PRESS RELEASE

ARKHANGELSKY AND THE OSLO MARINE GROUP DENIED ACCESS
TO JUSTICE IN RUSSIA NOW TURN TO THE COURTS OF EUROPE
TO VINDICATE THEIR RIGHTS

Since it is apparently not possible for Mr and Mrs Arkhangelsky and their group companies, The Oslo Marine Group, to seek justice in Russia before the courts of St Petersburg because of corrupt and malign influences operating there, they have today issued a writ of summons in the District Court of Nicosia, Cyprus (http://arkhangelsky.blogspot.com/). In these proceedings the Arkhangelskys claim damages in conspiracy and fraud for the wrongful expropriation of their group’s assets, amongst other things.

A copy of the statement of claim in the action, which will be filed at the end of the summer recess in Cyprus, articulates the role played by the Bank, Mr Savelyev and the other co-conspirators can be downloaded at http://arkhangelsky.blogspot.com/. It will be seen from the statement of claim before the Courts of Cyprus as well as the complaint filed with the Principal Investigating Judge of the Court of Nice in France (see: http://arkhangelsky.blogspot.com/), that from at least 2007 to present, Mr and Mrs Arkhangelsky, a prominent businessman, together with their group of companies, the Oslo Marine Group, have been the subject of an orchestrated campaign by the Bank of St Petersburg, directed by Mr Savelyev, its Chairman, to unlawfully asset strip two valuable companies from the Group of companies namely, Western Terminal and Scandinavia Insurance.

The necessary background facts upon which our clients rely amongst other things include the following:

• As part of that campaign the Bank, most probably in conjunction with the Governor of St Petersburg, Mrs Matvienko, and the chief of police, Mr Piotrovsky, using the “administrative resources” at their command, entered into a conspiracy not only to steal valuable corporate assets but also to fabricate a criminal case against Mr Arkhangelsky using documents and seals removed from their offices and belonging to the Group companies, by police officers that seem to have acted on the direct instruction of Mrs Matvienko/Mr Piotrovsky. The fabrication of that criminal case is part of the conspiracy which is personally directed by Mrs Matvienko.

• A feature of the conspiracy which is notable is that many of the Russian companies which were used as the vehicles to perpetrate the conspiracy are established in offshore jurisdictions such as Cyprus and the BVI. That fact alone gives rise to enormous suspicion because it is difficult to explain why a bank which is based in St Petersburg, Russia, is operating through offshore vehicle companies in jurisdictions where it is difficult if not impossible to ascertain the true ultimate legal and/ or beneficial ownership of the companies holding the assets. The only possible explanation is that the conspirators would be using corporate vehicles with no real and genuine business purposes, to conceal the nature of the fraud carried out by the Bank, Mr Savelyev and/or the other co-conspirators.

Presently the Arkhangelskys are unable to return to Russia where there is no hope of an impartial hearing when viewed against the weight of corruption with which they have had to contend thus far. The Arkhangelskys explain very clearly that they have sought a vindication of their rights and those of their Group companies through the courts in Russia, but have been the victim of egregious misconduct and misuse of power by the so called “administrative resources” and influence by or on behalf of the Bank, Mr Savelyev and the other co-conspirators, at whose instance: forged documents would have been relied upon; it is strongly suspected that fraudulent evidence has been presented; threats of physical violence have been made; and certain members of their legal team would have been coerced and suborned by the Bank, Mr Savelyev and the other co-conspirators. The net result of all of this is that, with the deployment of improper influence in, and interference with, the Russian judicial system, the Arkhangelskys have been denied justice in Russia and thus against those persons responsible for inflicting loss and damage on their Group and for wrongfully expropriating the Group’s assets. However and notwithstanding, the Arkhangelskys are determined to bring those responsible for the conspiracy to defraud them and their Group to justice leaving no stone unturned in that process and accordingly they fully intend to pursue all of the wrongdoers in whatever jurisdiction(s) are open to them.

The Arkhangelskys have openly invited the Bank of St Petersburg and its relevant officials as well as the off shore companies which are owned and/or controlled and or directed by the Bank, Mr Savelyev and the other co-conspirators, to submit to the jurisdiction of the High Court in London, being a fully independent and internationally recognised and respected jurisdiction, where these allegations can be fully and properly tested.

For more information please contact:

François AMELI Esq. William BOURDON Esq.

Cabinet BEA Cabinet BVB

7 rue de Chaillot 156 rue de Rivoli

75116 Paris 75001 PARIS

France FRANCE

Tel: +33 1 53 57 78 00 Tél. : +33 1 42 60 32 60

E-mail: fameli@bea.fr E-mail : w.bourdon@bvb-avocats.com

Mr. Vitaly ARKHANGELSKY

Tel : +33 6 29 96 11 35