CALDERWOOD & HARKNESS LLP
INTERNAL MEMORANDUM
PRIVILEGED AND CONFIDENTIAL
This memorandum is protected by attorney-client privilege and the work product doctrine. It is prepared for internal use only and must not be disclosed to any person outside Calderwood & Harkness LLP without the prior written authorization of the Responsible Partner. Unauthorized disclosure may constitute a waiver of privilege.
Document Type: Conflict Check Memorandum
Date: 10 September 2024
Matter Reference: SC/LIT/2024/09-1147 (Enforcement Phase)
To: Samuel Eklund, Responsible Partner, Litigation (General)
From: Patrick Gallagher, Working Associate, Litigation (General)
Re: Conflict Check — Proposed Engagement by Thalassa Shipping & Logistics SA in Connection with Multi-Jurisdictional Enforcement of LCIA Award No. 224718 Against Korinthian Maritime Holdings Ltd. and Related Entities
Classification: Privileged & Confidential — For Internal Use Only
1. Purpose
This memorandum records the results of the conflicts check conducted by the undersigned in connection with Calderwood & Harkness LLP's ("C&H" or the "Firm") proposed engagement by Thalassa Shipping & Logistics SA ("TSL" or "Thalassa") to act as lead enforcement counsel in multi-jurisdictional enforcement proceedings against Korinthian Maritime Holdings Ltd. ("KMH" or "Korinthian") and related entities, including subsidiary and single-purpose vehicle companies, as more fully described in Section 3 below.
The conflicts check was conducted in accordance with Calderwood & Harkness LLP's Internal Conflicts Clearance Procedures (as updated March 2024) and in compliance with the obligations imposed by the Solicitors Regulation Authority ("SRA") Code of Conduct for Solicitors, RELs and RFLs (Standards and Regulations, effective 25 November 2019, as amended), in particular Paragraphs 6.1 through 6.5 concerning conflicts of interest, and the SRA Code of Conduct for Firms, Paragraphs 4.1 through 4.3. The check was also conducted with reference to the Firm's obligations under the Legal Services Act 2007 and the SRA Accounts Rules 2019, insofar as those rules bear on the identification and management of potential conflicts arising from client funds.
The proposed engagement relates to the enforcement of LCIA Arbitration Award No. 224718, dated 28 June 2024, rendered in favour of TSL as Claimant against KMH as Respondent. The Award was rendered by a three-member tribunal seated in London under the LCIA Rules 2020 and English law. The principal sum awarded is £96,450,000, representing damages for repudiatory breach of a consecutive voyage charterparty and related service agreements. In addition, the tribunal awarded TSL its costs of the arbitration in the amount of £12,150,000, bringing the total amount due under the Award to £108,600,000, together with post-award interest at a rate of 4.5% per annum compounding annually from the date of the Award until the date of payment.
The proposed engagement encompasses enforcement proceedings in the following jurisdictions: (i) England & Wales (recognition and enforcement under sections 66 and 101 of the Arbitration Act 1996, together with ancillary freezing and asset disclosure orders in the Commercial Court); (ii) Cyprus (enforcement under the International Commercial Arbitration Law of 1987, Law No. 101/87, as informed by the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards 1958); (iii) Singapore (enforcement under the International Arbitration Act 1994, Chapter 143A, and the New York Convention); and (iv) the United Arab Emirates (enforcement under Federal Law No. 6 of 2018 on Arbitration and, where applicable, through the DIFC Courts under the DIFC Arbitration Law, DIFC Law No. 1 of 2008, as amended). C&H will act as coordinating lead counsel and will instruct local counsel in each enforcement jurisdiction, as identified in Section 4 below.
This memorandum is intended to document the scope, methodology, and results of the conflicts check in sufficient detail to satisfy the Firm's record-keeping requirements and to support the Responsible Partner's clearance decision.
2. Proposed Client
The following information has been compiled from the client intake questionnaire completed by TSL's in-house counsel, Ioanna Christodoulou, together with publicly available corporate registry filings and the preliminary intelligence briefing prepared by Hartwell Pemberton LLP dated 5 September 2024.
