:2, 513:1, 525:6,

564:18, 633:5, 641:2sends [1] - 574:8senior [2] - 550:2, 571:25sense [2] - 590:20, 623:6sensitive [2] - 597:2, 597:3sent [29] - 507:5, 511:12, 513:7, 525:2,

528:10, 544:10, 547:19, 549:16, 552:5, 556:11, 562:10, 565:6, 571:17, 574:15, 574:16, 574:18, 582:9, 582:13, 584:1, 602:17, 604:20, 619:12, 621:15, 649:11, 650:2, 650:12, 652:12, 652:17, 671:11

sentence [7] - 524:3, 530:16, 531:13, 542:1, 573:9, 586:18, 629:11

sentences [1] - 523:14separate [4] - 507:21, 528:18, 600:15,

605:1separately [1] - 664:15September [15] - 516:5, 539:22, 541:18,

542:3, 547:23, 548:19, 558:15, 562:4, 563:14, 667:11, 667:21, 667:24, 668:24, 668:25, 669:11

seriatim [1] - 519:25series [1] - 533:22serious [1] - 562:14servant [1] - 643:18Service [1] - 589:17services [2] - 619:23, 620:6SESSION [1] - 596:1set [15] - 509:19, 510:7, 512:21, 522:14,

530:6, 530:8, 530:11, 530:14, 531:22, 551:4, 554:5, 614:16, 620:15, 622:8, 664:22

sets [6] - 509:20, 510:8, 521:25, 522:3, 525:3, 649:25

setting [7] - 507:3, 524:25, 533:20, 575:19, 585:21, 621:10, 626:23

settled [1] - 615:25settlement [4] - 542:1, 542:2, 571:17,

650:4settling [1] - 654:15Seven [2] - 581:14, 632:7seven [3] - 581:17, 661:12, 661:13Seventh [1] - 495:3several [1] - 666:16shall [3] - 573:11, 611:24, 643:16share [5] - 655:13, 655:16, 660:14,

661:24shareholder [1] - 569:14shareholders [1] - 568:21shareholders' [1] - 569:8shares [2] - 665:12, 665:21shipbuilding [1] - 625:18Shipbuilding [7] - 619:22, 619:24,

620:6, 641:5, 641:11, 651:5, 652:20ships [1] - 503:15shipyard [1] - 641:23shipyard's [1] - 625:18shipyards [10] - 501:6, 503:5, 505:10,

505:11, 505:16, 505:20, 505:21, 505:22, 625:3

short [4] - 525:13, 525:14, 642:14, 669:7

shortly [1] - 637:10Show [1] - 623:24show [9] - 503:6, 528:6, 535:3, 544:13,

575:10, 610:22, 650:1, 662:10, 667:3showed [2] - 531:18, 633:22shows [1] - 607:22Shultens [20] - 601:11, 601:21, 602:8,

602:14, 602:16, 602:18, 602:20, 602:25, 603:10, 603:18, 604:1, 604:9, 604:11, 604:14, 604:18, 607:11, 668:21, 670:17, 672:8, 672:23

side [12] - 516:22, 522:20, 523:10, 531:22, 581:9, 606:24, 615:24, 673:21

side-by-side [1] - 581:9sidebar [6] - 536:1, 536:3, 537:1,

594:11, 596:22, 596:24Sidebar [5] - 536:5, 538:9, 566:21,

567:1, 567:10sign [3] - 613:16, 614:21, 619:7signature [5] - 556:9, 613:14, 642:2,

647:13, 647:19signatures [1] - 647:8signed [14] - 517:11, 517:15, 517:24,

521:5, 556:14, 556:18, 613:5, 613:11, 642:3, 642:5, 647:10, 647:14, 648:10, 653:7

Signed [1] - 640:5signed-off [1] - 517:24significance [1] - 534:17significant [3] - 528:7, 528:11, 543:6significantly [1] - 666:9signing [2] - 517:19, 556:20similar [6] - 522:9, 549:25, 551:22,

645:3, 645:14, 647:2Simmons-.com [1] - 558:17simply [1] - 562:20Singh [43] - 502:8, 502:9, 507:5, 507:23,

