BOSPHORUS HAVA YOLLARI TURİZM VE TİCARET ANONİM ŞİRKETİ v. IRELAND JUDGMENT 3 Mr M.I. Özbay, managing director of the applicant company, also attended. (c) for the European Commission Mr G. MARENCO, Ms S. FRIES, Mr C. LADENBURGER, Agents. The Court heard addresses by Mr O'Reilly, Mr Hogan and Mr Marenco. THE FACTS I. THE CIRCUMSTANCES OF THE CASE A. The lease agreement between JAT and the applicant company 11. The applicant company is an airline charter company incorporated in Turkey in March 1992. 12. By an agreement dated 17 April 1992, the applicant company leased two Boeing 737-300 aircraft from Yugoslav Airlines (JAT), the national airline of the former Yugoslavia. These were, at all material times, the only two aircraft operated by the applicant company. The lease agreement was a “dry lease without crew” for a period of forty-eight months from the dates of delivery of the two aircraft (22 April and 6 May 1992). According to the terms of the lease, the crew were to be the applicant company's employees and the applicant company was to control the destination of the aircraft. While ownership of the aircraft remained with JAT, the applicant company could enter the aircraft on the Turkish Civil Aviation Register provided it noted JAT's ownership. 13. The applicant company paid a lump sum of 1,000,000 United States dollars (USD) per aircraft on delivery. The monthly rental was 150,000 USD per aircraft. On 11 and 29 May 1992 the two aircraft were registered in Turkey as provided for in the lease. On 14 May 1992 the applicant company obtained its airline licence. B. Prior to the aircraft's arrival in Ireland 14. From 1991 onwards the United Nations adopted, and the European Community implemented, a series of sanctions against the Federal Republic