DEUTSCHE RUCKVERSICHERUNG AKTIENGESESSELLSCHAFT V WALBROOK INSURANCE COMPANY LTD AND OTHERS GROUP JOSI RE (FORMERLY KNOWN AS GROUP JOSI REASSURANCES SA) V WALBROOK INSURANCE COMPANY LIMITED AND OTHERS

(1994) 3 Re LR 67

Queen’s Bench Division Commercial Court

Before Mr Justice Phillips

Letter of credit - Reinsurance dispute - Alleged fraud - Application for injunction restraining beneficiary (reinsured) from drawing on letter of credit or restraining disposal of proceeds of letters of credit - Purported avoidance of contact by reinsurers - Whether prima facie case that beneficiary was acting fraudulently in claiming payment to which he knew he had no entitlement - Whether reinsurers had proprietary interest in monies that might be paid to reinsured under letters of credit.

Evidence - Interlocutory applications - Affidavit - Deponent relying on Department of Trade and Industry (DTI) Report - Application to strike out parts of reinsurers’ affidavits relying on DTI report.