Case T-542/17: Action brought on 11 August 2017 — EIB v Syria
Date: 2017-08-11
Institutions: General Court
Subjects: EIB loan, Syria, claim, deadline for payment, harbour installation, interest, international loan








C_2017369EN.01002601.xml










30.10.2017   


EN


Official Journal of the European Union


C 369/26





Action brought on 11 August 2017 — EIB v Syria
(Case T-542/17)
(2017/C 369/38)
Language of the case: English

Parties


Applicant: European Investment Bank (represented by: P. Chamberlain, T. Gilliams, J. Shirran and F. de Borja Oxangoiti Briones agents, D. Arts, lawyer and T. Cusworth, solicitor)

Defendant: Syrian Arab Republic

Form of order sought

The applicant claims that the Court should impose on Syria the order:






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For payment of all sums due to the EU under Articles 3.01, 3.02, 4.01, 8.01 and 8.02 of the Port of Tartous Loan Agreement in its right of subrogation comprising:






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20 609 429,45 euro, the amount due to the EU as at 9 August 2017, which is all principal, interest and contractual default interest (accrued from the due date to 9 August 2017);










—


Further contractual default interest, accruing at an annual rate equal to the higher (for any successive period of one month) of (i) a rate equal to the EURIBOR rate plus 2 % (200 basis points) or (ii) the fixed rate payable under Article 3.01 plus 0,25 % (25 basis points), until payment is made;










—


All applicable taxes, duties, fees and professional costs accruing from the due date until payment is made, including costs related to the present proceedings.














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In the alternative to (i), and if the Court finds that the EU is not subrogated to the rights of the Bank, payment of all sums due to the Bank under Articles 3.01, 3.02, 4.01, 8.01 and 8.02 of the Port of Tartous Loan Agreement comprising:






—


20 609 429,45 euro, the amount due to the Bank as at 9 August 2017, which is all principal, interest and contractual default interest (accrued from the due date to 9 August 2017);










—


Further contractual default interest, accruing at an annual rate equal to the higher (for any successive period of one month) of (i) a rate equal to the EURIBOR rate plus 2 % (200 basis points) or (ii) the fixed rate payable under Article 3.01 plus 0,25 % (25 basis points), until payment is made;










—


All applicable taxes, duties, fees and professional costs accruing from the due date until payment is made, including costs related to the present proceedings.














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In any event, for payment of the amount due to either the EU or the Bank, as the case may be, for instalments which will fall due after the date of this application and for which Syria fails to make a payment, comprising:






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All principal and interest for each instalment;










—


Contractual default interest, accruing at an annual rate equal to the higher (for any successive period of one month) of (i) a rate equal to the EURIBOR rate plus 2 % (200 basis points) or (ii) the fixed rate payable under Article 3.01 plus 0,25 % (25 basis points), from the due date of each instalment to the date of eventual payment by Syria.














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For payment of all costs related to the present proceedings pursuant to Article 134(1) of the Rules of Procedure.





Pleas in law and main arguments

In support of the action, the applicant relies on one plea in law.
First and only plea in law, alleging that Syria has breached its contractual obligations under Articles 3.01 and 4.01 of the Port of Tartous Loan Agreement to make payment of the instalments under the Port of Tartous Loan Agreement as they have fallen due, and under Article 3.02 of the Port of Tartous Loan Agreement to make payment of default interest on each of the instalments due and not paid, accruing at the annual rate therein. Consequently, Syria is contractually obligated to pay all amounts due under Articles 3.01, 3.02, 4.01, 8.01 and 8.02 of the Port of Tartous Loan Agreement.