CRÉDIT AGRICOLE CORPORATE & INVESTMENT BANK, SINGAPORE BRANCH V PPT ENERGY TRADING CO LTD AND ANOTHER APPEAL

[2023] SGCA(I) 7, Court of Appeal of the Republic of Singapore, Judith Prakash JCA, Jonathan Hugh Mance IJ and Bernard Rix IJ, 24 October 2023

Contracts – Letters of credit – Payment under letter of credit issued in context of fraudulent transaction – Beneficiary not a participant in the fraud – Letters of indemnity

This was an appeal from the Singapore International Commercial Court. The appellant bank CACIB had been induced by the circular trading fraud of Z, a commodities trading company, to issue an unconfirmed letter of credit subject to UCP 600 and dated 3 April 2020 in favour of the respondent, PPT.