Full Legal Name: Thalassa Shipping & Logistics SA (Θάλασσα Ναυτιλία & Εφοδιαστική Α.Ε.)
Short Name / Acronyms: TSL; Thalassa
Entity Type: Société Anonyme (Ανώνυμη Εταιρεία / A.E.) organized under the laws of the Hellenic Republic pursuant to Law 4548/2018 (Greek Sociétés Anonymes Law)
Jurisdiction of Incorporation: Piraeus, Greece
Registered Address: 14 Akti Miaouli, Piraeus 185 35, Greece
Principal Office: 14 Akti Miaouli, 4th Floor, Piraeus 185 35, Greece
Tax Identification Number (ΑΦΜ / AFM): EL-801456729
General Electronic Commercial Registry (GEMI) Number: 121903401000
Background: Thalassa Shipping & Logistics SA was founded in 1987 by the Papadimitriou family as a conventional tramp shipping operator and has since grown into a diversified shipping and integrated logistics enterprise. TSL currently operates a fleet of 34 vessels comprising bulk carriers, product and chemical tankers, and container feeder vessels. The company's operational footprint extends across the Mediterranean Sea, the Black Sea, and the Arabian Gulf, with significant chartering, freight forwarding, and port logistics operations in Greece, Turkey, Egypt, the UAE, and India.
TSL reported consolidated annual revenues of approximately €620 million for the fiscal year ended 31 December 2023, based on unaudited management accounts provided by TSL's CFO. The company is privately held. Approximately 72% of the issued share capital is held by the Papadimitriou Family Trust (a trust established under Greek succession law and managed through a BVI-incorporated protector structure), with the remaining 28% held by Aegean Capital Partners SA, an Athens-based institutional investment firm specializing in shipping and maritime infrastructure. TSL is not listed on any public exchange.
Key Personnel (checked in the conflicts database):
• Nikolaos Papadimitriou — Chairman of the Board of Directors and Chief Executive Officer. Greek national. Son of the company's founder. Serves as the primary decision-maker and point of contact for the proposed engagement.
• Elena Stavridis — Chief Financial Officer. Greek national. Responsible for overseeing the financial aspects of the enforcement proceedings, including asset identification and damages quantification support.
• Captain Dimitrios Kouretas — Head of Chartering & Operations. Greek national. Key factual witness in the underlying LCIA arbitration who provided testimony regarding the charterparty performance and vessel deployment schedules at issue.
• Ioanna Christodoulou — General Counsel (in-house). Greek national. Admitted to the Athens Bar Association. Ms. Christodoulou has been coordinating TSL's legal strategy and will serve as the primary in-house liaison with C&H.
Affiliated Entity:
• Aegean Capital Partners SA — Société Anonyme organized under Greek law; registered office at 25 Vasilissis Sofias Avenue, Athens 106 74, Greece. Aegean Capital Partners holds a 28% equity stake in TSL as an institutional investor and has two nominee directors on the TSL Board. The entity was included in the conflicts check as a related party.
TSL Banking Relationship (for completeness):
• Ionian National Bank SA — 45 Panepistimiou Street, Athens 105 64, Greece. TSL's principal banking relationship. Included in the conflicts search.
3. Adverse Parties and Related Entities
3.1 Primary Adverse Party
Full Legal Name: Korinthian Maritime Holdings Ltd.
Short Name / Acronyms: KMH; Korinthian; Korinthian Maritime
Entity Type: Private company limited by shares, incorporated under the Companies Law, Cap. 113 of the Republic of Cyprus
Jurisdiction of Incorporation: Nicosia, Republic of Cyprus
Registration Number: HE 387421
Registered Address: 28 Themistokli Dervi Avenue, Suite 601, Nicosia 1066, Cyprus
Date of Incorporation: 14 March 2011
Background: KMH is a vessel-owning and chartering company that functions as the apex holding entity for a group of single-purpose vehicle subsidiaries, each owning one or more dry-bulk carriers. The KMH group controls approximately 18 dry-bulk vessels ranging from Handymax to Panamax class. Based on the pre-dispute financial information disclosed during the LCIA arbitration and the preliminary asset intelligence provided by Hartwell Pemberton LLP, KMH's estimated pre-dispute consolidated net asset value is approximately USD $280 million, though this figure is subject to significant uncertainty given the opacity of the group's corporate structure and the absence of audited consolidated financial statements.