511:1, 512:19, 515:1, 515:9, 518:16, 518:17, 518:18, 521:4, 549:6, 555:12, 555:17, 556:19, 556:20, 557:3, 557:6, 557:23, 558:15, 559:1, 560:5, 563:21, 563:25, 565:9, 565:20, 565:25, 566:4, 566:9, 577:15, 588:6, 591:5, 613:15, 613:16, 636:11, 636:12, 637:14, 669:10, 673:6, 674:1, 674:3

Singh's [7] - 511:2, 511:8, 564:19, 565:6, 565:22, 566:13, 577:23

SISE [3] - 589:15, 589:16, 589:17sit [2] - 498:8, 535:23situation [1] - 513:23sixteenth [1] - 614:10size [17] - 500:15, 500:24, 501:13,

523:18, 541:4, 541:7, 541:11, 541:16, 571:1, 579:5, 625:24, 626:1, 631:7, 631:19, 633:11, 633:20, 672:19

skier [1] - 591:15skis [1] - 591:16SLE [1] - 654:9slipup [1] - 532:16Slow [2] - 561:3, 635:14slow [2] - 561:5, 600:4slowing [1] - 610:[email protected] [1] - 495:16smaller [1] - 501:1sold [6] - 546:24, 550:5, 573:7, 573:22,

580:8, 620:20solution [1] - 633:24someone [4] - 591:15, 627:13, 635:17,

637:9sometimes [1] - 544:1somewhere [1] - 658:5son [4] - 518:6, 518:10, 587:2, 587:23soon [4] - 504:9, 506:11, 559:15, 615:25


SAM OCR RMR CRR RPR

24

sorry [32] - 510:22, 530:17, 535:22, 536:4, 537:13, 537:20, 551:10, 555:23, 574:16, 581:16, 581:25, 588:24, 594:21, 597:19, 604:15, 606:18, 613:8, 613:25, 617:4, 619:9, 619:10, 624:16, 624:17, 630:5, 630:9, 638:22, 642:24, 649:2, 651:2, 652:3, 663:5, 667:14

Sorry [3] - 545:21, 558:5, 560:16sorting [4] - 637:3, 637:7, 637:13,

637:15source [2] - 666:12, 670:1South [8] - 505:4, 505:7, 505:10, 544:7,

621:21, 659:12, 659:19, 666:8sovereign [6] - 559:3, 559:11, 560:4,

560:8, 561:17, 561:18space [2] - 498:3, 594:13Spain [1] - 505:17Spanish [3] - 505:4, 505:8, 505:10speaking [6] - 523:11, 523:16, 535:24,

578:24, 579:2, 604:12Special [1] - 496:10specific [4] - 513:20, 518:13, 530:19,

630:11specifically [1] - 561:16specification [1] - 508:21speculate [1] - 615:7speed [1] - 516:13spell [4] - 521:14, 589:2, 589:6, 664:1spellings [1] - 496:15spend [1] - 553:25spent [1] - 551:21spoiler [1] - 608:5spoken [6] - 498:20, 518:17, 518:18,

528:17, 636:8, 637:14sponsor [1] - 566:8sponsored [1] - 517:4spotted [1] - 625:7spreadsheet [2] - 528:1, 528:3Stacy [1] - 495:15staff [1] - 666:10stage [5] - 504:1, 504:20, 622:13,

625:14, 628:6stamp [2] - 564:20, 565:22stand [7] - 497:23, 498:14, 498:16,

526:14, 604:19, 609:24, 657:2standard [2] - 553:20, 611:7stands [2] - 508:19, 546:8Stanley [7] - 533:19, 534:4, 534:13,

534:14, 534:23, 535:2, 535:6start [8] - 517:12, 518:4, 518:5, 586:11,

591:16, 597:21, 631:16, 632:2starting [5] - 533:6, 597:14, 598:2,

627:10, 641:2starts [1] - 574:10state [4] - 496:7, 554:17, 598:20, 639:14statement [4] - 604:17, 624:18, 654:17,

