RESOLUTION OF THE SUPREME ECONOMIC COURT OF THE REPUBLIC OF UZBEKISTAN

of January 17, 2005 No. 10-0405/6929

Violation and the wrong application of regulations of substantive or procedural law are the basis to cancellation of the decision
(Extraction)

Audit-Olga LLC appealed to economic court with the action for declaration to OJSC Tashtransspetsstroy about collection of 1,2 of one million bags of principal debt, 180 thousand bags of penalty, 600 thousand bags of penalty fee, 180 thousand bags interest for using others means, only 2160000 bags.

The claim is satisfied with the decision of the first instance partially, 800 thousand bags of principal debt, 600 thousand bags of penalty fee and 180 thousand bags of bank interests, only 1580 thousand bags are collected from the defendant.

Case in appellate instance was not considered.

OJSC Tashtransspetsstroy appealed to the Supreme Economic Court with the writ of appeal in which it asks to cancel the judgment and having considered case with the assistance of both parties, to make the relevant decision, and the prosecutor's office in the prosecutor's appeal also asks to cancel the decision, to send case for new trial.

Judicial board, having checked case papers, having discussed the arguments stated in the claim and protest considers necessary to cancel the judgment and to send case for new trial on the following bases.

From case papers it is seen that between Audit-Olga"ispolnitelem and OJSC Tashtransspetsstroy — the Customer Signed on November 10, 2003 the Agreement N 10, in Which the Contractor, at the request of the Customer Shall Render Services in Conducting Independent Examination and the Analysis of the Financial Reporting Zakazchika LLC, for the purpose of determination of its reliability and compliance to legal and other acts of the Republic of Uzbekistan, and also check of conducting financial accounting, its completeness and reality. Upon termination of work, the contractor provides to the customer audit opinion, the reference report on check. The payment amount under the agreement constituted 900 thousand bags. The customer undertook to make 100% advance payment within three days from the date of the conclusion of the agreement.

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