KMH is beneficially owned by the Volkov family — principally Andrei Volkov, a Russian-Ukrainian national resident in Limassol, Cyprus — through a layered corporate structure involving British Virgin Islands and Cypriot intermediate holding companies. The corporate structure appears designed to provide asset-protection benefits and to facilitate multi-jurisdictional vessel registration under flags of convenience. The complexity of the group's ownership arrangements is directly relevant to the enforcement strategy, as it will be necessary to pierce the corporate veil of certain SPVs and/or obtain worldwide asset disclosure orders to identify enforceable assets.
Key Personnel (checked in the conflicts database):
• Andrei Volkov — Ultimate Beneficial Owner ("UBO") and de facto director of KMH. Russian-Ukrainian national. Resident at Villa Kalopanayiotis, 12 Amathus Avenue, Limassol 4533, Cyprus. Mr. Volkov does not hold a formal directorship in KMH but exercises de facto control over the company's affairs, as found by the LCIA Tribunal at paragraphs 312–318 of the Award.
• Sergei Volkov — Director of KMH. Russian national, son of Andrei Volkov. Resident in Limassol, Cyprus. Appointed director on 1 June 2015.
• Marina Kazakova — Chief Financial Officer of KMH. Russian national. Based at KMH's Nicosia office.
• Alexei Demidov — Director of Fleet Operations. Russian national. Based in Limassol, Cyprus. Responsible for day-to-day commercial and technical management of the KMH fleet.
3.2 KMH Subsidiary and SPV Entities
The following entities have been identified through the preliminary intelligence briefing prepared by Hartwell Pemberton LLP, the disclosure produced during the LCIA arbitration, and publicly available corporate registry searches. Each entity has been included in the conflicts check as a related party that may be subject to enforcement proceedings, freezing orders, or disclosure obligations.
(a) Korinthian Bulkers (Singapore) Pte. Ltd.
• Entity Type: Private company limited by shares, incorporated under the Companies Act 1967 of Singapore
• Registered Address: 80 Robinson Road, #14-02, Singapore 068898
• UEN: 201823456K
• Background: Singapore-incorporated subsidiary of KMH. This entity held the proceeds of the sale of the M/V Crimson Horizon (approximately USD $14.2 million), which were deposited into an account at Pinnacle Bank (Singapore) Ltd. The current balance of this account is not known but is a target for enforcement.
(b) Dnepr Shipholding Inc.
• Entity Type: Business company incorporated under the BVI Business Companies Act 2004
• Company Number: 2014876
• Registered Agent: Vantage Corporate Services Ltd., Craigmuir Chambers, Road Town, Tortola, VG1110, British Virgin Islands
• Background: BVI-incorporated single-purpose vehicle and the registered owner of two vessels: the M/V Aegean Fortuna (IMO 9784521), a Supramax bulk carrier of 58,200 DWT flying the marshall Islands flag, and the M/V Volga Spirit (IMO 9756892), a Panamax bulk carrier of 76,400 DWT flying the Cyprus flag. Both vessels are potential targets for arrest and judicial sale as part of the enforcement strategy.
(c) Korinthian DMCC
• Entity Type: DMCC free zone company incorporated under the Dubai Multi Commodities Centre Authority regulations
• Registered Address: Unit 3407, Almas Tower, Jumeirah Lake Towers (JLT), Dubai, United Arab Emirates
• DMCC License No.: DMCC-78423
• Background: Dubai-based entity through which KMH manages its Middle East and Arabian Gulf operations. Korinthian DMCC holds operational funds and trade receivables arising from charterparty hire payments and freight income. An account is maintained at Emirates Gulf Commercial Bank PJSC in the DIFC.
