Solvochem France Sarl v Republic of Iraq - Cyprus judgments District Court of Larnaca, Supreme Court of Cyprus - Greek - 2006 and 2019
Solvochem France Sarl v Republic of Iraq
Solvochem France Sarl had filed a lawsuit against the Republic of Iraq, the Ministry of Industry and Minerals of Iraq, the National Company of Chemical Industries with its seat in Bagdad, the National Company of Synthetic Industries and the National Company of Accumulator Production before the First Instance Court of Paris (Case No. RP511-RG17538/93). On 21st June 1995 the court issued its decision awarding USD 2,093,790 plus interest and expenses. On 8th of October 2012 interest was calculated to be USD 3,420,225.
The applicant decided to execute this judgment in Cyprus against Cyprus Petroleum Refinery Ltd, a third party that allegedly owed to the Republic of Iraq the amount of USD 7,074,362.41 due to commercial transactions with the State Oil Marketing Organization of Iraq. The Republic of Cyprus intervened as a third party in the proceedings alleging that Iraq had assigned to her said debt via a letter exchange between the Ministers of Finance of the two countries. Despite the initial interim orders attaching assets of Cyprus Petroleum Refinery Ltd up to USD 4,000,000 that were granted and later affirmed (District Court of Larnaca, Case No. 01/2006, Interim Judgment of 2.2.2006), the Court taking into consideration the UN Security Council Resolutions 661(1990), 986(1995) and 1483(2003) and the EU Regulation 1210/2003 refused to proceed with the execution of the judgment as said debt could not be attached. It further decided that the claim raised by the intervening third party had become moot and reached no decision on the alleged assignment (District Court of Larnaca, Case No. 01/2006, Judgment of 22.12.2008). The appeal was unsuccessful (Supreme Court of Cyprus, Case No. E9/2014, Judgment of 9.5.2019).
The document includes the Cyprus judgments chronologically in a single file.