UNITED STATES DISTRICT COURT EASTERN DISTRICT OF NEW …€¦ · 21/10/2019 · LAM OCR RPR 688...

Linda A. Marino, Official Court Reporter225 Cadman Plaza East / Brooklyn, NY 11201

[email protected] recorded by mechanical stenography; transcript produced by Computer-Aided Transcription.

682

UNITED STATES DISTRICT COURTEASTERN DISTRICT OF NEW YORK

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

UNITED STATES OF AMERICA,

-against-

JEAN BOUSTANI,

Defendant.

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

18-CR-681(WFK)

United States CourthouseBrooklyn, New York

Monday, October 21, 20199:30 a.m.

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

TRANSCRIPT OF CRIMINAL CAUSE FOR JURY SELECTION BEFORE THE HONORABLE WILLIAM F. KUNTZ, II

UNITED STATES DISTRICT COURT JUDGE

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

For the Government: RICHARD P. DONOGHUE, U.S. ATTORNEY EASTERN DISTRICT OF NEW YORK

271 Cadman Plaza East Brooklyn, New York 11201

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

Assistants United States Attorney

DEPARTMENT OF JUSTICE CRIMINAL DIVISION

1400 New York AvenueWashington, D.C. 20001

BY:MARGARET MOESER, ESQ.KATHERINE NIELSEN, ESQ.

For the Defendant: WILLKIE FARR & GALLAGHER LLP

787 Seventh Avenue New York, New York 10019

BY:PHILIP F. DISANTO, ESQ. CASEY E. DONNELLY, ESQ.RANDALL W. JACKSON, ESQ.RAYMOND MCLEOD, ESQ. MICHAEL S. SCHACHTER, ESQ.

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Proceedings

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THE COURTROOM DEPUTY: All rise. Honorable William

F. Kuntz, II, is now presiding. Criminal cause for trial,

Docket No. 18-CR-681, USA v. Boustani.

Counsel, please state your appearances for the

record.

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

Lillian DiNardo, Katherine Nielsen, Special Agent Angela

Tassone for the United States. Good morning, your Honor.

THE COURT: Good morning, counsel. We have the

spellings. You may be seated.

Ladies and gentlemen of the public, you may be

seated as well.

Defense counsel.

MR. JACKSON: Randall Jackson on behalf of

Mr. Boustani. Good morning, your Honor.

THE COURT: Good morning, sir.

MR. SCHACHTER: Good morning, your honor. Michael

Schachter on behalf of Mr. Boustani.

THE COURT: Good morning, sir.

MS. DONNELLY: Good morning. Casey Donnelly on

behalf of Mr. Boustani.

THE COURT: Good morning. Always a pleasure.

Good morning, Mr. Boustani.

THE DEFENDANT: Good morning.

THE COURT: Please be seated, sir.

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Proceedings

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MR. DISANTO: Good morning. Philip DiSanto on

behalf of Mr. Boustani.

THE COURT: Good morning.

MR. MCLEOD: Good morning, your Honor. Ray McLeod

on behalf of Mr. Boustani.

THE COURT: Good morning, sir. You may be seated as

well.

Do we have any procedural issues to address before

the jury comes out?

MR. BINI: Not for the Government, your Honor.

THE COURT: For defense?

MR. JACKSON: No, your Honor.

THE COURT: Thank you.

Mr. Jackson, will you let the CSO know and bring out

our jurors?

THE COURTROOM DEPUTY: Yes, Judge.


MR. BINI: May I have the witness resume the stand,

your Honor?

THE COURT: Yes, why don't you do that.

(Witness resumes stand.)

(Jury enters.)

THE COURT: Good morning, ladies and gentlemen of

the jury. Welcome back. I hope you had a wonderful weekend.

I'm sure you had a better weekend than the Yankees did and

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Proceedings

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probably a great weekend if you're a Mets fan or Red Socks

fan. So, that's the way it goes.

Please be seated. Thank you very much.

We'll resume the examination of Mr. Pearse. I'm

going to ask you, sir, have you spoken with anyone about your

testimony since you left the stand?

THE WITNESS: I have not, your Honor.

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

Continue, Mr. Bini.

MR. BINI: Thank you, your Honor.

At this time, the Government would seek to admit a

number of exhibits for which I believe there is no objection.

THE COURT: Well, we'll find out.

MR. BINI: Thank you, your Honor.

Government Exhibit 209.

THE COURT: Any objection?

MR. JACKSON: No objection, your Honor.

THE COURT: Admitted.

(Government Exhibit 209 so marked.)

MR. BINI: 3208.


MR. JACKSON: No objection.



MR. BINI: 3093.

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Proceedings

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MR. SCHACHTER: No objection.



MR. BINI: 3071.





MR. BINI: 2832.





MR. BINI: 2834.


MR. SCHACHTER: No objection, your Honor.



MR. BINI: 3115.





MR. BINI: 3098.

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MR. SCHACHTER: No objection subject to our

discussion with the Government.



MR. BINI: 3179.





MR. BINI: 2876.





THE COURT: And you may publish any of those that

have been admitted. Go ahead.

MR. BINI: We're having some technical difficulties,

your Honor, so I'm going to use the Elmo and move the mic over

here so that I make sure I speak into it.


I got an e-mail, ladies and gentlemen of the jury,

from our Chief Judge and our Chief Clerk over the weekend that

there were national systemwide tech problems. Hopefully, they

won't impact the presentation of information, but it's one

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Pearse - Direct - Bini

LAM OCR RPR

688

reason why all judges and.

Trial lawyers, like myself, always have a backup

plan, such as stick figures and book charts and all those

things, because as wonderful as modern tech is, when it goes

down, it goes down. We'll see what we can do.

MR. BINI: I found a copy of GX 209.

THE COURT: Want to dim the lights a bit,

Mr. Jackson.

And make sure it's legible for my jury to read.

MR. BINI: Yes, your Honor.

ANDREW PEARSE,

called as a witness, having been previously duly

sworn, was examined and testified as follows:

DIRECT EXAMINATION

BY MR. BINI (Continuing):

Q I'll ask you to look at the very top of this, Mr. Pearse.

What is Government Exhibit 209; can you make it out?

(Exhibit published to the jury.)

A It's the arrangement fee letter for the EMATUM

transaction.

Q And what's the date of Government Exhibit 209?

A August 30, 2013.

Q Can you explain to the jury again what an arrangement fee

letter is, Mr. Pearse?

A Yes. It's the fee charged by the bank that arranges the

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LAM OCR RPR

689

loan.

Q And if I can ask you to look to paragraph four, what was

the arrangement fee for Credit Suisse with respect to the

EMATUM loan on August 30, 2013?

A As a percentage, it was 1.6 percent of the loan amount.

Q What was the loan amount for the Credit Suisse portion of

the EMATUM loan and bond?

A It was $500 million.

Q What is approximately 1.6 percent of that, Mr. Pearse?

A I believe it's $8 million.

Q Were the kickbacks to you set out in this arrangement fee

letter?

A No, they weren't.

Q By the way, last week we looked at the EMATUM loan

agreement itself and the purpose clause in that loan

agreement; do you remember that, Mr. Pearse?

A Yes, I do.

Q Did the purpose clause indicate anything regarding

payments to you or Mr. Singh?

A No.

Q To clarify, is 1.6 percent of $500 million 8 million or

80 million?

A Eight.

Q $8 million. So, that would be the fee that Credit Suisse

would get for arranging this loan?

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690

A It was one of the fees, yes.

Q Last week, I asked you some questions about an individual

Antanas Petrosius.

Was he paid fees in connection with any of the

Mozambican transactions, Mr. Pearse, if you know?

A Yes, he was.

Q Which transaction or transactions?

A The EMATUM piece that was underwritten by VTB.

Q How much was he paid, if you know?

A In total, he was paid $1.3 million.

Q Why was he paid $1.3 million?

A He introduced VTB to myself and Privinvest and Defendant.

Q Was the Defendant aware of the payments to Antanas

Petrosius?

A Yes. Of that $1.3 million, $500,000 was paid by

Privinvest with the knowledge of Defendant.

Q What was the source of the other funds paid to

Mr. Petrosius?

A That was to reduce -- I paid it by reducing the liability

he had to me.

THE COURT: Who was "he"?

THE WITNESS: Excuse me, your Honor.

A Antanas Petrosius had an existing liability to me in

connection with the transaction I described last week in

Russia for Akbars and I agreed to reduce that amount he owed

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LAM OCR RPR

691

me by .8 of a million dollars or $800,000.

Q Last week, Mr. Pearse, I asked you some questions

regarding Mozambican individuals and nicknames used by the

Defendant or you. I want to ask you to look at in evidence



Q I'm going to ask you to look down.

Do you see the e-mail from Monday, April 14, 2014,

at 18:21?

A Yes.

Q Who is it from and who is it to?

A It's from Jean Boustani to Manuel Jorge and myself.

Q Is that e-mail address Manuel Jorge?

A Yes. Apologies for my pronunciation.

Q What the subject line of the e-mail?

A Proindicus London April.

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

A I wrote: Bro, who is Manuel?

Q And how did the Defendant respond to you?

A Marshall.

Q Who did you understand the Defendant to mean when he

wrote that Manuel was Marshall?

THE COURT: Could you raise it up so the jury can

see a bit more of it? Thank you.

A I understood the Defendant to be referring to Antonio

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LAM OCR RPR

692

do Rosario.

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

is functioning again, so I'm going to ask to switch over to

that, if I could.

THE COURT: Yes, you may.

MR. BINI: Thank you.

If I can publish Government Exhibit 3093 in

evidence, your Honor.

THE COURT: You may.


Q Who is this e-mail from, Mr. Pearse?

A Mr. Boustani.

Q Who is it to?

A Myself.

Q What did Defendant write to you?

A Love, Regarding Proindicus fees for Palomar, we don't

want to be exposed even for one percent in running Proindicus

operations and, hence, being liable for a nonperforming

business plan. So, the idea is to keep the financial

consultant hat, i.e., the 1.25 percent running fees, and a

general adviser by bringing a few top guys paid by us. We

will send a bill to Proindicus. If they don't pay, it will be

our risk. But I can't risk signing a subvention and things

drag and let's say we can't restructure in 2016.

Q What did you understand the Defendant to mean when he

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LAM OCR RPR

693

wrote: We don't want to be exposed even for one percent?

A He did not want us to be -- to take the risk of

Proindicus business not performing.

Q What was the Defendant, to your understanding, proposing

with respect to a running fee letter?

A He was confirming his agreement to a concept, which at

this stage had been discussed by myself with him, of receiving

a fee into Palomar of 1.25 percent per annum based on the

amount of the Proindicus loan outstanding at any given point

in time.

Q How would you collect this running fee?

A It was to be paid by Proindicus.

Q Was there the possibility of selling the running fee

interest?

A It was my belief at the time, yes.

Q Did you discuss that with the Defendant?

A Yes.

Q Who would the running fee interest be sold to?

A Excuse me, sir, who was it sold to or who could it be

sold to?

Q Who could it be sold to?

A Financial investors.

MR. BINI: You can take that document down --

actually, keep it up for one moment.

Q If I can ask you, Mr. Pearse, what was the subject of the

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LAM OCR RPR

694

e-mail?

A In case my BBM didn't reach.

Q What's a BBM?

A It stands for BlackBerry messenger.

Q Did you sometimes speak or communicate, rather, with the

Defendant using BlackBerry messenger?

A Yes.

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

Q Did you ever speak to the Defendant or others in the

criminal conduct regarding further changes to the Proindicus

loan agreement?

A Yes.

Q And I want to ask you specifically, around December of

2014 was there anything going on with the Proindicus loan at

that time in terms of changing it?

A Yes, there was.

Q What permissions, if needed, were -- excuse me.

What permissions were needed, if any, in order to

change the Proindicus loan agreement?

A I'm sorry, could you clarify the question?

From whom, sir, you said?

Q Were permissions needed if you wanted to make a change to

the Proindicus loan agreement, Mr. Pearse?

A Yes, all the parties to the agreements needed to agree.

So, it was a borrower, the lending syndicate, and the

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695

guarantor needed to agree.

Q We spoke last week about ICE Canyon in Los Angeles.

Did they remain a part of the Proindicus syndicate

in or about December 2014?

A I guess they were a part of the syndicate.

Q Was their consent needed for permission of the changes to

the Proindicus loan agreement?

A Because of the nature of the changes that were being

requested, all syndicate members needed to give their

permission.

Q What was the nature of the changes that were being

discussed at that time?

A The primary purpose of the restructuring was to extend

the period when the loan had to be repaid by two years. The

primary immediate benefit was that the amount that was due to

be repaid on that loan in March of 2015 was reduced

considerably to reduce the financial burden on Proindicus and

the Government of Mozambique.

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

to publish Government Exhibit 3071 in evidence.

THE COURT: You may publish.


MR. BINI: If we can go to the earliest e-mail,

Ms. DiNardo.

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

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696

A December 10, 2014.

Q What did the Defendant write?

A Hi, Love. Any news from the clowns? Please don't forget

to have the Palomar TS for Angola ready for this week with the

Lols. I guess you have the VTB one.


wrote, "Any news from the clowns"?

A I don't recall, sir.

Is there a preceding e-mail?

Q There's an e-mail after it. Let's look to the next

e-mail.

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

A It's from Dominic Schultens to Mr. Boustani, Ms. Subeva,

and myself.

Q What did Mr. Schultens write?

A Calling them again tonight for update. Currently no real

changes from his Andrew's update last night.

Q How did the Defendant respond?

A Are they talking to each other?

Sir, I'm now in a position to answer your previous

question.

Q Now that you've looked at those e-mails, do you recall

what the Defendant was referring to when he said, "Any news

from the clowns"?

A Yes. He was referring to Credit Suisse and VTB.

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697

Q Why was the Defendant referring to Credit Suisse and VTB,

if you know?

A Credit Suisse was primarily responsible for arranging the

extension to the Proindicus loan and VTB was one of the more

significant investors and had a voice in that process.

Q Were they involved in getting permission also from

syndicate members?

THE COURT: "They" who?

MR. BINI: I'm sorry.

Q Was Credit Suisse and the bankers of Credit Suisse, were

they involved in getting permission from syndicate members for

the changes to the Proindicus loan agreement?

A Yes.

MR. BINI: Okay. If we can read the e-mail from

Dominic Schultens responding to the Defendant.

Q How did Mr. Schultens respond?

A Just spoke to CS. To answer your question on are they

coordinating with VTB, they are not, but they are expecting us

to --

THE COURT: Slow it down.

THE WITNESS: My apologies.

A -- they are not, but they are expecting us to address

this by reverting on the clear market to them, brackets

progress. They are still working on ICE Canyon and hope to

squeeze them for an answer tonight. ICE Canyon wants out, so

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LAM OCR RPR

698

the request for a clear market is to, one, protect CS in case

they underwrite, and, two, convince ICE Canyon to agree to the

amendment on the basis that CS will help them sell down during

the clear market afterwards.

Q I'm going to stop you there and ask you what did you

understand "clear market" to refer to?

A That is a term whereby a borrower or an issuer agrees not

to issue or borrow another loan within a defined period of

time, and that period of time is known as the clear market.

Q Okay. If I can ask you to go down to the bullet point:

Assuming CS can get buy-in.

If you could, read that to the jury.

A Assuming CS can get buy-in from ICE Canyon today -- they

are in LA so unlikely we'll know before tomorrow -- they are

okay to underwrite shortfall assuming UBA consents on Friday.

Q Let me stop you there and ask you, what did you

understand, "Assuming CS can get buy-in from ICE Canyon today"

to mean?

A Buy-in to the extension of terms that were being agreed

with the syndicate.

Q What did you understand, "They are in LA, so unlikely

we'll know before tomorrow" to mean?

A That ICE Canyon were based in Los Angeles and, due to the

time difference, we would not know until the following day in

Europe or the Middle East. I don't recall where he was on

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LAM OCR RPR

699

this date.

Q Did the Defendant receive this e-mail from Dominic

Schultens?

A Yes, it's addressed to him.

Q If we can look to the Defendant Jean Boustani's response.

How did the Defendant respond?

A What about the upsize? Please, Bro, let it be clear that

they, CS, should expect nothing from us in terms of

coordination between them and VTB. It is their job. It is

unbelievable how slow they are going on which VTB is, of

course, using as an excuse to not commit on the upsize. I

told VTB clearly that there is no upsize, there will be a

default. Finally, don't count on the Byblos joke. Lebanese

clowns.


wrote, "What about the upsize"?

A At the same time that the Proindicus loan was being

extended -- this was the loan of $622 million -- there was an

increase in the loan from 622 to 900 million dollars, or I

should say, excuse me, the documents were adjusted to allow

for the loan to be increased.

Q Was the loan, in fact, increased to $900 million?

A Did the documents allow for it? No further loans were

made above $622 million to Proindicus.


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700

said, "I told VTB clearly that there is no upsize, there will

be a default"?

A I understood that to mean that the Defendant had

communicated with VTB that unless VTB underwrote the upsize,

the additional $278 million, there would be a default on

Proindicus.


to admit Government Exhibit 28 -- seek to publish Government

Exhibit 2832.

THE COURT: You may publish it if it's in evidence.


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

A January 7, 2015.


A It is from myself to Makram Abboud and Mr. Boustani.

Q What's the subject?

A Proindicus.

Q What did you write?

A Makram, Dominic spoke to your guys this afternoon. I

think it's fair to say we didn't like the response. There are

certain things that we need not to happen, such as ICE Canyon

or CS being notified of the new deal.

Q Let me stop you there and ask you, Mr. Pearse, what did

you mean by, "There are certain things that we need not to

happen, such as ICE Canyon or CS being notified of the new

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LAM OCR RPR

701

deal"?

A In order for ICE Canyon and Credit Suisse to agree to the

extension of the existing Proindicus loan, Proindicus had

promised Credit Suisse a clear market provision. This is the

provision which that says Proindicus will not try to borrow

any more money for a period of time. If I recall, it was

three months.

In the meantime, it appeared that VTB was attempting

to sell the upsize, the $278 million, of Proindicus loan into

the market. So, in breach of the clear market.

Q Okay. What were you concerned about ICE Canyon being

notified -- or why were you concerned about ICE Canyon being

notified?

A Because ICE Canyon was one of the more difficult

investors to convince to restructure the existing Proindicus

loan. And if they became aware that it was a further loan

being marketed by VTB, it could have meant that ICE Canyon did

not agree to the extension or would have refused to agree to

the extension.

Q Did the Defendant receive this e-mail?

A He's copied on this e-mail, yes.

MR. BINI: Now I'd like to publish Government

Exhibit 2834 in evidence if I may, your Honor?

THE COURT: You may.


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LAM OCR RPR

702

Q I'm going to ask you, Mr. Pearse, to look at the e-mail

from January 15, 2015, at 2:07 p.m.

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

A It is from Dominic Schultens to Ms. Subeva, Naji Allam,

and myself.

Q What did Dominic Schultens write?

A Hi, Lina. Thanks. This request actually stems from me,

as EMATUM chased me for the invoice so they can clear customs

for when the next boats arrive in Maputo on Monday. I am not

aware of a breakdown on EMATUM's end, but I can try to check

tomorrow.

Q What was going on at this time period, if you know,

Mr. Pearse?

A I'm sorry, sir, I would need to see the preceding e-mail

for context.

MR. BINI: Okay. If we could go to the bottom

e-mail from Naji Allam.

Q What did Naji Allam write to Ms. Subeva on January 15,

2015, at 12:48 p.m.?

A Hi, Lina. Happy new year. I need urgently, please, the

client price by item since I need to issue some invoices.

Thank you.

Q What did you understand Naji Allam to be referring to?

A He wanted a breakdown of the prices of the vessels that

had been supplied to EMATUM in order to issue an invoice.

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LAM OCR RPR

703

Q Is this two years or a year and a half after the EMATUM

deal was signed and financed?

A The EMATUM deal was signed December 2013, so it's roughly

a year and a quarter later.

Q And how did Ms. Subeva respond if we go to the next

e-mail?

A Hi, Naji. I haven't seen from your side a breakdown by

price per item delivered. The contract had just a total price

for all vessels and services. I have copied Dominic to see if

there is a draft breakdown done at EMATUM as part of the first

audit or if it was to be done during this calendar year. Have

you issued any invoices so far, so that consistency is

maintained for each vessel? Kind regards, Lina.

Q Now going up to Dominic Schultens' e-mail, did you have

an understanding of what Mr. Schultens was asking about here

now that you have seen the earlier e-mails?

A Yes, sir. Thank you for helping me to clarify.

He's asking for the -- an invoice that shows the

vessel-by-vessel breakdown of the price paid by EMATUM to Abu

Dhabi MAR.

Q What was the approximate price that was paid by EMATUM to

Abu Dhabi MAR?

A If I recall correctly, approximately $770 million.

Q How did you respond, Mr. Pearse?

A There isn't one and it won't be provided. Never is.

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LAM OCR RPR

704

Q Why did you respond that way, Mr. Pearse?

A My experience when asking the Defendant for a breakdown

of the price per constituent element of each of the contracts

was that he never provided it, he was reluctant to do so.

Q Did you think that was unusual with such a large

contract, that there would be no invoice provided?

A There was an invoice provided, so they didn't break down

the invoices. There's a difference.

Q Okay. Did you think it was unusual that for nearly

$800 million worth of boats there was no breakdown of the

prices of boats?

A I'm sorry, that would require me to speculate. I'm not

an expert in invoices relating to boats.

I know that it was requested by other people from

time to time.

MR. BINI: At this time, I'd like to publish


THE COURT: In evidence?




Q Who is the bottom e-mail from and to, Mr. Pearse?

A This is from Naji Allam to myself.

Q And what did Naji Allam write to you?

A Hi. He owes us AED 50,000 by end of February 2015. We

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LAM OCR RPR

705

are sending AED 5,000 every month.

Q I'll stop you there.

What's the subject of this e-mail?

A Surjan.

Q What did you understand Mr. Allam to be asking?

A Sorry, it's a statement. There's not a question in the

e-mail.

Q What did you understand him to be referring to?

A Excuse me, he's referring to the salary that was being

paid by Privinvest to Surjan Singh in accordance with his

employment for the purposes of receiving the residency in the

UAE.

Q What that real employment?

A No, it wasn't.

Q What was the approximate amount of AED 5,000 every month

in U.S. dollars, if you know.

A Give or take, fifteen hundred dollars; 1,500.

Q So, how much did Naji Allam indicate AED 50,000 was owed

to him for the fake salary?

A $15,000.

Q 15,000 U.S.

A That's correct.

Q Were you aware of how much Surjan Singh had been paid by

Privinvest at this point?

A Roughly, yes.

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LAM OCR RPR

706

Q And what did you understand him to have been paid?

A Just over $4 million.

Q How did you respond to Naji Allam's request to get back

the 15,000 in fake salary?

A Okay. I will squeeze him.

MR. BINI: You can take that down, Ms. DiNardo.

Q I'd like to ask you, Mr. Pearse, about March 2015.

What was happening in approximately March 2015, if

you recall, in Mozambique?

A I'm sorry, I don't recall.

Q Do you recall an interest payment being due for EMATUM

around that time?

A Yes, excuse me. Under the terms of the Proindicus and

the EMATUM loans, they had an interest payment date in March

of every year.

Q And did you have any understanding of whether EMATUM was

going to be able to make its interest payment?

A I understood that EMATUM would be able to make its

interest payment but not from its own resources.

Q Why was that?

A I understood that the government of Mozambique or the

Ministry of Finance was working on insuring that the payment

was made.

Q And were there meetings or did you ask for Dominic

Schultens to meet with certain Mozambican government officials

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LAM OCR RPR

707

related to the interest payment?

MR. JACKSON: Objection.

THE COURT: If you know.

A Yes, meetings were held with the Ministry of Finance

representatives.

Q Last week, you testified regarding the new finance

minister who came in following Chang.

Who was that individual?

A Adriano Maleiane.

THE COURT: Would you spell that for the court

reporter, at least phonetically?

THE WITNESS: A-D-R-I-N-O, second name

M-A-L-E-A-I-N-E.

Q And around this time what, if anything, did you learn

regarding whether Finance Minister Maleiane was disclosing the

Proindicus and MAM loans to the INF?



A Sorry, is the question at a point in time?

THE COURT: Why don't you read the question back?

If you can't answer it, we'll have counsel put

another question.

Madam reporter, would you read it back? And keep

your voice up, please.

(Record read.)

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LAM OCR RPR

708

A I'm sorry, sir, I would need you to be specific as to the

date.

THE COURT: Why don't you withdraw and restate the

question or ask another question, counsel?

MR. BINI: Sure.

Q In March 2015, did you learn anything about whether

Finance Minister Maleiane was disclosing the Proindicus and

MAM loans to the INF?



The answer is either yes, you did learn or no, you

didn't or you don't remember.

A I did learn. I don't remember if the date is correct.

(Continued on the following page.)

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Pearse - direct - Bini

SAM OCR RMR CRR RPR

709

(Continuing.)

THE COURT: What did you learn?

THE WITNESS: I did learn that Mr. Maleiane had not

disclosed the existence of the two loans, Proindicus and MAM,

to the IMF. I'm struggling to recall whether it was exactly

in March.

THE COURT: I understand.

So just ask the question without the exact date, so

that the witness can testify. And then we can get to

cross-examination.

MR. BINI: Thank you, Your Honor.

EXAMINATION CONTINUES

BY MR. BINI:

Q In or about early 2015, did there come a time that you

learned that Finance Minister Maleiane had not revealed the

Proindicus and MAM loans to the IMF?

MR. SCHACHTER: Objection.

THE COURT: Overruled.

THE WITNESS: Yes.

Q Did you have any understanding at that time of whether

Mozambique was required to disclose the Proindicus and EMATUM

loans to the IMF?


THE COURT: Overruled. Asked for his understanding.

You may answer.

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SAM OCR RMR CRR RPR

710

THE WITNESS: Yes, it was my belief that under the

terms of the agreement between Mozambique and the IMF, they

were required to disclose all of their existing debt.


to publish Government's Exhibit 3098 in evidence.


(Exhibit published.)

BY MR. BINI:

Q I ask you to look at the bottom e-mail.

Who is that e-mail from, and who is it to,

Mr. Pearse?

A It is from myself to David Langford, Naji Allam, and Jean

Boustani.

Q What's the "Subject" of the e-mail?

A "EMATUM Audit."

Q What was going on at this time, Mr. Pearse?

A EMATUM was the subject of its annual audit by Ernst &

Young.

Q What's Ernst & Young?

A Ernst & Young is a -- an international accountancy firm.

Q And was the annual audit in connection with its terms

under the loan agreement?

A No.

Q What was the purpose of the annual audit?

A I believe that Mozambican law requires companies to have

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SAM OCR RMR CRR RPR

711

an annual audit. And EMATUM was a government-owned company

and it was required to have an audit under local law.

Q What did you write in your e-mail?

A "Gents, EMATUM needs a letter confirming the financial

support provided to EMATUM by ADM to give to the auditors,

E&Y. The proposed text is: ADM hereby confirms that it has

supported the EMATUM financing by making total payments to the

lenders in excess of U.S. Dollars 53 million."

Q Let me ask you to stop there, Mr. Pearse.

What was this referring to, "ADM hereby confirms

that it has supported the EMATUM financing by making total

payments to the lenders in excess of 53 million"?

What were you referring to?

A This was referring to the subvention fees that had been

paid by Abu Dhabi MAR to Credit Suisse and VTB.

Q Was the information that you're proposing for this letter

true?

A This statement is correct.

Q Did you believe it was deceptive?

A It was designed to deceive.

Q How was it designed to deceive, Mr. Pearse?

A It was designed to confuse the auditors as to where the

money for EMATUM paying interest had come from.

Q Why was that?

A Because the government of Mozambique had paid -- or

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SAM OCR RMR CRR RPR

712

procured the payment of the previous year's interest payments

and they had not disclosed that to Parliament. And the EMATUM

audit was a matter of public record, and they wanted not --

they wanted the fact that the Government has paid interest to

be revealed to the public.

Q Why was that an issue of concern?

A At that time, the EMATUM loan was publicly known, but the

Government had only agreed to support through this budget

payments on 350 of the $850 million, and had told Parliament

that the other 500 million would be paid for by EMATUM,

itself, from its own activities.

And so, when the Government used its own resources

to pay the interest bill on that 500 million piece, it did so

without notifying either the public or Parliament. So the

Ministry of Finance had kept that information within the

Ministry and not disclosed it.

Q How did you learn that?

A Through discussions with Ms. Lucas at the Ministry of

Finance.

Q Did you have any discussions regarding that with the

defendant?

A Yes, the defendant was also aware.

MR. BINI: You can take that exhibit down,

Ms. DiNardo.

BY MR. BINI:

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SAM OCR RMR CRR RPR

713

Q I would like to ask you a little bit about payments to

Mozambican public officials.

Mr. Pearse, while you were at Credit Suisse, were

you aware of a high probability of bribery in transactions

involving Iskandar Safa in Mozambique?



If you know.

THE WITNESS: No.

BY MR. BINI:

Q While you were working on these transactions, did you

become aware of such a risk?



THE WITNESS: Whilst at Credit Suisse a report was

prepared by the Compliance Department -- or requested by the

Compliance Department by a third-party provider, which was not

shown to me as a member of the front office, but I was --

parts of it were read to me. In that report, it suggested --



Go ahead.

THE WITNESS: In the bits -- in the pieces of that

report that were read to me, my recollection is that Iskandar

Safa was referred to as someone to be paid --

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SAM OCR RMR CRR RPR

714



Finish.

THE WITNESS: -- was -- my recollection of the

report, as read to me, was that --

BY MR. BINI:

Q I actually want to direct you on this point.

I just want to ask you, based upon that report, did

you -- what you heard from that report, did you believe there

was a high risk of bribery in connection with Iskandar Safa in

transactions in Mozambique?

A By that date I was aware that he had negotiated a

kickback with me, so yes.

Q Okay. And while you were working on these transactions

after you left Credit Suisse, you have already told the jury

about the conversation you had with the defendant regarding

the $50 million payment to the son of the President of

Mozambique.

Did you have any other discussions with the

defendant regarding benefits received by the son of the

President from Privinvest?

A Yes.

Q What else did the defendant tell you about benefits that

the son of the President of Mozambique was provided by

Privinvest?

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SAM OCR RMR CRR RPR

715

A The -- Armando Guebuza, the son, lived on the Estate of

Iskandar Safa for a period of time, from 2014 he was provided

with accommodation. He was also given a job by Privinvest

working at their shipyard in the north of Germany.

Q What was he to do there, if you know?

A I was told that he was to be an apprentice, and the

intention was to give him job experience.

Q Did you have any discussions with the defendant regarding

whether the son of the President did any real work?

A I recall being told that Armando was lazy and generally

didn't turn up to work.

THE COURT: Told by whom?

THE WITNESS: The defendant, Your Honor.

THE COURT: Go ahead.

BY MR. BINI:

Q While you were working in this criminal scheme, did there

come a time that there was an audit of the Mozambican

companies done by you and several of the co-conspirators?



THE WITNESS: Yes, there was.

Q What involvement -- well, first of all, how did that --

how did that occur?

A The -- excuse me, Privinvest had paid monies to

Proindicus and EMATUM, which were described as payments in

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SAM OCR RMR CRR RPR

716

relation to operating expenses.

The -- in early 2015, the EMATUM management had

asked Privinvest for more money. So I, together with the

members of the Palomar team, were asked by the defendant to

establish what the management at EMATUM had spent all the

money that they'd previously been given on.

Q Did you participate in the audit of the companies?

A I was involved for one day, but my team participated

fully.

Q Did you see, hear or observe anything that caught your

attention regarding public officials?



THE WITNESS: The Board of Directors of EMATUM

included representatives of each of the ministries that owned

EMATUM or had an interest in it, including Isaltina Lucas who

was the National Director of Treasury at the Ministry of

Finance; included Antonio do Rosario who was the CEO and

Chairman, and others.

Through that audit process, I learned that those

members of the Board of Directors were paid salaries of

hundreds of thousands of dollars per year.

THE COURT: Paid salaries by who?

THE WITNESS: By EMATUM.


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SAM OCR RMR CRR RPR

717

BY MR. BINI:

Q And how was EMATUM doing at that point?

A To the best of my knowledge, it had not made any revenue

at that point.

Q Did you notice any wealth that you thought was

unexplained among the Mozambican officials who you dealt with

as part of this criminal scheme?



THE WITNESS: I was aware of Antonio do Rosario

purchasing numerous expensive cars and purchasing a flat in

Maputo, which at that time, was the -- Maputo, the capital of

Mozambique.

Q What's a "flat"?

A It's a small house -- sorry, apartment. Excuse me. He

bought an apartment in an expensive area of Maputo.

Q And what was his job besides being the head of the three

Mozambican companies?

THE COURT: Whose job?

MR. BINI: do Rosario's.

BY MR. BINI:

Q What was Antonio do Rosario's job besides being head of

EMATUM, Proindicus, and MAM?

A As far as I was aware, he was a ranking officer in SISE.

Q What's SISE again?

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SAM OCR RMR CRR RPR

718

A S-I-S-E is the Secret Service of Mozambique.

Q Did there come a time, Mr. Pearse, that you began

discussions regarding restructuring the Proindicus loan?

A Yes.

Q Did you also begin discussions regarding restructuring

the EMATUM and MAM loans?

A Yes.

Q Why?

A In 2015, it became clear that none of those companies was

going to generate the revenue that it was expected under the

terms of their business plans.

Q Was the defendant involved in those discussions?

A Yes.

Q Was there a proposal for restructuring -- a specific

proposal for restructuring EMATUM?

A I'm sorry, sir, could you define that question? From

whom to who?

Q Was there a specific proposal proposed by you or anyone

else regarding restructuring EMATUM?

A Yes, there was.

MR. BINI: If we can go to Government's Exhibit 3178

in evidence.

THE COURT: You may, and you may publish.

MR. BINI: 3178.

THE COURT: What's the number again, counsel?

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SAM OCR RMR CRR RPR

719

MR. BINI: 3178.

THE COURT: Okay. You may publish. It's in

evidence. Go ahead.


BY MR. BINI:


A 20th of April, 2015.

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

A It's from myself to Mr. Boustani.

Q What's the "Subject"?

A "Mozambique Master Growth Plan."


A "Bro, this is what has been prepared."

Q Okay.

3178-A, is that what was attached?


A Yes.

Q And was this what you sent to the defendant?

A It was attached to the previous e-mail to the defendant.

Q I am going to ask you to look at page 5 with the title

"Option 2."


MR. BINI: If we can go to page...

BY MR. BINI:

Q What does the Executive Summary explain, Mr. Pearse?

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SAM OCR RMR CRR RPR

720

A The first paragraph explains what I previously described

to the Court, namely that 350 million of the 850 million is

included in the government budget, leaving EMATUM responsible

for the balance of $500 million.

Q If we can look to your proposed solution at the bottom,

"Option 2."

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

BY MR. BINI:

Q What did you propose as a solution for EMATUM's problems?

A One of the solutions was to repay the EMATUM bonds with

the proceeds of issuing a new 10-year Mozambique sovereign

bond.

Q Is it called a sovereign eurobond?

A Yes.

Q What's a eurobond?

A It is a bond issued outside of the U.S.

MR. BINI: If we can go to page 7. If you can blow

up the top portion, Ms. DiNardo, through the second bullet

point.


BY MR. BINI:

Q Can you -- is this called "Option 2: Eurobond Take-Out"?

A Yes.

Q Mr. Pearse, can you read the bullet point that begins

"Palomar recommends."

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SAM OCR RMR CRR RPR

721

A "Palomar recommends Mozambique issue a U.S. dollar

850 million to 1 billion 10-year senior unsecured Reg S/144A

bond."

Q Let me stop you there and ask you, what is a Rule 144A

bond, Mr. Pearse?

A It is a bond that's eligible to be purchased by certain

U.S. investors.

Q Why were you recommending structuring this eurobond

take-out as including Rule 144A?

A To maximize the size of the bond. And the experience

with the EMATUM bond, which was not a Rule 144A bond, had been

that it had been more difficult to place.

Q Okay.


to publish 3179 in evidence.

THE COURT: Any objection -- no, it's in evidence.

Publish.


BY MR. BINI:

Q What's the date of the bottom e-mail?

A 21st of April, 2013 -- 15. Excuse me.

THE COURT: What date?

THE WITNESS: 21st April, 2015.

THE COURT: The bottom e-mail?

THE WITNESS: Oh, 20th of April, 2015, Your Honor.

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SAM OCR RMR CRR RPR

722

Excuse me.


BY MR. BINI:

Q And who's that from, and who's that to?

A That's from myself to Mr. Boustani.

Q Is that the e-mail that we just read in 3178?

A Yes, it is.

Q Okay.

Did Mr. Boustani respond to your e-mail attaching

the presentation?

A Yes, he did.

Q What's the date of that?

A 21st of April, 2015.

Q How did the defendant respond?

A "A few remarks, Bro:

"Instead of Gov of Moz, let's put Banco Nacional de

Investimento BNI," and he included an e-mail address, "to be

the Palomar co-partner in this exercise.

"2. We need to put flow charts or graphics to

visualize the meaning of the paragraphs.

"3. Let's put a small box listing the current terms

of the ongoing financing of Proindicus, EMATUM, and MAM and

hence showing the MoF, the subsidies done by us, and the

difference with their current market rates.

Q How did you respond?

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SAM OCR RMR CRR RPR

723

A "Point 3 was in the update pres, we gave Mo" --

THE COURT: Lost it, counsel. The screen went

blank.

MR. BINI: Okay. Let me back up.


THE WITNESS: "Point 3 was in the update pres, we

gave MoF a month ago, but we will summarize here as well.

Other points we will put in, no worries. What did you think

of the rest of it?"


A "It is good, but we need to take it easy on them.

Project by project, not all in one go when we see him. Day 1

EMATUM, and the rest Day 2."

Q Let me stop you there and ask you: What did you

understand the defendant to mean when he said: "Day 1 EMATUM,

and the rest Day 2"?

A I took that to mean that deal firstly with the problems

with EMATUM, and deal secondly with the problems with

Proindicus and MAM.

MR. BINI. Okay, you can take that down.

The Government would now publish Government's

Exhibit 2876 in evidence.



MR. BINI: And, Your Honor, I should also seek to

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SAM OCR RMR CRR RPR

724

put into evidence Government's Exhibit 2876-T, because there

is a translation for a portion.

THE COURT: Any objection to 2876-T?

MR. SCHACHTER: No, Your Honor.

THE COURT: It's admitted.

(Government's Exhibit 2876-T was received in

evidence.)

THE COURT: You may publish it.

MR. BINI: Okay.

And if we can go to the bottom e-mail of 2876, the

earliest e-mail.


BY MR. BINI:

Q Who is that e-mail from?

A Alex Segura.

Q Who is Alex Segura?

A He was the IMF representative in Mozambique.


A 3rd of May, 2015.

Q Is it in Portuguese?

A I believe so, yes.

Q Okay.

MR. BINI: If we can now show 2876-T, which are the

translation of this bottom portion.


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SAM OCR RMR CRR RPR

725

MR. BINI: And if you could blow up

Mr. Segura-Ubiergo's e-mail.

BY MR. BINI:

Q What did Mr. Segura-Ubiergo write to Antonio do Rosario

on May 3rd, 2015?

A "Good morning, Dr. Antonio. I am preparing the meeting

with the contributors and I have a question. The annex to the

initial contract with Abu Dhabi increases the value of the

contractor's order from $785 million to $836 million. Is this

due to a revision of the initial contract price since the

goods turned out to be more expensive?"

Q I'll stop you there and ask you: What happened next in

the e-mail chain?

How did it make its way to you, Mr. Pearse?

A It was forwarded to me by Dr. Rosario.

Q What did he write?

A "In the same vein..."

Q And how did the defendant respond?

A "We are working on it, my brother."


A "Bro" --

THE COURT: Expand it again, please.

A -- "we need to be careful with this. It's not an

accounting issue. We need to know what was supplied for the

increased contract price. Who has that info? I don't."

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SAM OCR RMR CRR RPR

726

Q What were you concerned with, Mr. Pearse?

A The question from Alex Segura indicated that the contract

price had gone up for $50 million, and I did not know what had

been supplied for that extra amount of money.

Q What did the defendant respond?

A "Naji, there is no problem at all."


A "Cool. Lovely."

Q Did you then exchange e-mails with Ms. Subeva?

A Yes, I forwarded it to Ms. Subeva.

Q And how did she respond?

A "Until it becomes apparent that the equipment under the

smaller and bigger contracts is exactly the same, should I ask

for equipment list under the original contract, too, so we can

show the difference? Just to skip a step."

Q What did you understand Ms. Subeva to mean?

A That her understanding was that there had been no extra

equipment provided by ADM for the extra $50 million increase

in contract price.

Q Okay.

MR. BINI: The Government, at this time, would seek

to admit Government's Exhibit 3118.


MR. SCHACHTER: Yes, Your Honor, objection.

THE COURT: All right, we'll have a sidebar.

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Sidebar

SAM OCR RMR CRR RPR

727

(Sidebar held outside the hearing of the jury.)

(The following sidebar took place outside the

hearing of the jury.)

THE COURT: Let me take a look at it.

MR. BINI: Mr. Schachter, we redacted --

THE COURT: Hold on.

MR. BINI: I'm sorry.

THE COURT: What is the objection?

MR. SCHACHTER: Oh, with the redaction, it's fine,

Your Honor.

MR. BINI: Then I'll --

THE COURT: Hang on. You have a redacted version of

this document?

MR. BINI: Yes, Your Honor.

THE COURT: And the redacted version is what is

going to be shown to the jury?


THE COURT: Therefore, there is no objection?

MR. SCHACHTER: Correct, Your Honor.

THE COURT: Okay, fine. Step back.

MR. SCHACHTER: Thank you, Your Honor.


(Sidebar concluded.)

(Continuing on the following page.)

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SAM OCR RMR CRR RPR

728

(In open court - jury present.)

THE COURT: Is there any objection to the document

as being offered by the Government?


(Government's Exhibit 3118 was received in

evidence.)



If we can go to the earliest e-mail first.


EXAMINATION CONTINUING

BY MR. BINI:

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

A 12th of May, 2015.

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

A From Mr. Boustani to Dominic Schultens, Ms. Subeva,

Antonio do Rosario, and myself.

Q What did the defendant write to that group of

individuals?

A Would you like me to read it, sir?

Q Yes, please.

A "Andy, MoF has been misled by Madam Lucas.

So you need to explain:

"1. History of all transactions.

"2. Bring copies of all legal opinions of CGA/CC.

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SAM OCR RMR CRR RPR

729

"3. Bring docs showing subsidies done by

Privinvest.

"4. Discussing the restructuring.

"5. Signing the Proindicus letters.

"6. Getting his approval to restructure EMATUM.

"7. Getting his approval to restructure Proindicus

and MAM."

Q I'll stop you there and ask you: How did you respond to

the list of items that the defendant had written out?

A "Sure. How has he been misled? I.e., what do we need to

correct?"


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MDL RPR CRR CSR

730

DIRECT-EXAMINATION (Continuing)

BY MR. BINI:


A "All the points below. Madam Lucas, was the person

blocking the meeting and signature of the Proindicus fee

letter."

Q What did you understand the defendant to mean?

A He was asking -- I understood it to mean that Isaltina

Lucas had not briefed Minister of Finance correctly and that

she was blocking meetings that I had been requested --

requesting to have with the Minister of Finance at this point

in time.

Q Who was the new Minister of Finance at this point?

A Adriano Maleaine.

THE COURT: Would you spell that for the reporter.

THE WITNESS: A-D-R-I-A-N-O. M-A-L-E-A-I-N-E.


to admit Government Exhibit 2890.


MR. JACKSON: Can I have just a moment, Your Honor?

THE COURT: Yes.

MR. JACKSON: May I see it on the screen, Your

Honor?

THE COURT: Why don't you publish it to opposing

counsel and the Court, not to the jury, it's not in.

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MDL RPR CRR CSR

731

Any objection?

MR. SCHACHTER: No further objection.

THE COURT: You may publish. It is admitted.

(Government's Exhibit 2890 received in evidence.)

Q Looking to the bottom portion of the e-mail. I am just

going to ask you about the top portion. Take a look quick

look, Mr. Pearse, and tell the jury, does this relate to a

different transaction?

THE COURT: Would you blow it up so the jury can see

it. The bottom portion is that what you're calling his

attention to?

MR. BINI: At this time, yes, Your Honor.

THE COURT: Go to the bottom portion. Make it

legible for the jury, they're the finders of fact.

What's your question?

BY MR. BINI:

Q Mr. Pearse, does this relate to a different set of

transactions?

A Yes, it does.

Q Okay. I want to direct your attention now just to the

very top e-mail, the e-mail from -- I'm sorry, the second to

top e-mail from Mr. Boustani. Does he set out a list of five

things to do in these other transactions?

A Yes.

Q Okay. Now let's look at what you wrote. What did you

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MDL RPR CRR CSR

732

write on July 8, 2015 at 14:41 to Mr. Shultens and Ms. Subeva?

A "JB just turned into a structurer."

Q What did you mean by that?

A I meant that the preceding e-mail had been a detail legal

and financial structure of the transaction and that -- part of

that had been my role in Palomar, to be the structurer, and I

was suggesting to the other two recipients of the e-mail that

Mr. Boustani had now become a structurer and had learned from

me.

THE COURT: All right. It is about 20 minutes to

12:00. Why don't we take our 15-minute midmorning break and

we will come back at about five minutes to 12:00.