(d) Oceangate Ventures Ltd.
• Entity Type: Private company limited by shares, incorporated under the Companies Law, Cap. 113 of the Republic of Cyprus
• Registration Number: HE 401293
• Registered Address: 28 Themistokli Dervi Avenue, Suite 604, Nicosia 1066, Cyprus
• Background: Intermediate holding company within the KMH corporate group. Oceangate Ventures serves as the immediate parent of several fleet SPVs, including Dnepr Shipholding Inc. This entity is expected to be a target for freezing orders in Cyprus.
3.3 Volkov Family Members and Associates
In addition to the individuals listed in Section 3.1 above, the following family members and associates of the Volkov family were identified through KMH's corporate records produced during the LCIA arbitration and through the preliminary intelligence gathered by Hartwell Pemberton LLP. Each individual has been searched in the Firm's conflicts database:
• Andrei Volkov — UBO (see Section 3.1 above)
• Sergei Volkov — Director (see Section 3.1 above)
• Natalia Volkova — Wife of Andrei Volkov; identified as a signatory on certain KMH-related corporate bank accounts in Cyprus
• Irina Volkov-Petrov — Daughter of Andrei Volkov; identified as a director of Oceangate Ventures Ltd. in the Cypriot companies registry
No additional Volkov family members or associates were identified through the materials available at the time of this check. The engagement team will continue to monitor for additional related individuals as the Hartwell Pemberton asset tracing investigation progresses.
3.4 KMH's Known Legal Advisors
The following law firms have been identified as acting for KMH and/or its related entities in connection with the underlying LCIA arbitration and the anticipated enforcement proceedings. These firms have been searched in the Firm's conflicts database as opposing counsel:
(a) Harkness Whitford & Co.
• Firm Type: Solicitors, England & Wales
• SRA Registration Number: 614823
• Address: 12 Fetter Lane, London EC4A 1JP
• Role: Primary solicitors for KMH in the underlying LCIA Arbitration No. 224718 and expected lead counsel for KMH in the English enforcement and related proceedings before the Commercial Court.
• Key Personnel:
• Richard Harkness — Senior Partner
• Catherine Whitford — Partner, International Arbitration
• James Thornbury — Associate
(b) Vassiliadis & Economou LLC
• Firm Type: Cyprus law firm (limited liability company under Cyprus law)
• Address: 7 Stasinou Avenue, 3rd Floor, Nicosia 1060, Cyprus
• Role: Local counsel for KMH in Cyprus. Expected to represent KMH in the Cypriot enforcement proceedings.
• Key Personnel:
• Georgios Vassiliadis — Managing Partner
• Eleni Economou — Partner
3.5 KMH's Known Banking Relationships
The following financial institutions have been identified as maintaining banking relationships with KMH and/or its subsidiaries. These institutions are included in the conflicts check because they may be the subject of third-party debt orders, garnishee proceedings, or analogous relief in the various enforcement jurisdictions:
• Meridian Trust Bank Ltd. — 50 Lombard Street, London EC3V 9EA. KMH's primary London correspondent bank. Accounts believed to be maintained in the name of KMH and/or Oceangate Ventures Ltd.
• Pinnacle Bank (Singapore) Ltd. — 6 Battery Road, #20-01, Singapore 049909. Bank of Korinthian Bulkers (Singapore) Pte. Ltd. Understood to hold proceeds from the sale of M/V Crimson Horizon.
• Emirates Gulf Commercial Bank PJSC — Gate Village 3, DIFC, Dubai, United Arab Emirates. Bank of Korinthian DMCC. Understood to hold operational funds and trade receivables.
3.6 BVI Registered Agent
• Vantage Corporate Services Ltd. — Craigmuir Chambers, Road Town, Tortola, VG1110, British Virgin Islands. Registered agent for Dnepr Shipholding Inc. (BVI Company No. 2014876). Included in the conflicts check as a third party that may be served with disclosure orders or Norwich Pharmacal relief.