655:1STATES [3] - 494:1, 494:3, 494:12

states [1] - 612:25States [13] - 494:5, 494:16, 494:19,

496:11, 497:16, 508:25, 526:11, 546:25, 592:14, 600:6, 646:5, 666:16, 673:13

stating [1] - 644:6stenography [1] - 495:17step [4] - 525:19, 589:25, 656:13,

674:19steps [2] - 590:1, 656:14still [9] - 504:6, 515:25, 548:20, 596:18,

596:20, 605:22, 615:2, 615:24, 675:3stock [1] - 631:15stop [24] - 504:17, 530:9, 539:13,

539:25, 541:6, 571:19, 589:19, 594:5, 610:12, 616:2, 616:15, 627:19, 633:5, 634:10, 635:21, 644:3, 656:10, 657:3, 657:21, 667:5, 669:9, 669:20, 674:9, 674:10

stopping [1] - 674:11straight [1] - 627:12Street [3] - 609:7, 646:4, 673:21strict [2] - 669:18, 670:5strike [1] - 634:2strip [1] - 538:4strong [2] - 523:17, 608:24structure [3] - 607:4, 660:12, 665:15study [2] - 531:6, 531:8stuff [1] - 518:13stupid [1] - 637:7Subeva [51] - 512:10, 515:21, 515:25,

516:6, 524:23, 524:25, 525:10, 527:12, 527:16, 528:4, 528:14, 528:19, 529:10, 529:12, 529:25, 530:10, 530:16, 531:4, 531:13, 531:16, 531:25, 532:6, 532:13, 532:18, 533:9, 533:14, 535:20, 539:9, 545:16, 545:25, 546:1, 549:7, 578:22, 579:21, 583:23, 584:1, 585:18, 609:4, 626:21, 626:22, 626:23, 627:20, 628:1, 629:1, 631:1, 633:1, 633:22, 638:17, 649:2, 667:9, 668:22

Subeva's [2] - 627:9, 628:21subject [13] - 515:10, 522:12, 527:17,

539:11, 568:15, 570:17, 600:19, 606:20, 607:13, 609:6, 632:23, 662:20, 672:9

Subject [2] - 546:1, 640:4subsequent [1] - 623:5subsequently [2] - 585:2, 661:16Subsequently [1] - 561:22subsidiaries [1] - 633:15subsidiary [2] - 507:10, 507:11substantially [1] - 616:25succeed [1] - 626:4success [1] - 540:9successful [1] - 626:14sufficient [2] - 541:25, 625:17suggested [1] - 617:6suggesting [1] - 505:9

suggestion [1] - 632:1suggests [2] - 525:5, 664:19suicide [1] - 595:1Suisse [93] - 503:9, 503:20, 503:23,

504:4, 505:9, 505:22, 506:4, 507:6, 507:7, 507:23, 511:5, 511:7, 511:12, 511:14, 512:15, 512:22, 515:15, 515:25, 516:4, 516:6, 517:1, 518:21, 519:10, 523:22, 523:24, 524:5, 525:4, 528:6, 528:10, 528:17, 528:20, 528:25, 529:2, 529:7, 529:9, 531:3, 532:11, 532:15, 532:20, 533:15, 534:12, 534:24, 534:25, 535:2, 540:6, 541:9, 542:6, 548:13, 548:20, 548:25, 549:1, 549:10, 549:16, 549:18, 549:23, 551:20, 552:2, 552:3, 556:8, 556:18, 557:1, 557:22, 562:10, 562:11, 562:14, 566:16, 573:6, 573:12, 574:3, 574:4, 574:9, 574:19, 574:21, 580:8, 580:11, 582:10, 584:2, 584:4, 584:11, 584:14, 612:16, 612:21, 612:24, 613:4, 613:19, 635:6, 635:10, 636:25, 637:8, 637:15, 671:9, 672:14, 672:24

Suisse's [1] - 584:6summarize [2] - 533:13, 554:16summarized [1] - 550:16summarizes [1] - 550:14summary [1] - 551:15Sunday [2] - 517:12, 518:4Sundays [1] - 498:8supplied [4] - 509:10, 625:5, 625:20,

634:14suppliers [1] - 629:21supply [2] - 503:15, 517:20support [3] - 519:15, 570:16, 625:17supported [2] - 519:11, 561:11supportive [1] - 587:14supposed [3] - 574:20, 624:15, 625:2Surj [3] - 507:19, 515:23, 673:3Surjan [48] - 502:8, 502:9, 507:5,

