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Lloyd's Law Reporter

BANQUE DE COMMERCE ET DE PLACEMENTS SA, DIFC BRANCH AND ANOTHER V CHINA AVIATION OIL (SINGAPORE) CORPORATION LTD

[2025] SGCA 33, Singapore Court of Appeal, Sundaresh Menon CJ, Steven Chong JCA and Belinda Ang Saw Ean JCA, 7 July 2025

Letters of credit – Circular transaction for sale of gasoil – Payment against letter of indemnity – Tort of deceit – Representation in letter of indemnity – Whether false – Whether fraudulent – Bank's reliance on representation in letter of indemnity

The appellant banks (BCP Dubai and BCP Geneva) had issued a letter of credit to finance the purchase of a parcel of gasoil by their customer the commodities trader Zenrock from the respondent (CAO), an oil products trader.

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