4. Proposed Local Counsel (Coordinating Firms)
Calderwood & Harkness LLP will instruct local counsel in each enforcement jurisdiction to advise on local procedural requirements, file enforcement applications, and coordinate with local courts and registries. The following firms have been identified and provisionally retained, subject to conflicts clearance and formal engagement. Each firm has been included in the Firm's conflicts check:
(a) Kyprianos Makrides & Partners
• Address: 15 Grivas Digenis Avenue, Nicosia 1066, Cyprus
• Role: Cyprus enforcement counsel — responsible for filing recognition and enforcement applications before the Nicosia District Court, obtaining freezing orders over KMH and Oceangate Ventures assets in Cyprus, and coordinating with the Cyprus Companies Registry.
• Key Personnel:
• Andreas Kyprianos — Senior Partner
• Nadia Makrides — Partner
(b) Straits Meridian LLP
• Address: 1 Raffles Place, #44-01 One Raffles Place Tower 2, Singapore 048616
• Role: Singapore enforcement counsel — responsible for filing enforcement applications before the Singapore High Court under the International Arbitration Act, obtaining freezing injunctions (Mareva relief) over assets of Korinthian Bulkers (Singapore) Pte. Ltd., and pursuing garnishee orders against Pinnacle Bank (Singapore) Ltd.
• Key Personnel:
• David Teo Wei Lin — Partner
• Priya Subramaniam — Senior Associate
(c) Al-Rashid Hatem & Associates
• Address: Office 1802, Emirates Financial Towers (South Tower), DIFC, Dubai, United Arab Emirates
• Role: UAE enforcement counsel — responsible for filing enforcement applications before the DIFC Courts and/or the Dubai Courts (as appropriate), pursuing recognition and enforcement under the UAE Arbitration Law (Federal Law No. 6 of 2018) and the New York Convention, and coordinating attachment proceedings against assets of Korinthian DMCC, including bank accounts held at Emirates Gulf Commercial Bank PJSC.
• Key Personnel:
• Tariq Al-Rashid — Managing Partner
• Leila Hatem — Partner
5. Proposed Expert and Advisory Firms
The following expert and advisory firms have been identified for potential instruction in connection with the enforcement proceedings. Each firm has been included in the Firm's conflicts check:
(a) Hartwell Pemberton LLP
• Address: 25 Old Broad Street, London EC2N 1HN
• Role: Forensic accountants and asset tracing specialists. Hartwell Pemberton has been engaged on a preliminary basis to conduct asset tracing and corporate intelligence research in respect of the KMH group's corporate structure, beneficial ownership, and identifiable assets across all relevant jurisdictions. Their preliminary intelligence briefing dated 5 September 2024 has informed the preparation of this memorandum.
• Key Personnel:
• Rebecca Saunders — Partner, Forensic Accounting & Asset Recovery
• Mark Huxley — Director, Corporate intelligence
(b) Northcape Maritime Advisory Ltd.
• Address: 3 Thomas More Square, London E1W 1WY
• Role: Shipping valuation experts. Northcape will provide independent valuations of the KMH fleet vessels (including the M/V Aegean Fortuna, M/V Crimson Horizon, and M/V Volga Spirit) for purposes of assessing enforcement recovery prospects and supporting applications for vessel arrest.
• Key Personnel:
• Captain Ian Forsyth — Managing Director
6. Scope and Methodology of Conflicts Check
The conflicts check was conducted on 9 and 10 September 2024 by the undersigned, Patrick Gallagher, Working Associate, in accordance with the Firm's Internal Conflicts Clearance Procedures (Version 7.2, dated 15 March 2024) and with reference to the SRA Code of Conduct requirements regarding the identification and management of conflicts of interest.
