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Neutral Citation Number: [2013] EWHC 3071 (QB) Cases No: HQ12DO3133 and HQ12DO1742 IN THE HIGH COURT OF JUSTICE QUEEN'S BENCH DIVISION Royal Courts of Justice Strand, London, WC2A 2LL Date: 14/10/2013 Before: Mr Justice Simon Between: Pavel Karpov Claimant and (1) William Felix Browder Defendants (2) Hermitage Capital Management Limited (3) Hermitage Capital Management (UK) Limited (4) Jamison Reed Firestone ____________________ Mr Antony White QC and Ms Catrin Evans (instructed by HowardKennedyFSi LLP) for the Defendants Mr Andrew Caldecott QC and Mr Ian Helme (instructed by Olswang LLP) for the Claimant ____________________ Hearing dates: 24-25 July 2013 Approved Judgment I direct that pursuant to CPR PD 39A para 6.1 no official shorthand note shall be taken of this Judgment and that copies of this version as handed down may be treated as authentic. ............................. MR JUSTICE SIMON MR JUSTICE SIMON Karpov v. Browder and others Approved Judgment Mr Justice Simon: Introduction 1. On 16 November 2009 Sergei Magnitsky died in prison in Russia. Shortly before his arrest and imprisonment he had been investigating a substantial tax fraud committed against the Russian Federation by a criminal gang. I shall refer to this tax fraud as the Hermitage Fund fraud. 2. Beyond this short summary, many of the facts in issue between the parties are unknown or controversial, and are subject to stark divisions of opinion. 3. In North America and Europe, there have been denunciations of what occurred, with individuals and organs of the Russian Federation being accused of complicity in the Hermitage Fund fraud and involvement in the murder of Sergei Magnitsky, including accusations of a cover-up of these crimes. In Russia, although there seem to be differing views, the official position appears to be that what occurred involved a fraud against the state and the death of a Russian citizen in Russia; and that there is no justification for the extensive international response to these events. 4. Neither this claim, were it to proceed to trial, nor these applications, can be expected to throw significant light on many of the issues raised by the international debate. The Parties to the present action 5. The First Defendant (‘Mr Browder’) is the Co-founder and Chief Executive of the Second Defendant, which is the manager of the Hermitage Fund. The Hermitage Fund was established in 1996 to invest in equity, and equity-related securities, and instruments of companies incorporated in Russia or countries of the former Soviet Union. The Third Defendant is a company providing investment research for the Hermitage Fund; and the Fourth Defendant (‘Mr Firestone’) is a US attorney who managed a Russian Law firm, Firestone Duncan (CIS) Ltd (‘Firestone Duncan’). Sergei Magnitsky was an auditor employed by Firestone Duncan at its Moscow office, which specialised in Russian corporate and tax law. 6. The Defendants have conducted a forceful international campaign. They contend that a criminal organisation (the Klyuev gang) conspired to take control of certain subsidiaries of the Hermitage Fund and, having done so, procured a very large and unlawful tax refund from the Russian Federation (worth approximately $230m) which was diverted to the conspirators. 7. The Defendants’ campaign and, in particular, its denunciation of the death of Sergei Magnitsky while investigating the Hermitage Fund fraud, has led to reports from numerous international organisations which have condemned what occurred. The culmination of this campaign was the passing by the US Congress of the Sergei Magnitsky Rule of Law and Accountability Act 2012, and the publication by the U.S Treasury of a list of those who are said to have been implicated, (‘the Magnitsky list’). 8. At the centre of the campaign is an English language website: http://russian- untouchables.com (‘the website’), and a Russian Language version which

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