Ladies and gentlemen, do not talk about the case.

Mr. Pearse, do not talk about your testimony. Thank

you. See you in 15.

(Jury exits the courtroom.)

You may step down, Mr. Pearse. Thank you.

(Witness steps down.)

THE COURT: The jury has left the courtroom. You

may be seated, ladies and gentlemen.

Are there any procedural questions to address in the

absence of the jury? The Government?

MR. BINI: No, Your Honor.

THE COURT: From defense?

MR. JACKSON: Yes, one briefly, Your Honor.

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MDL RPR CRR CSR

733

THE COURT: Okay.

MR. JACKSON: So, Your Honor, the Government posed

to Mr. Pearse a series of questions about his knowledge,

whether he had ever learned about certain statements made by

the Minister of Finance reportedly related to the debt

structure, or the debt obligations and whether they disclosed

them in Mozambique, and Mr. Pearse's testimony was that he had

learned at some unspecified point and in some unspecified way

about whether or not the Minister of Finance had appropriately

disclosed certain aspects of the Mozambican debt. We

understand the Court has admitted that testimony, Your Honor.

We don't believe Mr. Pearse had any actual direct knowledge

and that he's basing his understanding of that simply off of

reading press reports or something like that. So what we are

respectfully requesting, Your Honor, is the Court issue an

instruction to the jury that that testimony, since the Court

finds admissible, is not admitted for the truth of the matter

asserted but for a limited purpose, which I must imagine the

only purpose the Government could have been possibly been

seeking it for was for its effect on Mr. Pearse's mindset.

But we do respectfully request that the Court instruct the

jury that that was not offered or admitted for the truth of

the matter asserted.

THE COURT: Mr. Jackson, you are going to have ample

opportunity to cross-examine this witness. So I think your

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MDL RPR CRR CSR

734

request is, at best, premature because you will be able to

cross examine him and sword with him the basis of his

testimony.

MR. JACKSON: Your Honor, that's a fair point, but

with regard to this point, the question of whether or not this

disclosure happened and how it happened is an important

factual question in this case.

THE COURT: That's why you are going to

cross-examine him on it.

MR. JACKSON: And, Your Honor, because the witness

has no actual knowledge --

THE COURT: No, no. You are not understanding what

I am telling you. The way you do this is you are going to

cross-examine him and see what the basis is and you are going

to extract from him what the basis is. And if it turns out

the basis for his testimony is newspapers stories, comic

books, alternative facts, you will have at him on cross, and

then you won't need any instruction. So far the witness has

just testified as to what his understanding is and that is why

God made cross-examination.

MR. JACKSON: Just...Understood, Your Honor. Thank

you.

THE COURT: You're welcome. Anything else?

MR. SCHACHTER: No, Judge.

THE COURT: We will take our 15-minute break.

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MDL RPR CRR CSR

735



(Recess taken.) .

(In open court; jury not present.)

THE COURTROOM DEPUTY: All rise. Judge Kuntz

presiding.

THE COURT: I see all counsel are present. We will

produce the defendant.

(Defendant present.)

THE COURT: You may be seated, ladies and gentlemen.

Do we have any procedural issues to address before

we bring the jury back in?

Please be seated, everyone.


MR. BINI: Not from the Government.

THE COURT: All right.

MR. BINI: May I put the witness back on the stand,

Your Honor?

THE COURT: Yes, you may.

(Witness resumes stand.)

THE COURT: Please be seated. Please stand when the

jury comes in.

(Jury enters the courtroom.)

THE COURT: Thank you for your promptness, ladies

and gentlemen of the jury. Please be seated.

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MDL RPR CRR CSR

736

And you may continue the examination.

Have you spoken with anyone about your testimony

during the break, sir?

THE WITNESS: No, Your Honor.

THE COURT: Thank you. Please be seated.

And continue, Mr. Bini.


BY MR. BINI:

Q Mr. Pearse, in or about August of 2015, did you have

occasion to travel to Colorado in the United States?

A Yes, I believe I did.

Q What was the purpose for your travel to Colorado, Mr.

Pearse?

A The oil and gas company that I had acquired together with

Mr. Boustani, and Mr. Safa was headquartered in Denver.

Q Did you meet anyone in Denver related to that investment?

A Yes, I did.

Q Who?

A The CEO at the time was a gentleman called John

Buggenhagen.

THE COURT: And would you spell that for the

reporter?

THE WITNESS: B-U-G-G-E-N-H-A-G-E-N.

A I also met other members of the management team.

Q And what was the source of your funds for this

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MDL RPR CRR CSR

737

investment, Mr. Pearse?

A I used monies that I had received as a result of being

paid for my role in the scheme.

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

would seek to admit Government Exhibit 2911.

THE COURT: Any objection to 2911?

MR. SCHACHTER: Objection, Your Honor.


MR. SCHACHTER: Objection, Your Honor.

THE COURT: Let's have a sidebar.


(Continued on the next page.)

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Sidebar

MDL RPR CRR CSR

738

(The following occurred at sidebar.)

THE COURT: Would you hand up the document so I can

see it, please.

Let me read it.

MR. SCHACHTER: I'm sorry. I'm sorry. I thought

2911 was the trip. I'm sorry.

THE COURT: Okay.



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MDL RPR CRR CSR

739

THE COURT: Is there any objection to 2911?


THE COURT: It is admitted.





BY MR. BINI:

Q If we can look at the bottom e-mail, Mr. Pearse. What's

the date of the e-mail?

A 28 of August, 2015.

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

A It's from Mr. Boustani to myself.

Q What is the subject?

A Uncle.

Q Who is uncle?

A Surjan Singh.

Q What did the defendant write to you on Friday, August

28th of 2015 regarding Surjan Singh?

A Would you like me to read this?

Q Yes, please.

A "U.S. dollars 4,200,000. Residency visa purposes WPS.

AED 70,000, approx, U.S. dollar 19,000, so total of

$4,219,000. Account number for repayment. U.S. dollar

account. Account name. Logistics International Investments,

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MDL RPR CRR CSR

740

LLC."

Q I am going to stop you there and ask you, Mr. Pearse, did

you have conversations with the defendant around this time

regarding the subject matter of this e-mail?

A Yes, I did.

Q What, if anything, did the defendant say to you?

A The defendant had asked that I help him to get Surjan

Singh to repay the monies that were paid to him as kickbacks

on the amount of transaction.

Q Why did the defendant tell you he wanted the money back?

A He was upset with Mr. Singh because Credit Suisse had not

been able to underwrite or lend any of the additional monies

to Proindicus from the $278 million that had been increased

by.

Q Did you speak to Surjan Singh regarding the defendant's

demand of the money back?

A Yes.

Q What did he say?

A He was very worried about it and at the time I recall he

did not want to pay it back.

Q Why not?

A He did not view it as a loan. He viewed it as a payment

for his help in procuring Credit Suisse's involvement in the

first EMATUM loan.

Q What did you do after Boustani sent you this request for

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MDL RPR CRR CSR

741

the money back for Singh?

A I forwarded that e-mail to Ms. Subeva.

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

would seek to admit Government Exhibit 2913 and 2913A.



THE COURT: Any objection to 2913A?


THE COURT: They are admitted.

(Government's Exhibit 2913 and 2913A received in

evidence.)



Q What is the date of Government Exhibit 2913?

A September 11, 2015.

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

A It's from Ms. Subeva to myself.

Q What does it indicate as the attachment?

A The attachment is called Surjan Singh doc.

MR. BINI: If we can look to 2913A.

Ms. DiNardo, can you blow it up with showing the

Surjan Singh on top. Yep.

Q What's this, Mr. Pearse?

A This is a draft letter that was prepared by Ms. Subeva to

be sent to Mr. Singh to demand repayment of a loan.

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MDL RPR CRR CSR

742

Q Where was it to be sent?

A Credit Suisse in London.

Q Who, if anyone, told you to prepare this letter?

A The defendant.

Q Who, if anyone -- we can look in the second paragraph.

Actually, you know what, if you could read the first paragraph

first.

A "Dear Mr. Surjan Singh, this letter is to give you notice

and serve as a reminder that the personal loan extended to you

by Logistics International Investments, LLC, a Privinvest

holding, SAL company, during the period September to December

2013, the loan, is now due."

Q What does the second paragraph read?

A "We expect to receive repayment of the full loan amount

of U.S. dollars $4,217,000 by September 30, 2015.

Q Who, if anyone, gave you the amount that Singh owed to

Privinvest or to Logistics here?

A Mr. Boustani.

Q Were the contents of this letter true?

A I -- no, in fact, it was not a loan to Mr. Singh. The

numbers may have been accurate.

Q Did you ever send this letter to Mr. Singh?

A I did not.

Q Why not?

A I was never asked to send the letter to Mr. Singh.

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MDL RPR CRR CSR

743

Q What conversations, if any, did you have with Surjan

Singh regarding the letter?

A None.

Q What conversations did you have either with the

defendant, Naji Allam, or anyone else whether this letter

would, in fact, be sent to Surjan Singh?

A I had conversations with the defendant and Mr. Safa about

whether it was a good idea to send the letter to Mr. Singh's

e-mail at Credit Suisse.

Q When, approximately, was that conversation?

A Around, about the same date of this letter, September

2015.

Q What, if anything, did you say to the defendant Iskandar

Safa about whether he thought it was a good idea to send this

letter?

A I told the defendant and Mr. Iskandar Safa that Surjan

Singh was very nervous about receiving the letter or the

expected repayment of the kickback and I thought sending the

letter to his Credit Suisse e-mail account was a very bad idea

for both Mr. Singh and Privinvest.

Q Why did you think it was a bad idea for Mr. Singh and

Privinvest to send this letter to Credit Suisse e-mail

address?

A Credit Suisse monitors the e-mails of its employees, so

it was possible that the e-mail attaching the letter would

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MDL RPR CRR CSR

744

have been picked up by the compliance department and it would

have indicated an improper payment from Privinvest to an

employee of the bank.

Q Do you know if the letter was sent?

A I do not believe it was sent, no.

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

admit Government Exhibit 3072.

THE COURT: Any objection to 3072 being admitted?






MR. BINI: If we can go, Ms. DiNardo, to the

earliest e-mail on the second page, Dominic Shultens sending

an article.

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

A 30, October 2015.

Q And what was the subject of it?

A It's "Mozambique turns to IMF for $286 million loan as

currency slumps."

Q Did Dominic Shultens forward this article to you and Ms.

Subeva, if we go up in the e-mail chain?

A Yes, he did.


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MDL RPR CRR CSR

745

A "Obviously this just came out, but wondering what

restrictions they've had to agree to get this loan. Will try

to get more color."

Q What did you understand Mr. Shultens to be referring to?

A He was wondering what the Ministry of Finance of

Mozambique had to agree to with the IMF in order to secure the

loan.

Q Did you then forward Mr. Shultens' e-mail and this

article to the defendant?

A I don't recall.

Q If we can look up to the next in the e-mail.

A Yes, I did.

Q Okay. Was that on October 30th at 2:21 p.m. in 2015?

A Yes, it was.


MR. BINI: If we can go to the next e-mail, Ms.

DiNardo.

A "Interesting to see what did MoF disclosed to IMF. If he

still has not mentioned Proindicus and MAM, it will be an

excellent extra element against him.

Q What did you understand the defendant to mean

"interesting to see what MoF disclose to IMF"?

A At this point it wasn't clear whether Minister Maleaine

had disclosed the existence of Proindicus and MAM to the IMF.

Q What did you understand the defendant to mean "if he

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MDL RPR CRR CSR

746

still has not mentioned Proindicus and MAM, it will be an

excellent extra element against him"?

A The fact that Minister Maleaine had not disclosed, if he

had not disclosed, it would be ammunition that could be used

against him politically.

Q Did you have any understanding of why that would be

useful?

A At this point in time, Minister Maleaine was difficult

for me to meet with. He had not adopted any of the

suggestions that we had made, if you recall, my presentation,

the Mozambique master growth plan that we touched on with the

Court earlier. And at the same time, I and the defendant was

aware that there were significant problems coming around the

corner in terms of loan repayments, so something needed to be

done in terms of the minister taking positive action.

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

A "Yes, because the IMF loan doesn't get approved until

December and if -- and it won't if MAM is disclosed. How do

we get to him, though?"

Q What did you mean by "it won't if MAM is disclosed"?

A It was my opinion that the IMF loan that we agreed would

not be lent by the IMF whether it had become aware of the MAM

loan.

Q Why did you write "how do we get to him though"?

A As I said earlier, I was struggling to meet him, to

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MDL RPR CRR CSR

747

arrange meetings with him, so I was asking for advice as to

how to arrange meetings.


A To who, MoF?


A MoF.

Q What does "MoF" mean?

A Minister of Finance.

Q Did you mean Maleaine?

A I did, sir, yes.


A Rosario.

Q What did you understand him to mean?

A That Rosario would be the person who could arrange a

meeting for me with Minister Maleaine.

Q By early 2016, was there now actual talk of a

restructuring of the EMATUM loan?

A No.

Q Did there come a time in early 2016 that the EMATUM loan

would be taken out by a Eurobond?

A Yes.

Q What role, if any, would Palomar have in that

transaction?

A Ultimately we were appointed -- Palomar, excuse me, was

appointed as a co-advisor to the Mozambican Government.

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MDL RPR CRR CSR

748

Q Why was that bond transaction necessary, Mr. Pearse?

A It was to avoid the EMATUM bond, try to reduce the

payments that were due on the EMATUM bond and to extend the

terms of that bond into a 10-year bond and to avoid a

potential default of Mozambique.

Q What was the status of Proindicus at that point?

A Proindicus at that point, to the best of my knowledge,

had not generated any revenue and was unable to pay amounts

due in 2016.

Q What about MAM?

A In the same position.

MR. BINI: At this time the Government seeks to

admit 2945.


MR. SCHACHTER: Yes, Your Honor.

THE COURT: Sidebar.


(Continued on the next page.)

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Sidebar

MDL RPR CRR CSR

749


THE COURT: The document, please.


MR. SCHACHTER: Your Honor --

THE COURT: Let me read it.


THE COURT: What's the objection?

MR. SCHACHTER: Your Honor, there is various

language in this e-mail that is similar to that which the

Government had previously redacted. It may be that the -- we

can confer and the Government maybe willing to redact that

language as well.

In addition to that, Your Honor, in addition, there

are statements by Mr. Shultens which we believe are being

offered for the truth of the matter asserted regarding

meetings that Mr. Shultens had with the people in Mozambique.

Mr. Pearse said that Mr. Shultens is not a member of the

conspiracy in describing -- in identifying who was a member of

the criminal conduct. He specifically did not identify Mr.

Shultens even though he was looking at a document with Mr.

Shultens' name. So it is for those two reasons.

THE COURT: What is your response?

MR. BINI: Your Honor, this is an e-mail series that

is at the top between Antonio do Rosario, Andrew Pearse, and

the e-mail chain also includes the defendant, so three of the

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MDL RPR CRR CSR

750

charged defendants in this case.

In addition, as to Dominic Shultens, by this point

he is aware that Mozambique is actively not telling the IMF

regarding the Proindicus and MAM hidden loans, so we think he

has, in fact, joined the conspiracy.

The significance of the e-mail is at top that do

Rosario is not permitting the inspection of three trimarans

which were almost a third of the value of the entire EMATUM

loan. He won't let anybody look at them.


MR. SCHACHTER: Your Honor, Mr. Pearse is in a

better position than Mr. Bini to identify who was involved in

the criminal conduct, and Mr. Pearse said Mr. Shultens is not

a member of the criminal conduct. So, with all due respect to

Mr. Bini, the witness is in a better position to assess who he

was conspiring with and he did not include Mr. Shultens.

THE COURT: The objection is overruled. You can

cross examine on that point.

MR. SCHACHTER: Your Honor, with respect to the

language that the Government had previously redacted, they had

previously redacted the word "piping" and we would ask that

they redact this language again here.

THE COURT: Tell what language and where.

MR. SCHACHTER: At the very top of the second page,

Your Honor.

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MDL RPR CRR CSR

751

THE COURT: The one that bears Bates stamp 781.

MR. SCHACHTER: 781.

THE COURT: Hang on. What are you asking to be

redacted?

MR. SCHACHTER: The line from Mr. Rosario, "Then I

will continue piping endlessly in Pemba."

THE COURT: Let me stop you right there.

Is Mr. Rosario part of the conspiracy?


THE COURT: Overruled. You can cross examine.




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MDL RPR CRR CSR

752

THE COURT: The objection is overruled.

Continue your examination. It is admitted.


THE COURT: Again, the document number so the record

is clear.

MR. BINI: 2945.

THE COURT: It is admitted. You may publish.




Q If I can direct your attention to Mr. Shultens' e-mail on

the bottom of the first page that begins "Gents, quick

update." What is the date of that e-mail, Mr. Pearse?

A 12th of February, 2016.

Q And what was Mr. Shultens summarizing in his paragraph?

A He was summarizing that the arranger banks were happy

with the proposed form of Mozambique's sovereign debt

confirmation, the numbers to be included in the offering

circular, and discussing the engagement of Palomar to assist

in the processes in regard to Mozambican Government.

Q How did Antonio do Rosario respond?

A "So can I celebrate?"

Q Who is this e-mail to?

A Dominic Shultens, Mr. Boustani, and myself.

Q And what did you write back to do Rosario?

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MDL RPR CRR CSR

753

A "Not just yet. Do you intend to allow CS access to the

Ocean Eagles? If not, then they need to be fired tonight."

Q What did you mean by "do you intend to allow CS access to

the Ocean Eagles"?

A At this time Credit Suisse had been asking to see the

trimarans, the three trimarans that were to be supplied under

the EMATUM loan.

Q And to your knowledge, were they in Mozambique at that

time?

A I had not seen them in Mozambique, no.

Q How much after the EMATUM loan was this e-mail?

A Two and a half years.

Q Did you have any knowledge if Credit Suisse had sent

people to Mozambique to try to inspect these boats two and a

half years after the loan?

A I was in Mozambique with a delegation from Credit Suisse

who had come to inspect the vessels provided in the Proindicus

loan and the EMATUM loan.

(Continued on following page.)

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LAM OCR RPR

754

BY MR. BINI (Continuing):

Q Do you know if they were permitted access to the

trimarans?

A No, they were not.

Q What did you mean when you said, "If not, then they need

to be fired tonight"?

A The process of the arranger of the Mozambique consultant

bank along with the VTB, and Credit Suisse had made it a

condition of their continuing involvement as arranger that

they get access to and see the vessels, boats, that have been

supplied under all of the transactions but primarily

Proindicus and EMATUM.

Q And how did Antonio do Rosario respond to your e-mail?

A Draft the firing letter.

Q What did you understand him to mean?

A Prepare the letter to fire Credit Suisse from their role

as arranger of the sovereign bond. That is when VTB was also

co-arranger, so it was possible to have just one bank and CS

could have been removed from the transaction.

Q Did that, in fact, happen?

A No, it didn't. They stayed as arranger.

Q Do you know if they were given access to the Ocean Eagle

trimarans?

A I don't know.

MR. BINI: You can take that down.

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LAM OCR RPR

755

Q In March and April of 2016, were you in contact with the

Defendant regarding the EMATUM exchange and the eurobond?

A Yes.

Q Why were you in contact with the Defendant regarding that

transaction?

A To update the Defendant on progress. To the extent I

needed help to reach Maleiane to help solve any political

issues in order to be appointed as the adviser to Mozambique,

it was important that Mr. Boustani was involved. And,

ultimately, Palomar was to receive a fee of approximately

3.7 million, 3.8 million dollars, of which Mr. Boustani would

be a beneficiary as a one-third partner in Palomar.

Q Did he express interest in that payment from the EMATUM

exchange for eurobond?

A Yes, he did.




MR. SCHACHTER: Just one moment, your Honor.

No objection.

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



Q Look at the very top of this document.

MR. BINI: And if we could scroll through to the

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LAM OCR RPR

756

second page of the document.

Q Mr. Pearse --

MR. BINI: If we could scroll through to the third

page.

Q Do you recognize this document, Mr. Pearse?

THE COURT: Could you blow it up? It's pretty small

to read.

A little bit more, perhaps, so the jury can see it

as well. It's in evidence.

And the question, sir?

Q Do you recognize Government Exhibit 241?

A I don't recall seeing this document, no.

Q Do you recall seeing the offering circular for the

eurobond exchange at some point, Mr. Pearse?

A Yes, I do.

MR. BINI: May I hand a copy up to the witness, your

Honor?

THE COURT: A copy of what's in evidence? Yes.

Mr. Jackson, will you retrieve it?

Again, what's the number?

MR. BINI: Government Exhibit 241.

THE COURT: Mr. Jackson, will you please retrieve it

and hand it to the witness?

And the jury, you have it on the screen, I believe.

MR. BINI: Yes.

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LAM OCR RPR

757


Q You can take a look. It's a voluminous exhibit. I just

want to show you a couple portions of it on the screen. You

can take a look at it.

A Is there a particular page you'd like me to look at?

Q Just look at the first few pages so you're familiar with

what document I'm asking you about.

A Yes.

MR. BINI: If we can go to the second page of the

document and, Ms. DiNardo, I'll ask you to focus in on the

part that indicates Rule 144A.

Q Was this part of the offering circular for the exchange

of the EMATUM note for a eurobond?

A Yes.

Q And what is Rule 144A again?

A This, as I understand it, is the provision under the U.S.

Securities Act which allows for these bonds to be sold to

qualifying U.S. investors.

Q What was Palomar's role in connection with the

preparation of the EMATUM-to-eurobond exchange offering

circular?

A The offering circular contains an awful lot of

information about the bond and, also, about Mozambique.

There's one section which relates to the debt position of

Mozambique. Palomar's role was to assist in preparing --

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LAM OCR RPR

758

well, to assist the Government to prepare information that

went into the offering circular about their debt position.

Q Did you believe the overall debt numbers in the offering

circular were accurate?

A Yes, they are.

Q Did the offering circular specifically mention

Proindicus?

A Not that I'm aware of, no.

Q Did the offering circular specifically mention MAM?

A Not that I'm aware of.

Q Did the offering circular mention that Proindicus was on

the verge of default?



If you know.

A As far as I'm aware, Proindicus wasn't mentioned at all.

Q Did the offering circular mention that MAM was on the

verge of default?



If you know.

A As far as I'm aware, the offering circular didn't mention

MAM was on the verge of default.

Q Did the offering circular mention that Mozambique was

deliberately not revealing Proindicus and MAM to the INF?

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LAM OCR RPR

759



A Not that I'm aware of, no.

Q Did the offering circular disclose that you had been paid

millions of dollars by Privinvest for the original EMATUM loan

and loan participation notes?



A It did not.

Q Did the offering circular mention that Surjan Singh had

been paid million of dollars by Privinvest for the original

EMATUM loan?



A No.

Q How much was Palomar paid in connection with the

exchange?

A Approximately $3.8 million.

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



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

Honor?

THE COURT: Yes.

MR. SCHACHTER: Yes, your Honor, objection.

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LAM OCR RPR

760

THE COURT: We'll have a sidebar.


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LAM OCR RPR

761


THE COURT: What is the objection?

MR. SCHACHTER: Your Honor, it's hearsay. These are

just statements by Mr. Schultens describing out-of-court

facts --

THE COURT: Let's stop.

At the top of 3074, it's a statement from Mr. Pearse

to Mr. Boustani. You're not saying that's hearsay, are you?

MR. SCHACHTER: No, your Honor.

THE COURT: Let's go to the second one, Schultens to

Pearse.

What's your statement with respect to that?

It was sent to Pearse and he's on the stand.

MR. SCHACHTER: Your Honor, these are out-of-court

statements the Government is offering for truth of the matter

asserted made by a person not a member of the conspiracy, so

they are not in furtherance of the conspiracy.

THE COURT: What's your response to the Schultens to

Pearse.

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

believes that Mr. Schultens is part of the conspiracy. In

addition, Mr. Schultens is laying out the information

regarding the roadshow that is coming up in London and New

York.

THE COURT: It's the position of the Government that

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LAM OCR RPR

762

Schultens is part of the conspiracy?


THE COURT: What is your response to that?

MR. SCHACHTER: Again, your Honor, Mr. Pearse is in

a better position than Mr. Bini to assess who is a member of

the conspiracy.

THE COURT: What is your response to the comment

from the Government that Schultens is part of this conspiracy?

MR. SCHACHTER: We have received no notice of that.

THE COURT: You're just hearing it now.

MR. SCHACHTER: He has not been identified in the

indictment as a member of the conspiracy.

THE COURT: But you're hearing it now.

Anything else?

MR. SCHACHTER: In order to offer a co-conspirator

statement, your Honor, the Government has to offer evidence

that shows by preponderance of the evidence that there is a

conspiracy and these are statements in furtherance of the

conspiracy.

THE COURT: With all due respect, I think these

documents establish that.

The objection is overruled. It's admitted. You can

examine him.

MR. BINI: Your Honor, while we're here --

THE COURT: No, not while we're here, document by

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LAM OCR RPR

763

document. You had months to deal with this ahead of time. If

you haven't dealt with it, I'll take your objection and I'll

rule.

The jury is going to hold you to that, so you may

better establish the voice of this beyond a reasonable doubt.

You didn't do it before for whatever reason, so you're stuck

with that. Let's be very clear about that in the jury

instructions. You guys have said he's in the conspiracy.

Step back.


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LAM OCR RPR

764

(Sidebar ends; in open court.)

THE COURT: The objection is overruled. The

document is admitted. You may publish.



BY MR. BINI:

Q Mr. Pearse, by this time, in March 2016, was Dominic

Schultens aware, along with you, that Proindicus and MAM had

not been disclosed to the INF?



If you know.

A I believe he was, yes.

Q And did you believe that disclosure of that information

would have prevented this exchange from taking place?



A I don't think it would have helped. I don't know with a

certainty.

THE COURT: That wasn't the question. The question

wasn't, Would it have helped, the question was, Would it have

prevented it?

Right, that's what you asked?

MR. BINI: Yes.

THE COURT: What's the answer to that question?

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LAM OCR RPR

765

THE WITNESS: Apologies, your Honor.

A In my opinion, it would have prevented it, yes.

THE COURT: Next question.

Q Looking to Government's Exhibit 3074, do you see the

e-mail from Dominic Schultens to you and Lina Subeva?

A Yes, sir.

Q And what is the subject?

A Moz MoF meeting summary.

Q What did Dominic Schultens summarize below?

A He was summarizing a meeting that had been held with

Minister Maleiane, National Director of Treasury Ubisse, Mr.

Matola, Come, and Paolo Monjate from the Central Bank.

THE COURT: I'm going to ask you to spell those

names for the reporter, please.

THE WITNESS: Ubisse is U-B-I-S-S-E; Matola is

spelled M-A-T-O-L-A; Come is spelled C-O-M-E; and Monjate is

spelled M-O-N-J-A-T-E.

THE COURT: Please continue.

Q Why was Dominic Schultens meeting with these Mozambican

officials?

A Two things: One was to discuss a proposed bridge loan

for the payments that were due on EMATUM very close to this

date; and, secondly, to discuss the bond that was -- the

exchange of the sovereign bond at this point, which was in the

final stages of preparation.

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LAM OCR RPR

766

Q Was there a roadshow coming up?

A Yes, there was.

Q What's a "roadshow"?

A A roadshow is when the arranger takes the issuer -- in

this case, the Government of Mozambique -- to meet investors

in different parts of the world.

Q Did you forward this e-mail to the Defendant?

A Yes, I did.


A More fun and games.

Q Why did you forward this e-mail to the Defendant?

A Because he was interested in what was happening on the

exchange at the time. And for the reasons I gave earlier, he

had an economic interest in the result.

Q Did you forward a document to the Defendant as well?

A Yes, I did.

Q What's the title of that document?

A Palomar MoF presentation, 4th of March '16.

Q What's that? What was that document?

A That was a status update presentation, I believe, in

relation to the sovereign bond exchange.


would seek to admit the attachment that Mr. Pearse sent to

Mr. Boustani, Government Exhibit 3074-A.


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LAM OCR RPR

767



MR. SCHACHTER: Objection, your Honor.

THE COURT: Is that the same objection you just had

before?

MR. SCHACHTER: Same objection, yes.

THE COURT: Same ruling. Overruled.

You may publish.

(Government Exhibit 3074-A so marked.)


Q What's the title of the document you sent to the

Defendant?

A Mozambique bond update.

Q And if we go to the second page, what's the title of that

page?

A EMATUM change update.

Q What does the first bullet point state?

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

A Credit Suisse and VTB, as joint lead managers, are now in

a position to launch the exchange of EMATUM bonds into new

Mozambique sovereign bonds of $697 million. All disclosure

and other issues have been resolved and are in line with

public disclosure contained in the IMF reports.

Q If we could go to the proposed timetable, what was the

proposed timetable, Mr. Pearse?

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LAM OCR RPR

768

A Monday, 7 March, announcement of the bond issue and

confirmation from the minister that the March 11 EMATUM

payment of $101 million will be met in full; Tuesday and

Wednesday, 8/9 March, roadshow rehearsal in London; Wednesday,

9th of March, Mozambique to transfer amounts due EMATUM to

facility agent; Thursday, 10 and 11 March, investor meetings

in London and New York.

Q Let me stop you there.

What did "investor meetings in London and New York"

refer to?

A These are meetings that were to be held between the

Government of Mozambique representatives and potential

investors in the proposed sovereign bond.




MR. SCHACHTER: Can I have a moment your Honor?

Yes, your Honor, but it's the same objection.

THE COURT: Same ruling. Overruled. You may

publish.



Q Did the Defendant respond to your e-mail attaching the

PowerPoint regarding the roadshow?

A Yes, he did.

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LAM OCR RPR

769

Q Is 3075 his e-mail in response?

A Yes.

Q What did the Defendant write?

A Please let's keep Rosario updated, because the option of

default is a decision that the president must be aware or

take.

Q What did you mean by "let's keep Rosario updated"?

A The document I had sent the Defendant was an update on

the progress of the Mozambique bond that detailed next steps,

and the Defendant was asking me to keep Antonio do Rosario

updated with the information.


wrote "because the option of a default is a decision that the

president must be aware or take"?

A In case the bond was unsuccessful, the President of

Mozambique had to be the person who made the decision to

default, rather than the Minister of Finance.

MR. BINI: You can take that down.

Q I want to ask you about the London rehearsal referred to

in the PowerPoint.

Do you know if there was a rehearsal in London in or

about March of 2016 to prepare for the London and New York

roadshows?

A Yes, there was.

Q Did you attend the London roadshow?

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LAM OCR RPR

770

A I attended part of the rehearsal, yes.

Q Did you attend the actual roadshow in London?

A Excuse me. No, I did not.

Q Did you attend the roadshow in New York?

A I did not.

Q Do you know who did attend those roadshows?

A I knew some of the people who attended the roadshow.

Q Who are you aware of who attended the roadshows?

A Minister Maleiane, National Director of Treasury Ubisse,

Mr. Come from Ernst & Young, Antonio do Rosario, Mr. Matola

from BNI.

Q What's BNI?

A BNI is the -- one of the co-advisers to Mozambique,

alongside Palomar and Ernst & Young. It's a bank in

Mozambique.

Q Did you have any conversations with the Defendant

regarding the roadshow?

A Yes, I did.

Q Did you have any conversations with the Defendant

regarding Antonio do Rosario attending the roadshow?

A Yes, I did.

Q What did you say? What did he say?

THE COURT: "You" and "he" being?

Q What did you say to the Defendant and what, if anything,

did he say regarding Antonio do Rosario attending the

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LAM OCR RPR

771

roadshow?

A There were two things: One, is that Mr. Rosario had

insisted on traveling first class with Minister of Finance

Maleiane for the roadshow. Everyone else had to go business

class. We joked that this was an opportunity for Dr. Rosario

to go shopping because it wasn't clear what role he has in

relation to the government of Mozambique sovereign bonds. He

wasn't a member of the government, he was the CEO of the

company that was being repaid, his loan bundle was being

repaid.

Q During those discussions, was the Defendant aware that

the roadshow would include stops in London and New York?

A Yes, I believe he was.

Q Why do you believe that?

A I sent him a document. I defined the fact that the

roadshow was going to be in London and in New York and I

discussed it with him.

Q And did you discuss the travel itinerary for do Rosario?

A Yes. As I said, we joked about the fact that Dr. Rosario

insisted on traveling first class as the rest of the entourage

traveled business class, which was the norm in these

circumstances.

Q Did it seem or at any point did you ask the Defendant why

do Rosario was attending at all, other than for a shopping

trip?

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LAM OCR RPR

772

A Yes.

Q What, if anything, did the Defendant tell you?

A He told me that Rosario was being sent to keep an eye on

Minister Maleiane.

Q What did you understand the Defendant to mean?

A That Dr. Rosario was representing the President of

Mozambique and keeping an eye on the Minister of Finance

during the roadshow.

Q You said you attended the London rehearsal, Mr. Pearse?

A Part of it, yes.

Q Please describe that to the jury.

A It was a Sunday afternoon in London. The rehearsals

involve representatives from Mozambique who were to attend the

meetings with investors together with the representatives from

each of the two banks, Credit Suisse and VTB. And in those

meetings, the presentation of information that is to be

provided to investors is rehearsed.

The presentation materials are prepared and

rehearsed by the government of Mozambique. In this case,

Mr. Maleiane will do most of the talking.

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

would seek to admit Government Exhibits 3204 and 3204-A.



THE COURT: Admitted. You may publish.

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LAM OCR RPR

773

(Government Exhibits 3204 and 3204-A so marked.)


MR. BINI: We can go to 3204.


Q And if we go to the bottom e-mail, Mr. Pearse, are there

e-mails regarding an S&P draft release?

A Yes, there are.

Q Was that forwarded to you?

A Yes, it was.

MR. BINI: If we can move up the chain, Ms. DiNardo,

and see when that was.

Q Is that in the March 16 -- excuse me, March 14, 2016,

e-mail at 6:02 p.m.?

A Yes.

Q Did you then, in turn, forward that to the Defendant,

Dominic Schultens, and Lina Subeva?

A Yes, I did.


A Incredible how these guys be have behave.

Q If we can look to 3204-A, did you attach anything to your

e-mail?

A Yes. The media release.

MR. BINI: If we can look to 3204-A...


Q What's 3204-A?

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LAM OCR RPR

774

A This is a press release from -- or draft press release,

excuse me, from Standard & Poor's relating to the lowering of

the Mozambique credit rating.

MR. BINI: If we can go back to 3204, the e-mail.

Q Why did you write, "Incredible how these guys behave"?

A Because the press release indicated that Standard &

Poor's intended to downgrade the rating of Mozambique as a

result of the exchange of the EMATUM bond into a sovereign

bond.

THE COURT: What do you mean by "downgrading

Mozambique"? What does that refer to, sir?

THE WITNESS: You want me to describe it?

THE COURT: Just what it means to downgrade a

security or bond.

THE WITNESS: Standard & Poor's is a rating agency

which provides investors with their analysis of the credit

worthiness of accounts to enable investors to decide whether

to invest in their bonds or their loans, for example.

Standard & Poor's had -- at this time, was a rating

agency that rated the government of Mozambique's rating. And

they, Standard & Poor, were taking actions to lower it to make

Mozambique look less attractive as a creditor -- yes, as a

creditor -- sorry, debtor.

What that means is that the Mozambican Government

would have to pay more because they have became riskier in the

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LAM OCR RPR

775

eyes of investors as a result of the lowering of the credit

raiding.


Go ahead.


would seek to admit 2980.


MR. SCHACHTER: No objection, your Honor.



Q I'll ask you to go directly to the e-mail from you,

"Incredible how these guys behave," and the response from

Ms. Subeva.

MR. BINI: If you could load those two e-mails,

Ms. DiNardo.


Q Mr. Pearse, is 2980 a continuation of the e-mail chain

that we just looked at?

A Yes, it is.

Q After you sent your e-mail to the Defendant, Dominic

Schultens, and Lina Subeva, did Ms. Subeva respond?

A Yes.

Q How did she respond?

A They said they would wait. And why is the assumption

that the investor would receive less value than promised?

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LAM OCR RPR

776

Q How did you respond, Mr. Pearse?

A It's a tactic to get the terms improved for U.S.

investors.

Q Who was your e-mail to in response?

A Ms. Subeva, Mr. Schultens, and Mr. Boustani.


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SAM OCR RMR CRR RPR

777


BY MR. BINI:

Q Why you did you write: "It's a tactic to get the terms

improved for U.S. ambassadors"?

A I was outraged that S&P had taken that action and I knew

that the bonds were being marketed to U.S. investors and felt

that there was no other reason for Standard & Poors to take

this action, other than to mean that U.S. investors or all

investors would be paid a higher interest rate as a result of

their action.

THE COURT: All right, it is 1:30. I think this is

an appropriate time to take our luncheon break.

Can we come back at in about an hour and 15 minutes,

ladies and gentlemen? Is that a sufficient time for lunch?

Okay, thank you.

Please do not talk about the case. You can talk

about the Yankees and the Red Sox and Texans, if you want to.

Thank you.

(Jury exits.).

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

you.


THE COURT: Do not talk with anybody about your

testimony during the break.

All right, the jury has left the courtroom.

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SAM OCR RMR CRR RPR

778

Be seated, ladies and gentlemen.

All right, do we have any procedural issues to go

over?

MR. BINI: Not for the Government.

MR. JACKSON: No, Your Honor.

THE COURT: Thank you. I will see you in an hour

and 15 minutes.

MR. MEHTA: Thank you, Your Honor.


(Luncheon recess now taken.)


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Proceedings

SAM OCR RMR CRR RPR

779

AFTERNOON SESSION

(In open court - jury not present.)

THE COURTROOM DEPUTY: All rise. Judge Kuntz

presiding.

(Judge WILLIAM F. KUNTZ, II entered the courtroom.)

THE COURT: You may be seated. I see all counsel

are present and the defendant is being produced.

You may be seated, everyone.

Do we have any procedural issues to discuss before

we bring the jury out?

MR. BINI: Not from the Government, Your Honor.

THE COURT: From the defense?

MR. JACKSON: No, Your Honor.

THE COURT: Okay. You can get the witness back on

the witness stand.


THE COURT: Thank you. And we will have defendant

brought out.

(Defendant entered courtroom.)

(Witness entered the courtroom and resumed the

stand.)

(Jury enters.)

THE COURT: Welcome back, ladies and gentlemen of

the jury. I hope you had an enjoyable lunch.

Please be seated and we appreciate your attention,

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Proceedings

SAM OCR RMR CRR RPR

780

as always.

Please be seated.

Did you discuss your testimony with anyone during

the break, sir?

THE WITNESS: I did, Your Honor.

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

please continue the examination, Mr. Bini.


Your Honor at this time the Government would seek to

admit Government's Exhibit 3103.


MR. SCHACHTER: Just a moment, Your Honor.

(Pause.)

MR. SCHACHTER: No further objection, Your Honor.



evidence.)

THE COURT: You may publish to the jury.


MR. BINI: If we can go to the earlier e-mail,

Ms. DiNardo, from Andrew Pearse to the defendant on

March 25th, 2016 at 2:20 p.m.


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SAM OCR RMR CRR RPR

781

ANDREW PEARSE,

called as a witness by the Government, having been

previously duly sworn/affirmed, was examined and

testified further as follows:

DIRECT EXAMINATION CONTINUED

BY MR. BINI:

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

A MOZ.

Q What did you write to the defendant in the first

sentence?

A Trying to finalize the numbers for the Proindicus fee

payment. Took a while because of the tax analysis. Some

things we have no choice on, namely we have to pay tax of 350k

for the 2015 tax year.

Q Let me stop you there.

I am going to ask you to go down to the numbered

list, starting with number 1. Do you see where you write

number "1, pca"?

What was Number 2?

A Number 2 is "Dom, 600k."

Q Number 3?

A "Lina, 400k."

Q What are those numbers for Dom and Lina, what were you

referring to?

A That was my suggestion as to how much to pay Dominic

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SAM OCR RMR CRR RPR

782

Schultens and Detelina Subeva as a bonus for completing this

transaction that's being referred to Lina.

Q Below did you indicate the fees for the exchange?

A Yes. I mentioned the fees for the change are

3.7 million.

Q Okay. And now if we can go to the first page, did the

defendant, Jean Boustani, respond to your e-mail?

A Yes, he did.


A "Morning love, the taxes came because we sent the money

to Switzerland? Dom surely should be remunerated. Lina's

bonus looks too high for me for the work she is doing. My

view is to leave 10 percent of net revenues as a team

participation. So 700,000 US Dollars. And setting it even as

a principle."

Q Now, I would like to ask you, Mr. Pearse, what did you

understand the defendant to mean "Dom surely should be

remunerated"?

A The defendant felt that in relation to this particular

transaction and the money that Palomar had received for it,

Dominic had done more work in relation to realizing that --

that -- that revenue. So he felt that Dominic should be paid,

but Lina had not contributed as much.

Q Was that with respect to the exchange?

A No.

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SAM OCR RMR CRR RPR

783

Q Is it the other work that you set out related to

Proindicus?

A This money was related to a fee letter that Palomar had

obtained as a result of the restructuring of Proindicus at the

end of 2014 and we'd received from the Ministry of Finance the

first installment of under that fee letter.

Q Okay.







evidence.)

MR. BINI: I would also like to admit 3105-A and

3105-B, if I could.

THE COURT: Any objection to 3105-A?

MR. SCHACHTER: None other than raised previously.

THE COURT: And 3105-B?

MR. SCHACHTER: Same, Your Honor.

THE COURT: Same ruling. They are admitted.

(Government's Exhibits 3105-A and 3105-B were

received in evidence.)


MR. BINI: We'll start With 3105.

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SAM OCR RMR CRR RPR

784


BY MR. BINI:


A 5th of April, 2016.


A It's from Dominic Schultens to Naji Allam.

Q Did it copy anyone?

A It copied Ms. Subeva and myself.

Q What's the subject of the e-mail?

A SWIFT for EMATUM exchange services.

Q What had just happened?

A At this point the EMATUM bond had been exchanged into a

Government of Mozambique sovereign bond.

Q What was Dominic Schultens sending to Naji Allam?

A A copy of the SWIFT confirmation showing that the fees

due to Palomar had been sent by BNI.

Q And if we could go to Government's Exhibit 3105-A.


Q What is that, Mr. Pearse?

A (No response.)

THE COURT: Blow it up, please. Make it legible.

Thank you.

BY MR. BINI:

Q Is this the SWIFT, Mr. Pearse?

A Yes, it is.

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SAM OCR RMR CRR RPR

785

MR. BINI: And, Ms. DiNardo, if you can blow up the

part that says "amount," it's about the middle left-hand side

of the page.

BY MR. BINI:

Q What was the amount of the SWIFT, Mr. Pearse?

A $3,767,757.25.

Q Who was being paid in this SWIFT, Mr. Pearse?

A Palomar Consulting.

Q And if we can look to the section that has "Receiver

institution."

MS. BINI: If you could expand that whole entire

row, Ms. DiNardo.

Q What was the receiver institution for the $3.7 million to

Palomar?

A The Bank of New York Mellon.

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

Exhibit 3105-B.

THE COURT: And where is it located?

THE WITNESS: In New York City, Your Honor.


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

Exhibit 3105-B.


BY MR. BINI:

Q Mr. Pearse, what is 3105-B?

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SAM OCR RMR CRR RPR

786

A This is a copy of the fee letter between Palomar and the

Ministry -- the Ministry of the Republic of Mozambique.

Q What relation does this have to the 3.7 million that

we're looking at in the SWIFT?

A This is the contract under which that 3.7 million was

paid.

Q Okay.



THE COURT: Any objections?




evidence.)



THE COURT: Thank you, Your Honor.

If we can go to the earliest e-mail.

BY MR. BINI:

Q Is this an e-mail splinter related to the documents we

were just looking at? After you have a chance to see the

blown-up portion.

A Yes, that was the same e-mail we saw previously.

Q Okay. And if we go one up from that e-mail.

Is there an e-mail from Naji Allam to Dominic

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SAM OCR RMR CRR RPR

787

Schultens, you and Lina Subeva at 8:31 on April 6th?

A Yes.

Q What did Naji Allam write?

A Hi, funds received into PCL.

Q Did Dominic Schultens respond?

A Yes, he did.


A Wow, that was quick. Thanks for confirming.

Q And how did Naji Allam respond to that?

A Anything to do with the funds?

Q Did you respond to Naji Allam a short time later?

A Yes, I did.

MR. BINI: If we could blow that up, Mr. Pearse's

response only.

BY MR. BINI:


A Waiting for confirmation from Jean on the splits. Will

send as soon as I have this evening.

Q Who were the active members of, most active members of

Palomar on the day-to-day duties of Palomar?

A Myself, Ms. Subeva and Mr. Schultens.

Q Why were you asking confirmation from the defendant, Jean

Boustani, on the splits of the proceeds from the EMATUM

exchange?

A Because as a partner in Palomar he was a person who was

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SAM OCR RMR CRR RPR

788

entitled to a share of the revenues that were made by Palomar,

and he was a person that I discussed how revenue would be

split every time that Palomar made money.

Q Did you have some disagreement with him on how to split

these funds?

A Yes.







evidence.)

THE COURT: You can publish.


If we can go to the earliest e-mail.


BY MR. BINI:

Q Mr. Pearse, is this the same e-mail that we've seen from

Dominic Schultens sending the Palomar SWIFT for 3.7 million?

A Yes, it is.

