Arnold Ayoo represented the successful claimant in its pursuit of $2.25m in commission, following a $60m investment into a South African goldmine.

On 9 February 2026, Mr Justice Richards handed down judgment following a 3 day trial in the Chancery Division. The judgment determined that the claimant, an investment bank, had performed its services pursuant to a “tripartite” agreement - under which it was required to “jointly pursue” $70m in funding together with another broker, LHC Mine Finance Limited (“LHC”).

The Defendant, which owned the goldmine, argued that the Claimant was not the “effective cause” of the investment and was not entitled to any commission. As such, the dispute turned on: (i) the contractually required obligations of two brokers working together to pursue a single investment (including whether an “effective cause” requirement was to be construed or implied); and (ii) the work done to perform those services.

The judgment contains a useful application of the principles of contractual interpretation, as well as a helpful analysis of the law on “effective cause”.

Arnold led Weishi Yang of Henderson Chambers and was instructed by Aaron Pearson of Three Graces Legal.

Read the full judgment: Alphier Capital Two LLP v Blyvoor Gold Capital (Pty) Ltd [2026] EWHC 244 (Ch)