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Emerging Markets PE Management Limited v (1) Port Link GP LTD (2) The Port Fund LP [2018] DIFC CFI 050

Emerging Markets PE Management Limited v (1) Port Link GP LTD (2) The Port Fund LP [2018] DIFC CFI 050

July 25, 2018

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CLAIM NO. CFI 050/2018

 

IN THE DUBAI INTERNATIONAL FINANCIAL CENTRE COURTS

 

IN THE COURT OF FIRST INSTANCE                               

BETWEEN

 

 

EMERGING MARKETS PE MANAGEMENT LIMITED

 

Claimant

and

 

(1) PORT LINK GP, LTD

(2) THE PORT FUND LP

Defendants

 


 DEFAULT JUDGMENT OF JUDICIAL OFFICER MAHA AL MEHAIRI


UPON reviewing the Claimant’s Request for Default Judgment for Admission (“Request”) filed on 12 July 2018 in accordance with Rules 15.3, 15.12 and 15.18 of the Rules of the DIFC Courts (“RDC”)

AND UPON reviewing all relevant material in the case file

IT IS FOUND THAT:

1. The Request is not one prohibited by RDC 13.3 (1) or (2).

2. The Claimant filed and served on the Defendants a Claim Form on 9 July 2018, evidenced by a Certificate of Service dated 10 July 2018;

3. The Claim is for a specified sum of money;

4. The Defendants together filed and served an Acknowledgment of Service pursuant to RDC 11.1(1) indicating an intention to defend part of the Claim (as to interest);

5. The Defendants together filed and served an Admission of part of the Claim on a joint and several basis in the amount of USD 56,808,005 (the “Admitted Amount”) pursuant to RDC 15.1, 15.2(2) and 15.18;

6. The Admitted Amount represents the principal amount claimed in the Claim of USD 53,568,386 plus accrued interest on that amount calculated to the date of filing the Claim Form. Interest on the principal amount accrues on a compound basis at a rate of 8% per annum;

7. The Defendants have not requested a time to pay the Admitted Amount;

8. The Claimant has accepted the Admitted Amount in full settlement of its Claim pursuant to RDC 15.18 and 15.12;

9. The Claimant has followed the required procedure for obtaining Judgment on the admission under RDC 15.12 and 15.18;

10. The Defendants have not made payment of any part of the Admitted Amount to the Claimant;

11. The Request does not specify the date by which the Admitted Amount is to be paid;

12. The Request includes a request for interest at the admitted rate of 8% per annum, accruing on a compound basis, and the Request sets out the basis for calculation of interest;

13. The Claimant and Defendants have agreed to submit to the jurisdiction of the DIFC Courts in specific, clear and express terms.

AND IT IS HEREBY ORDERED THAT:

14. The Request is granted and Judgment is hereby given on the admission.

15. The First and Second Defendants are jointly and severally liable to the Claimant for their admission on the Claim.

16. The First and Second Defendants shall on a joint and several basis pay to the Claimant immediately:

a. The sum of USD 56,999,978 (the “Judgment Sum”), being the Admitted Amount of USD 56,808,005, plus interest on the Admitted Amount at the rate of 8% per annum on a compound basis from the date of filing of the Claim Form on 9 July 2018 until the date of Judgment;

b. The Claimant’s costs of the Claim, to be assessed if not agreed.

17. The First and Second Defendants shall further on a joint and several basis pay the Claimant simple interest on the Judgment Sum at the rate of 9% per annum (as provided under Practice Direction 4 of 2017), which is payable from the date of this Judgment until the date of payment.

 

Issued by:

Ayesha Bin Kalban

Assistant Registrar

Date of Issue: 25 July 2018

At: 4pm

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