Q If we go up, is there an e-mail from Naji Allam?

A Yes.

Q Okay. And one up from there, I'd like to ask you about

your e-mail to the defendant, Jean Boustani, on April 6th,

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SAM OCR RMR CRR RPR

789

2016 at 2:44 a.m.

What did you write to the defendant, Mr. Pearse?

A "Bro, total received is 3.767 million, of which 116k is

cost recovery. My suggestion is we pay 10 percent of the net,

i.e., 360k as bonuses, leave 417k for OPEX, and pay 3 million

to shareholders. Okay with you."

Q What did you mean by "my suggestion is we pay 10 percent

of the net, i.e., 360k as bonuses, leave 417k for OPEX"?

A We had previously agreed that Ms. Subeva and

Mr. Schultens would receive bonuses every time Palomar

completed a transaction equal to in total 10 percent of the

net revenue made by Palomar from the relevant transaction.

Q What did you mean by "and pay 3 million to the

shareholders"?

A I meant that the $3 million that was left after paying

bonuses and retaining operating capital was to be paid to the

three partners in Palomar: Namely Mr. Boustani, Mr. Safa and

myself. So $1 million each.

Q Would paying the bonuses to Dominic Schultens and Lina

Subeva reduce the amount that was available for you and the

other Palomar partners?

A Yes, it would.


A "We just paid $1 million as bonus. I don't agree that

every time we have a payment, we should pay the team. The one

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SAM OCR RMR CRR RPR

790

million received are more than 10 percent of the net received

'til now. Once we finish with MAM (that includes new

business), we will surely put a bonus for the team."

Q What did you understand the defendant to be stating?

A He was unwilling to pay further bonuses to the team for

working on the exchange.


A "That's what we agreed. I will pay."

Q How did the defendant respond to your e-mail?

A "I am sorry. We didn't agree on every payment. And you

said not to fix a percentage. Listen, if every time we don't

do what you suggest you tell me I will pay, it is better we

close this company. The team has not contributed in

generating a penny. So every bonus they get is very generous

from our side. We are not CS or a big bank. I cannot stop

you from paying, but we have a serious issue now."

Q What did you understand the defendant to mean when he

wrote: Listen, if every time we don't do what you suggest you

tell me I will pay, it is better we close this company?

A He's saying that if we don't agree as partners, we should

close down Palomar.


would seek to admit Government's Exhibit 3111.


MR. SCHACHTER: No further objection.

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SAM OCR RMR CRR RPR

791



evidence.)



BY MR. BINI:


A The 6th of April, 2016.

Q Who is it from, who is it to?

A It is from Ms. Subeva to myself.

Q And what's the subject line of the e-mail?

A WSJ suggestion.

Q What does WSJ refer to?

A Wall Street Journal.

Q Mr. Pearse, did there come a time that there were news

articles telling the investing public about the existence of

Proindicus and MAM?


THE COURT: Overruled. You may answer, if you know.

A Yes. Very close to this date there was an article in The

Wall Street Journal which identified potential secret loans.

Q Did that cause any problems for Mozambique with the

International Monetary Fund, the IMF?



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SAM OCR RMR CRR RPR

792

A Yes. As far as I'm aware, yes.

Q What occurred around that time?



A With regard to the IMF, sir?

Q The IMF and Mozambique, Mr. Pearse.

A So far as I am aware, the IMF launched an investigation,

froze a -- not a, sorry, excuse me -- froze payments to

Mozambique under the terms of the program and donor countries

followed the IMF and froze further payments to Mozambique. In

most cases those payments were to support the budget of

Mozambique at the time.

Q Was that a significant event in Mozambique?



A In my opinion, yes, it was.

Q Why?



A As far as I was aware, the Government of Mozambique

relied on support from donors in the IMF in order to meet its

budgetary obligations.

Q What, if anything, happened to MAM and the MAM loan in or

about May of 2016?

A As far as I'm aware, it defaulted.

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SAM OCR RMR CRR RPR

793

Q Did you meet with Mozambican officials before the default

on the MAM loan payment?

A I don't recall that meeting.

Q What happened, Mr. Pearse, as a result of the default on

the payment for the MAM loan in or about May 2016?



A I didn't understand the question. If you wouldn't mind

restating it.

Q Are you familiar with something called a cross-default?

A Yes, sir, I am.

Q What's a cross-default?

A A cross-default is a clause in -- in this case in a loan

agreement, which says that if any other loans of the same

borrower or in this case guarantor default, the loan in

question, even if it has not technically defaulted, itself,

defaults.

So, to take an example, the default of MAM, in this

case also triggered the default of Proindicus because

Proindicus had a cross-default provision in it.

Q And after the failure of the MAM loan payment, did there

come a time that Proindicus failed to make loan payments as

well?

A Yes.

Q And did Mozambique fail to make loan payments on the

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SAM OCR RMR CRR RPR

794

sovereign bond that had been exchanged for the EMATUM loan

participation notes?

A I believe they have not paid.

Q What effect did these defaults have on Palomar's

business?

A The association between Palomar and the secret loans that

defaulted was such that the reputational damage to Palomar and

its shareholders was -- was very great and effectively meant

we could do no further business as an advisory -- as a

consultant or as advisor to clients.

Q How is your relationship with the defendant and

Privinvest in or about 2017 and 2018?

A As a result also of the negative press, we were unable to

sell our oil and gas company, Palomar Natural Resources. The

valuation that we had prior to the bad -- the negative press

was approximately $75 million.

Over time as the news became worse and worse, that

price dropped and dropped, which caused considerable friction

between the shareholders, being Mr. Safa, Mr. Boustani and

myself. And through the course of 2017, 2018, that friction

increased, mainly as the result of the inability to sell

Palomar Natural Resources.

Q And is that one of the reasons for the meeting you have

already earlier described in 2018 between you and the

defendant regarding the sale of Palomar Natural Resources?

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SAM OCR RMR CRR RPR

795

A Yes. When it became clear that we could not sell it at

an acceptable price or agreed if it was to be sold and how

that price would be split, then the only alternative was for

the shareholders to put more money into the company to develop

it further, primarily in Poland.

I could not put money in and, if I recall correctly

from the other day, I recounted the fact that I met with the

defendant and he told me that the only person that could put

the money in was Mr. Safa. And if he didn't get his own way,

he would burn the company down, which was a problem for both

himself and myself given the size of the investment we had in

the company at that time.

THE COURT: When you say he would burn the company

down, who do you mean?

THE WITNESS: The -- Mr. Safa would burn the company

down. But the problem was for Mr. Boustani and myself, given

the considerable size of the investment we had, Mr. Boustani

and I had personally, in Palomar Natural Resources. The

implication being that Mr. Safa had lots of money and wouldn't

care if he lost 20 or $30 million, but it would be very

meaningful to Mr. Boustani and myself.

BY MR. BINI:

Q Mr. Pearse, did there come a time that you were arrested?

A Yes, I was arrested in January 2019.

Q Following that, did there come a time you began

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Pearse - cross - Schachter

SAM OCR RMR CRR RPR

796

cooperating with the Government?

A Yes.

Q And did you, ultimately, plead guilty pursuant to the

agreement that you have already testified about with the

government?

A Yes, I pled guilty in July of this year.

MR. BINI: Your Honor, may I have a moment to confer

with my co-counsel?

THE COURT: You may.

(Pause.)

MR. BINI: No further questions, Your Honor.

THE COURT: Your witness.


CROSS-EXAMINATION

BY MR. SCHACHTER:

Q Good afternoon, Mr. Pearse.

A Good afternoon, sir.

Q My name is Mike Schachter. We've never met before, is

that correct?

A We have not, no.

Q Sir, I am going to start by seeing if there is a number

of things regarding these various projects that Mr. Bini asked

you about that we can agree on.

First, I'd like to start with Proindicus.

Sir, you told the jury about a project involving a

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797

Mozambican company called Proindicus, is that correct?

A Yes, sir.

Q And Proindicus was a project to provide what you

described as a Coast Guard system for the country of

Mozambique, is that right?

A That was my shorthand description, yes.

Q And is it fair to say that this was a project that you

believed as a concept was one that was important for

Mozambique?

A I felt it was relevant to them in the context of the

economic development that was about to happen in Mozambique.

Q And can you describe that economic development that

you're referring to?

A At the end of 2012 and 2013 there was an expectation that

Mozambique would develop the gas field off the coast -- off

its northern coast by the end of 2018. That development is

worth billions and billions of dollars, and the expectation

was that the Mozambican economy would grow significantly from

2013 through 2018 and onwards.

Q And this, you described something called an EEZ or an

Exclusive Economic Zone, is that correct?

A I attempted to describe it, yes.

Q Can you explain to the jury what that is, what was the --

Mozambique 's EEZ or Exclusive Economic Zone?

A That is an area of the sea which goes out 200 miles from

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SAM OCR RMR CRR RPR

798

the coastline and follows all the way down the coastline, and

it's in that area that Mozambique, or indeed any other country

with an EEZ, has the exclusive right to the economic -- to

whatever economics are in the sea in that area, be it fish or

hydrocarbons.

Q And that coastline of Mozambique is an extremely long

coastline, is that correct?

A It is long, yes.

Q Do you know it to be approximately 1600 miles long?

A I don't know the exact number, no.

Q I think you described the fact that Mozambique's

territorial waters are a migratory path for tuna, was that

your testimony?

A That was my understanding at the time, yes.

Q And why is that important?

A I'm sorry, sir, important to whom?

Q Sure. I think you described that those territorial

waters are a very valuable resource, is that correct?

A I described them as a resource of the country that has

the EEZ, yes.

Q And part of the reason why you described Mozambique's

territorial waters as valuable is because of the tuna that

passes through Mozambique's waters, is that correct?

A No. I'm sorry, I don't think the EEZ and territorial

waters are the same thing.

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SAM OCR RMR CRR RPR

799

Q I'll correct myself then.

The EEZ of Mozambique is a migratory path for tuna,

is that correct?

A That was my understanding at the time, yes.

Q And I think you described the fact that historically

foreign vessels from China and Japan and other countries would

come into Mozambique's Exclusive Economic Zone and fish those

waters, is that correct?

A I believe my testimony was that vessels from Japan and

the European Union were fishing in those waters, not China.

Q You described to the jury, and I would like you to

explain a little further, I think you described to the jury

that there was a significant push around this time for Africa

to -- countries in Africa to take back their natural

resources.

Do you recall that testimony?

A Yes, I do.

Q Can you explain to the jury what you meant by that?

A The -- at the point in time in 2013, 2014, there was a

recognition amongst a number of East African countries that

those countries were not exploiting their own natural

resources for the country's benefit for the people of the

relevant country, and there were a number of conferences and a

number of federations that were developed in order to assist

East African countries to exploit their own resources and not

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SAM OCR RMR CRR RPR

800

have them plundered by foreign fisheries, in the case of tuna

fishing, or oil and gas companies in the case of oil and gas.

Whatever the -- whatever the natural resource was.

Q Thank you.

Now, you described this natural gas discovery in the

northern part of Mozambique, is that correct?

A Yes.

Q And that discovery of natural gas was in approximately

2010, is that right?

A I believe that's correct.

Q And so it was just a couple of years after that that

Proindicus, the Mozambican company, decided to borrow the

$372 million from Credit Suisse to rebuild its coastal

monitoring system, is that correct?

A I became aware of the project in mid to late 2012. I

don't know when Proindicus started. I don't believe it was to

rebuild, at least I'm not aware of it being a program to

rebuild. It was simply a project to build a Coast-Guard-like

system.

Q You're unaware of the destruction of the Mozambique's

coastal monitoring system during the course of its civil war?

A I am not aware of that.

Q Okay.

In any event , you became aware of this project to

build the coastal monitoring project just a couple of years

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801

after Mozambique made this natural gas discovery, is that

correct?

A As I said, sir, I became aware of it in the middle of

2012. I don't know exactly when the discovery was made. I

don't recall.

Q Thank you.

And as part of this project, Privinvest delivered to

Proindicus a number of vessels, is that correct?

A I am aware of them delivering a number of vessels, yes.

Q You are aware that they delivered three what are called

his-32s that are more than a hundred feet long?

A No.

Q You're not aware of that?

A No.

Q You are aware -- are you aware of the delivery of 3WP-18

interceptor ships that are 60 feet long? Are you aware of

that?

A I have physically seen three, I believe, yes.

Q And are you aware also that Privinvest actually delivered

36 maneuverable DV-15 interceptor ships, which are each

50 feet long?

A I have not personally seen all of them. I have seen a

number of those vessels in Mozambique.

Q Do you know, sir, that Privinvest delivered six maritime

patrol aircraft to Proindicus?

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SAM OCR RMR CRR RPR

802

A No.

Q Do you know that Privinvest built in Mozambique a central

command station where the EEZ could be monitored from? Are

you aware of that?

A Yes, I am.

Q And are you also aware that Privinvest arranged for

satellite surveillance to be provided to Proindicus in

association with monitoring the coast?

A I am aware of it as part of the project description. I

did not see it in operation.

Q Did you see the 16 radar stations that Privinvest built

for Proindicus all along Mozambique's coastline?

A I am aware that they were in the project description, but

I did not see them built.

Q Fair enough, thank you.

Sir, I believe you used the term with the jury

"turnkey project." Do you remember referring to that?

A I don't recall saying that, no.

Q Are you familiar with the term, "turnkey project"?

A Yes, I am.

Q And can you just describe to the jury what is a turnkey

project?

A To the best of my knowledge, it is a project where a

client asks a contractor to provide a working system, in this

case, an EEZ monitoring system, and the contractor is obliged

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SAM OCR RMR CRR RPR

803

to provide all necessary equipment and services in order to

deliver the final working product. I believe that's my

understanding of turnkey.


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804

CROSS-EXAMINATION (Continuing)

BY MR. SCHACHTER:

Q And is the idea of a turnkey project that once all the

different components of the system are provided to the

customer, then the customer can just step in and operate the

entire turnkey system? Are you familiar with that concept?

A No, that's beyond my level of expertise.

Q Fair enough. Thank you.

Now, you testified about Credit Suisse loaning money

to Proindicus to pay to build this coastal monitoring system;

is that correct?

A Yes.

Q Now, after Credit Suisse loaned that money to Proindicus,

Credit Suisse then sold portions of that loan to various

institutional investors; is that correct?

A Yes, they did.

Q Do you know that there were approximately 14 of those

institutional investors that purchased pieces of the

Proindicus loan from Credit Suisse?

A I don't know the exact number.

Q Do you know that a vast majority of those were banks?

A From the syndicate members that I was aware of yes, I was

aware that they were banks primarily.

Q Do you also know that there were a couple of hedge funds?

A I know there were asset manager. The definition of hedge

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805

is subjective these days, but asset managers who were

investing people's money, yes.

Q I see. And sometimes asset managers might be called

hedge funds; is that correct?

A From time to time, yes.

Q Okay. Thank you.

Now, there were people at Credit Suisse whose job it

was to sell pieces of loans to institutional investors like

banks, hedge funds, large asset managers; is that correct?

A Yes, it is.

Q That wasn't your job; is that right?

A I was responsible for the person whose job it was. He

reported directly to me.

Q He reported to you, but it was not part of your daily

responsibilities to be the person at Credit Suisse that would

sell loans to institutional investors; correct?

A I was responsible for his actions, which meant that I

took an interest to have oversight as a manager, but it was

not my day-to-day job to physically speak to investors.

Q And Mr. Boustani, he did not work at Credit Suisse; is

that correct?

A He did not, no.

Q And Mr. Boustani, fair to say, was not involved in

selling pieces of the Proindicus loan to those banks and hedge

funds and asset managers that you refer to; is that correct?

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806

A He was not involved.

Q To your knowledge, Mr. Boustani never met with any of

those banks or hedge funds that Credit Suisse was selling

pieces of its loan to; is that correct?

A To the best of my knowledge, that's correct.

Q To your knowledge, Mr. Boustani never spoke on the phone

with any of the banks or hedge funds or asset managers that

Credit Suisse was selling pieces of its loan to?

A Again, as far as I'm aware, he did not.

Q You're not aware of Mr. Boustani ever sending an e-mail

to any of the banks or hedge funds or asset managers that

Credit Suisse was selling pieces of its loan to; correct?

A I'm not aware of him sending, no.

Q Now, those banks and asset managers, what they were

buying is Credit Suisse's right to be repaid by Proindicus

when Proindicus pays off its loan; is that correct?

A When you become a member of a syndicate, you step into

the loan documents and become lender and have all the rights

and obligations of a lender under the terms of that agreement.

It's a bit more complicated.

Q Those new lenders, those investors are paying Credit

Suisse; is that correct?

A Yes.

Q And what they are buying from Credit Suisse, one of the

things that they're getting from Credit Suisse is Credit

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MDL RPR CRR CSR

807

Suisse's right to be repaid under the loan?

A They are receiving a piece of the loan agreement, but

that's meant Credit Suisse.

Q Thank you. Now, the only way that one of these banks or

asset managers can lose money from buying a piece of the

Proindicus loan would be if Proindicus didn't pay its loan; is

that correct?

A No.

Q That is a way that one of those banks or hedge funds can

lose money is if Proindicus doesn't pay its loan; is that

correct?

A It is one way, yes.

Q Thank you.

And not paying your loan, I think you told the jury,

that's called defaulting; is that correct?

A Yes, it is.

Q Now, you had many conversations with Mr. Boustani about

the Proindicus project; is that correct?

A Yes.

Q And you understood that Mr. Boustani wanted to replicate

the Proindicus project across Africa; is that correct?

A Yes. We both did.

Q You understood that Mr. Boustani wanted to sell similar

coastal monitoring projects to other countries in Africa; is

that correct?

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808

A Yes, it is.

Q He wanted to sell it in -- that concept in Angola?

A No, that's not correct.

Q You didn't know about that?

A That wasn't the project that I was involved in in Angola

with Mr. Boustani.

Q In Nigeria?

A Yes.

Q Senegal?

A Yes.

Q And if Proindicus was successful, that success would help

Mr. Boustani sell similar coastal monitoring projects to those

other countries; isn't that correct?

A I believe that would be the case, yes.

Q And Mr. Boustani told you that he wanted the Proindicus

project to be successful; isn't that correct?

A That is correct.

Q And it was in Privinvest's interest that the Proindicus

project be successful; isn't that correct?

A As far as I was aware, the context of selling the product

to other countries, yes.

Q Mr. Boustani never told you that he wanted the Proindicus

project to fail, did he?

A He did not, no.

Q Mr. Boustani never told you that he wanted Proindicus to

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809

default on its debt, did he?

A Not that I recall.

Q Mr. Boustani never had a conversation with you in which

he said he wanted to harm the institutional investors that

were buying from Credit Suisse pieces of the Proindicus debt,

did he ever tell you that?

A I did not have that conversation with him.

Q Credit Suisse also loaned money to a Mozambican company

called EMATUM; is that correct?

A Yes, partly.

Q Partly because there's also a Russian bank owned by the

Russian Government that also loaned money to EMATUM as well;

is that correct?

A Yes. Thank you for clarifying.

Q And as part of this contract, EMATUM was paying

Privinvest for 24 fishing vessels and three what are called

offshore patrol vessels; is that correct?

A Yes.

Q And those offshore patrol vessels, I think you described

them as Ocean Eagle trimarans?

A I described them as trimarans and they were known as

Ocean Eagles.

Q They had three holes; is that correct?

A From the pictures I saw, yes.

Q Back in 2011, Mozambique had identified the need to

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MDL RPR CRR CSR

810

develop a fishing fleet; is that correct?

A I was aware of an existing project within the Mozambican

Government to develop a fishing fleet. I don't recall exactly

the date of it, but it was prior to 2013.

Q Thank you. And Mozambique had developed, I think you may

have described it, as a fisheries master plan; is that

correct?

A Yes.

Q And that was also developed -- or was that also developed

before 2013?

A To the best of my knowledge, yes.

Q And part of that plan was to have fishing protection

vessels; is that correct?

A Yes.

Q And I believe you told the jury that these patrol vessels

are boats that are designed to make sure that foreign fishing

vessels were honestly telling the Mozambican Government what

they caught and declaring accurately their catch; is that

correct?

A Yes. You said it much better than I did at the time,

but, yes, that's correct.

Q And, again, you believed that this was an important

concept for the country of Mozambique; is that correct?

A I thought that the development of a fishing fleet was

consistent with the resource that existed in the EEZ, I

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MDL RPR CRR CSR

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thought the project was too language.

Q But you believed it was an important project?

A I believe the development of a fishing fleet made sense

in the context of what I was aware of as a resource of

Mozambique in their EEZ.

Q We will come back to that.

Now, Credit Suisse committed to lend $500 million to

the Mozambican company EMATUM; is that correct?

A No.

Q That's not correct?

A I don't believe that's correct, no.

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

THE COURT: Of course.

MR. SCHACHTER: Your Honor, may I show the witness

and counsel Defense Exhibit 1949?

THE COURT: Any objection to 1949 being admitted

into evidence?

MR. SCHACHTER: Your Honor, at this time I would

like to just show it to the witness and counsel.

THE COURT: Do you want to offer it?

MR. SCHACHTER: Not yet. I would like to see if the

witness recognizes it.

THE COURT: You can show it to the witness and to

counsel.

And the question you are being asked is do you

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MDL RPR CRR CSR

812

recognize this document.

And show it to the Court, too.

MR. SCHACHTER: Your Honor, I forgot to say mother

may I. May I leave the podium to go to my boxes and obtain

that?

THE COURT: As long as you go right to your boxes

and return right to the podium.

MR. SCHACHTER: I promise.

THE COURT: This mother says yes.

And, again, to the witness and to counsel and to the

Court, please.

Mr. Jackson, can you help him out on that?

THE COURTROOM DEPUTY: Are you using the laptop,

sir?

MR. SCHACHTER: I'm hoping to, Mr. McLeod.

THE COURT: Counsel, court and the witness, it has

not been admitted. It has not been offered.

Do you have the document in front of you Mr. Pearse?

THE WITNESS: I do not.

THE COURT: You do not. Can we show it to the

witness, please?

Do you have it now, sir?

THE WITNESS: I do not.

THE COURT: You do not.

THE COURTROOM DEPUTY: Sir, take it down for a

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MDL RPR CRR CSR

813

second. Try it again, please.

THE COURT: Do you have it now, sir?

THE WITNESS: Yes, sir, I do.

THE COURT: All right. You may inquire. The

witness has the document, which is not in evidence, in front

of him. I have it. You have it, counsel, as well?

MR. MEHTA: Yes, Your Honor.


Q Sir, can you take a moment just to look at Defense

Exhibit 1949. Let us know after you have had a chance to

review that first page.

A I am unable to see the whole document. Thank you.

MR. SCHACHTER: Your Honor, may I approach the

witness with a hard copy?

THE COURT: You can ask Mr. Jackson to take it up.

But then, again, I just asked you if you wanted to have the

document admitted and see if there is an objection and we will

move it along for the jury.

Do you want to have it admitted at some point?


THE COURT: Any objection to Exhibit 1949 being

admitted?

MR. BINI: May I just quickly look at it?

THE COURT: You may quickly look at it.

MR. SCHACHTER: May I provide a copy?

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MDL RPR CRR CSR

814

THE COURT: You may provide a copy.

MR. SCHACHTER: To Government counsel.

THE COURT: The question is is there any objection

from the Government to Defense Exhibit 1949 being admitted

into evidence?

MR. BINI: No objection.


(Defense Exhibit 1949 received in evidence.)

THE COURT: You may publish it to the jury.



THE COURT: You're welcome.

BY MR. SCHACHTER:

Q Now, Mr. Pearse, I know it is a little difficult to read.

That's probably an understatement. But do you recognize this

to be a commitment letter -- if you look at the very top of

the document. Do you recognize this to be a commitment letter

from Credit Suisse?

A I have not seen this document before, but it does say

commitment letter at the top, yes.

Q Do you see that it is dated August of 2013? Do you see

that?

A It appears to be undated, sir, but.

Q Do you see that it is addressed to EMATUM?

A Yes, sir.

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MDL RPR CRR CSR

815

Q Do you see it's -- right below where it says, "Dear,

sir," it says term facility agreement between EMATUM and

Credit Suisse International as arranger, underwriter and

lender?

A Yes, I see that.

Q I know it's very difficult to see, but if you look at the

very last paragraph on that page, do you see this commitment

letter references that, do you see where it says, "That as

lender, our commitment about shall be equal to $500 million"?

A Yes, I see that language.

MR. SCHACHTER: And if, Mr. McLeod, we can turn to

the page that is Bates stamped at the bottom, DOJ 421939.

Thank you.

Q And do you see signatures on this commitment letter of

Mr. Singh and a man named Madthave Patki?

A Yes.

Q And those are Credit Suisse -- are they signing on behalf

of Credit Suisse International; is that correct?

A Yes.

Q And do you see where Mr. Rosario signs and dates this

September 2, 2013. Do you see that?

A Yes, I do see that.

Q Does that help you remember at all that Credit Suisse had

committed to lend $500 million to EMATUM on or about September

2, of 2013? Does that help you remember?

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816

A I didn't see this document before. I can explain how the

document works.

THE COURT: That's not the question. The question

is now you see the document, does it refresh your recollection

that the $500 million loan was made from Credit Suisse on or

about September 2nd of 2013? Does it refresh your

recollection, yes or no?

THE WITNESS: Yes.


Q And do you recall, sir, that Credit Suisse then paid out

the loan to Privinvest on or about September 11, 2013?

A I believe that's correct.

Q Now, after Credit Suisse committed to lend $500 million

and after Credit Suisse had paid out the money to loan to

EMATUM, Credit Suisse again sold its loan; is that correct?

A I don't believe that's correct, no.

Q Well, do you know that Credit Suisse sold its loan to a

Dutch company? Do you know that?

A Once it sold the loan at the time it made the commitment,

it had already procured investors for the -- for the LPN that

was issued by the vehicle you're referring to, yes.

Q I don't think that was my question. Let me try to

rephrase it. Do you know, sir, that at some point after

Credit Suisse had committed to lend $500 million to EMATUM, it

was after that that Credit Suisse sold its loan to a Dutch

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MDL RPR CRR CSR

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company?

A I was not part of that, I don't know.

THE COURT: He didn't ask if you were part of it.

The question is do you know.

THE WITNESS: I don't, Your Honor, I wasn't there.


Q Do you know that there was a Dutch company called

Mozambique EMATUM Finance 2020 BV that issued loan

participation notes?

A Yes, sir.

Q And I believe during the course of your testimony you

referred to them as bonds, but they're actually what are

called loan participation notes; is that correct?

A That is the technical term, yes.

Q And it's the Dutch company that is issuing those loan

participation notes; is that correct?

A Yes.

Q Now, those loan participation notes were issued in

something called a Reg-S offering; is that correct?

A I believe that's correct, yes.

Q And it is your understanding that a Reg-S offering is not

eligible to be purchased by U.S. investors; is that correct?

A For the first 40 days, yes.

Q When it is issued by the Dutch company, it is not

eligible to be issued to be purchased by U.S. investors during

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that period; correct?

A My understanding is on that date it's not eligible to be

purchased by U.S. investors.

Q Thank you. Now, Credit Suisse and that Russian bank,

Vneshtorgbank, distributed those loan participation notes to

institutional investors; is that correct?

A I believe so, yes.

Q You were not involved in selling those loan participation

notes to institutional investors, were you?

A I was not.

Q Fair to say Mr. Boustani was not involved in selling loan

participation notes to any of those institutional investors?

A He was not.

Q You do not know of Mr. Boustani having any contact with

any investor that purchased these loan participation notes; is

that correct?

A I am not aware of any contact, no.

Q To your knowledge, Mr. Boustani never e-mailed any of

these investors that were buying these loan participation

notes, was he?

A To my knowledge, no.

Q To your knowledge, Mr. Boustani didn't have any meetings

with any of these institutional investors that were purchasing

these loan participation notes from that Dutch company?

A No.

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MDL RPR CRR CSR

819

Q Now, I believe you said that the country of Mozambique at

some point I believe in 2016 offered to exchange those loan

participation notes that were held by those institutional

investors, they offered to exchange them for what are called

Eurobonds; is that correct?

A Yes.

Q That's an offer by the country, by the Government of

Mozambique, they are saying to those investors that held those

loan participation notes that they can, they're invited to

swap out their loan participation notes and instead get

Eurobonds that would be issued directly by the Government of

Mozambique; is that right?

A I believe that's a correct summary.

Q Now, when Mozambique made this offer to investors to

exchange their LPN's, the loan participation notes, for

Eurobonds, Mozambique issued a memorandum to those LPN

holders; is that correct?

A I'm not aware of that memorandum, no.

Q I think it's in front of you. I think that's what I am

referring to. Maybe we're not clear. Did Mr. Bini show you a

document that described the exchange offer to investors?

A Yeah, I'm aware of an offering circular in relation to

the Sovereign bond. Sorry, I don't believe it was sent to the

LPN holders exclusively, but I don't know.

Q Fair enough.

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MDL RPR CRR CSR

820

Mozambique prepared a memorandum which described

their offer to exchange loan participation notes for

Eurobonds; is that correct?

A Yes.

Q And that document is called an exchange offer and consent

solicitation memorandum; is that correct?

A I'm not aware of that name. I don't know, I'm afraid.

Q It's a lengthy disclosure; is that correct?

A I'm sorry, what is a lengthy disclosure?

Q Mr. Bini referred to it as voluminous. There are a lot

of pages and it describes the risks and the nature of agreeing

to swap out your LPN's for this Eurobond issued by the country

of Mozambique; is that correct?

A Are you referring to this document?

Q I am.

A I think my testimony is that I have not seen this

document Mr. Bini showed to me.

Q Are you familiar with the fact that Mozambique, in

connection with this exchange offer, issued a memorandum

describing the investment?

A I understood there was an offering circular prepared

which described many things, including Mozambique and its

economic position.

Q Maybe I'm using the wrong word, you called this an

offering circular; is that correct?

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MDL RPR CRR CSR

821

A Yes, I do.

Q Can you describe to the jury what is an offering circular

just so we all understand?

A To the best of my knowledge, it is a document which is

sent to investors which describes the transaction which is

being offered pursuant to that memorandum and also provides

information in relation to the issuer, in this case,

Mozambique, and the risks associated with buying, in this

case, the bond that was being offered.

Q Now, that memorandum that Mozambique issued, this

offering circular, this was drafted in part by bankers at

Credit Suisse; is that correct?

A I don't know.

Q Do you know whether bankers at Vneshtorgbank also had a

role in drafting this offering circular related to the

Eurobond?

A No, I don't know.

Q In your experience, are lawyers from the banks involved

in drafting offering circulars?

A Lawyers for the banks are, yes.

Q Yes. Before issuing an offering circular of this kind, a

bank like Credit Suisse has their memorandum reviewed and

drafted by both outside lawyers as well as internal lawyers at

the bank; is that correct?

A From my experience, yes, that would be correct.

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MDL RPR CRR CSR

822

Q Fair to say that you are not aware of Mr. Boustani

drafting an offering circular that was sent to investors who

were considering exchanging their loan participation notes for

Eurobonds?

A That is fair.

Q Now, I think you said that you did have some role in

preparing some portion of this offering circular; is that

correct?

A Palomar acted as an advisor to the Government of

Mozambique and the role was in relation to the debt disclosure

section of the offering circular.

Q Fair to say, Mr. Pearse, you wanted that disclosure to be

accurate?

A Yes.

Q Now, before that memorandum was issued, there were

questions about whether the country, the country of Mozambique

was going to accurately disclose its national debt in that

offering circular; is that correct?

A I wasn't party to those discussion.

Q Did you become aware that there were some issues about

whether the country of Mozambique was going to accurately

disclose its national debt?

A I became aware and involved in the Sovereign bond

offering at the point where Credit Suisse had not been able to

finalize the drafting of that section of the offering circular

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MDL RPR CRR CSR

823

in relation to the debt.

Q And you got involved in some discussions directly with

officials in Mozambique; is that correct?

A I don't recall what you're referring to, sir.

Q Sir, is it correct that you told officials in Mozambique

that it was vitally important that their disclosure of their

national debt be disclosed accurately?

A I don't recall having that conversation, but I do believe

the numbers were accurate.

Q I'm going to show you, sir --

MR. SCHACHTER: Your Honor, may I show for the

witness and counsel Defense Exhibit 1041.


MR. BINI: If I can just get a copy of it, I'll...

No.



(Defense Exhibit 1041 received in evidence.)


Q Mr. Pearse, do you recognize Defense Exhibit 1041 to be

an e-mail that you sent, the bottom part, to Antonio do

Rosario?

Let me ask this more directly. I would like to

direct your attention to the fourth paragraph of your e-mail

to Mr. Rosario. Sir, can you please read aloud what you wrote

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MDL RPR CRR CSR

824

to Mr. Rosario?

A "Unfortunately, it now appears that the Minister of

Finance has made incorrect representations to VTB as arranger

of the Eurobond as to this Sovereign debt position of

Mozambique. This must be corrected immediately either with

the current arrangers of the Eurobond or with replacement

arrangers if necessary.

Q What you're saying here, Mr. Pearse, is you are telling

Rosario in Mozambique that you believe it is very important

that Mozambique accurately disclose its total national debt in

an amount that would include the Proindicus and the MAM debts;

is that correct?

A I don't recall if that was what I was saying. I was

aware at the time that Credit Suisse and VTB had been unable

to finalize the debt disclosure offering circular with the

government of Mozambique and I believe that that position had

to be corrected so that it was accurate.

Q And, in fact, sir, you told Mr. Rosario that it was

important to use the IMF debt numbers; is that correct?

A I suggested that the IMF numbers were the latest

published numbers and were correct and should be used, yes.

Q Correct. And those IMF numbers, numbers of Mozambique's

debt that had been -- when you refer to the IMF numbers, the

IMF puts out something called a country report; is that

correct?

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MDL RPR CRR CSR

825

A Yes.

Q They put out a country report for the country of

Mozambique; is that correct?

A Yes, they do from time to time.

Q And earlier in 2016, the IMF had put out a report

disclosing Mozambique's total national debt; is that correct?

A I don't recall the date, but they regularly publish

reports on Mozambique.

Q And that country report which had been disclosed

publicly, in your view, accurately disclosed Mozambique's

national debt and that total number included the Proindicus

and MAM debts; is that correct?

A I believed the IMF had published figures which accurately

reflected what the Government of Mozambique had provided to

them and that the numbers themselves were large enough to

include the Proindicus and MAM debt.

Q And in advance of this offering circular being sent out,

officials in Mozambique wanted to disclose a lower number for

its national debt; is that correct?

A I don't know, sir.

Q You were telling Mr. Rosario that the disclosure should

use the IMF numbers, which included the Proindicus and MAM

loan numbers; is that correct?

A My suggestion was that they use the numbers that had

previously been disclosed to the IMF and were included in the

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MDL RPR CRR CSR

826

latest IMF country report.

Q Thank you.

Now, that Eurobond exchange occurred in March of

2016; is that correct?

A I think it was finalized in April, but started in March.

Q At the time of that Eurobond exchange, you are aware that

Mr. Boustani was focused on selling a project in Angola; is

that correct?

A Yes.

Q And Mr. Boustani was not involved in this Eurobond

exchange on a daily basis, was he?

A He was not part of the team that was advising the

Government of Mozambique.

Q And fair to say, sir, you are not aware of Mr. Boustani

lying to any investor in order to get that investor to

exchange their loan participation notes for Eurobond; correct?

A I'm not aware of Mr. Boustani telling a lie to an

investor directly.

Q Let's talk now about when you first met Mr. Boustani.

You first met Mr. Boustani in around September of 2012; is

that correct?

A Yes.

Q At the time of that meeting, your purpose was to learn

more about Privinvest; is that correct?

A Yes.

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MDL RPR CRR CSR

827

Q This was part of what I believe you called the due

diligence process; is that correct?

A Yes.

(Continued on following page.)

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Pearse - Cross - Schachter

LAM OCR RPR

828

BY MR. SCHACHTER (Continuing):

Q And the due diligence process is when a bank tries to

learn more about the purpose of the loan, who is involved in

a loan, things like that.

A That's correct.

Q Now, sir, you talked during the course of your testimony

about money that you received from Privinvest; is that

correct?

A I did.

Q I believe that you said that you received in total

approximately $45 million; is that correct?

A Yes.

Q At this time, when you first met Mr. Boustani, you had

not received a nickel; is that correct, from Privinvest?

A I'm sorry, what is a "nickel"?

THE COURT: Five cents. Tuppence times two and a

half. I don't know, it's a nickel.

Q Fair question from where you are. It's not a --

You had not received a pence or a pound or what's

the currency in New Zealand?

A Dollars.

MR. BINI: Objection, your Honor.

Q You're a citizen of New Zealand; is that correct?

A Yes, that is correct.

Q And you had not spoken with Mr. Boustani or anyone at

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LAM OCR RPR

829

Privinvest about receiving -- about potentially having any

business arrangement with Privinvest at that point in time,

when you first met him in September?

A That's correct.

Q When you first met him, you were just doing your job as a

Credit Suisse banker; is that correct?

A Yes.

Q You met a Privinvest offices in Abu Dhabi; is that

correct?

A That's what I recall, yes.

Q After that meeting, Mr. Boustani sent you an e-mail about

Privinvest; is that correct?

A I don't recall if it was after the meeting, but I did

receive a e-mail with some background information on

Privinvest from Mr. Boustani.

Q I'm going to show you now what's been marked Government

Exhibits 5005, 5005-A and 5005-B.

THE COURT: Are these in evidence?

MR. SCHACHTER: They are not, your Honor. I would

offer Government Exhibits 5005, 5005-A, and 5005-B.



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

(Government Exhibits 5005, 5005-A, and 5005-B so

marked.)

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LAM OCR RPR

830


Q This is an e-mail that Mr. Boustani sent to you on

September 14, 2012?

A Yes, it is.

Q And he says: Dear Andrew and Said.

Do you see that?

A Yes, I do.

Q Pleasure meeting you yesterday and thank you for your

time.

A Yes.

Q And he writes: Attached is a high-level description of

the EEZ project in Mozambique and a brief of Privinvest. Our

group's holding, Abu Dhabi MAR, the contractor in Mozambique,

is a subsidiary of Privinvest.

Is that correct?

A Yes.

Q Getting back to this meeting --

MR. SCHACHTER: If we can leave that on the screen

for a moment. We'll return to that in a moment, your Honor.

Q In your meeting with Mr. Boustani, and he told you that

he worked for this company Privinvest; is that correct?

A Yes.

Q And you and he discussed what Privinvest does and what

its capabilities are; is that correct?

A I don't recall the exact conversation, but I believe that

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LAM OCR RPR

831

was covered in the course of the meeting.

Q You came to understand that Privinvest is one of the

world's largest private shipbuilders; is that correct?

A That is what the Defendant told me, yes.

Q Is that consistent with your understanding?

A I have no basis for comparison, but I have no reason to

disbelieve the statement.


You came to understand that Privinvest has a large

shipyard in France?

A Yes.

Q And that's, I believe, included in the presentation that

he provided to you.

MR. SCHACHTER: Your Honor, may we put up Government

Exhibit 5005-A at Page 3?

THE COURT: Yes, of course. It's in evidence.


Q This page of these materials -- I'm sorry.

And he described to you -- or I'm sorry, these

materials state that this shipyard in France is called CMN; do

you understand that?

A Yes.

Q And there, they manufacture naval vessels up to 85 meters

yachts up to 75 meters, and supply vessels and other things;

is that correct?

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LAM OCR RPR

832

A Yes, that's what it says.

Q And below that, it makes a reference to a shipyard called

Nobiskrug; do you see that?

A I do.

THE COURT: Could you spell that for the court

reporter, please?

MR. SCHACHTER: Yes, your Honor.

N-O-B-I-S-K-R-U-G.

THE COURT: Thank you, go ahead.

Q And Nobiskrug, you came to understand, is a German

shipyard that manufactures naval vessels and large yachts as

well.

A I was aware that Privinvest Group included a shipyard in

Germany called Nobiskrug, yes.

Q And did you also become aware that Privinvest also had a

second shipyard in Germany called ADM Kiel?

A That one I was less familiar with.

Q Did you come to understand that Privinvest also had a

shipyard in Greece where they manufactured submarines?

A I was aware that they had acquired a shipyard in Greece

which was the subject of litigation.

Q That wasn't my question.

A I wasn't aware that they built submarines in Greece, but

I was aware that they had bought shipyards.

Q Thank you.

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LAM OCR RPR

833

And you came to understand that they also had a

shipyard in Abu Dhabi; is that correct?

A Yes.

MR. SCHACHTER: You can take that down, Mr. McLeod.

Q And this shipyard in Abu Dhabi was called Abu Dhabi MAR,

I believe you testified; is that correct?

A That's what it was mentioned as, yes.

Q Mr. Bini showed you an exhibit, Government Exhibit 2082,

where Mr. Freiha said that Abu Dhabi MAR was 51 percent owned

by Sheikh Hamdan bin Zayed; do you recall that testimony?

A Yes.

Q And Sheikh Hamdan bin Zayed is a member of the UAE royal

family; is that correct?

A That is correct.

Q Do you understand he's also the Deputy Prime Minister of

the United Arab Emirates?

A That, I did not know.

Q You said that this was a significant part of Credit

Suisse's due diligence; do you recall that testimony?

A I said it was one of the elements, yes.

Q I believe what you did say, you said, quote: To the best

of my knowledge, it is not owned by Sheikh Hamdan bin Zayed.

Do you recall giving that testimony?

A Yes, I do.

Q Sir, do you know Sheikh Hamdan bin Zayed?

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LAM OCR RPR

834

A I've never met him, no.

Q Did Sheikh Hamdan bin Zayed tell you that he wasn't a

part owner of Abu Dhabi MAR?

A No, but I was told that 51 percent was owned by lawyers.

Q Sir, you said "to the best of your knowledge," but the

truth is that you actually, beyond what you say you heard, you

have no personal knowledge of whether Abu Dhabi MAR was partly

owned by Sheikh Hamdan bin Zayed, do you?

A I can only tell you what I was told, which was that

51 percent was owned by lawyers as nominees.

Q Sir, when you told the jury, To the best of my knowledge,

Abu Dhabi MAR was not owned by this member of the UAE royal

family, to be clear, you did not, in fact, know personally

whether or not this Sheikh Hamdan bin Zayed owned a large part

of Abu Dhabi MAR, did you?

A I was told it was owned by lawyers --

Q Sir, my question is not what were you told by someone, my

question to you, sir, is when you told the jury, To the best

of my knowledge it was not owned by Sheikh Hamdan bin Zayed,

you do not, in fact, have personal knowledge of the fact of

whether this Sheikh Hamdan bin Zayed owns a majority of Abu

Dhabi MAR, do you?

MR. BINI: Objection.


You can answer. It's perfectly appropriate cross.

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LAM OCR RPR

835

A I do not have personal knowledge that Sheikh Hamdan is

not the owner, but I was told by members of Privinvest that

the 51 percent not owned by Privinvest was owned by lawyers.

Q Sir, I'm now going to show you what's been marked as

Defense Exhibit 1910.


MR. BINI: Can I see a copy?

MR. SCHACHTER: Your Honor, may I return to the

boxes?

THE COURT: You may.

MR. SCHACHTER: Thank you.

THE COURT: And, again, you can probably publish it

to counsel and the Court and the witness electronically,

without showing it to the jury, and we can see if there's any

objection.

Do you have it electronically now, counsel?

MR. BINI: We do, your Honor.

THE COURT: Any objection to this exhibit, 1910,

coming in?

MR. BINI: Your Honor, we object.

THE COURT: All right. We'll have a sidebar.


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Sidebar

LAM OCR RPR

836


THE COURT: What's the objection?

MR. BINI: The objection is we don't know where this

is from, we haven't received it with a business records

certification, and we're not sure that the witness would have

ever have seen it.

THE COURT: Do you know what this is?

MR. SCHACHTER: Yes, your Honor. These are the

Articles of Association of the United Arab Emirates of Abu

Dhabi MAR, as reflected on the second page of the exhibit.

THE COURT: Are these documents publicly available?

MR. SCHACHTER: Yes, they are publicly available,

your Honor.

THE COURT: Overrule the objection. They're

admitted.


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LAM OCR RPR

837

(Sidebar ends; in open court.)

THE COURT: The Government's objection is overruled.

You may publish and question the witness about the exhibit.

It's in evidence, 1910. Defense exhibit 1910 in evidence.

(Defense Exhibit 1910 so marked.)


BY MR. SCHACHTER:

Q Sir, I'm showing you here the Articles of Association of

Abu Dhabi MAR, incorporated in the United Arab Emirates. And

I'd like to direct your attention to the third page of this

exhibit at the bottom.

Do you see where it says "name of the company"?

A I do.

Q Do you see where it identifies the company as Abu Dhabi

MAR?

A Yes.

Q And now I'd like to direct your attention to the first

page of this exhibit.

Do you see where it references Al Bateen Investment

Company?

A Yes, I do.

Q Sir, do you know that Sheikh Hamdan bin Zayed was the

chairman and owner of Al Bateen Investment Company in the

United Arab Emirates?

A No, I did not.

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LAM OCR RPR

838

Q Did you know, sir, that Abu Dhabi MAR was, in fact, built

in Abu Dhabi for the purpose of building the eighth largest

superyacht in the world for Sheikh Hamdan bin Zayed; did you

know that?

A I knew that they had converted a freighter into a royal

yacht, yes.

