CLAIM NO. CFI 050/2018
IN THE DUBAI INTERNATIONAL FINANCIAL CENTRE COURTS
IN THE COURT OF FIRST INSTANCE
EMERGING MARKETS PE MANAGEMENT LIMITED
(1) PORT LINK GP, LTD
(2) THE PORT FUND LP
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.
Ayesha Bin Kalban
Date of Issue: 25 July 2018
The Dubai International Financial Centre and all its affiliates are committed to preserve the confidentiality, integrity and availability of client data and personal information.
Dubai International Financial Centre and all its affiliates employees, vendors, contract workers, shall follow Information Security Management System in all the processes and technology.
The content of the DIFC Courts website is provided for information purposes only and should be disregarded when making decisions on inheritance and any other matters. Whilst every reasonable effort is made to make the information and commentary accurate and up to date, the DIFC Courts makes no warranties or representations to you as to the accuracy, authenticity or completeness of the content on this website, which is subject to change at any time without notice. The information and commentary does not, and is not intended to, constitute legal advice by the DIFC Courts or any person employed or connected with it or formerly so employed or connected, to any person on any matter, be it in relation to inheritance, succession planning or otherwise. You are strongly advised to obtain specific, personal advice from a suitably qualified lawyer in relation to your personal circumstances and your objectives. The DIFC Courts does not assume any liability and shall not be liable to you for any damages, including but not limited to, direct or indirect, special, incidental or consequential damages, losses or expenses arising in connection with this website, its administration and any content or lack thereof found on it. The information on this web site is not to be displayed except in full screen format. Although care has been taken to provide links to suitable material from this site, no guarantee can be given about the suitability, completeness or accuracy of any of the material that this site may be linked to or other material on the internet. The DIFC Courts cannot accept any responsibility for the content of material that may be encountered therein.