JCS INVESTMENT LTD vs. ACTIVITY VENTURE FINANCE CO. LTD [2013]DLSC2750

Date	2013-07-26
Suit No.	CIVIL APPEAL NO. J4/19/2013
Citation No.	[2013]DLSC2750

DR. DATE BAH JSC (PRESIDING)

ANIN-YEBOAH JSC

P. BAFFOE-BONNIE JSC

A. A. BENIN JSC

J. B. AKAMBA JSC

PHILIP JIMANOR FOR THE PLAINTIFF/RESPONDENT/APPELLANT.

GYAWU BAFFOUR FOR THE DEFENDANT/APPELLANT/RESPONDENT

[2013]DLSC2750
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													<main id="main" class="content" style="min-height: 60rem" >JCS INVESTMENT LTD<o:p></o:p>vs.<o:p></o:p>ACTIVITY VENTURE FINANCE
CO. LTD<o:p></o:p>&nbsp;[SUPREME COURT, ACCRA]<o:p></o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
padding:0in 0in 1.0pt 0in">

CIVIL APPEAL NO. J4/19/2013&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;DATE: 26TH JULY, 2013<o:p></o:p>

</div>COUNSEL:&nbsp;&nbsp; <o:p></o:p>PHILIP JIMANOR FOR THE
PLAINTIFF/RESPONDENT/APPELLANT.<o:p></o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
padding:0in 0in 1.0pt 0in">

DR.&nbsp; DATE BAH JSC (PRESIDING), ANIN-YEBOAH JSC, P.
BAFFOE-BONNIE JSC, A. A. BENIN JSC,J. B. AKAMBA JSC<o:p></o:p>

</div><o:p>&nbsp;</o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
padding:0in 0in 1.0pt 0in">

<p class="MsoNormal" align="center" style="margin-bottom:0in;margin-bottom:.0001pt;
text-align:center;line-height:150%;border:none;mso-border-bottom-alt:solid windowtext 1.5pt;
padding:0in;mso-padding-alt:0in 0in 1.0pt 0in">JUDGMENT
<o:p></o:p>

</div><o:p>&nbsp;</o:p>DR.
DATE-BAH JSC:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <o:p></o:p>The
plaintiff, whose business is the provision of private investment fund
management, brought action on 7th October 2008 against the defendant
on a fund management agreement between them which the plaintiff claimed the
defendant had breached.&nbsp; Under the
agreement, the plaintiff was to manage and invest such of the defendant’s investment
funds as were allocated to the plaintiff.&nbsp;
The defendant, by a letter to the plaintiff dated 12th June
2008, purported to terminate this agreement without cause, citing clause 14.1.2
of the Agreement.<o:p></o:p>Theplaintiff
claimed that in the event of a termination of the agreement between the
parties, the clause cited above provided for payment of the following:<o:p></o:p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
i.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
“the
Fund Manager’s quarterly fee for the immediate preceding quarter; and<o:p></o:p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
ii.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Balance
of the Fund Manager’s Annual Operating Expenses for the year of termination as
approved in the Fund Manager’s Annual Budget…”<o:p></o:p>Relying
on this provision, the plaintiff claimed, through the endorsement on its writ
of summons:&nbsp; $180,000, together with
interest on the amount from 12th June 2008 till date of final
payment.&nbsp; Its statement of case indicated
that the amount claimed was made up of the following:<o:p></o:p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
i.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
“US$62,000 being the Plaintiff’s quarterly
fee for the immediate preceding quarter before the termination and<o:p></o:p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
ii.