Q Do you know that that yacht -- that thousands of people

worked on the construction of that yacht at Abu Dhabi MAR for

Sheikh Hamdan bin Zayed?

A I wasn't there at the time, but I was aware of the yacht.

MR. SCHACHTER: Your Honor, may Mr. McLeod take this

exhibit down?

THE COURT: Yes, of course.

MR. SCHACHTER: Thank you, your Honor.

Q Now, I believe that you said to the jury that Sheikh

Zayed's partial ownership of Abu Dhabi MAR was important

because of issues that had come up relating to Mr. Safa; do

you remember that testimony?

A I'm sorry, do you mean Sheikh Hamdan or Sheikh Said?

Q Sheikh Hamdan bin Zayed.

Just a yes or no --

THE COURT: The question got a little bit garbled.

Why don't you put the question again and then we'll have an

answer.

Go ahead, put the question again.

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LAM OCR RPR

839

MR. SCHACHTER: I'll rephrase.

Q I believe that you described during the course of your

testimony that there had been issues that had come up with

respect to Mr. Safa at Credit Suisse; is that correct?

A Yes.

Q And you testified about something that the bank was aware

of and Mr. Safa being involved in the Lebanese hostage crisis

in the 1980s; do you recall that testimony?

A I do, yes.

Q And Mr. Bini showed you Government Exhibit 2212; do you

recall that?

A I don't recall what that was.

Q Of course.

MR. SCHACHTER: Your Honor, may I publish Government

Exhibit 2212 in evidence?



Q Do you recognize this exhibit that Mr. Bini showed you

during your testimony?

A Yes, sir, I do.

Q This is what's called a credit risk memo inside Credit

Suisse; is that correct?

A Yes.

Q And it is a document which is sent to the credit risk

management team; is that correct?

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LAM OCR RPR

840

A Yes.

Q Because it's ultimately credit risk management that has

to decide whether to approve whether loans are going to be

made by Credit Suisse; is that correct?

A They are one of the back-office functions that were

required to approve a loan.

Q Thank you.

And this is a lengthy memorandum that provides

information about the loan that is being proposed to be made

by Credit Suisse; is that correct?

A I don't recall how lengthy it is, but it is a complete

document which is supposed to encapsulate all the information

that Credit Suisse has obtained.

Q Sir, I'd like to now direct your attention to Page 63 of

this document.

MR. SCHACHTER: Your Honor, may Mr. McLeod please

highlight that the paragraph right there and blow that up for

the jury?


Q Sir, does this section of the credit risk management memo

say: During the French hostages crisis in Lebanon in 1986 to

1987, the name of Ishkandar Safa appeared as one of the

intermediaries assisting the French government in negotiating

the release of the hostages thanks to his network of contacts

in Lebanon and in the region.

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LAM OCR RPR

841

Do you see that?

A Yes, I do.

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

Mr. McLeod.

Q I believe that you testified that there was a Credit

Suisse employee Fawzi Kyriakos Saad that expressed some

concerns about Mrs. Safa; is that correct?

A He expressed concerns about Credit Suisse in a

transaction in Mozambique together with Mr. Safa.

Q Thank you.

MR. SCHACHTER: And I'm sorry, your Honor, may we

put Government Exhibit 2212 back up on the screen for just a

moment?

THE COURT: Of course. It's in evidence.

MR. SCHACHTER: Can you pull up the front cover,

please, Mr. McLeod.

Q Do you recall that Mr. Bini showed you this document and

asked you to identify who on this page was involved in what

you call "the criminal conduct;" do you remember him asking

you that?

A Yes.

Q To be clear, Mr. Peter Stevens in credit risk management,

he was not involved in the criminal conduct; was he, sir?

A No.

Q And what's his title at Credit Suisse?

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LAM OCR RPR

842

A He was managing director.

Q And Moritz Nebe, he was not involved in the criminal

conduct, was he?

A No.

Q What was his role?

A He was an analyst in the credit risk fund.

Q Thank you.

And how about Hedi Cherif, he also was not involved

in the criminal conduct, was he?

A No.

Q And all of these people received this credit risk memo

and ultimately approved of Credit Suisse extending this loan;

is that correct?

A They approved their section of the approval process, yes.

Q Thank you.

And in fact, also, I believe you said that there's

somebody at Credit Suisse who is responsible for reviewing

Credit Suisse' interactions with what are called

"politically-exposed persons;" is that correct?

A PEP desk, you mean, yes.

Q Does that stand for politically-exposed persons?

A It does, yes.

Q And somebody from the PEP desk also reviewed and approved

this loan being made; is that correct?

A I was told that by Said Freiha.

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LAM OCR RPR

843

THE COURT: By Said, S-A-I-D, Freiha, F-R-E-I-H-A.

Is that correct?

MR. SCHACHTER: Yes, your Honor.

THE COURT: Okay. Go ahead.


Thank you.

Q Now, you testified at length about your role in the due

diligence process for the Proindicus loan; is that correct?

A Yes.

Q We talked about that September, your first meeting with

Mr. Boustani.

But then in October of 2012, as part of the due

diligence process, you and Ms. Subeva sent Mr. Boustani a

questionnaire to fill out; is that correct?

A I don't recall the questionnaire that was sent on that

date.

Q I'm going to show you what's in evidence as Government

2078 and 2078-A.


Q And do you see at the bottom Mr. Boustani says: Hi,

Lina. Please don't forget the due diligence checklist so we

answer your queries ASAP.

A Yes.

Q And I believe that you testified that attached to this

exhibit was the due diligence -- I'm sorry, you send in this

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LAM OCR RPR

844

e-mail -- I'm sorry, Ms. Subeva sends: Attached please find

two due diligence lists.

Do you see that?

A Yes.

Q And, in fact, this due diligence list, which is 2078-A

was, in fact, sent to Mr. Boustani to have Privinvest fill it

out; is that correct?

A Yes.


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SAM OCR RMR CRR RPR

845


BY MR. SCHACHTER:

Q Now, Mr. Bini didn't show you, he didn't show you

Mr. Boustani's response on behalf of Privinvest, did he?

A I don't recall seeing that, no.

Q I am going to show you what I --

MR. SCHACHTER: Your Honor, we offer Defense

Exhibit 1738.


MR. BINI: No objection, Your Honor.


(Defense Exhibit 1738 was received in evidence.)



MR. SCHACHTER: And Defense Exhibit 1738-A?

THE COURT: Any objection to 1738-A?



(Defense Exhibit 1738-A was received in evidence.)




MR. SCHACHTER: Your Honor, may we start with

Defense Exhibit 1738?


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SAM OCR RMR CRR RPR

846

When you start to read there is a tendency to speed

up. So when you are reading, just be mindful of the fact that

you should slow it down so that the reporter can take it down.

It is a natural flaw that all lawyers have, and even some

judges, if judges have flaws.

Okay, let's go.


BY MR. SCHACHTER:

Q Do you see, sir, where Mr. Boustani sent to Ms. Subeva,

copying Mr. Langford, and you and also an e-mail address

[email protected]?

A Yes, I do.

Q Mr. Bini asked you a number of -- I'm sorry, withdrawn.

Mr. Langford, that's Privinvest's -- that's an

in-house counsel at Privinvest, is that correct?

A He's a lawyer that works for Mr. Safa.

Q Mr. Bini asked you a number of questions regarding this

nguila.guidema e-mail address.

Do you recall those questions?

A Yes, I do.

Q And I believe he showed you another exhibit in evidence,

he showed, you I think, a number of documents that had this

e-mail address, is that correct?

A We did look at that, yes.

Q Now, you got this e-mail from Mr. Boustani in October of

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SAM OCR RMR CRR RPR

847

2012, is that correct?

A Yes.

Q He is in this e-mail openly copying this e-mail address

nguila.guidema, is that correct?

A Yes.

Q He doesn't appear to be trying to hide that e-mail

address from you, was he?

A No, at no point was it hidden.

Q And to be clear, I want to describe your role at this

time.

You are just working at Credit Suisse, correct?

A Yes, I was managing director at Credit Suisse at this

time.

Q You hadn't received a New Zealand dollar from Privinvest,

had you?

A No.

Q You had not discussed any potential business arrangement

between you and Privinvest at this time when Mr. Boustani is

sending this e-mail, had you?

A No.

Q You were just somebody doing your job as a Credit Suisse

banker, is that correct?

A Yes.

Q And fair to say when you received this e-mail, you didn't

ask any special questions about this particular e-mail

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SAM OCR RMR CRR RPR

848

address, did you?

A I didn't have day-to-day responsibility for the project.

I had oversight of it. So no, I didn't ask about the e-mail

address.

Q Thank you.

Now, one of the things that Credit Suisse generally

asks about during the course of its due diligence process is

whether there had been a competitive bidding process, is that

correct?

A In the context of a project like this, it was a question

that was asked.

Q And you recall, do you not, that Mr. Boustani was open

that there had not been a competitive bidding process in

association with Privinvest's award of this coastal monitoring

project, is that correct?

A He told us that contractors in South Africa and elsewhere

had been approached by the Mozambican Government. That there

had been no public tender for the project because of the

nature of it, because it was a defense project.

Q And to be clear, he described in this questionnaire that

information.

I'd like to show you, if I may, what's in evidence

as Defense Exhibit 1738-A at page 4.

MR. SCHACHTER: Is that acceptable, Your Honor?

THE COURT: Of course. You may publish, it's in

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SAM OCR RMR CRR RPR

849

evidence.



BY MR. SCHACHTER:

Q And this is -- do you recognize this to be Privinvest's

responses to the questionnaire that was put to them by Credit

Suisse as part of its due diligence process?

A I don't recall seeing this before, no.

Q Do you see that it says: "Please describe in detail how

the project was awarded to Privinvest"?

A Yes.

Q And it says: "Did the Government of Mozambique run a

formal procurement process for the award of the project?"

A Yes.

Q It says: "The contractor is not aware of any formal

procurement process"?

A That's correct.


BY MR. SCHACHTER:

Q Now, you met with Mr. Boustani again at the end of

November of 2012, is that correct?

A I don't recall the exact date. I do recall meeting with

him after the September meeting.

Q With Ms. Subeva as well?

A I don't recall the meeting date, no.

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SAM OCR RMR CRR RPR

850

Q Well, do you recall that there was another meeting with

respect to additional due diligence?

A Yes.

Q And then you had yet another meeting in December of 2012,

is that correct?

A I recall a meeting Mr. Safa in December of 2012.

Q And that was part of your due diligence process?

A Yes, it was.

Q And in part, one of the things that you asked Mr. Safa

about was Privinvest's profit margin, is that correct?

A I did.

Q And Mr. Safa told you that their expected profit margin

was 20 to 25 percent, is that correct?

A He gave me a calculation, which resulted in that -- in

the net margin.

Q Your response was that that was the kind of profit margin

that you would expect, is that correct?

A My response was I would take that information back to

Credit Suisse and provide that to the Credit Risk Management

and other departments to assess whether or not that was

appropriate.

Q Is it accurate that that profit margin was, in fact, what

you would expect?

A I believed it was.

Q And you didn't ask Mr. Safa what he planned to do with

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SAM OCR RMR CRR RPR

851

the profits that Privinvest made on this project, did you?

A I did not, no.

Q And to be clear, at this meeting you had not had any

discussions about any of potential business arrangement with

Privinvest, had you?

A I had not.

Q You're just there doing your job as a Credit Suisse

banker, is that correct?

A Yes.

Q As a Credit Suisse banker you don't normally ask a

contractor what it is doing with its profits, do you?

A No.

Q You went to Mozambique in January of 2013, is that

correct?

A That was the first time I went.

Q This was yet another part of the Credit Suisse due

diligence process, is that correct?

A I was invited there to meet with the Minister of Finance

and the Ministry team in that -- in that period of time.

Q And again, to be clear, at this point in time, as you're

in Mozambique in January, nobody from Privinvest had -- had

offered you any money, is that correct?

A At this point, no.

Q You had not had any discussions with anybody from

Privinvest regarding any potential business arrangement, is

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SAM OCR RMR CRR RPR

852

that correct?

A We just started to discuss potential for other business,

but very early days.

Q And when you're there, your role is to consider -- you're

part of the team that is considering whether Credit Suisse

International is going to lend money for this coastal

monitoring project, is that correct?

A It was part of the due diligence process for that loan.

Q During that trip, you met a man named Teofilo Nhangumele,

is that correct?

A I did.

Q Now, I believe that you testified that Mr. Boustani

introduced him as a representative of the Mozambican

Government.

Was that your testimony?

A I testified that he was introduced as a representative

for the Mozambican Government.

Q Ah, maybe that's a distinction.

Sir, in fact, Mr. Boustani told you that

Mr. Nhangumele was a consultant for the Mozambican Government,

didn't he?

A I don't recall that level of detail.

Q I am going to show you what's been marked as Defense

Exhibit 1510.

MR. SCHACHTER: And we'll offer Defense

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SAM OCR RMR CRR RPR

853

Exhibit 1510.


MR. BINI: Can we see a copy, Your Honor?

MR. SCHACHTER: Your Honor, may we show it to the

witness and counsel?

THE COURT: Yes, show it to them electronically,

that way they will get it more quickly.

Any objection?

MR. BINI: No objection, Your Honor.


(Defense Exhibit 1510 was received in evidence.)

THE COURT: You may publish it to the jury.



BY MR. SCHACHTER:

Q Sir, do you see Mr. Boustani's e-mail of February 6th of

2013?

A Yes, I do.

Q This is addressed to you and Ms. Subeva. And, again,

there is that nguila.guidema@gmail, do you see that?

A Yes.

Q And he writes, Mr. Boustani writes: "Hi, Lina. These

are good news finally. As discussed, Teo will be compiling

with the Minister of Finance the CPs and the procedures

related to our particular case. The "All African Games" is a

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SAM OCR RMR CRR RPR

854

perfect benchmark and Teo was the key consultant for the

Government of Mozambique."

Do you see that?

A Yes.

THE COURT: What are CPs?

THE WITNESS: Conditions precedent.


MR. SCHACHTER: You can take that down, Mr. McLeod,

if that's acceptable to the Court.



BY MR. SCHACHTER:

Q Now, Mr. Boustani also told you that Privinvest used what

are called private business agents, isn't that correct?

A I don't recall that conversation.

Q Well, do you recall him speaking of a woman named -- I am

not going to be able to spell it -- Bassy Thokoane?

A I met Bassy sometime later. But not at the time, no.

THE COURT: Do you know how to spell it?

THE WITNESS: I -- no, Your Honor, please don't make

me do that.

THE COURT: We will --

MR. SCHACHTER: I can try.

THE COURT: No. No. We will get it from other

documents for the court reporter.

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SAM OCR RMR CRR RPR

855

Why don't you keep going.


BY MR. SCHACHTER:

Q Do you recall that Bassy was a private business agent,

that was her job?

A I recall the defendant told me about Bassy. She was a --

as a South African, former member of the South African Secret

Service, who was a friend of the defendant who helped him

source business in Africa.

Q I'm sorry, I didn't hear you. Who helped him?

A Source business in Africa.

Q What does that mean, to "source business"?

A To -- to -- the role of the defendant was a salesman for

Privinvest, so to find clients for Privinvest in Africa.

Q I see.

And that was Bassy's role?

A That is all I know. That's all he told me.

Q Fair enough.

And is that -- that concept of helping a company

source business in Africa, is that the job of what might be

called an agent?

A Agent or intermediary, yes.

Q Thank you.

And the fact that Privinvest was using an agent or

intermediary to source business in Africa, that didn't prevent

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SAM OCR RMR CRR RPR

856

Credit Suisse from loaning money to Proindicus, correct?

A I don't know that I was aware of the involvement of Bassy

at that time.

Q Fair enough.

Now, one other standard part of due diligence when

lending money in emerging markets is ordering background

checks on the officers and directors of the company to which

Credit Suisse may be lending money to, is that right?

A Given this, Mozambique was -- this was the first time

that Credit Suisse had operated in Mozambique, the background

checks were undertaken. I don't know if it was standard in

all cases.

Q Fair to say, in your experience -- well, you specialized

in emerging markets, is that correct?

A In the latter years of my employment at Credit Suisse.

Q Fair to say it is not unusual in emerging markets for you

to run into issues with names that had been proposed as

directors or officers of a company that Credit Suisse would be

considering lending money to, is that correct?

A Could you define "issues" for me, please?

Q Well, flags that would be raised in the course of a

background check about things that come up in a particular

director or officer's background, that's what I mean by

"issues."

A It was a standard process within Credit Suisse to do --

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SAM OCR RMR CRR RPR

857

check for red flags on all transactions, including the

backgrounds of the key parties involved.

Q And fair to say that it was very common for you to run

into issues with directors in emerging markets?

A No.

Q Sir, do you recall being interviewed by the prosecutors?

MR. SCHACHTER: AP-2-C.

THE COURT: Just hold the microphone if you are

going to move over there, it will help.

MR. SCHACHTER: I apologize, Your Honor.

THE COURT: All right.

BY MR. SCHACHTER:

Q Sir, do you recall --

THE COURT: But you have got to leave it on. Hit

the green light at the bottom, I think you might have touched

it.

MR. SCHACHTER: Okay.

THE COURT: The oval, looks like a spaceship.

There you go.

BY MR. SCHACHTER:

Q Sir, do you recall being interviewed by the prosecutors

on June 11th, 2019?

A I recall that.

Q Do you recall that they flew to London to meet with you?

A Yes.

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SAM OCR RMR CRR RPR

858

Q And you were with lawyers, is that correct?

A Yes.

Q And you understood that it was important to be accurate

with them?

A Yes.

Q Do you recall, sir -- or, sir, isn't it correct that you

told the prosecutors there were always issues with directors

in emerging markets; isn't that what you told the prosecutors?

A I don't recall saying that, no.

Q Sir, I am going to show you what's been marked as

Government Exhibit 3500-AP-2 at page 7, the first paragraph.

I am just showing you --

MR. SCHACHTER: Your Honor, may I just show it to

the witness and counsel?

THE COURT: You may.

Do not read it out loud. It is not in evidence.

Just read it to yourself.


BY MR. SCHACHTER:

Q And let us know when you're done, please, Mr. Pearse.

(Pause.)

A Thank you.

Q Does that refresh your recollection, sir, that you told

the prosecutors at this meeting in June that there were always

issues with directors in emerging markets?

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SAM OCR RMR CRR RPR

859

A I haven't seen this document before. I don't recall

saying that there were always issues with directors in

emerging markets.


MR. SCHACHTER: Your Honor, may Mr. McLeod take that

down?


BY MR. SCHACHTER:

Q Now, for this Proindicus project, the Credit Suisse deal

team hired a due diligence firm called Africa Matters, is that

correct?

A Yes.

Q And that report showed some red flags with respect to a

number of director -- proposed directors of Proindicus?

A Yes, it did.

Q And those directors were then replaced?

A Some of them were, yes.

Q And to be clear, that all happened on February 22nd of

2013, is that correct?

A That, I'm not -- I don't have a recollection as to the

date. I have a recollection to the fact that they were

changed, and to the report.

Q Thank you.

You recall that those changes happened before

anybody from Privinvest had paid you any money, is that

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SAM OCR RMR CRR RPR

860

correct?

A I don't recall with specificity the date on which those

changes were made.

Q Do you recall that when you received this Africa Matters

report, you received that at a time when you were just a guy

trying to do his job at Credit Suisse as an investment banker?

A I'm very sorry, sir, I don't have a recollection of the

date of getting the report. Perhaps --

Q Fair enough.

A -- if you can refresh my memory.

Q Fair enough.

Sir, you didn't conceal the Africa Matters report

from Credit Suisse's Compliance Department, did you?

A I do not recall concealing it, no.

Q Do you recall that there was a gentleman named Mark

Pickersgill? I'll spell that, Mark, M-A-R-K, Pickersgill,

P-I-C-K-E-R-S-G-I-L-L.

Do you recall that person?

A I do, yes.

Q He was the Compliance person for -- or that was assigned

to the Emerging Markets Group, your group at Credit Suisse?

A Yes, he was.

Q He's based in London, is that correct?

A He was at the time.

Q And he -- this Compliance person was made aware of this

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SAM OCR RMR CRR RPR

861

Africa Matters report, is that correct?

A I recall that, yes.

Q And in your view, Compliance would have approved a change

in directors, is that correct?

A I don't recall Compliance objecting to the change of

directors.

Q In fact, you believed that Compliance would have gone

through with the deal as long as the directors changed, that

that would be what's important to Compliance, is that correct?

A I'm sorry, can you repeat the question?

Q I'll withdraw it.

Now, the prosecution charged you in a four-count

Indictment, is that correct?

A Yes, they did.

Q And those words "counts," those are each separate crimes,

is that correct?

A That's how I understand it.

Q And you were charged with committing those four different

crimes, is that correct?

A I was charged with conspiracy to commit those four.

Q And one of the crimes that the prosecutors charged you

with was conspiracy to circumvent Credit Suisse's internal

controls in connection with the Proindicus project, is that

correct?

A I don't recall the terms of the Indictment.

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SAM OCR RMR CRR RPR

862

Q Okay.

Well, you reviewed the Indictment, and you discussed

it with your attorney and you understood the charges, did you

not?

A I did.

MR. SCHACHTER: Your Honor, may I show just the

witness a copy of the Indictment and direct him to a certain

portion?

THE COURT: Well, we are not going to have the

Indictment presented as evidence to the jury, so --

MR. SCHACHTER: I don't --

THE COURT: Hang on. Hang on. Hang on.

So I think since it is 10 minutes to 5:00, this

might be an appropriate time. We'll adjourn a little bit

earlier today, and we will have a little discussion with the

lawyers about how we are going to handle this issue and some

related issues.

Ladies and gentlemen, we are adjourned for the day.

Please do not talk about the case yet. We are still on trial.

And have a good evening. Thank you.

(Jury exits.)


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Proceedings

MDL RPR CRR CSR

863

(Continuing)

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


THE COURT: Thank you. You may be seated, ladies

and gentlemen.

The jury has left the courtroom. It is a few

minutes to five. Defense counsel is starting to address the

issues of the indictment. We didn't give them a mid-afternoon

break, as you know. I thought it was appropriate to end a few

minutes earlier.

To the extent that we can have a discussion on the

record in the presence of the defendant about this line of

inquiry, I would be interested in hearing from defense counsel

as to how you suggest we proceed since, as you know, from my

preliminary instructions, the indictment is not evidence and

the jury is not going to be given a copy of indictment. So, I

am not asking you to give us a preview of your

cross-examination, but I am a little concerned about that

issue. So if you can help the Court out here, I would

appreciate it.

MR. SCHACHTER: Of course, Your Honor, what I

intended to do is not to show the indictment to the jury, of

course. I intended just to use it to refresh Mr. Pearse's

recollection regarding the charges that he faced when he was

originally indicted. He, of course, at the time of his

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864

arraignment before Your Honor said that he was -- he had read

the indictment, he understood its charges and, so, since he

had said that he didn't -- he seems to be indicating that he

didn't have a clear recollection of the charges, I simply

intended to direct him to a portion of the indictment and have

that refresh his recollection of what he obviously knew when

he was before the Court.

THE COURT: Any problem with that use, counsel?

MR. BINI: Your Honor, not with that use, however,

the Government objects to the line of questioning that I think

he is pursuing, which is that the cooperating witness pled not

guilty to that count and suggesting that he, therefore,

somehow lied to Your Honor. I think it is perfectly

permissible to attack the witness that he received a

cooperation agreement and that it is a great deal, that he

pled guilty to this and he didn't plea guilty to that. But I

just wanted to make sure, because I would object to questions

about why he pled not guilty to that count because I think

that implicates his being able to do so pursuant to an

agreement with the Government.

THE COURT: Well, he can certainly question with

respect to the fact that there were X number of charges

against him and that he pled guilty to X minus one or X minus

two, correct?


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865

THE COURT: No problem with that.

MR. BINI: No problem with that.

THE COURT: So, you can handle it that way, correct,

defense counsel?


THE COURT: That is what you intended to do, I'm

sure.

MR. SCHACHTER: Correct. I did not intend to

suggest that Mr. Pearse in any way misled the Court when he

pled not guilty to that charge.

THE COURT: So I take it that addresses at least my

concern. I take it the Government has no concerns with that

approach; is that right?


THE COURT: Okay. So we will handle it that way.

Now, any other issues that we need to address

procedurally in the presence of the defendant, while the jury

is not here?

MR. BINI: I would ask defense counsel give us all

non-impeachment exhibits they intend to hand up. There were

some exhibits that were used, for example, 1738, which was a

-- the Government believes to be a non-impeachment exhibit

which we've never seen. I think it would aid us to be able to

answer whether or not we object, first.

Second --

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866

THE COURT: Let's stop right there.

MR. BINI: Sure.

THE COURT: Any problem with that?

MR. SCHACHTER: No, Your Honor. We had produced to

the Government --

THE COURT: It's not a question of what you produced

to them. I get it. I'm sure a lot of documents were

produced. We are now asking you for the subset, presumably of

what you produced, which are non-impeachment documents you

intend to offer. Is there any problem with giving them either

a list or a copy or identifying those documents to the

Government?

MR. SCHACHTER: No problem.

THE COURT: So you got that.

Next.

MR. BINI: Thank you, Your Honor. And just with

respect to that, I would just note that Your Honor at

Government Exhibit 287 had denied the defendant's motion, I

guess, objecting to our objection of them putting in -- the

defendant putting in.

THE COURT: Now you have really lost me. Let's back

up.

MR. BINI: Okay.

THE COURT: Try it again.

MR. BINI: Yes, Your Honor. At Government's --

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excuse me, at ECF 287, Your Honor had denied a motion by the

defendant Jean Boustani responding to objections by the

Government to the defendant's non-impeachment exhibits. The

Government's objection was putting in wholesale large groups

of exhibits that are essentially the defendant's case during

the Government's case. So I just wanted to raise that with

the Court, that at some point the Government would renew that

objection and also based upon Your Honor's ruling in ECF 287.


MR. SCHACHTER: I'm not entirely sure I understood

that, but we intend to comply with the Court's orders and we

can have a conversation with the Government about what their

concerns are.

THE COURT: Again, if there is an issue, we can deal

with it at the beginning of the trial date tomorrow before the

jury comes in. You folks have been working very well and very

professionally. I'm sure that will continue.

Anything else from the Government?


THE COURT: Anything else from defense counsel?

MR. JACKSON: Just a couple of quick issues.


MR. JACKSON: So, first, Your Honor, we have a

proposed order that we would like to submit to the Court

related to the fact that Mr. Boustani, when he returns to the

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868

MDC at night, has not been getting food at night and his -- I

guess he is missing the time period where they give food in

the evenings. He also has been trying to buy food, as is his

normal procedure, from the commissary, but they deliver it

during the day and Mr. Boustani doesn't then get access to it

because he is in court. That's the first issue in terms of

Mr. Boustani and the administration of his detention during

the course of the trial.

THE COURT: Let's stop right there. He is going to

be here between the hours roughly of 9:00 in the morning until

5:00, a little after 5:00 in the afternoon. Is there some

problem -- and, again, consistent with what is appropriate

with the marshals -- of getting him food here in the holding

area while the trial is going on?

This can't be the first time that someone has

received food during the course of the day. Is that

something -- and, again, it's not so much an MDC issue as much

as it is a marshal's issue. Is that something that can be

worked out with the marshal service appropriately so that

everyone's concerns are addressed?

MR. JACKSON: I think, Your Honor, we can make an

attempt at further trying to clarify this. I just wanted to

raise it for the Court.

THE COURT: I understand. But a more user-friendly,

to use a computer-type phrase, which I don't really know what

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869

it means, but I will pretend I do, a more user-friendly menu

of the people who are with Mr. Boustani during the hours of

9:00 to 5:00 as opposed to the people who might be with him on

a galaxy far, far away in another place, perhaps there may be

elements of the real evil empire. So you don't really want to

go there, you can go here. It is my long-winded way of saying

perhaps you can have a discussion with the people who are here

now. It might facilitate matters in terms of sustenance and

you could work that out. If you can't, I can go talk to the

other part of the Death Star. I think it might be more

appropriate to try and work it out.

Is that something you can be helpful with, Mr. Bini?

MR. BINI: Sure, Your Honor.

THE COURT: Why don't you talk with Mr. Bini and the

marshal service and I think probably that can be handled

without trying to deal with forces that even I have difficulty

wrestling.

MR. JACKSON: We appreciate that, Your Honor.

That's excellent.

The second issue, Your Honor, related to that is

that Mr. Boustani has not been getting access, despite the

fact that we have contacted the MDC repeatedly about this, to

the MDC law library, and the functional computers there. The

reason that's important is we've gotten a significant amount

of discovery, we get updated exhibits. We only have so much

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870

opportunity to review those with Mr. Boustani. I was with him

over the weekend, but it is critical for him to get access to

the law library on the weekends and in the evenings and we

would like request for permission to submit an order to Your

Honor directing the MDC to provide Mr. Boustani with that

access so he can be certain to have access to this information

in connection with the trial.

THE COURT: What is your view with respect to that?

I was going to suggest -- I know that there is space here for

when we have co-defendant meeting cases, as you ladies and

gentlemen probably know. In this facility, there are some

conference-like spaces that are available. You are talking

about something outside of the 9:00 to 5:00 hours. You are

talking about evenings and weekends, which really does require

the cooperation of the BOP.

So I will ask you, Mr. Bini, what's your view with

respect to that?

MR. BINI: We certainly don't object to it. If Your

Honor wants me to, I'm glad to e-mail and call over to the

MDC, but --

THE COURT: I think the best approach would be both

with respect to sustenance during the day we talked about and

with respect to evenings and weekends access to computers and

information technology that perhaps you could propose a joint

stipulation and order to be so ordered by the Court, some of

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871

which would be addressed to the marshal service, some of which

would be addressed to the BOP. If I have that in one order,

at least it is sort of a seamless web and it makes more sense

as to what we are trying to do and what we are not trying to

do.

Again, I'm not trying to put myself in a position of

running the BOP, heaven help me and them if that were to

happen, but in terms of what makes sense in this case, it

sounds to me as if it's doable.

MR. JACKSON: Thank you, Your Honor. We will confer

with the Government.

I want the Court to understand we have made repeated

and Mr. Boustani has and counsel has made repeated requests to

the jail, but I think it would be helpful to communicate with

the Government and perhaps have a combined, you know --

THE COURT: If you have a proposed stipulation and

order that deals with both pieces of it that I can so order

and that may be helpful. I'm sure it will be helpful on the

marshal end and it may be helpful on the BOP end. But, again,

there are who they are and they are where they are.

MR. JACKSON: Yes, Your Honor, we understand.

THE COURT: As they say in Cats, Macavity will do

what he do do and there's no doing anything about it, as we

found out in December of last year.

Anything else on that front or on other fronts?

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872

MR. SCHACHTER: May I just confer for one moment,

Your Honor?


MR. JACKSON: Nothing further at this time.

THE COURT: Anything else from the Government?


THE COURT: Thank you. We are adjourned for the

day. Have a good evening everyone.


(Matter adjourned to October 21, 2019 at 9:30 a.m.)

oooOooo

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LAM OCR RPR

873

I N D E X

WITNESS PAGE

ANDREW PEARSE

DIRECT EXAMINATION BY MR. BINI 688

CROSS-EXAMINATION BY MR. SCHACHTER 796

E X H I B I T S

Government Exhibit 209 685










Government's Exhibit 2876-T 724

Government's Exhibit 3118 728



Government's Exhibit 2913 and 2913A 741


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LAM OCR RPR

874

E X H I B I T S (Continued)




Government Exhibit 3074-A 767


Government Exhibits 3204 and 3204-A 773




Government's Exhibits 3105-A and 3105-B 783




Defense Exhibit 1949 814


Government Exhibits 5005, 5005-A, and 5005-B 829



Defense Exhibit 1738-A 845


$

$101 [1] - 768:3$15,000 [1] - 705:20$278 [3] - 700:5,

701:9, 740:13$286 [1] - 744:20$3,767,757.25 [1] -

785:6$30 [1] - 795:20$372 [1] - 800:13$4,217,000 [1] -

742:15$4,219,000 [1] -

739:24$45 [1] - 828:11$50 [3] - 714:17,

726:3, 726:18$500 [9] - 689:8,

689:21, 720:4, 811:7, 815:9, 815:24, 816:5, 816:13, 816:24

$500,000 [1] - 690:15$622 [2] - 699:18,

699:24$697 [1] - 767:21$75 [1] - 794:16$770 [1] - 703:23$785 [1] - 725:9$800 [1] - 704:10$800,000 [1] - 691:1$836 [1] - 725:9$850 [1] - 712:9$900 [1] - 699:22

'

'16 [1] - 766:18

1

1 [8] - 721:2, 723:12, 723:15, 728:24, 781:17, 781:18, 789:18, 789:24

1,500 [1] - 705:171.25 [2] - 692:20,

693:81.3 [3] - 690:10,

690:11, 690:151.6 [3] - 689:5, 689:9,

689:2110 [8] - 696:1, 768:6,

782:13, 789:4, 789:7, 789:11, 790:1, 862:13

10-year [3] - 720:11, 721:2, 748:4

10019 [1] - 682:23

1041 [5] - 823:12, 823:13, 823:18, 823:20, 874:16

11 [4] - 741:15, 768:2, 768:6, 816:11

11201 [1] - 682:16116k [1] - 789:311th [1] - 857:2212:00 [2] - 732:11,

732:1212:48 [1] - 702:1912th [2] - 728:14,

752:1414 [4] - 691:8, 773:12,

804:17, 830:31400 [1] - 682:19144A [5] - 721:4,

721:9, 721:11, 757:11, 757:15

14:41 [1] - 732:115 [6] - 702:2, 702:18,

721:21, 732:15, 777:13, 778:7

15,000 [2] - 705:21, 706:4

15-minute [2] - 732:11, 734:25

1510 [5] - 852:24, 853:1, 853:2, 853:11, 874:21

16 [2] - 773:12, 802:111600 [1] - 798:91738 [6] - 845:8,

845:9, 845:12, 845:24, 865:21, 874:19

1738-A [5] - 845:15, 845:16, 845:19, 848:23, 874:20

18-CR-681 [1] - 683:318-CR-681(WFK [1] -

682:318:21 [1] - 691:919,000 [1] - 739:231910 [7] - 835:5,

835:6, 835:18, 837:4, 837:5, 874:18

1949 [7] - 811:15, 811:16, 813:10, 813:21, 814:4, 814:8, 874:15

1980s [1] - 839:81986 [1] - 840:211987 [1] - 840:221:30 [1] - 777:11

2

2 [11] - 719:21, 720:6, 720:22, 722:19,

723:13, 723:16, 728:25, 781:19, 781:20, 815:21, 815:25

20 [3] - 732:10, 795:20, 850:13

200 [1] - 797:2520001 [1] - 682:202010 [1] - 800:92011 [1] - 809:252012 [10] - 797:14,

800:15, 801:4, 826:20, 830:3, 843:12, 847:1, 849:21, 850:4, 850:6

2013 [18] - 688:22, 689:4, 703:3, 721:21, 742:12, 797:14, 797:19, 799:19, 810:4, 810:10, 814:21, 815:21, 815:25, 816:6, 816:11, 851:13, 853:17, 859:19

2014 [7] - 691:8, 694:14, 695:4, 696:1, 715:2, 783:5, 799:19

2015 [28] - 695:16, 700:13, 702:2, 702:19, 704:25, 706:7, 706:8, 708:6, 709:14, 716:2, 718:9, 719:7, 721:23, 721:25, 722:13, 724:19, 725:5, 728:14, 732:1, 736:9, 739:11, 739:19, 741:15, 742:15, 743:12, 744:18, 745:13, 781:14

2016 [18] - 692:24, 747:16, 747:19, 748:9, 752:14, 755:1, 764:7, 769:22, 773:12, 780:22, 784:4, 789:1, 791:8, 792:24, 793:5, 819:2, 825:5, 826:4

2017 [2] - 794:12, 794:20

2018 [5] - 794:12, 794:20, 794:24, 797:16, 797:19

2019 [4] - 682:7, 795:24, 857:22, 872:10

2020 [1] - 817:82078 [1] - 843:182078-A [2] - 843:18,

844:52082 [1] - 833:8209 [6] - 685:15,

685:19, 688:6, 688:17, 688:21, 873:10

20th [2] - 719:7, 721:25

21 [2] - 682:7, 872:1021st [3] - 721:21,

721:23, 722:132212 [3] - 839:10,

839:15, 841:1222nd [1] - 859:1824 [1] - 809:16241 [5] - 755:17,

755:22, 756:11, 756:21, 874:3

25 [1] - 850:1325th [1] - 780:22271 [1] - 682:1528 [2] - 700:8, 739:112832 [4] - 686:10,

686:14, 700:9, 873:14

2834 [4] - 686:15, 686:19, 701:23, 873:15

287 [3] - 866:18, 867:1, 867:8

2876 [5] - 687:11, 687:15, 723:22, 724:10, 873:19

2876-T [5] - 724:1, 724:3, 724:6, 724:23, 873:20

2890 [3] - 730:18, 731:4, 873:22

28th [1] - 739:192911 [6] - 737:5,

737:6, 738:6, 739:1, 739:4, 873:23

2913 [5] - 741:4, 741:5, 741:10, 741:14, 873:24

2913A [5] - 741:4, 741:7, 741:10, 741:20, 873:24

2945 [4] - 748:13, 752:6, 752:9, 874:2

2980 [5] - 775:6, 775:7, 775:10, 775:17, 874:8

2:07 [1] - 702:22:20 [1] - 780:222:21 [1] - 745:132:44 [1] - 789:1

10/21/19 - USA v. JOHN BOUSTANI - 18-CR-681 (WFK)

LAM OCR RPR

12nd [1] - 816:6

3

3 [9] - 722:21, 723:1, 723:6, 729:1, 781:21, 789:5, 789:13, 789:15, 831:15

3.7 [6] - 755:11, 782:5, 785:13, 786:3, 786:5, 788:20

3.767 [1] - 789:33.8 [2] - 755:11,

759:1830 [4] - 688:22, 689:4,

742:15, 744:183071 [4] - 686:5,

686:9, 695:20, 873:13

3072 [4] - 744:7, 744:8, 744:11, 873:25

3074 [6] - 759:20, 759:21, 761:7, 764:4, 765:4, 874:4

3074-A [3] - 766:24, 767:9, 874:5

3075 [4] - 768:15, 768:21, 769:1, 874:6

3093 [4] - 685:25, 686:4, 692:7, 873:12

3098 [4] - 686:25, 687:5, 710:5, 873:17

30th [1] - 745:133103 [4] - 780:10,

780:11, 780:16, 874:9

3105 [4] - 783:9, 783:13, 783:25, 874:10

3105-A [5] - 783:15, 783:17, 783:22, 784:17, 874:11

3105-B [7] - 783:16, 783:19, 783:22, 785:17, 785:22, 785:25, 874:11

3106 [3] - 788:8, 788:12, 874:13

3111 [3] - 790:23, 791:2, 874:14

3115 [4] - 686:20, 686:24, 704:17, 873:16

3118 [3] - 726:22, 728:5, 873:21

3121 [3] - 786:9, 786:13, 874:12

3178 [4] - 718:21,

718:24, 719:1, 722:63178-A [1] - 719:153179 [4] - 687:6,

687:10, 721:15, 873:18

3204 [5] - 772:22, 773:1, 773:3, 774:4, 874:7

3204-A [5] - 772:22, 773:1, 773:20, 773:25, 874:7

3204-A.. [1] - 773:233208 [4] - 685:20,

685:24, 691:5, 873:11

350 [2] - 712:9, 720:23500-AP-2 [1] - 858:11350k [1] - 781:1336 [1] - 801:20360k [2] - 789:5, 789:83rd [2] - 724:19, 725:53WP-18 [1] - 801:15

4

4 [3] - 706:2, 729:3, 848:23

4,200,000 [1] - 739:2240 [1] - 817:23400k [1] - 781:22417k [2] - 789:5, 789:8421939 [1] - 815:124th [1] - 766:18

5

5 [2] - 719:20, 729:45,000 [2] - 705:1,

705:1550 [1] - 801:2150,000 [2] - 704:25,

705:18500 [2] - 712:10,

712:135005 [4] - 829:17,

829:20, 829:24, 874:17

5005-A [5] - 829:17, 829:20, 829:24, 831:15, 874:17

5005-B [4] - 829:17, 829:20, 829:24, 874:17

51 [4] - 833:9, 834:4, 834:10, 835:3

53 [2] - 711:8, 711:125:00 [5] - 862:13,

868:11, 869:3, 870:13

5th [1] - 784:4

6

6 [1] - 729:560 [1] - 801:16600k [1] - 781:20622 [1] - 699:1963 [1] - 840:14685 [2] - 873:10,

873:11686 [5] - 873:12,

873:13, 873:14, 873:15, 873:16

687 [3] - 873:17, 873:18, 873:19

688 [1] - 873:66:02 [1] - 773:136th [4] - 787:1, 788:25,

791:8, 853:16

7

7 [5] - 700:13, 720:17, 729:6, 768:1, 858:11

70,000 [1] - 739:23700,000 [1] - 782:14724 [1] - 873:20728 [1] - 873:21731 [1] - 873:22739 [1] - 873:23741 [1] - 873:24744 [1] - 873:2575 [1] - 831:24752 [1] - 874:2755 [1] - 874:3764 [1] - 874:4767 [1] - 874:5768 [1] - 874:6773 [1] - 874:7775 [1] - 874:8780 [1] - 874:9781 [2] - 751:1, 751:2783 [2] - 874:10,

874:11786 [1] - 874:12787 [1] - 682:22788 [1] - 874:13791 [1] - 874:14796 [1] - 873:7

8

8 [5] - 689:10, 689:21, 689:24, 691:1, 732:1

8/9 [1] - 768:480 [1] - 689:22814 [1] - 874:15823 [1] - 874:16829 [1] - 874:17837 [1] - 874:18845 [2] - 874:19,

874:2085 [1] - 831:23850 [2] - 720:2, 721:2853 [1] - 874:218:31 [1] - 787:1

9

900 [1] - 699:199:00 [3] - 868:10,

869:3, 870:139:30 [2] - 682:8,

872:109th [1] - 768:5

A

A-D-R-I-A-N-O [1] - 730:16

a.m [3] - 682:8, 789:1, 872:10

Abboud [1] - 700:15able [8] - 706:17,

706:18, 734:1, 740:12, 822:24, 854:17, 864:19, 865:23

absence [1] - 732:22Abu [22] - 703:19,

703:22, 711:15, 725:8, 829:8, 830:13, 833:2, 833:5, 833:9, 834:3, 834:7, 834:12, 834:15, 834:21, 836:9, 837:9, 837:14, 838:1, 838:2, 838:8, 838:16

acceptable [3] - 795:2, 848:24, 854:9

access [11] - 753:1, 753:3, 754:2, 754:10, 754:22, 868:5, 869:21, 870:2, 870:6, 870:23

accommodation [1] - 715:3

accordance [1] - 705:10

account [4] - 739:24, 739:25, 743:19

accountancy [1] - 710:20

accounting [1] - 725:24

accounts [1] - 774:17accurate [7] - 742:21,

758:4, 822:13, 823:9, 824:17, 850:22, 858:3

accurately [7] - 810:18, 822:17, 822:21, 823:7, 824:10, 825:10, 825:13

acquired [2] - 736:14, 832:20

Act [1] - 757:17acted [1] - 822:9action [4] - 746:15,

777:5, 777:8, 777:10actions [2] - 774:21,

805:17active [2] - 787:19actively [1] - 750:3activities [1] - 712:11actual [4] - 733:12,

734:11, 747:16, 770:2

addition [4] - 749:13, 750:2, 761:22

additional [3] - 700:5, 740:12, 850:2

address [16] - 684:8, 691:13, 697:22, 722:17, 732:21, 735:11, 743:23, 846:10, 846:18, 846:23, 847:3, 847:7, 848:1, 848:4, 863:7, 865:16

addressed [6] - 699:4, 814:24, 853:19, 868:20, 871:1, 871:2

addresses [1] - 865:11

adjourn [1] - 862:14adjourned [3] -

862:18, 872:7, 872:10

adjusted [1] - 699:20ADM [5] - 711:5,

711:6, 711:10, 726:18, 832:16

administration [1] - 868:7

admissible [1] - 733:17

admit [20] - 685:11, 700:8, 726:22, 730:18, 737:5, 741:4, 744:7, 748:13, 755:17, 759:20, 766:23, 768:15, 772:22, 775:6, 780:10, 783:9, 783:15, 786:9, 788:8, 790:23

admitted [38] - 687:17, 724:5, 731:3,


LAM OCR RPR

2733:11, 733:17, 733:22, 739:3, 741:9, 744:8, 744:10, 752:2, 752:7, 755:21, 762:22, 764:3, 767:2, 775:9, 780:15, 783:12, 783:21, 786:12, 788:11, 791:1, 811:16, 812:17, 813:17, 813:19, 813:22, 814:4, 814:7, 823:13, 823:16, 829:23, 835:6, 836:15, 845:11, 845:18, 853:10

Admitted [11] - 685:18, 685:23, 686:3, 686:8, 686:13, 686:18, 686:23, 687:4, 687:9, 687:14, 772:25

adopted [1] - 746:9Adriano [2] - 707:9,

730:14ADRINO [1] - 707:12advance [1] - 825:17advice [1] - 747:1adviser [2] - 692:21,