507:23, 511:1, 511:2, 511:8, 512:19, 514:25, 515:9, 518:16, 518:17, 518:18, 521:4, 549:6, 555:12, 556:19, 556:20, 557:3, 557:6, 557:23, 558:15, 560:5, 561:2, 563:21, 565:6, 565:9, 565:25, 566:4, 566:9, 577:15, 577:20, 577:23, 578:3, 578:24, 579:3, 579:4, 588:6, 613:15, 613:16, 636:11, 636:12, 637:14, 669:10, 673:6, 674:1, 674:3

Surjan's [1] - 566:13surpassing [1] - 592:11surprise [1] - 559:23surprised [1] - 560:20surrender [1] - 673:5suspects [1] - 548:14sustain [1] - 629:5SWIFT [8] - 649:17, 649:19, 649:21,

649:25, 650:3, 650:4, 650:10, 651:23


SAM OCR RMR CRR RPR

25

switch [1] - 562:22Switzerland [1] - 662:24sworn/affirmed [1] - 500:3syndicate [7] - 573:20, 580:2, 581:3,

582:23, 582:25, 583:3, 585:21syndicated [6] - 573:18, 624:11, 624:24,

624:25, 646:10syndication [3] - 646:6, 646:12, 647:5Syria [1] - 540:20system [1] - 650:5

T

table [3] - 552:9, 553:16, 611:2Table [2] - 644:21, 646:15taxes [8] - 608:2, 608:3, 608:5, 608:6,

608:8, 608:10, 608:12team [7] - 528:18, 532:15, 549:20,

550:5, 635:10, 672:23technical [2] - 508:21, 625:20technically [3] - 550:18, 613:18, 664:24technology [3] - 508:19, 508:23, 509:9ten [1] - 614:14Ten [1] - 548:19tend [1] - 534:7tender [2] - 503:11, 503:13tendering [1] - 505:23termination [1] - 516:7terms [13] - 522:4, 528:24, 560:6,

592:21, 592:25, 620:8, 620:15, 622:5, 627:6, 649:25, 672:15, 672:16, 672:25

Terms [1] - 620:9terrible [1] - 649:3Tessone [1] - 496:11testified [2] - 500:4, 591:23testify [2] - 601:16, 602:15testimony [4] - 498:20, 591:20, 657:7,

657:22than.. [1] - 650:5thanking [1] - 651:22THE [388] - 494:12, 496:2, 496:14,

496:21, 496:24, 497:2, 497:3, 497:6, 497:9, 497:12, 497:17, 497:20, 497:25, 498:2, 498:6, 498:17, 498:22, 498:23, 501:22, 501:24, 502:17, 502:19, 506:17, 506:19, 511:19, 511:22, 514:5, 514:7, 514:13, 514:16, 514:19, 519:23, 519:25, 520:4, 520:7, 520:13, 521:14, 521:16, 524:12, 524:15, 524:17, 525:14, 525:19, 525:25, 526:2, 526:6, 526:7, 526:13, 526:16, 526:18, 526:19, 526:21, 526:23, 527:4, 527:6, 527:19, 529:1, 529:20, 529:22, 532:25, 533:2, 534:20, 534:22, 535:10, 535:14, 535:22, 536:3, 537:2, 537:4, 537:6, 537:12, 537:14, 537:19, 537:21, 538:4, 538:8, 539:2, 539:5, 545:4, 545:6, 545:11, 545:19, 545:22, 547:4, 547:6, 548:8, 548:13, 548:15, 552:10,