The following searches and procedures were undertaken:
6.1 Database Searches
The Firm's internal conflicts management database ("C&H ConflictCheck," powered by Glenrock Health IT Walls) was searched against all party names, short names, trading names, registration numbers, and individual names identified in Sections 2 through 5 and Sections 8 through 9 of this memorandum. Searches were conducted using the following parameters:
(a) Full legal names of all entities (e.g., "Thalassa Shipping & Logistics SA," "Korinthian Maritime Holdings Ltd.," "Dnepr Shipholding Inc.," "Oceangate Ventures Ltd.," etc.);
(b) Short names, acronyms, and commonly used variants (e.g., "Thalassa," "TSL," "Korinthian," "KMH," "Korinthian Maritime," "Dnepr," "Oceangate," "Korinthian Bulkers," "Korinthian DMCC," etc.);
(c) Individual names of all key personnel, directors, beneficial owners, and associates identified in the intake materials, including surname-only searches and variant transliterations where applicable (e.g., "Volkov," "Volkova," "Volkov-Petrov," "Papadimitriou," "Stavridis," "Kouretas," "Christodoulou," "Kazakova," "Demidov," etc.);
(d) Names of all opposing counsel firms and individual lawyers (e.g., "Harkness Whitford," "Harkness Whitford & Co.," "Richard Harkness," "Catherine Whitford," "James Thornbury," "Vassiliadis & Economou," "Georgios Vassiliadis," "Eleni Economou," etc.);
(e) Names of all proposed local counsel, expert firms, and advisory firms, together with the names of key personnel at each;
(f) Names of all financial institutions identified (e.g., "Meridian Trust Bank," "Pinnacle Bank Singapore," "Emirates Gulf Commercial Bank," "Ionian National Bank," etc.);
(g) Names and IMO numbers of vessels identified (e.g., "Aegean Fortuna," "Crimson Horizon," "Volga Spirit," IMO 9784521, IMO 9801334, IMO 9756892);
(h) Names of tribunal members, the tribunal secretary, and the assigned judge in the English enforcement proceedings (see Section 8 below);
(i) Registration numbers and company identifiers (e.g., "HE 387421," "HE 401293," "2014876," "DMCC-78423," etc.).
6.2 Scope of Matters Reviewed
The database searches were run against the following categories of records maintained in the Firm's conflicts management system:
(a) All current active matters (as of 10 September 2024);
(b) All closed matters from the preceding six years (i.e., matters closed on or after 10 September 2018);
(c) All prospective matters, including matters that were declined or not pursued;
(d) Personal interest declarations filed by all partners of the Firm pursuant to the Firm's annual conflicts certification process (most recent cycle completed July 2024).
6.3 Engagement Team Individual Checks
In addition to the general database searches, individual conflicts checks were performed for each member of the proposed engagement team to identify any personal interests, prior relationships, or professional connections that might give rise to a conflict of interest or an appearance of conflict. The following individuals were checked:
(a) Samuel Eklund — Responsible Partner, Litigation (General). Partner ID: SE-0247.
(b) Linda Osei — Billing Partner, Litigation (General). Partner ID: LO-0382.
(c) Hannah Brinkley — Lead Associate, Litigation (General). Associate ID: HB-1056.
(d) Patrick Gallagher — Working Associate, Litigation (General). Associate ID: PG-1194.
Each team member was asked to confirm whether they have any personal, familial, financial, or professional relationship with any of the parties, individuals, entities, or firms identified in this memorandum. Written confirmations were received from all four team members and are retained on file.
6.4 Dates of Searches
All database searches and individual checks were performed between 9 September 2024 and 10 September 2024. The results reported in Section 7 below are accurate as of 10 September 2024 at 17:00 BST.
7. Results of Conflicts Check
7.1 Proposed Client — Thalassa Shipping & Logistics SA
Result: No current or prior representation of Thalassa Shipping & Logistics SA, or any entity or individual associated with TSL, was identified in the Firm's records. Searches were conducted using the full legal name ("Thalassa Shipping & Logistics SA"), the Greek-language name ("Θάλασσα Ναυτιλία & Εφοδιαστική Α.Ε."), and the short names and acronyms "Thalassa" and "TSL," as well as the AFM number EL-801456729.