755:8advisers [1] - 770:13advising [1] - 826:12advisor [3] - 747:25,

794:10, 822:9advisory [1] - 794:9AED [5] - 704:25,

705:1, 705:15, 705:18, 739:23

afraid [1] - 820:7Africa [14] - 799:13,

799:14, 807:21, 807:24, 848:16, 855:9, 855:11, 855:14, 855:20, 855:25, 859:10, 860:4, 860:12, 861:1

African [5] - 799:20, 799:25, 853:25, 855:7

AFTERNOON [1] - 779:1

afternoon [6] - 700:19, 772:12, 796:16, 796:17, 863:8, 868:11

afterwards [1] - 698:4agency [2] - 774:15,

774:20Agent [1] - 683:7agent [5] - 768:6,

855:4, 855:21, 855:22, 855:24

agents [1] - 854:14ago [1] - 723:7agree [12] - 694:24,

695:1, 698:2, 701:2, 701:18, 745:2, 745:6, 789:24, 790:10, 790:20, 796:23

agreed [7] - 690:25, 698:19, 712:8, 746:21, 789:9, 790:8, 795:2

agreeing [1] - 820:11agreement [17] -

689:15, 689:16, 693:6, 694:11, 694:19, 694:23, 695:7, 697:12, 710:2, 710:22, 793:14, 796:4, 806:19, 807:2, 815:2, 864:15, 864:20

agreements [1] - 694:24

agrees [1] - 698:7ahead [14] - 687:17,

713:22, 715:14, 716:25, 719:3, 722:2, 763:1, 775:4, 785:20, 813:8, 832:9, 838:25, 843:4, 854:7

aid [1] - 865:23aircraft [1] - 801:25Akbars [1] - 690:25Al [2] - 837:19, 837:23Alex [3] - 724:15,

724:16, 726:2Allam [17] - 702:4,

702:17, 702:18, 702:23, 704:23, 704:24, 705:5, 705:18, 710:12, 743:5, 784:6, 784:14, 786:25, 787:3, 787:9, 787:11, 788:22

Allam's [1] - 706:3allow [4] - 699:20,

699:23, 753:1, 753:3allows [1] - 757:17almost [1] - 750:8alongside [1] - 770:14aloud [1] - 823:25

alternative [2] - 734:17, 795:3

ambassadors [1] - 777:4

amendment [1] - 698:3

AMERICA [1] - 682:3ammunition [1] -

746:4amount [15] - 689:5,

689:6, 690:25, 693:9, 695:15, 705:15, 726:4, 740:9, 742:14, 742:16, 785:2, 785:5, 789:20, 824:11, 869:24

amounts [2] - 748:8, 768:5

ample [1] - 733:24analysis [2] - 774:16,

781:12analyst [1] - 842:6ANDREW [3] - 688:11,

781:1, 873:5Andrew [3] - 749:24,

780:21, 830:5Andrew's [1] - 696:17Andy [1] - 728:22Angela [1] - 683:7Angeles [2] - 695:2,

698:23Angola [4] - 696:4,

808:2, 808:5, 826:7annex [1] - 725:7announcement [1] -

768:1annual [4] - 710:17,

710:21, 710:24, 711:1

annum [1] - 693:8answer [12] - 696:20,

697:17, 697:25, 707:21, 708:11, 709:25, 764:25, 791:19, 834:25, 838:24, 843:22, 865:24

Antanas [3] - 690:3, 690:13, 690:23

Antonio [15] - 691:25, 716:18, 717:10, 717:22, 725:4, 725:6, 728:17, 749:24, 752:21, 754:13, 769:10, 770:10, 770:20, 770:25, 823:21

AP-2-C [1] - 857:7apartment [2] -

717:15, 717:16apologies [1] - 697:21Apologies [2] -

691:14, 765:1apologize [1] - 857:10apparent [1] - 726:12appear [1] - 847:6appearances [1] -

683:4appeared [2] - 701:8,

840:22appointed [3] -

747:24, 747:25, 755:8

appreciate [3] - 779:25, 863:20, 869:18

apprentice [1] - 715:6approach [3] - 813:13,

865:13, 870:21approached [1] -

848:17appropriate [7] -

777:12, 834:25, 850:21, 862:14, 863:9, 868:12, 869:11

appropriately [2] - 733:9, 868:19

approval [3] - 729:5, 729:6, 842:14

approve [2] - 840:3, 840:6

approved [5] - 746:17, 842:12, 842:14, 842:23, 861:3

approx [1] - 739:23approximate [2] -

703:21, 705:15April [13] - 691:8,

691:16, 719:7, 721:21, 721:23, 721:25, 722:13, 755:1, 784:4, 787:1, 788:25, 791:8, 826:5

Arab [4] - 833:16, 836:9, 837:9, 837:24

area [5] - 717:16, 797:25, 798:2, 798:4, 868:14

Armando [2] - 715:1, 715:10

arraignment [1] - 864:1

arrange [3] - 747:1, 747:2, 747:14

arranged [1] - 802:6arrangement [8] -

688:19, 688:23, 689:3, 689:11,

829:2, 847:17, 851:4, 851:25

arranger [9] - 752:16, 754:7, 754:9, 754:17, 754:18, 754:21, 766:4, 815:3, 824:3

arrangers [2] - 824:6, 824:7

arranges [1] - 688:25arranging [2] -

689:25, 697:3arrested [2] - 795:23,

795:24arrive [1] - 702:9article [4] - 744:16,

744:22, 745:9, 791:20

articles [1] - 791:16Articles [2] - 836:9,

837:8ASAP [1] - 843:22aspects [1] - 733:10asserted [4] - 733:18,

733:23, 749:15, 761:16

assess [3] - 750:15, 762:5, 850:20

asset [9] - 804:25, 805:1, 805:3, 805:9, 805:25, 806:7, 806:11, 806:14, 807:5

assigned [1] - 860:20assist [4] - 752:19,

757:25, 758:1, 799:24

Assistants [1] - 682:17

assisting [1] - 840:23associated [1] - 821:8association [3] -

794:6, 802:8, 848:14Association [2] -

836:9, 837:8Assuming [3] -

698:11, 698:13, 698:17

assuming [1] - 698:15assumption [1] -

775:24attach [1] - 773:20Attached [2] - 830:11,

844:1attached [3] - 719:15,

719:19, 843:24attaching [3] - 722:9,

743:25, 768:23attachment [3] -

741:18, 741:19,


LAM OCR RPR

3766:23

attack [1] - 864:14attempt [1] - 868:22attempted [1] - 797:22attempting [1] - 701:8attend [5] - 769:25,

770:2, 770:4, 770:6, 772:13

attended [4] - 770:1, 770:7, 770:8, 772:9

attending [3] - 770:20, 770:25, 771:24

attention [9] - 716:11, 731:11, 731:20, 752:11, 779:25, 823:24, 837:10, 837:17, 840:14

attorney [1] - 862:3ATTORNEY [1] -

682:14Attorney [1] - 682:17attractive [1] - 774:22Audit [1] - 710:15audit [10] - 703:11,

710:17, 710:21, 710:24, 711:1, 711:2, 712:3, 715:17, 716:7, 716:20

auditors [2] - 711:5, 711:22

August [6] - 688:22, 689:4, 736:9, 739:11, 739:18, 814:21

available [4] - 789:20, 836:11, 836:12, 870:12

Avenue [2] - 682:19, 682:22

avoid [2] - 748:2, 748:4

award [2] - 848:14, 849:13

awarded [1] - 849:10aware [72] - 690:13,

701:16, 702:10, 705:23, 712:22, 713:4, 713:12, 714:12, 717:10, 717:24, 746:13, 746:22, 750:3, 758:8, 758:10, 758:16, 758:22, 759:3, 764:8, 769:5, 769:14, 770:8, 771:11, 792:1, 792:7, 792:20, 792:25, 800:15, 800:17, 800:22,

800:24, 801:3, 801:9, 801:10, 801:13, 801:15, 801:16, 801:19, 802:4, 802:6, 802:9, 802:13, 804:22, 804:23, 806:9, 806:10, 806:13, 808:20, 810:2, 811:4, 818:17, 819:18, 819:22, 820:7, 822:1, 822:20, 822:23, 824:14, 826:6, 826:14, 826:17, 832:13, 832:15, 832:20, 832:23, 832:24, 838:10, 839:6, 849:15, 856:2, 860:25

awful [1] - 757:22

B

B-U-G-G-E-N-H-A-G-

E-N [1] - 736:23back-office [1] - 840:5background [5] -

829:14, 856:6, 856:10, 856:22, 856:23

backgrounds [1] - 857:2

backup [1] - 688:2bad [3] - 743:19,

743:21, 794:15balance [1] - 720:4Banco [1] - 722:16bank [12] - 688:25,

744:3, 754:8, 754:18, 770:14, 790:15, 809:11, 818:4, 821:22, 821:24, 828:2, 839:6

Bank [2] - 765:12, 785:15

banker [5] - 829:6, 847:22, 851:8, 851:10, 860:6

bankers [3] - 697:10, 821:11, 821:14

banks [14] - 752:16, 772:15, 804:21, 804:23, 805:9, 805:24, 806:3, 806:7, 806:11, 806:14, 807:4, 807:9, 821:18, 821:20

based [5] - 693:8,

698:23, 714:8, 860:23, 867:8

basing [1] - 733:13basis [7] - 698:3,

734:2, 734:14, 734:15, 734:16, 826:11, 831:6

Bassy [5] - 854:17, 854:18, 855:4, 855:6, 856:2

Bassy's [1] - 855:16Bateen [2] - 837:19,

837:23Bates [2] - 751:1,

815:12BBM [2] - 694:2, 694:3bears [1] - 751:1became [9] - 701:16,

718:9, 774:25, 794:17, 795:1, 800:15, 800:24, 801:3, 822:23

become [7] - 713:12, 732:8, 746:22, 806:17, 806:18, 822:20, 832:15

becomes [1] - 726:12BEFORE [1] - 682:12began [2] - 718:2,

795:25begin [1] - 718:5beginning [1] - 867:15begins [2] - 720:24,

752:12behalf [7] - 683:14,

683:18, 683:21, 684:2, 684:5, 815:17, 845:4

behave [3] - 773:19, 774:5, 775:12

belief [2] - 693:15, 710:1

believes [2] - 761:21, 865:22

below [5] - 730:4, 765:9, 782:3, 815:1, 832:2

benchmark [1] - 854:1beneficiary [1] -

755:12benefit [2] - 695:15,

799:22benefits [2] - 714:20,

714:23best [12] - 717:3,

734:1, 748:7, 802:23, 806:5, 810:11, 821:4, 833:21, 834:5, 834:11, 834:18,

870:21better [8] - 684:25,

750:12, 750:15, 762:5, 763:5, 790:12, 790:19, 810:20

between [11] - 699:9, 710:2, 749:24, 768:11, 786:1, 794:6, 794:19, 794:24, 815:2, 847:18, 868:10

beyond [3] - 763:5, 804:7, 834:6

bidding [2] - 848:8, 848:13

big [1] - 790:15bigger [1] - 726:13bill [2] - 692:22,

712:13billion [1] - 721:2billions [2] - 797:17bin [13] - 833:10,

833:12, 833:22, 833:25, 834:2, 834:8, 834:14, 834:19, 834:21, 837:22, 838:3, 838:9, 838:20

BINI [187] - 682:16, 683:6, 684:10, 684:18, 685:10, 685:14, 685:20, 685:25, 686:5, 686:10, 686:15, 686:20, 686:25, 687:6, 687:11, 687:18, 688:6, 688:10, 688:15, 692:2, 692:6, 693:23, 694:8, 695:19, 695:23, 697:9, 697:14, 700:7, 701:22, 702:16, 704:16, 704:19, 706:6, 708:5, 709:11, 709:13, 710:4, 710:8, 712:23, 712:25, 713:10, 714:6, 715:15, 717:1, 717:20, 717:21, 718:21, 718:24, 719:1, 719:5, 719:23, 719:24, 720:7, 720:8, 720:17, 720:21, 721:14, 721:19, 722:3, 723:4, 723:20,

723:25, 724:9, 724:13, 724:23, 725:1, 725:3, 726:21, 727:5, 727:7, 727:11, 727:14, 727:17, 727:22, 728:8, 728:12, 730:2, 730:17, 731:12, 731:16, 732:23, 735:1, 735:15, 735:17, 736:7, 736:8, 737:4, 739:6, 739:8, 741:3, 741:20, 744:6, 744:14, 745:16, 748:12, 749:3, 749:23, 751:9, 751:11, 752:3, 752:6, 752:8, 754:1, 754:25, 755:16, 755:25, 756:3, 756:16, 756:21, 756:25, 757:9, 759:19, 761:20, 762:2, 762:24, 764:6, 764:24, 766:22, 767:18, 768:14, 769:18, 772:21, 773:3, 773:10, 773:23, 774:4, 775:5, 775:14, 777:2, 778:4, 779:11, 779:16, 780:8, 780:20, 781:6, 783:8, 783:15, 783:25, 784:2, 784:23, 785:1, 785:4, 785:11, 785:16, 785:21, 785:24, 786:8, 786:19, 787:13, 787:15, 788:7, 788:15, 788:18, 790:22, 791:6, 795:22, 796:7, 796:11, 813:23, 814:6, 823:14, 828:22, 829:22, 834:23, 835:7, 835:17, 835:20, 836:3, 845:10, 845:17, 853:3, 853:9, 864:9, 864:25, 865:2, 865:14, 865:19, 866:2, 866:16, 866:23, 866:25, 867:19, 869:13, 870:18, 872:6,


LAM OCR RPR

4872:9, 873:6

Bini [21] - 683:6, 685:9, 736:6, 750:12, 750:15, 762:5, 780:7, 796:22, 819:20, 820:10, 820:17, 833:8, 839:10, 839:18, 841:17, 845:3, 846:13, 846:17, 869:12, 869:14, 870:16

bit [7] - 688:7, 691:24, 713:1, 756:8, 806:20, 838:22, 862:14

bits [1] - 713:23BlackBerry [2] -

694:4, 694:6blank [1] - 723:3blocking [2] - 730:5,

730:10blow [11] - 720:7,

720:17, 725:1, 731:9, 741:21, 756:6, 767:18, 784:21, 785:1, 787:13, 840:17

blown [1] - 786:22blown-up [1] - 786:22BNI [5] - 722:17,

770:11, 770:12, 770:13, 784:16

Board [2] - 716:14, 716:21

boats [7] - 702:9, 704:10, 704:11, 704:13, 753:14, 754:10, 810:16

bond [33] - 689:7, 720:12, 720:16, 721:3, 721:5, 721:6, 721:10, 721:11, 748:1, 748:2, 748:3, 748:4, 754:17, 757:23, 765:23, 765:24, 766:21, 767:13, 768:1, 768:13, 769:9, 769:15, 774:8, 774:9, 774:14, 784:12, 784:13, 794:1, 819:23, 821:9, 822:23

bonds [8] - 720:10, 757:17, 767:20, 767:21, 771:7, 774:18, 777:6, 817:12

bonus [5] - 782:1,

782:12, 789:24, 790:3, 790:14

bonuses [6] - 789:5, 789:8, 789:10, 789:16, 789:19, 790:5

book [1] - 688:3books [1] - 734:17BOP [4] - 870:15,

871:2, 871:7, 871:19borrow [3] - 698:8,

701:5, 800:12borrower [3] - 694:25,

698:7, 793:15bottom [19] - 702:16,

704:22, 710:9, 720:5, 721:20, 721:24, 724:10, 724:24, 731:5, 731:10, 731:13, 739:9, 752:12, 773:5, 815:12, 823:21, 837:11, 843:20, 857:15

bought [2] - 717:16, 832:24

Boustani [89] - 683:3, 683:15, 683:18, 683:21, 683:23, 684:2, 684:5, 691:12, 692:12, 696:13, 700:15, 710:13, 719:9, 722:5, 722:9, 728:16, 731:22, 732:8, 736:15, 739:13, 740:25, 742:18, 752:24, 755:9, 755:11, 761:8, 766:24, 776:5, 782:7, 787:23, 788:25, 789:17, 794:19, 795:16, 795:17, 795:21, 805:20, 805:23, 806:2, 806:6, 806:10, 807:17, 807:20, 807:23, 808:6, 808:12, 808:15, 808:22, 808:25, 809:3, 818:11, 818:14, 818:18, 818:22, 822:1, 826:7, 826:10, 826:14, 826:17, 826:19, 826:20, 828:13, 828:25, 829:11, 829:15, 830:2, 830:20,

843:11, 843:13, 843:20, 844:6, 846:9, 846:25, 847:18, 848:12, 849:20, 852:12, 852:19, 853:22, 854:13, 867:2, 867:25, 868:5, 868:7, 869:2, 869:21, 870:1, 870:5, 871:13

BOUSTANI [1] - 682:7Boustani's [3] - 699:5,

845:4, 853:16box [1] - 722:21boxes [3] - 812:4,

812:6, 835:9brackets [1] - 697:23breach [1] - 701:10break [8] - 704:7,

732:11, 734:25, 736:3, 777:12, 777:24, 780:4, 863:9

breakdown [7] - 702:10, 702:24, 703:7, 703:10, 703:19, 704:2, 704:10

bribery [2] - 713:4, 714:10

bridge [1] - 765:21brief [1] - 830:12briefed [1] - 730:9briefly [1] - 732:25bring [5] - 684:14,

728:25, 729:1, 735:12, 779:10

bringing [1] - 692:21bro [1] - 789:3Bro [5] - 691:18,

699:7, 719:13, 722:15, 725:21

Brooklyn [2] - 682:6, 682:16

brother [1] - 725:19brought [1] - 779:18budget [3] - 712:8,

720:3, 792:11budgetary [1] - 792:22Buggenhagen [1] -

736:20build [3] - 800:18,

800:25, 804:10building [1] - 838:2built [5] - 802:2,

802:11, 802:14, 832:23, 838:1

bullet [4] - 698:10, 720:18, 720:24, 767:17

bundle [1] - 771:9burden [1] - 695:17burn [3] - 795:10,

795:13, 795:15business [21] -

692:19, 693:3, 718:11, 771:4, 771:21, 790:3, 794:5, 794:9, 829:2, 836:4, 847:17, 851:4, 851:25, 852:2, 854:14, 855:4, 855:9, 855:11, 855:12, 855:20, 855:25

buy [4] - 698:11, 698:13, 698:17, 868:3

Buy [1] - 698:19buy-in [3] - 698:11,

698:13, 698:17Buy-in [1] - 698:19buying [6] - 806:15,

806:24, 807:5, 809:5, 818:19, 821:8

BV [1] - 817:8BY [55] - 682:16,

682:23, 688:15, 709:13, 710:8, 712:25, 713:10, 714:6, 715:15, 717:1, 717:21, 719:5, 719:24, 720:8, 720:21, 721:19, 722:3, 724:13, 725:3, 728:12, 730:2, 731:16, 736:8, 739:8, 754:1, 764:6, 777:2, 781:6, 784:2, 784:23, 785:4, 785:24, 786:19, 787:15, 788:18, 791:6, 795:22, 796:15, 804:2, 814:13, 828:1, 837:7, 845:2, 846:8, 849:4, 849:19, 853:15, 854:12, 855:3, 857:12, 857:20, 858:19, 859:8, 873:6, 873:7

BY:MARGARET [1] - 682:20

Byblos [1] - 699:13

C

Cadman [1] - 682:15calculation [1] -

850:14calendar [1] - 703:11cannot [1] - 790:15Canyon [14] - 695:2,

697:24, 697:25, 698:2, 698:13, 698:17, 698:23, 700:21, 700:25, 701:2, 701:11, 701:12, 701:14, 701:17

capabilities [1] - 830:24

capital [2] - 717:12, 789:16

care [1] - 795:20careful [1] - 725:23cars [1] - 717:11case [23] - 694:2,

698:1, 732:13, 734:7, 750:1, 766:5, 769:15, 772:19, 777:16, 793:13, 793:15, 793:19, 800:1, 800:2, 802:25, 808:14, 821:7, 821:9, 853:25, 862:19, 867:5, 867:6, 871:8

cases [3] - 792:11, 856:12, 870:10

CASEY [1] - 682:24Casey [1] - 683:20catch [1] - 810:18Cats [1] - 871:22caught [2] - 716:10,

810:18CAUSE [1] - 682:11caused [1] - 794:18celebrate [1] - 752:22central [1] - 802:2Central [1] - 765:12cents [1] - 828:16CEO [3] - 716:18,

736:19, 771:8certain [8] - 700:21,

700:24, 706:25, 721:6, 733:4, 733:10, 862:7, 870:6

certainly [2] - 864:21, 870:18

certainty [1] - 764:19certification [1] -

836:5CGA/CC [1] - 728:25chain [5] - 725:13,

744:23, 749:25, 773:10, 775:17

Chairman [1] - 716:19chairman [1] - 837:23


LAM OCR RPR

5chance [2] - 786:21,

813:10Chang [1] - 707:7change [6] - 694:19,

694:22, 767:16, 782:4, 861:3, 861:5

changed [2] - 859:22, 861:8

changes [8] - 694:10, 695:6, 695:8, 695:11, 696:17, 697:12, 859:24, 860:3

changing [1] - 694:15charge [1] - 865:10charged [6] - 688:25,

750:1, 861:12, 861:18, 861:20, 861:21

charges [5] - 862:3, 863:24, 864:2, 864:4, 864:22

charts [2] - 688:3, 722:19

chased [1] - 702:8check [3] - 702:10,

856:22, 857:1checklist [1] - 843:21checks [2] - 856:7,

856:11Cherif [1] - 842:8Chief [2] - 687:23China [2] - 799:6,

799:10choice [1] - 781:13circular [29] - 752:19,

756:13, 757:12, 757:21, 757:22, 758:2, 758:4, 758:6, 758:9, 758:11, 758:17, 758:22, 758:24, 759:4, 759:10, 819:22, 820:21, 820:25, 821:2, 821:11, 821:15, 821:21, 822:2, 822:7, 822:11, 822:18, 822:25, 824:15, 825:17

circulars [1] - 821:19circumstances [1] -

771:22circumvent [1] -

861:22citizen [1] - 828:23City [1] - 785:19civil [1] - 800:21clarify [4] - 689:21,

694:20, 703:17,

868:22clarifying [1] - 809:14class [4] - 771:3,

771:5, 771:20, 771:21

clause [3] - 689:15, 689:18, 793:13

clear [24] - 697:23, 698:1, 698:4, 698:6, 698:9, 699:7, 701:4, 701:10, 702:8, 718:9, 745:23, 752:5, 763:7, 771:6, 795:1, 819:20, 834:13, 841:22, 847:9, 848:20, 851:3, 851:20, 859:18, 864:4

clearly [2] - 699:12, 700:1

Clerk [1] - 687:23client [2] - 702:21,

802:24clients [2] - 794:10,

855:14close [5] - 765:22,

790:13, 790:19, 790:21, 791:20

clowns [4] - 696:3, 696:7, 696:24, 699:14

CMN [1] - 831:20co [8] - 715:18,

722:18, 747:25, 754:18, 762:15, 770:13, 796:8, 870:10

co-advisers [1] - 770:13

co-advisor [1] - 747:25

co-arranger [1] - 754:18

co-conspirator [1] - 762:15

co-conspirators [1] - 715:18

co-counsel [1] - 796:8co-defendant [1] -

870:10co-partner [1] -

722:18Coast [2] - 797:4,

800:18coast [3] - 797:15,

797:16, 802:8Coast-Guard-like [1] -

800:18coastal [8] - 800:13,

800:21, 800:25,

804:10, 807:24, 808:12, 848:14, 852:6

coastline [5] - 798:1, 798:6, 798:7, 802:12

collect [1] - 693:11color [1] - 745:3Colorado [2] - 736:10,

736:12combined [1] - 871:15COME [1] - 765:16comic [1] - 734:16coming [4] - 746:13,

761:23, 766:1, 835:19

command [1] - 802:3comment [1] - 762:7commissary [1] -

868:4commit [2] - 699:11,

861:20commitment [7] -

814:16, 814:17, 814:20, 815:7, 815:9, 815:14, 816:19

committed [4] - 811:7, 815:24, 816:13, 816:24

committing [1] - 861:18

common [1] - 857:3communicate [2] -

694:5, 871:14communicated [1] -

700:4companies [6] -

710:25, 715:18, 716:7, 717:18, 718:9, 800:2

Company [2] - 837:20, 837:23

company [28] - 711:1, 736:14, 742:11, 771:9, 790:13, 790:19, 794:14, 795:4, 795:10, 795:12, 795:13, 795:15, 797:1, 800:12, 809:8, 811:8, 816:18, 817:1, 817:7, 817:15, 817:24, 818:24, 830:21, 837:12, 837:14, 855:19, 856:7, 856:18

comparison [1] - 831:6

competitive [2] -

848:8, 848:13compiling [1] - 853:23complete [1] - 840:11completed [1] -

789:11completing [1] - 782:1Compliance [9] -

713:16, 713:17, 860:13, 860:20, 860:25, 861:3, 861:5, 861:7, 861:9

compliance [1] - 744:1

complicated [1] - 806:20

comply [1] - 867:11components [1] -

804:4computer [1] - 868:25computer-type [1] -

868:25computers [2] -

869:23, 870:23conceal [1] - 860:12concealing [1] -

860:14concept [6] - 693:6,

797:8, 804:6, 808:2, 810:23, 855:19

concern [2] - 712:6, 865:12

concerned [4] - 701:11, 701:12, 726:1, 863:18

concerns [5] - 841:7, 841:8, 865:12, 867:13, 868:20

concluded [3] - 727:23, 738:8, 751:12

condition [1] - 754:9conditions [1] - 854:6conduct [8] - 694:10,

749:19, 750:13, 750:14, 841:19, 841:23, 842:3, 842:9

confer [4] - 749:11, 796:7, 871:10, 872:1

conference [1] - 870:12

conference-like [1] - 870:12

conferences [1] - 799:23

confirmation [5] - 752:18, 768:2, 784:15, 787:17, 787:22

confirming [3] - 693:6, 711:4, 787:8

confirms [2] - 711:6, 711:10

confuse [1] - 711:22connection [9] -

690:4, 690:24, 710:21, 714:10, 757:19, 759:16, 820:19, 861:23, 870:7

consent [2] - 695:6, 820:5

consents [1] - 698:15consider [1] - 852:4considerable [2] -

794:18, 795:17considerably [1] -

695:17considering [3] -

822:3, 852:5, 856:19consistency [1] -

703:12consistent [3] -

810:25, 831:5, 868:12

conspiracy [15] - 749:18, 750:5, 751:8, 761:16, 761:17, 761:21, 762:1, 762:6, 762:8, 762:12, 762:18, 762:19, 763:8, 861:20, 861:22

conspirator [1] - 762:15

conspirators [1] - 715:18

conspiring [1] - 750:16

constituent [1] - 704:3construction [1] -

838:8consultant [5] -

692:20, 754:7, 794:10, 852:20, 854:1

Consulting [1] - 785:8contact [4] - 755:1,

755:4, 818:14, 818:17

contacted [1] - 869:22contacts [1] - 840:24contained [1] - 767:23contains [1] - 757:22contents [1] - 742:19context [5] - 702:15,

797:10, 808:20, 811:4, 848:10

continuation [1] - 775:17

continue [7] - 736:1,


LAM OCR RPR

6736:6, 751:6, 752:2, 765:18, 780:7, 867:17

Continue [1] - 685:9Continued [15] -

708:15, 729:12, 738:9, 751:13, 753:19, 760:2, 763:11, 776:7, 803:5, 827:4, 835:23, 836:17, 844:10, 862:23, 874:1

CONTINUED [1] - 781:5

continued [4] - 737:12, 748:18, 778:13, 780:24

CONTINUES [3] - 709:12, 777:1, 845:1

CONTINUING [1] - 728:11

continuing [1] - 754:9Continuing [8] -

688:15, 709:1, 727:25, 730:1, 754:1, 804:1, 828:1, 863:1

contract [10] - 703:8, 704:6, 725:8, 725:10, 725:25, 726:2, 726:14, 726:19, 786:5, 809:15

contractor [5] - 802:24, 802:25, 830:13, 849:15, 851:11

contractor's [1] - 725:9

contractors [1] - 848:16

contracts [2] - 704:3, 726:13

contributed [2] - 782:23, 790:13

contributors [1] - 725:7

controls [1] - 861:23conversation [8] -

714:16, 743:10, 809:3, 809:7, 823:8, 830:25, 854:15, 867:12

conversations [7] - 740:3, 743:1, 743:4, 743:7, 770:16, 770:19, 807:17

converted [1] - 838:5convince [2] - 698:2,

701:15cool [1] - 726:8cooperating [2] -

796:1, 864:11cooperation [2] -

864:15, 870:15coordinating [1] -

697:18coordination [1] -

699:9copied [3] - 701:21,

703:9, 784:8copies [1] - 728:25copy [15] - 688:6,

756:16, 756:18, 784:7, 784:15, 786:1, 813:14, 813:25, 814:1, 823:14, 835:7, 853:3, 862:7, 863:16, 866:11

copying [2] - 846:10, 847:3

corner [1] - 746:14correct [171] - 705:22,

708:13, 711:18, 727:19, 729:11, 796:19, 797:1, 797:21, 798:7, 798:18, 798:23, 799:1, 799:3, 799:8, 800:6, 800:10, 800:14, 801:2, 801:8, 804:11, 804:15, 805:4, 805:9, 805:16, 805:21, 805:25, 806:4, 806:5, 806:12, 806:16, 806:22, 807:7, 807:11, 807:15, 807:18, 807:21, 807:25, 808:3, 808:13, 808:16, 808:17, 808:19, 809:9, 809:13, 809:17, 809:23, 810:1, 810:7, 810:13, 810:19, 810:21, 810:23, 811:8, 811:10, 811:11, 815:18, 816:12, 816:15, 816:16, 817:13, 817:16, 817:19, 817:20, 817:22, 818:1, 818:6, 818:16, 819:5, 819:13, 819:17, 820:3, 820:6, 820:8,

820:13, 820:25, 821:12, 821:24, 821:25, 822:8, 822:18, 823:3, 823:5, 824:12, 824:19, 824:21, 824:22, 824:25, 825:3, 825:6, 825:12, 825:19, 825:23, 826:4, 826:8, 826:16, 826:21, 826:24, 827:2, 828:5, 828:8, 828:11, 828:14, 828:23, 828:24, 829:4, 829:6, 829:9, 829:12, 830:15, 830:21, 830:24, 831:3, 831:25, 833:2, 833:6, 833:13, 833:14, 839:4, 839:22, 839:25, 840:4, 840:10, 841:7, 842:13, 842:19, 842:24, 843:2, 843:8, 843:14, 844:7, 846:15, 846:23, 847:1, 847:4, 847:11, 847:22, 848:9, 848:15, 849:17, 849:21, 850:5, 850:10, 850:13, 850:17, 851:8, 851:14, 851:17, 851:22, 852:1, 852:7, 852:10, 854:14, 856:1, 856:14, 856:19, 858:1, 858:6, 859:11, 859:19, 860:1, 860:23, 861:1, 861:4, 861:9, 861:13, 861:16, 861:19, 861:24, 864:24, 865:3, 865:8

corrected [2] - 824:5, 824:17

correctly [3] - 703:23, 730:9, 795:6

cost [1] - 789:4Counsel [1] - 683:4counsel [30] - 683:9,

683:13, 707:21, 708:4, 718:25, 723:2, 730:25, 735:7, 779:6, 796:8, 811:15, 811:19, 811:24, 812:10,

812:16, 813:6, 814:2, 823:12, 835:13, 835:16, 846:15, 853:5, 858:14, 863:7, 863:13, 864:8, 865:4, 865:19, 867:20, 871:13

count [4] - 699:13, 861:12, 864:12, 864:18

countries [9] - 792:9, 799:6, 799:14, 799:20, 799:21, 799:25, 807:24, 808:13, 808:21

country [16] - 797:4, 798:2, 798:19, 799:23, 810:23, 819:1, 819:7, 820:12, 822:16, 822:21, 824:24, 825:2, 825:9, 826:1

country's [1] - 799:22counts [1] - 861:15couple [5] - 757:3,

800:11, 800:25, 804:24, 867:21

course [27] - 699:11, 794:20, 800:21, 811:13, 817:11, 828:6, 831:1, 831:16, 838:13, 839:2, 839:13, 839:16, 840:19, 841:14, 845:25, 848:7, 848:25, 854:10, 856:21, 859:7, 863:21, 863:23, 863:25, 867:22, 868:8, 868:16, 872:3

Court's [1] - 867:11Courthouse [1] -

682:5COURTROOM [6] -

683:1, 684:16, 735:5, 779:3, 812:13, 812:25

courtroom [8] - 732:16, 732:19, 735:23, 777:25, 779:5, 779:19, 779:20, 863:6

cover [1] - 841:15covered [1] - 831:1CPs [2] - 853:24,

854:5Credit [101] - 689:3,

689:6, 689:24,

696:25, 697:1, 697:3, 697:10, 701:2, 701:4, 711:15, 713:3, 713:15, 714:15, 740:11, 740:23, 742:2, 743:9, 743:19, 743:22, 743:24, 753:5, 753:13, 753:16, 754:8, 754:16, 767:19, 772:15, 800:13, 804:9, 804:13, 804:14, 804:19, 805:7, 805:15, 805:20, 806:3, 806:8, 806:12, 806:15, 806:21, 806:24, 806:25, 807:3, 809:5, 809:8, 811:7, 814:18, 815:3, 815:17, 815:18, 815:23, 816:5, 816:10, 816:13, 816:14, 816:15, 816:17, 816:24, 816:25, 818:4, 821:12, 821:22, 822:24, 824:14, 829:6, 833:18, 839:4, 839:21, 840:4, 840:10, 840:13, 841:5, 841:8, 841:25, 842:12, 842:17, 842:18, 847:11, 847:12, 847:21, 848:6, 849:6, 850:19, 851:7, 851:10, 851:16, 852:5, 856:1, 856:8, 856:10, 856:15, 856:18, 856:25, 859:9, 860:6, 860:13, 860:21, 861:22

credit [10] - 774:3, 774:16, 775:1, 839:21, 839:24, 840:2, 840:20, 841:22, 842:6, 842:11

creditor [2] - 774:22, 774:23

crimes [3] - 861:15, 861:19, 861:21

CRIMINAL [2] - 682:11, 682:19

criminal [10] - 694:10,


LAM OCR RPR

7715:16, 717:7, 749:19, 750:13, 750:14, 841:19, 841:23, 842:2, 842:9

Criminal [1] - 683:2crisis [2] - 839:7,

840:21critical [1] - 870:2cross [15] - 709:10,

733:25, 734:2, 734:9, 734:14, 734:17, 734:20, 750:18, 751:10, 793:10, 793:12, 793:13, 793:20, 834:25, 863:18

CROSS [3] - 796:14, 804:1, 873:7

cross-default [4] - 793:10, 793:12, 793:13, 793:20

cross-examination [3] - 709:10, 734:20, 863:18

CROSS-

EXAMINATION [3] - 796:14, 804:1, 873:7

cross-examine [3] - 733:25, 734:9, 734:14

CS [13] - 697:17, 698:1, 698:3, 698:11, 698:13, 698:17, 699:8, 700:22, 700:25, 753:1, 753:3, 754:18, 790:15

CSO [1] - 684:14currency [2] - 744:21,

828:20current [3] - 722:21,

722:24, 824:6customer [2] - 804:5customs [1] - 702:8

D

D.C [1] - 682:20daily [2] - 805:14,

826:11damage [1] - 794:7date [34] - 688:21,

695:25, 699:1, 700:12, 706:14, 708:2, 708:13, 709:8, 714:12, 719:6, 721:20, 721:22, 722:12, 724:18, 728:13, 739:10, 741:14,

743:11, 744:17, 752:13, 765:23, 784:3, 791:7, 791:20, 810:4, 818:2, 825:7, 843:16, 849:22, 849:25, 859:21, 860:2, 860:8, 867:15

dated [1] - 814:21dates [1] - 815:20David [1] - 710:12day-to-day [3] -

787:20, 805:19, 848:2

days [3] - 805:1, 817:23, 852:3

de [1] - 722:16deal [12] - 700:22,

701:1, 703:2, 703:3, 723:17, 723:18, 763:1, 859:9, 861:8, 864:15, 867:14, 869:16

deals [1] - 871:17dealt [2] - 717:6, 763:2dear [1] - 742:8Dear [2] - 815:1, 830:5Death [1] - 869:10debt [24] - 710:3,

733:5, 733:6, 733:10, 752:17, 757:24, 758:2, 758:3, 809:1, 809:5, 822:10, 822:17, 822:22, 823:1, 823:7, 824:4, 824:10, 824:15, 824:19, 824:23, 825:6, 825:11, 825:16, 825:19

debtor [1] - 774:23debts [2] - 824:11,

825:12deceive [2] - 711:20,

711:21December [9] -

694:13, 695:4, 696:1, 703:3, 742:11, 746:18, 850:4, 850:6, 871:24

deceptive [1] - 711:19decide [2] - 774:17,

840:3decided [1] - 800:12decision [3] - 769:5,

769:13, 769:16declaring [1] - 810:18default [20] - 699:13,

700:2, 700:5, 748:5, 758:12, 758:18,

758:23, 769:5, 769:13, 769:17, 793:1, 793:4, 793:10, 793:12, 793:13, 793:15, 793:18, 793:19, 793:20, 809:1

defaulted [3] - 792:25, 793:16, 794:7

defaulting [1] - 807:15defaults [2] - 793:17,

794:4defendant [66] -

682:8, 712:21, 712:22, 714:16, 714:20, 714:23, 715:8, 715:13, 716:4, 718:12, 719:18, 719:19, 722:14, 723:10, 723:15, 725:18, 726:5, 728:18, 729:9, 730:3, 730:7, 735:8, 735:9, 739:18, 740:3, 740:6, 740:7, 740:10, 742:4, 743:5, 743:7, 743:13, 743:16, 745:9, 745:15, 745:21, 745:25, 746:12, 747:3, 747:11, 749:25, 779:7, 779:17, 780:21, 781:9, 782:7, 782:17, 782:19, 787:22, 788:25, 789:2, 789:23, 790:4, 790:9, 790:17, 794:11, 794:25, 795:8, 855:6, 855:8, 855:13, 863:12, 865:17, 866:20, 867:2, 870:10

DEFENDANT [1] - 683:24

Defendant [51] - 682:22, 690:12, 690:13, 690:16, 691:4, 691:19, 691:21, 691:25, 692:15, 692:25, 693:4, 693:16, 694:6, 694:9, 696:2, 696:6, 696:18, 696:23, 697:1, 697:15, 699:2, 699:5, 699:6, 699:15, 699:25,

700:3, 701:20, 704:2, 755:2, 755:4, 755:6, 766:7, 766:11, 766:15, 767:12, 768:23, 769:3, 769:8, 769:10, 769:12, 770:16, 770:19, 770:24, 771:11, 771:23, 772:2, 772:5, 773:15, 775:20, 779:19, 831:4

Defendant's [1] - 691:17

defendant's [5] - 740:15, 746:16, 866:18, 867:3, 867:5

defendants [1] - 750:1defense [8] - 684:11,

732:24, 779:12, 848:19, 863:13, 865:4, 865:19, 867:20

Defense [27] - 683:13, 811:15, 813:9, 814:4, 814:8, 823:12, 823:18, 823:20, 835:5, 837:4, 837:5, 845:7, 845:12, 845:15, 845:19, 845:24, 848:23, 852:23, 852:25, 853:11, 863:7, 874:15, 874:16, 874:18, 874:19, 874:20, 874:21

define [2] - 718:16, 856:20

defined [2] - 698:8, 771:15

definition [1] - 804:25delegation [1] -

753:16deliberately [1] -

758:25deliver [2] - 803:2,

868:4delivered [5] - 703:8,

801:7, 801:10, 801:19, 801:24

delivering [1] - 801:9delivery [1] - 801:15demand [2] - 740:16,

741:25denied [2] - 866:18,

867:1Denver [2] - 736:15,

736:16

department [1] - 744:1Department [3] -

713:16, 713:17, 860:13

DEPARTMENT [1] - 682:18

departments [1] - 850:20

DEPUTY [6] - 683:1, 684:16, 735:5, 779:3, 812:13, 812:25

Deputy [1] - 833:15describe [8] - 772:11,

774:12, 797:12, 797:22, 802:21, 821:2, 847:9, 849:9

described [23] - 690:24, 715:25, 720:1, 794:24, 797:4, 797:20, 798:11, 798:17, 798:19, 798:21, 799:5, 799:11, 799:12, 800:5, 809:19, 809:21, 810:6, 819:21, 820:1, 820:22, 831:19, 839:2, 848:20

describes [2] - 820:11, 821:5

describing [3] - 749:18, 761:4, 820:20

description [4] - 797:6, 802:9, 802:13, 830:11

designed [4] - 711:20, 711:21, 711:22, 810:16

desk [2] - 842:20, 842:23

despite [1] - 869:21destruction [1] -

800:20detail [3] - 732:4,

849:9, 852:22detailed [1] - 769:9Detelina [1] - 782:1detention [1] - 868:7develop [4] - 795:4,

797:15, 810:1, 810:3developed [4] -

799:24, 810:5, 810:9development [5] -

797:11, 797:12, 797:16, 810:24, 811:3

Dhabi [22] - 703:20,


LAM OCR RPR

8703:22, 711:15, 725:8, 829:8, 830:13, 833:2, 833:5, 833:9, 834:3, 834:7, 834:12, 834:15, 834:22, 836:10, 837:9, 837:14, 838:1, 838:2, 838:8, 838:16

difference [4] - 698:24, 704:8, 722:24, 726:15

different [5] - 731:8, 731:17, 766:6, 804:4, 861:18

difficult [5] - 701:14, 721:12, 746:8, 814:14, 815:6

difficulties [1] - 687:18

difficulty [1] - 869:16diligence [17] - 827:2,

828:2, 833:19, 843:8, 843:13, 843:21, 843:25, 844:2, 844:5, 848:7, 849:7, 850:2, 850:7, 851:17, 852:8, 856:5, 859:10

dim [1] - 688:7DiNardo [16] - 683:7,

695:24, 706:6, 712:24, 720:7, 720:18, 741:21, 744:14, 745:17, 757:10, 767:18, 773:10, 775:15, 780:21, 785:1, 785:12

DIRECT [4] - 688:14, 730:1, 781:5, 873:6

direct [10] - 714:7, 731:20, 733:12, 752:11, 823:24, 837:10, 837:17, 840:14, 862:7, 864:5

DIRECT-

EXAMINATION [1] - 730:1

directing [1] - 870:5directly [6] - 775:11,

805:13, 819:11, 823:2, 823:23, 826:18

Director [3] - 716:17, 765:11, 770:9

director [4] - 842:1, 847:12, 856:23, 859:14

directors [11] - 856:7,

856:18, 857:4, 858:7, 858:25, 859:2, 859:14, 859:16, 861:4, 861:6, 861:8

Directors [2] - 716:14, 716:21

disagreement [1] - 788:4

DISANTO [2] - 682:23, 684:1

DiSanto [1] - 684:1disbelieve [1] - 831:7disclose [8] - 709:21,

710:3, 745:22, 759:4, 822:17, 822:22, 824:10, 825:18

disclosed [16] - 709:4, 712:2, 712:16, 733:6, 733:10, 745:18, 745:24, 746:3, 746:4, 746:18, 746:20, 764:9, 823:7, 825:9, 825:10, 825:25

disclosing [3] - 707:15, 708:7, 825:6

disclosure [11] - 734:6, 764:14, 767:21, 767:23, 820:8, 820:9, 822:10, 822:12, 823:6, 824:15, 825:21

discovery [5] - 800:5, 800:8, 801:1, 801:4, 869:25

discuss [7] - 693:16, 765:21, 765:23, 771:18, 779:9, 780:3, 852:2

discussed [8] - 693:7, 695:12, 771:17, 788:2, 830:23, 847:17, 853:23, 862:2

discussing [2] - 729:3, 752:19

discussion [5] - 687:3, 822:19, 862:15, 863:11, 869:7

discussions [11] - 712:18, 712:20, 714:19, 715:8, 718:3, 718:5, 718:12, 771:11, 823:2, 851:4, 851:24

distinction [1] -

852:18distributed [1] - 818:5DISTRICT [4] - 682:1,

682:1, 682:12, 682:15

DIVISION [1] - 682:19doable [1] - 871:9doc [1] - 741:19Docket [1] - 683:3docs [1] - 729:1document [42] -

693:23, 727:13, 728:2, 738:2, 749:2, 749:20, 752:4, 755:24, 756:1, 756:5, 756:12, 757:7, 757:10, 762:25, 763:1, 764:3, 766:15, 766:17, 766:19, 767:11, 769:8, 771:15, 812:1, 812:18, 813:5, 813:12, 813:17, 814:17, 814:19, 816:1, 816:2, 816:4, 819:21, 820:5, 820:14, 820:17, 821:4, 839:24, 840:12, 840:15, 841:17, 859:1

documents [11] - 699:20, 699:23, 762:21, 786:20, 806:18, 836:11, 846:22, 854:25, 866:7, 866:9, 866:11

DOJ [1] - 815:12dollar [4] - 721:1,

739:23, 739:24, 847:14

Dollars [3] - 711:8, 782:14, 828:21

dollars [11] - 691:1, 699:19, 705:16, 705:17, 716:22, 739:22, 742:15, 755:11, 759:5, 759:11, 797:17

