DR. DATE-BAH JSC:
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. Under the agreement, the plaintiff was to manage and invest such of the defendant’s investment funds as were allocated to the plaintiff. 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.
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:
i. “the Fund Manager’s quarterly fee for the immediate preceding quarter; and
ii. Balance of the Fund Manager’s Annual Operating Expenses for the year of termination as approved in the Fund Manager’s Annual Budget...”
Relying on this provision, the plaintiff claimed, through the en…