Asset Profiling & Management Co. Limited v Mabale Growers Tea Factory Limited (Civil Suit 253 of 2021)
Observed later treatment
No later-treatment classification is recorded for this judgment.
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Holding
The Court dismissed the plaintiff's claim for commission on financing obtained by the defendant from Uganda Development Corporation. The plaintiff failed to prove it fulfilled its contractual obligations under the agreement dated 18 March 2019 to source and introduce a finance provider to the defendant. The evidence established that the defendant obtained government financing through a presidential directive and ongoing engagements with Uganda Development Corporation dating to 2016, predating the plaintiff's involvement. The plaintiff produced no evidence of meetings, applications, or negotiations with the Corporation or Ministry of Finance officials on the defendant's behalf. The plaintiff's role was limited to following up an unfulfilled 2008 presidential pledge, which remained unpaid and was unrelated to the financing ultimately received.
Outcome
Plaintiff's claim dismissed with costs
Facts
In March 2019, the plaintiff entered into an agreement with the defendant to source and negotiate equity and debt financing from financial providers in exchange for commission on any financing successfully obtained. The commission was structured as 25% on amounts recovered from unfulfilled pledges and grants, 5% on debt finance, and 10% on equity finance. In 2020, the defendant received UGX 20,000,000,000 from Uganda Development Corporation comprising UGX 13,500,000,000 in equity and UGX 6,500,000,000 as a loan. The plaintiff claimed commission of UGX 1,600,000,000 alleging its efforts secured the financing. The defendant denied the plaintiff's role, stating the financing resulted from government intervention pursuant to a presidential directive. The defendant asserted it had engaged with Uganda Development Corporation since 2016, before the plaintiff's involvement, and that the plaintiff failed to introduce any finance provider or conduct any substantive negotiations on its behalf.
Issues
- Whether the plaintiff has authority to sue.
- Whether the plaintiff received equity and debt financing from a finance provider sourced for and introduced to the defendant by the plaintiff.
- Whether the plaintiff is entitled to a commission out of the funding received by the defendant from the Government of Uganda.
- Whether there are remedies available to the parties.
Orders
- Suit dismissed.
- Costs awarded to the defendant.
Rules and key headnotes
Cases cited (4)
- M/S Tatu Naiga & Co. Emprorium v Verjee Brothers Limited (Civil Appeal No. 8 of 2000)
- United Assurance Company Ltd (supra)
- Bosere Coffee Growers Ltd v Zulubaba ri Kikuvo (1970) E.A. 147
- Stockloser v Johnson (1954) 1 ALL ER 630
Full judgment
The original judgment as reported. Read the original PDF before relying on any passage.