Dom [4] - 781:20, 781:23, 782:11, 782:17

Dominic [29] - 696:13, 697:15, 699:2, 700:19, 702:4, 702:6, 703:9, 703:14, 706:24, 728:16, 744:15, 744:22, 750:2, 752:24, 764:7,

765:5, 765:9, 765:19, 773:16, 775:20, 781:25, 782:21, 782:22, 784:6, 784:14, 786:25, 787:5, 788:20, 789:19

done [8] - 703:10, 703:11, 715:18, 722:23, 729:1, 746:15, 782:21, 858:20

Donnelly [1] - 683:20DONNELLY [2] -

682:24, 683:20DONOGHUE [1] -

682:14donor [1] - 792:9donors [1] - 792:21doubt [1] - 763:5down [36] - 688:5,

691:7, 693:23, 694:8, 697:20, 698:3, 698:10, 704:7, 706:6, 712:23, 723:20, 732:17, 732:18, 754:25, 769:18, 777:20, 777:22, 781:16, 790:21, 795:10, 795:14, 795:16, 798:1, 812:25, 833:4, 838:12, 841:3, 843:5, 846:3, 849:18, 854:8, 859:6, 863:2, 863:3

downgrade [2] - 774:7, 774:13

downgrading [1] - 774:10

Dr [5] - 725:6, 725:15, 771:5, 771:19, 772:6

draft [4] - 703:10, 741:24, 773:6, 774:1

Draft [1] - 754:14drafted [2] - 821:11,

821:23drafting [4] - 821:15,

821:19, 822:2, 822:25

drag [1] - 692:24dropped [2] - 794:18due [29] - 695:15,

698:23, 706:11, 725:10, 742:12, 748:3, 748:9, 750:14, 762:20, 765:22, 768:5, 784:16, 827:1,

828:2, 833:19, 843:7, 843:12, 843:21, 843:25, 844:2, 844:5, 848:7, 849:7, 850:2, 850:7, 851:16, 852:8, 856:5, 859:10

duly [2] - 688:12, 781:3

During [2] - 771:11, 840:21

during [21] - 698:3, 703:11, 736:3, 742:11, 772:8, 777:24, 780:3, 800:21, 817:11, 817:25, 828:6, 839:2, 839:19, 848:7, 852:9, 867:5, 868:5, 868:7, 868:16, 869:2, 870:22

Dutch [6] - 816:18, 816:25, 817:7, 817:15, 817:24, 818:24

duties [1] - 787:20DV-15 [1] - 801:20

E

E&Y [1] - 711:6e-mail [128] - 687:22,

691:8, 691:13, 691:15, 691:17, 692:11, 694:1, 695:23, 695:25, 696:9, 696:10, 696:11, 696:12, 697:14, 699:2, 700:12, 701:20, 701:21, 702:1, 702:3, 702:14, 702:17, 703:6, 703:14, 704:22, 705:3, 705:7, 710:9, 710:10, 710:14, 711:3, 719:6, 719:19, 721:20, 721:24, 722:6, 722:9, 722:17, 724:10, 724:11, 724:14, 724:18, 725:2, 725:13, 728:9, 728:13, 731:5, 731:21, 731:22, 732:4, 732:7, 739:9, 739:10, 739:12, 740:4, 741:2, 741:16, 743:9,


LAM OCR RPR

9743:19, 743:22, 743:25, 744:15, 744:17, 744:23, 745:8, 745:11, 745:16, 746:16, 749:9, 749:23, 749:25, 750:6, 752:11, 752:13, 752:23, 753:11, 754:13, 765:5, 766:7, 766:11, 768:23, 769:1, 773:5, 773:13, 773:21, 774:4, 775:11, 775:17, 775:20, 776:4, 780:20, 781:7, 782:7, 784:3, 784:9, 786:18, 786:20, 786:23, 786:24, 786:25, 788:16, 788:19, 788:22, 788:25, 790:9, 791:7, 791:11, 806:10, 823:21, 823:24, 829:11, 829:14, 830:2, 844:1, 846:10, 846:18, 846:23, 846:25, 847:3, 847:6, 847:19, 847:24, 847:25, 848:3, 853:16, 870:19

e-mailed [1] - 818:18e-mails [6] - 696:22,

703:16, 726:9, 743:24, 773:6, 775:14

Eagle [2] - 754:22, 809:20

Eagles [3] - 753:2, 753:4, 809:22

earliest [7] - 695:23, 724:11, 728:9, 728:13, 744:15, 786:18, 788:16

early [5] - 709:14, 716:2, 747:16, 747:19, 852:3

East [4] - 682:15, 698:25, 799:20, 799:25

EASTERN [2] - 682:1, 682:15

easy [1] - 723:11ECF [2] - 867:1, 867:8economic [5] -

766:14, 797:11, 797:12, 798:3,

820:23Economic [3] -

797:21, 797:24, 799:7

economics [1] - 798:4economy [1] - 797:18EEZ [11] - 797:20,

797:24, 798:3, 798:20, 798:24, 799:2, 802:3, 802:25, 810:25, 811:5, 830:12

effect [2] - 733:20, 794:4

effectively [1] - 794:8Eight [1] - 689:23eighth [1] - 838:2either [5] - 708:11,

712:14, 743:4, 824:5, 866:10

electronically [3] - 835:13, 835:16, 853:6

element [3] - 704:3, 745:20, 746:2

elements [2] - 833:20, 869:5

eligible [4] - 721:6, 817:22, 817:25, 818:2

Elmo [1] - 687:19elsewhere [1] - 848:16EMATUM [83] -

688:19, 689:4, 689:7, 689:14, 690:8, 702:8, 702:25, 703:1, 703:3, 703:10, 703:19, 703:21, 706:11, 706:14, 706:16, 706:18, 709:21, 710:15, 710:17, 711:1, 711:4, 711:5, 711:7, 711:11, 711:23, 712:2, 712:7, 712:10, 715:25, 716:2, 716:5, 716:14, 716:16, 716:24, 717:2, 717:23, 718:6, 718:15, 718:19, 720:3, 720:10, 721:11, 722:22, 723:13, 723:15, 723:18, 729:5, 740:24, 747:17, 747:19, 748:2, 748:3, 750:8, 753:7, 753:11, 753:18,

754:12, 755:2, 755:13, 757:13, 757:20, 759:5, 759:12, 765:22, 767:16, 767:20, 768:2, 768:5, 774:8, 784:10, 784:12, 787:23, 794:1, 809:9, 809:12, 809:15, 811:8, 814:24, 815:2, 815:24, 816:15, 816:24, 817:8

EMATUM's [2] - 702:10, 720:9

EMATUM-to-

eurobond [1] - 757:20

Emerging [1] - 860:21emerging [7] - 856:6,

856:14, 856:16, 857:4, 858:8, 858:25, 859:3

Emirates [4] - 833:16, 836:9, 837:9, 837:24

empire [1] - 869:5employee [2] - 744:3,

841:6employees [1] -

743:24employment [3] -

705:11, 705:13, 856:15

enable [1] - 774:17encapsulate [1] -

840:12end [9] - 702:10,

704:25, 783:5, 797:14, 797:16, 849:20, 863:9, 871:19

endlessly [1] - 751:6ends [2] - 764:1, 837:1engagement [1] -

752:19enjoyable [1] - 779:24entered [3] - 779:5,

779:19, 779:20enters [3] - 684:22,

735:23, 779:22entire [3] - 750:8,

785:11, 804:6entirely [1] - 867:10entitled [1] - 788:1entourage [1] - 771:20equal [2] - 789:11,

815:9equipment [4] -

726:12, 726:14, 726:18, 803:1

Ernst [5] - 710:17, 710:19, 710:20, 770:10, 770:14

ESQ [7] - 682:20, 682:21, 682:23, 682:24, 682:24, 682:25, 682:25

essentially [1] - 867:5establish [3] - 716:5,

762:21, 763:5Estate [1] - 715:1eurobond [8] -

720:13, 720:15, 721:8, 755:2, 755:14, 756:14, 757:13, 757:20

Eurobond [10] - 720:22, 747:20, 820:12, 821:16, 824:4, 824:6, 826:3, 826:6, 826:10, 826:16

Eurobonds [5] - 819:5, 819:11, 819:16, 820:3, 822:4

Europe [1] - 698:25European [1] - 799:10evening [3] - 787:18,

862:20, 872:8evenings [4] - 868:3,

870:3, 870:14, 870:23

event [2] - 792:13, 800:24

evidence [51] - 691:4, 692:8, 695:20, 700:10, 701:23, 704:18, 710:5, 718:22, 719:3, 721:15, 721:16, 723:22, 724:1, 724:7, 728:6, 731:4, 739:4, 741:11, 744:11, 752:9, 756:9, 756:18, 762:16, 762:17, 780:17, 783:14, 783:23, 786:14, 788:13, 791:3, 811:17, 813:5, 814:5, 814:8, 823:18, 829:18, 831:16, 837:4, 839:15, 841:14, 843:17, 845:12, 845:19, 846:21, 848:22, 849:1, 853:11, 858:16, 862:10, 863:15

evil [1] - 869:5

exact [5] - 709:8, 798:10, 804:20, 830:25, 849:22

exactly [4] - 709:5, 726:13, 801:4, 810:3

EXAMINATION [11] - 688:14, 709:12, 728:11, 730:1, 777:1, 781:5, 796:14, 804:1, 845:1, 873:6, 873:7

examination [7] - 685:4, 709:10, 734:20, 736:1, 752:2, 780:7, 863:18

examine [7] - 733:25, 734:2, 734:9, 734:14, 750:18, 751:10, 762:23

examined [2] - 688:13, 781:3

example [3] - 774:18, 793:18, 865:21

excellent [3] - 745:20, 746:2, 869:19

excess [2] - 711:8, 711:12

exchange [29] - 726:9, 755:2, 755:14, 756:14, 757:12, 757:20, 759:17, 764:15, 765:24, 766:13, 766:21, 767:20, 774:8, 782:3, 782:24, 784:10, 787:24, 790:6, 819:2, 819:4, 819:15, 819:21, 820:2, 820:5, 820:19, 826:3, 826:6, 826:11, 826:16

exchanged [2] - 784:12, 794:1

exchanging [1] - 822:3

Exclusive [3] - 797:21, 797:24, 799:7

exclusive [1] - 798:3exclusively [1] -

819:24excuse [13] - 694:17,

699:11, 699:20, 706:13, 715:24, 717:15, 721:21, 722:1, 747:24, 773:12, 774:2, 792:8, 867:1

Excuse [4] - 690:22, 693:19, 705:9, 770:3


LAM OCR RPR

10Executive [1] - 719:25exercise [1] - 722:18Exhibit [169] - 685:15,

685:19, 685:24, 686:4, 686:9, 686:14, 686:19, 686:24, 687:5, 687:10, 687:15, 688:17, 688:18, 688:21, 691:5, 691:6, 692:7, 692:10, 695:20, 695:22, 700:8, 700:9, 700:11, 701:23, 701:25, 704:17, 704:21, 710:5, 710:7, 718:21, 719:4, 719:16, 719:22, 720:20, 721:18, 723:5, 723:22, 723:24, 724:1, 724:6, 724:12, 724:25, 726:22, 728:5, 728:10, 730:18, 731:4, 737:5, 739:4, 739:7, 741:4, 741:10, 741:13, 741:14, 744:7, 744:11, 744:13, 752:9, 752:10, 755:17, 755:22, 755:23, 756:11, 756:21, 759:20, 764:4, 764:5, 765:4, 766:24, 767:9, 767:10, 768:15, 768:21, 768:22, 773:2, 773:4, 773:24, 775:10, 775:16, 780:10, 780:16, 780:19, 783:9, 783:13, 784:1, 784:17, 784:18, 785:17, 785:22, 785:23, 786:9, 786:13, 786:16, 788:8, 788:12, 788:17, 790:23, 791:2, 791:5, 811:15, 813:10, 813:21, 814:4, 814:8, 814:10, 823:12, 823:18, 823:19, 823:20, 830:1, 831:15, 831:17, 833:8, 835:5, 837:5, 837:6, 839:10, 839:15, 839:17,

841:12, 843:19, 845:8, 845:12, 845:14, 845:15, 845:19, 845:22, 845:24, 848:23, 849:3, 852:24, 853:1, 853:11, 853:14, 858:11, 866:18, 873:10, 873:11, 873:12, 873:13, 873:14, 873:15, 873:16, 873:17, 873:18, 873:19, 873:20, 873:21, 873:22, 873:23, 873:24, 873:25, 874:2, 874:3, 874:4, 874:5, 874:6, 874:8, 874:9, 874:10, 874:12, 874:13, 874:14, 874:15, 874:16, 874:18, 874:19, 874:20, 874:21

exhibit [14] - 712:23, 757:2, 833:8, 835:18, 836:10, 837:3, 837:4, 837:11, 837:18, 838:12, 839:18, 843:25, 846:21, 865:22

exhibits [6] - 685:12, 865:20, 865:21, 867:3, 867:5, 869:25

Exhibits [9] - 772:22, 773:1, 783:22, 829:17, 829:20, 829:24, 874:7, 874:11, 874:17

existed [1] - 810:25existence [3] - 709:4,

745:24, 791:16existing [5] - 690:23,

701:3, 701:15, 710:3, 810:2

exits [2] - 732:16, 862:21

exits.) [1] - 777:19expand [2] - 725:22,

785:11expect [4] - 699:8,

742:14, 850:17, 850:23

expectation [2] - 797:14, 797:17

expected [3] - 718:10, 743:18, 850:12

expecting [2] - 697:18, 697:22

expenses [1] - 716:1expensive [3] -

717:11, 717:16, 725:11

experience [6] - 704:2, 715:7, 721:10, 821:18, 821:25, 856:13

expert [1] - 704:13expertise [1] - 804:7explain [7] - 688:23,

719:25, 728:23, 797:23, 799:12, 799:18, 816:1

explains [1] - 720:1exploit [1] - 799:25exploiting [1] - 799:21exposed [4] - 692:17,

693:1, 842:19, 842:21

express [1] - 755:13expressed [2] - 841:6,

841:8extend [2] - 695:13,

748:3extended [2] - 699:18,

742:9extending [1] - 842:12extension [5] - 697:4,

698:19, 701:3, 701:18, 701:19

extent [2] - 755:6, 863:11

extra [5] - 726:4, 726:17, 726:18, 745:20, 746:2

extract [1] - 734:15extremely [1] - 798:6eye [2] - 772:3, 772:7eyes [1] - 775:1

F

F-R-E-I-H-A [1] - 843:1faced [1] - 863:24facilitate [1] - 869:8facility [3] - 768:6,

815:2, 870:11fact [31] - 699:22,

712:4, 731:14, 742:20, 743:6, 746:3, 750:5, 754:20, 771:15, 771:19, 795:7, 798:11, 799:5, 820:18, 824:18, 834:13, 834:20, 838:1, 842:16, 844:5, 844:6, 846:2, 850:22, 852:19,

855:24, 859:21, 861:7, 864:22, 867:25, 869:22

facts [2] - 734:17, 761:5

factual [1] - 734:7fail [2] - 793:25,

808:23failed [1] - 793:22failure [1] - 793:21Fair [2] - 828:18,

831:8fair [21] - 700:20,

734:4, 797:7, 802:15, 804:8, 805:23, 818:11, 819:25, 822:1, 822:5, 822:12, 826:14, 847:24, 855:18, 856:4, 856:13, 856:16, 857:3, 859:4, 860:9, 860:11

fake [2] - 705:19, 706:4

familiar [6] - 757:6, 793:10, 802:19, 804:6, 820:18, 832:17

family [2] - 833:13, 834:13

fan [2] - 685:1, 685:2far [13] - 703:12,

717:24, 734:18, 758:16, 758:22, 792:1, 792:7, 792:20, 792:25, 806:9, 808:20, 869:4

FARR [1] - 682:22Fawzi [1] - 841:6February [4] - 704:25,

752:14, 853:16, 859:18

federations [1] - 799:24

fee [17] - 688:19, 688:23, 688:25, 689:3, 689:11, 689:24, 693:5, 693:8, 693:11, 693:13, 693:18, 730:5, 755:10, 781:11, 783:3, 783:6, 786:1

fees [8] - 690:1, 690:4, 692:16, 692:20, 711:14, 782:3, 782:4, 784:15

feet [3] - 801:11, 801:16, 801:21

felt [4] - 777:6, 782:19, 782:22, 797:10

few [5] - 692:21, 722:15, 757:6, 863:6, 863:9

field [1] - 797:15fifteen [1] - 705:17figures [2] - 688:3,

825:13fill [2] - 843:14, 844:6final [2] - 765:25,

803:2finalize [3] - 781:11,

822:25, 824:15finalized [1] - 826:5Finally [1] - 699:13finally [1] - 853:23Finance [23] - 706:22,

707:4, 707:15, 708:7, 709:15, 712:15, 712:19, 716:18, 730:9, 730:11, 730:13, 733:5, 733:9, 745:5, 747:8, 769:17, 771:3, 772:7, 783:5, 817:8, 824:3, 851:18, 853:24

finance [1] - 707:6financed [1] - 703:2financial [4] - 692:19,

695:17, 711:4, 732:5Financial [1] - 693:22financing [3] - 711:7,

711:11, 722:22finders [1] - 731:14fine [2] - 727:9, 727:20finish [2] - 714:3,

790:2fire [1] - 754:16fired [2] - 753:2, 754:6firing [1] - 754:14firm [2] - 710:20,

859:10first [32] - 703:10,

715:22, 720:1, 728:9, 740:24, 742:6, 742:7, 752:12, 757:6, 767:17, 771:3, 771:20, 781:9, 782:6, 783:6, 796:24, 813:11, 817:23, 826:19, 826:20, 828:13, 829:3, 829:5, 837:17, 843:10, 851:15, 856:9, 858:11, 865:24, 867:23, 868:6,


LAM OCR RPR

11868:15

firstly [1] - 723:17fish [2] - 798:4, 799:7fisheries [2] - 800:1,

810:6fishing [9] - 799:10,

800:2, 809:16, 810:1, 810:3, 810:12, 810:16, 810:24, 811:3

Five [1] - 828:16five [3] - 731:22,

732:12, 863:7fix [1] - 790:11flags [3] - 856:21,

857:1, 859:13flat [2] - 717:11,

717:14flaw [1] - 846:4flaws [1] - 846:5fleet [4] - 810:1, 810:3,

810:24, 811:3flew [1] - 857:24flow [1] - 722:19focus [1] - 757:10focused [1] - 826:7folks [1] - 867:16followed [1] - 792:10following [25] -

698:24, 707:7, 708:15, 727:2, 727:25, 729:12, 738:1, 738:9, 749:1, 751:13, 753:19, 760:2, 761:1, 763:11, 776:7, 778:13, 780:24, 795:25, 803:5, 827:4, 835:23, 836:1, 836:17, 844:10, 862:23

follows [3] - 688:13, 781:4, 798:1

food [5] - 868:1, 868:2, 868:3, 868:13, 868:16

FOR [1] - 682:11forces [1] - 869:16foreign [3] - 799:6,

800:1, 810:16forget [2] - 696:3,

843:21forgot [1] - 812:3form [1] - 752:17formal [2] - 849:13,

849:15former [1] - 855:7forward [6] - 744:22,

745:8, 766:7, 766:11, 766:15,

773:15forwarded [4] -

725:15, 726:10, 741:2, 773:8

four [4] - 689:2, 861:12, 861:18, 861:20

four-count [1] - 861:12

fourth [1] - 823:24France [2] - 831:10,

831:20freighter [1] - 838:5Freiha [3] - 833:9,

842:25, 843:1French [2] - 840:21,

840:23friction [2] - 794:18,

794:20Friday [2] - 698:15,

739:18friend [1] - 855:8friendly [2] - 868:24,

869:1front [6] - 713:18,

812:18, 813:5, 819:19, 841:15, 871:25

fronts [1] - 871:25froze [3] - 792:8,

792:10full [2] - 742:14, 768:3fully [1] - 716:9fun [1] - 766:10functional [1] - 869:23functioning [1] -

692:3functions [1] - 840:5Fund [1] - 791:23fund [1] - 842:6funds [13] - 690:17,

736:25, 787:4, 787:10, 788:5, 804:24, 805:4, 805:9, 805:25, 806:3, 806:7, 806:11, 807:9

furtherance [2] - 761:17, 762:18

G

galaxy [1] - 869:4GALLAGHER [1] -

682:22games [1] - 766:10Games [1] - 853:25garbled [1] - 838:22gas [8] - 736:14,

794:14, 797:15,

800:2, 800:5, 800:8, 801:1

general [1] - 692:21generally [2] - 715:10,

848:6generate [1] - 718:10generated [1] - 748:8generating [1] -

790:14generous [1] - 790:14gentleman [2] -

736:19, 860:15gentlemen [13] -

683:11, 684:23, 687:22, 732:13, 732:20, 735:10, 735:25, 777:14, 778:1, 779:23, 862:18, 863:5, 870:11

Gents [2] - 711:4, 752:12

German [1] - 832:10Germany [3] - 715:4,

832:14, 832:16given [8] - 693:9,

715:3, 716:6, 754:22, 795:11, 795:16, 856:9, 863:16

glad [1] - 870:19God [1] - 734:20goods [1] - 725:11Gov [1] - 722:16government [12] -

706:21, 706:25, 711:1, 711:25, 720:3, 771:7, 771:8, 772:19, 774:20, 796:5, 824:16, 840:23

Government [150] - 682:14, 684:10, 685:11, 685:15, 685:19, 685:24, 686:4, 686:9, 686:14, 686:19, 686:24, 687:3, 687:5, 687:10, 687:15, 688:17, 688:21, 691:5, 692:7, 695:18, 695:19, 695:20, 700:7, 700:8, 701:22, 704:17, 710:4, 712:4, 712:8, 712:12, 721:14, 723:21, 726:21, 728:3, 730:17, 730:18, 732:22,

733:2, 733:19, 735:15, 737:4, 737:5, 741:3, 741:4, 741:14, 744:6, 744:7, 747:25, 748:12, 749:10, 749:11, 750:20, 752:20, 755:16, 755:17, 755:22, 756:11, 756:21, 758:1, 759:19, 759:20, 761:15, 761:20, 761:25, 762:8, 762:16, 764:4, 766:5, 766:22, 766:24, 767:9, 768:12, 768:14, 768:15, 768:21, 772:21, 772:22, 773:1, 774:24, 775:5, 775:10, 778:4, 779:11, 780:9, 781:2, 783:8, 784:13, 786:8, 788:7, 790:22, 792:20, 796:1, 809:12, 810:3, 810:17, 814:2, 814:4, 819:7, 819:11, 822:9, 825:14, 826:13, 829:16, 829:20, 829:24, 831:14, 833:8, 839:10, 839:14, 841:12, 843:17, 848:17, 849:12, 852:14, 852:17, 852:20, 854:2, 858:11, 864:10, 864:20, 865:12, 865:22, 866:5, 866:12, 866:18, 867:3, 867:7, 867:12, 867:18, 871:11, 871:15, 872:5, 873:10, 873:11, 873:12, 873:13, 873:14, 873:15, 873:16, 873:17, 873:18, 873:19, 874:3, 874:4, 874:5, 874:6, 874:7, 874:8, 874:17

Government's [44] - 710:5, 718:21, 723:21, 724:1, 724:6, 726:22, 728:5, 731:4, 739:4, 741:10, 744:11,

752:9, 765:4, 780:10, 780:16, 783:9, 783:13, 783:22, 784:17, 785:16, 785:21, 786:9, 786:13, 788:8, 788:12, 790:23, 791:2, 837:2, 866:25, 867:4, 867:6, 873:20, 873:21, 873:22, 873:23, 873:24, 873:25, 874:2, 874:9, 874:10, 874:11, 874:12, 874:13, 874:14

government-owned

[1] - 711:1graphics [1] - 722:19great [3] - 685:1,

794:8, 864:15Greece [3] - 832:19,

832:20, 832:23green [1] - 857:15Group [2] - 832:13,

860:21group [2] - 728:18,

860:21group's [1] - 830:13groups [1] - 867:4grow [1] - 797:18Growth [1] - 719:11growth [1] - 746:11guarantor [2] - 695:1,

793:15Guard [2] - 797:4,

800:18Guebuza [1] - 715:1guess [4] - 695:5,

696:5, 866:19, 868:2guilty [8] - 796:3,

796:6, 864:12, 864:16, 864:18, 864:23, 865:10

guy [1] - 860:5guys [6] - 692:21,

700:19, 763:8, 773:19, 774:5, 775:12

GX [1] - 688:6

H

half [4] - 703:1, 753:12, 753:15, 828:17

Hamdan [15] - 833:10, 833:12, 833:22, 833:25, 834:2,


LAM OCR RPR

12834:8, 834:14, 834:19, 834:21, 835:1, 837:22, 838:3, 838:9, 838:19, 838:20

hand [5] - 738:2, 756:16, 756:23, 785:2, 865:20

handle [3] - 862:16, 865:3, 865:15

handled [1] - 869:15hang [5] - 727:12,

751:3, 862:12happy [1] - 752:16Happy [1] - 702:20hard [1] - 813:14harm [1] - 809:4hat [1] - 692:20head [2] - 717:17,

717:22headquartered [1] -

736:15hear [2] - 716:10,

855:10heard [2] - 714:9,

834:6hearing [7] - 727:1,

727:3, 737:11, 748:17, 762:10, 762:13, 863:13

hearsay [2] - 761:3, 761:8

heaven [1] - 871:7hedge [9] - 804:24,

804:25, 805:4, 805:9, 805:24, 806:3, 806:7, 806:11, 807:9

Hedi [1] - 842:8held [8] - 707:4, 727:1,

737:11, 748:17, 765:10, 768:11, 819:3, 819:8

help [12] - 698:3, 740:7, 740:23, 755:7, 808:11, 812:12, 815:23, 815:25, 857:9, 863:19, 871:7

helped [4] - 764:18, 764:21, 855:8, 855:10

helpful [5] - 869:12, 871:14, 871:18, 871:19

helping [2] - 703:17, 855:19

hence [2] - 692:18, 722:23

hereby [2] - 711:6,

711:10Hi [7] - 696:3, 702:7,

702:20, 703:7, 704:25, 843:20, 853:22

hi [1] - 787:4hidden [2] - 750:4,

847:8hide [1] - 847:6high [4] - 713:4,

714:10, 782:12, 830:11

high-level [1] - 830:11higher [1] - 777:9highlight [1] - 840:17himself [1] - 795:11Hiral [1] - 683:6HIRAL [1] - 682:17hired [1] - 859:10his-32s [1] - 801:11historically [1] - 799:5History [1] - 728:24hit [1] - 857:14hold [2] - 763:4, 857:8Hold [1] - 727:6holders [2] - 819:17,

819:24holding [3] - 742:11,

830:13, 868:13holes [1] - 809:23honestly [1] - 810:17honor [1] - 683:17Honor [180] - 683:8,

683:15, 684:4, 684:10, 684:12, 684:19, 685:7, 685:10, 685:14, 685:17, 686:17, 687:19, 688:10, 690:22, 692:2, 692:8, 701:23, 704:19, 709:11, 715:13, 721:25, 723:25, 724:4, 726:24, 727:10, 727:14, 727:17, 727:19, 727:21, 728:4, 730:20, 730:23, 731:12, 732:23, 732:25, 733:2, 733:11, 733:15, 734:4, 734:10, 734:21, 735:1, 735:14, 735:18, 736:4, 736:7, 737:4, 737:7, 737:9, 739:2, 739:6, 741:3, 741:6, 741:8, 748:15, 749:3, 749:4, 749:6, 749:8,

749:13, 749:23, 750:11, 750:19, 750:25, 751:9, 751:11, 752:3, 752:8, 755:16, 755:19, 756:17, 759:19, 759:23, 759:25, 761:3, 761:9, 761:14, 761:20, 762:2, 762:4, 762:16, 762:24, 765:1, 766:22, 767:3, 768:14, 768:17, 768:18, 772:21, 775:5, 775:8, 778:5, 778:8, 779:11, 779:13, 779:16, 780:5, 780:8, 780:9, 780:12, 780:14, 783:11, 783:20, 785:19, 786:11, 786:17, 788:10, 788:15, 790:22, 796:7, 796:11, 796:13, 811:12, 811:14, 811:18, 812:3, 813:7, 813:13, 813:20, 814:11, 817:5, 823:11, 823:17, 828:22, 829:19, 830:19, 831:14, 832:7, 835:8, 835:17, 835:20, 836:8, 836:13, 838:11, 838:14, 839:14, 840:16, 841:11, 843:3, 845:7, 845:10, 845:20, 845:23, 846:7, 848:24, 853:3, 853:4, 853:9, 853:13, 854:20, 857:10, 858:13, 858:18, 859:5, 862:6, 863:21, 864:1, 864:9, 864:13, 864:25, 865:5, 865:14, 866:4, 866:16, 866:17, 866:25, 867:1, 867:19, 867:23, 868:21, 869:13, 869:18, 869:20, 870:5, 870:19, 871:10, 871:21, 872:2, 872:6, 872:9

Honor's [1] - 867:8Honorable [1] - 683:1

HONORABLE [1] - 682:12

hope [3] - 684:24, 697:24, 779:24

Hopefully [1] - 687:24hoping [1] - 812:15hostage [1] - 839:7hostages [2] - 840:21,

840:24hour [2] - 777:13,

778:6hours [3] - 868:10,

869:2, 870:13house [2] - 717:15,

846:15hundred [2] - 705:17,

801:11hundreds [1] - 716:22hydrocarbons [1] -

798:5

I

I'll.. [1] - 823:14i.e [4] - 692:20,

729:10, 789:5, 789:8ICE [14] - 695:2,

697:24, 697:25, 698:2, 698:13, 698:17, 698:23, 700:21, 700:25, 701:2, 701:11, 701:12, 701:14, 701:17

idea [6] - 692:19, 743:8, 743:14, 743:19, 743:21, 804:3

identified [3] - 762:11, 791:21, 809:25

identifies [1] - 837:14identify [3] - 749:19,

750:12, 841:18identifying [2] -

749:18, 866:11II [3] - 682:12, 683:2,

779:5imagine [1] - 733:18IMF [31] - 709:5,

709:16, 709:22, 710:2, 724:17, 744:20, 745:6, 745:18, 745:22, 745:24, 746:17, 746:21, 746:22, 750:3, 767:23, 791:23, 792:5, 792:6, 792:7, 792:10, 792:21, 824:19, 824:20,

824:22, 824:23, 824:24, 825:5, 825:13, 825:22, 825:25, 826:1

immediate [1] - 695:15

immediately [1] - 824:5

impact [1] - 687:25impeachment [4] -

865:20, 865:22, 866:9, 867:3

implicates [1] - 864:19

implication [1] - 795:19

important [14] - 734:6, 755:9, 797:8, 798:15, 798:16, 810:22, 811:2, 823:6, 824:9, 824:19, 838:16, 858:3, 861:9, 869:24

improper [1] - 744:2improved [2] - 776:2,

777:4in-house [1] - 846:15inability [1] - 794:21include [4] - 750:16,

771:12, 824:11, 825:16

included [10] - 716:15, 716:18, 720:3, 722:17, 752:18, 825:11, 825:22, 825:25, 831:12, 832:13

includes [2] - 749:25, 790:2

including [4] - 716:16, 721:9, 820:22, 857:1

incorporated [1] - 837:9

incorrect [1] - 824:3increase [2] - 699:19,

726:18increased [5] -

699:21, 699:22, 725:25, 740:13, 794:21

increases [1] - 725:8Incredible [3] -

773:19, 774:5, 775:12

indeed [1] - 798:2indicate [4] - 689:18,

705:18, 741:18, 782:3

indicated [3] - 726:2, 744:2, 774:6


LAM OCR RPR

13indicates [1] - 757:11indicating [1] - 864:3indicted [1] - 863:25indictment [7] -

762:12, 863:8, 863:15, 863:16, 863:22, 864:2, 864:5

Indictment [5] - 861:13, 861:25, 862:2, 862:7, 862:10

individual [2] - 690:2, 707:8

individuals [2] - 691:3, 728:19

INF [4] - 707:16, 708:8, 758:25, 764:9

info [1] - 725:25information [17] -

687:25, 711:16, 712:15, 757:23, 758:1, 761:22, 764:14, 769:11, 772:16, 821:7, 829:14, 840:9, 840:12, 848:21, 850:18, 870:6, 870:24

initial [2] - 725:8, 725:10

inquire [1] - 813:4inquiry [1] - 863:13inside [1] - 839:21insisted [2] - 771:3,

771:20inspect [2] - 753:14,

753:17inspection [1] - 750:7installment [1] - 783:6instead [2] - 722:16,

819:10institution [2] -

785:10, 785:13institutional [10] -

804:15, 804:18, 805:8, 805:16, 809:4, 818:6, 818:9, 818:12, 818:23, 819:3

instruct [1] - 733:21instruction [2] -

733:16, 734:18instructions [2] -

763:8, 863:15insuring [1] - 706:22intend [6] - 753:1,

753:3, 865:8, 865:20, 866:10, 867:11

intended [5] - 774:7, 863:22, 863:23,

864:5, 865:6intention [1] - 715:7interactions [1] -

842:18interceptor [2] -

801:16, 801:20interest [17] - 693:14,

693:18, 706:11, 706:14, 706:17, 706:19, 707:1, 711:23, 712:1, 712:4, 712:13, 716:16, 755:13, 766:14, 777:9, 805:18, 808:18

interested [2] - 766:12, 863:13

interesting [2] - 745:18, 745:22

intermediaries [1] - 840:23

intermediary [2] - 855:22, 855:25

internal [2] - 821:23, 861:22

international [1] - 710:20

International [6] - 739:25, 742:10, 791:23, 815:3, 815:18, 852:6

interviewed [2] - 857:6, 857:21

introduced [3] - 690:12, 852:13, 852:16

invest [1] - 774:18investigation [1] -

792:7Investimento [1] -

722:17investing [2] - 791:16,

805:2investment [6] -

736:16, 737:1, 795:11, 795:17, 820:20, 860:6

Investment [2] - 837:19, 837:23

Investments [2] - 739:25, 742:10

investor [7] - 768:6, 768:9, 775:25, 818:15, 826:15, 826:18

investors [38] - 693:22, 697:5, 701:15, 721:7, 757:18, 766:5, 768:13, 772:14,

772:17, 774:16, 774:17, 775:1, 776:3, 777:6, 777:8, 777:9, 804:15, 804:18, 805:8, 805:16, 805:19, 806:21, 809:4, 816:20, 817:22, 817:25, 818:3, 818:6, 818:9, 818:12, 818:19, 818:23, 819:4, 819:8, 819:14, 819:21, 821:5, 822:2

invited [2] - 819:9, 851:18

invoice [5] - 702:8, 702:25, 703:18, 704:6, 704:7

invoices [4] - 702:21, 703:12, 704:8, 704:13

involve [1] - 772:13involved [22] - 697:6,

697:11, 716:8, 718:12, 750:12, 755:9, 805:23, 806:1, 808:5, 818:8, 818:11, 821:18, 822:23, 823:2, 826:10, 828:3, 839:7, 841:18, 841:23, 842:2, 842:8, 857:2

involvement [4] - 715:22, 740:23, 754:9, 856:2

involving [2] - 713:5, 796:25

Isaltina [2] - 716:16, 730:8

Ishkandar [1] - 840:22Iskandar [6] - 713:5,

713:24, 714:10, 715:2, 743:13, 743:16

issue [16] - 698:8, 702:21, 702:25, 712:6, 721:1, 725:24, 733:15, 768:1, 790:16, 862:16, 863:19, 867:14, 868:6, 868:17, 868:18, 869:20

issued [13] - 703:12, 720:16, 816:21, 817:8, 817:18, 817:24, 817:25, 819:11, 819:16,

820:12, 820:19, 821:10, 822:15

issuer [3] - 698:7, 766:4, 821:7

issues [20] - 684:8, 735:11, 755:8, 767:22, 778:2, 779:9, 822:20, 838:17, 839:3, 856:17, 856:20, 856:24, 857:4, 858:7, 858:25, 859:2, 862:17, 863:8, 865:16, 867:21

issuing [3] - 720:11, 817:15, 821:21

item [2] - 702:21, 703:8

items [1] - 729:9itinerary [1] - 771:18itself [3] - 689:15,

712:11, 793:16

J

JACKSON [24] - 682:24, 683:14, 684:12, 685:17, 685:22, 707:2, 707:17, 708:9, 730:20, 730:22, 732:25, 733:2, 734:4, 734:10, 734:21, 778:5, 779:13, 867:21, 867:23, 868:21, 869:18, 871:10, 871:21, 872:4

Jackson [8] - 683:14, 684:14, 688:8, 733:24, 756:19, 756:22, 812:12, 813:15

jail [1] - 871:14January [6] - 700:13,

702:2, 702:18, 795:24, 851:13, 851:21

Japan [2] - 799:6, 799:9

JB [1] - 732:2Jean [8] - 691:12,

699:5, 710:12, 782:7, 787:17, 787:22, 788:25, 867:2

JEAN [1] - 682:7job [16] - 699:9, 715:3,

715:7, 717:17,

717:19, 717:22, 805:7, 805:11, 805:12, 805:19, 829:5, 847:21, 851:7, 855:5, 855:20, 860:6

John [1] - 736:19joined [1] - 750:5joint [2] - 767:19,

870:24joke [1] - 699:13joked [2] - 771:5,

771:19Jorge [2] - 691:12,

691:13Journal [2] - 791:14,

791:21JUDGE [1] - 682:12judge [1] - 779:3Judge [5] - 684:16,

687:23, 734:24, 735:5, 779:5

judges [3] - 688:1, 846:5

July [2] - 732:1, 796:6June [2] - 857:22,

858:24jurors [1] - 684:15JURY [1] - 682:11jury [81] - 684:9,

684:24, 687:22, 688:9, 688:18, 688:23, 691:6, 691:23, 692:10, 695:22, 698:12, 700:11, 701:25, 704:21, 714:15, 727:1, 727:3, 727:16, 728:1, 730:25, 731:7, 731:9, 731:14, 732:19, 732:22, 733:16, 733:22, 735:4, 735:12, 735:22, 735:23, 735:25, 737:11, 748:17, 755:23, 756:8, 756:24, 763:4, 763:7, 764:5, 767:10, 768:22, 772:11, 773:2, 773:4, 773:24, 775:16, 777:25, 779:2, 779:10, 779:24, 780:18, 796:25, 797:23, 799:11, 799:12, 799:18, 802:16, 802:21, 807:14, 810:15, 813:18,


LAM OCR RPR

14814:9, 821:2, 830:1, 831:17, 834:11, 834:18, 835:14, 837:6, 838:15, 839:17, 840:18, 843:19, 853:12, 862:10, 863:6, 863:16, 863:22, 865:17, 867:16

Jury [5] - 684:22, 732:16, 777:19, 779:22, 862:21

just...understood [1] - 734:21

JUSTICE [1] - 682:18

K

KATHERINE [1] - 682:21

Katherine [1] - 683:7keep [8] - 692:19,

693:24, 707:23, 769:4, 769:7, 769:10, 772:3, 855:1

keeping [1] - 772:7kept [1] - 712:15key [2] - 854:1, 857:2kickback [2] - 714:13,

743:18kickbacks [2] -

689:11, 740:8Kiel [1] - 832:16Kind [1] - 703:13kind [2] - 821:21,

850:16knowledge [24] -

690:16, 717:3, 733:3, 733:12, 734:11, 748:7, 753:8, 753:13, 802:23, 806:2, 806:5, 806:6, 810:11, 818:18, 818:21, 818:22, 821:4, 833:22, 834:5, 834:7, 834:11, 834:19, 834:20, 835:1

known [3] - 698:9, 712:7, 809:21

KUNTZ [2] - 682:12, 779:5

Kuntz [3] - 683:2, 735:5, 779:3

Kyriakos [1] - 841:6

L

LA [2] - 698:14,

698:21Ladies [1] - 683:11ladies [12] - 684:23,

687:22, 732:13, 732:20, 735:10, 735:24, 777:14, 778:1, 779:23, 862:18, 863:4, 870:10

Langford [3] - 710:12, 846:10, 846:14

language [7] - 749:9, 749:12, 750:20, 750:22, 750:23, 811:1, 815:10

laptop [2] - 692:2, 812:13

large [7] - 704:5, 805:9, 825:15, 831:9, 832:11, 834:14, 867:4

largest [2] - 831:3, 838:2

last [6] - 689:14, 690:24, 695:2, 696:17, 815:7, 871:24

Last [3] - 690:2, 691:2, 707:6

late [1] - 800:15latest [2] - 824:20,

826:1latter [1] - 856:15launch [1] - 767:20launched [1] - 792:7law [4] - 710:25,

711:2, 869:23, 870:3lawyer [1] - 846:16lawyers [12] - 688:2,

821:18, 821:20, 821:23, 834:4, 834:10, 834:16, 835:3, 846:4, 858:1, 862:16

laying [1] - 761:22lazy [1] - 715:10lead [1] - 767:19learn [9] - 707:14,

708:6, 708:11, 708:13, 709:2, 709:3, 712:17, 826:23, 828:3

learned [5] - 709:15, 716:20, 732:8, 733:4, 733:8

least [4] - 707:11, 800:17, 865:11, 871:3

leave [6] - 782:13, 789:5, 789:8, 812:4,

830:18, 857:14leaving [1] - 720:3Lebanese [2] -

699:13, 839:7Lebanon [2] - 840:21,

840:25left [7] - 685:6, 714:15,

732:19, 777:25, 785:2, 789:15, 863:6

left-hand [1] - 785:2legal [2] - 728:25,

732:4legible [3] - 688:9,

731:14, 784:21lend [6] - 740:12,

811:7, 815:24, 816:13, 816:24, 852:6

lender [4] - 806:18, 806:19, 815:4, 815:9

lenders [3] - 711:8, 711:12, 806:21

lending [4] - 694:25, 856:6, 856:8, 856:19

length [1] - 843:7lengthy [4] - 820:8,

820:9, 840:8, 840:11lent [1] - 746:22less [3] - 774:22,

775:25, 832:17letter [33] - 688:19,

688:24, 689:12, 693:5, 711:4, 711:16, 730:6, 741:24, 742:3, 742:8, 742:19, 742:22, 742:25, 743:2, 743:5, 743:8, 743:11, 743:15, 743:17, 743:19, 743:22, 743:25, 744:4, 754:14, 754:16, 783:3, 783:6, 786:1, 814:16, 814:17, 814:20, 815:8, 815:14

letters [1] - 729:4level [3] - 804:7,

830:11, 852:22liability [2] - 690:19,

690:23liable [1] - 692:18library [2] - 869:23,

870:3lie [1] - 826:17lied [1] - 864:13light [1] - 857:15lights [1] - 688:7Lillian [1] - 683:7

limited [1] - 733:18Lina [14] - 702:7,

702:20, 703:13, 765:5, 773:16, 775:21, 781:22, 781:23, 782:2, 782:23, 787:1, 789:19, 843:21, 853:22

Lina's [1] - 782:11line [6] - 691:15,

751:5, 767:22, 791:11, 863:12, 864:10

list [6] - 726:14, 729:9, 731:22, 781:17, 844:5, 866:11

listen [2] - 790:11, 790:18

listing [1] - 722:21lists [1] - 844:2litigation [1] - 832:21lived [1] - 715:1LLC [2] - 740:1,

742:10LLP [1] - 682:22load [1] - 775:14loan [114] - 689:1,

689:4, 689:5, 689:6, 689:7, 689:14, 689:15, 689:25, 693:9, 694:11, 694:14, 694:19, 694:23, 695:7, 695:14, 695:16, 697:4, 697:12, 698:8, 699:17, 699:18, 699:19, 699:21, 699:22, 701:3, 701:9, 701:16, 710:22, 712:7, 718:3, 740:22, 740:24, 741:25, 742:9, 742:12, 742:14, 742:20, 744:20, 745:2, 745:7, 746:14, 746:17, 746:21, 746:23, 747:17, 747:19, 750:9, 753:7, 753:11, 753:15, 753:18, 759:5, 759:6, 759:12, 765:21, 771:9, 792:23, 793:2, 793:5, 793:13, 793:15, 793:21, 793:22, 793:25, 794:1, 804:14,

804:19, 805:24, 806:4, 806:8, 806:12, 806:16, 806:18, 807:1, 807:2, 807:6, 807:10, 807:14, 816:5, 816:11, 816:14, 816:15, 816:17, 816:19, 816:25, 817:8, 817:13, 817:15, 817:18, 818:5, 818:8, 818:11, 818:15, 818:19, 818:24, 819:2, 819:9, 819:10, 819:15, 820:2, 822:3, 825:23, 826:16, 828:3, 828:4, 840:6, 840:9, 842:12, 842:24, 843:8, 852:8

loaned [3] - 804:13, 809:8, 809:12

loaning [2] - 804:9, 856:1

loans [16] - 699:23, 706:14, 707:16, 708:8, 709:4, 709:16, 709:22, 718:6, 750:4, 774:18, 791:21, 793:14, 794:6, 805:8, 805:16, 840:3

local [1] - 711:2located [1] - 785:18Logistics [3] - 739:25,

742:10, 742:17Lols [1] - 696:5London [17] - 691:16,

742:2, 761:23, 768:4, 768:7, 768:9, 769:19, 769:21, 769:22, 769:25, 770:2, 771:12, 771:16, 772:9, 772:12, 857:24, 860:23

long-winded [1] - 869:6

Look [1] - 755:24look [33] - 688:16,

689:2, 691:4, 691:7, 696:10, 699:5, 702:1, 710:9, 719:20, 720:5, 727:4, 731:6, 731:7, 731:25, 739:9, 741:20, 742:5, 745:11, 750:9,