552:15, 552:20, 553:1, 553:7, 554:2, 555:1, 555:4, 555:6, 555:24, 556:1, 557:11, 557:14, 557:17, 558:3, 558:5, 558:7, 558:9, 558:19, 559:25, 560:2, 561:3, 561:7, 562:24, 563:1, 563:2, 563:5, 563:7, 563:12, 564:6, 564:9, 564:23, 564:25, 565:8, 565:9, 565:11, 566:19, 566:21, 567:2, 567:6, 567:9, 568:2, 568:8, 569:23, 569:25, 571:7, 571:9, 575:3, 575:5, 576:21, 576:23, 577:18, 577:19, 577:21, 578:11, 578:13, 579:8, 579:10, 580:16, 580:18, 581:5, 582:1, 582:3, 582:18, 583:13, 583:15, 585:1, 585:2, 585:4, 585:9, 585:11, 586:3, 586:5, 586:20, 587:7, 589:1, 589:6, 589:20, 589:25, 590:2, 590:7, 590:11, 591:10, 592:6, 593:3, 594:5, 594:20, 594:23, 595:12, 596:3, 596:5, 596:12, 596:15, 596:17, 596:21, 597:1, 597:3, 597:7, 597:11, 597:16, 597:18, 597:22, 598:4, 598:6, 598:8, 598:11, 598:14, 598:23, 599:4, 599:8, 599:10, 599:21, 600:4, 600:8, 600:23, 601:2, 601:5, 601:9, 601:15, 601:18, 601:22, 601:25, 602:3, 602:11, 602:21, 602:24, 603:2, 603:5, 603:8, 603:14, 603:16, 603:19, 603:22, 603:24, 604:2, 604:8, 604:13, 604:16, 605:3, 605:9, 605:14, 606:3, 606:5, 606:9, 606:13, 606:15, 606:18, 606:23, 607:1, 607:6, 607:8, 607:11, 607:15, 607:17, 607:21, 607:24, 608:4, 608:15, 608:17, 608:23, 609:2, 609:4, 609:10, 609:13, 609:18, 609:20, 609:22, 609:25, 610:1, 610:2, 610:4, 612:3, 612:5, 612:9, 613:24, 614:2, 614:4, 614:6, 615:6, 615:16, 615:18, 617:4, 617:7, 617:8, 617:19, 617:21, 618:14, 618:16, 623:11, 623:14, 623:17, 623:21, 623:24, 624:2, 624:17, 624:22, 624:23, 628:12, 628:14, 629:5, 629:9, 630:5, 630:6, 630:7, 630:8, 630:9, 630:18, 630:20, 632:13, 632:15, 634:4, 634:17, 634:19, 635:14, 635:15, 636:17, 636:19, 638:5, 638:8, 638:10, 639:14, 639:16, 639:18, 640:19, 640:21, 642:20, 642:22, 643:1, 643:4, 643:6, 645:8, 646:19, 647:14, 648:5, 648:6, 648:7, 648:18, 648:20, 649:21, 649:22, 649:23, 649:24, 650:3, 650:4, 650:6, 650:22, 651:9, 651:11, 652:25, 653:11, 653:13, 656:9, 656:13, 656:15, 656:19, 656:21, 656:23, 656:25, 657:5, 657:6, 657:8, 657:10, 657:14, 657:16, 657:24, 657:25, 660:3, 661:10, 661:11, 661:12, 661:13, 661:14, 662:7, 662:10, 662:13, 662:15, 663:24, 663:25, 664:1, 664:3, 664:5, 666:22, 666:24, 667:2, 667:14, 667:17, 667:19,

668:14, 668:16, 668:18, 671:22, 671:24, 672:2, 673:24, 674:10, 674:19, 675:1, 675:7, 675:10, 675:13

theory [1] - 508:22therefore [2] - 598:21, 599:19They've [2] - 553:8third [14] - 500:19, 500:21, 530:16,

556:5, 621:24, 625:9, 643:13, 653:6, 655:16, 656:4, 656:5, 660:9, 660:14, 664:23

third-parties [1] - 643:13thirds [4] - 655:16, 660:13, 660:15,

664:23thousand [1] - 547:21three [16] - 501:4, 503:23, 504:21,

504:24, 504:25, 505:1, 505:16, 505:19, 509:15, 509:18, 627:11, 632:2, 635:12, 635:16

throughout [1] - 592:1Throw [1] - 637:19Thursday [1] - 541:18ticket [2] - 668:2, 673:9tilt [1] - 526:20Tim [1] - 613:15timeframe [3] - 530:11, 659:22, 659:23timetable [1] - 533:17title [1] - 616:19today [5] - 517:10, 522:25, 530:7,

530:11, 588:11together [3] - 533:16, 658:12, 662:24tomorrow [5] - 594:19, 594:20, 594:22,

595:1, 670:23Tony [4] - 517:11, 517:13, 517:15, 532:7took [1] - 559:2top [47] - 502:11, 509:24, 512:3, 512:7,

