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CFI 025/2012 – Order of Justice Sir Anthony Colman

CFI 025/2012 – Order of Justice Sir Anthony Colman

November 11, 2013

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Claim No: CFI 025/2012

THE DUBAI INTERNATIONAL FINANCIAL CENTRE COURTS

IN THE COURT OF FIRST INSTANCE

BEFORE JUSTICE SIR ANTHONY COLMAN

Between

(1) KENNETH DAVID ROHAN
(2) ANDREW JAMES MOSTYN PUGH
(3) MICHELLE GEMMA MOSTYN PUGH
(4) STUART JAMES COX
Claimants
and

DAMAN REAL ESTATE CAPITAL PARTNERS LIMITEDDefendant

ORDER OF JUSTICE SIR ANTHONY COLMAN MADE ON 11 NOVEMBER 2013

UPON hearing Counsel for the parties

IT IS HEREBY ORDERED THAT:

1. Pursuant to paragraph 93 of the judgment dated 4 August 2013, the damages awarded to the Claimants remain as set out in paragraph 90 of the judgment, namely: Mr Rohan AED 3,649,512.11; Mr & Mrs Pugh AED 3,663,216.80 and Mr Cox AED 1,236,137.60. Paragraph 92 of the judgment is varied so that the interest of 8% per annum which applies to the damages runs up to the date of the judgment, namely 4 August 2013. The amended interest amounts are as follows: Mr Rohan AED 1,614,980.22; Mr & Mrs Pugh AED 1,671,956.03; Mr Cox AED AED 541,326.67.

 

2. Accordingly the total sums due to the Claimants are as follows: Mr Rohan AED 5,264,492.33; Mr & Mrs Pugh AED 5,335,172.83 and Mr Cox AED 1,777,464.27.

 

3. From the date of judgment, namely 4 August 2013, until paid in full, the sums in paragraph 2 above bear interest at 3% above three month EIBOR as at the date of judgment, namely 3.87% per annum. The daily interest applicable is as follows: Mr Rohan AED 558.18; Mr & Mrs Pugh AED 565.67; Mr Cox AED 188.46.

 

4. For the avoidance of doubt it is hereby declared that the Claimants effectively terminated their Sale and Purchase Agreements.

 

5. For reasons which will be provided separately the Defendant’s application for a stay of execution pending the outcome of the appeal to the Court of Appeal is refused.

 

6. The Defendant is to pay 95% of the Claimants’ costs of the action and so much of the Claimants’ costs of and connected with today’s hearing as is attributable to the Defendant’s application for a stay of execution. The Claimants are to pay the Defendant’s costs of and connected with so much of today’s hearing as is attributable to the quantification of damages. All such costs are to be assessed on the standard basis by the Registrar if not agreed.

 

7. The Defendant is to make an interim payment on account of costs in the sum of AED 550,000 by 2 December 2013.

Issued by:
Natasha Bakirci
Assistant Registrar
Date of issue: 25 November 2013
At: 4pm

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