LAM OCR RPR

15757:2, 757:4, 757:5, 757:6, 773:20, 773:23, 774:22, 785:9, 813:9, 813:23, 813:24, 814:16, 815:6, 846:24

looked [3] - 689:14, 696:22, 775:18

Looking [1] - 765:4looking [4] - 731:5,

749:20, 786:4, 786:21

looks [2] - 782:12, 857:18

Los [2] - 695:2, 698:23lose [2] - 807:5,

807:10lost [3] - 723:2,

795:20, 866:21loud [1] - 858:16love [1] - 782:10Love [2] - 692:16,

696:3lovely [1] - 726:8lower [2] - 774:21,

825:18lowering [2] - 774:2,

775:1LPN [3] - 816:20,

819:16, 819:24LPN's [2] - 819:15,

820:12Lucas [5] - 712:18,

716:16, 728:22, 730:4, 730:9

lunch [2] - 777:14, 779:24

luncheon [2] - 777:12, 778:10

lying [1] - 826:15

M

M-A-L-E-A-I-N-E [1] - 707:13

m-A-L-E-A-I-N-E [1] - 730:16

M-O-N-J-A-T-E [1] - 765:17

Macavity [1] - 871:22Madam [3] - 707:23,

728:22, 730:4Madthave [1] - 815:15mail [128] - 687:22,

691:8, 691:13, 691:15, 691:17, 692:11, 694:1, 695:23, 695:25, 696:9, 696:10,

696:11, 696:12, 697:14, 699:2, 700:12, 701:20, 701:21, 702:1, 702:3, 702:14, 702:17, 703:6, 703:14, 704:22, 705:3, 705:7, 710:9, 710:10, 710:14, 711:3, 719:6, 719:19, 721:20, 721:24, 722:6, 722:9, 722:17, 724:10, 724:11, 724:14, 724:18, 725:2, 725:13, 728:9, 728:13, 731:5, 731:21, 731:22, 732:4, 732:7, 739:9, 739:10, 739:12, 740:4, 741:2, 741:16, 743:9, 743:19, 743:22, 743:25, 744:15, 744:17, 744:23, 745:8, 745:11, 745:16, 746:16, 749:9, 749:23, 749:25, 750:6, 752:11, 752:13, 752:23, 753:11, 754:13, 765:5, 766:7, 766:11, 768:23, 769:1, 773:5, 773:13, 773:21, 774:4, 775:11, 775:17, 775:20, 776:4, 780:20, 781:7, 782:7, 784:3, 784:9, 786:18, 786:20, 786:23, 786:24, 786:25, 788:16, 788:19, 788:22, 788:25, 790:9, 791:7, 791:11, 806:10, 823:21, 823:24, 829:11, 829:14, 830:2, 844:1, 846:10, 846:18, 846:23, 846:25, 847:3, 847:6, 847:19, 847:24, 847:25, 848:3, 853:16, 870:19

mailed [1] - 818:18mails [6] - 696:22,

703:16, 726:9, 743:24, 773:6,

775:14maintained [1] -

703:13majority [2] - 804:21,

834:21Makram [2] - 700:15,

700:19Maleaine [6] - 730:14,

745:23, 746:3, 746:8, 747:9, 747:15

Maleiane [11] - 707:9, 707:15, 708:7, 709:3, 709:15, 755:7, 765:11, 770:9, 771:4, 772:4, 772:20

MAM [34] - 707:16, 708:8, 709:4, 709:16, 717:23, 718:6, 722:22, 723:19, 729:7, 745:19, 745:24, 746:1, 746:18, 746:20, 746:22, 748:10, 750:4, 758:9, 758:17, 758:23, 758:25, 764:8, 790:2, 791:17, 792:23, 793:2, 793:5, 793:18, 793:21, 824:11, 825:12, 825:16, 825:22

man [2] - 815:15, 852:9

Management [1] - 850:19

management [7] - 716:2, 716:5, 736:24, 839:25, 840:2, 840:20, 841:22

manager [2] - 804:25, 805:18

managers [9] - 767:19, 805:1, 805:3, 805:9, 805:25, 806:7, 806:11, 806:14, 807:5

managing [2] - 842:1, 847:12

maneuverable [1] - 801:20

Manuel [4] - 691:12, 691:13, 691:18, 691:22

manufacture [1] - 831:23

manufactured [1] -

832:19manufactures [1] -

832:11Maputo [4] - 702:9,

717:12, 717:16MAR [17] - 703:20,

703:22, 711:15, 830:13, 833:5, 833:9, 834:3, 834:7, 834:12, 834:15, 834:22, 836:10, 837:9, 837:15, 838:1, 838:8, 838:16

March [20] - 695:16, 706:7, 706:8, 706:14, 708:6, 709:6, 755:1, 764:7, 766:18, 768:1, 768:2, 768:4, 768:5, 768:6, 769:22, 773:12, 780:22, 826:3, 826:5

Margaret [1] - 683:6margin [5] - 850:10,

850:12, 850:15, 850:16, 850:22

maritime [1] - 801:24MARK [2] - 682:16,

860:16Mark [3] - 683:6,

860:15, 860:16marked [22] - 685:19,

685:24, 686:4, 686:9, 686:14, 686:19, 686:24, 687:5, 687:10, 687:15, 755:22, 764:4, 767:9, 768:21, 773:1, 775:10, 829:16, 829:25, 835:4, 837:5, 852:23, 858:10

market [9] - 697:23, 698:1, 698:4, 698:6, 698:9, 701:4, 701:10, 722:24

marketed [2] - 701:17, 777:6

Markets [1] - 860:21markets [7] - 856:6,

856:14, 856:16, 857:4, 858:8, 858:25, 859:3

marshal [4] - 868:19, 869:15, 871:1, 871:19

marshal's [1] - 868:18Marshall [2] - 691:20,

691:22

marshals [1] - 868:13Master [1] - 719:11master [2] - 746:11,

810:6materials [3] - 772:18,

831:18, 831:20Matola [3] - 765:12,

765:15, 770:10MATOLA [1] - 765:16matter [6] - 712:3,

733:17, 733:23, 740:4, 749:15, 761:15

Matter [1] - 872:10Matters [4] - 859:10,

860:4, 860:12, 861:1matters [1] - 869:8maximize [1] - 721:10McLeod [12] - 684:4,

812:15, 815:11, 833:4, 838:11, 840:16, 841:4, 841:16, 843:5, 849:18, 854:8, 859:5

MCLEOD [2] - 682:25, 684:4

MDC [6] - 868:1, 868:17, 869:22, 869:23, 870:5, 870:20

mean [38] - 691:21, 692:25, 696:6, 698:18, 698:22, 699:15, 699:25, 700:3, 700:24, 723:15, 723:17, 726:16, 730:7, 730:8, 732:3, 745:21, 745:25, 746:20, 747:7, 747:9, 747:13, 753:3, 754:5, 754:15, 769:7, 769:12, 772:5, 774:10, 777:8, 782:17, 789:7, 789:13, 790:17, 795:14, 838:19, 842:20, 855:12, 856:23

meaning [1] - 722:20meaningful [1] -

795:21means [3] - 774:13,

774:24, 869:1meant [7] - 701:17,

732:4, 789:15, 794:8, 799:18, 805:17, 807:3

meantime [1] - 701:8


LAM OCR RPR

16media [1] - 773:22meet [9] - 706:25,

736:16, 746:9, 746:25, 766:5, 792:21, 793:1, 851:18, 857:24

meeting [25] - 725:6, 730:5, 747:15, 765:8, 765:10, 765:19, 793:3, 794:23, 826:23, 829:11, 829:13, 830:8, 830:17, 830:20, 831:1, 843:10, 849:22, 849:23, 849:25, 850:1, 850:4, 850:6, 851:3, 858:24, 870:10

meetings [12] - 706:24, 707:4, 730:10, 747:1, 747:2, 749:16, 768:6, 768:9, 768:11, 772:14, 772:16, 818:22

Mehta [1] - 683:6MEHTA [3] - 682:17,

778:8, 813:7Mellon [1] - 785:15member [12] - 713:18,

749:17, 749:18, 750:14, 761:16, 762:5, 762:12, 771:8, 806:17, 833:12, 834:12, 855:7

members [10] - 695:9, 697:7, 697:11, 716:4, 716:21, 736:24, 787:19, 804:22, 835:2

memo [3] - 839:21, 840:20, 842:11

memorandum [10] - 819:16, 819:18, 820:1, 820:6, 820:19, 821:6, 821:10, 821:22, 822:15, 840:8

memory [1] - 860:10mention [7] - 758:6,

758:9, 758:11, 758:17, 758:22, 758:24, 759:10

mentioned [5] - 745:19, 746:1, 758:16, 782:4, 833:7

menu [1] - 869:1messenger [2] -

694:4, 694:6met [15] - 736:24,

768:3, 795:7, 796:18, 806:2, 826:19, 826:20, 828:13, 829:3, 829:5, 829:8, 834:1, 849:20, 852:9, 854:18

meters [2] - 831:23, 831:24

Mets [1] - 685:1mic [1] - 687:19Michael [1] - 683:17MICHAEL [1] - 682:25microphone [1] -

857:8mid [2] - 800:15, 863:8mid-afternoon [1] -

863:8Middle [1] - 698:25middle [2] - 785:2,

801:3midmorning [1] -

732:11might [7] - 805:3,

855:20, 857:15, 862:14, 869:3, 869:8, 869:10

migratory [2] - 798:12, 799:2

Mike [1] - 796:18miles [2] - 797:25,

798:9million [63] - 689:8,

689:10, 689:21, 689:22, 689:24, 690:10, 690:11, 690:15, 691:1, 699:18, 699:19, 699:22, 699:24, 700:5, 701:9, 703:23, 704:10, 706:2, 711:8, 711:12, 712:9, 712:10, 712:13, 714:17, 720:2, 720:4, 721:2, 725:9, 726:3, 726:18, 740:13, 744:20, 755:11, 759:11, 759:18, 767:21, 768:3, 782:5, 785:13, 786:3, 786:5, 788:20, 789:3, 789:5, 789:13, 789:15, 789:18, 789:24, 790:1, 794:16, 795:20, 800:13,

811:7, 815:9, 815:24, 816:5, 816:13, 816:24, 828:11

millions [1] - 759:5mind [1] - 793:8mindful [1] - 846:2mindset [1] - 733:20minister [3] - 707:7,

746:15, 768:2Minister [23] - 707:15,

708:7, 709:15, 730:9, 730:11, 730:13, 733:5, 733:9, 745:23, 746:3, 746:8, 747:8, 747:15, 765:11, 769:17, 770:9, 771:3, 772:4, 772:7, 824:2, 833:15, 851:18, 853:24

ministries [1] - 716:15Ministry [11] - 706:22,

707:4, 712:15, 712:16, 712:18, 716:17, 745:5, 783:5, 786:2, 851:19

minus [2] - 864:23minutes [7] - 732:10,

732:12, 777:13, 778:7, 862:13, 863:7, 863:10

misled [3] - 728:22, 729:10, 865:9

missing [1] - 868:2Mo [1] - 723:1modern [1] - 688:4Moeser [1] - 683:6MOESER [1] - 682:20MoF [10] - 722:23,

723:7, 728:22, 745:18, 745:22, 747:4, 747:6, 747:7, 765:8, 766:18

moment [13] - 693:24, 730:20, 755:19, 759:22, 768:17, 780:12, 796:7, 811:12, 813:9, 830:19, 841:13, 872:1

Monday [4] - 682:7, 691:8, 702:9, 768:1

Monetary [1] - 791:23money [32] - 701:6,

711:23, 716:3, 716:6, 726:4, 740:10, 740:16, 741:1, 782:10, 782:20, 783:3,

788:3, 795:4, 795:6, 795:9, 795:19, 804:9, 804:13, 805:2, 807:5, 807:10, 809:8, 809:12, 816:14, 828:7, 851:22, 852:6, 856:1, 856:6, 856:8, 856:19, 859:25

monies [4] - 715:24, 737:2, 740:8, 740:12

monitored [1] - 802:3monitoring [10] -

800:14, 800:21, 800:25, 802:8, 802:25, 804:10, 807:24, 808:12, 848:14, 852:7

monitors [1] - 743:24Monjate [2] - 765:12,

765:16month [3] - 705:1,

705:15, 723:7months [2] - 701:7,

763:1Moritz [1] - 842:2morning [18] - 683:8,

683:9, 683:15, 683:16, 683:17, 683:19, 683:20, 683:22, 683:23, 683:24, 684:1, 684:3, 684:4, 684:6, 684:23, 725:6, 782:10, 868:10

most [3] - 772:20, 787:19, 792:11

mother [2] - 812:3, 812:9

motion [2] - 866:18, 867:1

move [4] - 687:19, 773:10, 813:18, 857:9

Moz [2] - 722:16, 765:8

MOZ [1] - 781:8Mozambican [25] -

690:5, 691:3, 706:25, 710:25, 713:2, 715:17, 717:6, 717:18, 733:10, 747:25, 752:20, 765:19, 774:24, 793:1, 797:1, 797:18, 800:12, 809:8, 810:2, 810:17, 811:8, 848:17,

852:13, 852:17, 852:20

Mozambique [110] - 695:18, 706:9, 706:21, 709:21, 710:2, 711:25, 713:5, 714:11, 714:18, 714:24, 717:13, 718:1, 719:11, 720:11, 721:1, 724:17, 733:7, 744:20, 745:6, 746:11, 748:5, 749:16, 750:3, 753:8, 753:10, 753:14, 753:16, 754:7, 755:8, 757:23, 757:25, 758:24, 766:5, 767:13, 767:21, 768:5, 768:12, 769:9, 769:16, 770:13, 770:15, 771:7, 772:7, 772:13, 772:19, 774:3, 774:7, 774:11, 774:22, 784:13, 786:2, 791:22, 792:6, 792:9, 792:10, 792:12, 792:13, 792:20, 793:25, 797:5, 797:9, 797:11, 797:15, 797:24, 798:2, 798:6, 799:2, 800:6, 801:1, 801:23, 802:2, 809:25, 810:5, 810:23, 811:5, 817:8, 819:1, 819:8, 819:12, 819:14, 819:16, 820:1, 820:13, 820:18, 820:22, 821:8, 821:10, 822:10, 822:16, 822:21, 823:3, 823:5, 824:5, 824:9, 824:10, 824:16, 825:3, 825:8, 825:14, 825:18, 826:13, 830:12, 830:13, 841:9, 849:12, 851:13, 851:21, 854:2, 856:9, 856:10

Mozambique's [11] - 752:17, 774:20, 798:11, 798:21, 798:23, 799:7, 800:20, 802:12,


LAM OCR RPR

17824:22, 825:6, 825:10

MR [374] - 683:6, 683:14, 683:17, 684:1, 684:4, 684:10, 684:12, 684:18, 685:10, 685:14, 685:17, 685:20, 685:22, 685:25, 686:2, 686:5, 686:7, 686:10, 686:12, 686:15, 686:17, 686:20, 686:22, 686:25, 687:2, 687:6, 687:8, 687:11, 687:13, 687:18, 688:6, 688:10, 688:15, 692:2, 692:6, 693:23, 694:8, 695:19, 695:23, 697:9, 697:14, 700:7, 701:22, 702:16, 704:16, 704:19, 706:6, 707:2, 707:17, 708:5, 708:9, 709:11, 709:13, 709:17, 709:23, 710:4, 710:8, 712:23, 712:25, 713:6, 713:10, 713:13, 713:20, 714:1, 714:6, 715:15, 715:19, 716:12, 717:1, 717:8, 717:20, 717:21, 718:21, 718:24, 719:1, 719:5, 719:23, 719:24, 720:7, 720:8, 720:17, 720:21, 721:14, 721:19, 722:3, 723:4, 723:20, 723:25, 724:4, 724:9, 724:13, 724:23, 725:1, 725:3, 726:21, 726:24, 727:5, 727:7, 727:9, 727:11, 727:14, 727:17, 727:19, 727:21, 727:22, 728:4, 728:8, 728:12, 730:2, 730:17, 730:20, 730:22, 731:2, 731:12, 731:16, 732:23, 732:25,

733:2, 734:4, 734:10, 734:21, 734:24, 735:1, 735:14, 735:15, 735:17, 736:7, 736:8, 737:4, 737:7, 737:9, 738:5, 739:2, 739:6, 739:8, 741:3, 741:6, 741:8, 741:20, 744:6, 744:9, 744:14, 745:16, 748:12, 748:15, 749:3, 749:4, 749:6, 749:8, 749:23, 750:11, 750:19, 750:24, 751:2, 751:5, 751:9, 751:11, 752:3, 752:6, 752:8, 754:1, 754:25, 755:16, 755:19, 755:25, 756:3, 756:16, 756:21, 756:25, 757:9, 758:13, 758:19, 759:1, 759:7, 759:13, 759:19, 759:22, 759:25, 761:3, 761:9, 761:14, 761:20, 762:2, 762:4, 762:9, 762:11, 762:15, 762:24, 764:6, 764:10, 764:16, 764:24, 766:22, 767:1, 767:3, 767:6, 767:18, 768:14, 768:17, 769:18, 772:21, 772:24, 773:3, 773:10, 773:23, 774:4, 775:5, 775:8, 775:14, 777:2, 778:4, 778:5, 778:8, 779:11, 779:13, 779:16, 780:8, 780:12, 780:14, 780:20, 781:6, 783:8, 783:11, 783:15, 783:18, 783:20, 783:25, 784:2, 784:23, 785:1, 785:4, 785:16, 785:21, 785:24, 786:8, 786:11, 786:19, 787:13, 787:15, 788:7, 788:10, 788:15, 788:18, 790:22, 790:25, 791:6, 791:18,

791:24, 792:3, 792:14, 792:18, 793:6, 795:22, 796:7, 796:11, 796:13, 796:15, 804:2, 811:12, 811:14, 811:18, 811:21, 812:3, 812:8, 812:15, 813:7, 813:13, 813:20, 813:23, 813:25, 814:2, 814:6, 814:11, 814:13, 815:11, 823:11, 823:14, 823:17, 828:1, 828:22, 829:19, 829:22, 830:18, 831:14, 832:7, 833:4, 834:23, 835:7, 835:8, 835:11, 835:17, 835:20, 836:3, 836:8, 836:12, 837:7, 838:11, 838:14, 839:1, 839:14, 840:16, 841:3, 841:11, 841:15, 843:3, 843:5, 845:2, 845:7, 845:10, 845:15, 845:17, 845:20, 845:23, 846:7, 846:8, 848:24, 849:2, 849:4, 849:18, 849:19, 852:25, 853:3, 853:4, 853:9, 853:13, 853:15, 854:8, 854:11, 854:12, 854:23, 855:2, 855:3, 857:7, 857:10, 857:12, 857:17, 857:20, 858:13, 858:18, 858:19, 859:5, 859:8, 862:6, 862:11, 863:21, 864:9, 864:25, 865:2, 865:5, 865:8, 865:14, 865:19, 866:2, 866:4, 866:13, 866:16, 866:23, 866:25, 867:10, 867:19, 867:21, 867:23, 868:21, 869:13, 869:18, 870:18, 871:10, 871:21, 872:1, 872:4, 872:6, 872:9, 873:6, 873:7

MS [2] - 683:20, 785:11

must [4] - 733:18, 769:5, 769:14, 824:5

N

N-O-B-I-S-K-R-U-G [1] - 832:8

Nacional [1] - 722:16Naji [19] - 702:4,

702:17, 702:18, 702:23, 703:7, 704:23, 704:24, 705:18, 706:3, 710:12, 726:6, 743:5, 784:6, 784:14, 786:25, 787:3, 787:9, 787:11, 788:22

name [7] - 707:12, 739:25, 749:21, 796:18, 820:7, 837:12, 840:22

named [4] - 815:15, 852:9, 854:16, 860:15

namely [3] - 720:2, 781:13, 789:17

names [2] - 765:14, 856:17

National [3] - 716:17, 765:11, 770:9

national [8] - 687:24, 822:17, 822:22, 823:7, 824:10, 825:6, 825:11, 825:19

natural [7] - 799:14, 799:21, 800:3, 800:5, 800:8, 801:1, 846:4

Natural [4] - 794:14, 794:22, 794:25, 795:18

nature [4] - 695:8, 695:11, 820:11, 848:19

naval [2] - 831:23, 832:11

nearly [1] - 704:9Nebe [1] - 842:2necessary [3] - 748:1,

803:1, 824:7need [17] - 700:21,

700:24, 702:14, 702:20, 702:21, 708:1, 722:19, 723:11, 725:23, 725:24, 728:23,

729:10, 734:18, 753:2, 754:5, 809:25, 865:16

needed [9] - 694:17, 694:18, 694:22, 694:24, 695:1, 695:6, 695:9, 746:14, 755:7

needs [1] - 711:4negative [2] - 794:13,

794:15negotiated [1] -

714:12negotiating [1] -

840:23nervous [1] - 743:17net [6] - 782:13, 789:4,

789:8, 789:12, 790:1, 850:15

network [1] - 840:24Never [1] - 703:25never [11] - 704:4,

742:25, 796:18, 806:2, 806:6, 808:22, 808:25, 809:3, 818:18, 834:1, 865:23

NEW [2] - 682:1, 682:15

new [9] - 700:22, 700:25, 702:20, 707:6, 720:11, 730:13, 767:20, 790:2, 806:21

New [17] - 682:6, 682:16, 682:19, 682:23, 761:23, 768:7, 768:9, 769:22, 770:4, 771:12, 771:16, 785:15, 785:19, 828:20, 828:23, 847:14

news [6] - 696:3, 696:7, 696:23, 791:15, 794:17, 853:23

newspapers [1] - 734:16

Next [1] - 765:3next [12] - 696:10,

702:9, 703:5, 725:12, 737:12, 745:11, 745:16, 748:18, 769:9, 816:9, 817:6, 866:15

nguila.guidema [2] - 846:18, 847:4

nguila.guidema@

gmail [1] - 853:20


LAM OCR RPR

18nguila.guidema@

gmail.com [1] - 846:11

Nhangumele [2] - 852:9, 852:20

nickel [3] - 828:14, 828:15, 828:17

nicknames [1] - 691:3NIELSEN [1] - 682:21Nielsen [1] - 683:7Nigeria [1] - 808:7night [3] - 696:17,

868:1Nobiskrug [3] - 832:3,

832:10, 832:14nobody [1] - 851:21nominees [1] - 834:10non [4] - 865:20,

865:22, 866:9, 867:3non-impeachment [4]

- 865:20, 865:22, 866:9, 867:3

none [3] - 718:9, 743:3, 783:18

nonperforming [1] - 692:18

norm [1] - 771:21normal [1] - 868:4normally [1] - 851:10north [1] - 715:4northern [2] - 797:16,

800:6note [2] - 757:13,

866:17notes [19] - 759:6,

794:2, 817:9, 817:13, 817:16, 817:18, 818:5, 818:9, 818:12, 818:15, 818:20, 818:24, 819:3, 819:9, 819:10, 819:15, 820:2, 822:3, 826:16

nothing [2] - 699:8, 872:4

notice [3] - 717:5, 742:8, 762:9

notified [4] - 700:22, 700:25, 701:12, 701:13

notifying [1] - 712:14November [1] - 849:21Number [3] - 781:19,

781:20, 781:21number [23] - 685:12,

718:25, 739:24, 752:4, 756:20, 781:17, 781:18, 796:21, 798:10,

799:20, 799:23, 799:24, 801:8, 801:9, 801:23, 804:20, 825:11, 825:18, 846:13, 846:17, 846:22, 859:14, 864:22

numbered [1] - 781:16numbers [16] -

742:21, 752:18, 758:3, 781:11, 781:23, 823:9, 824:19, 824:20, 824:21, 824:22, 824:23, 825:15, 825:22, 825:23, 825:24

numerous [1] - 717:11

O

object [4] - 835:20, 864:17, 865:24, 870:18

objecting [2] - 861:5, 866:19

Objection [14] - 707:2, 707:17, 708:9, 758:13, 758:19, 759:1, 759:7, 759:13, 764:10, 764:16, 767:1, 767:3, 828:22, 834:23

objection [110] - 685:12, 685:16, 685:17, 685:21, 685:22, 686:1, 686:2, 686:6, 686:7, 686:11, 686:12, 686:16, 686:17, 686:21, 686:22, 687:1, 687:2, 687:7, 687:8, 687:12, 687:13, 709:17, 709:23, 713:6, 713:13, 713:20, 714:1, 715:19, 716:12, 717:8, 721:16, 724:3, 726:23, 726:24, 727:8, 727:18, 728:2, 730:19, 731:1, 731:2, 737:6, 737:7, 737:9, 739:1, 741:5, 741:7, 744:8, 744:9, 748:14, 749:7, 750:17, 752:1, 755:18, 755:20, 759:21, 759:25, 761:2,

762:22, 763:2, 764:2, 766:25, 767:4, 767:6, 768:16, 768:18, 772:23, 772:24, 775:7, 775:8, 780:11, 780:14, 783:10, 783:11, 783:17, 786:11, 788:9, 788:10, 790:24, 790:25, 791:18, 791:24, 792:3, 792:14, 792:18, 793:6, 811:16, 813:17, 813:21, 814:3, 814:6, 823:13, 829:21, 829:22, 835:6, 835:15, 835:18, 836:2, 836:3, 836:14, 837:2, 845:9, 845:10, 845:16, 845:17, 853:2, 853:8, 853:9, 866:19, 867:4, 867:8

objections [2] - 786:10, 867:2

objects [1] - 864:10obligations [3] -

733:6, 792:22, 806:19

obliged [1] - 802:25observe [1] - 716:10obtain [1] - 812:4obtained [2] - 783:4,

840:13obviously [2] - 745:1,

864:6occasion [1] - 736:10occur [1] - 715:23occurred [6] - 738:1,

749:1, 761:1, 792:2, 826:3, 836:1

Ocean [5] - 753:2, 753:4, 754:22, 809:20, 809:22

October [6] - 682:7, 744:18, 745:13, 843:12, 846:25, 872:10

OF [5] - 682:1, 682:3, 682:11, 682:15, 682:18

offer [13] - 762:15, 762:16, 811:20, 819:7, 819:14, 819:21, 820:2, 820:5, 820:19, 829:20, 845:7,

852:25, 866:10offered [9] - 728:3,

733:22, 749:15, 812:17, 819:2, 819:4, 821:6, 821:9, 851:22

offering [34] - 752:18, 756:13, 757:12, 757:20, 757:22, 758:2, 758:3, 758:6, 758:9, 758:11, 758:17, 758:22, 758:24, 759:4, 759:10, 761:15, 817:19, 817:21, 819:22, 820:21, 820:25, 821:2, 821:11, 821:15, 821:19, 821:21, 822:2, 822:7, 822:11, 822:18, 822:24, 822:25, 824:15, 825:17

office [2] - 713:18, 840:5

officer [1] - 717:24officer's [1] - 856:23officers [2] - 856:7,

856:18offices [1] - 829:8officials [9] - 706:25,

713:2, 716:11, 717:6, 765:20, 793:1, 823:3, 823:5, 825:18

offshore [2] - 809:17, 809:19

oil [4] - 736:14, 794:14, 800:2

once [3] - 790:2, 804:3, 816:19

One [2] - 765:21, 771:2

one [42] - 687:25, 690:1, 692:17, 693:1, 693:24, 696:5, 697:4, 698:1, 701:14, 703:25, 716:8, 720:10, 723:12, 732:25, 751:1, 754:18, 755:12, 755:19, 757:24, 761:10, 770:13, 786:24, 788:24, 789:25, 794:23, 797:8, 806:24, 807:4, 807:9, 807:12, 831:2, 832:17, 833:20, 840:5,

840:22, 848:6, 850:9, 856:5, 861:21, 864:23, 871:2, 872:1

one-third [1] - 755:12ongoing [1] - 722:22onwards [1] - 797:19oooOooo [1] - 872:12open [6] - 728:1,

735:4, 764:1, 779:2, 837:1, 848:12

openly [1] - 847:3operate [1] - 804:5operated [1] - 856:10operating [2] - 716:1,

789:16operation [1] - 802:10operations [1] -

692:18OPEX [2] - 789:5,

789:8opinion [3] - 746:21,

765:2, 792:16opinions [1] - 728:25opportunity [3] -

733:25, 771:5, 870:1opposed [1] - 869:3opposing [1] - 730:24option [2] - 769:4,

769:13Option [3] - 719:21,

720:6, 720:22order [17] - 694:18,

701:2, 702:25, 725:9, 745:6, 755:8, 762:15, 792:21, 799:24, 803:1, 826:15, 867:24, 870:4, 870:25, 871:2, 871:17

ordered [1] - 870:25ordering [1] - 856:6orders [1] - 867:11original [3] - 726:14,

759:5, 759:11originally [1] - 863:25out-of-court [2] -

761:4, 761:14outraged [1] - 777:5outside [7] - 720:16,

727:1, 727:2, 737:11, 748:17, 821:23, 870:13

outstanding [1] - 693:9

oval [1] - 857:18overall [1] - 758:3Overrule [1] - 836:14overruled [6] - 750:17,

751:10, 752:1,


LAM OCR RPR

19762:22, 764:2, 837:2

Overruled [24] - 709:18, 709:24, 713:7, 713:14, 713:21, 714:2, 715:20, 716:13, 717:9, 758:14, 758:20, 759:2, 759:8, 759:14, 764:11, 764:17, 767:7, 768:19, 791:19, 792:4, 792:15, 792:19, 793:7, 834:24

oversight [2] - 805:18, 848:3

owed [3] - 690:25, 705:18, 742:16

owes [1] - 704:25own [6] - 706:19,

712:11, 712:12, 795:9, 799:21, 799:25

owned [14] - 711:1, 716:15, 809:11, 833:9, 833:22, 834:4, 834:8, 834:10, 834:12, 834:14, 834:16, 834:19, 835:3

owner [3] - 834:3, 835:2, 837:23

ownership [1] - 838:16

owns [1] - 834:21

P

P-I-C-K-E-R-S-G-I-L-

L [1] - 860:17p.m [5] - 702:2,

702:19, 745:13, 773:13, 780:22

PAGE [1] - 873:3page [42] - 708:15,

719:20, 720:17, 727:25, 729:12, 737:12, 738:9, 744:15, 748:18, 750:24, 751:13, 752:12, 753:19, 756:1, 756:4, 757:5, 757:9, 760:2, 763:11, 767:14, 767:15, 776:7, 778:13, 780:24, 782:6, 785:3, 803:5, 813:11, 815:7, 815:12, 827:4, 831:18, 835:23,

836:10, 836:17, 837:10, 837:18, 841:18, 844:10, 848:23, 858:11, 862:23

Page [2] - 831:15, 840:14

page.. [1] - 719:23pages [2] - 757:6,

820:11paid [37] - 690:4,

690:9, 690:10, 690:11, 690:15, 690:17, 690:19, 692:21, 693:12, 703:19, 703:21, 705:10, 705:23, 706:1, 711:15, 711:25, 712:4, 712:10, 713:25, 715:24, 716:21, 716:23, 737:3, 740:8, 759:4, 759:11, 759:16, 777:9, 782:22, 785:7, 786:6, 789:16, 789:24, 794:3, 816:10, 816:14, 859:25

Palomar [40] - 692:16, 693:8, 696:4, 716:4, 720:25, 721:1, 722:18, 732:6, 747:22, 747:24, 752:19, 755:10, 755:12, 759:16, 766:18, 770:14, 782:20, 783:3, 784:16, 785:8, 785:14, 786:1, 787:20, 787:25, 788:1, 788:3, 788:20, 789:10, 789:12, 789:17, 789:21, 790:21, 794:6, 794:7, 794:14, 794:22, 794:25, 795:18, 822:9

Palomar's [3] - 757:19, 757:25, 794:4

Paolo [1] - 765:12paragraph [10] -

689:2, 720:1, 742:5, 742:6, 742:13, 752:15, 815:7, 823:24, 840:17, 858:11

paragraphs [1] -

722:20Parliament [3] - 712:2,

712:9, 712:14part [38] - 695:3,

695:5, 703:10, 717:7, 732:5, 751:8, 757:11, 757:12, 761:21, 762:1, 762:8, 770:1, 785:2, 798:21, 800:6, 801:7, 802:9, 805:14, 809:15, 810:12, 817:2, 817:3, 821:11, 823:21, 826:12, 827:1, 833:18, 834:3, 834:14, 843:12, 849:7, 850:7, 850:9, 851:16, 852:5, 852:8, 856:5, 869:10

Part [1] - 772:10partial [1] - 838:16participate [1] - 716:7participated [1] -

716:8participation [20] -

759:6, 782:14, 794:2, 817:9, 817:13, 817:16, 817:18, 818:5, 818:8, 818:12, 818:15, 818:19, 818:24, 819:3, 819:9, 819:10, 819:15, 820:2, 822:3, 826:16

particular [5] - 757:5, 782:19, 847:25, 853:25, 856:22

parties [2] - 694:24, 857:2

partly [3] - 809:10, 809:11, 834:7

partner [3] - 722:18, 755:12, 787:25

partners [3] - 789:17, 789:21, 790:20

parts [2] - 713:19, 766:6

party [2] - 713:17, 822:19

passes [1] - 798:23path [2] - 798:12,

799:2Patki [1] - 815:15patrol [4] - 801:25,

809:17, 809:19, 810:15

pause [3] - 780:13,

796:10, 858:21pay [19] - 692:22,

712:13, 740:20, 748:8, 774:25, 781:13, 781:25, 789:4, 789:5, 789:7, 789:13, 789:25, 790:5, 790:8, 790:12, 790:19, 804:10, 807:6, 807:10

paying [7] - 711:23, 789:15, 789:19, 790:16, 806:21, 807:14, 809:15

payment [18] - 706:11, 706:14, 706:17, 706:19, 706:22, 707:1, 712:1, 714:17, 740:22, 744:2, 755:13, 768:3, 781:12, 789:25, 790:10, 793:2, 793:5, 793:21

payments [15] - 689:19, 690:13, 711:7, 711:12, 712:1, 712:9, 713:1, 715:25, 748:3, 765:22, 792:8, 792:10, 792:11, 793:22, 793:25

pays [1] - 806:16pca [1] - 781:18PCL [1] - 787:4PEARSE [3] - 688:11,

781:1, 873:5Pearse [90] - 685:4,

688:16, 688:24, 689:9, 689:16, 690:5, 691:2, 692:11, 693:25, 694:23, 700:12, 700:23, 702:1, 702:13, 703:24, 704:1, 704:22, 706:7, 710:11, 710:16, 711:9, 711:21, 713:3, 718:2, 719:25, 720:24, 721:5, 725:14, 726:1, 728:13, 731:7, 731:17, 732:14, 732:17, 733:3, 733:12, 736:9, 736:13, 737:1, 739:9, 740:2, 741:23, 744:17, 748:1, 749:17,

749:24, 750:11, 750:13, 752:13, 756:2, 756:5, 756:14, 761:7, 761:11, 761:13, 761:19, 762:4, 764:7, 766:23, 767:25, 772:9, 773:5, 775:17, 776:1, 777:20, 780:21, 781:7, 782:16, 784:3, 784:19, 784:24, 785:5, 785:7, 785:25, 788:19, 789:2, 791:7, 791:15, 792:6, 793:4, 795:23, 796:16, 812:18, 814:14, 822:12, 823:20, 824:8, 858:20, 863:2, 865:9

Pearse's [4] - 733:7, 733:20, 787:13, 863:23

Pemba [1] - 751:6pence [1] - 828:19penny [1] - 790:14people [11] - 704:14,

749:16, 753:14, 770:7, 799:22, 805:7, 838:7, 842:11, 869:2, 869:3, 869:7

people's [1] - 805:2PEP [2] - 842:20,

842:23per [4] - 693:8, 703:8,

704:3, 716:22percent [17] - 689:5,

689:9, 689:21, 692:17, 692:20, 693:1, 693:8, 782:13, 789:4, 789:7, 789:11, 790:1, 833:9, 834:4, 834:10, 835:3, 850:13

percentage [2] - 689:5, 790:11

perfect [1] - 854:1perfectly [2] - 834:25,

864:13performing [1] - 693:3perhaps [6] - 756:8,

860:8, 869:4, 869:7, 870:24, 871:15

period [10] - 695:14, 698:8, 698:9, 701:6, 702:12, 715:2,


LAM OCR RPR

20742:11, 818:1, 851:19, 868:2

permissible [1] - 864:14

permission [5] - 695:6, 695:10, 697:6, 697:11, 870:4

permissions [3] - 694:17, 694:18, 694:22

permitted [1] - 754:2permitting [1] - 750:7person [12] - 730:4,

747:14, 761:16, 769:16, 787:25, 788:2, 795:8, 805:12, 805:15, 860:18, 860:20, 860:25

personal [4] - 742:9, 834:7, 834:20, 835:1

personally [3] - 795:18, 801:22, 834:13

persons [2] - 842:19, 842:21

Peter [1] - 841:22Petrosius [4] - 690:3,

690:14, 690:18, 690:23

Philip [1] - 684:1PHILIP [1] - 682:23phone [1] - 806:6phonetically [1] -

707:11phrase [1] - 868:25physically [2] -

801:18, 805:19picked [1] - 744:1Pickersgill [2] -

860:16pictures [1] - 809:24piece [4] - 690:8,

712:13, 807:2, 807:5pieces [9] - 713:23,

804:18, 805:8, 805:24, 806:4, 806:8, 806:12, 809:5, 871:17

piping [2] - 750:21, 751:6

place [4] - 721:12, 727:2, 764:15, 869:4

plan [5] - 688:3, 692:19, 746:11, 810:6, 810:12

Plan [1] - 719:11planned [1] - 850:25plans [1] - 718:11Plaza [1] - 682:15

plea [1] - 864:16plead [1] - 796:3pleasure [1] - 683:22Pleasure [1] - 830:8pled [6] - 796:6,

864:11, 864:16, 864:18, 864:23, 865:10

plundered [1] - 800:1podium [2] - 812:4,

812:7Point [2] - 723:1,

723:6point [36] - 693:9,

698:10, 705:24, 707:19, 714:7, 717:2, 717:4, 720:19, 720:24, 730:11, 730:13, 733:8, 734:4, 734:5, 745:23, 746:8, 748:6, 748:7, 750:2, 750:18, 756:14, 761:20, 765:24, 767:17, 771:23, 784:12, 799:19, 813:19, 816:23, 819:2, 822:24, 829:2, 847:8, 851:20, 851:23, 867:7

points [2] - 723:8, 730:4

Poland [1] - 795:5political [1] - 755:7politically [3] - 746:5,

842:19, 842:21politically-exposed

[2] - 842:19, 842:21Poor [1] - 774:21Poor's [4] - 774:2,

774:7, 774:15, 774:19

Poors [1] - 777:7portion [12] - 689:6,

720:18, 724:2, 724:24, 731:5, 731:6, 731:10, 731:13, 786:22, 822:7, 862:8, 864:5

portions [2] - 757:3, 804:14

Portuguese [1] - 724:20

posed [1] - 733:2position [13] - 696:20,

748:11, 750:12, 750:15, 757:24, 758:2, 761:25, 762:5, 767:20,

820:23, 824:4, 824:16, 871:6

positive [1] - 746:15possibility [1] -

693:13possible [2] - 743:25,

754:18possibly [1] - 733:19potential [7] - 748:5,

768:12, 791:21, 847:17, 851:4, 851:25, 852:2

potentially [1] - 829:1pound [1] - 828:19PowerPoint [2] -

768:24, 769:20precedent [1] - 854:6preceding [3] - 696:9,

702:14, 732:4preliminary [1] -

863:15premature [1] - 734:1preparation [2] -

757:20, 765:25prepare [3] - 742:3,

758:1, 769:22Prepare [1] - 754:16prepared [6] - 713:16,

719:13, 741:24, 772:18, 820:1, 820:21

preparing [3] - 725:6, 757:25, 822:7

preponderance [1] - 762:17

pres [2] - 723:1, 723:6presence [2] - 863:12,

865:17present [6] - 728:1,

735:4, 735:7, 735:9, 779:2, 779:7

presentation [8] - 687:25, 722:10, 746:10, 766:18, 766:20, 772:16, 772:18, 831:12

presented [1] - 862:10president [2] - 769:5,

769:14President [6] - 714:17,

714:21, 714:24, 715:9, 769:15, 772:6

presiding [3] - 683:2, 735:6, 779:4

press [6] - 733:14, 774:1, 774:6, 794:13, 794:15

presumably [1] - 866:8

pretend [1] - 869:1

pretty [1] - 756:6prevent [1] - 855:25prevented [3] -

764:15, 764:22, 765:2

preview [1] - 863:17previous [3] - 696:20,

712:1, 719:19previously [11] -

688:12, 716:6, 720:1, 749:10, 750:20, 750:21, 781:3, 783:18, 786:23, 789:9, 825:25

price [13] - 702:21, 703:8, 703:19, 703:21, 704:3, 725:10, 725:25, 726:3, 726:19, 794:18, 795:2, 795:3

prices [2] - 702:24, 704:11

primarily [4] - 697:3, 754:11, 795:5, 804:23

primary [2] - 695:13, 695:15

Prime [1] - 833:15principle [1] - 782:15private [3] - 831:3,

854:14, 855:4Privinvest [60] -

690:12, 690:16, 705:10, 705:24, 714:21, 714:25, 715:3, 715:24, 716:3, 729:2, 742:10, 742:17, 743:20, 743:22, 744:2, 759:5, 759:11, 794:12, 801:7, 801:19, 801:24, 802:2, 802:6, 802:11, 809:16, 816:11, 826:24, 828:7, 828:14, 829:1, 829:2, 829:8, 829:12, 829:15, 830:12, 830:14, 830:21, 830:23, 831:2, 831:9, 832:13, 832:15, 832:18, 835:2, 835:3, 844:6, 845:4, 846:15, 847:14, 847:18, 849:10, 851:1, 851:5, 851:21, 851:25,

854:13, 855:14, 855:24, 859:25

Privinvest's [5] - 808:18, 846:14, 848:14, 849:5, 850:10

probability [1] - 713:4problem [10] - 726:6,

795:10, 795:16, 864:8, 865:1, 865:2, 866:3, 866:10, 866:13, 868:12

problems [6] - 687:24, 720:9, 723:17, 723:18, 746:13, 791:22

procedural [5] - 684:8, 732:21, 735:11, 778:2, 779:9

procedurally [1] - 865:17

procedure [1] - 868:4procedures [1] -

853:24proceed [1] - 863:14proceeds [2] - 720:11,

787:23process [18] - 697:5,

716:20, 754:7, 827:2, 828:2, 842:14, 843:8, 843:13, 848:7, 848:8, 848:13, 849:7, 849:13, 849:16, 850:7, 851:17, 852:8, 856:25

processes [1] - 752:20

procured [2] - 712:1, 816:20

procurement [2] - 849:13, 849:16

procuring [1] - 740:23produce [1] - 735:8produced [5] - 779:7,

866:4, 866:6, 866:8, 866:9

product [2] - 803:2, 808:20

professionally [1] - 867:17

profit [4] - 850:10, 850:12, 850:16, 850:22

profits [2] - 851:1, 851:11

program [2] - 792:9, 800:17

progress [3] - 697:24,


LAM OCR RPR

21755:6, 769:9

Proindicus [95] - 691:16, 692:16, 692:17, 692:22, 693:3, 693:9, 693:12, 694:10, 694:14, 694:19, 694:23, 695:3, 695:7, 695:17, 697:4, 697:12, 699:17, 699:24, 700:6, 700:17, 701:3, 701:5, 701:9, 701:15, 706:13, 707:16, 708:7, 709:4, 709:16, 709:21, 715:25, 717:23, 718:3, 722:22, 723:19, 729:4, 729:6, 730:5, 740:13, 745:19, 745:24, 746:1, 748:6, 748:7, 750:4, 753:17, 754:12, 758:7, 758:11, 758:16, 758:25, 764:8, 781:11, 783:2, 783:4, 791:17, 793:19, 793:20, 793:22, 796:24, 797:1, 797:3, 800:12, 800:16, 801:8, 801:25, 802:7, 802:12, 804:10, 804:13, 804:19, 805:24, 806:15, 806:16, 807:6, 807:10, 807:18, 807:21, 808:11, 808:15, 808:18, 808:22, 808:25, 809:5, 824:11, 825:11, 825:16, 825:22, 843:8, 856:1, 859:9, 859:14, 861:23

project [39] - 723:12, 796:25, 797:3, 797:7, 800:15, 800:18, 800:24, 800:25, 801:7, 802:9, 802:13, 802:17, 802:19, 802:22, 802:23, 804:3, 807:18, 807:21, 808:5, 808:16, 808:19, 808:23, 810:2, 811:1, 811:2, 826:7, 830:12, 848:2,

