RESOLUTION OF THE SUPREME ECONOMIC COURT OF THE REPUBLIC OF UZBEKISTAN

of June 18, 2004 No. 10-0316/237

(extraction)

By the judicial managing director interested persons concerning the debtor or creditors cannot be designated.

According to the statement of Management on cases on economic insolvency of the companies by economic court proceedings on recognition of JSC Gazavtomatika by the bankrupt are initiated.

Determination of economic court of January 24, 2003 at the company of the debtor enters external management for up to January 27, 2004 and T. Mukhsinov is appointed the external managing director. The term of external management is extended by determination of court from March 2, 2004 to August 2, 2004.

Without having agreed with the specified court resolutions, the prosecutor's office of Tashkent addressed with the prosecutor's appeal in which it asks them to cancel.

The judicial board considers determination of court of January 24, 2003 subject to partial cancellation, and determination of March 2, 2004 to leaving without change on the following bases.

According to the statement of body for bankruptcy the economic court initiates proceeedings about recognition of JSC Gazavtomatika by the bankrupt. According to the petition of the debtor and body for bankruptcy determination of economic court of January 24, 2003 at the company of the debtor enters external management for up to January 27, 2004 and T. Mukhsinov is appointed the external managing director.

Due to the termination of term of external management and the provided petition based on creditor meeting the term of external management of determination of court of March 2, 2004 is prolonged till August 2, 2004. The complaint which consideration is suspended before consideration of this prosecutor's appeal is made about this determination by one of creditors.

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