20071116 TZHC Dar es Salaam

20071116 TZHC Dar es Salaam

The Defendants received USD 200,000 from the Plaintiffs for investment and shareholding in a new company but failed to allot the agreed shares or refund the money, constituting a breach of contract. Plaintiffs are entitled to a refund less amounts already received, with interest and costs.

Citation
20071116 TZHC Dar es Salaam
Parties
1st Plaintiff: Jeremy Woods; 2nd Plaintiff: Cameron Woods; 1st Defendant: Robert Choudry; 2nd Defendant: Cullinan Cut & Polish Ltd
Court
TZHC
Jurisdiction
Tanzania
Judgment Date
16 November 2007
Procedural Posture
Commercial Case / Judgment
Outcome
Judgment for the Plaintiffs
Legal Topics
Breach of Contract, Shareholding, Investment Disputes, Restitution
Source Language
English
Contract Law Commercial Law Breach of Contract Shareholding Investment Disputes Restitution

Case Brief

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Parties

Jeremy Woods

1st Plaintiff

Cameron Woods

2nd Plaintiff

Robert Choudry

1st Defendant

Cullinan Cut & Polish Ltd

2nd Defendant

Procedural Posture

Commercial Case / Judgment

Legal Issues

  1. 1 Whether the Defendants owe USD 200,000 to the Plaintiffs and on what account
  2. 2 What were the terms of the agreement under which the money was advanced
  3. 3 Whether any of the terms of the agreement was breached by any of the parties

Ratio Decidendi

The Defendants received USD 200,000 from the Plaintiffs for investment and shareholding in a new company but failed to allot the agreed shares or refund the money, constituting a breach of contract. Plaintiffs are entitled to a refund less amounts already received, with interest and costs.

Court Disposition

Judgment for the Plaintiffs

Orders

  • Defendants to refund USD 187,500 to Plaintiffs (USD 200,000 less USD 12,500 already received)
  • USD 187,500 to attract interest at 21% per annum from 15/9/2006 to date of judgment