515:1, 523:10, 523:11, 524:21, 527:11, 531:23, 532:4, 532:12, 538:2, 547:11, 547:14, 547:21, 551:10, 563:18, 564:16, 570:6, 574:6, 575:10, 578:17, 579:15, 580:23, 583:20, 585:16, 586:18, 587:9, 598:10, 599:9, 604:9, 604:14, 604:19, 619:15, 622:20, 622:24, 626:21, 628:23, 640:14, 649:19, 651:24, 653:23, 664:8, 667:15, 668:20, 672:4

TOT [1] - 627:16ToT [3] - 508:16, 508:18, 508:19total [5] - 509:10, 570:24, 575:21, 583:8,

655:17totaled [1] - 500:19tough [1] - 548:8Toughy [3] - 549:21, 549:22, 550:4towards [1] - 558:20trading [2] - 669:18, 670:6training [1] - 551:3tranche [1] - 649:10transaction [15] - 511:13, 535:4,

541:24, 573:14, 573:15, 587:16, 599:17, 631:19, 655:12, 658:5, 658:8, 658:17, 659:23, 663:10, 664:20


SAM OCR RMR CRR RPR

26

transactions [8] - 500:9, 500:18, 607:5, 628:3, 633:16, 658:19, 658:20, 660:1

Transcript [1] - 495:17TRANSCRIPT [1] - 494:11Transcription [1] - 495:17transfer [7] - 508:19, 508:23, 509:8,

569:7, 573:11, 647:6, 650:1transferring [1] - 670:13transfers [2] - 574:2travel [2] - 666:16, 667:6trawler [8] - 504:15, 504:18, 507:25,

508:13, 508:16, 508:24, 509:7, 629:19trawlers [7] - 504:21, 508:7, 509:2,

509:10, 509:18, 627:12, 627:13Treasuries [1] - 531:10treasury [1] - 560:12Treasury [1] - 516:20treat [1] - 528:18Trial [1] - 675:17TRIAL [1] - 494:11trial [2] - 496:5, 674:16tricks [1] - 610:13tried [1] - 661:15trimaran [9] - 504:15, 504:18, 508:3,

508:8, 508:17, 508:24, 509:8, 629:19, 629:23

trimarans [8] - 504:22, 508:13, 509:3, 509:10, 509:15, 509:18, 627:11, 627:12

Trip [2] - 515:11, 515:12trip [2] - 512:24, 515:13trouble [1] - 545:7true [2] - 505:25, 506:1Trust [4] - 646:4, 650:11, 650:13,

652:16truth [7] - 601:22, 601:25, 603:2,

603:20, 604:10, 605:19, 607:12try [2] - 498:9, 645:8trying [9] - 501:13, 510:8, 537:21,

570:10, 626:24, 636:7, 661:15, 671:2, 671:8

tube [1] - 616:19Tuesday [3] - 523:18, 539:21, 541:1tuna [3] - 501:9, 517:3, 543:9turn [3] - 556:5, 562:22, 598:15turned [1] - 607:4turning [1] - 559:15turns [1] - 599:16Twenty [1] - 509:17Twenty-four [1] - 509:17Twist [1] - 553:7two [23] - 500:14, 500:22, 523:14, 537:7,

556:5, 563:18, 571:24, 582:25, 583:2, 587:9, 620:15, 621:2, 622:6, 622:8, 623:3, 625:3, 647:9, 655:16, 659:16, 660:13, 660:15, 664:23, 670:8

two-page [1] - 537:7two-thirds [4] - 655:16, 660:13, 660:15,

664:23

type [7] - 548:1, 548:2, 549:17, 550:17, 622:12, 624:13, 625:19

types [4] - 534:10, 620:19, 622:7, 625:5typically [1] - 633:14

U

U.K [1] - 540:19U.S [15] - 522:19, 522:24, 523:4, 534:16,

534:17, 534:23, 534:24, 535:5, 540:19, 540:21, 540:23, 649:7, 666:17

UAE [1] - 617:1UK [1] - 637:7ultimately [8] - 501:10, 507:5, 535:6,

576:4, 593:1, 613:11, 658:23, 661:19unable [1] - 661:1unaware [1] - 518:20uncertain [1] - 594:18Uncle [7] - 577:14, 577:15, 577:18,

