CELEX: 62017TN0588
Language: en
Date: 2017-08-30 00:00:00
Title: Case T-588/17: Action brought on 30 August 2017 — EIB v Syria

30.10.2017   
            
            
               EN
            
            
               Official Journal of the European Union
            
            
               C 369/32
            
         Action brought on 30 August 2017 — EIB v Syria
   (Case T-588/17)
   (2017/C 369/45)
   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 it under Articles 3.01, 3.02, 4.01, 9.01 and 9.02 of the Euphrates Drainage and Irrigation Loan Agreement, comprising:
               
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                           2 184 271,58 euro, the amount due to it as at 25 August 2017, which is all principal, interest and contractual default interest (accrued from the due date to 25 August 2017);
                        
                     
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                           further contractual default interest, accruing at the annual rate of 3,5 % (350 basis points), until payment is made;
                        
                     
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                           all applicable taxes, duties, fees and professional fees accruing from the due date until the date payment is made, including costs related to the present proceedings.
                        
                     
         
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               In any event, for payment of the amount due to it 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;
                        
                     
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                           contractual default interest, accruing at the annual rate of 3,5 % (350 basis points), from the due date of each instalment until payment is made 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 is in default if its contractual obligations under Article 3.01 and 4.01 of the Euphrates Drainage and Irrigation Loan Agreement to make payment of the instalments under the Euphrates Drainage and Irrigation Loan Agreement as they have fallen due, and under Article 3.02 of the Euphrates Drainage and Irrigation 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, 9.01 and 9.02 of the Euphrates Drainage and Irrigation Loan Agreement.