Judgment of the General Court (Seventh Chamber) of 7 July 2010 – Commission v Hellenic Ventures and Others

(Case T-44/06)

Arbitration clause – Action for the creation and development of seed-capital funds – Termination of the contract – Action against the members of a company – Inadmissibility – Reimbursement of advances – Interest

1.                     Procedure – Referral to the General Court under an arbitration clause (Art. 238 EC) (see paras 47-49, 54-55)

2.                     Budget of the European Communities – Community financial aid – Obligation of the beneficiary to comply with the conditions for granting the aid (Arts 238 EC and 274 EC) (see paras 85-89, 91, 94-96, 107-108, 113, 116)

Re:

ACTION under Article 238 EC by which the Commission seeks an order that the defendants reimburse an advance paid under a contract entitled ‘Seed Fund 601’, concluded between the Commission and the defendant company.

Operative part

The Court:

1. Orders Hellenic Ventures – Elliniki Etairia Epikheirimatikis Protovoulias AE to pay the European Commission the sum of EUR 70 000, together with late-payment interest calculated at the Belgian statutory rate from 25 April 1999 until payment in full of the debt;

2. Dismisses the remainder of the action;

3. Orders Hellenic Ventures to pay the costs, with the exception of those incurred by Konstantinos Katsigiannis, Panagiotis Chronopoulos, and Nikolaos Poulakos;

4. Orders the Commission to pay the costs of Konstantinos Katsigiannis, Panagiotis Chronopoulos, and Nikolaos Poulakos.