577:20, 588:5, 637:3, 637:7uncle [7] - 636:7, 636:10, 637:13, 669:3,

669:9, 669:10, 671:6Uncle's [1] - 577:9unclear [1] - 600:15under [17] - 500:19, 522:4, 528:24,

542:10, 543:8, 560:6, 574:3, 579:25, 599:22, 613:19, 622:5, 625:5, 627:6, 627:24, 634:14, 642:15, 650:16

underlying [3] - 513:24, 546:23, 553:20undermined [1] - 519:16understood [9] - 518:5, 519:12, 529:6,

531:8, 532:9, 570:15, 590:20, 627:22, 631:19

underwrite [3] - 533:16, 534:5, 535:6underwriter [2] - 533:21, 533:23underwriting [1] - 534:7underwritten [1] - 573:4unfamiliar [1] - 519:14unfortunately [1] - 661:16unhappy [1] - 661:2unique [1] - 504:16UNITED [3] - 494:1, 494:3, 494:12United [15] - 494:5, 494:16, 494:19,

496:11, 497:16, 508:25, 526:11, 546:25, 566:1, 592:14, 600:6, 616:5, 646:5, 666:16, 673:13

unlawful [1] - 621:7unless [2] - 599:12, 662:1unlike [1] - 498:9unlikely [5] - 529:3, 540:18, 541:17,

625:21, 626:3unrelated [3] - 606:21, 607:20, 608:22unsigned [1] - 556:10untrue [2] - 620:5, 620:13unusual [1] - 670:13up [45] - 515:3, 515:19, 516:13, 524:21,

527:10, 527:20, 530:14, 531:23, 541:16, 545:25, 550:11, 550:12, 551:9, 552:17, 565:15, 567:3, 569:10, 574:11, 574:13, 582:20, 587:4, 597:8,

597:10, 597:12, 598:2, 598:8, 603:16, 604:8, 606:5, 618:22, 620:9, 632:3, 640:6, 640:10, 645:8, 647:12, 647:20, 654:15, 655:5, 657:2, 657:12, 664:21, 665:13, 670:16, 675:8

update [4] - 533:15, 539:12, 546:1, 672:10

updated [3] - 578:25, 619:6, 636:24upper [1] - 673:21upset [1] - 576:6upside [1] - 565:14upsize [6] - 523:18, 524:7, 579:17,

632:2, 669:5, 669:8USA [2] - 496:6, 658:15USD [1] - 547:21user [1] - 643:25usual [1] - 548:13

V

Vader [2] - 561:3, 600:4value [3] - 605:6, 643:17, 643:20valued [2] - 508:23, 629:23values [3] - 509:21, 627:5, 629:18various [3] - 509:25, 521:6, 630:2vehement [1] - 629:3vehicle [1] - 664:16venture [1] - 664:13version [2] - 558:18, 558:21versus [2] - 496:6, 592:14vessel [4] - 509:23, 620:19, 622:7,

622:12vessels [24] - 501:5, 504:6, 504:21,

504:22, 508:7, 508:21, 508:22, 509:14, 509:18, 510:2, 517:20, 522:2, 522:4, 522:10, 522:15, 551:3, 554:10, 625:4, 625:14, 625:19, 625:22, 627:4, 627:14, 642:14

via [1] - 509:21view [6] - 523:17, 557:12, 559:25,

601:3, 615:6, 632:8VII [3] - 522:16, 522:22, 641:24violation [1] - 591:7Virgin [1] - 569:3visibility [1] - 576:1voice [3] - 527:20, 590:24, 645:8voted [1] - 540:19VTB [27] - 571:21, 571:23, 571:25,

573:4, 573:7, 580:5, 580:6, 580:25, 581:20, 585:21, 624:10, 624:14, 624:25, 628:6, 639:3, 644:14, 647:22, 648:2, 648:11, 649:11, 650:19, 651:22, 652:14, 669:16, 670:13, 672:14, 672:24

