Baptiste (Appellant) v Investment Managers Limited (Respondent) (Trinidad and Tobago)
Case ID: JCPC 2017/0042
Jurisdiction: The Court of Appeal of Trinidad and Tobago
Whether the respondent had complied with the terms of its agreement with the appellant and was entitled to an order for specific performance.
The appellant and his partner, Sharon McCarthy (‘the Vendors’), owned 100% of the shares in 33rd Avenue Limited (‘the Company’). The appellant also owned a property located at 33 St Clair Avenue in Port of Spain (‘the Property’). On or around 13 October 2003 the appellant and Ms McCarthy entered into an agreement with the respondent (‘IML’), under which the Vendors agreed to transfer 50% of the shares in the Company to IML, and IML agreed to pay $TT1m to the Vendors upon the conveyance of the Property to the Company. On 23 October 2003, the appellant conveyed the Property to the Company. IML paid cheques to the Company totalling $TT1m. The Vendors did not transfer the shares and IML issued a claim seeking specific performance of the agreement. The trial judge found on the evidence that IML had paid the money to the Company in accordance with the Vendors’ direction and that it was intended to represent an investment in the Company rather than a buyout of the Vendors’ interest.
Investment Managers Limited
Lord Kerr, Lord Wilson, Lord Sumption, Lord Hughes, Lord Lloyd-Jones
Hearing start date
11 Apr 2018
Hearing finish date
11 Apr 2018
|11 Apr 2018||Morning session|