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RESOLUTION OF THE SUPREME COURT OF THE KYRGYZ REPUBLIC

of December 13, 2007

Case No. 07-000275.ED

Judicial board on administrative and economic cases of the Supreme Court of the Kyrgyz Republic in structure:

Chairman: First Deputy Chairman of the Supreme Court of the Kyrgyz Republic Davletov A. A.,

judges: Usenova A. T., Sadykova E. E.,

in case of the court clerk Momunbayeva A.,

with participation: from the Ministry of Finance of the Kyrgyz Republic and JSC Kyrgyzpromstroybank Zhamangulov Zh. Zh. (Dov. of 22.10.07), the CEO of JSC Envod Danakeeva Ch. Yu., Okunova A., representative Dayrakunovy T. E. Dayrakunova U. (Dov. of 14.10.06),

having considered in judicial session the supervising claim of the Ministry of Finance of the Kyrgyz Republic to the decision of interdistrict court of the city of Bishkek of October 5, 2006 and the resolution of judicial board on administrative and economic cases of the Bishkek city court of July 13, 2007 on case on the claim of the Ministry of Finance of the Kyrgyz Republic to state of emergency Okunov and to the citizen Dayrakunova T. E. about collection of credit debt 14681, 53 Euros by the address of collection for pledged property, according to the counter action state of emergency "Okunov" to the Ministry of Finance of the Kyrgyz Republic, JSC Kyrgyzpromstroybank about recognition invalid the credit agreement of November 24, 1999 and application of effects of invalidity of the transaction,

(The judges who adopted court resolutions: Nurunbetov Zh. B., Bazarkulov K. K., Beysekeev E. T., Dzhuzenova S.A.)

ESTABLISHED:

JSC Kyrgyzpromstroybank operating by proxy the Ministries of Finance of the Kyrgyz Republic took a legal action with the claim to state of emergency Okunov and to the citizen Dayrakunova T. E. about collection of credit debt 14681, 53 Euros by the address of collection for pledged property.

By the claimant it is specified that according to the credit agreement of November 24, 1999 state of emergency Okunov was granted the loan in the amount of 16300 DM or 8334, to Euro for a period of 4 years under 9 annual interest rates with delay on payment of principal debt for 1 year. In providing obligations the apartment house which is to Bishkek, Ulitsa M. Zhalilya, 257, belonging to Dayrakunova T. E. is provided as a deposit.

However, in case of approach of the payment due dates provided by the credit agreement, the defendant of the obligation in repayment of the loan and payment of the added percent did not perform and as of July 1, 2006 has debt on principal debt 8334, of 06 Euros, on the added percent 4231, of 89 Euros, penalty for untimely repayment of the loan 2115, of 58 Euros that all 53 Euros or in recalculation on national currency 742399, constitute 14681, 46 som.

According to Art. 32 of the Law of the Kyrgyz Republic "About pledge" collection on pledged property for satisfaction of requirements of the pawnbroker can be turned if at the time of approach of completion date, the obligation provided with pledge is not fulfilled.

During consideration of the case of state of emergency Okunov took a legal action with the action for declaration to the Ministry of Finance of the Kyrgyz Republic, JSC Kyrgyzpromstroybank about recognition invalid the credit agreement of November 24, 1999 and application of effects of invalidity of the transaction.

State of emergency Okunov in reasons for the counter action specified that in case of implementation of the business project, the equipment acquired on the technical credit turned out to not answering declared technical characteristics that led to receipt of low-quality products and impossibility of its realization. The German curator mister Beginnen was informed of the current situation and permission to sale of the equipment was got and use of proceeds on implementation of other business project, however, was not succeeded to realize the equipment. For the purpose of resuscitation of the business project by the borrower in March, 2005 the investor who expressed readiness to make money for enhancement of the equipment and joint activities, on condition of restructuring of credit debt on the scheme developed by the Ministry of Finance of the Kyrgyz Republic was attracted. The borrower addressed with the letter to the specified ministry and submitted all necessary documents, however, the application of state of emergency Okunov was ignored.

Besides, the defendant considers sum in dispute 14681, 51 Euro or 742399, 46 som overestimated as the granted loan is preferential (9 annual interest rates) for support of private entrepreneurship, and by calculations from the size of claims the interest rate constitutes 17-18 annual interest rates.

Based on the above, state of emergency Okunov asked court to nullify the credit agreement of November 24, 1999 in view of its kabalnost and to apply effects of invalidity of the transaction.

Of September 20, 2006 JSC Envod is involved in participation in case in quality of the third party with determination of interdistrict court of the city of Bishkek.

By the decision of interdistrict court of the city of Bishkek of October 5, 2006 satisfaction of the claim of the Ministry of Finance of the Kyrgyz Republic it is refused, the counter action state of emergency "Okunov" is satisfied in full.

The decision of interdistrict court of the city of Bishkek of October 5, 2006 is upheld by the resolution of judicial board on administrative and economic cases of the Bishkek city court of July 13, 2007.

The Ministry of Finance of the Kyrgyz Republic, without having agreed with the decision of interdistrict court of the city of Bishkek of October 5, 2006 and the resolution of judicial board on administrative and economic cases of the Bishkek city court of July 13, 2007, appealed to the Supreme Court of the Kyrgyz Republic with the supervising claim.

At meeting of judicial board on administrative and economic cases of the Supreme Court of the Kyrgyz Republic the representative of the Ministry of Finance of the Kyrgyz Republic, having completely supported arguments of the supervising claim, asked to cancel the appealed court resolutions and to send case for new trial.

Okunov A. and Dayrakunova T. E. representative. asked to uphold the decision of interdistrict court of the city of Bishkek of October 5, 2006 and the resolution of judicial board on administrative and economic cases of the Bishkek city court of July 13, 2007, and the supervising claim of the Ministry of Finance of the Kyrgyz Republic - without satisfaction. The representative of JSC Envod asked to consider case on the judicial discretion.

Judicial board on administrative and economic cases of the Supreme Court of the Kyrgyz Republic, having considered the supervising claim, having studied case papers, having listened to explanations of agents of the parties, considers that the decision of interdistrict court of the city of Bishkek of October 5, 2006 and the resolution of judicial board on administrative and economic cases of the Bishkek city court of July 13, 2007 are subject to cancellation, and case should be sent for new trial in interdistrict court of the city of Bishkek on the following bases.

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