Dario Echeverry Campos v A.L.L Altered Labs Licensing Ltd & Ors [2024] ADGMCFI 0017 (30 October 2024)

Dario Echeverry Campos v A.L.L Altered Labs Licensing Ltd & Ors [2024] ADGMCFI 0017 (30 October 2024)

The Claimants made fraudulent misrepresentations regarding patent status and technology, inducing the Defendants to enter the Joint Venture Agreement. The Claimant's consent to resign and transfer shares was not vitiated by duress; the Joint Venture was validly dissolved on 4 August 2022. The Defendants' counterclaim for damages succeeds; the Claimants' claims for damages, specific performance, and injunctive relief are dismissed.

Citation
[2024] ADGMCFI 0017
Parties
First Claimant: Dario Echeverry Campos; Second Claimant: A. L. L Altered Labs Licensing Limited; First Defendant: Richard Milton Parish; Second Defendant: Vincent Roy Gordon; Third Defendant: Voltage Enterprises Limited; Fourth Defendant: Brand Rocket Limited; Fifth Defendant: Aquarius Global Limited; Sixth Defendant: Kinetic7 Technologies Limited
Jurisdiction
United Arab Emirates
Judgment Date
30 October 2024
Procedural Posture
Commercial and Civil / Final Judgment
Outcome
Claim dismissed; Defendants' counterclaim partially succeeds.
Legal Topics
Fraudulent Misrepresentation, Termination of Joint Venture, Patent Registration, Duress, Specific Performance, Injunctive Relief, Breach of Contract
Commercial Law Contract Law Equity Intellectual Property Fraudulent Misrepresentation Termination of Joint Venture Patent Registration Duress +3 more

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Parties

Dario Echeverry Campos

First Claimant

A. L. L Altered Labs Licensing Limited

Second Claimant

Richard Milton Parish

First Defendant

Vincent Roy Gordon

Second Defendant

Voltage Enterprises Limited

Third Defendant

Brand Rocket Limited

Fourth Defendant

Aquarius Global Limited

Fifth Defendant

Kinetic7 Technologies Limited

Sixth Defendant

Procedural Posture

Commercial and Civil / Final Judgment

Legal Issues

  1. 1 Whether the Claimants made fraudulent or reckless misrepresentations inducing entry into the Joint Venture Agreement
  2. 2 Whether the Claimant's consent to resign and transfer shares was vitiated by duress
  3. 3 Whether the Joint Venture Agreement was validly dissolved

Ratio Decidendi

The Claimants made fraudulent misrepresentations regarding patent status and technology, inducing the Defendants to enter the Joint Venture Agreement. The Claimant's consent to resign and transfer shares was not vitiated by duress; the Joint Venture was validly dissolved on 4 August 2022. The Defendants' counterclaim for damages succeeds; the Claimants' claims for damages, specific performance, and injunctive relief are dismissed.

Court Disposition

Claim dismissed; Defendants' counterclaim partially succeeds.

Orders

  • First Claimant to pay First Defendant AED 8,423,364.
  • First Claimant to pay simple interest at 5% per annum on the Judgment Sum from date of judgment until payment.