848:10, 848:15, 848:18, 848:19, 849:10, 849:13, 851:1, 852:7, 859:9, 861:23

projects [3] - 796:22, 807:24, 808:12

promise [1] - 812:8promised [2] - 701:4,

775:25promptness [1] -

735:24pronunciation [1] -

691:14proposal [3] - 718:14,

718:15, 718:18propose [2] - 720:9,

870:24proposed [13] - 711:6,

718:18, 720:5, 752:17, 765:21, 767:24, 767:25, 768:13, 840:9, 856:17, 859:14, 867:24, 871:16

proposing [2] - 693:4, 711:16

prosecution [1] - 861:12

prosecutors [6] - 857:6, 857:21, 858:7, 858:8, 858:24, 861:21

protect [1] - 698:1protection [1] -

810:12provide [7] - 797:3,

802:24, 803:1, 813:25, 814:1, 850:19, 870:5

provided [14] - 703:25, 704:4, 704:6, 704:7, 711:5, 714:24, 715:2, 726:18, 753:17, 772:17, 802:7, 804:4, 825:14, 831:13

provider [1] - 713:17provides [3] - 774:16,

821:6, 840:8provision [4] - 701:4,

701:5, 757:16, 793:20

public [9] - 683:11, 712:3, 712:5, 712:14, 713:2, 716:11, 767:23, 791:16, 848:18

publicly [4] - 712:7,

825:10, 836:11, 836:12

publish [48] - 687:16, 692:7, 695:20, 695:21, 700:8, 700:10, 701:22, 704:16, 704:20, 710:5, 710:6, 718:23, 719:2, 721:15, 721:17, 723:21, 723:23, 724:8, 728:7, 730:24, 731:3, 737:8, 739:5, 741:12, 744:12, 752:7, 755:21, 764:3, 767:8, 768:20, 772:25, 775:9, 780:18, 783:24, 786:15, 788:14, 791:4, 814:9, 823:16, 825:7, 829:23, 835:12, 837:3, 839:14, 845:13, 845:21, 848:25, 853:12

published [50] - 688:18, 691:6, 692:10, 695:22, 700:11, 701:25, 704:21, 710:7, 719:4, 719:16, 719:22, 720:20, 721:18, 723:5, 723:24, 724:12, 724:25, 728:10, 739:7, 741:13, 744:13, 752:10, 755:23, 764:5, 767:10, 768:22, 773:2, 773:4, 773:24, 775:16, 780:19, 784:1, 784:18, 785:23, 786:16, 788:17, 791:5, 814:10, 823:19, 824:21, 825:13, 830:1, 831:17, 837:6, 839:17, 843:19, 845:14, 845:22, 849:3, 853:14

pull [1] - 841:15purchased [6] - 721:6,

804:18, 817:22, 817:25, 818:3, 818:15

purchasing [3] - 717:11, 818:23

purpose [10] - 689:15, 689:18, 695:13, 710:24, 733:18, 733:19, 736:12, 826:23, 828:3, 838:2

purposes [2] - 705:11, 739:22

pursuant [3] - 796:3, 821:6, 864:19

pursuing [1] - 864:11push [1] - 799:13put [19] - 707:21,

722:16, 722:19, 722:21, 723:8, 724:1, 735:17, 790:3, 795:4, 795:6, 795:8, 825:2, 825:5, 831:14, 838:23, 838:25, 841:12, 849:6, 871:6

puts [1] - 824:24putting [3] - 866:19,

866:20, 867:4

Q

qualifying [1] - 757:18quarter [1] - 703:4queries [1] - 843:22questioning [1] -

864:10questionnaire [4] -

843:14, 843:15, 848:20, 849:6

questions [10] - 690:2, 691:2, 732:21, 733:3, 796:11, 822:16, 846:17, 846:19, 847:25, 864:17

quick [4] - 731:6, 752:12, 787:8, 867:21

quickly [3] - 813:23, 813:24, 853:7

quote [1] - 833:21

R

radar [1] - 802:11raiding [1] - 775:2raise [3] - 691:23,

867:6, 868:23raised [2] - 783:18,

856:21RANDALL [1] - 682:24Randall [1] - 683:14ranking [1] - 717:24rate [1] - 777:9rated [1] - 774:20

rates [1] - 722:24rather [2] - 694:5,

769:17rating [5] - 774:3,

774:7, 774:15, 774:19, 774:20

Ray [1] - 684:4RAYMOND [1] -

682:25reach [2] - 694:2,

755:7read [24] - 688:9,

697:14, 698:12, 707:20, 707:23, 707:25, 713:19, 713:24, 714:5, 720:24, 722:6, 728:20, 738:4, 739:20, 742:6, 742:13, 749:5, 756:7, 814:14, 823:25, 846:1, 858:16, 858:17, 864:1

reading [2] - 733:14, 846:2

ready [1] - 696:4real [4] - 696:16,

705:13, 715:9, 869:5realizing [1] - 782:21really [4] - 866:21,

868:25, 869:5, 870:14

reason [6] - 688:1, 763:6, 777:7, 798:21, 831:6, 869:24

reasonable [1] - 763:5reasons [3] - 749:21,

766:13, 794:23rebuild [3] - 800:13,

800:17, 800:18receive [7] - 699:2,

701:20, 742:14, 755:10, 775:25, 789:10, 829:14

received [39] - 714:20, 724:6, 728:5, 731:4, 737:2, 739:4, 741:10, 744:11, 752:9, 762:9, 780:16, 782:20, 783:5, 783:13, 783:23, 786:13, 787:4, 788:12, 789:3, 790:1, 791:2, 814:8, 823:18, 828:7, 828:10, 828:14, 828:19, 836:4, 842:11,


LAM OCR RPR

22845:12, 845:19, 847:14, 847:24, 853:11, 860:4, 860:5, 864:14, 868:16

Receiver [1] - 785:9receiver [1] - 785:13receiving [5] - 693:7,

705:11, 743:17, 807:2, 829:1

Recess [1] - 735:3recess [1] - 778:10recipients [1] - 732:7recognition [1] -

799:20recognize [8] - 756:5,

756:11, 812:1, 814:15, 814:17, 823:20, 839:18, 849:5

recognizes [1] - 811:22

recollection [11] - 713:24, 714:4, 816:4, 816:7, 858:23, 859:20, 859:21, 860:7, 863:24, 864:4, 864:6

recommending [1] - 721:8

recommends [2] - 720:25, 721:1

Record [1] - 707:25record [4] - 683:5,

712:3, 752:4, 863:12records [1] - 836:4recounted [1] - 795:7recovery [1] - 789:4Red [2] - 685:1,

777:17red [2] - 857:1, 859:13redact [2] - 749:11,

750:22redacted [7] - 727:5,

727:12, 727:15, 749:10, 750:20, 750:21, 751:4

redaction [1] - 727:9reduce [5] - 690:19,

690:25, 695:17, 748:2, 789:20

reduced [1] - 695:16reducing [1] - 690:19refer [6] - 698:6,

768:10, 774:11, 791:13, 805:25, 824:23

reference [1] - 832:2references [2] - 815:8,

837:19

referred [5] - 713:25, 769:19, 782:2, 817:12, 820:10

referring [18] - 691:25, 696:23, 696:25, 697:1, 702:23, 705:8, 705:9, 711:10, 711:13, 711:14, 745:4, 781:24, 797:13, 802:17, 816:21, 819:20, 820:14, 823:4

reflected [2] - 825:14, 836:10

refresh [6] - 816:4, 816:6, 858:23, 860:10, 863:23, 864:6

refused [1] - 701:18Reg [3] - 721:2,

817:19, 817:21Reg-S [2] - 817:19,

817:21regard [3] - 734:5,

752:20, 792:5Regarding [1] -

692:16regarding [32] -

689:18, 691:3, 694:10, 707:6, 707:15, 712:20, 714:16, 714:20, 715:8, 716:11, 718:3, 718:5, 718:19, 739:19, 740:4, 740:15, 743:2, 749:15, 750:4, 755:2, 755:4, 761:23, 768:24, 770:17, 770:20, 770:25, 773:6, 794:25, 796:22, 846:17, 851:25, 863:24

regards [1] - 703:13region [1] - 840:25regularly [1] - 825:7rehearsal [5] - 768:4,

769:19, 769:21, 770:1, 772:9

rehearsals [1] - 772:12

rehearsed [2] - 772:17, 772:19

relate [2] - 731:7, 731:17

related [11] - 707:1, 733:5, 736:16, 783:1, 783:3,

786:20, 821:15, 853:25, 862:17, 867:25, 869:20

relates [1] - 757:24relating [3] - 704:13,

774:2, 838:17relation [10] - 716:1,

766:21, 771:7, 782:19, 782:21, 786:3, 819:22, 821:7, 822:10, 823:1

relationship [1] - 794:11

release [6] - 773:6, 773:22, 774:1, 774:6, 840:24

relevant [3] - 789:12, 797:10, 799:23

relied [1] - 792:21reluctant [1] - 704:4remain [1] - 695:3remarks [1] - 722:15remember [8] -

689:16, 708:12, 708:13, 802:17, 815:23, 815:25, 838:18, 841:19

reminder [1] - 742:9removed [1] - 754:19remunerated [2] -

782:11, 782:18renew [1] - 867:7repaid [6] - 695:14,

695:16, 771:9, 771:10, 806:15, 807:1

repay [2] - 720:10, 740:8

repayment [4] - 739:24, 741:25, 742:14, 743:18

repayments [1] - 746:14

repeat [1] - 861:10repeated [2] - 871:12,

871:13repeatedly [1] -

869:22rephrase [2] - 816:23,

839:1replaced [1] - 859:16replacement [1] -

824:6replicate [1] - 807:20report [17] - 713:15,

713:19, 713:24, 714:5, 714:8, 714:9, 824:24, 825:2, 825:5, 825:9, 826:1, 859:13, 859:22,

860:5, 860:8, 860:12, 861:1

reported [2] - 805:13, 805:14

reportedly [1] - 733:5reporter [8] - 707:11,

707:23, 730:15, 736:22, 765:14, 832:6, 846:3, 854:25

reports [3] - 733:14, 767:23, 825:8

representations [1] - 824:3

representative [3] - 724:17, 852:13, 852:16

representatives [5] - 707:5, 716:15, 768:12, 772:13, 772:14

representing [1] - 772:6

Republic [1] - 786:2reputational [1] -

794:7request [7] - 698:1,

702:7, 706:3, 733:21, 734:1, 740:25, 870:4

requested [4] - 695:9, 704:14, 713:16, 730:10

requesting [2] - 730:11, 733:15

requests [1] - 871:13require [2] - 704:12,

870:14required [4] - 709:21,

710:3, 711:2, 840:6requires [1] - 710:25residency [2] -

705:11, 739:22resolved [1] - 767:22resource [5] - 798:18,

798:19, 800:3, 810:25, 811:4

Resources [4] - 794:14, 794:22, 794:25, 795:18

resources [5] - 706:19, 712:12, 799:15, 799:22, 799:25

respect [16] - 689:3, 693:5, 750:14, 750:19, 761:12, 762:20, 782:24, 839:4, 850:2, 859:13, 864:22, 866:17, 870:8,

870:17, 870:22, 870:23

respectfully [2] - 733:15, 733:21

respond [38] - 691:17, 691:19, 696:18, 697:16, 699:6, 703:5, 703:24, 704:1, 706:3, 722:9, 722:14, 722:25, 723:10, 725:18, 725:20, 726:5, 726:7, 726:11, 729:8, 730:3, 745:15, 746:16, 747:3, 747:5, 747:11, 752:21, 754:13, 768:23, 775:21, 775:23, 776:1, 782:7, 787:5, 787:9, 787:11, 789:23, 790:7, 790:9

responding [2] - 697:15, 867:2

response [16] - 699:5, 700:20, 749:22, 750:10, 761:18, 762:3, 762:7, 769:1, 775:12, 776:4, 784:20, 787:14, 845:4, 850:16, 850:18, 867:9

responses [1] - 849:6responsibilities [1] -

805:15responsibility [1] -

848:2responsible [5] -

697:3, 720:3, 805:12, 805:17, 842:17

rest [4] - 723:9, 723:13, 723:16, 771:20

restate [1] - 708:3restating [1] - 793:9restrictions [1] - 745:2restructure [4] -

692:24, 701:15, 729:5, 729:6

restructuring [9] - 695:13, 718:3, 718:5, 718:14, 718:15, 718:19, 729:3, 747:17, 783:4

result [9] - 737:2, 766:14, 774:8, 775:1, 777:9, 783:4, 793:4, 794:13, 794:21


LAM OCR RPR

23resulted [1] - 850:14resume [2] - 684:18,

685:4resumed [1] - 779:20resumes [2] - 684:21,

735:20retaining [1] - 789:16retrieve [2] - 756:19,

756:22return [3] - 812:7,

830:19, 835:8returns [1] - 867:25revealed [2] - 709:15,

712:5revealing [1] - 758:25revenue [6] - 717:3,

718:10, 748:8, 782:22, 788:2, 789:12

revenues [2] - 782:13, 788:1

reverting [1] - 697:23review [2] - 813:11,

870:1reviewed [3] - 821:22,

842:23, 862:2reviewing [1] - 842:17revision [1] - 725:10RICHARD [1] - 682:14rights [1] - 806:18rise [3] - 683:1, 735:5,

779:3Risk [1] - 850:19risk [12] - 692:23,

693:2, 713:12, 714:10, 839:21, 839:24, 840:2, 840:20, 841:22, 842:6, 842:11

riskier [1] - 774:25risks [2] - 820:11,

821:8roadshow [17] -

761:23, 766:1, 766:3, 766:4, 768:4, 768:24, 769:25, 770:2, 770:4, 770:7, 770:17, 770:20, 771:1, 771:4, 771:12, 771:16, 772:8

roadshows [3] - 769:23, 770:6, 770:8

role [16] - 732:6, 737:3, 747:22, 754:16, 757:19, 757:25, 771:6, 821:15, 822:6, 822:10, 842:5, 843:7, 847:9, 852:4,

855:13, 855:16Rosario [35] - 692:1,

716:18, 717:10, 725:4, 725:15, 728:17, 747:12, 747:14, 749:24, 750:7, 751:5, 751:8, 752:21, 752:25, 754:13, 769:4, 769:7, 769:10, 770:10, 770:20, 770:25, 771:2, 771:5, 771:18, 771:19, 771:24, 772:3, 772:6, 815:20, 823:22, 823:25, 824:1, 824:9, 824:18, 825:21

Rosario's [2] - 717:20, 717:22

Roughly [1] - 705:25roughly [2] - 703:3,

868:10row [1] - 785:12royal [3] - 833:12,

834:12, 838:5Rule [5] - 721:4,

721:9, 721:11, 757:11, 757:15

rule [1] - 763:3ruling [4] - 767:7,

768:19, 783:21, 867:8

run [3] - 849:12, 856:17, 857:3

running [7] - 692:17, 692:20, 693:5, 693:11, 693:13, 693:18, 871:7

Russia [1] - 690:25Russian [3] - 809:11,

809:12, 818:4

S

S&P [2] - 773:6, 777:5S/144A [1] - 721:2Saad [1] - 841:6Safa [24] - 713:5,

713:25, 714:10, 715:2, 736:15, 743:7, 743:14, 743:16, 789:17, 794:19, 795:9, 795:15, 795:19, 838:17, 839:4, 839:7, 840:22, 841:7, 841:9, 846:16, 850:6,

850:9, 850:12, 850:25

SAID [1] - 843:1SAL [1] - 742:11salaries [2] - 716:21,

716:23salary [3] - 705:9,

705:19, 706:4sale [1] - 794:25salesman [1] - 855:13satellite [1] - 802:7saw [2] - 786:23,

809:24SCHACHTER [163] -

682:25, 683:17, 686:2, 686:7, 686:12, 686:17, 686:22, 687:2, 687:8, 687:13, 709:17, 709:23, 713:6, 713:13, 713:20, 714:1, 715:19, 716:12, 717:8, 724:4, 726:24, 727:9, 727:19, 727:21, 728:4, 731:2, 734:24, 735:14, 737:7, 737:9, 738:5, 739:2, 741:6, 741:8, 744:9, 748:15, 749:4, 749:6, 749:8, 750:11, 750:19, 750:24, 751:2, 751:5, 755:19, 758:13, 758:19, 759:1, 759:7, 759:13, 759:22, 759:25, 761:3, 761:9, 761:14, 762:4, 762:9, 762:11, 762:15, 764:10, 764:16, 767:1, 767:3, 767:6, 768:17, 772:24, 775:8, 780:12, 780:14, 783:11, 783:18, 783:20, 786:11, 788:10, 790:25, 791:18, 791:24, 792:3, 792:14, 792:18, 793:6, 796:13, 796:15, 804:2, 811:12, 811:14, 811:18, 811:21, 812:3, 812:8, 812:15, 813:13, 813:20, 813:25, 814:2, 814:11,

814:13, 815:11, 823:11, 823:17, 828:1, 829:19, 830:18, 831:14, 832:7, 833:4, 835:8, 835:11, 836:8, 836:12, 837:7, 838:11, 838:14, 839:1, 839:14, 840:16, 841:3, 841:11, 841:15, 843:3, 843:5, 845:2, 845:7, 845:15, 845:20, 845:23, 846:7, 846:8, 848:24, 849:2, 849:4, 849:18, 849:19, 852:25, 853:4, 853:13, 853:15, 854:8, 854:11, 854:12, 854:23, 855:2, 855:3, 857:7, 857:10, 857:12, 857:17, 857:20, 858:13, 858:18, 858:19, 859:5, 859:8, 862:6, 862:11, 863:21, 865:5, 865:8, 866:4, 866:13, 867:10, 872:1, 873:7

Schachter [3] - 683:18, 727:5, 796:18

scheme [3] - 715:16, 717:7, 737:3

Schultens [33] - 696:13, 696:15, 697:15, 697:16, 699:3, 702:4, 702:6, 703:15, 706:25, 728:16, 761:4, 761:10, 761:18, 761:21, 761:22, 762:1, 762:8, 764:8, 765:5, 765:9, 765:19, 773:16, 775:21, 776:5, 782:1, 784:6, 784:14, 787:1, 787:5, 787:21, 788:20, 789:10, 789:19

Schultens' [1] - 703:14

screen [6] - 723:2, 730:22, 756:24, 757:3, 830:18, 841:12

scroll [2] - 755:25, 756:3

sea [2] - 797:25, 798:4seamless [1] - 871:3seated [19] - 683:10,

683:12, 683:25, 684:6, 685:3, 685:8, 732:20, 735:10, 735:13, 735:21, 735:25, 736:5, 778:1, 779:6, 779:8, 779:25, 780:2, 780:6, 863:4

second [15] - 707:12, 720:18, 731:21, 742:5, 742:13, 744:15, 750:24, 756:1, 757:9, 761:10, 767:14, 813:1, 832:16, 836:10, 869:20

Second [1] - 865:25secondly [2] - 723:18,

765:23secret [2] - 791:21,

794:6Secret [2] - 718:1,

855:7section [6] - 757:24,

785:9, 822:11, 822:25, 840:20, 842:14

secure [1] - 745:6Securities [1] - 757:17security [1] - 774:14see [63] - 688:5, 691:8,

691:24, 702:14, 703:9, 716:10, 723:12, 730:22, 731:9, 732:15, 734:14, 735:7, 738:3, 745:18, 745:22, 753:5, 754:10, 756:8, 765:4, 773:11, 778:6, 779:6, 781:17, 786:21, 802:10, 802:11, 802:14, 805:3, 811:21, 813:12, 813:17, 814:21, 814:24, 815:1, 815:5, 815:6, 815:7, 815:8, 815:10, 815:14, 815:20, 815:21, 815:22, 816:1, 816:4, 830:6, 832:3, 835:7, 835:14, 837:12, 837:14, 837:19,


LAM OCR RPR

24841:1, 843:20, 844:3, 846:9, 849:9, 853:3, 853:16, 853:20, 854:3, 855:15

seeing [5] - 756:12, 756:13, 796:21, 845:5, 849:8

seek [23] - 685:11, 695:19, 700:7, 700:8, 710:4, 721:14, 723:25, 726:21, 730:17, 737:5, 741:4, 744:6, 755:17, 759:20, 766:23, 768:15, 772:22, 775:6, 780:9, 783:8, 786:8, 788:7, 790:23

seeking [1] - 733:20seeks [1] - 748:12seem [1] - 771:23Segura [5] - 724:15,

724:16, 725:2, 725:4, 726:2

Segura-Ubiergo [1] - 725:4

Segura-Ubiergo's [1] - 725:2

SELECTION [1] - 682:11

sell [10] - 698:3, 701:9, 794:14, 794:21, 795:1, 805:8, 805:16, 807:23, 808:2, 808:12

selling [9] - 693:13, 805:24, 806:3, 806:8, 806:12, 808:20, 818:8, 818:11, 826:7

send [8] - 692:22, 742:22, 742:25, 743:8, 743:14, 743:22, 787:18, 843:25

sending [8] - 705:1, 743:18, 744:15, 784:14, 788:20, 806:10, 806:13, 847:19

sends [1] - 844:1Senegal [1] - 808:9senior [1] - 721:2sense [3] - 811:3,

871:3, 871:8sent [29] - 719:18,

740:25, 741:25, 742:1, 743:6, 744:4, 744:5, 753:13,

761:13, 766:23, 767:11, 769:8, 771:15, 772:3, 775:20, 782:10, 784:16, 819:23, 821:5, 822:2, 823:21, 825:17, 829:11, 830:2, 839:24, 843:13, 843:15, 844:6, 846:9

sentence [1] - 781:10separate [1] - 861:15September [13] -

741:15, 742:11, 742:15, 743:11, 815:21, 815:24, 816:6, 816:11, 826:20, 829:3, 830:3, 843:10, 849:23

series [2] - 733:3, 749:23

serious [1] - 790:16serve [1] - 742:9Service [2] - 718:1,

855:8service [3] - 868:19,

869:15, 871:1services [3] - 703:9,

784:10, 803:1SESSION [1] - 779:1set [4] - 689:11,

731:17, 731:22, 783:1

setting [1] - 782:14Seventh [1] - 682:22several [1] - 715:18shall [1] - 815:9share [1] - 788:1shareholders [5] -

789:6, 789:14, 794:8, 794:19, 795:4

Sheikh [17] - 833:10, 833:12, 833:22, 833:25, 834:2, 834:8, 834:14, 834:19, 834:21, 835:1, 837:22, 838:3, 838:9, 838:15, 838:19, 838:20

shipbuilders [1] - 831:3

ships [2] - 801:16, 801:20

shipyard [11] - 715:4, 831:10, 831:20, 832:2, 832:11, 832:13, 832:16, 832:19, 832:20,

833:2, 833:5shipyards [1] - 832:24shopping [2] - 771:6,

771:24short [1] - 787:11shortfall [1] - 698:15shorthand [1] - 797:6show [25] - 724:23,

726:15, 757:3, 811:14, 811:19, 811:23, 812:2, 812:20, 819:20, 823:10, 823:11, 829:16, 835:4, 843:17, 845:3, 845:6, 848:22, 852:23, 853:4, 853:6, 858:10, 858:13, 862:6, 863:22

showed [8] - 820:17, 833:8, 839:10, 839:18, 841:17, 846:21, 846:22, 859:13

showing [7] - 722:23, 729:1, 741:21, 784:15, 835:14, 837:8, 858:12

shown [2] - 713:18, 727:16

shows [2] - 703:18, 762:17

Shultens [13] - 732:1, 744:15, 744:22, 745:4, 749:14, 749:16, 749:17, 749:20, 750:2, 750:13, 750:16, 752:15, 752:24

Shultens' [3] - 745:8, 749:21, 752:11

side [3] - 703:7, 785:2, 790:15

sidebar [10] - 726:25, 727:2, 737:10, 738:1, 748:16, 749:1, 760:1, 761:1, 835:21, 836:1

Sidebar [8] - 727:1, 727:23, 737:11, 738:8, 748:17, 751:12, 764:1, 837:1

signature [1] - 730:5signatures [1] -

815:14signed [2] - 703:2,

703:3significance [1] -

750:6

significant [6] - 697:5, 746:13, 792:13, 799:13, 833:18, 869:24

significantly [1] - 797:18

signing [3] - 692:23, 729:4, 815:17

signs [1] - 815:20similar [3] - 749:9,

807:23, 808:12simply [3] - 733:13,

800:18, 864:4Singh [24] - 689:19,

705:10, 705:23, 739:17, 739:19, 740:8, 740:11, 740:15, 741:1, 741:19, 741:22, 741:25, 742:8, 742:16, 742:20, 742:22, 742:25, 743:2, 743:6, 743:17, 743:20, 743:21, 759:10, 815:15

Singh's [1] - 743:8SISE [3] - 717:24,

717:25, 718:1six [1] - 801:24size [3] - 721:10,

795:11, 795:17skip [1] - 726:15slow [2] - 699:10,

846:3Slow [1] - 697:20slumps [1] - 744:21small [3] - 717:15,

722:21, 756:6smaller [1] - 726:13Socks [1] - 685:1sold [11] - 693:18,

693:19, 693:20, 693:21, 757:17, 795:2, 804:14, 816:15, 816:17, 816:19, 816:25

solicitation [1] - 820:6solution [2] - 720:5,

720:9solutions [1] - 720:10solve [1] - 755:7someone [3] - 713:25,

834:17, 868:15sometime [1] - 854:18sometimes [2] -

694:5, 805:3son [5] - 714:17,

714:20, 714:24, 715:1, 715:9

soon [1] - 787:18Sorry [2] - 705:6,

707:19sorry [31] - 694:20,

697:9, 702:14, 704:12, 706:10, 708:1, 717:15, 718:16, 727:7, 731:21, 738:5, 738:6, 774:23, 790:10, 792:8, 798:16, 798:24, 819:23, 820:9, 828:15, 831:18, 831:19, 838:19, 841:11, 843:25, 844:1, 846:13, 855:10, 860:7, 861:10

sort [1] - 871:3sounds [1] - 871:9source [7] - 690:17,

736:25, 855:9, 855:11, 855:12, 855:20, 855:25

South [3] - 848:16, 855:7

Sovereign [3] - 819:23, 822:23, 824:4

sovereign [12] - 720:11, 720:13, 752:17, 754:17, 765:24, 766:21, 767:21, 768:13, 771:7, 774:8, 784:13, 794:1

Sox [1] - 777:17space [1] - 870:9spaces [1] - 870:12spaceship [1] -

857:18speaking [1] - 854:16Special [1] - 683:7special [1] - 847:25specialized [1] -

856:13specific [3] - 708:1,

718:14, 718:18specifically [4] -

694:13, 749:19, 758:6, 758:9

specificity [1] - 860:2speculate [1] - 704:12speed [1] - 846:1spell [8] - 707:10,

730:15, 736:21, 765:13, 832:5, 854:17, 854:19, 860:16


LAM OCR RPR

25spelled [3] - 765:16,

765:17spellings [1] - 683:10spent [1] - 716:5splinter [1] - 786:20split [3] - 788:3, 788:4,

795:3splits [2] - 787:17,

787:23spoken [3] - 685:5,

736:2, 828:25squeeze [2] - 697:25,

706:5stage [1] - 693:7stages [1] - 765:25stamp [1] - 751:1stamped [1] - 815:12stand [10] - 684:18,

684:21, 685:6, 735:17, 735:20, 735:21, 761:13, 779:15, 779:21, 842:21

Standard [6] - 774:2, 774:6, 774:15, 774:19, 774:21, 777:7

standard [3] - 856:5, 856:11, 856:25

stands [1] - 694:4Star [1] - 869:10start [5] - 783:25,

796:21, 796:24, 845:23, 846:1

started [3] - 800:16, 826:5, 852:2

starting [2] - 781:17, 863:7

state [3] - 683:4, 767:17, 831:20

statement [6] - 705:6, 711:18, 761:7, 761:12, 762:16, 831:7

statements [5] - 733:4, 749:14, 761:4, 761:15, 762:18

STATES [3] - 682:1, 682:3, 682:12

States [4] - 682:5, 682:17, 683:8, 736:10

stating [1] - 790:4station [1] - 802:3stations [1] - 802:11status [2] - 748:6,

766:20stayed [1] - 754:21stems [1] - 702:7

step [7] - 726:15, 727:20, 732:17, 777:20, 804:5, 806:17, 863:2

Step [1] - 763:9steps [4] - 732:18,

769:9, 777:22, 863:3Stevens [1] - 841:22stick [1] - 688:3still [4] - 697:24,

745:19, 746:1, 862:19

stipulation [2] - 870:25, 871:16

stop [17] - 698:5, 698:16, 700:23, 705:2, 711:9, 721:4, 723:14, 725:12, 729:8, 740:2, 751:7, 761:6, 768:8, 781:15, 790:15, 866:1, 868:9

stops [1] - 771:12stories [1] - 734:16Street [2] - 791:14,

791:21structure [2] - 732:5,

733:6structurer [3] - 732:2,

732:6, 732:8structuring [1] - 721:8struggling [2] - 709:5,

746:25stuck [1] - 763:6Subeva [31] - 696:13,

702:4, 702:18, 703:5, 726:9, 726:10, 726:16, 728:16, 732:1, 741:2, 741:17, 741:24, 744:23, 765:5, 773:16, 775:13, 775:21, 776:5, 782:1, 784:8, 787:1, 787:21, 789:9, 789:20, 791:10, 843:13, 844:1, 846:9, 849:24, 853:19

subject [14] - 687:2, 691:15, 693:25, 700:16, 705:3, 710:17, 739:14, 740:4, 744:19, 765:7, 781:7, 784:9, 791:11, 832:21

Subject [2] - 710:14, 719:10

subjective [1] - 805:1submarines [2] -

832:19, 832:23submit [2] - 867:24,

870:4subset [1] - 866:8subsidiary [1] -

830:14subsidies [2] -

722:23, 729:1subvention [2] -

692:23, 711:14success [1] - 808:11successful [3] -

808:11, 808:16, 808:19

sufficient [1] - 777:14suggest [5] - 790:12,

790:18, 863:14, 865:9, 870:9

suggested [2] - 713:19, 824:20

suggesting [2] - 732:7, 864:12

suggestion [5] - 781:25, 789:4, 789:7, 791:12, 825:24

suggestions [1] - 746:10

Suisse [93] - 689:3, 689:6, 689:24, 696:25, 697:1, 697:3, 697:10, 701:2, 701:4, 711:15, 713:3, 713:15, 714:15, 740:11, 742:2, 743:9, 743:19, 743:22, 743:24, 753:5, 753:13, 753:16, 754:8, 754:16, 767:19, 772:15, 800:13, 804:9, 804:13, 804:14, 804:19, 805:7, 805:15, 805:20, 806:3, 806:8, 806:12, 806:22, 806:24, 806:25, 807:3, 809:5, 809:8, 811:7, 814:18, 815:3, 815:17, 815:18, 815:23, 816:5, 816:10, 816:13, 816:14, 816:15, 816:17, 816:24, 816:25, 818:4, 821:12, 821:22, 822:24, 824:14, 829:6, 839:4,

839:22, 840:4, 840:10, 840:13, 841:6, 841:8, 841:25, 842:12, 842:17, 847:11, 847:12, 847:21, 848:6, 849:7, 850:19, 851:7, 851:10, 851:16, 852:5, 856:1, 856:8, 856:10, 856:15, 856:18, 856:25, 859:9, 860:6, 860:21

Suisse' [1] - 842:18Suisse's [6] - 740:23,

806:15, 807:1, 833:19, 860:13, 861:22

summarize [2] - 723:7, 765:9

summarizing [3] - 752:15, 752:16, 765:10

Summary [1] - 719:25summary [2] - 765:8,

819:13Sunday [1] - 772:12superyacht [1] - 838:3supplied [5] - 702:25,

725:24, 726:4, 753:6, 754:11

supply [1] - 831:24support [4] - 711:5,

712:8, 792:11, 792:21

supported [2] - 711:7, 711:11

supposed [1] - 840:12surely [3] - 782:11,

782:17, 790:3Surjan [14] - 705:4,

705:10, 705:23, 739:17, 739:19, 740:7, 740:15, 741:19, 741:22, 742:8, 743:1, 743:6, 743:16, 759:10

surveillance [1] - 802:7

sustenance [2] - 869:8, 870:22

swap [2] - 819:10, 820:12

SWIFT [7] - 784:10, 784:15, 784:24, 785:5, 785:7, 786:4, 788:20

switch [1] - 692:3Switzerland [1] -

782:11

sword [1] - 734:2sworn [1] - 688:13sworn/affirmed [1] -

781:3syndicate [9] - 694:25,

695:3, 695:5, 695:9, 697:7, 697:11, 698:20, 804:22, 806:17

system [9] - 797:4, 800:14, 800:19, 800:21, 802:24, 802:25, 804:4, 804:6, 804:10

systemwide [1] - 687:24

T

tactic [2] - 776:2, 777:3

Take-Out [1] - 720:22take-out [1] - 721:9Tassone [1] - 683:8tax [3] - 781:12,

781:13, 781:14taxes [1] - 782:10team [13] - 716:4,

716:8, 736:24, 782:13, 789:25, 790:3, 790:5, 790:13, 826:12, 839:25, 851:19, 852:5, 859:10

tech [2] - 687:24, 688:4

technical [2] - 687:18, 817:14

technically [1] - 793:16

technology [1] - 870:24

tendency [1] - 846:1tender [1] - 848:18Teo [2] - 853:23, 854:1Teofilo [1] - 852:9term [5] - 698:7,

802:16, 802:19, 815:2, 817:14

terms [19] - 694:15, 698:19, 699:8, 706:13, 710:2, 710:21, 718:11, 722:21, 746:14, 746:15, 748:4, 776:2, 777:3, 792:9, 806:19, 861:25, 868:6, 869:8, 871:8

territorial [4] - 798:12, 798:17, 798:22,


LAM OCR RPR

26798:24

testified [13] - 688:13, 707:6, 734:19, 781:4, 796:4, 804:9, 833:6, 839:6, 841:5, 843:7, 843:24, 852:12, 852:16

testify [1] - 709:9testimony [24] - 685:6,

732:14, 733:7, 733:11, 733:16, 734:3, 734:16, 736:2, 777:24, 780:3, 798:13, 799:9, 799:16, 817:11, 820:16, 828:6, 833:10, 833:19, 833:23, 838:18, 839:3, 839:8, 839:19, 852:15

Texans [1] - 777:17text [1] - 711:6themselves [1] -

825:15therefore [2] - 727:18,

864:12they've [1] - 745:2third [5] - 713:17,

750:8, 755:12, 756:3, 837:10

third-party [1] - 713:17

Thokoane [1] - 854:17thousands [2] -

716:22, 838:7three [10] - 701:7,

717:17, 749:25, 750:7, 753:6, 789:17, 801:10, 801:18, 809:16, 809:23

Thursday [1] - 768:6timetable [2] - 767:24,

767:25title [5] - 719:20,

766:17, 767:11, 767:14, 841:25

today [3] - 698:13, 698:17, 862:15

together [4] - 716:3, 736:14, 772:14, 841:9

tomorrow [4] - 698:14, 698:22, 702:11, 867:15

tonight [4] - 696:16, 697:25, 753:2, 754:6

took [4] - 723:17, 727:2, 781:12,

805:18top [14] - 688:16,

692:21, 720:18, 731:6, 731:21, 731:22, 741:22, 749:24, 750:6, 750:24, 755:24, 761:7, 814:16, 814:20

total [11] - 690:10, 703:8, 711:7, 711:11, 739:23, 789:3, 789:11, 824:10, 825:6, 825:11, 828:10

touched [2] - 746:11, 857:15

transaction [16] - 688:20, 690:7, 690:24, 731:8, 732:5, 740:9, 747:23, 748:1, 754:19, 755:5, 782:2, 782:20, 789:11, 789:12, 821:5, 841:9

transactions [11] - 690:5, 690:7, 713:4, 713:11, 714:11, 714:14, 728:24, 731:18, 731:23, 754:11, 857:1

TRANSCRIPT [1] - 682:11

transfer [1] - 768:5translation [2] - 724:2,

724:24travel [3] - 736:10,

736:12, 771:18traveled [1] - 771:21traveling [2] - 771:3,

771:20Treasury [3] - 716:17,

765:11, 770:9trial [7] - 683:2, 688:2,

862:19, 867:15, 868:8, 868:14, 870:7

tries [1] - 828:2triggered [1] - 793:19trimarans [7] - 750:7,

753:6, 754:3, 754:23, 809:20, 809:21

trip [3] - 738:6, 771:25, 852:9

true [2] - 711:17, 742:19

truth [5] - 733:17, 733:22, 749:15, 761:15, 834:6

try [10] - 701:5, 702:10, 745:2, 748:2, 753:14, 813:1, 816:22, 854:23, 866:24, 869:11

trying [9] - 781:11, 847:6, 860:6, 868:3, 868:22, 869:16, 871:4, 871:6

TS [1] - 696:4Tuesday [1] - 768:3tuna [4] - 798:12,

798:22, 799:2, 800:1Tuppence [1] - 828:16turn [3] - 715:11,

773:15, 815:11turned [2] - 725:11,

732:2turnkey [6] - 802:17,

802:19, 802:21, 803:3, 804:3, 804:6

turns [2] - 734:15, 744:20

Two [1] - 765:21two [14] - 695:14,

698:2, 703:1, 709:4, 732:7, 749:21, 753:12, 753:14, 771:2, 772:15, 775:14, 828:16, 844:2, 864:24

type [1] - 868:25

U

U.S [20] - 682:14, 705:16, 705:21, 711:8, 720:16, 721:1, 721:7, 739:22, 739:23, 739:24, 742:15, 757:16, 757:18, 776:2, 777:4, 777:6, 777:8, 817:22, 817:25, 818:3

UAE [3] - 705:12, 833:12, 834:12

UBA [1] - 698:15Ubiergo [1] - 725:4Ubiergo's [1] - 725:2Ubisse [3] - 765:11,

765:15, 770:9UBISSE [1] - 765:15ultimately [5] -

747:24, 755:10, 796:3, 840:2, 842:12

unable [4] - 748:8, 794:13, 813:12, 824:14

unaware [1] - 800:20unbelievable [1] -

699:10uncle [2] - 739:15,

739:16undated [1] - 814:23Under [1] - 706:13under [14] - 710:1,

710:22, 711:2, 718:10, 726:12, 726:14, 753:6, 754:11, 757:16, 783:6, 786:5, 792:9, 806:19, 807:1

understatement [1] - 814:15

understood [12] - 691:25, 700:3, 706:18, 706:21, 730:8, 807:20, 807:23, 820:21, 858:3, 862:3, 864:2, 867:10

undertaken [1] - 856:11

underwrite [3] - 698:2, 698:15, 740:12

underwriter [1] - 815:3

underwritten [1] - 690:8

underwrote [1] - 700:4

unexplained [1] - 717:6

unfortunately [1] - 824:2

Union [1] - 799:10UNITED [3] - 682:1,

682:3, 682:12United [8] - 682:5,

682:17, 683:8, 736:10, 833:16, 836:9, 837:9, 837:24

unless [1] - 700:4unlikely [2] - 698:14,

698:21unsecured [1] - 721:2unspecified [2] -

733:8unsuccessful [1] -

769:15unusual [3] - 704:5,

704:9, 856:16unwilling [1] - 790:5up [42] - 691:23,

693:24, 703:14, 707:24, 715:11, 720:7, 720:18, 723:4, 725:1, 726:3,

731:9, 738:2, 741:21, 744:1, 744:23, 745:11, 756:6, 756:16, 761:23, 766:1, 767:18, 773:10, 784:21, 785:1, 786:22, 786:24, 787:13, 788:22, 788:24, 813:15, 831:14, 831:23, 831:24, 838:17, 839:3, 840:17, 841:12, 841:15, 846:2, 856:22, 865:20, 866:22

update [10] - 696:16, 696:17, 723:1, 723:6, 752:13, 755:6, 766:20, 767:13, 767:16, 769:8

updated [4] - 769:4, 769:7, 769:11, 869:25

upset [1] - 740:11upsize [7] - 699:7,

699:11, 699:12, 699:16, 700:1, 700:4, 701:9

urgently [1] - 702:20US [1] - 782:14USA [1] - 683:3useful [1] - 746:7user [2] - 868:24,

869:1user-friendly [2] -

868:24, 869:1

V

valuable [2] - 798:18, 798:22

valuation [1] - 794:15value [3] - 725:8,

750:8, 775:25various [3] - 749:8,

796:22, 804:14vast [1] - 804:21vehicle [1] - 816:21vein.. [1] - 725:17verge [3] - 758:12,

758:18, 758:23version [2] - 727:12,

727:15vessel [3] - 703:13,

703:19vessel-by-vessel [1] -

703:19vessels [18] - 702:24,


LAM OCR RPR

27703:9, 753:17, 754:10, 799:6, 799:9, 801:8, 801:9, 801:23, 809:16, 809:17, 809:19, 810:13, 810:15, 810:17, 831:23, 831:24, 832:11

view [6] - 740:22, 782:13, 825:10, 861:3, 870:8, 870:16

viewed [1] - 740:22visa [1] - 739:22visualize [1] - 722:20vitally [1] - 823:6Vneshtorgbank [2] -

818:5, 821:14voice [3] - 697:5,

707:24, 763:5voluminous [2] -

757:2, 820:10VTB [22] - 690:8,

690:12, 696:5, 696:25, 697:1, 697:4, 697:18, 699:9, 699:10, 699:12, 700:1, 700:4, 701:8, 701:17, 711:15, 754:8, 754:17, 767:19, 772:15, 824:3, 824:14

W

wait [1] - 775:24waiting [1] - 787:17Wall [2] - 791:14,

791:21wants [2] - 697:25,

870:19war [1] - 800:21Washington [1] -

682:20waters [7] - 798:12,

798:18, 798:22, 798:23, 798:25, 799:8, 799:10

wealth [1] - 717:5web [1] - 871:3Wednesday [2] -

768:4week [7] - 689:14,

690:2, 690:24, 691:2, 695:2, 696:4, 707:6

weekend [5] - 684:24, 684:25, 685:1, 687:23, 870:2

weekends [3] - 870:3,

870:14, 870:23welcome [3] - 734:23,

779:23, 814:12Welcome [1] - 684:24whereby [1] - 698:7whilst [1] - 713:15whole [2] - 785:11,

813:12wholesale [1] - 867:4William [1] - 683:1WILLIAM [2] - 682:12,

779:5willing [1] - 749:11WILLKIE [1] - 682:22winded [1] - 869:6withdraw [2] - 708:3,

861:11withdrawn [1] -

846:13witness [33] - 684:18,

688:12, 709:9, 733:25, 734:10, 734:18, 735:17, 750:15, 756:16, 756:23, 779:14, 779:15, 779:20, 781:2, 796:12, 811:14, 811:19, 811:22, 811:23, 812:10, 812:16, 812:21, 813:5, 813:14, 823:12, 835:13, 836:5, 837:3, 853:5, 858:14, 862:7, 864:11, 864:14

Witness [5] - 684:21, 732:18, 735:20, 777:22, 863:3

WITNESS [37] - 685:7, 690:22, 697:21, 707:12, 709:3, 709:19, 710:1, 713:9, 713:15, 713:23, 714:4, 715:13, 715:21, 716:14, 716:24, 717:10, 721:23, 721:25, 723:6, 730:16, 736:4, 736:23, 765:1, 765:15, 774:12, 774:15, 780:5, 785:19, 795:15, 812:19, 812:23, 813:3, 816:8, 817:5, 854:6, 854:20, 873:3

woman [1] - 854:16wonderful [2] -

684:24, 688:4

wondering [2] - 745:1, 745:5

word [2] - 750:21, 820:24

words [1] - 861:15works [2] - 816:2,

846:16world [2] - 766:6,

838:3world's [1] - 831:3worried [1] - 740:19worries [1] - 723:8worse [2] - 794:17worth [2] - 704:10,

797:17worthiness [1] -

774:17wow [1] - 787:8WPS [1] - 739:22wrestling [1] - 869:17write [29] - 692:15,

696:2, 696:15, 700:18, 702:6, 702:18, 704:24, 711:3, 719:12, 725:4, 725:16, 728:18, 732:1, 739:18, 744:25, 746:24, 752:25, 766:9, 769:3, 773:18, 774:5, 777:3, 781:9, 781:17, 782:9, 787:3, 787:7, 787:16, 789:2

writes [3] - 830:11, 853:22

written [1] - 729:9wrote [9] - 691:18,

691:22, 693:1, 696:7, 699:16, 731:25, 769:13, 790:18, 823:25

WSJ [2] - 791:12, 791:13

Y

yacht [4] - 838:6, 838:7, 838:8, 838:10

yachts [2] - 831:24, 832:11

Yankees [2] - 684:25, 777:17

year [9] - 702:20, 703:1, 703:4, 703:11, 706:15, 716:22, 781:14, 796:6, 871:24

year's [1] - 712:1


LAM OCR RPR

28years [7] - 695:14,

703:1, 753:12, 753:15, 800:11, 800:25, 856:15

yesterday [1] - 830:8YORK [2] - 682:1,

682:15York [14] - 682:6,

682:16, 682:19, 682:23, 761:24, 768:7, 768:9, 769:22, 770:4, 771:12, 771:16, 785:15, 785:19

Young [5] - 710:18, 710:19, 710:20, 770:10, 770:14

yourself [1] - 858:17

Z

Zayed [13] - 833:10, 833:12, 833:22, 833:25, 834:2, 834:8, 834:14, 834:19, 834:21, 837:22, 838:3, 838:9, 838:20

Zayed's [1] - 838:16Zealand [3] - 828:20,

828:23, 847:14Zone [3] - 797:21,

797:24, 799:7

UNITED STATES DISTRICT COURT EASTERN DISTRICT OF NEW …€¦ · 21/10/2019 · LAM OCR RPR 688...

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Transcript of UNITED STATES DISTRICT COURT EASTERN DISTRICT OF NEW …€¦ · 21/10/2019 · LAM OCR RPR 688...