W

wad [1] - 621:23wait [3] - 579:1, 596:12, 598:8waiting [1] - 656:25


SAM OCR RMR CRR RPR

27

walk [6] - 520:3, 524:15, 594:24, 594:25, 595:1, 595:2

Wall [2] - 609:7, 646:4wander [1] - 545:20wandered [1] - 547:12warn [1] - 592:23warned [3] - 592:11, 593:4, 593:5warrants [1] - 643:15Washington [1] - 494:22waste [1] - 599:23wealth [2] - 659:25, 666:13wealthier [4] - 659:9, 666:1, 666:2,

666:4wealthy [2] - 666:3, 666:7week [8] - 498:8, 523:16, 523:17, 541:2,

577:13, 577:24, 609:14, 614:21weekend [3] - 544:8, 674:16, 675:15welcome [2] - 498:17, 526:23welder [1] - 616:20Weldon [1] - 608:7whereby [1] - 510:8whichever [1] - 596:25whole [1] - 651:17whther [1] - 544:6WILLIAM [1] - 494:12William [1] - 496:3willing [1] - 608:10WILLKIE [1] - 495:3wimps [1] - 594:6wimpy [1] - 594:8wisdom [1] - 592:21wisely [1] - 593:1wish [2] - 543:21, 591:22withdraw [3] - 537:10, 567:7, 606:7withdrawn [2] - 562:19, 568:2witness [23] - 497:22, 498:13, 498:15,

500:2, 526:14, 527:1, 590:1, 591:2, 591:20, 591:22, 598:14, 598:17, 602:19, 603:6, 609:22, 609:24, 656:14, 657:2, 658:1

WITNESS [34] - 498:22, 521:16, 526:18, 526:21, 548:15, 557:14, 560:2, 561:7, 565:9, 577:19, 585:2, 610:1, 617:7, 624:17, 624:23, 630:6, 630:8, 635:15, 646:19, 647:14, 648:6, 649:22, 649:24, 650:4, 650:22, 657:5, 657:8, 657:14, 657:24, 661:11, 661:13, 663:25, 664:3, 676:3

witnesses [1] - 605:19won [1] - 606:9Woody [1] - 600:4word [4] - 521:17, 521:18, 554:13wording [1] - 584:1words [5] - 521:24, 554:17, 611:22,

613:8, 641:19world [3] - 535:1, 584:21, 668:7worried [3] - 636:4, 669:16, 669:22worries [4] - 519:1, 532:7, 665:18,

665:20


SAM OCR RMR CRR RPR

28

worth [1] - 633:4WP18 [4] - 620:6, 620:18, 622:7, 622:10write [42] - 507:21, 518:24, 528:14,

530:3, 530:5, 530:16, 539:20, 540:16, 540:25, 541:3, 541:15, 542:20, 542:22, 543:20, 546:2, 560:25, 561:23, 570:9, 571:16, 577:8, 578:23, 580:24, 614:15, 615:22, 619:1, 619:4, 631:4, 632:6, 632:25, 633:2, 633:9, 637:6, 637:13, 637:16, 638:21, 638:23, 649:4, 654:7, 662:19, 665:14, 669:2, 669:12

writes [6] - 507:25, 517:15, 605:12, 608:4, 662:21, 669:13

writing [5] - 503:7, 530:19, 533:14, 575:18, 654:1

written [1] - 577:24wrote [13] - 505:7, 507:18, 518:4,

523:15, 530:10, 530:20, 531:4, 540:16, 579:2, 629:11, 633:14, 649:11, 670:5

Y

yacht [1] - 666:11Yankees [2] - 657:9, 674:13yards [2] - 505:4, 505:7year [7] - 621:15, 622:23, 647:6, 667:14,

669:19, 670:6, 670:14years [1] - 537:24yellow [1] - 574:12yesterday [8] - 500:7, 501:9, 516:3,

540:20, 554:1, 554:13, 573:17, 621:16Yesterday [1] - 551:21YORK [1] - 494:1York [27] - 494:6, 494:17, 494:18,

494:22, 495:4, 645:18, 646:4, 650:13, 650:25, 652:16, 667:13, 667:25, 668:5, 668:7, 668:8, 669:1, 671:11, 671:12, 671:17, 673:3, 673:21, 673:25, 674:4

yourself [1] - 619:14yourselves [1] - 525:16

Z

zero [2] - 661:12, 661:13Zurich [1] - 662:24