For Media Attention

Alexander Saveliev, the former chairman of Bank St. Petersburg board, will be cross-examined next week in the proceedings on suit of Bank St. Petersburg vs Russian businessman Vitaly Arkhangelsky and Arkhangelsky's counterclaim against the bank at the High Court of England and Wales.

Transcripts of the proceedings are now uploaded in the internet:

http://www.rpc.co.uk/index.php?option=com_flexicontent&view=category&cid=660%3Absp-v-arkhangelsky-transcripts&Itemid=27

on a daily basis.

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The bank claims that Arkhangelsky, who, together with his family, left Russia in 2009 and was granted political asylum in France, did not settle with creditors and tries to recover a debt.

Archangelsky in his statement of claim says that during the global financial crisis the bank agreed to defer payment on loans for six months. As a collateral, the bank demanded Archangelsky to transfer the shares of companies that were a part of his Oslo Marine Group - West Terminal port complex and Scandinavia insurance company, the owner of a half of Onega terminal. Before the stipulated term expired, the bank demanded loan repayment and later used its political contacts including top law enforcement officers and St. Petersburg Governor Valentina Matvienko, sold the shares to a sister firm at a lower price and changed the executive of Arkhangelsky's companies. He estimates the damages at $500 million.

The course of the trial will be covered by the press-office.

Contact: Natalia Khmelik natalya.hmelik@gmail.com