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RESOLUTION OF THE SUPREME COURT OF THE KYRGYZ REPUBLIC

of December 10, 2007

Case No. 07-000349/07.ED

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

Chairman: judge Mukhamedzhanov A.Dzh.,

judges: Mambetaliyeva А.Дж. and Sadykova E. E.,

with participation: the head of peasant economy "Zha-Num" of Toktogulov Zh. and his representative Boyarina V. V. (about / п of 10.12.07),

in case of the court clerk Momunbayeva A.,

having considered in judicial session supervising claims of JSC Mikrocreditnaya the Fund of Development of Entrepreneurship company and peasant economy Zha-Num about review according to the procedure of supervision of the decision of interdistrict court of the city of Bishkek of December 7, 2005 and the resolution of judicial board on administrative and economic cases of the Bishkek city court of May 22, 2006 on case on the claim of JSC Mikrocreditnaya the Fund of Development of Entrepreneurship company to peasant economy Zha-Num about collection of 325369 som,

(the judges who adopted court resolutions: Nurunbetov Zh. B., Bazarkulov K. K., Boronchiyeva G. I., Sydykov O. S.)

ESTABLISHED:

State commission under the Government of the Kyrgyz Republic on development of entrepreneurship which legal successor is the State fund of support of small and medium business under the Government of the Kyrgyz Republic further by JSC Mikrocreditnaya the Fund of Development of Entrepreneurship company, appealed to interdistrict court of the city of Bishkek with the claim to KH "Zha-Num" for collection of credit debt in the amount of 325369 som, including principal debt of 195500 som, percent - 69575 som, penalty fee - 60294 som.

By the claimant it is specified that the Fund of Development of Entrepreneurship company and peasant economy Zha-Num is signed by Mikrocreditnaya Ltd the agreement No. 20 of April 11, 2000 on loan granting for production organization of sausages in the amount of 260000 som for a period of two years under 25% per annum.

In providing obligations according to the credit agreement No. 20 of April 11, 2000 between the claimant and peasant economy Zha-Num agreements of pledge of June 21, 2000 and of June 23, 2000 are signed.

According to Item 2.1. the specified credit agreement repayment of the loan and percent according to repayment schedules of payments on the credit which repeatedly changed according to the supplementary agreements signed by party litigants of January 12, 2001, of March 2, 2001, of March 16, 2001 and of January 20, 2003 is provided.

The claimant notes that the peasant economy Zha-Num made partial payments which constituted 64500 som on the main credit amount, on interests on credit - 109847 som, penalties (penalty fee) - 9198 som, all 183545 som are extinguished and at the time of presentation of the claim the debt of the defendant constituted 325369 som, from them: principal debt - 195500 som, percent - 69575 som, penalty fee - 60294 som.

During consideration of the case the peasant economy Zha-Num took a legal action with the counter action for declaration about recognition invalid agreements of April 11, 2000 No. 20 about loan granting concluded between the State fund of support of small and medium business under the Government of the Kyrgyz Republic and peasant economy Zha-Num.

The counter action for declaration is proved by the fact that the defendant filed in Fund application for loan granting on December 3, 1998 to which the business project was enclosed and as at the time of issuance of credit the business project of peasant economy Zha-Num became outdated, became unprofitable and instead of the provided 30 bull-calves and 5 milk cows, could acquire only 13 heads of bull-calves and cows for the total amount of 132900 som about what the report was constituted and the creditor is informed. Due to the arisen circumstances the peasant economy Zha-Num appealed to Fund to issue the second tranche of the credit, however, the remained amount of 110000 som was transferred into the settlement account of the defendant 1 year and 5 months later, that is on December 19, 2001. For the purpose of cover of the fact of use of credit to the amount of 110000 som during 1 year and 5 months by Fund, the claimant fraudulently achieved the signature of the head of peasant economy on the agreement on loan granting of April 11, 2000. Thus, the claimant considers the agreement of April 11, 2000 insignificant as it is constituted without intention to create conditions for business development.

The action for declaration is granted by the decision of interdistrict court of the city of Bishkek of December 7, 2005 partially, Zha-Num for benefit of JSC Mikrocreditnaya the Fund of Development of Entrepreneurship company is collected the amount of principal debt in the amount of 125315 som from peasant economy, and penalty fee in the claim is refused collection of percent, and the counter action for declaration of peasant economy Zha-Num is granted.

The item 4 of the decision of interdistrict court of the city of Bishkek of December 7, 2005 is changed by the resolution of judicial board on administrative and economic cases of the Bishkek city court of May 22, 2006 and for benefit of JSC Mikrocreditnaya the Fund of Development of Entrepreneurship company is collected the amount of principal debt in the amount of 76455 som and the state fee in the amount 5512, 6 som. In other part the resolution of the Trial Court is left without change.

The resolution of judicial board on administrative and economic cases of the Supreme Court of the Kyrgyz Republic of October 9, 2006 the decision of interdistrict court of the city of Bishkek of December 7, 2005, the resolution of judicial board on administrative and economic cases of the Bishkek city court of May 22, 2006 is repealed and on case the new decision is made. Zha-Num for benefit of JSC Mikrocreditnaya the Fund of Development of Entrepreneurship company 325369 som from which 195500 somovosnovny debt, 69575 som - interests on credit, 60294 som - penalty fee and the amount of the state fee in the amount of 12261 som are exacted from peasant economy. Satisfaction of the counter action of peasant economy Zha-Num it is refused.

The peasant economy Zha-Num appealed to the Supreme Court of the Kyrgyz Republic with the statement for review according to the procedure of supervision of the resolution of judicial board on administrative and economic cases of the Supreme Court of the Kyrgyz Republic of October 9, 2006 on newly discovered facts.

The statement of peasant economy Zha-Num is satisfied with determination of judicial board on administrative and economic cases of the Supreme Court of the Kyrgyz Republic of December 6, 2007, the resolution of judicial board on administrative and economic cases of the Supreme Court of the Kyrgyz Republic of October 9, 2006 is repealed on newly discovered facts and hearing of the case on supervising claims of JSC Mikrocreditnaya the Fund of Development of Entrepreneurship company and peasant economy Zha-Num about review according to the procedure of supervision of the decision of interdistrict court of the city of Bishkek of December 7, 2005 and the resolution of judicial board on administrative and economic cases of the Bishkek city court of May 22, 2006 is appointed to consideration.

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