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Case T-539/17: Judgment of the General Court of 6 June 2019 –EIB v Syria (Arbitration clause — Al Thawra Loan Agreement No 16405 — Non-performance of the agreement — Repayment of the sums advanced — Default interest — Procedure by default)
ECLI:EU:UNKNOWN:62017TA0539
62017TA0539
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Valentina R., lawyer
29.7.2019
Official Journal of the European Union
C 255/31
(Case T-539/17) (*)
(Arbitration clause - Al Thawra Loan Agreement No 16405 - Non-performance of the agreement - Repayment of the sums advanced - Default interest - Procedure by default)
(2019/C 255/40)
Language of the case: English
Parties
Applicant: European Investment Bank (represented initially by P. Chamberlain, T. Gilliams, F. Oxangoiti Briones and J. Shirran, and subsequently by F. Oxangoiti Briones, J. Klein and J. Shirran, acting as Agents, and by D. Arts, lawyer, and T. Cusworth, Solicitor)
Defendant: Syrian Arab Republic
Re:
Action pursuant to Article 272 TFEU, seeking an order that the Syrian Arab Republic repay sums due under Al Thawra Loan Agreement No 16405, plus default interest.
Operative part of the judgment
The Court:
1.Orders the Syrian Arab Republic to repay the European Union, represented by the European Investment Bank (EIB) the sums of EUR 404 792,06, 954 331,07 pounds sterling (GBP), 29 130 433,00 Japanese yen (JPY) and 1 498 184,58 US dollars (USD).
2.Declares that those sums are to bear default interest at an annual rate of 4.52% on the principal amounts and on the contractual interest, from 9 August 2017 up to the date that payment is made.
3.Dismisses the action as to the remainder.
4.Orders the Syrian Arab Republic to pay the costs.
(*) Language of the case: English.