No prior matters involving Nikolaos Papadimitriou, Elena Stavridis, Captain Dimitrios Kouretas, or Ioanna Christodoulou were identified. No matches were returned for any variant spelling or transliteration of these names.
No prior matters involving Aegean Capital Partners SA were identified. The search was conducted using both the full legal name and the short form "Aegean Capital."
Conclusion: Clear — no conflict identified.
7.2 Primary Adverse Party — Korinthian Maritime Holdings Ltd.
Result: No current or prior representation of Korinthian Maritime Holdings Ltd. (HE 387421) was identified in the Firm's records. Searches were conducted using the full legal name, the registration number, and the short names "Korinthian," "KMH," and "Korinthian Maritime."
No prior advisory, transactional, regulatory, or litigation relationship with KMH or any entity using the "Korinthian" or "Korinthian Maritime" name was identified in any category of matters (active, closed, prospective, or declined).
Conclusion: Clear — no conflict identified.
7.3 KMH Subsidiary and SPV Entities
Each KMH subsidiary and SPV entity was searched individually using the full legal name, any known short names, and the relevant registration or company number. The results are as follows:
(a) Korinthian Bulkers (Singapore) Pte. Ltd.: No matches found in the Firm's records. Searched using the full legal name, the variant "Korinthian Bulkers Singapore," and UEN 201823456K.
(b) Dnepr Shipholding Inc.: No matches found in the Firm's records. Searched using the full legal name, the variant "Dnepr Shipholding," and BVI Company No. 2014876.
(c) Korinthian DMCC: No matches found in the Firm's records. Searched using the full legal name, the variant "Korinthian Dubai," and DMCC License No. DMCC-78423.
(d) Oceangate Ventures Ltd.: No matches found in the Firm's records. Searched using the full legal name, the variant "Oceangate," and Cyprus Registration No. HE 401293.
Conclusion: Clear — no conflict identified with any KMH subsidiary or SPV entity.
7.4 Volkov Family and KMH Personnel
Each individual associated with KMH was searched using their full name, surname only, and (where applicable) variant transliterations. The results are as follows:
(a) Andrei Volkov: No matches found. Searched using "Andrei Volkov," "Andrey Volkov," "A. Volkov," and surname "Volkov." One unrelated result was returned for a "Viktor Volkov" in a closed immigration advisory matter from 2019 (Matter No. SC/IMM/2019/04-0678). Upon review, this individual has no connection to Andrei Volkov, the Volkov family associated with KMH, or any party to this matter. The unrelated result has been noted and excluded.
(b) Sergei Volkov: No matches found (beyond the same unrelated "Viktor Volkov" result noted above, which has been excluded).
(c) Natalia Volkova: No matches found.
(d) Irina Volkov-Petrov: No matches found.
(e) Marina Kazakova: No matches found. Searched using "Marina Kazakova" and surname "Kazakova."
(f) Alexei Demidov: No matches found. Searched using "Alexei Demidov," "Aleksei Demidov," and surname "Demidov."
Conclusion: Clear — no conflict identified involving any KMH personnel or any member of the Volkov family.
7.5 Opposing Counsel
(a) Harkness Whitford & Co. (SRA No. 614823)
Harkness Whitford & Co. was searched in the Firm's records and is noted as counterparty counsel. No current or recent matters were identified in which Calderwood & Harkness LLP and Harkness Whitford & Co. have represented the same client or acted on the same side of a transaction or dispute. The Firm has encountered Harkness Whitford & Co. as opposing counsel in two prior closed matters:
• Matter No. SC/LIT/2021/06-0812 (Olympian Freight Services Ltd. v. Balkan Trade Corp.) — a Commercial Court claim resolved by settlement in March 2022. C&H acted for the claimant; HW acted for the defendant. Matter is closed. No ongoing obligations or relationships arising from that matter.